Ledger Archives -
For 72 hours on Sep. 27-30, teams from around the world will participate in a Simple Ledger Protocol (SLP) Virtual Hackathon. Participants will compete for $ 2,000 worth of prizes by submitting open source code utilizing the SLP framework. The Hackathon’s website details that winners with innovative SLP token-based concepts will also be awarded the event’s nonfungible trophy tokens.
The Simple Ledger Protocol Virtual Hackathon
At the end of the month, teams of creators will participate in a Simple Ledger Protocol Virtual Hackathon (SLPVH). Over the last year, the SLP token universe has grown immensely and there’s now a lot of supporting infrastructure like exchanges, wallets, and thousands of tokens have been created. The Simple Ledger Protocol is a simple token system for the Bitcoin Cash network allowing anyone to create tokens in a permissionless manner. The three-day event aims to prime SLP innovation by providing an incentive for people to compete and create progressive SLP concepts. SLPVH is sponsored by crypto organizations like Coinflex, Cryptophyl, Satoshi’s Angels, Sideshift.ai, Spicetoken, and Fountainhead. All of these groups have been involved with the Simple Ledger Protocol in some form and look forward to seeing the SLP ecosystem grow stronger.
“From September 27th 12 p.m. UTC until September 30th 12 p.m. UTC, teams from anywhere in the world will compete to build the hottest new SLP token application for the Bitcoin Cash blockchain,” explains the slp.dev website. “Prizes will include SLPVH-exclusive nonfungible trophy tokens and portions of the prize pool.” It adds:
Projects must have all their code written in the 72 hours of the hackathon, but brainstorming beforehand is encouraged. Code submitted for the hackathon will be made publicly available via Github.
‘We’ve Only Scratched the Surface so Far on Bitcoin Cash’
On Wednesday, news.Bitcoin.com spoke with SLPVH organizer Jt about the hackathon and got some more information. Jt is the creator of craft.cash and the simpleledger.info explorer, and a co-maintainer of fountainhead.cash, which runs BitDB, Bitsocket, SLPDB, and SLPSocket instances for developers. The blockchain engineer wanted to give software developers who are new to the space or haven’t tested the protocol yet a fun way to learn how to write SLP applications. “We have built SLP related tools up to the point where it is very easy for people to get started, so it is the perfect time to start building out actual applications,” Jt told our newsdesk. “SLPVH is an online event where individuals or teams work to create some sort of SLP related ‘hack,’” he added. “The goal is to create some sort of SLP related project, then at the end, voting will commence and different prizes will be given based on the amount of votes.”
Jt remarked that participants can create a variety of possible ideas like a voting system, new wallets or ways to transfer tokens, tipping bots, and games. “There is a really wide field to explore using SLP and tokens in general and we’ve only scratched the surface so far on Bitcoin Cash — One thing I’m really hoping to see are some interesting applications of Cashscript and Spedn languages.” The BCH developer said that all of the sponsors have been a gigantic help, providing advice to ensure the event is a success and helping to provide prizes. “The sponsors of the event are early-stage SLP companies and many of the people from these companies are in the Telegram chat room,” Jt detailed. The developer further clarified:
James Cramer, Kosinus, and John Moriarty, in particular, have been very helpful in providing advice, guidance, and marketing assistance — James and I will be available in the chat to help people with any questions.
Several Innovative Ideas and Help From Experienced SLP Developers
We asked Jt his thoughts on SLP tokens compared to tokens created on other blockchains and he explained that “SLP is great because it’s so easy to program and cheap to use.” “A lot of work has gone into keeping them Simple and I think it’s a great decision and cause for SLP’s success. For the majority of use cases, SLP and Script work, and for everything else you can use Ethereum.” The hackathon organizers explain that in order to make the event accessible, even to developers who may not be familiar with Bitcoin Cash or SLP, the group will provide experienced SLP developers available for consulting in the group chat on Telegram. The three-day hackathon’s website also lists an assortment of SLP token-based concepts for inspiration which includes ideas like:
- Onchain voting for proposals.
- New methods for transferring coins to friends.
- Products which showcase the frictionlessness of the BCH chain.
- SLP performance (a lot of SLP transactions).
- Token specific wallet.
- SLP tipping bot.
- NFT collectibles.
- Onchain games.
Developing innovative concepts using the SLP framework on top of the BCH chain continues to excite BCH proponents. Despite the growing number of tools, resources, and projects already built around SLP, the ecosystem is just getting started.
What do you think about the Simple Ledger Protocol Virtual Hackathon? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Simple Ledger Protocol Virtual Hackathon, slp.dev, and Pixabay.
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The battle of the hardware wallets is heating up. At this weekend’s MIT Bitcoin Expo in Boston, Charles Guillmet, Chief Security Officer of Ledger, presented a number of physical attacks that could be executed against Trezor hardware wallets. He also outlined an attack on their rival’s device that Ledger has refrained from making public because it is not patchable.
