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Crypto-as-you-go- How smartphones are adapting to accommodate cryptocurrency users




FINNEY blockchain smartphone from SIRIN LABS

The rise of cryptocurrencies has naturally birthed changes and developments in our technology and IT systems. One of the most prominent products to bring about this change has been cryptocurrency and the Blockchain technology it brought with it. The decentralised control of many cryptocurrencies works through distributed ledger technology, and in most cases, a blockchain works as a public financial transaction database. The ‘block’ in the chain stores digital information about transactions and is stored on a public database which is the ‘chain’.

Amid other worries such as the continuous rise and fall in the value of the currency, cryptocurrency holders generally fear their keys being stolen. A private key is a sophisticated and smart form of cryptography that allows users to access their cryptocurrency, protecting their funds from unauthorised personnel. Many cryptocurrency owners safeguard themselves with software wallets and mobile or desktop apps that are portable and easy to use. The apps themselves either store the keys or entrust them on the servers of a third party. However, given that everything is connected through the internet, software wallets and apps risk the potential of being hacked, making them highly vulnerable. As cryptocurrencies have shot up in value over the years, a threat could result in mass amounts of loss for some.

Precisely because of this reason, the world of crypto’s super-rich prefer hardware wallets. The wallets store keys on hardware devices such as USB drives and are kept offline most of the time. Although they do need to be connected to the internet to access and carry out transactions, they offer relatively tighter security than constantly connected devices.

With this in mind, tech giants such as Samsung and HTC have adapted smartphones and have launched models that accommodate for crypto needs.

A new edition of the Samsung Galaxy Note 10 smartphone has been launched which features a pre-installed cryptocurrency wallet. Knowns as the KlaytnPhone it offers its users a smooth and seamless experience when interacting with blockchain-powered services. The phone comes with blockchain apps and a crypto wallet. The wallet is based on a feature known as ‘Samsung Knox’ which is a platform built into Samsung devices. The platform consists of overlapping defence and security mechanisms that help to protect against malware, intrusions and malicious threats, making it capable of storing private keys. The Samsung S10 smartphone also features cold storage wallets which are offline wallets, allowing users to store cryptocurrency in the form of Bitcoin, Eutherum and Cosmo Coin. The device also supports selected decentralised apps known as ‘Dapps’.

HTC now has in its line up two smartphones that are aimed at cryptocurrency users known as Exodus 1 and Exodus 1S. The newest edition, the Exodus 1S, is much cheaper than its older sibling and offers much less powerful hardware. The smartphone can run a full Bitcoin node which is thought to be the first for a smartphone. The ability to to be able to run a full node means that the phone can relay, confirm and validate transactions done with Bitcoin, offering heightened privacy. Although this sounds great, the ability to run, on the phone, a full Bitcoin node does, unfortunately, come with limitations. The makes recommend that users connect their smartphones to Wi-Fi and plug them into a power source while it is running the full node to avoid disappointment.

Sirin Labs is different from the above two organisations and is an industry leader within mobile cybersecurity who have developed FINNEY, an ultra-secure blockchain smartphone with an embedded cold storage crypto wallet. For complete security, they have also developed Sirin OS which is thought to be the only operating system secure enough or storing and using cryptocurrency currently in the mobile environment. The enhanced security of the device in its entirety means that is has a built-in cold wallet that is accessible via the Safe Screen which pops up from behind the phone main screen. It also has its own app store named ‘dCenter’.

The above devices and many others like it indicate how smartphone technology is changing and adapting to the needs of their consumers. The introduction of cold storage wallets and the ability to run full Bitcoin nodes gesture a nod of approval for future technologies and advancements. With this in mind, the latest connective capabilities, and one that many smartphones are ready for, could also lend a helping hand.

The combination of 5G and blockchain technology has the future potential to unleash a massive surge of economic value, which might just be what cryptocurrency needs right now. To understand the true potential and relationship of 5G and Blockchain, we must think of it a multifold. The competence of 5G coverage through its ability of reduced latency along with its high speeds and capacity is the perfect formula to assist IoT devices to be widely used. Giving them this ability will mean these devices will leverage security, immutability, decentralisation and consensus arbitration of blockchains as foundational layers. Put simply, driverless vehicles, smart cities and smart homes will finally receive the technology they have been longing for to handle their specific needs and requirements and become a reality.

Author: Yasmita

I am a writer and have been writing about various topics over many years now. I enjoy writing about my hobbies which include technology and its impact on our everyday life.
Professionally I write about Technology, Health and Fashion and previously worked for the NHS.



Mining Bitcoin: How to Mine Bitcoin

Introduction to Bitcoin Mining Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was … Continued

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Introduction to Bitcoin Mining

Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was launched in 2009. Today, in 2019, there are at least a million bitcoin miners around the world. A single bitcoin (or “1 BTC”) is worth almost $10,000, give or take a few hundred dollars, and there are around 1,800 new bitcoins mined every day, meaning there’s a whopping $18,000,000 being ‘created’ every day.

Not bad for ten years. No wonder everyone wants to learn how to mine bitcoin.

A Brief History on Money

Cryptocurrency is math that can be used as money.

Money is, fundamentally, an accounting of debt; you owe someone for a good or service, and giving them money erases that debt. Banks are giant ledgers, accounting for every transaction – when you paid for your coffee, this “ledger” sees that you lost $2 and the coffee shop gained $2.

Paper dollar bills do not record this specific transaction – who lost and who gained those $2 – but they act as evidence of a transaction having taken place at some point. In fiat currency, a state is the ultimate arbiter or holder of all the debts – and the one that mints, or makes, the currency in the first place. They account for how much currency they put out, and approximately how much is present now; the only road bump being that they do not know every transaction in between.

