Blockchain: Future of financial and cyber security

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Launch of zcash might be delayed in order to allow the code to be analyzed by multiple third-party auditors. Zooko stated, "I feel bad that we didn't do a better job of making TheDAO disaster-like problems harder for people".

I am going to let you guys give our audience some background. Andrew, tell us about yourself and what you do i nbitcoin. I showed up in the bitcoin space around late while I was starting a PhD in mathematics. I wound up hanging around on the research side of things, like IRC channels centered on cryptography research.

These days I work on the libsecpk1 project which does the underlying cryptography stuff for Bitcoin Core bitcoin elliptic curve parameters for blood types related projects. That's mostly what I spend my days doing, implementing crypto code. This is probably one of the first times we've had a hard-core cryptography person on this show. We should probably have you back at some point in the future. But as it turns out, we have another one on the phone now bitcoin elliptic curve parameters for blood types.

Pieter Wuille is also a cryptography expert. Pieter, go ahead and tell su about yourself as well. I discovered bitcoin around the end of and I was immediately attracted to the development side of things. I started coding on bitcoind and it became Bitcoin Core. This is now my full time job and working as well on the cryptography libraries. But definitely a person with very deep knowledge of bitcoin and very integral in its development. Thank you both for coming on, I really appreciate it.

Courtesy of our in-studio bitcoin expert, who is with us here a lot, Brian Deery at Factom, actually real quick too Factom has had some good news lately Something exciting happened last week.

On the same day that Bitfinex lost a lot of money, a mysterious Harry Potter fan, who was also a world-class cryptographer, who was and remains anonymous, announced a new cryptographic protocol to the world. The working title is mimblewimble. This is a Harry Potter spell that stops other wizards from being able to bitcoin elliptic curve parameters for blood types spells against you. It's a very fitting name for an anonymity protocol that allows you to spend money without having other people watch you using their own magic of watching you and how yo uspend your money.

This is a way to, why don't we let our guests answer that? Andrew was the first one to poke some holes in this protocol and make a few fixes and tweaks to it.

And so, of all the people in the world would come on the show who isn't hiding behind tor at the moment, he's the most appropriate, he's the world expert. On Monday, I think it was, on Monday evening, someone logged on to one of our research channels and dropped a paper under the name Tom which is the name of Voldemort in the French translation of Harry Potter.

You can find the paper online, and it's written by Voldemort. He dropped this, then he signed off and that's the last we heard from this person. It sounds like really intelligent nerds. Instead of frat boys dropping burning bags of shit on people's front doors, it's like dropping research instead. Okay, so someone dropped the paper. Okay so he dropped the paper. What this paper describes is the cryptography behind something like bitcoin but not bitcoin.

You could build an bitcoin elliptic curve parameters for blood types with bitcoin elliptic curve parameters for blood types. Or more usefully you could build a sidechain with this. It's a way to create transactions, unlike bitcoin where you have this bitcoin script system and you have to solve the bitcoin script; it uses straightforward digital signatures. You can spend money by having a secret key, you can do multisignature things, etc. It's structured in such a way that when you make a transaction and someone else makes a transaction, you can combine them and make a bigger single transaction.

In bitcoin, you can't do this, because transactions are atomic except in coinjoin where you can do interactive transaction merging in bitcoin. Instead of blocks being a giant list of transactions, in mimblewimble each block is one giant transaction, and you can't tell which parts correspond to different transactions.

This is a big thing for privacy and anonymity. It takes your entire transaction graph and squishes it into one transaction per block. I have something to add here. What Andrew is describing is that somewhere in there was another anonymous author who dropped a paper on bitcointalk.

So is mimblewimble polish? Okay at least they laugh. So just to remind ourselves, this protocol can combine transactions, but not just one transaction and another transaction, but you're saying all transactions in a single block?

Pieter please continue with your point. Andrew was explaining how this mechanism allows transactions to be combined together. This mechanism was described 3 years ago by another anonymous author who dropped a paper anonymously on bitcointalk, called OWAS.

The difference is that OWAS required a new type of cryptography called pairing cryptowhich is not well-trusted in the academic space yet. Mimblewimble accomplishes the same thing as OWAS, and more, but does not need the new assumptions, and it only uses the elliptic curve crypto like Bitcoin is using.

