SAN FRANCISCO, Aug. 23, 2023 /PRNewswire/ — Quantstamp, a global leader in blockchain security, is pleased to announce the launch of its novel service called Economic Exploit Analysis. This exclusive, first-of-its-kind offering allows Quantstamp to uncover flash loan attack vectors in smart contracts through automated tooling before protocols get hacked. The Economic Exploit Analysis service is powered by research from the University of Toronto that Quantstamp advanced and turned into a production-level tool.
In the first half of 2023 alone, an estimated $207M was stolen through flash loan attacks. A flash loan is an uncollateralized loan provided by a smart contract that can be taken out for as short as a single transaction. In these attacks, hackers leverage flash loans to borrow substantial funds and manipulate DeFi protocols into unexpected states that developers may not have anticipated. Flash loan attacks can drain the entire TVL (total value locked) of a DeFi protocol, and their complicated nature combined with DeFi’s composability means these attack vectors often evade conventional audits.
Seeing the dire need to prevent these attacks, Quantstamp collaborated with researchers from the University of Toronto to advance their research into a production-level automated tool. With the tool now fully developed, Quantstamp is unveiling a new service for DeFi clients called Economic Exploit Analysis, where the Quantstamp team uses the tool to detect flash loan attack vulnerabilities in a client’s code. Available for both deployed and undeployed protocols, this innovative service will vastly benefit the entire DeFi ecosystem by reducing the number of flash loan attacks and the amount of funds lost to those hacks.
Quantstamp believes that the Economic Exploit Analysis service will have a lasting impact on the DeFi ecosystem. Coupled with Quantstamp’s core business offering, smart contract audits, services such as Economic Exploit Analysis will foster a safer and more secure environment for both DeFi companies and their users, pushing the industry further toward mainstream adoption.
“DeFi has the potential to change the global financial infrastructure for the better, but its success requires preempting threats like flash loan attacks. We developed this tool to provide DeFi protocols an extra layer of security on top of audits,” said Martin Derka, Head of New Initiatives at Quantstamp. “As DeFi evolves, security measures need to evolve with it. Services like Economic Exploit Analysis give us an edge against hackers.”
While the search process of the tool is automated, some manual guidance and protocol-specific adaptations are required. In addition to checking clients’ contracts, auditors also incorporate contracts from the integrated and other relevant DeFi protocols, which enhances Quantstamp’s ability to discover flash loan attack vectors that involve multiple protocols. While the search tool is non-exhaustive, meaning that attacks may still exist even if the automated tool doesn’t detect them, its practical success rate is remarkably high. Currently available across all EVM-compatible chains, the Economic Exploit Analysis service has the potential to adapt the tool to other blockchains and VMs (virtual machines) suffering from similar attack vectors.
Quantstamp also offers security services including smart contract audits, ZK rollup audits, and more. Quantstamp is blockchain-agnostic, conducting audits for several other blockchains beyond Ethereum including Solana, Flow, Cardano, Avalanche, Binance Smart Chain, Near, Hedera Hashgraph, Tezos, Aptos, and Sui.
To learn more about Quantstamp’s Economic Exploit Analysis service, visit quantstamp.com/economic-exploits
Quantstamp is a global leader in blockchain security, on a mission to secure the future of web3. Founded in 2017, the team has honed their expertise through hundreds of audits and worked with some of the top projects in the industry including Maker, Compound, Polygon, Arbitrum, Sandbox, and many more. To date, Quantstamp has performed 600+ audits and secured over $200 billion in digital asset risk from hackers. In addition to providing an array of security services, Quantstamp facilitates the growth and longevity of the web3 space through strategic investments and acting as a trusted advisor to help projects scale. To learn more head to our website Quantstamp.com or follow us on Twitter @Quantstamp
Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
President Nana Akufo-Addo unveils country’s roadmap for green growth and decarbonizing key economic sectors developed by Government of Ghana and SEforALL
NEW YORK, Sept. 22, 2023 /PRNewswire/ — His Excellency Nana Akufo-Addo, President of the Republic of Ghana, launched the country’s new Energy Transition and Investment Plan yesterday during a Global Africa Business Initiative event in New York.
The plan marks Ghana’s commitment to fighting climate change and fostering economic development in tandem. It details a credible pathway for how Ghana can achieve net-zero energy-related carbon emissions by 2060 through the deployment of low-carbon solutions across key sectors of its economy, including oil and gas, industry, transport, cooking, and power.
Ghana’s government intends to use the plan as its main tool to engage the international community and investors for support with its energy transition. All measures suggested in the plan represent a USD 550 billion opportunity for the international community to invest in sustainable development in Ghana. If the plan is achieved in full, it would generate 400,000 net jobs within Ghana’s economy.
The country’s existing Energy Transition Framework previously set a target of net zero by 2070, but this new plan shows Ghana has increased its ambition and is targeting net zero by 2060.
Various sectoral changes and technologies are proposed in the plan. Four main decarbonization technologies – renewables, low-carbon hydrogen, battery electric vehicles and clean cookstoves – would cover over 90 percent of the targeted abatement by 2060.
Without pursuing the plan, under a business-as-usual scenario, Ghana’s emissions are expected to rise from 28 Mt CO2e in 2021 to over 140 Mt in 2050, with the bulk of emissions growth coming from transport, driven by population growth, GDP per capita growth, and vehicle ownership.
By implementing this plan, Ghana and its partners can instead bring the country’s energy-sector-related carbon emissions to net zero, while demonstrating that action against climate change does not need to come at the expense of economic development.
The Energy Transition and Investment Plan was developed by the Government of Ghana with technical support from Sustainable Energy for All (SEforALL).
