Boxmining v2

Category: Guide

  • 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
  • Harmony Protocol (ONE): Everything you NEED to know

    Harmony Protocol (ONE): Everything you NEED to know

    Harmony Protocol Logo

    The Harmony (ONE) protocol takes on the challenge of scaling blockchain without sacrificing decentralization. This has been the holy grail of challenges because solving scaling usually involves sacrificing decentralization – however Harmony maintains an open-consensus where anyone can join. This is achieved by:

    • Proof-of Stake – Harmony holders can participate in network consensus and improve network security
    • Deep Sharding – network is split into different teams or “shards” that work together and increase transaction efficiency
    • Network Optimized – Network communications are split into small fragments and shared (Kademlia routing)

    Harmony protocol has a sharding-based, fully scalable, secure and efficient blockchain. This means that the consensus mechanism can provide the blockchain solution necessary for the future of DApps. Even though Proof of Work networks were initially highly decentralized this element can be diluted with high usage. As such, the consensus mechanism for Harmony ensures it is still decentralized and permission-less. These are critical parts of future relevance and sustainability.

    Check out the Boxmining interview with the Co-Founder of Harmony Protocol, Nick White for an introduction to the project.

    Interview with Co-Founder Nick White

    The Competitive Scalability Field

    Providing scalability is a noble endeavor and unsurprisingly, Harmony will not be first to do it. This is because the field already features an array of running projects that also aim to provide the same solution. These rival projects include: EOS, Zilliqa, Algorand, and others. Harmony distinguishes itself by having a solid proof-of-stake system with state sharding. State sharding splits the network into teams that work together. This allows the network to grow faster as more nodes are added (rather than stay stagnant). Chains and transactions are co-ordinated by a beacon chain.

     “Neither of the projects mentioned above has a blockchain which will be performant, scalable, and as low cost as the Harmony blockchain will be.”

    Nick White, Co-founder of Harmony

    Co-founder Nick White touts the fact that Harmony has advantages over and above typical scalability projects. These are in the form of improved user experience, reduction of costs and the ability to support larger user bases for the decentralized app community. This will in turn draw more developers and projects to be a part of the Harmony project community.

    Harmony Protocol Consensus
    Harmony Protocol Consensus

    Needless to say, the target audience is not only limited to DApps developers but also established companies with greater user bases who wish to integrate blockchain technology into their products. White contends that such apps have had the problem of slow and existing networks. Harmony, on the other hand, makes their operations possible by efficient and affordable solutions.

    The Challenge of Attracting New Nodes

    Attracting new nodes to the network is definitely an issue for the network. To this matter, their Co-Founder and CEO, Stephen Tse stated as follows:

     “Harmony is building a robust ecosystem and we are in talks with every major staking as a service company to bring them on board and help grow Harmony’s validator ecosystem.”

    As such, the project has a proposal to lower the barrier for those who wish to participate in the network. This is in the form of lower resource requirements (specfically, 4GB) for new entrants. In addition, Harmony will write scripts that will make the initial setup simple as well as block rewards for staking. The economic model that underlines that is yet to be clear but stakers have the assurance of rewards for participation.

    Binance Partnership

    Binance exchange has recently announced the upcoming Harmony Protocol Initial Exchange Offering (IEO). This IEO will take place on 28th May 2019 and aims to raise funds for a project whose operation is a lot like its name. This is because the idea of providing a pertinent demand for cryptosphere, scalability, is something that can draw on collective human collaboration in the innovative platform.

    Harmony Binance Launchpad
    Harmony will be on Binance Launchpad

    The Binance IEO has been known to be a boost for its featured projects. This is because of the marketing catalyst as well as investor attraction. As such, Harmony can reach millions more with the Binance partnership. The partnership will also be in line with Harmony’s vision to provide scalability to billions across the world.

    White stated that the team has motivation from the global outlook that Binance provides. Blockchain technology has the potential to transform the lives of those both in developed and developing countries. This means that parts of Africa and Latin America, both within the scope of Harmony targets, can also achieve meaningful progress.

