What is Wallet Import Format (WIF)? - All Bitcoin private ...

Secure paper wallet tutorial

This is my handout for paranoid people who want a way to store bitcoin safely. It requires a little work, but this is the method I use because it should be resistant to risks associated with:
  1. Bad random number generators
  2. Malicious or flawed software
  3. Hacked computers
If you want a method that is less secure but easier, skip to the bottom of this post.
The Secure Method
  1. Download bitaddress.org. (Try going to the website and pressing "ctrl+s")
  2. Put the bitaddress.org file on a computer with an operating system that has not interacted with the internet much or at all. The computer should not be hooked up to the internet when you do this. You could put the bitaddress file on a USB stick, and then turn off your computer, unplug the internet, and boot it up using a boot-from-CD copy of linux (Ubuntu or Mint for example). This prevents any mal-ware you may have accumulated from running and capturing your keystrokes. I use an old android smart phone that I have done a factory reset on. It has no sim-card and does not have the password to my home wifi. Also the phone wifi is turned off. If you are using a fresh operating system, and do not have a connection to the internet, then your private key will probably not escape the computer.
  3. Roll a die 62 times and write down the sequence of numbers. This gives you 2160 possible outcomes, which is the maximum that Bitcoin supports.
  4. Run bitaddress.org from your offline computer. Input the sequence of numbers from the die rolls into the "Brain Wallet" tab. By providing your own source of randomness, you do not have to worry that the random number generator used by your computer is too weak. I'm looking at you, NSA ಠ_ಠ
  5. Brain Wallet tab creates a private key and address.
  6. Write down the address and private key by hand or print them on a dumb printer. (Dumb printer means not the one at your office with the hard drive. Maybe not the 4 in 1 printer that scans and faxes and makes waffles.) If you hand copy them you may want to hand copy more than one format. (WIF and HEX). If you are crazy and are storing your life savings in Bitcoin, and you hand copy the private key, do a double-check by typing the private key back into the tool on the "Wallet Details" tab and confirm that it recreates the same public address.
  7. Load your paper wallet by sending your bitcoin to the public address. You can do this as many times as you like.
  8. You can view the current balance of your paper wallet by typing the public address into the search box at blockchain.info
  9. If you are using an old cell phone or tablet do a factory reset when you are finished so that the memory of the private keys is destroyed. If you are using a computer with a boot-from-CD copy of linux, I think you can just power down the computer and the private keys will be gone. (Maybe someone can confirm for me that the private keys would not be able to be cached by bitaddress?)
  10. To spend your paper wallet, you will need to either create an offline transaction, or import the private key into a hot wallet. Creating an offline transaction is dangerous if you don't know what you are doing. Importing to a client side wallet like Bitcoin-Qt, Electrum, MultiBit or Armory is a good idea. You can also import to an online wallet such as Blockchain.info or Coinbase.
Trusting bitaddress.org
The only thing you need bitaddress.org to do is to honestly convert the brainwallet passphrase into the corresponding private key and address. You can verify that it is doing this honestly by running several test passphrases through the copy of bitaddress that you plan on using, and several other brainwallet generators. For example, you could use the online version of bitaddress, and brainwallet and safepaperwallet and bitcoinpaperwallet. If you are fancy with the linux command line, you can also try "echo -n my_die_rolls | sha256sum". The linux operating system should reply with the same private key that bitaddress makes. This protects you from a malicious paper wallet generator.
Trusting your copy of bitaddress.org
Bitaddress publishes the sha1 hash of the bitaddress.org website at this location:
https://www.bitaddress.org/pgpsignedmsg.txt
The message is signed by the creator, pointbiz. I found his PGP fingerprint here:
https://github.com/pointbiz/bitaddress.org/issues/18
"527B 5C82 B1F6 B2DB 72A0 ECBF 8749 7B91 6397 4F5A"
With this fingerprint, you can authenticate the signed message, which gives you the hash of the current bitaddress.org file. Then you can hash your copy of the file and authenticate the file.
I do not have a way to authenticate the fingerprint itself, sorry. According to the website I linked to, git has cryptographic traceability that would enable a person to do some research and authenticate the fingerprint. If you want to go that far, knock yourself out. I think that the techniques described in this document do not really rely on bitaddress being un-corrupt. Anyway, how do we know pointbiz is a good guy? ;-)
There are a lot of skilled eyes watching bitaddress.org and the signed sha1 hash. To gain the most benefit from all of those eyes, it's probably worthwhile to check your copy by hashing it and comparing to the published hash.
"But we aren't supposed to use brainwallets"
You are not supposed to use brainwallets that have predictable passphrases. People think they are pretty clever about how they pick their passphrases, but a lot of bitcoins have been stolen because people tend to come up with similar ideas. If you let dice generate the passphrase, then it is totally random, and you just need to make sure to roll enough times.
How to avoid spending your life rolling dice
When I first started doing this, I rolled a die 62 times for each private key. This is not necessary. You can simply roll the die 62 times and keep the sequence of 62 numbers as a "seed". The first paper address you create would use "my die rolls-1" as the passphrase, the second would be "my die rolls-2" and so on. This is safe because SHA256 prevents any computable relationship between the resulting private key family.
Of course this has a certain bad security scenario -- if anyone obtains the seed they can reconstruct all of your paper wallets. So this is not for everyone! On the other hand, it also means that if you happen to lose one of your paper wallets, you could reconstruct it so long as you still had the seed.
One way to reduce this risk is to add an easy to remember password like this: "my die rolls-password-1".
If you prefer, you can use a technique called diceware to convert your die rolls to words that still contain the same quantity of entropy, but which could be easier to work with. I don't use diceware because it's another piece of software that I have to trust, and I'm just copy/pasting my high entropy seed, so I don't care about how ugly it is.
Why not input the dice as a Base 6 private key on the Wallet Details tab?
Two reasons. First of all, this option requires that you roll the die 99 times, but you do not get meaningful additional protection by rolling more than 62 times. Why roll more times if you don't have to? Second, I use the "high entropy seed" method to generate multiple private keys from the same die rolls. Using the Base 6 option would require rolling 99 times for every private key.
I'm a big nerd with exotic dice. How many times to roll?
Put this formula in Excel to get the number of times to roll: "=160*LOG(2,f)" where f = number of faces on the die. For example, you would roll a d16 40 times. By the way, somewhat unbelievably casino dice are more fair than ordinary dice
The "Change address" problem:
You should understand change addresses because some people have accidentally lost money by not understanding it.
Imagine your paper wallet is a 10 dollar bill. You use it to buy a candy bar. To do this you give the cashier the entire 10 dollar bill. They keep 1 dollar and give you 9 dollars back as change.
With Bitcoin, you have to explicitly say that you want 9 dollars back, and you have to provide an address where it should go to. If you just hand over the 10 dollar bill, and don't say you want 9 dollars back, then the miner who processes the transaction gives 1 dollar to the store and keeps the remainder themselves.
Wallet software like Bitcoin-Qt handles this automatically for you. They automatically make "change addresses" and they automatically construct transactions that make the change go to the change address.
There are three ways I know of that the change problem can bite you:
  1. You generate a raw transaction by hand, and screw up. If you are generating a transaction "by hand" with a raw transaction editor, you need to be extra careful that your outputs add up to the same number as your inputs. Otherwise, the very lucky miner who puts your transaction in a block will keep the difference.
  2. You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the paper wallet. The change is not in the paper wallet. It is in a change address that the wallet software generated. That means that if you lose your wallet.dat file you will lose all the change. The paper wallet is empty.
  3. You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the change address that the wallet software generated. If the transaction did not need to consume all of the "outputs" used to fund the paper wallet, then there could be some unspent outputs still located at the address of the paper wallet. If you destroyed the paper wallet, and destroyed the copy of the private key imported to the wallet software, then you could not access this money. (E.g. if you restored the software wallet from its seed, thinking all of the money was moved to the wallet-generated change addresses.)
For more on this, see here
The hot paper wallet problem
Your bitcoin in your paper wallet are secure, so long as the piece of paper is secure, until you go to spend it. When you spend it, you put the private key onto a computer that is connected to the internet. At this point you must regard your paper wallet address as hot because the computer you used may have been compromised. It now provides much less protection against theft of your coins. If you need the level of protection that a cold paper wallet provides, you need to create a new one and send your coins to it.
Destroying your paper wallet address
Do not destroy the only copy of a private key without verifying that there is no money at that address. Your client may have sent change to your paper wallet address without you realizing it. Your client may have not consumed all of the unspent outputs available at the paper wallet address. You can go to blockchain.info and type the public address into the search window to see the current balance. I don't bother destroying my used/empty paper wallet addresses. I just file them away.
Encrypting your private key
BIP 0038 describes a standardized way to encrypt your paper wallet private key. A normal paper wallet is vulnerable because if anyone sees the private key they can take the coins. The BIP38 protocol is even resistant to brute force attacks because it uses a memory intensive encryption algorithm called scrypt. If you want to encrypt your wallets using BIP38, I recommend that you use bitcoinpaperwallet because they will let you type in your own private key and will encrypt it for you. As with bitaddress, for high security you should only use a local copy of this website on a computer that will never get connected to the internet.
Splitting your private key
Another option for protecting the private key is to convert it into multiple fragments that must be brought together. This method allows you to store pieces of your key with separate people in separate locations. It can be set up so that you can reconstitute the private key when you have any 2 out of the 3 fragments. This technique is called Shamir's Secret Sharing. I have not tried this technique, but you may find it valuable. You could try using this website http://passguardian.com/ which will help you split up a key. As before, you should do this on an offline computer. Keep in mind if you use this service that you are trusting it to work properly. It would be good to find other independently created tools that could be used to validate the operation of passguardian. Personally, I would be nervous destroying the only copy of a private key and relying entirely on the fragments generated by the website.
Looks like Bitaddress has an implementation of Shamir's Secret Sharing now under the "Split Wallet" tab. However it would appear that you cannot provide your own key for this, so you would have to trust bitaddress.
Durable Media
Pay attention to the media you use to record your paper wallet. Some kinds of ink fade, some kinds of paper disintegrate. Moisture and heat are your enemies.
In addition to keeping copies of my paper wallet addresses I did the following:
  1. Order a set of numeric metal stamps. ($10)
  2. Buy a square galvanized steel outlet cover from the hardware store ($1)
  3. Buy a sledgehammer from the hardware store
  4. Write the die rolls on the steel plate using a sharpie
  5. Use the hammer to stamp the metal. Do all the 1's, then all the 2's etc. Please use eye protection, as metal stamp may emit sparks or fly unexpectedly across the garage. :-)
  6. Use nail polish remover to erase the sharpie
Electrum
If you trust electrum you might try running it on an offline computer, and having it generate a series of private keys from a seed. I don't have experience with this software, but it sounds like there are some slick possibilities there that could save you time if you are working with a lot of addresses.
Message to the downvoters
I would appreciate it if you would comment, so that I can learn from your opinion. Thanks!
The Easy Method
This method is probably suitable for small quantities of bitcoin. I would not trust it for life-altering sums of money.
  1. Download the bitaddress.org website to your hard drive.
  2. Close your browser
  3. Disconnect from the internet
  4. Open the bitaddress.org website from your hard drive.
  5. Print a paper wallet on your printer
  6. Close your browser
submitted by moral_agent to BitcoinWallet [link] [comments]

Useful Beginner's Guide to Syscoin

What is Syscoin?

Some have described Syscoin (SYS) as the Shopify, Amazon and Ebay of the blockchain world. Syscoin is a revolutionary cryptocurrency that offers near zero cost financial transactions, incredible speed and provides businesses the infrastructure to trade goods, assets, digital certificates and data securely. Syscoin isn’t just about money and trading, it has the ability to attract various business types thanks to its native set of features geared towards business on the blockchain. From eBay traders and High Street shops to Medical applications, Insurance and Gaming, Syscoin’s decentralized network benefits everyone!   Syscoin is developed by Blockchain Foundry (BF). BF provides blockchain technology based services, projects and products for a wide variety of use cases with the stated aim of disrupting markets by leveraging the potential of blockchain technology. Syscoin is mainly known to be the first cryptocurrency to offer a fully decentralized marketplace based on blockchain. What is lesser known is that this is only a part of what Syscoin offers.   With the introduction of Masternodes in February or March 2018 SYS will be transformed from just a ’marketplace coin’ to a completely ‘utilitarian coin’. The Masternode infrastructure allows the addition of decentralized databases and file storage, increased transaction speed to surpass POS/Visa/Mastercard capabilities, true Turing complete smart contract capabilities for unlimited business logic, sidechains, application layers and an identity layer. This will all be accessible through an API, rather than a new language, enabling nearly any developer to create any blockchain application they can conceive. This will usher in the next generation of blockchain applications - made for new or existing businesses - by conveniently offering everything available from the blockchain space today. In simple terms think Dash + Ethereum/Lisk + Monero + Nano + Storj + Particl capabilities all in one coin!    

