Ledger investigates wallet’s sudden lack of Bitcoin Cash support

Ledger investigates wallet’s sudden lack of Bitcoin Cash support

The Ledger team has resolved the reported sudden lack of Bitcoin Cash support on its wallet.

On Wednesday, a Ledger spokesperson confirmed to CoinGeek that “this issue has now been resolved.”

“Recent updates to Bitcoin Cash infrastructure resulted in Ledger customers seeing inaccurate balances displayed on their BCH Wallets. As a result of Bitcoin Cash infrastructure changes, Ledger software was temporarily unable to acquire balance and transaction information from the Bitcoin Cash blockchain. This issue has now been resolved. Customers do not need to take any action, and BCH balances will be updated automatically. We apologise for any inconvenience,” the spokesperson said.

On the Reddit forum /r/ledgerwallet, users complained that they have been unable to access their funds on the Ledger wallet for the past two days due to technical problems. Some users reported encountering problems with their transactions if they use BCH as currency, while others are completely shut out of their balances.

According to a Reddit user who wanted to transfer from Coinbase to Nano S, transfers involving SegWit-Coin BTC, LTC and ETH went through just fine but the BCH transaction did not work although the QT Code was scanned accordingly for funds to be received. The user complained that after 36 hours nothing had happened. The situation has created consternation amongst Ledger Wallet users who have taken to social media to voice their concerns.

Ledger Wallet initially addressed the incident in a tweet and also posted an “Active Incident” report after the degraded performance of BCH transactions. The report, which was lodged on April 9 at 7:10 a.m. UTC, noted that “the new version of Bitcoin ABC (Bitcoin Cash node) breaks compatibility with our parser.” This resulted in incorrect result balances on the Ledger Wallet, according to the team.

Ledger maintained that all funds were safe and can still be accessed in emergency situations using the software wallet Electron Cash.

Despite the immediate response, users still hit out at Ledger over the company’s inordinate amount of time it took for the problem to be solved. Nicolas Bacca, CTO of Ledger, addressed the issue, saying:

“The team is still investigating. I’m not following this closely, but if invalid data was fed into our parser it could be necessary to reparse the whole chain which will take a few days. Thanks for your patience, and feel free to open an issue on Electron Cash github if it isn’t working properly… for any blogger trying to misquote me—this means that another team is working on it as fast as they can, but not myself.”

Meanwhile, CEO Eric Larchevêque assured its clients that Ledger’s entire infrastructure engineering team “is working on fixing the outage since we have been aware a day ago.”

The incident report previously stated: “Our main servers are now synced and running. We’ll run on a degraded infrastructure the time for us to ensure that everything is fine (next 12 hours). Once we’re sure that everything is running smoothly, we’ll apply our patches to Ledger blockchain explorer and the BCH daemon before we sync the rest of our infrastructure.”

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Trezor won't support CashAddr

Trezor won’t support CashAddr, cites backend compatibility issues

Whenever there’s a new thing around the block, everyone turns their heads to see what’s up. When the new CashAddr format was introduced by Bitcoin ABC to the Bitcoin Cash community, it was received with warmth and gratitude. However, not everyone in the community felt the same way.

Hardware wallet companies like Ledger, KeepKey, and Trezor are major brands which most users in the Bitcoin Cash community trust and rely on for their daily needs. While the first two have been quick to upgrade their products’ software and accommodate the new CashAddr format designed specifically for Bitcoin Cash, the latter hassuggested that they may never support it.

According to a Trezor developer, their hardware wallets won’t provide support for CashAddr’s Bitcoin Cash new address protocol, an upgrade which secures BCH addresses from both human and machine error while also providing extended functionality.

In a Reddit thread, u/stickac, CTO and developer at Trezor cited backend compatibility as an issue affecting their decision: “This will break compatibility with most of the existing systems, which will make it even less interesting for merchants, users, etc. Lead developer is totally ignoring feedback from experts in the industry creating more and more mess,” adding that “the proposed change for Cash is non-standard and non-trivial and frankly, so we won’t be rushing into supporting that one.”

The developer’s response was met with petitions from Bitcoin Cash users for the company to reconsider.

