Coinbase Receives Patent for New Bitcoin Security Measure


Coinbase

San Francisco-based exchange, Coinbase, just received a patent for a security methodology for storing, distributing, and using private keys. The U.S. Patent and Trademark Office (USPTO) approved and published the patent on August 15.  

Also read: Italian Authority Fines Onecoin Promoters 2.6 Million Euros

Custodians are the Heart of the Security Methodology

Coinbase Receives Patent for New Bitcoin Security Measure
Coinbase

The security protocol enables custodians to use a key ceremony application that encrypts bundles of passphrases for safe storage. The protocol also provides the ability to transfer and share private data via Coinbase.

The patent explained the protocol. It read, “A key ceremony application creates bundles for custodians encrypted with their passphrases. Each bundle includes master key share. The master key shares are combined to store an operational master key. The operational master key is used for private key encryption during a checkout process. The operational private key is used for private key decryption for transaction signing in a payment process. The bundles further include TLS keys for authenticated requests to create an API key for a web application to communicate with a service and to unfreeze the system after it has been frozen by an administrator.”

More About the Invention/Key Ceremony Methodology

The secret behind Key Ceremony technology is the ability to distribute security data to a variety of custodians. According to the patent text, the program also uses an application programming interface (API) that allows for easy use of the technology via Coinbase’s servers. Custodians than carry out a process of using the key ceremony application.Coinbase Receives Patent for New Bitcoin Security Measure

Furthermore, the concept/methodology allows for web applications to make secure checkout and payment of customer funds. The patent page elaborated, saying, “The invention also provides a method of transacting bitcoin including receiving by a web application prior to receiving a request for payment, a request for address, requesting, by the web application, an address from a service, receiving, by the service, the request for address, generating, by the service, an address and a private key in response to the request for address.”

Previous Coinbase Patents

This security methodology patent, however, is not Coinbase’s only patent. The company has had numerous patents filed. Bitcoin.com wrote about previous patents.

“Coinbase also filed a patent for a ‘computer system for making a payment using a tip button.’ The application describes a system by which “bitcoin can be sent to an email address,’ and a ‘tip button rewards content creators for their efforts.’ Also described is a bitcoin exchange enabling ‘users to set prices that they are willing to sell or buy bitcoin and execute such trades.’”

Do you think Coinbase will benefit from this patent? What do you think about the legitimacy of patents? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinbase


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Source: bitcoin.com

Australia Introduces Bill That Regulates Bitcoin Exchanges


Australia Introduces a Bill That Regulates Bitcoin Exchanges

The Australian Government has announced a bill that would regulate digital currency exchanges including bitcoin exchanges for the first time.

Also read: Three Ukrainian Lawmakers Declare Bitcoin Holdings Worth $47 Million

Australia to Regulate Bitcoin Exchanges

Australia’s Coalition Government announced a bill on Thursday that would regulate digital currency exchanges.

Australia Introduces a Bill That Regulates Bitcoin ExchangesThis legislation is part of the country’s first stage of reforms “to strengthen the Anti-Money Laundering and Counter-Terrorism Financing Act and increase the powers of the Australian Transactions and Reporting Analysis Centre (Austrac),” according to the announcement. Austrac is the country’s financial intelligence agency responsible for anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

Among other proposals, the bill will “strengthen Austrac’s investigation and enforcement powers” as well as “close a regulatory gap by bringing digital currency exchange providers under the remit of Austrac,” the announcement reads, adding that:

The bill provides a net regulatory relief to industry of $36 million annually, with the digital currency exchange sector being regulated for the first time, while deregulating low-risk industries such as cash-in-transit, which is already subject to state and territory licensing requirements.

Australia’s move is in line with some other countries in their efforts to prevent money laundering. In April, as the Japanese government started recognizing bitcoin as a method of payment, it also imposed strict rules on bitcoin exchanges in order to comply with AML and Know Your Customer (KYC) requirements.

Earlier this year, following investigations by the People’s Bank of China (PBOC), many Chinese bitcoin exchanges halted bitcoin withdrawals to extensively upgrade their systems for the purpose of AML and KYC compliance. Also the European Union has been discussing how to impose rules on bitcoin exchanges as part of its Fourth Anti-Money Laundering Directive.