SYS Origin

The blockchain as conceptualized by Satoshi Nakamoto back in 2008 envisioned a peer-to-peer electronic cash network that would prevent double-spending. A year later, the blockchain became an integral part of bitcoin, serving as the latter's public ledger of transactions. Although Nakamoto's reference client mentioned a decentralized marketplace service, the subsequent implementation did not incorporate this due to a lack of resources.   Syscoin was initially described in a 2014 draft whitepaper that envisioned Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer, and Decentralized Data Storage and Retrieval, as among the services that it would offer upon its release.   Syscoin aimed to bring Nakamoto's vision of a decentralized marketplace back into the blockchain, among the other commercial-grade services it aims to deliver to clients. Other services that Syscoin plans to provide include secure data storage and transfer, and unique user aliases that link their owners to the services controlled by the alias.   The early Syscoin wallet was superseded by the release of Blockmarket Desktop 1.0 on September 12, 2017, marking the culmination of Syscoin's vision of a fully decentralized marketplace with a desktop GUI based on the blockchain.   The planned release of Blockmarket Web, a fully web-based version, and Blockmarket Professional in 2018 takes that vision one step further, as more advanced seller stores become a reality.    

The Team

The Team that NEVER quits! Before the launch of Syscoin (Q3 2014), there was a presale ICO by Moolah (as a partner), which turned out to be detrimental for Syscoin. The project raised around 1,000BTC for development but the Syscoin Team only managed to access 250BTC which were used for price support. Moolah (Ryan Kennedy) absconded with the bulk of the ICO funds and the Syscoin team were left with ~30million Syscoin at a price around 400 satoshi. Even after this tragic event, the devs didn’t quit and continued to work on the project without stopping. The case against Moolah is still on-going. See the article from CoinDesk here: http://www.coindesk.com/uk-court-syscoin-injunction-moolah-750-btc/.   What is this detail telling us about the dev team? While some crypto projects are just scams and bring little to no innovation, they’ve proven that they are in it for the long term - ably demonstrated by the fact that they continued to work despite their funds being stolen. And now that hard work is beginning to pay off with the entire team going full-time for the first time in January 2018 and new developers being hired following VC funding for BF.
View Team Page.    

Blockchain Foundry Products

BF Products    

What is Blockmarket Desktop?

Building on the World's First Decentralized Marketplace, Blockmarket is the newest generation of Syscoin's Desktop wallet with a complete, state-of-the-art marketplace built-in where you can securely and reliably buy and sell any items you wish. Entire stores can be created directly through the marketplace where you can sell your own products or re-sell others’ products for commission. Use of blockchain technology eliminates middlemen, credit card fees, maintenance fees, downtime and political interference. Persons are literally able to buy or sell anything to anyone, anytime, anywhere on Earth! Blockmarket Desktop was launched on September 12, 2017. Download Blockmarket Desktop 1.2    

Key Blockmarket Features

- Decentralized Marketplace

The marketplace platform provides a decentralized and high redundant channel for selling goods and services. Features include: • Price Pegging to currencies such as USD, EUR, GBP, CAD, CNY and BTC • Bitcoin and Zcash as payment options • Arbitrated Escrow • Encrypted Messaging • KYC/AML Compliance • Images • Unlimited Inventory Items  

- Name Aliases

Wallet addresses for cryptocurrencies generally consist of a unique string of between 27-34 alphanumeric characters. Such an address isn’t easy to memorize. Although the addresses can be added to an address book within the wallet, Syscoin has taken the user's convenience one step further, allowing you to create a unique Alias for your wallet address, such as a name, title, or characters specific to a username. These can be used to send SYS from home, to a mobile wallet, to work, to friends, to common suppliers or to repeat customers easily, without requiring any memorizing, writing it down, copy & pasting or emailing yourself the address.  

- Digital Certificates

Using the cryptography of the blockchain persons can issue, authorize, and exchange digital certificates of any kind. With Syscoin anyone can issue provably-unique certificates with text or ASCII content to one or multiple parties on the Syscoin blockchain. These certificates can be authenticated by anyone via Syscoin’s cryptographic proof of work. This allows for the creation and free exchange of any kind of digital asset such as ownership certificates, warranties, receipts, tickets, certifications, diplomas, software licenses and more.  

- Integrated Exchanges

Integrated Crypto exchanges - Flypme and Changelly will facilitate exchanging 30+ cryptos for SYS, directly within the Blockmarket wallet.  

- Security Audit Verified

Blockmarket was successfully and independently security audited by Digital Boundary Group and was deemed low risk. View Audit Results.    

Blockmarket Desktop – Quickstart Tutorials (16 short vids)

BM Desktop – Quickstart Tutorials    

Blockmarket Web – (The Key to Mass Adoption)

BM web will bring SYS’s existing decentralized marketplace and all its features into a web-based version, enabling ease of use with a simple email and password login (grandma friendly) without any need for downloading a wallet or waiting for sync. Blockmarket web will be launched in Q1 2018.   This launch will be accompanied by a marketing campaign roll-out that seeks to build brand recognition with audiences within the existing crypto ecosystem and more significantly with the broader, global, non-crypto audience. For this reason Ballistic Arts, a full-service marketing agency was retained by BF. BF Engages Marketing Agency    

Primary Target Market + Value Potential

The primary target market for BF’s Syscoin/Blockmarket web flagship is the retail e-commerce industry. This sets up their decentralized marketplace to rival such commercial giants as Amazon ($648B market cap), Alibaba ($453B market cap) and eBay ($43B market cap). According to eMarketer’s Worldwide Retail and Ecommerce Sales report, global retail e-commerce sales for 2017 were $2.3 Trillion. This is expected to reach an estimated $4 Trillion by 2020 reflecting the rapid growth within this sector.   To perform a very simple assessment of the Syscoin/Blockmarket web’s potential let’s assume that a 1% portion of the forecasted $4 trillion market is captured, which represents $40 billion in revenue. Assuming a sales to market cap ratio of 1:1 for simplicity, the circulating supply of 531 million SYS, with a $40 billion market cap yields a price of roughly $75 per coin. However, with masternodes that limit the circulating supply and token utility that extends beyond retail e-commerce, the SYS price could likely reach much higher. Please note that these are just very simple assumptions and projections for this exercise, however the real world driven potential that this project has is clearly evident.    

Key Syscoin Developments

- Z-DAG: Zero Confirmation Transactions with Double Spend Protection (WORLD’S FIRST)

View Developer’s Twitter post View Syscoin’s Twitter post  

- Masternodes

Ability for world-class transactions-per-second performance to scale-out with added nodes (theoretically 100k TPS per 1000 Masternodes, 300k TPS/3k masternodes, etc). In later releases, masternodes will also process smart contracts and facilitate sharded+encrypted offchain file-storage (with onchain anchors), among other touted functionality. They should also result in steadying the price movements - less volatility as holding will be incentivized.  

- Masternode Rewards + Min. Hardware Specs

Masternode Rewards + Min. Hardware Specs Masternode ROI Calculator  

- Smart Contracts

Scalable Ethereum Virtual Machine: Allows Turin complete smart contracts to be executed following the ethereum protocol at a much faster speed and at a fraction of the ethereum gas price.  

- Assets & Token Issuance

With its token issuance service, Syscoin allows anyone to create a custom asset token which can then be sent directly to anyone else on the network. This facilitates a variety of use cases including ICO token issuance, supply chain management, reward points, and loyalty programs.  

- Anonymous Transactions

Anonymous transactions: via mixing/shuffling at user-specified denomination. Afterwards, additional tech will be added in the near future which will further compound the degree of anonymity provided -Add ValueShuffle running on top of the masternode layer and you have the world's most advanced privacy tech in any coin. This brings true money fungibility to Syscoin and the missing link for true economic sovereignty. View Developer’s Twitter post.  

- Instant Send

Transactions can be sent and received instantly. This represents a similar sending capability as Dash, but is a step beyond- A type of backend node locking will allow an instantly received sum to be sent immediately, without delay, and without network risk of double-spend.    

Why Invest in Syscoin?

 

Merchants

Merchant Pilot Program    

Partnerships

Development Updates

White Paper

White Paper.pdf Note: It is anticipated that the whitepaper will be updated by the team in the near future due to recent developments    

Roadmap

Roadmap 2017-2018.png    

Blockchain Application Development Architecture

Blockchain Application Development Architecture.png    

Feature List 2017 & 2018

Feature List 2017 & 2018.jpg    

Where to Buy

BittrexPoloniexUpbitTux ExchangeLivecoinYobitAEXBittyliciousChangellyFlyp.me    

Wallets

• Block Market Wallet 1.2 – Windows and Mac. Download from https://syscoin.org/ • QT Wallet for Developers: Download from https://github.com/syscoin/syscoin2/releases/tag/2.1.6Coinomi – Syscoin MultiCoin Wallet (only supports send/receive)HolyTransaction – Syscoin Multicoin Web Wallet (desktop & android)    

Need Help or Want to Contribute?

If you need help for an important wallet issue or if you want to know how you can contribute in promoting Syscoin Join the Slack channel where the SYS team and community members are active, helpful and responsive.    

Credit To

Other Sources

https://syscoin.org/ https://twitter.com/syscoin https://www.blockchainfoundry.co/ https://en.wikipedia.org/wiki/Syscoin    

Last Updated

This post was last updated on Feb 10 2018.    

Disclaimer

This post was created particularly to aid those who are new to Syscoin. Please note that the content provided within this post is for information purposes only and is not to be construed as investment advice.
submitted by idbrews to SysCoin [link] [comments]

RaiBlocks AMA Summary!

I posted this under /cryptocurrency and /cryptomarkets as well! Might be less useful under this subreddit... but I'm using it for purposes of helping people become aware of this coin.
Summation of RaiBlocks lead developer AMA. I'm very excited about this coin, and if you're asking why I did this...I'm trying out my AMA consolidating script that I wrote for fun :) I'm interested in seeing what people think about this coin! You can read the responses directly from this link: https://www.reddit.com/RaiBlocks/comments/7ko5l7/colin_lemahieu_founder_and_lead_developer_of/
 
What are your top priorities atm? Both in developing areas itself and in terms of integration?
 
The top priorities right now are:
These basically need to happen in a sequence because each item isn't useful unless the previous one is complete.
 
 
Do you have any plans to have your source code peer reviewed? By peer review I mean sending your source code down to MIT for testing and review.
Where do you see Raiblocks 5-10 years from now? (For instance do you envision people using a Raiblocks mobile phone app to transfer value between each other, or buy stuff at the store?
 
We definitely need peer and code reviews and we're open to anyone doing this. We have ideas for people in universities that want to analyze the whitepaper or code so we'll see what comes of that. In my opinion code security guarantees can only be given with (eyes * time) and we need both.
I'd like to see RaiBlocks adopted as an internet RFC and basically become an ubiquitous background technology like http. I think you're probably right and a mobile app would be the most user-friendly way to do this so people don't need to carry around extra cards in their wallet etc.
 
 
Is there a list of the team readily available? Are there firm plans to expand, and if so, in which directions?
The roadmap indicated a website redesign scheduled for November 2017. Is there an update?
 
We have about 12 people in the core team; about half are code and half are business developers. On the redesigned website we're going to include bios for sure, no one in our team is anonymous. I think we have pretty good coverage of what we need right now, we could always use more people capable of contributing to the core code.
The website design is well underway, we wanted to streamline and add some more things to it so it took longer than originally estimated. It'll looking like after the new year we'll have it ready.
 
 
Would you ever consider renaming the coin to simply "Rai" or any other simplified form other than RaiBlocks?
2. What marketing strategy do you think will push XRB forward from now on as a fully working product. Instant and free, the green coin, "it just works" coin, etc?
3. Regarding security, is "quantum-proofing" a big concern at the moment and how do you guys plan to approach this when the time comes. And how possible would it be for bad actors to successfully implement a 51% attack.
 
  1. Yea there are a few difficulties people have pointed out with our name. People don't know if it's "ray" or "rye". "Blocks" doesn't have a meaning to a lot of people and the name reference might be too esoteric to be meaningful. I'm not prideful so I'm not stuck on a particular name, we'll take a look at what our marketing and business developers say peoples' impressions are and if they have any naming recommendations.
  2. Our marketing strategy is to focus on complete simplicity. Instant and free resonates with enthusiasts and mass adoption will only come when using xrb is absolutely the same experience as using a banking or other payment app. People aren't going to tolerate jargon or confusing workflows when sending or receiving payments.
  3. Quantum computing is going to be an amazing leap for humanity but it's also going to cause a lot of flux in cryptography. The plan I see is the similar to what I did in selecting the cryptographic algorithms we're using right now: look for leaders in academia and industry that have proven implementations and use those as they recommend migration based on computing capability. Quantum vulnerabilities can be an issue in the future but a vulnerable implementation would be an issue right now.
 
 
Hi Colin, lately XRB has been getting frequently compared to and contrasted with Iota. I was hoping that you could give us your thoughts on the differences between the two and what your general vision for the future of Raiblocks is.
 
It's flattering to be compared to IOTA, they have a very talented team building ambitious technology. When looking at design goals I think one thing we're not attempting to approach is transferring a data payload, we're only looking to be a transfer of value.
There are lots of ideas and technology to be developed in the cryptocurrency space and I want RaiBlocks to solve one section of that industry: the transfer of value. I think the best success would be if RaiBlocks was adopted as the global standard for this and crypto efforts could move to non-value-transfer use-cases.
 
