Named after the subatomic particle that can pass right through the entire planet without being detected, neutrino is meant to be a lightweight wallet with enhanced privacy features. And Bchd developers are now bringing it over to the Bitcoin Cash (BCH) ecosystem in beta mode.
Also Read: Thai Central Banker: A National Cryptocurrency Is Years Away
Bitcoin Cash Neutrino
The Bchd developers who recently introduced a full node Bitcoin Cash client written in Go have also ported the neutrino backend to their codebase. For the first time, this gives BCH users access to the experimental wallet, which focuses on strong network-level privacy.
Network privacy refers to limiting the information that the wallet sends to its peers, as well as the servers to which it connects. “Prior to neutrino there was not a single lightweight wallet available on the market that does not disclose all the addresses in your wallet and your entire transaction history to a third party,” the Bchd team explained. Even when using Tor, it is technically possible for trading partners to link an individual to an address, they cautioned. However, neutrino utilizes a “client side filtering” approach, which enables wallets to avoid disclosing the addresses they contain to connected peers.
A Work in Progress
Due to the details of the security-enhancing process utilized by the neutrino wallet for BCH, devices must download more data than they would for other lightweight clients, which can be a problem for some mobile users. However, the developers have said that if the wallet is open for 10 minutes, which is more than most people’s average daily usage, then it will only be the equivalent of downloading one block. Additionally, the wallets can be programmed to only sync on WiFi.
Right now neutrino is command-line only software, which means that some technical knowledge is required to use it. But the team is looking for user interface designers who can create accessible interfaces for both mobile and desktop. It is also important to note that this is still beta software. “If you’re using it on mainnet please only use it with a small amount of funds,” the Bchd developers have warned.
Is network privacy a top concern when picking a cryptocurrency wallet? Share your thoughts in the comments section below.
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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
In Sunday’s edition of The Daily, we cover the upcoming launch of a new Visa debit card that will allow users in the U.S. to spend cryptocurrencies through conversion to fiat. We also mention the updated Coinbase wallet and take a look at an educational course that’s going to reward students with digital coins.
Also read: New Woe for ICOs, Bitcoin Cash Trading Resumes
Crypto.com to Launch Prepaid Visa Cards in the US
New York-based Metropolitan Commercial Bank and Foris Inc., a Jacksonville, Florida-headquartered affiliate of digital asset wallet provider Crypto.com, are preparing to issue Visa crypto debit cards in the United States. The announcement comes after Crypto.com, a Hong Kong-based company formerly known as Monaco, recently launched its Mco Visa card program in Singapore.
The prepaid cards, which have no annual, monthly and ATM withdrawal fees, can be ordered from the wallet and card app of the cryptocurrency payment platform. The application allows users to purchase, sell, store, send and track cryptocurrencies. Customers can also use it to spend their digital coins in stores accepting Visa through conversion to fiat money without being charged exchange fees.
Reservations for the Mco Visa cards can be made after users pass an onboarding process which includes ID verification. According to a press release, over 100,000 cards have already been reserved globally. With the wallet app, cardholders will be able to manage the card usage and their crypto and fiat transactions. They can also freeze and unfreeze their cards with a single tap at any moment.
Coinbase Wallet Updated
Cryptocurrency exchange Coinbase has updated its Ethereum-based wallet to improve its looks and add new functionalities. According to an announcement on Twitter, all supported ERC20 tokens will now show up automatically, along with available values in local fiat currency. That means users will no longer need to manually add the tokens to their portfolios.
The California-based digital asset trading platform has also introduced a new crypto collectibles gallery integrated with Opensea and Rarebits to support hundreds of collectibles. Other changes include improved stability, security, and better gas price estimation. The wallet app has already been updated for iPhone users. The new version for Android phones is expected within the next few days.
Course Rewards Students With Coins
Aeternity, a company that manages smart contracts, has recently teamed up with peer-to-peer online learning platform Dacade to launch an introductory course for cryptocurrencies and blockchain. The free program is designed to educate users, developers and entrepreneurs on the basics of crypto-related technologies.
Furthermore, students who develop practical use cases will be rewarded with aeternity tokens. According to Coinmarketcap, the Aeternity coin (AE) currently sells for around $0.88. The first edition of the course is a non-technical introduction for beginners but the partners plan to soon form advanced learning communities for developers.
