Boxmining v2

Author: Michael Gu

  • ThunderCore (TT) Explained: Will this Blockchain overtake Ethereum?

    ThunderCore (TT) Explained: Will this Blockchain overtake Ethereum?

    What is Thundercore?

    ThunderCore (TT) is a high-performance smart contract platform which allows for the running of decentralized applications (Dapps) and Decentralized Finance (DeFi). Thundercore promises low fees and compatibility with any app written for the popular Ethereum Platform. The underlying currency on Thundercore Network is TT, which is used as a transfer of value and for related gas fees on the platform.

    Thundercore attempts to Solve Scalability, allowing For Under One Second Confirmations. In the last couple of years, many blockchain projects have been working on scaling and improving network speeds. Until recently, it seemed nearly impossible to scale blockchains with big projects like Ethereum failing to do so. ThunderCore seems to have cracked it and may be on track to beating giants like Ethereum in scaling their platform.

    What is the aim of ThunderCore?

    ThunderCore aims to be a high-performance blockchain that enables mass adoption of dApps. It promises comparatively lesser transaction fees (low gas cost), compatibility, security and speed.

    Currently, transactions on the blockchain are very slow. This is because of the “Blockchain Trilemma” a term coined by Vitalik Buterin, the founder of Ethereum.

    Solving the Blockchain Trilemma

    Vitalik Buterin proposed that a Blockchain can only have a maximum of 2 of these properties

    According to the “Blockchain Trilemma“, a blockchain has three major features: decentralization, scalability and security.

    However, the blockchain trilemma proposes that it is very hard for a project to have all three features to a satisfactory condition. A network that is decentralized and has a tough security would not be scalable. Similarly, a blockchain that is decentralized and scalable will have little security etc.

    Buterin believes at a fundamental level, a blockchain network can only achieve two of the three features at any time. The blockchain trilemma could be the source of scalability issues on most cryptocurrency blockchains. Most crypto projects cannot handle high numbers of transactions while ensuring network decentralization and security.

    However, ThunderCore has found a solution for this problem.

    How does ThunderCore solve the Blockchain Trilemma?

    Many projects have tried and failed to continue their emphasis on decentralization and security while incorporating scalability. ThunderCore, however attempts to do this in a unique way. They do this by creating a Fast Path and a Slow Path. The Fast Path is for optimistic conditions. Whilst the Slow Path is for worst-case situations.

    What is the Fast Path and the Slow Path?

    The Fast Path is like a highway, allowing for instant confirmations on the network. However, if anything goes wrong on the Fast Path, ThunderCore users can resort to a Slow Path. The Slow Path is similar to a network of smaller roads. It isn’t very fast, but it will be reliable.

    For the Fast Path, ThunderCore facilitates fast and easy confirmation by 2 ways. The “Committee”, which is executed by a committee of stakeholders. And the “Accelerator” to linearize transactions and data.

    ThunderCore uses Ethereum as the Slow Path as it is one of the most stable networks in the industry. The slow path will take over when the network condition is bad and /or if there is an attack. It also acts as a check to see if the Accelerator is working.

    How to Stake Thundercore?

    Thundercore cannot be mined as a way to generate new TT or gain passive income, hence there is no thundercore mining. Instead to passively generate Thundercore, TT is staked by locking up TT in a particular wallet. The amount of rewards depends on the lockup duration, which can be 7 days, 30 days, 3 months, 6 months or 1 year. Staking Thundercore is easy, you can do this using the mobile wallet and joining a staking pool.

    What is the ThunderCore (TT) used for?

    The ThunderCore (also known was ThunderToken or TT) is the native cryptocurrency of the ThunderCore network. Analogous to ETH on the Ethereum network, ThunderToken is used for paying gas fees and value transfers.

    The ThunderCore Team

    ThunderCore Team: Chris Wang (CEO), Elaine Shi and Rafael Pass

    The team comprises of engineers, scientists and entrepreneurs. They previously worked in publishing academic papers relating to Bitcoin and smart contracts. They are also the founding members of the Initiative for Cryptocurrency and Contracts (IC3).

    Update Aug 2019: Chief Scientist Elaine Shi has announced that she will be leaving the ThunderCore Project.

    What is the Current Status of ThunderCore?

    The first Thunder release will be fully EVM (Ethereum Virtual Machine) compatible. Thus, allowing for direct migration of dApps.

    ThunderCore has already deployed its pre-release main-net. Therefore, developers can already start building on ThunderCore. Users can also start deploying smart contracts.

    How do I connect to the ThunderCore Mainnet?

    You can directly connect to Thundercore by changing the RPC settings on Metamask or changing the server on MyEtherWallet.

    ThunderCore Mainnet Settings for Metamask
    1. Install MetaMask: you can install the MetaMask browser extension on your browser. Create an account on the Metamask website and set up the security protocols (for a full guide check out our Metamask Tutorial);
    2. Get ThunderToken (TT): You can get tokens from the Metamask browser extension. Click on the drop down menu and select “custom RPC”. Go to “new network section” and select “advanced option”.
      1. Mainnet RPC URL: https://mainnet-rpc.thundercore.com
      2. Chain ID: 108
      3. Symbol: TT
    3. The TT symbol will appear on your Metamask. You can get 50 free tokens on the ThunderCore website by copying and pasting your Metamask TT address onto the appropriate field. You can also use this process to purchase tokens;
    4. Copy and paste the ERC20 contract: copy smart contract source code from Github; (use mine here: https://remix.ethereum.org/#version=soljson-v0.4.24+commit.e67f0147.js&optimize=false&gist=116b51b7e5bf2cd3f29f2136dac3f08f)
    5. Deploy through Remix ID; and
    6. Check on https://scan.thundercore.com/ .