 
Do you see XRB becoming the new payment method for commerce. As in, buying coffee, groceries, etc? Do you have plans for combating the HODL mentality so this currency can actually be used in the future of buying and selling?
 
Being a direct transactional payment method is our goal and we're trying to build software that's accessible to everyone to make that happen. I see holding as a speculative tactic anticipating future increases and you're right, it's not in line with day-to-day transactions. I think as market cap levels off to a more consistent value the reason for holding and speculating goes away and people can instead focus on using it as a value exchange.
 
 
Are you planning to expand the RaiBlocks team over the next 12 months? If so, what types of positions are you hoping to fill?
 
Right now we have about 12 people, half core and half business developers. I think this count is good for working on what we're doing right now which is getting wallets and exchanges worked on. Ideally people outside our team will start developing technology around xrb taking advantage of the network effect to build more technology faster than we could internally. That being said we're going to look in a few months to see if there's anything out there people aren't developing that should be and we'll see what people we need to make it happen.
 
 
At what point did you make the decision to make RaiBlocks your full time job? What was the decision making process like?
 
It was after the week where the core team met here in Austin to brainstorm our next steps. I saw how much enthusiasm there was from crypto-veterans with having a working system capable of being scaled up to what's needed for massive adoption and it seemed the risk needed to be taken.
It was hard decision to make, working in the crypto and finance is rough and I like using my leisure time to work on inventions. Of all the projects ideas I have this one seemed to have a high chance of success and the benefits of having a working, decentralized currency would be huge.
 
 
Hi Colin, what prevents great cryptos like XRB from being listed on bigger exchanges?
 
It's good to understand where the biggest headaches for exchanges lie: support tickets, operations, and development. If a technology is different from what they already have, that takes development time. If the software is new and not widely run, that's potential operations time to fix it which results in support tickets and community backlash. Adding BitCoin clones or Ethereum ICO coins is easy because they don't have these associated risks or costs.
 
 
What can the average RaiBlocks-Fan do to help XRB getting adopted / growing / expanding?
 
I think the best thing an average fan could do is word of mouth and telling people about RaiBlocks. More people being aware of it means there's the possibility someone who's never heard of it before would be interested in contributing as a vendor, developer, exchange etc.
Good advertising or marketing will never be able to reach everyone as well as someone reaching out within their own network.
 
 
Ray or Rye?
 
Ray hehe. It comes from https://en.wikipedia.org/wiki/Rai_stones Lots of people don't know the answer though >_<
 
 
Are you looking at incorperating a datamarket like iota in the future? Given the speed of the network a data exchange for highly accurate sensors could be a game changer.
Further more, are there any plans to increase the Dev team in the future? I read on the FAQ you'd like RaiBlocks to be somewhat of a protocol which is a huge ambition. A Dev from say the Mozilla foundation or other could further cement this ambitious project.
 
Transmitting data payloads is something we probably won't pursue. The concern is adding more features like this could cause us to make decisions that compromise the primary focus points of low-cost and speed for transferring value.
We can add people to the dev team though I think we'll get the most traction by teaching teams in these other organization how to use RaiBlocks so they can be the experts on the subject in their companies.
 
 
Does the actual RaiBlocks version require "Each node in the network must be aware of all transactions as they occur" part? This was in the old white paper and is asked here:
https://www.reddit.com/RaiBlocks/comments/7ksl81/some_questions_regarding_raiblocks_consensus/?st=jbdmgagc&sh=d1c93cca
 
If a node wants to independently know the balances of all accounts in the system, it must at a minimum have storage to hold accounts and all their balances. In order to know all balances it must either listen to transactions as they're happening or bootstrap from someone else to catch up as what happens on startup.
 
 
There is no incentive to run nodes. Some people will do it because it is cheap as fuck (as I read an raspberry pie can run it). But I think not many people will do it.
1. How important are the nodes in terms of further scaling?
2. On which network conditions where the 7000 transactions met?
3. What happens if the transactions per day tenfolds but the nodes don't?
4. How much better will Rai scale if someone sets up, lets say, 100 nodes with awesome hardware and network?
5. How many nodes could be enough for visa level scaling?
6. Which further improvements can be made for Rai IF there needs to be other improvements than setting up new nodes? Are there other concepts like 2nd layer solutions planned?
7. How will Rai defend network attacks?
I know there is an PoW part. But since there a also large attacks on high cap coins on which people invest millions of $ to congest a network..Is it possible that the Rai network will be unusable for several days because of this?
 
I think the out-of-protocol incentives to running a node are under-referenced yet I see them as the primary driving factor for participating as a whole. Node rewards come at the expense of other network participants and in this closed loop the incentives aren't enough to keep a cryptocurrency alive. Long-term there needs to be a system-level comparative advantage to what people are already using for a transfer of value. If someone is using xrb and it saves them hundreds or thousands of dollars per month in fees and customer irritation in delayed payments, they have a direct monetary incentive to using xrb and a monetary incentive in the health of the system.
1) More nodes provides transaction and bootstrapping redundancy. More representatives provides decentralization.
2) The 7k TPS was a profile how fast commodity hardware could eat transactions. All of the real-world limits are going to be something hardware related, either bandwidth, IO, or CPU.
3) The scaling is more related to the hardware the nodes are using rather than the node count. If there was 10x increase in transactions it would use 10x the bandwidth and IO as nodes observe transactions happening.
4) If someone made 100 representative nodes the network would be far more decentralized though the tx throughput would be unchanged since that's a per-node requirement.
5) Scaling to Visa will have high bandwidth and IO requirements on representatives associated with doing 10k IOPS. Datacenter and business class hardware will have to be enough to handle the load.
6) Second layer solutions are always an option and I think a lot of people will use them for fraud protection and insurance. Our primary focus is to make the 1st layer as efficient and high speed as possible so a 2nd layer isn't needed for daily transactions.
7) Defending against network attacks will be an ongoing thing, people like breaking the network for lulz or monetary gain i.e. competing cryptos. If there are attacks we haven't defended against or considered it'll be a matter of getting capable people to fix issues.
 
 
Are you open to changes to the name? (Rai)
What are your plans with regards to marketing?
 
I'm open to it, people get confused on ray/rye pronunciation, not the greatest first impression.
As far as timing I think marketing works best after a more user friendly wallet and integration in to more exchanges otherwise we're sending traffic to something people can't use. We're going to start by focusing on the initial adopters which will likely be enthusiasts and going forward work on the next set of users that aren't enthusiasts but want to drive savings for their business through lower payment processing costs.
 
 
A recent tweet(https://twitter.com/VitalikButerin/status/942961006614945792) from Vitalik Buterin. Could this be a case with testing the scalability of RaiBlocks as well and in reality we wouldn't come close to 7000tx/s?
 
I think he's definitely right, a lot of the TPS numbers are synthetic benchmarks usually on one system. The biggest thing hindering TPS are protocol-specific limits like hard caps or high contention design. The next biggest thing will be bandwidth and then disk IO. Some of these limits can be improved by profiling and fixing code instead of actual limits in the hardware.
We want to get better, real world numbers but our general opinion is that the RaiBlocks protocol is going to be limited by hardware, rather than design.
 
 
Are you planning to add a fiat gateway to the main website and mobile wallet?
 
If we can make it happen for sure, that seems like a very user-focused feature people would want.
The difficulty at least in the US is the money-transmitter licenses which are hard to obtain. More than likely if this functionality was added it'd be a partnership with an established financial company that has procedures in place to operate within countries' regulations.
 
 
I saw a post on /iota that claims that their quantum resistance is a main benefit over raiblocks. Can you go into detail about this? explain any plans you have to let XRB persevere through upcoming quatum revolution?
 
I think everyone with cryptography in their programs is keeping an eye on quantum cryptography because we're all in the same boat. I don't have cryptanalysis credentials so I didn't feel comfortable building an implementation and instead chose to use one off-the-shelf from someone with assuring credentials.
There are some big companies that have made small mistakes that blow up the usefulness of the entire algorithm, it's incredibly easy to do. https://arstechnica.com/gaming/2010/12/ps3-hacked-through-poor-implementation-of-cryptography/
 
 
Hello Colin, is any security audit to the source code planned?
 
We don't have one contracted though both internally and externally this is an important thing people want completed.
 
 
Do you have plans to radically change the interface of the desktop wallet, and to develop a universal, cross-platform, clean and simple UX design for the wallet? This will be huge for mass adoption in my humble opinion
 
I completely agree, we do plan on completely redoing the desktop wallet, both from a UX standpoint and maintainability so UI code doesn't need to be in C++. This could also remove out dependency on QT which is the least permissive license in the code right now.
I write code better than I design GUIs ;)
 
 
It seems like Raiblocks is aiming to be a true currency with it's lacking of transaction fees and fast confirmation times, which is great! If Raiblocks can add some kind of support for privacy then I think it got the whole picture figured out in terms of being "digital cash". Do you currently have any plans to implement privacy features into RaiBlocks?
If Raiblocks is unable to do this, it will still be a straight improvement over things like LTC which are currently being used as currency, but I don't think it will be able to become THE cryptocurrency without privacy features.
 
I love the concept of privacy in the network and it's a hard thing to do right. Any solution used would need to be compatible with our balance-weighted-voting method which means at least we'd have to know how much weight a representative has even if we're hiding actual account balances.
To be fully anonymous it would have to be hide accounts, amounts, endpoints, and also timing information; with advanced network analysis the timing is the hardest thing to hide. Hopefully some day we can figure out an efficient privacy solution though the immediate problem we can solve is making a transactional cryptocurrency so we're focusing on that.
 
 
Could you provide an analysis on the flaws of RaiBlocks? Is it in any way, shape, or form at a disadvantage compared to a blockchain based ledger like bitcoin? There has to be drawbacks, but I haven’t found any.
Do you plan on expanding the dev team and establishing a foundation? Also, how much money is in the development pool?
 
One drawback is to handle is our chain-per-account model and asynchronous updates it takes more code and design. This means instead of one top-block hash for everything there's one for each account. This gives us the power of wait-free asynchronous transactions at the cost of simplicity.
After we finish up things like the wallet, website, and exchange integration we'll be looking at seeing what dev resources we need to build tech if no one else is already working on a particular thing. We have about 6 million XRB right now so we've made the existing dev funds go a long way. If something expensive to build came along and dev funds wouldn't cut it we could look at some sort of external funding.
 
 
How big of a problem is PoW for exchanges and what are potential solutions?
 
Considering how much exchanges stand to make through commission I don't see the cost as a barrier, it's just an abnormal technology request compared to other cryptocurrencies.
We're working on providing a service exchanges can use in the interim until they set up their own infrastructure to generate the work. Other options are containers people can use on cloud services to get the infrastructure they need until they want to invest in their own.
 
 
It's my understanding that since everything works asynchronously, in the case of double spending there is a chance a merchant would receive the block that would be later invalidated and have it shown in it's wallet, even if a little later (1 minute?) the amount would correct when the delegates vote that block invalid. Is there any mechanism to avoid this? Maybe tag the transactions in the wallet as "confirming" and then "confirmed" after that minute? Is there actually any certain way for a wallet to know, in a deterministic/programable way, at what moment a transaction is 100% legit? (for example if the delegates are DoS'ed I guess that minute could be much longer). I know this is an improbable case, but still...
 
Yea you're hitting a good point, the consensus algorithm in the node is designed to wait for the incoming transaction to settle before accepting it in to the local chain for the exact reason you listed, if their transaction were to be rolled back the local account would be rolled back as well.
We can trend the current weight of all representatives that are online and voting and make sure we have >50% of the vote weight accounted for before considering it settled.
 
 
Hey Colin, will you eventually have support for a Trezor or other hard wallet?
 
Yea we'll definitely work with companies like Trezor that are interested in being a hardware wallet for xrb. It's just a matter of making sure they support the signing algorithms and integrating with their API.
 
EDIT: I'm getting a lot of messages asking me how to buy XRB. I used this guide which was very helpful: https://www.reddit.com/RaiBlocks/comments/7i0co0/the_definitive_guide_to_buying_and_storing/
In short -- buy BTC on coinbase, open up an account on bitgrail, transfer that BTC from coinbase to bitgrail, then trade your BTC for XRB. It's a pain right now because it's such a new coin, but soon it will be listed on more exchanges, and hopefully on things like shapeshift/changelly. After that it will be much easier... but until then, the inconvenience is what we have to pay in order to get into XRB while its still early.
EDIT: BAD SCRIPT, BAD!
submitted by atriaxx to RaiBlocks [link] [comments]

RaiBlocks AMA Summation!

Summation of RaiBlocks lead developer AMA. I'm very excited about this coin, and if you're asking why I did this...I'm trying out my AMA consolidating script that I wrote for fun :) I'm interested in seeing what people think about this coin! You can read the responses directly from this link: https://www.reddit.com/RaiBlocks/comments/7ko5l7/colin_lemahieu_founder_and_lead_developer_of/
 
What are your top priorities atm? Both in developing areas itself and in terms of integration?
 
The top priorities right now are:
These basically need to happen in a sequence because each item isn't useful unless the previous one is complete.
 