Ledger CSO Runs a Train on Trezor
Like any self-respecting hardware wallet (HW) manufacturer, Ledger rigorously pen tests its own devices in search of potential vulnerabilities. The French firm’s Paris hacking lab, known as the “Ledger Donjon,” doesn’t just dissect its own wares: it also thoroughly attacks those of its fiercest rival, Trezor. While identifying and disclosing a competitor’s vulnerabilities might seem counterintuitive, it yields a brace of benefits, highlighting potential weaknesses in the opposition and emphasizing Ledger’s offensive prowess.
Within hours of Ledger CSO Charles Guillmet presenting at MIT Bitcoin Expo 2019, where he described the Trezor One, Trezor T, Keepkey, and B Wallet as “completely broken,” insisting there was “no way to fix” their security flaws, his employer published “Our Shared Security: Responsibly Disclosing Competitor Vulnerabilities.” The article explains how “about four months ago we contacted Trezor to share five vulnerabilities our Attack Lab uncovered. As always, we gave Trezor a responsible disclosure period to work on these vulnerabilities, even granting them two extensions.”
With the disclosure period having now expired, Ledger proceeds to gleefully reveal what it found upon pen testing its rival’s devices.
4 Vulnerabilities Fully Disclosed
In total, Ledger claims to have found four major vulnerabilities in Trezor’s flagship wallets. The first of these concerns the “genuineness” of the device. Trezor HWs have previously been shown to be susceptible to cloning, prompting the company to improve its tamper-proof stickers and to provide guidelines on how to detect ersatz devices. Trezor’s response to this “vulnerability” was to point out that users will not be exposed to this risk provided they purchase devices directly from the Trezor website.
The second attack identified involved a weakness in the PIN number used to secure Trezor HWs. Ledger explained: “On a found or stolen device, it is possible to guess the value of the PIN using a Side Channel Attack.” This entails entering a random PIN and then measuring the power consumption of the device when it compares this code with the actual value of the PIN. “This measurement allows an attacker to retrieve the correct value of the PIN within only a few tries (less than 5 in our case),” reported Ledger. “We found that the PIN does not protect the funds against an attacker with physical access to the device.”
The final two vulns involve the confidentiality of the data stored within the devices, primarily the private key and the seed. This exploit, involving the flash memory, was deemed the most serious since “it can only be circumvented by overhauling the design of the Trezor One / Trezor T, and replacing one of its core components to incorporate a Secure Element chip, as opposed to the general purpose chip currently used.” Ledger continued:
This vulnerability can not be patched – for this reason, we have elected not to disclose its technical details. It could also be mitigated by users adding a strong passphrase to their device.
A fifth, less serious, vulnerability was also disclosed. Trezor released firmware security updates last week, which it acknowledged to have been discovered by Charles Guillemet and the Ledger Donjon team. It stressed that exploiting the vulnerabilities required physical access to the device, adding that there is no evidence to suggest “any of these vulnerabilities have ever been exploited outside of the lab to extract any data.” Last week, Twitter and Square CEO Jack Dorsey revealed that he had purchased a Trezor hardware wallet.
What are your thoughts on Ledger pen testing its rival’s devices? Let us know in the comments section below.
Image credits: Ledger, Pixabay, and Trezor.
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There’s a lot to love about Ledger’s hardware wallets. There’s also a lot to loathe. From a design, manufacture, and presentation perspective, they’re a dream. From a software perspective, they’re capricious, prone to connecting and disconnecting on a whim. The new Ledger Nano X continues that tradition.
Nano X: Has Potential, Needs Work
I’ve got something of a love-hate relationship with Ledger hardware wallets (HWs). I love their aesthetics and theoretical functionality. I hate their practical functionality, because in practice, Ledgers never work for me. I’ve got four of ‘em sitting in a drawer somewhere, one of which I purchased myself and the others sent by Ledger for reviewing purposes. I managed to get all of them to work, eventually, after much cursing and teeth-gritting, but predicted that I would be unlikely to use those particular devices again. I’ve kept my word.
The new Ledger Nano X, unveiled at the start of this month, is a device I want to crush on, or at least develop as much of an affinity for a HW as it’s natural for a man to have. And, straight out the box, I feel all those feels. No other HW manufacturer makes devices that look as good as Ledger. You name them – Cold Card, Ellipal, Cobo Vault – I’ve reviewed them and found them functional, but none looked as slick as Ledger’s wallets when the cellophane was peeled off.
There’s a much more desirable attribute of hardware wallets, however, than looking good in the palm of the hand, and that’s where Ledger and I don’t see eye to eye. I don’t know if it’s my laptops or my attitude, but Ledgers hate me. I had been hoping their new Nano X, scheduled to ship in March, would end my lousy run of luck with Ledgers, but it wasn’t to be.
