RecordsKeeper streams vs RecordsKeeper assets

RecordsKeeper technology is a platform that allows the users to form a private blockchain. The entity then uses it to carry out transactions of varied nature. 

Its highly customizable nature highlights its advantages. It allows users to configure the max block size, the number of transactions, and even the type of transaction.

While setting up, roles and permissions to each user are assigned. But those can be reassigned and modified with time. Also, a vital feature of a multichain is that it can create multiple assets and not just one. As an instance, the blockchain active on the Bitcoin network can support only one coin — BTC.

What is a RecordsKeeper Asset?

RecordsKeeper allows establishment and support of assets at a native level. Each transaction type encodes classification of an ‘asset’ along with its quantity. Another feature of a recordskeeper is that it’s not necessary to have a native currency. The recordskeeper maintains and highlights the input-output ratio of an asset. Also, each transaction can contain any number of assets, as there’s no upper-limit to it.

Difference between Assets and Cryptocurrency

Cryptocurrency, as per definition, is a native currency of a particular blockchain which is open and publicly accessible. It also classifies itself as a new form of ‘money’ and thus can be sent, received, transacted, earned by anyone across the world. Bitcoin and Ether are examples of native currencies.

An asset, however, is a type of ‘token’ issued and is a representation of something that doesn’t derive its value straight from the chain. As an instance, a financial institution that issues an asset into a blockchain to indicate that it holds a certain value of ‘cash.’

What is a RrecordsKeeper Stream?

Unlike RecordsKeeper assets, the focus of Multichain Stream is to provide a reliable mechanism for general data storage as well as its retrieval. There’s no transfer of assets or change of ownership that takes place in this type of set-up. Every item that is a part of a ‘stream’ has fixed characters including publishers, an optional key for retrieval, a timestamp, and data. In fact, the data can be anything right from a small paragraph of text to quite some megabytes.

Think of legal firms — filled with lawyers, court cases, partners, third-parties. They’ll find use case with the multichain stream as they can record the case and other details. Multiple parties can then access this information without fearing data immutability or damage. 

Conclusion:

As for what is the best choice between recordskeeper assets and recordskeeper streams, there’s no single answer. The decision lies with the organization based on the results they are trying to achieve. It would depend on the context along with the long-term objectives of the organization that is building it. In general, however, if you’re looking to create a scarce ‘asset’ that can be owned or transferred, you should use multichain assets. However, if you’re looking for general data storage and retrieval without any change of ownership, then you can use multichain streams. RecordsKeeper technology has been a game-changer, and it’s here to stay.

Breaking Blockchain Conjecture

Our political, economic, as well as legal environment structures itself in the form of contracts, transactions, and its record. It is a system as old as time with evidence of world’s first civilizations too creating a system to keep track. Along with verifying identities and making a note of the exchange, these records serve as history also in many ways.

However, these systems that held on for centuries are shaking in the face of digital transformation. The processes have just not been able to keep up with the pace with which the world is evolving. In this digital era, like most things, the way we maintain these tools along with its execution also needs to change.

Where does Blockchain come into the picture?

Experts believe that blockchain is the solution. Blockchain, as a technology, resides at the crux of Bitcoin along with what’ve now become other virtual cryptocurrencies. In layman’s words, blockchain is a distributed ledger. Being open, it records peer-to-peer transactions without including third-party intermediaries. It promises data immutability along with its permanency. Verifiable data and records form the network. In fact, as the technology evolves, there are concepts such as ‘Smart Contracts’ that can even trigger transactions automatically.

What’s all the Hype About?

More than anything else, blockchain shows a glimpse of the world could be. A system wherein transactions are recorded, stored, and verified on a digital network. Every record has a timestamp along with a signature, and no data can be tempered with, recreated, or in any way corrupted. A self-sustaining system to the point where intermediaries like lawyers, brokers, and bankers will not be needed anymore. Different parties will transact directly with another with little or no friction whatsoever. That is the vision that blockchain promises.

Will Blockchain Live up to the Expectations?