 
Do you have any plans to have your source code peer reviewed? By peer review I mean sending your source code down to MIT for testing and review.
Where do you see Raiblocks 5-10 years from now? (For instance do you envision people using a Raiblocks mobile phone app to transfer value between each other, or buy stuff at the store?
 
We definitely need peer and code reviews and we're open to anyone doing this. We have ideas for people in universities that want to analyze the whitepaper or code so we'll see what comes of that. In my opinion code security guarantees can only be given with (eyes * time) and we need both.
I'd like to see RaiBlocks adopted as an internet RFC and basically become an ubiquitous background technology like http. I think you're probably right and a mobile app would be the most user-friendly way to do this so people don't need to carry around extra cards in their wallet etc.
 
 
Is there a list of the team readily available? Are there firm plans to expand, and if so, in which directions?
The roadmap indicated a website redesign scheduled for November 2017. Is there an update?
 
We have about 12 people in the core team; about half are code and half are business developers. On the redesigned website we're going to include bios for sure, no one in our team is anonymous. I think we have pretty good coverage of what we need right now, we could always use more people capable of contributing to the core code.
The website design is well underway, we wanted to streamline and add some more things to it so it took longer than originally estimated. It'll looking like after the new year we'll have it ready.
 
 
Would you ever consider renaming the coin to simply "Rai" or any other simplified form other than RaiBlocks?
2. What marketing strategy do you think will push XRB forward from now on as a fully working product. Instant and free, the green coin, "it just works" coin, etc?
3. Regarding security, is "quantum-proofing" a big concern at the moment and how do you guys plan to approach this when the time comes. And how possible would it be for bad actors to successfully implement a 51% attack.
 
  1. Yea there are a few difficulties people have pointed out with our name. People don't know if it's "ray" or "rye". "Blocks" doesn't have a meaning to a lot of people and the name reference might be too esoteric to be meaningful. I'm not prideful so I'm not stuck on a particular name, we'll take a look at what our marketing and business developers say peoples' impressions are and if they have any naming recommendations.
  2. Our marketing strategy is to focus on complete simplicity. Instant and free resonates with enthusiasts and mass adoption will only come when using xrb is absolutely the same experience as using a banking or other payment app. People aren't going to tolerate jargon or confusing workflows when sending or receiving payments.
  3. Quantum computing is going to be an amazing leap for humanity but it's also going to cause a lot of flux in cryptography. The plan I see is the similar to what I did in selecting the cryptographic algorithms we're using right now: look for leaders in academia and industry that have proven implementations and use those as they recommend migration based on computing capability. Quantum vulnerabilities can be an issue in the future but a vulnerable implementation would be an issue right now.
 
 
Hi Colin, lately XRB has been getting frequently compared to and contrasted with Iota. I was hoping that you could give us your thoughts on the differences between the two and what your general vision for the future of Raiblocks is.
 
It's flattering to be compared to IOTA, they have a very talented team building ambitious technology. When looking at design goals I think one thing we're not attempting to approach is transferring a data payload, we're only looking to be a transfer of value.
There are lots of ideas and technology to be developed in the cryptocurrency space and I want RaiBlocks to solve one section of that industry: the transfer of value. I think the best success would be if RaiBlocks was adopted as the global standard for this and crypto efforts could move to non-value-transfer use-cases.
 
 
Do you see XRB becoming the new payment method for commerce. As in, buying coffee, groceries, etc? Do you have plans for combating the HODL mentality so this currency can actually be used in the future of buying and selling?
 
Being a direct transactional payment method is our goal and we're trying to build software that's accessible to everyone to make that happen. I see holding as a speculative tactic anticipating future increases and you're right, it's not in line with day-to-day transactions. I think as market cap levels off to a more consistent value the reason for holding and speculating goes away and people can instead focus on using it as a value exchange.
 
 
Are you planning to expand the RaiBlocks team over the next 12 months? If so, what types of positions are you hoping to fill?
 
Right now we have about 12 people, half core and half business developers. I think this count is good for working on what we're doing right now which is getting wallets and exchanges worked on. Ideally people outside our team will start developing technology around xrb taking advantage of the network effect to build more technology faster than we could internally. That being said we're going to look in a few months to see if there's anything out there people aren't developing that should be and we'll see what people we need to make it happen.
 
 
At what point did you make the decision to make RaiBlocks your full time job? What was the decision making process like?
 
It was after the week where the core team met here in Austin to brainstorm our next steps. I saw how much enthusiasm there was from crypto-veterans with having a working system capable of being scaled up to what's needed for massive adoption and it seemed the risk needed to be taken.
It was hard decision to make, working in the crypto and finance is rough and I like using my leisure time to work on inventions. Of all the projects ideas I have this one seemed to have a high chance of success and the benefits of having a working, decentralized currency would be huge.
 
 
Hi Colin, what prevents great cryptos like XRB from being listed on bigger exchanges?
 
It's good to understand where the biggest headaches for exchanges lie: support tickets, operations, and development. If a technology is different from what they already have, that takes development time. If the software is new and not widely run, that's potential operations time to fix it which results in support tickets and community backlash. Adding BitCoin clones or Ethereum ICO coins is easy because they don't have these associated risks or costs.
 
 
What can the average RaiBlocks-Fan do to help XRB getting adopted / growing / expanding?
 
I think the best thing an average fan could do is word of mouth and telling people about RaiBlocks. More people being aware of it means there's the possibility someone who's never heard of it before would be interested in contributing as a vendor, developer, exchange etc.
Good advertising or marketing will never be able to reach everyone as well as someone reaching out within their own network.
 
 
Ray or Rye?
 
Ray hehe. It comes from https://en.wikipedia.org/wiki/Rai_stones Lots of people don't know the answer though >_<
 
 
Are you looking at incorperating a datamarket like iota in the future? Given the speed of the network a data exchange for highly accurate sensors could be a game changer.
Further more, are there any plans to increase the Dev team in the future? I read on the FAQ you'd like RaiBlocks to be somewhat of a protocol which is a huge ambition. A Dev from say the Mozilla foundation or other could further cement this ambitious project.
 
Transmitting data payloads is something we probably won't pursue. The concern is adding more features like this could cause us to make decisions that compromise the primary focus points of low-cost and speed for transferring value.
We can add people to the dev team though I think we'll get the most traction by teaching teams in these other organization how to use RaiBlocks so they can be the experts on the subject in their companies.
 
 
Does the actual RaiBlocks version require "Each node in the network must be aware of all transactions as they occur" part? This was in the old white paper and is asked here:
https://www.reddit.com/RaiBlocks/comments/7ksl81/some_questions_regarding_raiblocks_consensus/?st=jbdmgagc&sh=d1c93cca
 
If a node wants to independently know the balances of all accounts in the system, it must at a minimum have storage to hold accounts and all their balances. In order to know all balances it must either listen to transactions as they're happening or bootstrap from someone else to catch up as what happens on startup.
 
 
There is no incentive to run nodes. Some people will do it because it is cheap as fuck (as I read an raspberry pie can run it). But I think not many people will do it.
1. How important are the nodes in terms of further scaling?
2. On which network conditions where the 7000 transactions met?
3. What happens if the transactions per day tenfolds but the nodes don't?
4. How much better will Rai scale if someone sets up, lets say, 100 nodes with awesome hardware and network?
5. How many nodes could be enough for visa level scaling?
6. Which further improvements can be made for Rai IF there needs to be other improvements than setting up new nodes? Are there other concepts like 2nd layer solutions planned?
7. How will Rai defend network attacks?
I know there is an PoW part. But since there a also large attacks on high cap coins on which people invest millions of $ to congest a network..Is it possible that the Rai network will be unusable for several days because of this?
 
I think the out-of-protocol incentives to running a node are under-referenced yet I see them as the primary driving factor for participating as a whole. Node rewards come at the expense of other network participants and in this closed loop the incentives aren't enough to keep a cryptocurrency alive. Long-term there needs to be a system-level comparative advantage to what people are already using for a transfer of value. If someone is using xrb and it saves them hundreds or thousands of dollars per month in fees and customer irritation in delayed payments, they have a direct monetary incentive to using xrb and a monetary incentive in the health of the system.
1) More nodes provides transaction and bootstrapping redundancy. More representatives provides decentralization.
2) The 7k TPS was a profile how fast commodity hardware could eat transactions. All of the real-world limits are going to be something hardware related, either bandwidth, IO, or CPU.
3) The scaling is more related to the hardware the nodes are using rather than the node count. If there was 10x increase in transactions it would use 10x the bandwidth and IO as nodes observe transactions happening.
4) If someone made 100 representative nodes the network would be far more decentralized though the tx throughput would be unchanged since that's a per-node requirement.
5) Scaling to Visa will have high bandwidth and IO requirements on representatives associated with doing 10k IOPS. Datacenter and business class hardware will have to be enough to handle the load.
6) Second layer solutions are always an option and I think a lot of people will use them for fraud protection and insurance. Our primary focus is to make the 1st layer as efficient and high speed as possible so a 2nd layer isn't needed for daily transactions.
7) Defending against network attacks will be an ongoing thing, people like breaking the network for lulz or monetary gain i.e. competing cryptos. If there are attacks we haven't defended against or considered it'll be a matter of getting capable people to fix issues.
 
 
Are you open to changes to the name? (Rai)
What are your plans with regards to marketing?
 
I'm open to it, people get confused on ray/rye pronunciation, not the greatest first impression.
As far as timing I think marketing works best after a more user friendly wallet and integration in to more exchanges otherwise we're sending traffic to something people can't use. We're going to start by focusing on the initial adopters which will likely be enthusiasts and going forward work on the next set of users that aren't enthusiasts but want to drive savings for their business through lower payment processing costs.
 
 
A recent tweet(https://twitter.com/VitalikButerin/status/942961006614945792) from Vitalik Buterin. Could this be a case with testing the scalability of RaiBlocks as well and in reality we wouldn't come close to 7000tx/s?
 
I think he's definitely right, a lot of the TPS numbers are synthetic benchmarks usually on one system. The biggest thing hindering TPS are protocol-specific limits like hard caps or high contention design. The next biggest thing will be bandwidth and then disk IO. Some of these limits can be improved by profiling and fixing code instead of actual limits in the hardware.
We want to get better, real world numbers but our general opinion is that the RaiBlocks protocol is going to be limited by hardware, rather than design.
 
 
Are you planning to add a fiat gateway to the main website and mobile wallet?
 
If we can make it happen for sure, that seems like a very user-focused feature people would want.
The difficulty at least in the US is the money-transmitter licenses which are hard to obtain. More than likely if this functionality was added it'd be a partnership with an established financial company that has procedures in place to operate within countries' regulations.
 
 
I saw a post on /iota that claims that their quantum resistance is a main benefit over raiblocks. Can you go into detail about this? explain any plans you have to let XRB persevere through upcoming quatum revolution?
 
I think everyone with cryptography in their programs is keeping an eye on quantum cryptography because we're all in the same boat. I don't have cryptanalysis credentials so I didn't feel comfortable building an implementation and instead chose to use one off-the-shelf from someone with assuring credentials.
There are some big companies that have made small mistakes that blow up the usefulness of the entire algorithm, it's incredibly easy to do. https://arstechnica.com/gaming/2010/12/ps3-hacked-through-poor-implementation-of-cryptography/
 
 
Hello Colin, is any security audit to the source code planned?
 
We don't have one contracted though both internally and externally this is an important thing people want completed.
 
 
Do you have plans to radically change the interface of the desktop wallet, and to develop a universal, cross-platform, clean and simple UX design for the wallet? This will be huge for mass adoption in my humble opinion
 
I completely agree, we do plan on completely redoing the desktop wallet, both from a UX standpoint and maintainability so UI code doesn't need to be in C++. This could also remove out dependency on QT which is the least permissive license in the code right now.
I write code better than I design GUIs ;)
 
 
It seems like Raiblocks is aiming to be a true currency with it's lacking of transaction fees and fast confirmation times, which is great! If Raiblocks can add some kind of support for privacy then I think it got the whole picture figured out in terms of being "digital cash". Do you currently have any plans to implement privacy features into RaiBlocks?
If Raiblocks is unable to do this, it will still be a straight improvement over things like LTC which are currently being used as currency, but I don't think it will be able to become THE cryptocurrency without privacy features.
 
I love the concept of privacy in the network and it's a hard thing to do right. Any solution used would need to be compatible with our balance-weighted-voting method which means at least we'd have to know how much weight a representative has even if we're hiding actual account balances.
To be fully anonymous it would have to be hide accounts, amounts, endpoints, and also timing information; with advanced network analysis the timing is the hardest thing to hide. Hopefully some day we can figure out an efficient privacy solution though the immediate problem we can solve is making a transactional cryptocurrency so we're focusing on that.
 
 
Could you provide an analysis on the flaws of RaiBlocks? Is it in any way, shape, or form at a disadvantage compared to a blockchain based ledger like bitcoin? There has to be drawbacks, but I haven’t found any.
Do you plan on expanding the dev team and establishing a foundation? Also, how much money is in the development pool?
 