‘Our Most Advanced Hardware Wallet Yet’
Ledger’s “most advanced hardware wallet yet” is basically the best-selling Nano with Bluetooth bolted on, an extra button, and the new Ledger Live mobile app as a companion. The X is the future of Ledger’s production line, with the original Nano now reduced to 70 bucks, as the French firm looks to get shot of stock and make way for the sleeker Nano X, which will retail for around $ 140.
The Nano doesn’t feel dated until you look at the Nano X, whereupon it feels as obsolete as a first edition iPhone. That’s not to slate the trusty Nano however – it remains a highly regarded hardware wallet, and there is no need to upgrade to the X. If you’re shopping for a new Ledger, however, it’s all about the X. It’s hard to overstate how much utility is added by simply upgrading from one push button to two. Entering your PIN into the device is much easier now, with the buttons serving as left and right respectively, while pushing them in unison acts as ‘enter’.
The Nano X comes with 5x the storage capacity for applications as its predecessor, allowing it to store more cryptocurrencies than any other major HW on the market. The test version of the device I received came with instructions noting that “Many things will be improved [in final production] including firmware, battery life, laser engraving quality, screen luminosity, general quality.” So pretty much everything then. The build and finish quality of the X look perfectly good to me. My only issue – and it’s a major one – is with the software.
In theory, software is a lot easier to fix than hardware, not least because it doesn’t require recalling 100,000 devices. That said, Ledger have been working on their Ledger Live wallet management software for over six months now, and it’s yet to work for longer than a few minutes at a time for this reviewer.
A Long and Fruitless Week
When it comes to product reviews, my policy is to wait until everything’s working correctly before putting fingers to keyboard. After a long and frustrating week with the Nano X, however, in which far too many hours were frittered away on fruitless troubleshooting, it behoves me to write this review. As I type these words, I have yet to send or receive cryptocurrency using my Nano X, but despite this failure, I feel well qualified to expound on what the X can and cannot do.
Given that bluetooth and a standard mini USB are fitted to the Nano X, there are two ways to install the Ledger Live software onto the device. If I can’t get Ledger Live on desktop to work, I figure, I’ll just do it over bluetooth using the Ledger Live mobile app. It was a nice idea, but it wasn’t to be. I was stymied at first by this error message:
After reaching out to Ledger support, I was informed that “Yesterday, we announced a new firmware version. Our servers were overloaded that’s why you have this error message. Can you retry tomorrow?” I certainly could. Only, the next day Ledger Live was still producing the same error message – on two desktop devices and also on mobile. The next day it was the same. And the day after, and the day after that. This evening, however, while the desktop software was still being unresponsive, I made a breakthrough on mobile at the umpteenth attempt.
Hope Springs Eternal
With some relief, I sat down to write my Nano X review in the knowledge that I was just a few clicks away from having the device fully operational. The last step was to install a cryptocurrency app, because Ledger insists on forcing users to install apps within apps. If you want to store 100 cryptocurrencies on the X, for example, you have to install 100 apps onto the HW. Utter madness.
Pretty soon, I’m installing the BTC app, though I can’t tell from the onscreen prompt whether it’s being downloaded onto the mobile app or onto the HW itself. Whatever the case, it doesn’t matter, as I’m soon greeted by a message that reads “Operation was cancelled. Something went wrong. Please retry or contact us.” I try a different app, ETH this time. “Installing Ethereum. The installation of Ethereum app may take a while, please keep the app open,” I’m informed. Again, I’ve no idea whether this means the app on my phone or that I should keep the Nano X open and powered on. A moment later, I’m greeted by an entirely new error message:
And that’s about the point where I gave up. I would have no problem cutting Ledger some slack on what’s an early production model of their Nano X, were it not for the fact that the problems with this device have nothing to do with manufacturing and everything to do with coding. The Nano X works as well as its predecessor, which for this reviewer means barely/not at all. I still want to find a Ledger HW I can love, and I still dream of opening one of their devices to find it works straight out the box. Until that happy day arrives, however, I’m resigned to composing verbose reviews that don’t even begin to convey the lengths I went to in order to get this damn thing to work. Better luck next time.
What are your thoughts on Ledger’s hardware wallets? Let us know in the comments section below.
Images courtesy of Shutterstock.
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Hardware wallet manufacturer Ledger has unveiled its newest cryptocurrency wallet. The Ledger Nano X is Bluetooth-enabled and can hold up to 100 different cryptocurrencies at a time. A mobile app is also being launched for both iOS and Android to pair the device to smartphones.
