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Getting started as a bitcoin cash merchant

So I've spent some time looking into various APIs and services, trying to get a basic merchant setup working usable for development, with a working testnet. The quality of the services offered and documentation is lacking, to say the least.
So I've taken a step back and decided I would try to get this working from "first principles", basically setting up a node and using the related APIs. I first tried the BCHD node which was looking promising, until the testnet version of it got into a loop where it kept complaining about some invalid transactions over and over and never seemed to recover.
The I tried "Bitcoin Cash Node", which is an awful name for search engines btw. It could really need a more unique and searchable name. After some struggle and careful reading of startup options and configuration files, I managed to get nodes up an running (testnet and mainnet) and in such a state that they answer to REST and JSONRPC calls.
I have transferred some bitcoin on testnet to a know address, using a public "faucet" that works (also a bit hard to find). I know that I managed to get that part working, as I've successfully looked up the balance of that address using a few of the public blockchain lookup tools.
What I havent' quite figured out is how to look up that address on my locally running node. Most of the API deals with transactions, not addresses. There aren't many APIs that accept addresses. scantxoutset might work, but it uses terms as "scan", which indicates it's not a "low cost" operation (which I would expect).
So I'm wondering, does this really mean that most bitcoin nodes really isn't usable for looking up addresses?? Or to turn it around, can anybody recommend bitcoin cash nodes that offers an easy to use API for looking up payment related things, like addresses?
Final note, I know how wallets etc work. The reason I'm trying to implement similar functionality from scratch is to understand all the details. And because a merchant typically can't just accept the current limited functionality with wallets, which seems focused on a single user's need, not what a merchant would need (gap issue etc).
And fwiw, I've also tested the "bitbox" API (which does not have a working testnet) and "fullstack" API (which has a working testnet, although documentation isn't complete). So I know about other ways of doing similar stuff. I'm just trying to minimize the number of external things I need to depend on while also figuring out how this can be done straight from running nodes.
submitted by kjeldahl to btc [link] [comments]

[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses

Hello Bitcoiners!
Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway.
Hopefully you appreciate the transparency, and I'm available for questions!
Cheers,
Francis
*********************************************
Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511

Bitcoin is money, regulated like money

Notice to Canadian Bitcoin users

If you are the user of a Canadian Bitcoin company, be assured that:
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you.
You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!

Background on regulation

Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC).
This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies.
It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses.
Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing.
To give an idea, the other categories that apply to traditional fiat currency businesses are:
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding.
Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing.
There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.

What activities are regulated as Money Service Business activity?

A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:

Notice to foreign Bitcoin companies with clients in Canada

Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:

How this affects BullBitcoin.com and Bylls.com

The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained.
To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!

The bad news

The good news

To understand these regulations, we highly recommend reading this summary by our good friends and partners at Outlier Compliance.

Summary of our obligations

Our responsibilities:
The information required to perform a compliant know-your-customer validation:
Record keeping obligations:

Suspicious transaction reporting

Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence.
Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives.
We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.

What is suspicious activity?

Note for bitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices.
Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions.
In general, here are a few tips:
Here are some examples of behavior that we do not consider suspicious:
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:

What does this mean for Bitcoin?

It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks).
In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation.
We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums.
One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
submitted by FrancisPouliot to BitcoinCA [link] [comments]

A proposal for a decentralized social network layer capable of storing rich media

