Connect with us

Blockchain News

BLOCKSTREAM HAS 3X THE HASHPOWER OF ENTIRE BITCOIN CASH NETWORK

Published

on

blockstream mining
Forbes writer Kyle Torpey reported that Blockstream, a crucial company in Bitcoin Core development, has been hosting Bitcoin miners at two facilities for quite some time.

BLOCKSTREAM HAS 3X THE HASHPOWER OF ENTIRE BITCOIN CASH NETWORK

Forbes writer Kyle Torpey reported that Blockstream, a crucial company in Bitcoin Core development, has been hosting Bitcoin miners at two facilities for quite some time.

BIG BOY MINING

Top clients include Fidelity’s Center for Applied Technology (FCAT). Fidelity is a financial firm which increasingly throws itself into the blockchain industry.

Blockstream employs BetterHash, an improved mining management software by long-time Bitcoin developer Matt Corallo. Corallo plays another important role in Bitcoin development as the maintainer of Bitcoin’s Ubuntu repository. Interestingly, Corallo and Blockstream CSO recently had a spat on Twitter.

BetterHash has an important feature: it gives the miner of the block, rather than the mining pool, the power to choose what transactions are included in the Bitcoin blockchain. This greatly improves the “centralization” problem that Bitcoin mining faces. As Torpey put it:

“While Bitcoin mining is rather centralized in terms of mining pools, the picture looks much better in terms of the diversity of entities that are actually operating the hardware. Putting individual miners in control of transaction selection means collusion in terms of transaction censorship, blockchain reorganizations, or other types of 51% attacks on the network would be much more difficult.”

The issue of centralization is deeply important in cryptocurrency. The less centralized something is, the harder it is to shut down.

Blockstream’s currently open for new clients in their mining facilities, both of which are located in North America. One is in Canada and the other is in Adel, Georgia.  Miners pay the company to have their equipment stored and managed.

Mining hosting is an industry racked by scandal!

Currently, the company maintains about 6 exahash of Bitcoin mining equipment, meaning that it effectively has around 300% of the hashpower represented on the entire Bitcoin Cash network. On Thursday, Bitcoin Cash had a total network hashpower of just over 2 exahash.

BITCOIN CASH AND BITCOIN SV: WATCH OUT

At the absolute height of Bitcoin Cash mining, there was about 7.8 exahash.

Blockstream’s hashpower only accounts for a small amount of the total Bitcoin mining network at this point. Bitcoin added a great deal of hashpower recently, pushing its total network security to nearly 80 exahash.

Blockstream CSO Samson Mow told Forbes:

“[B]y leveraging the BetterHash protocol in our mining pool, all of our customers can run their own full-nodes and build block templates. This means the pool cannot use their hashrate for censoring transactions or falsely signaling readiness for Bitcoin protocol upgrades – which has happened in the past as with SegWit2x.”

Blockstream’s mining power is no joke, in short. Bitcoin Cash lost some of its most prominent miners when Bitcoin SV launched, and if a group of Blockstream’s clients wanted to, they could effectively take over the network with ease.

There are various ways Bitcoin Cash might choose to deal with this. One seemingly obvious possibility is to modify Bitcoin Cash’s hashing algorithm to make it incompatible with Bitcoin Core mining equipment. That idea has been floated for Bitcoin itself at various times when mining became centralized.

 

Blockchain News

Binance CEO: Turkey Among Most Crypto Progressive Countries

Published

on

Binance CEO: Turkey Among Most Crypto Progressive Countries

Binance CEO Changpeng Zhao has lauded the role of the Turkish public and government in the development of the blockchain sector and has said that Turkey has one of the fastest crypto usage growth in the world. He made these remarks on the outlook of the industry in the country after the Turkish Capital Markets Summit held in Istanbul.

During the course of the interview, CZ touched on a variety of topics including the popularity of cryptocurrencies in the country and the recent increase in interest due to the inflation figures. He noted that Turkey Localbitcoins.com experienced record level trading in 2018 when the US placed sanctions on the country due to an ongoing diplomatic row.

CZ praised the general awareness and understanding of the industry in the Turkish populace as well as their openness to new ideas and innovations within the new industry itself. The move is expected to garner further interest in cryptocurrencies in the country which is the only country in the Middle East that has progressively allowed cryptocurrency trading and ownership along with the United Arab Emirates.

