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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
Source: Unsplash

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.

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Ethereum 2.0 migration is similar to a hard fork says, Blockstream’s Samson Mow

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Ethereum 2.0 migration is similar to a hard fork says, Blockstream's Samson Mow
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Ethereum 2.0 project was designed to solve the scalability and consensus problems as Vitalik Buterin , the co-founder of Ethereum said. The much-anticipated rollout features revamp in terms of security, scalability, and decentralization which could not be introduced by means of a hard fork in the existing Ethereum network. According to Samson Mow, the Chief Strategy Officer of Blockstream, “migration of one chain to another, in the case of Ethereum 2.0, is similar to a hard fork”.

In the latest edition of Magical Crypto Friends, hosted by Whale Panda, a prominent figure in the crypto space, took a jibe at the network and stated that Ethereum is basically “dumping Ethereum 1 for Ethereum 2” which would require jumping from one chain to another and “starting from scratch”, and subsequently crop up issues of “potential bugs” on the network.

Responding to which, Mow said,

“You have to expect that everyone is going to give up their old Ethereum or you find a way to migrate it to the new chain. [..] you’re still expecting everyone’s going to migrate right if people don’t migrate then technically you would have the legacy chain alive “

Mow went on draw parallels to the upcoming Ethereum 2.0’s Beacon chain. According to the CSO of the Bitcoin startup firm, the Beacon chain, which is the central blockchain that is responsible for coordinating other Ethereum blockchains, is “similar to Bitcoin main chain”. He further compared the Ethereum’s “shards” to that of Bitcoin’s “side chains”. Following the comparison, Riccardo Spagni, aka Fluffy Pony ridiculed,

“so maybe the dream is to take existing stuff that someone invaded for Bitcoin, rename it, and then that’s how you make it real”

Mow, who is a Bitcoin bull, had earlier singled out Ethereum and said that the blockchain has “no future”.





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