Latest Universal Wallet Update Released 1.2.6

Latest Universal Wallet Update Released 1.2.6

Today we have released the latest update to the Universal Wallet – release 1.2.6. For our Android Users, you can now go ahead and update your Universal Wallet. Once you update your wallet, you can log back into your account and be live in the latest version.

For our iOS users, the update has been submitted to the Apple iOS App Store, and will likely take about 7-days to be published and listed, and for you to have access to download the latest version.

If you don’t have the Universal Wallet yet, click here to download yours!

In this article we highlight some of the new coin integrations and performance improvements made to our flagship app.

Dash & Litecoin Now Available in Universal Wallet

It’s official, upon updating your Universal Wallet app in the iOS (Coming Soon) or Android (Now Available) app store, all of our active and new users will immediately have the ability to store, track, send and receive Dash and Litecoin.

We know these two coins have been in high-demand from our community, so we greatly appreciate your patience as we completed our rigorous testing and integration process. Dash & LTC are now fully transactable!

aXpire Update – AXP to AXPR

The ticker for aXpire has been updated from AXP to AXPR, and we now support the latest version of the aXpire Token in the Universal Wallet.

Performance Enhancements

Ethos is on the relentless pursuit to make the Universal Wallet the buttery smoothest and snappiest crypto wallet in the World, with dynamic features and functionalities to enhance the user experience of interacting with crypto.

In this update, we shipped a multitude of performance enhancements. We will be continuing to deploy performance enhancements with every developer sprint. Our beta-testers in product council shared a remarkable improvement in performance, and of course this is just the beginning!

Variety of Bug Fixes

Developer sprints happen every couple weeks, and during this one our developers have squashed 50+ bugs and made improvements to the user experience. None of these bugs were critical nor did they in any way affect the security of the Universal Wallet.

The majority of bugs fixes came with offering users proper notification and a smoother user flow when performing transactions or dealing with errors if transactions don’t get submitted to the blockchain properly, including tracking the full detail of transaction history.

Transactions Made Simpler

We have been honing our design and listening to the community about UI/UX simplification. So we have reduced the number of clicks needed to view the Send or Receive screens by 60%, moving from 5 clicks to just 2.

Sending and Receiving crypto has truly never been so easy. Send some transactions to and from the Universal Wallet and let us know what you think.

A Note on Apple & iOS Release

On average it takes approximately 7-days from the time of publishing the update for Apple to review and approve the update and for it to be sent to all of our users. Unfortunately, there is no way for us to expedite the process, so it’s a matter of time and we appreciate everyone’s patience. We will make the formal announcement across all of our channels when the iOS update is available.

Conclusion

This update and the future updates to come highlight a critical step in our journey to delivering a powerful application that is directly informed by our community, a truly people-powered platform, which we are aggressively improving with our talented team.

As we continue to improve our coin integration process, we will be expediting our integration of more coins into the Universal Wallet and directly asking for community feedback on which tokens you would like to see integrated into the wallet most.

We invite all of our active users to update their Universal Wallet to get access to our latest coin integrations and feature enhancements. If you are new to Ethos or the Universal Wallet, click here to download yours.

Interested in learning about what the devs are working on now?
Check out our Dev Dashboard.

Have questions? Want to join the people-powered movement?

Join the conversation on our Official Ethos Telegram channel!

Also, join the conversation on our Ethos Twitter, Facebook & LinkedIn


Ethos Unveils Bedrock, A Revolutionary Platform Connecting Financial Institutions With the Blockchain

Ethos Unveils Bedrock, A Revolutionary Platform Connecting Financial Institutions With the Blockchain

Ethos, a leading cryptocurrency services provider, is excited to unveil its institutional blockchain solutions platform Ethos Bedrock.

Ethos Bedrock is a sophisticated, high-performance Blockchain Financial Services (BFS) platform. Bedrock was built with the vision of making blockchain and cryptographic protocols as easy and accessible to as internet protocols. Using Bedrock, institutions can safely and securely leverage battle-tested, state-of-the-art digital asset technology, and lay the groundwork for crypto financial services such as custody, liquidity, brokerage and lending.

Ethos’s flagship product, the Universal Wallet, runs completely on Bedrock APIs and is Bedrock’s first reference application. In other words, Bedrock is not a theoretical infrastructure; it is up and running today supporting over 90,000 users worldwide and has performed over 400,000 transactions seamlessly connecting with a variety of blockchain networks.