    Pros and Cons of ThunderCore

    Pros

    • ThunderCore is compatible with the Ethereum network;
    • The network has a faster transaction speed compared to Ethereum;
    • ERC20 smart contracts can be deployed on this network;
    • The team are working on new features that would allow dApp interaction without gas;
    • ThunderCore allows users and developers to utilize existing tools such as Metamask and Truffle etc.; and
    • Developers can use familiar programming languages (e.g. Solidity) while carrying out smart contracts on the network.

    Cons

    • There is currently only one “Accelerator” on this network. This raises questions over how much power will be centralized. (Note the accelerator cannot freeze accounts or pause transactions indefinitely as this would lead to a re-election)

    Token metrics & Circulating supply

    The Thundercore is currently listed and trading on Huobi. The coin is listed as Thunder Token on CoinMarketCap.

    Huobi has released the Token metrics of ThunderToken (TT):

    Total Raised: $50M USD
    Angel round: $0.01 USD/token (2 years lock- till March 2020)
    Seed round: $0.02 USD/token (1 year lock – till Apr-May 2019)
    Final round: $0.10 USD/token(20% released on Feb 28, 40% to be released on May 28, 40% on Aug 28)
    Huobi Lite round: $0.015 USD/token, only $500,000 USD worth of tokens sold

    What we can deduce from this is that ThunderCore valuation dropped from the final Private sale time – from $0.1 to $0.15. Admittedly, the Huobi Lite tokens could also be considered to be sold at a discount to encourage more players to get in. There is controversy over the Huobi Lite sale of TT, as the token price was much lower than the Final Round – upsetting a lot of the initial investors and supporters (such as ThunderFans).

    ThunderCore Hub (Games and Thundercore Giveaways)

    ThunderCore Hub is a wallet and Dapp hub for mobile phones

    Currently ThunderCore Hub is doing a 150 TT giveaway to test out their new Android app. To quality, visit the ThunderCore Hub website and install the beta APK, register for an account and play dApp games to get the free TT.

    Conclusion

    ThunderCore is different because it scales both transactions and smart contracts. This could mean that blockchains can have thousands of transactions per second without compromising on security and decentralization.

    Update (May 1 2019): Mainnet RCP address and Team members & Linkedin Profiles
    Update (May 10 2019): Added listing information on Huobi
    Update (May 14 2019): Added ThunderCore Hub and TT Giveaway

  • Epic Cash Mining Guide

    Epic Cash Mining Guide

    What is Epic Cash?

    Epic Cash is a privacy focused cryptocurrency designed function like cash in the digital age. It’s got in-built privacy features using Mimblewimble technology (Epic Cash is a fork of GRIN – no traceable addresses, CoinJoin and IP-shielding). What makes Epic Cash different is that it can be mined using any of the 3 of the hottest mining algorithms – RandomX, ProgPoW and Cuckoo. This means both CPU and GPU miners can mine Epic Cash. In this tutorial we’ll cover the basics to get started and tips on solo-mining (if that’s you’re thing)

    To read more about the technology behind Epic Cash, check out our full guide on MimbleWimble

    Epic Cash Mining Hardware

    In order to mine Epic cash, you’ll need a modern Graphics Processor (GPU) or CPU that is fast enough to mine at a profitable rate. Generally speaking, hardware that is manufactured after 2018 is usually efficient enough to EPIC at a reasonable rate. Here is a list of the latest GPUs and their hashrate.

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    Epic Cash Mining Guide (Easy)

    The easiest way to mine Epic Cash is via a mining-pool (easy to set-up, predictable payments)

    For this setup, I’ll be using the Icemining Pool. To get started,

    • Download the Epic Cash mining client on either Windows or Linux: https://epic.tech/mining/ (download epic-miner).
    • Unzip the contents of the file
    • Edit the file epic-miner.toml (Linux – /etc/epic-miner.toml, Windows (same folder as epic-miner.exe)

    Add the following information to connect to the mining pool (replace USERNAME and PASSWORD with you’re desired information, keep this information safe as it’ll be required for withdrawal)

    # listening epic stratum server url
stratum_server_addr = "epic.icemining.ca:4000"

# login for the stratum server (if required)
stratum_server_login = "USERNAME"

# password for the stratum server (if required)
stratum_server_password = "PASSWORD"

    Now you’re good to start mining by running epic-miner (epic-miner.exe on windows, epic-miner on linux)

    At this point you can log onto the mining dashboard at https://icemining.ca/?address= to check if your miner is successfully connected and mining. You can optimise your mining efficiency by following this guide.

    Payouts

    To receive payouts from the pool, you’ll need to have a working epic-wallet. This is because unlike traditional cryptocurrencies, epic doesn’t have an “receive address”. Follow the setup guide to start your epic-wallet. To get the payouts, select “other listener” and enter your ip followed by the mining password.

