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Japan launches J Coin Pay: Not a cryptocurrency though

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It's important to note that the upcoming J Coin Pay is not a cryptocurrency and the wallet does not involve the use of blockchain technology.

J Coin Pay has taken Japan closer to the aim of creating a cash-less ecosystem. J Coin Pay is a digital wallet application that lets the users scan a QR code and payment payments to anyone across the country. However, in spite of the crypto related name, the J Coin Pay has nothing to do with cryptocurrency.

 

Japan’s J Coin Pay:

The J Coin Pay digital wallet has been developed by the famous Mizuho Bank of Japan and shall be available for the citizens of Japan from the 1st of March this year. The wallet application has already partnered with sixty banks across the nation and shall be used to send, receive or pay to anyone in Japan. This would be a step forward in making Japan a cash-less country.

The J Coin Pay will allow the user to add funds to the wallet through their bank accounts to further pay or send it to anyone they wish to. The transfer would take just seconds by adding the receiver’s phone number or scanning the QR code.

 

No Cryptocurrency or Blockchain involved:

It’s important to note that J Coin is not a cryptocurrency and the wallet does not involve the use of blockchain technology. It will be a normal digital wallet application for mobile phones just as the AliPay & WeChat in China and Paytm in India.

The updated cryptocurrency regulation in Japan has inspired financial institutions to adopt a more standard outlook rather than going out for blockchain technology. The Mizuho bank has entered the digital wallet industry at the best time before any international competitor could. Currently, Japan has the highest Cash to GDP ratio (around 20%) in the world amongst the major economies.

 

Will the J Coin Pay really make Japan a cash-less society? Would it be better if it was blockchain based? What are your thoughts on the same? Tell us in the comments section below.

#Wallet

Alert: Free Trezor One Giveaway by Coinnounce

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In association with Trezor, Coinnounce is distributing seven free Trezor One (Hardware wallets) for free. Here are the steps to participate.

In association with Trezor, Coinnounce is distributing seven free Trezor One (Hardware wallets) for free. Trezor is known to be the best hardware wallet provider and has recently launched its latest models: the ‘Trezor One’ and ‘Model T’.

How to participate?

To participate in the giveaway all you need to do is:

Step 1:

Choose the best blockchain or cryptocurrency domain name from the list mentioned on Blockchain Domain Names

Step 2:

Think the best one-line phrase to describe the domain name.

Step 3:

Tweet about the best domain name by filling the following details:
– Domain Name
– Picture of the domain (download it from the Blockchain Domain Names page)
– A one-line phrase describing the domain name
– use the hashtags #Coinnounce and #Trezor

 

Example:

 

Hurry! The competition ends on 17th March 2019 (Sunday).

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#Etherdelta

Can Metamask Be Hacked?

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Metamask is probably the most convenient and popular way to interact with dapps on the Ethereum network. But can Metamask be hacked?

‘Metamask is probably the most convenient and popular way to interact with dapps on the Ethereum network.’

MetaMask can be used for all ERC-20 tokens and ETH.
For many dapps, as long as you are logged in to your MetaMask account, you can access the dapps automatically through your browser.
If you are logged in to your MetaMask account, an attacker can view your portfolio address, balances, chips and transaction history – information that can be used to generate phishing attacks.

With the help of blockchain searchers such as Etherscan or ETHplorer, you can use your wallet address to find out the details of the transactions you are making.

Importantly, MetaMask works on patches to solve such shortcomings to ensure that users can use them with popular Ethereum client without any security problems.

On September 24, 2017, a malicious code injection allowed a hacker to steal private keys from multiple victim’s wallets and then manually empty their wallets.

When you use EtherDelta, you “trust” the private key of your wallet ( which can give everyone the opportunity to withdraw money from your wallet ) to your browser session, and you “trust” your money in the smart deal EtherDelta.

‘Someone could inject a code into the real EtherDelta that “sniffs” the private keys of a browser session, giving them unlimited access to your wallet.’

Moving your private key from MetaMask to MyEtherWallet allows you to view your ether portfolio ( including tokens ), which then allows you to move your tokens elsewhere, such as an exchange where you can exchange them.

 

Metamask is your “Hot Wallet”

Metamask is another hot wallet where the computer you access is connected to the internet.
If in case a hacker has connected to your computer some way, you should log into your metamask portfolio by entering your password as long as you have set your password.
Hot wallets are used when connected via the internet, which means that it is remotely accessible by hackers and keys can be stolen.