Lawmakers Divided About Bitcoin

Australia Introduces a Bill That Regulates Bitcoin ExchangesWithin the Australian government, there are officials who are keen on bitcoin and also those who are more skeptical. News.Bitcoin.com reported in June on Australian left opposition leader Bill Shorten who indicated that he wants to deter the use of cryptocurrencies including bitcoin, citing their possible use by terrorists.

Meanwhile, the country ended the double taxation treatment of bitcoin in July. Recently, two senators proposed for bitcoin to be made an official currency of Australia in order to boost the country’s financial competitiveness.

Bitcoin trading volume in Australia has also been growing. On Localbitcoins, weekly volumes have been rising steadily over the years, and recently saw a spike of over $2.5 million AUD worth of bitcoin.

Australia Introduces a Bill That Regulates Bitcoin Exchanges

What do you think of Australia’s bill that will regulate bitcoin exchanges? Let us know in the comments section below.


Images courtesy of Shutterstock, Coin.dance, and Austrac


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Source: bitcoin.com

PR: 2nd Stage of ATB Coin ICO Starts


PR: 2nd Stage of ATB Coin ICO Starts

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Participation in the IV International Blockchain Summit-2017 in Shanghai (China) allowed ATB Coin to conduct a number of productive meetings and agree on partnerships with international companies.

One of the first active cooperations will be started with crypto-exchange dabtc.com. By the way, it was the agreement on cooperation with dabtc.com that resulted in the decision to hold the second stage of the ICO!

The start of the second stage of the ICO will take place on August 15 at 8 am, EST, New York (GMT-4). The crowdsale of the innovative technological cryptocurrency will last 15 days and will be conducted in three stages:

– 1st round: from August 15th to August 20th with a 20% bonus
– 2nd round: from August 20th to August 25th with a 10% bonus
– 3rd round: from August 25th to August 30th with a 5% bonus

The sale of tokens will be conducted on the websites of ATB Coin and www.dabtc.com.
We also want to remind you that there are 16 days left before the official blockchain network launch. Now investors are able to test the beta version of the wallet, the main feature of which is ATB Codes. Among the other advantages of ATB Coin are the innovative technological solutions of Lightning Network and Segregated Witness. One of the main directions of ATB Coin development is the large-scale introduction of micropayments in everyday life.

Press Contact Email Address
info@atbcoin.news
Supporting Link
https://atbcoin.com/


This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: bitcoin.com

Bithumb Opens Walk-In Customer Service Center Following Unprecedented Growth


Bithumb Opens Walk-In Customer Service Center Following Unprecedented Growth

South Korea’s largest bitcoin exchange, Bithumb, is seeing unprecedented business growth and has opened a large customer support counter for in-person support.

Also read: ‘Bitcoin Regulation Act’ Introduced in South Korea Bans MLMs

New Customer Service Center

South Korea’s largest bitcoin exchange, Bithumb, announced on Wednesday that it has opened a new customer service center which features 24-hour customer support as well as service counters for one-on-one interaction between customers and professional counselors. The exchange described:

Through ‘one-on-one consultation counters,’ we will provide you with specialized consulting services from virtual currency transaction methods to diagnosis and follow-up management, and will solve all your questions about virtual currency trading.

Customers can walk up to the banking teller-like service counters and receive support from counselors one-on-one. The exchange expects the face-to-face consultation model to provide more rapid and in-depth customer service and increase customer satisfaction.

Bithumb Opens Walk-In Customer Service Center Following Unprecedented Growth

The new customer service center is located on the 5th floor of the Seongbo Yeoksam Building near Gangnam Station in Seoul. It has a floor space of approximately 10,675 square feet. Currently, there are approximately 200 customer support personnel, according to the announcement, but the exchange says that it will not hesitate to increase this number to 250 if there is enough demand, so it can respond to customers’ inquiries quickly.

The new service center is in addition to the exchange’s two existing customer support centers located in the headquarters; one of which was added last month. The one-on-one consultation counters are open on weekdays from 9:30 am to 6:30 pm.

Unprecedented Growth

Bithumb Opens Walk-In Customer Service Center Following Unprecedented GrowthBithumb is South Korea’s largest bitcoin exchange with approximately 75.7% of the domestic market share. At press time, Coinhills lists the exchange as the world’s third largest by bitcoin trading volume behind only Japanese exchanges Bitflyer and Coincheck. The Korean won is also the third most traded currency, behind the yen and the US dollar.

