A legitimate Bitcoin evolution?

25. October 2018 at 23:00Category:Blockchain

In addition to an extensive bounty program, almost 6% of the total coin supplies should be in the hands of the team behind MoneroV. This represents a significant centralization; accordingly, it quickly came to the accusation that the project primarily wanted to enrich itself. Ryan Hildreth’s endorsement is also sceptical, as he was also involved in BitConnect.

Above all, one point became important: the Bitcoin evolution

Using Monero keys to claim currencies created by a Bitcoin evolution is an attack on privacy. By using the same private key in two different contexts, some information about ring signatures is given to third parties. This can endanger not only their own anonymity, but that of the entire Bitcoin evolution network.

As long as the heads behind MoneroV do not recommend generating new private keys on the fork, participation is not advisable.

This is not only important for lovers of anonymity, but also for the investor. Free money is always great, only it endangers the primary use case of your investment. The crash of BitConnect a few weeks ago showed how low the price can fall with a destroyed use case.

About a Bitcoin evolution

I also know from my own experience that this is a foreign word for some companies. Everyone wants to benefit from the Bitcoin evolution, but no one wants to hear that this also entails dangers.

Spend money on Bitcoin evolution? Some people may frown, but once a network is infected or a crypto-locker takes the database hostage, every effort is made to get the child out of the well.

The virtual world, in my opinion, is seen far too much like a traditional fistfight. Dangerous half-knowledge is coupled with overestimated self-confidence. The result is that one goes into a fistfight with empty hands – and the opponent carries a rifle.

Let’s learn better from the newcomers of our technical scene. Let’s learn better from Blockchain, Bitcoin, Ethereum, Monero and all others. Because one thing is clear: It is more than absurd to think that cybercrime simply disappears into thin air by itself.

The waiting has come to an end: The first Monero Hardware Wallet

19. October 2018 at 22:59Category:Hardware Wallet

The Monero project released the binary code of the update 0.12.2.0 on June 4th. With the Command Line Interface (short: CLI) you can now store your private keys on the Ledger Nano S and Ledger Blue. What can the new version do?

Monero (XMR) had the last hard fork on the version number 0.12.0.0 (short: 12.0) on April 6th. With the Hard Fork, new functions were added to the protocol, namely fluffy blocks, multi-signature support and the integration of sub-addresses. The proof-of-work algorithm has also been slightly changed so that the ASICs produced by Bitmain can no longer mine XMR. After the big update of April now follows a smaller update which fixes many bugs and allows the use of the Ledger-Hardware Wallet.

The source code on GitHub for the Monero CLI Wallet 12.2

The first hardware wallet for Monero. After four years of waiting, the time has finally come: Monero is supported by the first hardware wallet.

It is an important step for the pure crypto currency, because Monero is based on a completely own code and therefore has nothing in common with Bitcoin, so the hardware wallet integration turned out to be very tedious. While several Bitcoin Forks were able to take advantage of Bitcoin’s technical achievements, everything had to be reprogrammed for Monero.

Remember that there weren’t always hardware wallets for Bitcoin either. Here, too, the first wallets were only available four years after the Genesis block.

So there is reason to cheer for Monero owners. Nevertheless, the normal user of the private crypto currency still has to wait a few days before he can use Monero in combination with the ledger. The reason for this is that most users use the so-called Graphic User Interface Wallet (GUI). However, the binary code for 12.2 is only available for the CLI as of today (5.6.2018). The code for the GUI will follow in calendar week 23. It remains to be hoped that the expectations will be fulfilled. It is difficult to define a fixed time horizon for open source projects.

An overview of 12.2

The GUI Wallet with version 12.0 was problematic for many users, as there were often problems with synchronizing the blockchain. With the update to 12.2 these complications should come to an end. So there are a lot of smaller bug fixes that simplify the use of the official Monero software.

The number of mostly voluntary and unpaid developers in version 12.2 is remarkable. 87 people were involved in the latest release. GitHub received 1,649 commits and 56,735 lines of new code were written. A list of all contributors can be found in the Reddit thread.