Author: Edith M.

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, commodities, forex, indices, bonds, and cryptocurrency investments.

Categories
Cryptocurrencies

What’s the Melon Protocol? 

The professional management of asset funds is nothing new. However, the fund management industry is ineffective due to a lack of standardization across-the-board. This makes operations and auditing processes fairly opaque endeavors – and this does no favor to the industry. Another pain point is the usually high cost of setting up an asset management fund, both timewise and financially. And there’s yet another issue – the industry is plagued by outdated infrastructure. This makes room for errors and inefficiencies. 

The professional management of asset funds is nothing new. However, the fund management industry is ineffective due to a lack of standardization across-the-board. This makes operations and auditing processes fairly opaque endeavors – and this does no favor to the industry. Another pain point is the usually high cost of setting up an asset management fund, both timewise and financially. And there’s yet another issue – the industry is plagued by outdated infrastructure. This makes room for errors and inefficiencies. 

The professional management of asset funds is nothing new. However, the fund management industry is ineffective due to a lack of standardization across-the-board. This makes operations and auditing processes fairly opaque endeavors – and this does no favor to the industry. Another pain point is the usually high cost of setting up an asset management fund, both timewise and financially. And there’s yet another issue – the industry is plagued by outdated infrastructure. This makes room for errors and inefficiencies. 

The Melon Protocol is an asset management platform that relies on blockchain technology. Melon grants both fund managers and asset owners a decentralized, fraud-free, and secure asset management environment. 

This article delves deeper into how exactly the protocol hopes to achieve this. 

Understanding Melon

Melon is a blockchain protocol and a digital asset management platform based on Ethereum. Initially built to support asset management on Ethereum only, the team plans to expand this possibility to other blockchains in the future. It enables asset owners to create and manage pooled digital assets on-chain. Melon supports both traditional and crypto-assets. 

Through the deployment of smart contracts, Melon automates the back-office processes that are involved in managing assets in the traditional world. This, and in a decentralized fashion – which means you’re fully in charge of your assets, and no other party can control any aspect of them. 

The Melon Protocol allows for the following possibilities: 

1. Fund managers can manage assets more cheaply and securely than ever before.

2. Investors are protected from issues like fraud because the management of assets is done within specified parameters. In a way, it’s like a regulated environment, but this time with technology. Blockchain-based smart contracts ensure this. All parties have to adhere to the rules by default.

3. The barrier to entry to professional asset management is lowered. It’s now infinitely simpler and cheaper to set up an asset management fund – on the blockchain. Individuals who would wish to access such a service can now do so. It’s not a preserve for the wealthy any longer.

4. Melon will do standardized fund calculations that will establish a fund manager’s track record. Users will know right off the bat if to trust a service provider or not.

5. Asset owners can have their money professionally managed while preserving their anonymity. Your fund manager does not have to know you or your name. No intrusive KYCs.

6. You can monetize your knowledge in asset management by charging a fee for the services.

Components of the Melon Ecosystem

  • The Protocol

This is a set of agreed guidelines that run the system. They comprise a “vault” and a “module” (more on that later).

  • The Portal

This is a user interface through which you can access the protocol.  It’s also where you interact with the platform.

  • Melon Token (MLN) 

This is the native cryptocurrency of Melon. It gives users design rights, as well as an incentive for them to keep engaging with the platform.

  • The Ecosystem

This is the collective of all current participants and technologies that contribute to and are affected by the platform.

Features of the Melon Ecosystem

#1. Vault 

This a digital treasury where fund calculations and audits are conducted. The vault is also the brick on which modules (more on that next) are built. The vault is designed with the highest level of security.

#2. Modules

Modules are ‘specifications’ that allow each fund manager to address the unique needs and requirements of each different fund. 

The Melon team breaks down modules into these themes: 

  • Data feeds: these are ‘conduits’ that supply real-world data for various calculations
  • Universe: a system that defines available assets for funds managers, including digital tokens
  • Risk management: this is a set of rules to control the behavior of fund managers
  • Exchanges: These connect the fund to various external exchanges to facilitate trading
  • Rewards: a system for setting various fees for the fund
  • Participation: a system that allows various participants to invest and redeem funds
  • Compliance: a set of rules that enables funds to operate within the regulations of their jurisdiction

Participants of the Melon Ecosystem

#1. Fund managers

These are individuals/entities that create and manage asset funds. Fund managers can choose the modules that suit their specific use case. They can also compete for a position on the Melon platform’s leaderboard. Fund managers are Melon token holders and can also use those tokens to vote on the direction of the Melon protocol. 

#2. Module builders 

Module builders create tools for use by the fund managers. These modules could be anyone – including a law firm that develops compliance rules, or one that creates a decentralized asset exchange for users to trade assets. 

#3. Related entities

These are individuals or entities that provide various types of support to the Melon ecosystem. An example is a digital wallet, e.g., MetaMask, that would allow Ethereum users to plug their accounts into the protocol. Or a tool/software that monitors the system for security issues. 

The Melon Token (MLN)

MLN is the cryptocurrency of the Melon protocol and is an essential part of the system that plays several roles. The melon token is an Ethereum-based token. Among other roles, the token serves as a voting mechanism. Melon token holders can vote on the monetary policy of the token, the technical design of the system, and so on. It’s also used to withdraw earnings on the platform. 

Key Figures of MLN

As of Aug 09, 2020, Melon is worth $25.89, according to Coinmarketcap. It ranks at #179, with a market cap of $32,111,211, a 24-hour volume of $3,030,829, and a circulating and total supply of 1.25 million. Its highest and lowest ever price was $270.04 (Jan 04, 2018) and $1.80 (Mar 13, 2020), respectively.

Where to Store and Buy

You can trade BTC, USDT, EUR, USD, ETH, WETH, LPT, REQ, UXD, WTBC, AND, or NMR for MLN in any of the following exchanges: Kraken, MXC, Hoo, CoinEx, Bibox, Bitfinex, HotBit, HitBTC, Livecoin, Kyber Network, Balancer, 1inch Exchange, Fatbtc and more. 

MLN is an ERC20 token, and that means when it comes to possible wallets, you have endless choices. Great options include MyEtherWallet, MetaMask, Exodus, Guarda, Coinomi, and of course, hardware and user faves Trezor and Ledger Nano.

Final Thoughts

Melon hopes to overturn the traditional way of asset management. Thanks to its application of blockchain to the industry, all players can expect more transparency, security, and effectiveness in the future. The Melon Protocol is one to watch.

Categories
Cryptocurrencies

YEarn DeFi Ultimate Review: Everything you should know in 2020 & Beyond

yEarn is a liquidity aggregator that offers automated yield farming through several lending pools. Yearn.finance is one of the most popular yield farming protocols, and it shifts between top DeFi lending protocols like dYdX, Aave, and Compound. 

yEarn is a liquidity aggregator that offers automated yield farming through several lending pools. Yearn.finance is one of the most popular yield farming protocols, and it shifts between top DeFi lending protocols like dYdX, Aave, and Compound. 

yEarn is a liquidity aggregator that offers automated yield farming through several lending pools. Yearn.finance is one of the most popular yield farming protocols, and it shifts between top DeFi lending protocols like dYdX, Aave, and Compound. 

yEarn has also created Y and BUSD pools,  two lending pools on the DeFi platform Curve that consists of top stablecoins such as the USDT, TUSD, USDC, and DAI. 

yEarn has a native token called YFI, that is earned through liquidity money on different pools. YFI is earned by staking liquidity proof. YFI is one of the DeFi tokens launched with no pre-mine and no initial DEX offering.

yEarn Background

Andre Cronje founded yEarn in February 2020. However, yEarn didn’t raise any funds since Andre revealed that he developed the software by himself. Andre is famous in the DeFi community for ‘testing in prod.’ Meaning that almost all his contracts are directly pushed to the mainnet without any formal audits. Andre is always open to losing some money to his smart contract and openly stating that individuals should not bother using the software regarding particular yEarn portions. Andre has managed to control virtually every protocol aspect over the community, including minting new YFI and governance. However, it’s the yEarn community that determines the yEarn protocol.

How yEarn Finance Works

yEarn Finance works in a rather complex way, perhaps because of the protocol’s lack of proper documentation. In reality, however,  yEarn .finance’s protocol is easy to comprehend.

As we have already mentioned, yEarn.finance does move the stable coin funds between dYdX, Aave, and Compound based on the stablecoin pool asset generating a higher APY. Currently, yEarn.finance supports TUSD, SUSD, USDDC, DAI, and USDT. yEarn.finance is itself governed by the community, which will decide the lender protocols it supports and the cryptocurrencies that will be supported over time.

When one deposits stablecoins here, they’ll be converted into equivalent amounts of ytokens. For example, DAI will be converted to Ydai. These can help in YFI tokens earning.

However, yEarn.finance the initial protocol deposits, shuffling them automatically between the dYdX, Compound, and Aave pools with higher yields. Such a protocol will also take a very tiny cut that will be deposited to the yEarn.finance pool. Such can only be accessed by holders of YFI tokens.

There is also the Iborrow.finance that involves tokenizing the debit in other protocols with Aave’s help to ensure it is used in different DeFi protocols. However, only yswap.exchange and yEarn.finance were available at the time of writing this piece.

How You Can Earn YFI Cryptocurrency

Before looking at the three different ways you can begin earning YFI, let us first look at what’s happening behind closed doors. You can send the ytokens Curve Finance’s Ypool, DeFi protocols allowing the trade between low slippage stable coins.

The Curve Finance incentives mining liquidity helps it offers one a return of yCurve tokens generated to provide liquidity for Curve Finance protocols.

Cronje created YFI tokens to allow its users to trade the yCurve using their funds accumulated in the yCurve pool in place of governance of yEarn .finance’s ecosystem.

The first method to earn involves depositing the yCurve to yEarn .finance’s yGov pool.

The second method involves making a 98% to 2% YFI and DAI deposit to the yGov pool into Balancer protocol and exchanging with BAL tokens. After that, balancer protocol tokens are deposited into the yGov for YFI.

The last method involves making a deposit of yCurve and YFI mixture into the balancer, exchanging them for BPT tokens that will be deposited into the accurate YFI tokens and yGov. YFI was designed in a manner that all the three pools would be having at least ten thousand YFI tokens for grabs. 

yEarn.finance Governance

YFI tokens are used for governance in the yEarn ecosystem. One YFI token equals a single vote.

yEarn.finance ecosystem proposals only works when 33% of token holders reach the same agreement. If they meet this condition, then we can conclude that over 25% of the token holders are against the proposal. However, if approved, over 50% of the YFI holders have to vote in support of the proposal to be implemented. 

However, only the YFI holders to vote are the ones with BPT tokens in the yGov pool. It is the reason why Cronje calls this system of governance meta governance. The process involves holding YFI tokens and exposing yourself to high vulnerability and risk by having all the assets held by close to six DeFi protocols that come together with the yield.finance.

yEarn.finance – The Roadmap

Since the yEarn .finance’s protocol has been in existence for a couple of months while that the governance has currently (when writing this) existed a month. There isn’t much we can talk about concerning the roadmap. During our interview with Andre Cronje, he did reveal that DeFi protocol development like yEarn.finance is a type of a manic episode having almost all the protocol groundwork being created within a couple of weeks.

Andre made the YFI token for the purpose of ushering in a whole new community governance era that isn’t principle-based. Since Cronje and other key developers were never interested in managing the ecosystem, the YIPs are not the driving force for the ecosystem development since the introduction of community governance.

Most recently, the YIP attempt to increase YFI token supply cap didn’t attain a 33% vote, which led to YFI token forking into the other token known as YFI. The YFI token is not responsible for any role in yEarn.finance governance, but it is one thing that the entire community would vote on to change soon.

Conclusion

Since the yEarn.finance future is a bit fuzzy. It offers what is considered to be the first real experiment in decentralized finance that the world has ever encountered. With the possibility that the DeFi protocols we encounter today might not be available tomorrow, yEarn.finance, as an ecosystem of lending pools, will always be marked as a watershed moment in the DeFi space for many and lots of great reasons. DeFi proponents hope that yEarn.finance will be around for many years.

Categories
Cryptocurrencies

Introducing Aergo: Beginner’s Guide

Ten plus years after blockchain was introduced, and despite its forward-thinking possibilities, the tech is yet to go mainstream. The reasons are multifold: it’s expensive to build, it’s too complicated for the average person, and on and on. 

Ten plus years after blockchain was introduced, and despite its forward-thinking possibilities, the tech is yet to go mainstream. The reasons are multifold: it’s expensive to build, it’s too complicated for the average person, and on and on. 

Ten plus years after blockchain was introduced, and despite its forward-thinking possibilities, the tech is yet to go mainstream. The reasons are multifold: it’s expensive to build, it’s too complicated for the average person, and on and on. 

What could work is a blockchain platform where users – and we’re talking of individuals, companies, and even governments, can plug in. Not only is it cheaper, but it’s also less time-consuming. Users can profit from the revolutionary power of blockchain without dedicating months of research and tons of resources. 

Aergo is a blockchain platform that wants to make this possible. It says it’s ‘the Blockchain for Business’ and ”the world’s most practical and widely deployed enterprise blockchain technology.” The Aergo team wants to enable developers and businesses all over the world to easily create and deploy their own blockchain solutions. 

In this article, we’ll analyze the Aergo platform and how exactly it intends to achieve this. We’ll also learn about AERGO, the platform’s token, and how it benefits the ecosystem.

Breaking Down Aergo 

Aergo is a platform by blockchain startup Blocko.io that wants to make it easier and cheaper for businesses to adopt blockchain. It provides tools through which users anywhere can benefit from the transparency and immutability of blockchain. 

The Aergo team envisions the following: 

  • an advanced, yet easy-to-understand way of adopting blockchain
  • a secure and fast blockchain architecture for all manner of users
  • A peer-to-peer and open ecosystem for businesses everywhere to interact and collaborate

Aergo will accomplish these goals aided by several key features. These include the Aergo Hub, Horde, and Marketplace. Let’s take a closer look at each one of these below.

Features of  the Aergo Platform

1. Aergo Hub

Aergo Hub will be the public-facing part of the network. It’s where users and developers can interact with the Aergo blockchain. On the Hub, developers can access computing power to create and run DApps. Aergo Hub will very much be like the Amazon Web Service (AWS), only this time peer-to-peer and decentralized. The Hub will support the following capabilities: 

  • Enable microservices
  • Support a serverless network
  • Support oracles (that bring info from external sources)
  • Serve as a content delivery network
  • Acts as a route for traffic/messages to get into the blockchain

2. Aergo Horde

Aergo Horde is a management framework that supports and deploys DApps and various services optimized for the blockchain. It’s also where third parties, e.g., software vendors are able to interact with the Aergo Hub. For such third-parties to connect to the Aergo ecosystem, they have to install the Aergo Horde so as to serve as a node. Aergo Horde is equipped with its own operating system for better efficiency. 

3. Aergo Marketplace

Aergo Marketplace is a zone for software apps, computing resources, and more. Users will access it through the Aergo Hub, and they can manage it through the Aergo Horde. Third parties such as product and service providers can make them available to Aergo users through the marketplace. The end-user will be that developer creating their own blockchain project. Other software developers will also be targeted. 

The marketplace will lower the barriers for entry for other participants as well – from individuals to small companies to multinationals to government agencies. The Aergo team anticipates such users will use the platform to provide services such as secure voting, as a business ecosystem for companies, and so on. 

The marketplace will also feature software development capabilities for the creation and deployment of both public, private, and hybrid blockchains. These capabilities may include the following: 

  • Processing power
  • Scalable and fast storage
  • Content delivery network
  • Machine learning algorithms
  • New algorithms and other digital content
  • Customized databases
  • Smart contract and oracle templates
  • Blockchain training and more

Aergo: Consensus Algorithm

Unlike many blockchain networks, Aergo supports several consensus algorithms. Users can then choose whichever consensus fits their needs the most. 

Still, the Aergo team proposes the Delegated Proof of Stake (DPoS) to be the default consensus algorithm. The team believes DPoS makes more economic sense for business and other important players to join the network. Accordingly, it’s more efficient and sustainable in the long run.

Aergo provides more reasons for choosing DPoS: 

  • It’s energy-efficient, unlike other mechanisms such as Proof of Work
  • It upholds the tenet of decentralization since it can’t be dominated by large mining firms
  • It’s easier to identify and root out bad actors from the network
  • It’s self-monitoring, and stakers with good behavior are recognized and rewarded
  • It’s easier to understand
  • It’s less likely to encourage a split of the community through a hard fork

AERGO Token

The native cryptocurrency of the Aergo blockchain is AERGO. The token will play multiple roles, including the following:

  • Giving token holders rights to certain services on the network
  • As a medium of exchange for all manner of transactions
  • As payment for creating and deploying smart contracts
  • As the currency for facilitating DPoS consensus
  • As payment for services and assets
  • As payment for using the Aergo domain

Key Metrics of Aergo

As of August 20, 2020, Aergo traded at $0.62864, with a market cap of 16.6 million that placed it at #394. The coin has a 24-hour volume of $1, 887, 413, a circulating supply of 264, 019, 890,  and a total and maximum supply of 500 million. The coin’s all-time high and low was $. 0.532361 (April 10, 2019) and $0.016102 (Mar 13, 2020) respectively.

Buying and Storing Aergo

You can grab some AERGO tokens from Upbit, KuCoin, BitMax, MXC, OKEx, IDEX, GOPAX, HitBTC, Bilaxy GDAC, Oasis Exchange, and Binance DEX. In these exchanges, the token is listed with currencies like BTC, ETH, USDT, WETH, KRW, or BNB. 

AERGO token operates on the Ethereum blockchain, so you can store it in any Ethereum-compatible wallet. Great choices include MyEtherWallet, MetaMask, Guarda, Trust Wallet, Atomic Wallet, and of course, hardware wallets Ledger Nano and Trezor. 

Final Thoughts

Aergo wants to go where many blockchain projects have gone before – providing an easy blockchain solution for users. The team can only hope that its differentiating features can set it apart. Businesses that aspire to adopt blockchain will be waiting to see why Aergo.

Categories
Crypto Daily Topic Cryptocurrencies

Why Should You Pay with Bitcoin? 

Bitcoin has been around slightly over a decade now. In that span, it has undergone several stages to become the formidable currency we know today. We remember the infamous event when someone paid 10,000 bitcoins for pizzas. Back then, Bitcoin was worth $41 – a sharp contrast to today’s value of $11, 645.40. 

Bitcoin has been around slightly over a decade now. In that span, it has undergone several stages to become the formidable currency we know today. We remember the infamous event when someone paid 10,000 bitcoins for pizzas. Back then, Bitcoin was worth $41 – a sharp contrast to today’s value of $11, 645.40. 

Bitcoin has been around slightly over a decade now. In that span, it has undergone several stages to become the formidable currency we know today. We remember the infamous event when someone paid 10,000 bitcoins for pizzas. Back then, Bitcoin was worth $41 – a sharp contrast to today’s value of $11, 645.40. 

Today, Bitcoin is largely used as a store of value and as a speculative instrument. The reason for this Bitcoin’s volatility. Many people are shy to use Bitcoin for day to day payments because its value could dramatically change tomorrow or even the next hour. 

Still, the currency’s designer envisioned Bitcoin as an electronic means of payment that’s faster, safer, and more private than legacy systems. As a means of payment, Bitcoin holds several advantages over Fiat currencies. In this article, we’ll look at those. But before that, let’s do a recap of what Bitcoin is all about. 

What’s Bitcoin? 

Bitcoin is the first and most successful cryptocurrency. A cryptocurrency is an electronic form of money that operates in a decentralized and peer-to-peer fashion. Decentralized means there’s no single-player holding sway over the network, such as in a bank. Peer-to-peer means participants can transact with each other directly – without the need for intermediaries. Bitcoin can be divided into the infinitesimal value of 0.00000001. These tiny bits are called Satoshis in honor of Bitcoin’s creator. 

Bitcoin was created in 2009 by the mysterious person(s) Satoshi Nakamoto. Today, it’s a whole force in the finance space, and it has even led cryptocurrencies to be the best performing assets in 2019. Speaking of cryptocurrencies, Bitcoin has spawned thousands of them. At the time of writing, there exists 6,500 of them, according to Coinmarketcap.

Why Bitcoin? 

The question “Why Bitcoin?” is highly welcome, especially since the existing money system appears to be functioning alright. People make transactions with Fiat currency every day. We send money all the time across borders – with myriad companies enabling this. 

But the decentralization of Bitcoin means that unlike Fiat currency, the government or bank does not control your money. This means a lot. It’s you and only you that’s in charge of your money. The state cannot freeze your funds at whim. It also means Bitcoins are not released by the government or central bank. Rather, you can acquire Bitcoin either through ‘mining’ or exchanging Fiat or another cryptocurrency for it. 

Bitcoin also operates on a distributed network. This network is maintained and secured by thousands of computers all over the globe. These computers are called ‘nodes.’ Anyone can be/run a node, as long they possess the massive computing power and storage space needed to do so. Every node holds a copy of a ledger, and they simultaneously update on the blockchain every new transaction. This distributedness is important since it ensures the network is standing at all times. Thus even if a few of the nodes were to go down, it wouldn’t affect the network at all. 

What are the benefits of paying with Bitcoin? 

1. Autonomy

Autonomy is one of the reasons Bitcoin was a hit from the beginning. Autonomy grants users control over their own money. No one can freeze your cash, and there’s no intermediaries or authority who might restrict how much money you can transact with at once. 

2. No taxes

This might be a bit controversial, especially with recent efforts by the IRS to tax Bitcoin. Still, Bitcoin’s pseudonymity means it can be hard to track who is making which transaction on the Bitcoin blockchain. 

3. Pseudonymity

Where Bitcoin is concerned, pseudonymity means everyone can see your public address on the Bitcoin blockchain. However, it also means your real-life identity is not revealed. However, this doesn’t mean that it’s impossible for someone to trace your history of transactions back to you. The thing is, Bitcoin provides more privacy compared to traditional modes of payment. 

4. Peer-to-peer transactions

Thanks to the purely peer-to-peer nature of Bitcoin, you don’t need approval from anyone to send or receive Bitcoin to or from anyone. Also, no one is limiting how much you can send or receive. 

5. No banking fees

Unlike Fiat, Bitcoin is not stored or managed by any bank. This means Bitcoin users escape the litany of banking fees associated with Fiat – from account maintenance fees to non-sufficient funds fees to minimum balance charges to inactivity fees to card fees. However, Bitcoin exchanges typically charge ‘maker’ and ‘taker’ fees for trades. 

6. Minimum transaction fees for cross-border payments 

The traditional way of sending money internationally is fraught with high fees and high exchange costs. Remittance services can charge up to 15% of the total amount, and exchange rates may be exorbitantly high. Since Bitcoin has no intermediaries, people sending money across the border can save a great deal. 

7. Fast payments

Again this has to do with Bitcoin’s peer-to-peer manner of making transactions. Old payment methods can take hours or even days. All the intermediaries involved, plus the clarification at every stage, massively bloat up the process. With Bitcoin, everything is faster, especially with scaling solutions such as the Lightning Network. 

8. Mobile payments

Anyone anywhere, as long as they have internet connectivity,  can transact with Bitcoin –  including on their mobile phone. This means you don’t have to physically go to a bank to pay for a product or service. And to put the cherry on top, you don’t have to provide your personal details to complete transactions. 

9. Accessibility

The existing payment setup is in such a way that it leaves out a lot of people. Requirements such as having an ID and a credit card means a lot of people still cannot use the traditional system to make it send and receive money, as well as make payments. With Bitcoin, anyone at any age can send and receive funds as long as they have an internet connection. Also, unlike banks that are closed on the weekends, you can send money anytime and any day of the week.

Categories
Cryptocurrencies

Nostalgia wallet Review: How Safe Is Nostalgia Light Wallet?

Nostalgia Light wallet is a web-based crypto vault that’s specially designed to help IOTA coin holders receive, store, and send IOTA Tokens. Unlike most other IOTA wallets, Nostalgia doesn’t require you to download the full node blockchain to your computer. It is relatively light and provides you with all the features of a full node or GUI wallet without compromising your computer’s storage and RAM. However, for maximum efficiency, the Nostalgia light wallet has to be integrated into an IOTA server that has the Proof of Work (PoW) feature enabled.

Nostalgia Light IOTA wallet

Nostalgia Light wallet is a web-based crypto vault that’s specially designed to help IOTA coin holders receive, store, and send IOTA Tokens. Unlike most other IOTA wallets, Nostalgia doesn’t require you to download the full node blockchain to your computer. It is relatively light and provides you with all the features of a full node or GUI wallet without compromising your computer’s storage and RAM. However, for maximum efficiency, the Nostalgia light wallet has to be integrated into an IOTA server that has the Proof of Work (PoW) feature enabled.

Nostalgia Light wallet is a web-based crypto vault that’s specially designed to help IOTA coin holders receive, store, and send IOTA Tokens. Unlike most other IOTA wallets, Nostalgia doesn’t require you to download the full node blockchain to your computer. It is relatively light and provides you with all the features of a full node or GUI wallet without compromising your computer’s storage and RAM. However, for maximum efficiency, the Nostalgia light wallet has to be integrated into an IOTA server that has the Proof of Work (PoW) feature enabled.

In this review, we will be vetting this IOTA light wallet security features and determining if it is safe to store your coins in the wallet. We will also look at the effectiveness of its security features, check its ease of use, and compare it with other IOTA wallets.

Key features:

Light wallet: The Nostalgia light wallet is specially designed to serve IOTA network users who don’t wish to run full node wallet or the IOTA GUI on their computer. It is light, implying that it doesn’t eat into your computer memory, speed, or battery life.

Browser interface: Nostalgia Light wallet is a web-based wallet that connects to the IOTA network via IOTA-compatible servers. And though it requires simple coding skills to connect the web wallet to the IOTA servers, the process of setting up the Nostalgia light wallet is quite straightforward.

Requires connection to a Full node server: A full node IOTA desktop client downloads the blockchain network into your computer and synchronizes its activities with those of the main blockchain. GUI integrates with the network’s user interface, allowing you to access the blockchain from your computer. Nostalgia web wallet, on the other hand, doesn’t require a direct connection to the blockchain for it to function efficiently. You only need to connect it with an IOTA compatible server.

Faster access to IOTA Network: The fact that the Nostalgia Light wallet is web-based implies that most heavy lifting, especially the generation of wallet addresses, is handled by the IOTA servers. This ensures that transaction processing on the web wallet is relatively faster.

Light wallet for desktop available: In Addition to the web wallet is the Nostalgia desktop wallet app. It is highly versatile and available for all the popular computer operating systems like Linux, Windows, and macOS. And like the web-wallet, the desktop app must also be connected to an IOTA server.

Security and privacy features:

Password encryption: Like most other web wallets, all the data stored in your nostalgia web wallet or nostalgia desktop wallet app is secured with a password. You get to set this multi-character passphrase when creating a user account. It not only helps eliminate unauthorized access to your wallet but also serves as an encryption tool.

Open sourced: The Nostalgia Light web wallet was launched in 2017 by Dominik Schiener – IOTA Network co-founder – and is built on an open-sourced technology. It is available on the GitHub crypto wallet repository, where its users and blockchain experts can view and audit its source code for transparency.

Non-custodial: Nostalgia web wallet and Nostalgia desktop wallet app are both non-custodial. They don’t keep your private keys within the IOTA servers but encrypt and save them on your computer, giving you total control of your funds.

Recovery seed: When setting up Nostalgia web wallet, you will also be presented with a recovery seed that you can use to recover lost private keys or restore the web wallet on another computer.

How to set up and activate the Nostalgia wallet

Step 1: Download the Nostalgia desktop wallet from the GitHub repository

Step 2: Install the wallet and upon launching, select the ‘Create New Wallet’

Step 3: The launcher will then display the “Light Node Settings” page. Enter the IP/DNS of the full node that you want to integrate with the Nostalgia light wallet (Coding skills are required to set up a remote server, enable the proof-of-work feature, and link it to the Nostalgia wallet)

Step 4: The wallet is active and ready to use

How to add/receive coins to Nostalgia wallet

Step 1: Log in to your Nostalgia wallet and click on “Receive” from the user dashboard.

Step 2: This reveals your wallet address. Copy and forward it to the party sending you IOTA Tokens

Step 3: Wait for the funds to reflect.

How to send crypto from Nostalgia wallet

Step 1: On the Nostalgia user account, click “Send”

Step 2: On the popup tab, enter the recipient’s wallet address and the number of IOTA Tokens you wish to send

Step 3: Confirm that these details are accurate and hit “send.”

Nostalgia wallet ease of use

The process of creating a user account and activating your Nostalgia crypto wallet is quite straightforward. The wallet and remote server configuration process, however, requires that you possess simple coding skills. And this rules out both newbie and experienced crypto traders without programing skills, effectively tainting its user-friendliness appeal.

Nostalgia wallet supported currencies and countries

Virtually any crypto trader from a crypto-friendly country in the world can activate a Nostalgia crypto wallet. Note, however, that you can only host IOTA Tokens on the wallet.

Nostalgia wallet cost and fees

You won’t be charged for downloading and installing or activating the Nostalgia crypto wallet app. You also won’t be charged for holding an unlimited number of IOTA Tokens on the wallet. However, you will have to part with a small network fee every time you send your IOTA tokens to another wallet or exchange.

What are the pros and cons of using Nostalgia Wallet?

Pros:

  • Nostalgia is a light wallet that doesn’t eat into your computer space of processing speeds
  • Nostalgia wallet records faster transaction processing speeds when compared to the IOTA GUI wallet
  • The wallet is free to use
  • You don’t have to own the full node client or the remote server that links to your Nostalgia wallet

Cons:

  • It is not easy to use as you need programming skills to activate the wallet
  • It is not self-reliant and must be connected to a full node client or server with the proof of work functionality enabled.
  • Its customer service is wanting.

Comparing Nostalgia wallet to other IOTA crypto wallets

Nostalgia wallet vs. IOTA GUI Wallet

Nostalgia and IOTA GUI are both IOTA-only crypto wallets. Both are free to use and maintain relatively inexpensive transaction processing fees. They, however, adopt different approaches to achieving these purposes. For instance, while the IOTA GUI wallet is a full node desktop client that integrates the IOTA Blockchain network, Nostalgia is a web wallet or a desktop app that doesn’t require you to download the blockchain to the wallet.

Rather, you only have to connect the light wallet with a remote full node client or IOTA-Compatible server. However, while the IOTA GUI is easy to install and activate, linking the Nostalgia wallet to a remote server calls for special coding skills. Nevertheless, Nostalgia posts faster transaction processing speeds when compared to IOTA GUI.

Verdict: Is the Nostalgia wallet safe?

Well, a host of factors make Nostalgia wallet one of the most secure crypto wallet apps. For instance, the Nostalgia wallet collects minimal personal information and has embraced such security measures as open-sourcing the wallet technology, storing your private keys in your computer, and encrypting all the personal data therein. However, we must mention that both the Nostalgia web wallet and desktop app are both hot wallets and face the threats of being wiped by malicious malware and remote hacks, especially since it doesn’t support two-factor authentication.

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Crypto Daily Topic

A Definitive Guide to Bitcoin Forks and How to Claim Them

A split in the Bitcoin network is referred to as a Bitcoin fork. A Bitcoin fork results from an alteration of some original Bitcoin rules resulting in a similar coin with slight changes.

A split in the Bitcoin network is referred to as a Bitcoin fork. A Bitcoin fork results from an alteration of some original Bitcoin rules resulting in a similar coin with slight changes.

A split in the Bitcoin network is referred to as a Bitcoin fork. A Bitcoin fork results from an alteration of some original Bitcoin rules resulting in a similar coin with slight changes.

What is a BTC Fork?

The rules of the game are always changing in the Bitcoin Network, and that’s what BTC forks are about. A Bitcoin fork is the change of the existing Bitcoin code or protocol.  

Let’s say there is a universal game with a set of globally accepted rules, and then someone decides to change part of the rules. Some people will disagree with the changes while others accept the change.

This means there will be two versions of the game- one with the new rules and another with the old rules. This means there will be a fork in the game.

That is exactly what happened with the Bitcoin Code. So the fork means there is ‘New Bitcoin’ and ‘Original Bitcoin.’

Forks that allow new rules to be applied alongside the old rules are called soft forks. But not all forks are created this way. Some lead to the formation of a different coin altogether. These are what we call hard folks.

Bitcoin Cash Fork

The Bitcoin Cash fork happened in August 2017 when Bitcoin Cash(BCH), a new coin, came into existence. Bitcoin Cash’s block size was 8MB compared to Bitcoin’s original size of 1MB. This was meant to increase the number of transactions for each block.

A Step by Step Guide for Claiming BTC Forks

Claiming BTC forks is not a straightforward process. It entails enormous risks that only experienced traders can avoid. So before you proceed to claim them, you will require some safety tips and guidelines. Here are a few things you need to know.

Step 1- Safety Tips and Important Guidelines

Claiming these coins can put your privacy at risk because it exposes all the data on your BTC holdings to several networks. However, observing the guidelines below can help protect your financial information and reduce the risks considerably.

i) Guideline 1- Use a new wallet

Before you commence the claiming process, you must transfer the BTC fork coins to a new wallet with an entirely new seed recovery phrase.

As you may know, you’ll be required to share the private keys of your BTC wallet during the claiming process. This means you are giving the claiming tool access (keys) to your wallet. Some malicious software can capture this data and later access your active BTC wallet and drain the remaining BTC. So using a new wallet with different private keys from your main wallet will cushion you from any harm or possible Bitcoin theft.

ii) Guideline 2- Risk vs. Reward of Claiming

It should be clear by now that claiming BTC forks is a risky and complicated venture. So before claiming the coins, ask yourself if it’s worth the hassle. You should only proceed if you think the reward outweighs the risk.

But how can you tell if the reward is worth it? Well, this will require you to make a personal decision. For instance, if you own 0.5 and are eligible for 0.5 BTC Gold, then the profit may not be worth the risk. So check what you have against what you are eligible for to decide.

To make an informed risk-reward ratio decision, the following are some factors you should consider.

a) Fork Height

This refers to the time and date a fork occurred. Only the address in a Bitcoin that contains a value at the time of the fork will receive forkcoins. BTC addresses with no value at the time of the fork or those that receive the value after will not be eligible for forkcoin rewards.

b) Reward Ratio

Typically, the amount of forkcoins awarded is directly proportional to the bitcoin in the address. For example, if you have 1.582 BTC, you will be awarded 1.582 forkcoins. However, this ratio can vary, so be sure to check before claiming the forkcoins.

c) Market availability

Some forkcoins, particularly the major ones, have ready markets thanks to their rigorous advertisements and partnerships. This means you can trade your coins immediately after you claim them.

The small unknown forks, on the other hand, can be challenging to trade. Some are even untradeable. In the end, you remain with your forkcoins with nowhere to take them. So do the due diligence to check the available markets before claiming your forkcoins.

iii) Guideline 3- Select a Trusted Guide

There are many people out there who are after ripping you off your Bitcoin. To be on the safe side, only follow guides from the trusted and well-known wallets like Ledger.

Alternatively, you can use the information available in credited publications. While most of these publications are trustworthy, they will not be held responsible in case you lose your Bitcoin. Therefore, be sure to cross-check any information you get from publications before using it.

Step 2- Preparations

There are essential initial preparations to undertake when claiming your BTC forkcoins. They include;

i) Exporting your private keys

To claim your coins, you must export the private key in a compatible format with the import tool. To do this, you can follow the instructions available on your wallet’s documentation.

In cases where you cannot export the private keys, as is the case with hardware wallets, you may be required to input the wallet’s seed recovery phrase in another tool and run it offline. One such tool is Ian Coleman’s BIP39 Tool.

ii) Check and add only claimable keys

You don’t have to import all private keys for claiming. Some don’t have any value, and you will save time by excluding them. Tools like findmycoins.ninja can help you gauge the value of your Bitcoin addresses before claiming.