“I like the wallet but it’s kind of ridiculous you’re not even going to try,” said u/kikimonster. u/keo604 shared the concern, saying, “We’re Trezor resellers (just received another batch of 25 Trezors) and our customers are primarily BCH users. Please support the new address format. Thank you.”

Another user expressed disdain over Trezor’s apparent unwillingness to adapt to the upgrade. “Every time I see these (this) decision, instead of ‘we are open to every opportunity’, I get frustrated,” said u/koalalorenzo.

Bach Nguyen, a community manager from Trezor, recently tweeted: “It’s much less about consulting us, but more about consensus. There are three different address formats for Bitcoin Cash right now. Let’s wait until the dust settles so we don’t see a fourth one.”

It’s important to note that even before the new address format was implemented, the community and the decentralized team of developers working on the Bitcoin Cash network first formed a consensus before reaching the decision. Updates like the CashAddr are designed to ensure a seamless and secure experience for the Bitcoin Cash community. If the problem is identified as a backend issue, what the Trezor development team may do for its Bitcoin Cash users is to release an unofficial nightly build to test the dependencies surrounding CashAddr. If it compiles and runs well with BCH user’s devices, they might have to retract their statement and support the new protocol upgrade after all.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Widespread adoption of Cashaddr format spurs upgrades

Widespread adoption of Cashaddr format spurs upgrades, new tools

As the Bitcoin Cash network heads into a new phase of maturity, its community and developers continue to work on a set of new features that would improve Bitcoin Cash users’ experience. One of the new features that the network’s users may now utilize is the new address format named ‘Cashaddr.’

This new serialization protocol for naming addresses within the Bitcoin Cash network makes the addresses distinctively recognizable. This feature helps avoid human errors as well as provide extensions for future functionalities currently being developed for the network. Machine errors like sending BCH to a legacy BTC address may also be avoided with the protocol’s internal verification.

Since it was introduced and officially implemented two weeks ago, the Cashaddr format has attracted several businesses and service providers that support the Bitcoin Cash network, with some organizations promising future upgrades while they study its impact on their products. However, this new implementation was also met with some friction by hardware wallet companies that have decided to update P2PKH and P2SH address versions while keeping the same format or reuse Bech32-based encoding for their wallets. Other hardware wallets companies are of the opinion that the protocol update will “break compatibility with most of the existing systems, which will make it even less interesting for merchants, users, etc.”

Despite these varying reactions from the cryptocurrency industry, the Bitcoin Cash community has adjusted to the upgrade in BCH infrastructure, remaining steadfast to its vision of unrestricted growth, global adoption, permissionless innovation, and decentralized development. All Cashaddr addresses are linked to a “legacy address” in the Bech32 format, and the changes with the prefix and notation won’t affect a user’s private and public keys.

At the time of writing, integrations with the new Bitcoin Cash Cashaddr address format have been implemented with wallets and exchanges like Bitcoin.com, BitPay and Copay, Coinomi, Coinbase, Electron Cash, Blockchain.info, Stash Wallet, and BTC.com wallet; full node implementations like Bitcoin ABC and Bitcoin Unlimited, as well as block explorers like Bitcoin.com’s new BCH tool, Blockchair, and Blockdozer. Announcements from mobile-based clients like Unit have listed the address protocol upgrade in their future roadmaps.

Shapeshift.io, the exchange company which also owns KeepKey, a hardware wallet brand, has not issued any statement addressing user requests for the new implementation. As of writing, the firmware for KeepKey’s hardware wallets has already been upgraded.

Asked whether this new implementation had a one-to-one mapping protocol, Bitcoin ABC’s developers stated that “any legacy Bitcoin address format will convert to one and only one Cashaddr format, and the same is true in reverse. So there will always be two versions (legacy and Cashaddr) of any given address, and they are interchangeable because they correspond to the same set of private and public keys.”