One drawback is to handle is our chain-per-account model and asynchronous updates it takes more code and design. This means instead of one top-block hash for everything there's one for each account. This gives us the power of wait-free asynchronous transactions at the cost of simplicity.
After we finish up things like the wallet, website, and exchange integration we'll be looking at seeing what dev resources we need to build tech if no one else is already working on a particular thing. We have about 6 million XRB right now so we've made the existing dev funds go a long way. If something expensive to build came along and dev funds wouldn't cut it we could look at some sort of external funding.
 
 
How big of a problem is PoW for exchanges and what are potential solutions?
 
Considering how much exchanges stand to make through commission I don't see the cost as a barrier, it's just an abnormal technology request compared to other cryptocurrencies.
We're working on providing a service exchanges can use in the interim until they set up their own infrastructure to generate the work. Other options are containers people can use on cloud services to get the infrastructure they need until they want to invest in their own.
 
 
It's my understanding that since everything works asynchronously, in the case of double spending there is a chance a merchant would receive the block that would be later invalidated and have it shown in it's wallet, even if a little later (1 minute?) the amount would correct when the delegates vote that block invalid. Is there any mechanism to avoid this? Maybe tag the transactions in the wallet as "confirming" and then "confirmed" after that minute? Is there actually any certain way for a wallet to know, in a deterministic/programable way, at what moment a transaction is 100% legit? (for example if the delegates are DoS'ed I guess that minute could be much longer). I know this is an improbable case, but still...
 
Yea you're hitting a good point, the consensus algorithm in the node is designed to wait for the incoming transaction to settle before accepting it in to the local chain for the exact reason you listed, if their transaction were to be rolled back the local account would be rolled back as well.
We can trend the current weight of all representatives that are online and voting and make sure we have >50% of the vote weight accounted for before considering it settled.
 
 
Hey Colin, will you eventually have support for a Trezor or other hard wallet?
 
Yea we'll definitely work with companies like Trezor that are interested in being a hardware wallet for xrb. It's just a matter of making sure they support the signing algorithms and integrating with their API.
 
EDIT: I'm getting a lot of messages asking me how to buy XRB. I used this guide which was very helpful: https://www.reddit.com/RaiBlocks/comments/7i0co0/the_definitive_guide_to_buying_and_storing/
In short -- buy BTC on coinbase, open up an account on bitgrail, transfer that BTC from coinbase to bitgrail, then trade your BTC for XRB. It's a pain right now because it's such a new coin, but soon it will be listed on more exchanges, and hopefully on things like shapeshift/changelly. After that it will be much easier... but until then, the inconvenience is what we have to pay in order to get into XRB while its still early.
EDIT: BAD SCRIPT, BAD!
submitted by atriaxx to CryptoMarkets [link] [comments]

Let's Decentralise the World and Make World Crypto Network a Distributed Autonomous Organisation

Decentralise the World

EDIT 2014-08-01 See also pierebel0 Seed the Chain
Please read this carefully and be forthcoming with your views. It’s important to the future of World Crypto Network.
As many of you may know pierebel0 (Nick) and I have been working on an idea and since then we have been putting together diagrams and a plan.
Basically we want to get open source software to regions of the world that have poor internet connectivity and are in need of most financial innovation. This would be like an airdrop of items including:
Nick's initial idea was to produce a list of villages and towns ranked by bandwidth and we would then give each place a Bitcoin donation address.
We could use a map of the world using the open source CoinMap. A page on the World Crypto Net website called Join the Revolution. Members of the audience, hosts of the show and any willing participants in the global campaign can sign up and put themselves on the map.
We could then setup a Bitcoin Wallet in Armory and assign a Bitcoin address for every viable village and town in the world.
Our audience will be invited to vote on which town or village they wanted as to do an Open Source Airdrop on by sending bitcoins to that address. Each donation would be like a vote. We would set targets on each location based on the most cost effective way of delivering it and then let the market decide what order we should go in. We would probably want to weight it to regions that had the most potential to benefit from the project.

World Crypto Network as a DAO (Distributed Autonomous Organisation)

Now the next question that came up is how to handle the funds responsibly?
Up until now people have just trusted Thom and I and sent us money. But if we are going to practice what we preach in this brave new community then what better opportunity to try out a DAO. Recently I reinstalled Bitcoin Armory to try out the new Multisig and multipart paper backup features and I suggest the following process for discussion:
  1. Live Town Hall meeting on Youtube with plenty of advance warning with members of our audience who have followed us up until now to discuss the election process of 7 people who will be custodians of Bitcoin Armory Wallet.
Key decisions will be things like: * How the election should take place? * Using the block chain as a clock on which Bitcoin Block should it commence? e.g. the election takes place at block height #312,020
Once elected each person is given a number at random.
  1. A custodian of the funds is selected at random using the first number in the Bitcoin nonce at block #312,017 between 1 and 7. This way none of the elected 7 will know if they are going to be in charge. This should filter out any power hungry psychopaths as mostly they want control right now and not leave it to chance. We want any would be dictator to self-deselect themselves from this process.
  2. That custodian then produces an Armory wallet consisting of a 5 of 7 paper backup. Each elected member is given one each and the custodian keeps the master copy. In order for the wallet to be restored and funds to be spendable you would need 5 people out of the seven to collude or join together in protest against the custodian.
Everyone, the audience and elected 7 included are encouraged to publish their raw public keys (in hex, not the normal address) so that we can create ad hoc multi-sig wallets with one another on a project by project basis.
I would also like to include the ability for the audience to become hosts and participants and even allow them to seize the funds by co-operating with members of the elected 7. This would mean dividing up 1 of the 7 root keys in to smaller junks like with a multiple encrypted zip file or something.

Thoughts and things to consider:

What I particularly like about splitting up the keys is that we could even engineer it to make sure that no more than 2 members of staff are elected per country. That way no single authority could shut down the World Crypto Network.
It’s also important to note that the elected staff and random custodian are just admin staff. Everyone’s a leader at WCN and the role of the people at the top is to give the people at the bottom everything they need to get their job done. All the custodian is doing it making sure the web hosting is paid for and that the donations get sent to the right people.
Individuals within the organisation are still responsible for their own projects and fundraising. None of the elected 7 can stop you from soliciting money for your hard work. But they might come in handy if you want to set up a project for a 3rd party like Let’s get Nepal on a Meshnet and you would like to setup a 2 of 3 multisig wallet of which one of them could be the custodian. This would lend you credibility when you market your project and make people more likely to donate.
We could also not bother with the initial election and just self appoint the first 7 people and just rotate the duties every 15,000 blocks.
Also Thornbreaker (Jamie Nelson) mentioned that we should come up with a manifesto. I think this is a good idea and we could do it on Github or a Wiki.
Thank-you for your time, I look forward to your reading thoughts.
submitted by MrChrisJ to worldcryptonetwork [link] [comments]

RaiBlocks AMA Summary!

Summation of RaiBlocks lead developer AMA. I'm very excited about this coin, and if you're asking why I did this...I'm trying out my AMA consolidating script that I wrote for fun :) I'm interested in seeing what people think about this coin! You can read the responses directly from this link: https://www.reddit.com/RaiBlocks/comments/7ko5l7/colin_lemahieu_founder_and_lead_developer_of/
 
What are your top priorities atm? Both in developing areas itself and in terms of integration?
 
The top priorities right now are:
These basically need to happen in a sequence because each item isn't useful unless the previous one is complete.
 
 
Do you have any plans to have your source code peer reviewed? By peer review I mean sending your source code down to MIT for testing and review.
Where do you see Raiblocks 5-10 years from now? (For instance do you envision people using a Raiblocks mobile phone app to transfer value between each other, or buy stuff at the store?
 
We definitely need peer and code reviews and we're open to anyone doing this. We have ideas for people in universities that want to analyze the whitepaper or code so we'll see what comes of that. In my opinion code security guarantees can only be given with (eyes * time) and we need both.
I'd like to see RaiBlocks adopted as an internet RFC and basically become an ubiquitous background technology like http. I think you're probably right and a mobile app would be the most user-friendly way to do this so people don't need to carry around extra cards in their wallet etc.
 
 
Is there a list of the team readily available? Are there firm plans to expand, and if so, in which directions?
The roadmap indicated a website redesign scheduled for November 2017. Is there an update?
 
We have about 12 people in the core team; about half are code and half are business developers. On the redesigned website we're going to include bios for sure, no one in our team is anonymous. I think we have pretty good coverage of what we need right now, we could always use more people capable of contributing to the core code.
The website design is well underway, we wanted to streamline and add some more things to it so it took longer than originally estimated. It'll looking like after the new year we'll have it ready.
 
 
Would you ever consider renaming the coin to simply "Rai" or any other simplified form other than RaiBlocks?
2. What marketing strategy do you think will push XRB forward from now on as a fully working product. Instant and free, the green coin, "it just works" coin, etc?
3. Regarding security, is "quantum-proofing" a big concern at the moment and how do you guys plan to approach this when the time comes. And how possible would it be for bad actors to successfully implement a 51% attack.
 
  1. Yea there are a few difficulties people have pointed out with our name. People don't know if it's "ray" or "rye". "Blocks" doesn't have a meaning to a lot of people and the name reference might be too esoteric to be meaningful. I'm not prideful so I'm not stuck on a particular name, we'll take a look at what our marketing and business developers say peoples' impressions are and if they have any naming recommendations.
  2. Our marketing strategy is to focus on complete simplicity. Instant and free resonates with enthusiasts and mass adoption will only come when using xrb is absolutely the same experience as using a banking or other payment app. People aren't going to tolerate jargon or confusing workflows when sending or receiving payments.
  3. Quantum computing is going to be an amazing leap for humanity but it's also going to cause a lot of flux in cryptography. The plan I see is the similar to what I did in selecting the cryptographic algorithms we're using right now: look for leaders in academia and industry that have proven implementations and use those as they recommend migration based on computing capability. Quantum vulnerabilities can be an issue in the future but a vulnerable implementation would be an issue right now.
 
 
Hi Colin, lately XRB has been getting frequently compared to and contrasted with Iota. I was hoping that you could give us your thoughts on the differences between the two and what your general vision for the future of Raiblocks is.
 
It's flattering to be compared to IOTA, they have a very talented team building ambitious technology. When looking at design goals I think one thing we're not attempting to approach is transferring a data payload, we're only looking to be a transfer of value.
There are lots of ideas and technology to be developed in the cryptocurrency space and I want RaiBlocks to solve one section of that industry: the transfer of value. I think the best success would be if RaiBlocks was adopted as the global standard for this and crypto efforts could move to non-value-transfer use-cases.
 
 
Do you see XRB becoming the new payment method for commerce. As in, buying coffee, groceries, etc? Do you have plans for combating the HODL mentality so this currency can actually be used in the future of buying and selling?
 
Being a direct transactional payment method is our goal and we're trying to build software that's accessible to everyone to make that happen. I see holding as a speculative tactic anticipating future increases and you're right, it's not in line with day-to-day transactions. I think as market cap levels off to a more consistent value the reason for holding and speculating goes away and people can instead focus on using it as a value exchange.
 
 
Are you planning to expand the RaiBlocks team over the next 12 months? If so, what types of positions are you hoping to fill?
 
Right now we have about 12 people, half core and half business developers. I think this count is good for working on what we're doing right now which is getting wallets and exchanges worked on. Ideally people outside our team will start developing technology around xrb taking advantage of the network effect to build more technology faster than we could internally. That being said we're going to look in a few months to see if there's anything out there people aren't developing that should be and we'll see what people we need to make it happen.
 
 
At what point did you make the decision to make RaiBlocks your full time job? What was the decision making process like?
 
It was after the week where the core team met here in Austin to brainstorm our next steps. I saw how much enthusiasm there was from crypto-veterans with having a working system capable of being scaled up to what's needed for massive adoption and it seemed the risk needed to be taken.
It was hard decision to make, working in the crypto and finance is rough and I like using my leisure time to work on inventions. Of all the projects ideas I have this one seemed to have a high chance of success and the benefits of having a working, decentralized currency would be huge.
 
 
Hi Colin, what prevents great cryptos like XRB from being listed on bigger exchanges?
 
It's good to understand where the biggest headaches for exchanges lie: support tickets, operations, and development. If a technology is different from what they already have, that takes development time. If the software is new and not widely run, that's potential operations time to fix it which results in support tickets and community backlash. Adding BitCoin clones or Ethereum ICO coins is easy because they don't have these associated risks or costs.
 
 
What can the average RaiBlocks-Fan do to help XRB getting adopted / growing / expanding?
 
I think the best thing an average fan could do is word of mouth and telling people about RaiBlocks. More people being aware of it means there's the possibility someone who's never heard of it before would be interested in contributing as a vendor, developer, exchange etc.
Good advertising or marketing will never be able to reach everyone as well as someone reaching out within their own network.
 
 
Ray or Rye?
 
Ray hehe. It comes from https://en.wikipedia.org/wiki/Rai_stones Lots of people don't know the answer though >_<
 
 
Are you looking at incorperating a datamarket like iota in the future? Given the speed of the network a data exchange for highly accurate sensors could be a game changer.
Further more, are there any plans to increase the Dev team in the future? I read on the FAQ you'd like RaiBlocks to be somewhat of a protocol which is a huge ambition. A Dev from say the Mozilla foundation or other could further cement this ambitious project.
 