Step 3- Claiming Process

One way to claim your forkcoins involves downloading the authorized wallet of the forkcoins, then importing the private keys. This process has several downsides. First, it is time-consuming, and second, it may expose you to malware.

There are faster and safer DIY methods that you can use. The two commonly used methods are;

i) BitPie and Bither

These two wallets go hand in hand. You can use the Bither to extract your forkcoins and sell them through BitPie. 

The two wallets are reliable. For instance, Bither is available on Bitcoin.org site and can be used on Android smartphones and desktops. BitPie, on the other hand, is available for Android users. For users without android smartphones, you can operate the wallet on your desktop, but first, you should install the BlueStacks Android emulator.

ii) Ymgve’s fork claimer

Ymgve’s is another excellent DIY method to claim your forkcoins. Ymgve’s script is the most preferred method because besides having lower mining fees compared to BitPie/Bither, it also supports SegWit addresses and allows users to transfer coins to any address. This includes sending the coins directly to the account of the exchanging party.

While this method has many benefits, it isn’t very easy to operate. You will be required to use a command-line where you will input up to 180 characters for every address.

Conclusion

Bitcoin forks are slight changes made to the original bitcoin to get a coin with different rules. While these forks have made it easier for users to claim coins, it has also become even easier to get conned. It is advisable to do thorough research before claiming your BTC forkcoins.

Once you’ve decided it’s safe to claim your coins, there are two common DIY methods to use – which are BitPie and Bither or Ymgve’s fork claimer. While you get a ready market for using the former, it is cheaper to use the Ymgve’s fork claimer method.

With time, we should expect to see more forks coming up. This means we should be keener when choosing which forks to invest in to prevent issues when claiming for the coins as well as to avoid being scammed.

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Cryptocurrencies

GUI Light Wallet Review: Security, Features, And Ease of Use

The GUI light wallet is a highly innovative crypto wallet that stores and helps you manage your IOTA tokens. According to the IOTA foundation, GUI Light is specially designed to provide IOTA altcoin holders with the most user-friendly, simple, and inexpensive way of securing and interacting with their digital assets. The wallet was launched in 2016 and has since been subjected to several upgrades that introduced vital security and operational features.

IOTA GUI Wallet

The GUI light wallet is a highly innovative crypto wallet that stores and helps you manage your IOTA tokens. According to the IOTA foundation, GUI Light is specially designed to provide IOTA altcoin holders with the most user-friendly, simple, and inexpensive way of securing and interacting with their digital assets. The wallet was launched in 2016 and has since been subjected to several upgrades that introduced vital security and operational features.

The GUI light wallet is a highly innovative crypto wallet that stores and helps you manage your IOTA tokens. According to the IOTA foundation, GUI Light is specially designed to provide IOTA altcoin holders with the most user-friendly, simple, and inexpensive way of securing and interacting with their digital assets. The wallet was launched in 2016 and has since been subjected to several upgrades that introduced vital security and operational features.

In this GUI Light wallet review, we will be vetting the effectiveness of its security features. We will also look at the wallet’s user-friendliness and highlight its pros and cons before comparing it with other IOTA-only crypto wallets.

We start by looking at its key operational features.

Key features:

Integrated into IOTA GUI: GUI Light wallet draws its name from the fact that it is incorporated into the IOTA network’s Graphical User Interface. It not only allows you to store your IOTA coins but also provides you with a direct link to the IOTA network.

Double spend warnings: The double-spend warning feature is a recent upgrade to the GUI Light wallet aimed at helping you avoid conflicting transactions. It warns you every time you attempt to initiate an outbound transfer twice, especially if the first transaction hasn’t been confirmed. You can choose the ‘Yes, send it now’ option for legitimate transfers and ‘No, Cancel’ option for a double-spend transaction.

Light node: There are two versions of the GUI IOTA wallet: Full node and Light Node. The GUI Light Wallet is light, non-technical, and specially designed for beginner traders. It makes it possible for you to run and interact with the IOTA network without installing the desktop client that eats into your computer speed and storage space.

Highly versatile: GUI Light wallet is a desktop app wallet. It is also highly versatile and compatible with all the popular operating systems, including Windows, macOS, and Linux.

Track your portfolio: On the GUI Light wallet user dashboard is the History tab as well as the balance display tab that lets you track your IOTA tokens inflow and outflow. These go a long way in helping monitor your spending as well as budgeting and finance management.

Security and privacy features:

Password: Like any other crypto wallet, the GUI Light wallet is secured with a password that you set when creating a user account.

Recovery seed: When setting up your GUI light wallet user profile, you will be provided with a recovery seed. Write it down and keep it safe, as you will need it to reset the wallet password and recover your private keys from a lost wallet.

Open source: The GUI Light wallet is built on an open-sourced technology. This implies that virtually anyone can view and audit the wallet’s source code and possibly identify malicious codes or other security loopholes.

Community-led development: The fact that the GUI Light wallet was created and is currently maintained by the IOTA Foundation it centralizes its operations. However, the foundation is gradually walking away from this centralized control of the wallet by bringing onboard developers from the IOTA community. It hopes to ultimately dissociate itself from the wallet and hand it over to the community developers who will direct future upgrades and further developments.

Non-custodial: This desktop app wallet stores your private keys in your computer and not on the IOTA Foundation servers, giving absolute control over your wallets.

How to set up and activate the GUI Light wallet

Step 1: Open GitHub and search for GUI Light wallet

Step 2: Download the most recent update of this desktop wallet that is compatible with your desktop/laptop’s operating system

Step 3: Click on install and select light node

Step 4: Complete the registration tab by entering your email address and setting your wallet’s password

Step 5: The wallet will provide you with a recovery seed. Copy these phrases onto a piece of paper and store them on a safe place offline

Step 6: Your wallet is now active and ready for use

How to add/receive coins to GUI Light wallet

Step 1: Log in to your GUI Light Wallet

Step 2: On the user dashboard, click on ‘Receive.’

Step 3: This will reveal your wallet address and QR code. Copy either and send them to the individual sending you IOTA Coins

Step 4: Wait for the coins to reflect on your wallet

How to send crypto from GUI Light wallet

Step 1: Log in to your GUI Light wallet

Step 2: On your user dashboard, click on ‘Send.’

Step 3: Enter the recipient’s wallet address and the amount of IOTA coins you wish to send

Step 4: Confirm the correctness of these details and hit send.

GUI Light wallet ease of use

GUI Light wallet has one of the easiest and most straightforward onboarding processes. The wallet is easy to navigate and fast in executing crypto transactions. Further, all the important tabs like Send, Receive, and History are neatly arranged and easily accessible on the user dashboard.

Importantly, a recent community-led upgrade to the GUI Light wallet introduced different translations to the wallet. GUI Light wallet is now multi-lingual, supporting more than 15 international languages.

GUI Light wallet supported currencies and countries

GUI Light wallet will only support IOTA coins. And unlike most other crypto-specific wallets that integrate an inbuilt exchange or third party crypto conversion platform, GUI is quite rigid. You first have to convert your crypto or fiat currencies into IOTA on third party exchanges before adding them to your crypto wallet.

GUI Light wallet cost and fees

GUI Light Wallet is free to download, install, and use.  Therefore, you will not be charged to receive or send IOTA coins from your wallet. Instead of the traditional miner and administration fees charged by most blockchain networks, IOTA Network uses proof of work consensus to fund crypto operations. Here, you are required to commit your computational power and approve two previous transactions before you can have your transaction checked and validated.

What are the pros and cons of using GUI Light wallet:

Pros:

  • GUI Light wallet is one of the handful crypto wallets that don’t charge transactions fees on transfers out
  • GUI Light wallet is incorporated into the IOTA blockchain network’s user interface
  • GUI Light wallet is gradually moving towards community-led management and development of the crypto wallet
  • The wallet is non-custodial, and this gives you control over your private keys

Cons:

  • Beginner traders may find GUI Light wallet too complex
  • The IOTA network has been a target of most phishing and hacking schemes that have almost resulted in the loss of tokens and significant downtimes
  • There is no mobile app for the GUI Wallet app
  • The desktop wallet will only support one altcoin – IOTA Coins
  • Comparing GUI Light wallet to other IOTA crypto wallets

GUI Light wallet vs. Nostalgia light wallet

Both GUI Light Wallet and Nostalgia wallet are IOTA specific and will only support IOTA coins. They can also be considered light wallets, as they don’t require you to download the IOTA network full node to your computer. Their differences stem from the fact that while the GUI wallet is incorporated into the IOTA networks user interface, Nostalgia will only work if connected to a full node network that has its Proof of Work feature activated. Moreover, while light wallet is a desktop wallet, Nostalgia is a Google Chrome browser extension.

Verdict: Is GUI Light wallet safe?

GUI Light wallet is highly convenient, easy to use, and inexpensive crypto vault for IOTA Coins. It has also put in place several effective security measures that not only deter unauthorized access but also boost the privacy of your digital assets. These include a multi-character password, building the wallet on open-sourced technology, private keys, and moving towards a community-led development model that guarantees transparency. There are, however, numerous user concerns about the safety of the private keys stored in the crypto wallet, especially after the constant hacks and lack of such handy security measures as two-factor authentication. 

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Crypto Daily Topic

A Comparison of Decentralized Storage Services: Bluzelle vs. Filecoin

How you store your data is critical, now more than ever. With the Information Technology center becoming more significant and vital, more storage is required to scale up.

How you store your data is critical, now more than ever. With the Information Technology center becoming more significant and vital, more storage is required to scale up.

How you store your data is critical, now more than ever. With the Information Technology center becoming more significant and vital, more storage is required to scale up.

The technology industry is becoming even more robust. And we need to seriously reconsider if we should continue allowing centralized companies, the likes of Amazon and IBM, to continue holding our data.

At times when several social media platforms have been threatened with a closedown, people may have been questioning whether they can continue relying on certain firms when it comes to data security. Data storage decentralization and the adoption of Blockchain technology are two steps to help prevent private information from being compromised. At one point, there were businesses that have considered changing the data storage landscape.

Decentralized Data-storage Services

Bluezelle

Bluezelle, a.k.a the Airbnb of data storage, tops our list. It offers dApp developers a place where they can store their goods with the idea that storage space is sourced from the public, which will, in turn, act as network validators. The developers will pay for storage space to write and read from the storage.

While at decentralization, a lot needs to be reconsidered, especially when it comes to data storage. When you have a storage system that’s decentralized, security can always be improved since all things are spread across different nodes. It will mean that the whole system will not be compromised in case of a government shutdown or a hack. It also means that the data will not be in the third party’s hands. 

Filecoin

Filecoin is a file storage service. When you use this highly distributed IPFS technology, a peer-to-peer protocol for website hosting and file sharing runs across colossal computer networks.

Filecoin will provide its users with a place where they can store their files safely. It also aims to be a foundation to store essential humanity information.

In this article, we will be looking at how functional decentralized storage systems like the Filecoin and the Bluzele work while at the same time sharing some of the most similar and different qualities and how they can be incorporated for a decentralized experience. 

Airbnb of data storage gives its dApps developers a place where they can store data. Believe it. And there is lots of unused space. 

Bluzelle gets the same from members of the public, hence becoming the network validators. The main idea here is that you never lack storage space.

Differences between Bluzelle and Filecoin 

Bluzelle and Filecoin are different in many ways. One of the most notable variances is that the Filecoin is used for file storage, while Bluzelle data storage. 

Filecoin uses the IPFS for data storage. It offers no guarantee on the availability of data unless you will be hosting yourself. The IPFS system is more about transporting and addressing data. 

However, Bluzelle never uses IPFS. It views IPFS as vital, although it only banks on the thought that lots of the nodes it uses will voluntarily be interested in supporting the IPFS. 

Bluzelle offers decentralized and scalable database services that are ready to take on the world’s dApps. Bluzelle’s unique structure enables it to increase and handle lots of data since each shared data will always be replicated in a single swim. 

Their Similarities

Filecoin and Bluzelle share several features, just like they have several differences. They use the Blockchain technology. However, the Bluzelle achieves it by swarming, which means splitting and storing data on different computers using Blockchain technology. The filecoin uses Blockchain by maintaining transaction records between its users. Further, it uses IPFS with an architecture similar to that of Blockchain. 

Both the Filecoin the Bluzelle use decentralized storage. Hence, unlike Google Drive, for instance, there will be no entity that will control the network on its own. Both of them function by having many nodes that handle the storage work.

Filecoin and Bluzelle have lots of similarities and can complement each other. Hence, many people get confused about which option to take for specific roles.

How Bluzelle and Filecoin Compliment Each other 

File systems are quite hard to manage. The files could be large with unsearchable content. However, decentralized storage services like the Filecoin breaks and spread your work around a network. 

Whenever the developers create applications, they carry out data storage and management differently depending on the usage and size. Hence, storing the data on Filecoin alone will never be enough. The dApp creators will require something else to ensure you can easily search and retrieve your data.  

For example, you can store a large video file on Filecoin to enjoy faster uploads. However, you store the video links and the metadata on Bluzelle for easier retrieval.

The Bluzelle platform is available, and the database ensures file security, something Filecoin cannot offer. Filecoin is a handy tool, although it works together with Bluzelle and can offer a decentralized web storage solution. 

How Bluzelle and Filecoin work Hand in Hand 

Despite their similarities and differences, it is always advisable that you look at how the two can always complement each other. 

The file systems can be a bit difficult to manage since the files can be a bit large. There are times when it can be a bit difficult to search for file contents. When using a decentralized file storage service like Filecoin, the files are usually broken up and spread on the network, which makes it a bit complex to manage. 

The decentralized web could never be quick enough. The centralized platforms become the target of frequent criticism, be it security, privacy, or censorship. Platforms such as Bluzelle and Filecoin can be of great help. 

Conclusion 

When it is evident that one of the largest social media platforms is vulnerable to online attacks, it would be better to shift from centralized systems. With the ever-increasing number of hackers and online attacks on the internet, one must exercise maximum caution in terms of data protection. Another great reason why you need to consider switching over to decentralized platforms is government control. In the recent past, some platforms felt more pressure with governments exerting more and more control. This has made more people cautious with their data and personal details.

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Crypto Daily Topic

Mobile Devices Cryptocurrency Scams

The features of cryptocurrency, such as having no central regulating authority, being immutable, and having relative anonymity, makes it a high-profile target of hackers. And these days, more people own and spend time on mobile phones than they do on PCs. Crypto hackers are well aware of this and have mastered the art of targeting user funds using deceptive mobile apps. 

The features of cryptocurrency, such as having no central regulating authority, being immutable, and having relative anonymity, makes it a high-profile target of hackers. And these days, more people own and spend time on mobile phones than they do on PCs. Crypto hackers are well aware of this and have mastered the art of targeting user funds using deceptive mobile apps. 

 Cryptocurrency features, such as having no central regulating authority, being immutable, and having relative anonymity, makes it a high-profile target of hackers. And these days, more people own and spend time on mobile phones than they do on PCs. Crypto hackers are well aware of this and have mastered the art of targeting user funds using deceptive mobile apps. 

In this writeup, we’ll highlight the most prevalent ways crypto fraudsters are targeting mobile phone users. When you identify the red flags, it’s easier to protect yourself and your crypto. We’ll also list a few steps that you can follow to protect yourself against every type of scam. 

1. Fake Crypto Exchange Apps

Fake cryptocurrency exchange apps are one of the ways scammers can target crypto holders. Such apps, either on a dedicated website or app store, are designed to steal user data. Victims of such fraud will have their data compromised, and they could lose their funds as a result. 

A famous example of this scam is the several fake versions of the Poloniex exchange app that were released before the legitimate app’s release in July 2018. Many of these apps were listed on Google Play. People that downloaded these apps had their information massively compromised, and they lost money in the process. 

Below are ways in which you can protect yourself from a cryptocurrency exchange scam: 

  • Check the app’s official website to see if they have an app after all. If so, use the official link provided by the website to download the app.
  • Check reviews. Reviews can be a reliable way to identify a scam app. If the review section is full of negative reviews and ratings, you might want to steer clear. In the same vein, watch out for an app with nearly all-perfect reviews. A legitimate product will at least have some negative reviews.
  • Confirm whether the developer is legit by looking at their online presence. See if their information is related to a legitimate exchange.
  • Check how many times the app has been downloaded. A popular and legitimate app will likely have a substantial amount of downloads as opposed to a fake one.
  • Enable two-factor authentication on your accounts. It’s harder for a scammer to get past this.

2. Fake Wallet Apps

These are scam wallets that are designed to trick users into sharing personal information, send funds to attacker-specified addresses, and so on. Apps like these are created all the time. In the past, cryptos like Bitcoin, Ethereum, and Neo have been targeted, causing users to lose funds. 

Below are tips to avoid this scam:

  • Apply the precautions for fake crypto exchange apps highlighted above
  • Ensure that completely new addresses are generated the first time you open the app and that both private keys and/or mnemonic phrases are in your hands
  • Check whether the app allows you to generate public addresses.

3. Cryptojacking Apps

Cryptojacking is when a malware uses your device’s processing power to mine cryptocurrency. Although mobile phones have way less computing power than computers, that hasn’t dissuaded cybercriminals from using them for cryptojacking.

A cryptojacking app will often be disguised as a legitimate app for gaming, educational, or other legit use. In reality, such an app will surreptitiously use your phone’s processing power to mine crypto in the background. Other prepaid checking apps will be advertised as legit mining apps, but any rewards will go to the developer and not the user. Usually, such an app will employ an extremely lightweight mining script to avoid detection.

Cryptojacking is harmful because it degrades your phone’s performance and causes it to wear and tear quicker. In some cases, cryptojacking apps can even be hiding Trojan horses for even more malicious software.

This is how to prevent against cryptojacking apps: 

  • Only download apps from legit sites like Apple’s App Store and Google’s Play Store. Ensure the app is marked as ‘Verified.’
  • Check if your phone is draining the battery too quickly and remove any apps responsible.
  • Regularly update your apps, so any security bugs are fixed.
  • Use browsers that have anti-cryptojacking software in place. Also, use browser plugins such as MinerBlock and NoCoin.
  • Install and regularly update your anti-malware software

4. Fake Mining Apps

These are apps that purportedly mine crypto, but all they do is display ads. The apps trick users into keeping the app by a supposed increase in rewards that increase over time. However, these apps are not actually mining crypto. Instead, the developers are profiting from your watching of the ads. 

The best way to steer clear of this scam? Understand that for the majority of cryptocurrencies. Mining is done with specialized computers known as ASICs. Any mining proceeds from mobile mining are extremely trivial and not worth the effort. 

5. Clipper Apps

These are apps that hijack your transactions and replace your address with that of the hacker. With these apps, when you copy the right address, the one you paste is actually that of the attacker.

To avoid this scam, take these precautions when processing a transaction: 

  • Double-check the address before you hit ‘Send.’ 
  • Check not just portions of the address, but the whole thing. Some hackers are smart enough to use an address that resembles yours.

6. SIM Swapping 

This is one of the most serious threats. A SIM swap is a scam in which an attacker gains control of your phone number. They do this by convincing your service carrier that you want to transfer your phone number to a new SIM. Once the transfer is done, the attacker can now access all kinds of data that are related to your phone – from calls to text messages to various accounts’ details. It also means any personal and financial info tied to those accounts is in their possession. This includes crypto wallets and exchanges. 

Crypto entrepreneur Michael Terpin’s SIM swap saga should illustrate this very well. Terpin alleged that he lost over $20million worth of crypto as a result of AT&T’s recklessness with the handling of his phone number. 

Here’s how to avoid falling prey to a SIM swap scam.  

  • Don’t use your mobile number for two-factor authentication. Instead, use an authenticator like Google’s Authenticator or Authy. Other alternatives are hardware authentication devices YubiKey or Titan Security Key by Google.
  • Never reveal your phone number in places like social media. Imposters will readily use such info to impersonate you.
  • Be discreet about your possession of cryptocurrency on social media. This can make you a target. And if folks already know you own crypto, don’t reveal info such as the exchange or wallet you use
  • Talk to your SIM service provider about adding an extra layer of protection, such as a PIN or password to your phone number.

7. Public WiFi

Public WiFi is another entry point for crypto scammers to gain access to your phone and steal funds. Public WiFi is usually open for everyone, and this makes any device using it vulnerable to hacking. For this reason, employ extra precautions every time you use public WiFi. Even better, avoid using public WiFi at all. 

Final Thoughts

Mobile phones are now involved in every aspect of our lives. From entertainment to work to finances, the mobile phone is nearly indispensable. But that everywhere presence is also a vulnerability. And this can’t be truer for crypto holders. Now that you’re aware of the loopholes that crypto swindlers can exploit, you’re better set to protecting yourself and your funds.

Categories
Cryptocurrencies

BitPie Wallet Review: How Safe Is This Multi-Blockchain Wallet?

On the official Bitpie website, the crypto wallet app is described as an “industry-leading multi-blockchain wallet” devoted to client funds’ safety. Launched in 2015 by Bither – a blockchain technology company – Bitpie markets itself as an easy to use, highly secure, and inclusive crypto platform.

BitPie Mobile Wallet app

On the official Bitpie website, the crypto wallet app is described as an “industry-leading multi-blockchain wallet” devoted to client funds’ safety. Launched in 2015 by Bither – a blockchain technology company – Bitpie markets itself as an easy to use, highly secure, and inclusive crypto platform.

On the official Bitpie website, the crypto wallet app is described as an “industry-leading multi-blockchain wallet” devoted to client funds’ safety. Launched in 2015 by Bither – a blockchain technology company – Bitpie markets itself as an easy to use, highly secure, and inclusive crypto platform.

And in an attempt to live up to these claims, BitPie has embraced a host of security and operational features in the past few years. These include open-sourcing the wallet technology, supporting the widest range of blockchains, integrating a hardware wallet, and establishing a highly intuitive interface.

But have these measures been effective in guaranteeing the crypto wallet’s safety and ease of use? We answer this question and tell you everything you need to know about the BitPie crypto wallet app in this review.

BitPie key features:

Mobile wallet: BitPie is a mobile-only crypto wallet app available for Android and iOS smartphones.

Multi blockchain wallet: BitPie wallet describes itself as the most inclusive crypto vault, adding that it supports the most diverse types of blockchain mainnets in the world. It supports the Ethereum blockchain, Bitcoin blockchain, and its folks, EOS blockchain, and EOS based tokens, as well as all stable currencies.

Built-in exchange: You don’t have to leave the mobile crypto app to buy or exchange cryptocurrencies and tokens. BitPie wallet features an in-built exchange where you can buy and exchange cryptos at highly competitive rates.

Dapp Browser integrated: BitPie wallet app also features a DAPP page that hosts a DAPPs browser and crypto market news section. Here, you have access to real-time market news and all the popular DAPPs in virtually any niche. More importantly, the DAPP page provides you with tools necessary for creating your custom DAPP or crypto token.

Integrates hardware wallets: BitPie developers have also come up with the world’s first wearable hardware wallet referred to as BitHD. It is a wristwatch-like hardware wallet that stores your private keys offline, and you can easily pair to your BitPie mobile wallet app via Bluetooth.

Security and privacy features:

Password: BitPie, like most other app-based crypto wallets, has a multi-character password as its primary defense against unauthorized access.

Military-grade encryption: In addition to limiting the amount of personal data that BitPie can collect about its clients, the wallet is also highly encrypted. The encryption covers all the personal data held in a BitPie wallet, passwords, and private keys.

Non-custodial: BitPie crypto wallet app doesn’t store your cryptocoins on the company servers. Rather, these are highly encrypted and saved on your mobile phone – giving you absolute control over their use. And you can boost this privacy further by linking the BitPie crypto app with the BitPie hardware wallet.

Anti-fraud system: To curb crypto-related frauds and safeguard your private keys, BitPie subjects all its members to such anti-fraud procedures as KYC and AML in line with the set governmental regulations.

Recovery seed: When creating a user account on your BitPie mobile wallet app, you will be presented with a recovery seed. These random phrases come in handy when recovering lost private keys or restoring your wallet on a new smartphone.

How to set up and activate the BitPie Wallet

Step 1: Download the BitPie crypto mobile app from Google Play Store, Apple App Store, or the official BitPie website

Step 2: Install the wallet, and upon launch, click on ‘Create new wallet.’

Step 3: Complete the registration process by entering your email and creating a password

Step 4:  Follow the prompts to complete the verification process

Step 5: The wallet will provide you with a set of words that form the recovery seed. Write it down and keep it safe offline.

Step 6: Your account is now active and ready to use

How to add/receive coins to BitPie Wallet

Step 1: Log in to your BitPie crypto wallet account app, and on the user dashboard, select ‘Receive.’

Step 2: This reveals your wallet’s public address and QR code

Step 3: Copy either of these and forward it to the party sending you cash

Step 4:  Wait for the cryptos to reflect on your account

How to send crypto from BitPie Wallet

Step 1: Log in to your BitPie crypto wallet app, and on your user dashboard, select ‘Send.’

Step 2: If you are holding multiple cryptocurrencies, click on the cryptocoin you wish to send

Step 3: On the popup tab, enter the recipient’s wallet address and the number of coins you wish to send

Step 3: Confirm the accuracy of these transaction details and hit send

BitPie Wallet ease of use

BitPie crypto wallet has a straightforward onboarding process. The app is highly intuitive with easy and straightforward processes for sending and receiving cryptocurrencies. All these play a crucial role in making BitPie one of the most beginner-friendly crypto wallet apps. However, keep in mind that BitPie subjects all its platform users to AML and KYC verification procedures.

BitPie Wallet supported currencies and countries

BitPie mobile app is a multicurrency wallet implying that it supports a wide range of cryptocurrencies, including bitcoin and its folk currencies like Litecoin and Bitcoin Cash, Ethereum and its Ethereum Classic fork as well as all the ERC20 tokens. It also supports EOS altcoin, all the EOS-blockchain-based tokens, and all popular stable coins.

The wallet is also available in 100+ countries across the globe.

BitPie Wallet cost and fees

Downloading and installing the BitPie crypto wallet app is free. Similarly, you won’t be charged for storing your coins here.

However, you will be charged a network fee every time you initiate an outbound transaction to other crypto wallets or exchanges. The fees are nevertheless highly dynamic and let you decide how much you wish to pay for every transaction. Ideally, high transaction fees will always translate to faster transaction processing, while low fees lead to sluggish transaction processing speeds.

BitPie Wallet Customer support

BitPie crypto wallet also has a highly responsive customer support team. Most of the wallet information, including the setup process and common challenges facing BitPie users, is addressed on the website’s announcement section.

Both the BitPie website and crypto wallet app are multi-lingual and available in Mandarin, Japanese, and English.

You can also contact the team directly via email or direct message them via their official social media pages on Facebook, Telegram, Twitter, Reddit, and Weibo.

What are the pros and cons of using BitPie Wallet

Pros:

  • BitPie crypto wallet app is highly intuitive and beginner-friendly
  • The wallet is feature-rich supports a host of premium service, including an inbuilt exchange
  • Through the integrated DAPP browser, you have access to the most popular DAPPs and tools to create your own crypto tokens
  • BitPie has also embraced highly effective security measures that include military-grade encryption and an anti-fraud system
  • The reduce-by-fee transaction pricing model lets you determine the fee and processing speeds for each transaction

Cons:

  • The wallet uses a lot of phone storage and consumes a lot of internet data
  • It is a hot wallet and, therefore, exposed to inherent threats affecting hot wallets
  • Experienced crypto traders may consider BitPie wallet features too basic

Comparing BitPie Wallet to other multicurrency crypto wallets

BitPie Wallet vs. eToro

BitPie and eToro are both multi-blockchain wallets and support different types of blockchain networks. They are also highly intuitive, beginner-friendly, relatively secure, maintain highly responsive customer support, and host inbuilt crypto exchanges.

However, unlike eToro that will only support less than 20 cryptocurrencies, BitPie supports hundreds of cryptocurrencies, tokens, and stable coins. Additionally, while eToro stores private keys in their servers on behalf of clients, BitPie gives you absolute control over your digital assets.

Verdict: Is BitPie Wallet safe?

Well, BitPie has put in place several effective security measures aimed at safeguarding the integrity of your private keys. These include securing your account with a password, encrypting data stored therein, storing your passwords within the mobile device, and providing you with a recovery seed. We must, however, observe that the wallet ignores critical security features like the 2FA. These, plus its relatively low fees and annexed features like an inbuilt exchange, make it suitable for active traders and smallholder crypto investors.

Categories
Crypto Daily Topic

Challenges Facing Decentralized Finance

Decentralized finance involves the use of public blockchains in the monetary systems. It is a new fiscal scheme, thus has a lot of hot debates surrounding it. The term ‘public’ is fundamental and is relatable to that of the Ethereum public blockchain. A public blockchain has no room for centralized authority. 

Decentralized finance involves the use of public blockchains in the monetary systems. It is a new fiscal scheme, thus has a lot of hot debates surrounding it. The term ‘public’ is fundamental and is relatable to that of the Ethereum public blockchain. A public blockchain has no room for centralized authority. 

Decentralized finance involves the use of public blockchains in the monetary systems. It is a new fiscal scheme, thus has a lot of hot debates surrounding it. The term ‘public’ is fundamental and is relatable to that of the Ethereum public blockchain. A public blockchain has no room for centralized authority. 

Decentralized finance is crucial because not everyone around the world can access financial services. They are not available to up to 1.7 billion people in the world. Financial institutions are also unable to set the essential infrastructure that would make people access more money. The current infrastructure is massive, but it is inadequate, and cannot reach everyone out there.  

With decentralization, the current failures on infrastructure are as good as over. It eliminates the failure spot and ensures that it is possible to store and share records among different joints across the network. There is a lot of dependency on the centralized system for the current infrastructure to function. 

Comparison of the traditional and decentralized finance

The main difference between the traditional and the decentralized finance is the mode of work.

Traditional financial systems use centralization and lead to ineffectiveness and insecurity.  Security risks are tenacious in the current conventional financial system. 

There is also an increase in cybercrime due to lack of upgrades in the technologies used by financial institutions. There is a risk of hacking for most transactions. They all lead to data and fiscal risks.

On the other hand, decentralized finance ensures there is a solution to a certain extent. Due to the utilization of public blockchain, there is no reliance on a centralized system.

A decentralized system can function without requiring proper infrastructure. In simple terms, it decentralizes the economy and provides the viability of the economic activity to everyone in the world.

Another crucial feature of decentralized finance is the dApps short for decentralized apps. Through them, financial institutions can develop functional apps on the public blockchain. They also allow anyone to work together with them with less cost per interaction. 

What DeFi brings to the table

 

i) Permissionless

 

Public blockchain won’t require permission from anyone else to access and interact. It is thus a top choice for implementation in the world.

 

ii) Decentralization

 

Since there is no central authority, data storage occurs amongst the different joints in a network. 

 

iii) Transparency

 

There is transparency in the public blockchain.

However, the decentralized system’s growth and proponents face several challenges that would entirely affect its adoption. 

Challenges facing the decentralized finance 

 

1. Hacking of smart contract

 

Decentralized finance projects depend on smart contracts that run on Ethereum. The programs’ code is usually public, and anyone with sufficient knowledge can examine and interact with it. Blockchain networks that run on smart contracts are attractive to hackers. 

There was a scenario in 2016 when a hack resulted in the loss of 3.6m ETH. The value was approximately 70 million USD. The hack was around 10 percent of the total supply of ETH at that time. 

The hacker could not access the funds for 28 days. During that period, the Ethereum group managed to reverse the transaction. However, there is a high likelihood that a similar solution may fail to work ever again. 

 

2. Manipulation of oracles

 

The decentralized finance ecosystem depends on data providers known as oracles to distribute market data that resolves smart fiscal contracts. Oracles are also essential to Maker’s smart contracts in understanding the current price of ETH that determines whether there is adherence to the collateralization ratio.

Decentralized finance applications use price data as the most common type of data provider. Does the oracle respond to queries such as “What is the price of token Y?” What happens if there is a manipulation of the information that an oracle provides? An oracle error on 24th June 2019 led to inaccurate price data, causing an irregular performance on the Sythentix protocol. The malfunction allowed KRW holders to buy ETH at a discount. 

 

3. Ethereum non-scalability

 

Decentralized finance is essentially a movement based on Ethereum. Innovation and liquidity primarily focus on them. There is the launch of new projects all the time that aims to lure new users with better returns and more effective token assortment management.

Although there is little on the front-end, the Ethereum public blockchain carries out a lot of heavy lifting behind the scenes. There is dependence on the collaborative building network of the separate nodes.  

Due to the challenges facing its scalability, Ethereum either fails or becomes too expensive to work together with dApps. On several occasions, there have been network congestion. The best solution to the scalability challenges would be a significant upgrade in the network. It is happening already, but it will take time for its benefits to materialize ultimately.  

 

5. Stablecoin Fail

 

Maker is an Ethereum project that started operations in 2014.  In 2017, it came up with a stable coin DAI, which pegs softly to the US dollars. Anybody can use BAT, ETH, and USDC as the security to create DAI while maintaining a minimum ratio of 1 to 5 to 1 and 1 to 25 to 1 for the USDC. 

If, for example, you have 200 USD in the form of ETH, you can create 100 USD in the form of DAI. DAI is, at the moment, the most extensively utilized stablecoin in decentralized finance. In case of a hack on the smart maker’s contracts and the criminal access the user’s security, DAI becomes worthless. Such a move would affect the entire decentralized finance space. 

 

6. Overcollaterization

 

Due to a lack of guarantees in volatile markets, lenders usually seek higher security for their loans. It reaches a point where most lenders and borrowers will only work when there is a significant amount of assets as collateral. 

The situation undermines the vital function of borrowing and thus fails to satisfy one of the main ideas of decentralized finance: reaching those without access to the banks. Besides, it leads to a significant slash in the profits from leverage trading.  

 

7. Composability

 

Composability is among the most marketed elements of decentralized systems. It relates to how they can flawlessly integrate, enabling rapid growth, service complexity, and even new financial products. However, composability creates essential dependencies between decentralized finance protocols that could develop into systemic risks. 

 

8. Accessibility of the users’ tokens

 

In decentralized finance, tokens are under the management of smart contracts, which are non-living bits of programming codes. It is a non-custodial finance service that is contrary to the centralized system that uses humans. Custodial services call for heavy regulations. However, when the project is non-custodial, the team saves a lot of cash by dodging burdensome legislation.

Admin keys help the developers behind the decentralized finance project control the smart contracts that handle user funds. The weakness is a lack of transparency on who possesses the keys. There is a possibility that an individual could have access to all of them.

Conclusion

Although most people have internet connections, there is little public awareness of decentralized finance. Very few people know about it, which can affect its use rate. Besides, the fact that it is still in its infant stage means there are relatively high risks.

There is a dire need to solve most of its challenges to increase its viability to different administrations and organizations. Decentralized finance focuses on creating financial services that are distinct from the traditional fiscal and political systems. It has the potential to prevent instances of censorship, discrimination across the world and allow for a more transparent financial system.  

Categories
Cryptocurrencies

MyMonero wallet Review: How Safe Is This Desktop And Mobile Wallet App?

MyMonero is a lightweight desktop and iOS app wallet developed by Monero Project steward, Riccardo Spagni, and the Monero Core Team. It was launched in 2014 as an alternative to Monero GUI – the full node client for Monero blockchain. And it seeks to address some of the challenges faced by Monero GUI users, including slow transaction processing speeds, extended wallet startup times, and drag on your computer memory, storage, and battery life.

mymonero crypto wallet app

MyMonero is a lightweight desktop and iOS app wallet developed by Monero Project steward, Riccardo Spagni, and the Monero Core Team. It was launched in 2014 as an alternative to Monero GUI – the full node client for Monero blockchain. And it seeks to address some of the challenges faced by Monero GUI users, including slow transaction processing speeds, extended wallet startup times, and drag on your computer memory, storage, and battery life.