    Unlike Bitcoin transactions where there are cryptocurrency addresses, Epic Cash withdraw requires that your epic-node is online and accessible. This is a major advantage of MimbleWimble transactions where there are no addresses, and hence less methods to invade a user’s privacy.

    How do you view balance on epic cash?

    You can view your epic cash wallet balance by typing the command “epic-wallet info” (Linux) or on Windows, open epic-wallet folder and run epic-wallet-info. Make sure Epic-wallet and Epic server are both running to view the balance.

    RandomX CPU mining

    RandomX is a new cryptocurrency mining algorithm designed improve the distribution of mined cryptocurrencies more evenly to a broader base of users. The idea is that everyone with a computer has a CPU, and hence an algorithm that favors the CPU will be more inclusive. Random is is designed to only function on CPUs, with strong resistance to both GPU and ASIC mining. This is achieved by making use of functions only available on modern day CPUs, such as virtualization. RandomX has already been audited and is currently deployed on Epic Cash and will be deployed on Monero.

    FAQ

    Whats your profit / earnings: I mined with CPU only (Intel Core i7 3700) and earned about 1.1 EPIC per day at 960 hps (1st October 2019). You can find out more benchmarks at epic benchmarks.

    Whats better – Solo Mining or Pool Mining: I’ve mining both solo and with the icemining pool. Pool mining was the best ways to start as I was able to find out my 24-h yield and move test send with smaller amounts of EPIC. Later one I migrated to solo-mining as I can minimize downtime as I ran my own wallet and node.

    Resources

    Epic Cash Code Repository: https://gitlab.com/epiccash
    Mimble Wimble Guide: https://boxmining.com/mimblewimble/
    Mimblewimble/grin Repository: https://github.com/mimblewimble/grin

  • Binance Token (BNB): What is it?

    Binance Token (BNB): What is it?

    Binance Token (BNB) is a cryptocurrency created by cryptocurrency exchange Binance. It’s main function is as a form of value transfer on Binance Chain, trading pair on Binance DEX and as a utility token on Binance exchange.

    Learn more about BNB and Binance as well with our video- What is Binance (BNB) in a nutshell.

    What is Binance Coin (BNB)?

    History

    BNB was launched through an Initial Coin Offering (ICO) on 14th July 2017 as an ERC-20 token before the Exchange was launched.

    A total of 15 Million USD dollars were raised during the event.

    Investors were compensated with BNB tokens during the ICO. At the time, each token was exchanging hands at US$0.10. The token’s price has since tremendously appreciated and is now one of the top 10 cryptocurrencies with the highest market capitalisation according to CoinMarketCap.

    The token initially ran on the Ethereum network but was later swapped 1:1 with BEP2 BNB tokens. This is so the tokens can instead run on their own Binance Chain.

    Uses for BNB on Binance Exchange

    1. Exchange Fees: Binance tokens can be used to reduce trading fees. Currently, Binance has a 0.1% trade fee and 50% of this fee can be paid in BNB. You are eligible for a 25% discount when paying for trading fees using the token.

    2. GAS: Binance will eventually feature advanced features that require GAS. The tokens can be used as GAS to power these advanced features.

    3. Binance Launchpad: BNB is used to participating in the Binance Launchpad. This is an Initial Exchange Offering platform where cryptocurrency projects will publicly issue tokens on the exchange to participants.

    4. Binance DEX: The Binance DEX (Decentralised Exchange) runs on the Exchange’s Binance Chain.

    5. Staking: Binance eventually wants to develop a decentralised exchange. The tokens will be used on the Exchange to stake transactions.

    Learn more with our Binance Exchange review.

    Other uses for BNB

    BNB can be used in other areas. For example:

    1. Paying for goods and services: The token can also be used to pay for goods and services at different establishments. For instance, Binance invested in TravelbyBit to enable users to pay for services at entire Brisbane Airport. TravelbyBit is an Australian startup that enables establishments to accept cryptocurrencies for goods or services. (https://woodlees.com) Currently, the startup has over 150 establishments.

    2. Accessing loans and cash: Holders of the Binance exchange token can withdraw cash from crypto ATMs. Additionally, they can access loans on the Nexo platform.

    3. Accessing services on social media platforms: For example, it can act as a gift token on Uplive, a live streaming platform.

    4. Trading and holding: The token can be traded just as a normal altcoin. Additionally, some people hold and speculate on the token in the hopes of profiting when the price appreciates.

  • Boxmining Camera and Recording Gear List

    Boxmining Camera and Recording Gear List

    The age of YouTube has brought a new medium of communication and sharing – we can now share out thoughts and insights in 4K videos real time. I want to share my passion of making videos with you and reveal some of my secrets and tricks to get good quality videos produced on time. One of the big reasons why the Boxmining Channel grew was because I was able to get coverage of important events on time and share insights with the community.

