Paper wallet. All about cryptocurrency - BitcoinWiki

Paper Wallet Hacked - Please Help Troubleshoot /r/Bitcoin

Paper Wallet Hacked - Please Help Troubleshoot /Bitcoin submitted by cryptoanalyticabot to cryptoall [link] [comments]

Paper Wallet Hacked - Please Help Troubleshoot /r/Bitcoin

Paper Wallet Hacked - Please Help Troubleshoot /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Help please. Stored paper multi-sig wallet from Coinbase showing 0 BTC, was it hacked or am I doing something wrong? /r/Bitcoin

Help please. Stored paper multi-sig wallet from Coinbase showing 0 BTC, was it hacked or am I doing something wrong? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Are there any cases of hardware/paper wallets getting hacked? /r/Bitcoin

Are there any cases of hardware/paper wallets getting hacked? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Hacked Bitcoin Paper Wallet

Hacked Bitcoin Paper Wallet submitted by Beyondem to Bitcoin [link] [comments]

Could a super computer hack ALL paper wallets? /r/Bitcoin

Could a super computer hack ALL paper wallets? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Hacked Bitcoin Paper Wallet : Bitcoin

Hacked Bitcoin Paper Wallet : Bitcoin submitted by allex2501 to BrasilBitcoin [link] [comments]

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

The most secure wallet? Hardware wallets can be cracked?

PS. I tried to post this at BitcoinBeginners but it got automatically removed.
I know the first question in the title is asked a ton, but I have some other questions aswell.
So I do freelancing online and have chosen to recieve my payment in btc for a while, while I fix some problems I have with my bank, and currently I have $1.5k in Bitcoin, these are on my blockchain account as I thought it was OK but recently did some more research and found out that it was not as secure as I thought (although not extremely sure why its not safe, but I thought I should try to find something more secure).
So far I found out that cold wallets or offline wallets are the most secure. Ive looked at Trezor and Ledger, although leaning more towards Trezor since ive seen a lot of articles and reddit posts stating its the most secure.
warning: you might facepalm while reading some of my questions
1. I saw some people saying that if you lose your Trezor wallet you don't need to worry, as long as you have those security words. But then I saw somewhere else that some guys cracked Trezor and Ledger wallets and could see the passphrase from it. So is it really that secure? Like if I lose the physical thing, is it possible that it can get hacked?
2. Something else I also don't quite get, is that it is called an offline wallet, but you can still access it from anywhere if you have the security keys. Doesn't that mean it is an online wallet aswell? Like if my whole house burns down including the hw wallet, but I still remember my keys, I will still be able to access my wallet right?
3. Another thing I am wondering is that if my computer has a virus or malware or something similar, and I plug in my HW wallet, could they get access to it?
4. I also have like $300 in monero, can I store these too on a hardware wallet? Does it require a second security phrase, or does all the cryptos go under one?
5. Is it anonymous? Like if someone knows my bitcoin wallet, can they somehow find me? Can they find out that it is connected to my monero wallet? Does TrezoLedger track my transactions or log anything?
Currently I am leaning towards buying the Trezor Model T, and writing down the passphrase on two pieces of paper, hiding them somewhere really safe in the house (somewhere I will remember ofcourse), but still repeat the codes until I know them all in my head. I am thinking of bringing the Trezor Model T everywhere I go, like I do with my phone. I have never lost anything; keys, phones, wallets, cards, etc. never. Although I need to be on the safe side, hence my question about if I lose the physical wallet.
6. Or is there some other insanenly secure wallet that I have not heard of?
I will be grateful for anyone trying to answehelp :)
submitted by pureonet to Bitcoin [link] [comments]

Bitcoin stolen then partially returned? Huh?

I put 42$ into a bitcoin atm. It showed up in my wallet as 49.00$ worth of bitcoin. Then all but .60 worth of bitcoin was sent to another wallet. but an hour ago 35$ worth of bitcoin was sent to my wallet.
what is going on here?
submitted by Kyedmipy to BitcoinBeginners [link] [comments]

The most secure wallet? Hardware wallets can be cracked?

I know the first question in the title is asked a ton, but I have some other questions aswell.
So I do freelancing online and have chosen to recieve my payment in btc for a while, while I fix some problems I have with my bank, and currently I have $2k in Bitcoin, these are on my blockchain account as I thought it was OK but recently did some more research and found out that it was not as secure as I thought (although not extremely sure why its not safe, but I thought I should try to find something more secure).
So far I found out that cold wallets or offline wallets are the most secure. Ive seen at Trezor and Ledger, although leaning more towards Trezor since ive seen a lot of articles and reddit posts stating its the most secure.
I saw some people saying that if you loose your Trezor wallet you don't need to worry, as long as you have those security words. But then I saw somewhere else that some guys cracked Trezor and Ledger wallets and could see the passphrase from it. So is it really that secure? Like if I loose the physical thing, is it possible that it can get hacked?
Something else I also don't quite get, is that it is called an offline wallet, but you can still access it from anywhere if you have the security keys. Doesn't that mean it is an online wallet aswell? Like if my whole house burns down including the hw wallet, but I still remember my keys, I will still be able to access my wallet right?
Another thing I am wondering is that if my computer has a virus or malware or something similar, and I plug in my HW wallet, could they get access to it?
I also have like $300 in monero which I honestly cant remember where I got, but can I store these too on a hardware wallet? Does it require a second security phrase, or does all the cryptos go under one?
Currently I am leaning towards buying the Trezor Model T, and writing down the passphrase on two pieces of paper, hiding them somewhere really safe in the house (somewhere I will remember ofcourse), but still repeat the codes until I know them all in my head. I am thinking of bringing the Trezor Model T everywhere I go, like I do with my phone. I have never lost anything, keys, phones, wallets. never. Although I need to be on the safe side, thus my question about if I loose the physical wallet.
Or is there some other insanenly secure wallet that I have not heard of?
I will be grateful for anyone trying to answehelp :)
submitted by pureonet to BitcoinBeginners [link] [comments]

