Hey there! 👋
Glad to have you as a part of the Safient family. Welcome to our newsletter. At, Safient we prioritize community growth through product growth, making us a reliable and trustless protocol. Our ecosystem offers every individual to be a contributor by simply joining our community, tap on the discord server link to join us today!
Our weekly newsletter includes:
- Self custody Gyaan
- A week in crypto
- Safient weekly inside 🚀
It finally happened! Yes, Ethereum is now live on Proof of Stake!🚀 What to expect? This will be discussed in our crypto section for this week's newsletter. Our self-custody gyaan would roll out a few nuggets on private and public keys, and yes finally we would give you weekly updates on the Safient inside. Ready? Let's go!
🔐PRIVATE AND PUBLIC KEYS, ALL YOU NEED TO KNOW!
Starting off the crypto journey we keep hearing about the phrase “Not your keys not your coins”. So, it is important to know what exactly these keys are. Fun fact is there are two types of keys and understanding them will ensure our onboarding into the crypto space is quite safe.
The public key is the public component of a wallet account. It is essentially used to derive the wallet account address that can be shared with anyone. Think of your public key as your mailing address. Anyone can look it up and send things, in this case, cryptocurrency, to the address derived from the public key. It's similar to providing your checking account number and routing number to set up a direct deposit – you can tell that information to anyone, but it doesn't allow them to withdraw money or otherwise log in to your account
The public key is used to verify transactions and ownership of wallet account addresses. Note that public keys themselves are not crypto addresses but are used to generate the address from them. Even though public keys are public, addresses are what are used to identify the recipient on most blockchains.
The private key is the private component of a wallet account. The private key unlike the public key is for the wallet owner only. The private key functions as a password to your crypto wallet and should be kept secret. The thing you must understand is that if someone discovers your private key, they will have access to all the crypto in that wallet and can do whatever they want with it.
Private keys are numerical codes – but you may never see your actual private key. To make things more user-friendly, many wallet providers use standardized ways to generate these private keys. Mnemonics code (BIP39 standard) is the most well-known one.
Mnemonics code or "seed phrase," also known as a "secret recovery phrase," to unlock your wallet has been widely used by almost all wallet providers. If you open a crypto wallet with MetaMask, you will be assigned a string of random words that you use to unlock your funds. And the private keys are generated from these unique words (Often 12 or 24 words).
As you can see private keys are the most important part while dealing with crypto. People who are in this space already know how difficult it is to manage and ensure that they are stored securely yet accessible conveniently.
In a recent interview, CZ, Founder of Binance underlined Wallet infra and onboarding as the hardest problem and termed it to be a blocker for mass adoption. You may watch it here :)
Interestingly, we at Safient are addressing this very problem head-on, and have developed a protocol that runs on a non-custodial basis and allows integration with the existing Wallets to implicitly provide a recovery mechanism and inheritance process should any unfortunate event has to occur. All this without any custody and still ensures the recovery or inheritance at the right time without compromising security or convenience. Read more on it and the solutions that are being built:
A WEEK IN CRYPTO
ETH GOES LIVE ON PROOF OF STAKE! 🚀
It has been one of the most eventful weeks in the world of crypto as the much-awaited ETH merge finally went live!
As the clock counted down to the final moments of the big Ethereum Merge, co-founder Vitalik Buterin joined the Ethereum Mainnet Merge viewing Party live stream hosted by Ethereum Foundation to share his final thoughts.
When asked if he was excited about the Merge, Buterin responded that he is “absolutely excited about being exited from the proof-of-work era.”
The co-founder went on to say that the historic transition of the network from proof-of-work (PoW) to proof-of-stake (PoS) has been on the agenda for years:
“[It] has obviously been a dream for the Ethereum ecosystem since pretty much the beginning. We started the proof-of-stake research with that blog post on Slosher back in January 2014.”
He also pointed out that not only will this be good for the environment, which has been a hot topic among environmentalists toward crypto space, but also for “non-environmental externalities.” The example was given of the GPU price hike due to Ether (ETH) mining.
Shortly after Vitalik’s mini spotlight in the Livestream, the Merge finally occurred on Thursday at 06:42:42 UTC at block 15537393. The merging of the Ethereum mainnet execution layer and the Beacon Chain’s consensus layer took place at the Terminal Total Difficulty of 58750000000000000000000. After the Merge, the network no longer relies on a proof-of-work (PoW) consensus mechanism.
Buterin congratulated the community and ushered in the next era of Ethereum via Twitter
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
— vitalik.eth (@VitalikButerin)
Sep 15, 2022
A few perks of the post-merge era.
- Low carbon consumption which in turn leads to a reduced energy use.
- Proposed quick and faster transaction
- More money for validators
- Less vulnerable to hackers
SAFIENT WEEKLY INSIDE:
Let us update you on what are we up to at Safient this week.
We are onboarding Safient Voucher early access subscribers to the first version of the app where you can gift MATIC tokens to anyone. Signup with your Discord username for the early access if you haven't already:
We have an announcement soon on our partnership with one of the well-known infrastructure providers 🤝👀
Our team will be at the TOKEN 2049 Singapore conference spreading the word on Safient. We would love to catch up and discuss Safient with you if you are around.
Have a great week. Cheers!