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Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

Extons best exchange

Extons Best Exchange

Hello dears, As we now that from some paste year the large number people including traders,investor and buyer are motivated to online trading system.cause of this is huge grow up price of bitcoin in 2017.now avery new company trying to introduce their own crypto coins. some countries like china has also introduces their own coins. Some coins are very high profitable,but not available in all countries so need of system which exchange these new crypto coins into old coins which os almost available in all countries and can be easily converted into local currencies. For this many exchanges has need announce like binance,kucoin,probit etc. But still their is lack of Some features like low trading fee,best secuirty. So today i am introducing a big Exchange name "Extons" which fulfill all your online trading need.

Introduction of Extons.

Extons is a centralized exchange where you can trade all your coins easily with very small fee. Extons has integrated with 20 international banks and also with online payment system which people used like perfectmoney,webmoney and paypal etc You can deposit from all these platform without any fee.i thinks this is only exchange which has no fee for deposit.

Advance features of Extons Exchange:

Very low trading fee. Extons exchange has very low trading fee.when we compare this fee with other exchange so one can easily understand that Extons so has no fee. As earlier mention 3 months of August, September, October, Exton will charge no fee for deposits through all of the payment gateways above to support traders and investors worldwide.
Anonymous: All your trading in Extons exchange will be anonymous and no will check your trading amount,loss and profit. This feature help to trade freely without any risk. Security: Extons has high security team which check online sticks so there is no chance of inflation.

Why Centralized

Extons exchange choose centralized system because Volume: Centralized exchanges offer majority of trading volume 2: it has consistently high liquidity 3:Fast transaction speeds compared to other. Also the team of Extons integrated with banks and online payment system,they all uses centralized system. These are the major reason Extons chooses centralized system.

Extons ROADMAP

2016: Extons founded in canada 2017: present in 10 countries and reached 20,000 members. 2018: launched a copy trading project. 2019: launched MIB stagety for community development. 2020: we will divide into 4 quarter
Q3 1: release Tons token 2Turn Tons into main coin of thisoption
Q4 Add Visa, MasterCard and launce Tronstrader.
2021: Total 4 quarter Q1: Asian licence establishement. List on 2 major exchamge Issuing TUSD
Q2 Launching TONPAY app Exchange Tons token with TUSD Q3 Launching Tonsp2p exchange Q4
Launching TonsFC

Exchange where Tons listed.

Tons is listed in two big exchange 1: justwap 2: coinmarketcap You can check the price by clicking here Coinmarketcap

Project details:

Website 1: Extons.io 2: Thisoption.com Telegram: https://t.me/thisoption Whitepaper: https://www.extons.io/whitepaper Medium: https://medium.com/@thisoption.com

Author :

Bitcointalk Username: kohatiiboy Bitcointalk Profile Link: Https://bitcointalk.org/index.php?action=profile;u=2744617 Telegram Username: @kohatiiboy
TRX Wallet Address: TLYg39bU7biiuV8LNocVFktoJEg1sX2FJw
submitted by Kohatiiboy to u/Kohatiiboy [link] [comments]

Drakon is world best exchange

Hey guys, as we know that from couple of some year people trying to bring all their investing money and goods to the Internet world.traders and investor, investor,buyer, and seller now his idea to invest,buy and sell online. People adopt the crypto currency,when bitcoin pumps in 2017. Since the introduction of bitcoin, cryptos have received considerable media attention worldwide, fuelled by the sharp appreciation of major cryptocurrencies like bitcoin compared to regular currencies, and the fluctuations therein, the close links they have with the shadow economy. Now every company have an idea to release their own token.some countries has also release their crypto coins. So many crypto exchanges has been discovered where people can trade and exchange their coins. But still there is some drawback in these exchange like slow transaction system, not secure at all, high fee. So today i am introducing you a very great decentralized platform called Draken in short DRK which fulfill all the cypto exchange requirement with their great features.
Introduction to DRK: DRK is world best decentralized system which combines all previous blockchain technology to one place by using a separate protocol retaining the key element of DEX. The main goal of the DRK platform is to provide secure system,low fee,fast transaction system and to combine all dex technology to one place (drakon group system.
Why DRK? As we know that decentralize system is one of the beat system in block chain with its some enhanced features but still needed some attention because External Factors,High Cost of operation, Problems of Coordination Are some disadvantages which need some improvement. So DRK decentralized system bring some advance feature to fulfill all these drawbacks.DRK has low fee,very high performance to allow thousand of transactions in seconds,cross chain and experience control. These feature allow investor to invest freely without any risk trading. These are some advantage this why i refer every online investor to invest secure in DRK.
Some advance featurea of Drakon: Low Fee: Every single trader want that he trade with no or little fee.but fee of the exchanges is so high.and very worst point is that you have yo pay fee in eth or btc which is so hard for users if they have only one token reward.here is some fee margin of big exchanges Bybit TAKER 0.075% MAKER -0.025% WITHDRAWAL 0.0005
Kucoin TAKER 0.10% MAKER 0.10% WITHDRAWAL 0.0004 btc
Binance TAKER 0.10% MAKER 0.10% WITHDRAWAL 0.0004 B
Fee of DRK Dex is almost nothing.you to pay only exchange fee of the coin which you want to trade it. DRK decided to prioritize user interest,as a result fee fee will be minimized.in this way maintain system great.
Transaction limit. Transaction speed of etherium network is very slow as it can only process 15-20 transaction/second. DRK provided facilities that every second 1 thousand transaction can be processed instant with DRK chain mainnet.
Cross chain: Almost all dex platform chooses etherium network but etherium network list only exist token. DRK have a modern own protocol which communication it with other block chain ,there every new token can be added here.
These are the main features which used by DRK platform to grow community great.
DRK Gaming: This is big entertainment for user,DRK provided a gaming zone for user name DrakinX where user make lot of money by just gaming. Gaming system is so good,there are two type of option 1: manual 2: AI trading There are 4 type of coin which you can stake 1: DRK. 2: ETH 3: dBtc 4: vbtc In " manual " you have a 20 second to buy+50+100 + 1000 or + 5000 and then an aero will go upward for leverege and will be busted at any leverage x,as you can see in picture.
So make deposit in drakonx site and not only make a fun but also make money. Play game here. https://www.drakenx.io/play
DRK token Detail: Token name: DrakenX Symbol: DRX Total supply: 100,000,000,000 which is 1 hundred billion Contract: explorer.draken.tech/tokens/0x0091781d02da4a883fa6a47a6d3c007cbfcf1107
DRX and DRK will initially be distributed to the investors through Draken Honor Reward Program. And new event will be launched soon.
Listed on Exchange: DRK is listed on drakon dex exchange,currently exchangeable with DRX and letter will be exchange on big exchange like uniswap etc. Explore https://explorer.draken.tech/
For full detail click below:
DRK website: https://draken.tech/ Exchange site: https://draken.exchange
DRK White paper: https://drive.google.com/file/d/1mHtV50CktdFCyD_NaH370sZ8sOBehgce/view DRK: https://t.me/Drake NT Echo DRK Medium : https://medium.com/@DRKDeFi DRK twitter: https://twitter.com/DRKDeFi DRK facebook: https://www.facebook.com/DRKDEX
Author:
Bitcointalk Username: kohatiiboy
Bitcointalk Profile Link:Https://bitcointalk.org/index.php?action=profile;u=2744617
Telegram Username: @Kohatiiboy
Trx Wallet Address: TLYg39bU7biiuV8LNocVFktoJEg1sX2FJw DRK wallet address: 0x5e0EBb0C694E0baC1e9752026dC37Dc4C6943eb8
submitted by Kohatiiboy to u/Kohatiiboy [link] [comments]

How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.



Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.


Background and Justifications


Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

PZMCash became the 17th cryptocurrency to be integrated into the ivendPay payment system

PZMCash became the 17th cryptocurrency to be integrated into the ivendPay payment system
PZMCash became the 17th cryptocurrency to be integrated into the ivendPay payment system

The ivendPay company (Ivendpay OÜ, Estonia), the developer of the cryptocurrency payment service of the same name, announced the integration of PZM Cash. Our coin (PZMC) became the 17th coin that will be available in the payment service around the world. PZMC holders will be able to use a coin to pay for goods and services after they install the issuer's online wallet.