Transmitting data payloads is something we probably won't pursue. The concern is adding more features like this could cause us to make decisions that compromise the primary focus points of low-cost and speed for transferring value.
We can add people to the dev team though I think we'll get the most traction by teaching teams in these other organization how to use RaiBlocks so they can be the experts on the subject in their companies.
 
 
Does the actual RaiBlocks version require "Each node in the network must be aware of all transactions as they occur" part? This was in the old white paper and is asked here:
https://www.reddit.com/RaiBlocks/comments/7ksl81/some_questions_regarding_raiblocks_consensus/?st=jbdmgagc&sh=d1c93cca
 
If a node wants to independently know the balances of all accounts in the system, it must at a minimum have storage to hold accounts and all their balances. In order to know all balances it must either listen to transactions as they're happening or bootstrap from someone else to catch up as what happens on startup.
 
 
There is no incentive to run nodes. Some people will do it because it is cheap as fuck (as I read an raspberry pie can run it). But I think not many people will do it.
1. How important are the nodes in terms of further scaling?
2. On which network conditions where the 7000 transactions met?
3. What happens if the transactions per day tenfolds but the nodes don't?
4. How much better will Rai scale if someone sets up, lets say, 100 nodes with awesome hardware and network?
5. How many nodes could be enough for visa level scaling?
6. Which further improvements can be made for Rai IF there needs to be other improvements than setting up new nodes? Are there other concepts like 2nd layer solutions planned?
7. How will Rai defend network attacks?
I know there is an PoW part. But since there a also large attacks on high cap coins on which people invest millions of $ to congest a network..Is it possible that the Rai network will be unusable for several days because of this?
 
I think the out-of-protocol incentives to running a node are under-referenced yet I see them as the primary driving factor for participating as a whole. Node rewards come at the expense of other network participants and in this closed loop the incentives aren't enough to keep a cryptocurrency alive. Long-term there needs to be a system-level comparative advantage to what people are already using for a transfer of value. If someone is using xrb and it saves them hundreds or thousands of dollars per month in fees and customer irritation in delayed payments, they have a direct monetary incentive to using xrb and a monetary incentive in the health of the system.
1) More nodes provides transaction and bootstrapping redundancy. More representatives provides decentralization.
2) The 7k TPS was a profile how fast commodity hardware could eat transactions. All of the real-world limits are going to be something hardware related, either bandwidth, IO, or CPU.
3) The scaling is more related to the hardware the nodes are using rather than the node count. If there was 10x increase in transactions it would use 10x the bandwidth and IO as nodes observe transactions happening.
4) If someone made 100 representative nodes the network would be far more decentralized though the tx throughput would be unchanged since that's a per-node requirement.
5) Scaling to Visa will have high bandwidth and IO requirements on representatives associated with doing 10k IOPS. Datacenter and business class hardware will have to be enough to handle the load.
6) Second layer solutions are always an option and I think a lot of people will use them for fraud protection and insurance. Our primary focus is to make the 1st layer as efficient and high speed as possible so a 2nd layer isn't needed for daily transactions.
7) Defending against network attacks will be an ongoing thing, people like breaking the network for lulz or monetary gain i.e. competing cryptos. If there are attacks we haven't defended against or considered it'll be a matter of getting capable people to fix issues.
 
 
Are you open to changes to the name? (Rai)
What are your plans with regards to marketing?
 
I'm open to it, people get confused on ray/rye pronunciation, not the greatest first impression.
As far as timing I think marketing works best after a more user friendly wallet and integration in to more exchanges otherwise we're sending traffic to something people can't use. We're going to start by focusing on the initial adopters which will likely be enthusiasts and going forward work on the next set of users that aren't enthusiasts but want to drive savings for their business through lower payment processing costs.
 
 
A recent tweet(https://twitter.com/VitalikButerin/status/942961006614945792) from Vitalik Buterin. Could this be a case with testing the scalability of RaiBlocks as well and in reality we wouldn't come close to 7000tx/s?
 
I think he's definitely right, a lot of the TPS numbers are synthetic benchmarks usually on one system. The biggest thing hindering TPS are protocol-specific limits like hard caps or high contention design. The next biggest thing will be bandwidth and then disk IO. Some of these limits can be improved by profiling and fixing code instead of actual limits in the hardware.
We want to get better, real world numbers but our general opinion is that the RaiBlocks protocol is going to be limited by hardware, rather than design.
 
 
Are you planning to add a fiat gateway to the main website and mobile wallet?
 
If we can make it happen for sure, that seems like a very user-focused feature people would want.
The difficulty at least in the US is the money-transmitter licenses which are hard to obtain. More than likely if this functionality was added it'd be a partnership with an established financial company that has procedures in place to operate within countries' regulations.
 
 
I saw a post on /iota that claims that their quantum resistance is a main benefit over raiblocks. Can you go into detail about this? explain any plans you have to let XRB persevere through upcoming quatum revolution?
 
I think everyone with cryptography in their programs is keeping an eye on quantum cryptography because we're all in the same boat. I don't have cryptanalysis credentials so I didn't feel comfortable building an implementation and instead chose to use one off-the-shelf from someone with assuring credentials.
There are some big companies that have made small mistakes that blow up the usefulness of the entire algorithm, it's incredibly easy to do. https://arstechnica.com/gaming/2010/12/ps3-hacked-through-poor-implementation-of-cryptography/
 
 
Hello Colin, is any security audit to the source code planned?
 
We don't have one contracted though both internally and externally this is an important thing people want completed.
 
 
Do you have plans to radically change the interface of the desktop wallet, and to develop a universal, cross-platform, clean and simple UX design for the wallet? This will be huge for mass adoption in my humble opinion
 
I completely agree, we do plan on completely redoing the desktop wallet, both from a UX standpoint and maintainability so UI code doesn't need to be in C++. This could also remove out dependency on QT which is the least permissive license in the code right now.
I write code better than I design GUIs ;)
 
 
It seems like Raiblocks is aiming to be a true currency with it's lacking of transaction fees and fast confirmation times, which is great! If Raiblocks can add some kind of support for privacy then I think it got the whole picture figured out in terms of being "digital cash". Do you currently have any plans to implement privacy features into RaiBlocks?
If Raiblocks is unable to do this, it will still be a straight improvement over things like LTC which are currently being used as currency, but I don't think it will be able to become THE cryptocurrency without privacy features.
 
I love the concept of privacy in the network and it's a hard thing to do right. Any solution used would need to be compatible with our balance-weighted-voting method which means at least we'd have to know how much weight a representative has even if we're hiding actual account balances.
To be fully anonymous it would have to be hide accounts, amounts, endpoints, and also timing information; with advanced network analysis the timing is the hardest thing to hide. Hopefully some day we can figure out an efficient privacy solution though the immediate problem we can solve is making a transactional cryptocurrency so we're focusing on that.
 
 
Could you provide an analysis on the flaws of RaiBlocks? Is it in any way, shape, or form at a disadvantage compared to a blockchain based ledger like bitcoin? There has to be drawbacks, but I haven’t found any.
Do you plan on expanding the dev team and establishing a foundation? Also, how much money is in the development pool?
 
One drawback is to handle is our chain-per-account model and asynchronous updates it takes more code and design. This means instead of one top-block hash for everything there's one for each account. This gives us the power of wait-free asynchronous transactions at the cost of simplicity.
After we finish up things like the wallet, website, and exchange integration we'll be looking at seeing what dev resources we need to build tech if no one else is already working on a particular thing. We have about 6 million XRB right now so we've made the existing dev funds go a long way. If something expensive to build came along and dev funds wouldn't cut it we could look at some sort of external funding.
 
 
How big of a problem is PoW for exchanges and what are potential solutions?
 
Considering how much exchanges stand to make through commission I don't see the cost as a barrier, it's just an abnormal technology request compared to other cryptocurrencies.
We're working on providing a service exchanges can use in the interim until they set up their own infrastructure to generate the work. Other options are containers people can use on cloud services to get the infrastructure they need until they want to invest in their own.
 
 
It's my understanding that since everything works asynchronously, in the case of double spending there is a chance a merchant would receive the block that would be later invalidated and have it shown in it's wallet, even if a little later (1 minute?) the amount would correct when the delegates vote that block invalid. Is there any mechanism to avoid this? Maybe tag the transactions in the wallet as "confirming" and then "confirmed" after that minute? Is there actually any certain way for a wallet to know, in a deterministic/programable way, at what moment a transaction is 100% legit? (for example if the delegates are DoS'ed I guess that minute could be much longer). I know this is an improbable case, but still...
 
Yea you're hitting a good point, the consensus algorithm in the node is designed to wait for the incoming transaction to settle before accepting it in to the local chain for the exact reason you listed, if their transaction were to be rolled back the local account would be rolled back as well.
We can trend the current weight of all representatives that are online and voting and make sure we have >50% of the vote weight accounted for before considering it settled.
 
 
Hey Colin, will you eventually have support for a Trezor or other hard wallet?
 
Yea we'll definitely work with companies like Trezor that are interested in being a hardware wallet for xrb. It's just a matter of making sure they support the signing algorithms and integrating with their API.
 
EDIT: I'm getting a lot of messages asking me how to buy XRB. I used this guide which was very helpful: https://www.reddit.com/RaiBlocks/comments/7i0co0/the_definitive_guide_to_buying_and_storing/
In short -- buy BTC on coinbase, open up an account on bitgrail, transfer that BTC from coinbase to bitgrail, then trade your BTC for XRB. It's a pain right now because it's such a new coin, but soon it will be listed on more exchanges, and hopefully on things like shapeshift/changelly. After that it will be much easier... but until then, the inconvenience is what we have to pay in order to get into XRB while its still early.
EDIT: BAD SCRIPT, BAD!
submitted by atriaxx to CryptoCurrencies [link] [comments]

Mt. Gox, an unlikely explanation: RAM error, corrupted private key

This is an extremely unlikely explanation, but I thought I'd throw it out there:
An error with the RAM on the system Mark used to create the cold wallet resulted in a corrupted private key. Desktop systems don't use ECC RAM and it would be unwise to make the cold wallet address on one of his servers.
If everything was held in a single cold wallet, this is a (unlikely) possibility.
Don't think RAM errors are a big deal?
quoting wikipedia -
"However, as discussed in the article on ECC memory, errors, while not everyday events, are not negligibly infrequent. Even in the absence of manufacturing defects, naturally occurring radiation causes random errors; tests on Google's very many servers found that memory errors were not rare events, and that the incidence of memory errors and the range of error rates across different DIMMs were much higher than previously reported."
Don't think anyone would be lazy enough to keep all coins in a single cold wallet address?
dooglus, a very well respected member of the bitcoin community, keeps all of just-dice's coins in this single cold wallet address (39,000 BTC):
https://blockchain.info/address/14o7zMMUJkG6De24r3JkJ6USgChq7iWF86
(Actually, I think he uses an offline laptop, and maybe that is what Mark used, too)
Ways around this problem: You would have to re-import the private key, and verify bitcoin-qt gave you the same Bitcoin address ("public key") the second time around. Otherwise you have no idea if your private key is any good - until you import it to cash out. There is no checksum in the private key.
The above scenario is extremely unlikely and I think Mark found a different way to screw up.
submitted by SgtPeepers to Bitcoin [link] [comments]

RaiBlocks AMA Summary!

Summation of RaiBlocks lead developer AMA. I'm very excited about this coin, and if you're asking why I did this...I'm trying out my AMA consolidating script that I wrote for fun :) I'm interested in seeing what people think about this coin! You can read the responses directly from this link: https://www.reddit.com/RaiBlocks/comments/7ko5l7/colin_lemahieu_founder_and_lead_developer_of/
 
What are your top priorities atm? Both in developing areas itself and in terms of integration?
 
The top priorities right now are:
These basically need to happen in a sequence because each item isn't useful unless the previous one is complete.
 
 
Do you have any plans to have your source code peer reviewed? By peer review I mean sending your source code down to MIT for testing and review.
Where do you see Raiblocks 5-10 years from now? (For instance do you envision people using a Raiblocks mobile phone app to transfer value between each other, or buy stuff at the store?
 
We definitely need peer and code reviews and we're open to anyone doing this. We have ideas for people in universities that want to analyze the whitepaper or code so we'll see what comes of that. In my opinion code security guarantees can only be given with (eyes * time) and we need both.
I'd like to see RaiBlocks adopted as an internet RFC and basically become an ubiquitous background technology like http. I think you're probably right and a mobile app would be the most user-friendly way to do this so people don't need to carry around extra cards in their wallet etc.
 
 
Is there a list of the team readily available? Are there firm plans to expand, and if so, in which directions?
The roadmap indicated a website redesign scheduled for November 2017. Is there an update?
 
We have about 12 people in the core team; about half are code and half are business developers. On the redesigned website we're going to include bios for sure, no one in our team is anonymous. I think we have pretty good coverage of what we need right now, we could always use more people capable of contributing to the core code.
The website design is well underway, we wanted to streamline and add some more things to it so it took longer than originally estimated. It'll looking like after the new year we'll have it ready.
 