Adoptions of the new format has spread swiftly in the Bitcoin Cash ecosystem, with some wallets allowing users to simply toggle between the legacy format (based on Bech32) and the new Cashaddr format. In case users get confused, Bitcoincash.org has provided a simple tool for converting between the two formats. For offline use, the Electron Cash 3.1 client also has a built-in Bitcoin Cash address converter.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Digital cash is the ‘killer feature’ in Satoshi white paper

Digital cash is the ‘killer feature’ in Satoshi white paper, says Bitcoin ABC’s Amaury Sechet

CoinGeek.com’s Becky Liggero sat down with Bitcoin ABC’s lead developer Amaury Sechet for an interesting conversation on how the community-based development work on Bitcoin Cash is currently being done.

Known in the programming community as “deadalnix”, Amaury Sechet has worked as a software engineer for prominent community platforms including Facebook. He has been involved with Bitcoin for a long time, having learned about it back in 2010, although it was merely a hobby for him at the time, noting that the network then seemed like it “took care of itself.”

“There was good people in charge and they were doing what seemed to be the right thing,” Sechet told CoinGeek.com.

Sechet’s fascination with social infrastructures and peer-to-peer communication systems led him to work and develop cryptocurrency applications. According to Sechet, his shift to working with Bitcoin Cash after initially being attracted to resolving software issues in the legacy Bitcoin (BTC) network was a decision based on what “the main point is” for cryptocurrencies, in relation to the Satoshi white paper.

“More recently, there have been a lot of tension about, you know, should the Bitcoin chain be something of a settlement system for high value payments or should be kind of like cash, you know, new version of cash,” Sechet said.

Before August 2017 hard fork, there was “very strong disagreement in the community,” and Sechet believed “digital cash” made more sense as an argument, eventually siding with the community that adhered with a block size upgrade to resolve scalability issues in the legacy chain, effectively creating what is now the Bitcoin Cash network. For Sechet, this argument made more sense and hence fulfilled the original direction of the Satoshi white paper because the document “clearly described a peer-to-peer cash system, and within the paper it talks about payment, about replacing cash and all of that.”

“It doesn’t talk about completing it with settlement layers,” he said, adding that “there is actually a lot of aspects that exist in Bitcoins that are not even described in the white paper.”

Although he is not against the other features placed within the legacy Bitcoin network, Sechet said the white paper’s main point is digital cash.

“Digital cash is, I think, the most important, like it’s the killer feature. It’s like the game-changing stuff that is in there,” according to Sechet.

Asked about the current direction for Bitcoin Cash that Bitcoin ABC is helping develop, Sechet said the team wants to work on the technology that will scale the network. Currently, six teams of developers are working independently to achieve this goal, but Sechet said there’s still a lot of work that needs to be done.

“If you want everybody in the world to use it, we need to scale it by at least two orders of magnitude,” he said.

Sechet sees two aspects of development that the Bitcoin Cash network needs to become ready for the future: growing by two orders of magnitude and decreasing the confirmation time. According to Sechet, if a user wants a transaction to be validated, it should be ideally done in three seconds, giving the user a seamless payment or purchasing experience.

Sechet notes that for this to work out in the long-term, the community of Bitcoin Cash users and developers would “need to have a very high degree of confidence in the validation of a transaction within a few seconds.”

Reflecting on the need of the Bitcoin Cash development community to adjust its strategies, Sechet believes the community should change some of its practices, saying, “I think the community needs to become much more proactive. Right now many people in the community are acting in a reactive manner, it’s like ‘Oh there is a problem, we need to fix it’ right? And then you know, everybody jump in to try to fix that problem but there is an effect when you know everybody jump on the problem at the last minute, it tends to make the resolution of the problem slower.”

Unlike the BTC network which has only one “core” development team working on it, the Bitcoin Cash network has at least six decentralized development teams working together. Without a leader or a corporate entity mandating its decisions, proper coordination and communication may stand as a challenge to the leaderless Bitcoin Cash development community, which is mostly made up of passionate volunteers. To avoid this bottleneck, Sechet provides a lesson in software management: “get on with,” suggesting that whenever a problem like this arises, what people should do is focus on what they can contribute on their end, given their specializations, and “try to come up with a proposal for the next one.”

