Bitcoin Private Key: An Easy-To-Understand Overview

Epic Cash AMA Recap with CryptoDiffer Community

CryptoDiffer team Hello, everyone! We are glad to meet here: Max Freeman (@maxfreeman4), Project Lead at Epic Cash Yoga Dude (@Yogadude), PR&Marketing at Epic Cash Xenolink (@Xenolink), Advisor at Epic Cash
Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here!
Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here!
Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us!
CryptoDiffer team Let`s start from the first introduction question: Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash?
Yoga Dude PR&Marketing at Epic Cash
Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing.
I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially.
Xenolink Advisor at Epic Cash
Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers!
Max Freeman Project Lead at Epic Cash
I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level.
CryptoDiffer team
Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:)
Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one?
Max Freeman Project Lead at Epic Cash
I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble
We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly.
There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos
that explain why we believe we have created something truly special here.
Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange.
Yoga Dude PR&Marketing at Epic Cash
Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility.
Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved.
Xenolink Advisor at Epic Cash
To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry.
To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone.
CryptoDiffer team
Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months?
Yoga Dude PR&Marketing at Epic Cash
Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content.
We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money.
You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages
Max Freeman Project Lead at Epic Cash
Our future development roadmap will be published soon and includes 4 tracks:
Usability
Mining
Core Protocol
Ecosystem Development
Core Protocol
Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020
Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020
Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a
Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a
Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a
Usability
GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020
Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020
Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a
Mining
RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a
The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin.
Ecosystem Development
Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a
Xenolink Advisor at Epic Cash
From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide.
CryptoDiffer team
Great, thank you for your answers, we now can move to community questions part!
Cryptodiffer Community
You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC?
Max Freeman Project Lead at Epic Cash
The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part.
Cryptodiffer Community
To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from?
Xenolink Advisor at Epic Cash
Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project.
Cryptodiffer Community
Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you!
Yoga Dude PR&Marketing at Epic Cash
First, I must admit that I am still a huge fan and HODLer of Monero. That said:
✅ our blockchain is MUCH lighter than Monero’s
✅ our transaction processing speed is much faster
✅ our address-less blockchain is more private
✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU
Cryptodiffer Community
  1. the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
  2. On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
  1. This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
  2. The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community
$EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future?
Who is Epic Biggest competitors?
And what’s makes epic better than competitors?
Xenolink Advisor at Epic Cash
We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity.
Cryptodiffer Community
What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Yoga Dude PR&Marketing at Epic Cash
Since we are a community project, we have many developers, in addition to the core team.
Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks.
We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked.
Cryptodiffer Community
EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges?
Xenolink Advisor at Epic Cash
In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Max Freeman Project Lead at Epic Cash
Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic.
With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash.
As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability
Cryptodiffer Community
Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ?
Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors?
Max Freeman Project Lead at Epic Cash
RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware.
Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses.
Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware.
The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved.
Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem?
Xenolink Advisor at Epic Cash
Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic.
Cryptodiffer Community
I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto?
What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ?
Yoga Dude Pr&Marketing at Epic Cash
Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential.
The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers.
The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique
Cryptodiffer Community
Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI?
Yoga Dude PR&Marketing at Epic Cash
We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on.
Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way.
Cryptodiffer Community
If you could choose one celebrity to promote Epic-cash, who that would be?
Max Freeman Project Lead at Epic Cash
I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences.
I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today.
Epic Cash will have its OWN Celebrities
Cryptodiffer Community
How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it?
Xenolink Advisor at Epic Cash
Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin.
Cryptodiffer Community
what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Max Freeman Project Lead at Epic Cash
There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make.
Cryptodiffer Community
Q1 : What are your major goals to archive in the next 3–4 years?
Q2 : What are your plans to expand and gain more adoption?
Yoga Dude Pr&Marketing at Epic Cash
Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁
We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting.
Cryptodiffer Community
It seems to me that EpicCash will have its first Halving, right? Why a halving so soon?
Is a mobile version feasible?
Max Freeman Project Lead at Epic Cash
Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140.
Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining.
Cryptodiffer Community
What markets will you add after that?
Yoga Dude PR&Marketing at Epic Cash
Well, we are aiming to have ALL markets
Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry)
We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages.
Epic Cash is More than Money and its for Everyone.
Cryptodiffer Community
Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins?
Max Freeman Project Lead at Epic Cash
With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can.
Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Xenolink Advisor at Epic Cash
Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash.
Cryptodiffer Community
  1. You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
  2. How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash
Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well.
Cryptodiffer Community
Do EPICs in 2020 focus more on research and coding, or on sales and implementation?
Yoga Dude PR&Marketing at Epic Cash
We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy.
In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC.
Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters.
Everyone with skin in the game gets the benefit of advancing the cause.
Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content —
https://www.youtube.com/watch?v=XtAVEqKGgqY
a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this
Cryptodiffer Community
I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex?
Let’s talk about the economic model, can EpicCash comply with the concept of value reserve?
Max Freeman Project Lead at Epic Cash
In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader.
We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166
Max Freeman Project Lead at Epic Cash
Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project.
Xenolink Advisor at Epic Cash
Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash .
Yoga Dude Pr&Marketing at Epic Cash
Thank you, CryptoDiffer Team, and this wonderful Community!!!
Cryptodiffer TEAM
Thank you everyone for taking your time and asking great questions
Thank you for your time, it was an insightful session
Spread the love
submitted by EpicCashFrodo to epiccash [link] [comments]

Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?

Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?

There is no denying that the Quantum revolution is coming. Security protocols for the internet, banking, telecommunications, etc... are all at risk, and your Bitcoins (and alt-cryptos) are next!
This article is not really about quantum computers[i], but, rather, how they will affect the future of cryptocurrency, and what steps a smart investor will take. Since this is a complicated subject, my intention is to provide just enough relevant information without being too “techy.”

The Quantum Evolution

In 1982, Nobel winning physicist, Richard Feynman, hypothesized how quantum computers[ii] would be used in modern life.
Just one year later, Apple released the “Apple Lisa”[iii] – a home computer with a 7.89MHz processor and a whopping 5MB hard drive, and, if you enjoy nostalgia, it used 5.25in floppy disks.
Today, we walk around with portable devices that are thousands of times more powerful, and, yet, our modern day computers still work in a simple manner, with simple math, and simple operators[iv]. They now just do it so fast and efficient that we forget what’s happening behind the scenes.
No doubt, the human race is accelerating at a remarkable speed, and we’ve become obsessed with quantifying everything - from the everyday details of life to the entire universe[v]. Not only do we know how to precisely measure elementary particles, we also know how to control their actions!
Yet, even with all this advancement, modern computers cannot “crack” cryptocurrencies without the use of a great deal more computing power, and since it’s more than the planet can currently supply, it could take millions, if not billions, of years.
However, what current computers can’t do, quantum computers can!
So, how can something that was conceptualized in the 1980’s, and, as of yet, has no practical application, compromise cryptocurrencies and take over Bitcoin?
To best answer this question, let’s begin by looking at a bitcoin address.

What exactly is a Bitcoin address?

Well, in layman terms, a Bitcoin address is used to send and receive Bitcoins, and looking a bit closer (excuse the pun), it has two parts:[vi]
A public key that is openly shared with the world to accept payments. A public key that is derived from the private key. The private key is made up of 256 bits of information in a (hopefully) random order. This 256 bit code is 64 characters long (in the range of 0-9/a-f) and further compressed into a 52 character code (using RIPEMD-160).
NOTE: Although many people talk about Bitcoin encryption, Bitcoin does not use Encryption. Instead, Bitcoin uses a hashing algorithm (for more info, please see endnote below[vii]).
Now, back to understanding the private key:
The Bitcoin address “1EHNa6Q4Jz2uvNExL497mE43ikXhwF6kZm” translates to a private key of “5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAnchuDf” which further translates to a 256 bit private key of “0000000000000000000000000000000000000000000000000000000000000001” (this should go without saying, but do not use this address/private key because it was compromised long ago.) Although there are a few more calculations that go behind the scenes, these are the most relevant details.
Now, to access a Bitcoin address, you first need the private key, and from this private key, the public key is derived. With current computers, it’s classically impractical to attempt to find a private key based on a public key. Simply put, you need the private key to know the public key.
However, it has already been theorized (and technically proven) that due to private key compression, multiple private keys can be used to access the same public key (aka address). This means that your Bitcoin address has multiple private keys associated with it, and, if someone accidentally discovers or “cracks” any one of those private keys, they have access to all the funds in that specific address.
There is even a pool of a few dedicated people hunting for these potential overlaps[viii], and they are, in fact, getting very efficient at it. The creator of the pool also has a website listing every possible Bitcoin private key/address in existence[ix], and, as of this writing, the pool averages 204 trillion keys per day!
But wait! Before you get scared and start panic selling, the probability of finding a Bitcoin address containing funds (or even being used) is highly unlikely – nevertheless, still possible!
However, the more Bitcoin users, the more likely a “collision” (finding overlapping private/public key pairs)! You see, the security of a Bitcoin address is simply based on large numbers! How large? Well, according to my math, 1.157920892373x1077 potential private keys exist (that number represents over 9,500 digits in length! For some perspective, this entire article contains just over 14,000 characters. Therefore, the total number of Bitcoin addresses is so great that the probability of finding an active address with funds is infinitesimal.

So, how do Quantum Computers present a threat?

At this point, you might be thinking, “How can a quantum computer defeat this overwhelming number of possibilities?” Well, to put it simple; Superposition and Entanglement[x].
Superposition allows a quantum bit (qbit) to be in multiple states at the same time. Entanglement allows an observer to know the measurement of a particle in any location in the universe. If you have ever heard Einstein’s quote, “Spooky Action at a Distance,” he was talking about Entanglement!
To give you an idea of how this works, imagine how efficient you would be if you could make your coffee, drive your car, and walk your dog all at the same time, while also knowing the temperature of your coffee before drinking, the current maintenance requirements for your car, and even what your dog is thinking! In a nutshell, quantum computers have the ability to process and analyze countless bits of information simultaneously – and so fast, and in such a different way, that no human mind can comprehend!
At this stage, it is estimated that the Bitcoin address hash algorithm will be defeated by quantum computers before 2028 (and quite possibly much sooner)! The NSA has even stated that the SHA256 hash algorithm (the same hash algorithm that Bitcoin uses) is no longer considered secure, and, as a result, the NSA has now moved to new hashing techniques, and that was in 2016! Prior to that, in 2014, the NSA also invested a large amount of money in a research program called “Penetrating Hard Targets project”[xi] which was used for further Quantum Computer study and how to break “strong encryption and hashing algorithms.” Does NSA know something they’re not saying or are they just preemptively preparing?
Nonetheless, before long, we will be in a post-quantum cryptography world where quantum computers can crack crypto addresses and take all the funds in any wallet.

