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Mimblewimble Privacy Coin Beam Dev Affirms Vulnerability in Wallet Could Have Put Funds At Risk

The developers that work on a crypto called Beam, which is focused on being a privacy coin, have affirmed that they have discovered a critical bug that could have put their wallets at risk. Fortunately, the bug was uncovered last then and it was quickly patched up before anything happened. Despite the fact that they fixed the issue, they affirmed that the vulnerability was very dangerous and that it could have allowed someone to create modified transactions that could send funds directly to them in an illegal way. The CTO of the company, Alex Romanov, has explained that the SBBS system of the Beam wallets could be attacked and used to send encrypted messages that would cause them to send money to the attackers. The issue was specific to the app, though, and it was not related to Mimblewimble, the technology that Beam uses. According to Romanov, the vulnerability was, in no way, caused by the underlying tech, it was a bug of the wallet, just that. However, it could have been exploited and caused many issues, so they deemed that it was a good idea to tell the community about it. Initially, the team was vague about the threat to prevent opening attack vectors for people who did no upgrade yet. Now, some days after that, the team explained what the vulnerability was all about. This decision was taken because people are not online all the time, so they needed some time to implement the new code and to be protected because bad actors generally try to exploit these things very quickly. The Next Update According to the Beam team, the team is gathering information about the current state of the program to make the new update. It is already in the works and will be relesed soon if it depends on the team. Romanov affirmed that the team will take into account all the requests that the community has made and all that the team has found out in order to create the better use experience for the user. The new version will be the 1.0.1 version of Beam and it will have some quite important changes in how the software works and how transactions are handled. He finished by affirming that there were a lot of learning curves and that the systems will be functioning in a much better way in the future as soon as the new update is sent out into the world.
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Altonomy to Provide OTC Trading Services and Liquidity for Grin and Beam

NEW YORK, Jan. 16, 2019 /PRNewswire/ -- Altonomy, the leading cryptocurrency trading, advisory and asset management firm, today announced that it will provide OTC services to Grin and Beam, two new Mimblewimble-based Privacy Coins. As applause for Grin and Beam's recent and successful mainnet launch, Altonomy is the first sales and trading desk to add BTC, ETH and USD/USDT to its trading pairs with Grin and Beam. Altonomy will utilize its global OTC network to assist both teams achieve mass adoption and overcome the challenges miners and coin users face by relying on the natural flow in the market. "Bear markets often help foster true innovation," said Ricky Li, Co-Founder and Head of North America for Altonomy. "2019 is shaping up to be a year of innovation and we are currently reliving the 2015 birth of Ethereum. Altonomy embraces ...Full story available on Benzinga.com
Benzinga

Chinese GPU Miners Flock to Cryptocoin Grin and Beam as Ethereum Constantinople Looms