“Just being more proactive and less reactive would be, I think, a huge win,” he said.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Dr. Craig Wright: Bitcoin front-end is really problematic

Dr. Craig Wright: Bitcoin front-end is really problematic

CoinGeek.com engaged Dr. Craig Wright, chief scientist at nChain, and asked him about what’s new and what’s being done in the world of Bitcoin Cash.

It’s been half a year since the historical hard fork at block #478558 that saw Bitcoin Cash (BCH) split from the legacy Bitcoin or SegWit1x (BTC) chain. Since then, the latter has devolved into a congested network with sky-high fees and untenable wait times for transaction confirmations.

Asked about the current roadmaps being fulfilled by Bitcoin Cash developers, nChain Chief Scientist Dr. Craig Wright shared, “It’s actually really good, we’re starting to get everything organized and developed and we’ve had our first hard fork which went through really, really smoothly.”

Bitcoin Cash is being developed in a decentralized manner, according to Wright, involving many teams such as Bitcoin ABC and Bitcoin Unlimited, as well as independent contributors to the project. This is in stark contrast with the work being done on the BTC chain, which at the moment is being controlled by a single, centralized dev team, backed by a corporate entity called Blockstream.

Dr. Wright expressed confidence in the decentralized development being done with the cryptocurrency, stating that “[we are] going to ensure that not only right now but going forward we’re going to scale, increase the adoption of Bitcoin Unlimited and Bitcoin ABC and the whole Cash (BCH) ecosystem so that we’re going to be able to have it so that scales to everyone viably.”

With recent news of Bitcoin Cash developers proposing an imminent block size increase to 32MB, the cryptocurrency has nowhere to go but forward. Its advances in the technical side, however, have been met by an imbalance in terms of the user-facing aspects.

“I do realize how difficult it is rather at the moment and I’ve been saying for quite a while the front end of Bitcoin is really problematic, the UI. And there are some other teams out there who have some really cool easy to use, I’ll even say sexy UIs that really have potential for adoption,” Wright said.

To the ordinary user, using Bitcoin Cash can be quite intimidating in terms of the interface—crypto software isn’t exactly for beginners. A lot of development has been going on in this aspect of the crypto market though, and Wright said they have “[…] been working with a number of companies who should be taking that problem up themselves and we’re going to help them and make sure that they can release something that will make it so that my grandmother can actually use Bitcoin Cash.”

The recent panic set in by BTC’s continuing ruin is predicated on a loss of market confidence. With more crypto users being educated on the sound values of Bitcoin Cash, it’s not long before people will use it as peer-to-peer electronic cash.

Dr. Wright observes the philosophical problem with BTC’s current state in terms of how most people use it: “It’s like any traders on stocks or anything like this. If you have a lot of movement, then every penny makes you cash, and for a lot of people, that’s a strategy for actually creating a lifestyle, a way of living at the moment, and it’s not sustainable long-term, that’s the problem. Eventually, someone stops the music, and you find out that there’s less chairs.”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
CashAddr address format for Bitcoin Cash goes live

CashAddr address format for Bitcoin Cash goes live

After a series of pre-release evaluations, Bitcoin ABC has finally released its new software version, 0.16.2. The update now includes the CashAddr Address Format, a new encoding of the previous format which followed the SegWit1x (BTC), also known as old legacy Bitcoin, address format.

First proposed in October, the new address format is a base32 encoded format using BCH codes as checksum. The format accommodates direct hyperlinks and QR codes for cross-device and print compatibility. It reuses the code for Bech32 and retains certain aspects of its master branch.

What’s different about the CashAddr format is with how it uses a visual cue to help users distinguish between BTC addresses and Bitcoin Cash addresses at a glance. The CashAddr format now uses a semantic prefix. The prefix [bitcoincash] indicates the network on which the address is recognized as valid, in this case the main net. The prefixes [bchtest] and [bchreg] are also deployed for the bitcoin cash testnet and regtest, respectively.

Bitcoin ABC encourages all Bitcoin Cash users to update to the new format, though this falls under their discretion, as wallet incompatibility errors may occur. A way to work around this is by using an address converter tool. Bitcoin ABC recommends using bitcoincash.org’s trusted converter tool. Using other reliable converters such as Electron Cash 3.1 is also recommended to avoid any malicious attempts to point transactions to other addresses.

