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LTBCoin wallet and Counterwallet Question

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brenner100

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Posts: 25
Location: Denver

Hey Adam (and all others),

its an interesting concept that we try to do here and i have two questions:

1.) will your team make a "normal" wallet for windows where i can store ltbcoins? or is this impossible because there are no miners / i cant sync to the network because there is no?

because:

2.) lets imagine the counterwallet website dissappears. where are my coins then? i would like to hold the risk low and not to trust a website.

thx!

Posted on June 29, 2014 at 5:58 AM
Last Edited: June 29, 2014 at 6:49 AM

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• adam

  

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  Posts: 1980
  Location: California, USA

  Hey @brenner100

  Thank you for the questions!

  1 - You probably won't ever run a full node client because it would require you to re-index the entire bitcoin blockchain, which in my experiance takes more than 12 hours and generally is very not user friendly. It is not impossible, but it is non-ideal.

  2 - Counterwallet is a blockchain.info style wallet, which is to say it's an open source terminal that lets you use your passphrase to access your tokens on the bitcoin blockchain. If Counterwallet went away, someone could install instance of counterwallet and the passwords of each individual would still work.

  It is our intention to run a LTB branded wallet at some point in the near future, and for the last month we've actually offerred to the Counterparty folks to host a few backup instances just in case. They don't want us to do that yet because it would increase the number of places they have to patch when they improve counterwallet, which is an almost daily process right now (an hour of downtime yesterday morning to do a server upgrade for example)

  I have always hated web wallets, but in this case the usability, built in exchange, and simplicity of getting set up (we've had 250 or so people properly sign up so far with a counterwallet address, imagine how many fewer people that would have been if we asked everyone to re-index)

  Posted on June 29, 2014 at 6:16 AM
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• pinheadmz

  

  Offline
  Posts: 28
  Location: San Francisco, CA

  @adam @brenner100 Counterwallet actually isn't like Blockchain.info in the sense that Counterwallet deosn't even store an encrypted version of your keys. All it stores is "fun stuff" like your website preferences, address labels, etc.

  When you log in to CW with your 12-word phrase, your entire wallet is rebuilt deterministically in your browser, then the browser checks the balances of all your addresses. Greenaddress.it does the same thing. So no private keys are sent to any server in any form. That means, with some simple tools (like my countercode.club ) you can rebuild your wallet offline without any server just using your 12-words.

  Your preferences are stored on their server, marked by a hashed identifier generated by your 12-word phrase, but again there is no keys stored.

  Posted on July 31, 2014 at 4:34 PM
  Last Edited: July 31, 2014 at 4:34 PM
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