Tron Launches Dapp Development Program
Cryptocurrency project Tron (TRX) has unveiled a $1 million program to support developers of decentralized applications (dapps). The accelerator will distribute rewards among 56 teams developing dapps and products based on the Tron protocol.
According to an announcement, the initiative is aimed at supporting the spread of blockchain technologies among users. It comes after Tron recently bought the file-sharing service Bittorrent, the payment service Poppy and launched its Atlas project.
The winners of the three “grand prizes” will divide a pool of $550,000. Another eight “special prizes” of $30,000 will be awarded to leading projects in several categories, and 42 teams will receive “finalist prizes” worth $5,000 each.
What are your thoughts on today’s news tidbits? Tell us in the comments section.
Images courtesy of Shutterstock, Crypto.com.
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The arms race between hardware wallet manufacturers is showing no signs of abating. Every new device must be more secure, robust and impregnable than its predecessor to claim the bragging rights and earn the shekels of the crypto rich, to whom nothing but the best will do. The Cobo Vault is the latest hardware wallet clamoring to be the best device of its kind.
Also read: Which Cryptocurrency Hardware Wallet is Best for You?
In a Post-Apocalyptic Society, Many Years From Now…
The year is 2140 and the last bitcoin has just been mined. Thanks to the nuclear war, the population has been reduced to a few hundred thousand hardy souls. Bitcoin is the world’s global reserve currency, only there isn’t much world left to fight over. Just some scorched earth, cockroaches and a handful of gunmetal grey objects jutting wilfully from the soil. These are Cobo Vaults, the last surviving hardware wallets in the galaxy.
What’s in the box: wallet, charger, hard case, mnemonic tablet, letters, screwdriver, charging cable, instructions.
Hyperbole aside, it’s too early to tell how the Cobo Vault will fare in the longevity stakes. What can be said, in the here and now, is that this is the largest and heaviest hardware wallet (HW) you are likely to own. The Vault has many properties, but portability isn’t one. Unlike, say, the Coolwallet, the Cobo Vault is not designed to leave your strongroom or bank vault. Which is a tougher ask than it might sound, because the Vault is the sort of device you want to show to all your friends. Do not be seduced by the sleek metal casing and seductively heavy touchscreen imploring you to Instagram this wallet. Those aesthetics are for you and you alone to admire. Good opsec is mindset, not a device.
The Cobo Vault is both water and puppy-proof.
Features and Benefits
If you’re confident that you can resist the urge to shout your ownership of the Cobo Vault from the rooftops, here’s what you can expect from the $299 device (which will retail for $479 once full production starts):
Air-gapped with no wifi, bluetooth NFC, or USB capabilities
Encryption chip with tailored firmware that meets BIP 32, 39, and 44
Supports BTC, ETH, BCH, DASH, LTC, ETC, TRX, and EOS plus ETH, TRX and EOS tokens
Military grade outer casing
Built-in self-destruct mechanism to protect private keys
Multi-coin and tokens with no storage or memory limit for coins
No physical points of attack
Water-resistant aerospace metal body
Magnetically detachable battery to avoid corrosion
The Cobo website is replete with video footage of a Vault being plunged into the water and presumably living to tell the tale. Its protective case can also support the weight of a tank, so we’re told. I wasn’t brave enough to test my review device in such a manner, as it wasn’t manufactured to final spec, but like the Cobo Vault, perhaps you’re made of sterner stuff.
The Vault is beautifully packaged.
Hands on With the Cobo Vault
The Vault is beautifully packaged, with build quality, design, and presentation that almost rivals Ledger, the experts at delivering immaculately packaged wallets. This is the sort of HW that unboxing videos were made for. A small instruction card guides users through setup, in between delivering stern warnings such as “the security chip will self-destruct if tampered with.” Because the Cobo Vault app has yet to be made available on the Google Play store, I had to install it using the link provided, prompting all kinds of scary warnings from Android:
Production versions will direct users to the Play or App stores, eliminating this heart-hastening step. After installing the app, you’ll need to power up the Cobo Vault, which means removing the battery compartment and charging it using the separate dock. After powering up the Vault, you’re directed to a page on the Cobo website to scan in the QR code and verify the device. Then, after opting to create a new vault using the touchscreen device, it’s time to note down your mnemonic, heeding the onscreen warning to watch out for “spying eyes or hidden cameras.” Entering the 24-word seed is confusing, as it is unclear that you’re meant to hit return after typing each word. There are still some elements of the Cobo Vault that could benefit from refinement, starting with mnemonic confirmation.