 

Continue Reading

Blockchain News

Kakao’s Delayed Crypto Wallet Will Support Native Dapps, Collectibles

Published

on

Kakao’s Delayed Crypto Wallet Will Support Native Dapps, Collectibles

Kakao’s coming wallet for its “Klay” cryptocurrency will also support blockchain apps and tokens based on the firm’s Klaytn blockchain.

That’s the good news for fans. Less so is that the release of the wallet – called Klip and to be included in the firm’s messaging app, KakaoTalk – has been pushed back to sometime in the first half of 2020, CoinDesk Korea reports Monday. GroundX, Kakao’s blockchain subsidiary, announced Klip in August, with the plan then being to launch the product by the close of 2019.

With the launch of Klip, Kakao’s blockchain subsidiary GroundX will also launch a standalone version of the wallet, Kakao’s co-CEO Yeo Min-soo said at a meeting of the governance council for the Klaytn blockchain on Friday.

Coming up first, however, will be a limited-feature browser extension for the wallet which will offer basic crypto storing and trading features, the executive said. Called Kaikas, the extension will work with browsers such as Google Chrome, Firefox, and Opera, and will be aimed at more experienced crypto users.

Klip, on the other hand, will be aimed to introduce new users to blockchain-based services, Yeo Min-soo said. It will support not only Kakao’s Klay token but related KRC-20 tokens and blockchain apps, or dapps. Among those will be a method of logging into social media sites, the report indicates.

Initially restricted to the South Korean market, the Klip-native applications will be opened up to overseas users in the second half of 2020.

Kakao aims to make the wallet app “widely used in everyday life, with Klay tokens available directly in KakaoTalk via the Klip wallet,” said Yeo Min-soo.

Trading and storage of in-game items and non-fungible tokens (or crypto-collectibles) will also be added to Klip in stages.

Continue Reading

Blockchain News

Squarelink introduces non-custodial private key recovery tool for DApps

Published

on

Squarelink introduces non-custodial private key recovery tool for DApps

Squarelink, a blockchain key management tool to bridge the gap between usability and decentralized security, recently added non-custodial private key recovery for several DApps using its wallet management tool. Squarelink is a pure non-custodial private key recovery platform for cryptocurrency and blockchain applications. Other solutions rely on OAuth providers such as Google or custodial key-management services like Amazon Cognito.

Currently, Squarelink supports non-custodial private key recovery for the following applications:

  • PoolTogether
  • 1inch.exchange
  • Fulcrum
  • Totle Swap
  • Deversifi
  • gDai
  • Hedgie

“Other technology providers have advertised private key recovery solutions, but there’s a catch. Most are not truly non-custodial and rely on companies like Google to create OAuth tokens. Since Google is a centralized authority, a malicious employee with access could arbitrarily create access tokens for every user leveraging that technology, and fetch all the shards on hosted decentralized nodes containing PK information. Squarelink facilitates account recovery through encrypted ‘Recovery Seeds’ that only the user can access, ensuring no third parties are granted access. Today, there are countless threats to a digital wallet, yet so few security solutions. We must equip users with easy-to-use tools to not only keep assets safe but to also recover them should they be mishandled.”
– Alex Patin, co-founder, and CTO of Squarelink

Recovery methods from Sqaurelink increase security and use familiar processes for users to retrieve and reset their private keys. The Squarelink setup process allows users to recover private keys through any combination of email with PGP encryption, challenge questions, and/or Universal Second Factor (U2F).

“Studies suggest nearly four million Bitcoin have been lost to date, but the reality is this number is likely much higher. Mishandling private keys is an issue that affects everyone in the crypto community, and has directly translated to the loss of tens of millions of dollars in digital assets. Squarelink is looking to stop those losses by providing a solution that gives users additional control over their private keys and bolsters recovery methods.”
– Myungin Solomon Lee, Head of Product and Growth at Squarelink

Through the combination of a traditional username/password interface with several novel encryption models, Sqaurelink provides a simple, highly secure, and globally-accessible toolset for self-sovereign private key management. With Squarelink, a user owns a 512-bit Master Key that cannot be accessed by Squarelink nor any other parties. This Master Key is derived from the user’s email address, a user-specified password, and randomly generated 256-bit cryptographic salt that resides securely on Squarelink servers. Squarelink allows users to protect, access, and use any of their private keys via their Master Key

Continue Reading

TRENDING

Copyright © 2015 Crypto Global News Team.