SegWit news

An implemented Bitcoin softfork that implemented a changed format for transactions.

World latest news

Bitcoin Cash is ‘stupid’ and Roger Ver is a ‘scammer,’ claims Blockstream’s Samson Mow

In the latest edition of Magical Crypto Friends, Blockstream’s Samson Mow, CSO of Blockstream, criticized Bitcoin’s fork coins and their influential proponents. Whale Panda, one of the most popular influencers in the crypto-ecosystem, addressed a myriad of subjects on the episode. One such subject was Bitcoin Cash [BCH] reversing a malicious entity’s transaction via a 51% attack. He started out by addressing the much-hyped fork coin attack and said, “.. after the hard fork someone claimed the segwit coins and two [mining] pools and colluded took them for themselves to redistribute them to righteous owners” Countering the former’s use of the term “righteous owner,” Samson Mow, who has been critical of Bitcoin Cash, took a shot at the community and added, “How do you even know who owned them? [..] they just they gave the coins back under the rule of Finders Keepers” According to Whale Panda, the attack highlighted how vulnerable the Bitcoin hard fork coin is to attacks. Following the statement, Mow called Roger Ver, CEO of Bitcoin.com and popular BCH enthusiast, a “scammer,” adding that the “only thing that matters is that BCash is stupid.” He further explained that the entire reversal of transactions was possible in BCH because of “low hashrate” and would not have happened in Bitcoin Core [BTC]. Agreeing with Mow’s statement, Charlie Lee, creator of Litecoin [LTC] said, “.. that’s true because if Bitcoin Cash, really does like die from this they can just go back to mine Bitcoin and they wouldn’t really lose their cash cow, right. Their miners won’t be worthless, but if they did this on Bitcoin and really hurt Bitcoin’s value, it’s gonna hurt their profitability by quite a bit.” The post Bitcoin Cash is ‘stupid’ and Roger Ver is a ‘scammer,’ claims Blockstream’s Samson Mow appeared first on AMBCrypto.
AMBCrypto