In cryptocurrency, no one person or entity controls a central ledger, because this “ledger” is effectively on every computer connected to the network of that currency; everyone has it. Since each unit of the cryptocurrency is composed of math, as opposed to physical substances like paper or gold, this math effectively records every transaction

So Where Does it Come From?

Fiat currencies are “made” (or rather, minted) by states, and accounted for by banks, but these currencies are often directly or indirectly made from precious metals that are mined from the Earth – which is why so many people flooded California in the mid-19th century. Minting is a middle step between the mining and the currency.

Cryptocurrency cuts out that middle step; bitcoin is “minted” and made from BTC mining.

If bitcoin is commercialized math, then mining is the process of solving all its equations. A common, yet accurate, joke explanation is, “imagine if you could solve puzzles, then use those solved puzzles as money”. Bitcoin is that, but on a much larger and astronomically more complex scale; bitcoin mining is both the process of solving puzzles, and the process of verifying other solves puzzles.

That said, these “puzzles” (called “blocks” in BTC mining) are operating on a very complicated scale. BTC mining is basically the process of racing to correctly the correct number out of 115,792,090,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 possible options – and doing so hundreds, thousands, maybe even millions of times a day. This takes some pretty hefty computing power.

How to Mine Bitcoin

Despite a lot of chatter about bitcoin mining software, it is really a matter of hardware; software is just the most accessible way to access this hardware.

“Winning” or solving – and receiving payout for – is a combination of computational power and a bit of luck. If you accomplish this, you can get about 12.5 bitcoins, though starting in 2020, that will become 6.25. The number of bitcoins you receive for solving a block cuts in half every 210,000 blocks – which is roughly every four years, since the blocks get more and more complicated over time. This will keep going until 21 million bitcoins have been mined, a cap built into the system. There are currently only 3.17 million bitcoin left to be mined.

How to Mine Bitcoin in the Hard(ware) Way

There are two types of “miners” you can buy: application-specific integrated circuit (ASIC) or graphics processing unit (GPU). These are not only very expensive to buy, but they also take up a lot of electricity and require a powerful network connection. This is why mining calculators exist – these are various apps and sites into which you can input details on your miner, your power cost, and your network cost, to figure out how much profit (if any, even) you will turn.

It is usually pretty low, and these days, mining with your own hardware is only really advised for people who already happen to have lots of hardware and great network on hand, and would not need to go out of their way to get those.

That just leaves…

How to Mine Bitcoin With Bitcoin Mining Software

At 12.5 BTC per block, when bitcoins are worth $10,000 each, that’s $1,250,000 on the line every time you are competing with other miners to “guess the right number” first. This takes far more computer power than most people can afford on their own.

As such, the most common way to get in on BTC mining is to join a collective of miners and “rent” the mining tools – known predominantly as cloud mining.

The biggest advantage is that there is a much lower barrier to entry when you cloud mine bitcoins. The biggest disadvantage is that instead of getting the reward all to yourself, you are splitting those bitcoins with other people, and typically a lot of them. Winning a million dollars doesn’t mean as much when you’re splitting it with a million people.

Step 1: Choose Your Wallet

Before you start working for a job, you want to know how you will be getting your pay. By the same token, before you start mining for bitcoins, you should know where you will keep your bitcoins once you earn them.

Online wallets are typically the most convenient, and easiest to use. They are also typically the most efficient for actually using your bitcoins to purchase goods and services, and you will have your bitcoins even if you lose all your devices. That said, this does put you in a similar position with a bank. If the host is experiencing heavy traffic or DDOS attacks, you may not be able to access your funds, and if they are hacked, you can lose your bitcoins entirely.

Hardware wallets are the opposite extreme. As physical objects, are completely offline, and thus cannot be hacked or otherwise remotely attacked. As long as you have your hardware wallet and a device to access it with, you will be able to access your funds. But what you gain in remote security is lost in personal security; if you lose your device or it’s physically stolen from you, you lose your bitcoins.
The middle-ground between these is “software wallets” or “desktop wallets” (though these can also be mobile apps). These are on your local device, so even if exchanges go down or are attacked, you still have your bitcoins, and the only way you can lose them to remote exploitation is if you, the specific individual, are targeted and hacked, which is very unlikely. But, it can still be used to conduct transactions and otherwise go online as necessary. That said, this is also vulnerable to loss if you lose your physical device (i.e. if someone steals your computer).

Step 2: Find Your Cloud

Mining companies are the computing clouds or collectives of miners. While joining such a company might be couched in terms of renting the hardware, another way to look at it might be that you are investing.

The amount you invest, or the rate at which you rent, is known as a “mining package”, which you pick once you join a mining company. You can also invest ahead of time in new technology that will be coming out at a later date. That said, investing in something that doesn’t exist yet is always a heavy risk.

There are many sites in which you can find comparisons between companies, including user ratings and reviews. Be careful with the
reviews – while they can be insightful, many are also full of people attempting to get new ‘recruits’ specifically with referral codes, which will net the refer-er a small bonus or profit.

Step 3: Pick Your Pool

A “pool” is basically the team of miners that you choose to join up with, and contribute your invest or computing power. If you are just starting out mining bitcoins, you should start by joining an “older” (or rather, more established and vouched-for) pool, and perhaps one with lower fees. The payout or profit from these will usually be on the low side, but they are also less risky.

As you get the hang of bitcoin mining and learn how pools work, you can start venturing out to other pools that aren’t as established and carry higher risks, but also higher rewards.

Buy Bitcoin, Ethereum, XRP, and other cryptocurrencies on Coinsquare, the world’s home for cryptocurrency.


Source: Coinsquare: Mining Bitcoin: How to Mine Bitcoin

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