Aren't all types of wallets vulnerable to poor seed phrase security?

Can someone explain to me why hardware wallets are considered to be such a superior solution for Bitcoin storage? My understanding is that whether you use a hardware wallet, a paper wallet, a brain wallet etc - you still have the same problem of storing your seed phrase somewhere safe. And if you store it offline then there's a risk it will destroyed/stolen/forgotten, but if you store it online then there's a risk it will be hacked. Is there a way to get around this single-point-of-failure in terms of storing the seed phrase?
submitted by punchbagged to Bitcoin [link] [comments]

Bob The Magic Custodian



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ %^&**YIUHJKN

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ $%^R&TYUHBJN

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ [email protected]#$%^

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ &*(YUIHOJKJ

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ $%R%^TGYHUNU

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ _*&HIJO

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

100 Days later. From noob to moons. I wrote this “guide” based on my journey into crypto.

It’s already been 100 days. What a ride it’s been. I created this account and joined this sub not long after I bought my very first ETH. That’s right, I skipped Bitcoin and my first foray into crypto was Ethereum. I was never sold on BTC and even when it was booming back in the day I didn’t feel like I missed out on anything. I just don’t believe in it if I’m being honest. I respect everything about Bitcoin and Satoshi (whoever you are) sounds like a genius and a revolutionary but I don’t see the use case potential with it. I consider Bitcoin like the Metallica of crypto, a little analogy for myself. I’m a big fan of bands like Tool and The Deftones and I give credit where it’s due to Metallica for paving the way for them to be able to make new music. Bitcoin started the movement but I was sold on the progressive thinkers that followed it. Ethereum is my main commitment and always will be. Vitalik is a very weird person and that is what drew me to it initially. I saw a Vice documentary when I was first looking into crypto to understand and they also included a bonus bit with him. Those were enough to spark my interest and it sort of sent me into a wormhole of research. That was back in March.
I like to think I’ve come a long way. Since I was unemployed I decided to spend my spare time studying crypto. I started with exchanges. Being from Canada my options definitely seemed limited, as a noob at least. Google helped most of the way by putting in things like “Ethereum explained” and “How to store crypto” which brought up a lot of useful information. Overwhelming to say the least. But I didn’t stop at the basics. No, no, no. It made me fascinated with blockchain as a technology beyond cryptocurrency. I read the Ethereum Whitepaper after the Bitcoin whitepaper because everyone should read that one. Satoshi started this, if you don’t understand why he(or she or however they identify) created Bitcoin then you will never understand cryptocurrency fully. Then it came time to buy some.
I initially tried eToro and was immediately hit with the “service not available in Canada” issue. So I searched exchanges in Canada and found Coinberry, Shakepay and the already defunct Quadriga. Thankfully the quadriga news was easy to search so it didn’t take long for me to become paranoid about my investments. Coinsquare was also an option that turned out to also be a scam. After eToro I tried Coinberry and I submitted my KYC info and all then crickets they ghosted me. I’d been in contact with customer service prior to submitting and they seemed fine until then. I persevered. Shakepay was next. Fingers were crossed going into this one. I chatted with Shakepay customer service for the better part of an hour on my first day. I asked all of the technical questions and also the stupid ones. I wanted transparency and got it from them. So I bought 1 whole ETH. Next I had to figure out a wallet.
This was difficult. I didn’t need a hardware wallet for 1 ETH, that was overkill. I learned early that the exchange isn’t safe “not your keys not your coins” is a common expression. So I found that middle ground in Atomic Wallet. I did a lot of searching before settling on them. Metamask was the other thought but when I had taken a solidity crash course I struggled with it and didn’t try again. The other wallet options I considered were Exodus Wallet and Guarda. I don’t want to break this down to a full wallet review but I will say that I use both Atomic and Exodus and they are great. I’ve never had an issue and the customer service communication has always been great. They’re transparent and helpful as long as you don’t try to attack them and blame them when you have issues.
What I liked about Atomic when I first looked into it was the very helpful knowledge base they’ve created. The embedded links are to the wallets respective educational resources. If you asked me I’d say people don’t spend enough time reading at least the FAQ of a wallet, exchange or app that they use. Personally, I have read just about every article on both Exodus and Atomic (aside from the ones that repeat the same thing) so that I don’t have to ask everything. If you do take some time, and not that much, you will see they state “We will never ask you to enter your seed for any reason” and that would prevent so many phishing scams, which is what happens when people think they’re hacked. I think it’s important that everyone takes a moment to read about how to avoid being phished. Also check this one about things like pump and dumps and ICO scams.
Now about the community. This place is awesome and I’m glad that I found this sub. It is certainly one of the best subs I’ve joined. I’m also subscribed to just about every single other crypto sub you can find, I like to know what’s going on in every project. I have my favourites and there are a few I’m certainly opposed to but I try to remain as unbiased as possible. I don’t let my investments influence my arguments because that makes it too emotionally driven. I argue with what I’ve read and learned about and am always willing to be told I’m wrong. The moons were such an important factor to that. When I first started into crypto I thought that moons would impact ETH price because I though “reddit is huge, everyone will want ETH after” but I was stupidly wrong. I would never think that again but I wanted to admit so everyone knows that we all start without basic knowledge in this. I wanted moons but my new account wasn’t allowed to post. I had to wait 50 days. What did I do? Engaged in other communities. I learned from other projects. Knowledge is power and it’s by learning and by gaining that knowledge before I could post it only took me 4 weeks to earn 35,000(nearest makes no difference) moons.
During my pre-posting time I read multiple whitepapers for projects like NEO, Ripple(to which I am known to be opposed to but bias aside I’ve listed), Stellar, Komodo, Vechain, [Cardano(not really a whitepaper more of a “why” paper)](https://[cardano.org/why/) and so many more.
I just wanted to link some so that people can read some varying whitepaper to get the differences in ideas. It’s tedious but these are the best ways to understand what’s going on and what the potential of blockchain is. I also got comfortable with reading charts because it’s important for learning trends. I don’t know all the technical terms and buzzwords for patterns but I recognize rhythm and patterns in things and combine that with my own best guess to figure out what to move for. I like statistics so it isn’t boring to me to read them. I mostly use Coingecko for tracking coins and the news section is great. I have made a list of favourites(my own top 40) and I check them daily. Multiple times daily to be honest. I also use Cointelegraph for news, I like their artwork. I also use decrypt because they tend to have more Ethereum and Altcoin news.
Anyway, this has gotten beyond long enough. I hope it is helpful to some. I kind of wish I had found a resource with everything I needed to know to get started in one easy place. There isn’t. But this is a good way to get started.
Thank you for reading. Everything I say is open to constructive criticism but let’s keep it sensible and respectful.
submitted by ethereumflow to u/ethereumflow [link] [comments]

