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Ethereum

Ethereum [ETH] foundation grant program is willing to fund secure crypto wallets projects

Laira Rebecca

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Ethereum [ETH] foundation grant program is willing to fund projects that try to make the crypto wallets more secure
Source: Pixabay

As the number of hacking reports among the cryptocurrency wallets increases, Vitalik Buterin, the Co-Founder of Ethereum says that the cryptocurrency wallets should be made more secure for its users.

In a recent tweet by Vitalik, he says that the Ethereum Foundation is ready to invest in development projects which are aiming to tackle these issues.

According to him, today’s technology measures are inadequate due to the following reasons:

  • Lack of available options
  • Lack of oracle providers for the semi-centralized options
  • Lack of standardized support across wallets
  • Lack of good first-class citizen support for multisig in Ethereum

He mentioned that some of the technologies like Bitcoin MultiSig wallet, Bitcoin Vaults, and uPort smart contracts have the capability to improve the current state of cryptocurrency wallets.

Vitalik Buterin recently tweeted:

“Cryptocurrency is an ideal trial-by-fire zone for new security tech. Incentives to attack and presence of anonymous attackers is very high. If a security technology survives in this environment, then it’s definitely good enough to consider rolling out in more mainstream contexts.”

Victor Zhang, a blockchain developer commented:

“We are working on an ETH wallet

  1.  It can interact with smart contract to perform real use case, like a wallet App Store, each token is an app.
  2.  We contribute to ERCs, the first one is ERC 875.
  3. We are working on protocols to replace the current “backup keystore” process.”

A Twitterati says:



“Vitalik, check out $BLUE.This project started as a free airdrop with a shipping product. Since the beginning @Blue_Protocol was a bootstrapped project. Currently finishing up D2FA and a contract scanning SDK that can be used by wallet makers, exchanges, eCommerce companies, etc.”

Matt Moynihan, a FinTech and Blockchain enthusiast says:

“YES!  Finally someone in crypto talking usability and design. This focus is what will accelerate adoption.”

According to him, security of the cryptocurrency wallets have not been taken seriously and the security flaws which he mentioned in an article in the year 2013 still persists. He further added that it is not realistic to assume that a non-technical user not to make errors. Therefore, increasing the security of these wallets have become a necessity which would help both users and developers equally.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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