Bitcoin Wallet (BTC) Die Beste Bitcoin Wallet App ...
Bitcoin Wallet (BTC) Die Beste Bitcoin Wallet App ...
Was ist eine Nonce?
Bitcoin Wallet (BTC) Best Bitcoin Wallet App Bitcoin ...
Bitcoin erklärt: So funktioniert Blockchain - computerwoche.de
Wallet, Blockchain, Mining - die wichtigsten Begriffe zu ...
GlobalBoost- A CryptoCurrency To Help Wounded Veterans
BSTY brings a completely new algorithm to the digital currency scene, and combines it with our real products, real company, and visible & accountable leadership. We aim to improve the acceptance of digital money, providing a safe & attractive investment using Yescrypt as our POW.
If I was a Rofschild-controlled government agency, and I therefore didn't particularly like Bitcoin, then I'd definitely invest in quantum computing so I could break wallets' private keys and mine nonces. Just sayin'.
https://github.com/gridcoin-community/Gridcoin-Research/releases/tag/188.8.131.52 Finally! After over ten months of development and testing, "Fern" has arrived! This is a whopper. 240 pull requests merged. Essentially a complete rewrite that was started with the scraper (the "neural net" rewrite) in "Denise" has now been completed. Practically the ENTIRE Gridcoin specific codebase resting on top of the vanilla Bitcoin/Peercoin/Blackcoin vanilla PoS code has been rewritten. This removes the team requirement at last (see below), although there are many other important improvements besides that. Fern was a monumental undertaking. We had to encode all of the old rules active for the v10 block protocol in new code and ensure that the new code was 100% compatible. This had to be done in such a way as to clear out all of the old spaghetti and ring-fence it with tightly controlled class implementations. We then wrote an entirely new, simplified ruleset for research rewards and reengineered contracts (which includes beacon management, polls, and voting) using properly classed code. The fundamentals of Gridcoin with this release are now on a very sound and maintainable footing, and the developers believe the codebase as updated here will serve as the fundamental basis for Gridcoin's future roadmap. We have been testing this for MONTHS on testnet in various stages. The v10 (legacy) compatibility code has been running on testnet continuously as it was developed to ensure compatibility with existing nodes. During the last few months, we have done two private testnet forks and then the full public testnet testing for v11 code (the new protocol which is what Fern implements). The developers have also been running non-staking "sentinel" nodes on mainnet with this code to verify that the consensus rules are problem-free for the legacy compatibility code on the broader mainnet. We believe this amount of testing is going to result in a smooth rollout. Given the amount of changes in Fern, I am presenting TWO changelogs below. One is high level, which summarizes the most significant changes in the protocol. The second changelog is the detailed one in the usual format, and gives you an inkling of the size of this release.
Note that the protocol changes will not become active until we cross the hard-fork transition height to v11, which has been set at 2053000. Given current average block spacing, this should happen around October 4, about one month from now. Note that to get all of the beacons in the network on the new protocol, we are requiring ALL beacons to be validated. A two week (14 day) grace period is provided by the code, starting at the time of the transition height, for people currently holding a beacon to validate the beacon and prevent it from expiring. That means that EVERY CRUNCHER must advertise and validate their beacon AFTER the v11 transition (around Oct 4th) and BEFORE October 18th (or more precisely, 14 days from the actual date of the v11 transition). If you do not advertise and validate your beacon by this time, your beacon will expire and you will stop earning research rewards until you advertise and validate a new beacon. This process has been made much easier by a brand new beacon "wizard" that helps manage beacon advertisements and renewals. Once a beacon has been validated and is a v11 protocol beacon, the normal 180 day expiration rules apply. Note, however, that the 180 day expiration on research rewards has been removed with the Fern update. This means that while your beacon might expire after 180 days, your earned research rewards will be retained and can be claimed by advertising a beacon with the same CPID and going through the validation process again. In other words, you do not lose any earned research rewards if you do not stake a block within 180 days and keep your beacon up-to-date. The transition height is also when the team requirement will be relaxed for the network.
Besides the beacon wizard, there are a number of improvements to the GUI, including new UI transaction types (and icons) for staking the superblock, sidestake sends, beacon advertisement, voting, poll creation, and transactions with a message. The main screen has been revamped with a better summary section, and better status icons. Several changes under the hood have improved GUI performance. And finally, the diagnostics have been revamped.
The wallet sync speed has been DRASTICALLY improved. A decent machine with a good network connection should be able to sync the entire mainnet blockchain in less than 4 hours. A fast machine with a really fast network connection and a good SSD can do it in about 2.5 hours. One of our goals was to reduce or eliminate the reliance on snapshots for mainnet, and I think we have accomplished that goal with the new sync speed. We have also streamlined the in-memory structures for the blockchain which shaves some memory use. There are so many goodies here it is hard to summarize them all. I would like to thank all of the contributors to this release, but especially thank @cyrossignol, whose incredible contributions formed the backbone of this release. I would also like to pay special thanks to @barton2526, @caraka, and @Quezacoatl1, who tirelessly helped during the testing and polishing phase on testnet with testing and repeated builds for all architectures. The developers are proud to present this release to the community and we believe this represents the starting point for a true renaissance for Gridcoin!
Most significantly, nodes calculate research rewards directly from the magnitudes in EACH superblock between stakes instead of using a two- or three- point average based on a CPID's current magnitude and the magnitude for the CPID when it last staked. For those long-timers in the community, this has been referred to as "Superblock Windows," and was first done in proof-of-concept form by @denravonska.
Network magnitude unit pinned to a static value of 0.25
Max research reward allowed per block raised to 16384 GRC (from 12750 GRC)
New CPIDs begin accruing research rewards from the first superblock that contains the CPID instead of from the time of the beacon advertisement
500 GRC research reward limit for a CPID's first stake
6-month expiration for unclaimed rewards
10-block spacing requirement between research reward claims
Rolling 5-day payment-per-day limit
Legacy tolerances for floating-point error and time drift
The need to include a valid copy of a CPID's magnitude in a claim
10-block emission adjustment interval for the magnitude unit
One-time beacon activation requires that participants temporarily change their usernames to a verification code at one whitelisted BOINC project
Verification codes of pending beacons expire after 3 days
Self-service beacon removal
Burn fee for beacon advertisement increased from 0.00001 GRC to 0.5 GRC
Rain addresses derived from beacon keys instead of a default wallet address
Beacon expiration determined as of the current block instead of the previous block
The ability for developers to remove beacons
The ability to sign research reward claims with non-current but unexpired beacons
As a reminder:
Beacons expire after 6 months pass (180 days)
Beacons can be renewed after 5 months pass (150 days)
Renewed beacons must be signed with the same key as the original beacon
Magnitudes less than 1 include two fractional places
Magnitudes greater than or equal to 1 but less than 10 include one fractional place
A valid superblock must match a scraper convergence
Superblock popularity election mechanics
Yes/no/abstain and single-choice response types (no user-facing support yet)
To create a poll, a maximum of 250 UTXOs for a single address must add up to 100000 GRC. These are selected from the largest downwards.
Burn fee for creating polls scaled by the number of UTXOs claimed
50 GRC for a poll contract
0.001 GRC per claimed UTXO
Burn fee for casting votes scaled by the number of UTXOs claimed
0.01 GRC for a vote contract
0.01 GRC to claim magnitude
0.01 GRC per claimed address
0.001 GRC per claimed UTXO
Maximum length of a poll title: 80 characters
Maximum length of a poll question: 100 characters
Maximum length of a poll discussion website URL: 100 characters
Maximum number of poll choices: 20
Maximum length of a poll choice label: 100 characters
Magnitude, CPID count, and participant count poll weight types
The ability for developers to remove polls and votes
[184.108.40.206] 2020-09-03, mandatory, "Fern"
Backport newer uint256 types from Bitcoin #1570 (@cyrossignol)
Implement project level rain for rainbymagnitude #1580 (@jamescowens)
Upgrade utilities (Update checker and snapshot downloadeapplication) #1576 (@iFoggz)
Provide fees collected in the block by the miner #1601 (@iFoggz)
Add support for generating legacy superblocks from scraper stats #1603 (@cyrossignol)
Port of the Bitcoin Logger to Gridcoin #1600 (@jamescowens)
Implement zapwallettxes #1605 (@jamescowens)
Implements a global event filter to suppress help question mark #1609 (@jamescowens)
Add next target difficulty to RPC output #1615 (@cyrossignol)
Add caching for block hashes to CBlock #1624 (@cyrossignol)
Make toolbars and tray icon red for testnet #1637 (@jamescowens)
Add an rpc call convergencereport #1643 (@jamescowens)
Implement newline filter on config file read in #1645 (@jamescowens)
Implement beacon status icon/button #1646 (@jamescowens)
Add gridcointestnet.png #1649 (@caraka)
Add precision to support magnitudes less than 1 #1651 (@cyrossignol)
Replace research accrual calculations with superblock snapshots #1657 (@cyrossignol)
Publish example gridcoinresearch.conf as a md document to the doc directory #1662 (@jamescowens)
Add options checkbox to disable transaction notifications #1666 (@jamescowens)
Add support for self-service beacon deletion #1695 (@cyrossignol)
Add support for type-specific contract fee amounts #1698 (@cyrossignol)
Add verifiedbeaconreport and pendingbeaconreport #1696 (@jamescowens)
Add preliminary testing option for block v11 height on testnet #1706 (@cyrossignol)
Add verified beacons manifest part to superblock validator #1711 (@cyrossignol)
Implement beacon, vote, and superblock display categories/icons in UI transaction model #1717 (@jamescowens)
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:
Alice might take the assets and disappear.
Alice might spend the assets and pretend that she still has them (fractional model).
Alice might store the assets insecurely and they'll get stolen.
Alice might give the assets to someone else by mistake or by force.
Alice might lose access to the assets.
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:
Alice can't take the assets and disappear (unless she asks Bob or never gives them to Bob).
Alice can't spend the assets and pretend that she still has them. (Unless she didn't give them to Bob or asks him for them.)
Alice can't store the assets insecurely so they get stolen. (After all - she doesn't have any control over the withdrawal process from any of Bob's systems, right?)
Alice can't give the assets to someone else by mistake or by force. (Bob will stop her, right Bob?)
