Electrum Wallet Gets Cozy with Bitcoin’s Lightning Network, Can Now Send LN Payments Directly

Electrum Wallet Gets Cozy with Bitcoin's Lightning Network, Can Now Send LN Payments Directly

Electrum Wallet, a popular wallet service, has recently announced to the world that it would start to support the Bitcoin Lightning Network. The founder of the company, Thomas Voegtlin, talked to the crypto media during a blockchain in Odessa, Ukraine, and affirmed that the launch of this new feature is very close now.

According to the CEO, the work to implement the Lightning Network on the project has been going on for a year now. After a year in a separate development, the company has finally reached the point in which they were able to merge the development with their main branch.

The launch is set to happen until the end of the current month, so the next release to be out will probably have the support the LN support.

However, there is a main difference in the implementation that will be used. Electrum will use its own implementation of the LN network, not one of the existing clients. This, the CEO believes, will give the users more control over their funds.

He also affirmed that the new product is set to be similar to Eclair, a Lightning Network-based wallet that uses the Electrum servers to work.

Electrum is one of the oldest BTC wallets in the market and this will prove to be a major upgrade in speed and reliability.

About the Lightning Network

The Bitcoin LN is a layer 2 scaling solution that is used to make the payments using Bitcoin faster. It does off-chain payments, so they are able to go through even when the network is too clogged.

Unfortunately, the project was very buggy at release at the beginning of the last year, which harmed adoption a bit right from the start and draw criticism from communities such as the Bitcoin Cash (BCH) community, one of the main competitors against Bitcoin Core (the original BTC).

Since the end of last year, however, the Lightning Network has evolved a lot and stabilized most of its issues. With the help of the Lightning Torch initiative, in which several people passed forward transactions, the awareness about the project was raised even more. Even figures such as Jack Dorsey have talked about it during the promotional initiative.

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Author: Gabriel Machado

100 Bitcoin (BTC) Community Members of Wasabi Wallet Make The Biggest CoinJoin Payment Ever

100 Bitcoin (BTC) Community Members of Wasabi Wallet Make The Biggest CoinJoin Payment Ever

The community behind Wasabi Wallet, a Bitcoin app focused on privacy, has recently reunited a total of 100 people in order to execute a CoinJoin, which is what happens when a Bitcoin transaction is joint by many people in order to make it a single transaction.

As you may well know, Bitcoin is very far from a private coin. The blockchain is very transparent and open, so you can see all the transactions. While this may be good for some reasons, it is bad for others. People will be able to track your transactions and discover who you are and how you are using your money if they have enough resources.

The CoinJoin is an alternative to this program and it was first proposed back in 2013 by Greg Maxwell. The idea was very well received and it eventually took off. Today, people can already make these special transactions in order to protect their privacy.

If you juggle the numbers of different transactions together, you can protect your identity. Wasabi Wallet made 100 transactions, which make it the possible biggest transaction of this kind. It is hard to say with 100% certainty that this was the largest transaction, though, so you can at least call it the largest known transaction.

The CTO of zkSNARKS, Adam Fiscor, affirmed recently that the biggest innovation of Wasabi Wallet is that never before a service like this one existed. The only other service that was possible to make such a large transaction was SharedCoin, a similar project.

He also affirmed that this was basically the largest transaction you can make, mostly because of limitations of the Bitcoin blockchain, as well as some other limitations. He also affirmed that it was hard to coordinate so many people, so this was indeed a huge effort and possibly the best you can do in a situation like this one.

It was, in fact, so hard, that it took a while before the company was able to get the exact number of 100 people to participate in the transaction.

Could CoinJoin Be The Future?

Fiscor affirmed that he believes in the potential of CoinJoin transactions and that they could be the future of BTC because they give more privacy to the users as it is harder to untangle the transactions done with them. With a large number of people, you can reach levels of anonymity which are very good.

While it may be seen as an exaggeration to have so many people participating in the same transactions, Fiscor affirmed that more efficiency is gained when there are a lot of participants because there are more variables. If there is a “cost” in reuniting so many people, what is gained is basically efficiency.