As the Ethereum Constantinople upgrade day approaches, it should have grabbed the headlines of the crypto space. While a crypto coin named Grin has somehow hit the crypto headlines along with Ethereum’s eighth fork. GPU Miners Activated Amidst the crypto bear, miners’ chat groups became noisy again for the advent of Grin and Beam – two cryptocoins built on privacy-oriented protocol Mimblewimble. “500 units of GPU miners wanted, with Nvidia P104, 1070, or 1080!” “Beam wanted here! 10.5 yuan per coin via over-the-counter (OTC) trading, 5,000 Beams wanted.” When privacy-centered coin Beam launched its mainnet on Jan 3, the long-awaited miners swarmed into it, at the same time, a dozen OTC marketplace hidden in QQ chat groups (one of the most popular instant messenger in China) popped out upon the mainnet launch of Beam, with the OTC price surging from 6 yuan up to 11 yuan in two days. The price of Beam even hit a high of 55 yuan, spiking 500% upon listing on trading platforms Hotbit, MXC and QBTC days later on Jan. 8. But soon it fell back to the OTC price around 10 yuan. As of Jan 10, 10.5 million yuan ($1.55 million) worth Beam had been traded on exchanges in 24 hours, outperforming many top 50 cryptocurrencies by market value. On the other hand, the much-anticipated Grin claims its mainnet would be due by today Jan 15. The advent of the duo has brought fresh momentum to the quiet GPU mining market. Li Yuan, who wants to make a bet on Beam and Grin, has been looking for GPU miners. “They’re hotly discussed in the market at present. Early players could make fast money easily.” said Li with absolute confidence but also anxiety that he has not collected enough mining rigs. “We’ve received numerous inquiries asking about renting GPU mining rigs these days, mostly coming for Beam and Grin mining with an expected rental period within 4 months.” Said Wu Sheng who provides service of hashrate rental. When many are wondering why the duo is so hot, Miner Du Tan has been mining Beam with his P106 mining rigs. The mining cost of a coin is about 5 yuan, while the trading price in OTC desk is double of that. “This is the first time mw protocol is implemented and there’s a strong consensus in the community, so it is very worth a try.” China-based mining pools like F2Pool and BTC.com have announced their support for Grin mining once its mainnet is launched. The two coins, not only fascinate small and medium miners in China, but also trigger a quite stir overseas. A user on Discord said he has 2,000 Nvidia graphics cards in ready for Grin mining. Layer1, a cryptocurrency hedge fund backed by PayPal co-founder and noted venture capitalist Peter Thiel, also said it’s “deeply involved” with privacy-focused cryptocurrency grin. A good chance to go? Everyone who missed the BTC windfall would beat their chest asking why not me. Now a group of people is drawing a new big cake for them. Grin and Beam, described as an opportunity for everyone to start all over again, have provided a boost for the sluggish GPU mining market where mining rigs could restart again since the massive price fall of cryptocurrencies. According to Hotbit, Beam has seen all the way down to 4.7 yuan from a high of around 10 yuan four days ago, with a 18.3% drop over the past 24 hours. In the meanwhile, a price prediction of Grin has been started on Reddit, “Will the price start high and drop over the first days (Like Beam), or will it be super cheap at first and then slowly start to crawl back up?” “My armchair prediction is a psychological gravitation towards $1 per GRIN at launch followed by an overshoot to $2-3, and then a dip to like $.25 before it starts on a long term unstable climb probably again gravitating back towards $1. And if it gains real adoption then maybe higher.” “From what I’ve seen from coins being released in the current market conditions, I would expect the initial price of GRIN and what you would be able to buy/sell GRIN for in the initial few weeks will be significantly higher than what you could buy/sell GRIN for after a few months on an exchange.” As a Chinese early bitcoin adopter commented, “GPU miners are always finding ways out in face of dilemma. Years ago when mining rigs specially for bitcoin mining were invented, they hyped up litecoin; and when professional litecoin miners came out, they touted ETH; and now they have something new to hype.”
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Beam: The New Scalable Confidential Cryptocurrency | BlockchainBrad | MimbleWimble | Crypto privacy

BlockchainBrad chats exclusively with Beam CEO Alexander Zaidelson about a new scalable confidential cryptocurrency. The new ultra private currency uses the very impressive MimbleWimble protocol because #privacymatters. They are a real, for profit company that mean business! Their MainNet is live and mining is already underway! No ICO, No premine, but they are a startup that has a very busy year ahead! ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● 0.52 Scalability and Confidential Meaning 3.30 Lightning & Integration 4:15 PoW + Security 7:55 Zcash/Monero comparison 10:30 Peterson Commitment, sum of output/input matching 12:30 Cut through mechanism 16:40 Regulation & Compliance 20:40 MainNet 22:50 Grin. unfunded, community startup 23:56 Distinction between Beam & Grin 25:56 Beam: for profit & enterprise 28:00 Raise 29:00 VCs 31:45: Core Features 34:00 Equihash 35:00 TPS Talk 37.9 Beam Dream Team 41.20 Business experience 44:38 Token Talk 46.00 Competition & BTC 49.50 Beam Wallet 51.11 Wallet Vulnerability 55:00 Beam explorer 1:00 Closing discussion ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Core features Complete control over your privacy All transactions are private by default No addresses or other private information are stored on the blockchain Superior scalability due to compact blockchain size Opt-in Auditability Confidential Assets Support online and offline transactions, atomic swap, hardware wallets integration Wallet app for mobile and desktop Governance model No premine No ICO Backed by Treasury Establishing a non-profit foundation to govern the protocol after ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Mainnet launch: Desktop wallet app CLI wallet OpenCL miner CUDA miner Blockchain explorer Confidential assets support ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Post-mainnet: Atomic swap (with bitcoin) Integrated bitcoin wallet Mobile wallet (Android) Payment platforms integration (API) Hardware wallet integration Mobile wallet (iOS) Opt-in auditability Web wallet ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● PAYMENT/DONATION DISCLOSURE: This was 100% free and I received no financial compensation for doing this video; not in fiat, tokens or any form on payment. Since several months ago, I decided to do only free content unless legitimate ambassadorships were involved. I believe that sponsored content is not a problem if disclosed, but this was NOT sponsored and there was absolutely no compensation received in any way, shape or form for this interview. ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● GENERAL DISCLAIMER: The information provided is not to be considered as a recommendation to buy or invest in certain assets or currencies and is provided solely as an educational and information resource to help traders make their own decisions. Past performance is no guarantee of future success. It is important to note that no system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the attached material will guarantee profits or ensures freedom from losses. BlockchainBrad shall not be liable to the participant for any damages, claims, expenses or losses of any kind (whether direct or indirect) suffered by the participant arising from or in connection with the information obtained this website or directly from the website owner. #BTC #MimbleWimble #cryptocurrency #Beam #PrivacyMatters #BeamPrivacy #bitcoinchallenger
Blockchain Brad