Hello folks!
I have been thinking about the idea of decentralised social network for quite some time, and recently the ideas formed what I think is a rather compete picture. In light of recent Yours announcements I think it's a proper time to share these ideas with a community.
It turned into a long post, and there is no guarantee these idea have a contact with reality, so forgive me if I stole a few minutes of your time.
Protools and standards that will help to understand the proposal (besides blockchain): Memo - blockchain-based base social network protocol, WebRTC transport protocol, WebTorrent JavaScript BitTorrent protocol implementation, BidDB - blockchain crawler by u/unwriter, Progressive Web Apps –– cross platform mobile and desktop apps installable without gatekeepers.
Overall, I prefer WebTorrent in my proposal instead of IPFS as BitTorrent protocol is proved to be robust for almost two decades, while IPFS at this moment is very young and overhyped.
What I propose is a layer that can exist on top of any Memo-like protocol, where Memo forms a base social network state, and the media layer extends its capabilities so that it's possible to store rich media files without any centralised hostings.
Here are the hypothesis/axioms I use as a basement for such a media layer
The proposed idea is based on a play of three actors, or a triangle of 'Original Posters' 'Moderators' and 'Viewers'. Below is detailed explanation of each role, and there are some sub-roles that will be discussed alongside.
Original Poster is anyone connected to the internet who is willing to share any kind of content with the world with only modern browser and a content itself in possession.
Moderator is anyone in the connected world who is willing to be engaged into a socially important role with only a desktop computer with decent amount of free disk space in possession. There is no need to ask a permission to become a moderator.
Viewer is anyone willing to enjoy the media without the need to be engaged with existing social media platforms.
Base technologies:
  1. A webtorrent enabled website with a support of basic bch wallet functionaloty.
  2. A webtorrent enabled website with a feed of op_return messages. Note: 1 and 2 can be implemented as a single platform. (e.g. instant.io x datacash x chainfeed)
  3. A webrtc enabled cross platform desktop torrent client hybridised with a bitdb instance
  4. A webtorrent enabled torrent tracker(s)
The flow:
The Original Poster uses a web browser to create a torrent of the attached media. OP registers the torrent on a tracker, puts infohash alongside a tracker url and desired hashtags into op_return and publishes the memo formatted transaction to bitcoin network. The progress bar shows the status of the 'pseudo' upload that's familiar to most non-tech savvy people. During that phase the content is in network’s ‘working-memory’.
The Moderator uses software to parse the op_return feed. The software continuously downloads all the media from initial seeders and presents it to moderator one by one. It does not open itself as a seeder until moderator decided whether this is a kind of content worth bothering. It's completely subjective decision and every moderator can follow personal strategy. It can be imagined as clicking the green and red buttons where the red one is clicked if the content is subjectively a complete garbage. Once the green button is clicked, moderator becomes a seeder of the content. Moderator can also 'reply' to OPs message with hashtags: every hashtag that corresponds to one of initial hashtags gives it additional weight. Every omitted hashtag loses weight. Some new hashtags can as well be introduced by a moderator. The deeper the history of moderator’s categorization activity, the more weight categorization transaction gives to hashtags (but this is a higher level concept and can vary from implementation to implementation). Moderator creates an internal queue of stored media and deletes the oldest content as soon as the storage threshold is hit (but some other policy can be implemented if moderator decides so). Described above is a level00 moderator who decided to judge the very unclassified content that's received directly from initial seeders.
If the collective speed of content approval is lower than speed of new content introduction, OPs is notified that it maybe necessary to wait for a prolonged time for content to be uploaded, or the fee can be included towards a 'super-moderator' address, so moderators who operate under a single swarm will priorities that content. That address can be a mulitisig where each moderator is a part of a joint account. Once in a while they unlock funds and distribute them in accordance to each moderator's contribution based on the number of 'categorisation transactions' – replies with hashtags, and there can be additional rules that prevent cheating such as only one categorisation transaction to each OP post is taken into account, or rules with some degree of centralisation that encourage seeding, such as the more the moderator seeds the more he earns from these fees if the swarm operates under a single tracker). Alternatively, payouts can be implemented as simple and centralised as existing mining pools.
There are Moderator sub-roles, such as a moderator can choose to only parse the content that was categorised to some degree (e.g. only nsfw content, or only non-nsfw content). The deeper the categorisation, the more precise is the kind of content that's fetched by a moderator, to a degree where moderator can actually enjoy the process a lot as he approves the kind of content he is the most interested in, akin to browsing chronologically filtered subreddit feed. Moderator can also choose to parse several 'categories' simply by 'subscribing' to several hashtags or hashtag tuples. The subroles can be named like moderator level01, level10, level11 etc. By replying to lower level moderator's categorisation transactions, higher-level moderators gives or removes hashtags weight.
The Viewer is presented with a feed of op_return media posts (similar to chainfeed.org), and the content is fetched on the fly from the webtorrent network. The moment the content is fetched the viewer becomes a seeder and continues seeding for as long as content is cached inside browser's storage. That way, the more moderators have approved the content, and the more followers the OP has, the longer the content will persist in a network's 'short-term’ memory.
The Viewer role has sub-roles as well. As soon as the user is engaged into that kind of social network, he can become a Loyal User by installing a special software on a desktop computer that is very similar to Moderators's software, but differs in a following way: viewer inputs Memo account identifier (which is a bitcoin address) into the software that only fetches and seeds the content that was liked by a user, completely in background. As the whole network state is a public information, each user can increase the level of loyalty by specifying the maximum 'dimension' of the content being fetched and seeded, where 1D is the content liked by initial viewer, 2D is the content liked by initial viewer and accounts followed by initial viewer and so on, up until around 6D, where mostly anything that was liked is stored within individual's storage threshold. Loyal Viewers can adopt different policies to restrict the content being fetched and seeded by blacklisting or prioritising certain hashtags, adopting some third-party priority/black lists, as well as specifying storage threshold. Contented that is stored by Loyal Users can be imagined as persisted in networks ‘long-term’ memory. The more Loyal Users are engaged in a network, and the more likes certain content has, the longer it will be stored.
It's worth noting that centralised torrent trackers are not points of failure per se as they are mostly used to pass the content from initial [browser] seeders to moderators. As soon as the content is approved by at least one moderator it can be listed on different trackers operated by different entities, and there can be a rotation of trackers if necessary. That said, each moderator can always re-register all of the content in possession on a new tracker, and the tracker can be adopted by web op_return feed providers. Moreover, the ongoing evolution of browser standards related to web-workers will make in-browser dht lookup a reality in a 2-3 years, which is likely a reasonable window to bootstrap such a network. OP can use some trackers only known among neighbours in particular area.
The layer is vulnerable to a situation where trackers blacklist certain content, and such content can be accessed by using a different op_return feed provider with different trackers, or a native app that will be able to fetch content seeders from the dht. Networks such as i2p can be used to create deep media layers operated anonymously. Also, as Tor is adopted by mainstream browsers (e.g. Brave) Viewers can access trackers through Tor, and such trackers are more resilient. These viewers will be unable to seed, however.
The layer is capable of storing any kind of content, but during bootstrap phase it will be most suitable for images, short video/audio messages, markdown formatted blogposts with embedded media. Each Moderator / Loyal Viewer can adopt different policies related to the size of the content being fetched and stored according to investments into storage facilities. If the proposed idea works, there will be parties willing to store some heavyweight content such as movies. If the layer is accessed from within a native app, it's even capable of livestreams, where the more users are watching a stream the more bandwidth there is for others to join, completely without any centralised content distribution networks.
As outlined above, the layer consist of short-term memory layer capable of storing content for minutes-days, and long-term memory layer capable of storing content for months and probably years. I use biological metaphors here instead of computer science ones as in my opinion the behaviour of this media layer resembles human memory more than computer memory, as ultimately it's a collective human brain decides what to remember and for how long. There is no guarantee that something will be stored at all, and at the same time some kind of content that's collectively perceived as valuable can be stored for a prolonged period of time.
Few words in regard to monetisation. Some heavily engaged players can choose to archive old content and provide access in trade for some micropayments. I see like the Joystream protocol can be used here with little changes such as adoption of webrtc transport protocol. Some different monetisation strategies can be discussed later as microtransaction technologies are more mature and well understood.
I am willing to form a workgroup of developers and creative enthusiasts who find the described idea interesting. I have been thinking about a possible starting point, so I have acquired the BlockPress source code with intention to distribute it in open source. We postponed the announcement a bit as the process of open-source release always takes time. BlockPress is an alternative Memo protocol implementation with a rather slick UI that's familiar to non tech savvy users - the quality I find extremely important. I think this can be a good starting point. If you think so as well, feel free to drop me a telegram message @taowanzou or [proton mail](mailto:[email protected]). Follow me on memo as well!
Sorry for any possible mistakes as English is not my primary language. And thanks for you time reading this!
submitted by taowanzou to btc [link] [comments]

Thearchy/Subchain Architecture and Device Communication Protocol - An Explanation.

