SegWit, Litecoin And Bitcoin

litecoin and bitcoinNetworks On Litecoin And Bitcoin

Litecoin and bitcoin does no longer have a block length hassle. That’s right, and SegWit isn’t only a block scaling answer. I could even say block scaling is just an aspect advantage of SegWit.

The major restore is transaction malleability, which would allow Lightning Networks (LN) to built on a pinnacle of Litecoin. 
 
And there are a group greater exceptional features of SegWit.
 
But some people say LN on Bitcoin will kill any motive to apply Litecoin. 
 
If human beings can do immediate transactions on Bitcoin, why could they use Litecoin?
 
My intestine experience is this isn’t the case. Even with LN, Bitcoin still can’t provide all and sundry within the international. 
 
I think the calculation became that at 1MB blocks, LN and SegWit on Bitcoin can service 500M users. 
 
LN nodes will fee a rate for LN txns going through them and that price may be relative to the Bitcoin network fee.
 
litecoin and bitcoin 2

Comparing Txns Between Litecoin and Bitcoin

So Bitcoin LN txns will be greater highly price than Litecoin LN txns. It can also make financial feel for an LN txns to move through Litecoin and returned to Bitcoin to get the cheapest charge.
 
Lightning makes this viable as it lets in the two LN to be inter-operable. I don’t realize that this use case can be within your budget or no longer, however we won’t know till both LNs constructed and strolling.
 
Think of it being highways: Today, it packs Bitcoin full of cars and Litecoin is empty. 
 
 
Even with Bitcoin packed, the motors aren’t coming to apply the Litecoin motorway today as it’s not linked and it’s inconvenient (centralized exchanges and sluggish on-chain transfers) to go throughout.
 
LN will construct bridges over the highways. But a facet gain is that those bridges will join both highways together. Maybe the bridges on Bitcoin are sufficient such that cars will live on the Bitcoin highway.
 
My wager is that the convenience and the cheaper tolls on Litecoin motorway will convince cars to move over and use Litecoin. 

Trading Litecoin and Bitcoin Without Risk

Another gain is atomic pass-chain transactions via LN. 
 
Two customers can change BTC and LTC instantaneous and without a chance. 
 
Efficient decentralized exchanges are actually viable.
 
Or what if a merchant accepts simplest BTC however you best have LTC? You can now pay LTC and exchange them right away via an LN change node and ship BTC to the service provider. That’s decentralized shapeshifter.
 
One ultimate factor I notion of lately is the potential to stability lopsided fee channels on both lightning networks. 
 
There are possibly thousands and thousands of other cool matters that SegWit and LN open up we have yet scratched the surface of.
 
Until SegWit, LN, and Confidential Transactions, I didn’t see a want for Litecoin to pop out to help check capabilities earlier than they’re on Bitcoin. 
 
So I became happy to let Litecoin move on without a lot of development. 
 
Hence my tweet approximately Litecoin now not wanting development.
 
But with SegWit and Bitcoin’s modern block scaling impasse, I see a potential for Litecoin to assist Bitcoin destroy via this impasse. 
 
Litecoin can take a lead and be a tremendous pressure within the cryptocurrency space. 
 
We have been drafting at the back of the Bitcoin race automobile for decades. It’s approximately time to take a flip out front.
 
 
This is my imaginative and prescient for a way Litecoin and Bitcoin will paintings together to remedy the world’s transaction desires in the destiny. 
 
And it’s far why the Silver to Bitcoin’s Gold analogy constantly resonated with me. Do you want to come alongside for the trip?
 
 

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Learning to Store Cryptocurrencies Properly

store cryptocurrenciesStore Cryptocurrencies Adequately

The way which you store cryptocurrencies could be the important thing of protection or chance your own crypto cash. I will share my very own method which I use.
 
1. The primary issue to recognize is the basic rule: Do now not give ANYONE in any second, your private key.
 
2. Create a bootable USB flash pressure. Create a bootable USB flash force with permanent encrypted storage. Tails may be perfect, because it has an Electrum (Bitcoin wallet) and encryption within the container. Set up passwords for login and for encryption.
 
