Electrum

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Electrum wallet is a lightweight Bitcoin client, based on a client-server protocol. It was released on November 5, 2011.

Description[edit]

How to Setup a Bitcoin Wallet with Electrum

Cryptocurrency wallet Electrum is a type of thin wallets – this resource does not require a complete jump in the history of the blockchain, which takes a significant weight of memory. At the same time, a characteristic feature of thin clients is the storage of users ' personal information on remote servers of third – party companies-this nuance implies constant security control in order to avoid hacking and data theft, but this disadvantage is compensated by the mass of advantages that are provided by The electrum wallet.

The main, and at the same time significant, feature of Electrum wallet is the use of a special phrase "seed", which consists of 12 words-it allows you to create an Electrum wallet online and restore it without much difficulty. This feature allows users not to worry about possible hardware failures, breakdowns and hard disk failure, loss of passwords and other force majeure circumstances. This phrase is recommended to be stored in a safe place without access by outsiders.

History[edit]

Electrum was announced November 5, 2011[1].

Documentation[edit]

Electrum is not only a repository of Dash (cryptocurrency), but also a place to accumulate your bitcoins. On the official website by clicking on the link electrum.org, you will be able to download the program and use it for operations with DASH or BTC.

Electronic wallet Electrum opens up wide opportunities for users, thanks to which the storage of cryptocurrency and the implementation of all kinds of operations with it becomes simple and fast.

Documentation is hosted on http://docs.electrum.org/

Main features[edit]

  • Encrypted wallet: the file that contains your bitcoins is protected with a password. You are protected from thieves.
  • Deterministic key generation: If you lose your wallet, you can recover it from its seed. You are protected from your own mistakes.
  • Instant on: the client does not download the blockchain, it requests that information from a server. No delays, always up-to-date.
  • Transactions are signed locally: Your private keys are not shared with the server. You do not have to trust the server with your money.
  • Freedom and Privacy: The server does not store user accounts. You are not tied to a particular server, and the server does not need to know you. You can export your private keys.
  • No scripts: Electrum does not download any script. A compromised server cannot send you arbitrary code and steal your bitcoins.
  • No single point of failure: The server code is open-source, anyone can run a server.
  • Firewall friendly: The client does not need to open a port, it simply polls the server for updates.
  • Free software: Gnu GPL v3. Anyone can audit the code.
  • Written in Python. The code is short, and easy to review.
  • Support for Bitcoin URIs, signed URIs and Bitcoin aliases

Advantages[edit]

Multi-currency wallet Electrum provides its users with a number of advantages, including:

  • ability to exercise control over private keys;
  • contact the development team and other users;
  • the use of open source code modification that allows you to create a wallet Electrum in Russian and in other variations;
  • a wide range of versions of the app for different devices and platforms;
  • the ability to use the client using VPN, Tor, and other virtual tunnels.

Disadvantages[edit]

Despite the fact that this cryptocurrency wallet (Electrum) offers users great opportunities, it is also necessary to mention its disadvantages:

  • the creation of the electrum wallet and its use requires the mandatory presence of a third party-this is due to a fairly simple verification system, which makes it necessary to store personal and confidential data on third-party servers of the blockchain;
  • the servers of the Electrum network do not always provide the optimal speed for carrying out transactions, and may be late to provide up-to-date information.

External links[edit]

See Also on BitcoinWiki[edit]

References[edit]

  1. Electrum - a new thin client