MyMonero is a lightweight desktop and iOS app wallet developed by Monero Project steward, Riccardo Spagni, and the Monero Core Team. It was launched in 2014 as an alternative to Monero GUI – the full node client for Monero blockchain. And it seeks to address some of the challenges faced by Monero GUI users, including slow transaction processing speeds, extended wallet startup times, and drag on your computer memory, storage, and battery life.

On the MyMonero website, this desktop and mobile app wallet is described as the “Sweet spot between convenience, security, and features.” The website further adds that its development team has “Ironed out the technical details … so you can get back to business” by prioritizing the crypto wallet’s design.

But has MyMonero lived up to its expectations when it comes to balancing the ease of use with security and privacy? We answer this question and more in this MyMonero review.

MyMonero key features

Cross-platform support: MyMonero is a highly versatile crypto wallet that is compatible with multiple operating systems. Unlike the traditional Monero GUI that was only available as a desktop client, MyMonero is available as a web wallet, desktop app (Linux, Windows, and macOS compatible), and iOS mobile app.

Lightweight: MyMonero crypto wallet is also extremely light as it offloads all the heavy work to the MyMonero servers. This implies that you no longer have to download the Monero blockchain that drains its storage and RAM while eating into the battery life of your phone or computer.

Synchronized cross-platform experience: One of MyMonero wallet’s unique features is its cross-platform synchronization experience. This implies that you can easily get access to your wallet account, view transaction history and balances on any device. You only need the seed words to login to your wallet via any device.

Smart contacts management tool: MyMonero has an inbuilt Rolodex that helps you keep track of your private addresses, payment IDs, and OpenAlis addresses. You can also use smart Rolodex to manage your wallet contacts.

Speedy transfers: One of the benefits of MyMonero wallet’s lightweight nature is its speedy startup and fast transaction processing capabilities. You no longer have to wait, hours on end, for the full node client to sync with your wallet to initiate a Monero transaction.

MyMonero Security and privacy features

Password: Like any crypto wallet, MYMonero is secured with a password. The user sets this multi-character password during app installation and when registering a wallet account. It serves to protect your wallet from authorized attacks and also doubles up as an encryption tool.

Non-custodial: While MyMonero wallet servers run virtually all the wallet transactions, it won’t store your private keys. These are stored within the computer or mobile devices, giving you total control over your digital assets.

Strong encryption: All the data held in a MyMonero wallet is highly encrypted, especially the private keys and wallet communications with project servers and other third-party systems.

Native privacy: Monero takes pride in being one of the safest and most private blockchain networks around. MyMonero has taken this a step further and promotes anonymous crypto transactions by ensuring that the wallet doesn’t ask for any of your personally-identifiable details like name, address, or email. It also doesn’t keep logs for your crypto transactions, location, or device IP address. This approach to privacy beats the rudimental privacy systems put in place by some popular crypto wallets.

Open sourced: MyMonero wallet is also built on an open-sourced technology. Its users and blockchain security experts can view, audit, and recommend adjustments to the wallet app from its GitHub wallet repository.

How to set up and activate the MyMonero wallet

Step 1: Open the MyMonero official website and download the web wallet that is compatible with your device’s operating system

Step 2: Install and launch the wallet app to start the registration process

Step 3: Note that the app doesn’t ask for registration details. Rather, it will provide you with a private login key made up of 12 random phrases that double up as the wallet’s recovery seed and request that you set a password.

(Note: Write this private login key down on a physical piece of paper and keep it safe. You will not only need it to access the wallet on different devices, but it will also be needed when recovering lost private keys)

Step 4: Confirm that you have correctly written down the private login key by reentering it on the prompt tab

Step 5: Chose your preferred language and login to your MyMonero wallet

Step 6: Your account is now active and ready for use

How to add/receive coins to MyMonero wallet

Step 1: Log in to your MyMonero wallet, and on the user dashboard, click ‘Receive.’

Step 2: Copy the wallet’s public address or the QR code and forward either to the party sending you the Monero cryptos

Step 3: Wait for the coins to reflect on your wallet

How to send crypto from MyMonero wallet

Step 1: Log in to your MyMonero wallet and click the ‘Send’ tab on the user dashboard

Step 2: On the popup window, enter the recipient’s wallet address and amount of XMR you wish to send

Step 3: Enter the payment ID (This helps differentiate your transaction from others and is especially important when sending cryptos to an exchange)

Step 4: Set the privacy level for your transactions, from minimum to high or Paranoid (Monero pushes private transactions by bundling several transactions together and making it impossible to track either one to your crypto wallet. The ring size, presented as “With # others,” refers to the number of transactions bundled alongside yours).

Step 5: Confirm the correctness of the transaction details and hit send

MyMonero wallet ease of use

Downloading and installing the MyMonero wallet app or registering a user account on the MyMonero web wallet is easy. It also features a highly intuitive and beginner-friendly user interface. The user dashboard is also multi-lingual, easily navigable, and only features the most important aspects of the wallet. The process of sending and receiving cryptos into MyMonero wallet is equally easy and straightforward.

MyMonero wallet supported currencies.

MyMonero wallet will only support Monero (XMR)  altcoins.

MyMonero wallet cost and fees

Downloading and installing the MyMonero wallet is free, and so is storing your XMR altcoins in the wallet. However, you will be charged a transaction fee every time you send XMR coins to another wallet or exchange. Ideally, there are two types of fees acting on an XMR transaction.

First, is the tax charged based on the amount of data it takes to complete the transaction. It is measured in Kilobytes and is charged at 0.002XMRs per KB. Second is the miner’s fee, which is approximately 50% of the transaction cost.

What are the pros and cons of using MyMonero wallet

Pros:

  • MyMonero is a light wallet that doesn’t require you to download the full node blockchain
  • MyMonero is private and highly encrypted to guarantee the privacy of your digital assets
  • The wallet has one of the most interactive and beginner-friendly user interfaces
  • The wallet is also relatively inexpensive
  • It allows for anonymous registration and facilitates private crypto transactions

Cons:

  • MyMonero will only support XRM cryptocurrencies
  • It is an online wallet and still susceptible to the inherent risks facing hot wallets
  • The wallet doesn’t support multi-signature functionality
  • Comparing MyMonero wallet to other Eth-based crypto wallets

MyMonero wallet vs. Monero GUI

MyMonero desktop wallet can be best described as the stripped-down version of the Monero GUI. The two are almost identical in that they have similar roles in storing XRM coins and facilitating Monero transactions. The only difference between the two is that Monero GUI is a full node desktop client, while MyMonero is a light desktop app. These make MyWallet relatively easier to use and faster compared to Monero GUI.

Verdict: Is MyMonero wallet safe?

Well, MyMonero embraces the privacy-oriented nature of the Monero blockchain in the execution of its functions. It will not ask for the client’s personal data, nor collect or keep logs of your crypto activity. Additionally, any information stored within the open-sourced wallet is highly encrypted. These features have made MyMonero one of the most secure and one of the most private crypto wallets. However, we must observe that, though it is non-custodial, MyMonero is still online-based and, therefore, exposed to the inherent risks facing hot wallets. 

Categories
Crypto Daily Topic

The Upsides and Downsides of Trading Forex with Bitcoin

Forex trading and cryptocurrency trading are the most popular investments for the modern investor. Forex trading, in particular, is the largest trading market in the globe – operating every single hour of every single day.  Cryptocurrencies, which have become uber-popular in less than a decade, have injected a very interesting dimension to the investment landscape. 

Forex trading and cryptocurrency trading are the most popular investments for the modern investor. Forex trading, in particular, is the largest trading market in the globe – operating every single hour of every single day.  Cryptocurrencies, which have become uber-popular in less than a decade, have injected a very interesting dimension to the investment landscape. 

Forex trading and cryptocurrency trading are the most popular investments for the modern investor. Forex trading, in particular, is the largest trading market in the globe – operating every single hour of every single day.  Cryptocurrencies, which have become uber-popular in less than a decade, have injected a very interesting dimension to the investment landscape. 

Now, forex brokers are embracing Bitcoin – the largest and most successful crypto, as a trading pair, as well as other cryptocurrencies. But before you decide to throw your hard-earned Bitcoin in the pool, let’s first find out what you need to know. 

The Upsides 

#1. No centralized control:  When you’re trading forex with Bitcoin, you know it’s not controlled by any single entity – state or otherwise. Cryptocurrency is free from any sort of centralized control, as well as macroeconomic factors such as inflation and interest rates. 

#2. High leverages: Most forex brokers now offer quite generous margins for bitcoin trades. If you’re an experienced trader, you can capitalize on such margins for potentially more lucrative trades. Bear in mind, though that with margin trading, the potential loss is of the same magnitude as the potential profit. This means you should exercise great caution with high margin trading. 

#3. Affordable deposit amounts: Some forex trading platforms allow you to deposit as little as $25 to start trading forex with Bitcoin. Other platforms even match your initial deposit amount. As a trader, you can take advantage of these offers. However, make sure the trading firm is legit before you deposit money.

#4. Low trading costs: In order to attract more crypto users to the fold, forex trading platforms are charging very tiny amounts of fees. 

#5. Security and privacy: Unlike with traditional money, when trading with Bitcoin, you can keep your financial info like debit/credit card details private. 

#6. No geopolitical boundaries: Bitcoin transactions transcend all boundaries. A trader in Nigeria can trade forex via a broker based in Australia – as long as both parties are willing to transact. 

The  Downsides

While trading forex with Bitcoin has several bright sides, it also has not-so-bright ones. 

#1. Varying exchange rates: Different exchanges feature different exchange rates for Bitcoin. Ensure that you know which Bitcoin exchange rate your would-be broker uses. 

#2. U.S. dollar exchange rate: Due to the volatility of Bitcoin, forex brokers usually exchange Bitcoin deposits for U.S. dollars immediately. Even if you don’t enter a trade as soon as you deposit Bitcoin, you’re still exposed to any losses that may occur from the exchange process. 

#3. Volatility: Bitcoin is infamously volatile. And due to the lack of regulation in the Bitcoin market, rogue forex brokers can manipulate this volatility to their advantage and to the trader’s disadvantage. 

#4. Security Risks: Bitcoin and other cryptos are usually high targets for sophisticated hackers. No single online storage is safe enough – and that includes exchanges and your broker’s Bitcoin wallet. For this reason, you want to use a forex broker that has insurance against theft/loss of funds. 

#5. Risk of Loss Through Leverage: The risk of losing money via leverage trading is always there. If you’re a beginner forex with Bitcoin trader, you ought to watch out for this risk.

Mixing Asset Types: Bitcoin belongs to a wildly disparate asset class from the ones traditionally found in Forex trading. How Bitcoin is assigned value is also different. Trading forex with Bitcoin introduces a new dynamic that could trigger both loss and profits in unexpected ways. 

Closing Thoughts

Bitcoin is gaining traction in entirely new frontiers. One of these is forex trading – which both brokers and traders seek to capitalize on Bitcoin’s best. This article should help you navigate the contours of trading forex with Bitcoin more successfully.

Categories
Cryptocurrencies

ImToken Wallet Review: Is This Multi-Currency Wallet App Safe?

ImToken wallet was created by ConsenLabs and launched in May 2016. And in the past few years, ImToken has morphed into one of the most popular cryptocurrency wallets and a favorite for Ethereum and eth-based token holders.

ImToken crypto wallet app

ImToken wallet was created by ConsenLabs and launched in May 2016. And in the past few years, ImToken has morphed into one of the most popular cryptocurrency wallets and a favorite for Ethereum and eth-based token holders.

ImToken wallet was created by ConsenLabs and launched in May 2016. And in the past few years, ImToken has morphed into one of the most popular cryptocurrency wallets and a favorite for Ethereum and eth-based token holders.

On their website, the ImToken wallet app is described as a ‘Multi-chain wallet’ where you can ‘store assets securely and exchange coins freely.’ The website also adds that the wallet is specially designed to ‘Lower the threshold for users to obtain digital assets and daily use’ without worrying about the ‘security management of the account’s private key.’

ImToken wallet app also markets itself as an easy to use and highly secure vault. In this review, we query these claims by looking at its key features, walking you through the account activation process, and vetting the security measures put in place. We also look at its customer support, the number of supported currencies, and compare it to other popular Ethereum-based crypto wallet apps.

Key features:

Multi-coin support: ImToken started as an Ethereum-only wallet app. However, recent upgrades to the crypto wallet have seen it incorporate some of the highly popular cryptocurrencies and stable coins.

Inbuilt exchange: ImToken recently introduced a token swap feature on their platform that allows quick token swaps. This inbuilt exchange is free and enables imtoken users to swap cryptos for other cryptos or stable coins for free. You only have to pay the transaction fees (GAS) charged by the Ethereum network.

DApp browser support: The wallet also integrates a highly versatile dapp browser. It features a wide range of Dapps, including games and social networking platforms. The browser is privacy-oriented and lets you decide if the hosted apps can read the wallet information. 

Compatible with hardware wallets: ImToken crypto wallet app is highly versatile and compatible with multiple hardware wallets. These include their ImKey Pro hardware wallet and other mainstream wallets like Ledger, Trezor, and CoolWallet.

Earn through staking: ImToken, in partnership with SparkPool and HashQuark, allows you to stake different coins, stablecoins, or imBTC and earn an interest of between 2%-20% p.a. The staking process is easy and straightforward. You can use the onscreen calculator to determine how much you stand to gain through staking and have any interest earned deposited to your wallet daily.

Supports multiple operating systems: ImToken crypto wallet app is available to both Android and iOS smartphone devices.

Security and privacy features:

Password: Like most wallet apps, ImToken is secured with a password set by the user during the installation process.

Recovery phrase: During the installation process, the ImToken wallet will also present you with a 12-word recovery phrase. Write it down and keep it safe offline as you will need it to reset your password, recover lost private keys, and restore your wallet on a different device.

Non-custodial: ImToen wallet app is non-custodial. All your private keys are, therefore, stored within your device, not on the company servers. This effectively gives you absolute control over your private keys.

Open source: The wallet app is built on an open-sourced technology. This means that anyone using the app and verified blockchain security experts can read and audit the wallet’s code, check malicious codes, and vet its transparency.

Hierarchically deterministic: Your privacy within the app is guaranteed by the fact that the app is hierarchically deterministic. It will automatically generate a new wallet address for every transaction, effectively masking your online transactions and evading crypto trackers.

Offline transaction signing: You can also integrate it with hardware wallets to activate offline transaction processing.  And you achieve this by connecting the app and the hardware wallet via Bluetooth and signing the transactions offline. In such a case, you only get online to broadcast the transaction.

Third-party security audits: Apart from being open-sourced, the ImToken crypto wallet is also subjected to regular security audits by popular security companies, including SlowMist, PeckShield, Cure53, and Knownsec.

How to set up and activate the ImToken wallet

Step 1: Download and install the ImToken wallet and select ‘Create Identity’ to start the account creation process

Step 2: Go through and agree to the wallets terms of use

Step 3: Complete the user profile by keying in your wallet username, password, and password hint

Step 4: The wallet will then provide you with 12 random words that form your recovery seed. Write them down and save them offline

Step 5: Your ImToken crypto wallet app is now active and ready for use

How to add/receive coins to ImToken wallet

Step 1: Log in to your ImTokem crypto wallet and click on the three dots on the far right corner of the user dashboard

Step 2: Select receive cryptos and click on the crypto you would like to receive to reveal the wallet address

Step 3: Copy the address and forward it to the party sending you coins

Step 4: Wait for your the coins to reflect on your wallet

How to send crypto from ImToken wallet

Step 1: Log in to your ImTokem crypto wallet and click on the three dots on the far right corner of the user dashboard

Step 2: Select send and click on the cryptocoins you would like to send

Step 3: On the popup tab, enter the recipient’s wallet address and the amount of crypto you would like to send

Step 4: Chose the transaction price

Step 5: Confirm that the transaction details are correct and send

ImToken wallet ease of use

The wallet installation and activation processes are easy and straightforward, and so is sending and receiving cryptos into the wallet. It is also intuitive and easily navigable. These factors make the ImToken wallet easy to use for both beginner and experienced traders. All the integrated platforms, including the dapp browser and inbuilt exchange, are also highly intuitive and easy to use.

ImToken wallet supported currencies and countries

ImToken crypto wallet app currently supports ten cryptocurrencies and eight main stable coins. These include Ethereum. BTC, BCH, COSMOS, LTC, USDT, USDC, DAI, and USDX. This crypto wallet app is available in over 200 countries.

ImToken wallet cost and fees

Downloading and installing the ImToken crypto wallet is free. Further, ConsenLabs won’t charge you when you swap cryptos or tokens using their proprietary Tokenlon exchange.

However, you will be charged Ethereum blockchain network fees every time you send crypto from the wallet app to another wallet or third party exchange. ImToken has nevertheless embraced the reduce-by-fee protocol that lets you set your preferred transaction fees. Ideally, the higher the transaction fees, the faster the transaction, while lower fees always translate to lower transaction processing speeds.

ImToken wallet Customer support

ImToken support starts with the rather elaborate FAQs page on their website. You can also contact the wallets support team via the live chat icon on their website. Alternatively, you can raise a support ticket on their website’s ‘Contact Us’ page or message them via their official social media pages

What are the pros and cons of using the ImToken Wallet?

Pros:

  • ImToken wallet is a highly secure app that employs several security measures
  • The wallet app features several annexed features that include a dapp browser and an inbuilt exchange
  • The wallet is highly intuitive and beginner-friendly
  • Their customer support is readily available and highly responsive
  • The wallet is non-custodial and gives you absolute control over your wallet

Cons:

  • The wallet doesn’t support such security features as two-factor authentication
  • ImToken doesn’t support fiat deposits, and you, therefore, have to use third-party currency convertors 

Comparing ImToken wallet to other Eth-based crypto wallets

ImToken wallet vs. MyEtherWallet

ImToken and MyEtherellet are hugely popular crypto wallet apps built on the Ethereum blockchain technology. Both are free to acquire, easy to use, and give you control over your private keys by storing them in your device. However, unlike MyEtherWalet that will only support Eth-based cryptos and tokens, ImToken has increased the number of supported currencies to 18. It also integrates an inbuilt exchange and DApps browser. More importantly, it lets you control the level of access DApps have on your wallet and the transaction fees (Gas) charged on outbound transactions.

Verdict: Is ImToken wallet safe?

ImToken wallet has put in place numerous effective security measures aimed at keeping your private keys safe. The multi-character password and offline transaction signing provide a privacy guarantee, the open-sourced nature and third-party security audits provide a transparency guarantee while the recovery seed helps you recover lost keys. 

Categories
Cryptocurrencies

What’s a Bitcoin Node and How To Set One Up

Bitcoin gives people the power to be in control over their own finances. With Fiat currency, you can only spend money. The average citizen has no power or says on the aspects that influence how money is made, how much is circulating, and how it’s stored. 

Bitcoin gives people the power to be in control over their own finances. With Fiat currency, you can only spend money. The average citizen has no power or says on the aspects that influence how money is made, how much is circulating, and how it’s stored. 

Bitcoin gives people the power to be in control over their own finances. With Fiat currency, you can only spend money. The average citizen has no power or says on the aspects that influence how money is made, how much is circulating, and how it’s stored. 

Bitcoin offers a decentralized option in which anyone, as long as they have a computer with the requisite power and bandwidth, can participate in the network. The best way to do this is by running a full Bitcoin node. Running a Bitcoin node has several advantages. Which are these, you may ask? Well, one of them is to directly participate in Bitcoin – the kickstarter of the revolutionary idea of cryptocurrency!  

Now let’s take a look at what a node is, the benefits you get from running one, and, most importantly – how to set one up. 

What’s a Bitcoin Node? 

The Bitcoin network is made up of thousands of computers distributed all over the world. Each of these computers (which are also known as nodes) runs the Bitcoin Core software that allows them to validate transactions and blocks. By doing this, nodes are also protecting the network. The aspect of nodes being spread all over the world without  an overseeing authority is what makes Bitcoin ‘decentralized.’ 

Most of the nodes also double up as a Bitcoin client. A Bitcoin client allows transactions to be broadcast on the blockchain network. Running a node is not the same as mining. Mining is an entirely different beast altogether that involves highly specialized machines known as application-specific integrated circuits (ASICs). Miners are rewarded in Bitcoin and sometimes, a percentage of the transaction fee. Now, ASICs are not only resource-intensive, but they’re also quite pricey. This locks out many people out of the game. Unlike mining, anyone can run a node. 

Why Run a Node? 

Before we delve into anything, let’s clarify something: running a Bitcoin node has no monetary rewards. But that doesn’t mean it’s for naught. When you run a  node: 

  • Your transactions are more secure because you’re personally conducting them. This counts even more if you have to conduct multiple transactions in one day.
  • You contribute to the security of the network. Running a node contributes to preventing a 51% attack. The more nodes, the more secure the blockchain 

If you’re an investor, running a node enables you to keep direct tabs on the health of the Bitcoin network. Because you can see how transactions are unfolding on the blockchain, you’re better placed to anticipate price patterns. 

What You Need to Know Before Running a Node

Before you think of setting up and running a Bitcoin node, you need to know any accompanying risks and costs. Let’s delve into that in this section, so you know what you’re up for! 

  1. Securing Your Wallet

When running a node, you can use the Bitcoin Core wallet to store your bitcoins, but you should take the same precautions you would when running any other crypto wallet. See here how to best secure your wallet. 

  1. Minimum Requirements

For the best experience and reliability when running a Bitcoin Core full node, you’ll need certain minimum requirements. While it’s possible to run one on weaker hardware, you’ll be dealing with one issue after another. So, to have the smoothest experience, make sure to have at least: 

  • The newest version of Linux, Mac OS X, or windows
  • At least 350 GB of storage space, with a minimum read/write speed of 100 MBs per second
  • 2GB of random access memory (RAM)
  • A broadband internet connection with speeds of at least 50 kilobytes per second
  • An unmetered connection or one with high upload limits, as well as one that doesn’t have upload limits
  • At least six continuous hours a day for your node to run (more is better, and you can multitask with your computer when the node is running)

Note: To ensure your computer stays running at optimal conditions (and not low-power mode), disable ‘sleep” or “suspend” screensaver settings. 

  1. Possible Problems

When running a full Bitcoin node, it’s reasonable to anticipate some problems. This could be legal, internet, or safety-related. 

  • Legal: Bitcoin is frowned upon or completely banned in some jurisdictions
  • Limits on bandwidth: Some internet plans have limits on the maximum possible upload limit, and will charge for any bandwidth exceeded. Some plans can even disconnect a connection without warning. Before you begin running a full node, check whether your service provider has these limitations. 
  • Antivirus software: Some malicious actors have placed viruses on the Bitcoin blockchain. However, the Bitcoin blockchain won’t affect your computer. Still, some antivirus programs flag this and make it hard or impossible to run Bitcoin Core. This mostly happens on Windows systems. 
  • Being an attack target: Running a full Bitcoin node could make you an attack target of people who wish to undermine the network. This means as a user of Bitcoin Core; your computer could be attacked in a way that interferes with your bandwidth connection. 

Setting Up a Node

Now that you know what you need and what to expect when running a Bitcoin node let’s get into how exactly to set up one. There are three methods to do this, and they include: 

#1. Setting a Node in the Cloud

This involves setting up an account on a hosting service such as Amazon Web Services (AWS), Google Cloud, or Digital Ocean. Next, create a Virtual Machine (VM) instance. This will help keep your internet connection steady and to facilitate syncing to the cloud from your computer. Configure your firewall rules so that your VM instance is hard/impossible to breach. Lastly, download Bitcoin Core – the software needed to run a Bitcoin node. Configure the necessary port settings on your machine to connect to the cloud. 

#2. Setting a Node on Your Machine

This method is like the one above, except this time, you run the node on your computer. To do this, you will need a minimum of 1.5 GB and 2GB of disk space and RAM, respectively. Also, make sure to have an internet bandwidth of a minimum of 50 kbps – most preferably one without download and upload limits. For how to configure the Bitcoin Core client, a simple Google search should lead you to countless websites and videos. Make sure to rely on legit and authoritative sources.

#3. Node-in-a-box 

The node-in-a-box method involves setting up a pre-configured full node that you can connect to your machine. The device features an interface that allows you to manage it and to access and interact with data in it. The node-in-a-box method allows you to run a full node without the taxing work of downloading and installing the entire Bitcoin blockchain. In the same way, it consumes less energy than if you were using your personal machine. Bitseed was the earliest provider for this service. Other providers like Digitalbit and Stash have since joined the space.

Categories
Crypto Daily Topic

How Blockchain Can Transform Social Impact Investing

The creation of purposeful change and innovation in communities is always at the center stage of social impact finance. Such impact investments make use of the most recent technological innovations and continuously challenge the status quo. 

The creation of purposeful change and innovation in communities is always at the center stage of social impact finance. Such impact investments make use of the most recent technological innovations and continuously challenge the status quo. 

The creation of purposeful change and innovation in communities is always at the center stage of social impact finance. Such impact investments make use of the most recent technological innovations and continuously challenge the status quo. 

With this, many initiatives like blockchain prove that they can act as a catalyst when it comes to data democratization. They can also open new possible worlds to stakeholders and users across the globe.

According to recent research by Harvard Business, blockchain is not only able to transform governments and businesses but also society.

Ethical and socially responsible investing isn’t a new endeavor; among the most popular social investment programs, Grameen Bank, Bangladesh, was started in 1976. However, using digital, innovative, and app skills to try to solve these economic and social challenges underpins the fintech trend.  Fintech has had an exceptional digital take-on. According to the 2019’s adoption survey of Fintech, on average, up to 75% of the world is using fintech products. However, in India and China’s global markets, the figure is relatively high, up to 87%.

Ways In Which Blockchain Will Transform Social Impact Investing

1. Financial Inclusion

Access to banking is one of the areas where Fintech already has a tremendous social impact, mostly in India and other countries with limited access to banking facilities.

However, mobile technology uptake is relatively high.

Blockchain, which is a data chain that is held by the user community, has the capability of revolutionizing operational systems as well as record keeping. It serves as a ledger or journal of events occurring digitally and shared among its users.  Blockchain algorithm applications have lots of things to offer to the over two billion people who don’t have bank accounts. For instance, BitPesa, which is part of AZA, a group, a group focusing on converting the bitcoin to Tanzanian or Kenyan shillings. The number of people using BitPesa has been on the rise in the two countries, which signals that more and more people are starting to use bitcoin. 

2. Tracking

Blockchain has the potential to offer accessible, even real-time data tracking environmental or social needs. Its benefits are very clear; the distributable blockchain community nature makes it possible for the reconciliation of information that has been entered by different parties. When you use a shared infrastructure, the data will be time-stamped and is less vulnerable to fraud and manipulation.

3. Impact Prediction

What if the blockchain could be made to predict the trends and impact on new initiatives? With the predictive markets already existing, this is achievable.  This will enable people to choose outcomes on the application or other platforms and invest based on a specific approach that will ensure you achieve certain outcomes.  Those with accurate predictions will receive financial rewards. After some time, the model can be used in predicting the possibility of particular social needs and the best ways to improve them.

4. Increases Trust Between the Stakeholders and Users

The successful blockchain projects help increase trust since they have been designed as collaborative, protect with higher transparency levels, and decentralize the consensus process. They offer great rewards to people who contribute to the evolution of projects and integrity protection. They are successful due to the broad buy-in and support of community users and stakeholders.

An impact token that is well designed is made based on such principles. The Natural Capital Finance Alliance and Climate Chain Coalition are among the communities that have shown a commitment to the collaboration. However, there is still no impact token, which has been designed based on these principles.

5. Open Source and Transparent

The investment community impact exists within the broad stakeholder base impact. It will have to be accessible to all and responsive to the interest of the public. With this, any blockchain used for impact token management will have to be based on freely available and open-source code.

SolarCoin Foundation does set a positive example when it comes to transparency issues. Its source code has been published on GitHub while the SolarCoin browser offers access to every SLR transaction.

6. Helps In Keeping Consumption of Energy in Check

Environmental effects that come with creating and managing impact tokens should be addressed in a design process. There are currently several websites and studies that reveal the amount of energy used together with the GHG emissions, which are released by the Ethereum and bitcoin operation, which are the two leading cryptocurrencies. According to the new study published in the Joule magazine, the first to be taken through the rigorous peer review reasons that worldwide, mining of bitcoin consumes at least the amount of electricity consumed in Ireland in the whole year.

Even worse, it still contends that the use of energy is doubling after every six months and can get to the yearly consumption of the Czech Republic, which stands at 67 TWh before the end of 2018, which is about 0.3% of electricity consumption in the world.

7. Helps In Accelerating Impact Investments Flow

The current impact-related financial tools like development impact bonds are difficult to scale due to the difficulty in monitoring and verifying the progress of set milestones.

According to the UN principles for the Responsible Investment Initiative, different areas have already been listed, including a secure recording of the local schools’ educational certificates, energy trading systems, and medical data access. 

Blockchain is capable of accelerating the financial flow by making the systems simpler while noting that most of these areas have not been widely penetrated.

The most common ‘Blockchain for good’ application is the use of Building Blocks platform by the World Food Program to help make payments to the refugees that have so far resulted in millions of dollars being saved.  Blockchain technology is used to provide a unique digital identity to the eligible beneficiaries. In most cases, they can scan the retina or fingerprint to reveal their identity and make the transfer of regular cash with no transaction costs.

Conclusion

Blockchain is a game-changer. It contributes to the impact investment scale by offering transparency, trust, and low transaction costs.  It is still early days for the impact tokens, and the impact investment community will have to be prepared for an error and trial approach. As it has been demonstrated by the establishment of a complex carbon market that makes one of the first large scape payments for impact schemes in the world with the priority, have to be in trust development that will lead to building consensus around processes and procedures in the community. In the future years, it is anticipated that the use of blockchain will lead to a great transformation in social impact investing worldwide. 

Categories
Cryptocurrencies

NEM Nano Wallet Review: Security, Fees, Features, Pros, And Cons

NEM Wallet is a desktop client and the official desktop wallet app for the NEM network. This makes it the home for the NEM network’s native cryptocurrency – XEM token – and all other cryptos built using the NEM technology. It is a light version of the NEM wallet and specially designed for the network and XEM token users who do not wish to store and run the full node blockchain on their computer.

NEM Nano Wallet desktop client

NEM Wallet is a desktop client and the official desktop wallet app for the NEM network. This makes it the home for the NEM network’s native cryptocurrency – XEM token – and all other cryptos built using the NEM technology. It is a light version of the NEM wallet and specially designed for the network and XEM token users who do not wish to store and run the full node blockchain on their computer.

NEM Wallet is a desktop client and the official desktop wallet app for the NEM network. This makes it the home for the NEM network’s native cryptocurrency – XEM token – and all other cryptos built using the NEM technology. It is a light version of the NEM wallet and specially designed for the network and XEM token users who do not wish to store and run the full node blockchain on their computer.

On their website, NEM desktop client is described as a “cross-platform lite wallet” that you can use to ‘manage your assets and interact with the NEM NIS1 network.’ It was created in 2014, has over the years, been subjected to several community-led upgrades, aimed at making it the most intuitive and highly secure desktop wallet. This includes delegating its maintenance and future developments to an independent team of blockchain experts, elected by the NEM community.

In this review, we want to determine the effectiveness and safety of this desktop wallet. We will detail its key security features, ease of use, and customer support.

Key features:

Integrated exchange: While NEM Network doesn’t have a proprietary exchange, its desktop client integrates a third party exchange – Changelly. This allows you to purchase XEM Tokens using either fiat or other cryptocurrencies.

Compatible with multiple OS: NEM Nano is a highly versatile desktop wallet that is compatible with virtually all the most popular operating systems. These include Linux, macOS, and Windows.

Multi-account support: There is no limit to the number of user accounts or wallets that you can open when using the NEM desktop client. Similarly, there is no limit to the number of XEM Tokens you can host on the NEM Wallet.

Synchronization with NEM mobile wallet: If you are looking for portability and faster transactions, easily synchronize the NEM Nano wallet with the NEM mobile wallet. This ensures that your transactions on the desktop wallet reflect on the mobile app in real-time. It also means that accounts and wallets created on the mobile wallet can be seamlessly exported to the desktop wallet and vice versa.

Integrates NEM harvesting: The NEM Network uses proof of work consensus for validating transactions. Instead of the traditional staking and mining reward schemes adopted by most blockchain networks, NEM embraces Harvesting. The desktop client integrates the harvesting feature, but you need to first commit 10,000 XEM Tokens to qualify as a validator and start earning transaction fees.

Integrates with hardware wallets: In addition to integrating the NEM mobile wallet, the desktop client also integrates with such hardware wallets as TREZOR.

Security and privacy features:

Password and recovery seed: When installing and activating the NEM Nano wallet, you will first be asked to set a password. You will also be provided with a 12-24 word recovery phrase that you can use to reset the wallet password and recover lost private keys.

Highly transparent: The NEM desktop wallet is also built on an open-sourced technology. It is also managed and developed by an independent team of blockchain experts elected by the NEM Network community members. And these features are a guarantee of the wallet’s commitment to transparency.

Hierarchically deterministic: Every time you initiate a new transaction, the NEM Desktop wallet will auto-generate a new wallet address. The new address is used in place of your real public address, making it harder for crypto trackers to monitor your transactions online.

Wallet backup: The NEM Nano wallet makes it possible to back up your private keys offline in another hardware wallet or USB drive. The wallet will even remind you to create a decrypted offline backup for your keys every time you create a new user account.

Military-grade encryption: NEM Nano wallet minimizes the amount of personally identifiable information it collects. Additionally, all the wallet data, including your private keys and passwords, are highly encrypted.

Non-custodial: The desktop wallet is also non-custodial and stores your private keys on your computer, not on the company servers. You, therefore, have absolute control over your wallet.

How to set up and activate the NEM Nano wallet

Step 1: Open the official NEM Network website and download the Nano Wallet that is compatible with your computers operating system.

Step 2: Install and launch the wallet. It will give you the choice of creating a ‘Private Key Wallet’ or a ‘Simple wallet,’ choose Simple Wallet.

Step 3: Create a unique username and password for the crypto wallet.

Step 4: Generate the primary private key by clicking ‘Start’ on the next window and moving.

Step 5: Download the wallet decrypted backup for your wallet or copy the raw wallet data and store it in a clean drive office.

Step 6: Back up your private key by printing it or copying the raw file and store in a secure environment offline.

Step 7: You will now be redirected to the signup page to log in and access your active wallet.

How to add/receive coins to NEM Nano wallet

Step 1: Start by logging into your NEM Nano wallet and take note of your public wallet address on the user dashboard.

Step 2: Click on the ‘Services’ tab, and under ‘Exchange services,’ select ‘Buy XEM on Changelly.’

Step 3: Alternatively, first buy BUT on Fiat-to-crypto exchange and then exchange these Bitcoins for XEM tokens on an exchange that lists the NEM token – like Bittrex.

Step 4: On either exchange, click on send and enter your public address to send the purchased XEM tokens to your wallet.

How to send crypto from NEM Nano wallet

Step 1: Log in to your NEM Nano wallet, and on the user dashboard, click ‘Send.’

Step 2: On the pop-up window, enter the recipient’s wallet address as well as the amount of XEM Tokens you wish to transfer.

Step 3: Enter a message you would like to send (optional) and set the transaction price.

Step 4: Confirm the correctness of these details and hit send.

NEM Nano wallet ease of use

NEM Nano wallet’s onboarding process, though lengthy, is quite straightforward. It also has a highly intuitive interface that makes it beginner-friendly. The processes of sending and receiving XEM tokens to the wallet are also seamless, while the integration of the third party exchange eases the currency conversion process.

NEM Nano wallet supported currencies

NEM Nano is NEM network-specific and will only support the blockchain’s native token – XEM – or other cryptocurrencies built using the NEX technology.