    With that in mind, the Binance Launchpad will take place on 28th May 2019. Notably, the process will follow the lottery format that is typical of Binance now. The token price is $0.003175 for one Harmony (ONE) token with a hardcap of US$5 million.

    Verdict

    Harmony Roadmap 2019
    Harmony Roadmap 2019

    In summary Harmony makes a solid stab at tackling blockchain scalablity whilst keeping an open consensus. The highlight of Harmony is the ability to do state sharding rather than simple transactional sharding, allowing more headroom for future scaling without congesting beacon chains.

  • Mithril (MITH) Overview

    Mithril (MITH) Overview

    Mithril aims to disrupt our perceptions on social media- to decentralize and reward social media content creators fairly and openly. 

    For a long time, content creators have not been earning for firing up their creative juices. Their followers have also been left dry after interacting with content. But this is now in the past since the launch of Mithril, a platform employing blockchain technology with content creators and their followers in mind. 

    The team behind Mithril comprises of top minds like Wilson Huang who is a former software engineer at Yahoo and Jeffry Huang, the former chairman of M17 Entertainment. 

    Since its launched in 2018, the decentralized social media platform has already made notable milestones. For example, it has secured a partnership with PiePie, a social platform where content creators can earn MITH tokens (more on this shortly). 

    Mithril does this through “social mining”. Unlike other social media platforms such as Facebook and Instagram, Mithril rewards users for their content according to the popularity it attracts. 

    What makes the Mithril ecosystem 

    The Mithril ecosystem is made of the MITH token, Lit, and the Mithril Vault which are intertwined to bring a comprehensive experience to content creators. 

    The MITH token (MITH) is the platform’s native token and which is used to reward publishers in a process called Social Mining (more on Social Mining later). The token is built using the ERC-20 standard on the Ethereum blockchain. It can be used to purchase goods and services on the Mithril Merchant Network, or it can be traded for other digital currencies. Apart from being used for payment and Social Mining, MITH can also be used for staking.  

    Lit, on the other hand, is an already developed social media app that is available to those using iOS or Android-powered mobile devices. Just as with other top social media apps like Facebook, Lit can be used for messaging and posting personal stories using the ‘stories’ feature. 

    The third core component of Mithril is the Mithril Vault, a secure virtual wallet for the MITH tokens. 

    Key Features Of Mithril

    Social Mining

    Though their mobile app- Piepie (available on iOS and Andriod), users can post 6 second videos and share it with over 154,000 (and growing!) other users globally who can follow, like or comment on them. 

    Users who post on Piepie will be rewarded with Mithril’s (MITH) tokens.

    Mithril recently expanded their ecosystem by partnering with Yeemos (available on iOS and Andriod). Yeemos is an app where users can post photographs. Other users can then interact with the posts by doodling, posting stickers, emojis, reactions or comments on them.

    Yeemos is expected to support the MITH reward system soon.

    Mithril Vault

    Users can link their Piepie (and eventually Yeemos) accounts to the Mithril Vault. The Mithril Vault has several functions:

    Funds: Users can withdraw and/or deposit their MITH, Binance (BNB) and Ethereum (ETH) tokens. Support for more tokens is expected.

    Staking: Users can “stake” some/all of their MITH for a minimum of 14 days. Staking increases the amount of MITH earned when using Piepie.

    Shift: Users can “shift” their MITH to ETH and vice versa.

    Exchanges

    MITH tokens are currently traded on most major exchanges including Binance, Bitfinex, Bithumb, Lbank, OKEx and HitBT etc.

    Uses for MITH Token

    The MITH token can be used as follows:

    Staking: As mentioned above, MITH can be staked in the Mithril Vault to increase the MITH earned from social mining on Piepie.

    Shifting: Also as mentioned above, the MITH Vault allows users to shift their MITH into ETH.