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    Studio Setup

    • Logitech Brio 4K
    • Sony a7III with Sony 55mm F1.8 lens
    • (Lights) Yongnou YN360 II Color LED Lights x2
    • (Lights) Elgato Keylight x2
    • (Capture Card) Elgato Camlink 4k
    • (Controller) Elgato Stream Deck
    • (Recording Software) Streamlabs OBS
    • (Editing Software) Adobe Premiere
    • (Editing Software) Final Cut X (sometime)

    I don’t have a big space to record my videos, so I try to make the best of it. I primarily use the Logitech Brio (it’s cheap and always ready to go, especially when we need to cover emergency events). For wider shots I have the Sony a7III which is connected to the computer via the camlink 4k – so I can switch cameras during live shows.

    The rest of the stuff makes look like an Elgato shill, but the whole ecosystem system is pretty amazing. The Elgato Stream Deck is for switch between scenes and controlling the lighting.

    Sound Setup

    This sound setup has to be honest a nightmare to get working well. I love the way the Shure SM7B sounds, especially since it’s directional and cuts out the noise from the nearby fans and air-conditioner unit. The only problem with the SM7B is that it’s very quiet requires a very good pre-amp. With help from Cameron (CryptoDaily), I got the Sound Devices Mix Pre-6.
    The preamps on the Mix Pre-6 is good enough to use the SM7B without a cloudlifter.

    Vlog Setup

    The Vlog setup is what I use when I’m travelling between conferences, meetups and even vacations. This is great for videos on the go or with motion in the background. Personally I don’t like carrying a lot bulky video equipment – nothing is worse than carrying a heavy tripod and camera case.

    • Osmo Pocket ($299) with audio 3.5mm audio adapter
    • Rode – VideoMic Pro+ ($299)

    The main choice here is to use the Osmo Pocket as my main video camera. As a handheld Gimbal, the Osmo Pocket makes walking and talking scenes much more watchable. It’s also small enough to fit into my pocket most of the time. Unfortunately, the built in sound is pretty bad, so the audio adapter highly recommended.

    Conference Setup

    This setup is my go to setup for conferences and event coverage, mainly due to the versatility and low light performance. The Sony a7III performs extremely well in low light conditions, making it perfect for dimly lit rooms or conference venues.

    Vechain Summit 2019 Interview with Vechain CEO Sunny Lu
    • Sony a7III
      • Sony 24-70mm F2.8 GM Lens
      • Sony 16-35mm F4 Lens
    • (Vlog Mic) Rode – VideoMic Pro+
    • (Conference) Sennheiser AVX Set ($999)

    The Sony a7III really shines – with a large battery and excellent video capabilities. When paired with the 24-70mm lens, the results look good (although it’s VERY heavy to carry).

  • Ethereum (ETH): What is it? The complete beginners guide

    Ethereum (ETH): What is it? The complete beginners guide

    What is Ethereum?

    Ethereum has been described as a revolutionary breakthrough- with claims that it may one day change how banking, gaming and even social media is operated. Since it was proposed in late 2013, Ethereum grew from an idea proposed by 21 year old college dropout to a platform that is now worth $20 Billion USD market capital. What is all this hype about – is Ethereum truly a groundbreaking network potentially worth trillions of dollars? In this article we’ll discuss the basics of Ethereum in plain English, along with examples of what makes Ethereum different from other networks.

    To explain Ethereum, we must first understand that most of the world operates in a centralized manner. For example, iPhones are mad by Apple, and Apple has complete control over what can and cannot go on the phone. Facebook is a social media platform, and the corporation can make decisions on who gets accounts Facebook accounts, what content gets shared and more important, who gets money (ie Facebook). Taking this example even further, we realize that the Banking world is also the same – central banks have the power to make critical decisions and benefit from the traditional centralized banking infrastructure.

    Ethereum offers an alternative to this – instead of trusting a central party such as Apple, Facebook or JP Morgan Chase, we can trust in each other. Instead of centralization, Ethereum offers a solution where we can go in a completely new direction – towards decentralization.

    What is Decentralization

    The concept of trusting each other was previously impossible without the advent of a few cryptographic technologies. After all, you wouldn’t go on the street and randomly trust a stranger with $1000. Nor would you want to trust a stranger with your social media information, or running your iPhone.

    Ethereum Network

    Once a program is deployed to the Ethereum network, computers also known as nodes will ensure it is executed exactly the way it is intended. Ethereum refers to the the infrastructure for running smart contracts, dApps, and tokens worldwide. It is commonly mistaken for the currency, Ether, which is the native currency on the Ethereum network. To perform actions such making a transaction on Ethereum, Ether (ETH) is needed.

    Decentralized Platform

    Ethereum is a decentralized smart contract platform the runs decantralized applications (Dapps) and decentralized finance (DeFi). The vision behind Ethereum was to improve upon Bitcoin by allowing for the execution of a full range of code – via the turing-complete programming language Solidity. Ethereum is currently used to create tokens, such as Basic Attention Token ($BAT), creating digital collectible items (ERC 1155) and decentralized finance (MakerDAO). On the Ethereum network, the currency Ether (ETH) is used as a form of value transfer and to purchase “gas” required to power smart contracts.

    Ethereum is an open-source platform for building and deploying decentralised applications i.e. dApps. Its native currency, Ether (ETH) serves as “gas” for running computations and transactions for dApps.

