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Dr. Darren Tapp and Nakul Chawla, two Dash developers, present the results of their latest tests on the viability of different scaling methods for cryptocurrency. They shared this valuable information with the public at the Blockchain Institute of Technology. Here is a link to the paper they produced, and here is their official publication on which the paper is based.
Video of the event:
Steven Zeiler of Anypay.Global led an awesome group activity last night at the Satoshi Nakamoto Lecture Hall. The topic was multi-signature wallets: how to create them and how to spend from them. The lecture was 60 minutes long and was followed by another 60 minutes of hands-on application. Everyone left with the ability to lock up funds in a unique new type of digital vault: one where the contents can be known at all times, but whose contents can’t be spent without permission from a number of agreeing parties.
“Multi-sig” wallets are also called “M-of-N” wallets. That’s because the creator can specify each of the variables for M (number of keys required to unlock the vault) and N (total number of keys to the vault). A 5-of-7 wallet, for example, would be a wallet that contains 7 keys, of which 5 are required to spend funds.
Where is this applicable?
Say you have a charity organization of 7 people. You raise donations in Bitcoin. If you use a traditional wallet (with 1 private key), you have a problem. Anyone who wants to spend the organization’s money needs the private key. If you’re all sharing the same key, there’s no way to prevent one person from running away with all the money — and there would be no way to tell who did it.
This is a perfect scenario for a multi-sig wallet. Your organization could raise funds in a wallet that requires several of you to sign off on a transaction before funds are sent. Maybe you want to allow majority rule and make it a 4-of-7 wallet, so that even if others disagree on an expenditure, they can be outvoted. Or perhaps you want total consent before any funds are spent. In that case you could create a 7-of-7 wallet. Or maybe you just want anyone in the group to have the ability to spend the money, and you just want to all share access to the same wallet. In that case you can create a 1-of-7 wallet.
Multi-sig wallet addresses are an example of something called “pay-to-script hashes”. These are essentially little bits of code that the bitcoin network has special instructions on how to read. The code is then processed through an algorithm (hashed), and the output is a unique style of public address. You can recognize pay-to-script hashes by the first digit. BTC pay-to-script hashes begin with a 3 (standard BTC addresses begin with a 1). DASH pay-to-script hashes begin with a 7 (standard DASH addresses begin with an X). Look for this next time you make a payment — you’ll see it everywhere. Every time you use Shapeshift, you’re using a pay-to-script hash.
We learned several ways to sign the transactions securely with various degrees of privacy. To try it for yourself, attend the next lecture on this subject by joining the Portsmouth Bitcoin Network on Meetup.com.
Here are some pictures from the lecture:
Members of the public attended an open lecture at the Blockchain Institute of Technology (BIT) yesterday on the topic: Protecting Your Digital Assets. The presentation was arranged by Billy Leibundgut, the co-founder of the University of New Hampshire Cryptocurrency Club and the General Manager of the Bitcoin Shoppe in Portsmouth, New Hampshire. He has helped hundreds, if not thousands of people level up their digital security through his work. Yesterday, he shared that knowledge with the Portsmouth Bitcoin Network, a Meetup.com group open to people of all ages and skill levels. Everyone, no matter how advanced, left with a deeper understanding of what vulnerabilities lurk behind our keyboards and mobile devices — and how we can better protect ourselves. The presentation is the second to took place in the Satoshi Nakamoto Lecture Hall. The first was a lesson by software developer Steven Zeiler on the topic: Spending Bitcoin on Amazon, Expedia, and CheapAir.
Last night’s event was catered by Fezziwig’s Food and Fountain, the number-one cryptocurrency-friendly restaurant in the Bridge District of Bitcoin Village. After the talk, some attendees stayed to chat in the Hal Finney Lounge. The next open lecture at the BIT is scheduled for Friday, April 6 at 7pm. The topic is Securing Cryptocurrency with Multi-signature Wallets. Steven Zeiler will present in the Satoshi Nakamoto Lecture Hall. Space is limited. Please RSVP here. Light refreshments will be catered by our friends at Fezziwig’s.
Billy Leibundgut, co-founder of the Cryptocurrency Club at the University of New Hampshire (“UNH Crypto“), presents a valuable primer on wallets and digital security in the form of an open lecture at the Blockchain Institute of Technology (BIT) on Friday, March 9, 2018 at 7pm EST. RSVP as “Going” on Meetup or Facebook.
This is the first meetup scheduled at the BIT, another crypto space in the internet-famous “Bitcoin Village” of Portsmouth, New Hampshire. Until this Friday, Portsmouth’s meetups, like most others around the world, took place at restaurants — great places for large groups of strangers to gather and talk, but less-than-ideal for in-depth, hands-on learning. This meetup affords attendees an opportunity to go from “zero-to-one” with bitcoin: Get your first bitcoin wallet, load it with some coins, and lock it up securely. Even longtime bitcoin pros will learn something from the many crypto-advanced traders and programmers in attendance.
Know what to expect before walking in. Read about past events here. Light refreshments served at 6:30pm