By now, every business has heard that Blockchain will revolutionize everything in the coming few years. Moreover, while we share the vision of this technology, we think we might overstretching our expectations from Blockchain. Not only blockchain as a technology is in its nascent stage, but there are also security issues that seriously need to be pondered upon. However, the critical thing is that blockchain is a foundational technology. By foundational technology, we mean that several other structures (political, legal, financial) can be evolved and created with it. However, that just might take decades.

So, what should we expect from Blockchain?

There’s little doubt about the potential that this technology holds. In fact, in some industries like finance and healthcare, we already see its impact. The future result will be even more enormous; however, it will not happen next year or even in five years. It will take its own time to slowly but steadily seep into all our structures for good and to change it from within. So while we continue to marvel at the potential, we should also continue to innovate and explore it at this stage.

Conclusion:

The blockchain is here to stay. However, the world needs to start small to correctly understand and structure how and in what ways do we want to evolve Blockchain. The level of development of it will also depend on how effectively it adapts to the ever-changing need of multiple industries. For now, we know that blockchain is going to affect both your business and your world. As for when – the time will have to tell.

Password Strategies for your Crypto Wallet

The digital nature of the cryptocurrencies and crypto wallets is such that it can leave you open to security risks and vulnerabilities if you’re not cautious enough.

On Internet forums, you’ll find stories by people who’ve lost their money because they didn’t adequately secure their cryptocurrency wallet.

The first thing, of course, that everyone does right after creating a crypto-wallet is to set-up a password. Setting a password that is strong is the first layer of protection that you provide to your cryptocurrency wallet. So, set a password which can’t be exploited.

Password choice is a security measure that is 100% in the control of the user. An excellent approach to password-creation is making it close to impossible to guess. A user can use a healthy combination of letters, numerals, and symbols to create a secure, unguessable, password. Another critical point to remember is to avoid using anything personal (like name, birthdate, current identification markers) in a password to protect it from any form of social hacking.

Another way and one that has become popular in the recent times, to secure cryptocurrencies is through 2-Factor Authentication (2FA). If you haven’t yet activated 2FA on your crypto wallet, then you are at a security risk.

What is 2-Factor Authentication?

Along with the login details, 2FA is an added layer of security authenticated via an independent source. When 2FA is activated, it’ll require a code for accessing the wallet in addition to the username and the password.

People often end up not setting strong passwords. And if that’s the only security measure in place, then it creates a security loophole. Not to forget, the password can also be stolen via multiple methods including but not limited to phishing attacks, keylogging, and network sniffing. With 2FA activated, you create an independent mode of authentication. The combination of secure password along with 2FA is a robust strategy to amplify your crypto wallet security.

What Authenticator to use?

The traditional usage is, of course, through getting an SMS on your number. This method is frowned upon by experts because it’s risky and vulnerable regarding security. The ideal approach is to set-up 2FA through an independent, third-party authenticator, such as Google Authenticator.

Some people even prefer email 2FA, because they’re concern about losing their phone.

Types of 2FA Set-up

A lot of crypto wallets platform will ask to choose the type of OTP you want while setting up your 2FA. Technically speaking, there are two forms of set-ups. The first one is called HMAC-based One Time Password (HOTP), and the second one is called Time-based One-Time Password (TOTP). The key difference is that HOTP is valid for an unknown period while TOTP changes in every 30 seconds.

As you can tell, the TOTP approach is safer than HOTP since it doesn’t give the space for the OTP to be copied or stolen in any way. The appropriate change in TOTP ensures security.

TOTP occurs through an authenticator app (such as Google Authenticator). The way this app work is that it synchronizes your smartphone with their app server; thus, providing for that extra layer of secureness in the form of a variable OTP in a 2FA set-up.

What if I lost my phone?

Since the entire idea was to strengthen the security of your crypto wallet, you won’t be able to log into your account. However, there are always a set of private keys, which you should keep as a secure backup. Otherwise, the process of acquiring your account back can be a time-consuming and be taxing.

If you’re using Google Authenticator, you can quickly restore that account by scanning the saved QR code into your new device.

Conclusion:

The holistic approach to password strategy for cryptocurrency involves setting a secure password as a first measure. However, to adequately secure the wallet, one must enable 2-Factor Authentication with a trusted authenticator such as the one that Google provides.