 

“Nearly every fintech firm views blockchain as the next paradigm shift for digital finance, but the wide array of blockchain and crypto protocols and frameworks have long been complex and inaccessible–until today,” says Ethos Founder & CEO Shingo Lavine. “Bedrock provides the infrastructure for a whole new wave of revolutionary new blockchain-based products and services that will power the digital economy of the future.”

 

Bedrock includes structures that enable institutions to create their own crypto wallets, liquidity and custody services, as well as custom solutions for blockchain integration, alerts, identity and transaction monitoring.

Bedrock uses open peer-reviewed standards such as BIP32, BIP39 and BIP44. These standards enable institutions or their customers to safekeep hundreds of digital assets through Ethos’ SmartKey technology. Bedrock also includes an abstraction layer that offers support for multiple blockchains and custom digital assets.

Bedrock is powered by the ETHOS token which is designed to provide utility and access throughout the Ethos ecosystem. Bedrock business partners may utilize and stake the Ethos token to unlock access to the system, pay for the fees, and receive discounts. A gas mechanism protects the network from resource greedy, malicious or inefficient applications and provides reduced fees, creating a win-win ecosystem that operates efficiently and cost-effectively while delivering benefits to both businesses and consumers.

Bedrock can be licensed under joint venture or custom engineering contracts, and is designed to be customized for industrial-grade scalable and secure financial applications. To contact the Ethos Bedrock BD team, email [email protected] or fill out the Bedrock partner contact form on https://www.ethos.io/bedrock.

Learn more about Ethos Bedrock

Learn More

About Ethos.io PTE LTD
Ethos is a leading cryptocurrency services provider that is building a bridge between the blockchain and existing financial institutions and systems. The Ethos Universal Wallet enables anybody to securely safe-keep their own crypto assets easily, safely and for free. The Universal Wallet is decentralized, with consumers creating and owning their own private SmartKeys that secure personal digital vaults. The Universal Wallet is built on Bedrock, a foundation platform that abstracts and makes blockchains more accessible, secure and compliant for both people and financial institutions. Ethos has built a blockchain dream team of financial and technology executives with experience at companies like Blackrock, Citrix, Deloitte, Freddie Mac, Merrill Lynch, State Street and UBS. Ethos is headquartered in Singapore with a global presence and community across Telegram and Twitter.


Dash & Litecoin Now in Testing for Release to Universal Wallet

Dash & Litecoin Now in Testing for Release to Universal Wallet

Big things have been happening at Ethos and we have some exciting news for our community!

Recently, we announced our Simplex Integration & ShapeShift Partnership, while continuing to build invaluable business relationships with other leading blockchain companies behind the scenes to advance and enhance our ecosystem.

One of the most exciting and highly-anticipated updates, is our new coin integrations coming to the Universal Wallet. In this article we highlight how our coin integration process works, which coins are almost ready to be added and give you direct insight into the progress being made.

Coin Integration – Development, Integration & Progress

Our blockchain developers are now working in two high-performing teams, both building features end-to-end. Team A and Team B are both focused on feature enhancements which are prioritized by applying feedback from the community, with Team B working specifically on new coin integrations.

Prior to onboarding a coin or blockchain to the wallet, it must go through a vetting process. When vetting coins, factors taken into consideration include, but are not limited to: complexity of integration, market cap, quality of the token, liquidity of the network, community demand and size of the community.

Once vetted, Team B gets a new node up and running, wraps the node and integrates the node with Bedrock. Extensive internal testing is undertaken prior to moving forward with beta testing through our Product Council. Following beta testing, the integration is ready to be deployed to Ethos Universal Wallet users globally.

These improvements will support us in streamlining our coin integration process and solidify our position to be the truly universal wallet solution.

The first new coins lined up to make their Universal Wallet debut are Litecoin (LTC) and Dash (DASH)! We are now testing these two coins internally – placing them at 95% completion. Integration is right around the corner, and we are excited to bring the Ethos, Litecoin and Dash communities closer together.

Here’s some more info on the two coins coming soon to Universal Wallet – stay tuned for updates on what’s coming next!


Litecoin (LTC)

Progress: 95% complete - currently undergoing beta testing.

About Litecoin
Litecoin is a peer-to-peer digital currency meant to enable instant, near-zero cost payments to anyone in the world. LTC is an open source, global payment network that is fully decentralized and a fork of Bitcoin Core. LTC seeks to solve many of the technical issues that plague the Bitcoin network and intends to be an alternate store of value to Bitcoin. If Bitcoin is “Digital Gold” then Litecoin is “Digital Silver”.

