China News by Thebittimes.Com

As the world of Web3 emerges, decentralized digital identities present a promising alternative to the current. As the world of Web3 emerges, so too does an exciting opportunity to emphasize the importance of trust and security in a digital world. Digital identity and credentials play a significant role in helping users manage their IDs and control their personal information securely. Digital identifiers can include national ID information, personal emails, phone numbers, cryptocurrency addresses, Discord accounts, bank logins and anything else related to a person and their identity. Digital IDs have been around for a while and have had a major impact in Web2, but their role will significantly increase with the mass adoption of Web3 applications. In Web2, usernames and passwords have become ubiquitous, with almost every online service relying on them as access credentials. However, this approach has resulted in numerous security issues, such as storing data on private servers beyond us...

Join Our Telegram channel to stay up to date on breaking news coverage During these difficult times, as rumors fly about how much cryptocurrency will be worth following the catastrophic collapse of the cryptocurrency exchange FTX and other significant platforms, a crucial question has emerged: “Who will keep your cryptocurrency safe?” As a result, some members of the cryptocurrency community are urging a return to its decentralized origins. “Not your keys, not your coins” is one of the movement’s rallying cries. Or, only have faith in yourself. But in order to do so, people must manage their own cryptocurrency wallets, which is a trickier but safer method that necessitates creating sophisticated passwords and occasionally purchasing real hardware to store money as opposed to entrusting it to an exchange. A company like FTX was intended to keep your funds, but instead, they ended up lending them out, stated Tracy Wang, deputy managing editor at t...

Based on Merkle Tree’s proof model, exchanges can prove whether the assets held by each user are included in the exchange reserves, but this scheme still has flaws. Written by: Babywhale, Foresight News Original Link: https://foresightnews.pro/article/detail/18550 In February 2019, Bitcoin and blockchain infrastructure company Blockstream published a blog post titled “ Standardizing Bitcoin Proof of Reserves ,” which explained how to self-certify the Bitcoin reserves of institutions such as exchanges and control over those reserves. Blockstream initially researched the scheme to prove to auditors the Bitcoin reserves on the Bitcoin sidechain Liquid Network, and later developed into a specification for Bitcoin Proof of Reserves. Before Blockstream, the variety of verified schemes made it difficult for users to understand the reserves of each exchange. Additionally, there is a risk of funds being stolen during the transfer of assets in signed transactions due to the need to verify owne...