 
Would you ever consider renaming the coin to simply "Rai" or any other simplified form other than RaiBlocks?
2. What marketing strategy do you think will push XRB forward from now on as a fully working product. Instant and free, the green coin, "it just works" coin, etc?
3. Regarding security, is "quantum-proofing" a big concern at the moment and how do you guys plan to approach this when the time comes. And how possible would it be for bad actors to successfully implement a 51% attack.
 
  1. Yea there are a few difficulties people have pointed out with our name. People don't know if it's "ray" or "rye". "Blocks" doesn't have a meaning to a lot of people and the name reference might be too esoteric to be meaningful. I'm not prideful so I'm not stuck on a particular name, we'll take a look at what our marketing and business developers say peoples' impressions are and if they have any naming recommendations.
  2. Our marketing strategy is to focus on complete simplicity. Instant and free resonates with enthusiasts and mass adoption will only come when using xrb is absolutely the same experience as using a banking or other payment app. People aren't going to tolerate jargon or confusing workflows when sending or receiving payments.
  3. Quantum computing is going to be an amazing leap for humanity but it's also going to cause a lot of flux in cryptography. The plan I see is the similar to what I did in selecting the cryptographic algorithms we're using right now: look for leaders in academia and industry that have proven implementations and use those as they recommend migration based on computing capability. Quantum vulnerabilities can be an issue in the future but a vulnerable implementation would be an issue right now.
 
 
Hi Colin, lately XRB has been getting frequently compared to and contrasted with Iota. I was hoping that you could give us your thoughts on the differences between the two and what your general vision for the future of Raiblocks is.
 
It's flattering to be compared to IOTA, they have a very talented team building ambitious technology. When looking at design goals I think one thing we're not attempting to approach is transferring a data payload, we're only looking to be a transfer of value.
There are lots of ideas and technology to be developed in the cryptocurrency space and I want RaiBlocks to solve one section of that industry: the transfer of value. I think the best success would be if RaiBlocks was adopted as the global standard for this and crypto efforts could move to non-value-transfer use-cases.
 
 
Do you see XRB becoming the new payment method for commerce. As in, buying coffee, groceries, etc? Do you have plans for combating the HODL mentality so this currency can actually be used in the future of buying and selling?
 
Being a direct transactional payment method is our goal and we're trying to build software that's accessible to everyone to make that happen. I see holding as a speculative tactic anticipating future increases and you're right, it's not in line with day-to-day transactions. I think as market cap levels off to a more consistent value the reason for holding and speculating goes away and people can instead focus on using it as a value exchange.
 
 
Are you planning to expand the RaiBlocks team over the next 12 months? If so, what types of positions are you hoping to fill?
 
Right now we have about 12 people, half core and half business developers. I think this count is good for working on what we're doing right now which is getting wallets and exchanges worked on. Ideally people outside our team will start developing technology around xrb taking advantage of the network effect to build more technology faster than we could internally. That being said we're going to look in a few months to see if there's anything out there people aren't developing that should be and we'll see what people we need to make it happen.
 
 
At what point did you make the decision to make RaiBlocks your full time job? What was the decision making process like?
 
It was after the week where the core team met here in Austin to brainstorm our next steps. I saw how much enthusiasm there was from crypto-veterans with having a working system capable of being scaled up to what's needed for massive adoption and it seemed the risk needed to be taken.
It was hard decision to make, working in the crypto and finance is rough and I like using my leisure time to work on inventions. Of all the projects ideas I have this one seemed to have a high chance of success and the benefits of having a working, decentralized currency would be huge.
 
 
Hi Colin, what prevents great cryptos like XRB from being listed on bigger exchanges?
 
It's good to understand where the biggest headaches for exchanges lie: support tickets, operations, and development. If a technology is different from what they already have, that takes development time. If the software is new and not widely run, that's potential operations time to fix it which results in support tickets and community backlash. Adding BitCoin clones or Ethereum ICO coins is easy because they don't have these associated risks or costs.
 
 
What can the average RaiBlocks-Fan do to help XRB getting adopted / growing / expanding?
 
I think the best thing an average fan could do is word of mouth and telling people about RaiBlocks. More people being aware of it means there's the possibility someone who's never heard of it before would be interested in contributing as a vendor, developer, exchange etc.
Good advertising or marketing will never be able to reach everyone as well as someone reaching out within their own network.
 
 
Ray or Rye?
 
Ray hehe. It comes from https://en.wikipedia.org/wiki/Rai_stones Lots of people don't know the answer though >_<
 
 
Are you looking at incorperating a datamarket like iota in the future? Given the speed of the network a data exchange for highly accurate sensors could be a game changer.
Further more, are there any plans to increase the Dev team in the future? I read on the FAQ you'd like RaiBlocks to be somewhat of a protocol which is a huge ambition. A Dev from say the Mozilla foundation or other could further cement this ambitious project.
 
Transmitting data payloads is something we probably won't pursue. The concern is adding more features like this could cause us to make decisions that compromise the primary focus points of low-cost and speed for transferring value.
We can add people to the dev team though I think we'll get the most traction by teaching teams in these other organization how to use RaiBlocks so they can be the experts on the subject in their companies.
 
 
Does the actual RaiBlocks version require "Each node in the network must be aware of all transactions as they occur" part? This was in the old white paper and is asked here:
https://www.reddit.com/RaiBlocks/comments/7ksl81/some_questions_regarding_raiblocks_consensus/?st=jbdmgagc&sh=d1c93cca
 
If a node wants to independently know the balances of all accounts in the system, it must at a minimum have storage to hold accounts and all their balances. In order to know all balances it must either listen to transactions as they're happening or bootstrap from someone else to catch up as what happens on startup.
 
 
There is no incentive to run nodes. Some people will do it because it is cheap as fuck (as I read an raspberry pie can run it). But I think not many people will do it.
1. How important are the nodes in terms of further scaling?
2. On which network conditions where the 7000 transactions met?
3. What happens if the transactions per day tenfolds but the nodes don't?
4. How much better will Rai scale if someone sets up, lets say, 100 nodes with awesome hardware and network?
5. How many nodes could be enough for visa level scaling?
6. Which further improvements can be made for Rai IF there needs to be other improvements than setting up new nodes? Are there other concepts like 2nd layer solutions planned?
7. How will Rai defend network attacks?
I know there is an PoW part. But since there a also large attacks on high cap coins on which people invest millions of $ to congest a network..Is it possible that the Rai network will be unusable for several days because of this?
 
I think the out-of-protocol incentives to running a node are under-referenced yet I see them as the primary driving factor for participating as a whole. Node rewards come at the expense of other network participants and in this closed loop the incentives aren't enough to keep a cryptocurrency alive. Long-term there needs to be a system-level comparative advantage to what people are already using for a transfer of value. If someone is using xrb and it saves them hundreds or thousands of dollars per month in fees and customer irritation in delayed payments, they have a direct monetary incentive to using xrb and a monetary incentive in the health of the system.
1) More nodes provides transaction and bootstrapping redundancy. More representatives provides decentralization.
2) The 7k TPS was a profile how fast commodity hardware could eat transactions. All of the real-world limits are going to be something hardware related, either bandwidth, IO, or CPU.
3) The scaling is more related to the hardware the nodes are using rather than the node count. If there was 10x increase in transactions it would use 10x the bandwidth and IO as nodes observe transactions happening.
4) If someone made 100 representative nodes the network would be far more decentralized though the tx throughput would be unchanged since that's a per-node requirement.
5) Scaling to Visa will have high bandwidth and IO requirements on representatives associated with doing 10k IOPS. Datacenter and business class hardware will have to be enough to handle the load.
6) Second layer solutions are always an option and I think a lot of people will use them for fraud protection and insurance. Our primary focus is to make the 1st layer as efficient and high speed as possible so a 2nd layer isn't needed for daily transactions.
7) Defending against network attacks will be an ongoing thing, people like breaking the network for lulz or monetary gain i.e. competing cryptos. If there are attacks we haven't defended against or considered it'll be a matter of getting capable people to fix issues.
 
 
Are you open to changes to the name? (Rai)
What are your plans with regards to marketing?
 
I'm open to it, people get confused on ray/rye pronunciation, not the greatest first impression.
As far as timing I think marketing works best after a more user friendly wallet and integration in to more exchanges otherwise we're sending traffic to something people can't use. We're going to start by focusing on the initial adopters which will likely be enthusiasts and going forward work on the next set of users that aren't enthusiasts but want to drive savings for their business through lower payment processing costs.
 
 
A recent tweet(https://twitter.com/VitalikButerin/status/942961006614945792) from Vitalik Buterin. Could this be a case with testing the scalability of RaiBlocks as well and in reality we wouldn't come close to 7000tx/s?
 
I think he's definitely right, a lot of the TPS numbers are synthetic benchmarks usually on one system. The biggest thing hindering TPS are protocol-specific limits like hard caps or high contention design. The next biggest thing will be bandwidth and then disk IO. Some of these limits can be improved by profiling and fixing code instead of actual limits in the hardware.
We want to get better, real world numbers but our general opinion is that the RaiBlocks protocol is going to be limited by hardware, rather than design.
 
 
Are you planning to add a fiat gateway to the main website and mobile wallet?
 
If we can make it happen for sure, that seems like a very user-focused feature people would want.
The difficulty at least in the US is the money-transmitter licenses which are hard to obtain. More than likely if this functionality was added it'd be a partnership with an established financial company that has procedures in place to operate within countries' regulations.
 
 
I saw a post on /iota that claims that their quantum resistance is a main benefit over raiblocks. Can you go into detail about this? explain any plans you have to let XRB persevere through upcoming quatum revolution?
 
I think everyone with cryptography in their programs is keeping an eye on quantum cryptography because we're all in the same boat. I don't have cryptanalysis credentials so I didn't feel comfortable building an implementation and instead chose to use one off-the-shelf from someone with assuring credentials.
There are some big companies that have made small mistakes that blow up the usefulness of the entire algorithm, it's incredibly easy to do. https://arstechnica.com/gaming/2010/12/ps3-hacked-through-poor-implementation-of-cryptography/
 
 
Hello Colin, is any security audit to the source code planned?
 
We don't have one contracted though both internally and externally this is an important thing people want completed.
 
 
Do you have plans to radically change the interface of the desktop wallet, and to develop a universal, cross-platform, clean and simple UX design for the wallet? This will be huge for mass adoption in my humble opinion
 
I completely agree, we do plan on completely redoing the desktop wallet, both from a UX standpoint and maintainability so UI code doesn't need to be in C++. This could also remove out dependency on QT which is the least permissive license in the code right now.
I write code better than I design GUIs ;)
 
 
It seems like Raiblocks is aiming to be a true currency with it's lacking of transaction fees and fast confirmation times, which is great! If Raiblocks can add some kind of support for privacy then I think it got the whole picture figured out in terms of being "digital cash". Do you currently have any plans to implement privacy features into RaiBlocks?
If Raiblocks is unable to do this, it will still be a straight improvement over things like LTC which are currently being used as currency, but I don't think it will be able to become THE cryptocurrency without privacy features.
 
I love the concept of privacy in the network and it's a hard thing to do right. Any solution used would need to be compatible with our balance-weighted-voting method which means at least we'd have to know how much weight a representative has even if we're hiding actual account balances.
To be fully anonymous it would have to be hide accounts, amounts, endpoints, and also timing information; with advanced network analysis the timing is the hardest thing to hide. Hopefully some day we can figure out an efficient privacy solution though the immediate problem we can solve is making a transactional cryptocurrency so we're focusing on that.
 
 
Could you provide an analysis on the flaws of RaiBlocks? Is it in any way, shape, or form at a disadvantage compared to a blockchain based ledger like bitcoin? There has to be drawbacks, but I haven’t found any.
Do you plan on expanding the dev team and establishing a foundation? Also, how much money is in the development pool?
 
One drawback is to handle is our chain-per-account model and asynchronous updates it takes more code and design. This means instead of one top-block hash for everything there's one for each account. This gives us the power of wait-free asynchronous transactions at the cost of simplicity.
After we finish up things like the wallet, website, and exchange integration we'll be looking at seeing what dev resources we need to build tech if no one else is already working on a particular thing. We have about 6 million XRB right now so we've made the existing dev funds go a long way. If something expensive to build came along and dev funds wouldn't cut it we could look at some sort of external funding.
 
 
How big of a problem is PoW for exchanges and what are potential solutions?
 
Considering how much exchanges stand to make through commission I don't see the cost as a barrier, it's just an abnormal technology request compared to other cryptocurrencies.
We're working on providing a service exchanges can use in the interim until they set up their own infrastructure to generate the work. Other options are containers people can use on cloud services to get the infrastructure they need until they want to invest in their own.
 
 
It's my understanding that since everything works asynchronously, in the case of double spending there is a chance a merchant would receive the block that would be later invalidated and have it shown in it's wallet, even if a little later (1 minute?) the amount would correct when the delegates vote that block invalid. Is there any mechanism to avoid this? Maybe tag the transactions in the wallet as "confirming" and then "confirmed" after that minute? Is there actually any certain way for a wallet to know, in a deterministic/programable way, at what moment a transaction is 100% legit? (for example if the delegates are DoS'ed I guess that minute could be much longer). I know this is an improbable case, but still...
 