LTC seeks to activate network upgrades such as the Lightning Network which other coins have adopted in order to increase network throughput and solve scaling issues.


Dash (DASH)

Progress: 95% complete - currently undergoing beta testing.

About Dash
Dash is Digital Cash, aimed at making instant private payments online or in-store using a secure open source platform. Dash uses a self-governing, self-funding protocol with masternodes that drive development growth where participants propose and fund projects directly within the network. Dash has been expanding their payment infrastructure globally.


Want to stay updated on the progress of Coin Integrations?
Check out the Dev Dashboard

Our newly created Dev Dashboard, allows you to see the real-time progress of our coin integrations. It’s updated weekly based on our developer milestones, and allows you to know what’s going on at Ethos behind the scenes.
In the coming weeks, we will be releasing a People-Powered feedback survey to the Ethos community, to hear your input on what coins you would like us to integrate next. Thanks for reading…

Have questions? Want to join the people-powered movement?

Join the conversation on our Official Ethos Telegram channel!

Also, join the conversation on our Ethos Twitter, Facebook & LinkedIn


Coin Swap Shapeshift Ethos Coin Wallet

Ethos Brings Coin Swaps to the Universal Wallet

Ethos Brings Coin Swaps to the Universal Wallet

In recent breaking news, we publicized our exciting partnership with ShapeShift to allow coin swaps in the Universal Wallet. This article explains the new features we will be releasing to our users and how it will all work.

With the launch of the Universal Wallet, we gave our users the ability to store, track, send and receive over 100+ cryptocurrencies. With an entire division of our dev-team purely focused on new token integrations, in the coming weeks and months users will see the addition of the most popular and highly-requested tokens to be fully supported in the wallet.

And now, enabled by our partnership with ShapeShift, all Ethos Universal Wallet Users will be able to Swap between different types of cryptocurrencies, with speed, ease and security without ever leaving your wallet!

Users will always maintain self-custody of their tokens and their private keys, ensuring decentralized control of all tokens during their swaps, without taking on the risk of using centralized exchanges.

With the integration of ShapeShift into Universal Wallet, our users can:

  • Turn your Ethereum into Bitcoin
  • Turn your Bitcoin into Litecoin
  • Essentially, swap any coins for one another supported by both Ethos & ShapeShift
  • All safely and securely within your Universal Wallet with private keys you control

The Benefits of Using Ethos Universal Wallet & ShapeShift for Token Swaps

Convenience – At the click of a button, you can swap a token you currently hold and easily exchange it for another. With Ethos & ShapeShift, you no longer have to send your crypto to a centralized exchange, wait for the deposit, transact one coin, potentially sell into Bitcoin or Ethereum as a trading pair, and wait and process your withdrawal from the exchange. Only then sending it back to your wallet for safe-keeping.

Ease of Use – By using the Universal Wallet, you can easily select the wallet addresses instead of having to deal with writing or pasting public addresses across multiple platforms. If you want to send someone a specific token you don’t have in your wallet, you can do a swap and then scan their QR-code for easy sending.

It’s Safer – Eliminate the risk of being redirected to a phishing site instead of an exchange, sending to the wrong public address when transferring between exchange and your wallet, or being subjected to an exchange hack. No more sleepless nights wondering if your crypto is safe.

How It Will Work – Want to know how you will be able to exchange between cryptocurrencies with Ethos Universal Wallet x ShapeShift? Here is the breakdown.

This is a draft UX design for prototyping purposes, actual UX may vary.

The 5-Easy Steps to our Upcoming Coin Swap Feature

  1. You need cryptocurrency in your Ethos Smartwallet
    • Download the Universal Wallet from the App Store
    • Create your Account
    • Create a SmartWallet
    • Deposit cryptocurrency into your SmartWallet
  2. Tap on the coin within your wallet that you want to exchange and select “Swap”
  3. Choose the coin that you want to receive in exchange
  4. Review the transaction and tap “Confirm Swap”
  5. Authorize your swap transaction using your biometrics/PIN

The Result: A Successful Coin Swap in the Universal Wallet!

You will see the coin that you are swapping leave your wallet, and shortly after the new coin will be added to your SmartWallet. It’s that easy.

In Summary

This is one of many new exciting features that will be coming soon to enhance the Universal Wallet. Our developers are hard at work programming this exciting new feature, so stay tuned for future announcements when it’s ready for release, and coming to a Universal Wallet near you.