When you say this other form of crypto is not well trusted, is the reason is that it uses a certain set of unproven assumptions? They are impossible to prove. They were just assuming that no efficient algorithm exists to break that. The assumptions for pairing crypto are a bit stronger than for elliptic curve crypto.

In short, it's newer. The implication is that the transaction graph, which is sort of a technical way of describing all the inputs and all the outputs of each transaction for money in and money out, those transaction graphs no longer give you a way to follow the coins to learn anything.

This is the same thing that coinjoin tries to accomplish. In coinjoin, all the participants need to be online and collaborate bitcoin elliptic curve parameters for blood types the same time. Mimblewimble allows anyone on the network to take any two transactions and combine them. Every node on the network would do mimblewimble automatically, which is not possible with interactive coinjoin. This is only half of mimblewimble. It's pretty cool that you can get OWAS without pairing crypto.

So the second part is that what this allows you to do, and I think OWAS could have been coerced into doing this, but mimblewimble definitely does. It's that, if you have a series of blocks, then somebody can give you if you want to validate all those blocks, rather than getting every full block with every transaction, they could just give you the effect on the blockchain of all those blocks put together. So if a transaction had an output, and a later block had the output spent, then it doesn't appear, you can delete that data, and you bitcoin elliptic curve parameters for blood types give someone the entire chain with the missing data, and that person can bitcoin elliptic curve parameters for blood types verify the entire chain.

This is something that you can't do in bitcoin right now. Specifically, this actually means that the blockchain could shrink. We could have a block that spends more than it creates, and the result would be that the entire blockchain would shrink.

The amount of data I need to give you to prove that the state of the ledger is correct, could theoretically go down over time. Whereas in bitcoin, we append blocks all the bitcoin elliptic curve parameters for blood types. So it's not just that the chain would grow in an incrementally smaller space, it's that the total data could go down over time.

There's a bit of a difference here in that the UTXO set is the state of the ledger. Knowig how much money everyone has. That's what the UTXO set is.

In bitcoin, you could be given the UTXO set and you wouldn't have to verify the history if you trust me. If you don't trust me, then you need to see all blocks in history to verify that the state of the ledger is correct. In mimblewimble, the data I need to show you, you don't trust me, I can prove that it's correct, that amount of data can go down.

Ethereum does not bitcoin elliptic curve parameters for blood types that. Now you're trusting a miner that did a lot of PoW and maybe is more trustworthy, but you're still ultimately trusting that miner that the state of the chain is what it is. With mimblewimble, it's as if you downloaded the entire blockchain and verified it, but you don't.

So as far as blockchain and block size, it sounds like there would be no need to increase the block size with bitcoin in terms of transactions per 10 minutes or whatever because in practice there's just so little bitcoin elliptic curve parameters for blood types going across?

In real-time, the data still has to go across. It's only for the people that join later. They get to reap the benefits of all that deleted data. I can give you the mimblewimble coin history, and it will be really small. But while you're watching the network, you still have to participate in real time. Part of this operation happens within a single block. If I send you some money and you spend it, and both transactions go into the same block, then those two cancel out with each other, and it doesn't appear in the chain anymore.

So now we have to bitcoin elliptic curve parameters for blood types two transactions? Someone needs to spend money, and I need to spend it too?

I am just describing transaction inputs and outputs. The transactions where I send you and where you take it can be merged together and they cancel bitcoin elliptic curve parameters for blood types. So the joined transaction of those 2 is smaller than the sum of the individual transactions.

We are so used to that, we have a mental inertia of how we understand bitcoin, it's a little difficult to wrap our heads around this.

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Startup times are instant because it operates in conjunction with high-performance servers that handle the most complicated parts of the Bitcoin system. Not really; the Electrum client never sends private keys to the servers.

In addition, it verifies the information reported by servers, using a technique called Simple Payment Verification. Your wallet can be entirely recovered from its seed. The seed phrase created by Electrum has bits of entropy. This means that it provides the same level of security as a Bitcoin private key of length bits. It is not possible to recover your password.

However, you can restore your wallet from its seed phrase and choose a new password. If you lose both your password and your seed, there is no way to recover your money. This is why we ask you to save your seed phrase on paper. In general, the speed of confirmation depends on the fee you attach to your transaction; miners prioritize transactions that pay the highest fees.