    Main features of Ethereum

    Ethereum 2
    Ethereum 2
    • Decentralised: No one party has majority control over the Ethereum network’s computing power.
    • Ether is a cryptocurrency: It can be used as “gas” to power dApps and is a store of value.
    • Automatic: Processes on the network can be executed without human intervention.
    • Public: It is accessible by anyone with a computer and internet connection.

    What are dApps?

    Users can build and run decentralised applications (dApps) on the network. They serve some particular purpose to its users and must have these common features:

    1. Open source: The dApp’s source code must be publicly available. Changes to the source code require agreement by a majority of users.
    2. Decentralized: Records of how the dApp were used are stored on a public blockchain. This blockchain is not subject to any controlling entity.
    3. Incentivized: dApps must use and provide its unique tokens or digital assets to users as a reward for their contribution.
    4. Protocol: The community of users must agree on a cryptographic algorithm to show proof of value. Ethereum is currently using Proof of Work as its distributed consensus system. In future, this will change to Proof of Stake (PoS). Learn more about Proof of Stake.

    Examples of dApps include:

    • Enjin: a suite of products for creating, storing trading and integrating blockchain-based in-game assets. Learn more about Enjin here.
    • Bancor: a token exchange.

    Future of Ethereum

    Ethereum’s latest upgrade, “Constantinople” was launched on 28th February 2019.

    The next upgrade “Istanbul” is tentatively scheduled for 16th October 2019. It will have several updates. These include a new Proof of Work Algorithm designed to close the efficiency gap available to specialised ASIC miners.

    Click here for a list of the upgrades under the Istanbul upgrade.

    The ecosystem will gear up towards “Ethereum 2.0”- known as “Serenity”. Its major update will be a shift from Proof of Work to Proof of Stake.

    Learn about how Ethereum’s shift to Proof of Stake and how this will affect users.

  • FIX Ledger Nano Compatibility problems with latest Windows 10 1903

    FIX Ledger Nano Compatibility problems with latest Windows 10 1903

    Update: Official Ledger response to this issue.

    The new Windows 10 May 2019 update adds new security features that break certain browser (Chrome, Brave and Edge) based dapps for Ledger Nano S (and Nano X). This is the latest “big” update that is part of Microsoft’s plan to add additional functionality and security to Windows 10. Currently the update has already been scheduled for public release, although it is not mandatory. A new pop-up will display when connecting to the hardware wallet labeled “Windows Security“.

    New Windows Security Prompt to interact with Ledger Nano S

    This prompt is not present in previous versions of Windows 10 and is a new feature that is meant to prove hardware security. Unfortunately some websites like MyEtherWallet, MyCrypto and IDEX will have certain delay issues when unlocking the wallet.

    Unlock Device error: UNKNOWN_ERROR (0x6804)

    Fixing Ledger Nano issues on Windows 10 1903 Update:

    To fix comparability issues between Ledger Nano (S or X) and Windows 10, try the following:

    • Install Latest Ledger Live
    • Update to the Latest Ledger Nano Firmware
    • Do not click or interact with the pop-window.

    This is not an issue with hardware wallet itself but rather an interaction issue with various websites. These websites need to be updated to reflect changes with hardware security in Windows 10. As of now, there are no known methods to disable new security features in Windows 10. Please refer to the official response from Ledger on this compatibility issue.

    Ledger Live is Unaffected

    Ledger Live App’s operation is not affected by the new security changes. Currently asset management and Leger Manager operations are fully functional as of this update. It seems that the new security changes only affect the web based applications.

  • Top 10 Best Ways to Keep Your Cryptocurrencies Safe

    Top 10 Best Ways to Keep Your Cryptocurrencies Safe

    In this article we give you the top 10 best ways to keep your cryptocurrencies safe.

    Cryptocurrency and Bitcoin is an exciting emerging field bringing new ways of understanding technology and value. The rewards from investing in cryptocurrencies can also be huge. Therefore, hackers and thieves are constantly stepping up their game. And when theft from a remote location is possible and tracking hackers are almost impossible, it is very easy to lose everything. Therefore, you have to always take vigilance in your hands.

    1. Understanding ownership of cryptocurrencies

    Ownership of cryptocurrencies is via holding a Private Key. Anyone with this Private Key is able to withdraw your cryptocurrencies, similar to someone knowing your PIN code for your bank account.

    With banks, if someone makes an unauthorised withdrawal from your bank account, you always can request your bank to reverse the transaction. This is not possible with cryptocurrency transactions which cannot cannot be cancelled or reversed.

    This makes it all the more important to keep your Private Key to yourself.

    Notably, many cryptocurrency holders store their cryptoassets on exchanges for trading. Some may also use online wallets for convenient storage and use. In these cases, the exchanges and wallets hold the Private Keys to your cryptocurrencies. Therefore, storing cryptocurrencies on exchanges and online wallets is essentially putting the security of your assets in the hands of third parties. Clearly, this is not something you would want to do.

    2. Be wary of phishing scams

    Phishing is malicious activity that involves deceptive emails or websites to solicit a user’s personal details. For example a phishing email disguised as a cryptocurrency exchange can direct you to a fake website and ask you to enter your login and password information.

    One way to protect yourself is obviously be wary of any emails asking for your login information or requesting you to login onto their website. Especially if you have not done anything that may trigger this e.g. requested to reset your password.