Cell network explanation – Thearchy Chain/Subchain structure
In a recent interview, Dr. Xiang Yu likened the INT structure to that of a Cell Phone network. Much like how cellular networks work, where the network is distributed in geographic areas called cells and each cell is connected to the network by at least 1 cell tower, the INT network will be a network of digitally separate cells which are side chains, and each side chain is connected to the greater network by at least 2 supernodes.
This is done in cell networks, in part, to manage network congestion. Each cell tower manages the connection to the greater network and other cell areas by using one defined frequency or path. This is unlike large transmitters, where there is one path to the network that can get congested, these cells add additional paths like adding lanes to a highway.
We see this issue in single chain blockchains like Bitcoin where in times of large transaction volumes, the network gets congested with transactions and a backlog begins to build.
INT’s concept is along the same theology, by creating subchain cells to manage connection to the network, where the supernodes (like the cell towers) do the transaction processing and pass batched transactions on to the greater network, transaction congestion will be secluded and managed within the subchains and not affect the main network. This will allow easy scaling by adding subchains and supernodes to manage transaction volume.
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Zero-Knowledge proofs (zk)
Zero knowledge proofs are not easy to describe without using complex analogies or mathematics. Essentially what it does is allows you to prove that I know a secret without revealing what the secret actually is. It is used, most importantly, in identity authentication (protecting node identity, IoT device ownership, etc.), verifying transactions without knowing any details about the sender, recipient or other transaction details. It is unclear at this time how they will go about implementing this into their protocols, but they have mentioned the importance of user and data privacy in the coming IoT data revolution. Implementing ZKP is something that, to my knowledge, has yet to be successfully implemented in a smart contracting blockchain.
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Double Chain Consensus Algorithm – Device Communication Protocols
The INT P2P architecture will use DHT to organize network nodes and will utilize both TCP/IP and UDP/IP as the basis of their communication protocols. This will allow IoT devices to be able to seamlessly integrate with the INT network, even in highly mobile or bad connection environments.
DHT networks are decentralized networks of distributed hash tables. These are used as lookup tables for key pairs so that nodes can efficiently retrieve values associated with a given key. This can be used to maintain a list of node addresses and public keys (miner nodes, super nodes, meta nodes), IoT devices and their associated keys as well as distributed file systems and peer to peer information sharing. This will be the keystone of the node network and IoT device information transfer.
TCP/IP and UDP/IP are both protocols used for sending data packets through the internet. TCP is the most commonly used protocol on the internet. The general structure for a transaction from device to node (once you know the IP of the node via the DHT) would be: the device sends a request for connection to the node, the node would acknowledge the request, the transaction would be sent to the node, the node would signal a verification that the data was received correctly, the device would signal a connection close, the connection would close.
This can also be done in the other direction, say by connecting your wallet to a node to download the block chain. As follows: the device sends a request for connection to the node, the node would acknowledge the request, the data would be sent to the device in packets, each numbered in order, the device would signal on each successful arrival of a packet the packet number it received, once all packets are sent and received with no errors, the device will signal a connection close and the connection will close.
TCP is about data transmission reliability but you can see that it does this at the expense of complexity and resource intensive checks on connection and data validity. This is very useful in many cases but causes issues when operating with highly mobile devices connecting to the network (phones, vehicles) and devices in bad connection environments.
UDP is a much more lightweight protocol, using the same data packet but throwing out all the error checking and back and forth communication out in favor of a simple, one time data bullet heading for the node. There is no check to see if it is listening or if it received it. It the node misses it, the device won’t resend it, it will just send the next packet and so on. This is best for things like live broadcasting and high volume (multiple transactions per minute) data readings where missed information isn’t a large impact.
The integration of both these protocols will allow all devices to communicate with the network and seamlessly switch between the protocols which best suits the purpose at the time.
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In one of the latest weekly updates they also hinted at mobile ad hoc networks (MANET). MANET is a continuously self-configuring, infrastructure-less, network of mobile devices connected wirelessly. This is much more complex than the above networks where each device has a defined path to route data. In a MANET, each device must forward traffic unrelated to it’s own use and, therefore, act like a router for the devices that are connected to it. These networks may operate by themselves or be connected to the internet. They don’t specify their intentions with this area of development but it has some interesting applications in nullifying the impact of devices moving in and out of network connection by being connected to one another and storing the data of their peers or by creating a node network to allow nodes to distribute traffic automatically and other more complex networks of sensors that begin to act like an artificial intelligence. Implementing this will be a tremendous task.
submitted by Graytrain to INT_Chain [link] [comments]

State of the Redd-Nation :: Feb 12, 2016

X-Posted (https://www.reddcointalk.org/topic/765/state-of-the-redd-nation-feb-12-2016)

Weekly Updates

Last Week

Another week has rolled by. So where did that week go, it seems like only yesterday that I wrote the last update. Maybe it has something to do with my age, as the time feels like only half of what it should have been.
Behind the scenes there is a lot going on and never a dull moment doing development. Sometimes it is difficult to convey all the activity that takes place. Think of it a bit like a lava flow.. on the surface it moves steadily across the landscape, but under the surface it is a rolling and boiling entity.
So in the last week, the new wallet release candidate has been running very well, with not too much to report. Some typos and and such here and there that need to be rolled into the next build.

