Tag: bitcoin

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What is cold storage? In the world of Bitcoin, cold storage is nothing more than a wallet where your private key is offline. Ideally, this private key was generated by some offline procedure and has never been used.

These are some frequently asked questions regarding this type of wallet:

  • For what?

To provide greater security for some of our bitcoins

  • How many bitcoins should I have in this wallet?

This purpose of this wallet is similar to that of a safe or chest. The amount depends on each person, but we should store in this wallet, bitcoins which are not to be transacted daily, that is, we do not want to use regularly. The analogy is comparable to what we already do with fiat money. We don’t keep all of our money in the wallet that we carry in our pocket, since if we did and then we lose it (or it is stolen), we would lose all of our money. This is why we generally choose to carry a small amount of money on a regular basis and the rest we keep in a safe place. The same thing can be done with bitcoin. It is not sensible to store everything in a single wallet, and it makes more sense to have one wallet (or several) to transact and another (or several others) to store most of our funds.

  • I have my bitcoins in an online exchange, is it the same?

No, when we have our bitcoins in an exchange we do not own the keys to our wallet. This is why we are at the mercy of the exchange being ethical and honestly handling our funds. If something happens to the exchange (a hack, site shutdown, etc.), we run the risk of losing all our bitcoins.

  • Once I have transferred funds from my cold storage to another wallet, should I create a new cold storage?

Not necessarily, although it is safer to have a cold storage whose privates keys have never been used

  • Should I also keep my public key in a safe place?

Not at all! The only thing we must protect tooth and nail is our private key.

  • And where do I keep my private key to keep it safe?

Wherever we can trust, be it printed on paper, encrypted inside a pendrive, stored in a safe, or even a mixture of these.

To see the full article you please visit: https://medium.com/@anarancio/bitcoin-como-crear-un-cold-storage-dac4d7456277

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The technology behind Bitcoin makes its way in Uruguay

Digitized governments, smart insurance, and more private medical records. What are the Uruguayan government and companies planning for this new way of sharing information? In parallel, the Central Bank of Uruguay (BCU) is advancing with its project to start issuing digital banknotes.

If the world of technology can boast of one thing with its incessant rhythm, it is to make the new look old, even long before we get used to it. And Bitcoin, the now famous cryptocurrency that does not stop beating historic prices, is no exception. As hundreds of curious investors turn to digital currency to find out how to get their share, some are already looking beyond it. Or rather, behind it.

In 2008, when Bitcoin was created by the mythical Satoshi Nakamoto (whose true identity remains unknown), it did not come into the world alone. Behind the idea of creating a currency whose issuance and exchange are not controlled by any entity, was another way of transmitting and recording information, which would soon prove to have even more potential than the currency itself. It was about blockchain, a technology with as many applications as followers, including several companies and state agencies in Uruguay.

But how does it work and what are its advantages? On the one hand, it is a system that continuously records information in units called “blocks” (hence its name), which are linked together like the wagons of a freight train, offering great traceability. On the other hand, and unlike the classic internet architecture, which stores information on centralized servers, this technology houses it on thousands of computers throughout the network. This way, it is virtually impossible for a single person to alter the data stored in a block, allowing it to be stored in a transparent, verifiable and permanent way.

While this technology is the cornerstone of Bitcoin and one of the reasons that maintain trust in the currency, transacting is not the only thing that can be done with it. According to Carlos Alba, director of Strategic Planning of the Agency for Electronic Government and the Information and Knowledge Society (Agesic), “blockchain is applicable to all sectors and industries, and its benefits include improvements in security, privacy, efficiency, veracity of the information and its registration over time ”.

As an advisory body on information and communication technologies (ICT), Agesic is in charge of studying its benefits and evaluating its potential to improve the services provided by the State. Worldwide, the use of blockchain in the public sphere is innovative, but far from being a pioneer: in India it is used to register land ownership and in the European Union it has been discussed as an alternative implementation for the civic registry of refugees.

Alba clarifies that in Uruguay the idea is still “in the research and feasibility analysis phase”; However, this discussion will be part of the agenda of the 2020 Digital Government Plan, which includes objectives such as the digitization of procedures, the release of public data and the increase of the security of state systems. In addition, according to Alba, the first tests will be carried out at the end of this year, and a concrete implementation will begin in 2018.

But the State’s commitment to blockchain is not limited to applying the technology to its organizations but also to investing in it. The director of the National Research and Innovation Agency (ANII), Fernando Brum, says that they have already received proposals related to this technology. One was Thales Labs, a funder and startup accelerator that has specialized in this technology since 2016. According to Sylvia Chebi, its director, the agreement with ANII will target promising companies in the sector. “We expect projects in the areas of finance, insurance, medicine and in any industry in which contracts are made between parties that require their mutual trust”, she explains.

ANII already has a history financing blockchain projects. In 2016, it granted the company ZirconTech 2.2 million pesos to develop Seguros 2020, a platform that will allow auto insurers to offer packages whose policies are reduced in order to reward good driving habits. “Drivers will report data on their driving style through an application that will record parameters such as location, speed and acceleration, and will detect everything from sudden braking to rush hour trips”, says Alejandro Narancio, the company’s head of Technology. With that information, he adds, a series of smart contracts will be executed, computer programs that work on blockchain and that will automatically calculate a management score to assign a reward.

