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Blockstack

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We believe in a future where the rights you enjoy in the physical world extend to the digital world.

However, the rules of today’s web browsers and apps were written by the large internet companies responsible for violating our rights.

We’re building an app ecosystem that works for users, not against them, so that apps can’t be evil and your digital rights are protected.

 

Blockstack is a blockchain-based, decentralized internet platform where users completely own and control their data, and the network apps that may use the data are run locally on the user’s browser. A compatible browser is sufficient to access everything on Blockstack.

Imagine not having to upload data on an external site like Facebook or on an app like WhatsApp, and yet being able to share it with friends and other users.

Blockstack enables this by offering an all new internet platform, where all decentralized apps are run locally on the user’s browser, and users continue to own their data (text, images, videos, and files).

Using the power of blockchain, a Blockstack user gets digital keys to create their identity on the Blockstack network. User data can be stored locally or connected to his/her storage hosting providers, allowing the user to retain full control.

Sharing of content is achieved through a secure and encrypted medium. The Blockstack network supports tokens like bitcoin and other cryptocurrencies and are available for peer-to-peer transfer or charging for downloads, subscriptions, and more.

Blockstack is also in the preregistration stages of releasing their own token. Stacks (STX) token is the native utility token of the Blockstack network. Stacks tokens are consumed as “fuel” when users register digital assets, like usernames, or when they register/execute smart contracts. Using Stacks, developers can build and distribute apps that let users maintain ownership of their data and protect their digital rights.

This has promise and sounds like the beginning of a new direction for the way we use the internet!

 

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Cryptocurrency Wallets

Now that you’ve purchased some BTC and ETH on Coinbase it’s time to get a private wallet.

See when you purchase your currency on Coinbase, they hold your wallet information. If something were to occur with the site, your wallets could be compromised. So that’s why we have private wallets.

There are a few types of private wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online.

  • Desktop: wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets offer one of the highest levels of security however if your computer is hacked or gets a virus there is the possibility that you may lose all your funds.
  • Online: wallets run on the cloud and are accessible from any computing device in any location. While they are more convenient to access, online wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.
  • Mobile: wallets run on an app on your phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and simpler than desktop wallets because of the limited space available on a mobile.
  • Hardware: wallets differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Although hardware wallets make transactions online, they are stored offline which delivers increased security. Hardware wallets can be compatible with several web interfaces and can support different currencies; it just depends on which one you decide to use. What’s more, making a transaction is easy. Users simply plug in their device to any internet-enabled computer or device, enter a pin, send currency and confirm. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.
  • Paper: wallets are easy to use and provide a very high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed. Using a paper wallet is relatively straightforward. Transferring Bitcoin or any other currency to your paper wallet is accomplished by the transfer of funds from your software wallet to the public address shown on your paper wallet. Alternatively, if you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet. This process, often referred to as ‘sweeping,’ can either be done manually by entering your private keys or by scanning the QR code on the paper wallet.

I have experience with using:

Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network.

Remember that no matter which wallet you use, losing your private keys will lead you to lose your money. If your wallet gets hacked, or you send money to a scammer, there is no way to reclaim lost currency or reverse the transaction. You must take precautions and be very careful! You are solely responsible.

  • Backup your wallet. Store only small amounts of currency for everyday use online, on your computer or mobile, keeping the vast majority of your funds in a high security environment. Cold or offline storage options for backup like Ledger Nano or paper or USB will protect you against computer failures and allow you to recover your wallet should it be lost or stolen. It will not, however, protect you against eager hackers. The reality is, if you choose to use an online wallet there are inherent risks that can’t always be protected against.
  • Add extra security layers. The more layers of security, the better. Setting long and complex passwords and ensuring any withdrawal of funds requires a password is a start. Use wallets that have a good reputation and provide extra security layers like two-factor authentication and additional pin code requirements every time a wallet application gets opened.

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