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Blockchain Might Make Voting Worse — Not Better: Crypto Researchers

Blockchain might make voting worse — not better: crypto researchers

Blockchain Might Make Voting Worse — Not Better: Crypto Researchers


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Three researchers with the Initiative for CryptoCurrencies and Contracts (IC3) are questioning whether, as some proponents claim, blockchain technology will be able to change the internet voting sector for the better.

In an article published by Business Insider, the scholars argue that while blockchain technology might serve to revolutionize other industries, internet voting might be a sector that doesn’t benefit from the technology at all, and could potentially even be harmed by it.

Potential For Change

The researchers start off by acknowledging that they understand why blockchain technology is being considered as an option to optimize internet voting. There is little doubt in the fact that the cryptocurrency world has attracted billions of dollars for legitimate reasons and that it has clear potential to revolutionize everything from the global payments sector, to logistics, to retail, to land ownership rights, among other sectors.

The immutable nature of blockchain means that one would naturally consider the fact that elections might be less susceptible to fraud if the technology is utilized. However, the three researchers argue that the basic issues with internet voting cannot be addressed, even by blockchain.

It’s Too Broken

Accenture editable blockchain

While voting from a smartphone seems like a logical technological development, many cybersecurity experts have pointed out that it’s much more complicated than one might believe. While the convenience of online voting might lead to more participation, many in the cybersecurity world come to the same conclusion as Ron Rivest, a professor at MIT and board member of Verified Voting. He said, “Voting is too important to put online.”

Blockchain technology is known to be extremely secure, but the researchers point out that this doesn’t mean that most hardware and software are not themselves vulnerable, security-wise. Of course, this doesn’t even take into account the fact that internet outages occur, as well.

Security experts are still working to understand the extent of Russian interference in the 2016 U.S. presidential election.  The fact that foreign governments and other adversaries will exploit every technical vulnerability possible to influence an election certainly doesn’t bode well for internet voting, even if it implements blockchain to maintain transparency.

In fact, the fact that blockchain is so secure might actually work against it. While it might sound counterintuitive, consider this: just because the blockchain is secure, that certainly doesn’t mean that the computing device used to vote in the election is hack-proof. If a phone is infected with malware that switches your vote at the last minute, the blockchain will record the vote safely, but it will obviously not be the right vote. As a result, the entire election could be compromised in this manner.

There is also the possibility of vote buying to evolve to a new level, given the anonymity and decentralization of blockchain technology. This shouldn’t be downplayed, as there have been elections where votes have been influenced for less than the cost of a tank of gas.

Featured Image from Shutterstock

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Published at Mon, 22 Oct 2018 00:40:25 +0000

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This New Tool Can Help Bitcoin Users Deal With Stuck Transactions

This New Tool Can Help Bitcoin Users Deal With Stuck Transactions

Samourai Wallet is becoming increasingly popular as a wallet that focuses on privacy and security for its users above all else, but a recent tool released by this wallet’s team of developers has a focus on user experience. The new app, called Bitcoin Afterburner, allows users of many different bitcoin wallets to boost transactions that have become stuck due to low fees.

The app works for transactions that have been sent or received, and it is compatible with all BIP 39 and BIP 44 wallets. Examples of compatible wallets include Mycelium, Blockchain.info, Airbitz and Electrum.

To get more details about bitcoin Afterburner and the concept of fee bumping in general, bitcoin Magazine reached out to the anonymous CEO of Samourai Wallet.

“Afterburner is one more example of how we are experimenting and developing ways of monetizing our business without resorting to accepting fiat or exposing our users to harmful KYC/AML collection,” said the CEO.

Samourai Wallet monetizes the bitcoin Afterburner app by adding a $5.99 fee for helping users with their stuck transactions. This fee is added to the child-pays-for-parent (CPFP) transaction that is used to bump the user’s bitcoin transaction fee. CPFP is a process by which the recipient of a transaction can spend the inputs of an unconfirmed transaction by using them in a new transaction that has a higher fee (and incentivizes miners to mine both transactions at once).

The full question and answer session with the CEO of Samourai Wallet can be read below.


bitcoin Magazine: Will fee bumping eventually become the norm on bitcoin?

Samourai Wallet: We believe that over time as legitimate transactions start to fill block space, and a fee market begins to mature, wallets that have implemented sophisticated fee management mechanisms such as fee bumping will provide their users with the most competitive transaction fees and confirmation times. The tech is there today, the challenge — and it isn’t a small challenge — is entirely UX. We’re working on this today while others are playing catch-up.

BM: Could you compare and contrast this app with the transaction accelerators offered by ViaBTC and BTC.com?

SW: The difference between the miner operated TX Accelerators is that Afterburner is not an off-chain 1-to-1 with a specific miner. Instead, Afterburner broadcasts a bitcoin transaction to all miners using the standard bitcoin p2p network. All the miners on the network compete for the new transaction with the higher fee, meaning it often works much quicker than the miner operated TX Accelerators. Afterburner was very much a defensive response to the miners who have been blocking SegWit activation and broadcasting empty blocks, some of those same miners are the ones who run the TX Accelerators.

BM: Is bitcoin Afterburner getting much use so far?

SW: Afterburner has a good number of installs, but not many paid ‘Boosts.’ A few days after we released Afterburner the transaction backlog that was driving up fees and confirmation times completely dried up. The fees required for next block confirmation dropped from 300 sat/b to 25 sat/b. Once the mempool gets saturated again, we will have a much better idea of the potential utility of the app.

BM: Why do you think more wallet providers don’t offer this sort of service?

SW: Many wallet providers — inexplicably the most well-funded ones are the most guilty — haven’t invested any time into proper fee estimation and management until very recently. A misguided industry-driven quest to make the bitcoin wallet for “grandma” resulted in an unusable bitcoin wallet for actual users. Samourai has focused from inception on actual bitcoin users first.

BM: Do you think this sort of fee bumping will eventually be free? Does Samourai Wallet offer fee bumping like this natively or do they need to use this separate app?

SW: Samourai Wallet provides the exact same functionality as Afterburner natively. Afterburner was designed to allow users of any other BIP 44 HD wallet to boost their stuck transaction using CPFP (Child-Pays-for-Parent) under the hood. Hopefully they move over to Samourai Wallet if they are satisfied with the service. In addition to CPFP-based boosting more advanced users may opt-in to RBF-based boosting which is also available in the wallet. Both options are available to Samourai Wallet users free of charge.

The post This New Tool Can Help Bitcoin Users Deal With Stuck Transactions appeared first on Bitcoin Magazine.