Using the legacy address similar to BTC’s format will still work, however, the new address format has better security features, according to Bitcoin ABC. The old format will soon be deprecated and become archived as a base format. Beneath the new encoding, the raw public key hash (pubkeyHash) for each Bitcoin Cash user’s wallet is retained. The new format is case-insensitive, making it easier for users to type and communicate. The format is also open and extensible, giving it a space for modularity and compatibility for future functionalities appended to the Bitcoin Cash ecosystem.

Aside from the added security features and there’s no significant difference as the new format is just a new kind of encoding, Bitcoin Cash users will still experience the same fast, low-cost, and secure transactions.

The Bitcoin Cash development community formed this consensus to create a new type of address format in order to reduce errors and confusion. Given the performance of Bitcoin Cash since its launch as a cryptocurrency designed according to Satoshi Nakamoto’s vision of cost-efficient peer-to-peer transactions, this upgrade comes as a welcome change for the growing community.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Amaury Sechet on Bitcoin Cash smart contracts: simplicity is key to security

“Simple and safe” may be the right mantra for any program that deals with other people’s money.

Smart contracts have been Ethereum’s core value proposition for years. With the infinite possibilities presented by decentralized applications (DApps), Ethereum dominated the smart contract arena of the blockchain industry.

But a recent announcement by the Bitcoin Cash (BCH) developer community could tip some of that advantage away from Ethereum: smart contracts are on the way for BCH. Scientist Dr. Craig S. Wright has been saying for a while now that Bitcoin’s original protocol contains within it potential applications far more massive than what it is being used for right now.

“The problem that we see with Bitcoin is that people cannot isolate the functions within the system. They treat the entirety as a single monolith and cannot see how this can be utilised in its components,” Dr. Wright wrote.

But for Bitcoin Cash to even begin to take over what Ethereum already promises, it has to offer something more. And in this case, it seems “more” is actually “less.” Amaury Sechet, lead developer for Bitcoin ABC, thinks that although the Bitcoin Cash blockchain is capable of so much more, simplicity is the key to keeping it secure and functioning smoothly.

“You can do more than just finance, but I would personally oppose anything that hinders that usage. For instance, Ethereum is difficult to scale due to some of its smart contract features and we don’t want to be in the same spot,” Sechet wrote in an email to CoinGeek.

“Any smart contract feature that do [sic] not hinder payments/cash usages is welcome,” he adds.

While additional features outside of financial services have their place elsewhere, certain non-finance use cases can be so complex that scaling the network while maintaining these use cases becomes a giant tangled up mess. They can also congest the network and therefore obstruct its main use. In the case of Bitcoin Cash, that main use case would be value transfer. And the recent fight over Ethereum’s network congestion brought by CryptoKitties is one such example of a non-finance use case hindering all other transactions in the blockchain—it led to a record-breaking 30,000 transaction freeze on Ethereum at one point.

Amaury Sechet on Bitcoin Cash smart contracts: simplicity is key to security

 

Throughout the years, Ethereum has suffered the most expensive hacks in history. In 2016, the infamous DAO heist cost users 1.5 million ETH, equivalent to $1.27 billion at current trading rates. Ethereum suffered a drop from around $21 to $11, and has struggled to rise at all that year. The DAO ended up eventually imploding and shutting down completely. More disturbingly, the possibility of such heists and errors still exist to this day, especially when developers are deploying their own projects left and right without sufficient vetting, as the prospect of huge funds through ICO’s is very tempting.

In 2017 alone, there were so many multi-million dollar hacks involving Ethereum organizations that it’s actually hard to add up the exact figures at this point. This research by Chainalysis outlines how rampant cybercrime is on Ethereum, but that is merely scratching the surface as more hacks happened after the report was published.

To bypass the security risks Ethereum is vulnerable to, Sechet believes it’s best to prioritize financial applications on the Bitcoin Cash network, instead of piling on features that also increase security risks—which made Ethereum the bug and security nightmare it is today.