Meet the Developer Who Added Schnorr Signatures to Bcash

This week news.Bitcoin.com spoke with Jonathan Gonzalez, the blockchain developer who is currently maintaining the Bcash project, a Bitcoin Cash full node written in node.js. Gonzalez explained how he got into Bitcoin Cash development and how he managed to get the Bcash node fully compatible with last May’s fork, which introduced Schnorr signatures to the main chain. Also read: How to Exchange Your Amazon Gift Cards for Bitcoin Cash Schnorr Signatures and Bcash The Bitcoin Cash (BCH) network has a variety of full node implementations that are developed by different programmers. BCH nodes include implementations such as Bitcoin ABC, Unlimited, and Bchd. Last year in May, Purse.io launched an alternative Bitcoin Cash client called Bcash, a BCH protocol node written in node.js. The implementation of the BCH protocol written in node.js can operate as a full node as well as perform Simplified Payment Verification (SPV). Furthermore, it is composed of a wallet backend with BIP44 derivation, a general purpose BCH library, and a mining backend. However, just before the May 2019 upgrade, which added Segwit recovery and Schnorr signatures, Purse announced that they couldn’t maintain the Bcash repository anymore and hoped someone could take over the project. Bcash was introduced to the BCH community in the spring of 2018 and was initially developed by Purse.io. So Jonathan Gonzalez did just that and all by himself managed to prepare Bcash so it would be fully compatible with the recent upgrade changes. Gonzalez spoke with news.Bitcoin.com this week about how he got into blockchain development, more specifically why he decided to work with BCH, and why he decided to run with the Bcash project. News.Bitcoin.com (BC): When did you get into developing and how did that gravitate to the cryptocurrency realm? Jonathan Gonzalez (JG): Early 2016 is when I actually started to write software in a programming language called Clojure. Oddly enough my attention diverted solely towards Bitcoin by way of the Bcoin codebase. I was inspired by the project in the sense that it was an opportunity to actually learn the protocol or design of the system since it was the only structured implementation of the Bitcoin Protocol that I understood. Got the entire bcash fullnode ported over for the Schnorr Bitcoin Cash hardfork. Chain syncs, and you can check the commits. Download the Schnorr branch and sync a node. Great work everyone on the hardforkhttps://t.co/5T6RmoIjSv — Jonathan Gonzalez (@rojikku1) May 15, 2019 BC: Why did you decide to work on Bitcoin Cash over another chain? JG: [This occurred] during the time that I was building a foundation for myself in building out infrastructure projects and learning the Bcoin codebase in 2017. I had no idea about the Bitcoin hard fork up until the 3rd of August when I caught word of it while visiting Purse.io at their office. A month had passed since the visit and there was a big demand for an alternative implementation of the BCH protocol since during that time, there was practically none. Then later, companies like Bitpay, Purse started pursuing using BCH in their businesses. Perhaps the overall decision was circumstantial, nevertheless, I was inspired by the ambition to understand the protocol. Like all new interests I develop over time, regardless if it’s lucrative or not, I try to the best of my ability to materialize them objectively and till now … [it’s] one of the reasons as to why I always find my way back into BCH. Jonathan Gonzalez is currently maintaining the Bcash repo and has made it compatible with the last upgrade. BC: You managed to get the Bcash full node implementation up and running after Purse had dropped the project — what made you decide to do that? JG: I’d accredit that to my pride more than anything. Besides, I use the full node for its API in two services that I utilize daily. I wanted to make sure that if the project were to be disbanded it wouldn’t be due to my lack of interest or efforts. BC: How did you get the Bcash full node to be compatible with the Schnorr signatures and Segwit recovery upgrade? JG: The cryptographic library (bcrypto) that Bcash/Bcoin depends on under the hood ported the Schnorr algorithm into the ECDSA/Secp256k1 modules found in the library. Allowing signing and verification functions to be utilized with the Secp256k1 curve. Since there were only modifications to two of the opcodes found in the scripting system (OP_CHECKSIG and OP_CHECKDATASIG), there was no heavy lifting in modifying the stack since there was no change in the transaction portion of the codebase. The open source Bcash full node code and documentation can be found here on Github. So from there the only requirements for implementing the changes directly involved adding a few additional helper functions to the scripting system that allows the script to distinguish between DER/Schnorr encoded signatures by checking if the Schnorr flag value is set, along with determining whether or not the signature is 64 bytes, since DER and Schnorr differentiate in signature lengths (usually by 6 – 7 bytes). Now in regards to Segwit recovery, I’ve added a few rules to the input, output script verification which detects whether a witness program is present. Since it’s simply just a recovery mechanism there are no modifications to the SIG_HASHTYPES. Nothing realistically changed in the signature hash so it simply looks for the redeem script to be a witness program and the regular witness program logic was ported from Bcoin. I’d say [Segwit recovery] was the easiest out of the two things to implement for the hard fork spec. BC: Why do you think Bcash is a worthy node to build over other implementations? JG: There are tons of interesting features that come along with the design of the codebase. For instance, the wallet is completely segregated from the full node and lives on its own node port. Something that Bitcoin Core hasn’t accomplished yet. Building APIs around the full node and wallet nodes are very simple to get up and running. The documentation found in the docs section of the project is also very descriptive and since it’s Javascript, running a REPL and testing out the libraries in the project makes it easy to understand and create new data structures for anything general purpose. This includes things such as creating scripts/transactions and running a regtest node in REPL. Features such as Neutrino, address/TX indexing have been backported into the full node library as well. I’d also like to note that the code style found in the project is very clean and easy to understand. These are some things that off the top of my head I’m able to pitch to any developers out there seeking to build out infrastructure, or simply desiring to learn the protocol. Maintaining the Bcash Repository, and Possibly Adding Future Enhancements Like Merkelix and Avalanche BC: Do you aim to keep maintaining the Bcash repo? JG: I do plan on continuing to maintain the project by adding additional protocol proposals to the codebase, along with porting over future hard fork specifications. I’ve recently taken an interest in adding a Schnorr multi-sig proposal branch to the node as well. I’ve been really interested in proposals such as Merkelix and Avalanche so I plan on finishing these features. Maintaining the full node allows me to experiment freely with actual motivation. BC: Is anyone helping you? JG: No, no one is currently helping in maintaining, nor downstreaming patches from Bcoin to the project. I do plan on being involved in more developer meetups showcasing the codebase by demonstrating how simple and easy it is to use the full node for infrastructure projects or general purposes. Bcash includes Schnorr signatures compatible with the current BCH network, Libsecp256k1, an advanced API, Compact Blocks, BIP151, BIP150, and a JSON RPC API. BC: How do you feel about the current state of Bitcoin Cash (BCH) right now as far as the community and development is concerned? JG: I’m not sure what to think of the community, but from my impression, I believe there’s definitely support in the developer realm, which otherwise would be nonexistent in Bitcoin. Although I’m not entirely familiar with the things that go on throughout social media, forums regarding BCH. I’m a bit of a loner and don’t have an interest in these sorts of things. But in regard to development, the greatest facet of Bitcoin Cash is the scheduled six-month hard fork activations. It allows for BIPS/features to be considered as long as there exists a motive, a reason behind the proposals which is, in my opinion, is very innovative and worth paying attention to. What do you think about Jonathan Gonzalez managing to get Bcash compatible with the last upgrade and maintaining the Bcash project? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Bcash logo, Jonathan Gonzalez, Github, and Twitter. Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs. The post Meet the Developer Who Added Schnorr Signatures to Bcash appeared first on Bitcoin News.
Bitcoin News