The Daily: Critical Bug Found in Beam Wallet, Wirex Adds Another Cryptocurrency

In Friday’s edition of The Daily, we cover the news about a vulnerability found in the Beam Wallet days after the launch of the Mimblewimble-based coin. Also, crypto card provider Wirex has added waves to its list of supported cryptocurrencies, and digital asset exchange Exmo has registered an increase in the number of Belarusian users following Binance’s move to restrict their access to its platform. Also read: Trust Wallet Adds BCH, 35,000 Merchants Get Access to Crypto Payments Critical Vulnerability in the Beam Wallet The developers of Beam, a new privacy-centric coin based on the Mimblewimble protocol, have found a critical vulnerability in their Beam Wallet. The bug affects all previously released wallets in both the desktop and the CLI version, the company behind the project announced on Twitter. The problem has been fixed and Beam said in a post on Medium it’s currently working with providers to upgrade their systems. In another tweet, the Beam dev team asked all users to stop currently running Beam Wallets immediately. However, according to the message, they should not delete the wallet’s database, as the bug does not affect wallet data, secret keys or passwords. Instead, they need to uninstall the wallet, download it again from the website beam.mw/downloads and install the new application. Beam was launched on Jan. 3, becoming the first coin based on Mimblewimble, a protocol originally developed in 2016 to improve the scalability of the Bitcoin network and enhance the privacy of its users. The cryptocurrency is already available for trading on the decentralized platform Bisq which promised to also add Grin, another Mimblewimble coin expected to launch on mainnet by the end of this month. CRITICAL VULNERABILITY IN BEAM WALLET 9.1.2019 20:20 GMT Critical Vulnerability was found in Beam Wallet today. Vulnerability was discovered by Beam Dev Team and not reported anywhere else. Vulnerability affects all previously released Beam Wallets both Dekstop and CLI. — @Beamprivacy (@beamprivacy) January 9, 2019   Wirex Adds Support for Waves The popular online bank and crypto debit card issuer Wirex has added another coin to its list of supported cryptocurrencies. Users of the Wirex platform in the European Economic Area (EEA) can now buy, store, convert and spend waves with their Wirex Visa cards, the U.K.-based company announced in a blog post. The service also supports bitcoin core (BTC), litecoin (LTC), ripple (XRP) and ether (ETH). “The introduction of the waves wallet to Wirex is an exciting development for both crypto-investors and our globetrotting Wirex Visa card users,” co-founder Pavel Matveev commented. “For travel, welcoming waves to your portfolio means that you can enjoy a wider choice of currencies to exchange from and store,” his partner Dmitry Lazarichev added. Last month Wirex completed the introduction of Iban support for all EUR accounts. EEA users can now fund their account by bank transfer and receive euro payments. The fintech startup also raised the funding limits for account holders in the EEA to £15,000, €16,000 and $20,000. The company is now planning an expansion into North American markets. Belarusian Traders Migrate From Binance to Exmo The analytics department of Exmo, the largest cryptocurrency exchanges in Eastern Europe, has detected a six-fold increase in the number of registered users from Belarus in December, crypto news outlet Let Know reports. Exmo’s team attributed the influx of new traders to Binance’s decision to restrict access to its platform for the residents of a number of countries under sanctions, including Belarus. In late November, Binance, which is currently the largest digital asset exchange by daily trading volume, informed its Belarussian users that its services will no longer be available in their country. In correspondence to customers from Belarus, the exchange urged them to read the latest version of its Terms of Use. Under the new ToU agreement, traders acknowledge and declare they are not on any trade or economic sanctions lists, such as those prepared by the U.N. Security Council and the Office of Foreign Assets Control of the U.S. Treasury Department (OFAC). Since its launch five years ago, Exmo has registered 1.5 million users. According to the report, its daily trading volume reaches $40 million. The exchange, which supports trading pairs with fiat currencies such as the Russian ruble and the Ukrainian hryvnia, is currently 56th in Coinmarketcap’s volume rankings, with a daily volume touching $20 million. What are your thoughts on today’s news tidbits? Tell us in the comments section. Images courtesy of Shutterstock, Beam, Wirex. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post The Daily: Critical Bug Found in Beam Wallet, Wirex Adds Another Cryptocurrency appeared first on Bitcoin News.
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Mimblewimble is an extremely lightweight blockchain protocol that can implemented as both an upgrade to Bitcoin or an independent chain. By taking elliptic-curve cryptography several steps further than Bitcoin, Mimblewimble builds upon a number of techniques such as Confidential Transactions, CoinJoin, and One-way Aggregate Signatures and strips down blockchains of all unnecessary data to bring unprecedented scalability and absolute anonymity