Ethos Announces Simplex Agreement - Accelerating Phase I of Fiat Gateway

Ethos Announces Simplex Agreement - Accelerating Phase I of Fiat Gateway

Ethos is pleased to announce an integration with Simplex, a global instant fiat purchase service enabling bitcoin and altcoin purchases with credit and debit cards. This integration will mean that Ethos customers will soon have access to liquidity and exchange services between fiat and cryptocurrencies on an international scale.

Ethos aims to create a financial ecosystem that is open, safe and fair for everyone by harnessing the power and autonomy that cryptocurrencies provide. The Ethos Universal Wallet provides a secure, self-custodied mobile wallet where the user is in control of funds at all times. Ethos Universal Wallet gives users the power to store, track, send and receive over 100+ tokens.

This agreement allows Ethos to accelerate the first phase of the fiat gateway and provide Ethos customers with a safe and seamless method for converting between fiat and cryptocurrency.

Paired with the Shapeshift integration, users will be able to gain access to dozens of cryptocurrencies and tokens using fiat.

Image is for prototype mockup purposes only.

“Ethos is excited to offer a wealth of dynamic capabilities to consumers,” says Ethos Founder & CEO Shingo Lavine. “The Universal Wallet will become the most accessible way for people to safely interact with cryptocurrencies using innovative services such as Simplex.”

“As Ethos expands its service offering, Simplex is proud to play a fundamental role in offering seamless, easy conversion between fiat and cryptocurrencies while ensuring transactions are completely fraud-free,” says Nimrod Lehavi, CEO and Co-founder of Simplex. “We are able to achieve this thanks to our advanced machine learning AI algorithms and broad accumulated experience as security experts.”

The Ethos Universal Wallet is available in the iOS & Android app-store worldwide. Download the app: https://www.ethos.io/universal-wallet/

 

About Ethos.io PTE LTD

Ethos is a leading cryptocurrency services provider that is building a bridge between the blockchain and existing financial institutions and systems. The Ethos Universal Wallet enables anybody to securely safe-keep their own crypto assets easily, safely and for free. The Universal Wallet is decentralized, with consumers creating and owning their own private SmartKeys that secure personal digital vaults. The Universal Wallet is built on Bedrock, a foundation platform that abstracts and makes blockchains more accessible, secure and compliant for both people and financial institutions. Ethos has built a blockchain dream team of financial and technology executives with experience at companies like Blackrock, Citrix, Deloitte, Freddie Mac, Merrill Lynch and UBS. Ethos is headquartered in Singapore with a global presence and community. Learn more at ethos.io.

 

About Simplex

Simplex is a fintech company that provides online merchants with fraud-free payment processing. Our goal is to make online commerce safe. Based on advanced AI technology, Simplex’s automated system facilitates processing online payments while assessing risk with maximum speed and accuracy.

Simplex integrates with online crypto exchanges to fulfill the credit card payment process. Hence, Simplex is responsible for risk analysis, processing the payments with the credit card company, and finalizing the transaction. The cryptocurrency is provided by the online exchange. Learn more at Simplex.com.


Ethos and ShapeShift Partner to Deepen Liquidity and Advance Enterprise Cryptocurrency Exchange

Ethos and ShapeShift Partner to Deepen Liquidity and Advance Enterprise Cryptocurrency Exchange

Ethos, a leading multi-cryptocurrency wallet and enterprise blockchain solutions provider, is pleased to announce an integration with ShapeShift.io, a digital marketplace for Bitcoin and other blockchain tokens. This integration will mean that Ethos users and enterprise customers will soon have access to the liquidity and exchange services for dozens of cryptocurrencies and tokens.

Ethos aims to create a financial ecosystem that is open, safe and fair for everyone by harnessing the power and autonomy that cryptocurrencies provide. The Ethos Universal Wallet provides a secure, self-custodied mobile wallet where the user is in control of funds at all times. Ethos Universal Wallet gives users the power to store, track, send and receive over 100+ tokens.

The integration with ShapeShift enables users to securely exchange and swap coins without any intermediaries. Users will be able to initiate trades directly from their wallet with settlement and order handling abstracted and rapidly executed for the user.  

“Ethos provides the infrastructure for a more robust digital economy that is truly easy to use and accessible to the average person,” says Ethos Founder & CEO Shingo Lavine. “We want to partner with leading companies in the space to provide the best possible service while preserving the ideals and allure that cryptocurrencies hold.”

ShapeShift Swap in Universal Wallet Prototype – The image above is a prototype mockup. The actual app integration UI/UX may vary from the image above.

