Cloud Hosting

Mr. Jimnez was fairly insulated. He had founded a start-up, The Social Us, that connected Venezuelan programmers and designers with American companies looking for cheap labor. Like many wealthier Venezuelans, Mr. Jimnez kept almost all his money in dollars, but this made transactions a headache. He had to illegally swap currency every few days, and a taxi ride would require a stack of bolvars so thick that most drivers accepted only wire transfers.

The situation rekindled Mr. Jimnezs long-running interest in cryptocurrencies. He began paying his employees in a digital coin; even with the crazy volatility of the crypto markets, it was more stable than a Venezuelan bank account, and it wasnt subject to the Maduro regimes diktats. The staff at The Social Us began touting cryptocurrency as a way for ordinary Venezuelans growing numbers of whom were buying Bitcoin on the street to deal with practical problems. One project they designed was a payment terminal that bypassed government limits on spending.

Initially, the Maduro regime saw Bitcoin as a threat. The technology, after all, used a decentralized network to create and move money, and no authority was in charge. But then some members of the government noticed that this cut both ways. Cryptocurrency could also be a way for Venezuela to escape sanctions levied by the United States and international organizations.

In September 2017, an official loyal to Mr. Maduro floated the idea of a digital currency backed by Venezuelas oil reserves. This was unorthodox: One of the tenets of Bitcoin is that its value does not derive from a natural resource or government fiat,only the laws of mathematics. But the distinction faded in the face of Venezuelas desperation. The official, Carlos Vargas, read about Mr. Jimnezs crypto work in a local publication and asked for a meeting.

Soon the hulking form of Mr. Vargas arrived at the office of The Social Us. As he consumed an entire bag of potato chips, Mr. Vargas flattered the young digital workers, saying they were among the only people in Venezuela capable of creating what he had proposed. The idea was exactly what Mr. Jimnez had hoped to hear. The goal was to create a new Venezuelan currency that would move freely over an open network, like Bitcoin. The government would be unable to control or bungle it. Mr. Vargas wanted to call it the Petro Global Coin, but Mr. Jimnez suggested something simpler: the Petro.

The Social Us put together a short pitch deck for the Petro project. But Venezuela is filled with people proposing crazy schemes, and Mr. Jimnez didnt put too much stock in it. Then, in early December, when Mr. Jimnez was at a conference in Colombia, he got an urgent text. Mr. Maduro had just announced a national cryptocurrency called the Petro. Mr. Jimnez threw open his laptop and found a video of the president, in his usual workmans shirt, telling a whooping crowd, This is something momentous.

Read more here:
The Coder and the Dictator - The New York Times

A hardware wallet may just be the safest way to store cryptocurrency for average users. Nowadays, many different devices are trying to tackle the challenges of secure crypto asset storage. In this article, Cointelegraph will review some of the most well-known hardware wallets and compare their features.

The cryptocurrency wallets that will be covered in this article are Ledgers Nano X and Nano S, SatoshiLabss Trezor One and Trezor Model T, ShapeShifts KeepKey, and Coinkites Coldcard and Opendime. It is also important to point out that all the wallets tested in this article, other than the Ledger Nano S (which was already owned), have been provided by the producers, free of charge.

Ledgers Nano S and Nano X are similar devices when it comes to their functionality. Both interact with the same software, run the same applications and support the same cryptocurrencies, according to the firms official website.

The Nano X is different from all the other devices in this article because it is the only one that is rechargeable and works wirelessly via Bluetooth. However, during the tests, the devices wireless connectivity was only functional with the Ledger Live mobile application.

Ledger Live allows users to update the device and to manage a significant portion of the crypto assets supported by the device. The rest of the assets are accessible through third-party software that is compatible with the hardware wallet.

Another advantage that the Nano X has over the Nano S is the larger and higher resolution screen. While no one will be watching movies on either device, the fact that an entire wallet address fits on the screen helps when checking where the assets are being sent.

The Nano S can hold fewer under 10 in the tests applications than the Nano X, which is advertised to hold up to 100. Not having the app of a crypto asset installed precludes the ability to manage it, but uninstalling and reinstalling the application does not imply a loss of cryptocurrency. Consequently, the limitation in the number of installed apps of the Nano S results only in a minor inconvenience.

Both wallets can be used on mobile devices, but the Nano S only works with a USB on-the-go cable. Third-party mobile apps also support both the Nano X and S. The Nano X is available on the official Ledger website for around $120, while the Nano S is just short of $60.

The SatoshiLabss Trezor One and Trezor Model T hardware wallets, on the other hand, share fewer similarities than the Ledger devices. The Model T has a larger color touch screen than the One, a micro SD card slot and a reversible USB C connector. Yet, both support about 1,000 crypto assets.

The micro SD card slot in the Model T allows for signing transactions in an offline environment and saving them onto the memory card. The transactions could then be transmitted to the network from a second device that is connected to the internet. However, this functionality has not been added to the device yet.

In order to operate Trezor, the hardware wallet needs to be connected to a computer or a mobile device that runs dedicated software. This software can be Trezor's purpose-built Google Chrome browser extension or a third-party, web-based wallet. Moreover, the device has all the expected functionalities, as well as an intuitive user interface. Like Ledgers devices, the Trezor hardware wallets are also supported by a long list of third-party software wallets.

