Password Manager App Dashlane Mocks Cryptocurrency Owners

Having strong passwords is important for everyone in today’s world as it is full of hackers and other cyber criminals. And as cryptocurrency is value stored in code, it is no surprise that its owners are among the most paranoid about their data security. However, strong keys aren’t worth much if you can’t remember them. 

Also Read: Report: Lightning Network Still Way off Being Ready for Use

We Are Number Three

Password Manager App Dashlane Mocks Cryptocurrency OwnersDashlane is a New York-based password manager app with reportedly ten million users around the globe. It also features a digital wallet for aggregating credit cards and bank accounts. On Wednesday, the company released its third annual “Worst Password Offenders” list, highlighting high-profile individuals and groups that had the most significant password-related blunders in 2018.

Cryptocurrency owners were ranked third on the list. “As the value of cryptocurrencies reached record levels at the beginning of the year, scores of crypto owners had the potential to cash out — if they could remember their passwords,” Dashlane explained. “The news cycle was rife with reports of people resorting to desperate measures (including hiring hypnotists) to attempt to recover/remember the forgotten passwords to their digital wallets.”

Use Some Common Sense

While forgetting the keys to access their digital wealth was the problem for many crypto owners that made it to the media, having weak passwords is still the number one issue for most people. This was exemplified by the number one person on the list, Kanye West, who famously unlocked his iPhone with the code “000000” during a televised meeting with President Trump.

Password Manager App Dashlane Mocks Cryptocurrency Owners

“Passwords are the first line of defense against cyber attacks. Weak passwords, reused passwords, and poor organizational password management can easily put sensitive information at risk,” commented Emmanuel Schalit, CEO of Dashlane. “The sheer number of accounts requiring passwords means everyone is prone to make the same mistakes as the Password Offenders. We hope our list serves as a wake-up call to everyone to follow the best password security practices.”

The company recommends that you never use passwords that are easy to guess or are shorter than eight characters. And every one of your accounts needs a unique password so that if one service is compromised the rest of your passwords remain secured.

Did cryptocurrency owners rightfully earned this ranking? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Dashlane.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Password Manager App Dashlane Mocks Cryptocurrency Owners appeared first on BitcoinLinux.

Major Venezuelan Department Store Chain Accepts Cryptocurrency

The people of Venezuela have been forced to cope with an increasingly difficult economic situation in recent years. This has led to a loss of trust in government-issued fiat by the population in a way that many believe exemplifies the need for cryptocurrency. This may account for why a major Venezuelan department store chain accepts cryptocurrency, something which is a rarity to see in more prospering economies.

Also Read: Coinbase Ventures Backs Home Crypto Mining Startup Coinmine

quadrigacx.com

Traki Accepts Cryptocurrency Payments

Traki is a large chain of department stores operating in Venezuela for over 30 years. It encompasses 49 branches in many major cities across the country, selling everything from fashion to food and cookware.

quadrigacx.com

According to its public profiles on social media, the company has opened up to transactions with digital assets since at least October. Traki accepts payments in a number of popular cryptocurrencies including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC).

Show of Support by Crypto Community

Major Venezuelan Department Store Chain Accepts CryptocurrencyDue largely to government policies, exacerbated by a fall in revenue from oil exports, the economy in Venezuela has been in a sharp decline for years. Inflation in the country is expected to reach over one million percent by the end of 2018, and consumer prices are projected to rise by another ten million percent in 2019 according to recent data from the International Monetary Fund.

The situation in Venezuela has pushed many in the crypto community to try and promote digital assets as a solution to the problem unabated fiat printing has caused. A number of charities have also formed, such as the Eatbch initiative which we recently reported on.

On Friday, we received another example of cryptocurrency being used for good in Venezuela as a Reddit user spoke of buying over 800 items at Traki with donated BTC. She showed a video of herself buying clothing and school supplies with the funds that will be gifted to kids in need.

Is the economic situation in Venezuela likely to convince more people in the country to turn to cryptocurrency? Share your thoughts in the comments section below.

Bitcoin Green while Bitcoin Cash, Dash, BAT, IOTA & Making Solid Gains

Bitcoin is currently trading in green at $6,445 while the altcoins like BAT and Dash are making solid gains. Other cryptos like IOTA and Bitcoin Cash are also seeing a positive price movement. Meanwhile, let’s see what does the predictions say for Bitcoin’s price by this year-end.