3. Create a cold wallet. Load with Tails (without the Internet). Create your bloodless wallet the usage of Electrum. Come up with a complex password and write the 12–13 phrases (seed) on paper or think of something other location.
 
This seed — is your cash!!! These 12 phrases will can help you regain access to the wallet from any laptop within the destiny.
 
You must also pick the test container on the choice “View Transaction Before Signing” inside the wallet Settings. Thus, you’ll motive Electrum to expose the transaction info before input a password (i.e. Signature) and send the transaction to the community.
 
4. Create a “watch-only” pockets within the main OS or mobile cellphone. Copy your Bitcoin public deal with from Electrum right into a textual content record on a flash power and shutdown the Tails. Create a ‘watch-handiest’ pockets using your public address or public key in any pockets app you like on main OS or on cellular cellphone.
 
5. Spend Bitcoins secured. To ship your Bitcoins safety: run Tails once more (do not use Internet). Then make the transaction > a window will appear (as we’ve got enabled the checkbox “View Transaction Before Signing”).
 
store cryptocurrencies 2

Safety Store Cryptocurrencies

At first click “Sign” and then whilst you input the password, click on “Save”. Do now not ship the transaction to the community and do now not permit internet, just replica the transaction record to the flash drive.
 
Start within the major OS > Open your wallet > In the menu pick out something like “Load transaction from report” > load the signed transaction from a flash power > and push “Broadcast” button.
 
 
Thus the signed transaction sent to the Blockchain from the ‘watch-most effective’ pockets, and your personal key not leaked everywhere from your Tails usb.
 
I agree that this scheme is not the maximum comfy to apply, because you want to make a lot of manipulations with two OS and usb devices.

Hardware Wallet For Store Cryptocurrencies

If you’re searching out a very good usability — study shopping for a hardware wallet. These hardware wallets works by the scheme defined above, however additionally they’ve some unique blessings:

Multiple cryptocurrencies in one secured wallet

Private keys often stored in a blanketed place of a micro-controller, and can’t transfer out of the device in plaintext
 
Immune to computer viruses that scouse borrow from software wallets may use securely and interactively, instead of a paper wallet which have imported to software at some point.
 
 
You can feel like James Bond.   
 
Some of these wallets (e.g. Ledger Nano S wallet) assist now not handiest Bitcoin however additionally Ethereum, Litecoin, Dogecoin, ZCash, DASH, Stratis and greater. 
 
Also, it has integrations with many wallet apps like Electrum, BitGo, Copay, GreenBit and others.
 

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Introducing Erasure Market Predictions

erasureThe Erasure Protocol

Erasure is a brand new decentralized statistics market. It lets in absolutely everyone to add predictions, stake them with cryptocurrency, construct a music record that everybody can affirm, and earn money.

Commit to every prediction ahead of time

In 2013, an open supply task referred to as Proof of Existence become released. Proof of Existence allowed a user to timestamp a report the use of the Bitcoin blockchain.

You should upload your file to the Bitcoin blockchain and prove that the file existed.

From Business Insider, writes Rob Wile, that Proof Of Existence is “possibly the maximum honest example of a post-Bitcoin carried the usage of Satoshi’s blockchain”.

erasure 2

Erasure Need Timestamp

On Erasure, you need to timestamp each prediction you add, much like Proof of Existence.

Imagine you’ve got done research on Apple’s hardware production. After investigating for a while, you recognize that iPhone sales in China will exceed all expectations, and you observed that Apple is about to skyrocket.

But today, the pleasant factor you may do with this information is to buy Apple inventory.

The enormous majority of facts is tough or impossible to express as an alternate.

If you download a buying and selling application in your iPhone and buy shares of Apple, you’re uncovered to all styles of risks that lie outdoor the records you have.

Your prediction about iPhone income in China might grow to be exactly proper but you may lose money on your change.

Currency fluctuations in the US dollar and Chinese Yuan may want to pass against you.

The US stock market may fit down and crash your Apple stocks together with it.