Once the seed has been recorded, it’s time for some more QR code scanning, this time to pair the Cobo Vault with the mobile app. When that’s been completed, the mobile app shows a perfunctory wallet screen. BTC and ETH are the only coins supported in the test version, but the full version will ship with support for all of the coins listed earlier including BCH and DASH.
The Cobo Vault mobile wallet
A feature which now comes as standard on many HWs, the Vault included, is the ability to create a hidden vault. If the owner is forced to unlock their wallet under duress, they can reveal an address containing only a nominal amount of cryptocurrency. An unlimited number of hidden vaults can be created with the Cobo Vault, making it impossible for a physical attacker to tell for certain whether they’re being shown the real wallet. To verify that everything’s working correctly, I send a test BTC transaction to the Vault, and then send it on to a different address, using the Vault to sign the transaction using a QR code scan.
With most hardware wallets, the review ends once the mobile wallet and device have been paired, bitcoin address created and test transaction sent. But with the Cobo Vault, the real fun begins when you prepare to pack the device away. The body and battery are separated and slid into separate compartments in the protective case. The case holds the entombed sections snug, without so much as a rattle, no matter how vigorously you shake the ensemble.
One accessory that’s yet to be covered in this review is the mnemonic tablet and letter block that enables you to encase your 24-word seed in a metal holder that looks as robust as the protective case for the Vault itself. It would be nice if there was a means to easily separate the two halves of the tablet, so that the seed could be stored in two separate locations. If you do decide to affix the letters into the tablet, using the screwdriver and 282 letters provided, go ahead, but it might be wise to obfuscate one or more of the words. It might be wiser still to store your mnemonic tablet in a different location to your Cobo Vault.
The Cobo Vault is a solid piece of kit that’s likely to claim the mantle of Toughest in Class, at least within the sensibly priced wallet category. A few hundred bucks seems a reasonable outlay for a device that should, provided proper opsec is used, keep your cryptocurrency safe until time indefinite, or until you need to liquidate it at least. The software could and will be better in places, and the UX needs tidied up. Expect these niggles to have been resolved when the production version begins to ship.
The Cobo Vault will outlive you. The sooner you come to terms with that, the sooner you can accept your own mortality and the immortality of bitcoin.
What are your thoughts on the Cobo Vault? Let us know in the comments section below.
Images courtesy of Shutterstock.
Disclaimer: Bitcoin.com does not endorse nor support this product/service.
Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Japan’s top financial regulator, the Financial Services Agency, has unveiled a plan to regulate cryptocurrency wallet services. The regulator has put forward a number of regulatory measures as well as proposing how to implement them.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
The Financial Services Agency (FSA) held its ninth cryptocurrency study group meeting on Monday. According to the agency’s published meeting materials, one of the main topics on the agenda was a plan to regulate crypto wallet services and their providers.
Currently, Japan’s fund settlement law requires businesses conducting cryptocurrency-related activities in the country, such as buying and selling, to register as crypto exchanges with the FSA.
“Wallets are like bank accounts that store virtual currencies,” Itmedia publication elaborated. While wallet service providers “handle large amounts of virtual currencies like exchange companies,” the publication noted that “they are not targeted by laws and regulations.”
The FSA explained that the current law does not apply to wallet service providers since they do not buy or sell cryptocurrencies — they merely manage and transfer them for customers. However, since they manage payments, the agency believes that financial regulation is necessary.
The plan unveiled at the meeting focuses on service providers — not software wallet developers or hardware wallet manufacturers. Many wallets exist only as code and are without identified leadership or companies behind them.
The regulations for wallet services will be in line with the international standards for preventing money laundering and terrorism financing set by the Financial Action Task Force (FATF), the FSA detailed. The agency wrote that the “revised FATF standards” must be imposed, including their recommendations relating to crypto exchanges, wallet service providers, and initial coin offering issuers.
