Jump to content
Sign in to follow this  
Berzeck

Worldcoin 3.0 Released!

Recommended Posts

Bravo for such a great achievement. A lot of work must have been necessary to create this wallet and all the devs are to be thanked for this realization.

I like how WDC transactions are confirmed hyperfast, compared to bitcoin transactions which are now hitting a wall, increasingly getting stuck because of constant mempool saturation.

I am still acquainting myself with the WBC functionalities, and as a new user I need clarification on some aspects of the software. I guess there must be quite a few newcomers like me who are asking themselves these questions.

1. What is the purpose of a backup? How to do a proper backup of the wallet, is it done automatically or it must be done manually after each new transaction? What is backed up exactly, the private keys for each address and/or associated balances? I can see a subfolder, in the main WBC folder, which is named 'Backups', but it is empty - does this mean that there is no backup?

In case of computer crash, is it necessary to have some backup folder copied in an external drive, or a USB key, to be able to recover the funds?

2. What is the purpose of the cloud connection with Pulzar services in the wallet, is this connection necessary for the basic functions of the wallet, like sending, receiving, synchronizing?

3. Lastly, I received some money in the bitcoin subwallet to try it. But, how to include/add mining fees when sending money from it? (if there is no fee the bitcoin transaction will get stuck indefinitely in the mempool)

Share this post


Link to post
Share on other sites

Hello!

1) Backup is to make sure that your wallets private keys can be recoverable (for all your addresses), the only timportant thing stored are your private keys, balances are not stored in the wallet, they are extracted from the network when you start syncing.

You should make a backup when:

   a] Create a new wallet (its a good practice to encrypt wallet and the create the backup AFTER)

   b] Send coins (you don't need to backup when receiving coins) ---> the wallet tries to automatically make a backup but you should check

   c] Update to a newer version ---> the wallet tries to automatically make a backup of the coin you are currently using but you should check, and backup the wallets of the other coins.

2) The idea is that we will offer services via internet, right now the only service available is the update mechanism. And no, this connections is not necessary for common wallet operations

3) If you received money, no transaction fees are needed to be configured in the wallet. For other operations (including sending) check

https://en.bitcoin.it/wiki/Transaction_fees

Default values are used. We could add more options for fees in future versions if needed. Next version is too close, but I will enable a thread for suggestions, bugs and feature requests

 

Share this post


Link to post
Share on other sites
On 14/02/2017 at 9:39 AM, Berzeck said:

https://en.bitcoin.it/wiki/Transaction_fees

 

Default values are used. We could add more options for fees in future versions if needed.

The default value in the link you provided is 0.00001 (BTC/kB), or 1 satoshi per byte. While that was OK a few years ago, this is now obsolete because no miners would want to confirm such a low-fee transaction. It is a problem right now with the overloaded bitcoin network: there are too much transactions and the mempool of transactions to be confirmed is saturated. So, if a transaction in 2017 is sent with a fee at this default value of 0.00001 (BTC/kB), it could get stuck for weeks or even months. Even with ten times that amount, it typically takes more than 24 hours to confirm.

As shown on this link:   https://bitcoinfees.21.co/

The correct fee now when sending bitcoin to have the transaction confirmed in less than a few hours is at least 100 satoshis per byte, which is 100x the default value.

So the WBC bitcoin wallet, from a practical point of view,  cannot be used at this time for sending money (with a default fee of 0.00001 BTC/kB), unless transaction fees can be set manually. Is there a way to set fees manually using the console?

Share this post


Link to post
Share on other sites

The defaults are suggested by BTC team which we assume they know better than WDC team, maybe you should post this in their forum? we will gladly change to whatever they feel right.

On the other hand in practice even if you pay no fees, as time passes the probability for your transaction to be processed increases (that's something explicitly developed in the inner algorithm),  so with current defaults the delay is always less than 15 hours.

I agree that defaults are not for everyone so we can add an option  to increase the fee, but not for the next incoming release.

 

Share this post


Link to post
Share on other sites

Update on bitcoin fees:  I sent an amount from the WBC btc wallet and was surprised to see the transaction was confirmed (first block) in less than 5 minutes.  Fees were 40000 satoshis, around 180 sat/byte, much higher than the minimum default value of 1 sat/byte shown in the bitcoin wiki link on transaction fees pointed out above.  I don't know how the btc fees are calculated in the WBC, but this was largely sufficient and even more that I'm used to pay.  So I have to report that the WBC bitcoin wallet appears to be working fine in regard to this aspect.   B)

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×