New Wallet - RC1

The new wallet is looking very promising. The changes to implement based on Bitcoin Core seem to have been well incorporated. The recent fixes are none critical and cosmetic, and will be rolled into the next build (RC2).
I have started putting release notes in order and general document tidy up. This part is quite time consuming as i need to cross reference multiple software packages.
I think we can start looking to a larger test environment, with potential to release onto mainnet in the not too distant future. I have a few migration tests to do first.

Cryptsy Withdrawals.

And for some more good news, thanks for @bitnation for checking in on current Cryptsy withdrawal status. http://i.imgur.com/5OL4No7.jpg
It would seem that withdrawals have been enabled now for Reddcoin.
If you havent already, and you want to keep your coins, now is the time to get them off the exchange and into your own wallet.
Please note that Cryptsy also have a phishing attack of users to try and havest username/passwords. They have reset all passwords so you will need to re-establish

Collaborative Discussions

I have mentioned in the past that I believe we can operate in a competive, but collaborative market space. Particularly in the scope of altcoins. Whilst ever we operate in a divided (them/us) scenario, we will have a tough battle to succeed. A lot of lessons can be learnt by sharing experiences on what works and what does not.
A couple of examples I would like to mention are Prohashing made a reference in his posting Progress and lessons learned from implementing BIP101 on altcoins. Steve has been doing some great work in porting BIP101 not only to litecoin, but also sharing his knowledge so that other devs can take advantage. A very interesting read if you have the time
Also rnicoll of Dogecoin, has a lot to offer the community with his extensive experience and he has been active on a number of forums.
I am heartened to see such discussions happen outside of their own core work.

Redd-ID

I want to start introducing discussion about the proposed ID system and what you can expect. This has always been one of the main visions for Reddcoin, and a key feature for being able to make a successful social tipping platform.
Our goal is to provide a service that is both easy to access, and will provide added value.
Since early last year I have been looking various systems that have been implemented and how successful they have been, and what features they contain. This extends from embedded blockchain solutions like Namecoin, to products like keybase and Blockstack (formally OneName). Considering the options available, and based on my other RL experience, I am working on a solution that incorporates a combination of data embedded in the blockchain, and off chain storage.
The advantage is that it allows for extended data storage and manipulation. The on chain storage uses the OP_RETURN function and has an 80Byte capacity and the off chain storage is made up of DHT (Distributed Hash Table).
In essense, and if you are familiar with them, I have borrowed a lot from OneName/Blockstack as I think they have a very workable solution that can be adapted to what we are trying to achieve.
One of the other reasons for selecting this approach is that helps to seperate into layers the various services of the network.
I have been working on porting this into Reddcoin for the last few months (while taking a break from the Core Wallet). I am not putting a time frame yet, as there is still quite a ways to go.
But I would like to share some of the features that will be available:
In the coming weeks, I will share more of what is install

In Closing

Thanks for taking the time to read Redd-Nation,
This coming week is already shaping up to be quite busy. Most of my focus is now on getting stuck into ReddID and making it reality for all of us.
Gnasher (John)
submitted by cryptognasher to reddCoin [link] [comments]

Byteball - another Q&A with dev tonych!