Even if your information is good, there are many methods you can lose cash in your exchange.

So deciding not to shop for Apple shares, and your facts never reaches the marketplace.

That’s terrible for you, because you pass over out on an extraordinary and valuable possibility. 

And it’s horrific for the world, as it misses out to your records and a greater efficient inventory marketplace.

Instead of buying and selling one hundred shares of Apple on Robinhood, you’d a lot rather sell your prediction to a hedge fund who can get most value from your information.

Hedge budget can hedge out the marketplace threat, currency threat and other risks by using making smart offsetting trades to get complete cost from the facts.

Erasure With Diversification

They also can trade your prediction with diversification — combining it with other predictions they have.

Your personal non-public change might most effective have a small expected to go back with lots of volatility and chance. 

But your prediction might paintings fairly interior a hedge fund’s various, low-volatility portfolio.

Your statistics is a lot more valuable to a hedge fund than it is to you.

And it’s better for the sector for the hedge fund to have that records instead of you because a hedge fund with $500 million greenbacks could make lots larger and smarter trades than you could with $5,000 in savings and a Robinhood account.

If it’s so absolutely better for people to promote statistics to hedge price range in place of exchange themselves, in which is the super statistics marketplace for predictions?

It doesn’t exist. And it not should have existed until now.

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Blockchain is Really Hard?

blockchainWhat Do You Know About Blockchain?

What the heck is a blockchain, anyway? And can it really do all these items? Can blockchain carry something first-rate to industries as various as health care, finance, supply chain management and song rights? And doesn’t being for Bitcoin suggest which you’re pro-block-chain? How are you able to be for Bitcoin however say whatever awful approximately the generation at the back of it?

In this article, I am seeking for to reply quite a few these questions through searching at what a block-chain is and greater importantly, what it’s no longer.

What Is a Blockchain?

To have a look at some of those claims, we should outline what a blockchain is and lies a variety of the confusion. 

Many corporations use the word “block-chain” to mean a magical tool through which all their statistics will never be incorrect. Such a device, of direction, does not exist, at least when the actual international worried.

So what is a blockchain? Technically, a blockchain is a connected list of blocks and a block is a set of ordered transactions. 

If you didn’t apprehend the closing sentence, you may think of a block-chain as a subset of a database, with a few additional properties.

The major thing distinguishing a block-chain from a normal database is that there are precise guidelines about the way to put statistics into the database.

It cannot battle with a few other facts that’s already inside the database (steady), it’s append-simplest (immutable), and the information we lock it to a proprietor (own-able), it’s replicable and available.

Finally, all of us is of the same opinion on what the country of the matters inside the database are (canonical) without a vital celebration (decentralized).

It is that this final factor that absolutely is the holy grail of block-chain. Decentralization may be very attractive as it implies there may be no unmarried point of failure.

No single authority will be capable of do away with your asset or change “records” to healthy their wishes. 

This immutable audit path in which you don’t should trust all people is the advantage that everyone that’s gambling with this generation is looking for. This benefit, however, come at a good price.

blockchain 2

The Cost of Blockchains

The immutable audit trail uncontrolled by any unmarried party is sincerely beneficial, but there are many prices to create any such a gadget. Let’s study some problems.

Development is stricter and slower

Creating a provably consistent machine isn’t an easy undertaking. A small trojan horse ought to corrupt the complete database or cause some databases to be extraordinary than other ones.

Of direction, a corrupted or split database no longer has any consistency guarantees.

All such systems have to design from the outset to be regular. There is not any “circulate fast and wreck things” in a block-chain. If you spoil things, you lose consistency and the block-chain turns into corrupted and nugatory.

You may question, why can’t you just restoration the database or start over and move on? That might be easy enough to do in a centralized device, but that is very difficult in a decentralized one.

You want consensus, or the agreement of all players inside the system, if you want to change the database. 

The blockchain needs to be a public resource that’s now not under the manager of an unmarried entity (decentralized, do not forget?), or the complete attempt is a very pricey way to create a slow, centralized database.

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