Beyond the consumer wallet service, Ethos plans to integrate ShapeShift as an offering in its Bedrock product and services. Bedrock is a sophisticated, high-performance API that makes blockchain protocols as accessible as internet protocols for businesses and institutions. Ethos and Shapeshift are taking a leap forward to offer exchange services and move towards building regulated, enterprise-ready service offerings that can service users and institutions globally.

The Ethos Universal Wallet is available worldwide today. Download the app:  https://www.ethos.io/universal-wallet/

 

About Ethos.io PTE LTD

Ethos is a leading cryptocurrency services provider that is building a bridge between the blockchain and existing financial institutions and systems. The Ethos Universal Wallet enables anybody to securely safe-keep their own crypto assets easily, safely and for free. The Universal Wallet is decentralized, with consumers creating and owning their own private SmartKeys that secure personal digital vaults. The Universal Wallet is built on Bedrock, a foundation platform that abstracts and makes blockchains more accessible, secure and compliant for both people and financial institutions. Ethos has built a blockchain dream team of financial and technology executives with experience at companies like Blackrock, Citrix, Deloitte, Freddie Mac, Merrill Lynch and UBS. Ethos is headquartered in Singapore with a global presence and community. Learn more at ethos.io.

 

About ShapeShift  

ShapeShift AG is a leading blockchain technology company based in Switzerland. It operates several crypto products including ShapeShift.io, CoinCap, Prism, and KeepKey. Its primary service, ShapeShift.io, is a an online marketplace where users can buy and sell digital assets. The popular app enables users to safely trade Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and other major blockchain-based tokens and assets. See more at: shapeshift.com.


How Ethos Cryptocurrency Wallet Smart Keys Keep Money Secure

Ethos Smart Keys: How Cryptocurrency Enables Consumers to Protect and Own Their Money

Ethos Cryptocurrency Wallet Smart Keys

How the Universal Cryptocurrency Wallet Smart Keys Enables Consumers to Protect and Own Their Money

Introduction

Cryptocurrencies, such as Bitcoin and Ethereum, bring unique benefits to the world of personal finance by pairing the ability to own and store your digital assets in a cryptocurrency wallet, with the ability to cheaply, securely and almost instantly transfer them to others.

A blockchain, simply put, is an open record keeping system that’s maintained by a peer-to-peer network where everyone has access to read and potentially write data. Because of the open nature of blockchain, it’s absolutely necessary that all the data on the chain is verifiable as authentic and can’t be manipulated after the fact. To guarantee that all of our transactions are authentic, we turn to cryptography which gives us the ability to generate digital signatures and fingerprints.

The Ethos Cryptocurrency Wallet Smart Key is a unique digital signature that is used to verify the authenticity of transactions originating from your wallet. Any time a digital asset is transferred out of your Ethos Universal Multi Cryptocurrency Wallet, your Smart Keys will provide the authorization needed to execute the transaction. Ethos Keys are “Smart” because your one key represents all of your funds, regardless of what form of cryptocurrency you are using. This allows you to backup and restore all of your wallets with a single key phrase.

How safe is it?

Ethos leverages well-tested cryptographic standards and methods to ensure that your Universal Wallet uses an extremely high degree of security. The passphrase is 24 words (vs the 12 word standard used in many wallets) and the keys themselves are 256 bit, meaning uncrackable.

As discussed in the next few sections, the bulk of the security offered by the Ethos Universal Cryptocurrency Wallet and Smart Keys comes from modern cryptographic techniques, such as public-key and elliptic-curve cryptography, and their ability to generate secure and verifiable digital signatures and fingerprints. Let’s first consider some background to fully understand the mathematical magnitude of the protection.

Ciphers, Hashes, and Digital Fingerprints

The concept of a cipher is fundamental to cryptography. The roots of cryptographic hashing go back to 50 BC, during the reign of Julius Caesar and the Roman Empire. At that time, the official means of communication was a courier service that was highly vulnerable to espionage and interception. To throw off their enemies, the emperor and his consul would communicate by scrambling the letters of their messages before sending them. Upon receipt of a message, the letters would have to be unscrambled to reveal the original message.

One method of doing this was to shift every letter over by one, so that every instance of the letter ‘a’ would be replaced by ‘b’, ‘b’ would be replaced by ‘c’, and so on. This now commonly referred to as a Caesar Cipher, or a Shift Cipher, because the method to conceal the message is simply shifting each letter over one.