The exchange’s business has experienced significant growth recently. In July, its daily average trading volume was 384.7 billion won. However, on August 9, Bithumb set a new record for its highest trading volume at 1.9 trillion won, or about $1.66 billion USD. Its membership is also growing rapidly, reaching 780,000 customers as of July, according to Wednesdays’ announcement.

With the rapid increase in trading volume and number of customers, demand for customer consultation has increased dramatically, prompting the exchange to boost its customer support services, Bithumb detailed.

What do you think of Bithumb’s customer support counters? Let us know in the comments section below.


Images courtesy of Shutterstock and Bithumb


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Source: bitcoin.com

Breadwallet Moves to Switzerland, Acquires $7 Million in Investment Funding


Breadwallet

Breadwallet recently announced they would be moving their headquarters to Switzerland. This relocation comes alongside news that the company just closed a $7 million venture funding round. The firm decided to change locations for the purposes of growing the business and adding new features to their native wallet application. 

Also readSearch Volumes for Bitcoin and Ethereum Enter Inverse Correlation

Why did Investment Firms Choose Breadwallet?

The company has many large investors that trust in their vision, and therefore have helped fund theirBreadwallet Moves to Switzerland, Acquires $7 Million in Investment Funding future goals. These investors include, DAS Capital, East Ventures, Globe Advisors, Liberty City Ventures, Maffin Inc., OKWAVE, and Saison Ventures. This list does not include private investors, family offices, or other funds around the world.

Shinji Kimura of DAS Capital provided his thoughts on why they decided to fund the firm. He said, “we are investing in Breadwallet due to its unique business model and forward thinking strategy. We believe that digital currency will become increasingly influential as the industry continues its rapid expansion, and Breadwallet is well-positioned to be a dominant leader in the space.”

Why the move to Switzerland?

This funding also aids their plan in changing offices from San Francisco to Switzerland. Breadwallet’s CEO elaborated on why they decided to relocate. He said:

Switzerland has emerged as a hotbed of digital currency startup activity, and we were attracted by its leadership in conservative financial legislation. Its strong reputation for financial privacy for consumers is the ideal fit for our charter to empower individuals with the benefits of bitcoin.

Breadwallet will use the Funds to Upgrade the Application and Market Their Products

According to the company press release, the investment funds will be used by Breadwallet to expand its operations and create newer features. This will help widen the scope of Bread’s adoption rates across the globe. It will also provide customers with an even cleaner user experience, bringing more people on board from the Android ecosystem.

The firm hopes the larger impact of their funding will also broaden their new marketing campaign. It appears they will try to gain a further reach as bitcoin continues to climb and gain more widespread appeal for its retail applications. In this regard, Breadwallet could grow significantly as a result of this pivot.

Breadwallet Moves to Switzerland, Acquires $7 Million in Investment Funding

Do you think Breadwallet will thrive in Switzerland? What is the company going to create with all their investment money? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Breadwallet, and Postebit