Bitcoin Making Slow Upward Movement

Bitcoin is making its upward trek after dropping down to below $6,250. At the time of writing, the leading cryptocurrency has been trading at $6,445 with 24-hours gains of 1.07 percent. With a market cap of about $111 billion, Bitcoin has been managing the daily trading volume of $4.28 billion. Meanwhile, the BTC dominance is recording 52.8 percent.

In recent times, Bitcoin has maintained stability as the volatility dropped severely. This came while the rising US interest rates strengthened the US dollar against a number of currencies.

According to the Forbes, bitcoin price prediction of this year is bullish at about $12,629 as per Hayes’ model that focuses on the supply side of the Bitcoin model. CEO of Gath3r Web Miner, Raghav Reggie Jerath shares bullish sentiments with,

“Historically, Bitcoin has always had positive price movements during the months of November and early December, so it is possible to see price settle around 7500 – 8500 range for the remainder for the year,”

While Wheatley model that focuses on the demand side of the Bitcoin market predicts a bearish scenario at around $816. Clement Thibault, Senior Analyst at global financial platform Investing.com says,

“For now, it seems like the selling pressure keeps on pushing the price down. As for a bottom, Bitcoin has maintained a hard floor at $6K for most of the year, which I would be surprised to see broken.”

However, the market model which is a combination of the above-mentioned two models predicts $8,573 approximately. $6k is a ”hard floor” for Bitcoin trader Abraham Merkin who says,

“The volatility we saw last year through the first quarter of 2018 is a thing of the past. Bitcoin will not hit $8,000 in 2018; and it might not reach $7,300 before Christmas given the current calm.”

However, altcoins are seeing a lot of green right now. Out of the top crypto, Ethereum (ETH) is yet again above $200 with about 4 percent gain while XRP is trading at $0.4631, up by 1.64 percent.

Bitcoin GreenBitcoinLinux.com/wp-content/uploads/2018/11/05163642/d4-300×136.png 300w, https://cdn.BitcoinLinux.com/wp-content/uploads/2018/11/05163642/d4-768×347.png 768w, https://cdn.BitcoinLinux.com/wp-content/uploads/2018/11/05163642/d4-1024×463.png 1024w” sizes=”(max-width: 1104px) 100vw, 1104px”>

Bitcoin Cash (BCH) is registering a lot of greens at $553 with 3.79 percent gains. Monero (XMR) is rising by 4.21 percent at $110 and Dash is up by 6.76 percent at $166. With about 4 percent gains IOTA (MIOTA) is at $0.4967.

Basic Attention Token (BAT) first took a jump with Coinbase listing and is now extending its gains with 7.22 percent gains at $0.312.

Meanwhile, today’s highest losses are borne by Eternal Token (XET) with over 16 percent red.

The post Bitcoin Green while Bitcoin Cash, Dash, BAT, IOTA & Making Solid Gains appeared first on BitcoinLinux.

loading…

World Crypto Con: Joël Valenzuela Talks Dash Adoption at WCC

World Crypto Con: Joël Valenzuela Talks Dash Adoption at WCC

World Crypto Con

Welcome to the World Crypto Con Spotlight series. Today’s guest: Joël Valenzuela.

World Crypto Con

World Crypto Con (WCC) is a platform for industry leaders to share their knowledge of the cryptocurrency and blockchain space, as well as introduce their projects to the world. WCC welcomes both experts and novices to attend; there’s something for everyone.

Our World Crypto Con Spotlight series will be focusing on moments from the conference, speaking to headliners about their experience with WCC.

Thanks to World Crypto Con, we at CryptoCurrencyNews.com had the pleasure of interviewing Joël Valenzuela, former writer for Cointelegraph and current news editor and public outreach director for Dash Force.

Today, Joël will be giving you a sneak peek at his WCC talk and telling us a little more about why Dash as a payment system is important.

World Crypto Con Spotlight: Joël Valenzuela

Q: Joel, you are a renowned crypto writer for Cointelegraph, so you’ve seen every aspect of the crypto-world. What is it about Dash that draws you?

A: What drew me to Bitcoin was better, peer-to-peer digital money that anyone could easily use. Dash is currently the best project on the market for that purpose. It has low fees, instant confirmations, private transactions, and a hard focus on being used across the whole world as money.

Q: Tell me about Dash’s influence in Venezuela (or other countries) and how it should inspire other crypto companies to do the same?

A: Dash has turned Venezuela into the world’s first place where you can spend cryptocurrency on just about anything. This is a major, historic achievement that was made possible by a self-funding decentralized autonomous organization (DAO) backing grassroots efforts on the ground by Venezuelans who were prepared to work hard to save their country’s economy.