Newest Ledger Wallet
Ledger unveiled its new cryptocurrency hardware wallet on Sunday at the annual Consumer Electronics Show (CES) in Las Vegas. The company then wrote on its website on Monday:
The Ledger Nano X is Bluetooth enabled. Connect it to your smartphone with Ledger Live Mobile app and safely transact anywhere. All Bluetooth communications are encrypted end-to-end to protect against any security threat.
The new wallet has been redesigned and can be pre-ordered starting on Monday. It is priced at $ 119 and is expected to start shipping in March. The company will also launch a mobile app, the Ledger Live Mobile, for both iOS and Android platforms.
The Nano X joins Ledger’s two existing consumer hardware wallets: the Nano S and the Ledger Blue. The former currently retails for $ 59 and the latter $ 269.99. The company claims in its Monday’s announcement that over 1.5 million Ledger Nano S devices have been sold worldwide. The Nano X is only available in one color at present while the Nano S comes in six colors.
About Ledger Nano X
According to Ledger, up to 100 cryptocurrency apps can be installed on the Nano X at the same time. The device also supports over 1,100 assets with more to be added each month. In comparison, the Nano S can simultaneously run up to 18 cryptocurrency applications with support for only 40 assets in total.
Unlike its predecessor which draws power through a USB cable, the Nano X has a 100mAh built-in battery to power it for wireless use. Several security improvements are listed on Ledger’s website for the latest model, and the company explained that private keys stored on the new device are isolated inside its EAL5+ certified secure storage chip.
With dimensions of 72mm x 18.6mm x 11.75mm, the Nano X is shorter but slightly wider than the Nano S which measures 98mm x 18mm x 9mm. However, at 34g, it is over twice as heavy as the Nano S which weighs 16.2g, Ledger’s website details.
Navigation on the new model is also improved due to its larger, round buttons on the face of the device compared to two small buttons located at the top of the Nano S. Ledger further described that the new device has “Bigger screen for an improved experience.”
In addition to the wallet itself, the Nano X will come with a USB cable, a getting started leaflet and a recovery sheet.
What do you think of the Ledger Nano X? Let us know in the comments section below.
Images courtesy of Shutterstock and Ledger.
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The news is bullish in this edition of the The Daily, mirroring the mood of the crypto markets. We’ll start by delving into BTC’s record-breaking day for trading volume and then examine a couple of stories that suggest 2019 is poised to get off to a very positive start.
BTC Posts Record Daily Volume
It’s not just the price of bitcoin – both cash and core – that’s been shooting up this week – volume has followed suit. In fact, the real headline about this week’s price rally isn’t BCH doing a 3x or BTC passing and then holding the $ 4,000 mark. Rather, it’s the significant increase in trading volume that occurred on Dec 20, which some traders have taken as evidence of a full reversal. That’s right, the bottom may finally be in – though no one’s willing to publicly make that call just yet it seems.
Crypto Quantamental noted that the $ 2.26 billion of BTC traded on Thursday, Nov. 20 was the highest recorded in the cryptocurrency’s history. Compared to previous days when BTC was trading in the $ 3,500-$ 4,500 bracket, yesterday’s BTC volume was greater by a factor of 3-4x. Regardless of which way BTC moves next, it’s fair to say that interest in the crypto market has been fully restored. BCH has also been on a tear, as this graphic by The Tie shows, comparing the cryptocurrency’s market cap to that of BSV and LTC this week.
Looking back at Twitter activity since the start of the month, the sentiment analysis platform noted that “while indicative tweet volume (# of tweets that contribute to sentiment score) peaked for both BCH and BSV on Dec. 7, BSV has basically been completely flat as the amount of twitter conversation around BCH has trended upwards. It’s safe to assume BCH’s astonishing growth over the past three days may have contributed to that interest.
Ledger Schedules Major Firmware Update
French hardware wallet manufacturer Ledger has planned its biggest upgrade yet to its Nano S devices. Version 1.5, scheduled for release in early January, will feature new hashes, signatures and derivation schemes, enabling the wallet to support new cryptocurrencies. These updates will be accompanied by a slew of security improvements including:
- Full redesign of the arithmetic architecture
- Improved MCU genuine check (firmware attestation)
- PIN code implementation improved for better resistance to hardware attacks
- Hardening of the PIN code against various hardware and side channel attacks
In the arms race hardware manufacturers are engaged in, the biggest winners are consumers, who now have a wide range of increasingly robust hardware wallets to choose from.
Virtual Land Goes up in Smoke
47 million mana tokens have now been burnt in Decentraland’s second land auction which ends over the weekend. This equates to around $ 2.5 million of tokens destroyed, in return for purchasing plots of land in the virtual world. With the price of each parcel dropping ever closer to its lowest possible price of 1,000 mana over the weekend, a bidding frenzy is suspected. Just 6,000 of the 9,300 parcels available a week ago are left, with nonfungible.com recording an average price per 10x10m parcel of $ 850.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
Images courtesy of Shutterstock.