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Source: bitcoin.com

Bitcoin Price Analysis: Long and Short Squeezes Shape a Weakening All-Time High


This morning, BTC-USD pushed a new all-time high on several exchanges. However, this time, the momentum to continue higher seems to be waning. Shortly after establishing the new all-time high, there was a $150 flash crash that sprang a series of account liquidations across several exchanges in a move that would ultimately “long squeeze” the market. A long squeeze is a term used to describe the sudden cascade of long positions getting stopped out of their positions, causing market orders to propel the price even lower:Figure 1: BTC-USD, 5-Minute Candles, Bitfinex, Long SqueezeThe figure above shows the price movement correlated to the volume during the $150 drop. Halfway through the drop we see a sudden spike in sell volume. This spike in volume is the beginning of the “long squeeze” that initiated the cascade of market sell orders caused by traders in long positions being forced out of their positions via their stop-loss market orders.Figure 2: BTC-USD, 15-Minute Candles, Bitfinex, Short SqueezeYesterday, at around 12 pm EST, the exact opposite thing happened in a market event known as a “short squeeze.” You can think of a short squeeze as literally the opposite of a long squeeze: People who are anticipating a great short entry are suddenly forced out of their positions via their stop-loss orders, and market buy orders propel the market higher, thus triggering more stop-loss orders until the market equalizes.Today the BTC-USD market has begun a series of long squeezes that pulled the price down by $300 in a matter of hours, and it doesn’t show much sign of letting up at the moment. Let’s take a look at the macro trend and see where the market is likely heading:Figure 3: BTC-USD, 3-Day Candles, BitfinexFor the fifth candle in a row, the 3-day candles have managed to puncture the Bollinger Bands in a move that indicates an overbought market. We have yet to see an attempt to move within the Bollinger Bands and provide some relief for the high price range. Zooming in a little closer, we can see that clear signs of bullish exhaustion formed as we began to push the most recent set of all-time highs:Figure 4: BTC-USD, 2-Hour Candles, Bitfinex, Bullish ExhaustionThe first thing that pops out about this trend is the decrease in volume (shown in pink) leading into this morning’s all-time high. Upon reaching that high, sell volume began to pick up considerably (labeled in blue) and has continued to remain strong during the push into the $4300 and $4200 prices. The previous all-time highs (labeled in yellow) are currently paired with a decreasing MACD moving average/signal line trend that indicates the market is losing bullish momentum across the macro trend. The BTC-USD market seems to be running on fumes at the moment, but I would not  be surprised at all to see an all-time high squeezed out of this market. However, I would be VERY surprised if that all time had any notable follow-through. The market volume on the macro levels has steadily declined, and there are key market indicators that hint toward the need for sustained sideways consolidation. Alternatively, a strong market pullback might be in the cards for BTC-USD. Each push toward the new highs has been greeted by strong sell volume. In the event of a market retracement, your key support levels on the macro exist along the Fibonacci Retracements shown below:Figure 5: BTC-USD, 4-Hour Candles, Bitfinex, Key Support LevelsWhen the market begins to struggle to push new all-time highs, it is important to keep a close eye on the volume and see how it interacts with the price movement. Consistent price growth on decreasing buy volume is a signal that the bears, although losing the battle in price currently, are gathering as the market nears its final top before ultimately correcting or consolidating. And given the price growth over the past 30 days, I would be inclined to lean toward the former rather than the latter.Summary:Short squeezes and long squeezes have begun to shape the current market trend.On the macro and micro scale, the market is showing a highly overbought market and is beginning to lose upward steam.Key support levels lie on the Fibonacci Retracements shown in Figure 5.Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.The post Bitcoin Price Analysis: Long and Short Squeezes Shape a Weakening All-Time High appeared first on Bitcoin Magazine.
Source: bitcoinmagazine.com

Sony and IBM Join Forces to Put Student Achievement on the Blockchain


On August 9, IBM announced the firm’s cooperation with Sony Global Education — a subsidiary of Sony, providing global educational services — with the objective to develop a learning platform for students implementing blockchain technology.According to IBM, the blockchain-based educational platform would allow school administrators to manage and consolidate the educational data of students at multiple schools in addition to recording and referring their “learning history and digital academic transcripts with more certainty.” The platform will use the IBM Blockchain, which is based on the IBM Cloud, to establish “transparency and accountability of scholastic achievements between students and schools,” allowing both professors and students to track the latter’s learning progress.The tech giant pointed out that it is often difficult for employers to verify student records of potential hires. According to IBM, there are multiple reasons for this issue, including students taking online courses and attending universities abroad. Such “non-traditional methods” can create confusion for the employers; however, IBM believes implementing blockchain technology will resolve the issue. The learning platform will give both the teachers and the students a digital, trusted record showing their accomplishments, which can be — thanks to the nature of blockchain technology — easily verified by future employers or educational institutions.“Blockchain technology has the potential to impact systems in a wide variety of industries, and the educational sphere is no exception when educational data is securely stored on the blockchain and shared among permissioned users. We are pleased that we have worked together with IBM to build a new system which can help effect real change in the education sector,” Masaaki Isozu, President of Sony Global Education, said in a statement.The system’s work is simple: student data will be recorded by the platform and shared with “need-to-know parties,” including future employers and school administrators. Since the learning platform will be using the IBM Blockchain, every piece of data can be verified by the parties. Schools, colleges and universities can also share the data to help teachers identify and implement unique teaching methods for each student based on the information on the blockchain. The learning platform will also collect all related information and place it in a single repository, which will allow the reliable sharing of digital transcripts. Students will be able to create certain networks on the blockchain, which can’t be altered or changed by any party.In addition, the platform will help specific vendors target offerings based on verified needs. Representatives from IBM Japan confirmed to Bitcoin Magazine that these vendors include private preparatory schools and cram schools (institutions specialized in training students to reach certain goals). The only data provided to the vendors are the study results of the students. The students or their parents will maintain access control for the students’ study results. “Blockchain [technology] offers a new approach to how the lifetime history of data related to a person, place or thing is shared and managed. In effect, data tracked on a blockchain becomes a single source of truth. We are delighted to have supported Sony Corporation and Sony Global Education to build up a new blockchain-based platform for innovations in education,” said Yoshiki Minowa, Vice President and partner of Cognitive Process Transformation, Global Business Services, IBM Japan.The platform will be powered by Hyperledger Fabric 1.0, a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation.The post Sony and IBM Join Forces to Put Student Achievement on the Blockchain appeared first on Bitcoin Magazine.
Source: bitcoinmagazine.com