Enter Your E-mail Address To Subscribe

* indicates required

I want e-mail alerts, updates, and offers and agree to the CryptoCurrencyNews privacy policy.


Q: How has Dash taken steps to become accessible as day-to-day money in Venezuela or elsewhere?

A: First, Dash created a currency that simply worked, with low fees and ease of use. Second, it funded grassroots adoption efforts in the country. And finally, it focused on results in getting Dash used as a currency, rather than simply chasing news headlines.

Q: Is Dash working in Venezuela because its economy is currently suffering badly? Do you think an economy needs to be in such a bad way before we see cryptos take effect at a mainstream level?

A: A superior product should work anywhere in the world, but it’s especially easy to see why Dash is better than fiat currency in a country where the value of the money is plunging rapidly. However, in some ways, stable economies can be easier for cryptocurrency adoption since people and businesses are in a better position to take risks. So yes, Dash is doing great in Venezuela in part because of the country’s economic issues, but that isn’t necessarily a precondition for adoption.

Q: In this way, do you think cryptos will ever truly replace fiat currencies?

A: Absolutely. People are always looking for better, more reliable, and more efficient ways of storing and transferring the value generated from their hard work. Just as barter evolved into basic currency, coins, precious metals, paper money, and electronic banking, there’s no reason to believe that there won’t be a next step to the global monetary evolution.

Q: If you had to choose one cryptocurrency to replace all your own money with, what would it be?

A: This isn’t a hypothetical. I closed my bank account and live all on Dash. That’s 100% of my income, and what I spend to live on. It’s a challenge sometimes, but it’s getting easier every month. This is also probably the only cryptocurrency I could do this with. I originally started living off of Bitcoin but had to stop when the fees became too high and adoption suffered.

Q: Are you a crypto bull or a bear?

A: I’m absolutely a crypto bull long-term, though if you picked a current top-100 project at random, I would be very bearish about most of them. I believe this space is still very new, and most coins will likely not last. Each passing year eliminates more from the top few, and only the best survive.

Q: What excites you the most about this industry?

A: Cryptocurrency and blockchain technology have massive potential to decentralize virtually any industry. The implications for human freedom and progress are massive. I’ve always wanted to work in improving the human condition, and being able to do this for a living is amazing.

Q: If you had only one article left to write ever, what would your last subject be on and why?

A: I would write a piece on why decentralized digital money matters, what constitutes true cryptocurrency, and a step-by-step manual on how, in practical and specific terms, to get it adopted as the major form of payment worldwide. This is how I think I can do my best contribution to the world in a work that can be accessed over and over as a reference for those seeking to change the world.

Q: What are you most excited about for World Crypto Con?

A: I’m most excited about getting to update the world on what Dash has achieved so far. It’s extremely impressive but flies under the radar of the crypto mainstream sometimes. I always enjoy a good opportunity to blow some people’s minds.

Thanks again to World Crypto Con for the opportunity and to Joël Valenzuela for taking the time to speak with us.

Joël Valenzuela will be a panelist at ‘Banking the Unbanked’ on November 2nd.

Featured image: WorldCryptoCon

Sponsored Crypto Content



Wall Street Insider Reveals His Secret To Blockchain Investing



How Much Do You Know About Cryptocurrency



New Crypto Millionaires Are Created Everyday!



2018 Is The Year Crypto Currency Millionaires Are Made

The post World Crypto Con: Joël Valenzuela Talks Dash Adoption at WCC appeared first on BitcoinLinux.

Dash’s Adoption and Hashrate Reach New High While Price Continues to Languish.

While the prices of most cryptocurrencies are off their peaks, very few coins and tokens are working hard enough to regain those price peaks back. One such coin is Dash, which not only has worked on improving its merchant reach but also has worked on its core and improved its hash rate.

Dash firing all guns to break into top 10 coins

According to the latest post by Joël Valenzuela, the editor of Dash Force News – Dash’s own mouthpiece- Dash adoption and mining hashrate has reached new highs as the US economy shows long-term signs of trouble.

According to global Dash merchant listing site DiscoverDash, 4,015 businesses globally accept Dash as a form of payment. This is likely a conservative global estimate since many processors such as GoCoin do not publicly list their customers, and CoinGate alone, which enables Dash payments by default, claims 4,000+ merchants worldwide.