Yea you're hitting a good point, the consensus algorithm in the node is designed to wait for the incoming transaction to settle before accepting it in to the local chain for the exact reason you listed, if their transaction were to be rolled back the local account would be rolled back as well.
We can trend the current weight of all representatives that are online and voting and make sure we have >50% of the vote weight accounted for before considering it settled.
 
 
Hey Colin, will you eventually have support for a Trezor or other hard wallet?
 
Yea we'll definitely work with companies like Trezor that are interested in being a hardware wallet for xrb. It's just a matter of making sure they support the signing algorithms and integrating with their API.
 
EDIT: BAD SCRIPT, BAD!
submitted by atriaxx to altcoin [link] [comments]

The ultimate back-up plan: Your private key, stored in the block chain, encrypted

[edit: It is the ultimate back-up, but it doesn't mean it is the safest. I'm too tired to figure that out. I'm just explaining how to store a private key in the block chain, in case it is useful or can be made useful.]
I had that idea if someone is interested, though I guess people won't like it. It's a bit wild. We encrypt the key and put it in the block chain with a trick.
I'm not saying everyone should do this, but it could be useful to know it can be done.
If you trust encryption and your password more than back-ups or a third-party, then it could be nice. I'm no encryption expert but it should be strong enough.
"Instead of taking 1.3 quadrillion years, our magical cracking supercomputer would only need 328 trillion years." http://www.kotfu.net/2011/08/what-does-it-take-to-hack-aes/
If it's flawed or gets cracked after a billion years, I decline all responsibility. But you can be sneaky about it. I propose a sneaky trick at the end. It's a bit rough on the edges and crazy but I'll put it out there. If people like it, there are always ways to streamline.
Anyway, you can't memorize the key as you can memorize a password. It's true you can put it on paper; then lose the paper. You can encrypt it and keep it on hard drive, then lose the hard drive. Or on a service, and lose the service. The block chain though, is going to stay around as long as you need the key. So I suggest this whole alternative.
You can still put the information on paper if you want. But now, just your memory is enough. Just the password.
The drawback is the infinitesimal odd of someone finding out and spending a lot of years and resources on brute-forcing. I'm not sure what would be the odds of success. Just make it so decades of computing resource cost more than what's inside.
Now I'll explain how to do it from A to Z, for the few interested.
Plan: 0) Vanity 1) Get the key 2) Encrypt the key 3) Put the key in the block chain 4) Retrieval 5) Conclusion
0) Optional: Vanity I recommend a vanity address (choosing the first part of the address). So if worst comes to worst, you find it from memory in the block chain. And also, it's kinda neato. How-to: first, download VanityGen, direct/wiki. Extract it, then Open a console window at the location with shift-right click in the folder, if you have vista/7/8. Then type "vanitygen 1something" in it. It has to start with 1. If it's too long it'll take a lot of time. Ctrl-C to cancel if it's too long. Faster with GPU: oclvanitygen -D 0:0 1something (maybe broken atm) When you have the key, type "importprivkey mykey" in Help->Debug->Console of bitcoin-qt, to add it. Result of this optional step: A beautiful address which can be retrieved from memory if needed (after it has been seen in the block chain with a transaction)
1) Get the key - Download open source Pywallet: direct/profile - Extract pywallet.py somewhere. Shift-right click in the folder and "open a console window" - In the console, type: pywallet --dumpwallet dump.txt If your wallet is encrypted, then add --passphrase=PASSPHRASE Now you find the key in dump.txt. (note: it reads the wallet at C:\Users\x\Bitcoin) Result of this step: the private key; it looks like 51 characters starting with the number 5. (To delete dump.txt, you can use a software so it can't be recovered from HDD, like Recuva it seems)
2) Encrypt the key - Choose an algorithm. Personally, I pick AES-256. - Download a trustworthy program to encrypt text with the algorithm. Here are two with GUI I found. It's open source but I didn't check it, so it's not 100% safe: http://sourceforge.net/projects/textcrypt/ https://code.google.com/p/immediatecrypt/downloads/list They're both jar files. Maybe you can click them. Personally I have to go in the console; I'm so tired of that coffee cup. "C:\Program Files (x86)\Java\jre7\bin\java.exe" -jar ImmediateCrypt.jar. It gave me an error though. Not the other. Maybe someone can suggest better. - Choose a good password. It's all about the password (and the software). AES is weak with weak password. And crazy strong with a good password. This is not like websites with protection against brute-force. People can brute-force fully if they find out. I like psycho-pass method which is about a pattern on the keyboard instead of semantics. Side Info: http://www.jmir.org/2012/1/e10/ http://www.jmir.org/2013/8/e161/ Or a passphrase if you want. Here is a nice table with password entropy: http://en.wikipedia.org/wiki/Password_strength#Random_passwords Below 64 bits of entropy, it's too unsafe, it's too weak. We need 128 bits or above, as far as I know. That is 25 random alphanumeric. If you're feeling paranoid, 256 bits. You can check entropy of password roughly here: http://rumkin.com/tools/password/passchk.php Remember it is not like websites. There is no "Forgot password?" button. Memorize it permanently; and maybe write it down in your favorite book just in case, I don't know. Result of this step: the encrypted key. It doesn't matter what it looks like as long as it takes you back to the key when you click "Decrypt". (on a different software, preferably)
3) Put the key in the block chain It works by sending some minimum amount to fake addresses, with data encoded in the addresses. Can't try this part because I don't have bitcoins. :[ Only a wallet! If some liked the guide particularly: 1thxd4KJLhBMcfCYaVKYMA8Atv3Dfx9hb :3 I'll follow the method of this great article: http://www.righto.com/2014/02/ascii-bernanke-wikileaks-photographs.html (the blog is remarkable!) - We're supposed to split the encrypted key in chunks of 20 characters. Then convert from ASCII to hex. Last chunk we fill with extra zeros. I wrote a little javascript to do it all automatically! If you don't like it, find a software, or do it manually. Not tested much but seems to work for my test. I'll say how to know if it worked. Copy that: encrypted='';har=(encrypted.split ('').map(function(c){return c.charCodeAt(0).toString(16); }));ek="";har.forEach(function(c){ek+=c;});while(ek.length%40!=0)ek+='0';iEK=0;ek2='';while(ek.length>0){ek2+=ek.substr(iEK,iEK+40) + "\n";if(ek.length>=40)ek=ek.substr(40,ek.length-40);else ek='';};ek2;
Check eventual comments to know if it's a hack/broken mess.
I don't do much Javascript, or much anything. Paste the whole thing in the javascript console. To open the console: Chrome, Ctrl-Shift-J. Firefox, Ctrl-Shift-K. IE9, F12. Put your encrypted key between the '' right at the beginning, then enter.
This should display rows of 40-characters chunks of the encrypted key in hex format (numbers, and a to f). I have 6 chunks but it depends on encryption. It should give twice as much characters as the input except for last zeros, and follow this conversion table from Char to Hx column. If it doesn't, call the police. Or use some Ascii to Hex service.
Now we take these chunks one by one and use https://blockchain.info/q/hashtoaddress/the_hex_chunk to convert to BTC addresses.
Send spare money to each one (the strict minimum is suspect and it'd get found easily) in the right order (wait for 1 or 2 confirmations each time to be sure).
And we're done! The information is safe and cozy, in the block chain. Not safe from brute-forcing, but safe from ourselves; and that's safer, isn't it?
4) Retrieval
Alright, how do we go back from the addresses to the encrypted key? I can't try it myself, but apparently, according to the article: 1) Get the transaction ID on blockchain.info, by going to the wallet's profile 2) Go to http://blockexplorer.com/rawtx/your_transaction_id 3) There will be something like that: "out":[ { "value":"25.08603421", "scriptPubKey":"OP_DUP OP_HASH160 27a1f12771de5cc3b73941664b2537c15316be43 OP_EQUALVERIFY OP_CHECKSIG" } ]
And you need to translate the "27a1f12771de5cc3b73941664b2537c15316be43" part from hex to Unicode. The result should be the chunk of encrypted key, written in hex again. You put all the parts together in order, remove extra zeros. Then use a program to go back from hex bytes to ASCII. Maybe someone can do it or I'll put the javascript one of these days if people are interested; I don't think they'll be. Usually I'm serious and extensive but you can't imagine how tired I am these days, of everything. Anyway, you put that ASCII in the AES program with your password, you click Decrypt.
Then you have your private key.
If you do this, don't lose other back-ups until you have successfully retrieved the key, to know it works.
5) Conclusion I understand that there's a small chance that someone figures the transactions are data, reassembles the parts, has massive luck and breaks the crazy strong encryption with supercomputers and botnets in less than decades, or aliens hack your bitcoins with quantum computers, ect... But I don't know, that seems very unlikely to me; more unlikely than losing personal back-ups or third-parties being untrustworthy.
More importantly, it gives peace of mind of not having to manage back-up stuff. You can format your hard drive and burn your house down if you want without worrying about losing stuff; well, except the house. And maybe the wife. Or you go to prison 20 years, and it'll still be there. If some of you want to go to prison. I know of one.
Here's a complicated idea for the extra-extra-paranoid: You send just one letter by one letter of the encrypted key, into dozens of fake addresses, to which you send bitcoins you got from an exchange and not from the main wallet, and only you know the correct addresses/order with the data, because of a pattern in the other letters. For example, the 2nd letter of the 1st data part is the 1st letter of your password when it's hashed. The 3rd letter of the 2nd data part is the 2nd letter of your hashed password. Ect... And it's not true for the other parts. So you know the order, but not someone without the password. It can go like this for many parts, then maybe if you run out of letters you send through a different wallet. All other characters are misleading except the 1st one, or last one, being the key character. And you also send money to other fake wallets which are purely misleading. Even if a flaw in AES was found and it could be broken instantly, an attacker would have to find the correct combination even before the strong encryption brute-forcing, he can't even know if he has the right combination, and that can be a big number of combinations. You can do the math. It's exponential stuff, I think. That's something I just thought of quickly, and I don't know much about any of that. Someone can find better. (Maybe, or maybe not, there's something about the encryption output which makes it so we can find the order back without password, then we'd need some kind of trick to obfuscate the position or nature of key characters but I won't spend any more time on something likely to be wrong/uninteresting).
tl;dr: "It works by sending some minimum amount to fake addresses, with data encoded in the addresses. "
Point is, once we know we can store data in the block chain, there are plenty of ways to make it so we're never locked out from the main address.
Well, if you can remember the password.
I hope this was useful to someone!
Goodbye
submitted by yemethzi to Bitcoin [link] [comments]

How to hack a bitcoin wallet (blockchain) - YouTube Dash: QT Wallet Receiving Address = G15E18 Blockchain Wallet  How To Create Blockchain Bitcoin ... How to Back Up Your Bitcoin Wallet Export Exodus Private Keys to Blockchain - Save on Transaction Fees

See How to import private keys in Bitcoin Core 0.7+ BlockChain.info and Armory can also import them directly into wallets. Bitcoin ATMs and paper wallets. Many bitcoin ATMs use a paper-wallet-like system for delivering bitcoins if the customer doesn't have a bitcoin wallet. The ATMs can print out a private key/address pair onto paper which ... The first wallet program called Bitcoin-Qt was released in 2009 by Satoshi Nakamoto as open source code. Bitcoin-Qt, ... they can not be "teleported" to another address in the wallet without displaying this movement in the blockchain. That is, from one address to another within the bitcoin wallet, you can only move bitcoins through a public transaction. The second problem is related to the ... Import a private key from a BIP38 encrypted Bitcoin paper wallet to a Bitcoin Core (Bitcoin-QT) client wallet. This article outlines how to import a BIP38 encrypted private key (for example, a Bitcoin paper wallet) to a Bitcoin Core wallet. This process allows the Bitcoin Core client to access and control the funds associated with the paper wallet Bitcoin address. This is a full-fledged bitcoin node that downloads the entire transaction history (blockchain) and processes transactions. Bitcoind is somewhat limited in functionality, for example, it cannot give you transaction history at an address that you did not import in advance. However, it provides a fairly powerful interface for the programmer. Bitcoin software has both a graphical interface called ... In order to make copying of private keys less prone to error, Wallet Import Format may be utilized. WIF uses base58Check encoding on a private key, greatly decreasing the chance of copying error, much like standard Bitcoin addresses. Take a private key. Add a 0x80 byte in front of it for mainnet addresses.

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How to hack a bitcoin wallet (blockchain) - YouTube

In this video you will learn how to import paper wallet into blockchain.info but this also works with Copay or other wallets. As long as you have your bitcoin private key and a bitcoin address you ... Exodus wallet: Export your private keys to blockchain.info & save on Exodus high transaction fees. Save your Bitcoins by using this trick & send your crypto (Bitcoin & Etherem) through Blockchain ... This short tutorial explains what a Bitcoin wallet backup is and how to create it on 3 different wallets: Blockchain.info, Bitcoin-QT and MultiBit. For more information and tutorials about Bitocin ... Dash is built from Bitcoin's core code, meaning that it remains compatible with systems that are already designed to work with Bitcoin. The creator of Dash, Evan Duffield, works with a "core team ... Extract Private Keys from Trust Wallet - works for Bitcoin, Ethereum, Litecoin and other cryptos - Duration: 5:48. Crypto Coin Investor 3,690 views

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