Italian Authority Fines Onecoin Promoters 2.6 Million Euros


Onecoin promoters have been fined 2.6 million euros in Italy after the country’s antitrust authority found them engaging in a pyramid scheme and misleading promotions. The fines follow the authority’s previous suspensions of Onecoin activities, which have failed to stop its promotion in the country.

Also read: Bafin Issues Cease and Desist Orders to Ban Onecoin Activities in Germany

Onecoin Promoters Fined Millions of Euros

Italian Authority Fines Onecoin Promoters 2.6 Million EurosThe Italian Competition Authority known as L’Autorità Garante della Concorrenza e del Mercato (AGCM) in Italian has fined several Onecoin promoters a total of €2,595,000 for running pyramid sales and for using misleading promotional methods. The Competition Authority is a quasi-autonomous, non-governmental organization financed by the Ministry of Economic Development. It is in charge of enforcing both Italian and European consumer protection laws. They wrote:

After the investigations, the Authority imposes sanctions against One Life Network Ltd (€ 2.000.000), One Network Services Ltd (€ 500.000), Easy Life Srl (€ 80.000), as well as the registrants of websites Onecoinsuedtirol.it, Onecoinitaliaofficial.it, Onecoinitalia.com (€ 5.000 each).

Pyramid Scheme and Misleading Information

The AGCM found that the methods used by One Life Network to promote the sale of Onecoin and its related training packages provide misleading information to consumers about the nature of the product and its pyramid scheme.

Italian Authority Fines Onecoin Promoters 2.6 Million EurosConsumers were misled into believing that after acquiring a training package, they could obtain “Onecoin cryptocurrency” which would substantially increase in value, the AGCM detailed. “For example, the purchase of the €27.530 package would have allowed a €3.000.000 equivalent after just two years of joining the program.” The authority also described how “recruitment of new consumers was the sole purpose of sales activity and was strongly encouraged by the recognition of various bonuses, the only real and effective remuneration of the program.”

A day after the ACGM’s announcement, Onecoin issued a response. Among other clarifications, the organization denied the pyramid sales allegations, its involvement with Easy Life Srl and the aforementioned domains, as well as the authority’s understanding of its business model.

Previous Suspensions Ineffective

In December 2016, the AGCM suspended the promotion of Onecoin by One Network Services Ltd as well as the registrants of two Onecoin-related domains.

Then in February of this year, the authority suspended the promotion of Onecoin by One Life Network and Easy Life Srl. At that time, only Easy Life Srl had reported that it had stopped the practice.

After the suspensions, Onecoin promoters have maintained that their system is “absolutely legal” and in compliance with European and national legislation. In addition, they continued to host meetings to promote and sell Onecoin. One Life Network, which is responsible for the sale of Onecoin in Italy, “continues unabated in its activities,” Wall Street Italia wrote, adding that “the authority therefore adopted a new approach of imposing a financial penalty.”

Do you think the fines will deter Onecoin promoters from operating in Italy? Let us know in the comments section below.


