Tag Archives: blockchain technology accenture

What is the difference inbetween an exchange (e

blockchain vs coinbase

Your ETH & tokens are on the blockchain, regardless of what service you use to access them. When you stir them, you are sending them from one address on the blockchain to another. These are simply lines of code. Your wallet file, the user interface you interact with, the private key—these do not have funds in them. The private key gives you the capability to prove ownership over coins that are on the blockchain.

If you use a client-side device like MyEtherWallet or Mist, Metamask, Exodus, or Jaxx, then you have the private key & you control your funds and your key. You do not rely on Coinbase or Gemini sending your funds from their account to yours.

The upside is that you, and only you, control your keys. An exchange getting hacked won’t affect you. The downside is that you, and only you, control your keys. No one else has them, nor can recover them, should you lose them.

If you do lose your private key or wallet file or password, you cannot prove ownership of an account and therefore you cannot ever send your coins again.

If you use an exchange like Coinbase, Gemini, Kraken, Polonix, Bittrex, then you have any account with that company, and they hold your ETH and your keys for you. They have their own account on the blockchain with all their and their customers’ funds in it. Then you have a username / password with them, on their servers, and they keep track of how much ETH they “owe” you.

This permits you to have the more traditional username / password situation and do things like reset your password if you leave behind it, switch your password if your password is compromised, and turn on 2FA. However, it also means that if the exchange loses ETH, it’s your ETH that is lost.

If you choose to budge from an exchange to a wallet where you control your keys, you need to make sure that you have numerous backups, stored in separate locations, of your private key + password. This will prevent loss in case your computer crashes or your house burns down or anything else.

You also need to ensure you keep these keys securely. This means:

  • Don’t inject it on random websites
  • Always ensure you are on the correct site or downloading from the legitimate repo / website.
  • Don’t email your key, send it to anyone or post it online
  • Don’t save it to cloud storage
  • Don’t have Team Viewer or other remote access software on your computer

If this seems very terrific, we recommend purchasing a Ledger or TREZOR hardware wallet. These help keep your keys safe and stored in an “offline” device, rather than on your computer. In this case, you don’t have to worry about files or strings of characters; instead you just connect your hardware wallet to your computer.

Internal note: Also on StackExchange here—edits should be made in both locations

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Exploring the Opportunities of Blockchain Technology

blockchain opportunities

Blockchain technology provides a very secure, encrypted, distributed ledger of transactions, or transfers of “assets”. While the initial uses of blockchain technology have been to power cryptocurrencies (such as Bitcoin), and other forms of financial technology, democracy and open government activists are also exploring the application of blockchain technology to a broad array of issues. Blockchain technology holds the potential to improve transparency and to reduce corruption in such areas as election administration, government contracting, and property transfers or land titling. This session will provide a brief overview of blockchain technology, discuss the current state of play with respect to pilots of blockchain technology in the open government space, and explore possible extra use cases. Panelists will discuss opportunities for partnership to test fresh uses of this technology through the Blockchain Trust Accelerator, a fresh partnership inbetween the Fresh America Foundation, BitFury, and the National Democratic Institute designed to pilot blockchain applications related to open, democratic governance.

Blockchain technology provides the chance to securely and verifiably record transfers of any type of “asset” — whether property, votes or information. The very first initiative of the Blockchain Trust Accelerator was announced in the Republic of Georgia in April, where the government is working with BitFury to create a blockchain-powered land title database. In theory, blockchain technology could reduce transaction costs related to land transactions (e.g., title insurance) by improving certain regarding the chain of title. In Ukraine, the government is conducting trials of blockchain-based election platforms for petitions and advisory votes at the municipal level. Estonian residents are now able to use the blockchain to self-notarize documents like marriage licenses and birth certificates. The government of the Isle of Man is piloting a blockchain registry to strengthen the transparency and efficiency of registering certain types of businesses. And a political party in Denmark is using blockchain software for internal voting. As this list demonstrates, there are a range of potential applications of blockchain technology to open contracting. These examples, which would be collective during the session, can provide valuable lessons learned and inspiration for future applications.

This session would suggest both an introduction to blockchain technology, as well as a “sampler” of potential use cases, based on ongoing pilots of this technology. We would envision an initial presentation of the state of play with respect to blockchain technology by Jamie Elizabeth Smith, Global Chief Communications Officer for BitFury, followed by a presentation of the Blockchain Trust Accelerator by Tomicah Tillemann, Senior Fellow at the Fresh America Foundation, and relevant government representatives. These introductory remarks would be followed by a series of brief “lightning talks” regarding pilots projects involving the use of blockchain technology. It is anticipated that this could include both the presentation of the current Georgian land titling project, followed by a discussion of its potential use for voting by Democracy Earth. Chris Doten, Senior Manager for Technology and Innovation at the National Democratic Institute, would moderate the session, posing questions to each of the panelists and, during the final twenty minutes of the session, soliciting questions and comments from the audience.

by Greg Brown

from National Democratic Institute (Co-chair, Legislative Openness Working Group)

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