Top 10 Tricks to keep your wallet secure with Bitcoin

If you are keen on building a Bitcoin portfolio, then getting a Bitcoin wallet is one of the main things you need to remember. You can have several choices, but when it comes to using a Bitcoin wallet, you also need to know how to keep a secure Bitcoin wallet.
To keep your Bitcoin wallet safe, 10 tips and tricks:
  1. There are various types of wallets available, but when it comes to selecting the safest one, you must consider the hardware wallet. For those who have questions about cyber threats, it is fine. Companies such as Trezor and ledger have USB-like decisions that come with security features that can be accessed only with the private key.
2.Keep the private key offline- Holding the private key offline is another way to protect your Bitcoin wallet, i.e. you can pen down the key on the paper and keep it in a secure location.
  1. Keep an online check-Another part of the effect you can not ignore is that you must have a stable internet connexion. If you have a Bitcoin wallet on your laptop, then the public network must be linked to your laptop.
  2. Move to advanced antivirus software- The system's antivirus software is one of the main things that you do not undermine. Windows is vulnerable to more general malware and other malicious programmes. So, you have to consider downloading an advanced antivirus system if you are using a Windows operating system.
  3. Neve click on a suspicious link-Take care of your internet malicious behaviour. Often you can experience fishy links; these are malware that can hack into your device and corrupt all the data. Make sure you sue the same URL address and make sure that you check the URL and verify that it is secure if you are using the online wallet where you are expected to enter the private key.
  4. Never share a private key- You must never share a private key with third parties, regardless of the degree of confidence. Ignoring private key exchange is a stern no.
  5. Use strong passwords-Another key factor that you need to take into consideration is the strong passwords that you use for the private key. To keep it powerful and original, it must be a combination of numbers and alphabets, make use of case-sensitive letters along with special characters.
  6. Never share a private key- You must never share a private key with others, regardless of the degree of trust.
  7. Use two-factor authentication-Using two-factor authentication is one of the simplest ways to keep your wallet secure. This nullifies any form of hazard.
  8. Digital wallet backup- Getting a digital wallet backup will keep your asset secure. You can use this digital wallet backup if you lose the wallet or your computer fails to work. Make sure you keep the backup in a secure place, and you can recover it quickly.
Conclusion- You can ensure the protection of your crypto-currency wallet with these simple tips. For more important news of this nature, contact theBlockchain Council today.
submitted by Blockchain_org to BlockchainStartups [link] [comments]