Some more Q & A from the main post on BCT forums here: https://bitcointalk.org/index.php?topic=1608859.0 Q = question from a poster. A = answer from dev - tonych
Q: Is it planned to create a kind of development reference or maybe there is already a tutorial with which you can start? I have a developer background. That's why it can be very technical. A: Start with this primer https://bitcointalk.org/index.php?topic=1617816 and the whitepaper section about addresses.
Q: Forgot to ask. I am looking for a tutorial how to exchange Byteball for BlackByteball with the new feature in version 1.5. When I understand correctly, the new version of Byteball wallet offers this feature now. Can you please create a post or a blog entry for that? I would be very grateful. A: If someone writes a tutorial, we offer a 0.5GB or 5GBB bounty out of the community fund.
Q: But my point is you can't prevent in the wild people from creating convoluted smart contracts even with your intended to be simple declarative language. Do you really expect users to give a damn and look at the source code of the smart contract? Users demand features such as DAOs. So I don't think you can stop the developers from bastardizing yours as well. Preventing Turing-completeness is very difficult. This is why Bitcoin is very cautious to add new opcodes. A: I can't stop them but hopefully most developers are smart enough to find the best tool for the purpose, and there is no lack of choice. Even if they do create something convoluted against all odds, let's see if they find many users.
Q: Do you really expect users to give a damn and look at the source code of the smart contract? A: I dare say yes, if we speak the user's language. The nice thing about Byteball smart contracts is that they can be easily presented in user readable form:
http://i.imgur.com/DR5NQVg.png
This example is from my article https://medium.com/byteball/making-p2p-great-again-fe9e20546a4a#.3k1a7f5yo
Q: Although each executed instance of your language is not Turing-complete in isolation, the system of instances is Turing-complete because you have the ability to reference global memory in the form of the data feed. Thus you can still have scenarios of unbounded recursion and even live or dead locks. Craig Wright had schooled Nick Szabo and Gregory Maxwell on this point also. So you have not prevented hacks. And you have somewhat crippled the language compared to Solidarity. You may argue you've made the intent clearer, but when people write convoluted systems with this in order to achieve complex smart contracts by simulating Turing completeness, then it may end up more obfuscated than Solidarity. I really don't see your design strategy as the absolute panacea you seem to claim or imply. A: There is a limit on the number of operations per smart contract, data feed lookups included.
It is not a panacea. It is designed to meet the demands of regular users, and they are not convoluted, as the recent superresistant's example shows.
If you need convoluted, go with Solidity, but be extremely careful when you expose complex systems to regular users (unaccredited investors, if we consider investments context). When users are exposed to complex systems that they don't fully understand and that can potentially harm them, the governments will want to "protect the consumer" -- by regulation.
Q: When I understand correctly, then conditional payments are like smart contracts, right? It is just another name for it isn't it? A: Conditional payments is an application based on smart contracts.
Q: What i want to ask is: - why chat messages are not the same - sending another Bind payment will generate another subwallet? - TX fees are doubled with this new feature, am i correct? - Blackbytes balance of receiver wallet is splitted in GBB in main wallet + GBB "Also" in smart wallet, why not total amount ?
A: How did you test? Could it be that you had the same device on both sides of the trade? Q: Main Device (PC) has 2 wallets , default wallet and Multisig (1/2) wallet -created later 1 Pc sending GBB + 1 Android mobile receinving GBB multisig wallet (1/2) repeated test (5 GB for 1000 bytes), this time chat message says "payment 2364 bytes" , again 0.48 GB moved in a new address A: That's what I expected - your PC was on both sides of the trade and it had difficulty interpreting the payment that had its addresses as both sender and receiver.
Q: - TX fees are doubled with this new feature, am i correct? A: There are 3 transactions in total, if that's what you are asking about. Q: agree about 3 transaction, why the third is not automatic? A: The wallet never signs transactions on your behalf without your explicit request.
Q: - Blackbytes balance of receiver wallet is splitted in GBB in main wallet + GBB "Also" in smart wallet, why not total amount ? A: Because spending of smart wallet is constrained by the smart contract conditions. You might be not able yet or already not able to spend from it. If you can spend from it, you move its balance to your main wallet, this is the 3rd and final transaction.
Q: What happens if all 12 witnesses fell under DDoS attack? Will network stuck? A: Their IP addresses are not publicly known, so it is not easy to learn what to attack in the first place. Even if DDoSed, a witness can quickly move to a new IP.
Q: I have plans to move my wallet to another device. Do I need to complete a full sync on the new device before restoring from full backup? A: No, you don't, you can move it half-synced.
Q: The PC I'm moving my wallet to has never had any version of byteball software, so I'm syncing from scratch. It took about 12 hours to get to 69% and then it was stuck on 69% for about five hours. At this point, I closed the wallet and re-opened to see if it would help get me over this 69% hump. The wallet is back at 69% and it's been stuck for approximately six hours. Is this normal for a new install? The PC I've been using since the initial 12/25 distro never became stuck at any point while syncing. Although, I was opening my wallet daily, since 12/25, so it may have never got stuck because I was syncing regularly. Any insight would be appreciated A: This is not normal. Your cpu and disk usage should normally be high during sync. If it is not, something is wrong, a restart usually helps.
You don't need to sync the 2nd PC before moving. As far as I understand, you already have a fully synced wallet on the 1st PC and since you are doing full backup that contains the entire database, you'll get a fully synced wallet after restore. The old data on the 2nd PC will be deleted during restore anyway.
Q: Does adding more byteball-hubs help the network process more transactions? Does a byteball-relay also help, but just doesnt store temporarily any private-messages like a hub does? A: Just a little bit, as much as it helps distribute the load created by catching up nodes. What the hub/relay are more useful for is their help in propagation of new transactions and in reliability.
Q: Why is Byteball called Byte on Bitsquare and not Byteball? A: Byteball is a platform, Bytes is a currency. Same as Ethereum/Ether.
Q: I guess the upper practical limit is the 12 witnesses, how many transactions they can see (bot dont need to see it at the same time) and post to each other and append to the database, to the main chain. A: Wrong. Witnesses don't do any more work than any other full node, they are not special with respect to TPS, and they are not a limiting factor in any way.
Q: There is nothing stopping you from making really a massive amounts of transactions on your own chain - and have it merged to the Main Chain when posting it for the witnesses to see. As long as you didnt double-spend, the verification of which witnesses do takes little time compared to what you spend in making the transactions, if all is fine, your chain of massive amount of txs will be in the main chain. A: Again, this implies that it is witnesses who are doing verification and detect double-spends. Wrong - every full node does it in exactly the same way.
We use witnesses only to establish order of events by looking back in history.
Q: Thanks for clarifying that. The other concern that keeps coming to my mind is this: what happens if 2 or more of the 12 witnesses goes down (offline) for various reasons (hardware mulfunction, operator not interested in running it anymore, government seizure etc.). Will this cause any network disruption? If yes, what kind of disruptions would that be? A: As long as the majority (7 out of 12) of witnesses are online and behave honestly, the network is healthy.
Q: Finally some voice of reason. I felt so lonely with my arguments among all "hodl, to the moon etc." mindless cheerleaders. Thanks for that. It would be nice to hear from tonych what is his plan (if any) for relinquishing control over witnesses and breaking down the current one man cartel. It's obvious that it's very early to talk about that but some plan needs to be outlined if the system is to be considered in the future something more than privately controlled currency by one man. It's so centralized at the moment that the wallet "decentralized value" slogan sounds like a joke. A: That's a valid concern and freezal got it right: the network had to start centralized and no one's showed up yet with the needed reputation and credibility. I'm going to use every opportunity to relinquish control over 11 out of 12 witnesses in favor of reputable individuals/organizations/companies that are willing to be part of the network. That would make the network only stronger thanks to both their involvement and the network becoming more decentralized.
submitted by Vindyne8 to CryptoCurrency [link] [comments]