The key difference between our PZMCash concept and the “classic” PoS lies in the mechanism of ensuring the network with monetary supply. Our team refrained from a full emission approach when generating the first block. Only 1% of the total number of coins will be distributed when the network is launched using pre-mining. The remaining coins will be issued during PoS mining as incentive payments to loyal PZM Cash holders for supporting the network.

ivendPay is now the only payment solution that does not require users to add additional cryptocurrency terminals or purchase system tokens. Activating and using ivendPay is very simple: the seller needs to add a cryptocurrency payment system, and the buyer just needs to put his smartphone with a crypto wallet on the terminal. The ivendPay system integrates BTC, BCH, ETH, BNB, and others. The seller can make all of them or any of them available for payment.

Our team considers East Asia one of the priority regions for promoting the coin. In the same region, the commercial use of the ivendPay payment system began in 2019. Hong Kong vending networks were the first to connect to ivendPay. All vending machines and payment terminals connected to ivendPay are added to the world map, which is available on the company's website. The ivendPay payment service is one of the partners of the Binance cryptocurrency exchange, supporting BNB as a means of payment, and is the official Wordline partner in the development of payment applications.

Facebook: https://www.facebook.com/PZM-Cash-110756273882091/
Twitter: https://twitter.com/PZMCash
LinkedIn: https://www.linkedin.com/company/42930620/
Reddit: https://www.reddit.com/PZMCash/
BitcoinTalk: https://bitcointalk.org/index.php?topic=5235724.0
Telegram: https://t.me/pzmc_en
Medium: https://medium.com/@pzm_cash/
https://preview.redd.it/uutg8o1xwa251.png?width=2400&format=png&auto=webp&s=aa804d5b84f7dccea38596f4601903ecac70e835
submitted by PZMCash to PZMCash [link] [comments]

AMA Recap of CEO and Co-founder of Chromia, Henrik Hjelte in the @binancenigeria Telegram group on 03/05/2020.