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake
https://preview.redd.it/b80c05tnb9e51.jpg?width=2550&format=pjpg&auto=webp&s=850282c1a3962466ed44f73886dae1c8872d0f31
Submitted for consideration to The Great Reddit Scaling Bake-Off
Baked by the pastry chefs at Offchain Labs
Please send questions or comments to [[email protected] ](mailto:[email protected])
1. Overview
We're excited to submit Arbitrum Rollup for consideration to The Great Reddit Scaling Bake-Off. Arbitrum Rollup is the only Ethereum scaling solution that supports arbitrary smart contracts without compromising on Ethereum's security or adding points of centralization. For Reddit, this means that Arbitrum can not only scale the minting and transfer of Community Points, but it can foster a creative ecosystem built around Reddit Community Points enabling points to be used in a wide variety of third party applications. That's right -- you can have your cake and eat it too!
Arbitrum Rollup isn't just Ethereum-style. Its Layer 2 transactions are byte-for-byte identical to Ethereum, which means Ethereum users can continue to use their existing addresses and wallets, and Ethereum developers can continue to use their favorite toolchains and development environments out-of-the-box with Arbitrum. Coupling Arbitrum’s tooling-compatibility with its trustless asset interoperability, Reddit not only can scale but can onboard the entire Ethereum community at no cost by giving them the same experience they already know and love (well, certainly know).
To benchmark how Arbitrum can scale Reddit Community Points, we launched the Reddit contracts on an Arbitrum Rollup chain. Since Arbitrum provides full Solidity support, we didn't have to rewrite the Reddit contracts or try to mimic their functionality using an unfamiliar paradigm. Nope, none of that. We launched the Reddit contracts unmodified on Arbitrum Rollup complete with support for minting and distributing points. Like every Arbitrum Rollup chain, the chain included a bridge interface in which users can transfer Community Points or any other asset between the L1 and L2 chains. Arbitrum Rollup chains also support dynamic contract loading, which would allow third-party developers to launch custom ecosystem apps that integrate with Community Points on the very same chain that runs the Reddit contracts.
1.1 Why Ethereum
Perhaps the most exciting benefit of distributing Community Points using a blockchain is the ability to seamlessly port points to other applications and use them in a wide variety of contexts. Applications may include simple transfers such as a restaurant that allows Redditors to spend points on drinks. Or it may include complex smart contracts -- such as placing Community Points as a wager for a multiparty game or as collateral in a financial contract.
The common denominator between all of the fun uses of Reddit points is that it needs a thriving ecosystem of both users and developers, and the Ethereum blockchain is perhaps the only smart contract platform with significant adoption today. While many Layer 1 blockchains boast lower cost or higher throughput than the Ethereum blockchain, more often than not, these attributes mask the reality of little usage, weaker security, or both.
Perhaps another platform with significant usage will rise in the future. But today, Ethereum captures the mindshare of the blockchain community, and for Community Points to provide the most utility, the Ethereum blockchain is the natural choice.
1.2 Why Arbitrum
While Ethereum's ecosystem is unmatched, the reality is that fees are high and capacity is too low to support the scale of Reddit Community Points. Enter Arbitrum. Arbitrum Rollup provides all of the ecosystem benefits of Ethereum, but with orders of magnitude more capacity and at a fraction of the cost of native Ethereum smart contracts. And most of all, we don't change the experience from users. They continue to use the same wallets, addresses, languages, and tools.
Arbitrum Rollup is not the only solution that can scale payments, but it is the only developed solution that can scale both payments and arbitrary smart contracts trustlessly, which means that third party users can build highly scalable add-on apps that can be used without withdrawing money from the Rollup chain. If you believe that Reddit users will want to use their Community Points in smart contracts--and we believe they will--then it makes the most sense to choose a single scaling solution that can support the entire ecosystem, eliminating friction for users.
We view being able to run smart contracts in the same scaling solution as fundamentally critical since if there's significant demand in running smart contracts from Reddit's ecosystem, this would be a load on Ethereum and would itself require a scaling solution. Moreover, having different scaling solutions for the minting/distribution/spending of points and for third party apps would be burdensome for users as they'd have to constantly shuffle their Points back and forth.
2. Arbitrum at a glance
Arbitrum Rollup has a unique value proposition as it offers a combination of features that no other scaling solution achieves. Here we highlight its core attributes.
Decentralized. Arbitrum Rollup is as decentralized as Ethereum. Unlike some other Layer 2 scaling projects, Arbitrum Rollup doesn't have any centralized components or centralized operators who can censor users or delay transactions. Even in non-custodial systems, centralized components provide a risk as the operators are generally incentivized to increase their profit by extracting rent from users often in ways that severely degrade user experience. Even if centralized operators are altruistic, centralized components are subject to hacking, coercion, and potential liability.
Massive Scaling. Arbitrum achieves order of magnitude scaling over Ethereum's L1 smart contracts. Our software currently supports 453 transactions-per-second for basic transactions (at 1616 Ethereum gas per tx). We have a lot of room left to optimize (e.g. aggregating signatures), and over the next several months capacity will increase significantly. As described in detail below, Arbitrum can easily support and surpass Reddit's anticipated initial load, and its capacity will continue to improve as Reddit's capacity needs grow.