The group proceeded to discuss the risks associated with wallet services, such as stolen funds during cyber attacks, wallet failures, money laundering, and other risks shared by crypto exchanges.
Possible regulatory measures include the maintenance of internal control systems, separate management of cryptocurrencies belonging to the service providers and customers, audits of financial statements, publication of policies in the event of stolen funds in a hack and retaining funds to repay customers.
The transition period for introducing wallet regulations was also discussed. During this time, service providers would not be able to add new businesses, customers, or coins supported. In addition, they must post notices on their websites regarding their registration status. Those refusing to register must declare on their websites and “indicate that the business will be abolished,” according to the meeting document.
What do you think of Japan planning to regulate crypto wallet services? Let us know in the comments section below.
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There has been an explosion of hardware wallets recently, with new models shipping on a weekly basis. What’s more, many of these units are more than mere Ledger or Trezor clones, offering unique form and features compared to the market leaders. This week news.Bitcoin.com took delivery of Coldcard, a BTC wallet that promises to be “cheap and ultra-secure.”
Also read: Marshall Islands President Attacked Over National Cryptocurrency Plan
Coldcard or Cheap Calculator?
The Coldcard looks like a cheap calculator, and it feels like one too. It’s light and plasticky in the palm of the hand, more akin to the sort of mass-produced gadget you could bulk order off Alibaba than the latest must-have hardware wallet (HW). In fact, the Coldcard that reached this U.K. reviewer from Canada had been marked as a calculator on the shipping label. That didn’t stop customs imposing a $20 tax, however, which I was obliged to pay before taking receipt of the $70 device. The translucent design, which exposes the Coldcard’s circuitry, won’t be to everyone’s tastes, but I like its nakedness. Peer closely and you can just make out the words “Genuine Caution” printed above the micro SD card slot. Wise words indeed.
Out the box — or rather the packet, since the Coldcard didn’t even come with so much as a cable, let alone a box — the wallet looks disarmingly flimsy. This is not necessarily a bad thing, though. In the design stakes, there are two types of hardware wallets: those so beautiful you wanna show them off to all your friends, and those so ugly you wanna chuck them in a drawer and never look at them again. Guess which one is likelier to be resistant to theft? The Coldcard is not a “coffee table” HW then, and for the sake of your bitcoin, that’s probably a good thing.
Warming up the Coldcard
The Coldcard uses the BIP39 standard for seed phrases, based on a 2,048-strong word list. In effect, this provides 128-bit security, which ought to be ample for securing a BTC wallet. There’s an even more interesting Bitcoin Improvement Proposal that the device uses, though: BIP 174. It’s the first HW to adopt this multisig standard for partially signed bitcoin transactions, which also allows air-gapped wallets such as the Coldcard to sign transactions without needing to connect to the web.
Connect the Coldcard to a computer using a micro USB and it comes to life, with instructions displayed on the tiny yet decipherable 128×64 OLED screen. The diminutive size of the text is not a problem. The responsiveness of the buttons is, however. Unfortunately, buttons do not always respond at the first, second, or even third time of asking, with the problem exacerbated by the absence of any sort of haptic feedback to serve as a guide. Hopefully this is just a production problem in early devices, as it’s liable to alienate users accustomed to more responsive buttons, such as those found on the Ledger Nano.
Early Days But Positive Signs
The Coldcard has just launched, and there’s already quite a buzz about the wallet in cryptocurrency circles, despite its unprepossessing appearance. This may be because it’s the product of Coinkite, which is also responsible for the Opendime USB stick that enables BTC to be spent like a “bearer bond,” gifted from one person to the next, without being unsealed to preserve its value. By the company’s own admission, it’s early days for the Coldcard, and by the time new features have been introduced and minor bugs eradicated, the wallet should be a lot better to use.
Connecting the Coldcard to Electrum
Setting up the device calls for creating a two-part PIN and noting down the two anti-phishing words that are displayed on screen. After that, you’ll be shown a range of options, including the ability to create a new wallet or import an existing one. After selecting the former, you’ll need to note down the 24-word seed, which calls for scrolling down repeatedly since the screen can only accommodate three words at a time. Once the seed phrase has been recorded, you’re prompted to recall the words, with each of the 24 words shown in a random order, with three options to choose from each time. It’s a laborious process, exacerbated by the button pushes occasionally not registering, though there is an option concealed within a submenu to adjust the touch sensitivity.