    As a good practice, you should also always check website security certificates on your email and any cryptocurrency exchanges you visit. But do note this is not 100% accurate.

    3. Protect Your PC or phone against malware

    Hackers can find ways to access your desktop wallet remotely using specialized malware. Therefore, always make sure your trading computer does not have any unknown programs.

    Antivirus programs can add an extra layer of protection.

    Some people may have phones or computers which they only use for trading or transacting with cryptocurrencies.

    4. Avoid using public Wi-Fi networks

    An additional measure to protect your computer is to avoid public Wi-Fi networks and especially accessing your cryptocurrency wallets or trading in public. These can be an avenue for foreign infiltration and theft of your cryptocurrencies.

    5. Use a hardware wallet

    Hardware wallets
    Hardware wallets

    Hardware wallets are external offline devices you can use to store your private keys and thus your cryptocurrencies. As they are offline, your cryptocurrencies will be protected against malware or viruses.

    They do cost money but it is worthwhile for the sake of the security of your cryptoassets.

    Examples of hardware wallets include the Ledger Nano X and the Trezor Model T. You can check out our Ledger Nano X review, or our Trezor Model T review for more information.

    6. Use a paper wallet (for those who are extra careful)

    Paper wallets are simply a piece of paper with your private and public keys printed on it. This paper wallet is kept in a safe location. For example, some people may store it in security deposit boxes or in a secure location at home.

    This is the safest way of keeping your cryptocurrencies safe, despite being the most rudimentary.

    7. Enable two-factor authentication (2FA)

    Google authenticator

    Two-factor authentication is when you enter 2 separate passwords to log in or to approve any withdrawals. The preferred methods are either by SMS or using Google Authenticator.

    SMS authentication is where in addition to entering your username and password, you also request an SMS be sent to you with a unique code to log in.

    However this method has been known to be vulnerable to SIM swap attacks. This is where hackers impersonate you to your telephone service provider and request a new SIM card. Therefore the requests for a SMS code will be sent directly to them.

    The preferred method for two-factor authentication is using Google Authenticator. This is where a unique string of 6 numbers are generated every 30 seconds. When logging in, you go to the Google Authenticator app and log in with the generated numbers before they expire.

    Most cryptocurrency traders enable two-factor authentication for any cryptocurrency exchanges they use, their online wallets (if any) and their email. The latter is because many cryptocurrency exchanges will send you a confirmation email to approve any withdrawals.

    8. If it’s too good to be true, it probably is

    The most common method for scammers to entice people is to feed upon people’s greed. Many scammers have websites or “exclusive” chat groups promising unreasonably high returns. These groups may require you to pay a membership fee to participate or to give them some of your cryptocurrencies so they can invest on your behalf.

    As mentioned earlier, cryptocurrency transactions are irreversible. So you are left with no recourse if you later change your mind. These scammers may also operate in different jurisdictions so you have very little chance of tracking or taking any legal action against them if their promises do not materialise.

    9. Keeping your information private

    Telling people how you store your cryptocurrencies or flaunting your wealth is the same as painting a target on your back. Whilst it is certainly wrong for hackers or scammers to steal from you, you do not want to expose yourself as a target.

    As mentioned before hackers can operate remotely. Therefore, taking a photograph of your private keys, login information or hardware wallet recovery phrase is essentially the same as posting a photograph of your credit card details online.

    Similarly, when setting up any cryptocurrency wallets or exchanges, or accessing or transacting with your cryptocurrencies, make sure you are in a safe location without any cameras around.

    10. Test send is your friend

    Cryptocurrency transactions are irreversible, so you need to be extra careful in making sure you are sending to the correct address. Here are 2 common pitfalls you will want to watch out for.

    The first pitfall is sending your cryptocurrency to an incompatible wallet. For example, you cannot send Ethereum to a Bitcoin address. Another example is for some exchanges like Binance, they have recently switched from Omni to ERC-20 for their Tether (USDT) address. So even if you are sending the same currency i.e. USDT, you need to make sure the address type is the same.

    The second pitfall is sending to the wrong address generally. Cryptocurrency addresses are long strings of digits which are case sensitive. So you should check every digit of the address before you press “send”.

    For extra security, some people may also request the recipient to send a voice message dictating the first and last few digits of the wallet address. This is to avoid hackers who have taken over either party’s devices and sent out their own wallet address instead of the recipient’s.

    Therefore to minimise losses, especially when sending large sums of cryptocurrencies, consider doing a test send with a small amount before sending the remainder of your coins.

    Conclusion

    Cryptocurrencies bring a shift in the way we hold and transact assets of substantial value. The power of being in full control of your digital assets undoubtedly comes with the duty to ensure their security. With cryptocurrencies, this duty falls squarely on the user. It may seem intimidating, but anyone can store, send and trade cryptocurrencies when armed with knowledge and exercise caution.

    With our top 10 best ways to keep your cryptocurrencies safe, you can be sure to navigate this space with confidence.

    Further reading

    Now that we’ve looked at the top 10 ways to keep your cryptocurrencies safe, we move on to cryptocurrency exchangees. Cryptocurrency exchanges are an inevitable aspect of being involved in the cryptocurrency space when we want to exchange between different types of coins. So be sure to check out our ranking of the top best cryptocurrency exchanges of 2019 here.