According to the post, the growth for Dash comes as other sectors of the economy show signs of worry. To quote from the post

“The growth in Dash’s ecosystem comes as other sectors of the economy show signs of worry. The US national debt continues to grow at an incredible rate, fast approaching $22 trillion. According to projections by the Committee for a Responsible Federal Budget, without changes to current spending policy, the US national debt will grow to six times the country’s gross domestic product (GDP) by 2093 when the population born in 2018 will have reached 75 years of age”

One of the other contributors to this growth has been Dash’s efforts in Venezuela. The coins successful endeavors in Venezuela have created a global template for adoption in the event of a worldwide economic crisis. At present, nearly 2,200 merchants in Venezuela accept Dash for payment, over 50% of the global known total. This is due to the combination of the several Dash teams on the ground pushing adoption for the last year, as well as Venezuela’s considerable economic problems, with hyperinflation leading to issues storing wealth as well as transacting. Dash has a fixed stable supply and can transact instantly anywhere in the world for fractions of a cent, presenting a superior alternative. In the possible event of more failing currencies around the world, we may see a similar opportunity for Dash adoption to rise.

While this has been on the adoption side. Dash’s mining hashrate has reached a new all-time high. At the time of writing, the current hashrate has reached an unprecedented 2.884 petahashes, according to data from BitInfoCharts. The previous high was reached in late December at 2.63 petahashes when Dash had reached an all-time high in the price of over $1,500 per coin. The current new high in hashrate comes as the price remains around 10% of what it was when the previous high was reached.

While Dash is definitely doing every bit to get its peak prices back, one will have to wait and see when does it actually gets there.

How sooner, do you think, will Dash reach its peak price of around USD 1500 again? Do let us know your views on the same?

The post Dash’s Adoption and Hashrate Reach New High While Price Continues to Languish. appeared first on BitcoinLinux.

loading…

BitGo Adds Stellar Lumens and Dash, CEO Says They Offer Unique Features

BitGo, a major Palo Alto-based cryptocurrency startup, is adding Stellar Lumens (XLM) and Dash (DASH) to its list of cryptocurrencies that it offers custodian solutions for, signaling that the two cryptocurrencies are seen as being unique and practical enough to pass the company’s selective coin addition process.

Customers will be able to generate wallets for Dash, a spin-off of Bitcoin aimed at being a more effective means of payment, starting Friday, and wallets for Lumens starting sometime in the next couple of weeks.

BitGo markets themselves as being the “world’s most secure wallet provider,” so the addition of XLM and DASH wallets could be exciting for investors in the two cryptocurrencies. The startup is also the largest Bitcoin processor in the world, with over $15 billion in monthly transactions with clients from over 50 countries.

BitGo CEO: Dash and Stellar Lumens Offer Unique Features to Users

The announcement regarding the addition of XLM and DASH came from Mike Belshe, BitGo’s founder and CEO, while speaking on Fortune’s Balancing the Ledger FinTech video series. Belshe specifically noted that the addition of the two new cryptos is due to their unique features that “offer some advancements, particularly around payments.”

Specifically, Belshe explains that the addition of Dash is due to the cryptocurrency’s “instant payment” and “privacy payment” features that are proving useful for many people, specifically those in countries like Venezuela, who are using Dash to avoid Hyperinflation and damaging fiscal policies.

Ryan Taylor, Dash Core Group’s CEO, recently spoke to Business Insider about the adoption of Dash in Venezuela, saying:

“We are seeing tens of thousands of wallet downloads from the country each month… Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”

Belshe also explains that Stellar Lumens was also a clear pick for BitGo due to its narrow focus on providing “global payments for more consumers,” which sets it apart from Bitcoin due to its specific focus on transactions rather than being a store of value.

Stellar Lumens has been seeing increasing adoption rates, specifically from IBM’s new cross-border settlement system, World Wire, which uses Stellar’s blockchain to process international transactions.

That being said, it is important to note that institutions looking to use World Wire are not required to use XLM to conduct the transactions, and the institutions have the ability to choose any cryptocurrency (whether it be XLM or a stable coin) to transact with. Many investors assume, however, that XLM will be the go-to choice due to its seamless compatibility with the Stellar blockchain.

BitGo’s Additions Come Amidst Increasing Competition

As to the increasing rate of cryptocurrency custody solutions, including those potentially being offered by JPMorgan Chase and the New York Stock Exchange, Belshe contends that BitGo will always be seen as a better choice due to custody being its sole focus. This is compared to exchanges that simply want to hold funds to encourage the use of their connected exchange.

Belshe explained that if the NYSE went to the SEC and said “‘Hey, please let us be a custodian for the assets that we trade,’ the SEC would laugh them out of the room.”

Featured image from Shutterstock.

