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Bitcoin Cash Developers Launch Privacy-Preserving Light Client Neutrino

Bitcoin cash developers launch privacy-preserving light client neutrino

Bitcoin Cash Developers Launch Privacy-Preserving Light Client Neutrino

Bitcoin cash developers launch privacy-preserving light client neutrino

The developers behind the bitcoin Cash (BCH) full node Bchd have announced the beta release of the lightweight client Neutrino which is now available for Android phones. The Neutrino protocol is not only exceptionally fast, but the client is considered a privacy-preserving light wallet because it uses a concept called client-side filtering.

Also read: New Tasking Platform Lazyfox.io Rewards Users With Bitcoin Cash

Bchd Light Client Neutrino Launches Beta App for Android Users

On March 16, Chris Pacia and the Bchd full node developers announced the launch of Neutrino. The light client is now available for download in the Google Play store but the wallet is still in beta. BCH fans knew the wallet was coming, because on Feb. 29 Pacia gave his Twitter followers a sneak preview of it in action. The programmer also discussed the initial development prior to the video demo in a blog post on Nov. 19. Neutrino uses the Simplified Payment Verification (SPV) and allows users to store coins in a noncustodial fashion.

Bitcoin cash developers launch privacy-preserving light client neutrino

“Neutrino is the most technologically advanced cryptocurrency wallet to date,” reads the Neutrino description on the Google Play store. “Whereas all other wallets leak information about your transactions to third parties, Neutrino uses a new technique called client-side filtering to obfuscate your transaction downloads to better preserve your privacy.”

SPV wallets have been around for a long time (BIP0037) and not all of them are the same. Clients like BRD and Electron Cash call specific servers that validate transactions and they also allow users to connect to a custom node. BTC developers Jim Posen and Laolu “Roasbeef” Osuntokun introduced BIPs 157/158 which established the concept of client-side filtering for the Lightning Network.

Bitcoin cash developers launch privacy-preserving light client neutrino
Neutrino wallet.

‘Better Preserve Your Privacy’

The developers of the full node Bchd client written in Golang decided to utilize the client-side Neutrino wallet which is completely unrelated to Lightning. Moreover, other wallets can utilize the Neutrino protocol if they desire in order to bolster the SPV experience.

“The way [client-side filtering] works is full nodes create a filter for each block in the chain — You can think of a filter as an ultra-compact representation of all of the transactions in the block — The nodes store these filters on disk along with the block,” the Bchd developers expounded while introducing the Neutrino development.

The programmers further enumerated:

SPV wallets using Neutrino sync the full chain of headers like a normal SPV wallet, but they also download the filter for each block.

At the moment on the Google Play store, the application’s specifications state that the wallet is still in beta development and “may be unstable.” Users should probably test and experiment with Neutrino with a small fraction of funds and wait for a stable version release to use the wallet regularly. BCH supporters seem pleased with the Neutrino launch and have expressed this sentiment on social media and forums after the launch. BCH supporter “Wecx” downloaded the software and tweeted that he appreciated the client-side filtering aspects of the wallet.

“I download the bitcoin cash advanced SPV Neutrino wallet on my phone and connected it to my Bchd node — The default is advanced SPV mode — Neutrino uses a new technique called client-side filtering to obfuscate your transaction downloads to better preserve your privacy,” Wecx remarked on March 16.

What do you think about the Neutrino light client and the client-side filtering technique? Let us know what you think about this subject in the comments below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial is for informational purposes only.


Image credits: Shutterstock, Pixabay, Google Play, and Neutrino


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The post Bitcoin Cash Developers Launch Privacy-Preserving Light Client Neutrino appeared first on Bitcoin News.

source: https://news.bitcoin.com/bitcoin-cash-developers-launch-privacy-preserving-light-client-neutrino/

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Published at Sun, 17 Mar 2019 16:58:45 +0000

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Abra Closes $16M in Funding and Looks to Venture Into Consumer Product Space

Abra Foxconn

Abra, a mobile payment and digital currency platform that relies on bitcoin, closed $16 million in series B funding, led by Foxconn, the electronics supplier for Apple and other tech giants.  

Bill Barhydt, founder and CEO of Abra, made the announcement on October 23, 2017, at Money20/20 in Las Vegas, where he also outlined his vision for how consumer product companies will use bitcoin in the future.

Other investors in the round include Silver Capital and IGNIA, as well as previous investors Arbor Ventures, American Express Ventures, Jungle Ventures, Lerer Hippeau and RRE Ventures. Total funding to date for the company now stands at nearly $35 million.

“We believe that Abra represents the future of digital payments and banking,” Jack Lee, founding managing partner at HCM, the investment arm of Foxconn, said in a statement, adding that Abra could potentially usher in a new era of financial inclusion to billions of people.

In speaking with bitcoin Magazine, Barhydt explained that Abra plans to use the funds to expand globally and invest in future product development. “We have a lot of project announcements we will be making on a rolling basis,” he said.

Three-Part Vision

Though Barhydt did not offer exact details on what Abra’s new products will be, he did drop several hints in his three-part vision for how consumer products will implement bitcoin in the future.

The first part, he explained, involves cross-border and consumer payments, which he said has been Abra’s focus for a couple of years now.

The second part involves using bitcoin as an investment vehicle, in which smart contracts built on top of bitcoin’s ledger would enable more complicated if-then types of financial transactions — payments that go through only if specific conditions are met.

Abra already relies on smart contracts to hold fiat currency and manage bitcoin price fluctuations, Barhydt explained.

He went on to describe the third part of his vision: “A new model of consumer asset finance,” which he said is where consumer product companies like Foxconn enter into the picture.

It was an idea that he conceived while recently traveling to Africa. There, he saw how a company was leasing solar panels to people who were making regular micro-payments via M-Pesa, a mobile money transfer service.

“They give solar kits to people who use them only if they make a weekly lease payment from M-Pesa wallet,” he explained. If a borrower does not make the payment, a SIM card in the phone communicates with the battery in the solar panel, shutting it off.

His idea was to extend the concept to other consumer appliances, like refrigerators, flat-panel TVs and washing machines, that people in developing countries struggle to afford.

“Using this model of embedding this cellular technology combined with a bitcoin-based payment system like Abra, you now have a new model where people can do instant on-lease payments,” he said, calling it a “new trillion-dollar business” that can only be done on scale using something like bitcoin.

Continuing to remain tight-lipped about future product launches, Barhydt said, “Our goal is to be the best digital currency wallet in the world for the average consumer, starting with real cash and bitcoin, and we’ll see how it evolves from there.”


The post Abra Closes $16M in Funding and Looks to Venture Into Consumer Product Space appeared first on Bitcoin Magazine.