What are Bitcoin core developers doing about this threat?

Well, as of now, absolutely nothing. Quantum computers are not considered a threat by Bitcoin developers nor by most of the crypto-community. I’m sure when the time comes, Bitcoin core developers will implement a new cryptographic algorithm that all future addresses/transactions will utilize. However, will this happen before post-quantum cryptography[xii]?
Moreover, even after new cryptographic implementation, what about all the old addresses? Well, if your address has been actively used on the network (sending funds), it will be in imminent danger of a quantum attack. Therefore, everyone who is holding funds in an old address will need to send their funds to a new address (using a quantum safe crypto-format). If you think network congestion is a problem now, just wait…
Additionally, there is the potential that the transition to a new hashing algorithm will require a hard fork (a soft fork may also suffice), and this could result in a serious problem because there should not be multiple copies of the same blockchain/ledger. If one fork gets attacked, the address on the other fork is also compromised. As a side-note, the blockchain Nebulas[xiii] will have the ability to modify the base blockchain software without any forks. This includes adding new and more secure hashing algorithms over time! Nebulas is due to be released in 2018.

Who would want to attack Bitcoin?

Bitcoin and cryptocurrency represent a threat to the controlling financial system of our modern economy. Entire countries have outright banned cryptocurrency[xiv] and even arrested people[xv], and while discrediting it, some countries are copying cryptocurrency to use (and control) in their economy[xvi]!
Furthermore, Visa[xvii], Mastercard[xviii], Discover[xix], and most banks act like they want nothing to do with cryptocurrency, all the while seeing the potential of blockchain technology and developing their own[xx]. Just like any disruptive technology, Bitcoin and cryptocurrencies have their fair share of enemies!
As of now, quantum computers are being developed by some of the largest companies in the world, as well as private government agencies.
No doubt, we will see a post-quantum cryptography world sooner than most realize. By that point, who knows how long “3 letter agencies” will have been using quantum technology - and what they’ll be capable of!

What can we do to protect ourselves today?

Of course, the best option is to start looking at how Bitcoin can implement new cryptographic features immediately, but it will take time, and we have seen how slow the process can be just for scaling[xxi].
The other thing we can do is use a Bitcoin address only once for outgoing transactions. When quantum computers attack Bitcoin (and other crypto currencies), their first target will be addresses that have outgoing transactions on the blockchain that contain funds.
This is due to the fact that when computers first attempt to crack a Bitcoin address, the starting point is when a transaction becomes public. In other words, when the transaction is first signed – a signed transaction is a digital signature derived from the private key, and it validates the transaction on the network. Compared to classical computers, quantum computers can exponentially extrapolate this information.
Initially, Bitcoin Core Software might provide some level of protection because it only uses an address once, and then sends the remaining balance (if any) to another address in your keypool. However, third party Bitcoin wallets can and do use an address multiple times for outgoing transactions. For instance, this could be a big problem for users that accept donations (if they don’t update their donation address every time they remove funds). The biggest downside to Bitcoin Core Software is the amount of hard-drive space required, as well as diligently retaining an up-to-date copy of the entire blockchain ledger.
Nonetheless, as quantum computers evolve, they will inevitably render SHA256 vulnerable, and although this will be one of the first hash algorithms cracked by quantum computers, it won’t be the last!

Are any cryptocurrencies planning for the post-quantum cryptography world?

Yes, indeed, there are! Here is a short list of ones you may want to know more about:

Full disclosure:

Although I am in no way associated with any project listed above, I do hold coins in all as well as Bitcoin, Litecoin and many others.
The thoughts above are based on my personal research, but I make no claims to being a quantum scientist or cryptographer. So, don’t take my word for anything. Instead, do your own research and draw your own conclusions. I’ve included many references below, but there are many more to explore.
In conclusion, the intention of this article is not to create fear or panic, nor any other negative effects. It is simply to educate. If you see an error in any of my statements, please, politely, let me know, and I will do my best to update the error.
Thanks for reading!

References

[i] https://www.youtube.com/watch?v=JhHMJCUmq28 – A great video explaining quantum computers.
[ii] https://www.doc.ic.ac.uk/~nd/surprise_97/journal/vol4/spb3/ - A brief history of quantum computing.
[iii] https://en.wikipedia.org/wiki/Apple_Lisa - More than you would ever want to know about the Apple Lisa.
[iv] https://www.youtube.com/watch?v=tpIctyqH29Q&list=PL8dPuuaLjXtNlUrzyH5r6jN9ulIgZBpdo - Want to learn more about computer science? Here is a great crash course for it!
[v] https://www.collinsdictionary.com/dictionary/english/quantify - What does quantify mean?
[vi] https://en.bitcoin.it/wiki/Private_key - More info about Bitcoin private keys.
[vii] https://www.securityinnovationeurope.com/blog/page/whats-the-difference-between-hashing-and-encrypting - A good example of the deference between Hash and Encryption
[viii] https://lbc.cryptoguru.org/stats - The Large Bitcoin Collider.
[ix] http://directory.io/ - A list of every possible Bitcoin private key. This website is a clever way of converting the 64 character uncompressed key to the private key 128 at a time. Since it is impossible to save all this data in a database and search, it is not considered a threat! It’s equated with looking for a single needle on the entire planet.
[x] https://uwaterloo.ca/institute-for-quantum-computing/quantum-computing-101#Superposition-and-entanglement – Brief overview of Superposition and Entanglement.
[xi] https://www.washingtonpost.com/world/national-security/nsa-seeks-to-build-quantum-computer-that-could-crack-most-types-of-encryption/2014/01/02/8fff297e-7195-11e3-8def-a33011492df2_story.html?utm_term=.e05a9dfb6333 – A review of the Penetrating Hard Targets project.
[xii] https://en.wikipedia.org/wiki/Post-quantum_cryptography - Explains post-quantum cryptography.
[xiii] https://www.nebulas.io/ - The nebulas project has some amazing technology planned in their roadmap. They are currently in testnet stage with initial launch expected taking place in a few weeks. If you don’t know about Nebulas, you should check them out. [xiv] https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory - Country’s stance on crypto currencies.
[xv] https://www.cnbc.com/2017/08/30/venezuela-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin.html - Don’t be a miner in Venezuela!
[xvi] http://www.newsweek.com/russia-bitcoin-avoid-us-sanctions-cryptocurrency-768742 - Russia’s plan for their own crypto currency.
[xvii] http://www.telegraph.co.uk/technology/2018/01/05/visa-locks-bitcoin-payment-cards-crackdown-card-issue - Recent attack from visa against crypto currency.
[xviii] https://www.ccn.com/non-government-digital-currency-junk-says-mastercard-ceo-rejecting-bitcoin/ - Mastercards position about Bitcoin.
[xix] http://www.livebitcoinnews.com/discover-joins-visa-mastercard-barring-bitcoin-support/ - Discovers position about Bitcoin.
[xx] http://fortune.com/2017/10/20/mastercard-blockchain-bitcoin/ - Mastercard is making their own blockchain.
[xxi] https://bitcoincore.org/en/2015/12/21/capacity-increase/ - News about Bitcoin capacity. Not a lot of news…
[xxii] https://learn.iota.org/faq/what-makes-iota-quantum-secure - IOTA and quantum encryption.
[xxiii] https://eprint.iacr.org/2011/191.pdf - The whitepaper of Winternitz One-Time Signature Scheme
[xxiv] https://cardanoroadmap.com/ - The Cardano project roadmap.
[xxv] https://eprint.iacr.org/2017/490 - More about the BLISS hash system.
[xxvi] https://www.ethereum.org/ - Home of the Ethereum project.
[xxvii] https://en.wikipedia.org/wiki/SHA-3#Security_against_quantum_attacks – SHA3 hash algorithm vs quantum computers.
[xxviii] https://en.wikipedia.org/wiki/Lamport_signature - Lamport signature information.
[xxix] https://theqrl.org/ - Home of the Quantum Resistant Ledger project.
submitted by satoshibytes to CryptoCurrency [link] [comments]

Unitimes AMA | Danger in Blockchain, Data Protection is Necessary

Unitimes AMA | Danger in Blockchain, Data Protection is Necessary
https://preview.redd.it/22zrdwgeg3m31.jpg?width=1280&format=pjpg&auto=webp&s=1370c511afa85ec06cda6843c36aa9289456806d
At 10:30 on September 12, Unitimes held the 40th online AMA about blockchain technologies and applications. We were glad to have Joanes Espanol , CEO and CTO of Amberdata, to share with us on ‘’Danger in Blockchain, Data Protection is Necessary‘’ . The AMA is composed of two parts : Fixed Q&A and Free Q&A. Check out the details below!