iwtwe's Total Noob Starting Guide. much noob..such help...very inform...wow

NOTE for seasoned miners, if I have made a mistake or if there is an easier way of configuring the miners or if I left something out, please do not hesitate to contact me about it so that I can edit this post accordingly. Let's help new people out so that the community will continue to grow! many thanks...wow
Hey you. Yes you with the eyes. Are you new to the world of crypto coin mining? Have no idea what a dogecoin is? Want to start mining dogecoins today and just can't seem to figure it out or get it to work?
Well have I got much help for you! About a week ago, I finally started mining after two painful days of trying to get it to work. Basically, I was a total noob and didn't really understand anything about mining in general. Because of the joy mining has brought me so far I am writing this guide to hopefully help out new members or other total noobs.
It's safe to say I've been bitten by the dogecoin bug. I started out with a measly 50 khash/sec and made approximately 10 coins in 12 hours. * My reaction when I finally got my miner to work * Reaction cont.
Now I'm up to 500 khash/sec after figuring out all the 'nuts and bolts' of mining. wow...such optimization...many hash
I'll break this guide down into three categories: Detailed Info, CGMiner Config for AMD Cards, and lastly, CUDAMiner for Nvidia cards.
Detailed Info very words....wow
A dogecoin is a type of crypto currency that is traded against bitcoins in a crypto currency marketplace.
You can earn dogecoins by contributing hashes (computing power) to a mining pool to help find a block.
There are a certain amount of dogecoins that will be released. These coins are released in the form of a block ranging in quantity of 1-1,000,000 doge coins. It is worth noting that the total quantity of coins per block will soon be halved to just 500,000.
Things you will need to mine: * dogecoin wallet * computer with a GPU * an account with a mining pool * a worker for the mining pool * mining software
1) [http://dogecoin.com](Download the doge coin wallet and install it)
2) Turn off your computer's anti-virus software and allow the dogecoin wallet through your fire wall. *VERY IMPORTANT
3) Run the dogecoin wallet and let it sync with the network. It is important to note that this can take a short amount of time or even up to 12 hours to complete. Just be patient. Use that time to research mining more.

Once your wallet has synced with the network, it is time to sign up with a mining pool. Think of a mining pool as a virtual supercomputer that is made up of many smaller computers connected together. This pool or 'super computer' allows for greater processing power. More processing power = greater chance of the pool finding a block.

Finding a pool
"Dear shibes!
Be careful when running Java and/or entering the usepass on sites. There are phishing sites out there that imitate other pools to steal your data.
When accessing a mining pool, DO NOT follow any redirects, always access the site directly and check the URL. For extra security, make sure you're using https://
Don't run Java!" <--- not my words, but very good warning to take into consideration
1) Perform a quick google search or use the links in the side bar to find a pool!
2) For this example I will be using https://fast-pool.com/index.php (I in no way, shape, or form endorse this particular pool. It was the first one I clicked. Feel free to use any pool you want, as the sites are all the same.)
3) You're going to want to click "Sign Up" in the menu on the left of the page. After clicking, sign up for an account.
4) After signing up for an account, log into your account. (For the sake of my example my mining pool site username will be "Shibe")
5) Now we will create a pool worker. Click "My Workers" in the menu on the left side of the page.
6) Choose a worker name and worker password and click submit. *NOTE THE WORKER NAME IS NOT THE SAME AS YOUR ACCOUNT USERNAME
7) For the sake of the example my workers name is "worker1" and the password is "x". *Note capitalization matters so don't forget it.
Now we will download a mining software and configure it to mine.
Before we do that I want to clarify what the info we will be using to configure our miner is.
1) Click "Getting Started"
In my example pool under getting started you will see this in "Step 3":
  1. Configure your miner.
    Settings for Stratum (recommended): STRATUM: stratum+tcp://fast-pool.com PORT: 3336 Username: Weblogin.Worker Password: Worker Password
If you use a command-line miner, type:
./cgminer --scrypt -o stratum+tcp://fast-pool.com:3336 -u Weblogin.Worker -p Worker password
The above explained:
Final Step Regarding Mining Pools
We need to add our payment address to our mining pool account so that we can receive the dogecoins we help mine.
1) Click "Edit Account" on the menu on the left side of the page.
2) Scroll down until you see "PAYMENT ADDRESS".
3) Minimize the webpage and go to your doge coin wallet.
4) In your dogecoin wallet click the "Much Receive" tab.
5) You will see the Label "Default" with an "Address" composed of a long random string of letters and numbers.