  • How to setup a Vechain Node Setup Guide (on Synology NAS)

    How to setup a Vechain Node Setup Guide (on Synology NAS)

    This guide is for setting up a physical Vechain Observer Node using Docker on Synology Attached Storage (NAS). We will create observer nodes that will receive transaction data and observe blocks being created on the network. This guide will run the same code that is on the 101 Authority nodes that power the network. This node will allow you to gain access to the Vechain API – so you start programming on the Vechain network and query transactions.

    Note: This is a fun exercise that allows you to run a node that observes the network. In order to participate in Block creation (and gain block rewards), you’ll need to be selected as an Authority node by the Vechain Foundation.

    Vechain’s code can be found on Github : https://github.com/vechain/thor. Nodes run the ‘thor’ client which is written in the GO language.

    This guide requires a Synology Network Attached Storage. These are physical servers that you can store files on and also run software. This guide is tested with DS918+ running DSM 6.2.2.

    Install Docker

    For this guide, we’ll be using the official Docker package. This allows the easy install of the Vechain Thor node without the hassle of compiling the code from source. Install Docker via the “Package Center”

    Pull the Vechain/thor docker image from the Registry

    Open up Docker and access the “Registry” tab. Here you’ll get the option to search for “Vechain” and download the Vechain/thor docker image.

    Launch the Docker Image

    Now comes the final part – launching the Docker image with the correct settings. In the Launch menu, select “Advanced settings” -> “Volume” and add a folder. Personally I created a folder in “docker/vechain” and mounted it to “/root/.org.vechain.thor“. This will allow the client to store the blockchain safely a designated folder on your NAS.

    Lastly add the execution command “–network main“. This tells Thor to connect to the vechain mainnet.

    After this apply the settings and click “Next” and “Apply” to launch the Docker container.

    Happy Observing

    Now you’re done! The observer node should will be running and receiving blocks.

    You can see the progress of the node as it synchronizes with the network.

  • Lightning Node Setup Guide (With Docker)

    Lightning Node Setup Guide (With Docker)

    This guide will get you started setting up a Lightning node to send and receive Bitcoin on the lightning network. The node will be always online – you’ll be able to send and receive lightning transactions at any time. We’ll be using a Docker container allow for faster deployment and updating. Remote Lightning nodes are great for anyone who wants to make some extra money routing lightning network transactions for passive income.

    • Difficulty: Intermediate
    • Time required: 1h
    • Setup type: LND with Docker
    • Prerequisites: Ability Deploy nodes on AWS or DigitalOcean

    This guide has been adapted from ZAP-tutorials – including a few updated commands.

    Note: For this guide we’re going to be using the Bitcoin Testnet – a test environment where we can make mistakes without serious consequences. Once you’re comfortable with deploying the node, you can switch over to the bitcoin mainnet by replacing “testnet” with “mainnet” in the code.

    Remote Node Setup with Docker

    For this setup, you’ll need to setup your own remote node on a cloud hosting service such as AWS or DigitalOcean. In this example, I deployed a t2.micro instance on AWS running Ubuntu Server 18.04. You can deploy any type of server, so long as it supports Docker you’re good to go.
    Note: must have 1GB or more of RAM on the VPS. Anything less will result in frequent crashes.

    To get Docker, install it with these commands

    sudo apt update
sudo apt install docker.io

    Installing the Lightning node

    For the container, we’ll be using an image built by Zap – it’s already pre-configured with everything you need to get started (lnd, lndconnect). The first step is to create a “volume” which allows our data to be preserved in case the container is destroyed in the future. The volume we are creating is called “lnd-data”.

    Note: some installations docker don’t require “sudo”, if you run into problems, run docker without elevated “sudo” privileges.

    sudo docker volume create lnd-data

    Next step we’re going to run the latest image from “lnzap/lnd:latest”. We’re going to connect to the Bitcoin Testnet – this way if we make any mistakes we won’t be losing real Bitcoin.

    We are also connecting to public neutrino clients – this greatly lowers the hard disk requirements for this node.

    Before executing, make sure you fill in your IP in the YOUR_EXTERNAL_IP section. 

    sudo docker run -v lnd-data:/lnd --name=lnd-node -d \
  -p 9735:9735 \
  -p 10009:10009 \
  lnzap/lnd:latest \
  --bitcoin.active \
  --bitcoin.testnet \
  --debuglevel=info \
  --bitcoin.node=neutrino \
  --neutrino.connect=testnet1-btcd.zaphq.io \
  --neutrino.connect=testnet2-btcd.zaphq.io \
  --autopilot.active \
  --tlsextraip=YOUR_EXTERNAL_IP \
  --externalip=YOUR_EXTERNAL_IP:10009 \
  --rpclisten=0.0.0.0:10009

    Congrats! You got your Lightning Node up and running.

    Create a Bitcoin Wallet

    Now its time to create a Bitcoin Wallet. You can do this directly by interacting with the lnd-node via Docker.

      sudo docker exec -u lnd -it lnd-node lncli --network=testnet create

    You can create a new address with the following command

      sudo docker exec -u lnd -it lnd-node lncli --network=testnet newaddress np2wkh

    This will give you a Bitcoin address where you can send Bitcoin to to fund the account. Since we’re on the Bitcoin Testnet, you can use https://coinfaucet.eu/en/btc-testnet/ to fund the account for free.