In this case the message ‘hello’ would become ‘ifmmp’ and the courier tasked with delivering it would ideally not be aware of the method used to scramble the message. Anyone who intercepted this message would also not know what to make of the seemingly nonsensical message. The “key” in this example is the method of encoding the message.

Over the next two thousand years, this idea of a cipher was further developed into that of a cryptographic hash, which in simple terms is a more sophisticated way of scrambling a message so that it’s very difficult to reverse. Hashes also have the property of, given some data, being able to reliably create a unique digital fingerprint of that data.

Everytime you submit a transaction to the blockchain, a fingerprint of your transaction is created and used to link the blocks in the blockchain, ensuring that the data in each block hasn’t been manipulated. For example, if you spend one bitcoin and someone tries to go back and manipulate the record to say you spent 10 bitcoin, it would invalidate all of the fingerprints in the blockchain leading back to that transaction.

Digital Signatures

Public Key Cryptography

Equally fundamental to the field of modern cryptography is the concept of Public Key Cryptography. In Public Key Cryptography there is the notion of a shared public-key that can be used by anyone to encrypt a message; then only you, with the corresponding private-key can decrypt to read the original message.

One of the most important properties of Public Key Cryptography is that, given a key-pair, its possible to generate a signature, digital proof of ownership of addresses that derive from your key. So whenever you send a transaction to the blockchain, it includes a signature proving that you are the owner of that address and therefore authorized to make that transaction. If the signature doesn’t match the public wallet address, the transaction is deemed to be unauthorized and is rejected by the network.

Elliptic Curve Cryptography

Elliptic Curve Cryptography is a type of Public Key Cryptography that makes private and public key generation even more secure due to the mathematical properties of elliptic curves that make it extremely difficult to reverse engineer the private key from the public keys.

Ethos Smart Keys are created from a cryptographically random number known as a seed. Sometimes seeds are created by a random number generator. However, this isn’t 100 percent secure because sometimes a hacker can re-generate a random number by knowing when it was generated and using a timestamp.

To ensure a higher degree of randomness, you generate your seed with a combination of a random number and another random number created by shaking your phone the first time you open the app. The unique signal from this process ensures that no one will be able to guess a non-random seed like your birthday, phone number, or a timestamp.

This seed is then used to generate private and public key-pairs on a secp256k1 Elliptic Curve, the results of which are hashed several times and encoded to reveal your public wallet addresses. By creating your Smart Keys this way, you can safely share your public keys and rest assured that only you have access to spend the funds in those wallets with your private key.

A Brave New World

Now that you know a little bit about the technology we use to secure your Universal Cryptocurrency Wallet, you might want to know exactly what we’re protecting you against. The follow are the most common exploits that are used by “bad actors” to gain control of your funds.

Jailbreaking and Mobile Security

Jailbreaking is a popular method of unlocking non-standard features on your mobile device. While this can be an easy and fun way to personalize your phone, doing so goes around some very important security features of your phone, and can give unauthorized apps the ability to snoop around your phone and potentially sniff out your keys.

While the Ethos Universal Cryptocurrency Wallet does everything it can to secure your keys on your phone, it’s very important that you never jailbreak your phone or install apps that aren’t approved by the app store. We can’t emphasize enough how important it is that you never use the Ethos Universal Wallet on a jailbroken phone.

Dictionary Attacks: Cracking Passwords

Someone who wants to gain unauthorized access to your cryptocurrency funds is going to be most interested in finding out your private key. To crack a password, or in this case a key, a hacker would typically use a “brute force” method and employ what is commonly known as a “Dictionary Attack.” This method involves a linear search through a dictionary of common words, comparing passwords systematically against each word until a match is found. While this may sound like a lot of work, remember that an average computer alone can execute billions of operations per second.

Hypothetically, say someone were to chose the very insecure password “castle”. A dictionary attack on this password would take about 3 seconds, which is the time it would take a computer to try all of the words in the dictionary before “castle” is found as a possible password.

Let’s add a little bit more complexity to this password by adding a random number to the end of it, for example, “castle123”. This seemingly more complex password still takes only 27 seconds to hack.

Stringing together dictionary words, ie, “castleone” would take considerably more time to hack (11 days, 8 hours) but still within the realm of possibility for a properly motivated hacker with the right equipment.

 

 

Good News: There’s Safety in Numbers

As demonstrated, adding just one additional word to a password provides an exponential increase in its security. If we take this idea to the next level, we can quickly generate a password that would take an unimaginable amount of time and energy to guess, with even the most sophisticated computers available.