“Ethereum has a very rich and complex scripting system. Complexity always comes with security risk. Bitcoin cash will most likely never have a scripting language richer than Ethereum as money, not smart contract is the #1 focus.”

For developers interested in playing with possibilities in the Bitcoin Cash blockchain, Sechet says they can do so anytime through the testnet.

“People can fork testnet and experiment with pretty much whatever they want at any time. Bitcoin cash is permissionless. Forking the main chain is harder as it requires more ecosystem support.”

He adds, however, that at the moment, the community’s priority is in deploying the new address format that would help put an end to the confusion between BCH and the legacy chain (BTC). It will spare businesses and users the headache and will overall be beneficial to everyone involved.

“Right now, getting the new address format deployed will improve the experience for everybody. Users will make less mistakes and business get less support tickets. This is a win/win feature and the faster it is widely adopted, the sooner we will all benefit from it.”

The codes for the new address format called cashaddr have just been released for which Sechet targets a January 14 deployment. Apart from the new address, a leap from the current 8Mb block size to 32Mb is scheduled on May 15 this year, and another upgrade coming six months after, falling on November 15.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Amaury Sechet on Bitcoin Cash smart contracts: simplicity is key to security

“Simple and safe” may be the right mantra for any program that deals with other people’s money.

Smart contracts have been Ethereum’s core value proposition for years. With the infinite possibilities presented by decentralized applications (DApps), Ethereum dominated the smart contract arena of the blockchain industry.

But a recent announcement by the Bitcoin Cash (BCH) developer community could tip some of that advantage away from Ethereum: smart contracts are on the way for BCH. Scientist Dr. Craig S. Wright has been saying for a while now that Bitcoin’s original protocol contains within it potential applications far more massive than what it is being used for right now.

“The problem that we see with Bitcoin is that people cannot isolate the functions within the system. They treat the entirety as a single monolith and cannot see how this can be utilised in its components,” Dr. Wright wrote.

But for Bitcoin Cash to even begin to take over what Ethereum already promises, it has to offer something more. And in this case, it seems “more” is actually “less.” Amaury Sechet, lead developer for Bitcoin ABC, thinks that although the Bitcoin Cash blockchain is capable of so much more, simplicity is the key to keeping it secure and functioning smoothly.

“You can do more than just finance, but I would personally oppose anything that hinders that usage. For instance, Ethereum is difficult to scale due to some of its smart contract features and we don’t want to be in the same spot,” Sechet wrote in an email to CoinGeek.

“Any smart contract feature that do [sic] not hinder payments/cash usages is welcome,” he adds.

While additional features outside of financial services have their place elsewhere, certain non-finance use cases can be so complex that scaling the network while maintaining these use cases becomes a giant tangled up mess. They can also congest the network and therefore obstruct its main use. In the case of Bitcoin Cash, that main use case would be value transfer. And the recent fight over Ethereum’s network congestion brought by CryptoKitties is one such example of a non-finance use case hindering all other transactions in the blockchain—it led to a record-breaking 30,000 transaction freeze on Ethereum at one point.

Amaury Sechet on Bitcoin Cash smart contracts: simplicity is key to security

 

Throughout the years, Ethereum has suffered the most expensive hacks in history. In 2016, the infamous DAO heist cost users 1.5 million ETH, equivalent to $1.27 billion at current trading rates. Ethereum suffered a drop from around $21 to $11, and has struggled to rise at all that year. The DAO ended up eventually imploding and shutting down completely. More disturbingly, the possibility of such heists and errors still exist to this day, especially when developers are deploying their own projects left and right without sufficient vetting, as the prospect of huge funds through ICO’s is very tempting.

In 2017 alone, there were so many multi-million dollar hacks involving Ethereum organizations that it’s actually hard to add up the exact figures at this point. This research by Chainalysis outlines how rampant cybercrime is on Ethereum, but that is merely scratching the surface as more hacks happened after the report was published.

To bypass the security risks Ethereum is vulnerable to, Sechet believes it’s best to prioritize financial applications on the Bitcoin Cash network, instead of piling on features that also increase security risks—which made Ethereum the bug and security nightmare it is today.