NEM Nano wallet cost and fees

Downloading and installing the NEM Nano desktop client is free. You also won’t be charged for creating user accounts and private addresses or storing your private keys on the desktop wallet. You will only be charged a small transaction fee every time you wish to send XEM tokens to another wallet or exchange.

 This fee is nevertheless highly dynamic and gives you the freedom to set the maximum charge you are willing to pay for a transaction. Typically, a higher fee translates to faster transaction processing.

NEM Nano wallet Customer support

NEM Nano wallet has a readily available and highly responsive customer support team. You can contact them via the live chat feature on the NEM website by raising a support ticket on the website’s ‘Contact Us’ page or by messaging them on their official social media pages.

What are the pros and cons of using NEM Nano wallet

Pros:

  • The wallet user interface is highly intuitive and beginner-friendly
  • There is no limit to the number of user accounts you can create on the wallet or the number of XEM tokens you can store in here.
  • The wallet reminds you to create a backup for your wallet and private keys every time you create a new user account.
  • NEM Nano wallet is highly transparent as it is not only built on an open-sourced technology but has also embraced community-led maintenance
  • You can also synchronize it with the NEM mobile wallet.

Cons:

  • One may consider the wallet’s set-up process to be too complicated.
  • NEM Nano is still a hot wallet and exposed to hacking risks and malicious computer viruses

Verdict: Is the NEM Nano wallet safe?

Well, the NEM Nano wallet has put in place numerous security and anonymity measures meant to guarantee the security of your private keys. For starters, it has open-sourced the wallet’s technology and made it possible to back up both the wallet and the private keys.

Moreover, the wallet is hierarchically deterministic, and all data stored therein is highly encrypted. However, we must observe that while these measures have been effective in guarding against hacks and breaches since the wallet was launched, the Nano wallet is still susceptible to the inherent challenges affecting online wallets.

Categories
Crypto Daily Topic

The Reality of a Cashless Society 

As the world economy transitions to a digital paradigm, there has been a steep decline in cash use. The shift in payment model was a long time coming since the invention of debit cards and electronic payments platforms a few decades ago. With the advent of online retail stores and fintech payment apps, the use of cash has declined even more, bringing the convenience of making secure transactions from anywhere in the world. Banks have also stepped up their operations by offering online banking services, thereby creating a sustainable cashless ecosystem for seamless transactions. 

As the world economy transitions to a digital paradigm, there has been a steep decline in cash use. The shift in payment model was a long time coming since the invention of debit cards and electronic payments platforms a few decades ago. With the advent of online retail stores and fintech payment apps, the use of cash has declined even more, bringing the convenience of making secure transactions from anywhere in the world. Banks have also stepped up their operations by offering online banking services, thereby creating a sustainable cashless ecosystem for seamless transactions. 

As the world economy transitions to a digital paradigm, there has been a steep decline in cash use. The shift in payment model was a long time coming since the invention of debit cards and electronic payments platforms a few decades ago. With the advent of online retail stores and fintech payment apps, the use of cash has declined even more, bringing the convenience of making secure transactions from anywhere in the world. Banks have also stepped up their operations by offering online banking services, thereby creating a sustainable cashless ecosystem for seamless transactions. 

While a recent report suggests that cash has maintained its sovereignty in the economy, especially in smaller value transactions, the current Coronavirus pandemic gives an impetus to avoiding unnecessary physical transactions. Countries like France, Japan, Sweden, and the United Arab Emirates are already exploring the feasibility of using a central bank-issued digital currency. Even the People’s Bank of China made a recent bold claim saying that physical cash may one day become obsolete. That said, it is a no brainer that China is spearheading the transition to a cashless economy through its Digital Currency/Electronic Payment (DC/EP) program. 

Advantages of a Cashless Economy 

The radical shift to a cashless economy is set to benefit both the state and the consumers. Some of the most pronounced benefits include: 

i) Efficient transactions

Paying for an item using fiat currency usually takes time since the transactions are processed manually. Consumers have to stuff their pockets with messy banknotes and clunky coins which are exchanged for goods or services. The retailer will then have to take the cash, calculate the goods worth against the amount paid, and then give spare change. For a time-sensitive business, the extended time spent processing transactions manually is detrimental to its overall operations. 

In a cashless economy setting, however, a retailer spends less time processing payments. Through payment solutions such as Apple Pay and Google Pay, users pay the exact amount of their goods worth, thus alleviating retailers the hassle of computing payments. 

ii) Reduced financial crimes

The current fiat currency economy has numerous loopholes that are often exploited to perpetrate financial crimes. This explains why illegal transactions such as money laundering and tax evasion malpractices are common despite governments putting measures to curb these menaces. Similarly, corruption and organized crimes are facilitated by the cash economy model, which lacks a transparent paper trail. 

Transactions made using digital payments are easily traceable since they are recorded in a ledger model. This allows central banks to monitor all transactions and ensure monetary policies are respected. As such, the newfound transparency of a cashless economy is a powerful tool for fighting corruption, tax evasion, and other financial crimes. Actually, one of the main reasons why China is aggressively pushing the development of its DC/EP is to protect its capital borders by tracking illicit cash flow into the country using the digital payment models. From a consumer’s view, a cashless society also means that there is no tangible money for criminals to steal. 

iii) Reduced cost of cash infrastructure

The infrastructure supporting the cash economy framework tends to be expensive for financial institutions and retailers who are the key recipient of all the cash in circulation. Think of ATMs and Point of Sale (PoS) machines and other secondary infrastructure that need upgrades and regular maintenance to keep them functional. All payments in a cashless economy are transacted in a digital model, eliminating the need for cash infrastructure. Overall, the cost of processing payments reduces saving banks and retailers’ resources that can be channeled into other administrative areas. 

Hidden Dangers of a cashless economy 

Sure, a cashless economy has its perks, but much like any other great leap forward, there are issues to be wary of. 

i) Financial inclusion is undermined

As the World Bank works to promote financial inclusion, the sprouting digital economy that forms the basis of a cashless economy may counter efforts to raise the public’s access to financial services. For starters, certain members of society aren’t tech-savvy, particularly the older generation. This group of people prefers paying in cash as they aren’t familiar with navigating the electronic payments to make a purchase. Moreover, cashless payments are reliant on supporting infrastructures such as internet-enabled devices and electricity. In underdeveloped areas where these infrastructures aren’t available, the population there risks being frozen out of financial services. 

ii) Security and privacy concerns

There is a general concern that the incoming cashless economy will be used as a surveillance tool. Keeping in mind that all digital payments are transparent and offer a traceable paper trail, it is easy to see why a cashless economy is a potential threat to personal privacy and security. 

In China, where the central bank (PBoC) is working on digitizing the national currency, it is feared that the government will have absolute control of citizens’ economic freedom. 

Think of the numerous times big tech companies such as Facebook and Google have been found guilty of misusing users’ data. Now, imagine what an authoritarian government can do with citizens’ data sourced from a cashless economy! 

iii) The high cost of infrastructure

As mentioned earlier, a cashless economy saves banks and retailers the cost of infrastructure required to process fiat cash payments. At the same time, setting up the infrastructure to support the cashless economy isn’t cheap either. For the well-established business, the transition to a cashless economy won’t be a big deal as they can afford the required infrastructure. However, small business owners will have to bear the initial cost of investing in the new infrastructure. Although it’s a one-time investment, businesses with limited cash flow may struggle to transition to the cashless economy model. 

iv)Loss of jobs

There has always been the fear of professionals losing jobs to automated processes. Unfortunately, the case isn’t different in a cashless economy where digital payment processors will take over the role of cashiers and bank tellers. Accountants and auditors are also at risk of losing their jobs as the reconciliation of invoices and tracking of transactions will become streamlined, thus requiring less effort from these two professionals. 

Setting the stage for a cashless economy 

The cashless economy is an inevitable revolution in the world of finance. While it comes with unique benefits, it raises worrying concerns that cannot be ignored. Therefore for this economic model to work, the benefits should be balanced with the drawbacks. This will help create a viable cashless economic framework that satisfies its purpose without jeopardizing the convenience of the existing cash economy. Here are some few recommendations to achieve a viable cashless economy: 

Make cashless payments optional

Keeping in mind that cashless payments may lock the less tech-savvy population out of financial services, cash payments shouldn’t be abolished entirely. As such, the two models, cash and cashless economies, need to co-exist to ensure everyone has access to guarantee maximum financial inclusion. 

Collaboration with key stakeholders

Innovative fintech start-ups have largely promoted the growth of a cashless economy. However, there hasn’t been much collaboration between fintech companies and banks who play a crucial role in the circulation of money. Most governments have also been less involved in fintech developments. As such, the cashless economy has grown slower than the anticipated rate due to the lack of collaboration between these entities.

The challenge here is that fintech companies have failed to win users’ trust as far as data privacy is concerned. On the other hand, banks and governments have won a relatively high level of trust from the public. In this case, the three entities must work together to leverage each other’s contributions. The fintech companies have the innovations and tools to design cashless payment solutions, while the banks and governments have the public’s trust and money required to fund the solutions. 

Conclusion

As tech solutions intersect all spheres of life, it makes sense that the payment systems evolve into digital solutions. That’s why it’s exciting to learn that central banks are working to develop digital currencies in line with the incoming cashless economy. The existing digital payment model can be used as a benchmark for addressing the concerns of a cashless economy while also anticipating the innovation demands of new customers. 

Categories
Blockchain and DLT

What makes Cardano blockchain unique?

Cardano is a promising smart contracts development platform that is built on a Proof-of-Stake blockchain protocol. The platform was launched in 2017 by its founder, Charles Hoskinson, who is also the co-founder of Ethereum. 

Cardano is a promising smart contracts development platform that is built on a Proof-of-Stake blockchain protocol. The platform was launched in 2017 by its founder, Charles Hoskinson, who is also the co-founder of Ethereum. 

Cardano is a promising smart contracts development platform that is built on a Proof-of-Stake blockchain protocol. The platform was launched in 2017 by its founder, Charles Hoskinson, who is also the co-founder of Ethereum. 

ADA is the native digital currency of the Cardano blockchain used to pay smart contracts developers and other participants on the blockchain network. As such, its value is tied to the participants’ activities on the platform. As more developers build solutions on the platform, the demand and value of the ADA coin increases. Besides acting as an asset, ADA is also used as a medium of transferring and receiving funds instantly at an affordable fee. Since the platform was launched, Cardano’s ADA crypto has seen an increase in the value of up to 1,520%, with a current market cap of over $3 billion. 

What’s Unique about Cardano blockchain 

There are two main attributes of Cardano’s blockchain that sets it apart from the rest of the blockchain networks. First is its academic and mathematical framework, which is committed to maintaining a provably secure blockchain that is less prone to security attacks. 

Building on its academic approach, Cardano blockchain also aims to solve the scalability and interoperability problems facing the blockchain ecosystem. Additionally, the platform seeks to offer financial services without thwarting global regulators, which isn’t the case with other competing blockchain networks. 

Given its ambitious objectives, Cardano describes itself as the third generation blockchain. 

Essentially, this means that the platform is improving on the shortcomings of the previous blockchain generations. Let’s look at each of the two generations for a better understanding: 

i. First blockchain generation

The first blockchain generation started with the conception of Bitcoin. At this time, Proof-of-Work was the only known algorithm that facilitated the mining of new cryptos – in this case, Bitcoin. However, with time the protocol’s underlying issue, scalability, became apparent as Bitcoin transactions increased. This gave birth to the second Bitcoin generation.

ii. Second blockchain generation

The scalability problem resulted in slow Bitcoin transaction speed, which the second blockchain generation managed to solve through the introduction of the Ethereum blockchain that is expected to run on the Proof-of-Stake algorithm. Usually, Bitcoin’s block time takes almost 12 minutes while that of Ethereum takes less than 14 seconds. Moreover, Ethereum managed to prove that blockchain technology can be used for more than just cryptocurrency transactions, as evident from the introduction of smart contracts. 

Despite the success, transactions on Ethereum blockchain are relatively slow compared to those of traditional systems such as Visa. Also, the governance systems of the two blockchains proved to be unstable after both Bitcoin and Ethereum cryptos hard forked. It is at this point where Cardano blockchain comes in. 

iii. Third blockchain generation

As a third blockchain generation, Cardano is built as a comprehensive set of tools that allow for greater scalability and interoperability of existing cryptocurrencies and blockchain concepts. Also, unlike other blockchain networks, Cardano doesn’t attempt to replace global regulators. Instead, the platform has placed much emphasis on accommodating financial regulators to increase the widespread adoption of cryptocurrencies. Further, the non-profit foundation that maintains Cardano has partnered with researchers to ensure all development concepts on the platform are of the highest quality. 

Cardano’s Architecture 

Cardano’s blockchain architecture is multifaceted to achieve its three main objectives: increased scalability, interoperability, and sustainability. To start with, the blockchain itself is designed as an open-source project written in a security-focused programming language, Haskell. Unlike other coding languages, Haskell is compiled ‘ahead-of-time,’ making it ideal for high-throughput data processing. 

Besides the secure coding language, Cardano’s blockchain runs on a unique Proof-of-Stake protocol known as Ouroboros. This protocol defines the way nodes reach a consensus on the state of the ledger. Additionally, the Ouroboros protocol facilitates the secure transfer of the native ADA coin while also maintaining the safety of smart contracts on the blockchain. 

How the Ouroboros supports mining of new blocks

Similar to a typical Proof-of-Stake algorithm, the Ouroboros rewards token holders who stake their ADA on the network. From this pool of token holders, block miners are randomly selected using a mathematical model that guarantees all holders have a fair chance of mining a block and receiving the associated reward. 

Once a token holder is selected, they are assigned the role of a ‘slot leader.’ With this role, the leader has the power to publish a new block, which is then validated by the rest of the network participants. After validation, the slot leader receives an ADA token as a reward for mining a new block.

Cardano Layered design

As part of its architecture, Cardano’s blockchain network consists of two main layers – the Cardano settlement layer (CSL) and Cardano computational layer (CCL). The (CSL) is the primary layer that manages the staking of ADA cryptocurrency under the Proof-of-Stake algorithm. It also facilitates the transfer of ADA from one wallet to another and enables participants to create their assets. Just the same way, Ethereum blockchain actors can create ERC-20 tokens. 

The CCL, on the other hand, allows users to create rules for evaluating transactions before they pass to the CSL. This gives Cardano the ability to compute and evaluate transaction settlements on different layers, unlike in Ethereum blockchain, where it all happens on the same network. 

Solving inherent Blockchain problems

Having understood Cardano’s architecture, here’s how the integrated design works to solve the three main blockchain challenges; 

1. Scalability

As mentioned earlier, Cardano runs on the Proof-of-Stake algorithm, Ouroboros, which, unlike Proof-of-Work, doesn’t require all nodes to keep a copy of the entire blockchain. This approach enables faster transaction processing while reducing the energy cost needed to publish a new block. Moreover, the Cardano blockchain can split into slots, which are basically sub-blockchains. These slots are known as epochs from which the mining node is given the aforementioned ‘slot leader’ role.  

A single epoch can be partitioned infinitely, meaning that Cardano blockchain is, in theory, infinitely scalable. As such, it is possible to run as many transactions as needed without hitting a snag. 

2. Interoperability

Interoperability, in the blockchain’s context, refers to the ability of different blockchain networks to exchange data. With this in mind, Cardano aims to establish interoperability between blockchains and legacy systems of the financial industry. Think of transferring money from Ethereum ICOs, for instance, to a bank account via SWIFT. 

To achieve an ecosystem of connected networks, Cardano is exploring the concept of side chains. The concept works by linking both off-chain and on-chain networks via a two-way peg. Cardano is also exploring ways for individuals and financial institutions to selectively broadcast transactions metadata in compliance with Know Your Customer (KYC) and anti-money laundering (AML) policies. 

3. Sustainability

Cardano’s sustainability seeks to promote the future development of the blockchain network by ensuring the project is under sound management and has access to sufficient funds. 

While ICOs and patronage are the most common models for raising funds and managing a blockchain project, they pose a risk of centralization. This risk arises when a well-endowed company invests a huge amount of grant to a project and thus has authoritarian control over the development of a project. For this reason, Cardano has adopted a long-term financing model similar to the one created by Dash cryptocurrency. 

In this model, there is an entity known as the Treasury that holds grants. Every time a new block is added to the chain, part of that block’s reward goes to this entity – the Treasury. 

So, when developers want to contribute to the Cardano blockchain’s growth, they’re required to submit their proposal to the Treasury to ask them for grants. The Cardano ecosystem stakeholders will then vote on the viability of the proposal and decide whether to give the developer grants. If approved, the developer will be awarded the grant for development. 

Using this financing model, the control and development of the entire Cardano blockchain is left at the hands of the participants, thereby eliminating bureaucracy. This also goes a long way in preventing forking since changes/development of the network are implemented if only a majority of the voters approve it. 

Conclusion

Cardano can be described as a futuristic project committed to driving mass adoption of blockchain and cryptocurrencies. Its academic and research-driven approach to blockchain advancement is indeed a noble and worthy cause to solve the problems hindering blockchain adoption. However, the project’s feasibility remains theoretical; therefore, its success depends largely on the execution of the development plans. 

Categories
Cryptocurrencies

Monerujo wallet Review: What Makes This Android Crypto Wallet App Unique?

Monerujo, the android wallet for Monero, is considered the first-ever open-sourced mobile app that Monero altcoin users can rely on to store and manage their XRM altcoins. And while it is not the official Monero smartphone app, it has been developed by Monero community experts. It also features prominently on the list of best wallet apps recommended by the Monero network developers.

Monerujo wallet app

Monerujo, the android wallet for Monero, is considered the first-ever open-sourced mobile app that Monero altcoin users can rely on to store and manage their XRM altcoins. And while it is not the official Monero smartphone app, it has been developed by Monero community experts. It also features prominently on the list of best wallet apps recommended by the Monero network developers.

Monerujo, the android wallet for Monero, is considered the first-ever open-sourced mobile app that Monero altcoin users can rely on to store and manage their XRM altcoins. And while it is not the official Monero smartphone app, it has been developed by Monero community experts. It also features prominently on the list of best wallet apps recommended by the Monero network developers.

But how safe is this Android-only mobile wallet app? We seek to answer this question and tell you everything you need to know about the Monerujo wallet in this review. We will look at its key operational features, security measures in place, and ease of use. Additionally, we will provide you with a step-by-step guide on setting up, sending, or receiving XRM coins to your Monerujo wallet.

Monerujo key features:

Multi-account support: Monerujo is a multi-account crypto wallet. This implies that there is no limit to the number of user accounts and wallets addresses that you can create and host on the Monerujo wallet. More importantly, there is no limit to the number of XRM coins you can store in a Monerujo wallet.

Pay BTC addresses: You don’t have to leave your wallet or engage in lengthy and time-consuming XRM-BTC conversions to make payments on a BTC store. Monerujo currently allows you to pay into a Bitcoin address directly, without going through a crypto exchange.

Lightweight wallet app: Monerujo is a light wallet that doesn’t require you to download the full node blockchain into your phone. Rather, the wallet app uses remote nodes to synchronize the app functions with the Monero Blockchain. This ensures that the crypto wallet app doesn’t drain your phone’s storage, RAM, or battery life.

Integrates hardware wallet: Monerujo is a Monero-only wallet, but to expand the scope of the number of supported cryptos as well as its security features. Currently, Monerujo integrates Ledger Nano S that, in turn, supports over 1000 cryptocurrencies and tokens.

Security and privacy features:

Password encryption: Like most other crypto wallet apps, Monerujo is secured with a password that you set when installing and creating a user account. The password also serves as a security tool that is used by the wallet to encrypt all the user data stored therein – including private keys.

Open sourced: Monejuro is an open-sourced and community-led crypto project. Its source code is available on GitHub and is open for viewership, auditing, and critique by its users and the crypto community. This makes Monejuro one of the most transparent crypto wallet apps.

F-droid privacy: The Monero network and XRM coins take pride in guaranteeing your transactions’ security and transparency. And to achieve this and avoid leaving digital footprints when you download the wallet app from your Gmail-linked Google Play Store, Monejuro is now available on the ultra-private F-Droid app repository.

Hierarchically deterministic: The Monejuro crypto wallet app is also hierarchically deterministic. This implies that every time you initiate a crypto transaction, the wallet auto-generates a new public address, effectively masking your real address and throwing-off any would-be crypto trackers.

Non-custodial: Monejuro doesn’t store your private keys within the Monero Foundation servers. Instead, these are encrypted and stored within your smartphone, giving you absolute control over your private keys.

Recovery seed: When installing the crypto wallet app and creating a user account, you will be provided with a series of random phrases that form your recovery seed. The seed comes in handy when you are looking to recover private keys from a lost wallet.

How to set up and activate the Monerujo wallet

Step 1: Download the Monejuro crypto wallet app from Monejuro official website, Google Play Store GitHub, or the F-Droid mobile app repository.

Step 2: Install and launch the app. Click on ‘Create New Wallet’

Step 3: Create a unique username for the wallet

Step 4: Create a password for your wallet

Step 5: Click on ‘Make Me A Wallet Already’ to authorize the wallet to generate public and private wallet addresses.

Step 6: The phone screen will now display all the important wallet information, including its Public address, view key, and Spend key, wallet restore key and a mnemonic seed that comprises 25 random words. Write these words down and keep them safe offline.

Step 7: Click on the “I Have Noted The Mnemonic Seed” to complete the setup and access your wallet’s user dashboard.

How to add/receive coins to Monerujo wallet

Step 1: Log in to your Monerujo wallet, and on the user, dashboard click on the green ‘Receive’ button

Step 2: The wallet will display both the wallet address and QR code, copy either and forward and to the party sending you XRMs

Step 3: Wait for the funds to reflect in your wallet – may take up to 20 minutes.

How to send crypto from Monerujo wallet

Step 1: Log in to your Monerujo wallet app and click on the Orange ‘Give’ button

Step 2: The app will display a transaction page where you can enter the recipient’s wallet address, Payment ID (optional) and private note (optional)

Step 3: Enter the number of coins you wish to send. This can be expressed in the form of XRM altcoins or any of the supported fiat currencies.

Step 4: Check the accuracy of the transaction details and hit ‘Confirm.’

Monerujo wallet ease of use

Monerujo’s crypto wallet’s onboarding process is relatively straightforward. It doesn’t request personal information from the user when creating a wallet. The user dashboard is also easily navigable, and so is the process of sending and receiving XRMs into the wallet.

Monerujo wallet supported currencies and countries.

Monerujo is a Monero-first crypto wallet that is specially designed to store and help manage XRM coins. It, therefore, will only support Monero cryptocurrency.

Monerujo wallet cost and fees

Downloading and installing the Monerujo crypto wallet app is free. Plus, the wallet does not charge you for storing your Monero altcoins therein.

You will, however, be charged Monero network fees every time you initiate a transfer out. This fee is typically influenced by the level of anonymity you want to achieve with the transaction (the Ring Size) and the transaction processing speed. Typically, large ring size and high transaction priority levels translate to higher transaction fees and vice versa.

Monerujo wallet Customer support

Monerujo has a readily available and highly responsive customer support team. In addition, you can contact them by raising a support ticket on the Monejuro wallet website, sending them an email, or interacting with the development team via their respective handles on such social media platforms as Reddit, Telegram, or Twitter.

What are the pros and cons of using Monerujo wallet

Pros:

  • The open-sourced nature of the Monerujo crypto wallet guarantees maximum security and transparency.
  • Monerujo doesn’t collect or store any information that may be personally identifiable to you.
  • It is highly versatile and makes it possible to pay a Bitcoin address directly from a Monero wallet.
  • It is highly convenient as it is accessible on mobile platforms.

Cons:

  • Monerujo is Android only crypto wallet app
  • It will only support money crypto coins
  • It is unregulated

Comparing Monerujo wallet to other Monero specific wallets

Monerujo wallet vs. MyMonero

Monerujo and MyMonero are both lightweight wallets, specially designed to store Monero cryptocurrencies. They are to the extent that they will only support Monero altcoins, allow for anonymous user registration and transaction processing, and allow you to set the transaction fee.

But while Monerujo is an online-only wallet app, MyMonero is a cross-platform vault available as a web-wallet, desktop app, and iOS app. Monero, however, carries the day when it comes to compatibility with hardware wallets as it integrates ledger Nano S and its ability to pay into bitcoin addresses directly.

Verdict: Is the Monerujo wallet safe?

Well, Monerujo has embraced premium security and anonymity measures aimed at keeping your digital assets. For instance, it facilitates the execution of anonymous crypto transactions. It doesn’t collect or keep logs of a user’s private information. It is highly encrypted and also built on open-sourced technology.

These features, plus the fact that you can download the app on the highly anonymous F-Droid repository, make Monerujo one of the most secure crypto wallet apps. However, we must mention that being an online-based wallet, Monerujo is exposed to common challenges facing hot wallets – like phishing and hacking – especially since it doesn’t support 2FA. 

Categories
Crypto Daily Topic

How Blockchain Technology Can Empower Influencers and Content Creators

Every advertising model in the history of marketing has experienced a plateau effect after a period of massive success. From the era of billboards, audio-visual mediums, to print media, advertising agencies have learned not to be fixated on one advertising model if indeed they want to keep up with the dynamic consumers’ behavior and connect with the target audience. This explains why digital advertising, as a new marketing strategy, has become increasingly popular among advertising agencies. By 2021, statistics show that the digital advertising budget will grow to more than $330 billion. 

Every advertising model in the history of marketing has experienced a plateau effect after a period of massive success. From the era of billboards, audio-visual mediums, to print media, advertising agencies have learned not to be fixated on one advertising model if indeed they want to keep up with the dynamic consumers’ behavior and connect with the target audience. This explains why digital advertising, as a new marketing strategy, has become increasingly popular among advertising agencies. By 2021, statistics show that the digital advertising budget will grow to more than $330 billion. 

Every advertising model in the history of marketing has experienced a plateau effect after a period of massive success. From the era of billboards, audio-visual mediums, to print media, advertising agencies have learned not to be fixated on one advertising model if indeed they want to keep up with the dynamic consumers’ behavior and connect with the target audience. This explains why digital advertising, as a new marketing strategy, has become increasingly popular among advertising agencies. By 2021, statistics show that the digital advertising budget will grow to more than $330 billion. 

Within the digital advertising space, influencer marketing is fast-rising as a new marketing tool. The model capitalizes on social media users with a huge following to whom they recommend products or services. Similarly, brands are also aligning themselves with digital content creators whose craft is used on social media platforms as a marketing tool. As such, hiring the right content creators and influencers is considered an effective way of reaching customers as it can shift a brand’s image from obscurity into the limelight. 

Obstacles in Influencer Marketing and Content Creation 

Despite the success of influencer marketing, various hurdles are threatening the effective operation of this advertising model. They include:

1. Fraudulent influencers

With brands expected to increase their influencer marketing budget, it’s unfortunate that not all of them will get appealing results from influencer campaigns. The poor results can be blamed on fraudulent influencers who have created bogus followings and engagements using bots. When a brand hires such an influencer, it’s likely that their marketing campaign won’t be as effective as expected. 

While there are tools to scrutinize influencer campaigns’ effectiveness, the data collected is highly questionable since influencers can manipulate the engagements and even buy fake followers. That said, there is a need for a trusted tool that can evaluate influencers’ success and validate their engagements. 

2. Unreliable settlement systems

Usually, influencers and content creators are paid a one-time fee for their craft. On the other hand, brands and marketers use this craft to earn more engagement and impressions, which translates to more sales. However, there are huge discrepancies between profits from the increased sales and the one-time fee paid to influencers and content creators. Brands end up making more money than the initial amount they pay influencers and content creators for their marketing services. Similarly, brands may also pay way too much for influencer marketing, yet fail to achieve the marketing campaigns’ desired results. 

An ideal payment system would evaluate the impressions, engagements, and successful sales from influencer marketing and compensate them accordingly. This way, influencers will be fairly paid, while brands will be assured of getting value for their marketing budget. 

3. Third-party agencies

Brands spend a significant amount of money and time when hiring an influencer or content creator to market their product. From the actual budget for paying an influencer to the amount paid to marketing agencies who outsource influencers, the cumulative cost of influencer marketing is quite high, especially for small businesses. Moreover, the platforms on which influencers use to market the products tend to take a huge chunk off the marketing budget, which in turn reduces eats into the amount paid to an influencer. 

Blockchain as a solution

Blockchain is already known as the technology driving cryptocurrencies, but its application exceeds the digital assets space. In the influencer marketing niche, this technology can be used to overcome obstacles and streamline processes in the following ways: 

1. Guarantee authenticity of influencers

Blockchain can be used as a distributed ledger to create a system that logs influencers’ data such as previous works, number of followers and engagements, and reviews. The data is recorded in real-time, which allows brands to evaluate genuine comments and engagements, thereby ascertaining an influencer’s authenticity. Moreover, the system can also verify an influencer’s followers’ identities, mitigating the fraudulent influencer menace. 

2. Efficient payment systems

To ensure that influencers are fairly compensated, a blockchain-powered payment system can be built to include marketing data such as reach, clicks, impressions, and conversions. These datasets detail the value generated from the marketing campaign, which means that an influencer will be paid based on their craft’s success. Also, Brands will be guaranteed of marketing return on investment (ROI) as it is possible to track marketing goals and pay influencers depending on whether these goals have been achieved or not. 

Additionally, the use of smart contracts in these payment systems will help avoid settlement delays experienced in the traditional payment processes. As such, influencers and content creators will no longer have to wait long before they’re paid their dues. Payments are automatically disbursed once the marketing team approves the content. 

3. Decentralize marketing

By implementing a blockchain-driven influencer marketing platform, third-parties such as marketing agencies become obsolete. Therefore, brands and businesses can interact directly with influencers and content creators without incurring outsourcing fees charged by marketing agencies. Influencers are also freed from the conventional centralized platforms, the likes of Instagram and YouTube that charge a substantial amount of money for running ads. With the monopoly of centralized platforms out of the way, micro-influencers will have an equal opportunity to showcase their craft without facing unnecessary stiff competition from macro-influencers. 

At the moment, there is little hope, if any, that blockchain-based influencer marketing tools will fulfill their promises to content creators and marketers working on influencer campaigns. This is because developers tasked with building these tools have no experience in influencer marketing; thus, they may fail to address the fundamental issues ailing the industry. Nonetheless, there are some noteworthy tools with a feasible work plan that makes them likely to succeed in offering solutions to the influencer market. These include: 

i) Steemit

Steemit is a decentralized microblogging and social media platform where users are rewarded with the native STEEM cryptocurrency for creating and curating content. Similar to Reddit, Steemit has upvotes and downvotes functions that measure the value of the content. 

ii) Boosto

Boosto takes a unique approach in empowering influencers in that it enables them to build their online stores on the Ethereum blockchain. This way, influencers, who also double up as content creators, have absolute control of their crafts and thus can choose who views it. The craft can be digitized or rather converted to digital tokens, which can be auctioned to followers. 

Boosto has also partnered with dApps developers to build sales tracking tools that monitor genuine engagements. This goes a long way into ensuring that influencers on the platform are genuine and have real followers, unlike traditional social media platforms. 

iii) Creator coin

Creator coin is a digital currency launched by Rally, a startup company committed to promoting interactions between content creators and their fans. Using this digital currency, influencers can recreate their customized cryptocurrency, which they can use to reward their followers and build engagements. For instance, an online streamer can create a cryptocoin and award it to fans who spend time watching their live streams. In turn, the fans could use the custom-branded crypto to buy virtual items from the same streamer or another one who shares the same platform. Influencers can also sell their services and products to fans who pay for them using Creative coin. 

Conclusion 

Influencer marketing, being a relatively new model of advertising, is faced with unprecedented obstacles that existing technologies have failed to address adequately. Emerging technologies, particularly blockchain, can be deployed to offer solutions that mitigate these challenges and build a virtual economy that supports the growth of content creators. As influencer marketing grows, it, therefore, becomes necessary for stakeholders to utilize blockchain technology to increase the effectiveness of this new marketing model. 

Categories
Cryptocurrencies

NEM Mobile Wallet Review: How Safe Is This NEM Network Crypto Wallet?

NEM Mobile wallet is the official smartphone app vault for the New Economy Movement (NEM) network.

NEM Mobile wallet app

NEM Mobile wallet is the official smartphone app vault for the New Economy Movement (NEM) network.

NEM Mobile wallet is the official smartphone app vault for the New Economy Movement (NEM) network.

It is the light version of NEM’s desktop client and home to NEM network’s native token – XEM. And in addition to hosting virtually all the desktop wallet features, NEM mobile wallet is more convenient, especially when you consider its portability and relatively faster transaction processing speeds.

Launched in 2014, NEM mobile wallet is specially designed to provide the most secure and highly intuitive vault for XEM and other cryptos developed on the NEM network.

In this review, we will be looking at the measures taken by its developers to ensure the wallet achieves these two functions. We also highlight such factors as ease of use, supported crypto, and pros and cons before comparing it to the NEM desktop wallet.

Key features:

Versatile: NEM mobile wallet app is available for smartphones using iOS and Android operating systems.

Synchronization with the desktop client: You can easily synchronize the NEM mobile wallet with its NEM desktop client. Synchronizing the two wallets ensures that transactions initiated on the mobile wallet reflect on the desktop client in real-time and makes it possible for you to export accounts created on the mobile app to the desktop wallet.

Multi-account support: There is no limit to the number of NEM user accounts you can create using the mobile wallet. And you can also manage them via the app or export them to the desktop client to generate blocks for XEM transactions.

Send XEM/Mosaics/Messages: The app allows you to send and receive XEMs and other NEM network-based tokens. Interestingly, you can also use the app to send Mosaics and personalized messages to other NEM wallet users.

Security and privacy features:

Password and 2FA: When installing the NEM mobile app and creating a user account, you will be required to secure the crypto wallet app with a multi-character password. You also have the option of fortifying this wallet app further by activating the two-factor authentication feature.

Hierarchically deterministic: The wallet app also guarantees the privacy of your private keys by virtue of being hierarchically deterministic. This implies that every time you initiate a transaction, the wallet auto-generates a new address. This minimizes the exposure of your real wallet address and makes it hard to track your crypto transactions.

Multi-signature: NEM Mobile wallet also supports the multi-signature functionality that allows for the creation of multi-signature contracts. It also means that the wallet is sharable.

Military-grade encryption: All the data collected and stored within the NEM mobile wallet app is highly encrypted. This includes the private keys, your data, and outgoing mosaics and messages.

Non-custodial: NEM mobile wallet app is also non-custodial and doesn’t store the private keys for your XEMs on the NEM Foundation servers. Instead, these are stored in your device, giving you absolute control over your digital assets.

External backup: In addition to exporting your accounts to the NEM desktop client, NEM mobile app also allows you to back up your private keys by exporting them to an external drive.

Community-led development: The NEM network and wallets are managed and maintained by a group of independent blockchain experts elected by the NEM community. The community’s involvement in pioneering developments and auditing the wallet’s code goes a long way in guaranteeing the transparency of the crypto wallet.

How to set up and activate the NEM Mobile wallet

Step 1: On the official NEM Network website, download the NEM mobile app that’s compatible with your phone’s operating system

Step 2: Install and launch the wallet

Step 3: Agree to the NEM wallet app warning about backing up your funds and responsibility for the funds

Step 4: Set a strong multi-character password for your NEM wallet app

Step 5: Click on ‘Add Account’ to create a user account and wallet address

Step 6: Back up the generated private key for the wallet by copying it and saving it in the phone or write it down to save it offline

Step 7: Your NEM wallet app is now active and ready to use

How to add/receive coins to NEM Mobile wallet

Step 1: Log in to your NEM mobile wallet, and on the user dashboard, click ‘Receive.’

Step 2: Copy your wallet address or its QR Code and send either to the party sending you XEM tokens

Step 3: Wait for the tokens to reflect on the crypto wallet app

How to send crypto from NEM Mobile wallet

Step 1: Log in to your NEM mobile wallet, and on the user dashboard, click ‘Send.’