Moh (Binance Angel)🇳🇬,
Please join me to welcome, “CHROMIA CEO & Co-founder, Henrik Hjelte” and “ CMO, Serge lubkin”
Oh, before we proceed, kindly introduce yourselves and tell us a bit about your roles at Chromia u/sergelubkin & u/henrik_hjelte.
Henrik Hjelte,
Ok, I’m Henrik, I’m CEO of ChromaWay that crated the Chromia project. My background is a bit mixed: developer for 30+ years (since 80: s), but I studied other things at university (economics, politics, social sciences philosophy). Life is more than computer you know… I worked with FInance/IT then started a web startup and got to know Alex Mizrahi who worked as a developer….
Web startup didn’t fly, but Alex showed me bitcoin. When I finally read the whitepaper I was blown away, and joined Alex colored-coins project, the first open source protocol to issue tokens. in 2013.
So, we started with open-source tokens (that kickstarted the blockchain industry. Then started company together 2014.
That is a long intro, I’ll shut up now… Thanks….
Serge,
I’m Serge, I’m assisting Henrik today and I work with Chromia marketing team as well as on some business development projects
Moh (Binance Angel)🇳🇬, , Question No 1 :
Kindly describe the CHROMIA project and what it aims to achieve?
Henrik Hjelte,
Chromia is a new public blockchain based on the idea of integrating traditional databases, Relational databases with blockchain security. Chromia is a general purpose blockchain with full smart contract capabilities, just that it is a lot easier to code, even complex applications. You code with an easy to learn new programming language that combines the power of SQL and normal languages but makes it secure in a blockchain context. Up to 1/10 the code-lines vs other blockchains. There is a blog post about it, I’ll share later. On lines of code.
The aim of Chromia is to combine relational databases, which exist in every kind of organization, together using blockchains. We want to provide a platform for our users to develop totally decentralized apps securely. Our goal is for Chromia to be seen as the number one infrastructure for decentralized applications.
https://blog.chromia.com/reasons-for-rell-compactness/
Moh (Binance Angel)🇳🇬,Question No 2:
What inspired the CHROMIA Core team to pick interest in CHROMIA project? what breakthrough have you achieved so far? what are the present challenges you’re facing and how are you planning to overcome them?
Henrik Hjelte,
We started with public blockchains, tokens in 2012, the world’s first stable coin with a bank 2015 (LHV). When coding that solution, peer to peer payments of Euro-tokens, we discovered we need performance reasons to store all data in a database. We needed to quickly know the “balance” of a user, and can’t loop through a blockchain. And slowly the idea grew that we can make the database INTO a blockchain, integrate completely with the transaction mechanism of a database. So, we did it as a private blockchain first (Postchain), used it for some projects, then came up with the idea to make a Public Blockchain based on it.
The motivation is that we felt we needed a better programming model for blockchains. Our CTO Alex has always been thinking of optimal solutions for blockchain technology and has lots of experiences thinking about it. Also: make real-world useful things. For example, we support free-to-play models since users do not need to own “our” token to USE apps, the application itself (often the developer) pays for hosting. And of course, great performance. Also: more knowledge of who runs nodes and risk level. So, it is more suitable for enterprises.
In Chromia the application (at the start the developer) decides Who should be allowed to run its own blockchain (every dapp has its own blockchain). You can also say on a higher level that we want to provide technology to create “Public applications”, a tool
that enables us to create a fairer world.
https://blog.chromia.com/towards-publicly-hosted-applications/
Moh (Binance Angel)🇳🇬, Question No 3 :
Why did you create your own blockchain instead of leveraging on existing and proven base layer protocol?
Henrik Hjelte,
None of the existing protocols are suitable to support large-scale, mainstream applications. We designed Chromia to give our users exactly what they want; fast support, useful features, with an affordable service cost. Other platforms do not have the ability to host data applications in a decentralized and secure way, as Chromia can. Chromia also has its own bespoke programming language that sets it apart from SQL-based platforms. It’s so easy to use, even non-developers can understand it!
The other big difference with Chromia concerns payments. Chromia gives its users freedom from having to pay for each transaction. With Chromia, you have the flexibility to decide how to set fees for your dapp
And when it comes to “proven base layer protocols”: they are just a few years at max. Chromia is built on top of Postgresql, that has been used in enterprises for decades, a really proven technology. And the Java virtual machine on top of that. This is proven tech, at core.
Moh (Binance Angel)🇳🇬, Question No 4 :
What is Postchain?
Henrik Hjelte,
Postchain is an open-source product of ChromaWay for enterprise clients and it’s the core technology on which Chromia is built.
Postchain is a replicated blockchain and database that offers highly resilient distributed database management with distributed control.
Postchain is the only product on the market that combines the immutable consensus of a blockchain and the properties of a real database management system (You know, the tech that built SAP, Facebook, Banks…) …
Postchain allows you to share information between companies and/or individuals in a secure and transparent way.
That is the low-level base of Chromia you can say
Moh (Binance Angel)🇳🇬,
Can you please name some of your clients that are using this service already?
Serge,
You mean products built on Postchain? Also, Stockholm Green Digital Finance, Green Assets Wallet that’s now functioning on Chromia Bootstrap Mainnet.
Big financial institutions
It’s only a beginning of course, but very promising one. https://greenassetswallet.org/news/2019/12/12/launch-of-the-green-assets-wallet
Henrik Hjelte,
We got a lot of attention with the Swedish Land registry; we did a joint project between them and banks and a telco etc on postchain as base.
Then, right now we do a large project with the Inter-American Development bank also about land-registration (processes) in South America.
We had a client, Stockholm Green Digital Finance, that did a system for green bonds (tracking environmental impact. Yes, as Sege says, it was later moved to Chromia…
Which is cool. Also, another external development company did that phase of the project, proving that other can build on our tech,4irelabs from Ukraine is their name. Some companies using the GAW: Blackrock. SEB Bank etc…
Also, we have done more projects, in Australia, asia etc. Oh Daimler too (the Mercedes company) …
Moh (Binance Angel)🇳🇬,
Lots of enterprise clients you’ve got. No wonder I do see the meme “CHR=ETH KILLER”
Serge,
It’s a meme from our supporters. But we believe we can coexist:)
For some niche things eth is good :)
So, no killing :D
Henrik Hjelte,
We want to work with partners too for this, we can’t do all projects ourselves. Also, for Chromia projects, ChromaWay company can help do support maintenance etc. So, it is not competing, it adds value to the ecosystem.
Yeah ETH is good too, for some applications. We are friends with them from colored-coin times.
And colored-coins inspired ETH, and ETH inspires us.
Moh (Binance Angel)🇳🇬, Question No 5 :
Lastly, CHROMIA is already doing very well in terms of business. You just got listed on BINANCE JEX, you are on-boarding new clients and dishing out new features. But what’s next? Is there anything to be excited about?
Henrik Hjelte,
Plans for 2020 are to both release a series of dapps to showcase how fantastic Chromia is, as well as continue to develop the platform. And when it is secure and good enough, we will release the mainnet.
Dapps are now being made by us as well as others. We do a decentralized social network framework called Chromunity, now released to TestNet. It is really cool, users can vote over moderators, and in the future users might even govern the complete application, how it can be updated. This is a great showcase for Chromia and why we use the slogan Power to the Public.
https://testnet.chromunity.com/
Games coming are:
Mines of Dalarnia (by Workinman Interactive). An action game in a mine with blockchain rental of plots and stuff. Already on TestNet and you can take a peek on it at https://www.minesofdalarnia.com
more coming…
Krystopia 2, novas journey. A puzzle game done by Antler Interactive. Could only find trailer though: https://www.youtube.com/watch?v=-G95-Dw3kI4
However, we have even larger ambitions with blockchain gaming…
We are doing A secret demo-project that we do together with Antler to showcase the technical potential of Chromia platform.
Another exciting relase is an indie game Chain of Alliance, done by two external developers. It is a strategy game with full-logic on blockchain. Public release on TestNet on May 22!
More coming in 2020: Other dapps from other companies, one in impact-tech.
That is a serious app, Chromia also works outside gaming and social media for enterprises and startups
And I hope some of you will do something, we want to support dapps on the platform so reach out to us…
Moh (Binance Angel)🇳🇬,
When can we be expecting the mainnet? Any approximate time? I’m sure the community will really excited to have that info
Serge,
It’s now in Bootstap phase, so it’s technically already functioning. MVP will be very soon
Stay tuned;)
Twitter questions Vs answers
Ellkayy,
What’s the unique thing in Chromia that no other blockchain has, that makes you the better option?
Henrik Hjelte,
Unique: Chromia is the only blockchain that also has a real, proper database built-in. And blockchain is about managing data in a shared context. How to best managed data was solved in computer science already. So far, it is the relational algebra model that is used in 100% of all enterprises, and has an 85% market share. Chromia is the only blockchain that use that model and that power.
Ellkayy,
Why Chromia use RELL and not SQL or JavaScript? Can developers with other language knowledge use Chromia?
Serge,
Rell is the only language on the blockchain side. You can combine with anything on client-side, although now client only exists for JS/TS, C# and Java/Kotlin. Rell is a language for relational blockchain programming. It combines the following features:
1 Relational data modeling and queries similar to SQL. People familiar with SQL should feel at home once they learn the new syntax.
2 Normal programming constructs: variables, loops, functions, collections, etc.
3 Constructs which specifically target application backends and, in particular, blockchain-style programming including request routing, authorization, etc.
Rell aims to make programming as convenient and simple as possible. It minimizes boilerplate and repetition. At the same time, as a static type system it can detect and prevent many kinds of defects prior to run-time.
Roshan DV,
I have been monitoring your project for a while but some concerns about it: Your project will build your own core network, so you have more visibility than Ethereum and NEO. These are projects that were born before and which also have a very large community. And what can assure you that your project will guarantee the functionalities that you have defined?
Henrik Hjelte,
What came first? I want to remind that Vitalik was in the colored-coins project, led by our CTO and we had blockchain in production before ETH and NEO etc existed. We are the old dogs…
Large community: We are part of the same community. When developers are fustrated and want to try new tech, they go to us from other blockchains.
Also, we have a large potential: SQL (close to Rell and our tech) is the world top 3 language. Bigger than Java. Bigger than PHP. Only beaten bny HTML and javascript. Soliditiy is not on top 20 list. THere are millions of developers that know SQL. That is potential for community… (source is Stackoverflow annual programming survey).
Paul (Via Manage),
What are the utilities of Chromia and what purpose does the Chromia coin serve?
Serge,
Chromia meta-token called Chroma (CHR). It is used in Chromia to compensate block-producing nodes by fees. In Chromia, fees are paid by dapps, which can in their turn collect fees from users. Chromia provides mechanisms which balance the interests of developers and users. Dapp tokens can be automatically backed with Chroma, providing liquidity and value which is independent of investment into the dapp. Dapp investors can be compensated in Chroma through a profit-sharing contract. For developers, Chromia offers the opportunity to derive income from dapps. This incentivises the creation and maintenance of high quality dapps because better dapps generate more income and create more demand for tokens owned by the developer. The Chromia model is designed to support sustainable circular economies and foster a mutually beneficial relationship between developers, users, and investors.
