Mediaboss Marketing

With the rise in digital assets, there is a dire need to secure your crypto funds and transactions with secure technology like Multisignature (Multisig) wallets to prevent vulnerability and the possibility of a hack. Multisig Wallets are a ray of hope for fortifying the DeFi ecosystem. But unfortunately, many digital wallet service providers have been unable to keep up with the demand for security, leaving users funds vulnerable to theft or fraud.

By implementing multisig technology, users can have greater peace of mind knowing that a robust and reliable system protects their digital assets. Recently, Ethereum co-founder Vitalik Buterin has emphasized the self-custody of funds through Multisig wallets and Social Recovery wallets to ensure the safety of funds.

So, without any further ado, lets go straight to the topic.

A multisig wallet, also known as a multi-signature wallet, is a cutting-edge digital wallet that offers unparalleled security for storing and transacting various digital assets, including cryptocurrencies, stablecoins, and non-fungible tokens (NFTs). Unlike traditional wallets that require only one private key to sign and execute transactions, a multi-sig wallet requires multiple private keys to authenticate and complete transactions.

The added layer of security ensures that even if one of the wallets or private-key is compromised, the wallets funds remain safe and secure. Simply put, a multi-sig wallet is a single locker with multiple keys to access what is locked inside.

The process to initiate a transaction with a multisig wallet follows the same steps regardless of the type of solution chosen. Simply input the transaction details into your wallet and sign it using your private key. Easy peasy, right? But heres where things get really interesting: your transaction wont be fully completed until all the required keys are submitted. Thats right, its a team effort!

So what are you waiting for? Start using a multi-sig wallet today following the steps given below to execute transactions through a multi-sig wallet.

Step 1: Set Up the Wallet

To start using a multi-signature wallet, you first need to create the wallet and add the co-signers who will have to approve any transactions.

Step 2: Create a Transaction

When you want to send cryptocurrency from your multi-signature wallet, you create a transaction in the same way as you would with a regular wallet. You will need to specify the amount you want to send, the recipients address, and any other details required by the wallet provider.

Step 3: Require Signatures

When creating the transaction, you also specify the number of signatures required to approve the transaction. For example, you may require two out of three co-signers to approve the transaction before it can be processed.

Step 4: Sign the Transaction

Once the transaction is created, it will be sent to all co-signers for approval. Each co-signer will need to sign the transaction using their private key. The wallet provider will then combine the signatures and check that the required number of signatures have been obtained.

Step 5: Broadcast the Transaction

Once the required number of signatures have been obtained, the transaction can be broadcast to the network and processed. The recipients address will receive the cryptocurrency, and the transaction will be recorded on the blockchain.

Step 6: Verify the Transaction

Each co-signer will receive a notification that the transaction has been processed. They can verify that the transaction was completed correctly and that the correct amount was sent to the correct address.

There are two terminologies used to define the types of multi-sig wallets.

N-of-n refers to the requirements of all private keys to authenticate and approve a transaction. For example, 2-of-2 multi-sig wallets require two private keys, the total number of keys to building a wallet.

N-of-m multi-sig wallets do not require all private keys but only need the threshold number of keys to execute transactions. For example, 2-of-3 muli-sig wallets only need two private keys out of three to process the transactions.

Also Read: Crypto Wallets: All You Need To Know About Their Types

There are three ways you can set up your multi-sig wallet and you can use any one of these.

Its important to note that the specifics of creating a multi-sig wallet may vary depending on the wallet software you choose. So make sure to read the documentation or instructions carefully to ensure you are setting up the wallet correctly.

One can reap given benefits from using multi-sig wallets,

Compared to hot wallets, multi-sig wallets are safer when securing transactions and digital assets.

Multi-sig wallets are highly accessible as one can operate from any device, like a laptop or phone. Moreover, they can sign transactions within seconds by entering their private keys manually or inserting keys where it held.

Multi-sig wallet enables 2-factor authentication as more than one private key is required to execute the transaction. That means no single entity can take control of a wallet or transfer addresses in case of a cyber attack.