Low cost. The cost of running Arbitrum Rollup is quite low compared to L1 Ethereum and other scaling solutions such as those based on zero-knowledge proofs. Layer 2 fees are low, fixed, and predictable and should not be overly burdensome for Reddit to cover. Nobody needs to use special equipment or high-end machines. Arbitrum requires validators, which is a permissionless role that can be run on any reasonable on-line machine. Although anybody can act as a validator, in order to protect against a “tragedy of the commons” and make sure reputable validators are participating, we support a notion of “invited validators” that are compensated for their costs. In general, users pay (low) fees to cover the invited validators’ costs, but we imagine that Reddit may cover this cost for its users. See more on the costs and validator options below.
Ethereum Developer Experience. Not only does Arbitrum support EVM smart contracts, but the developer experience is identical to that of L1 Ethereum contracts and fully compatible with Ethereum tooling. Developers can port existing Solidity apps or write new ones using their favorite and familiar toolchains (e.g. Truffle, Buidler). There are no new languages or coding paradigms to learn.
Ethereum wallet compatibility. Just as in Ethereum, Arbitrum users need only hold keys, but do not have to store any coin history or additional data to protect or access their funds. Since Arbitrum transactions are semantically identical to Ethereum L1 transactions, existing Ethereum users can use their existing Ethereum keys with their existing wallet software such as Metamask.
Token interoperability. Users can easily transfer their ETH, ERC-20 and ERC-721 tokens between Ethereum and the Arbitrum Rollup chain. As we explain in detail below, it is possible to mint tokens in L2 that can subsequently be withdrawn and recognized by the L1 token contract.
Fast finality. Transactions complete with the same finality time as Ethereum L1 (and it's possible to get faster finality guarantees by trading away trust assumptions; see the Arbitrum Rollup whitepaper for details).
Non-custodial. Arbitrum Rollup is a non-custodial scaling solution, so users control their funds/points and neither Reddit nor anyone else can ever access or revoke points held by users.
Censorship Resistant. Since it's completely decentralized, and the Arbitrum protocol guarantees progress trustlessly, Arbitrum Rollup is just as censorship-proof as Ethereum.
Block explorer. The Arbitrum Rollup block explorer allows users to view and analyze transactions on the Rollup chain.
Limitations
Although this is a bake-off, we're not going to sugar coat anything. Arbitrum Rollup, like any Optimistic Rollup protocol, does have one limitation, and that's the delay on withdrawals.
As for the concrete length of the delay, we've done a good deal of internal modeling and have blogged about this as well. Our current modeling suggests a 3-hour delay is sufficient (but as discussed in the linked post there is a tradeoff space between the length of the challenge period and the size of the validators’ deposit).
Note that this doesn't mean that the chain is delayed for three hours. Arbitrum Rollup supports pipelining of execution, which means that validators can keep building new states even while previous ones are “in the pipeline” for confirmation. As the challenge delays expire for each update, a new state will be confirmed (read more about this here).
So activity and progress on the chain are not delayed by the challenge period. The only thing that's delayed is the consummation of withdrawals. Recall though that any single honest validator knows immediately (at the speed of L1 finality) which state updates are correct and can guarantee that they will eventually be confirmed, so once a valid withdrawal has been requested on-chain, every honest party knows that the withdrawal will definitely happen. There's a natural place here for a liquidity market in which a validator (or someone who trusts a validator) can provide withdrawal loans for a small interest fee. This is a no-risk business for them as they know which withdrawals will be confirmed (and can force their confirmation trustlessly no matter what anyone else does) but are just waiting for on-chain finality.
3. The recipe: How Arbitrum Rollup works
For a description of the technical components of Arbitrum Rollup and how they interact to create a highly scalable protocol with a developer experience that is identical to Ethereum, please refer to the following documents:
Arbitrum Rollup Whitepaper
Arbitrum academic paper (describes a previous version of Arbitrum)
4. Developer docs and APIs
For full details about how to set up and interact with an Arbitrum Rollup chain or validator, please refer to our developer docs, which can be found at https://developer.offchainlabs.com/.
Note that the Arbitrum version described on that site is older and will soon be replaced by the version we are entering in Reddit Bake-Off, which is still undergoing internal testing before public release.
5. Who are the validators?
As with any Layer 2 protocol, advancing the protocol correctly requires at least one validator (sometimes called block producers) that is honest and available. A natural question is: who are the validators?
Recall that the validator set for an Arbitrum chain is open and permissionless; anyone can start or stop validating at will. (A useful analogy is to full nodes on an L1 chain.) But we understand that even though anyone can participate, Reddit may want to guarantee that highly reputable nodes are validating their chain. Reddit may choose to validate the chain themselves and/or hire third-party validators.To this end, we have begun building a marketplace for validator-for-hire services so that dapp developers can outsource validation services to reputable nodes with high up-time. We've announced a partnership in which Chainlink nodes will provide Arbitrum validation services, and we expect to announce more partnerships shortly with other blockchain infrastructure providers.
