Feathercoin enthusiasts celebrate pub meetup by testing merchant interface

Last Saturday saw the first meetup for UK-based cryptocurrency Feathercoin at the Oxford Blue pub in Oxford.

AccessTimeIconJul 24, 2013 at 4:09 p.m. UTC
Updated Sep 10, 2021 at 11:27 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Saturday the 20th of July saw the first meetup for UK based cryptocurrency, Feathercoin, at the Oxford Blue pub in Oxford. CoinDesk was in attendance and took the pulse of what's happening with the altcurrency.

Feathercoin's 51% Attack Explained

Peter Bushnell, Feathercoin's creator, expanded on the technical details of how last month's 51% attack was dealt with, and explained a new checkpointing system which is going to be released. "Feathercoin's upcoming Advanced checkpointing will be used to stop attackers from orphaning genuine blocks. Checkpoints are used to make sure that clients connect to the correct blockchain which makes the network resistant to blocks being orphaned by attackers. The current approach requires the client to be compiled anew and reissued. This is cumbersome and slow so is not suitable to prevent attacks."

"Advanced checkpointing allows checkpoints in the block chain to be created automatically from the latest genuine block. Clients will pick up this checkpoint and will ignore attackers' blocks during attacks."

"During the attack someone, presumably the attacker, tried to reverse a Feathercoin deposit to Cryptsy. This works by sending Feathercoin to the exchange, selling them and then trying to replace the blocks in the block chain where the coins were sent. Cryptsy's systems detected the Feathercoin deposit reversal and ceased trading of FTC/BTC.

"I was happy to hear that their systems spotted this and prevented any major damage from being done. This should be reassuring to all users of Cryptsy that they do have a system in place to protect the coins held there. Cryptsy is an exchange that has many coins much smaller in size than Feathercoin, so have put thought into how to protect themselves."

SMS and point of sale payment systems

WP_20130720_015
WP_20130720_015

Developer and Feathercoin community member, Mark Leck, demonstrated SMS Address, an SMS-driven payment system for Feathercoin. The site is still in development, but will allow users to sign up by sending a text.

SMS Address works by generating an account key that's associated with the user's phone number. When an SMS is sent, it is encrypted by the SMS provider.

Currently, the SMS to be sent can be generated by the SMS Address website – one needs to enter an account key, receiving address and amount to send. When the users' phone scans the generated QR code, they have the required text to send to the SMS Address service. When the message is received the SMS Address server will then transmit the details of the transactions to the Feathercoin network.

WP_20130720_018
WP_20130720_018

An exciting aspect of the service which was previewed at the Oxford meetup was a merchant interface. Although not quite ready to go live yet, this system presented a QR code that could be scanned by the Feathercoin wallet app for Android. I can personally verify that this worked, as I bought a cup of tea using this system and my Android phone.

It is hoped in the future that merchants might be able to input the transaction amount into a till machine, which would be pre-programmed with account key and Feathercoin address which would then print or display a QR code for the customer to scan.

I was told by Ruth Bushnell, the event organiser, that the Oxford Blue's landlord has expressed an interest in using this system when it is ready. Also according to Ruth, the Oxford Blue took around 2000 FTC (approximately £100) during the meetup, via the experimental merchant interface developed by Mark.

View the event

The event was streamed live to the web and can be played back anytime. Head over to Trollbox TV to see it.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.