With the rising number of scams and fraud, multi-sig wallets can restore trust in big institutions like crypto exchanges. By splitting the private keys into different entities, these institutions can assure customers or investors that their funds are safe.

Multi-sig wallets can use smart contract capability to proceed with escrow transactions, enabling different parties to execute their transaction safely and securely by setting some conditions.

For example, suppose someone orders three sets of shoes from a particular brand. The escrow transactions will automatically execute once they receive the order.

As every coin has two sides, so do multi-sig wallets.

Setting up and maintaining multi-sig wallets could be an ordeal for those using them for the first time. In addition, since multi-sig wallets require multiple signatures, there are more steps involved in authorizing a transaction; this can make the process more complex and increase the risk of user error.

Another major flaw in multi-sig wallets is the higher fees, as multiple signatures are required, and each signature adds to the transaction fee.

As different parties are involved in signing transactions, sometimes it could be delayed because of the unavailability of one of the participants. Also, Multisig wallets can take varying amounts of time to complete a transaction, ranging from a few hours to several days.

Factors such as the number of signatories required and geographical restrictions can influence the transaction duration and limit their use. Due to these limitations, there may be more convenient options for urgent or regular payments than multi-sig wallets.

Multisig wallets take longer and require more coordination to recover funds compared to single-key storage. N-of-N setups also lack a backup or recovery solution in case one signer is unavailable. Choosing a third-party custodian for a multi-sig wallet poses the risk of a security breach that could have serious consequences.

Finding the best multi-sig wallet is like finding a needle in a haystack. To simplify users choices, here are some best multi-sig wallets.

Armory is one of the oldest and most highly secured multi-sig wallets allowing users to control their private keys without relying on third-party servers. Armory is an open-source wallet with cold storage and multi-signature support. However, it could be complex for newbies as it requires a local copy of the blockchain to be on the same machine.

The leading crypto exchange, Coinbase, also provides multi-sig wallets as a hosted wallet model. Instead of users, Coinbase controls the private key on behalf of users. To fortify network security and as a centralized entity, Coinbase uses real-world identity.

Regarding Multisignature vaults, they do not provide insurance because they cannot have complete control over your coins in that way. Instead, they offer various combinations to their multi-signature addresses.

Coinbase uses a 3-key system, consisting of a Coinbase key, a user key, and a shared key, to give you control over your funds. In addition, Coinbase allows up to three authorizers to sign a Bitcoin transaction using a 3-of-3 authorization system.

The most commonly used desktop wallet is Electrum, which offers features like cold storage and multi-signature capabilities. Electrum is an open-source project released under the MIT license, which allows anyone to run a Bitcoin node using Electrum without a single point of failure.

Moreover, Electrum is the first wallet to use Simple Payment Verification (SPV), a method described by Satoshi in his whitepaper. As it only downloads the header for each block, it is faster than a web wallet yet still more secure.

Wrapping Up:

In conclusion, as cryptocurrency and DeFi continue to expand, the need for solid security measures becomes increasingly vital. Multi-sig wallets provide an extra layer of protection against cyber attacks and unauthorized access, thus making them a reliable option for safeguarding users funds.

By implementing multi-sig wallets, the cryptocurrency industry can enhance security standards and increase confidence among users, which can ultimately drive the growth and adoption of DeFi infrastructure. Therefore, multi-sig wallets should be considered a crucial element in the development and sustainability of the cryptocurrency ecosystem.

More here:

Multisig Wallet: The Future of Secure Crypto Transactions - Crypto Times

Yuri Molchan

Frontman of Ethereum sells some of his ETH as coin nears $2,000 level

Read U.TODAY on

Google News

According todata shared by @lookonchain, an analytics platform that tracks large crypto transactions and transfers of "Smart Money" wallets, Vitalik Buterin sent nearly half a million worth of Ethereum to a major exchange.

After he did that, the Ethereum Foundation did the same but transferred a lot more Ethereum to the same platform nearly $30 million worth of it.