Idemudia Isaac,
Thank you very much u/henrik_hjelte u/sergelubkin
You stated your plans for 2020 is to release series of dApps. What kind of large scale, mainstream decentralized application and $Chromia products do you think is suitable for the Nigerian environment?
Henrik Hjelte,
Actually, this is why we want to work with partners. We cannot know everything, For African market we have seen of course payments/remittances (but it has fallen out of trend). We would love to do real-estate /land-registration but we understand we need a strong local partner (more than a single person, a real company or organization driving).
●CC● | Elrond 🇵🇭,
What plans do you have to building a vibrant global community around Rell? And how would you go about encouraging/incentivising such ‘Rellists’ around the world to build dApps on Chromia? u/henrik_hjelte u/sergelubkin
Henrik Hjelte,
For developers (I am one too, or used to be) you normally need to prove a few things:
\ That the tech is productive (can I do apps faster?)*
\ That it is better (less bugs, more maintainable?)*
Then the community will come. We see that all the time. Look at web development. React.js came, and developers flooded to it. Not because of marketing on Superbowl, but because it was BETTER. Fewer bugs and easier to do complex webapps.
So, at core: people will come when we showcase the productivity gains, and that is what we need to focus on.
●CC● | Elrond 🇵🇭,
Why do you choose to build Chromia token on ERC20 instead of other blockchain such as BEP2, TRC20…or your own chain while ERC20 platform is very slow and have a case of fee? u/henrik_hjelte u/sergelubkin
Serge,
So far Ethereum has the best infrastructure, it’s the oldest and most reliable network for tokens. It also became the industry standard which exchanges utilize. We will transfer 80% of all erc20 tokens to our Chromia blockchain when it’s ready for that.
Koh,
In your whitepaper it says in the upcoming version of ChromiaWallet that it will be able to function as a Dapp browser for public use. Q) Will it be similar to the Dapp browser on Trust Wallet?
Serge,
It’s live already try it http://vault-testnet.chromia.com/
It’s the wallet and a dapp browser
CHROMIA is SOLID,
Your metamorphosis is a laudable one,surviving different FUD, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period!
Henrik Hjelte,
You need to know we started a company before ETH existed. There was 0 money in blockchain when we started. I did it becuase it was fun, exciting tech and MAYBE someone would be interested in the thing we made “Tokens”…
We were never in the crazy bull-market, manly observed the crazies from the side. We fundraised for CHR in a dip (they called it bear market). ChromaWay the company also make money from enterprises.
Алекс,
What is SSO?
What makes it important for chromias ecosystem?
Why should we users be attracted to it?’
Serge,
Chromia SSO is perhaps the most important UX improvement that Chromia offers the decentralized world. It revolutionizes the way users interact with dapps. Any dapp requires users to sign transactions, that means they need a private key. Control of the private key is control of any and all dapps or assets associated with it. This means that private keys have an especially stringent set of security requirements in a blockchain context — they control real value, and there is no recourse if they are compromised or lost. https://blog.chromia.com/chromia-sso-the-whys-and-the-whats/
Olufemi Joel,
How do you see the Chromia project developing in 3 to 5 years, both on the commercial level and on the evolution of the company? What are the plans for expansion in different regions? Are you going to outsource the team/skills or keep it centralized and set up offices?
Henrik Hjelte,
I take part of the question. On outsource: we were a distributed team from day one, with co-founders from 3 countries (still living there). We are distributed now, Ukraine, Sweden, Vietnam, Croatia, China are “hubs” then we have individuals too. No big plan, just where we found great developers…
Park Lee, u/henrik_hjelte
You claim CHOROMIA have fast support, useful features with an affordable service cost. That fast and the fees are cheap but can you guarantee stability?
What’s the Algorithms which are used by CHROMIA for that fast? And Can you explain it?
Serge,
We use PBFT protocol with some features of DPOS, this plus sidechains parallelism offers almost unlimited speed and scalability. We also use the feature called anchoring to secure all transactions in batches on Bitcoin blockchain.
Mario Boy,
What are you guys trying to achieve as an end goal? The next Ethereum? Or the next enterprise version of Ethereum? Or something different?
Henrik Hjelte,
The end goal… good question. When we started in 2014 there were no other blockchain companies, so we wanted to do the best blockchain technology in order to enable a decentralized world with more fair applications. And that is what we still do. Technology/software that can enable people to make a fairer world
Erven James Sato,
“STAKING” is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION
Does your GREAT PROJECT have plan about Staking?
Serge,
Yes, we announced our staking plans couple of months ago https://blog.chromia.com/on-providers-and-stakes/
We are working with our current partners to make it accessible for general public.
Chizoba,
I often see Chromia and ChromaWay being used interchangeably, what is the relationship between the two?
Henrik Hjelte,
ChromaWay the company started Chromia from code done as postchain. This is normal in open-source development, a company that leads development. But Chromia will be a decentalized network, so ChromaWay will not make direct money out of it more than if we have a role as a Provider (and get payed for hosting). ChromaWay can indirectly make money from optional support and maintenance etc. Also, this, perfectly normal in open-source world.
And it also benefits Chromia that there is a market for support.
A market open for competition.
No special treatment for “ChromaWay”
Enajite,
How to start coding on Chromia?
Henrik Hjelte,
Go to https://rell.chromia.com and follow the tutorial. Enjoy the free time you get compared to other blockchain languages…
●CC● | Elrond 🇵🇭,
Chromia process 500 TPS, these is slow compare to other Blockchains, where we can see now 60K TPS if more capacity require, how can that be? u/henrik_hjelte u/sergelubkin
Serge,
Yes, if you need faster speed you can use parallelism by having multiple blockchains for your dapp. Also, by optimization and better architecture sky is the limit.
Delphino.eth ⟠,
Can we consider Chromia an hybrid? For its mixing of Blockchain and a Database?
Henrik Hjelte,
Yes and no. I want to stress that Chromia is a FULL blockchain. It is not only “inspired”. It is a blockchain AND a database.
I tend to think about Hybrid more in the usecases that you might have as a customer. For example, a bank might want to have some data/transactions private (as a private blockchain) and have another half of the application with public data (on Chromia). So that is a hybrid solution, and Chromia ROCKS in that segment since it is the only blockchain that is complete relational database (what the normal world uses anyway for 85% of all applications)
Example area: “open banking”
Steve bush,
How will Chromia I have any empower Investors, Companies, Developers, Platform Users to
deliver impactful solutions and bring value to people all over the world?
Henrik Hjelte,
In order to make blockchain go big, we need to have users. Users need to be able to use apps with ease. Chromia have features like single-sign on (ease of use), but importantly do not require owning tokens to USE apps.
Also, it needs to be easy to make applications. For example, if you are a student in US and came up with an idea, you want to make an application for your school. Let’s call it “thefacebook”. You code something in PHP and MySQL. DID YOU SEE THAT. SQL. SQL.SQL. It is the same tech that Chromia has but no one else in the blockchain business. SQL rules the world if you look outside the crypto bubble. Google the Oracle head-office… 100% of all enterprises use it… Because it is easy and powerful.
And we even improve on SQL with Rell….
So, compare that with a hacky virtual machine that have a few years…. 😊
August,
“Mines of Dalarnia” is a game that has caught my attention a lot, due to its simplicity and quality. But in the time that I have used it I have not been able to differentiate between the Chromia blockchain of this game and that of the competition? What other games do you have next to develop? I would like to give ideas in those games like a Gamers!
Henrik Hjelte,
We thought about in corona time sports club might want to engage more with their fans digitally. And of course, E-Sports is getting a real momentum as the young generation grows up. Now a bit sad that all games are centralized. My daughter will be sad when (at some day?) they will close down roblox… it happens to all centralized apps eventually… that is what we fix. Power to the Public to control apps and their future. I’ll repost again Alex post. Sorry I like it a lot… https://blog.chromia.com/towards-publicly-hosted-applications/
Bisolar,
Good day Chromia team from a Chromia fan
Can you tell us Chromia’s geographical focus at the moment and the proces it follows for it BUSINESS DEVELOPMENT?
What factors do you consider before identifying NEW MARKETS to enter?
Serge,
Chromia will initially focus on community building in China, Korea, US and Europe. The focus of community growth will gradually expand to other markets as the project gains popularity.
Current community growth strategies of Chromia include:
Chromia blockchain incubator creation to welcome more projects to the Chromia blockchain
Host blockchain gaming conferences, workshops, and meetups to engage with potential users.
Provide online and face-to-face tutorials to engage with dapps developers.
Attract blockchain developers through direct and indirect approach via specialized platforms and communities.
Develop our relations with existing and previous corporate clients, and their partnership networks to participate in their blockchain ventures
Launch Node program to encourage system providers to run nodes on the Chromia blockchain.
Staking program for Chroma (CHR) tokens
Active community engagement via social channels.
Future community growth strategies of Chromia after Mainnet launch include:
Partner with more gaming studios, startups and enterprises
Build local communities with Ambassador Programs.
Partner with external incubator and accelerators to provide blockchain expertise and introduce projects to Chromia ecosystem
Continue organizing hackathons around the world to attract more developers.
Emmanuel,
I want to know the current structure of your roadmap? What is the future roadmap of CHROMIA? Is there any key milestone coming???
Henrik Hjelte,
It is easy to do a roadmap; anyone can make a pape plan. But I think they are used in the wrong way. Software is hard, blockchain is even harder because it NEEDS TO BE SECURE. No MVP releases. We cannot even have roadmap deadlines and skimp on quality. Where we are now though is: Rell language finished so much that developers can write apps and see its magic. We have external devs doing dapps. We have the first phase of mainnet. We have a series of releases coming up. We will release mainnet when it is secure enough, and gradual roll out. I think quite soon, development is going great at the moment, a bit quicker than we though.
Ellkayy,
Why doesn’t Chromia transactions use gas? How do you power transactions then?
Serge,
Main feature of gas in Ethereum is to pay for transactions for miners get rewards. In our scenario Providers get rewards from dapp owners. So dapp owner pays for storing their dapp. It’s like Amazon Web Service model. Then dapp owner can monetize it in its own way.
Ellkayy,
Many developers don’t know RELL, just Solidity and SQL. Is this a barrier or threat to Chromia? Why RELL is better?
Henrik Hjelte,
Very few developers know Solidity. Do a search on github. I referred previously to stackoverflow programming language survey results. https://insights.stackoverflow.com/survey/2019#technology
If you know SQL, you learn Rell in a day.
SQL is the top 3 language here. I’d say there are millions that can easily jump to Rell.
Soldity or other blockchains, not on top 20 list even.
Rell is a hipper, nicer version of SQL that is also a “normal” programming language.
Developers like to learn new things, new languages. Otherwise we would be stuck with PHP, the DOMINANT language. Well, is it still? Seems javascript and react.js and node etc is taking over…
Moh (Binance Angel)🇳🇬,
This brings us to the end of the AMA. It’s been a pleasure being with all of you, THANK YOU. Special shout out to u/sergelubkin and u/henrik_hjelte for honouring us with their presence today❤️
Kindly follow CHROMIA on twitter and join the conversation with their community on Telegram
Twitter: https://twitter.com/Chromia
Telegram: https://t.me/hellochromia
Official Chromia Nigeria Community Channel 🇳🇬 : https://t.me/ChromiaNigeria
Website: www.chromia.com
submitted by dam30 to Teamchromia [link] [comments]