Alice can't lose access to the funds. (She'll always be present, sane, and remember all secrets, right?)
See - all problems are solved! All we have to worry about now is:
Bob might take the assets and disappear.
Bob might spend the assets and pretend that he still has them (fractional model).
Bob might store the assets insecurely and they'll get stolen.
Bob might give the assets to someone else by mistake or by force.
Bob might lose access to the assets.
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:
ANY CERTAINTY BALANCES WEREN'T EXCLUDED. Quadriga's largest account was $70m. 80% of funds are in 20% of accounts (Pareto principle). All it takes is excluding a few really large accounts - and nobody's the wiser. A fractional platform can easily pass any audit this way.
ANY VISIBILITY WHATSOEVER INTO THE CUSTODIANS. BitBuy put out their report before moving all the funds to their custodian and ShakePay apparently can't even tell us who the custodian is. That's pretty important considering that basically all of the funds are now stored there.
ANY IDEA ABOUT THE OTHER EXCHANGES. In order for this to be effective, it has to be the norm. It needs to be "unusual" not to know. If obscurity is the norm, then it's super easy for people like Gerald Cotten and Dave Smilie to blend right in.
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:
First report within 1 month of launching, another within 3 months, and further reports at minimum every 6 months thereafter.
No auditor can be repeated within a 12 month period.
All reports must be public, identifying the auditor and the full methodology used.
All auditors must be independent of the firm being audited with no conflict of interest.
Reports must include the percentage of each asset backed, and how it's backed.
The auditor publishes a hash list, which lists a hash of each customer's information and balances that were included. Hash is one-way encryption so privacy is fully preserved. Every customer can use this to have 100% confidence they were included.
If we want more extensive requirements on audits, these should scale upward based on the total assets at risk on the platform, and whether the platform has loaned their assets out.
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):
The inspiration for the paragraph about splitting wallets was an actual quote from a Canadian company providing custodial services in response to the OSC consultation paper: "We believe that it will be in the in best interests of investors to prohibit pooled crypto assets or ‘floats’. Most Platforms pool assets, citing reasons of practicality and expense. The recent hack of the world’s largest Platform – Binance – demonstrates the vulnerability of participants’ assets when such concessions are made. In this instance, the Platform’s entire hot wallet of Bitcoins, worth over $40 million, was stolen, facilitated in part by the pooling of client crypto assets." "the maintenance of participants (and Platform) crypto assets across multiple wallets distributes the related risk and responsibility of security - reducing the amount of insurance coverage required and making insurance coverage more readily obtainable". For the record, their reply also said nothing whatsoever about multi-sig or offline storage.
In addition to the fact that the $40m hack represented only one "hot wallet" of Binance, and they actually had the vast majority of assets in other wallets (including mostly cold wallets), multiple real cases have clearly demonstrated that risk is still present with multiple wallets. Bitfinex, VinDAX, Bithumb, Altsbit, BitPoint, Cryptopia, and just recently KuCoin all had multiple wallets breached all at the same time, and may represent a significantly larger impact on customers than the Binance breach which was fully covered by Binance. To represent that simply having multiple separate wallets under the same security scheme is a comprehensive way to reduce risk is just not true.
Private insurance has historically never covered a single loss in the cryptocurrency space (at least, not one that I was able to find), and there are notable cases where massive losses were not covered by insurance. Bitpay in 2015 and Yapizon in 2017 both had insurance policies that didn't pay out during the breach, even after a lengthly court process. The same insurance that ShakePay is presently using (and announced to much fanfare) was describe by their CEO himself as covering “physical theft of the media where the private keys are held,” which is something that has never historically happened. As was said with regard to the same policy in 2018 - “I don’t find it surprising that Lloyd’s is in this space,” said Johnson, adding that to his mind the challenge for everybody is figuring out how to structure these policies so that they are actually protective. “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.”
The most profitable policy for a private insurance company is one with the most expensive premiums that they never have to pay a claim on. They have no inherent incentive to take care of people who lost funds. It's "cheaper" to take the reputational hit and fight the claim in court. The more money at stake, the more the insurance provider is incentivized to avoid payout. They're not going to insure the assets unless they have reasonable certainty to make a profit by doing so, and they're not going to pay out a massive sum unless it's legally forced. Private insurance is always structured to be maximally profitable to the insurance provider.
The circumvention of multi-sig was a key factor in the massive Bitfinex hack of over $60m of bitcoin, which today still sits being slowly used and is worth over $3b. While Bitfinex used a qualified custodian Bitgo, which was and still is active and one of the industry leaders of custodians, and they set up 2 of 3 multi-sig wallets, the entire system was routed through Bitfinex, such that Bitfinex customers could initiate the withdrawals in a "hot" fashion. This feature was also a hit with the hacker. The multi-sig was fully circumvented.
Bitpay in 2015 was another example of a breach that stole 5,000 bitcoins. This happened not through the exploit of any system in Bitpay, but because the CEO of a company they worked with got their computer hacked and the hackers were able to request multiple bitcoin purchases, which Bitpay honoured because they came from the customer's computer legitimately. Impersonation is a very common tactic used by fraudsters, and methods get more extreme all the time.
A notable case in Canada was the Canadian Bitcoins exploit. Funds were stored on a server in a Rogers Data Center, and the attendee was successfully convinced to reboot the server "in safe mode" with a simple phone call, thus bypassing the extensive security and enabling the theft.
The very nature of custodians circumvents multi-sig. This is because custodians are not just having to secure the assets against some sort of physical breach but against any form of social engineering, modification of orders, fraudulent withdrawal attempts, etc... If the security practices of signatories in a multi-sig arrangement are such that the breach risk of one signatory is 1 in 100, the requirement of 3 independent signatures makes the risk of theft 1 in 1,000,000. Since hackers tend to exploit the weakest link, a comparable custodian has to make the entry and exit points of their platform 10,000 times more secure than one of those signatories to provide equivalent protection. And if the signatories beef up their security by only 10x, the risk is now 1 in 1,000,000,000. The custodian has to be 1,000,000 times more secure. The larger and more complex a system is, the more potential vulnerabilities exist in it, and the fewer people can understand how the system works when performing upgrades. Even if a system is completely secure today, one has to also consider how that system might evolve over time or work with different members.
By contrast, offline multi-signature solutions have an extremely solid record, and in the entire history of cryptocurrency exchange incidents which I've studied (listed here), there has only been one incident (796 exchange in 2015) involving an offline multi-signature wallet. It happened because the customer's bitcoin address was modified by hackers, and the amount that was stolen ($230k) was immediately covered by the exchange operators. Basically, the platform operators were tricked into sending a legitimate withdrawal request to the wrong address because hackers exploited their platform to change that address. Such an issue would not be prevented in any way by the use of a custodian, as that custodian has no oversight whatsoever to the exchange platform. It's practical for all exchange operators to test large withdrawal transactions as a general policy, regardless of what model is used, and general best practice is to diagnose and fix such an exploit as soon as it occurs.
False promises on the backing of funds played a huge role in the downfall of Quadriga, and it's been exposed over and over again (MyCoin, PlusToken, Bitsane, Bitmarket, EZBTC, IDAX). Even today, customers have extremely limited certainty on whether their funds in exchanges are actually being backed or how they're being backed. While this issue is not unique to cryptocurrency exchanges, the complexity of the technology and the lack of any regulation or standards makes problems more widespread, and there is no "central bank" to come to the rescue as in the 2008 financial crisis or during the great depression when "9,000 banks failed".
In addition to fraudulent operations, the industry is full of cases where operators have suffered breaches and not reported them. Most recently, Einstein was the largest case in Canada, where ongoing breaches and fraud were perpetrated against the platform for multiple years and nobody found out until the platform collapsed completely. While fraud and breaches suck to deal with, they suck even more when not dealt with. Lack of visibility played a role in the largest downfalls of Mt. Gox, Cryptsy, and Bitgrail. In some cases, platforms are alleged to have suffered a hack and keep operating without admitting it at all, such as CoinBene.
It surprises some to learn that a cryptographic solution has already existed since 2013, and gained widespread support in 2014 after Mt. Gox. Proof of Reserves is a full cryptographic proof that allows any customer using an exchange to have complete certainty that their crypto-assets are fully backed by the platform in real-time. This is accomplished by proving that assets exist on the blockchain, are spendable, and fully cover customer deposits. It does not prove safety of assets or backing of fiat assets.
If we didn't care about privacy at all, a platform could publish their wallet addresses, sign a partial transaction, and put the full list of customer information and balances out publicly. Customers can each check that they are on the list, that the balances are accurate, that the total adds up, and that it's backed and spendable on the blockchain. Platforms who exclude any customer take a risk because that customer can easily check and see they were excluded. So together with all customers checking, this forms a full proof of backing of all crypto assets.
However, obviously customers care about their private information being published. Therefore, a hash of the information can be provided instead. Hash is one-way encryption. The hash allows the customer to validate inclusion (by hashing their own known information), while anyone looking at the list of hashes cannot determine the private information of any other user. All other parts of the scheme remain fully intact. A model like this is in use on the exchange CoinFloor in the UK.
A Merkle tree can provide even greater privacy. Instead of a list of balances, the balances are arranged into a binary tree. A customer starts from their node, and works their way to the top of the tree. For example, they know they have 5 BTC, they plus 1 other customer hold 7 BTC, they plus 2-3 other customers hold 17 BTC, etc... until they reach the root where all the BTC are represented. Thus, there is no way to find the balances of other individual customers aside from one unidentified customer in this case.
Proposals such as this had the backing of leaders in the community including Nic Carter, Greg Maxwell, and Zak Wilcox. Substantial and significant effort started back in 2013, with massive popularity in 2014. But what became of that effort? Very little. Exchange operators continue to refuse to give visibility. Despite the fact this information can often be obtained through trivial blockchain analysis, no Canadian platform has ever provided any wallet addresses publicly. As described by the CEO of Newton "For us to implement some kind of realtime Proof of Reserves solution, which I'm not opposed to, it would have to ... Preserve our users' privacy, as well as our own. Some kind of zero-knowledge proof". Kraken describes here in more detail why they haven't implemented such a scheme. According to professor Eli Ben-Sasson, when he spoke with exchanges, none were interested in implementing Proof of Reserves.