In the meantime, the second largest cryptocurrency, ETH, is trading at the $1,960 level. Santiment on-chain data company believes that ETH is on the cusp of breaking above $2,000.

Lookonchain shared that the vitalik.eth wallet was the first to move 200 Ethereum (worth about $400,000) to the U.S.-based Kraken exchange. Following Buterin's transaction, the Ethereum Foundation did the same but on a much bigger scale they shifted 15,000 ETH to Kraken as well.

Together with Buterin's crypto, that makes $40,000,000 USD in fiat. The second transaction was also noticed and highlighted by the popular crypto tracker Whale Alert.

It seems that Buterin just sells Ethereum from time to time in more or less the same amounts. As reported by U.Today earlier, in the middle of February, he sold 210 ETH for roughly $325,000 in the USDC stablecoin. Curiously, that chunk of ETH was also sold on Kraken.

Back then, Ethereum was trading at $1,545.

On March 13, he moved another 200 ETH to Kraken, selling it at the price of $1,656 per coin.

Santiment data aggregator reported on Friday that ETH had reached an eight-month high in flows to crypto exchanges. The analytics team believes that this may be a sign of an upcoming volatility increase similar to what it was like after the collapse of FTX in early November and the Merge in mid-September.

In a tweet that followed, Santiment added that while "sky-high active deposits" of ETH to exchanges are the highest since November last year, ETH is now showing signs of decoupling from BTC and may be about to break above the $2,000 level.

Besides, a record amount of ETH was burned at the end of this week, as U.Today reported. That was down to the meme coin season unwrapping at the moment the majority of meme coins run on Ethereum and so are being actively moved with high ETH fees, providing a great opportunity to burn ETH and decrease the circulating supply.

Originally posted here:

Vitalik Buterin and ETH Foundation Sell $30 Million in Ethereum As ETH About to Break $2,000 - U.Today

The founder of Ethereum, one of the pioneering entities of the entire cryptocurrency industry, is one of the most recognizable names in the digital asset sector. Yet, as the brains behind one of the most used blockchains on the planet, just who is Vitalik Buterin, and what is his net worth?

Buterin is a well-respected industry leader and has catapulted his Ethereum network to unprecedented heights. Moreover, understanding the development of Ethereum, his early life, and his impact on the industry provides an interesting context for just how much the co-founder is worth.

Vitalik Buterin was born on January 31, 1994, in Kolomna, Russia, and migrated to Canada at the age of six. After leaving Russia, Buterins early life was set in the province of Ontario, where he gained some notoriety as a programmer during his teenage years.

At a young age, it was clear that Buterin had a strong passion for digital assets. Specifically, Buterin was taught about the fundamentals of Bitcoin (BTC) by his father when he was 17 years old.

Although he was tremendously interested, there was really no way for the young Russian Canadian to obtain the asset. Yet he would eventually begin writing blog posts for Bitcoin as compensation. Subsequently, that work would culminate in 2011, when he co-founded Bitcoin Magazine.

Buterin would study collegiately at the University of Waterloo, taking advanced cryptography courses. Then, he would become a research assistant to former Tor Project board chairman, Ian Goldberg.

In 2012, Buterin took home bronze in the International Olympiad in Informatics. There, he began to collaborate with some of the brightest young development minds on the planet. Eventually, in 2014, billionaire Peter Theill established the Thierl Fellowship. Subsequently, Buterin was offered a $100,000 grant to focus full-time on Ethereum. Leading the young developer to drop out of college and chase his dream.

Moreover, Buterin created a host of open-source projects until he eventually co-founded Ethereum in 2013. The young developer co-founded the Ethereum network alongside Hoseph Lubin, Charles Hoskinson, Anthony Di Lorio, and Gavin Wood.

Ethereum was created to combat certain flaws that Buterin observed in various crypto projects like Bitcoin. Following the publication of the Ethereum technical book, the industry was able to observe how the Ethereum Virtual Machine (EVM) truly functions. Subsequently, presenting the primary technology behind the Ethereum network, and orchestrating its vast potential.

In 2015, the Ethereum brain trust was able to present the original, fully formed version of the network, Frontier. The arrival followed a rather long crowdfunding campaign and became somewhat of a viral sensation. Following its launch, tech giants like IBM and Microsoft were interested in the capabilities of the project.

The founders group behind Ethereum eventually sold ETH for more than 31,000 BTC, which equates to $18 million. Subsequently, the Ethereum Foundation was born. The foundation was a non-profit based in Switzerland and used to oversee the Ethereum networks open-source software development.

Overall, the Ethereum network benefited from the principles that it held firm to. Specifically, the design of the network ensures simplicity, modularity, universality, agility, non-discrimination, and non-censorship. All qualities that have drawn in users. Consequently, aspects that have continued to drive its popularity in the industry.

All of that exposition sets up the answer to the question of Vitalik Buterins net worth. Currently, Data Wallet approximates that the Ethereum co-founder boasts a net worth of around $540 million as of 2023. Specifically noting the significant amount of Ethereum that is held by the creator.

What perhaps makes the net worth of Buterin interesting, however, is how he perceives his wealth. The Ethereum co-founder has stated his adherence to decentralization as a principle. Moreover, he shares his desire to use his wealth for philanthropic purposes. Additionally, the estimates are strictly that, as Buterin has assured that he is not exponentially wealthy. Conversely, he states that he ends up donating most of his income.

This is a facet that has been seen in the past, as Buterin has been known to donate large amounts of cryptocurrency. Specifically, Buterin had been given more than 50 trillion Shiba Inu (SHIB) in 2021. Subsequently, by the end of May of that year, he had donated almost all of it to the CryptoReleif fund. The total was more than $1.2 billion at the time.

In 2022, Buterin donated another $9.4 million to the University of Maryland to support the School of Public Healths research into germicidal ultraviolet light. Subsequently, pointing to the philanthropic nature of the Ethereum founder.

Ultimately, Buterins net worth is based on various assets that are held in three wallets, according to Data Wallet. Specifically, the wallets 0xab, 0xD0, and 0x22 have all been verified to belong to the founder. Subsequently, those wallets hold a combined $500 million. Alternately, there is an additional estimate of $40 million in off-chain assets held by Buterin.

The rest is here:

What is Vitalik Buterin's Net Worth? - Watcher Guru

BitcoinBTC has climbed following the Federal Reserve following through on its well-telegraphed 10th consecutive interest rate hikewith traders now turning to a looming $31.4 trillion problem.

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market roller-coaster

The bitcoin price has come back to within touching distance of $30,000 per bitcoin despite sudden fears emerging that China, U.S. president Joe Biden and the Fed could be about to "destroy all value of bitcoin." EthereumETH, the second-largest cryptocurrency after bitcoin, has also soared, climbing back toward highs not seen since last summer (even after founder Vitalik Buterin issued a bull run warning).

Now, bullish bitcoin and crypto price analysts have predicted the Federal Reserve's 10th hike could be its last of this cyclepotentially setting bitcoin up for a "strong rally."

It's at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

"While the Fed has raised interest rates by another 25 basis points, the probability that this was the last hike for this cycle is high, which could set up the market for another strong rally," Markus Thielen, head of research at crypto-services provider Matrixport, wrote in an emailed note.

Thielen predicts the bitcoin price could now add 20% before mid-June, potentially making one bitcoin worth $35,000 and adding $100 billion to the bitcoin market capitalization.

"At the same time, we continuously see bank failure, which requires liquidity injections and guarantees from the government for any acquiring party," Thielen added, referring to the ongoing regional U.S. bank crisis that's now hit PacWest after pushing First Republic over the edge this week.

Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious

Meanwhile, growing instability in the banking sector is increasing bitcoin's appeal, according to Decentral Park Capital's portfolio manager Lewis Harland.

"You see outperformance of bitcoin within the crypto market when regional bank share prices collapse. This signals that bitcoin is the high-quality anti-dollar liquid play for investors as the crisis unfolds further," Harland told Coindesk, adding bitcoin dominance, a measure of bitcoin's value compared to the wider cryptocurrency market, is now near the upper end of the multi-year range.

"A break of 50% would likely signal a new market regime of prolonged bitcoin outperformance within the market."

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

View original post here:

A New Market RegimeThe Fed May Have Just Triggered A $100 Billion Bitcoin Price Boom As Ethereum Surges Back - Forbes

MILAN, May 6, 2023 /PRNewswire/ -- Phemex, a leading crypto exchange platform,is bolstering its exciting plans to transition from centralized to hybrid semi-centralizedwith the launch of their innovative Phemex Soul Pass. The non-transferable digital token creates massive potential for growth and value by empowering users with full and transparent ownership of their online identities and assets in the growing Web 3.0 space.

Trust is imperative for any social environment to thrive, and in a decentralized world without a central authority, the need for it to be cultivated between all participants is vital. In early 2022, Ethereum co-founder Vitalik Buterin outlined his vision for a publicly verifiable and non-transferable token on the blockchain in a whitepaper on Soulbound Tokens (SBT). SBTs can create a more extensive Web 3.0 environment by functioning as the building blocks of decentralized credibility and trust-building by permanently binding someone's genuine reputation and credentials to the Soul, a personal crypto wallet, that cannot be sold or transferred.

Phemex Soul Passes are non-transferable tokens that have meaningful reputation, relationships, affiliations, and credentials baked in that can secure accounts, verify identity, and reward community participation -- the cornerstones of a thriving decentralized society (DeSoc). By initiating the Phemex Soul Pass, Phemex is setting the standards for the fundamental elements of a decentralized society within an exchange. The Phemex Soul Pass mechanisms will help facilitate a new ownership system that builds authentic trust and cooperation through a bottom-up approach with key incentives aligned. The Soul Pass grants access to pre-mined Phemex Tokens, contains important Phemex account-related credentials, and provides additional potential for users to earn through platform rewards, partnership gifts, and trading accolades, among others. This creates an avenue for experimentation with mechanisms that maximize community engagement and other goals, further enhancing a decentralized society.

Phemex Soul Passes will be available through a whitelist invitation system which means they can only be minted after receiving a whitelist invitation through official Phemex social media, communities, platform activities, or through Phemex partners. Whitelisted users will also receive an airdropped reward of 100 Phemex xPT, which can be redeemed for Phemex Token, in the first batch of whitelists that are scheduled to be opened within 1-2 weeks, with less than 500 exclusive spots available.

Through the launch of Phemex Soul Pass as a means of decentralizing governance, Phemex seeks to forge an authentic Web 3.0 experience that emphasizes more than just short-term profit by realigning incentives to attract a community of true believers. This initiative, paired with the wholly transparent and self-proving Proof-of-Reserve and Proof-of-Solvencymechanisms Phemex launched in November 2022, provides citizens of the community with the necessary tools to independently verify and participate, rather than passively trust and consume, laying a strong foundation for the future of the Web 3.0 era with credentialed collaboration, transparency, and accountability at its core.

For more information about Phemex Web 3.0 White Paper, please visit https://phemex.gitbook.io/phemex-web3-whitepaper/.

To learn more, please visit the pages below:Phemex Soul Pass: https://phemex.com/web3/soulpassPhemex Token: https://phemex.com/web3/ptxPT Pre-mining: https://phemex.com/web3/premining.

About Phemex

Phemex, a certificated crypto exchange providing efficient and transparent trading experience with commitment of an all-rounded asset protection backed by state-of-the-art security technologies and Merkle-Tree Proofs-of-Reserves practice. Founded by a team of industry veterans, Phemex delivers personalized solutions 24/7 that facilitates the building of users' crypto empire through its low latency and scalable environment, as well as a fair matchmaking system ensuring the prices and timing are prioritized.

SOURCE Phemex

Read more from the original source:

Phemex Launches Its Revolutionary Phemex Soul Pass to Boost ... - PR Newswire