Step 2: On the next window, key in the recipient’s wallet address and the amount of XEM tokens you wish to send

Step 3: Enter the message you would like to send (optional) and enter the maximum transaction fees

Step 4: Confirm the accuracy of these details and hit ‘send.’

NEM Mobile wallet ease of use

NEM mobile wallet’s onboarding process is easy and straightforward. The crypto app’s user interface is also easy to navigate and specially designed for beginner traders. The processes of sending crypto out and into the wallet are also easy and straightforward.

NEM Mobile wallet supported currencies

NEM mobile wallet is the official crypto vault for the NEM network. Therefore, it will only host the network’s native cryptocurrency – the XEM Token – or other cryptos built using the NEM network technology. It won’t support such legacy coins as Bitcoin and Ethereum. It also doesn’t have an integrated exchange where you can convert your fiat and cryptocurrencies for XEM tokens.

NEM Mobile wallet cost and fees

Downloading and installing the NEM mobile wallet app is free. You also won’t be charged for creating a user account or holding your private keys in the wallet. However, you will be charged a small transaction fee every time you send XEMs to another wallet or exchange.

The network has embraced the Reduce by fee transaction pricing model. This gives the choice of setting your desired transaction fee, where higher fees translate to faster transaction processing and vice versa.

What are the pros and cons of using NEM Mobile wallet

Pros:

  • NEM Mobile wallet is highly intuitive and beginner-friendly
  • The wallet is considerably secure and embraces such premium security and anonymity features like two-factor authentication, military-grade encryption, and HD wallets
  • The crypto wallet app simplifies the process of backing up your private keys to external drives and offline
  • The wallet has never been hacked
  • Its open-sourced nature and community-led development nature provide users with a transparency guarantee

Cons:

  • The mobile wallet will only support XEM tokens
  • The mobile wallet app is still exposed to the inherent risks associated with online crypto vaults

Comparing NEM Mobile wallet to other NEM wallets

NEM Mobile wallet vs. NEM Nano Wallet

The NEM mobile wallet and NEM desktop client (also known as Nano wallet) are the official crypto storages for the NEM network. They host an almost similar number of features and are also designed to achieve similar roles. The desktop client, however, hosts more operational and security features than its mobile counterpart. The mobile wallet app can, on the other hand, be considered more efficient and easier to use.

Verdict: Is the NEM Mobile wallet safe?

Well, the mobile crypto app has put in place several safety and anonymization measures that are aimed at keeping your cryptos safe. These include enabling two-factor authentication, open sourcing the wallet technology, bringing onboard blockchain experts for the wallet’s development and maintenance, and supporting offline backups for your private keys. And all these, plus the wallet’s highly intuitive interface, make NEM mobile one of the friendliest and most secure crypto wallet apps. This security guarantee is backed by the fact that the wallet app has never been hacked.

Categories
Crypto Daily Topic

How Blockchain Can Transform the Tourism Industry 

Since the introduction of online flight booking, the global tourism industry has grown exponentially – thanks to the convenience of making flight reservations from a mobile device. Despite the efficiency brought by such technologies, the travel industry is populated by a myriad of intermediary companies that make traveling quite a hassle. From flight companies, travel agents, tour operators, to destination management companies, all of which defeat the purpose of using travel solutions for convenience. Additionally, throughout the travel, customers’ data is exchanged numerous times, which ends up compromising their privacy, especially if the systems used aren’t secure enough. 

Since the introduction of online flight booking, the global tourism industry has grown exponentially – thanks to the convenience of making flight reservations from a mobile device. Despite the efficiency brought by such technologies, the travel industry is populated by a myriad of intermediary companies that make traveling quite a hassle. From flight companies, travel agents, tour operators, to destination management companies, all of which defeat the purpose of using travel solutions for convenience. Additionally, throughout the travel, customers’ data is exchanged numerous times, which ends up compromising their privacy, especially if the systems used aren’t secure enough. 

Since the introduction of online flight booking, the global tourism industry has grown exponentially – thanks to the convenience of making flight reservations from a mobile device. Despite the efficiency brought by such technologies, the travel industry is populated by a myriad of intermediary companies that make traveling quite a hassle. From flight companies, travel agents, tour operators, to destination management companies, all of which defeat the purpose of using travel solutions for convenience. Additionally, throughout the travel, customers’ data is exchanged numerous times, which ends up compromising their privacy, especially if the systems used aren’t secure enough. 

Just as Bitcoin was conceived as a method of bypassing financial intermediaries, its underlying technology – blockchain, can also be used in the tourism industry. The technology will enable customers to interact directly with service providers making traveling less of a hassle while also safeguarding their privacy. 

Potential use cases of blockchain in travel 

Blockchain technology is lauded for its high data security, immutability, and decentralization. These are the fundamental properties most industries seek to leverage. Here’s how the tourism industry can make use of this revolutionary technology: 

1. Decentralized booking marketplaces

Although intermediaries in the tourism industry aim to make traveling less hectic, their services make traveling expensive. For instance, online travel agencies (OTAs), despite helping customers book flights and accommodation, usually charge a service fee, which adds to the overall cost of traveling. 

With the employment of blockchain technology, a decentralized booking marketplace is created where intermediaries become obsolete. Travelers are connected directly to flight companies, hotels, and other service providers, making traveling more affordable. Moreover, without intermediaries, customers’ experience is enhanced as they can make seamless transactions with minimal delays. 

Smart contracts could serve as automated intermediaries that utilize data oracles to source a range of relevant services like traditional OTAs. Smart contracts will hold funds in escrow as remotely executable agreements and release them when and if services are properly offered. 

2. Secure payment systems

The traveling process is characterized by numerous payments right from flight booking to accommodation and everything in between. Unfortunately, customers’ privacy of their financial details isn’t guaranteed, which means they are at risk of identity theft or even losing their funds to hackers. Also, to make these payments, travelers must carry debit cards or fiat cash, which can be cumbersome, not to mention the risk of theft. 

If the tourism industry was to integrate blockchain technology into their payment model, all transactions would be done using cryptocurrencies. As such, travelers’ financial details will be secured, protecting their privacy while minimizing fraud. What’s even better is that paying using cryptocurrencies eliminates the need to carry cash or use third-party payment processors such as Visa and MasterCard. With the intermediaries out of the way, payment transactions become more affordable, especially cross-border payments. 

Since blockchain technology can create a seamless inventory tracking mechanism, it can also be used to track payments. This will ensure flights are booked to a maximum capacity only, preventing overbooking, which can ruin an airline’s publicity. 

3. Identity management

Identification services play a crucial role in the tourism industry as it helps promote security. Immigration officials are always keen when verifying travelers’ identities in compliance with national security guidelines. However, identity verifications tend to be time-consuming and repetitive, resulting in long queues at airports and hotel check-ins. 

Blockchain can transform the current identity verification process by creating an immutable database containing the necessary details of a traveler. This way, identity verification will be reduced to a simple fingerprint or iris scan instead of the traditional document verification. As a result, there will be fewer check-in times and shorter or no queues in airports, facilitating a time-efficient experience. 

Relevant authorities can also share the necessary data required for identity verification without compromising travelers’ privacy. This is enabled by blockchain’s zero-knowledge protocol that allows parties in a peer-to-peer network to verify specific data’s accuracy without revealing it to each other. 

Also, if all governments were to use blockchain in identity verification, passports would be rendered obsolete. This would, in turn, reduce verification time and unite all nations in providing digital passports for efficient traveling experience. 

4. Baggage management

It is estimated that airlines lose about two bags for every 1,000 passengers. While the odds may seem almost negligible, it’s disappointing to lose your luggage, especially if it contains essential business documents or other valuables. In most cases, baggage mishandling and loss is as a result of human error since multiple parties are involved in the handling process throughout one’s journey.

Moreover, each of the involved entities in the baggage handling process, from the airline, security personnel to ground staff, all have different baggage tracking infrastructures that operate in isolation. As such, when reconciling their databases, discrepancies may occur, resulting in loss of luggage. 

In collaboration with AI and sensor technologies, blockchain can be used to monitor and track travelers’ luggage. Also, tracking data is recorded on a distributed database that can be shared among entities responsible for handling baggage, eliminating the baggage loss menace facing the tourism industry. 

5. Customer reward system

Airlines, travel agencies, and even hotels offer customer reward systems to win new customers and incentivize loyal ones. However, there have been complaints that these programs are too restrictive and limited to a small set of rewards. 

Moving the reward system to a blockchain network means that rewards will be issued in the form of digital tokens. This enhances transparency in the way rewards are issued, which then improves customers’ trust. The tokens can be exchanged or rather redeemed for a variety of products from different providers, unlike traditional loyalty programs, where the rewards are restricted to specific rewards. Various entities within the travel industry can also collaborate in offering digital token as rewards. This way, the tokens can be exchanged easily between the entities, allowing customers to compare the relative value of schemes and rewards they offer. 

6. Transparent business rating

Before traveling to new destinations, it’s common for one to read reviews of either the hotel or airline one will be using. There are even dedicated platforms where users share their experiences and rate destinations, airlines, and accommodation hotels. Although some of the reviews may be genuine, others are outright fake and fabricated by the service providers to attract more customers. These fraudulent activities have become rampant due to increased competition among service providers. If a user’s experience is different from what they read in online reviews, it breeds mistrust and ruins the reputation of the service provider. 

The transparency offered by blockchain technology could go a long way into ensuring that online reviews are genuine, therefore, restoring consumer trust. In this case, the reviews of customers are made public in a secure blockchain platform, ensuring everyone sees and verifies its accuracy. 

7. Travel insurance

Blockchain is best suited for application in travel insurance to ensure data integrity for fair compensation of claims. For instance, say, an insured customer loses their bag and makes a claim to the insurance company. A smart contract using data oracles within a decentralized network could validate a claim and ascertain if the agreed thresholds have been met. Upon verification, the claim is automatically settled through cash deposits or refunds in delayed flights. 

Conclusion 

The travel industry is a fertile ground for blockchain technology to thrive, given the wide network of intermediaries that create a tangled web of interaction in a travelers’ journey. That said, only the established industry players can lead to the adoption of blockchain in tourism. This is because they hold the resources needed to materialize proof of concept of blockchain solutions and advocate for their use. 

Categories
Cryptocurrencies

Bread Wallet Review: How Safe Is This Crypto Wallet App?

Bread Wallet started as a Bitcoin-only crypto wallet built on the iOS platform. Also known as BRD, Bread wallet was established and launched to the market by BREAD, a Switzerland-based technology company, in 2015. According to their website, the app is focused on privacy, the security of the private keys, and simplicity. In the past few years, the Bread wallet has been subjected to several upgrades that, among other things, ensured it increased the number of supported currencies and introduced the BRD android app.

Bread Wallet app

Bread Wallet started as a Bitcoin-only crypto wallet built on the iOS platform. Also known as BRD, Bread wallet was established and launched to the market by BREAD, a Switzerland-based technology company, in 2015. According to their website, the app is focused on privacy, the security of the private keys, and simplicity. In the past few years, the Bread wallet has been subjected to several upgrades that, among other things, ensured it increased the number of supported currencies and introduced the BRD android app.

Bread Wallet started as a Bitcoin-only crypto wallet built on the iOS platform. Also known as BRD, Bread wallet was established and launched to the market by BREAD, a Switzerland-based technology company, in 2015. According to their website, the app is focused on privacy, the security of the private keys, and simplicity. In the past few years, the Bread wallet has been subjected to several upgrades that, among other things, ensured it increased the number of supported currencies and introduced the BRD android app.

This review will determine if the Bread wallet app is indeed the safest or the most intuitive crypto wallet app. And we hope to achieve this by highlighting its critical operational and security features, ease of use, and customer support level before comparing it with equally popular crypto wallets.

Key features:

Light mobile wallet: BRD is a lightweight mobile wallet that does not require you to download a full node blockchain into your phone.

SPV functionality: Bread Wallet also leverages the Simplified Payment Verification (SPV) technology to guarantee your Bitcoin transactions’ speedy yet safe execution. And it achieves this by establishing direct communication channels with the Blockchain.

Supports credit card purchases: While Bread Wallet doesn’t have an inbuilt exchange, it has made it possible for you to purchase the supported cryptocurrencies using a credit card. Recent updates to the wallet have also introduced several ways that you can use to buy crypto. These include purchases via bank transfers, in-person purchases at a Bitcoin ATM, and even crypto-dispensing convenience stores.

Multi-blockchain platform: At the time of launching the Bread wallet, it could only support the Bitcoin blockchain. However, several upgrades to the wallet have seen the wallet integrate more cryptocurrencies and their respective blockchain networks.

Security and privacy features:

Password and biometric support: Bread Wallet app embraces a multi-layered security structure. When installing the app, you are requested to set a 6-digit passcode to secure your wallet. You can also add such biometric security features as the Touch and Face ID that you can use to further secure your wallet.

Open source: The bread crypto wallet app is built on an open-sourced technology. This implies that anyone can view and audit its source code for the presence of malicious codes or security loopholes – making BRD one of the most transparent wallet apps available today.

Hierarchical deterministic: The wallet is also hierarchically deterministic, which goes a long way in guaranteeing the privacy of your transactions. For every transaction you initiate, the wallet will automatically generate a new public address, effectively masking your real wallet address and making it hard to track your crypto spending.

Non-custodial: BRD wallet app stores your private keys within your mobile device and not on the company servers – giving you absolute control over your digital assets.

Supports anonymous trading: One of the BRD Wallet’s key features is its commitment to privacy and support for anonymous trading. When installing the wallet and creating a user account, BRD does not ask for any name, email address, phone number, or personal information. It also doesn’t keep logs of your crypto transactions on their company servers.

Highly encrypted: The data stored within the BRD wallet, especially your passwords, private keys, and transaction history, is also highly encrypted.

How to set up and activate the Bread Wallet

Step 1: On your phone’s Google play store or Apple AppStore, search for and download Bread Wallet

Step 2: Install the app, and upon launching, click on ‘Create New Wallet.’

Step 3: Create a unique 6-digit passcode for the wallet

Step 4: The app will now provide you with 12 random words that form your recovery seed. Write them down and store them safely offline.

Step 5: Your wallet is active and ready to use

How to add/receive coins to Bread Wallet

Step 1: Log in to your wallet and on the user dashboard, click on the ‘Buy’ tab

Step 2: Choose the coin you wish to buy and your preferred payment method

Step 3: Fund your account, and the app will automatically convert the Fiat deposit into a digital asset.

Alternatively:

Step 1: Log in to your wallet and click the ‘Receive’ tab on the wallet dashboard

Step 2: The wallet will present you with a wallet address and QR Code. Copy either and forward it to the party sending you cryptos

Step 3: Wait for the funds to reflect on your wallet.

Note: In some countries, the Wallet app integrates a map that highlights the different Bitcoin ATMs available

How to send crypto from Bread Wallet

Step 1: Log in to your BRD wallet app and on the user dashboard, click on the ‘Send’ tab

Step 2: If you have multiple cryptos stored here, select the crypto you would like to send

Step 3: Enter the recipient’s wallet address or scan their QR code and then enter the number of coins you would like to send

Step 4: Confirm the accuracy of these transaction details, hit send, and enter your wallet password to authorize the transfer.

Bread Wallet ease of use

Bread Wallet has one of the easiest and straightforward onboarding processes. You only need to download the wallet and create a passcode to activate it. Unlike most other crypto wallet apps, BRD does not request for your personal information.

The processes of adding and sending cryptos in/out of the wallet are also easy. For instance, you have the option of funding your wallet app by depositing coins from other wallets/exchanges or making a purchase via your credit card.

These, plus the wallet’s highly intuitive user interface, make BRD a beginner-friendly crypto wallet app.

Bread Wallet supported currencies and countries

Bread started as a Bitcoin-only crypto wallet. However, in the past few years, it has expanded its range of supported cryptos to include Bitcoin Cash, Ethereum, Bread Coin, Stable coins like USDT and DAI, and all ERC-20 tokens.

Accepted Fiat currencies that you can use to but crypto in the app are USD, EUR, GBP, GBO, DKK, and CAD.

Bread Wallet cost and fees

You won’t be charged for downloading and installing or storing your digital assets in the BRD wallet app. You will, however, be charged a small blockchain network fee every time you wish to send cryptos to another wallet or exchange.

Bread Wallet Customer support

Bread Wallet has a readily available and one of the most responsive customer support teams. It starts with an elaborate FAQ section that addresses all the challenges faced by most BRD Wallet users.

Within the app is the live chat features that you can use to engage the BRD support and development team. You can also engage this team on the BRD social media channels on Telegram, Twitter, Reddit, and even Facebook.

Note that BRD Wallet’s rewards scheme also works closely with the support team where you get to unlock support perks depending on the number of BRD Tokens you hold. For instance, you can contact the support team via email or phone if you hold more than 2500 BRD tokens.

What are the pros and cons of using Bread Wallet

Pros:

  • The wallet supports anonymous crypto trading
  • It has embraced several security features aimed at limiting unauthorized access to your wallet
  • It is highly intuitive and beginner-friendly
  • Speeds up transaction processing by connecting directly to the respective blockchains

Cons:

  • It is an online wallet and, therefore, exposed to the inherent risks associated with hot wallets
  • One may consider the mobile crypto app to be too basic
  • It is an unregulated wallet

Comparing Bread Wallet to other multicurrency crypto wallets

Bread Wallet vs. eToro

Bread Wallet and eToro are both multicurrency crypto wallets. They also feature on the list of few wallets that support the purchase of cryptocurrencies using credit cards and bank transfers. More importantly, they have both embraced a multi-layered security approach towards securing the wallets.

But while eToro supports 10+ cryptocurrencies, BRD will only support Bitcoin and Ethereum blockchain-based cryptos. And while BRD may be considered more intuitive and easier to use, eToro carries the day when it comes to the number of integrated operational features – such as the eToro crypto exchange.

Verdict: Is Bread Wallet safe?

Well, the crypto wallet app has put in place several security measures that are aimed at keeping your private keys safe and your crypto transactions anonymous. Key among these is the inclusion of Biometric security features like Fingerprint and Face ID, user data encryption, and the wallet’s open-sourced nature. More importantly, the wallet does not, at any point, ask for information personally identifiable to you or keep logs of your crypto transactions.

Categories
Crypto Daily Topic

What does Blockchain technology have in store for the Insurance Industry 

The insurance industry has had a tough time trying to adapt to maturing markets, economic turbulence, and dynamic customer preferences. This has forced insurers to seek a “winning formula” that will ensure profitability and sustainable long-term growth in an industry overwhelmed by constant disruptions. Part of the ‘winning formula’ for most insurance firms is integrating newer technologies and business-model innovations into their legacy environments. 

The insurance industry has had a tough time trying to adapt to maturing markets, economic turbulence, and dynamic customer preferences. This has forced insurers to seek a “winning formula” that will ensure profitability and sustainable long-term growth in an industry overwhelmed by constant disruptions. Part of the ‘winning formula’ for most insurance firms is integrating newer technologies and business-model innovations into their legacy environments. 

The insurance industry has had a tough time trying to adapt to maturing markets, economic turbulence, and dynamic customer preferences. This has forced insurers to seek a “winning formula” that will ensure profitability and sustainable long-term growth in an industry overwhelmed by constant disruptions. Part of the ‘winning formula’ for most insurance firms is integrating newer technologies and business-model innovations into their legacy environments. 

Blockchain technology can potentially disrupt the insurance industry by improving operational efficiency and mitigating the obstacles facing the insurance sector. As such, insurers are becoming increasingly open to embracing this disruptive technology. Here is how Blockchain is being used in the insurance industry.

1. Fraud detection and claim processing

Insurance firms have for long grappled with fraudulent claims, which accounts for $80 billion in losses per year. Even after investing in anti-fraud technologies, insurers have not been successful in curbing fraud, which eventually robs them off. What’s worse is that consumers are equally affected by fraudulent claims as they are forced to pay more for insurance premiums. 

Most of the fraud cases stem from data fragmentation in the insurance industry. It’s, therefore, possible for fraudulent claims to slip through traditional anti-fraud technologies leading to losses. Besides, claims processing is mainly paper-dependent, which creates room for criminals to modify information and hence make fraudulent claims. 

Blockchain helps insurers solve the fraud problem by providing a transparent and decentralized platform on which data is recorded. In turn, this eliminates the paperwork required in claim processing, meaning that the data can’t be modified. Most importantly, the data can be shared among the involved parties, making it easy to validate a claim.

For example, in travel insurance, an airline company can share flight cancellation data with an insurance firm to ascertain that indeed the flight has been canceled. The insurers will then compensate the consumer who is insured against flight cancellation. Moreover, blockchain is tamper-proof, meaning fraudsters can’t modify the recorded data. 

2. Data management

In the insurance industry, data is essential in the formulation of more customer-based insurance policies rather than just mere products. For example, the automotive insurance sector can draw valuable insights from such data as driving time, behavioral statistics, acceleration, distance covered, and breaking patterns. With these insights, an insurance firm can develop accurate actuarial models and user-based insurance policies. 

For most insurance firms, collecting this type of data has been easy, especially with the advent of the Internet of Things (IoT) devices. However, the problem comes with managing the collected data and storing it in an accessible fashion. With the existing infrastructure, insurance firms store their data in centralized data centers, making them prone to breaches. Even worse, these databases work in isolation, which jeopardizes the collaboration of different departments within a firm. 

Blockchain can be used to manage the large volumes of data collected by insurance firms. Instead of expensive data centers, the technology offers a decentralized and secure network to store and process data. In turn, this promotes collaboration within a firm and even with other entities such as police departments, which also results in efficient claim processing. 

3. Streamlining reinsurance

Reinsurance is a cover for insurers. Simply put, it is when an insurance firm buys an insurance policy from another firm to protect itself against certain risks. For example, a firm can take an insurance cover from another firm to protect itself against the increased cost of claim settlements resulting from mass health epidemics or natural disasters. 

Inefficiencies plague the current model used in reinsurance. First off, the operations are manually processed and determined by a one-off contract. As such, a single contract is explicitly written to cover a  specific event. This results in a single policy being divided between numerous insurers creating data silos that take lots of time to process. Also, an insurer doesn’t just negotiate with one reinsurer but with several of them, which further complicates the whole process. Each of these involved parties uses different data infrastructure resulting in slow data exchange, making the process costly and time-consuming. 

Price Waterhouse Coopers estimates that if the reinsurance industry improves operational efficiency, then they can save up to $10 billion. The primary way to achieve this is by using a blockchain consortium network, which will allow the insurers and reinsurers to communicate and efficiently share data about policies. Besides, considering the fragmentation of a single policy, unified record-keeping in reinsurance is particularly essential. 

4. On-demand insurance

As the name suggests, This is a flexible insurance model where policyholders easily turn their insurance policies on and off. Currently, the on-demand insurance market requires humans to pass a policy from quote, underwriting, to eventually issuance, which costs significant amounts of time and money while also exposing a policy buyer to risk. 

On-demand insurance providers can trade blockchain technology for structured record-keeping from the policy’s inception to disposal. This would eliminate the clerical errors experienced in the current manual model. Built-in Smart contracts can also be deployed to initiate and terminate policies based on predetermined criteria automatically. This would mean fast policy formulation as well as quicker claim processing. 

5. Micro-insurance

Micro-insurance is a policy that covers specific risks for regular premiums. The policy is designed for low-income families and individuals who, in most cases, are unbanked. As such, insurers rely on third-parties such as banks to link them with the policy clientele base.

To make reasonable profits from micro-insurance policies, an insurer needs high volumes of policies. However, the increased distribution cost may sometimes beat the low-profit margin despite a ready market for the policy. 

Blockchain can be used to link insurers directly to the market, thereby eliminating the third-parties, thus reducing the cost of distribution. Digital tokens can be used to make insurance payments, making the policy even more affordable due to the reduced cost of transactions that come with digital assets. 

Achieving widespread adoption of blockchain technology in the insurance industry 

Like any other technology, it will take time before the insurance industry fully integrates blockchain into its systems. But, it doesn’t mean the industry can’t achieve widespread adoption of the technology. For that to happen, the following criteria must be met:

Internal proof of concept

The first step towards adoption is for insurance firms to start in-house projects experimenting with blockchain. This will help them first solve their unique problems affecting efficiency in the firm before trying to solve the challenges facing the wider insurance industry. At the same time, experimenting with blockchain allows firms to learn how blockchain works, which then opens their understanding of how this technology can be applied in the industry. 

Design customer-centric solutions

Blockchain solutions in the insurance industry should be designed with the needs of the customers in mind. Designing solutions-focused entirely on helping a firm may lock out customers since their needs are not met, or rather they are sidelined. 

Conclusion 

The need for blockchain is becoming more apparent in industries seeking to improve operational efficiencies for sustainable long-term growth. With this in mind, the insurance industry needs to embrace blockchain technology to solve the industry’s challenges and, consequently, improve customers’ experience. 

Categories
Crypto Daily Topic

6 Blockchain can Transform Human Resources Management 

In a world where the talent pool is in a constant influx of professionals, hiring the right person for an open position is quite overwhelming for any human resources (HR) department. Recruiters often have to go through numerous résumés, conduct interviews, and chase down references to find the right candidate for a job position. Even with the advent of career networking sites such as LinkedIn and Google jobs, finding qualified professionals is far from seamless. 

In a world where the talent pool is in a constant influx of professionals, hiring the right person for an open position is quite overwhelming for any human resources (HR) department. Recruiters often have to go through numerous résumés, conduct interviews, and chase down references to find the right candidate for a job position. Even with the advent of career networking sites such as LinkedIn and Google jobs, finding qualified professionals is far from seamless. 

In a world where the talent pool is in a constant influx of professionals, hiring the right person for an open position is quite overwhelming for any human resources (HR) department. Recruiters often have to go through numerous résumés, conduct interviews, and chase down references to find the right candidate for a job position. Even with the advent of career networking sites such as LinkedIn and Google jobs, finding qualified professionals is far from seamless. 

It gets even worse considering that millennials, who make up the largest percentage of the job market, are constantly changing their employers after every 2.8 years. In recent years, career paths have evolved in such a way that professionals rarely work their way up to retire as CEOs. Career ladders have become career webs fuelled by globalization, which has empowered professionals to change jobs quite often. 

Given the tedious hiring process and the detrimental consequences of hiring an ill-fitting candidate, HR departments need to upgrade their existing framework by leveraging newer technologies. Blockchain is one such technology though known for disrupting the financial industry; it has the power to transform the way HR interacts with the growing talent pool. 

Most promising Blockchain use cases in HR 

The HR departments being the storage of loads of employees data, blockchain finds various use cases in helping recruiters manage this data. These includes: 

1. Verification of employees

It is estimated that more than 60% of job seekers misrepresent themselves on their résumés. This lack of honesty has breached the trust between job seekers and HR departments, promoting the latter to rely on third-parties such as recruitment agencies who conduct background checks on potential candidates. Unfortunately, traditional verification processes used by these third parties aren’t effective and often resource-draining in terms of time and money. 

Blockchain has the power to transform employees’ verification process by creating a distributed database containing a candidate’s credentials and background data. Universities and colleges can publish an employee’s academic credentials, which are then shared with future employers. The database can also contain an employee’s previous position in another company with additional details such as performance indicators and general workplace conduct, which can be used to determine if a candidate is a good fit. 

All the data logged in this blockchain system is immutable, meaning that job seekers can’t alter nor falsify their credentials. As a result, résumés will become obsolete as recruitment agencies’ role diminishes, saving organizations time and money spent verifying employees’ data. 

2. Enhance data security

Human resources management involves dealing with voluminous data from financial transactions of an organization to sensitive employees’ data related to pay, healthcare, disciplinary records, and banking. This places HR departments at risk of data breaches in the face of rising cybercrimes. 

By implementing a blockchain-based database, HR data is secured, making it almost impossible for cybercriminals to gains access to employees’ and organizations’ records. Moreover, access to data on a blockchain network is limited and controlled, meaning that even those with access can’t arbitrarily make changes to the records. This protects organizations from both internal and external data breaches. 

Adding to its high-security standards, blockchain effectively decentralizes data as a key defense strategy against hacks. Unlike storing data in centralized silos, decentralization of data spreads across a large network of computer nodes, mitigating the risk of data being wiped in a single hacking event. 

3. Streamline payrolls and contractor payments

Most HR’s payment processing is done manually, resulting in time lags as invoices have to be reviewed. Also, banks that process an employee’s payment tend to charge extra fees cumulatively, eating into the overall salary. 

Blockchain payment systems can replace many manual processes, thereby eliminating time lags within the current payroll systems. As such, payments will be reconciled faster with less paperwork ensuring employees get their salary in time. Unlike bank transactions that charge expensive transaction fees, payment processed through blockchain systems charge almost zero transaction fees. This makes them ideal for sending cross-border payments in organizations that hire a remote workforce. 

The introduction of smart contracts can further improve blockchain payment systems by automating payouts ensuring employees are paid quickly without delays. For instance, say, a company hires a contractor and pays them on an hourly basis. Once an agreed number of work hours has been completed, the smart contracts automatically pay the contractor by executing the agreed terms of payment. 

For seamless transactions, smart contracts are linked to the company’s bank account and that of a contractor. As such, the HR department doesn’t need to regularly do a payment run since transactions are recorded in real-time, keeping track of invoices. 

4. Automate taxes and mitigate audit bottlenecks

HR is constantly grappling with evolving tax laws, which are further complicated by other factors such as bonuses, commissions, overtime pay, accumulated paid leaves, and other additional payments. Accounting for all these payments when filing taxes has proven to be daunting, given that the current systems are majorly paper-dependent making them prone to clerical errors. 

Blockchain’s ability to accurately record payment transactions can be deployed to streamline the taxation processes for HR. Therefore, it will become easier for auditors to trace all cashflows within a shorter time, freeing up organizations to concentrate on core business goals. 

Additionally, an organization’s in-house auditors can securely share the cashflow records with the relevant authorities to maintain compliance with tax laws. In the spirit of promoting transparency, all data entries in the blockchain network are protected from manipulation. So, organizations can have peace of mind knowing that they won’t get in the wrong books of the law for fraud or any other accounts manipulation crimes. 

5. Record employee attendance

Along the same line of accurate record-keeping, blockchain offers an ideal way of keeping employees’ attendance data. This is necessary in processing payments based on the number of working hours where disputes may arise in case of inaccurate data. 

ID 2020 is already using blockchain technology to store and verify biometric data such as fingerprint and iris scan. Similarly, human resources can use blockchain solutions to record employees working hours with accurate details of the exact time an employee reported and left the workplace. This data can be used to track attendance and payment systems to ensure fair compensation for wages and claims. 

6. Monitor employees’ professional life

It is possible to record the entire professional life of an employee in a blockchain network. Right from internship to various roles, an employee was assigned, including promotions, which all form a clear picture of the nature of an employee, thus taking subjectivity out of the hiring process. 

Additional data like whether an employee was promoted or the reason they were fired/left a company can also be recorded to help document their successes and failures. This way, employees will be encouraged to embrace their failures and learn from them rather than acting oblivious to them. Most importantly, the data will help companies make better decisions and allow strong performers to rise to the top. Additionally, an employee’s professional data can be shared among employees for efficient referencing. 

Conclusion

Embracing blockchain in human resources management goes beyond streamlining an organization’s operations. Employees are the ones set to benefit immensely from the adoption of blockchain in HR, as it means an organization has the best interest of its workers at heart. This is evident from timely and fair payments, meritocratic hiring process, and other benefits of HR blockchain solutions. Therefore, it important for all organizations to consider experimenting with blockchain to promote a good relationship with their workforce.

Categories
Crypto Exchanges

Trezor Model T: Features, security, pros and cons

“Information stored online can be copied and stolen,” that’s Trezor’s unique selling point. 

“Information stored online can be copied and stolen,” that’s Trezor’s unique selling point. 

“Information stored online can be copied and stolen,” that’s Trezor’s unique selling point. 

Trezor is a hardware wallet – a car-key-sized device that you can use to store, send, and receive most of the major cryptocurrencies. If you’ve not used a hardware wallet before, you might be wondering how you are supposed to view your balances and even transact on such a mini dongle. Stick around to the end as we discuss this and much more.

For starters, a hardware wallet is a physical device that stores private keys used for signing cryptocurrency transactions. Contrary to potential misconception, it does not store the actual funds, just the keys. 

Trezor claims superior security and comes in a variety of flavors with different descriptive code names. For example, you will hear Trezor Model T, Trezor One Metallic, Trezor Ultimate Pack, and so on. Trezor Model T is the flagship wallet that was released by SatoshiLabs, the makers of this wallet. 

This review is all about Trezor. We will look at how to acquire one and get it up and running. We will also look at its security, ease of use, customer support, and other aspects that constitute a balanced cryptocurrency wallet evaluation. Stay tuned!

Key Features

  • Hardware wallet – You use a dedicated physical device for storing your private keys.
  • Multi-currency support – Trezor supports most of the major currencies.
  • Excellent customer support – The product is supported round the clock by a team of specialists.
  • U2F (universal second factor) account reinforcement – This feature works just like two-factor authentication, only that the second factor, in this case, is a hardware device you possess. Trezor’s U2F kicks in when authorizing transactions. This ensures that you never authorize an unknown transaction request.
  • Good reputation – Getting yourself a hardware wallet from a reputable vendor is critical. Imagine buying a cheap device only to find that it slowly siphons your coins to a secret address. Trezor’s reputation among its users will let you rest assured that your money is safe and will always be.

Security Features

Trezor is a hardware wallet, and for this, it boasts of unmatched security. Hardware wallets protect your funds with far greater security than their software counterparts, and it’s easy to understand why – when using these gadgets, your private keys and their associated data never have to see the internet. It’s technically impossible for cryptocurrency hackers to lay their hands on your private keys. 

“But software cold wallets do the same,” some will argue. Well, if you are operating a hot wallet and your computer is compromised by malware, you might be fast running out of luck.  But with a hardware wallet like Trezor, crypto-malware stands no chance.

However, like any other hardware wallet, it is important to take note of the following potential risks:

  • Hardware wallets are usually the target of high-value heists. It is believed that owners of these premium facilities need them because they have too much to store in ordinary software wallets. With more perceived value comes greater risks.
  • Possible product tampering during shipping – Since you are unlikely to fetch the gadget from the manufacturer, the risk that someone along the fulfillment line will alter the device lingers. That goes without saying that you should not purchase a used Trezor wallet, or would you?

Acquiring and Setting up the Wallet

The first step in setting up Trezor is purchasing one, of course! The Model T goes for €149 on trezor.io, its official store. You can also find it on Amazon, thecryptomerchant.com, and probably a few other online shops. Weigh your options then decide. 

Your order has arrived, and you can’t wait to set up your literally shiny new wallet. Follow this quick guide:

  • Unbox the product. You should see the dongle, a USB cable, and two sheets for storing your recovery seeds (this is what you will need to recover your account if you ever lose your Trezor).
  • Connect one end of the USB cable to Trezor and the other to your computer.
  • Once plugged in, the device’s display turns on, and it will ask you to visit trezor.io/start.
  • Visit the web link above. The page has simple instructions on configuring the device. One of the key tasks at this stage is updating the firmware. Click on the “done” button on the page and the “continue” button on the device. Wait for the update to finish, then remove the device and plug it back in. Meanwhile, don’t close the webpage.
  • You will see a “Welcome to TREZOR” message on the web page and an input box for configuring your device’s name. Add a name and save.
  • The next step is setting up your PIN. You will do this on the web page as well. However, the keypad on the web page is a little weird – it is a matrix of dots instead of numbers! The actual keys will be on your Trezor’s mini display. Please note that the keys are not arranged sequentially as you would find on a traditional keypad, and their arrangement changes every time you open it. To set the PIN, tap the dots on the web page – they correspond to the keys on the Trezor display.
  • Confirm your PIN. Note that the keypad arrangement has already changed!
  • Next, you need to set up your recovery seed – very important. This mysterious recovery tool is a set of 24 words that Trezor will display, one at a time and in a specific order. You need to write them down in the order they are presented. There were two sheets of paper in the original box, which are to be used for this purpose. Now, after writing down the words on the first sheet and duplicating, then on the second, you need to store the papers in different locations – that’s how disaster recovery works, different locations.

Just like that, Trezor is set up, and you’re ready to transact. So, let’s see if that too is easy.

Sending Funds

As you might be aware by now, you will be operating your Trezor mostly from your computer. To send funds, 

  • Go to trezor.io and click on the Wallet menu. It will ask you to plug in to continue. So, plug in your Trezor.
  • Enter your PIN on the keypad on the web page.
  • Confirm login on your Trezor.
  • Once you log in successfully, you will see your dashboard with a summary of your transactions.
  • Since Trezor supports different currencies, there’s an option to select which coins you want to send. The option for changing the currency is at the top right corner of the dashboard. Select the appropriate currency and click on the Send menu.
  • Provide the recipient’s address and amount to send in the screen that appears next.
  • Select the network fee. Typically, higher fees result in faster transaction completion. However, the network fee and amount of time it takes to complete a transaction depend on the coin you are sending.
  • Confirm the transaction on your device.

Receiving Funds

  • Go to trezor.io and log in as above.
  • Change to the appropriate currency if necessary and click on the Receive menu. Your deposit address will be generated. Right-click to copy the address and share it with the sender.

NB: Trezor provides immunity against address swapping (which may occur if you have crypto malware on your computer) by allowing you to confirm the address on its mini display.

Supported Currencies

You can deposit it send the following coins using Trezor:

  • Bitcoin
  • Bitcoin Cash
  • Litecoin
  • Dash
  • Zcash
  • Bitcoin Gold
  • Ethereum
  • Ethereum Classic

Customer Care

SatoshiLabs’ customer service is pretty much reliable. You can raise support issues through the contact form on the website, and they will contact you back.

Pros

  • Highly secure
  • Easy to set up and use
  • Reliable customer service

Cons

  • The initial cost is high considering software wallets are free

Final Thoughts 

Trezor is undoubtedly an outstanding hardware wallet. It looks good. It’s secure, it’s easy to use and is supported by reliable customer care. These benefits come at a cost – Trezor Model T is €149 more expensive than it’s free software counterparts. Nevertheless, you can bet that this small investment will be worth every cent in the long run.

Categories
Cryptocurrencies

GateHub Wallet Review: Is It A Safe Cryptocurrency Wallet Or A Scam? 

Gatehub wallet started off in 2014 as a Ripple-specific web-based wallet. In the past five years, however, it has morphed into the more popular Gatehub platform we know today. It not only supports more coins and functionalities but also introduced the Gatehub mobile and desktop apps. 

Gatehub wallet started off in 2014 as a Ripple-specific web-based wallet. In the past five years, however, it has morphed into the more popular Gatehub platform we know today. It not only supports more coins and functionalities but also introduced the Gatehub mobile and desktop apps. 

Gatehub wallet started off in 2014 as a Ripple-specific web-based wallet. In the past five years, however, it has morphed into the more popular Gatehub platform we know today. It not only supports more coins and functionalities but also introduced the Gatehub mobile and desktop apps. 

Gatehub Limited, a UK-based fintech company, created the wallet on the XRP Ledger Protocol. And according to their website, the wallet is designed to provide crypto enthusiasts with true value. But how safe is the wallet? What are some of its key features? Is it easy to use, and what are its pros and cons?

We answer this and more in this Gatehub wallet review.

GateHub wallet key features: 

  • Highly versatile wallet: Also known as the No. 1 XRP Ledger wallet, Gatehub is highly versatile. It is currently available as a web wallet and desktop app. According to their website, however, the Gatehub mobile wallet app is coming soon. So is the revolutionary Gatehub card. 
  • In-built trading platform: The Gatehub wallet also integrates an inbuilt trading platform. It is highly intuitive and easy to use for both expert and beginner traders. Here, you get to trade all the supported currencies as well as over 100 IOUs hosted on the XRP ledger network. 
  • Diverse payment options: Gatehub wallet also supports a wide range of payment options. You can, for instance, fund your wallet using both Fiat or Crypto. You can also leverage such other payment methods as Web Monetization, PayID, SEPA, Wire transfer, and other blockchain-based payment options on XRP Ledger. 
  • Analytics: Analytics is one of the most unique operational features on the Gatehub wallet. It helps you monitor your portfolio and track your net worth in real-time. 
  • Cashflow monitor: Gatehub wallet also features the Cashflow monitor that lets you see track your expenses. It shows you when you spent and received funds into your account. This goes a long way in helping you make sound financial decisions. 

GateHub wallet security features: 

  • Password: You will be required to set a strong password to secure your Gatehub wallet when registering your user account. 
  • Two-factor authentication: All of Gatehub wallet accounts must have the two-factor authentication enabled. This provides additional protection and goes a long way in guarding against remote wallet access. 
  • Open-sourced: The Gatehub wallet is developed using open-sourced technology. This implies that blockchain experts and internet security experts have prodded the wallet for possible loopholes and found it safe to use. 
  • Enterprise-level encryption: Gatehub wallet employs AES encryption. This is enterprise-level encryption that Gatehub uses to encrypt all data stored within the wallet, from personal information to the private keys. 
  • Device verification: Gatehub wallet will also whitelist common devices used to access your wallet. Every time you use a new device or a login with a new IP address, the platform subjects you to additional verification procedures. 
  • Network forensics: The Gatehub platform, in conjunction with several other blockchain-based networks, maintains a list of all fraudulent crypto addresses. Gatehub wallets will, in effect, warn you every time you wish to send cash to these wallets. 
  • Ripple wallet Gatehub wallets are also multi-signature. Each transaction is three-prong and requires authorization from three sets of keys: the user key, Gatehub wallet key, and backup key. This ensures that no one party can initiate the transaction without involving the other.

GateHub Wallet Setup and activation

Step 1: On the official Gatehub Wallet website, click the “Sign Up” tab.

Step 2: Proceed to enter your registration details (email address and password) and agree to the wallet’s terms of use. 

Step 3: The site will then provide you with a 32-character recovery key that you can use to reset the wallet password. Write it down on a piece of paper and store it safely or choose to download the digital copy.

Step 4: You will then need to verify the email address provided and activate the wallet. Check your email and click on the “Activate Account” button.

Step 5: Log in to your wallet and decide on the type of account you wish to register (individual or company).

Step 6: Complete registration by providing additional personal details like your phone number, name, and uploading a photo of yourself. 

Step 7: The account is now active, and you can proceed to add/receive crypto.

How to add/receive crypto into GateHub wallet 

Step 1: Log in to your Gatehub wallet, and on the user dashboard, click on the “Wallet” icon.

Step 2: Click on the ‘Deposit/Receive’ icon to reveal the wallet address. 

Step 3: Copy the address and send it to the party, sending you cryptos.

Step 4: Wait for the cryptos to reflect on your wallet.

How to send crypto on GateHub wallet

Step 1: Log in to your Gatehub crypto vault account and click on the wallet.

Step 2: Click on the ‘Send Payment’ icon.

Step 3: Enter your password.

Step 4: Select the crypto you wish to send and the key in the recipient’s wallet address plus the amounts you wish to send.

Step 5: Ensure that these details are correct and click ‘Confirm.’

GateHub wallet ease of use:

Registering an account on Gatehub is easy and relatively straightforward. It is also highly intuitive and easy to use for both expert and beginner crypto enthusiasts. It also features some of the most important features that include the inbuilt trader, portfolio tracker, and personalized analytics. 

Supported cryptocurrencies and countries

While Gatehub started as an XRP-specific wallet, it has since expanded its scope and currently supports eight cryptocurrencies (Ripple, Bitcoin, Dash, Ethereum Classic, Ethreum, Xaurum, Augur, and Quantum). It also supports hundreds of fiat currencies. 

GateHub wallet cost and fees

Registering a user account on the Gatehub wallet is free. But Gatehub adopts a rather complex pricing structure, especially when it comes to the exchange of Ripple. For instance, when sending Ripple, you will be charged with 0.2%. On the other hand, Bitcoin-to-Ripple conversion attracts 0.2%, while all other conversions attract a 0.3% fee. 

Comparing GateHub wallet with other crypto wallets

GateHub wallet vs. Freewallet

Gatehub Wallet and Freewallet have several common features. They are both custodial wallets, they are free to acquire, and have some of the most intuitive interfaces. Nevertheless, unlike the Gatehub wallet that only supports eight cryptos, Freewallet supports more than 100 cryptocurrencies. Plus, Freewallet avails both single and multi-currency wallets.

One may also consider Gatehub wallet’s pricing model rather complex when compared to the dynamic fee structure adopted by Freewallet. Though custodial, Gatehub wallet, and Freewallet have different approaches to storing client private keys. While Freewallet holds user keys in their servers, Gatehub holds its user’s private keys in highly encrypted third-party servers. 

What are the pros and cons of GateHub wallet

Pros:

  • The highly intuitive nature of the Gatehub wallet makes it one of the most user-friendly crypto vaults.
  • Gatehub wallet supports both crypto and fiat currencies.
  • The wallet is highly versatile and available as a web interface, desktop, and mobile app.
  • It also employs a series of highly effective security features, including 2FA and network forensics.
  • Gatehub wallet features a wide range of features that include analytics, portfolio tracker, and in-built trader.

Cons:

  • Gatehub wallet will only support a few cryptos.
  • Gatehub wallet has had a low reputation after the 2017 hack.
  • While it supports multiple payment options, these don’t include debit and credit cards.
  • The wallet has a relatively complex pricing structure.

Verdict? Is it safe or a scam?

In 2017, Gatehub wallet was hacked, and more than 23.2 million Ripple coins ($9.5 million) were stolen. Since then, Gatehub Wallet has continually worked towards embracing more solid security measures. It has, for instance, embraced 2FA, open-sourced the wallet’s technology, partnered with anti-fraud organizations to identify fraudulent wallet addresses, and introduced device verification measures. These have gone a long way in making Gatehub one of the most secure wallets. But its reputation is still at its lowest, especially after it failed to compensate its clients for the coins lost. 

Categories
Cryptocurrencies

Litecoin Core Wallet Review: Features, Pros, Cons, Safety, And Ease Of Use

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

The Litecoin Foundation is regularly updating the Litecoin Core Wallet and introducing more operational and security features. But how safe and easy to use is the desktop wallet? What are its key features? In this Litecoin Core review, we explain how it works and detail everything else you need to know about this wallet.

We start by looking at its key features:

Key Features:

Full node nature: Most other crypto wallets will only require you to download a light desktop or mobile app. When using Litecoin Core client, however, you have to download the entire blockchain onto your computer. And while this makes it more secure than apps, it is time-consuming and eats up most of your computer space.

Compatible with different OS: The desktop client is highly versatile and compatible with virtually all popular operating systems, including Windows, Linux, and macOS.

Faster transaction processing: The desktop Litecoin client integrates the SegWit protocol used on the Litecoin Blockchain. This integration makes Litecoin transactions initiated on the platform relatively faster and less expensive.

Supports multiple wallets: The most recent update to the Litecoin desktop client introduces multiple wallets. You can now open and host multiple Litecoin wallets on the same desktop wallet.

Security features:

Open source: One of Litecoin Core’s key strengths is that it is built on an open-sourced technology. This implies that it has been vetted and audited by crypto industry experts with possible security loopholes identified and patched. The regular updates provided by the Litecoin Foundation have also become great avenues through which patches to the client are provided.

Highly encrypted: When installing and activating the Litecoin Core wallet, you will be presented with the encryption option. You have the option of encrypting the desktop wallet with a strong multi-character password or not. However, note that you can never recover your private keys should you lose or forget the passphrase.

Physical wallet backup: Litecoin core client makes it possible to back up the entire wallet on an external drive. You are especially encouraged to backup your wallet every time you engage in a transaction that changes your digital asset balances.

Privacy and anonymity guarantee: Litecoin Core integrates a number of features that promote privacy and anonymous transactions. It, for instance, is VPN compatible, ensuring that it helps you mask your IP address when using the desktop wallet. Moreover, you can access the wallet via the highly anonymous Tor Browser.

How to set up a Litecoin Core wallet?

Step 1: Head over to the Litecoin core website. Search for wallets and click on the version that matches your computer’s operating system

Step 2: Download and click on install. Note that downloading and synchronizing the desktop client will take time – be patient.

Step 3: After installation, choose to encrypt the wallet using a strong and multi-character password.

Step 4: Finish the installation process by clicking ‘OK’ on the popup window, after which the wallet shuts down automatically.

Step 4: Reopen the wallet and back it up to a USB device.

Step 5: The desktop client is now set and ready to use.

How to add/receive crypto to your wallet

Step 1: Log in to the Crypto wallet and click on the receive icon.

Step 2: Copy your wallet address and send it to the person sending you Litecoins.

Step 3: You can also have them scan the QR Code address.

Alternatively: Use the request pay option:

Step 1: Click on the ‘Receive’ icon and select ‘Request Payment.’

Step 2: Enter the amounts you wish to receive, the message you wish to send, and the label. Here, the label refers to the name of the individual from whom you wish to receive the coins.

Step 3: Click ‘Receive Payment’ and wait for your coins to reflect in your wallet.

How to send crypto from your desktop client

Step 1: Log in to the Litecoin Core desktop wallet and click on the ‘Send’ icon.

Step 2: On the ‘Pay To’ section, enter the recipient’s wallet address.

Step 3: Enter the number of coins you wish to send.

Step 4: Confirm that these details are correct and hit ‘Send.’

Litecoin Core wallet ease of use

The Litecoin Core desktop client has relatively minimalistic features that make it quite easy to use. Downloading and installing the wallet, though slow, is quite easy and straightforward. Additionally, the wallet features a clean and highly intuitive dashboard that makes it easy to use for both expert crypto traders and beginners. The highly responsive customer support is also ready to walk you through the installation process and guide you on how to interact with the platform.

Litecoin core wallet cost and fees

The Litecoin Core wallet is free to download and install. You will, however, be charged a fee every time you send Litecoin from your wallet. Recent upgrades to the Litecoin Desktop client have introduced a dynamic pricing structure. This gives you the choice of determining the price and speeds at which your Litecoin transactions are fulfilled. Ideally, higher transaction fees translate to faster transaction processing while lower fees often equate to lower transaction speeds.

Plus, unlike most wallets that will automatically deduct the transaction fee from your balance, Litecoin Core desktop client gives you a choice. You can choose to have the fees deducted from either the account balance or the amounts being sent.

Litecoin Core wallet customer support

Litecoin has a readily available customer support team. You can easily connect with Litecoin developers and support teams on their different social media platforms. They regularly post important news and updates on these platforms.

You can also interact with these developers and get assistance from your peers on the Litecoin Core platform.

The website, desktop client, and user platforms are also multilingual. They currently support over 13 international languages, including German, Chinese, English, Russian, Dutch, Polish, and Greek.

What are the pros and cons of the Litecoin core wallet?

Pros:

  • The desktop wallet is relatively safe and embraces multiple security features.
  • Litecoin Core is free and employs a dynamic pricing structure.
  • Help is readily available from the wallet developers via email and social media, as well as from the Litecoin platform users on the platform.
  • Litecoin Core desktop client is also simplistic and easy to use for both beginners and expert crypto traders.
  • You can encrypt the Litecoin client with a passphrase and back it up in an external drive or USB.

Cons:

  • The desktop wallet only supports one digital currency – Litecoin.
  • You need to download the entire Litecoin core blockchain into your desktop if you wish to use the wallet.
  • The wallet has limited operational features.
  • It does not embrace such effective security features as two-factor authentication.

Comparing Litecoin Core desktop client to other crypto wallets

Litecoin Core vs. eToro

Some of the similarities between Litecoin Core desktop client and eToro crypto wallet app are their user-friendliness and inexpensive transaction fees. They, however, are different when it comes to the number of supported cryptocurrencies and integrated security features.

eToro carries the day with regards to the number of supported cryptos. Litecoin can, on the other hand, be said to be more secure as it employs more advanced security features like using open source technology and VPN access.

Bottom line: Is the Litecoin Core wallet safe?

Yes, Litecoin Core desktop client is relatively safe. Since its establishment in 2011, the wallet has been subjected to several technical upgrades, each introducing a new security feature. So far, the Litecoin desktop wallet has employed several highly effective security features. These include open-sourced technology, physical backup, password encryption, VPN/Tor Browser access for improved privacy and anonymity. We, however, observe that the wallet doesn’t employ such security features as two-factor authentication and multi-signature access.

Categories
Cryptocurrencies

Freewallet Review: Is It A Safe Cryptocurrency Wallet Or A Scam?

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

Freewallet crypto vault

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

But what makes Freewallet unique? Does its custodial nature make it safer than the next wallet, or is it a scam? We answer these questions in this Freewallet review by detailing some of its key operational and security features. We will also look at its pros and cons and compare its effectiveness with similar crypto wallets.

Key features:

In-built exchange: Freewallet features an inbuilt exchange that supports the trade of 100+ cryptocurrencies. Note, however, that this exchange is only available to the multi-currency wallet users. Plus, it is only accessible via the web wallet.

Single and multi-currency wallets: Freewallet hosts two types of crypto wallets: the Individual crypto wallets that host a specific digital coin like Bitcoin, Litecoin, Ethereum, or Dogecoin and the multi-currency Freewallet Lite that supports 100+ cryptocurrencies.

Free in-app transfers: Freewallet embraces the sidechain crypto technology within the Freewallet network. You, therefore, will not be charged when you transfer crypto to other Freewallet users.

Buy with card: In addition to exchanging crypto for crypto within the Freewallet network, you can also buy crypto with a credit card. And you don’t even have to go through such third party currency conversion sites as Changelly or Simplex.

Highly versatile: Freewallet is also compatible with multiple operating systems. You can access this browser extension via all the popular browsers. Plus, it’s also available in both the Android and iOS app versions.

Intuitive user interface: Both the single currency apps and the multi-currency web interface are highly intuitive. The display is highly intuitive, which makes navigating through the app and initiating transactions relatively easy. It also integrates some of the leading crypto exchanges that allow you to monitor the price performance of different coins and monitor your portfolio on one screen.

Freewallet security features:

Password + Biometric support: Like most other cryptocurrency wallets, Freewallet is secured with a passcode. You get to set this four-digit pin-code when installing and activating the wallet. Its support for biometrics also gives you a choice of securing the wallet with a fingerprint.

Two-factor authentication: 2FA is an additional boost to the security of your wallet. And you can choose to attach either your phone number or email address to the wallet. It is critical in restricting remote access and hacks by ensuring that only email/phone owners can log in and initiate transactions.

Hierarchically deterministic: The Freewallet is hierarchically deterministic and will automatically create a new address for every new transaction. This limits the exposure of your real wallet address, and you, therefore, don’t have to worry about trackers monitoring and tracing your crypto transactions.

Custodial cold storages: Freewallet is a custodial crypto vault that stores private keys on your behalf. And according to their website, these keys are stored in cold storages away from hackers. You, therefore, don’t have to worry about keeping your investments safe.

Active sessions control: Freewallet gives you near-absolute control over your wallet. It lets you monitor all the users’ active sessions by viewing their devices. You can then whitelist or block any unauthorized wallet users.

Multi-signature: You can activate the multi-signature feature of the Freewallet by linking it to up to five email addresses. In such a case, the transaction will not be initiated before confirmation from all linked email addresses.

Transaction limits: Freewallet will also let you set the daily, weekly, and monthly transaction limits. This limit ensures that even if a hacker was to gain access to your wallet, there is only so much they can offload.

Freewallet Setup and activation

Step 1: Open the Freewallet.org website and click on the ‘Wallets’ section. Decide on the type of wallet you wish to download. This can be an individual wallet for a specific crypto coin or the multi-currency Freewallet Lite.

Step 2: Register a user account by linking your wallet with your Facebook profile, Google profile, or phone number.

Step 3: Set a PIN code for the account.

Step 4: Activate the two-factor Authentication feature using either email or the phone number.

Step 5: The account is now active, and you can start adding and sending crypto.

How to add/receive crypto into Freewallet

Step 1: Log in to your Multicurrency Freewallet Lite and click on “Smart Pay In.”

Step 2: Select the currency you wish to use in topping up your wallet. This reveals both the wallet address and the QR code.

Step 3: Send the address or the code to the individual/party, sending you the coins.

Step 4: Wait for the coins to reflect in your wallet.

How to send crypto out of Freewallet

Step 1: Log in to your Freewallet account. Tap on the + icon and click “Send.”

Step 2: Enter the recipient’s wallet address and the number of coins you wish to send.

Step 3: Confirm that the details are correct and hit ‘Send.’

Step 4: Decide on the network fees – from the list of four price ranges.

Freewallet ease of use:

Freewallet app and web interface are highly intuitive and very easy to use. And it starts with a straightforward and easy registration process. Unlike other wallets with complicated account creation processes, Freewallet only requires you to link the wallet with your Facebook or Google profiles or mobile phone number.

From its dashboard, you have easy access to all of Freewallet’s key features, including the send/receive icons. Moreover, you get to monitor your balances and portfolio as well as the real-time price movements for various coins.

The wallet is also multi-lingual and is currently available in over 13 international languages.

Supported cryptocurrencies and countries

According to the Freewallet website, Freewallet Lite multi-currency wallet can support 130+ cryptocurrencies and tokens. However, crypto-specific wallet apps will only host one digital currency.

Currently, Freewallet is available to individuals in over 100 countries across the world, including the U.S, UK, Germany, France, and Russia.

Freewallet cost and fees

You will not be charged to download and activate the Freewallet app or create a user account on their web interface. Sending crypto from one wallet to another within the Freewallet network is also free.

When sending crypto to other users, however, you will be charged blockchain network fees. Freewallet nonetheless embraces the highly dynamic Reduce by Fee protocol that gives you the freedom to determine these transaction charges. There are four pricing levels, and the higher the fees, the faster the transaction processing speed.

Comparing Freewallet with other crypto wallets

Freewallet vs. eToro

Freewallet and eToro have several things in common. Chief among them is the fact that they are both custodial and store private keys on behalf of their clients. These can also be said to have some of the most intuitive user interfaces.

But unlike eToro that only has one type of crypto wallet, Freewallet has both the crypto-specific and multi-currency wallets. And while both their wallets are free, Freewallet uses sidechain technology to make transactions within the network for free. It also embraces a dynamic transaction pricing structure that lets the user set an individualized transaction cost.

What are the pros and cons of Freewallet

Pros:

  •         Transactions within the Freewallet network are free. And you also get to set the transaction fee for external transfers.
  •         You can choose to install multiple crypto-specific wallets for the coins you wish to trade or the multi-currency wallet.
  •         The web interface of a Freewallet has an in-built exchange.
  •         The wallet supports a relatively wide range of cryptocurrencies.
  •         Freewallet has integrated several security measures, including support for biometrics, two-factor authentication, and cold storage.

Cons:

  •         Freewallet stores the private keys on behalf of their clients – providing hackers with a central target.
  •         The wallet is hosted online, and this exposes it to such risks and threats as hacks and malware attacks.
  •         It requires a phone or Facebook profile when registering a user account.
  •         The wallet is not regulated.

Verdict? Is it safe or a scam?

Freewallet adopts a unique approach to the storage and management of cryptocurrencies. These include cold storages, two-factor authentication, active session control, and transaction limits. Some serve to discourage unauthorized access to your wallet while the rest limit the extent of the damage. We, therefore, consider their app and web interface relatively safe. We nevertheless would have been able to give a more qualified verdict if Freewallet adopted even more stringent safety protocols like providing users with recovery seeds and decentralizing the storage of private keys.

Categories
Cryptocurrencies

What’s Polkadot: The Complete Guide

It’s the age of the internet. That means we can’t avoid using the web, even if we wanted to. But the problem is, by doing so, we have to entrust our data to a handful of powerful corporate entities – who cannot really be trusted to keep it safe. If you have to use an app, you have to agree to terms and conditions that you will probably never read, and even if you did, you’d have little choice than agreeing to. 

It’s the age of the internet. That means we can’t avoid using the web, even if we wanted to. But the problem is, by doing so, we have to entrust our data to a handful of powerful corporate entities – who cannot really be trusted to keep it safe. If you have to use an app, you have to agree to terms and conditions that you will probably never read, and even if you did, you’d have little choice than agreeing to. 

It’s the age of the internet. That means we can’t avoid using the web, even if we wanted to. But the problem is, by doing so, we have to entrust our data to a handful of powerful corporate entities – who cannot really be trusted to keep it safe. If you have to use an app, you have to agree to terms and conditions that you will probably never read, and even if you did, you’d have little choice than agreeing to. 

This effectively hands over control of our data to them – data that are so detailed as to create accurate psychographic profiles of us. And get this – in the modern advertising and marketing space, nothing is as valuable as this kind of data. 

When you think of the fact that we surrender this data for free and entrust these entities to keep it safe and not misuse it, you’ll realize what big of a gamble it is. 

Meanwhile, the advent of blockchain technology has proven that we can create systems that place this power in the hands of data owners only. But current blockchain systems are held back by factors such as low scalability and lack of interoperability. Issues like these are the reason why we’re yet to see the real-life deployment of blockchain on a wide scale. 

Polkadot is a blockchain effort that intends to solve these issues and, while at it, allow users to exercise complete control over their data – as it’s supposed to be. 

We look at how the project intends to achieve that in this article, as well as familiarize ourselves with DOT, the native Polkadot’s cryptocurrency. 

Understanding Polkadot

Polkadot is a blockchain-based and decentralized effort to create a network of interoperable, unified blockchains. It’s part of recent increasing efforts to create a decentralized web where users have the power, and not big and powerful internet companies such as Google and Facebook. 

Polkadot wants to achieve this by enabling various features that we’ll look at below.

Polkadot: Features

#1. Scale

If every blockchain is operating in isolation, then how much transactions it can process at any time will always be limited. Polkadot utilizes shards to process a heap of transactions across multiple chains in a parallel fashion. 

This removes the ‘walled garden’ type of transaction processing that is prevalent in the blockchain ecosystem. The parallel processing achieves dramatically more transactions per second (TPS) than a single blockchain would hope to. This creates the right environment for the growth and wide-scale adoption of blockchain. Polkadot’s sharded chains are known as ‘parachains’ because they process transactions in parallel.

#2. Specialize

Today’s blockchains have to sacrifice some features in order to optimize others. For instance, one blockchain might choose to optimize for privacy, while another optimizes for file sharing. Polkadot allows blockchains to come up with a ‘novel design’ optimized for specific features. This will allow blockchains to offer better and more efficient services to users. Polkadot utilizes what it calls a ‘Substrate Development Network’ where developers can create customized blockchains for faster and more efficient performance.

#3. Collaborate

Polkadot creates an environment where applications do not have to operate in silos. Instead, applications can share data and functionality – and that’s without banking on centralized entities whose handling of user data is questionable. The interoperability created is a beginning to the creation and sharing of innovative new products and applications, while allowing users to share data. For instance, a chain that specializes in identity management can communicate with one that provides financial services.

#4. Self-govern

Communities and fans of Polkadot blockchains have the autonomy to check the direction and future of the network any way they see fit. Whether it’s changing governance to meet their needs or overhauling existing modules for more efficient ones, teams on the Polkadot network can customize governance with varying needs and conditions.

#5. Easy Upgrading

Just like any technology needs to continuously upgrade, blockchains need to change with time to cater to the changing needs and preferences of users. The problem is, upgrading has traditionally constituted what’s called ‘hard forks’ – which are often contentious and split communities into factions. Besides, these forks usually take protracted periods – sometimes running into months and months. Polkadot facilitates blockchain upgrades that do not require forks, enabling them to adapt quicker and easier to new technologies and making for happier communities. 

Polkadot: Structure

Polkadot hopes to achieve these ambitious goals by relying on a structure of three components: relay chain, parachains, and bridge. 

  • Relay Chain – This is the core layer, so to speak, of the Polkadot network. It secures the network, runs the consensus protocol and facilitates the interoperability of chains
  • Parachains – These are parallel blockchains or networks on which blockchains can carry out highly scalable transactions
  • Bridges – These are blockchains on which shards of the Polkadot network can exchange info/data with external chains like, say, Bitcoin

Polkadot’s Governance Protocol and Network Participants

Polkadot will utilize proof of stake consensus mechanism. For network users to be chosen as blockchain validators, they need to stake in the network’s native token, DOT. 

The Polkadot network will feature ‘Collators,’ who will be responsible for operating parachains, which will involve aggregating transactions and relaying them for validation by the validators. 

Finally, we have Nominators and Fishermen. Nominators will be responsible for choosing good validators and staking in the native token and hence contributing to the overall security of the network. For their part, Fishermen will monitor the network and report any suspicious activity to validators. 

The DOT Token

DOT is the native token of Polkadot. This is how it fits in the equation: 

  • Governance: DOT holders have utter control over the network. They get to participate in events such as protocol upgrades and fixes, a privilege usually reserved for miners in other blockchain networks
  • Staking: DOT is used for staking so that a user can participate in the network’s consensus protocol
  • Bonding: This is the process through which new parachains are added. Old and outdated parachains are retired from the network by getting rid of bonded tokens

What’s Kusama? 

Kusama is a testnet of the Polkadot network. Here, parachain developers can experiment with various incentives and, of course, parachains in a ‘real’ environment. Currently, Kusama is maintained and secured by a base of supporters who also hold KSM tokens. Even after the Polkadot mainnet is launched, Kusama will continue existing as a decentralized and functional network.

Key Metrics

Despite being relatively new, Polkadot seems to be a hit with sections of the crypto community, which probably explains its $234.31 per-token value on August 8, 2020. The currency’s current market position is 2110, while its market cap is not known, according to Coinmarketcap. DOT’s 24-hour volume is $27, 047, 678, and it has a total supply of 10 million. Its highest and lowest price ever was $308.45 (March 8, 2020) and $69.03 (April 27, 2020), respectively. 

Where to Buy and Store DOT 

DOT can be found as a market pair of BTC, ETH, and USDT in various exchanges, including but not limited to: Huobi Global, HotBit, BigONE, xFutures, Binance, Gate.io, Bilaxy, BitForex, BitZ, TOKOK and MXC. 

Available storage options include Polkawallet (available for iOS and Android), Atomic Wallet, and Math Wallet. 

Closing Thoughts

Polkadot has a solid plan to provide much-needed interoperability of blockchains. If it’s successful, internet users can expect to finally have more control over their digital existence. Blockchain projects will also have more room for innovation and flexibility than is possible with today’s siloed blockchain networks. By creating an environment for specialized blockchains to operate, Polkadot paves the way for blockchain tech to go to the next level. 

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Cryptocurrencies

Loaf Wallet Review: How Safe And Effective Is This Mobile-Only Crypto Wallet?

The Loaf wallet is often described as the official and standalone mobile wallet for Litecoin. It was created and introduced to the crypto industry by Charlie Lee and the Singapore based Litecoin Foundation. And according to the Loaf wallet website, it was established to help Litecoin enthusiasts store and trade Litecoins using their mobile devices. In 2019, however, this mobile-first Litecoin wallet app changed its name to LiteWallet app.

Loafwallet crypto vault

The Loaf wallet is often described as the official and standalone mobile wallet for Litecoin. It was created and introduced to the crypto industry by Charlie Lee and the Singapore based Litecoin Foundation. And according to the Loaf wallet website, it was established to help Litecoin enthusiasts store and trade Litecoins using their mobile devices. In 2019, however, this mobile-first Litecoin wallet app changed its name to LiteWallet app.

The Loaf wallet is often described as the official and standalone mobile wallet for Litecoin. It was created and introduced to the crypto industry by Charlie Lee and the Singapore based Litecoin Foundation. And according to the Loaf wallet website, it was established to help Litecoin enthusiasts store and trade Litecoins using their mobile devices. In 2019, however, this mobile-first Litecoin wallet app changed its name to LiteWallet app.

With the rebranding came about significant changes to the wallet that include the introduction of new operational and security features. In this Loaf wallet review, we will be vetting the effectiveness and the safety of this mobile crypto vault.

Let us start by looking at its operational features.

Loaf wallet key features:

Lightweight: Litecoin was initially designed to provide a faster alternative for the legacy digital coin, Bitcoin. Similarly, the Loaf wallet is specially designed to offer faster transaction processing speeds. To achieve this, the Loaf Wallet app is created using a highly simplified code and integrates the “Simplified Payment Verification” protocol that speeds up transactions by providing a direct link to the Litecoin Network.

Sleek design: Loaf wallet design is modern and features a clean user dashboard. It is easy to navigate and hosts an in-built price ticker that you can use to track your portfolio.

Mobile-specific: Unlike most other Litecoin wallets that are either web-based or desktop integrated, the Loaf wallet is mobile-first. It was designed to provide Android and iOS phone users with a secure vault that they could use to store, manage, and trade Litecoins.

Simplex integration: A recent update to the Loaf wallet has made it possible for individuals to buy crypto with fiat currency and credit cards. It integrates the all-popular Simplex payment service provider that facilitates fiat-to-crypto conversions.

Introduction of Loaf wallet debit card: According to the Loaf wallet website, the Litecoin Foundation is on the verge of launching the first Litecoin based Crypto debit card. The card will be Loaf wallet integrated and furthers the mobile wallet app’s versatility.

Reputation: Loaf wallet has the backing of the Litecoin Foundation and some of the most influential thought leaders in the crypto community. This makes the wallet one of the most reputable Litecoin-specific crypto mobile app.

Loaf wallet security features:

Password and Biometrics support: Like most other crypto mobile apps, the Loaf wallet is secured with a passphrase. This not only eliminates unauthorized access to the wallet but also serves as an encryption tool. Additionally, you can secure the crypto wallet app and set transaction authorization limits using the Touch ID biometrics.

Open sourced: Loaf wallet is built on an open-sourced technology. Anyone can view, audit, and submit recommendations on possible security loopholes. The wallet app has since been audited by numerous internet security experts who have found it to be safe and free of any bugs or malicious codes.

AES encryption: The Loaf wallet mobile app uses AES hardware encryption to encrypt the app data. Every piece of information stored in here, from the private keys to app passwords, is highly encrypted. The crypto wallet app’s communication with third party sites and apps is also highly encrypted.

Non-custodial: The non-custodial nature of the wallet implies that your private keys are stored in your mobile device and not Litecoin Foundation servers. You, therefore, have absolute control over your private keys.

Recovery seed: When installing the Loaf wallet mobile app, you will be provided with a 12-seed recovery phrase. Record these on a piece of paper and store them safely offline. You will need it to reset the app password and recover lost private keys.

How to set up Loaf wallet

Step 1: Go to the Loaf Wallet official website (now LiteWallet) and download the wallet app for your Android or iOS device

Step 2: Once installed, the app will ask if you wish to ‘Create a new Wallet’ or want to ‘Restore’ your private keys. Click on create a new wallet

Step 3: Set the app password. It needs to be unique, yet easy to remember

Step 4: The app will provide you with 12 random words that form the recovery seed. Write them down in their correct order

Step 5: Enable Fingerprint Authentication (optional and can be enabled or disabled on the settings section)

Step 6: Your Loaf wallet mobile app is now active. You can start adding Litecoins and initiating transactions

How to add/receive crypto into Loaf wallet

Step 1: Log in to the Loaf wallet and on your user dashboard click ‘Receive’ to reveal your receiving wallet address

Step 2: Copy the address and send it to the party sending you Litecoins

Step 3: Wait for the digital assets to reflect

How to send crypto from Loaf wallet

Step 1: Log in to your Loaf wallet mobile app and click on the ‘Send’ tab

Step 2: Paste the recipient wallet address, followed by the amount to be sent.

Step 3: Confirm that the transaction details are correct and hit send.

Loaf wallet ease of use

The process of installing and activating the Loaf wallet mobile app is quite straightforward. The app also employs a relatively simple design with a clean and highly intuitive user dashboard. These, plus the ease of initiating Litecon transactions, make Loaf Wallet easy to use for both expert and beginner crypto traders.

Loaf wallet cost and fees

The loaf wallet crypto mobile app is free. Additionally, the Litecoin Foundation will not charge you storage fees when you store private keys in the wallet.

A transaction fee charged by the Litecoin Network will, however, take effect every time you send Litecoins from your wallet. This fee will vary based on the transaction amounts and often starts from 0.002 LTC. The average transaction price on the LTC network currently stands at $0.206, while the Median fee is $0.06.

Loaf wallet customer support

There are two primary ways of seeking assistance when using the Loaf wallet. Start by joining the Litecoin Foundation community forum and have all your queries answered by both the wallet developers and more experienced wallet users. For more personalized queries, however, we recommend that you engage the wallet developers by messaging them on such social media channels as Reddit, Twitter, and Facebook.

What are the pros and cons of Loaf wallet

Pros:

  • Loaf wallet is highly intuitive and easy to use for most both expert and beginner Litecoin traders.
  • It has embraced multiple security features, including biometrics, open-sourced code, and a non-custodial approach that makes it extra safe.
  • The crypto wallet app integrates SPV technology and links with the Litecoin network directly for faster transaction processing.
  • Loaf wallet recently integrated Simplex for fiat-to-crypto conversions and is contemplating the launch of the Loaf wallet crypto debit card.
  • The mobile crypto app is free to use and charges relatively low transaction fees.

Cons:

  • The crypto wallet app will only support Litecoin.
  • The wallet app isn’t immune to the inherent risks associated with hot wallets.

Verdict? Is the Loaf wallet safe?

Well, the Loaf wallet has embraced some of the most popular security measures aimed at keeping the wallet and its contents safe. It combines the password with biometrics, backs up the wallet with a recovery seed, gives the user absolute control of their private keys, and uses AES technology to encrypt the wallet contents. These, plus the fact that the app was developed and is maintained by the Litecoin Foundation, make Loaf wallet one of the safest crypto mobile apps available today.

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Cryptocurrencies

MetaMask Wallet Review 2020: The Most Comprehensive MetaMask review

MetaMask is a web-based cryptocurrency wallet built on the Ethereum blockchain. The MetaMask website refers to it as a ‘crypto wallet & gateway to blockchain apps’ given that it provides users with an online storage vault as well as an interface to the Ethereum blockchain. However, unlike similar Eth blockchain gateways that require you to download the entire client node to your desktop, MetaMask is relatively lighter. It is a browser extension and does not need you to download the node or app.

MetaMask is a web-based cryptocurrency wallet built on the Ethereum blockchain. The MetaMask website refers to it as a ‘crypto wallet & gateway to blockchain apps’ given that it provides users with an online storage vault as well as an interface to the Ethereum blockchain. However, unlike similar Eth blockchain gateways that require you to download the entire client node to your desktop, MetaMask is relatively lighter. It is a browser extension and does not need you to download the node or app.

MetaMask is a web-based cryptocurrency wallet built on the Ethereum blockchain. The MetaMask website refers to it as a ‘crypto wallet & gateway to blockchain apps’ given that it provides users with an online storage vault as well as an interface to the Ethereum blockchain. However, unlike similar Eth blockchain gateways that require you to download the entire client node to your desktop, MetaMask is relatively lighter. It is a browser extension and does not need you to download the node or app.

The wallet was created by Aaron Davis and Dan Finlay and launched in 2016. Over the years, its development team has expanded, and so has its scope of use. What started as an online wallet has now morphed into a fully-fledged Ethereum platform. Now you can store your coins, trade, and interact with virtually every aspect of the Ethreum blockchain.

But has this expanded role compromised the wallet’s safety or efficiency? What are the MetaMask wallet’s critical operational and security features? We answer all these questions and tell you about everything you need to know about MetaMask web wallet in this review.

MetaMask wallet key features:

Browser compatibility: You can access your MetaMask web wallet using all the popular browsers. It is compatible with Opera, Firefox, Brave, and Chrome browsers.

Integrated exchanges: Though MetaMask doesn’t have a proprietary trading platform, it integrates Shapeshift and Coinbase exchanges. You no longer have to leave the wallet to purchase eth-based crypto and tokens or convert your fiat to digital coins. Simply click on Shapeshift or Coinbase exchange and start trading.

Intuitive design: MetaMask wallet adopts a modern design that provides a clean and easy-to-navigate dashboard that makes it friendly to both expert and beginner traders.

Ethereum based wallet: MetaMask wallet is built on the Ethereum blockchain. It, in effect, will only support Ethereum based cryptocurrencies and tokens.

Ethereum community: In addition to giving you access to the Ethereum blockchain and decentralized apps, MetaMask introduces you to the Ethetreum community. Here you get to interact with both Ethereum dAPPs developers and peers.

Security features:

Non-custodial: MetaMask wallet doesn’t store your private keys on the company servers. Rather, they are encrypted and stored within your device, which gives you absolute control over your keys.

Open sourced: MetaMask wallet is also built on an open-sourced technology. Any Ethereum blockchain developer and internet security experts can view and audit the wallet’s source code. It has been vetted to ensure that it is transparent and that it doesn’t contain any loopholes or malicious code.

Hierarchically deterministic: MetaMask is also a hierarchically deterministic wallet. It automatically generates new wallet addresses for new transactions, effectively keeping your wallets address private by making it impossible to track your online activity.

Recovery seed: The wallet is secured with a password. It also provides you with a recovery seed that you can use to reset this password and recover a lost wallet or private keys.

MetaMask mobile apps: Originally introduced as a pure web wallet, MetaMask recently launched its associated mobile wallet app. If you already have a web wallet, you can easily synchronize it with the wallet app. The synchronization also makes it possible to move coins from the web to the mobile app MetaMask wallet.

How to set up MetaMask wallet

Step 1: On the MetaMask official website, click on download and select the browser version extension you would like to use (Chrome, Brave, or Firefox)

Step 2: Once downloaded, the MetaMask icon will appear on your browser

Step 3: Click on the icon to the MetaMask browser extension

Step 4: Click on ‘Create New Vault’ and proceed to set a strong multi-character password for the wallet

Step 5: The wallet will provide you with 12 random phrases that form your recovery seed, write them down and keep them safe

Step 6: Acknowledge that you have copied the seed and kept safe.

Step7: Your browser extension app is now active and ready for use

How to add/receive crypto into MetaMask wallet

Step 1: Log in to your MetaMask wallet and click ‘Buy’ on the user dashboard.

Step 2: Select the exchange from which you wish to buy crypto – either Shapeshift or Coinbase.

Step 3: Proceed to make a purchase.

Alternatively:

Step 1: Log in to your wallet and click on the three dots on the far right of the user dashboard

Step 2: Click on either ‘Show QR Code’ (if using the MetaMask app) or ‘Copy Address to Clipboard’ icons to reveal your wallet address and its associated QR code.

Step 3: Send either of these to the party sending you the Ethereum digital currencies and tokens

Step 4: Wait for the coins to reflect on your wallet.

How to send crypto from MetaMask wallet

Step 1: Log in to your MetaMask wallet, and on the user dashboard, click ‘Send.’

Step 2: Enter the recipient’s wallet address and the amount of crypto you wish to send

Step 3: Chose the transaction fee.

Step 4: Check that the transaction details are correct and send

MetaMask wallet ease of use

One of the MetaMask wallet’s greatest strengths is its ease of use. The wallet installation and activation processes are straightforward, and so are the different crypto transaction processes. The wallet also features a clean and easy to navigate user dashboard. It is very user friendly and appeals to both expert and beginner crypto traders.

MetaMask wallet supported currencies

The fact that MetaMask is built on the Ethereum blockchain means that it only supports eth-based cryptos and tokens. These include Ethereum, Ethereum Classic, and ERC-20 tokens.

MetaMask wallet cost and fees

The MetaMask crypto wallet is free to download and use. Crypto transactions, however, attract a network fee – Gas – that goes to the Ethereum network and not MetaMask.

Recently, MetaMask introduced the dynamic transaction-fee pricing model. This lets you control how much you spend on crypto transaction fees where higher fees translate to faster transaction processing and vice versa.

When buying crypto on the integrated third party exchanges, Coinbase and ShapeShift, you will also have to part with transaction fees. These are highly variable and largely dependent on the transaction amounts and type of altcoin involved.

MetaMask wallet customer support

Access to MetaMask wallet’s support starts with the elaborate FAQs section on their website. Here, they detail solutions to common challenges facing MetaMask Wallet users.

Additionally, the MetaMask website, web wallet, and mobile apps are multi-lingual and currently available in over 18 languages. Its developers are also quite vocal on the Ethereum network forums and their respective social media pages. Send them a direct message or them an email [email protected], for more sensitive wallet issues.

What are the pros and cons of MetaMask wallet

Pros:

  • MetaMask is highly Versatile and available as a web extension or mobile app.
  • The wallet is open-sourced and also embraces several other security features, including a recovery seed.
  • MetaMask has a smooth and straightforward onboarding process.
  • The eth-specific wallet integrates crypto exchanges that support fiat to crypto conversions.
  • The wallet will also grant you aces to Ethereum based apps and community where you can interact with developers and other Ethereum-based product users.
  • MetaMask wallet has a highly responsive customer support.

Cons:

  • It is an online wallet and thus exposed to inherent risks associated with a hot wallet.
  • It doesn’t have an inbuilt exchange and relies on third party forums that may charge exorbitantly.
  • The wallet will only support Ethereum cryptos and tokens.

Verdict? Is the MetaMask wallet safe?

Well, MetaMask wallet has put in place several security measures that are geared towards making it the safest web wallet around. These include open-sourcing its technology, encrypting user data with a password, and providing a recovery seed. Plus, it doesn’t collect any user data. We, nevertheless, observed several shortcomings that infringe on the wallet’s security claim. For instance, it is a hot wallet that stores your private keys on your device, exposing them to hacks and malicious malware. Additionally, while the wallet does not collect user data, there is no guarantee that the associated browsers, especially Chrome, and Firefox will not track and keep records of your online activity.

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Cryptocurrencies

What’s Tron (TRX)? Here Is The Definitive Guide

Tron is one of the most controversial projects in the blockchain and crypto space. Despite not offering anything radically different from its contemporaries, Tron has managed to stay ahead of the competition by creating a fanfare campaign that’s often drawn criticism and what’s a larger-than-life persona behind it – founder Justin Sun. 

Tron is one of the most controversial projects in the blockchain and crypto space. Despite not offering anything radically different from its contemporaries, Tron has managed to stay ahead of the competition by creating a fanfare campaign that’s often drawn criticism and what’s a larger-than-life persona behind it – founder Justin Sun. 

Tron is one of the most controversial projects in the blockchain and crypto space. Despite not offering anything radically different from its contemporaries, Tron has managed to stay ahead of the competition by creating a fanfare campaign that’s often drawn criticism and what’s a larger-than-life persona behind it – founder Justin Sun. 

Sun has taken an unabashed approach to marketing the project – from publicly scheduling dinners with American investor Warren Buffett to associating with high-profile figures such as Jack Ma, and promoting ad campaigns that often come under fire.

The project’s popularity increased in 2018 when the Tron foundation acquired peer-to-peer content sharing platform BitTorrent, a platform that many in the crypto community grew up using.

Setting aside the clout, does Tron have much to offer? Let’s find out in this guide. We’ll also explore the platform’s native token, Tronix, and how it fits in the larger ecosystem. 

Understanding Tron

Tron is a blockchain-based effort that wants to create a cost-effective, decentralized, and peer-to-peer content sharing system. The Tron team envisioned a world in which content creators could share content (and hence earn revenue) directly with consumers, wrestling the power from centralized and powerful entities like Apple store and Google Play Store. In short, Tron wants to place the power back to content creators’ hands. It’s also a smart contract and decentralized applications (DApps) platform. Tron initially ran in the Ethereum blockchain but moved to its own mainnet in 2018.

How Tron Works

Tron wants to decentralize the web through the following:

  • Facilitating free data for everyone
  • Create a system where content creators can interact with users directly
  • Create a system where people can create and obtain digital assets

How Does Tron Work?

The Tron architecture lies upon three layers of foundation: 

Core Layer: This layer computes instructions (which are either in Java or Ethereum’s Solidity) and sends them to the Tron virtual machine for execution. There are plans to support other programming languages such as Python in the future. 

Application Layer: this is the lawyer for developers to create DApps powered by Tron’s native token Tronix (TRX)

Storage Layer: This layer keeps the blockchain’s history and in doing that, preserves the value of smart contracts

Delegated Proof of Stake 

Tron uses the delegated proof of stake mechanism to reach a consensus on blocks. It relies on 27 “super representatives (SRs)” to verify transactions’ authenticity and add records on the blockchain. The super representatives’ cast is chosen every six hours. After being chosen, members earn the right to receive new TRX coins as rewards for maintaining the network. New blocks are added to the blockchain every 3 seconds. 

In addition to the super representatives, the Tron network also hosts three other types of nodes: witness, full, and Solidity nodes. 

In addition to super representatives, users can operate three types of nodes on the Tron blockchain – witness nodes, full nodes, and Solidity nodes. You can take part in the network by operating a witness node (creating proposals and voting on them), a full node (providing application programming interfaces and broadcasting transactions), or a Solidity node (synchronizing blocks from full nodes). 

Staking in Tron 

Users on Tron can vote on SRs using ‘Tron Power.’ Tron Power is a resource on the network that’s acquired when a user chooses to ‘freeze’ TRX in a way that they can’t use the coins in any way. (If a user unfreezes the coins, they no longer have Tron Power or the ability to vote.) Unlike TRX, Tron Power is not tradable. 

Who is Behind Tron? 

Tron was founded by Justin Sun, a Chinese national who’s already racked up several impressive accomplishments at his young age. Sun is a graduate of the University of Pennsylvania and is an awardee of 2015 Forbes China 30 under 30 and 2017 Forbes Asia 30 under 30. He also founded Peiwo, the Chinese equivalent of Snapchat, and is also notably a graduate of Hupan University founder and billionaire Jack Ma. 

Other core team members include Maorong Lin and Xiadong Xie, both of whom have experience in e-commerce and the entertainment industry. 

The project also enjoys the support of various heavyweights across several industries, including business, mobile games, venture capital, and finance, including Hitters Xu, Xue Manzi, Tang Bisen, Dai Wei, and Chaoyong Wang. 

Tron: Controversies

Despite its success as a project, Tron has been embroiled in a few controversies since its launch. The most notable is the accusations that its whitepaper was plagiarized from the IPFS (interPlanetary File System) and Filecoin’s whitepapers.

Juan Benet, CEO of the firm that developed IFPS, took to Twitter in January 2018, saying that the Tron white paper was “mostly copied” from projects that came before it. The text was not copied word for word, but it was clear that the delivery and the content itself was heavily borrowed from the IPFS project. In particular, anyone could see the Bitswap strategy in IPFS was just reworded in the Tron whitepaper. And this was without Tron acknowledging the original source. 

Tron’s founder Justin Sun responded to this and other plagiarism accusations by alleging that the English translation had many missing details that were in the original Chinese version. Despite this claim of innocence, the original white paper has since been deleted from the internet. 

The Tron Token (TRX)

The native token of the Tron network is known as Tronix (TRX). The token plays various roles in the ecosystem, including the following:

  • As payment for services by Tron service providers
  • As payment for fees and by developers
  • As payment for fees by smart contract creators
  • As a staking mechanism to participate in the election of super representatives

That said, let’s get a picture of TRX’s performance in the crypto market. As of August 8, 2020, TRX was trading at $0.019874, and it had a market cap of 1.42 billion that placed it at #16. TRX’s 24-hour volume was $799, 242, 420, while its circulating and portal supply was $71, 659, 657, 359, and 100, 850, 743, 812, respectively. The coin’s all-time high was $0.300363 (Jan 05, 2018), while its all-time low was $0.001091 (Sep 15, 2017). 

Where to Buy TRX

You can find TRX as a market pair with BTC, USDT, ETH, KRW in several exchanges such as Bitrue, DigiFinex, BitZ, Poloniex, MXC, CoinTiger, Gate.io, Kraken and so on. 

For storing TRX tokens, Tron provides its official wallet for Android, iOS, and Web. Other third-party options include Guarda Wallet, Atomic Wallet, Ledger Nano, Eidoo, Cobo, and Tronscan. 

Closing Thoughts

For a project that has almost endlessly been mired in controversy and offers nothing new to the blockchain space, Tron has done quite well. As well, its promise of low cost-sharing of digital content is something worth writing home about. But the cryptocurrency space is extremely competitive, so it remains to be seen whether a huge social media following and the support of high-profile figures will be enough to keep the Tron boat floating. 

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Cryptocurrencies

What’s a Bitcoin ATM? 

Bitcoin has proved to be a major force to reckon with in the world of finance. It’s no surprise, therefore, that thousands of businesses have cropped up all over the world to support it. One of these is the rather unexpected Bitcoin ATMs. Unexpected because Bitcoin is supposed to be a digital-only currency, and also the massive security concerns usually associated with it. 

Bitcoin has proved to be a major force to reckon with in the world of finance. It’s no surprise, therefore, that thousands of businesses have cropped up all over the world to support it. One of these is the rather unexpected Bitcoin ATMs. Unexpected because Bitcoin is supposed to be a digital-only currency, and also the massive security concerns usually associated with it. 

Bitcoin has proved to be a major force to reckon with in the world of finance. It’s no surprise, therefore, that thousands of businesses have cropped up all over the world to support it. One of these is the rather unexpected Bitcoin ATMs. Unexpected because Bitcoin is supposed to be a digital-only currency, and also the massive security concerns usually associated with it. 

In this post, we’ll discuss Bitcoin ATMs and answer those burning questions you’re dying to know. 

Understanding a Bitcoin ATM

At its simplest definition, a Bitcoin ATM is a machine that allows individuals to buy and sell bitcoins. ‘ATM’ here is rather a misnomer, because while it might resemble a traditional ATM, a Bitcoin ATM is not backed by banks, and neither does it dispense cash as a traditional ATM. On the contrary, Bitcoin ATMs are connected to the internet and are mostly backed by crypto exchanges. 

Here are all the main facts you need to know about Bitcoin ATMs. 

How Does a Bitcoin ATM work? 

This is the most obvious question that comes to one’s mind. After all, Bitcoin has no physical existence, so how could a Bitcoin ATM possibly work?

First thing, Bitcoin ATMs are connected to crypto exchanges. It’s these exchanges that facilitate the trade and see to it that you receive your Bitcoin quickly and safely. Since you’re transacting directly with the exchange, there’s no need for middlemen, escrow accounts, lawyers, and so on. This combination of convenience and safety eventually reflects on the transaction fee. It’s not unusual to pay up to $50 in transaction fees. However, the fee is mostly calculated based on the volume of the trade, as opposed to a fixed fee as in legacy ATMs. 

Just like with exchanges, you need to register an account or use an existing one to conduct a transaction. While some Bitcoin ATMs facilitate anonymous transactions, these are on the less common side. 

Depending on the ATM, you may receive a physical copy of your transaction receipt, or you may just receive a digital one only. Also, depending on the ATM, you may need to link your wallet in order to complete the transaction. 

Most of the time, a Bitcoin ATM will set a minimum and maximum amount of money that you can deposit in order to purchase Bitcoin. If you cannot afford 1 Bitcoin ( which is likely to be several thousands of Dollars), you can usually still buy Bitcoin fractions. Remember, one Bitcoin token can be divided into eight decimal places (0.00000001). 

Most ATM kiosks require the user to complete some basic security checks, such as two-factor authentication. This may involve having to submit your phone number, through which you will be sent a secret code that will give you access to the ATM. Other ATMs will require you to submit some form of official identification, such as a national ID, passport, or driver’s license.

How to use a Bitcoin ATM 

Every bitcoin ATM will be unique in terms of quality, processing time, and other features, depending on the manufacturer. However, when it comes down to how they actually work, they’re pretty much the same. This is how to use a Bitcoin ATM. 

  • Indicate how much bitcoins you want to buy
  • Enter the receiving crypto address (Most ATMs will conveniently scan the QR code of your wallet)
  • Insert the Fiat currency equivalent of the crypto you’d like to purchase
  • Print out the receipt of the transaction (optional)

Some Bitcoin ATMs also allow you to sell crypto for cash. The procedure will be as follows: 

  • Indicate how much Fiat currency you want the machine to put out. 
  • Send crypto to the public address produced by the machine.
  • Depending on the kiosk, you’ll either receive cash immediately or undergo several confirmation steps before you get it

Note that almost invariably, a Bitcoin ATM will have a CCTV camera due to the safety concerns surrounding crypto. For individuals unfamiliar with how to operate one, or in the case of a problem, there’ll likely be an attendant nearby to offer help. 

Is Using a Bitcoin ATM Risky? 

It’s natural to have concerns about the safety of using a Bitcoin ATM. Questions like “What if the machine is compromised during my transaction?” What if there’s a power outage?” “What if the machine is a clone and can steal my money?” 

Well, you can avoid some of the risks by just being extra careful. It’s no secret that Bitcoin ATMs can be a high target for nefarious activities. And some of the safety responsibility lies squarely on your shoulders. For instance, more shady parts of town can be riskier than the upscale areas. If you must visit such an ATM, then stay on extremely high alert. Also, as much as possible, avoid carrying large amounts of cash. 

Also, make sure to go for an ATM in a well-lit area. The appearance of the machine also matters. Skip the dirty, poorly-maintained, graffiti-covered machine for the well-kept, clean one. 

Then there’s the other aspect that’s behind your control – the cybersecurity one. Bitcoin ATMs may be the target of ransomware or hacking attacks. As such, these potential risks are not far-fetched: the machine being hijacked so that you lose your bitcoins, a hacker transferring your funds to their account, and so on. One way to mitigate the chances of this happening is to use an ATM whose exchange account you already have. This way, the funds will be sent directly to your wallet address, which is safer than generating a new account entirely. 

How to Find a Bitcoin ATM near You 

Are you looking to find a Bitcoin ATM near your location? The easiest way to do so is to use a tracking tool. One of these is Coinatmradar, which is the most referred to so far. At the time of writing, it has listed 8998 crypto ATMs worldwide. Coinatmradar is pretty useful just for the important features it supports, which include buy and sell options, ability to locate the closest machine, the directions to that machine, available cryptos, how to buy and sell Bitcoin, and available ATM installations by country. 

Coinatmradar lets you choose between eleven popular cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, DASH, Monero, Tether, ZCash, Dogecoin, and Ripple. When you search Bitcoin ATM by country, the website will take you to a page with location, contact, address, supported coins, daily limits, and info on whether to buy and sell options are both supported.

Other options include sites that track Bitcoin ATMs in a specific region. An example is Findbitcoinatm.com.au, which lets you trace Bitcoin ATMs in Australia, or Cryptocoinmap.ru which lets you identify crypto teller machines in Russia. Other services, such as Google Maps or Yelp might also prove useful.

Closing Thoughts

So there you go. You can acquire Bitcoin faster than you thought in a Bitcoin ATM. And if you want to sell, confirm whether the particular ATM in question supports that function. And, of course, exercise common sense and extreme caution when transacting Bitcoin via an ATM. 

Categories
Cryptocurrencies

Opendime Hardware Wallet Review 2020: Is This The Safest Bitcoin Hardware Wallet Yet?

On their website, Opendime is referred to as the “World’s First Bitcoin Credit stick wallet.” The highly innovative and minimalistic USB stick allows users to load Bitcoins onto the wallet and physically pass them to other users multiple times. It deviates from the traditional security protocols used by both software and hardware wallets.

Opendime Bitcoin hardware wallet

On their website, Opendime is referred to as the “World’s First Bitcoin Credit stick wallet.” The highly innovative and minimalistic USB stick allows users to load Bitcoins onto the wallet and physically pass them to other users multiple times. It deviates from the traditional security protocols used by both software and hardware wallets.

On their website, Opendime is referred to as the “World’s First Bitcoin Credit stick wallet.” The highly innovative and minimalistic USB stick allows users to load Bitcoins onto the wallet and physically pass them to other users multiple times. It deviates from the traditional security protocols used by both software and hardware wallets.

For instance, it does not need to be secured with a PIN, and neither does its contents need to be encrypted. And unlike most other crypto hardware wallets, Opendime doesn’t have a screen or transaction confirmation buttons. Rather, you have to connect it to your computer to check crypto balances.

In this review, we want to determine if the Opendime hardware wallet is indeed the most secure Bitcoin vault yet. And to answer this, we explore different aspects of the wallet, including its ease of use, set up process, pros, and cons, and also compare it with other hardware wallets.

But first, we look at how Opndime works.

How Opendime hardware wallet works

Like most other hardware wallets, Opendime is a USB-like device that’s specially designed to store Bitcoins. Every time you order Opendime, you will receive a set of three single-use wallets. Single-use here implies that you can only draw coins from the wallet once. After receiving the wallet, you can add as many bitcoins for as long as possible. But to access these coins, you need to break the special seal on the device.

Opendime key features:

Highly versatile wallet: Opendime is a highly versatile and easy to use hardware wallet. It is compatible with a computer, laptop, or even a phone. Simply plug it into either of these devices to initiate the setup process, check balances, or withdraw the bitcoins stored therein.

Free to use: When using the standard hardware or software wallet, you are often required to send bitcoins over the blockchain network. The process isn’t just time-consuming, but you also have to pay network fees for the online transaction. When using Opendime, you can copy coins from one wallet and transfer them to another, physically, without incurring the Bitcoin network fees. You also don’t have to wait for hours on end to have your transactions processed.

Bitcoin-specific: This implies that unlike most other hardware wallets like Trezor or Ledger Nano S that host thousands of cryptocurrencies and tokens, Opendime can only support Bitcoins.

Opendime security features:

Keys are generated by the device: Your Opendime wallet will automatically generate the private and public wallet keys as well as your address QR code. These unique wallet identifiers are created as soon as you plug your device into a computer and are highly randomized to eliminate duplicity.

No access to private keys: After the private wallet address is generated, it is stored within the device. Not even the wallet owner can view the private address without having to break the wallet’s seal.

Tamper proof: According to Opendime creators, Coinkike.inc, it is impossible to tamper or duplicate these hardware wallets. They argue that the wallet is designed using proprietary technology, where each chip contains a unique factory key that is impossible to peel or replace.

How to set up the Opendime bitcoin wallet

Step 1: After receiving the three Opendime wallets, connect the one you wish to use immediately to a computer. Red and green lights will flash on the device.

Step 2: On your preferred browser search for Index.htm. You will receive a notification stating that the ‘wallet has never been used.’

Step 3: Agree to the Opendime wallet manufacturer’s terms and conditions to start the wallet activation process.

Step 4: On your computer, open the index file associated with the hardware wallet (found under /Volumes/OPENDIME) and upload a photo or any file of at least 256kb.

Step 5: Once the wallet detects the file, the flashing light will turn green

Step 6: Now reload the Index.htm page on your browser to generate and reveal your wallet’s public address

Step 7: The new Opendime wallet page will reveal the ‘Check Balance,’ ‘Verify,’ and ‘Your Bitcoin Receiving Address’ tabs.

How to add/receive Bitcoins to the Opendime hardware wallet

Step 1: Plug in the Opendime wallet into a computer and open the index.htm page on a browser.

Step 2: Click on the ‘Your Bitcoin Receiving Address’ tab to reveal your wallet addresses.

Step 3: Copy the address and send it to the individual sending you Bitcoins.

Step 4: Wait for the coins to reflect on your Opendime wallet.

How to send funds from Opendime wallet

Step 1: Plugin Opendime wallet into your computer and open Index.htm page.

Step 2: Break the wallets seal after which the private wallet address will display on the browser page

Step 3: Click on the ‘Send to any Address’ icon to initiate the transfer.

Step 4: Key in the recipient’s wallet address and hit send

Opendime wallet ease of use

Opendime has a straightforward setup process. Plugin the wallet device into a computer/laptop/phone and initiate the wallet activation process by opening the Index.htm URL page on your browser. This gives you access to the device’s public wallet address.

Both the wallet and its website are also multi-lingual, supporting over seven international languages.

Opendime cost and fees

Opendime wallets are available in a pack of three and are currently sold for $49.94 (approximately $17 per wallet).

Given that Opendime is not a transactional wallet, you will not have to worry about the transaction fees. The wallet’s portability also means that you can bypass the bitcoin blockchain fees altogether by moving the physical keys on the wallet as opposed to sending them over the network.

What are the pros and cons of using Opendime bitcoin hardware wallet?

Pros:

  • It may be considered tamper-proof as you have to break the seal to access the private keys.
  • The hardware wallet gives you absolute control over your Bitcoins as they are stored in the physical device.
  • There is no limit to the number of Bitcoins you can hold on the Opendime wallet.
  • It is cheaper than all other hardware wallets available today.
  • It allows for wholly anonymous Bitcoin transactions where you can move a huge number of Bitcoins without leaving a digital footprint.
  • You can move an unlimited number of Bitcoins from one wallet to another for free.
  • Opendime has a straightforward onboarding process.

Cons:

  • One may consider it expensive, especially since it is not reusable.
  • It is not foolproof as it can be stolen or lost.
  • Unlike more sturdy hardware wallets like Cobo Vault that are indestructible, Opendime is highly fragile.
  • It only supports one digital currency – Bitcoin.
  • One may consider it expensive, especially when you consider that the wallet isn’t reusable.
  • There are no PIN or passwords to protect your funds and no recovery seed.

Comparing Opendime to other hardware wallets

Opendime vs. Ledger Nano S

The only similarity between Opendime and Ledger Nano S is the fact that they are both crypto hardware wallets that support Bitcoin. Other than that, they adopt highly diverse security approaches to keeping your private keys they hold safe.

While Opendime only has one layer of protection over a client’s private keys, Ledger Nano S embraces a multi-layered security approach. Opendime keeps the coins safe by hiding the private keys from everyone, including the owner, while Ledger Nano S encrypts these keys before burying them under a password and recovery seed.

Verdict: Is it the safest hardware wallet yet?

Opendime hardware wallet is tamper-proof, it stores your private keys offline, and doesn’t reveal your private wallet address. These make it one of the most secure physical bitcoin vaults. There nonetheless, are several drawbacks to using the crypto wallet. For instance, it is not password-protected, and it does not have a backup or recovery option. Therefore, should the wallet be lost, misplaced, or destroyed, you have no way of recovering your digital assets.

Categories
Cryptocurrencies

What’s Balancer (BAL) All About? 

DeFi is currently the hottest thing in the crypto space, thanks to DeFi protocols that challenge everything we know about money. Smart cryptocurrency investors are rushing to DeFi platforms to passively earn money, trade with the best prices, and find ways to multiply their portfolio. 

DeFi is currently the hottest thing in the crypto space, thanks to DeFi protocols that challenge everything we know about money. Smart cryptocurrency investors are rushing to DeFi platforms to passively earn money, trade with the best prices, and find ways to multiply their portfolio. 

DeFi is currently the hottest thing in the crypto space, thanks to DeFi protocols that challenge everything we know about money. Smart cryptocurrency investors are rushing to DeFi platforms to passively earn money, trade with the best prices, and find ways to multiply their portfolio. 

Balancer is one such DeFi protocol. The project is making waves in the space with its cutting edge ideas like customizable liquidity pools, the ability to acquire BAL tokens by simply staking in pools, and a smart order routing protocol that finds traders the best prices. 

Let’s examine Balancer more closely and see how exactly you can start benefiting from the protocol! 

Understanding Balancer 

Launched in September 2019, Balancer is an automated market maker (AMM), a portfolio manager, exchange, and liquidity provider that runs on top of Ethereum. Balancer enables traders to exchange various cryptocurrencies with minimal cost and slippage. It aims to replace centralized market makers with peer-to-peer and non-custodial trading and exchange services. 

Decentralized trading platforms can use the Balancer protocol to determine the best exchange rates and trading prices. The protocol provides liquidity for the trades, using the funds deposited by stakers/investors in the platform’s various liquidity pools. 

Balancer is not the first AMM in the DeFi space. What makes it special is that it supports up to eight assets, including ETH, DAI, and USDC per market. 

Balancer Pools

Balancer Pools are liquidity pools, in which anyone can stake crypto and hence inject liquidity into the protocol. Unlike other liquidity pools in the DeFi space, Balancer Pools don’t require you to split between just two tokens. Instead, you have at your disposal up to eight tokens. For instance, a pool could have 30% DAI, 30% LINK, 30% MKR, and 10% WETH, while other pools can only support, let’s say, 60% USDC and 40% MKR. 

Balancer employs smart order routing (SOR) to provide the best rates and trading prices possible. Balancer pools are like index funds; only this time, instead of being charged for portfolio management services, you’re the one that actually gets paid for contributing liquidity.

Balancer pools are also customizable, meaning users can optimize them for different needs. For instance, we have Liquidity Bootstrapping Pools (LBPs) in which you can create deep liquidity for your token. There’s also stablecoin pools that support zero impermanent loss.

How can You Use the Balancer Pools? 

You can use balancer pools for two purposes: providing liquidity and trading. 

#1. Providing liquidity: you can deposit any of the eight supported tokens into pools, providing liquidity to traders of that particular pool. Liquidity providers stand to earn a fee (paid by the traders). However, volatility and other market factors can sometimes cause liquidity providers to lose part of their investment. Studying market patterns keenly and not investing more money than you can afford to lose are some of the ways to mitigate potential losses.

#2. Trading: Users can trade tokens in a safe and peer-to-peer manner. Balancer’s SOR protocol works to ensure the best prices.

How to Provide Liquidity to Balancer

The process of providing liquidity to Balancer is pretty straightforward.

  • Visit Balancer pools and connect MetaMask, WalletConnect, Portis or Coinbase wallets
  • Take a look at the listed pools and choose which one you would like to go inject liquidity to
  • Click Add Liquidity
  • Click Unlock to view the tokens you chose in the previous step. This step authorizes the Balancer protocol to use your deposited tokens
  • Indicate how many tokens you want to deposit
  • Confirm/Complete the transaction on your wallet

Before you get started, ensure that you have a sufficient balance of the tokens you want to deposit. 

Liquidity Mining

Balancer announced that it will be supporting liquidity mining starting from June. To this end, the protocol will be distributing 145,000 BAL tokens (roughly 7.5M per year). 

All you need to do to earn the token is to provide liquidity to the pools. Rewards will be paid out every week. The process is enabled for all pools on the platform, but with this condition: “a USD price can be extracted from CoinGecko for at least two tokens present in the liquidity pools.” 

Staking in Balancer doesn’t just earn you BAL. It gives you an opportunity to make your voice heard in the direction of the protocol. 

The BAL Token

BAL is the native cryptocurrency of the Balancer platform. The team introduced the token to make the platform decentralized by “diversifying governance.” Announcing the move, the team said: “We believe BAL tokens are the vehicle to drive alignment and participation in the protocol. BAL tokens are not an investment; BAL token holders should be people that interface with the protocols in some way, are committed to its future development, and want a seat at the governance table.” 

BAL token holders will help the platform achieve its highest potential. The team gives the following examples as to how: deploy the platform on other blockchains apart from Ethereum, implement scaling solutions, and the introduction of fees to start generating revenue. BAL holders can be at the front seat in actualizing these and more. 

The Hack That Shook Balancer

The world of DeFi and indeed crypto, in general, are constantly targeted by hackers, phishers, and all manner of bad actors. Balancer was the victim of such an attack on June 29 this year that led to the pool losing about $500,000 worth of crypto. Since Balancer is decentralized, anyone can create an asset pool with whatever parameters they wish. Let’s go through what happened: 

A hacker took a flash loan of $23million worth of Wrapped Ethereum (WETH) tokens from dYdX then proceeded to trade the WETH with Statera (STA) tokens against themselves, back and forth, 24 times. This almost completely drained the STA liquidity pool. By the time the hacker was done, STA balance was one weiSTA (one billionth of a coin). 

