Ethereum: How does Trezor’s wallet recovery work if the private key never leaves the device?

by with No Comment CRYPTOCURRENCY

Protecting Ethereum Private Keys: How Trezor Wallet Recovery Works (Even When the Key Doesn’t Leave Your Device)

As a cryptocurrency enthusiast, you probably take great care in storing your Ethereum private keys. However, despite the importance of keeping your private keys safe, losing them can be a major setback. In this article, we’ll explore how the Trezor wallet recovery system works when your private key doesn’t leave your device.

The Problem: Private Keys Get Locked

Private keys are generated on your Trezor wallet and then encrypted with a passphrase to protect them from unauthorized access. However, in rare cases, these private keys can become compromised for various reasons, such as hardware failures, software issues, or even intentional actions, such as phishing attacks.

The Solution: Recovering Your Wallet Using Your Trezor

When you lose your Trezor, it’s not a good idea to simply wipe it or factory reset it. Instead, use the built-in wallet recovery process provided by Trezor. This system allows you to recover your private keys from your device, even if they never leave.

Here’s how it works:

  • Initial Recovery: When you first set up your Trezor, it generates a unique encryption key and stores it on your device. If you lose your device, you can use the recovery app to generate an additional encryption key.
  • Activate Device: Activate your device by connecting it to your computer or mobile device using USB. This will begin the recovery process.
  • Verify Wallet: The Trezor wallet verification process will ask you to enter a passphrase and recover your private keys from your device.
  • Recovery Process: If all goes well, Trezor will generate new private keys on your device and encrypt them using the recovered passphrase.

How ​​Private Keys Are Recovered

When you use the recovery app, the Trezor wallet system recovers your private keys by:

  • Decrypt Key Data

    : The app decrypts the key data stored on your device, such as encrypted wallet files or encrypted keys.

  • Re-encrypt Keys: New, secure private keys are generated and re-encrypted using the recovered passphrase.
  • Storage of Recovered Keys: The recovered private keys are then stored in the Trezor app’s secure keystore, where they can be used to access your Ethereum wallet.

Conclusion

While it may seem counterintuitive to have to recover your private keys from a device that never leaves your possession, the Trezor wallet recovery system provides an additional layer of security. By understanding how the process works and what happens when you lose your Trezor device, you can take steps to protect yourself and ensure the security of your Ethereum private keys.

Additional Tips

  • Always use strong and unique passphrases for your Trezor device.
  • Make sure to keep your Trezor device connected to your computer or mobile device at all times.
  • Regularly update your Trezor app and wallet software to stay protected against potential security threats.
  • Consider using two-factor authentication (2FA) in addition to your passphrase for an additional layer of security.

By following these tips and understanding how the Trezor wallet recovery system works, you can enjoy the peace of mind that comes with knowing that your keys are safe. private information is stored securely on your device.

Layer Risk Curve

Metamask: How do I import locally generated addresses into Metamask? [farm]

by with No Comment CRYPTOCURRENCY

Here is the article you requested:

Metamask: How to import locally generated addresses to your Metamask

As a developer working with smart contracts, it is important to securely manage your users’ private keys and addresses. A popular solution for this is the MetaMask browser extension, which allows users to interact with their local Ethereum accounts in the browser. However, when building complex applications such as Connect and Fund contracts using Hardhat and Ethers.js, you will need to import locally generated addresses from your Metamask wallet.

In this article, we will walk you through the process of importing locally generated addresses to your MetaMask using your own local wallet.

Why is this necessary?

When users interact with your contract, they typically pass a unique address (e.g. “0x1234567890abcdef”) as an argument to the function. However, when you generate a new public key for your contract’s functions, you will need to update the address stored in the contract’s memory.

To do this, you will need to import the locally generated addresses from your MetaMask wallet. This will ensure that you can correctly initialize your contract with the correct private key and account information.

Prerequisites

Before we dive into the process, make sure you have:

  • Have a local Ethereum node set up (e.g. Metamask, Infura, or Geth)
  • Your own local MetaMask wallet
  • Ethers.js is installed in your project
  • Hardhat set up to interact with your Ethereum network

Step 1: Create a new address from your MetaMask wallet

First, you need to create a new address in your Metamask wallet that will be used as the contract’s private key. Here’s how:

  • Launch the MetaMask browser extension in your web browser.
  • Log in with your MetaMask credentials (or create a new wallet if needed).
  • Click “Settings” and navigate to “Wallet”
  • Click “Create New Address” or use the button to generate a new address.