There’s another surprise lurking within the Coldcard’s submenus: It also operates as a litecoin wallet. While the controls and menu options to be found on the device aren’t always intuitive, the quickstart guide clears up a lot of the confusion. It’s not immediately apparent, for example, how you go about creating a new BTC address in order to receive funds. As it turns out, this calls for downloading the Electrum desktop wallet and then connecting it to the Coldcard, either by USB or, for those wishing to keep the Coldcard offline at all times, by writing a new-wallet.json file to a micro SD card, which serves as the relay between the HW and the Electrum desktop software. This might seem excessive, and for most cryptocurrency users it will be, but for those who desire ultra-security, an air-gapped Coldcard is the way forward.
Simple When You Know How
After a bit of trial and error, I successfully connected the Coldcard to Electrum, created a BTC address, and tried to send a small amount of bitcoin to the wallet for testing purposes from an exchange account. Unfortunately I received an error amount when attempting to withdraw funds from the platform. This is because many cryptocurrency exchanges still don’t support the bech32 address format, although this is starting to change, with Kraken being the latest platform to begin integration. I started again, creating a new Electrum wallet using the legacy address format, and this time everything worked smoothly: My deposit of 2.5 mBTC arrived and, when I tried to send a portion of the sum to a new address, I was prompted to sign the transaction using the Coldcard.
Aside from some minor issues with the buttons, and the acknowledgement that physically, it’s one of the more fragile devices on the market, the Coldcard is an impressive piece of kit. It’s not for novices. But more experienced heads, who wish to completely isolate their funds from internet-connected devices while retaining the ability to sign and broadcast transactions, will relish the Coldcard.
What are your thoughts on the Coldcard wallet? Let us know in the comments section below.
Images courtesy of Coldcard.
Disclaimer: Bitcoin.com does not endorse nor support this product/service.Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
The Cybercrime Department of the Turkish National Police has arrested 11 suspects in an alleged hack of crypto accounts, with victims reporting more than $80,000 in losses, major Turkish newspaper Hürriyet reported Friday, Nov. 2.According to the article, 14 individuals have reported to local prosecution authorities that their crypto wallets were hacked with their Bitcoin (BTC) transferred to other wallets. Following the complaints, the Istanbul police launched an investigation against a group of hackers that had allegedly compromised users’ emails, crypto wallets’ accounts data, and passwords.On Oct. 26, cybercrime unit agents detained 11 people in multiple locations in Istanbul as a result of joint raids with special operations department Harekat police. Ten suspects were taken into custody, with one of them reportedly released on the condition of then remaining under further “judicial control.” Police have also seized from the alleged hackers two fake identity cards, as well as a number of devices allegedly used in the hacks such as 18 mobile phones and SIM cards, 22 memory sticks, and other items.According to Turkish prosecutors, the amount of stolen Bitcoin is worth around 437,000 Turkish lira, or more than $80,000. The group of attackers allegedly moved the stolen crypto to multiple accounts in an attempt to cover their tracks before subsequently selling it for fiat.During the investigation, the cybercrime unit identified some suspects by tracking new SIM card numbers registered to crypto exchange accounts by the hackers. Police agents also tracked the suspects who tried to withdraw the stolen assets from ATMs and banks based on records by multiple security cameras. The article says that the investigation is ongoing, with policemen looking for more victims of the hackers.In August this year, Cointelegraph reported on the Turkish lira’s collapse, triggering more interest by the Turkish people in buying decentralized cryptocurrencies like Bitcoin (BTC). The lira dropped by 50 percent against the U.S. dollar by August 2018, seeing the all-time lows due to geopolitical factors.On Aug. 22, police in California detained an alleged hacker who stole Bitcoin worth more than $1 million by hijacking cellphones. The attacker, Xzavyer Narvaez, reportedly used the “SIM swapping” method, also known as a “port out scam,” to steal crypto from victims’ devices.In October, Vice Media-backed U.S. tech news agency Motherboard reported that Oklahoma City authorities arrested a man allegedly considered to be one of the “most infamous” SIM swappers, who had reportedly stolen cellphone numbers and used them in cryptocurrency thefts. The hacker Joseph Harris, 21, is accused of stealing $14 million in crypto from blockchain startup Crowd Machine. window.fbAsyncInit = function() FB.init( appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ ); FB.AppEvents.logPageView(); ; (function(d, s, id) var js, fjs = d.getElementsByTagName(s); if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_US/sdk.js”; js.async = true; fjs.parentNode.insertBefore(js, fjs); (document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=;t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e); s.parentNode.insertBefore(t,s)(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);
Cryptocurrency users who store private keys in Ledger's hardware wallets can soon manage their assets through imToken, a China-based ethereum wallet application supported by investment firm IDG Capital.