“This pioneering Energy Transition and Investment Plan maps out Ghana’s journey to achieve net-zero emissions by 2060 based on the latest data and evidence, ensuring that as our economy thrives, it does so in harmony with the environment. This plan is a testament to our dedication to fostering green industries, nurturing the evolution of cutting-edge low-carbon technologies, and propelling our nation towards a sustainable industrial revolution while giving equal growth opportunities to men and women.”
-His Excellency Nana Akufo-Addo, President of the Republic of Ghana
“Ghana’s commitment to a just and equitable energy transition has translated to an ambitious plan that builds a case for low-carbon and energy-efficient solutions across Ghana’s entire energy system. These solutions present a tremendous opportunity for partners and investors from around the world to contribute to climate action and sustainable development in Ghana.”
–Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy
View original content:https://www.prnewswire.co.uk/news-releases/ghana-launches-usd-550-billion-energy-transition-and-investment-plan-for-achieving-net-zero-emissions-creating-400-000-jobs-by-2060–301936200.html
World Investment Forum to incentivize global investment in sustainable development
ABU DHABI, UAE, Sept. 22, 2023 /PRNewswire/ — Recognizing sustainability as the defining challenge of our time, the upcoming UNCTAD World Investment Forum (WIF), to be held from 16 to 20 October 2023 in the UAE’s capital Abu Dhabi, will serve as the perfect opportunity to facilitate the transition to a more sustainable economy, particularly for developing countries.
The 8th edition of the Forum, to be anchored on the overall theme of “Investing in Sustainable Development,” will bring together heads of state and ministers, CEOs of largest global companies, and other investment stakeholders from various countries to formulate policies and strategies that will address key and emerging investment-development challenges through a series of local and international forums and conferences.
Over 7,000 investment stakeholders from 160 countries will be participating in the 8th edition of WIF at the Abu Dhabi National Exhibition Centre (ADNEC).
The UAE hosting WIF this year coincides with the country’s declaration of the year 2023 as the “Year of Sustainability,” which will encourage nationwide commitment to sustainable practices and innovative solutions to help address environmental issues on a global scale.
His Excellency Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, reaffirmed the country’s dedication to sustainability, saying that “the UAE is committed to playing a leading role in the global transition to a more sustainable future. We believe that WIF 2023 will provide a unique platform for international leaders to come together to mobilize the necessary investments to make this transition a reality.”
His Excellency Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED) said: “Hosting WIF 2023 reflects Abu Dhabi’s approach and commitment to sustainable socio-economic development, which is based on strong beliefs and a long history of the wise use of resources. We will be working closely with all partners to ensure that the Forum’s conversations generate innovative ideas and solutions to create a more sustainable future for all.”
Some of the sustainability sessions include “Delivering Public Sector Investment for Sustainable Development” in partnership with ACCA; “Alignment of Investment in Sustainable Infrastructure with the Paris Agreement” with Middlesex University Dubai; and “Accelerating Green Investments in Tourism for Sustainable Development” with the United Nations World Tourism Organization (UNWTO).
Anhui Targets Rapid Expansion into a Leading Smart and Green Manufacturing Hub
HEFEI, China, Sept. 22, 2023 /PRNewswire/ — As the global spotlight turns to the 2023 World Manufacturing Convention, the economic pulse of a nation’s strength remains deeply rooted in its manufacturing capabilities. Highlighting this, the Anhui Provincial Department of Economy and Information Technology unveiled the ‘Anhui Manufacturing Development Report’. This comprehensive document chronicles Anhui’s strategic steps and milestones in bolstering its manufacturing prowess.
In a strategic move to harness the nation’s prime economic opportunities, Anhui Province has integrated itself into the burgeoning Yangtze River Delta, aiming for top-tier development in the central region and capitalizing on the Yangtze River Economic Belt’s potential. Anchored by their ‘Three Places, One Zone‘ strategy, Anhui is steering its economy towards modern industrialization, with a concentrated effort on sophisticated, eco-friendly manufacturing. This pivot to green and intelligent manufacturing is paying off. Anhui, once known for its nascent industries, now boasts a manufacturing added value surpassing one trillion yuan. The province’s advancements in quality manufacturing cement its place among the nation’s leaders. This economic evolution has elevated Anhui’s stature from ‘mid-tier volume with a lower per capita’ to a ‘front-runner in total volume with a respectable per capita’.
Spotting the profound technological and industrial transformations on the horizon, Anhui Province is positioning itself at the forefront of the next industrial wave. By actively promoting the swift evolution of ten emerging sectors, the province has crafted an industrial landscape valued in the trillions. To illustrate this growth, last year alone, 15 industries in the region posted revenues that exceeded 100 billion yuan each.
On the business landscape, Anhui’s strategy is both diversified and targeted. The province champions its seasoned businesses, kindles the rise of startups, and actively courts significant industry players. Central to this strategy, Anhui has fine-tuned a robust framework aimed at supporting businesses at every stage of their growth journey. In tandem, the province is shaping a collaborative environment where businesses, be it large corporates or small startups, can thrive and intersect. The fruits of this deliberate approach are clear: businesses in Anhui are not only more vibrant but are also carving a stronger competitive edge in the market.
From the perspective of technological content and quality benefits, Anhui is doubling down on enterprise-led innovation. The manufacturing sector is witnessing a wave of fresh, innovative outputs. Concurrently, the province is ramping up its capacity to deliver top-tier products and services. As a testament to these efforts, ‘Made in Anhui‘ products are quickly becoming household names both nationally and internationally.
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- World Investment Forum to incentivize global investment in sustainable development
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