Although there is no requirement that validators are paid, Arbitrum’s economic model tracks validators’ costs (e.g. amount of computation and storage) and can charge small fees on user transactions, using a gas-type system, to cover those costs. Alternatively, a single party such as Reddit can agree to cover the costs of invited validators.
6. Reddit Contract Support
Since Arbitrum contracts and transactions are byte-for-byte compatible with Ethereum, supporting the Reddit contracts is as simple as launching them on an Arbitrum chain.
Minting. Arbitrum Rollup supports hybrid L1/L2 tokens which can be minted in L2 and then withdrawn onto the L1. An L1 contract at address A can make a special call to the EthBridge which deploys a "buddy contract" to the same address A on an Arbitrum chain. Since it's deployed at the same address, users can know that the L2 contract is the authorized "buddy" of the L1 contract on the Arbitrum chain.
For minting, the L1 contract is a standard ERC-20 contract which mints and burns tokens when requested by the L2 contract. It is paired with an ERC-20 contract in L2 which mints tokens based on whatever programmer provided minting facility is desired and burns tokens when they are withdrawn from the rollup chain. Given this base infrastructure, Arbitrum can support any smart contract based method for minting tokens in L2, and indeed we directly support Reddit's signature/claim based minting in L2.
Batch minting. What's better than a mint cookie? A whole batch! In addition to supporting Reddit’s current minting/claiming scheme, we built a second minting design, which we believe outperforms the signature/claim system in many scenarios.
In the current system, Reddit periodically issues signed statements to users, who then take those statements to the blockchain to claim their tokens. An alternative approach would have Reddit directly submit the list of users/amounts to the blockchain and distribute the tokens to the users without the signature/claim process.
To optimize the cost efficiency of this approach, we designed an application-specific compression scheme to minimize the size of the batch distribution list. We analyzed the data from Reddit's previous distributions and found that the data is highly compressible since token amounts are small and repeated, and addresses appear multiple times. Our function groups transactions by size, and replaces previously-seen addresses with a shorter index value. We wrote client code to compress the data, wrote a Solidity decompressing function, and integrated that function into Reddit’s contract running on Arbitrum.
When we ran the compression function on the previous Reddit distribution data, we found that we could compress batched minting data down to to 11.8 bytes per minting event (averaged over a 6-month trace of Reddit’s historical token grants)compared with roughly 174 bytes of on-chain data needed for the signature claim approach to minting (roughly 43 for an RLP-encoded null transaction + 65 for Reddit's signature + 65 for the user's signature + roughly 8 for the number of Points) .
The relative benefit of the two approaches with respect to on-chain call data cost depends on the percentage of users that will actually claim their tokens on chain. With the above figures, batch minting will be cheaper if roughly 5% of users redeem their claims. We stress that our compression scheme is not Arbitrum-specific and would be beneficial in any general-purpose smart contract platform.
8. Benchmarks and costs
In this section, we give the full costs of operating the Reddit contracts on an Arbitrum Rollup chain including the L1 gas costs for the Rollup chain, the costs of computation and storage for the L2 validators as well as the capital lockup requirements for staking.
Arbitrum Rollup is still on testnet, so we did not run mainnet benchmarks. Instead, we measured the L1 gas cost and L2 workload for Reddit operations on Arbitrum and calculated the total cost assuming current Ethereum gas prices. As noted below in detail, our measurements do not assume that Arbitrum is consuming the entire capacity of Ethereum. We will present the details of our model now, but for full transparency you can also play around with it yourself and adjust the parameters, by copying the spreadsheet found here.
Our cost model is based on measurements of Reddit’s contracts, running unmodified (except for the addition of a batch minting function) on Arbitrum Rollup on top of Ethereum.
On the distribution of transactions and frequency of assertions. Reddit's instructions specify the following minimum parameters that submissions should support:
Over a 5 day period, your scaling PoC should be able to handle:
  • 100,000 point claims (minting & distributing points)
  • 25,000 subscriptions
  • 75,000 one-off points burning
  • 100,000 transfers
We provide the full costs of operating an Arbitrum Rollup chain with this usage under the assumption that tokens are minted or granted to users in batches, but other transactions are uniformly distributed over the 5 day period. Unlike some other submissions, we do not make unrealistic assumptions that all operations can be submitted in enormous batches. We assume that batch minting is done in batches that use only a few percent on an L1 block’s gas, and that other operations come in evenly over time and are submitted in batches, with one batch every five minutes to keep latency reasonable. (Users are probably already waiting for L1 finality, which takes at least that long to achieve.)
We note that assuming that there are only 300,000 transactions that arrive uniformly over the 5 day period will make our benchmark numbers lower, but we believe that this will reflect the true cost of running the system. To see why, say that batches are submitted every five minutes (20 L1 blocks) and there's a fixed overhead of c bytes of calldata per batch, the cost of which will get amortized over all transactions executed in that batch. Assume that each individual transaction adds a marginal cost of t. Lastly assume the capacity of the scaling system is high enough that it can support all of Reddit's 300,000 transactions within a single 20-block batch (i.e. that there is more than c + 300,000*t byes of calldata available in 20 blocks).