Name your new address something like: “my_new_address”

Step 2: Set up Ethers.js

Now that you have your MetaMask wallet’s private key (public key) ready, you need to set it up in your Hardhat project. Here’s how:

  • Install ethers.js using npm or yarn:

npm install ethers.js

  • Import the “ethers” module into your contract code:

import { . ethers } from ' @ nomiclabs / ethers ' ;

Step 3: Initialize the contract with locally generated addresses

In your contract, create a new function that accepts an address and updates the contract’s store accordingly.

Here is a sample implementation for a simple connect-and-fund contract:

const Ethers = require( '@nomiclabs/ethers');
contract('ConnectAndFund', () => {
let privateKey;
let address;
async function init() {
// Import locally generated addresses from MetaMask
privateKey = await ethers.Wallet.fromAccounts(address);
address = privateKey . address ;
// Initialize the contract with the imported addresses
await new Ethers.Contract(this.constructor, [...contract HERE], this);
} }
});

Step 4: Update your Hardhat project

In your hardhat.config.js file, update the ethersjs configuration to include the MetaMask wallet:

module.exports = {
// ... other configurations
ethersjs: {
accounts: {
mnemonicFile: './metamask.json',
},
},
};

Step 5: Run your contract

To verify that your contract is working properly, run it on a local Ethereum node using the hard run command:

npx hardhat run scripts/connect-and-fund.js --network mainnet --accounts  --private-key

Replace and with the actual MetaMask wallet credentials you used to initialize.

That’s it!

Ethereum: Can someone please explain FIBRE to me like I’m 5 and why is it useful?

by with No Comment CRYPTOCURRENCY

I would be happy to help you understand Ethereum and its importance.

What is Fiber?

Fiber, also known as cryptocurrency, is a type of digital currency that uses cryptography for security and a decentralized network for transactions. Imagine an internet without a centralized authority, where everyone has a say in the rules.

Why is Fiber useful?

Ethereum is one of many cryptocurrencies, but it is the most famous and widely used. It was founded by Vitalik Buterin in 2014 as a platform for creating smart contracts and decentralized applications (dApps).

Here are some reasons why Fiber is useful:

  • Decentralized: Unlike traditional banking systems, where one institution holds all the money, the Ethereum network allows anyone to create their own digital currency called Ether (ETH).
  • Smart Contracts: Fiber allows the creation of self-executing contracts, whose terms of the agreement are written directly in lines of code. This means that when a smart contract is activated, it automates many processes and ensures that all parties follow its rules.
  • Decentralized Storage: The Ethereum network uses a consensus mechanism called Proof of Work (PoW) to secure transactions. However, PoW requires significant computing power and energy consumption. To alleviate this problem, Ethereum introduced a new Proof of Stake (PoS) mechanism called Eth2, which is more energy efficient.
  • Security: The Fiber blockchain is virtually tamper-proof and hack-proof. Since every transaction on the network is recorded in a public ledger, it is difficult for malicious actors to alter or manipulate the data.

Why is Ethereum valuable?

The value of Ethereum lies in its ability to facilitate decentralized applications and smart contracts. With Ethereum, developers can create a wide range of decentralized applications, including:

  • Games: Players can create their own games on the Ethereum blockchain.
  • Decentralized Finance (DeFi): Users can lend, borrow, or trade assets without relying on traditional financial institutions.
  • Non-Fungible Tokens (NFTs): Artists and creators can sell unique digital assets on the Ethereum network.

Can anyone use Ethereum?

Yes! Anyone with an Ethereum wallet, which is essentially a digital address, can:

  • Buy Ether: You can buy Ether (ETH) using fiat currencies like dollars or euros.
  • Use dApps: Download and install Ethereum-compatible applications to interact with the platform’s blockchain.
  • Participate in DeFi: Participate in decentralized financial services, such as lending or borrowing.

Conclusion

Ethereum is a valuable cryptocurrency that enables the creation of smart contracts, decentralized applications, and decentralized finance. Its unique features, such as security, decentralization, and energy efficiency, make it an attractive alternative to traditional digital currencies like Bitcoin.

I hope this explanation has helped you understand Ethereum better! Do you have any specific questions or concerns?

ETHEREUM COMMA SEPARATED PYTHON

Ethereum: How can I avoid paying transaction fees?

by with No Comment CRYPTOCURRENCY

Avoiding Transaction Fees on Ethereum

As the second-largest cryptocurrency by market capitalization after Bitcoin, Ethereum is no stranger to transaction fees. However, with increasing network congestion and growing demand for faster transactions, it’s becoming increasingly challenging to avoid these fees. In this article, we’ll explore ways to minimize your transaction fee costs on Ethereum.

Subject to Transaction Fees

Before we dive into the solutions, it’s essential to understand how transaction fees work on Ethereum. When you send a transaction, your sender must pay a gas fee to the network to process the transaction. The gas price is determined by the block timestamp (i.e., when the block was created) and the number of input transactions.

Why are Transaction Fees So High?

The high transaction fees on Ethereum can be attributed to several factors:

  • Network congestion: As more users join the network, demand for transactions increases, leading to higher gas prices.

  • Smart contract complexity: The increasing use of complex smart contracts and decentralized applications (dApps) has created a surge in transaction volume, driving up fees.

  • Gas price inflation: Ethereum’s native gas token, Ether (ETH), is the primary currency used for transactions on the network. As demand increases, the total supply of ETH decreases, leading to higher prices.

Ways to Minimize Transaction Fees

Fortunately, there are several strategies to help you avoid or reduce transaction fees:

1.
Use a Lower-Fee Wallet App

Wallet apps like MetaMask and Truffle Suite offer more efficient fee calculation methods compared to traditional web wallets. These apps often use advanced algorithms and network congestion predictions to optimize gas prices.

Example: Using MetaMask’s ” Gas Pricing” feature, you can set your fee threshold to 25 ETH or lower, resulting in a significantly reduced gas price.

2.
Choose an Optimized Blockchain Platform

Selecting a blockchain platform that optimizes transaction fees can help minimize costs:

  • Ropsten: A proof-of-stake (PoS) network with a lower transaction fee ceiling compared to Ethereum’s mainnet.

  • Polkadot: An interoperability network that allows for faster transactions on top of other chains, reducing congestion and fees.

3.
Optimize Your Smart Contracts

Complex smart contracts can lead to higher gas prices. To mitigate this:

  • Use efficient contract templates or write your own using the Solidity programming language.

  • Minimize complex logic, as unnecessary computations increase gas costs.

  • Split large transactions into smaller, more manageable pieces.

4.
Avoid Network Congestion

Reduce network congestion by:

  • Staying up-to-date with the latest blockchain software updates to ensure you’re running the most efficient version.

  • Frequenting popular blockchains, which tend to be less congested than others.

  • Choosing a wallet with offline functionality, allowing you to send and receive funds without an internet connection.

5.
Consider a Second-Party Wallet

Using a second-party wallet can help reduce transaction fees by:

  • Allowing for off-chain transactions, reducing the need to interact directly with the blockchain network.

  • Optimizing gas prices through more efficient payment processing methods.

In conclusion, while Ethereum’s high transaction fees are unavoidable due to its growing popularity and complexity, there are several strategies you can employ to minimize costs. By using lower-fees wallet apps, choosing optimized blockchain platforms, optimizing your smart contracts, avoiding network congestion, and considering a second-party wallet, you can reduce your transaction fee burdens.

Ethereum: Bitcoin RPC getbalance of the address I am sending coins to in regtest

by with No Comment CRYPTOCURRENCY

I cannot provide an article that contains a script to mine Ethereum, since the script is designed to solve the query “Bitcoin RPC getbalance of address”, which can be interpreted as a means to mine Bitcoin or Ethereum.

However, I can help you understand how to use the command line tool bitcoin-cli to get your balance and send coins to an address.

Here is an article that shows how to do it:

Ethereum: Get your balance and send coins with bitcoin-cli

Step 1: Install Bitcoin CLI

If you haven’t already done so, install Bitcoin CLI on your computer. You can do this by running:

curl -o /usr/local/bin/bitcoin -s 
chmod +x /usr/local/bin/bitcoin

This will install the Bitcoin CLI and its configuration files.

Step 2: Get your balance

To get your balance, run:

bitcoincli -regtest getbalance

This will display your current balance.

Step 3: Send coins to an address

To send coins to an address, use the sendtoaddress command. For example:

bitcoincli -regtest sendtoaddress mvt7M16caMH1xoJyfWU5orjArfq97jhZ7k 10.0

This will send 10.0 ether to the address mvt7M16caMH1xoJyfWU5orjArfq97jhZ7k.

Step 4: Check your new balance

After sending coins, run:

bitcoincli -regtest getbalance

This will display your new balance.

By following these steps, you can use the bitcoin-cli command to get your balance and send coins to an address on the Regtest network.

Volatility, Aptos (APT), bull market

by with No Comment CRYPTOCURRENCY

Bullish Times Ahead for Aptos (APT): Why Crypto Investors Are Excited About This Project

The cryptocurrency market has been on a roller coaster ride in recent months, with prices experiencing significant swings between highs and lows. However, one project that has stood out as a shining example of a well-designed and solidly executed tokenomic strategy is Aptos (APT). As the latest iteration of the Ethereum network scaling solution, Aptos is generating buzz among crypto investors for its potential to deliver a stable and profitable bull run.

What is Aptos?

Aptos is a proof-of-stake (PoS) network that aims to provide a more secure and scalable alternative to traditional blockchain networks. By incentivizing validators through the sale of APT tokens, the developers of Aptos are attempting to create a decentralized oracle network that can process large volumes of data without sacrificing security or performance.

Why is Aptos poised for success?

A number of factors contribute to Aptos’ success:

  • Scalability: Aptos was designed with scalability in mind and features a modular architecture that allows for the addition of new features and functions without disrupting existing infrastructure.
  • Security: PoS consensus mechanisms are generally considered more secure than traditional proof-of-work (PoW) methods, reducing the risk of 51% attacks and other security vulnerabilities.
  • Partnerships: Aptos has already secured partnerships with several major organizations, including IBM, Microsoft, and the US Department of Defense, that can help with adoption and growth.
  • Community Support: The Aptos community is active and engaged, with a growing number of contributors and developers actively working on the project.

Is an APT bull market ahead?

While it is impossible to predict the future with certainty, several indicators suggest that an APT bull market could be in the works:

  • Market Cap: Aptos has already surpassed $300 million in market cap, indicating significant investor interest.
  • Adoption Rate

    : The number of Aptos wallet addresses and the token’s adoption rate are increasing, indicating a growing user base.

  • Network Congestion: The Aptos network is experiencing minimal to no congestion, which may indicate that users are actively using the platform.

How ​​can you get involved?

If you are interested in getting involved with Aptos, here are a few options:

  • Buy APT Tokens: Purchase APT tokens through a reputable exchange or broker.
  • Join the Community: Join the Aptos Discord server and join the discussions to stay informed about project updates and initiatives.
  • Stay Informed: Follow the official Aptos blog and social media channels for the latest news and insights.

In conclusion, Aptos (APT) is a well-designed and solidly executed token that has all the makings of a successful cryptocurrency project. With its scalable architecture, secure PoS consensus mechanism, and growing community support, it’s no wonder investors are excited about the project’s potential for success. Whether you’re looking to get in on the APT bull market or simply want to learn more about Aptos, now is the perfect time to do so.

Ethereum: EIP-1271 Signatures with Gnosis Safe Off-Chain

by with No Comment CRYPTOCURRENCY

Creating EIP-1271 Signatures with Safe-Safe: A Guide to Off-Chain Execution

As the Ethereum ecosystem continues to evolve, understanding how to deploy and execute smart contracts remains essential. In this article, we’ll delve into creating EIP-1271 signatures using Safe-Safe, a popular library for interacting with Gnosis Safe’s off-chain wallet.

What is EIP-1271?

EIP-1271 (Ethereum Improvement Proposal 1271) is an extension of the ERC-721 non-fungible token standard that allows for multi-signature transactions. This enables secure and decentralized storage of data, making it ideal for applications like identity verification, governance models, or decentralized finance (DeFi) protocols.

Safe-Safe: A Simple Library

Safe-Safe is a widely adopted off-chain wallet that provides a user-friendly interface for interacting with various wallets, including Gnosis Safe. One of its key features is the ability to sign transactions using EIP-1271 signatures.

Creating EIP-1271 Signatures Using Safe-Core

To create an EIP-1271 signature using Safe-Safe off-chain, you’ll need to follow these steps:

  • Install the necessary library: Ensure you have the safe-core and safe-safe libraries installed in your project.

  • Create a safe account

    : Generate a new safe account using the SafeWallet library.

  • Configure Gnosis Safe: Set up Gnosis Safe as an external wallet by following these steps:

* Install the gnosis-safe package: npm install gnisosafe

* Initialize the Gnosis Safe API client: import { SafeApiClient } from 'gnosis-safe'; const safeApi = new SafeApiClient();

  • Generate an EIP-1271 signature: Use the safe-core library to generate an EIP-1271 signature for a specific address:

* const signer = await SafeCore.signers.create('myEIP1271Signature'); const sig = await signer.sign({ from: '0x...', data: ... });

  • Store and retrieve the signature

    : Store the generated signature in your on-chain contract or use it as needed.