Fixed Q&A

  1. Please introduce yourself and Amberdata
Hi everybody, my name is Joanes Espanol and I am co-founder and CTO of Amberdata. Prior to founding Amberdata, I have worked on several large scale ingestion pipelines, distributed systems and analytics platforms, with a focus on infrastructure automation and highly available systems. I am passionate about information retrieval and extracting meaning from data.
Amberdata is a blockchain and digital asset company which combines validated blockchain and market data from the top crypto exchanges into a unified platform and API, enabling customers to operate with confidence and build real-time data-powered applications.
  1. What type of data does the API provide?
The advantage and uniqueness of Amberdata’s API is the combination of blockchain and pricing data together in one API call.
We provide a standardized way to access blockchain data (blocks, transactions, account information, etc) across different blockchain models like UTXO (Bitcoin, Litecoin, Dash, Zcash...) and Account Based (Ethereum...), with contextualized pricing data from the top crypto exchanges in one API call. If you want to build applications on top of different blockchains, you would have to learn the intricacies of each distributed ledgers, run multiple nodes, aggregate the data, etc - instead of spending all that time and money, you can start immediately by using the APIs that we provide.
What can you get access to? Accounts, account-balances, blocks, contracts, internal messages, logs and events, pending transactions, security audits, source code, tokens, token balances, token transfers, token supplies (circulating & total supplies), transactions as well as prices, order books, trades, tickers and best bid and offers for about 2,000 different assets.
One important thing to note is that most of the APIs return validated data that anybody can verify by themselves. Blockchain is all about trust - operating in a hostile and trustless environment, maintaining consensus while continuously under attack, etc - and we want to make sure that we maintain that level of trust, so the API returns all the information that you would need to recalculate Merkle proofs yourself, hence guaranteeing the data was not tampered with and is authentique.
  1. Why is it important to combine blockchain and market data?
Cryptoeconomics plays a key role in the blockchain world. One simple way to explain this is to look at why peer-to-peer file sharing systems like BitTorrent failed. These file sharing protocols were an early form of decentralization, with each node contributing to and participating in this “global sharing computer”. The issue with these protocols is that they relied on the good will of each participant to (re-)share their files - but without economic incentive, or punishment for not following the rules, it opened the door to bad behavior which ultimately led to its demise.
The genius of Satoshi Nakamoto was to combine and improve upon existing decentralized protocols with game theory, to arrive at a consensus protocol able to circumvent the Byzatine’s General Problem. Now participants have incentives to follow the rules (they get financially rewarded for doing so by mining for example, and penalized for misbehaving), which in turn results in a stable system. This was the first time that crypto-economics were used in a working product and this became the base and norm for a lot of the new systems today.
Pricing data is needed as context to blockchain data: there are a lot of (ERC-20) tokens created on Ethereum - it is very easy to clone an existing contract, and configure it with a certain amount of initial tokens (most commonly in the millions and billions in volume). Each token has an intrinsic value, as determined by the law of supply and demand, and as traded on the exchanges. Price fluctuations have an impact on the adoption and usage, meaning on the overall transaction volume (and to a certain extent transaction throughput) on the blockchain.
Blockchain data is needed as context to market data: activity on blockchain can have an impact on market data. For example, one can look at the incoming token transfers in the Ethereum transaction pool and see if there are any impending big transfers for a specific token, which could result in a significant price move on the other end. Being able to detect that kind of movement and act upon it is the kind of signals that traders are looking for. Another example can be found with token supplies: exchanges want to be notified as soon as possible when a token circulating supply changes, as it affects their trading ability, and in the worst case scenario, they would need to halt trading if a token contract gets compromised.
In conclusion, events on the blockchain can influence price, and market events also have an impact on blockchain data: the two are intimately intertwined, and putting them both in context leads to better insights and better decision making.
  1. All the data you provide is publicly available, what gives?
Very true, all this data is publicly available, that is one of the premises and fundamentals of blockchain models, where all the data is public and transparent across all the nodes of the network. The problem is that, even though it is publicly available, it is not quick, not easy and not cheap to access.
Not quick: blockchain data structures were designed and optimized for achieving consensus in a hostile and trustless environment and for internal state management, not for random access and overall search. Imagine you want to list all the transactions that your wallet address has participated in? The only way to do that would be to replay all the transactions from the beginning of time (starting at the genesis block), looking at the to and from addresses and retain only the ones matching your wallet: at over 500 million of transactions as of today, it will take some unacceptable amount of time to retrieve that list for a customer facing application.
Not easy: Some very basic things that one would expect when dealing with financial assets and instruments are actually very difficult to get at, especially when related to tokens. For example, the current Ether balance of a wallet is easy to retrieve in one call to a Geth or Parity client - however, looking at time series of these balances starts to be a little hairy, as not all historical state is kept by these clients, unless you are running a full archive node. Looking at token holdings and balances gets even more complicated, as most of the token transfers are part of the transient state and not kept on chain. Moreover, token transfers and balance changes over time are triggered by different mechanisms (especially when dealing with contract to contract function calls), and detecting these changes accurately is prone to errors.
Not cheap: As mentioned above, most of the historical data and time series metrics are only available via a full archive node, which at the time of writing requires about 3TB of disk space, just to hold all the blockchain state - and remember, this state is in a compressed and not easily accessible format. To convert it to a more searchable format requires much more space. Also, running your own full archive node requires constant care, maintenance and monitoring, which has become very expensive and prohibitive to run.
  1. Who uses your API today and what do they do with it?
A wide variety of applications and projects are using our API, across different industries ranging from wallets and trust funds (DappRadar), to accounting and arbitrage firms (Moremath), including analytics (Stratcoins) and compliance & security companies (Blue Swan). Amberdata’s API is attractive to many different people because it is very complete and fast, and it provides additional data enrichment not available in other APIs, and because of these, it appeals to and fits nicely with our customers use cases:
· It can be used in the traditional REST way to augment your own processes or enrich your own data with hard to get pieces of information. For example, lots of our users retrieve historical information (blocks and transactions) and relay it in their applications to their own customers, while others are more interested in financial data (account & token balances) and time series for portfolio management.
https://medium.com/amberdata/keep-it-dry-use-amberdatas-api-9cdb222a41ba
· Other projects are more in need of real-time up-to-date data, for which we recommend using our websockets, so you can filter out data in real-time and match your exact needs, rather than getting the firehose of information and having to filter out and discard 99% of it.
· We have a few research projects tapping into our API as well. For example, some of our customers want access to historical market data to backtest their trading strategies and fine-tune their own algorithms.
· Our API is also fully Json RPC compliant, meaning some people use it as a drop-in replacement for their own node, or as an alternative to Infura for example. We have some customers using both Amberdata and Infura as their web3 providers, with the benefits of getting additional enriched data when connecting to our API.
· And finally, we have also built an SDK on top of the API itself, so it is easier to integrate into your own application (https://www.npmjs.com/package/web3data-js).
We also have several subscriptions to match your needs. The developer tier is free and gets you access to 90% of all the data. If you are not sure about your usage patterns yet, we recommend the on-demand plan to get started, while for heavy users the professional and enterprise plans would be more adequate - see https://amberdata.io/pricing for more information.
All and all, we try really hard to make it as easy as possible to use for you. We do the heavy lifting, so you don’t have to worry about all the minutia and you can focus on bringing value to your customers. We work very closely with our customers and continuously improve upon and add new features to our API. If something is not supported or you want something that is not in the API, chances are we already have the data, do not hesitate to ask us ;)
  1. Amberdata recently made some headlines for discovering a vulnerability on Parity client. Can you tell us a bit more about it?
This is an interesting one. One of our internal processes flagged a contract, and more specifically the balanceOf(...) call: it was/is taking more than 5 seconds to execute (while typically this call takes only a few milliseconds). While investigating further, we started looking at the debug traces for that contract call and were pretty surprised when a combination of trace_call+vmTrace crashed our Parity node - and not just randomly, the same call would exhibit the exact same behavior each time, and on different Parity nodes. It turns out that this contract is very poorly written, and the implementation of balanceOf(...) keeps on looping over all the holders of the token, which eventually runs out of memory.
Even though this is a pretty severe bug (any/all Parity node(s) can be remotely shutdown with just one small call to its API), in practice the number of nodes at risk is probably small because only operators who have enabled public facing RPC calls (and possibly the ones who have enabled tracing as well) are affected - which are both disabled by default. Kudos to the Parity team for fixing and releasing a patch in less than 24 hours after the bug was reported!
  1. How do you access the data? How do I get started?
We sometimes get the question, “I do not know how to code, can I still use your data?”, and it is possible! We have built a few dashboards on our platform, and you can visualize and monitor different metrics, and get alerts: https://amberdata.io/dashboards/infrastructure.
A good starting point is to use our Postman collection, which is pretty complete and can give you a very good overview of all the capabilities: https://amberdata.io/docs/libraries and https://www.getpostman.com/collections/79afa5bafe91f0e676d6.
For more advanced users, the REST API is where you should start, but as I mentioned earlier, how to access the data depends on your use case: REST, websockets, Json RPC and SDK are the most commonly ways of getting to it. We have a lot of tutorials and code examples available here: https://amberdata.io/docs.
For developers interested in getting access to Amberdata’s blockchain and market data from within their own contract, they can use the Chainlink Oracle contract, which integrates directly with the API:
https://medium.com/amberdata/smart-contract-oracles-with-amberdata-io-358c2c422d8a
  1. Amberdata just recently celebrated 2 years birthday. What is your proudest accomplishment? Any mistake/lesson you would like to share with us?
The blockchain and crypto market is one of the fastest evolving and innovating markets ever, and a very fast paced environment. Having been heads down for two years now, it is sometimes easy to lose sight of the big picture. The journey has been long, but I am happy and proud to see it all come together: we started with blockchain data and monitoring/alerting, added search, validation and derived data (tokens, supplies, etc) along the way, and finally market data to close the loop on all the cryptoeconomics. Seeing the overall engagement from the community around our data is very gratifying: API usage climbing up, more and more pertinent and relevant questions/suggestions on our support channels, other projects like Kadena sending us their own blockchain data so it can be included in Amberdata’s offering… all of these makes me want to do more :)

Free Q&A

---Who are your competitors? What makes you better?
There are a few data providers out there offering similar information as Amberdata. For example, Etherscan has very complete blockchain data for Ethereum, and CoinmarketCap has assets rankings by market cap and some pricing information. We actually did a pretty thorough analysis on the different data providers and they pros and cons:
https://medium.com/amberdata/which-blockchain-data-api-is-right-for-you-3f3758efceb1
What makes Amberdata unique is three folds:
· Combination of blockchain and market data: typically other providers offer one or the other, but not both, and not integrated with each other - with Amberdata, in one API call I can get blockchain and historically accurate pricing data at the same time. We have also standardized access across multiple blockchains, so you get one interface for all and do not have to worry about understanding each and every one of them.
· Validated & verifiable data: we work hard to preserve transparency and trust and are very open about how our metrics are calculated. For example, blockchain data comes with all the pieces needed to recompute the Mekle proofs so the integrity of the data can be verified at any moment. Also, additional metrics like circulating supply are based on tangible and very concrete definitions so anybody can follow and recalculate them by themselves if needed.
· Enriched data: we have spent a lot of time enriching our APIs with (historical) off chain data like token names and symbols, mappings for token addresses and tradable market pairs, etc. At the same time, our APIs are very granular and provide a level of detail that only a few other providers offer, especially with market data (Level 2 with order books across multiple exchanges, Best Bid Offers, etc).
That's all for the 40th AMA. We should like to thank all the community members for their participation and cooperation! Thanks, Joanes!
submitted by Unitimes_ to u/Unitimes_ [link] [comments]

Some news you may have missed out on part 49.