However, it is also important to take into account that other kinds of technologies might rise to become more popular than CoinJoin and that the authorities might not be very kind while looking at it, too. Recently, the Interpol shut down a prominent coin mixer, which also creates anonymity for the Bitcoin network.

These factors have to be considered when we want to understand the impact of technology.

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Author: Gabriel M

Samsung’s New Crypto Wallet for Galaxy S10 Falls Short But What Does the Future Hold?

Samsung’s New Crypto Wallet for Galaxy S10 Falls Short But What Does the Future Hold?
  • Samsung’s crypto wallet and features are not necessarily available to everyone.
  • Despite offering multiple crypto assets, the featured wallet does not include support for Bitcoin Core or Bitcoin Cash.

The implementation of a cryptocurrency wallet with Samsung was a massive step for the crypto industry, and many consumers were excited to get involved. The latest Galaxy S series smartphone came with the Samsung Blockchain Wallet, or so it seems. According to reports, this wallet is not even an available feature to many S10 users. For the ones that can access it, the crypto wallet has a huge problem – it does not store Bitcoin.

Samsung published an article last year that discussed how smartphones were an ideal companion for cryptocurrency and blockchain technology, because of their security. Joel Snyder, the IT consultant and security expert referenced in the article, stated that the mobile wallets on smartphones are more prepared to store crypto assets than computers are, thanks to the Trusted Execution Environment.

The TEE is a separate memory that exists within the device but operates separates. As such, the Android system cannot infiltrate TEE, even if compromised. Snyder pointed out that the only way to access TEE involves an API that “calls small applications running in the TEE ‘trustlets.’” When someone accesses the wallet on a PC hard disk or through internal storage, it is exposed to the possibility of malware. Within the TEE, malware is not even on the same operating system to extract them.

Before the launch, there were rumors circulating around the Galaxy S10 that it would offer a security feature that stores the crypto keys of users. There were even leaked images in January of an app that was allegedly called Samsung Blockchain Keystore, found in the menu for the S10 smartphone. In the description, the app was supposed to allow users to secure and manage their blockchain keys. The smartphone was released in February, and Samsung stated that it included “secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.”

There were no other details provided in the February 21st official announcement about the crypto wallet, even though there was a trademark filed in the UK for “Samsung Crypto Wallet.” Reports before the announcement had said that the wallet would end up supporting BTC, BCH, ETH, and ERC20 tokens, but they were dismissed.

Now, it looks like there are a lot of Samsung supporters and cryptocurrency proponents that are feeling confused and misled about the Blockchain Keystore. There are several reviews and Samsung press released that say that the feature is an option for customers in the United States, Canada, and South Korea. Even though there’s confirmation that the US has the feature, but there is a video review dated in March that indicates that all devices might not actually have it. To use it at all, the owner of the smartphone has to activate the crypto wallet under the Settings menu.

In a video review of the smartphone in Korea, there is an Enjin wallet installed, which requires that users launch the application, select Samsung Wallet from the dashboard, and approve the terms and conditions. After that, the user will gain access to the Blockchain Keystore, and will need to accept the same disclaimer and click Start to launch it.

In the Enjin Wallet from Samsung, users can access their holdings in ETH, ENJ, BNT, KNC, BNB, WBTC, TUSD, and USDC. At this point, Bitcoin Cash and Bitcoin (BTC) are not supported, and there are no reports that suggest that they will be in the future.

It is clear that the cryptocurrency market in Europe is being completely ignored through this entire launch. The Blockchain Keystore and the Samsung Wallet are not pre-installed in Sweden, UK, and other regions. Furthermore, there is no way to download the app from the Galaxy Store, and there is no suggestion that anything is planned for the UK at all.

Interestingly, even though the US, South Korea, and Canada can access the features, there is no actual instructions included that explain how to install it. Presently, the only real news provided by Samsung is that the blockchain package will be expanded soon. Even though there appears to be limited availability, the crypto wallet may soon be available to other Galaxy devices.

In an article from the Samsung Newsroom, managing director of product strategy Chae Won-cheol said that the company will “lower barriers to new experiences.” The company apparently plants to offer more blockchain support to other countries, though there are still limited details available.

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Author: BEG News Desk