Consider what happens if c, the per-batch overhead, is large (which it is in some systems, but not in Arbitrum). In the scenario that transactions actually arrive at the system's capacity and each batch is full, then c gets amortized over 300,000 transactions. But if we assume that the system is not running at capacity--and only receives 300,000 transactions arriving uniformly over 5 days-- then each 20-block assertion will contain about 200 transactions, and thus each transaction will pay a nontrivial cost due to c.
We are aware that other proposals presented scaling numbers assuming that 300,000 transactions arrived at maximum capacity and was executed in a single mega-transaction, but according to our estimates, for at least one such report, this led to a reported gas price that was 2-3 orders of magnitude lower than it would have been assuming uniform arrival. We make more realistic batching assumptions, and we believe Arbitrum compares well when batch sizes are realistic.
Our model. Our cost model includes several sources of cost:
  • L1 gas costs: This is the cost of posting transactions as calldata on the L1 chain, as well as the overhead associated with each batch of transactions, and the L1 cost of settling transactions in the Arbitrum protocol.
  • Validator’s staking costs: In normal operation, one validator will need to be staked. The stake is assumed to be 0.2% of the total value of the chain (which is assumed to be $1 per user who is eligible to claim points). The cost of staking is the interest that could be earned on the money if it were not staked.
  • Validator computation and storage: Every validator must do computation to track the chain’s processing of transactions, and must maintain storage to keep track of the contracts’ EVM storage. The cost of computation and storage are estimated based on measurements, with the dollar cost of resources based on Amazon Web Services pricing.
It’s clear from our modeling that the predominant cost is for L1 calldata. This will probably be true for any plausible rollup-based system.
Our model also shows that Arbitrum can scale to workloads much larger than Reddit’s nominal workload, without exhausting L1 or L2 resources. The scaling bottleneck will ultimately be calldata on the L1 chain. We believe that cost could be reduced substantially if necessary by clever encoding of data. (In our design any compression / decompression of L2 transaction calldata would be done by client software and L2 programs, never by an L1 contract.)
9. Status of Arbitrum Rollup
Arbitrum Rollup is live on Ethereum testnet. All of the code written to date including everything included in the Reddit demo is open source and permissively licensed under the Apache V2 license. The first testnet version of Arbitrum Rollup was released on testnet in February. Our current internal version, which we used to benchmark the Reddit contracts, will be released soon and will be a major upgrade.
Both the Arbitrum design as well as the implementation are heavily audited by independent third parties. The Arbitrum academic paper was published at USENIX Security, a top-tier peer-reviewed academic venue. For the Arbitrum software, we have engaged Trail of Bits for a security audit, which is currently ongoing, and we are committed to have a clean report before launching on Ethereum mainnet.
10. Reddit Universe Arbitrum Rollup Chain
The benchmarks described in this document were all measured using the latest internal build of our software. When we release the new software upgrade publicly we will launch a Reddit Universe Arbitrum Rollup chain as a public demo, which will contain the Reddit contracts as well as a Uniswap instance and a Connext Hub, demonstrating how Community Points can be integrated into third party apps. We will also allow members of the public to dynamically launch ecosystem contracts. We at Offchain Labs will cover the validating costs for the Reddit Universe public demo.
If the folks at Reddit would like to evaluate our software prior to our public demo, please email us at [email protected] and we'd be more than happy to provide early access.
11. Even more scaling: Arbitrum Sidechains
Rollups are an excellent approach to scaling, and we are excited about Arbitrum Rollup which far surpasses Reddit's scaling needs. But looking forward to Reddit's eventual goal of supporting hundreds of millions of users, there will likely come a time when Reddit needs more scaling than any Rollup protocol can provide.
While Rollups greatly reduce costs, they don't break the linear barrier. That is, all transactions have an on-chain footprint (because all calldata must be posted on-chain), albeit a far smaller one than on native Ethereum, and the L1 limitations end up being the bottleneck for capacity and cost. Since Ethereum has limited capacity, this linear use of on-chain resources means that costs will eventually increase superlinearly with traffic.
The good news is that we at Offchain Labs have a solution in our roadmap that can satisfy this extreme-scaling setting as well: Arbitrum AnyTrust Sidechains. Arbitrum Sidechains are similar to Arbitrum Rollup, but deviate in that they name a permissioned set of validators. When a chain’s validators agree off-chain, they can greatly reduce the on-chain footprint of the protocol and require almost no data to be put on-chain. When validators can't reach unanimous agreement off-chain, the protocol reverts to Arbitrum Rollup. Technically, Arbitrum Sidechains can be viewed as a hybrid between state channels and Rollup, switching back and forth as necessary, and combining the performance and cost that state channels can achieve in the optimistic case, with the robustness of Rollup in other cases. The core technical challenge is how to switch seamlessly between modes and how to guarantee that security is maintained throughout.
Arbitrum Sidechains break through this linear barrier, while still maintaining a high level of security and decentralization. Arbitrum Sidechains provide the AnyTrust guarantee, which says that as long as any one validator is honest and available (even if you don't know which one will be), the L2 chain is guaranteed to execute correctly according to its code and guaranteed to make progress. Unlike in a state channel, offchain progress does not require unanimous consent, and liveness is preserved as long as there is a single honest validator.