Images courtesy of Shutterstock, Pixabay, Onecoin, ACGM


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Source: bitcoin.com

PR: CarTaxi – The “Uber” of Car Towing – an Ethereum Based Platform, Becoming the 1-St Worldwide Towing Aggregator


PR: CarTaxi – The “Uber” of Car Towing – an Ethereum Based Platform, Becoming the 1-St Worldwide Towing Aggregator

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

While the world is idling by, blockchain is coming to the motor vehicle towing market. Blockchain developers recently created and launched their new project – CarTaxi – the first global service for towing vehicles based on blockchain. It’s a platform that brings together all car towing companies and is already revolutionizing this market. The project successfully operates on local markets and is active in more than 15 cities. A goal achieved in only 2 months from initial launch! As the global platform nears launch, CarTaxi is organizing a Pre-ICO campaign set to go live on August 30, 2017.

What drives the project forward
The world market capacity of towing service estimates more than 26 bln. USD. With more private and commercial vehicles hitting the roads, the need for efficient towing services arises due to vehicular breakdown, motor accidents, improper/illegal parking, impounding, etc. It will become a priority to ensure obstruction-free traffic, enforcement of law and order, and even the convenience of vehicle owners.

By using blockchain and cross-platform programs, CarTaxi has created a network of registered and licensed car towing service providers. This project has made major breakthroughs in the quality of the service provided for corporate and private clients. CarTaxi introduces accountability to an industry which is mostly fragmented. It provides easy access to the right towing company at the time of need. The platform’s application makes towing service accessible with a single touch of a button on any smartphone.
This blockchain based service has over 1500 registered car towing companies.
With the blockchain implementation, CarTaxi gains an advantage over traditional aggregators, enabling global expansion in no time. It uses blockchain technology based on Ethereum and expedites payment transactions between car towing service providers and tokenholders which altogether provides transparency in the oversite of company activity.

Smart contracts provide interfaces for operating business processes, starting from registering a new client and getting a new towing service provider connected to successfully completing a client’s order and settling payments with service providers and investors. With every new order the smart contract records the client’s coordinates, vehicle parameters and estimated time of arrival of a tow truck.

If a car towing company does not reach its destination within the estimated time – it will be subject to penalties. The car towing service provider checks the order details and conducts an inspection for vehicle damage. If the details don’t match, the smart contract does not allow to proceed to the next step – loading the vehicle. When the order is completed, the program analyzes the final parameters and automatically pays the towing company.

Smart contracts include basic mechanisms of DAO: tokenholders vote on dispersing company revenue. Control over order fulfilment is especially important because the company plans to provide services for vehicle transportation over large distances, between cities and countries, in difficult logistical scenarios.

The upcoming Pre-ICO on August 30, 2017, will go on until September 19, 2017, which will be followed by the official ICO campaign set to begin on September 29, 2017 until October 29, 2017. CarTaxi has set a total cap of 500 million CTX, of which 12.5 million will be available in pre-sale and rest at the time of ICO. During pre-sale investors can purchase CarTaxi tokens with a 45% bonus.

The proceeds from token offering will be invested in further development of CarTaxi’s service. CarTaxi has scheduled blockchain activation during Q4 2017, followed by its expansion into USA and China in 2018 and Europe in 2019. With the opening of representative offices in India and South America, the platform will be available worldwide by 2021.

About CarTaxi
CarTaxi is an Ethereum blockchain based decentralized platform that connects all car towing companies into one online network. It allows customers to transport their vehicles quickly, efficiently and safely anytime, anywhere.

Press Contact Email Address
japheth@cartaxi.io
Supporting Link
https://cartaxi.io


This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: bitcoin.com

Trezor Calls an Article That Claims to Break Bitcoin Hardware Wallets “FUD”


Trezor Calls an Article That Claims to Break Bitcoin Hardware Wallets "FUD"

This past June news.Bitcoin.com reported on a demonstration that took place at the world famous hacker conference in Las Vegas, Def Con 25, which claimed to show the audience how to break a bitcoin hardware wallet. Now according to a recent blog post, the presentation revealed to attendees found glitches in a Trezor that revealed a user’s private keys.

Also read: Bitcoin Cash 8MB Block Clears Over 37,000 Transactions

Trezor Releases New Firmware for a Security Vulnerability Revealed by ‘Responsible Disclosure’  

Trezor Calls an Article That Claims to Break Bitcoin Hardware Wallets "FUD"Hardware wallet owners got shook up this week when the company Satoshi Labs published a “Firmware Security Update” which stated a vulnerability was found which affected all models. However, the blog post was rather cryptic and stated the security issue was brought to the startup’s attention through “responsible disclosure.” The firmware is optional says the announcement, but the company recommends all users update their devices. Further, the vulnerability can only be executed if an attacker has possession of the hardware wallet and time to disassemble the Trezor.

