The project Sheetcoin won in the recent annual hackathon ETHWaterloo, which including present acne Buterin. The product developers allows you to turn the Google Table [English platform called “Sheets”, hence the name — approx. editor] in wallet Ethereum. With its help, users are able to send their ERC-20 tokens for every Gmail address directly from your browser. In other words, the developers have created a kind of sidechained Google sheets using the security Protocol OAuth.
OAuth — open authorization Protocol, which allows you to grant a third party limited access to the protected resources of the user, but it does not require the transfer of login and password.
Improve Ethereum and cryptocurrency world
We will remind, earlier we already wrote about the Unstoppable service Domains, designed to create clear addresses of cryptocurrency wallets. This platform solves the problem of remembering long combinations of symbols, which are addresses of Ethereum. This ensures that users will be less by mistake to send the money to the desired address, and the subject of crypto-currencies will not be as scary for beginners.
This year it was on ETHWaterloo 65 projects that solve different problems of the industry of cryptocurrency. According to the organizers of the event in Toronto, the total number of projects participating in the hackathon Ethereum exceeded one thousand.
Sheetcoin approach to solving problems differently. The creators of the project decided to use Google sheets and turn the service into a universal Ethereum wallet. They created a sidechained, which allows users to send cryptocurrency, associating the recipient with a Google account. The account you can define the email that is entered during registration. That is, to use Sheetcoin only need to remember the e-mail is much easier than memorizing long combinations addresses the usual Ethereum wallet.
A sidechained is in the truest sense of the word "side chain". It is associated with the original bloccano bilateral connection, i.e., the coins can move in both directions. This principle is used in Sheetcoin.
The peculiarity of this project lies in the fact that the recipient of the tokens is not necessary to have crypto. Instead, all recipients must be associated with their user accounts in Google. Received coins can then be withdrawn at any Ethereum address, while Sheetcoin “fully connected” to the main blockchain cryptocurrencies.
The safety of the shipment of the coins is guaranteed by the OAuth Protocol. This standard allows to give access to information without disclosing data like passwords.
Obviously, authorization, and obtaining funds will be attached to the e-mail address.
Sheetcoin was not the only project in which special attention was paid to security. While the majority of hackathon participants have developed DeFi-projects — that is, in the field of decentralized Finance — a few of the finalists created apps focused on privacy and confidentiality.
This is interesting: the Developers came up with a simple method for safe storage of crypto-currencies.
One of the five best projects of the hackathon — Eth P2P VOIP network used Ethereum to increase the security of phone calls. Platform prevents spam, exchange SIM cards and data collection, allowing users to call at cryptocurrencies.
This year the activity of the Ethereum developers has grown significantly. At the moment it is at the level of may 2019, when the cryptocurrency market has been on the rise. According to Professor Vern from business school, Ivey Business School, new solutions of the developers is the main reason for the growth rate of the cryptocurrency. Let's see whether this is so.
More information about interesting start-UPS can be found in our cryptodata millionaires!
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