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In late November, the creators of the Simple Ledger Protocol announced the launch of Ledger Treasure, a contest in which contestants must solve a puzzle to win over $ 100 worth of bitcoin cash (BCH). On Dec. 6, Simple Ledger developer James Cramer revealed the winner of the first puzzle solved by gaining access to the BCH funds locked in a special P2SH address.
Simple Ledger Treasure
Developers of the Simpleledger.io (SLP) project are hosting a monthly contest that offers the chance to win over $ 100 worth of BCH for solving a puzzle. The team will be giving away BCH after crafting a solvable puzzle and publishing it with the project’s monthly newsletter. On Dec. 6, the first winner received 1 BCH for unlocking the funds contained in a bitcoin cash P2SH address. The first issue of the Ledger Treasure newsletter sent out to registrants contained the maiden puzzle, called “Stashed Cash 1.” The 1 BCH of locked funds in a P2SH address was solved one hour after the puzzle was published, explained its creator James Cramer.
The first thing people need to do to solve the puzzle is load a script template JSON file into the P2SH.cash website, a tool that enables a P2SH spend, a calculator, and oracle. After loading the template, the user needs to actually search for the address with the funded BCH inside. If the treasure hunter doesn’t understand much about P2SH script then the puzzle gives a great lesson about the protocol. In order to complete it, the contestant needs to fill in the blanks within the “redeem script” section. A math equation is then presented within the script template which shows the basics of how stack-based math operates.
“The final requirement of this puzzle was to interact with the Ledger Treasure Newsletter, which is accomplished using the ‘Oracles’ tab of the P2SH.cash website,” explained Cramer’s blog post on the subject. “The oracle’s public key was required for the redeem script section and the unlocking script section oracle’s signature was required for the unlocking script section in the ‘Spend P2SH’ tab,” the developer added.
The creator of the Ledger Treasure Newsletter hunt continued by stating:
The only way to obtain a valid signature for this puzzle is to first be a subscriber of the Ledger Treasure newsletter.
More Difficult Bitcoin Cash P2SH Puzzles Are on the Way
Cramer concluded that the first puzzle was a success and stated that at least three other challengers solved it within three days. The Simple Ledger developer said that he looks forward to devising more puzzles and that the first one wasn’t that hard. Eventually, the creator intends to make the puzzles significantly more difficult as time passes but still wants to create simple puzzles for new visitors. Cryptocurrency enthusiasts who want to attempt to solve the next Ledger puzzle need to sign up for the newsletter before the second edition is published on the first of January.
What do you think about the Simple Ledger treasure hunt? Let us know what you think about this subject in the comments section below.
Images via the Ledger Treasure newsletter, SLP, and Shutterstock.
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Ledger, the popular hardware wallet manufacturer based out of France, has recently revealed the company’s contingency plans for the upcoming Bitcoin Cash (BCH) hard fork scheduled for Nov. 15. On Tuesday, Oct. 30, Ledger explained to its customer base that the organization will be pausing bitcoin cash services on Nov. 15 and the company plans to wait until a dominant chain appears to reinstate BCH services.
Ledger to Suspend BCH Transactions During the November Fork
In fifteen days the Bitcoin Cash network will possibly face a hard fork with consensus changes. The problem right now, however, is there are two different visions for the upgrade, with two development teams proposing new BCH rule sets that are poles apart. This means there could be a potential for a chain split due to the disagreeing development teams Bitcoin ABC and Bitcoin SV. Now, two weeks before the fork, Ledger has announced its wallet services will be pausing bitcoin cash transactions because the conflicting proposals have not reached consensus and both implementations do not have replay protection.
“Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically — The reason for closing the service during this time is to prevent unwanted transactions (resulting from “replay attacks”), causing possible loss of funds and other potential issues interacting with Bitcoin Cash during this period of time,” explained the company’s recent blog post.
Depending on the outcome of the fork, we will communicate about our next move when we have a clearer vision of its result — Be advised that during this service disruption, your Bitcoin Cash private keys will remain secured.
BCH Proponents Expect to Hear More Contingency Plans
The hardware wallet service detailed in its blog post that it plans to watch the fork unfold and proceed with a plan after evaluating the integrity of both chains. The wallet’s users will be able to see when the Bitcoin Cash network has been reinstated on Ledger’s status page, the company emphasized. The announcement from Ledger also follows the two exchanges who published contingency plans for November’s BCH fork during the first week of September.
The trading platforms Bitasiaex and Coinex were the first two companies to inform their customers on how they intend to deal with the fork. Coinex plans to do a snapshot of all BCH assets and customers will get a 1:1 split if a bifurcation occurs during the fork. Bitasiaex explains they will also provide a 1:1 and will be watching the fork in order to give the chain “with the most proof-of-work the BCH ticker.”