 

 

Even considering that every 18-months, new computers with twice the computational power are released at half the price, a 12-word password will still be secure for generations to come. And to be extra secure, Ethos uses 24-word passwords.

Introducing the Ethos Cryptocurrency Wallet Smart Keys

An Ethos SmartKey is a unique 256-bit key signature that is yours and yours only. It is generated and secured on your mobile device, and should also be written down on a piece of paper, aka “paper wallet”, and stored in a safe place or memorized.

 

 

When you open the Ethos Universal Multi Cryptocurrency Wallet App for the first time, you are asked to shake your phone to create your first wallet. The shaking motion generates a random number that is impossible to recreate, and your key is generated on your phone based on that random number.

Your key is then automatically mapped to a 24 word phrase that gives you the convenience of backing up and restoring your wallets with an easy to read mnemonic. It’s very important that you physically write this phrase down and keep it in a safe place in case you lose your phone. When you get a new phone you can restore all of your wallets easily by entering the backup-phrase.

 

Important SmartKey Safety Tips

  • Write your backup phrase down in a private place away from any cameras or windows.
  • Never copy / paste your private key, always type it in.
  • Do not store private keys on services like Google Drive or Dropbox
  • Never share your private keys.
  • Reputable firms will never ask for your private keys via email, phone or chat.

How many SmartKeys are there?

SmartKeys are generated with a unique 256-bit signature. There are over 340 trillion trillion trillion different possible SmartKey combinations. To put this number in perspective, that’s more than the number grains of sand on Earth. That’s even more than the number of known stars in our universe. That’s over forty-five octillion possible SmartKeys for every man, woman and child on planet earth; So there are plenty to go around.

SmartKeys and Hierarchical Deterministic Wallets

Under the hood, the Ethos Universal Wallet is built on the BIP-32: Hierarchical Deterministic Wallet specification developed by the Bitcoin developer community. While many Bitcoin exchanges have been hacked, generally with phishing or database hacks, no one has yet to mathematically break or reverse engineer a BIP-32 wallet despite hundreds of billions of dollar equivalent as bait. The underlying algorithms have been battle-tested with trillions of dollars of transactions. In other words, its among the most secure cryptographic standards on earth.

Features

Ethos Universal Cryptocurrency Wallet and Smart Keys:

  • Generates an astronomically complex, and cryptographically secure key that prevents anyone from spending from your wallet.
  • Maps this key to a set of 24 words enabling you to restore your wallet easily.
  • Stores multiple types of digital assets including Bitcoin, Ethereum and ERC20 Tokens.

Conclusion

The Ethos Universal Cryptocurrency Wallet is designed for you to store and secure a wide variety of coins/tokens with a single Smart Key and backup-phrase. We leverage decades of cryptographic research in addition to widely used industry standards that enable the self-custody of your assets, as well as their safe transmission and backwards compatibility with popular devices such as the Ledger Nano S and Trezor hardware wallets.


Balancing Decentralization

Balancing “Decentralization” —  Purpose & Utility of ETHOS Tokens within an Inclusive Financial Ecosystem

A very common question that many crypto firms today face is “Why do you need a token?” It is a fair question and something that we try to tackle head on. I’ve said time and time again that blockchain is a tool. Blockchain is not a “Sledgehammer.” As Abraham Maslow once said, “if all you have is a hammer, everything looks like a nail.” Right now the world has been given “The Blockchain” and everyone is trying to figure out what “nails” to hammer the blockchain with.

In reality, “The Blockchain” — whatever people mean by that — is much more of a “scalpel”. Blockchain technology should be seen as a precision tool which when used correctly, can prove to be quite powerful in solving difficult problems. This is a theme that we will expand upon at Ethos and will become increasingly apparent as the blockchain industry matures.

In general there are 5 main reasons we have a token which are laid on in our FAQ on ethos.io/faq which are:

  1. Reduce costs for consumers for crypto-related transactions.
  2. Enable low-cost blockchain applications for developers.
  3. Create a scalable micropayment transfer mechanism for all platform services.
  4. Support an open financial ecosystem that bridges traditional and crypto assets.
  5. Enable verified source of funds and identity for transactions through the Ethos ecosystem.