    Payments: MITH is accepted as a form of payment in the Mithril Merchant Network. For now this includes some Taiwanese cafes and merchants. Globally, MITH can be used to pay for other products/services relating to dating apps, paid content and other applications.

    The Mithril roadmap

    Mithril has been hard at work meeting its milestones, and in some cases ahead of schedule.

    For Mithril, the milestones covered form the footing for a bright future ahead. While the future will be comfortable for Mithril network users, the developers have already rolled their sleeves up. 

    For instance, the team behind Mithril is yet to develop an ad network, conduct a vault merchant network onboarding, among other high profile developments. 

    Those already partnering with Mithril include, Qtum, M17 Entertainment, Swag, SOLA Foundation, bytepay, Simple Swap, Atomic, among others. 

    In short, Mithril has just left the runway. 

    Resources:

    Website: https://mith.io/

    Whitepaper: https://mith.io/whitepaper.pdf

    Blog: https://medium.com/mithriltoken

    Telegram: https://t.me/MithrilChat

    Twitter: https://twitter.com/MithrilToken

    Binance research report: https://info.binance.com/en/research/MITH-2018-11-15-46831.html

  • Elastos Explained – what’s a decentralized internet

    Elastos Explained – what’s a decentralized internet

    Elastos is a third generation technology that leverages blockchain technology in giving internet users complete control over their digital properties. The protection that Elastos provide is beyond cryptocurrencies or private data. It covers other intellectual properties such as books, games, movies, and business ideas.

    Elastos is a new Internet technology that is revolutionizing online security and smart technology. Elastos is built on the concept of removing middleman, monetizing computing power, protecting digital assets and offering incentivised digital properties transactions with enhanced security and speed at an affordable cost.

    How does Elastos work?

    Elastos operates in an isolated environment called a virtual machine that runs on elastos runtime. Its is a lightweight operating system kept in a little box. To penetrate the system, an attacker has to create their own box and connect to the user’s data.

    If hackers manage to breach the security, Elastos does not grant Internet access so the information derived cannot be sent out or uploaded to the third-party websites like YouTube, Facebook or Dropbox.

    Alternatively, the hacker may try to download it to external storage, but elastos requires that the owners of the data grant permission from their end. Therefore unless the owners voluntarily share their digital assets, hackers cannot take possession of it giving owners exclusive protection over the data they secure with elastos.

    In another instance, assuming the hackers try to connect another virtual machine like engineering artificial intelligence (AI) scanner, it can only scan and check the data, but it is not transferable as it is an isolated device. The information cannot be passed on to the outside world.

    In another real-life instance, assuming you have a session with your doctor and he connects to your virtual machine, he can only read your medical report but will not be able to save a copy. It is also imperative to the point that the moment you close your Elastos machine, the information viewed by the doctor will be permanently erased guaranteeing you topmost security.

    The Blockchain Technology Behind Elastos

    Now that we know how Elastos works, it is possible for readers to conclude that Elastos does not need a blockchain technology to function in reality, the blockchain provides the secure ID to access Elastos.
    In a case where a hacker tries to override the user’s security, it is the blockchain that will be responsible for the assurance that the ID is authentic, not tampered with, void of virus and malware, and perfectly matches with the one registered in the block.

    Blockchain provides a layer of trust for all the virtual machines that want to connect to a system.

    Real Life Application of Elastos

    Business and Enterprise

    It helps businesses and enterprises to protect the trade secrets, for instance, Coca-Cola can use it to store their recipe menu which will not be available to anyone without their permission

    Professionals

    To safeguard valuable private data and ensure that only people with permission can access the information stored on it

    Content Creators

    Authors, content creators, movies and game developers can leverage the use of elastos in securing the ownership of their intellectual properties. With that, they can scale up their earnings and prevent illegal distributions of their contents to unauthorized users.

    Also, the content owners can use elastos to create a scarcity of their digital asset thereby increasing its value.