Paul Bouchon, a MetaMask developer, admits: “there is a huge mistake, because each page on which a user browses, has access to all his transaction history and much other relevant information.
While MetaMask has solved a privacy problem, announcing a new mobile wallet could open up another.
Since MetaMask users do not operate their node, Infura must interact with the Ethereum blockchain.

Metamask is stored in the user’s browser, not on remote servers.
Your browser will not have access to your private codes, but it can collect information about when and how you use the application.
When using MetaMask, use only one tab at a time to trade and block the portfolio when you do not use it.
For beginners, it’s a great introduction to the blockchain because you’ll use a browser that you’ll feel comfortable with.
A dApp that is often used with MetaMask is MyEtherWallet, another one is Blockonix.

Although MyEtherWallet is a portfolio that functions as MetaMask, it also serves as a complete node.
The metamask was created as a single light bag that allowed users to interact with the Ethereum blockchain without being a complete node.
Although MetaMask does not have access to your information, the browser you use will do so.

If you decide to use MyEtherWallet or other dApps like Blockonix, we recommend that you should use it with a hardware wallet rather than a web wallet like Metamask.

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#Explained

Explained: How Cryptocurrency Wallets Work?

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Choosing one or more types of cryptocurrency wallets is your first step towards sending or receiving cryptocurrencies such as Bitcoin, Ethereum or Litecoin.

Choosing one or more types of cryptocurrency wallets is your first step towards sending or receiving cryptocurrencies such as Bitcoin, Ethereum or Litecoin. Cryptocurrency wallet is an application that stores private keys and public addresses and is used to manage ( store, ship or receive ) cryptocurrency.

 

Types of Cryptocurrency Wallets

Cold wallets are a type of cryptocurrency that is used for “cold storage” of cryptocurrencies and are stored offline for greater security. You will probably use the types of cryptocurrency wallets that are connected to the internet and not, depending on your requirements – a software wallet for small daily transactions and a cold storage wallet for long-term maintenance.  Consider the types of cryptocurrency wallets that use multi-signature technology such as a shared bank account, where all parties have to enter their PIN or order a transaction.

Hardware wallets are the safest method of cryptocurrency storage, rather than keeping private keys on your computer or smartphone, where they are prone to hacking, hardware wallets secure private keys on a dedicated device and never revealing them – even to the user.
Currently, there are two hardware wallets that dominate the crypto market – – the Ledger Nano S and Trezor.
Move the cryptocurrency from your hardware wallet to an exchange wallet when you trade and return it when it is not in use.

The Ledger Nano supports more than 40 different cryptocurrencies, including but not limited to Bitcoin, Ethereum and XRP. The keepkey wallet is another cool wallet that is designed to allow users to store Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Bitcoin Gold, Litecoin and a wide range of ewg20 chips.  Coinbase is the largest cryptocurrency exchange in the united states and has a wallet service as well.

If you ‘ve been trading with Bitcoin, then you’re sure to know that Bitcoin wallets are important before you can buy or sell Bitcoin. Coinbase is also such a Bitcoin wallet that serves as a web wallet and mobile wallet. Basically, Blockchain.com acts as a cryptocurrency web wallet, but it has an easier configuration and allows you to access your Bitcoin account even if you’re traveling.

 

Hardware Wallets

Here’s what you need to know about hardware wallets and how they keep your cryptocurrencies safe. Hardware wallets are devices designed exclusively for the storage and protection of cryptocurrency keys. Hardware wallets are a little difficult to use in comparison to the software wallets in making bitcoin payments a little more difficult than using online cryptocurrency websites.

Ledger Nano is the most advanced security tool on the market, also known as Rolls Royce of cryptocurrency hardware portfolio.

 

Others

Desktop wallets are Bitcoin wallets that can be installed on different desktops and, depending on your needs, are compatible with Windows, Mac, and Linux.

Cryptocurrency wallets display the amount of cryptocurrency in your wallet, allowing you to monitor the balance.
Once done, you can easily make transactions and send cryptocurrencies to other accounts using their public keys and receive cryptocurrencies in your account by sharing your public key with the sender.

Deterministic or HD cryptocurrency wallets are wallets that are able to create multiple private and public addresses through a number of calculations, maintaining privacy over the blockchain.

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