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Ethereum [ETH] network will help countries with emerging economies, says creator of Burner wallet

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Ethereum [ETH] network to help countries with emerging economies, says creator of Burner wallet
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The release of the new Burner wallet developed by Austin Griffith, Director of Research at GetGitcoin, was announced today, November 10, on Twitter. The open-source project supposedly aims to help drive mass adoption of Ethereum using the xDAI sidechain.

Austin Griffith, a software engineer, and a Bitcoin enthusiast, said that the project would help countries with emerging economies become decentralized using the Ethereum network. He stated in a blog post:

“These emerging markets are where we should focus our onboarding efforts. This is where Ethereum has the most potential to impact the world now.”

He substantiated his aim by noting that it is hard to find important goods in emerging currencies with traditional currencies due to the fact that the value of their currencies fluctuate violently. He further stated that the exchange of value is one of the best aspects of the Ethereum space.

The wallet is called “Burner Wallet” and works using the PoA [Proof of Authority] protocol on the xDAI sidechain to convert tokens from one chain to another. The transaction happens in under five seconds and gas costs are virtually zero. The post quoted:

“One mobile phone can send DAI to another in 5 seconds with a simple QR code scan without any wallet download, this works on web browsers. Users can even send value through messaging services like WhatsApp with a simple link!”

The wallet is meant for transferring or exchanging values in day-to-day transactions because a burner is generated automatically upon visiting the official website “https://xdai.io”. Since the private key is stored in a cookie, it’s not secure, so it is recommended to sweep the remaining cash into a private key and burn the private key.



A Twitter user, Matt Garnet, commented:

“Are the private keys encrypted in the cookie?”

Austin Griffith replied to the comment saying:

“Nope. These are burners. Don’t put very much money in them and burn them when you’re done. It’s all about ease of use.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Ethereum

Ethereum Classic [ETC] might boost security value of Ethereum, claims ETC’s Donald McIntyre

Biraajmaan Tamuly

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Ethereum [ETH] can be benefit Ethereum Classic as ETC might boost the security value of ETH, claims Donald McIntyre
Source: Pixabay

Ethereum [ETH] is one of the most proficient cryptos in the space and its wider adoption has become one of the most speculated and debated topics in the cryptosphere. Recently, Ethereum [ETH] welcomed a major partnership with Ernst and Young, which could signal the release of its new-zero proof technology on the Ethereum blockchain.

Despite such major developments, one of the major issues Ethereum and other major cryptocurrencies have faced is the addition of security value to their asset.

A prominent Ethereum Classic [ETC] proponent believes that the ETC network can assist the main Ethereum blockchain in improving its security.

Donald McIntyre, the manager of ETCDEV, an organization focused on the development of Ethereum, recently stated that the divergent functions of ETH and ETC could improve the relevance of Ethereum Classic.

McIntyre drew a comparison between ETH and ETC, terming the respective digital assets as a “sports car” and an “armored vehicle”. He drew this comparison to explain that ETH was fundamentally about scaling and performance, while ETC emphasized on high value and security.

He suggested that ETH was heading towards the identification of a network which would provide high speed and high transactions layers to meet high-performance applications, whereas ETC was based on decentralized computing and smart contracts between people and companies.

He added,



“In that analogy, ETC could even provide security services to high performance networks such as ETH. I think it would be a big advantage for both ecosystems [ETH and ETC] to analyze that possibility as it would likely minimize, in the context of a standards war, which means that only few networks will survive in the future.”

He further piled on the “unique characteristics” of ETC, stating that after ETH’s transformation to ETH 2.0, ETC would be the only non-fragmented, fixed monetary policy, PoW, and Turing-based blockchain.

He said,

“That is an extremely valuable niche in the industry that will be increasingly appreciated in the next few years as the layer 1 [L1] vs layer [L2] and security vs performance segmentations become more evident for market participants.”





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