• Breaking News

    Saturday, February 29, 2020

    Home Unlabelled Ethereum Vitalik Buterin & Joe Lubin on stage at EthLondon

    Ethereum Vitalik Buterin & Joe Lubin on stage at EthLondon

    February 29, 2020

    Ethereum Vitalik Buterin & Joe Lubin on stage at EthLondon

    Vitalik Buterin & Joe Lubin on stage at EthLondon

    Posted: 29 Feb 2020 04:12 AM PST

    I started working with Ethereum and Bitcoin while pursuing my Bachelors in CS, got into a well-paying job in Samsung as software dev, left it to work on my Crypto security startup, Cypherock, with the aim of eliminating fear of loss of Crypto for mass adoption.

    Posted: 29 Feb 2020 02:25 AM PST

    I started working with Ethereum and Bitcoin while pursuing my Bachelors in CS, got into a well-paying job in Samsung as software dev, left it to work on my Crypto security startup, Cypherock, with the aim of eliminating fear of loss of Crypto for mass adoption.

    Hello everyone, I am Rohan Agarwal! I heard the word 'Bitcoin' for the first time around 2013-2014 but it didn't creep up on the top of my mind until 2017.

    It was during my college days in 2017 when I was mostly working on android apps and attending hackathons to satisfy the competitive edge in me that I met my friend and CTO of Cypherock - Vipul through a mutual friend. During the same time, I went down the crypto rabbit hole after being bugged by the idea of decentralisation. During the 2017 bull run, I was continuously researching and trading Bitcoin, Ethereum and various cryptocurrencies while conducting workshops, writing blogs about the space.

    At the height of the 2017 bull market, I found that one of my friends couldn't recover his recovery phrase kept safe on paper due to an unfortunate house fire. At the same time, another one of the colleagues had kept his 24 word mnemonic phrase as a screenshot on his phone which got lost when the phone was corrupted. That's when I realized the need for a secure hardware wallet + with a recovery solution that caters to both data loss and data theft problems without a single point of failure.

    To facilitate mass adoption, it is necessary that -

    1. Regular, non tech savvy people should be able to use and secure crypto without the fear of losing it.
    2. The solution to secure and recover crypto should be a non-custodial solution and the support should be open to all assets.

    This was the belief that gave birth to Cypherock. Current hardware wallets secure the crypto but the unencrypted seed phrase on the paper becomes a single point of attack. We believe that seed phrases deserve the same level of security that your private keys have.

    So, we used 2 of 4 Shamir Secret Sharing (with the option to change the threshold in future) along with tamper-resistant hardware to secure your private keys. Simply put, it is like Multi-sig but for your wallet recovery phrase. Practically, it's much easier to use than multi-sig, if implemented correctly. Even Coinbase uses Shamir Secret Sharing to secure their own assets.

    More on what we developed

    - Each shard will be stored in a EAL6+ tamper resistant secure element chips. As comparison, your iPhone has the same level of security chip for securing fingerprints.

    - Nothing will be stored in the X1 Wallet on which the computation will be done.

    - Keys can be recovered by tapping any 2 out of the 4 cyCards on the X1 Wallet. Each cyCard can also be protected by a PIN just like your hardware wallet. The recovered keys are stored in a volatile memory on the X1 Wallet which gets wiped out as soon as the operation is done.

    - You can store 3 wallet recovery phrases in a single product.

    - The cyCards can be distributed around different places to increase security of the funds and protect against $5 wrench attacks.

    What this means is without the knowledge of location of atleast 2 cyCards and the PIN, it is impossible for the hackers to steal your assets. We'll be able to support multiple blockchains (read: coins) using this along with other digital assets like your passwords, secrets, non Blockchain private keys etc. You can secure the cards by distributing it among trusted people or keeping it secure in different places that only you know of.

    https://preview.redd.it/z259ydi5auj41.png?width=1920&format=png&auto=webp&s=c110361d35ac82647c21da50264fcaee923fbc65

    It has been a hell of a ride to provide an optimal solution for the mnemonic phrase/seed phrase recovery issue, without compromising the security of the user or the ownership of the assets.

    We recently got backed by Consensys which was a high point for us. It has been a huge journey for us coming from India, where blockchain or the related hardware isn't that big with consumers yet.

    The product is in the testing phase and we have started with the pre-orders. You can book one today with >50% off and if you don't like it, we will give you a full refund, no questions asked.

    Small Example to show how it works:

    1. You enter/generate your mnemonic phrase on the device or any other sensitive information like passwords.
    2. You tap four cyCards on the device to make 4 shards of your phrases.You'll need any 2 of them to recover your keys or perform a transaction.
    3. The cyCards can be stored at different locations or kept with different people for security.
    4. It can solve the issue with inheritance too with proper management of keys. (PM or comment to know more on this).
    5. To conduct a transaction, tap 2 cards on the device. The keys will be generated on the X1 Wallet for the transaction in a volatile memory which will be wiped off once the transaction is done (no current generation wallet has this). This allows for the hardware to have similar security as of multi-sig with the possible support of every asset.

    Any feedback appreciated.

    TLDR: With the dream of making storage of seed phrase an easy solution for everyone, started out with Cypherock and in the process found out a solution for removing single point of failure and a way for easy crypto inheritance. Would love any help from the community to take this further.