    PRO TIP: You can check if your node is working by scanning port 10009 and 9735 using https://www.yougetsignal.com/tools/open-ports/. This is a great way to check if there are any firewalls blocking your node from communicating and if the overall setup is successful. Running nodes will always have an “OPEN” status for the 2 ports.

    Connecting the Remote node with ZAP iOS app

    The ZAP app on iOS allows you to easily access the node remote node, send transactions, manage channels and more. The ZAP app is free and downloadable from https://zap.jackmallers.com/

    To connect ZAP with the remote node, run this command:

     sudo docker exec -u lnd -it lnd-node lndconnect --bitcoin.active

    This gives you a QR code you can scan with your wallet (“Connect to a Remote Node”) to complete the binding. (Note: Older guides ask you to use zapconnect which no longer works and will give you an error).

    Creating Channels with other nodes

    To start making payments, you’ll need to create Lightning Channels with other nodes on the network. A great place to start finding other nodes is via https://1ml.com/testnet/. This is a list of all the testnet nodes.

    You can scan the QR code for various servers via “Settings” -> “Manage Channels” -> “+”

    Helpful Debugging tools and commands

    Now you’re all done – the remote node is running and funded. To test out the configuration you can use these following tests:

    Check LND status

    This command checks for status of lnd and if you’re fully synchronized with the Bitcoin Network.

    sudo docker exec -u lnd -it lnd-node lncli --network=testnet getinfo

    Checking LND Logs

    If there any problems and issues, it’ll usually show up in the logs. Access the latest 100 log messages using this command

     sudo docker logs --tail 100 -f lnd-node

    Restarting the container

    When you restart the node, you’ll need to restart the container. For this you’ll need to know the container ID, then starting it. 

    sudo docker ps -a 

sudo docker start CONTAINER_ID

    Unlocking the Wallet

    Every time you restart the container, you’ll need to unlock the wallet:

     sudo docker exec -u lnd -it lnd-node lncli unlock
  • Proof of Stake explained

    Proof of Stake explained

    Proof of stake (PoS) is a consensus mechanism introduced in 2011 to improve upon the current most popular algorithm in use – Proof of Work (PoW). The main advantage of Proof of Stake two-fold it improves the speed of the Blockchain and also reduces the amount of electrical waste. Instead of consuming vasts amounts of computational power to “mine” for cryptocurrencies, Proof of Stake elects stakeholders to validate transactions. This election processes depends on the amount of cryptocurrency held by a node, hence the name Proof of Stake.

    What is Proof of Stake

    To truly understand PoS it is easier if we also explain the current system being used by Ethereum, and that is proof of work (Ethereum Mining). So basically when Ethereum is transferred, miners group that up into a ledger called a block chain and to do this they have to solve a puzzle. In creating this blockchain, a lot of computational power is also used. The amount of reward you get for creating a blockchain is a transaction reward. However, this depends on how much work you ie. how fast you can calculate and solve the puzzle.

    So this is all going to go away once proof of stake comes along. With proof of stake, you don’t actually solve any puzzles. You remove the puzzle solving element from the system and thus change the way the reward is distributed. So instead of proving how fast you can calculate with hashrate, you need to prove how much Ethereum you own. You do this with something called a master node. When you create a master node, you have to lock up a certain amount of Ethereum to prove that you have it and rewards are distributed according to how much proof of stake you have. One can create multiple master nodes with a lot of Ethereum inside and you’ll earn more through this method.

    Will Ethereum adopt Proof of Stake?

    So you might have heard that Ethereum is considering changing its distributed consensus system to something called proof of stake. Here, we will try to explain what this is as well as how it may affect you.

    So you might have heard that Ethereum is considering changing its distributed consensus system to something called proof of stake. Here, we will try to explain what this is as well as how it may affect you.

    How does this affect me?

    So that’s going to be extremely interesting for everyone. We’ve seen proof of stake currencies before. Dash is one example where 50% of the rewards is done by mining and the other 50% is done by proof of stake. And there is PIVX which is 100% proof of stake. The advantage of proof of stake is huge. One benefit is that you no longer have to do the calculations which mean you save a lot of computational power. Another one is that you actually lock up Ethereum. By locking up Ethereum you effectively create more scarcity which means the price should go up.

    So hopefully, it’s going to happen sometime this year. To do so, the people in charge of Ethereum have to make sure the code is ready and stable. And they also have to make sure they have the support of the miners. That’s going to be an interesting thing to see in the coming months because if the miners don’t support this move then what can happen is that it might break up Ethereum again just like last year.

    But there are mechanisms to help along this process. Ethereum actually has kind of a ‘time bomb’ that would blow up if the switch is not made. The switch has always been planned and it’s in a sense been hard coded to happen sometime so that’s kind of interesting to see how this will progress.

    Miners also do not need to worry they will be without a job. There are other currencies that can be mined with the current hardware. For example, if you use AMD GPUs, you can start mining Zcash which is also extremely profitable right now. So I do see this as being very exciting for everyone.