“Ethereum has a very rich and complex scripting system. Complexity always comes with security risk. Bitcoin cash will most likely never have a scripting language richer than Ethereum as money, not smart contract is the #1 focus.”

For developers interested in playing with possibilities in the Bitcoin Cash blockchain, Sechet says they can do so anytime through the testnet.

“People can fork testnet and experiment with pretty much whatever they want at any time. Bitcoin cash is permissionless. Forking the main chain is harder as it requires more ecosystem support.”

He adds, however, that at the moment, the community’s priority is in deploying the new address format that would help put an end to the confusion between BCH and the legacy chain (BTC). It will spare businesses and users the headache and will overall be beneficial to everyone involved.

“Right now, getting the new address format deployed will improve the experience for everybody. Users will make less mistakes and business get less support tickets. This is a win/win feature and the faster it is widely adopted, the sooner we will all benefit from it.”

The codes for the new address format called cashaddr have just been released for which Sechet targets a January 14 deployment. Apart from the new address, a leap from the current 8Mb block size to 32Mb is scheduled on May 15 this year, and another upgrade coming six months after, falling on November 15.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Bitcoin Cash to scale to 32Mb blocks next year?

Bitcoin ABC says Bitcoin Cash could also possibly resurrect and unleash previously deactivated capabilities within the original Bitcoin protocol.

In a release, one of the development teams working on the Bitcoin Cash (BCH) blockchain—Bitcoin ABC announced what they say is the six to 12-month roadmap for the chain. Currently, several independent development teams are conducting research and development on the chain, which helps implement the decentralized development pledge of the community.

“Our top priority for Bitcoin Cash is to keep improving it as a great form of money. We want to make it more reliable, more scalable, with low fees and ready for rapid growth. It should “just work”, without complications or hassles. It should be ready for global adoption by mainstream users, and provide a solid foundation that businesses can rely on.”

The secondary priority on the road map revolves around adding enhanced features but only if they can be done safely. Although Bitcoin ABC clarifies that the planned features they listed are not yet final and are still subject for vetting by the other development teams, the roster is rather intriguing. The list includes another block size increase which, based on previous talks, could very well be a three-fold jump from the current 8Mb limit to 32Mb.

Even more intriguing is the plan to resurrect and unleash previously deactivated features in the original Bitcoin protocol, which supposedly had Ethereum’s capabilities from the very beginning but were “muted” due to a lack of both need and comprehension at the time. This brings us back to a statement Dr. Craig Wright keeps saying: Bitcoin is Turing complete.

They are targeting an initial upgrade to kick in on May 15, 2018 followed by a subsequent upgrade deployment six months later, Nov 15, 2018. Bitcoin ABC hopes to finalize the features and code to be used by February 15, 2018 and urges the community to come together on the upgrades as soon as possible to avoid last minute decisions and to allow sufficient time for review and testing.

We’ll post updates on the story as more information surfaces.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Bitcoin Cash to scale to 32Mb blocks next year?

Bitcoin ABC says Bitcoin Cash could also possibly resurrect and unleash previously deactivated capabilities within the original Bitcoin protocol.

In a release, one of the development teams working on the Bitcoin Cash (BCH) blockchain—Bitcoin ABC announced what they say is the six to 12-month roadmap for the chain. Currently, several independent development teams are conducting research and development on the chain, which helps implement the decentralized development pledge of the community.

“Our top priority for Bitcoin Cash is to keep improving it as a great form of money. We want to make it more reliable, more scalable, with low fees and ready for rapid growth. It should “just work”, without complications or hassles. It should be ready for global adoption by mainstream users, and provide a solid foundation that businesses can rely on.”

The secondary priority on the road map revolves around adding enhanced features but only if they can be done safely. Although Bitcoin ABC clarifies that the planned features they listed are not yet final and are still subject for vetting by the other development teams, the roster is rather intriguing. The list includes another block size increase which, based on previous talks, could very well be a three-fold jump from the current 8Mb limit to 32Mb.

