Testing the Newly Transformed Non-Custodial Coinbase Wallet

A while back, the San Francisco-based exchange Coinbase announced the launch of an ethereum-based wallet called Toshi. The application was a private and secure messaging platform tethered to a non-custodial ETH wallet. Now Coinbase has decided to revamp the application and Toshi will become the ‘Coinbase Wallet’ which will not only offer ETH and it’s token derivatives but soon it will also hold BCH, LTC, and BTC.

Also read: The Daily: Husbands Blackmailed for Bitcoin, Blockchain This and That

Toshi Platform Changes to Coinbase Wallet

Testing the Newly Transformed Non-Custodial Coinbase Wallet Next time someone tells you Coinbase is “not a wallet” you can tell them that the San Francisco firm does offer a non-custodial wallet that provides users with private keys. The wallet is called Coinbase Wallet, a rebrand of the Toshi Wallet the company introduced back in April of 2017. On August 15, the Coinbase engineer Siddharth Coelho-Prabhu revealed the ETH and ERC-20 wallet known as Toshi was changing names but the Coinbase Wallet will have a slew of new features including the ability to hold bitcoin cash (BCH), bitcoin core (BTC) and litecoin (LTC).

“Toshi was developed by the Coinbase team a little over a year ago — When the product launched, it featured the world’s first mobile dapp browser — Later, we became the first wallet to launch crypto collectibles,” Coelho-Prabhu explains.

As part of our effort to be the most trusted brand in the space, we also set out to provide best-in-class secure storage. With Coinbase Wallet, your private keys are secured using your device’s Secure Enclave and biometric authentication technology.  

Testing the Non-Custodial Coinbase Wallet

The Coinbase wallet provides users with a platform that manages ETH, and ERC-20s but also allows crypto collectible storage, and the ability to garner air drops. Furthermore, the application allows users to access decentralized token exchanges and relayer platforms. News.Bitcoin.com gave the wallet a test-run on iOS this week and the Coinbase Wallet does, in fact, allow the owner to procure their own private keys with a recovery phrase. The user is asked right away to write down and store the phrase in a safe location, but they can also choose to ‘backup later’ as well. Followed by the backup step, the wallet then asks if the user wants to utilize biometry (fingerprint) or set up a less secure six-digit passphrase. After all the security steps are complete the Coinbase Wallet provides an ethereum address screen that can also show tokens and collectibles.

Testing the Newly Transformed Non-Custodial Coinbase Wallet
News.Bitcoin.com testing out the new Coinbase Wallet on iOS. 

Then there’s a decentralized application browser inside the wallet, which features a wide variety of apps, gaming platforms, and marketplaces that can be used with ethereum, and other token assets. The wallet also has a messenger where you can chat with friends or chat and interact with group chats and wallet bots like the @Toshibot. Overall, the wallet is fairly intuitive like most light clients out there today, but people who are interested in the token economy will find it more useful. When BCH, BTC, and LTC are added, the wallet software will likely open up to a much larger audience.       

The Coinbase Wallet is available for Android systems and iOS and existing Toshi users just need to upgrade the client’s firmware to see the changes. The decentralized app browser works with any platforms that use web3.js, and the wallet also offers native support for ERC-721 tokens. For those who have absolutely no interest in the ethereum ecosystem, they may want to wait until Coinbase adds BCH, LTC, and BTC.

What do you think about the Toshi app changing into the Coinbase Wallet? Let us know your thoughts on this subject in the comment section below.

Images via Shutterstock, the Coinbase Wallet, and Jamie Redman.

Be sure to check out the podcast, Blockchain 2025; latest episode here.

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$220 Billion: Crypto Market Continues Short-Term Recovery as Tokens Surge

The crypto market has continued its recovery over the past 24 hours, as both major cryptocurrencies and tokens continued to surge in value. While Bitcoin remained relatively stable with a 1 percent gain, Ethereum, Ripple, Bitcoin Cash, and EOS recorded 4 percent, 9 percent, 8 percent, and 11 percent gains respectively, pushing the valuation of … Continued

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Tokens Record 50% Gains as Crypto Market Recovers, Bitcoin Price Stabilizes

Over the past 24 hours, tokens such as VeChain, Ontology, and PundiX recorded 50 percent gains against the US dollar, as the crypto market recovered and Bitcoin showed stability. VeChain recorded the biggest jump in value on August 17, spiking by over 50 percent against the US dollar, becoming the best performing digital asset this … Continued

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Altcoin Purge Begins: Okex Delists 28 Token Pairs

Altcoin Purge Begins: OKEX Delists 28 Token Pairs

As part of what some observers are calling a purge of alternative coins during the cryptocurrency bear market, Hong Kong-based exchange Okex announced they would be delisting and hiding certain token pairs, more than two dozen in total. It comes at time when the exchange is dealing with its own internal problems in a year, so far, of hectic change and challenges. 