The best Tezos Wallets

The best Tezos Wallets
Tezos is a decentralized blockchain that simplifies formal verification, a method that mathematically proves the accuracy of the code controlling transactions. The Tezos blockchain has its own cryptocurrency called Tezos (XTZ), a cryptocurrency with two main functions – a self-administration system and the ability to form launch contracts using its own programming language – Michelson.
If you decide to convert your fiat savings into Tezos or exchange other cryptocurrencies for XTZ, you may have to make a choice among reliable wallets for this. In this article we will look into the best Tezos Wallets so that can help you understand them better.

Hardware Wallets

Hardware wallets are not liable to spam, viruses, phishing attacks, or malicious of the system. Moreover, they provide a high degree of protection to the private keys. Below is the list of hardware wallets that can be used for XTZ.
https://preview.redd.it/j79t9vbgeth31.jpg?width=800&format=pjpg&auto=webp&s=d828387479fc4a2efed4fc857eb9bdf03f9878e9
  • Ledger Nano S
Nano S is a hard wallet from the product line of Ledger, a French manufacturer company. As all other Ledger products, Nano S traditionally looks like a USB flash drive. But this time, you will need to use the USB cable that comes with the wallet to connect to a computer. Ledger Nano S has a chip that is similar with chips on bank cards or biometric passports. Your private key is stored in an isolated environment and is effectively protected. Ledger Nano S also has a screen on it where you can see each transaction made. In case you lose your Nano S wallet, the account can be easily restored on any other Ledger device. Ledger Nano S supports over 20 cryptocurrencies including Tezos (XTZ).
  • Trezor Model T
Trezor T is the flagship model from the well-known Czech manufacturer SatoshiLabs. Model T has a color Touch-Screen display, an SD port and a quantity of supported coins – XTZ is among those coins. When Trezor T is not connected to the computer, it turns off and disconnects from the Internet. Thus, user funds are stored on the device beyond the reach of attackers. Trezor hardware case is ultrasonically soldered, making it difficult to be restored after being damaged.

Web Wallets

Web wallets can be a simple way to get started investing in cryptocurrency. All web wallets can be used right from a browser without the need of downloading software. Beyond that, many of web wallets offer free mobile apps.
  • TezBox Wallet
TezBox was the first GUI released for Tezos. The wallet was developed by the Tezos community and released during the ICO period. TezBox is available for web, desktop and mobile wallets with its user-friendly interface. Users may be assured that all private keys will be stored on their devices safely due to the secured wallet interface. TexBox is the first wallet integrated with hardware wallets Trezor and Ledger Nano S that gives it the increased security.

https://preview.redd.it/zmnx9fwpeth31.png?width=1696&format=png&auto=webp&s=d926f570fb736dd6fcd338fae270cdcfebad9654
  • Guarda Wallet
Guarda Wallet is available as a Web, Mobile and Desktop Wallet and a Chrome extension. It supports more than 40 coins and 10,000 tokens as well as XTZ. The web wallet enables to access cryptocurrency from any modern browser, the website itself looks presentable and made convenient to use. Using the mobile wallet, you can create a new wallet or import an existing one. Besides the common functions such as storage, deposit/withdrawal of cryptocurrency, users can instantly buy the exact amount of cryptocurrency using a bank card or exchange coins and tokens.
  • Magnum Wallet
While Magnum is a multi-asset wallet, one of the best known assets it supports is Tezos (XTZ). Being a light wallet, you do not need to download the full blockchain of any of the cryptocurrencies it works with. The wallet does not keep users’ personal information. As Magnum is a web wallet, it has the extra benefit of being available for nearly any platform, easy of access from any kind of device with an internet browser. Magnum wallet also supports Ledger devices so those can be easily linked to the app.

Mobile Wallets

Mobile wallets are used on your smartphone via an app. Similar to Apple or Google Pay, you can use mobile wallets when shopping in physical shops as cryptocurrencies become more popular and acceptable. Mobile wallets may be safer compared to online wallets and also be easy to use on the go.
  • Trust Wallet
Trust is a wallet for tokens of ERC20 standard, tooled for mobile devices. It offers simple installation and affordable feature set, that does not require additional user skills and abilities. Trust Wallet and Binance are working on new features, including market monitoring, user networks, test networks, and deep integration with the Binance infrastructure. Trust Wallet already supports Tezos as well as other digital currencies.
https://preview.redd.it/ckrma5aueth31.png?width=1400&format=png&auto=webp&s=f37213bf83c82028b97837545536c353664a8368
  • AirGap Wallet
AirGap is a wallet, that allows you to keep your cryptocurrency securely on your mobile. AirGap is a system with two device access: you can use your old mobile device as a hardware wallet using the AirGap Vault app to keep the private key there; while your working smartphone will have the wallet itself. The connection occurs with QR codes, this ensures a genuine one-way communication between AirGap Wallet and AirGap Vault. This implies that no private information ever leaves the air-gapped old phone. Besides Tezos, AirGap supports diverse amount of cryptocurrencies.
  • Tezos.Blue Wallet
In spite of being a lightweight wallet, Tezos.Blue does not scant on security or its features. It is an original app and that is why it gets strong protection straight from the operating system. Using the Tezos.Blue you will have actual updates from the network for a truly live operational comfort. Tezos.Blue is also available in a desktop version. Tezos.Blue is also available in a desktop version.

Desktop Wallets

Desktop wallet can be downloaded and installed on a computer. Desktop wallets may be safer if your computer is not, or more preferably, has never used the Internet connection. Desktop Wallets are perfect for storing large amounts of crypto that you don’t want to use on an everyday basis.
  • Atomic Wallet
Atomic is a convenient, easy to use and safe cryptocurrency wallet, that receives the preferences of many users around the world. It is a decentralized multicurrency wallet that is known in the crypto community for supporting more than 500 cryptocurrencies including Tezos. The primary goal of Atomic Wallet is not just to store cryptocurrency, but also to create a strong ecosystem with many functions.

https://preview.redd.it/apv4gpe0fth31.png?width=1686&format=png&auto=webp&s=dc5602c0eda220594b427c0b42923b8bacd727ae
  • Atomix HD Tezos Wallet
HD wallets (hierarchical deterministic wallet) are the wallets that use a single 12 or 18-word mnemonic phrase that is used to identify following addresses and private keys in a wallet software. Atomix is HD wallet that supports Tezos, it merges benefits of decentralized and centralized exchanges. With Atomix, all private keys are kept encoded on the computer. No identity verification or registration is required to use the wallet.
  • Simplestaking
Simplestaking is Tezos focused wallet being a web app and desktop app with support for hardware wallet Trezor Model T. The wallet is developed using NgRx state management and Angular framework.
  • Galleon Tezos Wallet (Tezori)
Galleon is a smart open source wallet for XTZ that supports both hardware and software wallets on Windows, Linux and Mac. It was developed by Cryptonomic and funded by the Tezos Foundation.
  • Tezos CLI Wallet
The Tezos CLI wallet can be used by those users who have some coding understanding while it requires the use of command lines. Tezos has mentioned the wallet on its website and has been audited by an independent external security inspector. As the Tezos CLI needs some level of command line knowledge, it can be quite difficult to use.

How to keep your wallet safe

A cryptocurrency wallet can be regarded as a regular wallet with money, but it has advanced features, which increases the level of risk. Simple rules will help prevent the loss of your own savings:
  1. Do not store large amounts for long periods on wallets that do not provide full control. It is better to store large amounts for a long time only in wallets that provide full control over the private key and, accordingly, over digital assets. This will help protect your coins against fraud and cyber attacks.
  2. Encrypt information and back up private keys. In case of reinstalling the PC or the occurrence of force majeure situations, this will help to restore access to the wallet quickly.
  3. Store secret keys on an offline device. It is preferable to use a platform that is not accessible for hacking via the Internet.
  4. Use reliable antivirus software and update it regularly. This will prevent the leakage of personal data that hackers can use to crack passwords.
  5. Register several types of wallets. It will allow you to distribute your funds and use the most suitable wallet depending on the situation.
If you use your Tezos wallet wisely and do not neglect the precautions, the risk of funds loss will be minimized.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk. Read what the customers say about SimpleSwap on Trustpilot. Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to tezos [link] [comments]

Day 9: I will post this guide regularly until available solutions like SegWit, order batching, and Lightning payment channels are mass adopted, the mempool is empty once again, and tx fees are low. Have you done your part?

BACKGROUND
Segregated Witness (SegWit) was activated on the Bitcoin network August 24 2017 as a soft fork that is backward compatible with previous bitcoin transactions (Understanding Segregated Witness). Since that time wallets and exchanges have been slow to deploy SegWit, and the majority of users have not made the switch themselves.
On Dec 18 2017 Subhan Nadeem has pointed out that: If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.
Mass SegWit use alone could empty the mempool, result in blocks that are not completely full, and make it possible to include transactions with $0 fee once again.
On Jan 11 2018 when BTC sends went offline at Coinbase the mempool began to rapidly empty. Later in the day when service was restored there was a sharp spike up in the mempool. Subsequently, that afternoon Brian Armstrong finally had to break his silence on the topic and admitted Coinbase is working on SegWit but has still not deployed it. It appears that this is an important data point that indicates if just a few major exchanges would deploy SegWit the high fees bitcoin is experiencing would be eliminated.
SegWit is just one technique available to exchanges and users to reduce pressure on the Bitcoin network. You can make the switch to SegWit on your next transaction, and pressure exchanges to deploy SegWit NOW along with other actions that will reduce their transaction impact on the network. You can help by taking one or more of the action steps below.
ACTION STEPS
  1. If your favorite wallet has not yet implemented SegWit, kindly ask them to do so immediately. If your wallet is not committed to implementing SegWit fast, speak out online any way you can and turn up the pressure. In the meantime start using a wallet that has already implemented SegWit.
  2. If your favorite exchange has not yet implemented SegWit, try to avoid making any further purchases of bitcoin at that exchange and politely inform them that if they do not enable SegWit within 30-days they will lose your business. Sign-up for an account at a SegWit deployed/ready exchange now and initiate the verification process so you'll be ready to bail
  3. Help educate newcomers to bitcoin about the transaction issue, steer them towards SegWit wallets from day one, and encourage them to avoid ever purchasing bitcoin through non-SegWit ready exchanges that are harming bitcoin.
  4. Spread the word! Contact individuals, websites, etc that use bitcoin, explain the benefits of SegWit to everyone, and request they make the switch. Use social media to point out the benefits of SegWit adoption.
IMPORTANT NOTE: The mempool is currently still quite backlogged. If you are a long-term holder and really have no reason to move your bitcoins at this time, wait until the mempool starts to clear and transaction fees go down before moving your bitcoins to a SegWit address or SegWit friendly exchange.
BEYOND SEGWIT - BATCHING, PAYMENT CHANNELS, LIGHTNING
Batching is another great way that exchanges can reduce their fees. See: Saving up to 80% on Bitcoin transaction fees by batching payments. Despite the benefits of batching, some exchanges have been slow to implement it. Users should demand this or walk.
Beyond SegWit & Batching, Lightning Network integration will have even more effect. Lightning is now active and exchanges could setup payment channels between each other so that on-chain transactions need not take place. Some ideas have to outline how that might work are here: Google Doc - Lightning Exchanges. Which two bitcoin exchanges will be the first to establish a lightning channel between themselves and offer free/instant transfers between them for their customers? This will happen in 2018
MEMPOOL/SEGWIT STATISTICS
NEWS/DEVELOPMENTS/VICTORIES
SELECTED TOP EXCHANGES BY BATCHING & SEGWIT STATUS
Exchange Segwit Status Batching Status
Binance NOT READY Yes
Bitfinex Ready Yes
Bitonic Ready Yes
Bitstamp Deployed Yes
Bittrex ? Yes
Coinbase/GDAX NOT READY No
Gemini Ready No
HitBTC Deployed Yes
Huboi ? ?
Kraken Deployed Yes
LocalBitcoins Deployed Yes
OKEx ? ?
Poloniex ? Yes
QuadrigaCX Deployed Yes
Shapeshift Deployed No
Note: all exchanges that have deployed SegWit are currently only sending to p2sh SegWit addresses for now. No exchange will send to a bech32 address like the ones that Electrum generates
Source 1: BitcoinCore.org
Source 2: /Bitcoin
Official statements from exchanges:
SELECTED WALLETS THAT HAVE SEGWIT ALREADY
Make sure you have a SegWit capable wallet installed and ready to use for your next bitcoin transaction
SegWit Enabled Wallets Wallet Type
Ledger Nano S Hardware
Trezor Hardware
Electrum Desktop
Armory Desktop
Edge iOS
GreenAddress iOS
BitWallet iOS
Samourai Android
GreenBits Android
Electrum Android
SegWitAddress.org Paper
FAQs
If I'm a HODLer, will it help to send my BTC to a SegWit address now?
No, just get ready now so that your NEXT transaction will be to a SegWit wallet. Avoid burdening the network with any unnecessary transactions for now.
Why is SegWit adoption going so slowly? Is it a time-consuming process, is there risk involved, is it laziness, or something else?
SegWit will require some extra work to be done right and securely. Also, most exchanges let the user pay the fee, and up to now users have not been overly concerned about fees so for some exchanges it hasn't been a priority.
Once Segwit is FULLY adopted, what do we see the fees/transaction times going to?
Times stay the same - fees will go down. How much and for how long depends on what the demand for transactions will be at that time.
What determines bitcoin transaction fees, to begin with?
Fees are charged per byte of data and are bid up by users. Miners will typically include the transaction with the highest fee/byte first.
Can you please tell me how to move my bitcoins to SegWit address in Bitcoin core wallet? Does the sender or receiver matter?
The Bitcoin core wallet does not yet have a GUI for its SegWit functionality. Download the latest version of Electrum to generate a SegWit address.
A transaction between two SegWit addresses is a SegWit transaction.
A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.
A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a SegWit Tx if the sending address is a SegWit address.
Source: HowToToken
What wallet are you using to "batch your sends"? And how can I do that?
Using Electrum, the "Tools" menu option: "Pay to many".
Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.
Why doesn't the Core Wallet yet support SegWit?
The Core Wallet supports SegWit, but its GUI doesn't. The next update will likely have GUI support built-in
Why isn't a large exchange like Coinbase SegWit ready & deployed when much smaller exchanges already are? Why do they default to high fees? Where is the leadership there?
Draw your own conclusions based on their own words:
March 2016 - Coinbase CEO Brian Armstrong has reservations about Core
Dec 2017 - Coinbase is STILL working on Segwit
P2SH/bech32 FAQs
What are the two SegWit address formats and why do they exist?
It's been a challenge for wallet developers to implement SegWit in a way that users can easily and without too much disruption migrate from legacy to SegWit addresses. The first wallets to enable SegWit addresses – Ledger, Trezor, Core, GreenAddress – use so-called “nested P2SH addresses.” This means they take the existing Pay 2 Script Hash address – starting with a “3” – and put a SegWit address into it. This enables a high grade of compatibility to exist wallets as every wallet is familiar with these addresses, but it is a workaround which results in SegWit transactions needing around 10 percent more space than they otherwise would.
Electrum 3.0 was the first wallet to use bech32 addresses instead of nested p2sh addresses.
Source: BTCManager.com
What is the difference in address format between SegWit address formats P2SH and bech32?
P2SH starts with "3..."
bech32 starts with "bc1..."
Which addresses can I send from/to?
P2SH Segwit addresses can be sent to using older Bitcoin software with no Segwit support. This supports backward compatibility
bech32 can only be sent to from newer Bitcoin software that support bech32. Ex: Electrum
Source: BitcoinTalk.org
Why did ThePirateBay put up two Bitcoin donation addresses on their frontpage, one bech32 and one not?
The address starting with a "3..." is a P2SH SegWit address that can be sent BTC from any bitcoin address including a legacy address. The address starting with a "bc1..." is a bech32 SegWit address that can only be sent to from newer wallets that support bech32.
SEGWIT BLOG GUIDES
PREVIOUS DAY'S THREADS
There's lots of excellent info in the comments of the previous threads:
submitted by Bastiat to Bitcoin [link] [comments]