And yet, Kraken's places their reasoning on a page called "Proof of Reserves". More recently, both BitBuy and ShakePay have released reports titled "Proof of Reserves and Security Audit". Both reports contain disclaimers against being audits. Both reports trust the customer list provided by the platform, leaving the open possibility that multiple large accounts could have been excluded from the process. Proof of Reserves is a blockchain validation where customers see the wallets on the blockchain. The report from Kraken is 5 years old, but they leave it described as though it was just done a few weeks ago. And look at what they expect customers to do for validation. When firms represent something being "Proof of Reserve" when it's not, this is like a farmer growing fruit with pesticides and selling it in a farmers market as organic produce - except that these are people's hard-earned life savings at risk here. Platforms are misrepresenting the level of visibility in place and deceiving the public by their misuse of this term. They haven't proven anything.
Fraud isn't a problem that is unique to cryptocurrency. Fraud happens all the time. Enron, WorldCom, Nortel, Bear Stearns, Wells Fargo, Moser Baer, Wirecard, Bre-X, and Nicola are just some of the cases where frauds became large enough to become a big deal (and there are so many countless others). These all happened on 100% reversible assets despite regulations being in place. In many of these cases, the problems happened due to the over-complexity of the financial instruments. For example, Enron had "complex financial statements [which] were confusing to shareholders and analysts", creating "off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them". In cryptocurrency, we are often combining complex financial products with complex technologies and verification processes. We are naïve if we think problems like this won't happen. It is awkward and uncomfortable for many people to admit that they don't know how something works. If we want "money of the people" to work, the solutions have to be simple enough that "the people" can understand them, not so confusing that financial professionals and technology experts struggle to use or understand them.
For those who question the extent to which an organization can fool their way into a security consultancy role, HB Gary should be a great example to look at. Prior to trying to out anonymous, HB Gary was being actively hired by multiple US government agencies and others in the private sector (with glowing testimonials). The published articles and hosted professional security conferences. One should also look at this list of data breaches from the past 2 years. Many of them are large corporations, government entities, and technology companies. These are the ones we know about. Undoubtedly, there are many more that we do not know about. If HB Gary hadn't been "outted" by anonymous, would we have known they were insecure? If the same breach had happened outside of the public spotlight, would it even have been reported? Or would HB Gary have just deleted the Twitter posts, brought their site back up, done a couple patches, and kept on operating as though nothing had happened?
In the case of Quadriga, the facts are clear. Despite past experience with platforms such as MapleChange in Canada and others around the world, no guidance or even the most basic of a framework was put in place by regulators. By not clarifying any sort of legal framework, regulators enabled a situation where a platform could be run by former criminal Mike Dhanini/Omar Patryn, and where funds could be held fully unchecked by one person. At the same time, the lack of regulation deterred legitimate entities from running competing platforms and Quadriga was granted a money services business license for multiple years of operation, which gave the firm the appearance of legitimacy. Regulators did little to protect Canadians despite Quadriga failing to file taxes from 2016 onward. The entire administrative team had resigned and this was public knowledge. Many people had suspicions of what was going on, including Ryan Mueller, who forwarded complaints to the authorities. These were ignored, giving Gerald Cotten the opportunity to escape without justice.
There are multiple issues with the SOC II model including the prohibitive cost (you have to find a third party accounting firm and the prices are not even listed publicly on any sites), the requirement of operating for a year (impossible for new platforms), and lack of any public visibility (SOC II are private reports that aren't shared outside the people in suits).
Securities frameworks are expensive. Sarbanes-Oxley is estimated to cost $5.1 million USD/yr for the average Fortune 500 company in the United States. Since "Fortune 500" represents the top 500 companies, that means well over $2.55 billion USD (~$3.4 billion CAD) is going to people in suits. Isn't the problem of trust and verification the exact problem that the blockchain is supposed to solve?
To use Quadriga as justification for why custodians or SOC II or other advanced schemes are needed for platforms is rather silly, when any framework or visibility at all, or even the most basic of storage policies, would have prevented the whole thing. It's just an embarrassment.
We are now seeing regulators take strong action. CoinSquare in Canada with multi-million dollar fines. BitMex from the US, criminal charges and arrests. OkEx, with full disregard of withdrawals and no communication. Who's next?
We have a unique window today where we can solve these problems, and not permanently destroy innovation with unreasonable expectations, but we need to act quickly. This is a unique historic time that will never come again.
Aryacoin is a new cryptocurrency, which allows for decentralized, peer to peer transactions of electronic cash. It is like Bitcoin and Litecoin, but the trading of the coin occurs on sales platforms that have no restriction to use. Further, it was created with the goal of addressing the double spend issues of Bitcoin and does so using a timestamp server to verify transactions. It works by taking the hash of a block of items to be timestamped and widely publishing the hash. The timestamp proves that the data must have existed at the time in order to get the hash. Each timestamp then includes the previous timestamp in its hash, forming a chain. The Aryacoin team is continuously developing new use cases for the coin, including exchanges where users can exchange the coins without any fees or restrictions, and offline options where the coins can be bought and sold for cash. The coins can also be used on the company’s other platform, mrdigicoin.io. Along with the coin, there is a digital wallet that can be created and controlled by the user entirely, with no control being retained by the Aryacoin team.
The concept of Blockchain first came to fame in October 2008, as part of a proposal for Bitcoin, with the aim to create P2P money without banks. Bitcoin introduced a novel solution to the age-old human problem of trust. The underlying blockchain technology allows us to trust the outputs of the system without trusting any actor within it. People and institutions who do not know or trust each other, reside in different countries, are subject to different jurisdictions, and who have no legally binding agreements with each other, can now interact over the Internet without the need for trusted third parties like banks, Internet platforms, or other types of clearing institutions. When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved. This paper provide a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency. Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
1.1 OVERVIEW ABOUT ARYACOIN
Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community. Aryacoin is a blockchain based project that allows users to access their wallet on the web and mobile browsers, using their login details. Aryacoin can be mined; it also can be exchanged by other digital currencies in several world-famous exchanges such as Hitbtc, CoinEx, P2pb2b, WhiteBit, Changelly and is also listed in reputable wallets such as Coinomi and Guarda. Aryacoin is a coin, which can be used by anyone looking to use cryptocurrency which allows them to keep their privacy even when buying/selling the coin along with while using the coin during transactions. Proof of work and cryptographic hashes allows transactions to verified. Stable Fee Per AYA is a unique feature of Aryacoin, so by increasing the amount or volume of the transaction, there is no change in the fee within the network, which means that the fee for sending an amount less than 1 AYA is equal to several hundred million AYA. Another unique feature of Aryacoin is the undetectability of transactions in Explorer, such as the DASH and Monero, of course, this operation is unique to Aryacoin. Using Aryacoin digital currency, like other currencies, international transactions can be done very quickly and there are no limitations in this area as the creators claim. Aryacoin aims to allow users to access the Aryacoin wallet via the web and mobile browsers using their login details. Aryacoin is a peer-to-peer electronic cash system that enables users to send and receive payments directly from one party to another, and allow them to transfer funds across borders with no restriction or third party involvement. The blockchain-based system embraces the digital signature, which prevents double spending and low transfer fees, which enables users to transfer huge amounts with very low fees. The proof-of-work consensus mechanism allows each transaction to be verified and confirmed, while anonymity enables users to use the coin anywhere at any time. According to the website of the operation, each wallet is divided into 2 or more AYA wallet addresses for each transaction, and depending on the volume of the transaction block, the origin, and destination of transactions in the network can not be traced and displayed to the public. In fact, each wallet in Aryacoin consists of a total of several wallets. The number of these wallets increases per transaction to increase both security and privacy. Aryacoin also uses the dPoW protocol. In the dPoW protocol, a second layer is added to the network to verify transactions, which makes “51% attack” impossible even with more than half of the network hash, and blocks whose Blockchain uses this second layer of security never run the risk of 51% attacks. AYA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin.
1.1.1 ARYACOIN HISTORY
Aryacoin (AYA) is a new cryptocurrency, which has been created by a group of Iranian developers, is an altcoin which allows for decentralised, peer to peer transactions of electronic cash without any fees whatsoever. Along with the coin, there is a digital wallet that can be created and managed by the user entirely, with no control being retained by the Aryacoin team. Aryacoin’s founder, Kiumars Parsa, has been a fan of alternative currencies and particularly Bitcoin. “We see people from all around the world using Blockchain technology and the great benefits that came with it and it then that I decided to solve this puzzle for find a way of bringing the last missing piece to the jigsaw. The idea for Aryacoin was born.” Parsa said. Parsa and his team of Iranian ex-pats not only persevered but expedited the project and just a year later, in the summer of 2019, the first version of Aryacoin was released. In 2020, Aryacoin is the first and only Iranian coin listed on CMC. Parsa goes on to state that it is now the strength of the community that has invested in the coin that will ultimately drive its success, alongside its robust technology and appealing 0% network fees. “We have thousands of voices behind Aryacoin. People for the people make this coin. It is a massive shout out for democracy. This had made us base the whole team strategy on the benefits for both our users and our traders.” “One key example is that the network fee on AYA Blockchain is 0%. Yes, absolutely nothing, which which differentiates us from other networks. What also differentiates us from other coins is that we have AYAPAY which is the first cryptocurrency Gateway in the world which does not save funds on third party storage with all funds being forwarded directly to any wallet address that the Gateway owner requests”. “So for the first time ever, and unlike other gateways, incoming funds will be saved on the users account with submitted withdrawal requests then made on the Gateway host website. In AYAPAY which has also been developed by the Aryacoin team, all funds without extra fees or extra costs will directly forwarded to users wallets. We have named this technology as CloudWithdrawal.” “We are continuously challenging ourselves as it is a crowded marketplace. We are striving to have a safer Blockchain against 51% attacks, faster confirmations speeds of transactions, cheaper network fee, growing the market by cooperation with Top tier Exchangers.”
1.1.2 ARYACOIN’S MAIN GOAL
Aryacoin’s main goal is to educate people and give them the freedom to use cryptocurrency in any way they want. Aryacoin empowers the users to transfer, pay, trade cryptocurrency from any country around the globe. Platforms that have been created by Aryacoin Team, as well as those that will go live in future, operate on the same principle and exclude absolutely no one.