As of right now, two weeks before the fork, both development teams have not added replay protection and many BCH supporters believe it’s very likely the two clients will proceed without adding the protocol. The outcome may lead to a ‘hash war’ and because bitcoin cash uses a concept called Unspent Transaction Outputs (UTXO), when a split occurs without replay protection, both chains are an exact reflection of each other and it’s possible (when sending a transaction after a split) UTXOs can be replayed on both networks. Replay attacks can lead to financial losses if there are mistakes and network confusion or a malicious attacker reuses transaction data on both chains.
Over the next two weeks, it’s likely that more exchanges and wallet providers will be outlining their plans for the Nov. 15 BCH hard fork. It’s safe to assume that because the clients Bitcoin SV and Bitcoin ABC do not have replay protection for the upcoming fork, other infrastructure services will pause BCH transactions until the dust settles. Ledger wallet does offer the ability to use the Ledger wallet system with an Electron Cash supporting wallet and customers can make transactions at their own risk, Ledger concluded on Tuesday.
What do you think about Ledger wallet’s recent announcement concerning the Bitcoin Cash network hard fork on Nov. 15? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Ledger Wallet, Bitcoin ABC, Bitcoin SV, and Pixabay.
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During the second week of July news.Bitcoin.com reported on a Bitcoin Cash-powered token creation proof-of-concept called the Simple Ledger Protocol (SLP). Since the initial announcement, a variety of other BCH token projects have been launched, and all of them are a touch different. Now, this week the SLP creators have released the project’s beta version which allows users to store, receive, send, and mint tokens created on the BCH network. SLP is also the first BCH tokenization platform that is compatible with light wallets which is a big leap ahead when it comes to this technology.
A Group of Bitcoin Cash Developers Reveal the Simple Ledger Protocol
Tokenization is really picking up the pace on the Bitcoin Cash network as developers are scurrying to build a system that replicates the ERC-20 phenomenon that stemmed from the Ethereum (ETH) network. Over the past few weeks here at news.Bitcoin.com we’ve had the opportunity to experiment with projects like Wormhole, Keoken, and the latest colored coins project launched by the Cryptonize developers. This week the Simple Ledger Protocol (SLP) has launched which allows Bitcoin Cash proponents to create tokens in a matter of minutes using the Electron Cash SLP beta wallet. SLP was created by programmers such as Ryan X. Charles, Mark B. Lundeberg, Calin Culianu, Jonald Fyookball, James Cramer, and the developer Unwriter.
SLP has released the Electron Cash SLP version for Windows and Mac OS and users can also compile the software from the source. The developers have also launched a website which gives a bunch of information on the project and helpful resources. Additionally, SLP also has a blockchain explorer specifically designed to search for SLP-created tokens on the BCH network and the browser called Tokengraph.network also shows transactions in a unique graph-like way.
“SLP is an emerging standard protocol for issuing secure tokens on the Bitcoin Cash blockchain — Anyone can issue their own token or coin within seconds. And with SLP, you can spend or trade tokens peer to peer, just like Bitcoin Cash itself,” explains the SLP website.
You can think of SLP as a ‘transaction within a transaction’. SLP transactions live within a special output known as OP_RETURN, which is a part of a standard Bitcoin Cash transaction. If Alice wants to send Bob some tokens, she sends a minimal (dust) amount of BCH, and the transaction also contains the data to transfer the tokens.
Creating Tokens Using Electron Cash SLP
After reading about the project and downloading the latest SLP beta release, we decided to experiment with the new Electron Cash version that incorporates Simple Ledger Protocol transactions. We already had an existing Mac OS version of Electron Cash on our laptop, and after opening the SLP version our older wallet which contained a few bucks worth of BCH was ported into the SLP client. If you download the Electron Cash SLP client from scratch you will have to add a small fraction of funds to the wallet to be able to mint your own tokens.
The SLP user interface is pretty much identical to the original Electron Cash wallet with a few added tabs that let you interact with SLP created tokens. It also uses a different address format where addresses start with the words ‘simpleledger:’ followed by the alphanumeric string. The differences you will notice are the ‘tokens’ tab and the ‘SLP history’ tab, which we used to mint and accept tokens coming in from another wallet. First, we went to the ‘tokens’ tab and right clicked and chose ‘create a new token.’ This command opens up a new window where you can customize your SLP creation.
The window lets you create a custom name, ticker symbol, how many decimals the token can be divided by, and whether or not it has a fixed supply and a limited token quantity. Users can also attach a document hash record, URL, or contact email to the token’s metadata as well.