6) Right-click that string of random numbers and letters and select "copy address".
7) Maximize the pools webpage again and paste that address into "PAYMENT ADDRESS".
8) Enter you pin and click "Update Account".
WE'RE NOW READY TO DOWNLOAD A MINER such hooray....many celebrate
IF YOU HAVE AN AMD CARD, THIS SECTION IS FOR YOU!
*Note AMD cards are much better for mining than Nvidia. It's just the way it is!
We will be using cgminer to mine dogecoins with our AMD cards.
While there are newer versions of cgminer avaliable you're going to want to download cgminer version 3.7.2 because any higher versions do not support GPU mining.
1) Make sure your AMD drivers are up to date.
2) This version of cgminer is now only available on gitub at this url. The option to download the zip file in on the bottom left right side column.
3) After downloading the file, extract its contents to a folder on your desktop.
4) Before we do that go to Control Panel Folder Options View select "Show hidden files, folders, and drives" and click apply.
BEFORE YOU TRY THE BELOW, RUN THE APPLICATION AND INPUT THE SERVER URL:PORT (stratum+tcp://fast-pool.com:3336) "enter" USERNAME (Shibe.worker1) "enter" and PASSWORD (x) "enter".
*If the application runs without giving you errors hit the [S] and select "create config file" and hit enter.
5) If that didn't work, we will make a .conf file that allows cgminer to run correctly.
6) Now go to the folder you extracted cgminer into.
7) Right-click anywhere in the folder and select "New" Text document.
8) Right-click the new text document you just created and select "Edit".
9) Copy and paste the following into that new text document leaving no space at the top and enter the appropriate pool information accordingly. Noticed I used my STRATUM info from my example.
IF YOU HAVE ONLY ONE GPU USE THE BELOW
{ "pools" : [ { "url" : "stratum+tcp://fast-pool.com:3336", "user" : "Shibe.worker1", "pass" : "x" } ] , "intensity" : "10", "vectors" : "1", "worksize" : "256", "kernel" : "scrypt", "lookup-gap" : "0", "thread-concurrency" : "0", "shaders" : "0", "gpu-engine" : "0-0", "gpu-fan" : "0-0", "gpu-memclock" : "0", "gpu-memdiff" : "0", "gpu-powertune" : "0", "gpu-vddc" : "0.000", "temp-cutoff" : "95", "temp-overheat" : "0", "temp-target" : "0", "api-mcast-port" : "4028", "api-port" : "4028", "expiry" : "120", "gpu-dyninterval" : "7", "gpu-platform" : "0", "gpu-threads" : "1", "hotplug" : "5", "log" : "5", "no-pool-disable" : true, "queue" : "0", "scan-time" : "30", "scrypt" : true,
IF YOU HAVE TWO GPU's IN CROSSFIRE USE THE BELOW CODE
{ "pools" : [ { "url" : "stratum+tcp://fast-pool.com:3336", "user" : "Shibe.worker1", "pass" : "x" } ] , "intensity" : "10,10", "vectors" : "1,1", "worksize" : "256,256", "kernel" : "scrypt,scrypt", "lookup-gap" : "0,0", "thread-concurrency" : "0,0", "shaders" : "0,0", "gpu-engine" : "0-0,0-0", "gpu-fan" : "0-0,0-0", "gpu-memclock" : "0,0", "gpu-memdiff" : "0,0", "gpu-powertune" : "0,0", "gpu-vddc" : "0.000,0.000", "temp-cutoff" : "95,95", "temp-overheat" : "0,0", "temp-target" : "0,0", "api-mcast-port" : "4028", "api-port" : "4028", "expiry" : "120", "gpu-dyninterval" : "7", "gpu-platform" : "0", "gpu-threads" : "1", "hotplug" : "5", "log" : "5", "no-pool-disable" : true, "queue" : "0", "scan-time" : "30", "scrypt" : true, "temp-hysteresis" : "3", "shares" : "0", "kernel-path" : "/uslocal/bin" }
10) Click save-as Save as type, "All files" and rename the document to: cgminer.conf
11) Click save and run program.
12) If it still doesn't work try changing the intensity to a lower number or changing the workspace value to 64.
Everything should work now. If I have made any errors or if there are easier ways of doing this please let me know so that I can edit this. This is just what worked for me.
IF YOU HAVE A NVIDIA CARD THIS SECTION IS FOR YOU!
Before we do anything, go to Control Panel Folder Options View select "Show hidden files, folders, and drives" and click apply.
We will be using Cudaminer version 2013-07-13 https://mega.co.nz/#!hVREmSKA!VaGCdh3Ykfp-e8IOTFWaEXJGMa1JNVqPcdxawkCPRSE
1) Download Cudaminer version 2013-07-13 from that link and extract the contents to a folder on the desktop.
2) Open that folder and look for the Application.
3) When you've found the location of the Application it's-self you're going to right-click anywhere in the folder and select "New" Text document.
8) Right-click the new text document you just created and select "Edit".
9) Copy and paste this to the top line of the blank text document leaving no space in front and input the appropriate url, username and password from whatever pool you use. (I will be using my example pool info stated earlier in this post):
cudaminer.exe -o stratum+tcp://fast-pool.com:3336 -u Shibe.worker1 -p x
10) Click save-as Save as type, "All files" and rename the document to: Launch.bat
11) Click save.
12) Double click the Launch.bat file you just created to run the program.
13) Wait for the program to auto-tune your settings and then it will start mining automatically.
Everything should work now. If I have made any errors or if there are easier ways of doing this please let me know so that I can edit this. This is just what worked for me.
submitted by iwtwe to dogecoin [link] [comments]