Blockstream Developers Alleged to Earn $850K Per Year

There are perks to working for Blockstream, aside from having to answer to Samson Mow. Developers for the Bitcoin Core software company are alleged to earn up to $850K per year thanks to a “stock option” that sees them paid 20% of their salary in BTC. That BTC is pegged at the price bitcoin was at in 2014, meaning that employees are paid around 85 BTC annually as part of their salary, a bonus of around $700K at current prices. That’s according to a new website called Cashbleed that claims to lift the lid on Blockstream’s salary structure. Also read: In a World Where Central Planners Push Debt, Cryptocurrencies Look Better Every Day Blockstream and the Reputed Golden Handcuffs Deal Technically speaking, Blockstream employees could walk away from the company any time they want. In practice, there is no incentive to do so thanks to a salary option in which 20% of their wage is payable in BTC, perennially capped to the price it was at in 2014 when the firm was founded. That’s according to Cashbleed.com, a controversial website registered in the last 48 hours that makes some back of the envelope calculations and some bold claims. The website describes the arrangement as a “scheme” that is ongoing, making it “very difficult for investors to get a return on their investment.” Blockstream, responsible for such Bitcoin Core technology as Segwit and Liquid, has raised $101M over three rounds from the likes of AXA and Mosaic Ventures. Cashbleed ventures: “Suppose an engineer was hired at $150,000 a year, and an extra 20% of their salary was paid as a bonus on top in Bitcoin. 20% of the salary would be $30,000. Blockstream then pays that amount in BTC assuming a price of $350/BTC. $30,000 / $350 = ~85 BTC to the employee, worth roughly $700,000.” It continues: In effect the employee earns $850,000 a year. The salaries of senior executives are likely to be higher than this modest amount for an engineer. The site came to light after Bitcoin.org owner Cobra tweeted a link to Cashbleed.com, writing in withering terms of how “Blockstream’s employees have been paying themselves grossly inflated salaries, despite the company’s lack of success with any real products.” Allegations Receive a Mixed Response Reaction to the allegations has been mixed, with Blockstream acolytes leaping to the company’s defense, while others have blanched at the sky-high salaries staff are allegedly entitled to. “So what?” shrugged one commenter. “They negotiated to be paid in the currency of their choice and it’s appreciated in value against USD. They took both the upside and downside risk.” “I would be pretty pissed if the company I worked for rescinded a stock option agreement after 5 years just because the stocks became 22x more valuable,” defended another Blockstream supporter. “If they purchased the BTC for the purpose of satisfying employee compensation packages the BTC isn’t even theirs to begin with.” Estimated pay for Blockstream employees according to Cashbleed If the alleged pay structure is broadly accurate, it may be so generous as to threaten Blockstream’s sustainability, according to Cashbleed. The website claims: “These obscene salaries are quickly depleting Blockstream’s Bitcoin reserves. We estimate the company won’t be able to survive more than a year of operation without raising another round of investment.” On Subreddit forum r/btc, most commenters took aim at the source of the news, Cobra, with one instructing: “There is no evidence, it’s all made up. No sources, no nothing, just made up numbers and theories. Don’t fall for the snake’s tactics. Next week he’ll be back to praising Blockstream and bad mouthing BCH like he always does. He just wants a paycheck from Blockstream.” Cobra is an enigmatic character who is known for his fierce and often contradictory opinions. In the past year, for example, he has oscillated between support for bitcoin core and bitcoin cash. Regardless of the veracity of the allegations, if Cobra was looking to cause a stir, he succeeded. On crypto Twitter, the debate rumbles on about one of the most controversial companies in Bitcoin and its controversial antagonist, Cobra. Do you think these allegations about Blockstream are true? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Blockstream Developers Alleged to Earn $850K Per Year appeared first on Bitcoin News.
Bitcoin News