Even more intriguing is the plan to resurrect and unleash previously deactivated features in the original Bitcoin protocol, which supposedly had Ethereum’s capabilities from the very beginning but were “muted” due to a lack of both need and comprehension at the time. This brings us back to a statement Dr. Craig Wright keeps saying: Bitcoin is Turing complete.

They are targeting an initial upgrade to kick in on May 15, 2018 followed by a subsequent upgrade deployment six months later, Nov 15, 2018. Bitcoin ABC hopes to finalize the features and code to be used by February 15, 2018 and urges the community to come together on the upgrades as soon as possible to avoid last minute decisions and to allow sufficient time for review and testing.

We’ll post updates on the story as more information surfaces.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Bitcoin Cash to introduce new address format to avoid confusion between BTC and BCH addresses

The new address format seems to be gearing up for even bigger plans.

Because the legacy chain (BTC) and Bitcoin Cash (BCH) share a common address format to date, it has caused confusion and resulted in some users losing their money after sending BTC to a BCH address, and vice versa. In an effort to put an end to this problem, Bitcoin ABC’s lead developer Amaury Séchet is proposing a new address format for BCH, one that will make it incompatible with the BTC chain.

According to Séchet, the new address format, called cashaddr, not only helps end the confusion. It also prepares the Bitcoin Cash system for further upgrades in the future, including multiparty smart contracts.

“Using a new format will prevent users from mistakenly sending money on the wrong chain. It also accept payloads up to 512 bits which ensures we can deploy more secure way of doing multiparty smart contract in the future. Finally, it uses a version field ensuring we can encode new features in these addresses in the future without having to use a new format.”

In addition, the upgrade incorporates some advanced improvements to the original address format. He says that the new address is more compatible with QR code encoding, and would be faster to decode and encode, which would come in handy when processing large volumes of addresses. A very strong checksum also safeguards from more errors.

The upgrade can be implemented easily and does not need a hard fork. Séchet is targeting a January 14 deployment—which is perfect as it avoids the Christmas holiday season, when transactions may be at its peak, while also being ahead of another holiday season, the Chinese new year which falls in February.

Séchet urges wallets and exchanges to deploy the upgrade shortly in order to “stop the fragmentation of the ecosystem,” citing a temporary fix employed by Bitpay that uses an incompatible address format. While it was understandable that they had to find a temporary solution to keep their users from losing money over the confusion between BTC and BCH addresses, it will no longer be necessary once cashaddr is implemented.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Bitcoin Cash to introduce new address format to avoid confusion between BTC and BCH addresses

The new address format seems to be gearing up for even bigger plans.

Because the legacy chain (BTC) and Bitcoin Cash (BCH) share a common address format to date, it has caused confusion and resulted in some users losing their money after sending BTC to a BCH address, and vice versa. In an effort to put an end to this problem, Bitcoin ABC’s lead developer Amaury Séchet is proposing a new address format for BCH, one that will make it incompatible with the BTC chain.

According to Séchet, the new address format, called cashaddr, not only helps end the confusion. It also prepares the Bitcoin Cash system for further upgrades in the future, including multiparty smart contracts.

“Using a new format will prevent users from mistakenly sending money on the wrong chain. It also accept payloads up to 512 bits which ensures we can deploy more secure way of doing multiparty smart contract in the future. Finally, it uses a version field ensuring we can encode new features in these addresses in the future without having to use a new format.”

In addition, the upgrade incorporates some advanced improvements to the original address format. He says that the new address is more compatible with QR code encoding, and would be faster to decode and encode, which would come in handy when processing large volumes of addresses. A very strong checksum also safeguards from more errors.

The upgrade can be implemented easily and does not need a hard fork. Séchet is targeting a January 14 deployment—which is perfect as it avoids the Christmas holiday season, when transactions may be at its peak, while also being ahead of another holiday season, the Chinese new year which falls in February.

Séchet urges wallets and exchanges to deploy the upgrade shortly in order to “stop the fragmentation of the ecosystem,” citing a temporary fix employed by Bitpay that uses an incompatible address format. While it was understandable that they had to find a temporary solution to keep their users from losing money over the confusion between BTC and BCH addresses, it will no longer be necessary once cashaddr is implemented.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.