[modpost] Possible wiki page, something I call "All about miners," covering things from basic terminology to miner config files and overclocking.

What is a miner?
A miner is a computer set up to solve cryptographic hashes in the litecoin network. Once a clump of these hashes, or a block, is mined, litecoins pop out! It's like opening a box of chocolates, except you know what you're gonna get :) Miners also handle transaction confirmations, making sure no single coin is double-spent.
Setting up your computer to be a miner
What kind of computer do I need?
Optimally, you'd have a good power supply and a couple decent Radeon/ATI/AMD graphics cards. Because of litecoin's hash algorithm, the gap between mining with graphics cards and processors is less than with most other cryptocurrencies, meaning that mining with some desktop processors may be worth it after electricity costs. Note that mining with laptops is not recommended because of the heat generated by mining, and mining with NVIDIA graphics cards may not be worth the cost.
How do I know if litecoin mining will be profitable for me?
First, check how fast you'll be mining with your hardware, how many litecoins you'll mine in a day, and how much litecoins are worth. Now, multiply the number of litecoins per day by their worth. Then, find out the power draw of your hardware, and calculate energy cost. Then finish by subtract energy cost from your daily earnings. If your number is positive, you're making that much money per day. If negative, you're losing money.
Keep in mind that the worth of litecoins goes up/down, and you have to earn the cost of your hardware before you churn a profit. Mining difficulty also goes up/down, depending on how many people are mining how fast in relation to how many litecoins are supposed to be generated how fast. See the economics(coming soon) post for more info.
Okay, I did all that. How do I start?
All you have to do is download a program and change some settings (later in the guide), and you're ready to go. If you're comfortable with configurations and the command line, Reaper and cgminer are your best friends. Otherwise, GUIMiner-scrypt is right for you. If you want to mine on your processor, download the "batteries included" miner via this link and setup should be relatively self-explanatory.
Do I mine alone?
Due to the difficulty of mining, we recommend that you mine with a pool where multiple people mine together. Visit your pool's about or help page for proper miner settings, which we're about to get to in-depth!
Under the hood
Configuring your miner (aka the hard part)
Before we get started, you should become familiar with these terms:
None of those will have any affect on how fast you mine. The settings that we'll be focusing on are:
If you're using GUIMiner-scrypt, there are default settings for different cards (lower right dropdown). I'm mining on a 7870. Here is what it looks like for me. You can follow along with the rest of this guide to optimize your settings. GUIMiner-scrypt is just a GUI to cgminer and reaper anyways.
If you are using a command-line miner, like reaper and cgminer, I recommend you download and isntall Notepad++ or SublimeText if on Linux.
Reaper is currently considered to be the best tool for mining. After you unzip your downloaded file, in the folder you'll find reaper.conf. It should look something like this:
kernel reaper.cl save_binaries yes enable_graceful_shutdown no long_polling yes platform 0 device 0 #mine bitcoin mine litecoin #mine solidcoin 
This will make it mine litecoin on your first graphics card and reference litecoin.conf, which for me looks like
host us-pool.give-me-ltc.com port 8080 user poolusername.1 pass anything protocol litecoin worksize 256 vectors 1 aggression 18 threads_per_gpu 1 sharethreads 32 lookup_gap 2 gpu_thread_concurrency 15380 
As you see, my thread concurrency is slightly different from the default of GUIMiner-scrypt. I found that this concurrency gives me the best hashrate!
NOTE: I do not use cgminer to mine litecoin. If you plan on using cgminer, which offers more hardware-controlling settings, in the cgminer folder you will want to create a text file. Then, open that text file w/ Notepad++ or SublimeText, then Save As > cgminer.con > file type > all. This will save the file with the proper name and as the proper type. Note that cgminer does not support high concurrencies. For me, cgminer.conf would look something like:
{ "pools" : [ { "url" : "XXX", "user" : "XXX", "pass" : "XXX" } ], "auto-fan" : true, "gpu-engine" : "920", "gpu-fan" : "0-100", "gpu-memclock" : "1375", "gpu-powertune" : "20", "gpu-vddc" : "1.219", "temp-cutoff" : "85", "temp-overheat" : "80", "temp-target" : "75", "temp-hysteresis" : "3", "kernel" : "scrypt", "gputhreads" : "1", "thread_concurrency": "8192", "worksize": "256", "intensity" : "dynamic", "vectors" : "1" } 
You saw some settings similar to what we saw in Reaper's litecoin.conf. The other settings have to do with my card's clocks, voltage, and fan. This is covered in the overclocking section right below!
Overclocking (aka the risky part)
Okay, first off I'm not responsible if you cause damage to your parts. Please research safe overclock settings for your card. Second, don't be afraid. Modern hardware has many safety features in place that help prevent mayhem like me...lol jk this isn't a car insurance add. For your better understanding, become familiar with these terms:
No one setting controls how effectively you mine; what matters most when it comes to clocks is the ratio between your core/memory clocks. Generally, a ratio of 0.7 or below is best. You will need to experiment. If you're using cgminer, you can control card settings from the conf file. However, if you aren't, I recommend using MSI Afterburner as your overclocking tool. You will need to unlock some settings. Using my cgminer settings, MSI Afterburner looks like this. I have found these settings to be the most stable while bringing me a high hashrate.
Other people's optimum settings
You can check the sidebar for the hardware comparison chart, but it is rarely updated and has huge sways in results. It is a good starting place. The mods of this subreddit will be putting together an updated, more accurate list in the near future.
END
I hope all things go smoothly for you and that you've learned a lot! Please consider donating LTC to
My wallet: LiD41gjLjT5JL2hfVz8X4SRm27T3wQqzjk
The writer of the [Consolidated Litecoin Mining Guide] which helped get me started
The writer of the [Absolute Beginner's Litecoin Mining Guide] which also helped me get started
submitted by mycomputerisbacon to litecoinmining [link] [comments]

Actual question about the security of bitcoin wallets

Preface: I am a intelligent person and I understand how public/private key cryptography works. The following is just a thought experiment. So if you don't have any intelligent input, please refrain from commenting.
Let us imagine that we are in a 'simple bitcoin world' where the public/private keys are all numbers between 0-100 (just scale this up to the actual number if you want...but it doesn't affect my argument). Now each number can be called a public or private key, and there is some function f that maps private key to public key (and is a one-way function).
This means that if I have private key A, I take f(A) = B is my public key. The 'security' of this system is that if given B, I can't find A (well I have a 1 in 100 chance of guessing it, but there is no 'smart' way to find it...it has to be brute force).
So lets say you lookup wallet B on the blockchain and see it has $100,000,000.00 in bitcoins in it. Wow! That is a lot of money, I would like to steal that money. What I am required to do is:
for(int i=0; i<=100; i++) { if( f(i) == B ) return i; }
This takes a VERY long time because the probability of a single guess being correct is 1/100.
Here is where my thought experiment comes in. I have been reading about these so-called 'vanity address pools' that will try to bruteforce a private key such that the first bits are some 'vanity' plain text (like 1bitcoinsarethebest21309jfc9wfjrj3clskjdskcjvoi or w/e). The way to get a vanity address like this is to hash random private keys until you get a public key with the first bits you want...which takes a long time. So what is done is that you generate a public/private keypair, give the public part of the key to the 'vanity pool', and they try to find another private/public key that will ADD to yours to generate the desired address. This is because the function f is associative (apparantly):
f(A) = B : A-private key, B-public key f(C) = D : C-private key, D-public key
If the above is true, then let X=A+C (modulo 100) a new private key generated by adding the two private keys together modulo some number and Y = B + D. This means that:
f(X) = f(A+C) = B + D = Y
That way the mining pool can find a public/private key that adds to the one you have and the result is the vanity address, and only you know the private key to it.
The security question starts here:
Let's say I want to steal that money. I have to find a private key that hashs to that wallets public key. But wait, no I don't have to find the 1 key that hashs, I just have to find a combination of keys that add together.
For example, lets say my 'cracking' operation has explored 50% of the keyspace (meaning I have brute-forced half of the private keys). It is simple to find combinations of the public keys I have solved to find solutions to public keys I haven't solved.
If the 'big wallet' public key is say 50, using a dumb method i have a 1/100 chance of finding the private key that hashs to 50. But, how many combinations of 2 numbers add up to 50 (modulo 100)? The answer is a whole hell of a lot more than 1 (it is at least 50, my brain hurts i don't want to math). So now the guessing game goes from 'guess this exact number' to 'find a combination that adds up to this number', which is a lot easier.
Does this have any significant effects on the security of bitcoin?
submitted by BitCoinSecure to Bitcoin [link] [comments]

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