Common Misconceptions about Blockchain

The market is abuzz with the advent of the blockchain. It has now become a ‘term’ which evokes strong public opinion, comments- whether valid or not. Let us begin by understanding the term blockchain. In simple terms, blockchain is a technology that serves as an alternative to centralized data storage. Instead of the data being stored on one or multiple servers which are prone to hacks, blockchain is distributed among computers. Radically challenging the status quo, blockchain works on a peer-to-peer verification of transactions. It allows for complete transparency as no single entity can possess the system.

However, the contemporary era is always ‘high’ on misconceptions surrounding any innovation. Just like the introduction of smartphones and internet dazzled the market and ‘legendary myths’ engulfed the mass, the world of blockchain has already created a lot of misconception.

DEBUNKING MYTHS

● The existence of the only Blockchain. Nooooo!

This belief is conclusively false. Although blockchain is commonly compared to the internet, unlike the internet, there are numerous blockchain- each designed to serve a distinct purpose. The common denominator is that they are distributed, have some form of consensus mechanism. Examples could be Bitcoin’s blockchain, ethereum, hyperledger, IBM and Microsoft blockchain, etc.

● Blockchain applications are used for criminal activities. Nooooo!

The collective mass is tied to the belief of cryptocurrencies supporting nefarious activities. It has its roots in the silk road and the dark web along with the mistaken belief of blockchains offering anonymity. While it is true that, to an extent, cryptocurrencies are a virtual boon for drug-trafficking, illegal pornography, and even terrorism, it’s ignorant to assume that it is an untraceable underworld enabler. On the open side, cryptocurrencies are a means to exchange digital assets. Bitcoin being a public ledger, there is always a record of any transaction taking place. The transactions can be traced anytime, anywhere, regardless the purpose of the transaction.

● Blockchain and bitcoin can be used interchangeably. Nooooo!

For beginners and most of the mass, blockchain is always understood as bitcoin and vice versa, creating a lot of confusion.
The blockchain was born with bitcoin, as the underlying technology. Simply put, blockchain is a technology whereas bitcoin is the application based on this technology. What bitcoin is to blockchain is what email is to the internet – its first ‘killer app.’

● All the Blockchains are public. Nooooo!

It is true that bitcoin, along with many well-known blockchains are public, but not all blockchains are. There exist private and semi-private blockchains with varying degrees of penetrability, approachability, and transparency. A public blockchain is open to the public where all the transactions are visible, and anyone can participate at any level. On a private blockchain, only parties with necessary keys can review private transactions. Technically, public blockchains utilize proof-of-work methodology whereas private blockchains use proof-of-stake.

● The Blockchain acts as magical data storage in the cloud. Nooooo!

The working of blockchain and cloud are poles apart. The common misconception is due to their intangibility. A blockchain doesn’t store physical information like PDF files or a word documents. It only provides for a proof-of-existence. Blockchain, conceptually, is a flat file, a linear list of simple transaction records. This ‘flat file’ holds code that certifies the existence of a particular document and not the document itself.

● The Blockchain is used only in the financial sector. Nooooo!

Blockchain technology was highlighted because of the introduction of bitcoin, its first application. Blockchain can be used in numerous areas referencing its implementation; finance incontestably is one of them. In fact, the Indian government is looking forward to employing the blockchain technology in education, health, and agriculture to fulfill its aim of India going truly digital.

● Cryptocurrencies are a replacement to traditional currencies. Nooooo!

As no single entity, corporation or a nation owns or controls the blockchain, it is often hailed as a revolutionary technology. With financial intermediaries,a.k.a middlemen flocking every sphere of our lives, this technology might bring in a new global economy. However, it is unlikely to happen, not anytime soon. The reason accounts for the exorbitant cost of mining, and also that blockchains are not scalable or efficient enough to support global usage. The difference can be seen in the duration of the transaction. Bitcoin can process a maximum of seven transactions a second whereas Visa can process thousands of transactions a second.

The blockchain technology is very much in its nascent stage- or experimental, according to some. The misconceptions mentioned above are few of many, and debunking such myths will provide a field for developers and researchers to produce more viable and efficient solutions. The blockchain technology can transform the society at all the levels. All we need is exploration and experimentation with the aim of a new invention.