ImToken is exclusive to CoinDesk, a "universal hardware solution" SBI Holdings, which is linked to Cool Wallet devices made by Ledger and to CoolBitX, which is partly owned by Japanese big company CoolBitX.
Ben He, founder and CEO of imToken, said it aims to bridge the gap between software and hardware-based wallet services and ultimately expand adoption of cryptocurrencies.
Hardware wallets secure crypo assets from hackers by storing them offline. To make transactions today, hardware wallet users typically need access to digital assets using a desktop client connected via USB.
"Cool wallets are the best choice for maintaining a private key, but the adoption rate is low, but we want to bring hardware security to the hot wallet user and ultimately change the perception of what is the safest in the cryptographic world. We have managed to manage our assets. "
For example, the new imToken solution allows Ledger and Coolwallet users to keep their private keys offline, but can directly initiate bitcoin, ethereum, and EOS transactions for transactions or participation in distributed applications that are supported within mobile apps .
However, the CEO said that the compatibility between wallets is achieved through Bluetooth. The integration with CoolBitX's Coolwallet S and Bluetooth enabled device Ledger & # 39; s Blue is expected to be officially released in December and January 2019.
This means that the solution does not support Ledger's USB-only devices such as Nano Wallet, but you can integrate with future products by adding a Bluetooth connection.
The news follows a recent report that Ledger is expanding into the Asian market with the appointment of capital market veteran Benjamin Soong. The company said 30 percent of its device sales came from the Asian market.
Meanwhile, imToken, founded in 2016, has grown to become one of the largest ethereum wallet services with approximately 7 million users. 75% of them come from mainland China. Boots currently claims to handle about 10% of ethereum transactions every day.
In June, imToken raised $ 10 million in the Series A funding round sponsored by investment firm IDG Capital.
In addition, imKey, a Beijing-based wallet hardware manufacturer with a stake in imToken's venture, announced that it will launch a new hardware wallet called imKey, which will pre-order by the end of this year.
Wallet image via Shutterstock
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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Ledger, the popular hardware wallet manufacturer based out of France, has recently revealed the company’s contingency plans for the upcoming Bitcoin Cash (BCH) hard fork scheduled for Nov. 15. On Tuesday, Oct. 30, Ledger explained to its customer base that the organization will be pausing bitcoin cash services on Nov. 15 and the company plans to wait until a dominant chain appears to reinstate BCH services.
Also read: A Look at Bitcoin Replay Attacks and Self-Managed UTXO Protection
Ledger to Suspend BCH Transactions During the November Fork
In fifteen days the Bitcoin Cash network will possibly face a hard fork with consensus changes. The problem right now, however, is there are two different visions for the upgrade, with two development teams proposing new BCH rule sets that are poles apart. This means there could be a potential for a chain split due to the disagreeing development teams Bitcoin ABC and Bitcoin SV. Now, two weeks before the fork, Ledger has announced its wallet services will be pausing bitcoin cash transactions because the conflicting proposals have not reached consensus and both implementations do not have replay protection.
“Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically — The reason for closing the service during this time is to prevent unwanted transactions (resulting from “replay attacks”), causing possible loss of funds and other potential issues interacting with Bitcoin Cash during this period of time,” explained the company’s recent blog post.
Depending on the outcome of the fork, we will communicate about our next move when we have a clearer vision of its result — Be advised that during this service disruption, your Bitcoin Cash private keys will remain secured.