This feature is enabled by default in recent versions of Electrum. When you freeze an address, the funds in that address will not be used for sending bitcoins. Wallet file encryption is activated by default since version 2. It is intended to protect your privacy, but also to prevent you from requesting bitcoins on a wallet that you do not control. Yes, see Cold Storage. You should sweep them instead.

If you want to import private keys and not sweep them, you need to create a special wallet that does not have a seed.

Sweeping private keys means to send all the bitcoins they control to an existing address in your wallet. The private keys you sweep do not become a part of your wallet.

Instead, all the bitcoins they control are sent to an address that has been deterministically generated from your wallet seed. Enter the private keys in the appropriate field. That is the destination address and it will be from your existing electrum wallet.

You can create a transaction with several outputs. In the GUI, type each address and amount on a line, separated by a comma. This might happen if you are trying to spend a large number of transaction outputs for example, if you have collected hundreds of donations from a Bitcoin faucet.

When you send Bitcoins, Electrum looks for unspent coins that are in your wallet in order to create a new transaction. Unspent coins can have different values, much like physical coins and bills. If this happens, you should consolidate your transaction inputs by sending smaller amounts of bitcoins to one of your wallet addresses; this would be the equivalent of exchanging a stack of nickels for a dollar bill.

The gap limit is the maximum number of consecutive unused addresses in your deterministic sequence of addresses. Electrum uses it in order to stop looking for addresses. Electrum will generate new addresses as you use them, until it hits the gap limit. If you need to pre-generate more addresses, you can do so by typing wallet. This command will generate one new address. Note that the address will be shown with a red background in the address tab to indicate that it is beyond the gap limit.

The red color will remain until the gap is filled. Addresses beyond the gap limit will not automatically be recovered from the seed. For example, if you wanted to generate 50 addresses, you could do this:.

To upgrade Electrum, just install the most recent version. The way to do this will depend on your OS. Note that your wallet files are stored separately from the software, so you can safely remove the old version of the software if your OS does not do it for you. For this reason, it is not recommended to downgrade Electrum to an older version once you have opened your wallet file with the new version.

The older version will not always be able to read the new wallet file. Frequently Asked Questions How does Electrum work? Does Electrum trust servers? What is the seed? How secure is the seed? I have forgotten my password. What can I do? My transaction has been unconfirmed for a long time.

How is the wallet encrypted? Does Electrum support cold wallets? Can I import private keys from other Bitcoin clients? Can I sweep private keys from other Bitcoin clients? Where is my wallet file located? Can I do bulk payments with Electrum? Can Electrum create and sign raw transactions?

Electrum freezes when I try to send bitcoins. What is the gap limit? How can I pre-generate new addresses? How do I upgrade Electrum? If you have made a transaction that is unconfirmed, you can: Wait for a long time. Eventually, your transaction will either be confirmed or cancelled. This might take several days. Increase the transaction fee. A window will popup with the unsigned transaction. A CPFP is a new transaction that pays a high fee in order to compensate for the small fee of its parent transaction.

It can be done by the recipient of the funds, or by the sender, if the transaction has a change output.

The private keys are decrypted only briefly, when you need to sign a transaction; for this you need to enter your password. In addition, your wallet file may be encrypted on disk. Note that the wallet information will remain unencrypted in the memory of your computer for the duration of your session.

If a wallet is encrypted, then its password will be required in order to open it. Note that the password will not be kept in memory; Electrum does not need it in order to save the wallet on disk, because it uses asymmetric encryption ECIES. You will need to back up this wallet, because it cannot be recovered from a seed. Amounts are in the current unit set in the client. The total is shown in the GUI. For example, if you wanted to generate 50 addresses, you could do this: Some Electrum upgrades will modify the format of your wallet files.

The following issues should be considered when upgrading Electrum 1. Please allow it time to complete, and expect it to take a little longer than usual for Electrum to be ready. The contents of your wallet file will be replaced with an Electrum 2 wallet. This means Electrum 1. This is expected behavior. Restart Electrum 2 after the upgrade is complete and your addresses will be available. Offline copies of Electrum will not show the addresses at all because it cannot synchronize with the network.

You can force an offline generation of a few addresses by typing the following into the Console: Read the Docs v: