Multi-Asset Edge Wallet Goes Live with Bitcoin Cash

Edge Wallet Goes Live, Includes Bitcoin Cash

2018 might be a breakout year for cryptocurrency wallets. The wallet is set to reach 2,000,000 downloads soon and has integrated Shapeshift into its platform. More recently, San Diego-based Edge released its wallet from a three month long beta, going fully live 15 February, providing what it claims is “a private, secure, open-source, and easy to use multi-asset wallet.”  

Also read: Switzerland Enacts ICO Guidelines

Edge Wallet is Live

“​After over a year of intense development and over three months in a limited release beta, our highly anticipated multi-asset wallet is now available for all to use,” deservedly excited Edge CEO Paul Puey announced.

Most bitcoiners recognize Edge already as Airbitz, a popular wallet and bitcoin directory created in 2014. By 2015, the company had “packaged up the tools that make the Airbitz Wallet awesome into a software development kit (SDK) that developers could use for their own applications. Our ‘Edge Security’ SDK has since been integrated into top-tier blockchain projects such as Augur, Wings, and Openledger.” That SDK reliance caused the company to focus more on security, and by Fall of last year it announced the name and emphasis change.

Edge Wallet Goes Live, Includes Bitcoin Cash

Mr. Puey is a well-known institution himself within the ecosystem, and is typically a top speaker at cryptocurrency conferences around the world. Wallets are a sincere key to cryptocurrency adoption, and he views his company’s efforts as a way to simplify user experience while maintaining security. And with user holdings very often in the many thousands of dollars/fiat, confidence in the storage platform is really everything.

Nicehash, Parity, and to a degree the exchange Coincheck are all recent glaring examples of costs involved in not having the security side of hot, even multi-sig, wallets down. “Edge is an integration of three core offerings: a hyper-secure and private personal vault, a friendly usable interface for blockchain networks and services, and a single sign-on solution for decentralized applications,” Mr. Puey insists.   

More Wallets Doing More

To that end, Airbitz/Edge has a stellar security record. Edge will have native support for bitcoin cash, wings tokens, ether, bitcoin core, litecoin, dash, and augur REP. “We’re also the only multi-asset mobile wallet that allows users to manually add ERC-20 tokens that we don’t natively support,” alongside including “support for Segregated Witness (SegWit) transactions for both Bitcoin AND Litecoin,” a feature bitcoin core supporters have been advocating. In addition, and like the Wallet, Edge has “tightly integrated support for Shapeshift! This will allow users to seamlessly convert funds between the various digital assets and tokens we support.”

Edge Wallet Goes Live, Includes Bitcoin Cash
Paul Puey

Their roadmap includes incorporating some of the very user-friendly Airbitz wallet features, “such as fiat exchanges and mobile top-ups.” The company’s hope is with Edge, “a hypothetical user with no digital asset of any kind will be able to download our application for free on iOS or Android, exchange their fiat for Bitcoin, Shapeshift their Bitcoin into Ether and Augur REP, and finally use our wallet to login into Augur- a decentralized application. Within Augur the user will see and transact with the same Ether and REP that they hold in their Edge Wallet,” for example.

It is an exciting time for the cryptocurrency ecosystem with regard to wallet technological advancements, as a great many high quality platforms are increasing user autonomy while helping to further decentralize the community.

What wallet are you using? Let us know in the comments section.

Images courtesy of Pixabay, Edge

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Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year

Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year

Cryptocurrency can be lost in a variety of ways, from hacking to forgotten passwords and failed flash drives. But in dollar terms, one of the biggest causes of crypto losses is bad code, and it’s not usually the fault of the coin’s developers. Instead, third parties, including shoddy smart contract developers and shady exchanges, are to blame for losses that have reached half a billion dollars in the last seven months.

Also read: Cryptocurrency Exchange Bitgrail Suspends Operations After ‘Losing’ $170 Million of Nano

Bitgrail Gets Railed for Dodgy Code

Last week, reported on the demise of Bitgrail, which contrived to lose $170 million of nano cryptocurrency. While the precise sequence of events that caused the catastrophic collapse of the exchange with the assets of thousands of customers is still being confirmed, poor code is being blamed. As reported at the time:

There are rumors that Bitgrail became insolvent following a withdrawal bug that was discovered by some users and then shared in Discord and other chat groups, causing the wallet balance to gradually diminish. One user explained: “There was a bug on Bitgrail where if you placed two orders you got double balance added to your account. You could then withdraw while the orders were up and steal the coins. You had negative balance in the end but you could just make a new account.”

Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year

In the aftermath of the incident, this theory has been bolstered by allegations that a bug was indeed responsible, and not in nano’s code, but in Bitgrail’s. One source asserted: “There was a bug, on the withdraw page. But this check was only on java-script client side, you find the js which is sending the request, then you inspect element – console, and run the java-script manually, to send a request for withdrawal of a higher amount than in your balance. Bitgrail delivered this withdrawal. How many people did this? Who knows.”

There was another bug, you could request a withdrawal to your address – from another user-id, from another user-account. That would cause the other users balance to have “missing funds” or “negative balance”. Bitgrail bomber solved this bug by manually entering the “correct” numbers in his database. This is what you get for using a PHP website coded by same skill-level as CfB of IDIOTA.

Even the Best Cryptocurrencies Aren’t Immune to Poor Code

The cryptocurrency most commonly associated with catastrophic bugs is ethereum. That’s not due to its underlying code, but on account of the smart contracts that can be built on top of the ethereum framework. First there was the DAO, which led to ethereum being forked right out the gate, and then there was the Parity bug that caused 150,000 ETH to be stolen, followed by the other Parity bug that caused $168 million of ETH to be locked up.

In the past couple of weeks, ethereum bugs have surfaced once more, albeit on a smaller scale. Proof of Weak Hands (PoWH) was a joke scamcoin which turned into an actual scamcoin after a bug led to the loss of 900 ether worth $1 million that had been sent to the contract address. The developer then disappeared after receiving death threats from investors aggrieved to discover that the joke Ponzi they were buying into was even less legitimate than it had seemed.

Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year
After a smart contract bug led to the loss of 900 ETH, the PoWH website looked like this in the days afterwards

PoWH has since spawned a new scamcoin called ethpyramid which is for “strong hands only”. To the question “Is Ethpyramid secure?” the site responds “Yes. Our dev team put a lot of time into refining and testing this contract to make sure your tokens are safe. Internal functions of the contract are not accessible to the end user.” There’s also PoWH420, “the world’s dank autonomous and self-sustaining 420 pyramid scheme”.

Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year
PoWH 420

Even if joke coins and their joke developers are taken out of the equation, it’s evident that cryptocurrencies are only as strong as their weakest link. While altcoins such as ethereum and nano have undoubted potential, like every other crypto they’re hostage to bugs lurking in wallets, smart contracts, and exchanges. One bad line of code is all it takes.

Do you think Bitgrail was brought down by a withdrawal bug or is there more to this story? Let us know in the comments section below.

Images courtesy of Shutterstock, and PoWH420. Katie Webster assisted with this article. 

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