“It is important to note that this is not a remote execution attack,” explains the Trezor manufacturer Satoshi Labs. “To exploit this issue, an attacker would need physical access to a disassembled Trezor device with uncovered electronics. It is impossible to do this without destroying the plastic case.”

If your device does not leave your presence, your coins are safe. Moreover, if you have a passphrase enabled and actively use it, your coins are safe. Yet, we strongly recommend you to update your Trezor anyway.

An Alleged ‘Fifteen Second Hack’ Reveals Private Keys With No PIN Necessary

Following the announcement from Satoshi Labs, a report posted to Medium gives full details to how a Trezor can be exploited. The author explains that the Def Con 25 demonstration revealed that these attacks are possible because “Trezor is using non-secure chips made by STMicroelectronics.” The post details that this hack is so easy it can be done in 15 seconds, and if your device is stolen attackers have ample time to empty the hardware wallet.

Trezor Calls an Article That Claims to Break Bitcoin Hardware Wallets "FUD"
The ST32F05 chip.

“There is absolutely nothing that Trezor can do about it,” explains the Medium post. “They can’t replace all existing hardware. And the really bad news is that this also applies to Keepkey and to the upcoming Trezor v2 — it also uses similar STMicroelectronics chip!”

Is the ST32F05 vulnerable to fault injection? Absolutely, yes! — that’s the answer we got at Def Con 25. So, the ST32F05 chip is really doomed.

The post then describes a detailed walkthrough with pictures of how a Trezor can be attacked. The demonstration sets up a new device and creates a longer nine digit PIN, but the author details there is “no need to remember the PIN anyway.” Then the attacker shuts the device down and “simply connects two pins inside the Trezor device at the right time”, or to make it a lot easier they can disassemble the device but “no disassembly is required.” When this is done a scan, using firmware they created and that can be found in the post, reveals a Trezor’s entire seed phrase, the PIN, and the name of the device.

Trezor Calls an Article That Claims to Break Bitcoin Hardware Wallets "FUD"
The attacker’s screenshot of an alleged attack that shows the device name, PIN, and 24-word seed.

Satoshi Labs: ‘This Attack Vector Was Fixed in Firmware 1.5.2 — We Are Inclined to Call This Article FUD’

Trezor Calls an Article That Claims to Break Bitcoin Hardware Wallets "FUD"
Satoshi Labs CEO Marek Palatinus (Slush) calling the article “FUD.”

The author of the post explains that as soon as a hardware wallet is connected to a power source, without entering the PIN, the device firmware loads up its SRAMN with the device’s private key data. “Even more troublesome is the fact that during the firmware update, the bootloader is doing exactly the same thing! This goes against all security best practices that we know about,” explains the post.

Trezor has announced that its latest firmware 1.5.2 removes the vulnerability and believes the article published is primarily the spreading of fear, uncertainty, and doubt (FUD). An employee of Trezor, called, ‘Xbach,’ who often gives people support on Reddit confirmed the post was a bit exaggerated.

“This attack vector was fixed in firmware 1.5.2,” explains the Trezor employee Xbach. “The claims in the post are not 100% correct. While it is true that this vulnerability affects devices with firmware versions earlier than 1.5.2, it was fixed in the latest update. Moreover, an attacker would need more than 15 seconds: they need to be physically present and a special firmware.”

We will go into depth in a report, which we will release later. As of this moment, we are inclined to call this article FUD. The fact that one needs to pay for source does not increase its credibility.

‘An Odd Way of Releasing an Alleged Hack’

Trezor’s official Twitter page also states that the news is “FUD,” alongside Satoshi Lab’s CEO & IT Architect, Marek Palatinus (Slush). The company’s representative, Xbach says the post was an “odd way how to release an alleged hack.” Further, he states the post skips much of the attack process and also mentions “Def Con, which is unrelated to this vulnerability,” explains Xbach.    

“If there is really such a hack, then they could have contacted us, we have Responsible Disclosure and a reward system,” adds the Trezor representative.

What do you think about the alleged hack that accesses hardware wallet private keys? Let us know what you think in the comments below.


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Source: bitcoin.com