    If anyone would like to see the device functioning, they can refer to the following videos:

    1. Securing Seed Phrases with Cypherock X1: https://youtu.be/eD3CZMPumCk
    2. Trezor Hack and Transaction Using Cypherock X1: https://www.youtube.com/watch?v=19u2mKaHRoM&t
    submitted by /u/rohanagarwal94
    [link] [comments]

    How to: get your token natively and instantly running on iOS & Android. Introducing TokenScript, an open source token framework.

    Posted: 29 Feb 2020 02:13 PM PST

    TokenScript allows you to write secure token business logic that works instantly on mobile with a native feel and is signed by a valid authority making it easy to know you are using the real deal and makes it easier for devs to import the logic.

    If you want to try this new framework out and have your token on mobile checkout the example implementations here: https://github.com/AlphaWallet/TokenScript-Examples and the main repo here: https://github.com/AlphaWallet/TokenScript

    submitted by /u/Bitman321
    [link] [comments]

    The District Weekly — February 29th

    Posted: 29 Feb 2020 09:20 AM PST

    Swept under the rug: ProgPoW is NOT about technicals

    Posted: 29 Feb 2020 03:23 AM PST

    As the hydra rears its head once again, interest groups attempt to frame the debate as if it were a purely technical improvement.

    ProgPoW thesis: ASICs dominate Ethereum hashrate.

    If we accept that, then it naturally follows ProgPoW would significantly increase GPU farm earnings.

    Previous attempts to shill ProgPoW evidenced many of the key supporters have proeminent positions in the GPU mining industry.

    If ProgPoW was a rational attempt to improve the Ethereum network, it would make sense to reevaluate ETH emission rate based on hashrate comparisons before and after ASICs are kicked out of the network.

    i.e.: if ASICs represent 60% of the hashrate, then ETH emission rate should be lowered to 2/5th of what it currently is.

    This would achieve all stated goals of ProgPoW supporters: ASIC resistance, decentralization... ProgPoW supporters would keep mining ETH at the same rate.

    However, calls to review issuance have been conspicuously ignored before (and you can bet they will be ignored on this one round of ProgPoW shilling, too).

    Don't fall for narratives: ProgPoW is NOT a technical improvement to Ethereum. ProgPoW is a financially motivated change. ProgPoW supporters refuse to sever their financial interests from the technicals.

    submitted by /u/questionablepolitics
    [link] [comments]

    Eth would have a different spinner...

    Posted: 28 Feb 2020 09:23 PM PST

    Great Discussion Going On About Upgradeable Contracts vs Immutable Contracts

    Posted: 28 Feb 2020 12:15 PM PST

    Polyient Games Invests in Ethereum gaming startup behind Neon District

    Posted: 28 Feb 2020 08:58 AM PST

    Congratulations etheroll.com #2 all-time top player Tricky-owl-72 with total profit of 990 eth

    Posted: 28 Feb 2020 04:12 PM PST

    White label SDK in action

    Posted: 28 Feb 2020 12:49 PM PST

    New auth mechanism Fortmatic introduce via our white label SDK -> Passwordless login, goodbye passwords

    Opening Ceremony: https://docs.google.com/presentation/d/1ZZTWEj2AQKX_ipJATu69CZ4sYfxu359ri8lRbeJXEt4/edit?usp=sharing… Whitelabel Pricing: https://fortmatic.com/pricing Whitelabel Docs: https://docs.fortmatic.com/whitelabel-sdk Fortmatic whitelabel SDK x Gnosis Safe

    submitted by /u/ksatoshi
    [link] [comments]

    ETHlondon

    Posted: 28 Feb 2020 12:46 PM PST

    Who is attending ETHlondon 2020?

    submitted by /u/ksatoshi
    [link] [comments]

    Nuo Network turns one year old! Interesting journey of one of the most promising DeFi Platform

    Posted: 28 Feb 2020 11:21 AM PST

    Nuo Network turns one year old! Interesting journey of one of the most promising DeFi Platform

    Some stats below.

    • Total value of transactions going through Nuo contracts: $500 million
    • Total value of reserves created: $30.96 million
    • Total value of loans taken: $15.56 million
    • Total value of trades created: $14.65 million
    • Total value of interest generated: $294.02 thousand
    • Total no.of meta transactions supported: 136.34 thousand

    📷

    https://preview.redd.it/dmzslfggtpj41.png?width=594&format=png&auto=webp&s=c4c05f8438270a43a44d9f99c9379b89efe8c50c

    Nuo started out with just the decentralized debt marketplace that connects lenders and borrowers globally. Soon after that, we realized the importance of launching the margin trading.

    Not more than a couple of months later, we successfully launched Margin Trading on their platform with 3x leverage across assets.

    Then we added the fiat on-ramp for US and UK markets in January 2020.

    Nuo became the first DeFi protocol to give open access to all of their order books that include loans, reserves, and trades by launching https://nuoscan.io/

    We also invite users to be the market makers on our platform and give them an additional market maker bonus of 1% which is unequaled in the whole DeFi landscape.

    Very recently Nuo Network also came up with DeFi School- an initiative to educate the masses about Decentralized Finance & Ethereum Ecosystem.

    Check more details here: https://medium.com/nuo-news/nuo-network-turns-1-ffc9bf4a1e21

    submitted by /u/syed0403
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment