Gov’t Expands Digital Platform Roll-Out Drive

#Kimwood Mott, the Central Bank’s project manager for the Sand Dollar digital currency, said: “Through that initiative there are some key goals, …

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Government is developing digital platforms to automate the Cabinet Office’s functions and to handle the planning process at the Ministry of Works.

Lisa Culmer, IT manager for the Government’s digital services, speaking at the Abaco Business Outlook webinar, said: “We have EPRIS, which is for the Ministry of Works, and is an electronic plan and preview inspection system that is related to plans for buildings and stuff like that.

“We have this other one, the Cabinet Office electronic management system (BECMIS), that is to automate the Cabinet Office and the various processes that the Cabinet Office go through. At the Road Traffic Department, with the TMS (Transportation Management System), they want to automate the renewal of driver’s licenses and renewal of vehicle inspections to limit people having to come in when you have applied to pay and pick-up whatever. I don’t think they are actually going to be submitting those documents online but I’m not sure.”

Ms Culmer continued: “Then with the Port Department, along with the Department of Marine Resources, they have various permits that you have to apply for. They are putting those applications online as well and then, last but not least, the new digital government online portal, which will hopefully – once we get it all done – actually unite to a single point of service where you can log in to one place, access all of the services, and you won’t have to go to this one to get this and that one to get that. Everything should be able to tie in nice and neatly.”

Kimwood Mott, the Central Bank’s project manager for the Sand Dollar digital currency, said: “Through that initiative there are some key goals, primarily the financial inclusion and access; payment system efficiency; non-discriminatory access to the financial system; 100 percent access to the digital payment services; full admission of micro, small and medium-sized businesses into the digital space, and strengthening our national defence against money laundering and such activities.

“There are also some initiatives that are going to be geared towards government services. There are going to be some synergies had with those online portals, and the ability for persons who may not be in that financial space to have credit cards to actually be able to pay for some of these government services through these online portals through the use of the Sand Dollar digital currency.”

The Sand Dollar is the digital representation of the Bahamian dollar. Mr Mott said: “It is one to one. It is not a cryptocurrency traded on any sort of open market. It is fixed one-to-one with the Bahamian dollar. It is used through mobile phone technology, so basically if you have access to a mobile device, be it a tablet or an actual cellular phone with wi-fi or LTE communications, you should be able to participate on this network.

“There should be little to no cost in transacting with Sand Dollars, and while Sand Dollars reside in your wallet, it is not interest bearing. It operates the same way as if you held cash in your pocket; that cash will not generate any interest. So the same would apply to cash you would be holding in your digital wallet, because again it is just a digital representation of your Bahamian dollar.”

Fintech to Spur Expansion of iGaming

With the current growth of both markets, the blossoming relationship between iGaming (digital gaming) and fintech (financial technology) is expanding …

It may come as no surprise that the two fastest-growing industries in the tech sphere are both founded in the online world and are helping to shape the business landscape by driving ever-increasing digitization.

With the current growth of both markets, the blossoming relationship between iGaming (digital gaming) and fintech (financial technology) is expanding both industries into burgeoning sectors, evolving technology as they progress.

The Growth of Fintech & iGaming

The traditional payment methods of bank and wire transfers are still alive and well but as we move to an ever more digital world, those options are becoming less and less appealing.

This is where Fintech stepped in to make its mark. By 2018, the financial technology sector was worth over $100 billion (and that doesn’t even include cryptocurrency or blockchain). Projections put the industry at over $300 billion by end of 2023, raising a lot of eyebrows of investors and thought leaders the world over.

The global gaming industry has been growing rapidly in recent years and continues to expand. It is predicted to be worth more than $565 billion by 2022, an increase of more than $100 billion since 2018, meaning the industry will grow by more than a fifth in the next two years.

How iGaming is Shaping Financial Technology

Esports and iGaming have seen an explosion of popularity and the games have evolved along right alongside. Gambling, competitive video games and even mobile games have all had a hand in shaping technology.

Mobile games and apps especially have had a huge influence on the relationship between fintech and iGaming. Microtransactions within games and apps are the majority income for these developers, and traditional banks, wire transfers, and credit cards simply aren’t the easiest or most secure methods anymore.

Powerhouse apps like WeChat, Viber, and Google all now have integrated pay systems that far more secure and faster than typing a credit card into a browser window.

All you have to do to see the growth of this industry is look at Candy Crush. Remember that stupid puzzle game that everyone was playing? That same game that could be made in an entry-level programming course has grossed almost a billion dollars in 2018.

With an average transaction of about $5-10, you’re not going to hit a billion dollars if consumers have to type in their credit card number every time they make a purchase. Transactions need to be fast, convenient, and secure.

Cash No Longer King in 2020

Earlier this year, OKTO Group’s director of gaming Simon Dorsen predicted that innovative companies will deliver on the new financial technology and the ones “that adapt first and begin to embrace the cashless revolution now will be reaping the rewards come the [sic] end of the year.”

The Cash “Float”

The casino industry is always in need of new financial options and a match between Fintech and iGaming only seems natural.

Online casinos have historically needed to “float” their customer base’s payouts out-of-pocket while money becomes available and moved to different accounts. This means those big payouts and the thousands of daily exchanges come out of the coffers of the operators.

This is clearly not sustainable and the second a Fintech solution allows them to rapidly, safely, and accurately shift money is rapidly approaching.

The Evolution of Currencies in iGaming

Players want to get into the game and get paid as quickly as possible, but iGaming operators have to worry about the logistics of speedy and secure transactions, with potentially large sums of money going back and forth.

Currency isn’t what it used to be and iGaming has been a driving force in expanding payment options from credit cards and cash to ever-evolving forms of payment. With secure PSPs (Payment Service Providers) pushing the bounds, it looks like older funding options will fall away. DogSlots has seen the changes taking place already as slots playtersflock to easier options and this will change the face of currency as we know it.

Digital Wallets (e-wallets)

E-wallets like Neteller and Skrill, are proving to be the new norm for iGaming financial transactions. After the UKGC ban on credit cards in April, digital wallets are growing in popularity, providing complete security along with absolute anonymity — despite some extra fees.

Cryptocurrencies

Although still not commonplace in iGaming transactions, cryptocurrencies are becoming more widely used by online gaming aficionados. The speed and security of blockchain technology lend to a stellar endorsement in the online gaming sphere.

Paypal

PayPal is still the preferred method of payment for many players. It is guaranteed safe and secure and means that you can quickly, easily, and securely play games. It’s offered by all of the most respected and trusted online casinos as it gives both iGaming operators and players peace of mind when making and processing payments.

Future Growth & Expansion

Fintech and iGaming operators have been at the forefront of this technological innovation, spearheading new markets, and increasing their customer bases. By partnering up with an eye to the future, both industries are able to capitalize on the shared power of each other’s business expertise.

The only question mark in the road map ahead is the inevitable regulatory hurdles that will surely pop up. The challenge going forward will be to find certified solutions to appease regulators, while turning to experts for AML and KYC procedures, leveraging the best technology and security software to protect players’ identities and transactions.

Major cryptocurrency exchange KuCoin was hacked

Over 200 cryptocurrencies are listed on KuCoin, with an average daily trading volume of $ 100 million. After the developments, KuCoin’s crypto currency …

Singapore-based KuCoin, one of the major crypto money exchanges, announced that it was the target of hackers. Hot wallets of the stock exchange were seized.

KuCoin, one of the leading crypto money exchanges, has been hacked.

In a statement made today by the exchange, it was reported that it was determined that a large amount of Bitcoin and Ethereum tokens were withdrawn from an unknown wallet as of Friday at 22.05.

The problem started to appear when users complained of having withdrawal problems. In the first place, the admin team of the exchange thought there was a system problem.

KuCoin CEO Johnny Lyu said in his livestream today at 07.30 that one or more hackers seized the private keys of the exchange’s hot wallets. Lyu stated that KuCoin is transferring the remainder to new hot wallets and closing fast deposits and withdrawals. It was emphasized that the money of the customers affected by the incident will be covered by KuCoin and the company’s insurance fund.

According to the statements of the CEO, cold wallets were not affected by the incident. As is known, cold cryptocurrency wallets are not connected to the internet and are therefore considered more secure than hot cryptocurrency wallets.

150 million dollars may have been stolen

While the exchange was planning to refund customers, Lyu did not reveal how much crypto was stolen, but stated that the exchange will publish the hacker’s wallet address and a list of stolen coins. According to data from blockchain explorer Etherscan, a transfer of 11,000 ETH was made from two Ethereum wallets owned by KuCoin to an unknown address. The same address also received over 150 Ethereum-based tokens worth more than $ 146 million.

Over 200 cryptocurrencies are listed on KuCoin, with an average daily trading volume of $ 100 million. After the developments, KuCoin’s crypto currency KuCoin Shares (KCS) lost more than 17 percent.

Bitfinex and Tether froze $ 33 million

Paolo Ardoino, technology director of Bitfinex and Tether, announced that $ 13 million USDT stolen from KuCoin was frozen by Bitfinex and $ 20 million USDT by Tether. Thus, USDT worth a total of $ 33 million was captured.



How to Use the Atomic Wallet

… safety and security as a primary component. References: Atomic Wallet official website. TAGS; Atomic Swap · atomic wallet · Cryptocurrency wallet …
How to Use the Atomic WalletHow to Use the Atomic Wallet

The Atomic Wallet is a decentralized multi-currency, non-custodial wallet. It supports more than 500 tokens, including all the top blockchains. It is the first wallet that supported cross-chain technology, i.e., atomic swaps.

The evolution of cryptocurrencies has led to the development of many applications/ interfaces. Such applications focus on creating an environment that commits to providing more user-friendly platforms as compared to traditional transaction systems.

Crypto wallets are the foundations of such applications. These are normal applications that the user can install on their smartphones/computers to store, send, and receive their cryptocurrencies.

The Atomic Wallet is one such application. This platform provides a single secure interface for users to manage, exchange, stake, and buy their crypto assets.

An atomic swap is a smart contract technology which allows the users to exchange one cryptocurrency with another without using any exchange or centralized intermediaries.

Supported OS

Atomic Wallet OS

Atomic Wallet OS

Installation Guide (Windows Platform)

One can download the Atomic Wallet application from the website and Google Playstore (mobile).

A user can easily download the software from the website by simply clicking the Download button.

When you open the application it will give you two options:

  1. Create a new wallet
  2. Restore from backup

Atomic Wallet

Atomic Wallet

Select option 1 if you are a new user. It will prompt you to set a password.

Atomic Wallet

Atomic Wallet

A password setup is done.

Atomic Wallet

Atomic Wallet

After that, it will give you a 12-word phrase code that needs to be stored safely.

The wallet is now successfully set up.

Important: Kindly note that the Restore from the backup option will help you to get access to your wallet fund in case you have lost your phone or getting a new phone. One can easily get all his/her digital assets back if they have securely kept their 12-word backup phase.

Atomic Wallet

Atomic Wallet

It will ask you to provide your 12-word unique backup phase.

Atomic Wallet

Atomic Wallet

Atomic Wallet

Atomic Wallet

If you provide the correct 12-word backup phrase, it will prompt you for a password set. Upon successful password setup, you are in.

Important:The Atomic Wallet locally stores the private keys, backup phrase, and password on the user device using encryption technology. The 12-word backup phrase is unique and generated randomly when the user creates a wallet. No intermediate application, platforms, or the Atomic Wallet team stores your information.

So if you lost both your backup phrase and electronic device, you can never get access to your assets back. Also, if someone got access to your backup phrase, they can steal your funds.

Therefore, it is always recommended to store the backup phrase offline.

Platform Navigation

Upon successful login, the user is re-directed to the landing page of the application.

The landing page contains the various features supported by the platform.

Let us go through the different features one by one:

  • Wallet: The wallet contains the details (token name, holding, value, current market value, and 24-hour % loss/profit) of digital assets that a user holds.

Atomic Wallet

Atomic Wallet

  • Exchange: The exchange pane allows you to exchange one coin into another.

Atomic Wallet

Atomic Wallet

Note: The desktop wallet sometimes doesn’t display the list of coins in the dropdown as you can see in the above screenshot.

We then tried to verify the same problem in the mobile wallet and found that it is working fine. See below.

Atomic Wallet

Atomic Wallet

  • Buy Crypto: One can buy digital assets by going to this tab. The Atomic Wallet supports multiple currencies. You need to mention the amount and the currency type, along with the token which you want to purchase.

Atomic Wallet

Atomic Wallet

  • History:The history tab contains the details about past transactions.

Atomic Wallet

Atomic Wallet

  • Staking: The Atomic Wallet allows the users to stake their cryptos with zero staking fees. Users who participate in staking can directly receive rewards from the validators. One can easily see the approximate yearly gain from different coin stakings.

Find more details about staking here.

Settings: The settings tab allows you to do the two most important tasks:

  • Wallet password change.
  • Private keys details.

Atomic Wallet

Atomic Wallet

Important: If you forgot your 12-word backup phrase, you can easily get it from this option. See the screenshot above.

Support: This tab contains details about their various support forums (email, chat), including their social networking sites like Facebook, Twitter, etc.

Atomic Wallet

Atomic Wallet

Features

Atomic Wallet features

Atomic Wallet features

  • Private and secured.
  • Anonymous – No need for KYC and AML verification checks.
  • 24/7 live support.
  • Supports both mobile and desktop platforms.
  • Inbuilt atomic swap functionality.
  • Supports more than 500+ tokens and collectibles.
  • Token staking facility.
  • Based on AES symmetric encryption technology.
  • Non-custodial wallet – Users will have full custody and control over their private keys.
Drawbacks
  • Not listed in big crypto exchanges.
  • Circulating supply is quite less (less than 10%) than that of the total supply. So when the remaining supply will be made available, then there is a chance of a price drop.
  • Hardware wallet support is not present.
  • High fees for credit card purchases.
Fees

Simplex, an Atomic Wallet partner and a licensed financial institution, supports all cryptocurrency purchases to ensure online fraud-free payment processing solutions. They also provide the facility to the users to buy any top cryptocurrency with a credit card. They accept USD, EUR, and local currencies worldwide.

The process involves 2 sets of fees:

  • Atomic Wallet takes a 2% fee and a minimum of $10 per operation.
  • Credit/debit card bank processing fee. Since it involves high-risk operations, this fee can be quite high (around ~ 5%).

Important: Users need to pay the network fee to include your transaction on the blockchain. This network fee is paid to miners like any other crypto transaction.

Find more details related to the transaction fees here.

Social Presence

Website

Youtube

Medium

Twitter

Reddit

Facebook

Telegram

Conclusion

The Atomic Wallet is a multi-crypto wallet that provides features of an atomic swap, credit card purchases, and trading options to its users. If we look into their product development growth chart, they are constantly trying to cater to users with the latest version so that it can meet end-users’ expectations of keeping their asset and data safety and security as a primary component.

References: Atomic Wallet official website

Hackers Have Been Desperately Trying to Crack This Bitcoin Wallet for Years

Cryptocurrency wallet holders use long and strong passwords, and dat files are encrypted with AES-256-CBC and SHA-512. Practically, it’s next to …
  • A large number of hackers have tried and failed to break into a locked Bitcoin wallet that holds a tremendous amount of money.
  • The wallet carries an enticing address, but its private key may not match, so it could very well be empty.
  • Stolen or leaked “dat” files are generally hard to crack, as they usually sit behind long passwords and strong encryption.

There’s a specific Bitcoin wallet that has been circulating dark web forums and marketplaces in the past couple of years, shared with or sold to aspiring hackers who are confident in their capacity to break in. Allegedly, the wallet holds the jaw-dropping amount of 69,370 BTC, which is the equivalent of about $720 million. The rumor that accompanies the particular wallet, whose address is “1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx,” is that it belongs to one of those early Bitcoin investors who lost their passwords.

Indeed, many of those who rushed to buy crypto a decade ago didn’t take their investment very seriously, as few expected Bitcoin’s value to explode the way it did. In other cases, owners passed away without getting the chance to share access with anyone else, so the wallets stayed locked and full.

Thus, “thick” wallets out of their owners’ reach are a reality, but not all that glitters is gold. The particular wallet may carry the same address as the wallet that allegedly holds the crazy amount of Bitcoin, but it could be just a fabricated wallet.dat file.

The person who finally cracks it may find out that it’s empty due to a mismatch in the private key. The wallet file contains pairs of public and encrypted private keys of the address, so making something appear alluring is as simple as using a binary editor to change the public key. Since nobody has cracked the particular wallet yet, there’s no way to tell if the “legend” behind this “dat” file is real or not.

Related:About $18 Million in Crypto Was up for Grabs Through Leaky Databases

As for the chances of anyone managing to crack it, that would be extremely hard with today’s computers. If it was easy, dat files would be flying around, and hackers would randomly unlock juicy wallets.

Cryptocurrency wallet holders use long and strong passwords, and dat files are encrypted with AES-256-CBC and SHA-512. Practically, it’s next to impossible to brute force the password and unlock the wallet. There are many examples of such endeavors failing miserably, and for any unlocking to occur, very special circumstances need to apply.

Still, those who have lost their sleep knowing that they own millions of USD in digital money that they can’t access will try everything in their desperation – from searching through leaked keys and testing out a ridiculous number of passwords to going through hypnosis for memory recall.