    Developers

    Elastos provides large blockchain applications in a secure environment and keeps contents intact after multiple uses

    Ethereum vs. Elastos

    Ethereum operates on a single main chain structure leading to speed limitation while elastos adopts main chain and side chain structure that speeds up the transaction, payment and smart contract support for several applications and services

    Ethereum experiences network congestion and data redundancy while Elastos is the more secure runtime with the independent operating system, software development kit (SDK) that speed up the operating process and prevent data congestion.

    Ethereum exposes data to risk as it employs a front end decentralized application (DApps) while elastos make use of a safe DApps prevented from accessing the networks thus protecting data from DDos. Also, elastos doesn’t make use of IP addresses which implies that hackers cannot track users’ activities.

    Conclusion

    In conclusion, Elastos is a disruptive third generation blockchain technology that offers total protection of data and vital confidential information for an individual or a corporate body. The innovative technology will help content owners to maximize the returns on the sale of their digital assets thus making more from their intellectual properties. Elastos is a very beneficial technology that every user of the internet should have in their possession to create a more secure internet environment for all.

  • Monero (XMR) in a Nutshell

    Monero (XMR) in a Nutshell

    Monero is a rather unique member of the cryptocurrency family thanks to its focus on privacy and absence of the traditional open blockchain network like those found on Bitcoin. It is, in a nutshell, a system that makes use of three key technologies — Ring Signature, Stealth Address and Ring CT (Confidential Transaction) — to ensure that the sender, receiver and transaction amount are concealed from view.

    On a traditional blockchain, you can freely click to see who sent any transaction, how much it was, and who the receiver is. For many this was the logical way to do things because an open book meant less suspicion of dubious activities on the network. Going into “stealth mode”, as you can choose to on some platforms, is a sure-fire way to attract raised eyebrows. Monero tried to eliminate this problem by making its transactions 100% private.

    Advantages and Disadvantages of Monero

    + Users don’t have to worry about fraudulent chargebacks or multi-day holding periods. What’s more, there are no capital controls which restrict flow for traditional currencies. The user truly is in control.

    + Protection by CryptoNote’s hashing algorithm, “CryptoNight” makes it more resistant to ASICs (but not 100% ASIC-proof). The thinking is that it would be so costly to produce an ASIC for Monero that the benefits couldn’t possibly be worth it.

    + For better or worse, privacy is more attractive to more users. Privacy has always been a hallmark of any online industry’s success. Online shopping, for instance, was never going to be a reality unless people had ways to conceal their purchase histories and keep things private.

    – On February 19th 2017, the CryptoNote currencies, including Monero, were subject to a bug that allowed for stealthy creation of an unlimited number of coins, untraceable unless the viewer, too, knew about the flaw and what to look for. Fortunately, after scanning their system, Monero found it had never been exploited using this flaw, and by February 21st the problem was patched. To be fair to Monero, they have been open and disclosed full details of the error and all measures taken to rectify it.

    – The privacy element means there are view or no wallets available for full viewing, and so it’s impossible to know about past transactions and what’s really going on in the network. It may be a pro for existing users, but for newcomers it can be a little unsettling.

    It’s clear that one of the biggest pulls of Monero is the ability to remain anonymous without the same suspicion being leveled at you on other platforms where “stealth” is optional (and only used for dodgy transactions, people think). But, after the open-ledger and dominance of more “typical” cryptocurrencies, Monero represents a radical, even revolutionary approach that has a potent allure.

    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.

    Monero – How does it work?

    So how does it work? Each piece of aforementioned tech is used to protect a different element of the transaction.

    The sender is protected by the “Ring Signature,” which attaches multiple names to each transaction, forming a ring around the true sender and obscuring their true identity.

    The receiver is protected by the “Stealth Address,” which sends transactions to a single-use address that will flag up as non-existent should anyone try to look into who the transaction was going to.

    The amount of each transaction is concealed by the “Ring CT,” which only shows each exchange as being more than zero and valid — that’s it!