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

Altcoin Purges Beginning as Okex Delists 28 Pairs

“To maintain a healthy trading environment and pleasant trading experience on OKEX,” the exchange posted on its blog, “our auditing team has carried out comprehensive monitoring on the market and projects. We discovered that some projects have met the token delisting/hiding thresholds stated in the OKEX Token Delisting / Hiding Guideline.”

Altcoin Purge Begins: OKEX Delists 28 Token Pairs

Okex was careful to note tokens will be delisted “12:00 Aug 17, 2018,” asking exchange users “cancel your pending orders before delisting, or they will be canceled with your assets returned to your spot account by the system automatically after delisting.”

Delisted pairs include “Against USDT: LA, READ, SNM Against ETH: UTK, WRC, QVT, SAN, UBTC, DNT, OAX Against BTC: UBTC, BCX, BT2, WBTC, UKG, LA, SAN, ATL, REQ, BRD, SNM, VEE, TIO, REF, UTK, WRC, QVT, DNT”.

Altcoin Purge Begins: OKEX Delists 28 Token Pairs

A Hectic Year for the Exchange So Far

The Hong Kong-based exchange has been around since 2014, focusing on cryptocurrency at a global scale. It’s claim to fame is providing a myriad of futures and trading pairs. It is also, of late, a very controversial figure in the space. Routinely cited as a major exchange by volume, at least one report concluded much of that volume is faked or ‘ghost.’ Undeterred, Okex is expanding to Malta under a memorandum of understanding, and the company has rolled out its own version of an ETF. Even more recently still, Okex again courted controversy with its ‘socialized clawback’ position. It punishes innocent users, impacting them with others’ bad investment decisions through a 17 percent ‘tax’ by the exchange in a complicated turn of events.

Altcoin Purge Begins: OKEX Delists 28 Token Pairs

Along with delisting pairs, it is also hiding tokens, by which it means “hidden tokens will not be displayed on our token trading list and charts, they can still be found to trade by entering its ticker in the search field.” They include “UBTC, EVX, WFEE, RCT, MDA, CTR, CAG, BT2, BRD, UKG, LA, QVT, WBTC, ATL, AVT, SNGLS, REF, ICN, UTK, MTL, SUB, OAX, STC, MAG, RCN, DNT, SAN, YOYO, REQ, BCX, MTH, RDN, DAT, ZCO, VEE, NGC, MOT, GSC, TIO, AST, FUN, READ, VIU, LEND, WRC, SNM”.

Lastly, Okex noted, “In order to protect the interests of our users as well as the industry, we will strictly monitor all listed projects and implement the delisting / hiding mechanism for substandard projects.”

What do you think of Okex delisting and hiding altcoins? Share your thoughts in the comments section below.

Images via Pixabay.

Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

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Wormhole Mainnet and Developers Guide Launched

Wormhole Mainnet and Developers Guide Launched

There’s been a lot of activities taking place with the new project developed by Bitmain called Wormhole. The team of developers just recently launched the Wormhole mainnet where the public can see the list of coins and the generated Wormhole Cash (WHC). Meanwhile, Gabriel Cardona, the creator of the Bitcoin Cash development kit, Bitbox, released a whole guide for individuals and groups so they can create tokens and crowdsales on the BCH chain.

Also Read: Wormhole Project Launches — $1.2M Worth of BCH Burned So Far

Wormhole Developers Launch Mainnet

Wormhole.cash is a project for the Bitcoin Cash (BCH) chain that provides any individual or organization the ability to create representative tokens. This means users can create tokens that can represent anything they choose like a commodity such as gold, silver, copper, and tobacco. The tokens could also be stocks, bonds, loyalty points, and even coins pegged to a fiat currency like the US dollar. Wormhole is a fork of the project Omni Layer which created and issued the very well known dollar-pegged token tether (USDT).

