Friday, December 6, 2019
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Couldn't Claim Your Bitcoin Cash? BTC.Com Now Has a Tool for That

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Users who weren’t able to claim their bitcoin cash in the wake of this month’s hard fork now have a better chance of retrieving their lost funds.

Announced this week, BTC.com has launched a recovery tool for the cryptocurrency, one designed to let users whose wallets didn’t support the switch to claim their coins.

Because users of some services still technically own bitcoin cash (but don’t have access to it), the tool allows them to “extract” bitcoin cash from their wallets by exporting the keys and, then, moving the currency into a new, supporting wallet.

If it sounds complex, it is. To put it simply, when bitcoin cash split from the bitcoin blockchain, anyone who owned bitcoin as the two networks parted ways were suddenly allocated an equal amount of bitcoin cash. However, many users were unable to access their new funds because the contentious and fast-moving fork caught many digital wallet providers off guard.

While some wallets supported the currency from the get-go, others decided against it because of concerns about confusing customers and a lack of technical resources to integrate the new cryptocurrecy.

In a blog post, BTC.com’s online marketing manager, Nikol Daru, explained why the tool was needed, saying:

“Recovering bitcoin cash from a bitcoin wallet in a do-it-yourself manner can be a risky process that requires serious expertise. That’s why we have developed this designated recovery tool, to make the process easy and seamless for everyone.”

There’s one big caveat, however: the service only works for specific wallets. According to the blog post, Blockchain and Mycelium are compatible with the tool, as well as unnamed others.

The launch will likely come as a relief to some in the community, including some who support bitcoin cash’s technical roadmap and others who desire gains from holding or selling off the new asset.

And those funds are looking increasingly worth retrieving. A swift climb in price in the last 24 hours has seen bitcoin cash overtake Ripple as the third largest cryptocurrency by market capitalization. At press time, bitcoin cash is valued at $506, according to CoinMarketCap

Binary code image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

D+H Files for Multiple Patents on Private Blockchain Tech

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Canada-based fintech vendor D+H Corporation has filed three patent applications relating to the creation and use of private distributed ledgers.

The U.S. Patent and Trademark Office published the trio of applications yesterday, public records show, all of which share the same title: “Peer-to-Peer Financial Transactions Using A Private Distributed Ledger.” The applications were submitted on February 10.

The applications themselves focus on the ways in which a private distributed ledger can be built and managed. Unlike public blockchains like bitcoin, in which any user can launch a node or compete to add their own transaction blocks, private networks restrict users to a list of permissioned parties.

As explained in the abstract of one of the applications:

“Methods and systems for performing peer-to-peer financial transactions using a private distributed ledger are described. One example method includes allocating an initial currency value to a genesis address, the initial currency value representing a maximum value of currency to be managed in the blockchain network; identifying a new member to add to the blockchain network; generating an address for the new member; and transferring an amount from the genesis address the address for the new member, the transferred amount equaling an amount to be managed by the new member in the blockchain network.”

The blockchain-related filings are the first for the Canada-based D+H, which, as reported last year by CoinDesk, has moved to integrate blockchain into its suite of payment services.

The firm has also worked with financial institutions like Rabobank on developing blockchain applications. In the Rabobank project, D+H helped create a cross-border transaction tool that utilizes the technology.

Wires image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Investor Albert Wenger to Fund ‘XPRIZE’ for Blockchain-Powered Blogs

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Union Square Ventures partner Albert Wenger has revealed plans to fund a new prize aimed to incentivize the creation of a blockchain-powered blogging platform.

Modeled after the storied XPRIZE award, Wenger’s offer requires that the blog be built using emerging blockchain technologies in which Union Square Ventures is an investor, in particular, the Blockstack developer kit and decentralized storage system IPFS, built by Protocol Labs.

Wenger had previously written of his idea for a blog without a central authority on his Tumblr channel. In the post, he raised concerns over monetary strategies as the blogging space becomes increasingly centralized.

In particular, he expressed concern that since his portfolio company Tumblr had been acquired by Yahoo, which was in turn acquired by Verizon earlier this year, he might lose control over important features and be forced to accept ads he hadn’t agreed to.

This is the second time this week that a well-known investor has revealed his intentions to launch a blockchain prize for developers.

On Wednesday, AngelList founder Naval Ravikant confirmed he would fund a competition to build a decentralized Twitter, also using the Blockstack developer kit.

And signs suggest this may be the start of a larger trend to boost development on the Blockstack platform, as sources have told CoinDesk that more prizes may be in the works.

Earlier this week, Blockstack revealed the formation of a $25 million fund backed by five venture capital firms. It will invest solely in startups using the platform, designed to power a new decentralized internet.

Still, comments by those close to the activities suggest plans may be in early stages.

Blockstack co-founder Muneeb Ali told CoinDesk:

“High-profile investors are willing to put up these prizes for specific apps. We’re pretty excited about that, but we’re ironing out the details.”


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