-Public servants must give up foreign nationalities or job, rules SC
The Supreme Court on Saturday directed the authorities concerned to set a deadline for dual nationality holders to either rescind their foreign nationalities or resign from their job immediately. Headed by Chief Justice Mian Saqib Nisar, a three-judge bench of the apex court announced its judgement in a case pertaining to public servants holding dual nationalities.
It directed the authorities to develop criteria and standard operating procedures (SOPs) requiring disclosure of intent to seek such foreign nationalities and permanent residence permits and adopt methods to check such instances and enforce penalties for no-disclosure.
-Pakistan has been elected as the Vice President and the Rapporteur of the Conference of Parties (COP) to the United Nations convention on climate change
Pakistan has been elected as the Vice President and the Rapporteur of the Conference of Parties (COP) to the United Nations Framework Convention on Climate Change, at COP 24 in Katowice, Poland. Pakistan was one of the two countries elected to the position from Asia-Pacific Group, by acclamation on December 15, a Foreign Office statement said. The other bodies in which Pakistan secured seats included the Executive Board of Clean Development Mechanism (CDM), Standing Committee on Finance (SCF), Adaptation Committee (AC), Consultative Group of Experts (CGE), and Technology Executive Committee (TEC).
-First ever ATM installed in North Waziristan
-COAS confirms death sentence to 15 hardcore terrorists
Chief of Army Staff (COAS) General Qamar Javed Bajwa on Sunday confirmed the death sentence awarded to 15 hardcore terrorists involved in heinous offences related to terrorism.
The terrorists who were tried and awarded capital punishments by special military courts were involved in attacks on the armed forces, law enforcement agencies, abetting suicide bombers in an attack on Christian Colony near Peshawar, destruction of educational institutions and killing of innocent civilians, according to the Inter-Service Public Relations (ISPR).
-Government to help in every possible way for PIA’s revival: minister
Federal Minister for Privatization Muhammad Mian Soomro has said that the PTI- led federal government will provide all possible help for the revival of Pakistan International Airlines (PIA), ARY News reported on Sunday. The federal minister visited PIA Headquarters and met CEO of PIA, Air Marshal Arshad Malik to get briefing about the current position of the organization.
“Government will help in every possible way for PIA’s revival,” adding it [PIA] is moving in positive direction now. Mr Soomro said government is committed to transform PIA into profitable organization as it was in the past.
-Gas supply resumed to CNG sector
Federal Minister for Petroleum Ghulam Sarwar Khan on Saturday announced that the supply of Compressed Natural Gas (CNG) was estored in Karachi and Sindh at around 8PM. ddressing media in Karachi alongside Governor Sindh Imran Ismail, the petroleum minister said that the days long crisis will be over as the supply was restored to CNG sector at 8PM.
-“Japanese firms to invest in Pakistan’s steel, baby formula milk industries”
Adviser to Prime Minister on Commerce, Textile and Industries Abdul Razak Dawood said that officials from major Japanese firms are scheduled to visit Pakistan next month for making investments in country’s steel and baby formula milk industries. Speaking at a press conference, Dawood informed that last month Japanese companies assured to invest in Pakistan during the bilateral trade talks in Japan. He said a delegation of Japanese companies, manufacturing steel and baby formula milk, will be visiting Pakistan after January 15. Moreover, the Japanese government also promised to allocate skill development and technology development funds for small industries in Pakistan, the PM adviser said.
-Aleem Khan vows initiate large-scale development projects in Punjab
Punjab Senior Minister Abdul Aleem Khan on Sunday vowed to initiate large-scale development projects across the province on emergency basis. Talking to journalists at Punjab secretariat, Aleem Khan said the Pakistan Tehreek-e-Insaf government will soon devise policy to regularize the slums in the province. He said that provision of potable water to every locality is government’s responsibility and added that their party will fulfill all the promises made with the masses. The minister also listen public complaints on the occasion and said that the government will not make any compromise on public issues. He said that 908 complaints have been registered so far at the public secretariat and added that out of 815 complaints had been addressed.
-CPEC to increase Pakistan GDP growth by 3%
Muhammad Saleem Acting High Commissioner (HC) of Pakistan while speaking at Belt and Road Initiative (BRI) conference arranged by Carleton University said through CPEC Pakistan will become an energy secure country and its GDP growth will increase by 2-3pc. He said early harvest energy and infrastructure projects, created 40,000 local jobs and the new projects will usher into an era of development and prosperity.
Speaking on the occasion, Chinese Ambassador to Canada, Mr. Lu Shaye said that BRI is not a geo-political tool but it is a new approach to international development and prosperity and it aims to advance economic and trade coordination among regional countries. A large number of academics, diplomats, media persons, businessmen and students attended the conference.
-Yet another mini budget on cards from PTI government
Yet another mini budget is on cards from the PTI government in a bid to bridge the gap of the increasing revenue shortfall. Federal government is considering major revenue measures including raising the GST rate on POL products, slapping tax on the telecom companies, reversing the tax relief for salaried class by 50 percent and increasing the tax rate on cigarettes by reviewing the existing third tier taxation system. The jacking up of additional custom duty by 1 percent is also among the proposals floated by the FBR to achieve the revenue targets. The Federal Minister for Finance Asad Umar is currently visiting abroad so after his return the government could take final decision on finalising additional revenue measures to bridge the yawning revenue shortfall within the next couple of weeks.
-In a historical move, Smart Cards replace old registration books in Punjab
Punjab government starts issueing smart cards as replacement of vehicle registration books from tomorrow to facilitate the citizens. According to sources at Punjab Excise Department , all arrangements for the new registration system have been finalized. The source said the machines procured for the smart cards can prepare nearly twenty-two thousand cards daily.
-PM Imran Khan issues stern instructions to FIA, crackdown on cards across country in next 24 hours
Prime Minister Imran Khan on Sunday has issued stern instructions to the Federal Investigation Agency (FIA). FIA has been ordered to keep its offices 24 hours open in Karachi while teams were formed for action against bitcoin and sell of illegal cards of foreign tv channels. Earlier on November 30, Prime Minister Imran Khan had directed the concerned authorities to finalize a new legislation to effectively deal with the offences related to money laundering.
-Russia expresses desire to enhance trilateral partnership with Pakistan, China
Alexey Y Dedov, the ambassador of the Russian Federation in Pakistan, hailed the move of the South Asain giant to open the Kartarpur Corridor for Sikh pilgrims in India. According to details, the envoy, speaking at Pakistan Institute of International Affairs on the topic of “Russia’s Stabilising Role in South Asia”, stated that Pakistan’s decision of opening Kartarpur border shows the country’s commitment towards peace and stability in the region. He further appreciated Pakistan’s military crackdown against militants present inside its border under the operations of Radd-ul-Fasaad and Zarb-e-Azb.
-Canadian diplomats laud Pakistan as attractive tourist destination
A ten-member delegation of Canadian Embassy Islamabad Saturday visited the archaeological sites in Takhtbhai and evinced keen interest in the historical remains of Gandhara civilization. The members of the delegation in their comments on the occasion held Pakistan an attractive tourist country. Pakistan is a peaceful country and its people are peace loving and hospitable, they added.
-Pakistan Railways announces to launch VIP trains across Pakistan
Pakistan Railways minister stressed that steps are being taken to improve the standard of Pakistan Railways and to provide maximum relief to the people. “New passenger and freight trains will be inaugurated soon including a new train between Lahore and Rawalpindi,” he announced. Sheikh Rashid invited the private sectors to contribute in the development of railways, adding that VIP trains will be launched soon with the collaboration of private partners.
-Pakistan emerging as favourite tourist destination for French and European tourists
Pakistan is emerging as favourite and preferred tourists destination for French and European tourists, it has been revealed. More and more French and European tourists are opting for Pakistan as a ‘preferred destination’ for tourism purpose, Radio Pakistan reported.
According to details, the representatives of the top tour operators of France called on Ambassador of Pakistan to France Moin ul Haque in the French capital for a debriefing session. The representatives of French tour company recently visited Pakistan in September on a two-week long trip. They prepared their separate presentations to brief the Pakistani ambassador about their journey which gave them first-hand experience of tourism potential of Pakistan.
-Russia to support Pakistan in economic challenges: Ambassador hints at renewed pledge
Ambassador of Russia , Mr. Alexey Dedov has expressed Russian desire to enhance economic ties with Pakistan. The Ambassador of Russia remained with the Governor Sindh for sometime and discussed matters pertaining to mutual interests particularly on partnership in economy, trade and finance. The Ambassador said that Russia welcomes the determination of Pakistani Government to promptly respond to economic challenges of the Country and energy crisis.
-For the first time in history, Pakistan and Hollywood to come up with an interesting joint venture
Paksiatni directors and Hollywood filmmakers are collaborating for the very first time in history. The acclaimed filmmakers from the East and the West are working together on a supernatural thriller titled Djinn. A new production house ‘Wingman Films’ is going to mark an entry with this multicultural concept venture.
Pakistani producer Ali Murtaza, who is also working on "The Legend of Maula Jatt" these days, shared the details of upcoming venture Djinn saying that the movie will be based on a 17-year-old hero from Pakistan’s northern areas who will be struggling to recover ‘lost stones’ and keep the world from being taken over by djinns. Due to this reason, the show will be featuring episodes from the US and China in its first season.
-PM may set up poverty alleviation unit at his office
Prime Minister Imran Khan may set up a poverty alleviation unit at his office, to be headed by a special assistant, for implementing a new broad-based strategy to pull millions of people out of poverty. About 16 government and semi-government organisations will liaison with the office of special assistant on poverty alleviation and social protection, said sources in the PM Office.
-Govt finalises 5-year tariff policy
Adviser to Prime Minister on Commerce, Textile and Industries Abdul Razak Dawood has announced that the government has finalised a five-year national tariff policy aimed at restricting duties on raw material and machinery imports for export-based industries. “We are making efforts to rationalise certain taxes and regulatory and customs duties,” he said. “At present, there exists roughly 34 different taxes and the government is planning to reduce them to 12 or eight in the next couple of years.” It would assist the leadership to remove a key impediment in the way of ease of doing business, the adviser emphasised, adding that he was well aware of the challenges faced by the business community regarding tax slabs and tariff lines.
-Number of taxes to be reduced from 34 to eight for ease of doing business: Razzak Dawood
The business community is suffering a lot in shape of multiple tax slabs and tariff lines. The government is working to rationalize taxes, regulatory and customs duties, Adviser to the Prime Minister on Commerce Abdul Razzak Dawood said while addressing the ‘Emerging Pakistan’ ceremony organized by the Rawalpindi Chamber of Commerce and Industry (RCCI). There are around 34 different taxes and the government is planning to shrink to 12 or eight in next couple of years, he said, adding that this would help in meeting the challenge of one core impediment in ease of doing business. He said that the government had finalized the five-year national tariff policy to bring down tariffs on raw material and machinery imports for export-based industries.
-Services exports jump 14.28pc, trade deficit falls 49pc in October
The services exports from Pakistan surged by 14.28 per cent to $470 million in October, as compared to the exports during the same month of the previous year.
The trade deficit of services also fell sharply by 49.05 per cent during the month as it decreased to $195 million against the trade deficit of $382 million in the same month of previous year, according to latest data of Pakistan Bureau of Statistics (PBS). The imports of services declined by 16.25 per cent to $665 million in the corresponding month as compared to import of $794.02 million in October 2017. Meanwhile, the trade deficit of services during first four months of current fiscal year (2018-19) also shrank by 33.75 per cent as exports increased by 2.13 per cent and imports fell by 15.47 per cent during the period, as compared to the period from July-October of 2017-18.
-Govt to promote Pakistan-made furniture at international markets
Advisor to Prime Minister on Commerce, Textile and Industrial Production and Investment, Abdul Razak Dawood, Sunday said that the government was taking all possible measures to promote Pakistan-made products at local and international markets and special incentive packages would be given to strengthening manufacturing in furniture sector to boost the exports. The advisor was speaking at the prize distribution ceremony at the concluding day of 3-day “Interiors Pakistan” international exhibition at Expo Center, organised by Pakistan Furniture Council (PFC). Dawood also appreciated PFC Chief Executive Mian Kashif Ashfaq for holding a successful exhibition and said PFC deserved appreciation for promoting the culture of local brands to strengthen the national economy.
-Economic revival, industrial boost top agenda of govt: Usman
Prime Minister’s Special Assistant on Youth Affairs Usman Dar Sunday said that economic revival and boosting industries were the top agenda of the present government and all-out efforts were being made in that regard. In a meeting of surgical instruments’ manufactures and exporters in Sialkot, Dar said that PTI government was taking the business community and other stakeholders on-board for economic progress and development. Punjab Minister for Special Education Ch Muhammad Ikhlaq, SIMAP Chairman Khalilur Rehman Mughal and Muhammad Jehangir Bajwa were also present.
-Govt Likely to Allow More Than One Duty Free Phones for Overseas Pakistanis
After facing strong criticism, as well as concerns from the overseas Pakistanis on new mobile import policy, the government is considering revising the policy and may allow at least two duty free phones.
-SBP Orders Installation of CCTV Cameras at Exchange Companies to Curb Money Laundering
The State Bank of Pakistan (SBP) is planning to tighten the monitoring of exchange companies through CCTV cameras in order to curb money laundering and terror financing in the country. The central bank said that the directives regarding the monitoring of exchange companies are mandatory for continuing their business in Pakistan.
-PIA takes multiple initiatives to come out of huge losses
Air Marshal Arshad Malik apprised the Aviation Minister about the current management initiatives such as reopening of routes, new destinations being planned to increase the airline’s network, improvement in food service, scheduling, and cost savings.
-Pakistan Economic indicators start to take 'u turn' towards positive trajectory: Report
Various stats and figures.
-Punjab's first Vehicle Registration Card or Digital Vehicle Smart Cards by the Excise and Taxation Department being Printed on site
-Pak China Steel Mill inaugurated at Port Qasim
A joint venture of Pak-China, Jianbang Group of China and a well-established of Pakistan has installed a first ever pig iron plant at Port Qasim Karachi, which is now inaugurated. The plant is now operational, as per the information the inauguration of this mill has been done on December 2018, there was big presentation of media at the event. The inauguration is done by the Chairman of Jianbang Group, Mr Wu Xianonian, whereas the partner of Pak China Steel, Mr. Lee Feelix as well as the directors Mr. Jam Asif and director Mr. Mustafa Dawood and Head of Marketing Mr. Sheharyar Khan hosted the event, Production capacity of the plant is 8000 tons per month total, at the current the stage company is only producing is 5000 tons.
-Islamabad Police To Reward Citizens Over Good Driving
Good Citizen Patrol Team will observe the drivers in Islamabad Capital Territory. Islamabad (Pakistan Point News – 15th December, 2018) The Islamabad police will now reward the citizens over following traffic rules. Minister of State for Interior Shehryar Afridi launched the Good Citizen Patrol Team on Saturday. The patrolling team will observe the drivers in Islamabad Capital Territory. Not only that, they will give some reward to the good drivers in Islamabad.
submitted by FashBasher1 to pakistan [link] [comments]