The post BitGo Adds Stellar Lumens and Dash, CEO Says They Offer Unique Features appeared first on BitcoinLinux.

Venezuela’s Petro Copied Dash, Claims Ethereum Developer

Venezuela’s Petro Copied Dash, Claims Ethereum Developer

An Ethereum developer is claiming the state-backed petro (PTR) cryptocurrency, a plaything to Venezuelan President Nicolas Maduro, has taken substantial amounts of its newly published whitepaper from Dash (DASH). Indeed, at least at first glance, it does appear there are close similarities between the altcoin and the world’s first national cryptocurrency.   

Also read: Bitcoin Cash Speaker Series II Brings Leading Bitcoiners Together

Venezuela’s Newly Published Whitepaper Appears to Have a Great Deal in Common with Dash

Readers familiar with altcoin dash will recognize its salient features: instant send, masternodes, consensus combination, an X11 mining algorithm, and so on. That these elements have found their way into the recently published Petro whitepaper caught the attention of at least one keen reader, Ethereum developer Joey Zhou.

Venezuela’s Petro Copied Dash, Claims Ethereum Developer
Joey Zhou

The coincidences appeared to be so strong in his reading and subsequent comparison that Zhou took to Twitter, announcing “Lol Venezuela’s new Petro token is a blatant dash clone (at least the whitepaper, page 11).” He then linked to a graph that’s prominent in both the whitepaper (page 13 in the PDF) and the Dash Github.

Under the heading “Technical Description” (Section 11.6, “Staking o Tenecia”), the petro whitepaper seems to propose a consensus algorithm combination of Proof-of-Work (PoW) and Proof-of-Stake (PoS), which is similar to that of dash. Petro begins by allocating 85% of its rewards to “Nodos Maestros,” or masternodes, with the remainder left to users. But to be fair, Dash’s breakdowns are not nearly as skewed.  

Venezuela’s Petro Copied Dash, Claims Ethereum Developer
The offending image found by Mr. Zhou. Compare it to dash’s Github svg.

Masternodes, Instant Send, X11 Mining =
Highest Form of Flattery?

Sunacrip, the self-proclaimed autonomous entity that oversees all of Venezuela’s cryptoasset-related matters, features prominently in the Petro whitepaper. Though Petro supposedly has masternodes, a key part of dash governance, Sunacrip is given a lot of relative power. For example, it is allowed to change the consensus for the network’s “convenience.” Yet the whitepaper claims masternodes will “make decisions in the network and support transactions carried out by themselves.”

Venezuela’s Petro Copied Dash, Claims Ethereum Developer

Whether it’s straight plagiarism or a friendly open-source lifting might depend on who is judging the whitepaper. However, if petro were to be so “blatant,” as Mr. Zhou claimed, dash would be a logical choice. Venezuela has a history with dash, and as recently as this summer the world’s 12th-largest cryptocurrency by market capitalization caught a double-digit price bump, apparently due to a rush of Venezuelans racing to escape notorious hyperinflation.

An even deeper dive into petro shows what appears to be a pattern when it comes to dash similarities. Indeed, both instant send and X11 mining have been woven into petro, which are also critical features of dash. Described as “most important” to petro are “the instantaneous sending (less than five seconds) of the transactions, which represents an innovative advance with a significant impact compared to existing cryptocurrencies.” That sentence omits, of course, the most famous crypto using masternodes, dash.

Do you believe Venezuela copied dash, or are the similarities in its petro whitepaper simply a coincidence? Let us know in the comments below. 


Images courtesy of Shutterstock. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up 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 Venezuela’s Petro Copied Dash, Claims Ethereum Developer appeared first on BitcoinLinux.

Battle of the Privacycoins: Why Dash Is Not Really That Private

Battle of the Privacycoins: Why Dash Is Not Really That Private

Based on blockchain technology, most cryptocurrencies have an open and public ledger. While this is required for these systems to work, it comes with a significant downside: Privacy is often quite limited. Government agencies, analytics companies and other interested parties — let’s call them “spies” — have ways to analyze the public blockchains and peer-to-peer networks of cryptocurrencies like Bitcoin, to cluster addresses and tie them to IP addresses or other identifying information.

Unsatisfied with Bitcoin’s privacy features, several cryptocurrency projects have, over the years, launched with the specific goal to improve on them. And not without success. Several of these privacycoins are among the most popular cryptocurrencies on the market today.

However, as detailed in this month’s cover story, Bitcoin’s privacy features have recently seen significant improvements as well and are set to further improve over the next months and years. This miniseries will compare different privacycoins to the privacy offered by Bitcoin.

