With Dandelion, there is another approach to increase the Bitcoins privacy. Bitcoin to Cash has a development kit and Ethereum Classic has with the ECIP-1046, a proposal for a bridge between Bitcoin and the little brother of Ethereum.
Again, there were so many technical News that one could not consider all! I hope, nevertheless, to be able to get a good Overview of the technical news from the world of crypto and blockchains provide currencies. We will see that signatures and privacy, as generally in the last few days, here topics. You can also see in the case of Bitcoins little brother interesting developments, the perspective could lead to the fact that Bitcoin has Cash more than the claim, “to correspond to the Vision of Satoshi’s”. In the Ethereum environment the project AxLang that a programming language for Smart Contracts, with the same verify formally was able to win a large amount of funding. But enough of the face is a teaser, we begin our tour through the Tech News!
Bitcoin: Patent for the wallet backup and dandelion for privacy
As recently reported Coinbase has filed a Patent, in the hedge of a centrally-managed Wallet. They want to build on shared access rights to a single Private Key. The approach fits the business model of Coinbase, which some call wrongly in part, as a “Bitcoin Bank”, it is centralized. Bitcoin users, which have full autonomy over your own Funds is important, it is not commitments, this Patent really. Rather, it is for Coinbase and other more centralised systems, such as Exchanges of an invention, it is possible to hedge the value of investments of our customers better.
It is well known that Bitcoin has to catch up in terms of privacy. As in the video recommendation of the week, and in a separate article presented a System that aims to increase the privacy significantly with Taproot. But the Taproot is not the only approach. Another approach, whose GDP was drafted about a month ago, called Dandelion – dandelion. Dandelion has a special focus: unlike in the case of Taproot, or Coinmixing it is not to the traces on the Blockchain. Instead, the Dandelion is to anonymize the Propagation of the transaction itself, i.e. the Sending of the transaction to the network. This is an important approach; a Node that sent a transaction, it can connect with various data, including the IP address of the sender.
The aim is to achieve, by sending a transaction is the first on a single, randomly selected Node. It does not end up in the Mempool, but it passed. So Dandelion is the “root” of a transaction. One speaks therefore also of the “Stem” Phase, the “Fluff stage” is connected. This will send all of the selected Nodes, the transaction referred to in the Mem Pool. Who would like to learn more about this approach can read a very detailed Medium-Post of Cryptonomy, or neither of the original paper.
Formal verification of Smart Contracts and Bitcoin-to-Cash-Devkits
Ethereum came recently with a large Investment in the News: Goldman Sachs, JP Morgan, and others invested a total of 32 million in the company Axoni, which is working on the programming language AxLang. AxLang is a Scala structure of language, with which to develop Smart Contracts on Ethereum and Ethereum-like the private blockchains should be able to. Why a language other than Solidity use? AxLang promises that the Smart Contracts are formally verifiable. This would increase the safety standard. A few months ago discussed a study showed that at least 3 percent of the Smart Contracts on the Ethereum block Chain security gaps.
Bitcoin Cash may be significantly more than “the real Vision of Satoshi’s”. Admittedly, The first News say (again) exactly. nChain announced that they will release a new Full Node Implementation, which should clearly move closer to Satoshi’s Vision. The Community responded rather behavior; Craig Wright, the Chief Scientist of nChain is a controversial figure. He claims to be Satoshi, and has promoted various Blockchain-patents, which speaks from the point of view of the critics against the Open-Source of the Bitcoin Blockchain. On the other hand is involved in this project, in addition to nChain Coingeek extremely strong, who had most recently 30 percent of the Hashing Power in the Bitcoin for Cash network. Decentralized is different.
It is, however, Bitcoin Cash needs, if you only look at the technical news. Recently, it was published on bitcoin.com with BitBox is a Bitcoin Cash SDK, which is intended to give interested developers the necessary tools for the realization of ideas on the Bitcoin-to-Cash-Blockchain in the Hand. In this case, should it be via Wormhole is also possible to develop tokens, and Smart Contracts. Such developments will help Bitcoin Cash is significantly better than the plethora of “Bitcoin Cash is the real Bitcoin”-Tweets from Roger Ver.
More News for Altcoins: Ikarus, BOLT and bridges between Ethereum Classic and Bitcoin
Cardano published in this week’s Icarus. This is a Wallet that is not needed unlike Daedalus the Download of the entire Blockchain. This is for the adaptation of Cardano’s a big step, after all, not everyone wants to download the entire Blockchain.
Further up, the desire of Bitcoins was raised for privacy. How is this actually going to be the anonymity in the case of Layer solutions, such as the Lightning Network? In any case, something is happening here. Only recently, the Code for BOLT, an anonymous Lightning Network was published on Zcash on github. The idea behind BOLT is an older model and was originally proposed by the Zcash-founders. The anonymous Lightning Network should use two Payment Channels related techniques: Commitments – the hide, the amount of a payment, and the blind signatures, which allow the invisible signing a transaction.
Ethereum Classic as a bridge-Builder: With the ECIP-1046, it should be possible to track transactions on the blockchains of Bitcoin, or Bitcoin to Cash automatically. “Interoperability” is one of the priorities of Ethereum Classic, in the sense this bridge between Bitcoin and Ethereum Classic fits well in the concept. Would like to implement it on an analysis of the root of the Merkle Tree.
Lisk can finally announce, as in the last week, news: Lisk Commander 1.0.0 has been released. This is the Command Line Interface of Lisk.
New developments in the Blockchain sector: First Demo from the Binance-DEXund BLS signatures
Beyond individual crypto-currencies Binance was able to show in a Video, the first Version of their decentralized crypto exchange. So far, this decentralized stock exchange has only a Command Line Interface. A first step in the direction of the Binance DEX is taken on each case. It is So interesting that Binance has posted this Video, it would be desirable if you would put this Alpha Version a little more available to the Public.
In addition, we once again went to signatures. Signatures are a very important topic for Bitcoin. Taproot and Lightning need both signatures, a Bitcoin transaction is generated by the signature from the Private Key of the sender and the Public Key of the recipient and, in the case of investment management multi-party Multi-Signature Wallets are always a keyword. To Schnorr’s the big buzzword when it comes to new signature systems for Bitcoin. Schnorr-signatures promise various advantages compared to the classical ECDSA signatures. However, Schnorr-signatures, have their limits: for Example, m are implement-of-n multi-signatures in a Schnorr difficult. These and other limits are to be solved by BLS signatures. BLS show David Boneh, Ben Lynn, and Hovav Shacham, this signature scheme presented in a Paper. For some time now there is a new Library that implements the BLS signatures.
We arrived after a tour through the technical News this week for signatures. You see: Even beyond the prices, courses and opinions of any of the financial experts, the crypto world is still very exciting!