Zoin Basics: A Beginner’s Guide to Obtaining Zoin

Welcome to Zoin! We want to start by thanking you for joining our amazing community. Zoin is a community-governed decentralized digital currency with privacy features (based on the Zerocoin protocol) and is developed by a diverse team from all around the world. There is no pre-mine and no founder’s reward for Zoin; additionally, it is strictly CPU-minable (see mining section below). Together, these features ensure fairness and transparency to everyone interested in obtaining Zoin. Through this guide you will learn about the current methods of acquiring Zoin for yourself.

How to Earn / Buy Zoin

Right now, there are two ways you can obtain Zoin. You can either use the Bitcoin/Zoin trading pair on Cryptopia exchange or you can mine for Zoin using your own hardware.
 

Method 1: Trading Zoin on Cryptopia

To start, the easiest way to buy a cryptocurrency such as Ethereum or Litecoin is through Coinbase, where you can buy up to $500 worth of Litecoins (for example) using a credit card before you need to verify your identity. Coinbase accepts buyers from 33 countries across the world. A simple guide from Coinbase on buying Litecoin (or Ethereum) with your bank account / credit card is all you need to get started.
Once you have purchased either Litecoin or Ethereum (or another altcoin) you may login to Cryptopia exchange, after you’ve created an account. You must create a deposit address for the same coin that you previously bought on Coinbase or another exchange by clicking deposit under your account, and then typing the name of the coin you wish to deposit. This will generate an address for your Cryptopia trading wallet to receive coins. You can either copy / paste the address (never type it yourself without verifying it), or scan the QR code if you are sending from a mobile wallet.
Once you make a deposit to your Cryptopia wallet address you must wait for several confirmations before your funds are trade-able on Cryptopia. This usually takes around 30 minutes.
When the deposit is confirmed you may go to the Exchange Market section of Cryptopia and search for the coin you just deposited. Once you are there, create a sell order and wait for someone to buy it, or choose a buy order for the coin to trade it for Bitcoin right away. Since you just purchased your cryptocurrency, the price probably won’t be very different than when you bought it, but this depends heavily on the current state of the market. Look up how much the current buy orders are (in your country’s currency), if it is close to the price you bought it at then you can sell at that price. Remember, a sell order may not be filled right away, but choosing someone’s buy order will sell it to them instantly.
If you have successfully traded your altcoin for Bitcoin on Cryptopia, you may now use your Bitcoin to buy Zoin. You can buy Zoin through a buy order of your own (bid) or a sell order from someone else; again, this is entirely up to you and how you anticipate the market / price of coins.
Congratulations, you have successfully bought your first Zoin!
The next step is to transfer the Zoin you bought to your own personal Zoin wallet. To do this, download the wallet on your preferred platform and after installing and running the wallet for the first time, wait for the blockchain to fully sync.
 
  1. Close your wallet (if it’s open).
  2. Delete the following folders from %appdata% on Windows or Library/Application Support/Zoin on Mac: Blocks, Chainstate and the file peers.dat
  3. Download the latest blockchain file, extract using 7Zip or your preferred program.
  4. Paste the newly downloaded folders: Block, Chainstate and file peers.dat in ZOIN folder under %appdata% on Windows or Library/Application Support/Zoin on Mac
  5. Open the wallet and wait for it to synchronize. This should take less time than downloading the entire blockchain and syncing from scratch. The process should take around 30 minutes.
Go to the Receive tab and click on your address, then choose Copy Address. Paste that address on the Cryptopia withdraw page for Zoin and confirm that you want to withdraw. In a few minutes, your Zoin will show up in your wallet (it will be confirmed after 6 confirmations).
 
After your wallet is up to date and you’ve added some of your coins to it, you will want to make it safe in case something happens.
The first thing you want to do is to encrypt it. You can do this by clicking on Settings Encrypt Wallet
You should type in a passphrase that is safe and that you will remember, confirm this passphrase and proceed to encrypt your wallet.
Please be advised, once you set your passphrase you can’t forget it or all your funds will be lost!
Right after your wallet has been encrypted, you should make a backup of it. Click on File Backup Wallet and save the wallet as a wallet.dat file
If you want to open your wallet on another computer you may save the wallet file onto a flash drive or other backup device / method you may already have. Remember that if you encrypted your wallet before doing this backup you must know the passphrase in order to access your wallet.
 
Another way of recovering your wallet is by finding the private key for the wallet. This can be done in the wallet debug terminal (advanced). For accessing your wallet private key, you must do the following procedure:
If your wallet is encrypted: Click Help Debug Window Console (tab). In the console window, use the command walletpassphrase first:
walletpassphrase "YourPassphrase" 60 
Where "YourPassphrase" is the passphrase you used when you encrypted your wallet and 60 is the amount of time you want to unencrypt your wallet for (in seconds).
Next, use the dumpprivkey command in the following form:
dumpprivkey "wallet address" 
Replace "wallet address" with your own wallet address.
After entering these commands, you will receive your private key.
You may now write down and save this private key.
 

Method 2: Mining Zoin

The second way of obtaining Zoin is to earn it by mining, using your own hardware and a mining pool server (we recommend the official pool). Mining Zoin is possible with any modern computer as long as it has a CPU.
To start mining you need to have an account in a “pool”; this is a place where several computers (also known as workers) connect together to mine the blockchain. As we mine the blockchain, we find blocks which contain a reward (currently 12.5 Zoin) which is shared by the number of total miners depending on each person’s mining hashrate. The better your hardware is, the more Zoin you will receive from mining.
To get started, visit our official pool and create your mining account.
You will need to set up a worker. This is your mining device which should be assigned a name and password in order for the network to distinguish your mining rig from others. To do this, visit the Workers page.
The Username must be set for as many workers or computers you want to set up. For example, if the username you chose when signing up to our pool was “john123” and you set your first computer name to worker1. Then your username and worker will be: “john123.worker1”. If you set a second worker as worker2, your second worker name will be “john123.worker2” and so on. The password will be whatever you choose under the password that box, the password can be the same for all the workers.
 
Mining on Windows:
Now that your workers are set, you can go ahead and download mining software, which you can get from the Resources page of the official pool.
Once you have the mining software, open the compressed folder by extracting its contents and create a batch (.bat) file which will contain all the info necessary to mine Zoin into your account. To do this, open a text editor such as Notepad and save the file as .bat instead of .txt
 
This batch file must contain just one line:
cpuminer-aes-avx2.exe -a lyra2zoin -o stratum+tcp://zoin.netabuse.net:3000 -u username.workername -p workerpassword 
 
cpuminer-aes-avx2.exe is the .exe file that you want to use, it depends on your CPU.
Lyra2zoin is the algorithm used by Zoin, that should remain the same.
stratum+tcp://zoin.netabuse.net:3000 is the link to the official pool.
username.workername should be the username you set. (Example: john123.worker1)
workerpassword is the password you set for each worker.
Once you set this batch file, you can run it by double-clicking on it.
 
Note: Make sure that your Firewall / AV program isn’t blocking cpuminer-aes-avx2.exe or the .bat file in order for it to run successfully.
 