1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVE
Aryacoin aims to provide a long-term solution to the problem of double spending, which is still common in the crypto market. The developers of the system have created a peer-to-peer distributed timestamp server that generates computational proof of the transactions as they occur. Besides, the system remains secure provided honest nodes control more CPU power than any cooperating group of attacker nodes. While Bitcoin was designed not to be regulated or controlled, many exchanges and governments have put regulatory measures on the pioneer cryptocurrency at every step. Aryacoin aims to overcome these restrictions as a free digital currency.
1.1.4 BENEFITS OF USING ARYACOIN
Aryacoin solution offers the following benefits:
Real-time update: whether you’re going on a holiday or a business trip, no problem. You can access your coins all over the world.
Instant operations: Aryacoin makes it quite easy for you to use your digital wallet and perform various operations with it.
Safe and secure: all your data is stored encrypted and can only be decrypted with your private key, seed, or password.
Strong security: The system has no control over your wallet. You are 100% in charge of your wallet and funds.
1.1.5 ARYACOIN FEATURES
1. Anonymity The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted , the transaction sent to the nodes should be signed by the private key of the sender address . This allows the users to use the coin anywhere any time , sending transactions directly to the node allows users from any place and country . 2. Real Life Usage aryacoin’s team is continuously developing new and innovative ways to use the coins , they are currently developing exchanges where the users can exchange the coins without any fees and any restrictions . They also are currently developing other innovative technologies, which would allow users to spend our coins everywhere and anywhere. 3. Offline Exchanges They are also working with different offline vendors which would enable them to buy and sell the coins directly to our users on a fixed/variable price this would allow easy buy/sell directly using cash . This would allow the coins to be accessible to users without any restrictions which most of the online exchanges have, also increase the value and number of users along with new ways to spend the coin. This would increase anonymity level of the coin. In addition, introduce new users into the cryptomarket and technology. Creating a revolution, which educates people about crypto and introduce them to the crypto world, which introduces a completely new group of people into crypto and a move towards a Decentralized future! 4. Transactions When it comes to transactions, Aryacoin embraces a chain of digital signatures, where each owner simply transfers the coin to the next person by digitally signing a hash of the previous transaction and the public key of the next owner. The recipient can then verify the signatures to confirm the chain of ownership. Importantly, Aryacoin comes with a trusted central authority that checks every transaction for double spending. 5. Business Partner with Simplex Aryacoin is the first and only Iranian digital currency that managed to obtain a trading license in other countries. In collaboration with the foundation and financial giant Simplex, a major cryptocurrency company that has large companies such as Binance, P2P, Changelly, etc. Aryacoin has been licensed to enter the world’s major exchanges, as well as the possibility of purchasing AYA through Credit Cards, which will begin in the second half of 2020. Also, the possibility of purchasing Aryacoin through Visa and MasterCard credit cards will be activated simultaneously inside the Aryacoin site. plus, in less than a year, AYA will be placed next to big names such as CoinCapMarket, Coinomi, P2P, Coinpayments and many other world-class brands today.
1.1.6 WHY CHOOSE ARYACOIN?
If you want to use a cryptocurrency that allows you to keep your privacy online even when buying and selling the coins, the Aryacoin team claims that AYA is the way to go. Aryacoin is putting in the work: with more ways to buy and sell, and fixing the issues that were present in the original Bitcoin, plus pushing the boundaries with innovative solutions in cryptocurrencies. You can get started using Aryacoin (AYA) payments simply by having a CoinPayments account!
1.1.7 ARYANA CENTRALIZED EXCHANGE
Aryana, the first Iranian exchange is a unique platform with the following features:
The first real international Persian exchange that obtains international licenses and is listed in CoinMarketCap.
The first Iranian exchange that has been cooperating with a legal and European exchange for 3 years.
The possibility of trading in Tomans (available currency in Iran) at the user’s desired price and getting rid of the transaction prices imposed by domestic sites inside Iran.
There is an internal fee payment plan by Iranian domestic banks for depositing and withdrawing Tomans for Aryacoin holders in Aryana Exchange.
The number that you see on the monitor and in your account will be equal to the number that is transferred to your bank account without a difference of one Rial.
The last but not least, noting the fact that there is a trading in Tomans possibility in Aryana exchange.
Aryana Exchange is using the most powerful, fastest, and most expensive server in the world, Google Cloud Platform (GCP), which is currently the highest quality server for an Iranian site, so that professional traders do not lag behind the market even for a second. The feature of Smart Trading Robots is one of the most powerful features for digital currency traders. Digital cryptocurrency traders are well aware of how much they will benefit from smart trading robots. In the Aryana exchange, it is possible to connect exchange user accounts to intelligent trading bots and trade even when they are offline. The injection of $ 1 million a day in liquidity by the WhiteBite exchange to maintain and support the price of Tether and eliminate the Tether fluctuations with Bitcoin instabilities used by profiteers to become a matter of course.
1.1.8 HOW DOES ARYACOIN WORK?
Aryacoin (AYA) tries to ensure a high level of security and privacy. The team has made sure to eliminate any trading restrictions for the network users: no verification is required to carry out transactions on AYA, making the project truly anonymous, decentralized, and giving it a real use in day-to-day life. The Delayed-Proof-of-Work (dPoW) algorithm makes the Aryacoin blockchain immune to any attempts of a 51% attack. AYA defines a coin as a chain of digital signatures — each owner transfers the coin to the next owner by digitally signing the hash of the previous transaction and the public key of the next owner, and the receiver verifies the signatures and the chain of ownership.
2. ARYACOIN TECHNOLOGY
They use a proof-of-work system similar to Adam Back’s Hashcash to implement a distributed timestamp server on a peer-to-peer basis, rather than newspaper or Usenet publications. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash. For their timestamp network, they implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it. The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If honest nodes control a majority of CPU power, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it, then catch up with, and surpass the work of the honest nodes.
The steps to run the network are as follows:
New transactions are broadcast to all nodes.
Each node collects new transactions into a block.
Each node works on finding a difficult proof-of-work for its block.
When a node finds a proof-of-work, it broadcasts the block to all nodes.
Nodes accept the block only if all transactions in it are valid and not already spent.
This is a very simple system that makes the network fast and scalable, while also providing a decent level of anonymity for all users. Users can send their transactions to any of the public nodes to be broadcast, and the private key of the sender’s address should sign any transaction sent to the nodes. This way, all transaction info remains strictly confidential. It also allows users to send transactions directly to the node from any place at any time and allows the transferring of huge amounts with very low fees.
2.3 AYAPAY PAYMENT SERVICES GATEWAY:
According to creators Aryacoin, the development team has succeeded in inventing a new blockchain technology for the first time in the world, which is undoubtedly a big step and great news for all digital currency enthusiasts around the world. This new technology has been implemented on the Aryacoin AYAPAY platform and was unveiled on October 2. AYAPAY payment platform is the only payment gateway in the world that does not save money in users’ accounts and transfers incoming coins directly to any wallet address requested by the gateway owner without any additional transaction or fee. In other similar systems or even systems such as PayPal, money is stored in the user account.
2.4 CONSENSUS ALGORITHM IN ARYACOIN
The devs introduced the Delayed-Proof-of-Work (dPoW) algorithm, which represents a hybrid consensus method that allows one blockchain to take advantage of the security provided by the hashing power of another blockchain. The AYA blockchain works on dPoW and can use such consensus methods as Proof-of-Work (PoW) or Proof-of-Stake (PoS) and join to any desired PoW blockchain. The main purpose of this is to allow the blockchain to continue operating without notary nodes on the basis of its original consensus method. In this situation, additional security will no longer be provided through the attached blockchain, but this is not a particularly significant problem. dPoW can improve the security level and reduce energy consumption for any blockchain.
2.5 DOUBLE-SPEND PROBLEM AND SOLUTION
One of the main problems in the blockchain world is that a receiver is unable to verify whether or not one of the senders did not double-spend. Aryacoin provides the solution, and has established a trusted central authority, or mint, that checks every transaction for double-spending. Only the mint can issue a new coin and all the coins issued directly from the mint are trusted and cannot be double-spent. However, such a system cannot therefore be fully decentralized because it depends on the company running the mint, similar to a bank. Aryacoin implements a scheme where the receiver knows that the previous owners did not sign any earlier transactions. The mint is aware of all transactions including which of them arrived first. The developers used an interesting solution called the Timestamp Server, which works by taking a hash of a block of items to be ‘timestamped’ and publishing the hash. Each timestamp includes the previous timestamp in its hash, forming a chain. To modify a block, an attacker would have to redo the proof-of-work of all previous blocks, then catch up with, and surpass the work of the honest nodes. This is almost impossible, and makes the network processes more secure. The proof-of-work difficulty varies according to circumstances. Such an approach ensures reliability and high throughput.
3. ARYACOIN ROADMAP
April 2019: The launch of Aryacoin; AYA ICO, resulting in over 30BTC collected December 2019: The launch of AYA Pay April 2020: The successful Hamedan Hardfork, supported by all AYA exchanges, aimed at integrating the dPoW algorithm, improving the security of the AYA blockchain. June 2020: Aryana Exchange goes live, opening more trading opportunities globally July 2020: The enabling of our Coin Exchanger November 2020: The implementation of Smart Contracts into the Aryacoin Ecosystem Q1 2021: Alef B goes live (more details coming soon)
Aryacoin (AYA) is a new age cryptocurrency that combines the best of the blockchain technology and strives to deliver high trading and mining standards, enabling users to make peer-to-peer decentralized transactions of electronic cash. Aryacoin is part of an ecosystem that includes payment gateway Ayapay and the Ayabank. AYA has a partnership with the Microsoft Azure cloud platform, which provides the ability to develop applications and store data on servers located in distributed data centers. The network fee for the AYA Blockchain is 0%. In Ayapay service, which has been developed by the Aryacoin team, all funds without extra fees or costs are directly forwarded to users’ wallets with technology called CloudWithdrawal. The devs team is introducing new use cases including exchanges where users will exchange AYA without any restrictions. You can buy AYA on an exchange of your choice, create an Aryacoin wallet, and store it in Guarda.
