CryptoInsight Dev Update #3
This week won’t be as interesting as the previous since we’ve been primarily involved with backend server work. Here’s a quick summary of what we’ve done so
- Mobile displays 1000+ currencies, all with complete historical data
- Mobile has a slight re-brand on the holdings/transactions page to select a base and a quote currency (i.e. rather than BTC/ETH or similar it would be BTC and ETH, you’re able to customize this as you wish instead of being limited)
- Rebranding on the mobile app is nearly done to CryptoInsight, we’re just going through everything to make sure it has been updated
- Our backend server now processes 1000+ currencies and is able to provide any currency information for any date (this is our own API, we will look into making this publicly available with documentation in the future as per our roadmap)
Unfortunately we didn’t meet our target of releasing the mobile app last week, one of the main reasons were that fetching and importing historical data took a while and the rebrand process (not the UI but the actual App Store listing) is a bit more complicated than anticipated and we’re in the process of contacting Google/Apple support to get it done as seamless as possible.
We still anticipate the mobile release to come shortly, but we’re waiting on an update from Google/Apple, otherwise our app is working on our local testing so there shouldn’t be any issues once we’ve resolved the branding and app identifier on the app stores.
We’ve moved to Discord!
We’ve decided Discord as our primary chat going forward as it provides with an extensive set of moderation tools. Everyone is welcome to join at http://chat.cryptoinsight.io, do not hesitate to throw us a question. We will answer any questions or suggestion within a few hours if not minutes.
So we’ve had the fork recently and I’ve had a few people ask us regarding the state of their tokens and where to keep them (I realize this has already happened, so reading this won’t change anything anymore).
Generally for any hard-fork you want to keep any currency on your wallet where you hold the private key to, meaning no exchange wallets or any mobile app wallets where they don’t give you the private key/mnemonic seed and the wallet file where applicable.
Let’s go back to the definition of a fork, a fork means that the paths diverge at a given point, much like a walkway that splits into two.
Up until the fork the state of the path is exactly the same, after the fork the state on one path is no longer in sync with the other path. This is the case with the Byzantium fork as well, it opens up a new path that no longer talks to the old path. However, the same keys can access the same state on both paths even after the fork (which is why with BTC you can access your funds in both, as they hold the same ‘authentication’ for a given account, though the funds may change over time in one).
People that run the full blockchain were required to update their Geth or Parity version, the reason is because the updated version would automatically instruct their clients to take the new path when the fork occurs. Whenever you interact with an online service such as Etherscan, MyEtherWallet or Coinbase what happens is that they talk to their own node (geth/parity) and sign/relay your transaction. These services are always ahead of the curve and will update their geth/parity node versions as soon as possible, meaning they will automatically take the new fork.
In general it’s always better to be safe than sorry and send the funds to your private wallet, the reason we say this is because with a private wallet you can access both forks should you want to (using the older or newer version). Moreover, you don’t have to trust the exchange. Here’s an example to show what can happen if the exchanges or services are incompetent:
- Fork occurs and a few hours later you buy 5 ETH using your fiat currency on the exchange
- The exchange sends you 5 ETH. However, the exchange is using the old fork and has not swapped over. Your money is now lost in the old fork as the states are no longer the same since the divergence. The ETH only exists on the old fork and has no way of being transferred to the new fork anymore.
Remember that a wallet does not hold your funds, a wallet is merely an interface to talk with the Blockchain on your behalf. The Blockchain contains information about the state of your wallet, which is why holding the private key to your account is very important (so you can access it using most wallets). If you’re not sure what this means, ask yourself this question: Can I import my account into a completely-separate-but-compatible-wallet? (MEW > Metamask). If the answer is yes, then you hold the private key.
— With ❤ the CryptoInsight Team!