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Staff Thoughts

Free State Blockchain Digital Assets Conference 2018 Recap

Kyle Clark, who attended the conference in Portsmouth, wrote a recap of things that stood out from this small-size but large-impact event. Read his article here.

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Staff Thoughts

Dash Core Contributor Darren Tapp Endorses Anypay Proposal on NeoCash Radio

Darren Tapp is a core developer of Dash, one of the major viable cryptocurrencies vying for the number one spot to replace the dollar and become digital cash used the world over. He has made several significant contributions to the codebase, and he hosts a regular podcast called NeoCash Radio where he discusses important events in the world of cryptocurrency. Recently on the show, he endorsed a particular Dash proposal — something he’s never done before.

Dash proposals can be written and submitted by anyone. It costs 5 Dash to submit the proposal, and you can request any amount of money in return for the goal you propose. The proposal is evaluated by the Dash Master Node network, and each Master Node gets a vote for or against (or abstain). Anypay made a proposal last month to expand its efforts to bring the best merchant point-of-sale app to the world — one that allows businesses to accept digital cash. You can already use Anypay today by going to Anypay.Global. It’s free and respects your privacy.

You can read the proposal here: https://dashcentral.org/p/anypay

Watch Darren’s landmark endorsement:

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Meetups Staff Thoughts

Bitcoin for Organizations: One Vault, Many Keys

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:

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Meetups Staff Thoughts

Running a Monero Node and Mobile Wallet

Steven Zeiler presented an advanced hands-on lecture at BIT walking attendees through the steps of setting up their own Monero node and remotely connecting to a node from their mobile wallet. After one short hour, we were all passing around Monero from our computers to our phones just as easily as we would send bitcoin.

The advantage to using Monero is privacy. Bitcoin addresses are trackable by anyone. The blockchain stores the addresses involved with each transaction as well as the amount of each transaction. With Monero, transactions can be logged, but the amount sent is unknown. Even if a bad guy got a hold of your public address, he couldn’t see how much Monero was in there. The wallet we used was Monerujo and the full node software we used was the official client.

If you live in the Portsmouth area, join the Portsmouth Bitcoin Network so you get notifications about these meetups weeks before they happen.

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Meetups Staff Thoughts

Lecture: How To Protect Yourself from Hacking

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.

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Staff Thoughts

Grand Opening & Free Talk Live Broadcast from Shoppe

Wow, what an incredible day. It began at noon, when a man who had walked in weeks prior to buy his first bitcoin, returned to spend some on a 3D-printer kit to build with his son. Then, nationally-syndicated radio hosts Ian Freeman, Mark Edge, and Darryl W. Perry arrived and set up microphones to record an episode of their show Free Talk Live. Finally, we all headed over to the Seacoast Repertory Theatre for the 5-year Anniversary Screening of Victimless Crime Spree!

Here’s what you missed:

Broadcasting From the Free State Bitcoin Shoppe’s Grand Opening in Portsmouth, NH :: Operating the Store :: Is Bitcoin the Best? :: Bitcoin and Banks :: World Famous Bitcoin Tour :: Derrick J’s Favorite Customer Stories :: Joel Valenzuela from Dash Force News Joins Us :: Cryptocurrency Acceptance in Other Countries :: Bitcoin Vending Machine :: Victimless Crime Spree Fifth Anniversary