An In-Depth Guide to: How do I Fix my Ledger Nano’s Stuck Ethereum Transaction?!?!?! (It’s Been Stuck for Weeks and NOTHING Traditional has Worked!!!!) As Well as: How Do I Choose My Nonce??? I’ve Tried MetaMask, MEW/MyEtherWallet, and Others, but Nothing is Working Correctly!!! I’m Dying by Stress!
So, if you were like me 1-2 months ago, you’ve probably already gone through 2,or 3, ...or 40 articles and guides that probably say something like: “YeP, eVeRy EtHeReUm UsEr WiLl EvEnTuAlLy HaVe ThE LoW-gAs ExPeRiEnCe, YoU’rE nOt AlOnE! DoN’t FrEaK OuT tHoUgH; ThErE iS a WaY tO fIx It!” Chances are, every time you read another useless article, you want to kill the nearest inanimate object, even though it was never alive in the first place. Nonetheless, you’re gonna kill it as much as it can be killed, holding nothing back; or, you’re just plotting to and slowly getting closer to executing the plan (and the object) every time you are insulted once again. However, if you have the ability to download software (MyCryptoWallet) on a PC, it should be safe to relax now. I think you’ve finally found some good news, because I am 99.99...% sure this will work for the issue that so many people are having at this time, around the end of the month of May, year 2020. More and more people are likely to be having this issue soon, since Ethereum's gas prices have been insanely high lately as well as having 300% price changes in a matter of minutes; Etherscan’s Gas tracker is nearly uselessly-inaccurate at this time. I've heard that there's a congestion attack; that was said a week ago, and it appears to be ongoing... (I can't think of any other suspect besides Justin Sun to blame it on... it must be incredibly expensive to overload the blockchain for this long... I may be wrong though...)
Let’s begin For myself, I was trying to send an ERC20 token when this dreadful issue attacked. Specifically, the token was either BSOV or GRT; I sent them 1 after the other and the first succeeded, and the second one took over a week. (They’re both great tokens in my opinion and deserve much more attention than they’ve been getting. BSOV is nearing its 1 year anniversary as I write this, and GRT is still in its 90 day community-development progress test, so of course I'm gonna take this opportunity to "shill" them; they are great tokens with great communities). I was able to finally fix it, after a week of mental agony (also the txn finally processed 1-2 hours before I found the solution, robbing me of the gratitude of fixing it myself... (╯‵□′)╯︵┻━┻ ...but now I guess I can hopefully save some of you the headaches that I endured... ) I’m providing the ability to do the same, in a step by step guide. Why did I go through all of this trouble? I'd fault the fact that I have ADHD and autism, which in my case can multiply each other’s intensity and cause me to “hyper-focus” on things, much much more than most with the same qualities, intentionally or not. Adderall is supposed to give me a bit of control over it, but except for in a very-generalized way, it’s still 90% up to chance and my default-capabilities to allow me control over my attention with self-willpower. But also Karma and Moons pls... ʘ‿ʘ
In MyCrypto, (I'm using the Windows 10 app, version 1.7.10) you will open to a screen that says "How would you like to access your wallet?". Choose Ledger, of course. (Unless your here for some non-ledger issue? Idk why you would be but ok.)
On the next screen (having your nano already plugged in, unlocked, and opened into the Ethereum app) click "Connect to Ledger Wallet"
A screen overlay should appear, titled: "Select an Address". Here is where it may get confusing for some users. Refer to "AAA" below to know how to find your account. (Geez, sorry lol that was a huge amount of info for a reddit reply; I might've over-elaborated a little bit too much. but hey it's valuable information nonetheless!)
After escaping the "AAA" section, you'll have accessed your account with MyCrypto. Awesome! To find your ERC20 tokens, (slight evil-laughter is heard from an unidentifiable origin somewhere in the back of your mind) go to "AAB".
(You may have decided to find the token(s) on your own, rather than daring to submit to my help again; if so, you may pity those who chose the other path... ~~(￣▽￣)~~) Now, once you've added your token, you should revert your attention to the account's transfer fill-out form!
I'll combine the steps you probably understood on your own, already. Put in the address that your stuck transaction is still trying to send currency to. If an ERC20 token is involved, use the drop-down menu to change "ETH" to the token in trouble. Input your amount into the box labeled... wait for it... "Amount". Click on "+Advanced".
Refer to Etherscan.com for the data you will need. Find the page for your "transaction(txn) hash/address" from the transaction history on the wallet/Ethereum-manager you used to send from. If that is unavailable, put your public address that your txn was sent from into the search tool and go to its info page; you should be able to find the pending txn there. Look to open the "more details" option to find the transaction's "Nonce" number.
Put the nonce in the "Nonce" box on MyCrypto; you will contest the pending txn with a new txn that offers larger gas fees, by using the same nonce. If (but most likely "When") the new transaction is processed first, for being more miner-beneficial, the nonce will then be completed, and the old transaction will be dropped because it requests an invalid, now-outdated nonce. Your account will soon be usable!
Go to the Gas Tracker, and it may or may not provide an informative reading. Choose whatever amount you think is best, but choose wisely; if you're too stingy it may get stuck again, and you'd need to pay another txn's gas to attempt another txn-fix.
At the time I write this, I'd recommend 50-100 gwei; to repeat myself, gas requirements are insane right now. To be safe, make the gas limit a little higher than MCW's automatic calculation, you may need to undo the check-mark for "Automatically Calculate Gas Limit".
Press "Send Transaction"!!!
You will need to validate the action through your nano. It will have you validate three different things if you are moving an ERC20 Token. It's a good idea to verify accuracy, as always.
Well, I hope this worked for you! If not, you can let me know in a reply and I'll try to figure it out with you. I like making these in-depth educational posts, so if you appreciate it please let me know; I'll probably make more posts like this in the future! ( Surely this is at least far better than Ledger's "Support" article where they basically just tell you "Yeah, we haven't bothered to make a way to manually select nonces. I guess we might try to make that available for Bitcoin accounts at some point in the future; who knows? lol"... that's not infuriating at all, right?)
AAA: Before I tell you how to find your address, I will first make it clear, within the italicized text, exactly which address you are looking for, if you are not already sure: You may also skip the text written in italics if your issue does not include an ERC20 token, if you wish. Ledger Live can confuse some users with its interface. On LL, to manage an ERC20 token, you first must go to your Ethereum account and add the token. When you then click on the added token under "Tokens" below the graph chart for your account's ETH amount over time, the screen will then open a new screen, that looks just the same, except focused on the specific ERC20 token. To confuse users further, there is then an option to "Star account", which then add the ETH icon with the ERC20 token's first letter or symbol overlapping, onto the easy access sidebar, as if it was another account of similar independency to the ETH account it was added to. This improperly displays the two "accounts" relation to each other. Your ERC20 holdings (at least for any and all ERC20 that I know of) are "held" in the exact-same address as the Ethereum address it was added to, which also "holds" any Ether you've added to it. You send both Ether (ETH) and any ERC20 Tokens to and from only Ethereum addresses of equivalent capabilities, in both qualities and quantities. In all basic terms and uses, they are the same. So, to know what the problematic account's address is, find the address of the Ethereum account it was added to in Ledger Live. Now, to find your address on MyCrypto, the most reliable way to find it, that I am aware of, is this: Open Ledger Live. Go to the screen of your Ethereum address (again, this is the one that you added your ERC20 token, if applicable. If you're not dealing with an ERC20 token, you may ignore everything I've put in Italics). Click on "Edit account"; this is the icon next to the star that may look like a hex-wrench tool. On the new screen-overlay, you will see "> ADVANCED LOGS". Click on the ">" and it will point down while revealing a drop-down with some data that you may or may not recognize/understand. Likely to be found indented and in the middle-ish area, you will see this line, or something hopefully similar: "freshAddressPath": "44'/60'/X'/0/0", The "X" will probably be the only thing that changes, and the actual data will have a number in its place; it will not be a letter. Let's now put that line to use in MyCrypto: Take the 44'/60'/X'/0/0 , and make sure you DO NOT copy the quotation marks, or that comma at the end either. You can do this before or after copying and/or pasting, but drop the second "/0" at the end; it was not necessary in my case, I expect that you won't need it either, and will probably just make MyCrypto see it as an invalid input. Okay, now go back to the "Select an Address" screen-overlay in MyCrypto. Next to "Addresses", click on the box on the right, and you should be shown a list of options to select from in a drop-down menu. Scroll all the way down, and you should find the "Custom" option at the very bottom. Select it. A new box will appear; probably directly to the right of the now-shortened box that now displays the "Custom" option that you just selected. This box will offer an interface for typed input. ...yep... once again, believe it or not, you should click it. Type " m/ ", no spaces before or after. Type in or paste the data we retrieved from ledger live. The box should now hold this: m/44'/60'/X'/0 Again, X should be a number. In fact, that number is probably equal to the number of Ethereum (not including any ERC20 wannabe) accounts that you've made on Ledger Live before making the one we're working on right now! (1st Eth. Acc. would have: X = 0, 2nd: X = 1, 3rd: X = 2, ...) Make sure you've included every apostrophe ( ' ), and solidus ( / ); there is NO APOSTROPHE for the "m" at the start and the "/0" at the end! If you press the enter key or click on the check-mark to the right of where you typed, the appropriate addresses will be generated, and the address you created through Ledger Live should be the first one on the list! Select your address and press "Unlock", and you are now accessing your account through the MyCrypto app's interface!