Wormhole Mainnet and Developers Guide Launched
Users can now view a token and WHC generation list.

This week the Wormhole creators launched the project’s mainnet and a blockchain explorer for created tokens and the Wormhole Cash (WHC) generation list. At the moment there’s about 178 tokens listed on the website wh.blockabc.com. According to the WHC generation list it’s been about five days since the last burn for WHC. For every 1BCH burned, the protocol uses the OP_RETURN in the Wormhole burner and the transaction credits the receiving address 100WHC. Right now WHC tokens are being traded against BCH on the exchange Coinex, and at the moment 1WHC is worth 0.008742BCH ($4.85).

Developer Tools and Guides Are Now  Available for the Wormhole Client

Additionally, on August 9, Gabriel Cardona the creator of the open source BCH software developer’s kit (SDK) called Bitbox created a Wormhole getting started guide. People can utilize Bitcoin.com’s developer’s tools to create tokens and launch a crowdsale using the Bitcoin Cash protocol.

Wormhole Mainnet and Developers Guide Launched
Check out developer.Bitcoin.com/wormhole to get started with Wormhole. 

Cardona explains that Wormhole is a fully featured Javascript codebase that he integrated with Bitbox allowing any individual or organization the ability to launch ‘fixed’ and ‘managed’ tokens or even start an initial coin offering (ICO). The Bitbox creator explains to news.Bitcoin.com that there are three types of tokens that can be created for just a few cents worth of BCH network fees.    

  • Token with a fixed number. (creators cap the number of coins created)
  • Token with a managed number. (Create a token and grant new tokens to people or revoke tokens to increase/decrease the total amount.)
  • Crowdsale/ICO. (Create a number of tokens and sell them for WHC in an ICO.)

WHC is needed to purchase a crowdsale token created with the Wormhole client, and all of the actions within the process are all on-chain bitcoin cash transactions with an OP_RETURN. The web portal developer.Bitcoin.com/wormhole gives programmers everything they need to get started with the Wormhole client. Cardona also details on Twitter how easy it is to create tokens on the BCH chain using his Bitcoin.com Wormhole developers guide.

Wormhole Mainnet and Developers Guide Launched
Gabriel Cardona shows his Twitter followers how easy it is to create an ICO on the BCH chain.

Can Wormhole Replicate the ERC-20 Phenomenon?  

Right now WHC has around $1.3M USD worth of trades taking place over the last 24-hours on the Coinex exchange. It will be interesting to see how well this project does over time and whether or not it can replicate the token creation and ICOs created with the ERC-20 protocol.

Wormhole Mainnet and Developers Guide Launched
At press time on the exchange Coinex one WHC is trading for $4.85 per coin or 0.008742BCH at the time of publication.

At the moment the project is very much in need of a friendly GUI and a compatible SPV wallet that can read Wormhole created tokens. Even so with Bitmain behind the project, and the amount of focus on working with the protocol developers who brought these applications to the table, would likely be kindly rewarded.

Check out the video ‘What Is Wormhole’ below with the Wormhole project’s lead developer Jiazhi Jiang. 

What do you think about Wormhole and the ability to create tokens and ICOs using the BCH protocol? Let us know what you think about this project in the comment section below.

Images via Shutterstock, developer.Bitcoin.com/wormhole, Twitter, and Coinex. 

The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

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Blockchain States Lure Citizens with Political Nostalgia and Voting Rights

Blockchain States Lure Citizens with Political Nostalgia and Voting Rights

If you’ve ever thought of acquiring a digital, virtual citizenship, there are a couple of new options on the table – a ‘Satoshi Nakamoto Republic’ and a ‘Soviet Land’ on blockchain, among others. True, ‘crypto passports’ often come with coin offerings that you might not necessarily be interested in — But the blockchain republics also promise social justice, new or forgotten models of governance, voting rights for every citizen.  