Mining on Linux (Advanced):
Type the following into the terminal one line at a time:
 
sudo chown -R $USER: $HOME 
 
sudo apt-get update 
 
sudo apt-get install automake autoconf pkg-config libcurl4-openssl-dev libjansson-dev libssl-dev libgmp-dev -y 
 
sudo apt-get install autotools-dev automake make libcurl4-openssl-dev g++ libssl-dev libgmp3-dev -y 
 
sudo apt-get install build-essential screen automake m4 openssl libssl-dev git libjson0 libjson0-dev libcurl4- openssl-dev autoconf python-software-properties -y 
 
sudo git clone https://github.com/JayDDee/cpuminer-opt 
 
cd cpuminer-opt 
 
./build.sh 
 
./cpuminer -a lyra2zoin -o stratum+tcp://zoin.netabuse.net:3000 -u USERNAME.WORKERNAME -p x -t x 
Replace USERNAME.WORKERNAME with your unique pool username and workername
 
Mining on Mac OS:
  1. Download and install Docker Community Edition
  2. Visit the Zoin Official Pool and create your mining account
  3. Setup a Worker
  4. Edit the line below to match your pool configuration:
 
docker run hmage/cpuminer-opt -a lyra2zoin -o stratum+tcp://zoin.netabuse.net:3000 -u USERNAME.WORKERNAME -p x 
 
hmage/cpuminer-opt is the miner that will be used by docker.
Lyra2zoin is the algorithm used by Zoin, that should remain the same.
stratum+tcp://zoin.netabuse.net:3000 is the link to the official pool.
USERNAME.WORKERNAME should be your unique username and workname (Example: john123.worker1)
If Docker up and running, open Terminal on your Mac (Command + Spacebar and type "Terminal") and paste the line you created. Docker will proceed to download the necessary programs and start mining right away. If you can see the Accepted green message you are mining and you can check all of the mining stats and your earnings from the pool on the main page.
Happy mining!
submitted by Bluish91 to zoinofficial [link] [comments]

Great interview questions for bitcoin engineers

From here...
https://bitcointalk.org/index.php?topic=5006583.0
Questions. Chapter 1: Introduction 1. What are the main Bitcoin terms? 2. What is a Bitcoin address? 3. What is a Bitcoin transaction? 4. What is a Bitcoin block? 5. What is a Bitcoin blockchain? 6. What is a Bitcoin transaction ledger? 7. What is a Bitcoin system? What is a bitcoin (cryptocurrency)? How are they different? 8. What is a full Bitcoin stack? 9. What are two types of issues that digital money have to address? 10. What is a “double-spend” problem? 11. What is a distributed computing problem? What is the other name of this problem? 12. What is an election? 13. What is a consensus? 14. What is the name of the main algorithm that brings the bitcoin network to the consensus? 15. What are the different types of bitcoin clients? What is the difference between these clients? Which client offers the most flexibility? Which client offers the least flexibility? Which client is the most and least secure? 16. What is a bitcoin wallet? 17. What is a confirmed transaction and what is an unconfirmed transaction? Chapter 2: How Bitcoin works. 1. What is the best way to understand transactions in the Bitcoin network? 2. What is a transaction? What does it contain? What is the similarity of a transaction to a double entry ledger? What does input correspond to? What does output correspond to? 3. What are the typical transactions in the bitcoin network? Could you please name three of such transactions and give examples of each type of the transaction? 4. What is a QR and how it is used in the Bitcoin network? Are there different types of QRs? If so, what are the different types? Which type is more informational? What kind of information does it provide? 5. What is SPV? What does this procedure check and what type of clients of the Bitcoin network usually use this procedure? Chapter 3: The Bitcoin client. 1. How to download and install the Core Bitcoin client? 2. What is the best way to test the API available for the Core Bitcoin client without actually programming? What is the interface called? 3. What are the major areas of operations in the Bitcoin client? What can we do with the client? 4. What are the available operations for the Bitcoin addresses? 5. What are the available read operations for the Bitcoin transactions? How is a transaction encoded in the Bitcoin network? What is a raw transaction and what is a decoded transaction? 6. If I want to get information about a transaction that is not related to any address in my own wallet, do I need to change anything in the Bitcoin client configuration? If yes, which option do I need to modify? 7. What are the available read operation for the Bitcoin blocks? 8. What are the available operations for the creation of the transactions in the Bitcoin network? 9. How do you normally need to address the unspent output from the previous transaction in order to use it as an input for a new transaction? 10. What is the mandatory operation after creating a new transaction and before sending this new transaction to the network? What state does the wallet have to be in order to perform this operation? 11. Is the transaction ID immutable (TXID)? If not why, if yes, why and when? 12. What does signing a transaction mean? 13. What are the other options for Bitcoin clients? Are there any libraries that are written for some specific languages? What types of clients do these libraries implement? Chapter 4: Keys, Addresses and Wallets. 1. What is a PKC? When it was developed? What are the main mathematical foundations or functions that PKC is using? 2. What is ECC? Could you please provide the formula of the EC? What is the p and what is the Fp? What are the defined operations in ECC? What is a “point to infinity”? 3. What is a Bitcoin wallet? Does this wallet contain coins? If not, what does it contain then? 4. What is a BIP? What it is used for? 5. What is an encrypted private key? Why would we want to encrypt private keys? 6. What is a paper wallet? What kind of storage it is an example of? 7. What is a nondeterministic wallet? Is it a good wallet or a bad wallet? Could you justify? 8. What is a deterministic wallet? 9. What is an HD wallet? 10. How many keys are needed for one in and out transaction? What is a key pair? Which keys are in the key pair? 11. How many keys are stored in a wallet? 12. How does a public key gets created in Bitcoin? What is a “generator point”? 13. Could you please show on a picture how ECC multiplication is done? 14. How does a private key gets created in Bitcoin? What we should be aware of when creating a new private key? What is CSPRNG? What kind of input should this function be getting? 15. What is a WIF? What is WIF-Compressed? 16. What is Base58 encoding and what is Base58Check encoding? How it is different from Base64 encoding? Which characters are used in Base58? Why Base58Check was invented? What kind of problems does it solve? How is Base58Check encoding is created from Base58 encoding? 17. How can Bitcoin addresses be encoded? Which different encodings are used? Which key is used for the address creation? How is the address created? How this key is used and what is the used formula? 18. Can we visually distinguish between different keys in Base58Check format? If yes, how are they different from each other? What kind of prefixes are used? Could you please provide information about used prefixes for each type of the key? 19. What is an index in HD wallets? How many siblings can exist for a parent in an HD wallet? 20. What is the depth limitation for an HD wallet key hierarchy? 21. What are the main two advantages of an HD wallet comparing to the nondeterministic wallets? 22. What are the risks of non-hardened keys creation in an HD wallet? Could you please describe each of them? 23. What is a chain code in HD wallets? How many different chain code types there are? 24. What is the mnemonic code words? What are they used for? 25. What is a seed in an HD wallet? Is there any other name for it? 26. What is an extended key? How long is it and which parts does it consist of? 27. What is P2SH address? What function are P2SH addresses normally used for? Is that correct to call P2SH address a multi-sig address? Which BIP suggested using P2SH addresses? 28. What is a WIF-compressed private key? Is there such a thing as a compressed private key? Is there such a thing as a compressed public key? 29. What is a vanity address? 30. What is a vanity pool? 31. What is a P2PKH address? What is the prefix for the P2PKH address? 32. How does the owner prove that he is the real owner of some address? What does he have to represent to the network to prove the ownership? Why a perpetrator cannot copy this information and reuse it in the next transactions? 33. What is the rule for using funds that are secured by a cold storage wallet? How many times you can send to the address that is protected by the private key stored in a cold storage? How many times can you send funds from the address that is protected by the private key stored in a cold storage? Chapter 5: Transactions. 1. What is a transaction in Bitcoin? Why is it the most important operation in the Bitcoin ecosystem? 2. What is UTXO? What is one of the important rules of the UTXO? 3. Which language is used to write scripts in Bitcoin ecosystem? What are the features of this language? Which language does it look like? What are the limitations of this language? 4. What is the structure of a transaction? What does transaction consists of? 5. What are the standard transactions in Bitcoin? How many standard transactions there are (as of 2014)? 6. What is a “locking script” and what is an “unlocking script”? What is inside these scripts for a usual operation of P2PKH? What is a signature? Could you please describe in details how locking and unlocking scripts work and draw the necessary diagrams? 7. What is a transaction fee? What does the transaction fee depend on? 8. If you are manually creating transactions, what should you be very careful about? 9. Could you please provide a real life scenario when you might need a P2SH payment and operation? 10. What is the Script operation that is used to store in the blockchain some important data? Is it a good practice? Explain your answer. Chapter 6: The Bitcoin Network. 1. What is the network used in Bitcoin? What is it called? What is the abbreviation? What is the difference between this network architecture and the other network architectures? Could you please describe another network architecture and compare the Bitcoin network and the other network architectures? 2. What is a Bitcoin network? What is an extended Bitcoin network? What is the difference between those two networks? What are the other protocols used in the extended Bitcoin network? Why are these new protocols used? Can you give an example of one such protocol? What is it called? 3. What are the main functions of a bitcoin node? How many of them there are? Could you please name and describe each of them? Which functions are mandatory? 4. What is a full node in the Bitcoin network? What does it do and how does it differ from the other nodes? 5. What is a lightweight node in the Bitcoin network? What is another name of the lightweight node? How lightweight node checks transactions? 6. What are the main problems in the SPV process? What does SPV stand for? How does SPV work and what does it rely on? 7. What is a Sybil attack? 8. What is a transaction pool? Where are transaction pools stored in a Bitcoin network client? What are the two different transaction pools usually available in implementations? 9. What is the main Bitcoin client used in the network? What is the official name of the client and what is an unofficial name of this client? 10. What is UTXO pool? Do all clients keep this pool? Where is it stored? How does it differ from the transaction pools? 11. What is a Bloom filter? Why are Bloom filters used in the Bitcoin network? Were they originally used in the initial SW or were they introduced with a specific BIP? Chapter 7: The Blockchain. 1. What is a blockchain? 2. What is a block hash? Is it really a block hash or is it a hash of something else? 3. What is included in the block? What kind of information? 4. How many parents can one block have? 5. How many children can one block have? Is it a temporary or permanent state of the blockchain? What is the name of this state of the blockchain? 6. What is a Merkle tree? Why does Bitcoin network use Merkle trees? What is the advantage of using Merkle trees? What is the other name of the Merkle tree? What kind of form must this tree have? 7. How are blocks identified in the blockchain? What are the two commonly used identities? Are these identities stored in the blockchain? 8. What is the average size of one transaction? How many transactions are normally in one block? What is the size of a block header? 9. What kind of information do SPV nodes download? How much space do they save by that comparing to what they would need if they had to download the whole blockchain? 10. What is a usual representation of a blockchain? 11. What is a genesis block? Do clients download this block and if yes – where from? What is the number of the genesis block? 12. What is a Merkle root? What is a Merkle path? Chapter 8: Mining and Consensus. 1. What is the main purpose of mining? Is it to get the new coins for the miners? Alternatively, it is something else? Is mining the right or good term to describe the process? 2. What is PoW algorithm? 3. What are the two main incentives for miners to participate in the Bitcoin network? What is the current main incentive and will it be changed in the future? 4. Is the money supply in the Bitcoin network diminishing? If so, what is the diminishing rate? What was the original Bitcoin supply rate and how is it changed over time? Is the diminishing rate time related or rather block related? 5. What is the maximum number of Bitcoins available in the network after all the Bitcoins have been mined? When will all the Bitcoins be mined? 6. What is a decentralized consensus? What is a usual setup to clear transactions? What does a clearinghouse do? 7. What is deflationary money? Are they good or bad usually? What is the bad example of deflationary spiral? 8. What is an emergent consensus? What is the feature of emergent consensus? How does it differ from a usual consensus? What are the main processes out of which this emergent decentralized consensus becomes true? 9. Could you please describe the process of Independent Transaction Verification? What is the list of criteria that are checked against a newly received transaction? Where can these rules be checked? Can they be changed over time? If yes, why would they be changed? 10. Does mining node have to be a full node? If not, what are the other options for a node that is not full to be a mining node? 11. What is a candidate block? What types of nodes in the Bitcoin network create candidate blocks? What is a memory pool? Is there any other name of the memory pool? What are the transactions kept in this memory pool? 12. How are transactions added to the candidate block? How does a candidate block become a valid block? 13. What is the minimum value in the Bitcoin network? What is it called and what is the value? Are there any alternative names? 14. What is the age of the UTXO? 15. How is the priority of a transaction is calculated? What is the exact formula? What are the units of each contributing member? When is a transaction considered to be old? Can low priority transactions carry a zero fee? Will they be processed in this case? 16. How much size in each block is reserved for high priority transactions? How are transactions prioritized for the remaining space? 17. Do transactions expire in Bitcoin? Can transactions disappear in the Bitcoin network? If yes, could you please describe such scenario? 18. What is a generation transaction? Does it have another name? If it does, what is the other name of the transaction? What is the position of the generation transaction in the block? Does it have an input? Is the input usual UTXO? If not – what is the input called? How many outputs there are for the generation transaction? 19. What is the Coinbase data? What is it currently used for? 20. What is little-endian and big-endian formats? Could you please give an example of both? 21. How is the block header constructed? Which fields are calculated and added to the block header? Could you please describe the steps for calculation of the block header fields? 22. What is a mantissa-exponent encoding? How is this encoding used in the Bitcoin network? What is the difficulty target? What is the actual process of mining? What kind of mathematical calculation is executed to conduct mining? 23. Which hash function is used in the Bitcoin mining process? 24. Could you describe the PoW algorithm? What features of the hash function does it depend on? What is the other name of the hash function? What is a nonce? How can we increase the difficulty of the PoW calculation? What do we need to change and how do we need to change this parameter? 25. What is difficulty bits notation? Could you please describe in details how it works? What is the formula for the difficulty notation? 26. Why is difficulty adjustable? Who adjusts it and how exactly? Where is the adjustment made? On which node? How many blocks are taken into consideration to predict the next block issuance rate? What is the change limitation? Does the target difficulty depend on the number of transactions? 27. How is a new block propagated in the network? What kind of verification does each node do? What is the list of criteria for the new block? What kind of process ensures that the miners do not cheat? 28. How does a process of block assembly work? What are the sets of blocks each full node have? Could you please describe these sets of blocks? 29. What is a secondary chain? What does each node do to check this chain and perhaps to promote it to the primary chain? Could you please describe an example when a fork occurs and what happens? 30. How quickly forks are resolved most of the time? Within how many new block periods? 31. Why the next block is generated within 10 minutes from the previous? What is this compromise about? What do designers of the Bitcoin network thought about when implementing this rule? 32. What is a hashing race? How did Bitcoin hashing capacity has changed within years from inception? What kind of hardware devices were initially used and how did the HW utilization evolved? What kind of hardware is used now to do mining? How has the network difficulty improved? 33. What is the size of the field that stores nonce in the block header? What is the limitation and problem of the nonce? Why was an extra nonce created? Was there any intermediate solution? If yes, what was the solution? What are the limitations of the solution? 34. What is the exact solution for the extra nonce? Where does the new space come from? How much space is currently used and what is the range of the extra nonce now? 35. What is a mining pool? Why was it created? How are normally such pools operated? Do they pay regularly to the pool participants? Where are newly created Bitcoins distributed? To which address? How do mining pools make money? How do the mining pools calculate the participation? How are shares earned calculated? 36. What is a managed pool? How is the owner of the pool called? Do pool members need to run full nodes? Explain why or why not? 37. What are the most famous protocols used to coordinate pool activities? What is a block template? How is it used? 38. What is the limitation of a centralized pool? Is there any alternative? If yes, what is it? How is it called? How does it work? 39. What is a consensus attack? What is the main assumption of the Bitcoin network? What can be the targets of the consensus attacks? What can these attacks do and what they cannot do? How much overall capacity of the network do you have to control to exercise a consensus attack? Chapter 9: Alternative Chains, Currencies and Applications. 1. What is the name of alternative coins? Are they built on top of the Bitcoin network? What are examples of them? Is there any alternative approach? Could you please describe some alternatives? 2. Are there any alternatives to the PoW algorithm? If yes – what are the alternatives? Could you please name two or three? 3. What is the operation of the Script language that is used to store a metadata in Bitcoin blockchain? 4. What is a coloured coin? Could you please explain how it is created and how it works? Do you need any special SW to manage coloured coins? 5. What is the difference between alt coins and alt chains? What is a Litecoin? What are the major differences between the Bitcoin and Litecoin? Why so many alt coins have been created? What are they usually based on? 6. What is Scrypt? Where is it used and how is it different from the original algorithm from which it has been created? 7. What is a demurrage currency? Could you please give an example of one blockchain and crypto currency that is demurrage? 8. What is a good example of an alternative algorithm to PoW? What is it called and how is it different from the PoW? Why the alternatives to Bitcoin PoW have been created? What is the main reason for this? What is dual-purpose PoW algorithms? Why have they been created? 9. Is Bitcoin “anonymous” currency? Is it difficult to trace transactions and understand someone’s spending habits? 10. What is Ethereum? What kind of currency does it use? What is the difference from Bitcoin? Chapter 10: Bitcoin security. 1. What is the main approach of Bitcoin security? 2. What are two common mistakes made by newcomers to the world of Bitcoin? 3. What is a root of trust in traditional security settings? What is a root of trust in Bitcoin network? How should you assess security of your system? 4. What is a cold storage and paper wallet? 5. What is a hardware wallet? How is it better than storing private keys on your computer or your smart phone?
submitted by 5tu to BitcoinTechnology [link] [comments]