In part one: Dash.

Background

Dash (DASH) is among the most popular but also the more controversial cryptocurrencies in the space today.

Originally a codebase fork from Litecoin (which is in turn a codebase fork of Bitcoin), Dash was launched by its founder Evan Duffield in January 2014 as Xcoin. The project was quickly rebranded to Darkcoin, seemingly in reference to Dark Wallet, a now-defunct, privacy-focused bitcoin wallet project. Darkcoin rebranded a second time in early 2015, to the current name Dash, which stands for “digital cash.” At the time of writing, Dash claims a 12th spot on the cryptocurrency market cap lists, down from a top five spot for some time in early 2017.

Much of the controversy surrounding Dash stems from the early days of the project. While the coin was not premined, it was instamined. As the cryptocurrency went live, miners created 2 million coins in a matter of days. Quite a significant amount, with a total projected supply currently scheduled for a total of 22 million, and some 8 million coins in circulation today. According to Duffield, himself one of the early miners, the instamine was an accident. But instead of fixing the problem — for example, by changing the protocol rules or relaunching — it was decided that the coin would continue despite the instamine.

Since then, Dash has turned into (what it calls) a decentralized autonomous organization, or DAO and prides itself on being the first successful example of such an organization. The DAO centers around Dash “masternodes” — DASH nodes that stake (proof of ownership) at least 1000 DASH — and should help the network in certain ways, for instance by confirming “instant transactions.” In return, these masternodes receive 45 percent of newly generated DASH.

Another 10 percent of every block reward is reserved for the Dash treasury. What happens with these funds is decided by the masternodes by vote. In practice, this money funds the Dash Core Group, effectively the company behind Dash, today headed by CEO Ryan Taylor.

Additionally, this part of the block reward funds various forms of promotion of Dash but also some external projects, including Arizona State University’s Blockchain Research Laboratory, a legal cannabis industry payments platform, and several initiatives in emerging markets.

While once specifically marketed as a privacycoin, in recent years Dash did shift the focus of its pitch. Although privacy is still prominently featured on the Dash website and promotional material, it also emphasizes ease of use and low costs, apparently geared toward mainstream adoption. As a particularly notable deviation from its privacy-focused past, Dash even established a partnership with blockchain analytics company Coinfirm. While details about this partnership and the implications of it remain somewhat unclear, it’s not hard to see how this partnership is an odd fit for a coin previously known as Darkcoin.

Which brings us to these privacy features.

Privacy

Dash actually offers one particular privacy feature called Private Send. The Private Send feature is conveniently offered in a drop-down menu of the Dash Core full node client and in other Dash wallets.

Private Send is really an implementation of CoinJoin, the privacy solution first proposed for Bitcoin by Bitcoin Core developer Gregory Maxwell. In Private Send, three users add their coins together in one big transaction, that sends the coins to freshly generated addresses belonging to the same three users. As such, the coins are effectively mixed between the three participants, breaking the blockchain trail of ownership between them. This process can be automatically repeated up to eight times, with (hopefully) different mixing participants, for extra privacy.

Like any CoinJoin solution, Private Send does require someone to construct the CoinJoin transaction. This is done using Dash’s masternode system. Dash users that wish to mix their coins contact a random masternode, which then collects the coins from the different users, and mashes them together in the CoinJoin transaction. It’s important to note that the masternode cannot steal the coins.

However, it does mean that Dash users must trust the masternodes with their privacy. After all, the mixing masternodes can link the sending and receiving addresses together; they know exactly which coins are going where. If these masternodes are run by spies or share their information with spies (on purpose or by accident), the Dash users gain less than nothing: They don’t have privacy, while revealing that they would have liked to have privacy.

Granted, if a Dash user mixes his coins more than once, the odds should decrease that all mixing masternodes leak this information. However, to optimize uptime (and collect block rewards), many masternodes may well be run from virtual private servers that could be compromised relatively easily in one go, for example by government-sponsored spies. Further, many masternodes could be controlled by the same people (keep in mind that some 25 percent of all coins were mined in the first week), which means switching between them might not even help that much.

It’s also worth noting that Private Send does require users to take the specific step of mixing, which in turn requires time, effort and comes with a (modest) fee. As such, only users who care about privacy are likely to partake in the mixing process; users who feel they have nothing to hide will not. This has the potential downside that mixing itself could be considered suspect. And while the trail of ownership is broken on the blockchain, the history of mixing is still visible.