SatoshiLabs also provides a mobile wallet that allows device initialization, recovery, label change, pin change, passphrase management, firmware upgrade and a full device wipe. Mobile wallets, such as Mycelium or Walleth, allow users to manage their crypto assets from a mobile device, although only via a cable.

Furthermore, the Trezor web-based wallet can also be accessed through the Android version of Google Chrome when the wallet is connected to the mobile device. According to the companys website, the Trezor One is available for $55, while the Trezor T is just a little short of $170. The Corazon Titanium Trezor Model T sold by Gray in a partnership with Trezor costs about four times more than the standard version, which was also tested.

Although its lesser-known but is still a major player on the market, the KeepKey surprises with its large black and white screen and premium feel. The materials used for the front of the device make it hard to clean and can be easily scratched.

The device is significantly larger than the other ones in this list, and the number of digital assets supported is severely limited when compared with Trezor and Ledger hardware wallets. The KeepKey supports eight cryptocurrencies but also allows users to manage all their Ethereum-based tokens compliant with the ERC-20 standard.

During the testing phase of the review, some bugs were encountered in the dedicated software. The application stopped during an attempt to add an account, and it ran into multiple issues when unlocking the wallet.

Fortunately, no such bugs interfered when testing the beta version of the cryptocurrency management and trading interface developed by ShapeShift. It is worth pointing out that the ShapeShift service is not a KeepKey exclusive but is also supported in Ledger and Trezor devices.

ColdCard is an open-source hardware wallet that closely resembles a calculator and targets more tech-savvy users. The Opendime, on the other hand, is closer to a real-life version of the cyberpunk credit chips or a piggy bank than a traditional hardware wallet.

The Coldcard wallet only supports Bitcoin (BTC) and is the only wallet in this review that supports the Partially Signed Bitcoin Transactions format. This feature allows users to sign transactions, save them onto the SD card, and broadcast them at a later time and co-sign them in the case of a multi-signature wallet.

The Opendime wallet is a single-use device that needs to be physically altered in order to spend the cryptocurrency. When it is first activated by inserting the device into the computers USB port, the user has to input random data onto its drive. The wallet then uses this data to generate a privatepublic key pair.

Once the device is initiated, users can see their public keys and send cryptocurrencies to it. What users cannot do is access the private key, which means they cannot move the coins.

In order to access the private key, the device's owner has to puncture the device in an indicated spot, permanently altering its electronic circuit. After piercing the Opendime device, users gain access to the private key that can be used to move the cryptocurrency to a software wallet.

This device can be viewed as a way to transform a digital currency into a physical currency. When accepting an Opendime as a means of payment, its balance can be verified while users can feel confident that no one will spend the balance without accessing the device.

This unique device is the perfect choice for some atypical situations. However, the fact that physical access to the Opendime device automatically translates into access to the cryptocurrency precludes its use in most cases.

Coinkite only sells the Bitcoin version of the Opendime device, but the Litecoin Foundation has one for Litecoin (LTC) as well. Coinkites official shop sells the Coldcard for a little under $120 and the Opendime in packs of three for just short of $45.

Views and beliefs expressed in the article are of the author, Cointelegraph does not endorse any of the products or projects mentioned.

See more here:
Bitcoin in the Palm of Your Hand Crypto Hardware Wallets Review - Cointelegraph

Despite the delay, the Peoples Bank of China (PBC) is closer to launching its official digital currency. By working together with several large private companies, the nations central bank has finished the development process and is working on the proper legislation before the CBDC is released.

After the COVID-19 outbreak, the Chinese central bank digital currency (CBDC) was delayed indefinitely. However, as the country is portraying initial stages of recovering after the deadly virus, a new report informed that the CBDCs launch is closer than anticipated.

The Chinese central bank has completed the development process by collaborating with several local firms, including Huawei, China Merchants Bank, Tencent, and the tech giant Alibaba.

The latter has reportedly publicized five patents related to the future digital currency from January 21st to March 17th. The patents cover various areas of the digital currencys future usage. Those include issuance, digital wallets, transaction recording, anonymous trading support, and assistance in supervising and dealing with illegal accounts.

Aside from all patents, the digital currency has to comply with local legislation as well. This, according to the report, could raise issues, because the currency has to operate with banking and insurance regulators on supervision. This process could be quite lengthy. Therefore, the exact time of the CBDC launch cannot be determined yet.

As the world is arguably entering the next, long-awaited, recession, most central banks are taking extreme measures to fight the economy curtail. The U.S. Fed, for example, cut the interest rates in an unprecedented manner and even announced unlimited quantitative easing.

Chinas approach for stabilizing its economy might differ substantially with the digital currency launch. Cao Yan, managing director of Digital Renaissance Foundation, believes that the PBC should accelerate the development of the CBDC.

He outlined two main merits; firstly, it would establish Chinas leadership position in this new digitally-oriented world. Secondly, a CBDC could be more efficient during times of uncertainty than simply lowering rates.

If there is a chance China is considering lowering its interest rate into negative territory as a final option and directing such policy to commercial loans and lending, a circulated digital currency rather than M0 will be able to achieve that. he explained.

Enjoy reading? Please share:

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

See the article here:
Chinas Cryptocurrency Is Closer Than Expected, Already Working On Legislation - CryptoPotato