AAB: In order to access your ERC20 token, you will need to add them first. You may have to scroll down, but on the right-side of your unlocked account screen, you'll see a box with "Token Balances" as its header. Click "Scan for tokens". This may take a short bit of time, and when it's done it may or may not display your ERC20 token. If it worked, you can head on back to the main part. If you got the result I did, it won't display your token, or, if our result was exactly the same, it won't display any at all. However, you should now have the "Add Custom Token" option available, so see where that takes you. You should discover four boxes, specified in order (Address/ Decimals / Token_Symbol / Balance). You may only need to fill in the "Address" box, but if you need to fill others, you'll find those with the token's address; here's 2 ways to find it, if you don't already know. Method I: Since you've probably already been managing your token with Ledger Live, you can go to the LL screen of your "account" for that token; Right next to the account's icon, and directly above the name, you'll see: Contract: 0x??????...???????? Yes, go on; click it. You'll find the token's page on Etherscan; this was just a shortcut to the same place that both of the two previously referenced methods lead to. Skip to method... III? Method II: Go toEtherscan.com, or a similar Ethereum-blockchain-monitoring website, if you have a different preference. Search for the name of your token, and you should be able to see it as a search result. Activate your search manually of by selecting search option. Continue on with Method III. Method III (I&II; what makes you think there was a third method? I said 2!): At this point, you should find the "contract address" somewhere on the screen. This is the identity of the creature that breathes life into the token, allowing it to exist within the world of Ethereum. Steal it, and tell MyCrypto that you've left some of "your" tokens in the address of your ledger's Ethereum account. MyCrypto will trust and believe you without any concern or doubt, just by putting "your" contract address in the box for "Address"; it's almost too easy! Well whaddya know, this one isn't actually too long! Don't tell anyone who may have taken a little longer whilst finding out how to do it themselves, though. There's value in trying to do something on your own, at least at first, so I'll let them think they made the right choice (¬‿¬). But take this star for humbling yourself enough to seek further help when you need it, since that is a very important life skill as well! (o゜▽゜)o☆ Now, back to the useful stuff at the top...
EDIT: A comment below made me realize that this info should be added too. Here is my reply to the comment saying I could just use MetaMask. I said in the title that this guide is for questions where MEW and MetaMask aren’t working, but I guess it’s easy to miss. I used my u/caddark account to respond: (Using this account because u/caddarkcrypto doesn’t meet the karma/age standards to comment; the post had to be manually approved.) I guess I didn’t make it entirely clear; sorry: The target audience for this guide is anyone with a stuck Ethereum transaction that was initiated through Ledger Live AND are experiencing the same difficulties I had encountered while trying to fix this issue for myself. This wasn’t any regular stuck Ethereum transaction. Apparently before, there was an issue that made a Ledger Nano nearly impossible to connect to MetaMask (which is also Brave Browser’s integrated “crypto wallet” for the desktop version) and/or MEW (also perhaps any other browser wallets made for chrome and/or brave) that I heard was supposed to be fixed in a recent update. It might’ve been mostly patched, idk, but during my experience, (in which I was using the latest version of Ledger Live that is available right now,) that issue still remained. The really weird part was that it successfully connected to the browser wallets again after I fixed the stuck transaction. At first I thought that somehow the txn was what was bugging the connection. However, later, during no txn issues, I was again unable to connect. Seeing the same connection error again later, I opened up the MCW app I downloaded the day before, and was going to just use that. While in the process of operating MCW, I suddenly had another idea to try for the browser wallet so I went back to that just to quickly test it. The browser wallet worked perfectly... I don’t know how, but I think that somehow, something in MCW’s software, makes the browser wallets work. They don’t work for me without having MCW opened in the background first. EDIT 2: Markdown decided to stop working after I did the first edit... I might fix it tomorrow... how did that happen though??? What did I do? EDIT 3: nvm, I'm just fixing it now; I won't get much sleep tonight I guess.
semi-quick answers to common questions of new people
so people often ask similar questions over here and because they are getting probably kinda annoying over time to many I just try to answer as many as I find. if you have more that would fit here, add them to the comments
can I recieve coins without the ledger being connected to a computer
how does that work?
basically crypto currencies work like a bank-only currency, all funds are in the Consensus network which basically works like the bank of the currency, they carry out the transactions and verify you are not trying to overspend. all transactions are basically in an accounting book which is referenced to check your currency balance (which is the blockchain)
tldr: does your debit card need to be online for your account to recieve funds? nope.
I just sent/recieved coins, why are they not showing yet?
as the cryptocurrency's bank while being central to the currency (as in no currency can ever leave the network) the bank in itself is not a central institution but anyone can be part of it, and one of the major things that need to exist because of this is Consensus, or in plain english: agreement. because of this, a few blocks need to pass so nobody can manipulate the chain by calculating a different chain that overrides a transaction with a different one (double-spending)
tldr: the network of many needs time to agree whose transactions are processed in what order and therefore need a bit of time
(which in case of bitcoin is typically an hour after the transaction has set into a block)
my transaction does not get into a block
chances might be your fees are too low, while you cannot directly fix this in Ledger live, other wallets allow you to send another transaction with the same "transaction number" (aka nonce) and higher fees which as soon as it gets placed into the chain, invalidates the old one as each number can only be used once.
my bitcoin address changes everytime I try to recieve in Ledger live, is that normal?
yes. it is a privacy mechanism of the standard of how ledger generates addresses, basically allowing you to stay a little bit more private.
you CAN use your old addresses if you really want but it is obviously less private
how does that work and how do I make sure the address is correct?
simply said: complex math. if you for example enter "my secret -> Bitcoin 1" into the sha256 algorithm you get 3f667104b9efdc247d860a35d9343ec2af6adf16ee87d44bcd4a6c2af572bab8, if you however enter "my secret -> Bitcoin 2", you get 58f5c09c46585dca9bf50b2d3beb48766254138c1f89df8111cf7e012b4d7004 which cannot easily be correlated to each other, it's the same concept but more complicated.
for verification, plug in your ledger when recieving and verify your address by using the Ledger's display.
do I need to backup my currency keys often?
nope and in fact there is nothing to backup except your seed phrase. Ledger uses a technique called deterministic wallets, which allows your secret and a standardized sequence of math operations to determine your keys addresses and everything.
the above answer literally illustrates the concept, where you would throw your secret and data about which currency and the how many-th account you need into a complex piece of math and get your data out.
TLDR: all you need are your 24 words.
can I create hidden wallets on my ledger which cannot be easily accessed?
sure. but be warned, THIS IS ADVANCED.
there is a feature called a passphrase, which you can add onto your 24 words (which is why it is sometimes called a 25th word, but it can literally be anything), which works as a way to create a new set of addresses. however unlike your 24 words, there is no checksum and as it can literally be anything it is case sensitive and everything, so be careful when noting it down.
you can either attach the passphrase temporarily (gone when you turn off your ledger) or set up a second PIN with that passphrase stored on your ledger
HELP: I lost my:
if you have your 24 word seed (and passphrase if you use it, you can just reset by entering 3 wrong PINs and recover
if not, sorry, your assets are gone, so KEEP A BACKUP OF YOUR SEED
Ledger Passphrase PIN:
if you have your passphrase, just enter your main PIN and re-attach your passphrase
if you have your ledger PIN, you can move away your coins to an exchange or a new seed (which you either initialize using a second ledger or you use a software wallet for the short term while being SUPER careful (or as a compromise, new 24 words you generate offline) and transfer your funds over there, in case you used a software wallet or an exchange, reset your ledger afterwards and create a new set of 24 words and transfer back to them.
in case you use a passphrase you either need both PINs or main pin and passphrase
in case you do not have the above, it's sad and all is gone yet again.
if you have a passphrase PIN and you know it, you can TEMPORARILY attach a new phrase to your ledger to get new addresses, switch back to the passphrase using your PIN and send the funds over to your new passphrase's addresses.
if not, be sad.
Ledger Live Password
you can just reset ledger live. ledger live is just an application to watch your currency and prepare transactions for your ledger to sign. its contents LITERALLY DONT MATTER
if you dont need the privacy added by the password you can set up ledger live without any password as well.
long story short: your ledger live password doesnt matter, your PINs dont matter too much, but SERIOUSLY, BACKUP YOUR SEED AND PASSPHRASE
I cannot recover, why cant the Ledger makers help me?
unlike in a real life bank which can verify your human identity and issue new keys, to the Consensus network, YOUR KEYS ARE YOUR IDENTITY, and your 24 words are effectively your keys. aside from your backup THERE IS NO BACKUP.
Someone claims to be from [Ledger, the Police, the network of a coin etc.] and wants my 24 words/passphrase to verify something, should I tell them.
I did say your ledger effectively is your debit card, and your 24 words and passphrase are effectively a template for making a new one with full access to your account. and unlike a debit card in real life might have, there are no spending limits aside from the fact you cannot go below zero, and there is no fraud department, or chargeback.
IF ANYONE HAS YOUR KEYS, THEY CAN EMPTY YOUR ACCOUNTS, ALL OF THEM.
https://preview.redd.it/dju4oz1g16c51.jpg?width=2400&format=pjpg&auto=webp&s=fe57edcd81ffa31bff95fe3026055020f7720dce Cryptocurrencies have now become a buzz word. Despite the resilience that it faced initially, cryptocurrencies have come a long way. There are a total of around 5000 cryptocurrencies circulating in the market. If you plan to make a career in this domain, you need to run through the following questions. 1. What is a cryptocurrency? Cryptocurrency is a digital currency that is transacted on a distributed ledger platform or decentralized platform or Blockchain. Any third party does not govern it, and the transaction takes place between peer-to-peer. 2. When was the first Cryptocurrency introduced? The first Cryptocurrency or Bitcoin was introduced in the year 2009. 3. Who created Cryptocurrency? Satoshi Nakamoto gave the first Cryptocurrency. The white paper for the same was given in 2008 and a computer program in 2009. 4. What are the top three cryptocurrencies? The following are the three cryptocurrencies: • Bitcoin (BTC) $128bn. • Ethereum (ETH) $19.4bn. • XRP (XRP) $8.22bn. 5. Where can you store Cryptocurrency? Cryptocurrencies are stored in a digital wallet, and this is accessible via public and private keys. A public key is the address of your wallet, and the private key is the one that helps you in executing the transaction. 6. Which is the safest wallet for Cryptocurrency? The most secured wallet for Cryptocurrency is a hardware wallet. It is not connected to the internet, and thus it is free from a hacking attack. It is also known as a cold wallet. 7. From where I can purchase cryptocurrencies? The easiest way to buy Cryptocurrency is via crypto exchange. You can several crypto exchanges like Coinbase, Bitbuy, CHANGENow, Kraken etc. 8. What are the ten popular crypto exchanges? The following are the best ten popular crypto exchange:
9. What are the key features of Blockchain? We all know that Bitcoin or any other cryptocurrency runs on the Blockchain platform, which gives it some additional features like decentralization, transparency, faster speed, immutability and anonymity. 10. What is AltCoin? It means Alternative Coin. All the cryptocurrencies other than Bitcoin are alternative coins. Similar to Bitcoin, AltCoins are not regulated by any bank. The market governs them. 11. Are cryptocurrency sites regulated? Most cryptocurrency websites are not regulated. 12. How are Cryptocurrency and Blockchain related? Blockchain platform aids cryptocurrency transactions, which makes use of authentication and encryption techniques. Cryptography enables technology for Cryptocurrency, thus ensuring secure transactions. 13. What is a nonce? The mining process works on the pattern of validating transactions by solving a mathematical puzzle called proof-of-work. The latter determine a number or nonce along with a cryptographic hash algorithm to produce a hash value lower than a predefined target. The nonce is a random value used to vary the value of hash so that the final hash value meets the hash conditions. 14. How is Cryptocurrency different from other forms of payment? Cryptocurrency runs on Blockchain technology, which gives it an advantage of immutability, cryptography, and decentralization. All the payments are recorded on the DLT, which is accessible from any part of the world. Moreover, it keeps the identity of the user anonymous. 15. Which is the best Cryptocurrency? Several cryptocurrencies have surged into the market, and you can choose any of these. The best way to choose the right cryptocurrencies is to look at its market value and assess its performance. Some of the prominent choices are Bitcoin, Ethereum, Litecoin, XRP etc. 16. What is the worst thing that can happen while using Cryptocurrency? One of the worst things could be you losing your private keys. These are the passwords that secure your wallet, and once they are lost, you cannot recover them. 17. What is the private key and public key? Keys secure your cryptocurrency wallet; these are public key and private key. The public key is known to all, like your bank account number, on the hand, the private key is the password which protects your wallet and is only known to you. 18. How much should one invest in Cryptocurrency? Well, investing in Cryptocurrency is a matter of choice. You can study how the market is performing, and based on the best performing cryptocurrency, you can choose to invest. If you are new to this, then it’s advisable that you must start small. 19. From where can one buy Bitcoin using Fiat currency? Two of the popular choices that you have are Coinbase and Binance, where you can purchase Cryptocurrency using fiat currency. 20. Are the coins safe on exchanges? All the exchanges have a high level of security. Besides, these are regularly updated to meet the security requirements, but it’s not advisable to leave your coins on them since they are prone to attack. Instead, you can choose a hard wallet to store your cryptocurrencies, which are considered the safest. 21. What determines the price of cryptocurrencies? The price of cryptocurrencies is determined by the demand and supply in the market. Besides, how the market is performing also determines the price of cryptocurrencies. 22. What are some of the prominent cryptocurrencies terminologies? There are jargons which are continuously used by people using cryptocurrencies are: DYOR: Do Your Own Research Dapps: Decentralized Applications Spike: Shapr increase in the price of the Cryptocurrency Pump: Manipulated increase in the price of a cryptocurrency Dump: Shapr decline in the price of Cryptocurrency 23. How can I check the value of cryptocurrencies? Various platforms will give you an update on the price of cryptocurrencies. You can keep a tab on them and check the pricing of cryptocurrencies. 24. What are the advantages of using digital currencies? There are various advantages like you are saved from double-spending, the transactions are aster and secure. Moreover, digital currencies now have global acceptance. 25. What is the difference between cryptocurrencies and fiat currencies? Cryptocurrencies are digital currencies which run on the Blockchain platform and are not governed by any government agencies, while the fiat currencies are the ones which are governed by authorities and government. Conclusion- This was all the FAQs pertaining to cryptocurrency, for more such information keep coming back to Blockchain Council.
Looking for Technical Information about Mining Pools
I'm doing research on how exactly bitcoins are mined, and I'm looking for detailed information about how mining pools work - i.e. what exactly is the pool server telling each participating miner to do. It's so far my understanding that, when Bitcoins are mined, the following steps take place:
Transactions from the mempool are selected for a new block; this may or may not be all the transactions in said mempool. A coinable transaction - which consists of the miner's wallet's address and other arbitrary data - that will help create new Bitcoin will also be added to the new block.
All of said transactions are hashed together into a Merkle Root. The hashing algorithm is Double SHA-256.
A block header is formed for the new block. Said block header consists of a Version, the Block Hash of the Previous Block in the Blockchain, said Merkle Root from earlier, a timestamp in UTC, the target, and a nonce - which is 32 bits long and can be any value from 0x00000000 to 0xFFFFFFFF (a total of 4,294,967,296 nonce values in total).
The nonce value is set to 0x00000000, and said block header is double hashed to get the Block Hash of the current block; and if said Block Hash starts with a certain number of zeroes (depending on the difficulty), the miner sends the block to the Bitcoin Network, the block successfully added to the blockchain and the miner is awarded with newly created bitcoin.
But if said Block Hash does not start with the required number of zeroes, said block will not be accepted by the network, and the miner Double Hashes the block again, but with a different nonce value; but if none of the 4,294,967,296 nonce values yields a Block Hash with the required number of zeroes, it will be impossible to add the block to the network - and in that case, the miner will either need to change the timestamp and try all 4,294,967,296 nonce values again, or the miner will need to start all over again and compose a new block with a different set of transactions (either a different coinable transaction, a different set of transactions from the mempool, or both).
Now, what I'm trying to figure out is what exactly each miner is doing differently in a mining pool, and if it is different depending on the pool. One thing I've read is that a mining pool gives each participating miner a different set of transactions from the mempool. I've also read that, because the most sophisticated miners can try all 4,294,967,296 nonce values in less than a fraction of a second, and since the timestamp can only be updated every second, the coinbase transaction is used as a "second nonce" (although, it is my understanding that, being part of a transaction, if this "extra nonce" is changed, all the transactions need to be double hashed into a new Merkle Root); and I may have read someplace that miners could also be given the same set of transactions from the mempool, but are each told to use a different set of "extra nonce" values for the coinbase transaction. Is there anything else that pools tell miners to do differently? Is each pool different in the instructions it gives to the participating miners? Did I get anything wrong? I want to make sure I have a full technical understanding of what mining pools are doing to mine bitcoin.
I made a post here two days ago asking how to determine and/or alter the nonce of an Ethereum account's transaction, and no one answered it, it was just downvoted. The only response I got just moronically made fun of how "usernames with 'crypto' in them usually are the most incompetent"...
(Yes, I used that word; I have high-functioning autism, which means I am clinically retarded, and as such I inherently have the "retarded pass". If you're mad at me just for saying that word, you need to go and reconstruct the methodologies you use to perceive right and wrong. (For example, imagine a white guy angrily criticizing a black guy for using the "N" word. That word never wasn't an insult, but still, you can't deny the irony!) Additionally, I think it's retarded to enforce non-use of a word that works perfectly fine, just because it can be used as an insult. Would you prefer "mentally underdeveloped"? I mean the same thing either way, and in both ways I still insulted the dude.) "Please just use the word retarded; Anything else is just impractical and unnecessary." -sincerely, a retard.
Finally, here is my current situation: I have found the settings on how to select a transaction's nonce, both in MEW and MetaMask, also the Brave Browser's wallet, but that's really just an integration of MetaMask. The problem now, is that every time I try to connect my nano x to them, I then receive a popup from windows asking me to connect the key, which goes away by opening the Ethereum app on the nano, but it is then replaced with the text "touch your security key" which a request that the ledger doesn't have any way of doing. Usually, the popup will eventually disappear, so you have to press "connect wallet" to try again, but that just gives you the insatiable popups again. On rare occasion, the "Touch the Key" popup will flash for a few seconds, and actually connect, finally showing the account address selection screen (one of the times though, I couldn't select an account anyway, for some reason...), but even once you access the account, the popups will appear AGAIN and that will never work, because the only way you *might* get the flashing thing is if you clear any data you can think of that could possibly have something to do with the browser, which then might give you a 1/10 chance to create that glitch, which means the device will need to be reconnected. I've been dealing with this crap for a week now, and I feel deader than I ever have inside except for maybe some really low periods in the years when I hadn't started taking any medicine for MDD. It's a different kind of dead this time, I guess because I'm not quite drowning in existential hopelessness this time. That said, I would GREATLY appreciate it if anyone could help me solve the issue. I just need to be able to use the account. I don't have any room to care about the ether in the transaction anymore; I just simply want to be able to use the stupid thing. Ledger, can you PLEASE(PLEASE!!!********)include a nonce-configuration interface in the next update, PLEASE!!!!!!!!???!!!!!!!!??? For now, I just need something that will work. Does someone know of any "external wallet" or management tool that the Ledger Nano X should be able to connect to, relatively easily? Or is there a known solution?? Please, I just need to get on with my life... Edit: I forgot to insert the links to my other posts... anyway they're functional now. Solution: This string of responses found below
How can I make sure that the program I used to generate this signed transaction didn't inject my private key into for example one of the script or hash fields? I realize that the transaction wouldn't be accepted by the network if that was the case, but I'm thinking about an attack where the wallet inject this code, and then just runs away with my private keys when I broadcast it. How could I protect myself from this attack vector given that the private keys already had been injected in the transaction? Is there a tool available that can confirm that everything checks out, preferably offline? And even if there is such a tool, would it be able to detect if for example the "relayed_by" and "received" field were used to leak at least parts of my private key?
If you have decided to read all this, thanks, keep reading for a concise breakdown!
So what's the current big thing going on with ARK right NOW?
ARK.io has recently announced on both its blog and its Twitter that ARK Core v2.6 is coming to Mainnet February 11th. The iteration of 2.6 may sound anticlimactic, but it's far from that. Core v2.6 is the biggest upgrade to date- even bigger than the total Core overhaul performed for v2.0, deployed late 2018. The new version brings new transaction types to the ARK Public Network, including types that will play a role in creating an ecosystem of linked chains. This ecosystem of linked chains will have the ARK Public Network in the center of the action, storing chain details and allowing for chain discovery. These new transaction types include: Multipayments — sending to multiple ARK addresses, while just initiating one transaction, saves time and cost Multisignatures — you can now get all of the benefits of multisignatures where more than one user can propose or spend funds depending on the predefined terms (eg. 2 out of 3 users needed to successfully send tokens, vote, …) IPFS — register IPFS compliant hashes on the ARK blockchain within Desktop Wallet. Business & Bridgechain registrations — you can now register your business and bridgechain on the blockchain and soon, you will be able to get verified via our Marketplace to get access to some exciting new features. Delegate resignation — delegates who don’t want to be voted for anymore can now opt-out of this by simply initiating delegate resignation. Additionally, the Core v2.6 improves security against double-spend attacks by implementing nonces. Also, massive enhancements were made to the GTI or Generic Transaction Interface, a critical tool for developers who wish to develop decentralized applications.
What is ARK's unique approach to current issues plaguing the blockchain industry?
ARK empowers everyone, regardless of their aim or technical background, to quickly and easily leverage blockchain technology. In the current hype-driven blockchain landscape, ARK acts as a beacon for individuals, groups, and enterprises seeking to apply blockchain technology to both reach their individual goals and affect change in their local community. ARK’s uniquely simple technology stack allows almost anyone to create and deploy standalone blockchains for any use case with an intuitive graphical user interface and experience. These newly created blockchains also known as bridgechains will have the ability to interoperate through ARK SmartBridge Technology. ARK is also reinventing smart contracts with ARK Logic, a collection of tools including custom transaction types, templates, and plugins. ARK Logic brings security, adaptability, and scalability to decentralized computing workflows. Most importantly, the ARK Ecosystem fosters a growing international community of developers, node operators, blockchains, businesses, and enthusiasts who collectively breathe life into this disruptive technology. Get into the interactive whitepaper here.
Tell me about the ARK Public Network
Ok, no problem. Since coming online on March 21, 2017, the APN has operated as a P2P cryptocurrency with fast block times of 8 seconds and low dynamic fees (near a penny and somewhat novel for a DPoS blockchain). However, the end goal of the APN far exceeds that of just a cryptocurrency that is faster and cheaper to use than Bitcoin. I'll explain further in a minute. The network, as mentioned, is set up as Delegated Proof-of-Stake. This means forging delegates are deemed worthy to secure the chain and add blocks to it by the holders of the ARK token, which vote for delegates using their ARK as vote weight. ARK remains in users' control at all times, and the top 51 delegates in vote weight enter forging status. The network awards each delegate 2 ARK per block (~12,705 ARK/mo) for services rendered. This continues ad infinitum resulting in a declining inflation rate each year (relative to total supply). When users add or remove ARK from a voting wallet address, vote weight adjusts automatically and they don't need to vote again. Voting continues even if user's wallet is offline. The main uses of ARK as the cryptoasset of the ARK Public Network besides being a P2P cryptocurrency include:
Being a medium of exchange for ARK Public Network services. Delegates and businesses can operate services where transactions are settled in ARK.
Allowing convenience in interoperability, giving users access to bridgechain use cases via the main ARK cryptoasset.
Liquidity for small and large ARK bridgechains. This is via ARK SmartBridge Technology/ARK Swap Market (in development)
Payment method for plugin, delegate, and talent marketplaces. Services rendered can have transactions settled using ARK.
Yes, team good. Team very good. General sentiment among ARK team members is that ARK is a dream project to work on, and this motivates them to do great work on a consistent basis as the ARK technology stack progresses. Very recently, ARK hired an additional half dozen people in various departments, including marketing department. This brings ARK team total to over three dozen experts. The ARK business entity is also well funded with around 10 years of budget. The ARK business entity spends funds in a very sensible manner compared to some other projects who spend with insufficient foresight or discretion. Members of the board are thoughtful and deliberate, and the CEO FX Thoorens has been hard at work putting a spotlight on ARK, showing an 'intermeshing' of ARK with the global regulatory landscape in regards to crypto. Recently, ARK became a founding member of ADAN, a professional association based in France created to help structure and develop the digital assets industry. Other members include Consensys France and Ledger. ADAN will consult with public authorities, industry leaders and private bodies to promote the use of digital assets and all activities in this sector. This includes exchange platforms, brokers, hardware, protocols, decentralized applications and blockchain technology platforms. Hear FX Thoorens talk more about this in this podcast episode. The ARK business entity is located in France, but the ARK team is distributed across 10+ countries and multiple continents.
What's going to happen?
Cool stuff. Organizations and open source projects have been stumbling across ARK and really like what they see. Multiple projects are working with ARK technology and are at various stages of development, but since you're busy, I'll highlight the project nOS which recently launched their public testnet and uses ARK technology for their blockchain. nOS also has great things to say about ARK that you can hear in this podcast episode or watch in this video. We believe that as more businesses, organizations, and open source projects start looking around for blockchain solutions, they will also enjoy ARK's simplicity, flexibility, and feature set. Our powerful technology stack is backed up by a recently upgraded documentation hub for developers. The product we have that makes it very easy for projects to join the ARK Ecosystem is called the ARK Deployer, which you can learn about in this two minute video. It allows developers from all walks of life to create, customize and launch a standalone blockchain in three simple steps. In the near future, what's going to happen is a big improvement to the Deployer. The ARK Deployer will get an upgraded and more powerful user interface that also facilitates chain management post-launch, as well as interface directly with cloud providers like Digital Ocean to launch genesis node and peers in background. This would allow for a massive leap forward in our vision of 'Point. Click. Blockchain.' ARK.io is also working on a Marketplace for developers, where custom plugins and tools developed by both ARK.io as well as third parties can be acquired for assembling blockchains much easier. Imagine a wordpress-type environment where you can create a super-powerful and customized blockchain by connecting Legos together. In the same way that early World Wide Web needed WordPress/Squarespace style tools to bring the technology to every business or organization, we believe that this need will be out there for blockchain technology as this new decade progresses. There is more cool stuff that is going to happen, but I'll wrap it up there for now.
After reading all this stuff, what is it you want me to do?
Well, not make any financial decisions, because that is not the purpose of this information. However, as a developer, there's a lot of interesting things you should know and may want to consider doing. The ARK technology stack uses TypeScript and other JS-style frameworks, so if you know those, you should get excited.
Earn a lot more ARK. The Tier 0 Program offers bigger projects we need help with and therefore more ARK. You can even contact the team with an idea for a Tier 0 Project you want to do that makes ARK look cool. For example, there is a Tier 0 project designed to highlight ARK tech as a proof of concept for scooter rentals. See program status here.
Look into the ARK Deployer for making your own chain with a custom use case. If you are a part of a project that is currently just a token on someone else's mainnet, and you have scaling concerns or issues with sovereignty, ARK should be a candidate for upgrading your solution for this new decade. Check out ARK Deployer here.
Here's some additional less 'developery' stuff you can do:
Get your idea funded through theARK Community Fund. It's community run, and operated by community elected board members. Your idea can be anything that helps ARK, maybe some seed money for a business like this one that ships ARK Stickers worldwide, or maybe some small dev project, or video production, or article, etc.
Subscribe to the ARK Crypto Podcast. It happens weekly, and it's one of the absolute best podcasts in the space that's centered around a specific project. It knows you're busy, so it's to the point, well constructed, and entertaining. The podcast is looking for subscribers. Do it on iTunes, Google Play, Spotify, Castbox, etc. Here's an updated ARK overview episode that covers much more than you read in this post today.
Other subscribing goodies. Twitter, Slack, Discord, Reddit, Facebook, Medium, etc list of links here.
Just in case, throwing the website URL here, which is ARK.io - it's a really good website that has more information for users and developers, as well as live integrations with dynamic data.
Thanks for coming along for the ride of this post. ARK has been out here, it's out here, and it's going to continue to be out here, doing its part to make sure everybody knows that blockchains are, in fact, a thing.
Bitcoin-Konten können mit Hilfe einer virtuellen Wallet (englisch "Geldbörse") verwaltet werden. Die Wallet generiert ein Schlüsselpaar, bestehend aus einem privaten und einem öffentlichen Schlüssel. Der öffentliche Schlüssel (Public Key) wird in eine öffentliche Adresse umgewandelt - die für jeden sichtbare "Kontonummer". Der private Schlüssel (Private Key) wird nicht offenbart. Er ... After download is complete, you may use Bitcoin Core as your wallet or you can just let it run to help support the Bitcoin network. Optional: Start Your Node At Login. Starting your node automatically each time you login to your computer makes it easy for you to contribute to the network. The easiest way to do this is to tell Bitcoin Core GUI to start at login. While running Bitcoin Core GUI ... Bitcoin ist eine Software, die auf einer Reihe von verteilten Geräten, von Smartphones als mobile Wallet über PCs als Desktop-Wallet bis hin zu ASIC für das Mining, ausgeführt wird. Transaktionen werden zwischen Knoten auf Peer-to-Peer-Weise weitergeleitet. In wenigen Sekunden wird ein bestimmter Block an alle anderen Knoten im Netzwerk weitergegeben. Dabei wird sichergestellt, dass alle ... Die "nonce" in einem Bitcoin Block ist ein 32-Bit (4-Byte) Feld, dessen Wert so eingestellt ist, dass der Hash-Block eine Serie von Nullen enthält. Der Rest der Felder sollte nicht geändert werden, da sie eine definierte Bedeutung haben. Jede Änderung der Daten des Blocks (so wie die nonce) verändert den Hash-Block komplett. Da es unmöglich ist, vorherzusagen welche Kombination von Bits ... Wallet, Blockchain, Mining, Kryptobörse, Marktplatz - in diesem Ratgeber erklären wir die wichtigsten Begriffe rund um das Thema Kryptowährungen. Damit sind Sie bestens gewappnet, um Bitcoin ...
Visit https://blockchain.wtf to learn even more about cryptocurrency & blockchains! Welcome to Blockchain A-Z! In this clip, we talk about "nonce", an arbitr... Why am I experiencing a mnemonic seed recovery failure? What are derivation paths? Is there a security risk for watch-only wallets with the master public key? Is there a security benefit from ... Cryptocurrencies use a ton of electricity because of mining. In recent years people started working on a different technique called Proof-of-Stake. Not only ... Explicación esquemática sobre el funcionamiento de blockchain y bitcoin. Todos los comentarios bienvenidos. Twitter: @CryptoEsp Web: cryptoespanol.org Únete ... How Bitcoin mining actually works - What is the "cryptographic puzzle"? - Duration: 14:13. Keifer Kif 78,184 views. 14:13. How to BitCoin mine using fast ASIC mining hardware - Duration: 27:15. ...