Compact Multi-Signatures for Smaller Blockchains

Cryptology ePrint Archive: Report 2018/483
Date: 2018-06-10
Author(s): Dan Boneh, Manu Drijvers, Gregory Neven

Link to Paper


Abstract
We construct new multi-signature schemes that provide new functionality. Our schemes are designed to reduce the size of the Bitcoin blockchain, but are useful in many other settings where multi-signatures are needed. All our constructions support both signature compression and public-key aggregation. Hence, to verify that a number of parties signed a common message m, the verifier only needs a short multi-signature, a short aggregation of their public keys, and the message m. We give new constructions that are derived from Schnorr signatures and from BLS signatures. Our constructions are in the plain public key model, meaning that users do not need to prove knowledge or possession of their secret key.
In addition, we construct the first short accountable-subgroup multi-signature (ASM) scheme. An ASM scheme enables any subset S of a set of n parties to sign a message m so that a valid signature discloses which subset generated the signature (hence the subset S is accountable for signing m). We construct the first ASM scheme where signature size is only O(k) bits over the description of S, where k is the security parameter. Similarly, the aggregate public key is only O(k) bits, independent of n. The signing process is non-interactive. Our ASM scheme is very practical and well suited for compressing the data needed to spend funds from a t-of-n Multisig Bitcoin address, for any (polynomial size) t and n.

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Cryptocurrency trenches: Are bitcoin & blockchain really transformative?

Today, I interviewed Phil Raymond. He co-chairs CRYPSA, hosts the New York Bitcoin Event and is keynote speaker at Cryptocurrency Conferences. He sits on the New Money Systems board of Lifeboat Foundation and is a top Bitcoin writer at Quora.

For the people who don’t know you, what can you tell about yourself?

I was originally a hardware design engineer, creating electronic memory systems for computers and a few consumer products. Later, I started a company that designed and manufactured local area network devices for the smart building controls industry.
Back at college, I studied hardware engineering, of course. But I was always fascinated with encryption, compression and error correction. I studied under Gilles Brassard (inventor of Quantum Cryptography), and I met Claude Shannon (the father of information theory) and David Chaum (founder of DigiCash). In the early days of email, I latched onto PGP, RSA and the public key infrastructure that enables internet commerce. I realized that these concepts would enable transformative products and services, and that they would radically benefit consumers.
Nine years ago, Satoshi hit the scene with a solution to the Double-Spend problem. In a very brief whitepaper, he articulated the blockchain and even introduced a test platform which used a blockchain as a distributed consensus mechanism for digital cash that required no central nexus or authoritative bookkeeper. He called it “Bitcoin”.
I was fortunate to appreciate the tectonic importance of Satoshi’s gift to mankind. The blockchain and Bitcoin are easily misunderstood or dismissed today, but they are no less important than the internet or public key cryptography. They will radically change how we work, play, spend money and how we interact with each other. Ultimately, they will redefine the relationship between citizens and their governments, because these concept allow us to redefine trust and democracy in a way that more closely matches our goals and ideals.
I was involved in cryptocurrency early on, even in the pre-PayPal days of DigiCash and Digital Gold.
So, what do I do today?
I co-chair the Cryptocurrency Standards Association, a loose-knit collaborative of researchers, journalists, enthusiasts and vendors. I host the New York Bitcoin Event and more recently, I am keynote speaker at Cryptocurrency Conferences. I also sit on the New Money Systems board at Lifeboat Foundation. I am a top Bitcoin writer at Quora and editor of the Blog, AWildDuck.com

What is blockchain and, how does it work?

We hear a lot about the blockchain. We also hear a lot of misconceptions about its purpose and benefits. Some have said that it represents a threat to banks or to governments. Nonsense! It is time for a simple, non-political, and non-economic definition…

What is a Blockchain?