Seeing how we made some extremely scarce Posternut (PSN) coins the other day, using the colored coins protocol created by the Cryptonize team, we decided there just wasn’t enough PSN tokens for everyone in the world. So the first coins created were 200 Posternut (PSN) tokens that are divisible by eight and can be hoarded for decades. The process took less than a minute to mint a new token after filling out all the optional information you can tether to the coin’s data. Following the PSN tokens, we decided to create some more coins on the BCH chain and minted 21 million Agoracoin SEKIII tokens which have a URL attached that brings visitors to a PDF version of the ‘Agorist Primer.’ Minting tokens was fairly intuitive and if you already know how to use the Electron Cash client, creating coins is easy.
The Tokengraph Explorer and the Ecosystem Compatibility Holy Grail
Next, we want to try receiving tokens and sending some of the newly minted coins to see how they work coming in and out of the wallet. So a friend sent us 50,000 ‘Tasties’ and when it came into the wallet it said it was an ‘unknown token.’ The SLP developer Jonald Fyookball explains to news.Bitcoin.com that it is a safety feature to not immediately identify the token type since a name could be spoofed and the Electron Cash SLP client lets the user check the hash ID. So after the token was received we simply went over to the ‘SLP history’ tab and right clicked the unknown token and added it to our wallet. Sending tokens was just as easy as two writers from the Bitcoin.com newsdesk split the supply of 200 newly created PSN tokens in half. Following sending half the PSN coins we checked the transaction on the Tokengraph block explorer which shows a graph-like interpretation of the genesis (birth) of these tokens and the transactions that follow.
So far it seems there have been a bunch of new tokens created with SLP since the launch announcement yesterday. Fyookball also tells us the development team has focused their attention on quality with over 100 unit tests. So far there have been roughly four new token projects for the BCH network that have working protocols allowing token creation on the BCH chain. Each one has its differences but the main accomplishment will be making these tokens compatible with other forms of BCH infrastructure like exchanges and wallet software. Compatibility and accessibility with a great majority of the ecosystem will likely push one of these projects ahead of the pack.
What do you think about the new SLP project for Electron Cash? Let us know what you think about this subject in the comment section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Special thanks to C.Edward Kelso for help reporting on this new platform.
Images via Shutterstock, Electron Cash, and Jamie Redman.
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The post Simple Ledger Token Creation Platform Launches on the BCH Network appeared first on Bitcoin News.
Covered in The Daily on Friday are several announcements crypto users may find interesting. Ledger has added support for 8 new coins and crypto exchange Okex is launching a white label platform. Also, Exmo will offer its European users faster payments and transfers in partnership with Mistertango, and Estonian startup Citowise has integrated credit card purchases for crypto in its Android app.
Ledger Adds Support for 8 New Cryptocurrencies
Popular hardware wallet provider Ledger has added support for third party applications developed for eight new digital assets to its Ledger Nano S device. From now on, the company will announce new additions on the first Tuesday of each month, in order to streamline app validation.
Starting this week, the Ledger Live application for Ledger Nano S offers the following new coins: Poa, Icon, Vechain, Wanchain, Ontology, Kowala, Particl, and RSK, the company announced in a tweet. Ledger developers have also provided a link to their roadmap for planned releases and other useful details published on Trello.
(1/2) Happy #FirstTuesdayCrypto ! Ledger now supports PoA, Icon, VeChain, WanChain, Ontology, Kowala, particl and RSK. These 3rd-party apps for Ledger Nano S are available on Ledger Live: https:/ledger.com/live
— Ledger (@LedgerHQ) August 7, 2018
In a blog post, the team behind Ledger notes that the validation process for third-party apps will be simplified with clearer guidelines, giving developers more comprehensive guidance on security good practice, device applications interface, experience, and design requirements.
The new applications will be available for installation on Ledger devices through Ledger Live. However, the coins won’t be directly compatible with the native app and initially customers will have to use a compatible third-party wallet to perform transactions. “Ledger Live will gradually incorporate full support for third-party applications to enable Ledger users to not only install, but also transact with these new crypto assets directly from Ledger Live,” the company explains.
Okex Launches White Label Platform
Crypto exchange Okex has announced the launch of its new Coinall platform, a white label solution which is part of its Open Partnership program that started a couple of months ago. “The launch of CoinAll, the 1st exchange under Open Partnership Program, symbolizes a new era to build a community- and project-centric open exchange, unveiling an exciting new chapter in the blockchain industry!” the Chinese-run company posted on Twitter.
Participants in the Open Partnership program will now be able to take advantage of a variety of services offered by the exchange, including its clearing system, cold and hot storage, applicable anti-money laundering (AML) and know your customer (KYC) procedures. Coinall developers also claim that it is the first autonomous, community-run crypto-trading platform.
The launch of CoinAll, the 1st exchange under Open Partnership Program, symbolizes a new era to build a community- and project-centric open exchange, unveiling an exciting new chapter in the blockchain industry! Follow us on twitter for the latest updates- https://t.co/SawzazPlag pic.twitter.com/0jrDGuCdkb
— OKEx (@OKEx_) August 8, 2018
Coinall has released 10 billion CAC tokens, 51% of which will be allocated as rewards to users. The other 49% are reserved for the founders of the exchange and the members of the Open Partnership program. Currently, the platform offers trading pairs of CAC with bitcoin core (BTC), ethereum (ETH), and tether (USDT).