Litecoin: I created LTC for fun; wanted to mimic gold, silver relationship, says Charlie Lee

In the middle of the chaos within the crypto-ecosystem, Litecoin [LTC] has undoubtedly maintained its position as one of the top performing altcoins. The controversial Litecoin creator, Charlie Lee, made a rare appearance in a YouTube video interview to discuss Litecoin’s current position and future plans. Taking a deep dive into the entrepreneur’s mindset, Lee said, “I created Litecoin mostly for fun. I wanted to mimic the gold and silver relationship with Bitcoin and Litecoin, where Bitcoin bitcoin is good for store value and Litecoin is good for payments.” Lee further acknowledged that he never expected Litecoin’s success in retaining its trading value since inception. He attributed the altcoin’s growth to not only Bitcoin’s [BTC] bull run and slow transaction speeds, but also to the activation of SegWit on the blockchain. Additionally, he highlighted the fact that no coin would be for “everything and everyone.” In order to simplify the stark differences, the leader of the Litecoin Foundation clarified, “Litecoin is less decentralized and less secure than Bitcoin, but it optimizes for faster transactions, lower fees, and more bandwidth. This feature made us target the micro-transaction space.” One of the main reasons for Bitcoin’s comparatively slow transactions was that “miners were trying to find the highest fee pay transactions and mine those for greater profit.” Lee also shared that there were mechanisms in place which prevent miners from increasing/colluding mining fees, which would eventually create a good supply and demand for miners, until finding balanced fees for users as well. Lee mentioned that he was involved in building Litecoin while working for Coinbase and shared the common intention to make Bitcoin [cryptocurrency] easy-to-use for the average person. Talking about one of Litecoin’s secrets to success, he suggested fellow entrepreneurs to make sure the entire ecosystem around their crypto was working perfectly, before even talking about launching it on a large exchange. While further discussing his experience in crypto, Lee said, “It’s quite likely Satoshi’s actually passed away. But in case he’s actually still here, he doesn’t have to deal with all this bullshit.” The post Litecoin: I created LTC for fun; wanted to mimic gold, silver relationship, says Charlie Lee appeared first on AMBCrypto.
AMBCrypto
More news sources

SegWit news by Finrazor

OPINION

BCH, we need to talk: what can be the main problem

'Bitcoin Cash may be hard forked in November. Two groups of developers can't agree on its features, releasing their own clients, Bitcoin ABC and Bitcoin SV, incompatible with previous software.' Two coins, two original Satoshi visions. Which one is 'truest'? Will both of them qualify as the vision?