Also read: This ICO Project Wants to Detokenize Itself

‘Soviet Land’ to Issue its Own Crypto Ruble

Blockchain States Lure Citizens with Political Nostalgia and Voting RightsThe idea of a crypto state, a blockchain republic, is not new but the marketing strategies for selling it are changing all the time. The authors of the latest such project have decided to attract “citizens” by invoking nostalgic memories of a state whose founding principles were quite different from the political foundations of the crypto-space. The blockchain-based “Soviet Land” has been recently proclaimed in the Russian Federation, the successor of the Soviet Union which was dissolved in 1991. Almost three decades later, many Russians regret the loss of the safety and security of the Soviet era as political freedom didn’t bring economic prosperity for all.

The Soviet Land is meant to be a digital recreation of the USSR, with its own constitution, citizenship, and social security system. The project is targeting people born in the former Soviet Union and their children. The blockchain USSR has its own cryptocurrency, the Soviet Land Crypto Ruble (SLCR). The SLCR token is supposed to underpin all transactions in the Soviet Land and should be used in payments, both “international” and between legal entities and private individuals within the virtual state.

Blockchain States Lure Citizens with Political Nostalgia and Voting Rights

There’s also an incentive for new citizens – the founders of the blockchain state promise to compensate all people who had deposits in the USSR’s savings bank with funds in the “national cryptocurrency.” The developers, however, have still to answer an important question – can the crypto rubles be exchanged for fiat and withdrawn at the holder’s request.

According to Soviet Land’s creator, Andrey Milenin, the state aims to provide its citizens with the opportunity to restore social justice and participate in government. There’s one little problem though – he claims the blockchain USSR will be based on a “centralized system of individual government.” And the question is, how would a blockchain state, decentralized by default, function under a system of centralized management?

Blockchain Republic to Erect Statues of Satoshi

Blockchain States Lure Citizens with Political Nostalgia and Voting RightsAnother proposal in the category of crypto/blockchain states is the Satoshi Nakamoto Republic. The project will soon conduct an Initial Coin Offering (ICO) to raise funds it wants to use to finance some ambitious plans, including the purchase of an island where a Satoshi Nakamoto City will be built and the “virtual decentralized blockchain-republic” will be founded.

The Ukraine-based startup has included in its mission a commitment to erect physical and virtual monuments of the creator of Bitcoin all over the world and to install in its planned city with the same name “the biggest (real) monument […] named in honour of Satoshi Nakamoto.”

The company has already announced its first project – an initiative to erect a monument of Satoshi in Ukraine’s capital, Kiev. The plan is to place the figure right on the spot where the statue of Vladimir Lenin, founder, and leader of the Soviet Union, used to stand before it was toppled down and destroyed by protesters in the riotous winter of 2013. A virtual Satoshi monument, a digital statue will also be visible via a mobile app.

Blockchain States Lure Citizens with Political Nostalgia and Voting Rights

One of the major goals of the Satoshi Nakamoto Republic is the “creation of a new model of governance, in which all citizens have the right to vote, which is fixed on blockchain” to ensure the “impossibility of falsifications.” Besides citizens, ambassadors and congressmen are also wanted. The virtual republic will issue, sell and use its own SNRC token.

Russia’s Central Bank Warns of ICO Pyramids

And while the fate and the ultimate goals of these projects are still unclear, the Russian Central Bank has reported a new trend in crime related to financial pyramids. Russia and the other countries from the former Eastern Bloc had bad experiences with them in the 90s, and their number is growing again. The CBR now claims that 80 such schemes, using cryptocurrency to attract potential investors, have been discovered since the beginning of this year.

Blockchain States Lure Citizens with Political Nostalgia and Voting RightsA representative of the bank recently said that the minimum investment in such fraudulent schemes is currently between 80,000 and 100,000 rubles (~$1,250 – $1,500 USD) which is considerably more than in the case with “traditional” financial pyramids – 30,000 to 50,000 rubles (~$500 – $800). Many of these projects are presented as Initial Coin Offerings (ICOs), the bank official noted.

A report released earlier this year revealed that ICO startups with Russian participation have raised $310 million dollars before the end of last year. According to another study, the Russian Federation has hosted six of the top 100 ICO projects. However, an academic research published in July showed that less than half of all ICOs survive the first four months after the token sale.

What do you think about the so-called crypto/blockchain states? Share your opinions in the comments section below.

Images courtesy of Shutterstock, Satoshi Nakamoto Republic.

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