For the sake of transparency and education I will lay out what each of those means here and people can reference back to this answer. Without further ado, let’s jump right in…

Reduce Costs for Consumers

Using USD for transactions generally has many intermediary fees associated with it. Withdrawing money from a bank account, using a credit card or wiring funds all require fees that add up to a significant percentage of the transaction. The transformative power of the blockchain means that for the first time there is a completely open financial ecosystem that has no prerequisites for participation. There are no intermediaries which removes a lot of barriers and costs. To illustrate this, imagine you wanted to buy a diversified basket of assets. You may have to ask an investment advisor to provide suggestions, decide to purchase shares of a mutual fund, have a broker-dealer purchase on your behalf through the investment advisor, have a mutual fund manager manage the money while the shares are held in custody by a custodial bank — not to mention the money being held and transacted through a bank. At each intermediary, there are costs that ultimately are shouldered by the user.

A tokenized system can provide consumers the “market price” of a product or service without the markup that happens through inefficient mechanisms or profit motive. Markets are the most efficient way to allocate scarce resources in a way that is fair to everyone. Uber uses markets to pair riders and drivers and Google uses markets to match advertisers with ad spots to maximize consumer and producer surplus. The Ethos token is designed to match consumers to transactions for the lowest possible cost.

Enable Low-Cost Applications for Developers

In a similar vein to “Reduce Costs for Consumers”, the Ethos token provides prorated access to the Bedrock API. By enabling pro-rated access to an API, there are no over or under charges to developers, and participants in the Ethos Ecosystem can get exactly what they are entitled to. This is similar to an Amazon Web Services model, but even more thinly sliced to the API level, similar to how Ethereum uses Ether gas to power Smart Contracts with the added benefit of eliminating payment risk from the business and the consumer. This allows the ecosystem to operate much more efficiently — basically at the lowest possible cost the ecosystem will allow — and is beneficial to both businesses and consumers. Ethereum’s gas market has shown the power and potential of a computer system that can be “rented out” on a microscopic scale. We took many of the best ideas from Ethereum and expanded upon them for Ethos Bedrock.

Create a Scalable Micropayment Transfer System for all Platform Services

Ethereum, along with the many layer 2 scaling proposals for ERC20, enable highly scalable systems that can build the foundations for payments infrastructure and consumer application rails which are simply not possible in a USD world. ERC20 enables us to fully utilize the security and scalability of a tried and tested blockchain while at the same time providing a unique digital commodity to power an ecosystem. These applications span underserved unbanked populations to high throughput payment and settlement systems. Again, these sorts of applications are simply not possible without a unique digital asset. There is no way for an unbanked consumer to transfer a dollar without incurring significant fees. By using an near infinitely subdividable digital asset along with a micropayment transfer mechanism, any person in the world can be able to send micropayments securely and safely.

Support an Open Financial Ecosystem that Bridges Traditional and Crypto Assets

A huge part of our mission is making the financial ecosystem accessible and connected for consumers and institutions. Bridging the gap between traditional and crypto is an important part of this mission for Ethos. A digital asset simply makes a lot of sense when you want to begin establishing marketplaces that form an ecosystem linking both worlds. As more and more firms join the Ethos Ecosystem and begin operating within it — it becomes increasingly important to establish connections between the different marketplaces to support an all-inclusive capital market that can better serve individuals and institutions alike.

Enable Verified Source of Funds in the Blockchain

A major source of headaches for regulators is the perception that cryptocurrency can be used for money laundering, terrorist financing, drug transactions and the like. Even though there exists this perception, many studies have shown that illicit actors still prefer to use fiat over cryptocurrency due to the linkability and transparency of the blockchain. The blockchain is often more transparent than the existing fiat financial ecosystem, and can be used to create a safe and clean digital financial ecosystem.

Ethos is building standards that will help people stay on the “light side” with crypto and power all the transformative possibilities that crypto promises while at the same time maintaining the integrity of a clean financial system. This includes identity for all Ethos participants. Instead of sending funds to an anonymous address, Ethos users can link identity to funds. We see this starting with a “DNS-like” Wallet domain marketplace powered by the ETHOS token that enables verified users the ability to leverage the plethora of capabilities that are available in the crypto world. Users can register a unique wallet handle, much like a web domain, that will make it easy to receive funds of any kind through the Ethos Ecosystem.

Additionally, ETHOS-VSF is a standard that proposes a way to encode verified source of funds into blockchain transactions powered by the Ethos ecosystem. A digital asset that powers a new, decentralized, inclusive and compliant future is something that should appeal to both users and regulators alike.

This post was inspired by a telegram comment that I responded to! Visit our telegram at t.me/ethos_io and ask the Ethos team more questions to receive information straight from the source. Ethos strives to be transparent and forthcoming with all activity and it is a big part of our mission to drive clarity and education in the industry.