He also points out, ttha the platform will be launched on the market at the end of this year and its implementation is already being negotiated with several companies in Uruguay, Argentina and Chile. In any case, the project is far from being its first encounter with blockchain, a technology with which he has been conducting pilot tests since almost two years ago. “The most interesting area was in healthcare, where we created a system of medical records that allowed patients to have control over their data, and they were the ones who authorized doctors to see it”, he explains.

In the private sector, not only startups experiment with these new systems. Mauro Flores, manager of Security Services and technical leader of blockchain for Latin America at Deloitte, says that he already works with several companies to identify the benefits of this technology. “The use of blockchain is very recent, but it is expected that in 2018 the real solutions will start to go into production”, he adds. The president of the FinTech Chamber of Uruguay, Sebastián Olivera, believes that blockchain has high potential in finance, medicine, insurance, energy and agriculture, and that the talent and installed infrastructure of Uruguay position it to become a regional benchmark. One sign: the good attendance of the Montevideo FinTech Forum, which organized its chamber in June and was attended by officials from ANII, AGESIC, the National Development Agency, the ministries of Industry and Economy, and the Central Bank.

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He is 35 years old and was born in Montevideo. 10 years ago he co-founded Infuy, a software and consulting company, whose principle is “solving problems using technology”.

He is in charge of a software and consulting company whose main goal is to provide technological solutions according to each client.

This year, together with three partners, he created a Infuy spinoff, Zircontech, almost 100% oriented to blockchain and Smart Contracts, with whom he is developing an car insurance product.

Narancio is a systems engineer and entrepreneur, and his hobbies are art and carpentry.

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 On July 14th we had our second meetup!


The agenda had two main topics

  • Practical uses from bitcoin, what is it? , use of exchanges, how to trade?, private and public keys and something of altcoins given by Fatima.
  • Real example of project based on Hyperledger fabric, Smart contracts, and real examples of source-code currently being developed at Zircontech, given by Ricardo.

Regarding the project that is being developed at Infuy.  If you want to know more about ZirconTech’s project, you can read one of his co-founders articles in  https://www.linkedin.com/pulse/zircon-tech-demo-usage-based-insurance-hyperledger-andres-zunino

We would like to give special thanks for the time to prepare the talks give by the speakers.

Again, the audience was very interested and asked a lot of new terminology and questions that brings up.

As we said in the previous posts, more meetups are planned, and will address topics like blockchain and the internet of things, Solidity (the most popular language for writing smart contracts in Ethereum), Hyperledger and blockchain based architectures.
After the meeting the crowd again enjoyed pizzas, crafted beers and cupcakes. Thanks to Infuy who sponsored the event.

Here you can find some links from the talks (this was the first time that we had done this so sorry if the audio or image does not accomplish the quality of the talks) 🙂

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From the past years we have been working with Bitcoins, Blockchains and WordPress, so we have come up with an idea of creating a widget plugin for WordPress in order to allow the people of donating Altcoins without problems.
This is a simple plugin and does not do all the process of the real wallets. With that said this will allow to publish your Wallet address (on a QR) in order that can be scanned and can donate how many Altcoins do you like.
You can visit the plugin here and post reviews or comments.

Bitcoin Donator Button Widget

[Best_Wordpress_Gallery id=”1″ gal_title=”Wordpress Altcoin donate”]

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Uruguay is creating capabilities and starting projects in Distributed Ledger Technologies.
Monday sunset witnessed a group of people meeting to talk about distributed ledger technologies in a rooftop very close to the Catholic University in Montevideo. In fact, Alejandro Narancio, a seasoned architect and software developer for more than 15 years, who runs a professional services company servicing customers in Latin America and United States, conducted this first meetup.
He has been involved with bitcoin and blockchain technologies since 2010, and currently is handling a project fully based in distributed ledger technologies using IBM Bluemix. Alejandro decided to start blockchain meetups in Montevideo and kicked off explaining to the audience what is bitcoin, how blockchain works, the importance of the smart contracts and some platforms like Ethereum. Deeper sessions are expected for future meetups to discuss multiple applications in different industries and addressing topics of interest of an unexpected numerous audience.
The meetup group was created by mid-December 2016 and got interest very quickly with many folks joining the group. Alejandro had to close the meetup invitations weeks in advance since the interest filled the rooftop capacity.
Alejandro proposed a very practical agenda, just to show the basics of these technologies and its origins. The audience in Uruguay could learn about bitcoin features and Satoshi Nakamoto, its main components, the problems that addresses, the process of sending a bitcoin, how mining works, cold storage, the underlying blockchain technology and its features, hashes, blocks and block chains. He also explained the concept of public and private blockchains and applications in the form of business use cases.The audience was very interested and was uncovered lot of interest of doing things in these technologies. That’s why the audience kept the attention to listen about smart contracts (something Nick Szabo started to talk about 20 years ago), what they are and some examples, and main platform products like Ethereum, Hyperledger IBM Bluemix and Argentinian RSK Rootstock Smart Contracts. The session finished with some details about Ethereum platform.

More meetups are planned, and will address topics like blockchain and the internet of things, Solidity (the most popular language for writing smart contracts in Ethereum), Hyperledger and blockchain based architectures.
After the meeting the crowd enjoyed pizzas, crafted beers and cupcakes. The attendees received a Paper Wallet Gift and a Cheat Sheet from the host InfUY who sponsored the event.

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