BCH Proponents Expect to Hear More Contingency Plans
The hardware wallet service detailed in its blog post that it plans to watch the fork unfold and proceed with a plan after evaluating the integrity of both chains. The wallet’s users will be able to see when the Bitcoin Cash network has been reinstated on Ledger’s status page, the company emphasized. The announcement from Ledger also follows the two exchanges who published contingency plans for November’s BCH fork during the first week of September.
The trading platforms Bitasiaex and Coinex were the first two companies to inform their customers on how they intend to deal with the fork. Coinex plans to do a snapshot of all BCH assets and customers will get a 1:1 split if a bifurcation occurs during the fork. Bitasiaex explains they will also provide a 1:1 and will be watching the fork in order to give the chain “with the most proof-of-work the BCH ticker.”
Bitcoin ABC and Bitcoin SV do not agree right now on the Nov. 15 consensus changes.
As of right now, two weeks before the fork, both development teams have not added replay protection and many BCH supporters believe it’s very likely the two clients will proceed without adding the protocol. The outcome may lead to a ‘hash war’ and because bitcoin cash uses a concept called Unspent Transaction Outputs (UTXO), when a split occurs without replay protection, both chains are an exact reflection of each other and it’s possible (when sending a transaction after a split) UTXOs can be replayed on both networks. Replay attacks can lead to financial losses if there are mistakes and network confusion or a malicious attacker reuses transaction data on both chains.
In a ‘hash war,’ the longest chain with the most proof-of-work will essentially be Bitcoin Cash, and many believe the minority branch will die.
Over the next two weeks, it’s likely that more exchanges and wallet providers will be outlining their plans for the Nov. 15 BCH hard fork. It’s safe to assume that because the clients Bitcoin SV and Bitcoin ABC do not have replay protection for the upcoming fork, other infrastructure services will pause BCH transactions until the dust settles. Ledger wallet does offer the ability to use the Ledger wallet system with an Electron Cash supporting wallet and customers can make transactions at their own risk, Ledger concluded on Tuesday.
What do you think about Ledger wallet’s recent announcement concerning the Bitcoin Cash network hard fork on Nov. 15? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Ledger Wallet, Bitcoin ABC, Bitcoin SV, and Pixabay.
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New Zealand’s state-backed innovation institute Callaghan Innovation awarded a $330,000 grant to a local crypto wallet and trading service, according to a press release published Tuesday, Oct. 30.Callaghan Innovation issued an “R&D Project Grant” to local crypto wallet and trading platform Vimba, a rebranded version of former MyCryptoSaver. Following the grant, the crypto startup is reportedly set to expand its offerings, as well as to list more cryptocurrencies and enable multi-signature crypto wallets.R&D Project Grants are a type of co-funding for a research and development project. A Callaghan Innovation spokesperson told Cointelegraph that the grants fund up to 40 percent of a project, and that 355 such grants were approved during the last fiscal year.Founded in 2014 as MyBitcoinSaver, Auckland-based Vimba platform offers New Zealand residents with limited weekly investments in major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). Since its launch, Vimba has underwent two investment rounds, and will reportedly launch services in the U.K. in the coming weeks.Vimba CEO Sam Blackmore commented that firm’s client base has “remained very stable” despite the bearish market this year. Blackmore also expressed company’s belief that Bitcoin will “at least reach the market cap of gold,” due to being a “more efficient, more accessible, more secure version of that rare asset.”The neighboring state of Australia has also awarded government grants to crypto and blockchain startups. In August, the government of the state of Queensland issued a grant to a crypto travel startup called TravebyBit as part of over $8.3 million in innovation funding. The company would purportedly boost tourism to the state by selling travel offers with cryptocurrencies.In July, the Queensland Cane Growers Organization received a $1.7 million government grant to implement blockchain technology for tracking the provenance of sugar supplies. window.fbAsyncInit = function() FB.init( appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ ); FB.AppEvents.logPageView(); ; (function(d, s, id) var js, fjs = d.getElementsByTagName(s); if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_US/sdk.js”; js.async = true; fjs.parentNode.insertBefore(js, fjs); (document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=;t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e); s.parentNode.insertBefore(t,s)(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);