Exmo Introduces Faster Payments with Mistertango
Thanks to a newly announced partnership with Lithuania-based payments provider Mistertango, European crypto exchange Exmo will offer its users the opportunity to make instant deposits and withdrawals in EUR. Traders will also be able to make Single Euro Payment Area (SEPA) transfers which translates into faster payments.
The Mistertango payment account will allow Exmo users to fund their crypto-related activities using fiat currency. The account comes with an IBAN number, offering the ability to instantly transfer money via SEPA, and a prepaid Mastercard as well. According to a press release, the Lithuanian company already works with more than 100 cryptocurrency exchanges and intends to expand further in the crypto space.
Estonian Citowise Offers CC Purchases of Cryptos
Crypto wallet provider Citowise is now offering users the option to buy cryptocurrencies with Visa, Mastercard and American Express debit/credit cards. The newly integrated function in its Android app currently supports purchases of bitcoin core (BTC) and ethereum (ETH), with plans to add other cryptos in the future, including bitcoin cash (BCH), litecoin (LTC), ripple (XRP), and NEO. In a blog post, the team promises that the functionality will also be available on iOS soon.
In order to buy cryptocurrencies with their bank cards, users need to pass KYC and AML verification, a service provided by a third party – Citowise’s partner company Transcoin. The purchasing limits for this option are set at €32,000 (~$ 36,600) per month. The total can be spread over a maximum of four credit or debit cards, the company notes. The app of the Tallinn-based startup also supports purchases of cryptocurrencies with SEPA payments. In this case, the monthly limit is €200,000 and the daily is €40,000.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
Images courtesy of Shutterstock, Ledger, Okex, Exmo, Citowise.
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The post The Daily: Ledger Adds Coins, Okex Launches Coinall, Exmo Partners with Mistertango appeared first on Bitcoin News.
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Changelly, a prominent instant exchange, has announced its partnership with Ledger, one of the leading security and infrastructure providers in the crypto industry, to bring a new user experience.
New Ledger App and Changelly
Ledger has released Ledger Live, a multi-asset complimentary wallet application that allows storing and managing cryptocurrencies in one place. Ledger Live is used for all models of Ledger’s hardware wallets, including the bestseller Ledger Nano S.
The app offers the list of exchanges where users can buy or sell the cryptocurrencies. Changelly is one of the first exchanges listed on Ledger that provides users with that option as a link that redirects to the Changelly website. Being integrated into Ledger Live, Changelly will enable Ledger users to switch their cryptocurrencies in an easy manner within the Ledger Live app.
This is the only tool available on Ledger Live, so far. However, the service has ongoing negotiations about providing new exchange options for Ledger users, so more details of the collaboration are coming soon.
Benefits of partnership
For Changelly, having such a popular and secure partner as Ledger will help build strong relationship with users, and provide the users of the wallet with seamless exchange options. For Ledger, in turn, Changelly can help broaden the audience and attract new customers.
Konstantin Gladych, CEO at Changelly:
“Ledger provides outstanding products that take security level in the crypto world to the whole new level and leverage the full potential of digital money. Changelly couldn’t be more excited to collaborate and have an opportunity to empower Ledger’s users with a frictionless exchange experience”.
Mattia Sarfati, Business development & Partnerships @Ledger:
“Featuring Changelly in our new wallet app allows our users to buy cryptocurrencies easily and securely. Changelly offers an outstanding user experience and our community was pushing to see our companies working together. Ledger hopes that a lot of its users will discover and enjoy the Changelly experience!”
Changelly is a popular instant cryptocurrency exchange service with 100+ coins and tokens listed. The service acts as a mediator between a user and trading platforms. Changelly has trading algorithms integrated into leading exchange platforms, such as Binance, Bittrex, HitBTC and Poloniex that help to pick the most profitable rate. Operating since 2015, Changelly has attracted over 2M registered customers from around the world. The service offers its API and a customizable payment widget for any crypto service that wishes to implement exchange options. Key partners are Jaxx, Coinmarketcap, Coinomi, BRD, Coinpayments and others.
Ledger is a fast-growing provider of security solutions designed for cryptocurrency storage and management. The company offers a wide range of hacking-resistant products for individuals and financial institutions as well.
In 2017, Ledger sold over 1 million units of their flagship product, the Ledger Nano S, placing Ledger as the number one provider of Hardware wallets in the World.
Since a secure hardware wallet is the best technical solution to hold and protect assets, Ledger plans to make those solutions as open as possible to enable new use cases directly from the end user.
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