Read more
ESSENTIAL

An overview of the Lightning Network payment protocol provided with an example of its practical application, description of it working proccess as well as its benefits

Read more

Trending

Hot news

Hot world news

Digital tokens resurrect with value addition after crypto winter

According to OnChainFX, the top 1o legitimate exchanges deliver the trading volume for measuring the real trading volume of the digital assets. Data collected from the LONG HASH website revealed that the majority of tokens had declined to half of their value since attaining the ATH. The most shocking results came out for ETHLend, based on the Ethereum blockchain that used the digital tokens in the form of collateral for transactions. LONG HASH quoted that ETHLend offered a decentralized peer-to-peer smart contract lending in the crypto-ecosystem. The ETH-based token was trending as the investors were constantly using ETH for transactions, which led to its surge before the bear attacks on the market. Tokens such as Holo and Ravencoin maintained their value equivalent to 50% of their ATH as they were initiated after the 2017 bull run. It came as a surprise for crypto users after tokens like Binance Coin and ChainLink underwent resurgence to achieve their ATH, that was higher than the previous ATH mark. Source: LONG HASH As per the graph, tokens achieved their ATHs from December 2017 to January 2018 and then plummeted. Many of the investors missed out on this bull rush in the crypto market. As the market conditions did not remain the same for a longer duration, tokens slipped into the phase, commonly known as the crypto winter, among the digital asset enthusiasts. LONG HASH shared growth rate of ChainLink and tweeted, “Chainlink (LINK) is having a pretty good day”. Some tokens like BNB and LINK have been performing well and the community can take comfort from this. The post Digital tokens resurrect with value addition after crypto winter appeared first on AMBCrypto.
AMBCrypto

Stellerro is set to issue tokenized equity through Spanish-regulated Security Token Offering (STO); Public sale opens June 17th

TEL AVIV, Israel, June 17th, 2019– Stellerro, an alternative investment banking platform, automated, in-scale, determined to bring liquidity to the digital era will launch its STO on Monday, June 17th, 2019 at noon ET. Stellerro, a Spanish-Israeli based alternative investment banking platform is pleased to announce the launch of its new Security Token Offering public sale. Self-founded in mid-2018 by an experienced group of entrepreneurs from the Israeli capital markets & fintech industries, all are Blockchain veterans: Aviad Gindi – CEO, Dror Medalion – GM, Elad Kofman -CSO, Noam Barnea -CTO & Liron Rose – Advisory lead. Stellerro was created to assist asset owners, funds, entrepreneurs & startups in taking part in an alternative method of fundraising. Stellerro believes that as the blockchain ecosystem matures, digital offerings will become easier to access and invest in. The ever-advancing secured technology, transparent approach, the inclusion of new financial titans and a strong blockchain congregation are all unified to create the most important thing Investors seek for — Liquidation & Tradability. Stellerro’s funding goal is €5 Million which it plans to utilize for R&D and business development expansion. The company is expected to generate revenue for investors starting Q4 2019, based on its financial projections. The public offering starts on June 17th, 2019 and will last for 2 months until August 16th, 2019. STRO tokens will grant the investors economic rights and dividend from the firm quarterly revenues. To ensure a fully regulated environment, investors will go through KYC & AML procedures in order to acquire STRO security tokens.  Join the public sale today at www.stellerro.com or contact the team for any inquiry at: info@stellerro.com.   Stay tuned for more: Site · Facebook · Twitter · Linkedin · Instagram · Reddit · Telegram The post Stellerro is set to issue tokenized equity through Spanish-regulated Security Token Offering (STO); Public sale opens June 17th appeared first on ZyCrypto.
ZyCrypto

Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report

Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report Social media giant Facebook will unveil the Libra Association, which will operate its bespoke cryptocurrency Libra, on June 18, cryptocurrency news outlet The Block reported on June 14. Per the report, Facebook and dozens of its partners will unveil the Libra Association — which […] Cet article Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report est apparu en premier sur Bitcoin Central.
Bitcoin Central
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.