Bitcoin

But perhaps most importantly, CoinJoin is not really unique. The technology was not only first proposed on Bitcoin, it is also available on Bitcoin. The most notable and powerful CoinJoin solution available today is Chaumian CoinJoin, which is embedded in the ZeroLink framework, which is, in turn, implemented in the Wasabi Wallet as well as the Bob Wallet and announced for Samourai Wallet.

Similar to Private Send, ZeroLink lets users add their coins together in one big transaction, which sends all these coins to freshly generated addresses belonging to the same users. But importantly, and unlike Private Send, the mixer is in this case unable to link the sending and receiving addresses. Clever cryptography helps break the link, without needing to trust anyone.

While Dash does, with its GUI-interface, offer a more user-friendly CoinJoin solution at this point time, the privacy guarantees are weaker than on Bitcoin — never mind serious contenders like Monero or Zcash. Needless to say, for a cryptocurrency that is, or at least was, promoted as a privacycoin, this is quite disappointing.

Or as Maxwell — whose very own CoinJoin invention is used for Private Send — once described Dash’s privacy features: LOL.

This article originally appeared on BitcoinLinux.

loading…

Dash CEO: Financial Institutions Must Move Cautiously Despite Crypto Potential

The CEO of Dash Core Group has said that despite the potential of cryptocurrencies, larger financial institutions must move cautiously.

Moving with the Times, but Caution is Still Needed

For years, the crypto industry has continually worked at attracting institutional investors to the market. It hasn’t been easy though. A lack of trusted custodians, in addition to warnings from the U.S. Securities and Exchange Commission (SEC) has created a barrier to entry.

However, a shift is starting to take shape. Now there are more instances of former bankers joining the crypto space while big banks are announcing new hires and services indicating they are opening doors to cryptocurrencies and blockchain technology.

Despite steps being made by banks, for many forward-thinking finance executives the transition is too slow. Coinbase’s appointment of Jeff Horowitz, who formerly built global fraud-prevention programs for BNY Mellon, Citigroup, Goldman Sachs, and Salomon Brothers, to the role of chief compliance officer, is just one example of a financial industry veteran making the jump into the crypto market.

Ryan Taylor, CEO of Dash Core Group, is another figure that left a Wall Street career, to move into blockchain. Previously a hedge fund analyst covering a global stable of payments industry investments for the private equity and public market funds of a $20 billion investment firm in New York, he soon saw the potential of the cryptocurrency market. And now he’s CEO of Dash, which boasts transaction confirmation times on par with Visa and Mastercard.

Yet, even though the finance industry is showing signs of moving with the times, Taylor believes they should “move cautiously.” In an interview with BitcoinLinux, he said:

“Financial institutions are fundamentally risk management machines,” he said. “Their entire business model is dependent on compliance and risk management. So I think that despite the enormous potential of cryptocurrencies, the larger institutions must move cautiously.”

He goes on to state that if financial institutions want to enter the market in a meaningful way regulations and sophisticated chain of custody solutions must be developed.

“While those things are being worked on, it is clear that they started too late,” Taylor added.

And it’s because of this that it can become a frustrating experience for financial institution executives that believe in the technology. In Taylor’s opinion this is why people are leaving banks to pursue a career with crypto startups as “nobody wants to be left behind.”

How Will Financial Players Change the Market?

Earlier this month it was reported that Adam White, the vice president and general manager at Coinbase, said the company’s long-term strategy is to lure institutional investors into the crypto market.

This is apparent by its Coinbase Custody platform, which was released last month. In an interview with BitcoinLinux in July, Zeeshan Feroz, Coinbase UK CEO, said there had been “a lot of interest” in it. At the time, it was noted that the exchange had already accepted 10 institutional investors.

This month Goldman Sachs revealed that it was taking another step forward in the crypto market, with reports suggesting that it was considering offering custody for cryptocurrency funds. Indicators suggest that if true this could present a game changer in the industry.

With the market slowly changing, it shows how crypto is increasingly driven by differentiation and specialisation, said Taylor. After all, you can’t be all things to all potential customers. He adds, though, that as more projects are initiated, the industry will become more complex.

“Ultimately, most of the competitors entering the market today will fail, because the market is still discovering the sources of value that leads to success,” he added. “Eventually, I believe you’ll witness the emergence of several dominant blockchains within major use case categories, and a massive culling of ill-conceived projects.”

Featured image from Ryan Taylor.

The post Dash CEO: Financial Institutions Must Move Cautiously Despite Crypto Potential appeared first on BitcoinLinux.