    The conscious crypto user who wants to be anonymous for innocent reasons, but doesn’t want to arouse suspicion, will find the perfect partner in Monero. Privacy is a right, and Monero is one of the platforms offering it openly and genuinely. Not everyone agrees. Some people see universal anonymity as limiting, as it makes it impossible for new users to look into past transactions and determine if everything is kosher. There are even additional tools like their “Kovri” tool which masks IP addresses. To the experienced observer of the Bitcoin ledger, this secrecy can be rather off-putting.

  • Komodo in a Nutshell

    Komodo in a Nutshell

    Komodo ICO (KMD)

    The Komodo ICO ran from Oct-Nov 2016. At the time they raised a total of 2636.37BTC. Komodo is a Zcash fork and so it will have all the same privacy features. However, they are not part of Zcash (ZEC). Their work is built on top of the open-source Zcash project.

    What is Komodo

    The zerocash protocol allows a higher standard of privacy and anonymity to transactions. It makes it  possible to send money online without disclosing receiver and sender information, while at the same time allowing for verification of the transaction’s authenticity. This utilizes a technology called zk-SNARKS.

    Komodo is also developing something called delayed proof of work or dPoW. Komodo has two levels of mining and two separate proofs of work (PoW). Only Komodo has to attach itself to the Bitcoin blockchain. Because of this, third party blockchains can use Komodo as an additional security layer. The Komodo blockchain will have the 64 notary nodes. The notary nodes, apart from finding blocks and recording transactions on the Komodo blockchain, take the confirmed blocks on the Komodo blockchain and notarize or engrave them on to the bitcoin blockchain.

    https://www.youtube.com/watch?v=eBTMjFotWS8

    Other Applications

    Apart from the features listed above, Komodo is also being developed as part of a broader project called SuperNET. SuperNet aims include:

    1. assetchains that allow anyone to create their own asset with its own blockchain
    2. multiwallet where those assets can be stored, including many coins like Bitcoin and Komodo
    3. atomic swaps, so that people can trade their coins from the multiwallet without counterparty risks
    4. pegged assets – which are a form of price-stable assets created on the assetchains – these assets solve the problem of price volatility by attaching themselves to the value of stable currencies like EUR or USD.

     

    Resources:

    Whitepaper https://komodoplatform.com/whitepaper/

    https://steemit.com/komodo/@komodoplatform/a-guide-to-better-understand-komodo

     

  • OmiseGo (OMG) in a nutshell

    OmiseGo (OMG) in a nutshell

    (Updated on 31-08-2017)

    OmiseGO is a token proposed by Omise that allows real time, direct transfers across multiple fiat currencies and digital currencies. Omise go is an existing payment management platform mainly focused on Southeast Asian countries such as Thailand, Singapore and Japan. With this new project, they plan to take this one step further and integrate their services with blockchain technology.

    What it Offers

    1. Ethereum based financial technology
    2. Ease of use – no bank account needed
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        One of the standout features of Pacific Spins is its welcoming bonus package, which provides new players with generous rewards upon signing up. Additionally, the casino prioritizes player safety and security, utilizing advanced encryption technology to protect personal and financial information. Customer support is readily available through various channels, ensuring that players can get assistance whenever needed.

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    3. Affordability – low transaction fees
      • Using traditional remittance methods make it difficult for a lot of their target market to send money home. The fees will take up a large percentage of the total amount. OmiseGo can offer almost instant transfers at low cost.
    4. Allows easy transfer between fiat currencies and also digital currencies

    What it Means

    Ultimately, OmiseGo should make it easier for foreign workers to send money home to their families. It also has the additional benefit of extra security through decentralized currencies. Millions of users in fast growing economies will be given the opportunity to go from fiat currencies to digital currencies.

    **Update**

    OmiseGo has announced their collaboration with McDonald’s Thailand. Founder, Jun Hasegawa, confirmed the news on his Twitter. Following the news, OMG has seen a slight rise of over 4% today.