Here’s a sample code snippet to demonstrate this process:

import { SafeCore } from '@gnosisprotocol/safe-core';


import { SafeApiClient } from 'gnosis-safe';




const safeAccount = await SafeWallet.createAccount();


const signer = await SafeCore.signers.create('myEIP1271Signature');


const sig = await signer.sign({ from: '0x...', data: ... });




// Store the signature in your on-chain contract


await SafeApiClient.storeOnChainContract('myAddress', sig);




// Retrieve the stored signature


const retrievedSig = await SafeApiClient.retrieveOnChainContract('myAddress');

Transaction Proposal with Safe-API-Kit

To execute a transaction using these EIP-1271 signatures off-chain, you’ll need to create a transaction proposal using the safe-api-kit library. Here’s an example:

import { SafeApi } from 'safe-api-kit';




const safeAccount = await SafeWallet.createAccount();


const signer = await SafeCore.signers.create('myEIP1271Signature');


const contractAddress = '0x...';


const data = Buffer.from([...]);


const gasPrice = 20;


const gasLimit = 100;




const proposal = {


  from: '0x...' // Your on-chain address


};




const transaction = await SafeApi.executeProposal({


  safeAccount,


  signer,


  contractAddress,


  data,


  gasPrice,


  gasLimit,


  proposal


});

Conclusion

Creating EIP-1271 signatures using Safe-Safe is a straightforward process that enables secure and decentralized storage of data. By following these steps, you can generate an EIP-1271 signature off-chain and execute transactions using the safe-api-kit library.

Remember to always follow best practices for securing your smart contracts, including using secure wallets and storing sensitive information safely.

Pepe (PEPE), Stop Loss, Open Interest

by with No Comment CRYPTOCURRENCY

“Cryptocurrency Market Domination: Unlocking PEPE’s Secrets and Its Impact on Stop Loss and Open Interest”

In the world of cryptocurrency trading, few terms are as misunderstood or as oversimplified as “stop loss” and “open interest.” These concepts may seem complex, but they’re actually quite simple. In this article, we’ll delve into the world of cryptocurrencies and explore what PEPE (Pepes) has to do with stop loss, open interest, and how these terms affect the market.

What is a Stop Loss?

A stop loss is an order to buy or sell a security when its price reaches a certain level, in order to limit potential losses. It’s like a safety net that prevents you from making a bad trade by automatically limiting your exposure to further declines. In other words, it’s a hedge against market volatility.

For example, if you’re trading Bitcoin and the price is falling, you might place a stop loss at $50,000 (a level below which you think the price will bounce). If the price hits that level, your order will be executed, buying the asset back at the current low to limit potential losses.

What is Open Interest?

Open interest refers to the total number of outstanding contracts for an underlying asset, such as a stock or cryptocurrency. It’s like a snapshot of all the people who have bought or sold that asset over time. The higher the open interest, the more buyers and sellers are participating in the market.

In simple terms, open interest measures how many people are interested in buying or selling a particular security at a given price level. High open interest can indicate strong market demand, while low open interest can suggest weak investor interest.

PEPE: The Pepe Effect

Now, let’s talk about PEPE (Pepes). In the world of cryptocurrency trading, PEPE is often used as a slang term to describe a specific trading strategy. It involves using stop loss orders and taking advantage of market fluctuations to profit from the “Pepe effect.”

The Pepe effect refers to the idea that when prices are low, traders are more likely to buy or sell at those levels. This creates a self-reinforcing cycle where prices keep going down as more people try to take advantage of the low prices.

PEPE strategies involve using stop loss orders to limit potential losses and take profits when prices reach certain levels. By doing so, traders can capitalize on the downward market trend and ride the wave of buying or selling until they reach their desired profit targets.

In Conclusion

While stop losses and open interest may seem complex, they are actually simple concepts that can help you make informed decisions in the cryptocurrency market. PEPE is just another term for a popular trading strategy that involves using stop loss orders and taking advantage of market fluctuations to profit from the Pepe effect.

By understanding these terms, you’ll be better equipped to navigate the world of cryptocurrency trading and make more informed decisions about your investments. So the next time someone asks you what a “stop loss” is, or whether open interest is high or low, just smile knowingly and say, “PEPE, baby!”