August 2018 Volume Rankings Report: ETC and Dash Top Ten

August 2018 Volume Rankings Report: ETC and Dash Top Ten

During August, the monthly volume posted by the majority of leading cryptocurrency markets continued to decline. Despite such, the ETC and Dash markets again defied the trend to post an increase in trade volume, with XRP also bucking the downward trend this month.

Also Read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Top 5 Most Traded Cryptocurrency Markets Posts Month-Over-Month Decline in Volume

August 2018 Volume Rankings Report: ETC and DASH Top TenTrade volume for BTC pairings declined by 5.34% during August – falling from $131 billion USD last month to $124 billion during the last thirty days, according to Satoshi Pulse.

USDT saw the smallest volume fluctuation of the major cryptocurrency markets this month, with $82.9 billion worth of Tether changing hands during the last thirty days – a 3% drop in trading activity when compared with July.

ETH has maintained its position as the third most traded cryptocurrency, however, saw a drop from July’s $53 billion in thirty-day trade volume to post $45.75 billion for August. The nearly 14% drop marked the third consecutive month of declining volume for Ethereum.

EOS also posted its third consecutive month of declining volume, with August’s $18.1 billion down nearly 11.3% from July’s $20.4 billion.

Bitcoin Cash saw a drop in trading activity during August, dropping 31.3% from July’s $14.85 billion to post $10.2 billion in thirty-day volume.

ETC, XRP, and DASH Defy Downward Trend

August 2018 Volume Rankings Report: ETC and DASH Top TenOf the top ten most traded cryptocurrencies during August, ETC, XRP, and Dash were the only markets to post an increase in volume month-over-month.

Ethereum Classic climbed from eighth to sixth after experiencing an increase in thirty-day trading volume for the fourth month in a row – with August’s $7.9 billion comprising an approximately 18% increase over July’s $6.7 billion for ETC.

XRP has maintained its position as the 7th most traded cryptocurrency market, with August’s $7.8 billion comprising a 13% increase in trade volume over July’s $6.9 billion.

LTC experienced a slide back down to eighth after ranking sixth for two consecutive months after posting $7.14 billion in thirty-day trade volume – a 16.7% drop in trading activity when compared with July’s $8.57 billion.

Dash has continued to climb the rankings, with August’s $5.26 billion elevating Dash to ninth position and comprising a 5.2% month-over-month gain from the $5 billion in thirty that propelled DASH into the top ten most traded markets last month.

Despite posting a 9.1% drop in monthly trade volume, Qtum has crept back into the top ten most traded markets with $4 billion after dropping to 11th last month with $4.4 billion.

Many Leading Crypto Markets See Significant Volume Volatility

August 2018 Volume Rankings Report: ETC and DASH Top TenThe TRX Markets have continued to slide down the rankings, sitting at eleventh for August with $3.45 billion – a 36.7% drop from last month’s $5.45 billion. TRX was the sixth most traded cryptocurrency market during May, however, slid to ninth during June and July.

CKUSD has climbed from fourteenth to rank twelfth for August after posting $3.36 billion in monthly trade volume – a roughly 16% increase over July’s 2.9 billion.

ZEC posted among the strongest volume gains produced by a leading cryptocurrency market during August, with $2.9 billion worth of Zcash exchanging hands during the last thirty days – an approximately 35% increase over July’s $2.15 billion. ZEC ranked thirteenth for August, up from sixteenth last month.

Ontology saw the strongest percentage gain in trade volume of the leading crypto markets, with August’s $2.34 billion comprising a 41% increase over July’s $1.66 billion. The increase in trading activity has elevated ONT from the twentieth to the fourteenth most ranked cryptocurrency market by thirty-day trade volume.

XLM has maintained its position as the fifteenth most traded cryptocurrency, despite August’s $1.94 billion comprising a 15.65% drop from July’s $2.3 billion.

ADA and NEO Slide Significantly in Volume Rankings

August 2018 Volume Rankings Report: ETC and DASH Top TenADA saw a significant drop in trading activity during August, sliding from thirteenth in July to sixteenth this past month with $1.84 billion – a 40.65% drop from last month’s $3.1 billion.

NEO saw the largest drop in trade volume of the major cryptocurrency markets, sliding from twelfth to seventeenth after posting a thirty-day volume of $1.83 billion – a 46.2% drop from July’s $3.4 billion.

Do you think that the majority of the leading cryptocurrency markets will continue to posting declining volume month-over-month? Share your thoughts in the comments section below.


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up 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 August 2018 Volume Rankings Report: ETC and Dash Top Ten appeared first on BitcoinLinux.

loading…