Ripple Subreddit Rules, Helpful Links & Answers to Common Questions - READ BEFORE POSTING

You must read our rules before participating in Ripple
Helpful links and answers to common questions will be updated frequently so check back often
 
 
Ripple Subreddit Rules
https://www.reddit.com/Ripple/wiki/rules
 
Helpful Links
Ripple Insights - Top 9 Frequently Asked Questions About Ripple and XRP (Jan 18, 2018)
Ripple’s Ultimate Strategy; why XRP will increase in value
Removing inefficiency of international payments with XRP
Reasons to expect XRP to be the most popular bridge asset
"XRP is competitive now in the USD/MXN corridor"
Ripple's Decentralization Strategy Update
XRP Market Performance
List of Ripple Partnerships and RippleNet Implementations
 
People to Follow
Ripple on Twitter
Brad Garlinghouse, Chief Executive Officer at Ripple
Yoshitaka Kitao, executive chairman, CEO and president of SBI Holdings, Inc.
David Schwartz, Chief Cryptographer at Ripple | aka u/sjoelkatz
Stefan Thomas, Former CTO at Ripple, Co-creator of Interledger. Founder at Coil
Patrick Griffin, Senior Vice President of Business Development at Ripple
Miguel Vias, Head of XRP Markets at Ripple
Warren Paul Anderson, Product Manager, xRapid/XRP at Ripple
 
Hodor's XRP Blog
TplusZero - research & analysis on #XRP
 
Most Discussed Topics and Answers
● The Case Against BankCoin - Banks need an independent digital asset to enable truly efficient settlement
● Ripple Technology → Fast Payments → XRP → Fast Settlement
● Solving the chicken and egg problem - FI's bridging payments with XRP & companies saving money by holding XRP
● Banks hold XRP under a contractual agreement | Build liquidity to bridge payments to raise the demand for XRP
● How the global adoption of xRapid (XRP liquidity tool) would affect the value of XRP
● Besides instant cross-border payment settlement, XRP can capture other use cases, value that doesn't yet exist
● XRP Ledger has numerous technological advantages over blockchain systems that use proof of work
● Ripple is committed to making the XRP Ledger as decentralized as they possibly can
● Quantum-resistant signature schemes - Adding a new scheme is easy and fast
 
XRP Wallets
You need 20 XRP to activate a XRP wallet. Fees can be changed by the validators through the voting process.
The reserve requirement protects the XRP Ledger from spam or malicious usage.
 
When you are sending XRP to an exchange, destination tag is very important.
Destination tag is not needed when you transfer XRP to your own wallet address.
 
● XUMM by XRPL Labs | Developers
XUMM is a free app (iOS and Android) that makes sending, receiving and interacting with the XRP ledger easy & secure.
 
● Ledger Nano S | Tutorial | FAQ | Buy Online | Ripple Recovery Tool
Cryptocurrency Hardware Wallet
When you get your Ledger wallet, you must reset it and get a new set of 24 words seed before using it.
 
● The World Exchange | How to Create a Cold Wallet for Ripple
A free user-friendly and purely client-side wallet
 
● GateHub | Support | Network Statistics
GateHub XRP Web Wallet
 
Tools
Check XRP wallet balance - Bithomp | Graph | Transactions
Print raw information about an account, a transaction or a ledger - RPC Tool
 
Exchanges
The best way to support XRP is to buy/sell XRP directly with your local currency, not with USDT, ETH, LTC, or BTC.
Available XRP pairs - AUD, BRL, CAD, CNY, EUR, GBP, IDR, INR, JPY, KRW, MXN, PHP, RUB, THB, TRY, UAH, USD, ZAR.
You can find the complete list of XRP exchanges and supported XRP/fiat pairs Here.
 
USD - US Dollar
Kraken | Bitstamp | Bitfinex | CEX.IO | Gatehub |
Exrates | Exmo | Mr. Exchange | Bitsane | Sistemkoin | BitBay | Quoine
 
EUR - Euro
Kraken | Bitstamp | Gatehub | CEX.IO | LiteBit.eu | Anycoin Direct
The Rock Trading | Bitsane | BitBay | BitFlip | Bitlish | Quoine
 
KRW - South Korean Won
Bithumb | Upbit | Coinone | Korbit | GOPAX | Coinrail
 
JPY - Japanese Yen
Kraken | Bitbank | Quoine | Mr. Exchange
 
CNY - Chinese Yuan
RippleFox | Ripple China | Fatbtc
 
TRY - Turkish Lira
Vebitcoin | BTCTurk | Koineks | Sistemkoin | Ovis
 
INR - Indian Rupee
Zebpay | Koinex | Unocoin | Bitbns | BuyBitcoin | BuyUcoin
 
AUD - Australian Dollar
BTC Markets
 
THB - Thai Baht
BX Thailand
 
MXN - Mexican Peso
Bitso
 
IDR - Indonesian Rupiah
Indodax | Quoine
 
RUB - Russian Ruble
Exmo | BitFlip
 
ZAR - South African Rend
Altcoin Trader
 
CAD - Canadian Dollar
Kraken
 
UAH - Ukrainian Hryvnia
Kuna | BTC Trade UA | BitFlip
 
GBP - British Pound
Cryptomate
 
BRL - Brazilian Real
Braziliex
 
SGD - Singapore Dollar
Quoine
 
AED - United Arab Emirates Dirham
BitOasis
 
PHP - Philippine peso
CX | Exchange
 
USDT - Tether
Poloniex | Bittrex | Huobi | OKEx | CoinBene | Upbit | HitBTC |
ZB.com | Gate.io | Sistemkoin
 
ETH - Ethereum
Binance | Bittrex | Gatehub | OKEx | OTCBTC | Upbit | HitBTC |
Bitsane | Mr. Exchange | CoinFalcon
 
LTC - Litecoin
Bitsane | Mr. Exchange
 
BTC - Bitcoin
Kraken | Bitstamp | Bitfinex | CEX.IO | Gatehub | Binance | Poloniex | Bittrex |
HitBTC | OKEx | Upbit | Huobi | BTCTurk | BTC Markets | CoinEgg | Exmo |
ZB.com | OTCBTC | Coinrail | Bits Blockchain | Triple Dice Exchange | Indodax |
Exrates | Qryptos | Gate.io | Bitsane | Bitso | Ovis | BCEX | BitBay |
Mr. Exchange | Orionx | CoinFalcon | Abucoins | BitFlip | LakeBTC | Coinbe
submitted by nvok to Ripple [link] [comments]

Day 8: I will post this guide regularly until available solutions like SegWit, order batching, and Lightning payment channels are mass adopted, the mempool is empty once again, and tx fees are low. BTC Core SegWit GUI coming May 1, Coinbase incompetence exposed, more exchanges deploy SegWit