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Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX

After partnering up with the firm behind the second largest coin XRP [XRP] Ripple as one of the +200 costumers, Mercury FX announced via their official twitter handle that they transacted their largest payment across RippleNet with a positive conclusion. 1/1 We've made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. pic.twitter.com/WsHJuZTiOy — Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019 Using XRP, the firm transferred £3,521.67 or $4,552.41 while they cited that UK based Mustard Foods was able to save £79.17 and 31 hours on the transaction. Mustard Foods could be one of the best examples of the impact of using RippleNet could have as it opened doors to cheaper expenses, quicker orders and faster payments. As covered by John P. Njui on EWN a few days ago, The Ripple company has announced via its website that 13 new financial institutions have joined RippleNet thus propelling the number of total global customers to over 200. RippleNet currently operates in 40 countries across 6 continents. Out of the 13 aforementioned financial institutions, 5 are confirmed as using XRP to source instant liquidity for their cross border payments. The are JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank. By the end of this year [2018], major banks will use xRapid as a liquidity tool. By the end of next year [2019], I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity. – Brad Garlinghouse The success behind the team from Ripple could be standing by their marketing strategy and future plans of making the financial industry a better place to be. While not displacing traditional banking systems but helping them make payments cheaper and faster, it is finding its way to take spotlight in the crypto-verse. The post Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX appeared first on Ethereum World News.
Ethereum World News

BRD Wallet Expands Crypto User Access Across Europe With Coinify Partnership

Coinify, a European-based financial platform that provides a wallet, trading and payment processing solution, has announced that they are integrating BRD Wallet into their platform to deliver BRD wallet access to users across the European region.Specifically, the partnership provides access to virtual currencies, like bitcoin, to 34 countries across the Single Euro Payments Area (SEPA). The SEPA region is a collection of member states in Europe who are part of a payment system that simplifies bank transfers denominated in EUR. The launch is also enabled largely in part by Coinify’s newly rebranded trading solution for wallet partners.Customers will now be able to use BRD Wallet to “purchase bitcoin at cost-efficient rates with SEPA bank transfers” within Coinify’s trading platform. With BRD integration, customers will also retain control over their private keys while using Coinify.Essentially, this provides a large number of users with an efficient and secure way to buy bitcoin and other cryptocurrencies, and then allows them to immediately store it in a manner where they control what happens to their money. Typically, a user will entrust the custody of their private keys to a centralized exchange while they are waiting for trades to be executed and sometimes for much longer than that.Aaron Lasher, co-founder and chief strategy officer at BRD, highlighted the advantages of the integration for security-focused users of the Coinify platform.“We like exchanges and think security will get better in the future, but by using our integrated purchase and trading solutions, you get to keep your funds under your control 99 percent of the time, and only put them at a slightly higher risk for a short period when you make the exchange,” Lasher told Bitcoin Magazine.“Using a non-custodial wallet means that you and you alone control your funds. It’s similar to having physical cash in a (highly secure) safe at home. Only in this case, we provide our customers a digital safe (the BRD wallet) that they can keep in their pocket and carry along. Nobody else in the world has access to your funds but you, and nobody can stop you from sending or receiving funds.”Integrating a wallet that allows users to own their funds and seamlessly make trades on a platform like Coinify could help to push bitcoin adoption forward."The financial industry is ripe for disruption and we see bitcoin and the other virtual currencies as the future of payments,” said Rikke Stær, chief commercial officer at Coinify, told Bitcoin Magazine. “At Coinify, we have experienced first-hand the rising adoption of bitcoin and working with BRD as a user-friendly, decentralized wallet will only encourage the global reach of the currency."“Since launching as the first iOS bitcoin wallet in the App Store over 4 years ago, we’ve grown tremendously in North America,“ Adam Traidman, CEO and co-founder of BRD, said in a statement. “Europe will be strategic in the next phase of BRD’s global growth, and the partnership with Coinify will ensure our success in this crucial endeavour.”In August 2018, Canadian-based Coinberry exchange launched a similar BRD integration, allowing users to quickly and seamlessly buy, deposit and withdraw bitcoin on the Coinberry platform, while keeping control of their keys at all times. This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 Major cryptocurrency payment service provider BitPay has reported $1 billion in transactions this past year, according to a press release Jan. 16. According to the report, the company also set a new record for itself in terms of transaction fee revenue. […] Cet article Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 est apparu en premier sur Bitcoin Central.
Bitcoin Central
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