A blockchain is a distributed approach to bookkeeping. Because it opens and distributes the ledger among all participants, it offers an empowering, efficient and trusted way for disparate parties to reach consensus. It is “empowering”, because conclusions built on a blockchain can be constructed in a way that is inherently fair, transparent and resistant to manipulation. At scale, it is also massively redundant. This further leads to a hardened network which can resist loss whether caused by accident, faulty infrastructure or attack.
This is why blockchain-backed systems are generating excitement. Implemented as distributed and permissionless, they take uncertainty out of accounting, voting, legislation or research, and replace it with trust and security. Benefits are bestowed without the need for central authority or arbitration. The blockchain not only solves a fundamental transaction challenge, it addresses communication and arbitration problems that have bedeviled thinkers since the ancient Egyptians.

Related explanations:

What is a cryptocurrency and, how does it work?

Cryptocurrency is a blockchain-based token that has achieved a two-sided network and is used like money in payment for goods, services or debts. It is not simply traded by investors, hoarders and speculators (although these trades dominate the early adoption phase) — and it is not simply used as an asset-backed payment instrument like a gift card or debit card. (Those are instruments are tied to dollars or the solvency of banks and retailers). Rather, a cryptocurrency is traded with the potential to be the money itself. It’s value floats freely with supply and demand.
It is important to distinguish cryptocurrency from ICOs (Initial Coin Offerings) and other digital tokens. Cryptocurrency always refers to Bitcoin or other altcoins that are built on an open source, transparent and permissionless blockchain. They have no proprietary code or features, and every transaction from the very start of time is open to public scrutiny.
A cryptocurrency might have a functional purpose like some ICOs (That is, they might be used for something other than a payment instrument). But they are never associated with Airdrops, multi-level trading, or promotions that generate benefits to early adopters or those who refer. These gimmicks never apply to genuine cryptocurrencies. They are concepts from the marketers who hawk ICOs. Those are digital products for speculators and not a cryptocurrency.

How do they work?

Cryptocurrencies work by permitting trust without any central authority keeping the books. Instead of a bank or retailer tracking your ownership of coins, a network of miners act as a giant network of distributed accounts. Their activity maintains the transaction logs, attests to the validity of transactions and keeps track of who owns what.

Here are some really interesting facts about miners:

(a) Anyone can be a miner. There are no restrictions on joining the party
(b) Eventually, everyone will be a miner, whether they realize it or not. That is, it will become a part of every wallet. The reason that everyone will become a miner, is because the rewards will eventually run out. When they do, the spread of mining to all parties is the glue that will keep transactions fast, free and trusted.
(c) Miners don’t “see” that they are writing, validating, publishing and guaranteeing validity of the books. From their perspective, they are participating in a massive networked gaming community. They race other gamers, trying to solve a math puzzle, while seeking little rewards as they go along.

Do you see future where we will adopt cryptocurrencies at international scale and, why?

It is inevitable! Someday, Cryptocurrencies will replace government issued currencies. I am certain of this. Why is this? Because Bitcoin is not only good for consumers, vendors, banks, lenders, creditors and NGOs — it is especially good for governments.
Today, some legislators and politicians fear that cryptocurrency will undermine a country’s control over its own monetary policy. This is true. Indeed, governments will lose that control. And this is good.
A government no more needs control over monetary policy as it does over telecommunications or the package delivery services. We are conditioned to believe that value comes from a trusted party, and this makes it hard to give up our assumption that governments must control the creation of wealth. But, in fact, nations are much healthier if they must balance their books like any individual, business, NGO, club, state or municipality. They can still borrow, of course. But they will no longer be able to print funny money and continuously hoist their debts onto unborn generations.

Why did bitcoin reach such a high value??

Bitcoin had a significant rise in 2017. From $1000 to almost $20,000 per BTC unit. During that time, the subject spread like wildfire — and so, of course did investor interest. News stories flourished and these led to functional studies by banks, vendors, exchanges, and settlement houses. But, more than 95% of trades were made by investors, day traders, hoarders and speculators, and this leads to a volatile commodity. (Not a bubble, but a very rapidly changing value). This exchange value makes for great dinner-table discussion. It also makes some very rich and poor traders. But, in the end, it is quite meaningless.
In the end, 1 BTC will always be worth 1 BTC. When the exchange rate fluctuates relative to the dollar or some other currency, you will wonder what good or bad news affected the value of the dollar. You will not wonder about Bitcoin, because goods and services will be quoted and exchanged in Bitcoin, and the value to your household will not fluctuate rapidly.

What is the best cryptocurrency out there and, why?

Bitcoin is the only viable long-term cryptocurrency. Others, like Ethereum, may survive or even flourish, but this is because they serve other markets, and are not trying to be simply money.

The reason that Bitcoin will not be dethroned as the future of money, is:

Developers that I work with view every altcoin as a beta test platform for Bitcoin. Any improvement, new feature or clever innovation can be backed into Bitcoin. It’s a messy exercise in democracy, but ultimate, it only requires that the new code is accepted by a majority of miners — or championed by rising user awareness.

Do you think ETFs will be possible?

Sure. This will happen. Some government bodies will be against it and some will be for it. But either way, it is fait accompli. Eventually, every country will be dragged into the party. In any democracy or capitalist country, there is no reasonable basis for government or regulators to forbid citizens from creating securities out of any commodity or asset. Cryptocurrencies do not present any unique issues for brokers and traditional exchanges. They can be easily securitized or partitioned into derivatives. Sure, some of these instruments will amplify risk, but in the end, the public will create and market whatever instruments they wish.

Do you think decentralization will be inevitable and, why?

Yes. Decentralization is inevitable, because it addresses the goal of fairness, accountability and capitalism. It has always been a viable solution, but without a mechanism to enable applications.
Trust built on decentralized consensus (especially money) creates a fair, transparent, fluid network. It keeps governments honest.
Contrary to early pundits, decentralized cryptocurrency does not lessen a government’s ability to tax, spend or enforce tax collection. Additionally, it does not facilitate crime. These are early myths from analysts who did not fully understand or appreciate the blockchain.
But, cryptocurrency will certainly change the social contract between a government, its citizens and its creditors. Walls will come tumbling down, and this benefits everyone.

Do you think we are making history and, why?

Yes indeed. Just like the steam hammer, the telephone, the internal combustion engine, the transistor and the internet, our grandchildren will look back on the 20-teens and 2020s, and ask what it was like to witness a revolution is real time. The advent of cryptocurrency is a bit harder to grasp at first. But it is just as transformative; just as beneficial; just as important to our future.

Can you name some of the projects who will have huge impact in society and, why?

Voting, Real estate (deeds, transfers, liens), contracts, multisig consensus (related to anything), peer review (in any field), medicine, genetics, law (adjudication & arbitration), sports (scoring and consensus) — and hundreds of fields that we cannot yet imagine.

What advice can you give to the people who are starting their own project on the blockchain?

Keep your eye on the fundamental things that make the blockchain credible and beneficial. That is, Be very skeptical of any implementation that is not:
If you are involved in a project that uses a new coin or token, ask yourself if the problem could be addressed by Bitcoin or Ethereum. If so, why bother with the new coin? It certainly cannot be as fair, transparent, vetted and scalable.

Where should people start when they want to begin to learn how blockchain works?

What resources can you share with us, besides the ones that you already share?

I write a lot of articles about the revolution under our feet. With irreverent modesty, I refer you to my own articles:
WildDuck I write under the pen name, “Ellery” [View articles]
• LinkedIn Blockchain columnist: Dozens of published articles. Additionally,
• Lifeboat Board member, Columnist [View articles]
• Quora Most active author Bitcoin & blockchain [1000 articles as “Ellery”]
Sophos Bitcoin wallet security [View article]

What is the next milestone to the blockchain?

In the past few months, we have seen the gradual roll out of Lightning Network. It successfully addressed critical infrastructure problems associated with of transaction speed, cost, and other issues affecting scalability.
There are several minor issues to be addressed, mostly related to security, malleability, and testability. But I am most interested in two long term issues that must eventually be addressed:

1. Energy Consumption Caused by Proof of Work

The blockchain is the engine of Bitcoin and all other fair cryptocurrencies. Currently, Bitcoin’s blockchain is based on a distributed consensus mechanism called Proof of Work [POW]. It is fair, but it is very expensive. If solar power and other cheap energy sources spread across the world, the economics of POW guarantee that all the new, inexpensive energy will be diverted into mining and will not free humanity from fossil fuels and massive cash payments across borders.
We must replace the current Proof-of-Work mechanism with one that does not suck up every available kilowatt. Currently, POW is the scalability elephant in the room. Other cryptocurrencies have introduced alternate consensus mechanisms, but, in my opinion, they are either centralized or unfair.
Fortunately, other fair, distributed consensus mechanisms are on the horizon. You can read more about it here:

2. Dwindling of Mining Rewards and the Alignment of Goals

Every user must eventually become a miner. This will align the interests of stakeholders, incentive validators (what is now called miners), and enhance Satoshi’s vision of a fair, decentralized system of accounting and consensus.

What motivates you?

I am very fortunate to have discovered a calling and a career that fires my passion in every way. I recognized the importance of the blockchain and Bitcoin very early, and as an amateur writer, I realized that I could dispel myths that were bound to arise. The biggest myths about cryptocurrency, and Bitcoin in particular, are:
Absolutely none of this is true. But it makes for great press and it leads to a state of fear, which helps to mislead the public. I try hard to counter such misunderstanding and irrational fear in my articles, presentations and consulting.

What’s your definition of success?

Cryptocurrency transactions fall into two classes:

1. Transactions driven by money exchange or investment (speculators, hoarders, day traders)
2. Transactions driven by commerce (purchases, sales, debt settlement, staff salaries, interbank transfers, bonding shipments).
Today, the first category accounts for 95% or more of all Bitcoin transactions.
The first stage of “success” will be the time at which the fraction of Bitcoin transactions in Category 2 exceeds those in Category one. This will be the day that Bitcoin stops fluctuating and becomes a serious economic instrument.
Later a 2nd success will arrive when citizens of the world begin to shift their accumulated wealth and credit from legacy, national currencies to Bitcoin.

What you think of work/life balance?

With any career or project, there is always a risk of abandoning family responsibilities or the need to relax. I find my work to be both rewarding and relaxing (my career in cryptocurrencies and blockchain). But, I still spend more than half of my time with family and friends. For me, the balance is crucial to leading a fulfilling life.
Many of these friends are interested in the same things as me, and i always try to learn from those with different interests and skills.

What is the best advice you can give to the people who are reading this?

Don’t get sucked into ICOs. They are scams
More about this:
(a) Is every ICOs a scam?
(b) ICOs & altcoins rise and fall, but Bitcoin endures
-Philip Raymond
Phil Blockchain columnist: Dozens of published articles. Additionally, Admin/Moderator of Largest Bitcoin group; 30,000+…bitcoinreferee.com
Thanks for reading. If you have thoughts on this, be sure to leave a comment.
If you found this article helpful, smash the clap 👏 button.
You can follow me on twitter for more.
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