BACKGROUND
Segregated Witness (SegWit) was activated on the Bitcoin network August 24 2017 as a soft fork that is backward compatible with previous bitcoin transactions (Understanding Segregated Witness). Since that time wallets and exchanges have been slow to deploy SegWit, and the majority of users have not made the switch themselves.
On Dec 18 2017 Subhan Nadeem has pointed out that: If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.
Mass SegWit use alone could empty the mempool, result in blocks that are not completely full, and make it possible to include transactions with $0 fee once again.
On Jan 11 2018 when BTC sends went offline at Coinbase the mempool began to rapidly empty. Later in the day when service was restored there was a sharp spike up in the mempool. Subsequently, that afternoon Brian Armstrong finally had to break his silence on the topic and admitted Coinbase is working on SegWit but has still not deployed it. It appears that the high fees bitcoin is experiencing could be easily addressed and need not exist.
SegWit is just one technique available to exchanges and users to reduce pressure on the Bitcoin network. You can make the switch to SegWit on your next transaction, and pressure exchanges to deploy SegWit NOW along with other actions that will reduce their transaction impact on the network. You can help by taking one or more of the action steps below.
ACTION STEPS
  1. If your favorite wallet has not yet implemented SegWit, kindly ask them to do so immediately. If your wallet is not committed to implementing SegWit fast, speak out online any way you can and turn up the pressure. In the meantime start using a wallet that has already implemented SegWit.
  2. If your favorite exchange has not yet implemented SegWit, try to avoid making any further purchases of bitcoin at that exchange and politely inform them that if they do not enable SegWit within 30-days they will lose your business. Sign-up for an account at a SegWit deployed/ready exchange now and initiate the verification process so you'll be ready to bail
  3. Help educate newcomers to bitcoin about the transaction issue, steer them towards SegWit wallets from day one, and encourage them to avoid ever purchasing bitcoin through non-SegWit ready exchanges that are harming bitcoin.
  4. Spread the word! Contact individuals, websites, etc that use bitcoin, explain the benefits of SegWit to everyone, and request they make the switch. Use social media to point out the benefits of SegWit adoption.
IMPORTANT NOTE: The mempool is currently still quite backlogged. If you are a long-term holder and really have no reason to move your bitcoins at this time, wait until the mempool starts to clear and transaction fees go down before moving your bitcoins to a SegWit address or SegWit friendly exchange.
BEYOND SEGWIT - BATCHING, PAYMENT CHANNELS, LIGHTNING
Batching is another great way that exchanges can reduce their fees. See: Saving up to 80% on Bitcoin transaction fees by batching payments. Despite the benefits of batching, some exchanges have been slow to implement it. Users should demand this or walk.
Beyond SegWit & Batching, Lightning Network integration will have even more effect. Lightning is now active and exchanges could setup payment channels between each other so that on-chain transactions need not take place. Some ideas have to outline how that might work are here: Google Doc - Lightning Exchanges. Which two bitcoin exchanges will be the first to establish a lightning channel between themselves and offer free/instant transfers between them for their customers? This will happen in 2018
MEMPOOL/SEGWIT STATISTICS
NEWS/DEVELOPMENTS/VICTORIES
SELECTED TOP EXCHANGES BY BATCHING & SEGWIT STATUS
Exchange Segwit Status Batching Status
Binance NOT READY Yes
Bitfinex Ready Yes
Bitonic Ready Yes
Bitstamp Deployed Yes
Bittrex ? Yes
Coinbase/GDAX NOT READY No
Gemini Ready No
HitBTC Deployed Yes
Huboi ? ?
Kraken Deployed Yes
LocalBitcoins Deployed Yes
OKEx ? ?
Poloniex ? Yes
QuadrigaCX Deployed Yes
Shapeshift Deployed No
Note: all exchanges that have deployed SegWit are currently only sending to p2sh SegWit addresses for now. No exchange will send to a bech32 address like the ones that Electrum generates
Source 1: BitcoinCore.org
Source 2: /Bitcoin
Official statements from exchanges:
SELECTED WALLETS THAT HAVE SEGWIT ALREADY
Make sure you have a SegWit capable wallet installed and ready to use for your next bitcoin transaction
SegWit Enabled Wallets Wallet Type
Ledger Nano S Hardware
Trezor Hardware
Electrum Desktop
Armory Desktop
Edge iOS
GreenAddress iOS
BitWallet iOS
Samourai Android
GreenBits Android
Electrum Android
SegWitAddress.org Paper
FAQs
If I'm a HODLer, will it help to send my BTC to a SegWit address now?
No, just get ready now so that your NEXT transaction will be to a SegWit wallet. Avoid burdening the network with any unnecessary transactions for now.
Why is SegWit adoption going so slowly? Is it a time-consuming process, is there risk involved, is it laziness, or something else?
SegWit will require some extra work to be done right and securely. Also, most exchanges let the user pay the fee, and up to now users have not been overly concerned about fees so for some exchanges it hasn't been a priority.
Once Segwit is FULLY adopted, what do we see the fees/transaction times going to?
Times stay the same - fees will go down. How much and for how long depends on what the demand for transactions will be at that time.
What determines bitcoin transaction fees, to begin with?
Fees are charged per byte of data and are bid up by users. Miners will typically include the transaction with the highest fee/byte first.
Can you please tell me how to move my bitcoins to SegWit address in Bitcoin core wallet? Does the sender or receiver matter?
The Bitcoin core wallet does not yet have a GUI for its SegWit functionality. Download the latest version of Electrum to generate a SegWit address.
A transaction between two SegWit addresses is a SegWit transaction.
A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.
A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a SegWit Tx if the sending address is a SegWit address.
Source: HowToToken
What wallet are you using to "batch your sends"? And how can I do that?
Using Electrum, the "Tools" menu option: "Pay to many".
Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.
Why doesn't the Core Wallet yet support SegWit?
The Core Wallet supports SegWit, but its GUI doesn't. The next update will likely have GUI support built-in
Why isn't a large exchange like Coinbase SegWit ready & deployed when much smaller exchanges already are? Why do they default to high fees? Where is the leadership there?
Draw your own conclusions based on their own words:
March 2016 - Coinbase CEO Brian Armstrong has reservations about Core
Dec 2017 - Coinbase is STILL working on Segwit
P2SH/bech32 FAQs
What are the two SegWit address formats and why do they exist?
It's been a challenge for wallet developers to implement SegWit in a way that users can easily and without too much disruption migrate from legacy to SegWit addresses. The first wallets to enable SegWit addresses – Ledger, Trezor, Core, GreenAddress – use so-called “nested P2SH addresses.” This means they take the existing Pay 2 Script Hash address – starting with a “3” – and put a SegWit address into it. This enables a high grade of compatibility to exist wallets as every wallet is familiar with these addresses, but it is a workaround which results in SegWit transactions needing around 10 percent more space than they otherwise would.
Electrum 3.0 was the first wallet to use bech32 addresses instead of nested p2sh addresses.
Source: BTCManager.com
What is the difference in address format between SegWit address formats P2SH and bech32?
P2SH starts with "3..."
bech32 starts with "bc1..."
Which addresses can I send from/to?
P2SH Segwit addresses can be sent to using older Bitcoin software with no Segwit support. This supports backward compatibility
bech32 can only be sent to from newer Bitcoin software that support bech32. Ex: Electrum
Source: BitcoinTalk.org
Why did ThePirateBay put up two Bitcoin donation addresses on their frontpage, one bech32 and one not?
The address starting with a "3..." is a P2SH SegWit address that can be sent BTC from any bitcoin address including a legacy address. The address starting with a "bc1..." is a bech32 SegWit address that can only be sent to from newer wallets that support bech32.
SEGWIT BLOG GUIDES
PREVIOUS DAY'S THREADS
There's lots of excellent info in the comments of the previous threads:
submitted by Bastiat to Bitcoin [link] [comments]

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