#bitcoin is often referred to as a "#ledger " because its primary function is to record transactions between users in a decentralized and transparent manner. The term "ledger" comes from the traditional concept of a financial record-keeping system, where all transactions are logged in a clear, systematic way.

In the case of Bitcoin, the ledger is called the "blockchain." The #blockchain is a decentralized, public, digital record that chronologically stores all confirmed Bitcoin transactions. Each transaction is grouped into a "block," and these blocks are linked together in a chain, hence the name "blockchain."

The decentralized nature of the Bitcoin blockchain means that no single entity, such as a government or a bank, has control over the system. Instead, it relies on a network of computers, called nodes, to maintain and validate the transaction records.

So, while Bitcoin itself is a digital currency, it is often called a "ledger" to emphasize the record-keeping aspect of the blockchain technology that underpins it.

#coingabbar #Binance

Crypto Startup Funding on the Rise: Ledger and EigenLabs Lead with $227 Million in Investments

Crypto startup funding continues to rise, with 11 companies landing an estimated $227 million in funding in the last week alone. This marks a slight increase from the previous week, during which companies secured $190 million. Among the most significant recipients of funding are cryptocurrency hardware company Ledger and the team behind EigenLayer, a re-staking protocol on Ethereum.

Ledger, a hardware wallet for cryptocurrencies, landed $109 million in its series C round. Investors included 10T, CapHorn Invest, Morgan Creek Capital, and Cathay Innovation, among others. Following this round of capital, Ledger is valued at $1.4 billion. This funding announcement comes at a time when centralized exchanges have been heavily scrutinized for security concerns, and self-custody discussions are on the rise.

Meanwhile, EigenLabs, the team behind EigenLayer, raised $50 million in a Series A round led by Blockchain Capital. Other participants included Electric Capital, Polychain Capital, Hack VC, Finality Capital, and Coinbase Ventures, among others. EigenLabs aims to create a new model that enables developers to easily consume trust instead of needing to build it. The team plans to launch EigenLayer in phases throughout the year.

Sreeram Kannan, the founder of EigenLayer, said in a statement posted on Twitter, “One of the central bottlenecks to innovation in today’s crypto ecosystem is the requirement for projects to bootstrap trust or crypto economic security. EigenLabs was born in the hopes of creating a new model, in which developers can easily consume trust, instead of needing to build trust, and design powerful systems of assurance that make the cryptosystem safer and more useful.”

As the crypto industry continues to grow, investments in startups and projects will likely continue to rise. Funding announcements like those of Ledger and EigenLabs demonstrate that investors are eager to support companies that are addressing the challenges and bottlenecks of the crypto ecosystem.

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#Binance #crypto2023 #BTC #ledger #bicasso

The general manager of the BIS, Agustin Carstens, recently gave a speech on innovation and the future of money. The general manager suggested the launch of a new sponsored smart contract platform while taking note of CBDCs.

Carstens talks on how central banks need to adapt to shifting consumer demands and technology advancements. He claims that doing so is essential to ensuring that banks, similar to the idea behind CBDC initiatives, are made accessible in a way that is appropriate for the digital economy.

He contends that in order to get the most from advances in cash and payments, we must have a broad picture perspective of the future monetary system and the central banks' role in fostering innovation that satisfies changing requirements. He claimed that if we follow this strategy, we would be able to get the most from advancements in payments and money.

Mr. Carstens used the development of smartphones as an example of innovation to emphasize the necessity for a strong and safe infrastructure that frees the private sector's creativity and ingenuity for innovation to thrive.

The many components of a platform must also be able to work together successfully, he added. He cautioned against monopolizing technological platforms that utilize network effects to stifle competition and ensnare customers behind "walled gardens."

The manager made the argument that central banks are in a unique position to lay the foundation for the infrastructure of the next generation, such as a unified programmable ledger in the context of a public-private partnership, in their capacity as the guardians of the public's faith in their monetary system.

According to Mr. Carstens, increased interoperability and automated transfers may eventually be advantageous to clients by enabling solutions that are more readily available, less expensive, and better suited to their needs, increasing financial inclusion.

He noted that all programmability and composability benefits may be accomplished on authorized systems with different levels of centralization. The central bank is heavily responsible for providing the last settlement asset in the economy.

Thus, the central bank is essential to the management of a unified ledger.

A unified ledger is a digital architecture that connects different registers of natural and financial claims with the monetary system. A unified ledger might be used to accomplish this. Moreover, it would enable composability, which means that several smart contracts might be bundled into a single agreement.

These capabilities allow for the automatic integration and automation of all programmable money transactions.

As a result, there is less demand for human interaction, which might delay transactions. In addition, it is no longer necessary to use middlemen and it is now feasible to make payments and settlements at the same time.

#crypto2023 #cbdc #ledger

Introduction

A recent update by crypto hardware wallet provider Ledger has generated a heated debate among industry experts regarding the potential security and privacy implications. The update introduces a feature that allows devices to transmit encrypted fragments of users' seed phrases to others. While some experts express concern about the security risks involved, others are optimistic about the feature's security measures. This article delves into the arguments presented by industry professionals and explores the various perspectives surrounding the update.

Ledger CEO's Defense of the Feature

Ledger CEO Pascal Gauthier defended the new feature, stating that it aligns with the needs of future customers. He believes that this feature will facilitate the onboarding process for the next wave of crypto users, emphasizing the importance of adapting to evolving customer preferences.

Importance of Seed Phrases and Security Measures

Edul Patel, co-founder and CEO at Mudrex, acknowledges the significance of seed phrases and acknowledges that their retrieval could cause concern. However, Patel assures that there are multiple levels of security implemented to protect the seed phrases. He argues that the issue has been blown out of proportion on crypto Twitter and suggests that the feature incorporates robust security measures beyond what meets the eye.

Call for Blockchain-Centered Security

Venket Naga, CEO of Serenity Shield, believes that Ledger's situation highlights the need for a fundamental shift in digital security. Naga argues that as blockchain technology adoption grows, it is crucial to prioritize blockchain-based solutions that safeguard critical keys like seed phrases. He advocates for a security approach that upholds user privacy and control, urging the industry to make this a priority.

Concerns Regarding User Control and Privacy

Nikolay Denisenko, co-founder and CTO of Brighty app, expresses concerns about Ledger Recover's potential impact on user control, decentralization, and anonymity. Denisenko questions whether the convenience of the new feature outweighs the risks it poses to security and privacy. He calls on Ledger to reassess the potential risks and maintain the core principles of cryptocurrency.

Support for the New Feature

In contrast, Veljko Jelic, CMO at YouHodler, believes that the feature is much needed and responds to client requests. Jelic argues that there are currently limited scenarios where users can recover keys, making this feature highly useful for individuals holding assets or their trusted contacts. He sees it as a valuable addition to enhance user experience.

Concerns About Opt-In Nature and Device Security

Andrey Kuznetsov, co-founder of Islamic Coin, raises concerns about the opt-in nature of the feature. While users have the choice to enable it, Kuznetsov questions whether they can fully trust Ledger not to enable it without consent. He also highlights the risks of Trojan software tampering with the device and enabling the feature, emphasizing the need for careful consideration.

Conclusion

Ledger's recent update introducing the transmission of encrypted seed phrase fragments has sparked a spirited debate among industry experts. While Ledger's CEO and some professionals support the feature as a response to evolving customer demands, others raise concerns about the potential risks to security, privacy, and user control. As the crypto industry continues to evolve, striking a balance between convenience and security remains a critical consideration for hardware wallet providers like Ledger.

#ledger #wallet #crypto #blockchains #ISLM