Note that the trust model for Arbitrum Sidechains is much stronger than for typical BFT-style chains which introduce a consensus "voting" protocols among a small permissioned group of validators. BFT-based protocols require a supermajority (more than 2/3) of validators to agree. In Arbitrum Sidechains, by contrast, all you need is a single honest validator to achieve guaranteed correctness and progress. Notice that in Arbitrum adding validators strictly increases security since the AnyTrust guarantee provides correctness as long as any one validator is honest and available. By contrast, in BFT-style protocols, adding nodes can be dangerous as a coalition of dishonest nodes can break the protocol.
Like Arbitrum Rollup, the developer and user experiences for Arbitrum Sidechains will be identical to that of Ethereum. Reddit would be able to choose a large and diverse set of validators, and all that they would need to guarantee to break through the scaling barrier is that a single one of them will remain honest.
We hope to have Arbitrum Sidechains in production in early 2021, and thus when Reddit reaches the scale that surpasses the capacity of Rollups, Arbitrum Sidechains will be waiting and ready to help.
While the idea to switch between channels and Rollup to get the best of both worlds is conceptually simple, getting the details right and making sure that the switch does not introduce any attack vectors is highly non-trivial and has been the subject of years of our research (indeed, we were working on this design for years before the term Rollup was even coined).
12. How Arbitrum compares
We include a comparison to several other categories as well as specific projects when appropriate. and explain why we believe that Arbitrum is best suited for Reddit's purposes. We focus our attention on other Ethereum projects.
Payment only Rollups. Compared to Arbitrum Rollup, ZK-Rollups and other Rollups that only support token transfers have several disadvantages:
  • As outlined throughout the proposal, we believe that the entire draw of Ethereum is in its rich smart contracts support which is simply not achievable with today's zero-knowledge proof technology. Indeed, scaling with a ZK-Rollup will add friction to the deployment of smart contracts that interact with Community Points as users will have to withdraw their coins from the ZK-Rollup and transfer them to a smart contract system (like Arbitrum). The community will be best served if Reddit builds on a platform that has built-in, frictionless smart-contract support.
  • All other Rollup protocols of which we are aware employ a centralized operator. While it's true that users retain custody of their coins, the centralized operator can often profit from censoring, reordering, or delaying transactions. A common misconception is that since they're non-custodial protocols, a centralized sequencer does not pose a risk but this is incorrect as the sequencer can wreak havoc or shake down users for side payments without directly stealing funds.
  • Sidechain type protocols can eliminate some of these issues, but they are not trustless. Instead, they require trust in some quorum of a committee, often requiring two-third of the committee to be honest, compared to rollup protocols like Arbitrum that require only a single honest party. In addition, not all sidechain type protocols have committees that are diverse, or even non-centralized, in practice.
  • Plasma-style protocols have a centralized operator and do not support general smart contracts.
13. Concluding Remarks
While it's ultimately up to the judges’ palate, we believe that Arbitrum Rollup is the bakeoff choice that Reddit kneads. We far surpass Reddit's specified workload requirement at present, have much room to optimize Arbitrum Rollup in the near term, and have a clear path to get Reddit to hundreds of millions of users. Furthermore, we are the only project that gives developers and users the identical interface as the Ethereum blockchain and is fully interoperable and tooling-compatible, and we do this all without any new trust assumptions or centralized components.
But no matter how the cookie crumbles, we're glad to have participated in this bake-off and we thank you for your consideration.
About Offchain Labs
Offchain Labs, Inc. is a venture-funded New York company that spun out of Princeton University research, and is building the Arbitrum platform to usher in the next generation of scalable, interoperable, and compatible smart contracts. Offchain Labs is backed by Pantera Capital, Compound VC, Coinbase Ventures, and others.
Leadership Team
Ed Felten
Ed Felten is Co-founder and Chief Scientist at Offchain Labs. He is on leave from Princeton University, where he is the Robert E. Kahn Professor of Computer Science and Public Affairs. From 2015 to 2017 he served at the White House as Deputy United States Chief Technology Officer and senior advisor to the President. He is an ACM Fellow and member of the National Academy of Engineering. Outside of work, he is an avid runner, cook, and L.A. Dodgers fan.
Steven Goldfeder
Steven Goldfeder is Co-founder and Chief Executive Officer at Offchain Labs. He holds a PhD from Princeton University, where he worked at the intersection of cryptography and cryptocurrencies including threshold cryptography, zero-knowledge proof systems, and post-quantum signatures. He is a co-author of Bitcoin and Cryptocurrency Technologies, the leading textbook on cryptocurrencies, and he has previously worked at Google and Microsoft Research, where he co-invented the Picnic signature algorithm. When not working, you can find Steven spending time with his family, taking a nature walk, or twisting balloons.
Harry Kalodner
Harry Kalodner is Co-founder and Chief Technology Officer at Offchain Labs where he leads the engineering team. Before the company he attended Princeton as a Ph.D candidate where his research explored economics, anonymity, and incentive compatibility of cryptocurrencies, and he also has worked at Apple. When not up at 3:00am writing code, Harry occasionally sleeps.
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