The Balancer protocol was tricked into releasing WETH equivalent to the original balance, granting the hacker a bigger margin for every trade. The attacker didn’t stop with WETH – they did the same thing with WBTC, LINK, and SNX, all against STA. 

Analysts at 1inch exchange said, “The person behind this attack was a very sophisticated smart contract engineer with extensive knowledge and understanding of the leading DeFi protocols.” The attacker’s address was not identified because they used an Ethereum mixer to cover their tracks. 

BAL’s Token Distribution

The Balancer token’s total supply is 100 million. So far, just 35.4 million of that has been minted, with its distribution being as follows: 

  • 22.5M went to the developing team, and stock options, advisors and investors 5.65M, or 25% of this  is currently locked, with the remaining 75% subject to 3 year vesting period
  • 2.5M was reserved for future team members stock options
  • 5M was reserved for the Balancer Ecosystem Fund
  • 0.435M was reserved for liquidity miners
  • Out of the remaining token’s supply, only 1.74 BAL is set to be released each year.

Key Metrics

At the time of writing, BAL trades at 16.01 with a market cap of $111, 162, 211, that places it at #87 in the market. BAL’s 24-hour volume is $10, 665, 976, and it has a circulating supply of 6, 943, 831. The coin’s highest price was  $23.73 (June 24, 2020), while its lowest was $7.88 (July 15, 2020). 

Buying and Storing BAL

If you wish to acquire some BAL tokens, the platform’s in-house exchange, Balancer Exchange, is the best place to do so. Alternatively, you can grab some BAL from any of several exchanges, including Binance, Huobi, BKEx, OKEx, Hoo, Poloniex, FTX, Bibox, Switcheo Network, BiKi, Bitribe, Uniswap, Bamboo Relay and dex.blue. You’ll find the token as a pair with LEND, DAI, ETH, BTC, USDT, BNB, WETH, MKR, and so on. 

BAL is an ERC20 token, meaning it can be stored in any wallet that supports Ethereum. Great choices include MyEtherWallet, MetaMask ethaddress Parity, Guarda, Trust Wallet, Atomic Wallet, Parity, Ledger, and Trezor. 

Closing Thoughts

Balancer is not the average automatic market maker. It supports an impressive number of tokens so users can stake in a wide variety of them. Traders can also get the best possible deal, thanks to the platform’s SOR protocol. And even better, staking in BAL gives holders the ability to shape the Balancer protocol into what best shape they envision it to be. The Balancer protocol is only beginning to wow DeFi investors with greatness. 

Categories
Cryptocurrencies

LiteVault Wallet Review 2020: Features, Pros, Cons, and Fees

LiteValut is a Litecoin-specific web wallet. It was developed and introduced to the crypto industry by an anonymous crypto developer referred to as ‘Someguy123.’ Apart from its close association with the Litecoin blockchain, Litevault hosts unique operational and security features. Questions are, however, abound with regards to the safety of the web wallet given that it is not regulated, it is developed and maintained by anonymous entities, and stores its client’s private keys in company servers.

LiteVault crypto wallet

LiteValut is a Litecoin-specific web wallet. It was developed and introduced to the crypto industry by an anonymous crypto developer referred to as ‘Someguy123.’ Apart from its close association with the Litecoin blockchain, Litevault hosts unique operational and security features. Questions are, however, abound with regards to the safety of the web wallet given that it is not regulated, it is developed and maintained by anonymous entities, and stores its client’s private keys in company servers.

LiteValut is a Litecoin-specific web wallet. It was developed and introduced to the crypto industry by an anonymous crypto developer referred to as ‘Someguy123.’ Apart from its close association with the Litecoin blockchain, Litevault hosts unique operational and security features. Questions are, however, abound with regards to the safety of the web wallet given that it is not regulated, it is developed and maintained by anonymous entities, and stores its client’s private keys in company servers.

In this review, we will be explaining everything you need to know about the LiteVault web wallet. We will be examining factors such as its key operational features, security measures in place, ease of use, and the number of supported currencies before comparing it to equally popular web wallets.

Key Features:

Fast transaction processing: Litevault is extremely light. Unlike most other full-stack wallets and apps that require you to download the entire blockchain, Litevault is web-based. Private keys are stored online, and all the crypto-transactions are hosted on the company servers. This not only saves your computer space but also guarantees faster execution of Litecoin transactions.

Highly intuitive: Litevault also has a highly decongested user interface that makes it easy to use for both expert and beginner traders.

Single currency wallet: Litevault web wallet is Litecoin-specific. This implies that it will only support the Litecoin digital currency.

Integrates with payment processors: Ideally, the single currency nature of the web wallet means that you can only deposit Litecoin into the wallet. Litevault has, nevertheless, partnered with several payment-processing companies like Changelly that facilitate fiat-to-Litecoin conversions.

Custodial web wallet: Unlike most crypto wallet apps that give you absolute control over your wallet, Litevault is custodial. Instead of storing your private keys in your computer or mobile device, LiteVault stores your private keys on the company servers.

Multiple wallets: There is no limit to the number of Litecoin wallets you can attach to your Litevault crypto wallet.

Security features:

Password: Like any other web wallet or crypto wallet app, Litevault is password protected. You get to set a strong password during account registration. The password serves both the purposes of encrypting the wallet and restricting unauthorized access.

Two-factor authentication: In addition to password protection, Litevault adds a security layer through two-factor authentication. But unlike other wallets that use your phone number to activate 2FA, Litevault uses your email address.

Litevault encryption: Litevault uses in-browser cryptography to encrypt all the client-server communications. According to Litevault, the data is encrypted right after it leaves your browser, and before it reaches the Litevault servers. This ensures that the company employees never have access to your private keys or any other sensitive user data.

Open sourced: Litevault crypto wallet is built on an open-sourced technology that is vetted and approved by the crypto industry experts. The open-sourced nature of the platform ensures that virtually anyone can view and audit its source code.

Back up your keys in a physical device: While Litevault doesn’t store your private keys on your device, you can still backup and export your digital assets. You can export the decrypted version of the private keys as a JSON file and store it in a USB drive or another wallet.

How to set up Litevault wallet

Step 1: Head over to the official Litevault website and click ‘Register.’

Step 2: On the account registration page, enter your email address (optional), and click on ‘Create Account.’

Step 3: The Litevault site will provide you with a unique identifier that you can use as your username

Step 4: Your account is set, and you can now start adding and transacting in Litecoins.

(Note: While the email address is not mandatory, you are advised to add it to your account if you intend to activate two-factor authentication)

How to add/receive crypto into Litevault wallet

Step 1: Log in to your Litevault web wallet and on the dashboard, click on “Receive (manage address)”

Step 2: Copy the wallet address and send it to the parties sending you Litecoins.

Step 3: Wait for these Litecoins to reflect on your Litevault wallet.

How to send crypto from Litevault wallet

Step 1: Log in to your Litevault web wallet and on the user dashboard, click on the “Send” tab

Step 2: If you created multiple wallets, select the address from which you would like to send the crypto

Step 3: Enter the recipient’s wallet address and the number of Litecoins you would like to transfer

Step 4: Confirm that these details are okay and hit send.

Litevault wallet ease of use

The Litevault web wallet user dashboard is clean and easy to use. It is highly intuitive and only features the most important tabs, plus it recently introduced the colorism aspect where different color tags are used for easier in-wallet navigation.

Litevault wallet cost and fees

Creating a Litevault web wallet account is free. Further, you won’t be charged for storing your Litecoins in this wallet.

You, however, will be charged network fees in the name of transaction fees every time you send Litecoins to another wallet or exchange. This transaction fee is highly variable and largely depends on the transaction amounts. These are charged by the Litecoin network administrators and not Litevault.

You will also include currency conversion fees if you buy crypto using fiat through fiat-to-crypto conversion sites like Changelly. This amount includes the transaction charge imposed by your credit/debit card provider and the conversion fees by Changelly.

Litevault wallet customer support

There are two primary ways of getting assistance when using the Litevault web wallet. First, you can rely on their very elaborative FAQs section. Here they address some of the most common challenges LiteVault wallet users face. These may include missing transactions, incorrect balances, the send button not working, or the transaction fee tab that fails to capture the entire amount. The page explains how you can solve each of these changes.

If any of these problems persist, you can reach out to the LiteVault support team via email or directly message them on Twitter.

What are the pros and cons of LiteVault wallet

Pros:

  • Litevault web wallet is easy to use and has a straightforward registration process.
  • You can create multiple Litcoin addresses on one LiteVault web wallet.
  • Litevault has employed several security features that include open-sourcing its technology.
  • LiteVault makes it possible to backup and export it to a USB drive or another wallet.

Cons:

  • It is prone to inherent security limitations associated with hot wallets.
  • It is not regulated.
  • It stores your private keys on the company’s servers, and this increases the risk of loss.
  • It only supports one digital currency – Litecoin.

Comparing Litevault to other desktop Litecoin wallets.

LiteVault vs. Litecoin Core desktop client

LiteVault web wallet and the Litecoin Core desktop client have just but one significant similarity – they both are Litecoin-specific wallets. Their key differences include the fact that LiteVault is web-based and holds coins on behalf of its clients while Litecoin Core is a full-stack desktop client that hosts client private keys within their device. Registering on LiteVault is quite straightforward, as it doesn’t require you to download an app while LiteCoin Core demands that you download the entire blockchain.

Verdict? Is LiteVault wallet safe?

The web wallet has placed several security features aimed at making it the most secure web wallet. It has open-sourced the technology used to create the wallet, it is possible to backup and import your private keys, and uses in-browser cryptography to encrypt all user data. These play a key role in improving the wallet’s security. However, we must observe that while these make the wallet relatively safe, it is still exposed to the inherent problems associated with any hot crypto wallet.

Categories
Cryptocurrencies

Introducing THORChain (RUNE)

-The idea of crypto is for it to be a decentralized and trustless currency. But since crypto became an idea, users have never been able to exchange it in a decentralized and trustless manner. Today’s cryptocurrency exchanges are just like legacy financial exchanges: centralized, custodial, and prone to regulatory interference. If the means through which users exchange cryptocurrency is centralized, then cryptocurrency is far from reaching its ideal status. 

-The idea of crypto is for it to be a decentralized and trustless currency. But since crypto became an idea, users have never been able to exchange it in a decentralized and trustless manner. Today’s cryptocurrency exchanges are just like legacy financial exchanges: centralized, custodial, and prone to regulatory interference. If the means through which users exchange cryptocurrency is centralized, then cryptocurrency is far from reaching its ideal status. 

-The idea of crypto is for it to be a decentralized and trustless currency. But since crypto became an idea, users have never been able to exchange it in a decentralized and trustless manner. Today’s cryptocurrency exchanges are just like legacy financial exchanges: centralized, custodial, and prone to regulatory interference. If the means through which users exchange cryptocurrency is centralized, then cryptocurrency is far from reaching its ideal status. 

What the crypto world needs is the ability to exchange value in a decentralized manner, and in a way that’s free from the arbitrary decisions of powerful entities. 

THORChain is a network that not only does this but is also chain-agnostic, meaning it does not favor or discriminate on any blockchain. This means users can connect to and interact with any blockchain in a cross-chain fashion. On THORChain, you can even earn passive income by simply staking the network’s native currency: RUNE.

THORChain network allows you to do the following: stake money and earn rewards, seamlessly transfer value across chains, and run a validator node, and get paid for it. 

THORchain Features

The THORChain protocol has the following key features. 

#1. Cross-chain Asset Swaps

THORChain allows you to swap any supported asset in a peer-to-peer fashion. All you need to do is connect your wallet and follow the prompts for swapping various tokens. Token swaps are carried out instantly at a minimal and transparent fee. 

#2. Provide liquidity

Users can stake crypto assets on THORChain and earn fees. Staking assets also gets you paid in block rewards.

#3. Earn Rewards for Running a Node

THORChain users can run nodes (and hence maintain and secure the network) and get rewarded with two-thirds of the collected network fees. Nodes are refreshed every three days to promote the dynamicness and inclusivity of the network. Nodes can also leave at any time after submitting a request. Such a request is processed within a few hours. 

Who Created THORChain?

The THORChain team is intentionally pseudonymous in order to “protect the project.” They believe that “figureheads, personalities, and founders undermine the project’s ability to decentralize.” Instead, the team believes that transparency and other facets, such as handling of funds, research, and the THORChain code, are enough to prove the authenticity of the project. 

With that, the THOR Chain team began researching the project in June 2018, going on to launch the first testnet in the fourth quarter of that year. After the testnet, the team continued researching and went on to launch the first bridge in the second quarter of 2019. The network went live in the first quarter of 2020. 

The project’s native token, RUNE, was launched on the Binance blockchain in June 2019. 500 million tokens were issued, after which the token was listed on Binance’s decentralized exchange. The token was also distributed for free community members who promoted the project in various ways. 

Where does RUNE fit in the THORChain Ecosystem?

The RUNE plays various key roles in the THORChain ecosystem. From staking to covering transaction fees to providing liquidity, RUNE is essential to the running of the system. 

  • Staking – Network participants who wish to become nodes must first stake RUNE tokens. Staking is required for a certain period of time to prevent nothing-at-stake attacks.
  • Payments – Users engaging with the THORChain network pay fees in RUNE – whether it’s a transaction, trading, bridging or liquidity fees
  • Backing liquidity – When you add liquidity to the THORChain network, that liquidity is backed by RUNE in what’s known as ‘Continuous Liquidity Pools.’ In this way, RUNE acts as a settlement currency for the network
  • Block Rewards – Block validators are rewarded in RUNE for protecting the network.
  • RUNE is required as liquidity to join Liquidity Hubs

Products by THORChain 

THORChain supports a few powerful products, which include the following: 

#1. BEP Swap

This is an application powered by THORChain that allows Binance coin (BNB) BEP2 token holders to swap assets or deposit them for liquidity and earn commissions from trades. It also enables traders to stay on top of pool prices and trade them more profitably. 

#2. Flash Network

Flash Network is a layer-2 network that supports instant asset swaps on the THORChain network. It supports exchanges across multiple tokens and liquidity pools. Also, Flash Network is compatible with other layer-2 solutions such as Lightning Network, Raiden, and Bolt. 

#3. RUNEVault

This is a staking interface that allows THORChain users to stake in and earn more RUNE. The team created RUNEVault to observe user behavior interactions and learn how to make an improved project for THORChain’s mainnet launch. When the mainnet launches, the platform will be retired. 

#4. Bitfröst Protocol

The Bitfröst Protocol is a cross-chain protocol that facilitates connectivity between disparate blockchains. It solves one of blockchain’s most persistent problems: interoperability. This way, THORChain users can seamlessly trade assets across any blockchain.

THORChain Nodes

These are individuals who maintain and secure the network by verifying the authenticity of transactions. Other duties include monitoring transactions on external chains, approving outgoing transactions, and operating the network protocol. 

To run a validator node, you need to have high-performance software and hardware, as well as stake a minimum of 1 million RUNE. Though that’s a bit on the high end, RUNE validators are compensated in RUNE for their work. They receive what’s known as ‘bond rewards’ – which is 67% of the system’s revenue, while liquidity providers get 33% of the share. 

If node operators do not perform any of their duties the right way or attempt to defraud the network, they will be penalized. 

How to Earn RUNE

You can earn RUNE in two ways: running a validator node and staking in RUNE. RUNE holders can currently stake the token in RUNEVault and earn a share of 1 million RUNE that’s being distributed weekly. 

You can also earn RUNE by running a validator node. Validator nodes maintain the blockchain and earn in the form of liquidity fees and block rewards. 

Where to Buy and Store RUNE

The safest way to acquire summer RUNE would be through a cryptocurrency exchange. You’ll find RUNE paired with either BTC, BNB, USDT, ETH, EUR, and BUSD at any of the following exchanges: Binance, FTX, Hoo, Bilaxy, Eterbase, BitMax, and Binance DEX. 

RUNE is a BEP-2 compliant token, which means you can store it in any Binance supported wallet. Popular options include Trust Wallet, Guarda, Atomic Wallet, Binance Chain Web Wallet, Ledger, and RUNEVault (which allows you to stake and earn more RUNE).

Key Metrics of RUNE

At the time of writing, RUNE is trading at $0.682046, with a market cap of $108, 058, 013 that places it at position 89 in the market. The token has a 24-hour volume of $5, 077, 431, a circulating supply of 158, 432, 088, and a total supply of 500 million. RUNE’s highest and lowest price ever was $0.719599 (July 24, 2020), and 0.007939 (Sep 27, 2019). 

Closing Thoughts

The THORChain team has made a product that truly works – and benefits the DeFi space. Few protocols have what DeFi has – an in-house DEX, the ability to swap assets cross-chain safely and securely, as well as enabling users to earn by simply staking their idle funds. THORChain has already carved out space for itself in the DeFi world, and if it keeps the same level of innovation, it will even be a bigger force to reckon with. 

Categories
Cryptocurrencies

What’s Kava.io (KAVA)?

In a fast-developing DeFi landscape, new projects are being launched that defy the very concepts of traditional finance. After all, that’s what decentralized finance is all about – the idea that the rules can be made by the average people and not just by the government and powerful entities.

In a fast-developing DeFi landscape, new projects are being launched that defy the very concepts of traditional finance. After all, that’s what decentralized finance is all about – the idea that the rules can be made by the average people and not just by the government and powerful entities.

In a fast-developing DeFi landscape, new projects are being launched that defy the very concepts of traditional finance. After all, that’s what decentralized finance is all about – the idea that the rules can be made by the average people and not just by the government and powerful entities.

Kava.io is a DeFi platform that empowers users to earn crypto just from staking and locking up collateral. Users stand to earn yields that are way more exciting and superior than traditional savings accounts that offer meager returns. 

In this guide, we dive deep into how the Kava ecosystem works and get a closer look at its two tokens: KAVA and USDX.

Understanding Kava.io

Kava is a DeFi and blockchain platform offering services like collateralized loans to crypto users. The platform has its own stablecoin, USDX, which users receive when they collateralize their assets. It also features a native cryptocurrency known as KAVA, which facilitates staking and governance of the protocol.  

Specifically, KAVA supports the following: 

  • Collateralized loans: Crypto users have an open and decentralized interaction with loans, stablecoin, and hedging services
  • Hedging with interest: Users can hedge USDX, the platform’s stablecoin and earn yields in return 
  • A variety of derivatives: Kava intends to integrate a wide variety of innovative synthetics and crypto derivative products

Use Cases of Kava

The Kava platform aims to provide the following use cases, with the plan to roll out more in the future in the works: 

  • Users can earn USDX simply by locking in collateral
  • Users can stake USDX and earn more of it
  • Users can take collateralized loans and create leverage positions for supported cryptos

Features of the Kava Platform

#1. Auction 

This is a module that oversees the creation and implementation of various auction types that are necessary for the platform to function. This could include forward auction, debt auction, forward reverse auction, surplus auction, and surplus reverse auctions

#2. BEP3

This is a module that oversees the functioning of the BEP3 protocol. BEP3 is a cross-chain asset transfer protocol that facilitates swaps between Kava and BEP3 standard-compliant tokens

#3. CDP

CDP is a module that creates collateralized debt positions (CDP). It allows users to create stable assets pegged against a real-life asset, such as the US Dollar. It also implements the governance parameters of the system, which can be changed at any time through a vote. Such parameters could be the amount of debt that’s allowed to be in circulation, the debt limits, and collateralization ratio for collaterals.

#4.Committee

This is a governance mechanism that allows platform users to make their voices heard as far as the direction of the platform is concerned. Users can vote on and implement proposals, including in emergency situations. The makeup of the committee is decided through a traditional vote, in which coin holders ‘elect,’ remove and update committee members if and when necessary.

#5. Incentive

This is an incentivization mechanism to reward users who open CDPs. The committee defines the collateral awards as well as the period in which users can claim them. It also could change the type of award at any time. 

#6. Kavadist

This is a ‘factory’ that mints coins for the platform. Each minting period has a specified annual percentage rate. Kavadist only creates coins. It’s not involved in their distribution or spending.

#7. Pricefeed

A module responsible for posting various markets’ prices. The median price is stored on the blockchain after each block

The Tokens

The Kava platform features two tokens: KAVA and USDX. KAVA is the native cryptocurrency of the Kava platform, and it plays the following roles in the ecosystem: 

  • Security – A 100 nodes are responsible for verifying the authenticity of blocks and adding them to the blockchain. By doing this, they maintain and secure the network. They are then rewarded with KAVA tokens in the form of block rewards and transaction fees. The nodes face losing these rewards if they fail to uphold any of their duties, such as not preventing the double signing of transactions
  • Governance – KAVA token holders can vote on and enact proposals within certain parameters of the CDP system
  • Lender of last resort – In the event, the Kava system runs out of collateral or is undercollateralized, KAVA token steps in as a reserve currency

In the same way, USDX has its own uses: 

  • Providing leverage – Platform users can use USDX tokens to leverage many other cryptoassets
  • Hedging – Traders can use USDX as a stable asset to cushion against the volatility of other cryptocurrencies 
  • Payments – USDX token is used to settle various forms of payments on the Kava network

 Distribution of KAVA

KAVA’s Distribution was as follows: 

  • 30.05% for the first private sale that took place between Jun 15 to Jun 30, 2019
  • 5.02% for the second private sale conducted between Jul 15 and Jul 31, 2019
  • 4.93% for the third private sale conducted between Aug 15 and Aug 31, 2019
  • 6.52% for the Binance Launchpad sale conducted on October 2019
  • 25% 4 Kava Labs shareholders
  • 28.48% was reserved for the Token Treasury

At the time of writing, Kava.io traded at $4.30, and it had a market cap of $144,014, 710, which placed it at #70. It had a 24-hour volume of $80, 817, 704, a circulating supply of 33, 485, 395, and a total supply of 106, 274, 714. KAVA’s highest and lowest price ever was $4.46 (Aug 08, 2020) and $0. 299967, (Mar 13, 2020).

Where to Buy and Store KAVA

You can grab some KAVA from a variety of legit exchanges, including Binance, Upbit, Bilaxy, Kraken, BitMax, Gate.io, Hoo, BiKi, HitBTC, Bitsonic, Bitrue, Coinone, CoinDCX, and HotBit. The token is paired with either USDT, ETH, USD, BTC, and BNB. 

You can store KAVA tokens in Trust Wallet and Ledger. 

Closing Thoughts

Kava.io is an exciting investment alternative for the modern investor. Instead of depositing your money to a lifeless savings account offering minuscule returns, you could consider a not just more dynamic investment platform, but also a decentralized one where you get to contribute to the rules. Kava.io is a strong contender for such a platform. 

Categories
Cryptocurrencies

What’s Elrond Blockchain About?

Blockchain is a brilliant idea. It gives people the reins to be in charge of their own finance because it’s peer-to-peer and, refreshingly, no authority is calling the shots. This is enormously important because unlike traditional money, the state/bank cannot freeze your funds at will.

Blockchain is a brilliant idea. It gives people the reins to be in charge of their own finance because it’s peer-to-peer and, refreshingly, no authority is calling the shots. This is enormously important because unlike traditional money, the state/bank cannot freeze your funds at will.

Blockchain is a brilliant idea. It gives people the reins to be in charge of their own finance because it’s peer-to-peer and, refreshingly, no authority is calling the shots. This is enormously important because unlike traditional money, the state/bank cannot freeze your funds at will.

But the pioneer of blockchain and crypto, Bitcoin, is remiss in that it’s not sufficiently scalable, and it exists on its own (preventing interaction with other blockchains). These factors, and others such as the questionable decentralization of the network compromise, in a way, the promise of blockchain.

Elrond is a network that seeks to remedy some of these shortcomings. In this guide, we explore exactly how, as well as look at the platform’s token and how it fits in the picture. 

Understanding Elrond

Elrond is an open-source blockchain network that wants to solve persistent problems in blockchain, including security, scalability, and interoperability. It wants to enable near-instant transaction speed, high throughput, and low-cost transactions. With these features, Elrond wants to prepare for the IoT economy. The platform’s Adaptive State Sharding and Secure Proof of Stake consensus will help accomplish these goals. 

Challenges Faced By Blockchain Today

The Elrond team believes for blockchain to break into the real-world economy, it must meet the following criteria:

  • Complete decentralization: a blockchain should have full decentralization such that there are no central party influencing operations. It also should have no use for a trusted third party. These qualities eliminate the chance of whimsical decisions and a single point of failure
  • Robust security: a blockchain network should be able to keep potential attacks at bay – especially those from already known possible attack vectors
  • High scalability: a blockchain should be able to achieve a high throughput equivalent to or exceeding that of established legacy systems
  • Efficiency: The ability to meet every network obligation with as minimal computing power as possible
  • Bootstrapping and storage: a blockchain should be able to support efficient data storage at a competitive cost
  • Cross-chain interoperability: the ability to support unlimited connections with external blockchains as well as services

In view of these, the Elrond team has rethought the entire blockchain concept as we know it. It implements the SPoS consensus and state sharding, as previously mentioned, to meet the criteria. State sharding partitions the distributed network state into multiple shards. The SPoS mechanism is an improved version of Proof of Stake. It facilitates high-level security and true decentralization while avoiding the resource-intensive Proof of Work mechanism. 

Features of the Elrond Network

Both Adaptive State Sharding and SPoS are two of the backbones of the Elrond network. These and the Elrond Virtual Machine make up the main features of the platform. 

Let’s look at each more closely below:

#1. Adaptive State Sharding

By now, you already know that sharding is the process of dividing the data on the blockchain into multiple shards. The idea is to enable data to be more manageable. Sharding is usually in three variations: state, transactions, and network sharding. Elrond combines these three together to form ‘Adaptive State Sharding.’ This dramatically improves transaction throughput and overall performance. Adaptive State Sharding is able to achieve the following: 

  • Scalability without sacrificing availability: this means even if the number of shards was to be increased or decreased, or network state was being updated, this would not affect, or it would affect the overall performance very negligibly
  • Quick dispatching and near-instantaneous traceability: this means the computing of shards is in such a manner that communication rounds are eliminated
  • Efficiency and adaptability: this means the distribution of shards is as balanced as possible at any time
#2. Secure Proof of Stake

This is a unique rendition by Elrond of the Proof of Stake consensus. SPoS eliminates resource wastage, as is typical with Bitcoin’s Proof of Work. SPoS combines staking with random validator selection. SPoS maintains a high level of security through not just random sampling, but also the constant reshuffling of nodes. In the end, we have ‘unbiasable randomness,’ which promotes both security and integrity as well as promotes decentralization. 

#3. Elrond Virtual Machine

The Elrond Virtual Machine is a ‘factory’ for creating and executing smart contracts based on the WASM standard. The virtual machine supports more languages for developers to experiment with smart contracts, including Rust, C/C++, C#, and Typescript. This is good news for developers who can now develop smart contracts in whatever programming language they’re familiar with. 

Elrond’s Network Structure

The network structure comprises shards, metachain, and nodes. 

Shards, which we’ve already discussed, are more manageable divisions or chunks of the network. Each shard handles just a fraction of the network state – whether it’s transaction processing, accounts, payments, storage, and so on. This makes things quicker and more scalable. 

Metachain is a ‘special’ blockchain that runs on a separate shard. Its responsibilities include verifying block headers, relaying info across shards, handling the registry of validators, solving any issues faced by fishermen (more on that later), and rewarding validators. Metachains also oversee the slashing of rewards for the validators who misbehave.

Nodes are participants that run the Elrond client. Nodes are distributed all over the world – it could be a computer, a tablet, a smartphone, or whatever kind of server. A node can play any role: validator, observer, or fisherman. These participants provide various levels of support and earn rewards. 

Who are the Participants of the Elrond network? 

Elrond hosts three types of participants: and these include validators, observers, and fishermen. 

#1. Validators

Validators process transactions and add new blocks to the blockchain. They take part in the consensus mechanism, which facilitates the continuation of the network while securing it. Validators are compensated with Elrond tokens and part of transaction fees. To qualify as a validator, one must stake in ERD tokens. This is to help keep the activities of the validators in line with the goals on the network. If a validator’s activities cause disruption within the network, they could lose their stake. 

#2. Observers

These are passive members who function as a read and relay interface. An observer can either be Full or Light. A Full observer maintains the entire transaction history of the blockchain. A Light observer keeps only two epochs of this history. Observers needn’t stake in ERD, and neither are they rewarded for their participation.

#3. Fishermen

Fishermen are nodes that verify the authenticity of the proposed blocks. They detect and challenge any invalid blocks that would result from bad actors. Fishermen are rewarded for their participation. Both validators and observers can act as fishermen. For validators to play as fishermen, they have to be not part of the current round of consensus. 

Elrond’s Token and Monetary Policy

Elrond has a utility token known as ERD. ERD is essential for the running of the network, and it fulfills the following roles: 

  • as payment for processed transactions
  • as payment for deploying smart contracts and DApps on Elrond
  • as a reward for participating in various roles in the network
  • for participating in-network governance 

When a transaction happens, the Elrond protocol emits ERD. The biggest percentage of this goes to validators, another percentage is burned, and another percentage is allocated to the Elrond Community Fund or also burned. 

The token’s distribution was as follows: 

  • 25% for the launchpad sale
  • 19% for the private sale
  • 19% went to the team
  • 17% went to the reserve treasury
  • 2.5% was reserved for advisors
  • 7.5% was reserved for ecosystem rewards
  • 8.5% went to marketing
  • 2% was reserved for the community

Key Figures

According to CoinGecko, Elrond trades at $0.02163702, with a market cap of $292, 746, 731 that makes it the 47th largest cryptocurrency in the world. It has a 24-hour trading volume of $21, 654, 993, with a 24-hour low of $0.02106083 and a high of $0.02225527. ERD’s circulating supply is 13.5 billion out of the maximum supply of 20 billion.

Buying and Storing ERD

You can exchange BTC, ETH, USDT, BNB, and BUSD for ERD at Binance, Binance DEX, Bilaxy, Huobi, BitMax, CoinDCX, and WazirX. 

You can keep ERD in Coinomi, Ledger, Trezor, and KeepKey wallet. 

Closing Thoughts

Elrond is doing what many blockchain projects are attempting to do, solving the security and scalability issues of the first and second-generation blockchains. Its approach towards this is quite innovative, with its new twist to the concept of sharding and intriguing participant types overseeing the network. It will be exciting to see how the network grows from here.

Categories
Cryptocurrencies

What’s Waltonchain (WTC) All About?

Waltonchain is a project that wants to “serve the real economy with blockchain technology.” It cleverly combines the immutability and transparency of blockchain with RFID tech to create effective and modern solutions for the supply chain industry. 

Waltonchain is a project that wants to “serve the real economy with blockchain technology.” It cleverly combines the immutability and transparency of blockchain with RFID tech to create effective and modern solutions for the supply chain industry. 

Waltonchain is a project that wants to “serve the real economy with blockchain technology.” It cleverly combines the immutability and transparency of blockchain with RFID tech to create effective and modern solutions for the supply chain industry. 

In this guide, we’ll prod further how the Waltonchain team intends to achieve this. Also, we’ll get a closer look at the platform’s token and how exactly it fits in.

Understanding Waltonchain

Waltonchain is a project that wants to combine blockchain and radio frequency identification (RFID) technology to create fast, traceable and transparent management of supply chains. The project is named in honor of the inventor of RFID tech, Charlie Walton.  

Logistics systems are already incredibly complex, and this is not helped by the different moving parts that are mostly siloed. You find there’s no unified way to share data and information, and every part has its own processes. This makes for a not just expensive, but also a frictional supply chain. 

Waltonchain proposes a more seamless system that can track products at each stage of the production and transportation process. The info concerning each product is entered into the immutable blockchain so that all parties involved can track it, no matter what stage it is.

How Waltonchain Works 

Before we get down to the intricacies of how Waltonchain works, we need to point out that apart from being a tribute to Charlie Walton, WALTON apparently stands for Wisdom Alters Label, Trade, Organization, and Network. This doesn’t make any actual sense, but since the team made it up, the rest of us will just ride along. 

Value Internet of Things (VIoT)

Value Internet of Things is a concept introduced by the Waltonchain team to describe the integration of blockchain and RFID tech. Using RFID, Waltonchain wants to create representations of physical devices on the blockchain. This is done by using RFID tags – which can help in, say, tracking inventories by using electromagnetic fields. 

Waltonchain wants to create a platform where users only need to scan an RFID tag, which will then reveal all the info behind the tag instantaneously. Think: what’s the product, what’s its origin, who handled it, any alteration along the way, and pretty much any important detail. This also eliminates the need for trust. 

Applying VIoT to logistics management has a number of benefits, including the following: 

  • Enhanced security
  • Accurate and transparent tracking of items from source to end destination
  • Stamping out counterfeits
  • Decentralization, such that there’s no overruling authority over other parties
  • Reduced costs across the board

Subchains on the Waltonchain Network

Waltonchain employs subchains to achieve high-level scalability. Waltonchain is the main chain, and it manages the subchains, handles smart contracts, and more. Users/developers on Waltonchain can come up with their own sub-chains, along with accompanying tokens. They can also use a totally different consensus mechanism from that of the main chain.

Having the ability to create sub-chains is important for two reasons. First, it allows each user (both individuals and entities) to customize their blockchain according to their needs. Second, it helps make sure the network maintains scalability even when it scales. This way, no activity or app will bog down the network. 

The Ethereum CryptoKitties saga illustrates why subchains matter. Ethereum does not employ subchains (at least not yet), so every DApp deployed on the platform impacts it. The game became too popular that it threatened to bring down the network. If the Ethereum blockchain had sub-chains, this phenomenon would have been avoided. 

Waltonchain Token (WTC)

WTC is the native currency of the Waltonchain ecosystem. At launch, 100 million WTC were issued. There will be no further issuance of the token. Out of the 100 million, 70 million are currently the total supply. At the time of writing, almost all those tokens are circulating. WTC plays various roles on Waltonchain, such as facilitating the creation of sub-chains, as a voting mechanism, facilitating cross-subchain communication and rewarding nodes which keep the network going. 

Consensus Mechanisms

The Waltonchain team originally intended to create a proprietary consensus mechanism known as Proof of Stake and Trust (PoST) for their network. PoST would work as proof of stake in that ‘elected’ participants would verify and validate transactions. But it would also integrate a reputation mechanism that would reward the most honest nodes. 

However, Waltonchain seems to have taken a different turn. They now intend to implement Waltonchain Proof of Contribution (WPoC) consensus. WPoC combines Proof of Work (PoW), Proof of Labor (PoL), and Proof of Stake (PoS). PoL facilitates the exchange of data between various chains. 

Who’s on the Team?

The Waltonchain team has a load of experience where the supply chain is concerned. Co-founder Do Sanghyuk is former Director of the Korean Standard Products Association. Xu Fangcheng, who was Supply Chain Management Director of Septwolves, is the other co-founder.

Key Metrics of WTC

WTC is trading at $0.496156, with a market cap of $34, 559, 308, while ranking at #175 in market cap. It has a24-hour volume of $9, 607, 797, a circulating supply of 69, 654, 138, and a total and maximum supply of 70 million and 100 million, respectively. Similarly, WTC’s highest and lowest ever price was $45.96 (Jan 28, 2018) and $0.142135 (Mar 13, 2020), respectively.

Where to Buy and Store WTC

You can exchange BTC, USDT, USD, ETH, EUR for BTC for WTC in either Binance, HitBTC, Alterdice, CoinDCX, Bitfinex, Bitrue, LATOKEN, KuCoin, BitHumb, and Bitvavo. 

You can store WTC in the platform’s official wallet. It’s available for Windows, Android, and iOS. Other options include Atomic Wallet, Trust Wallet, and Ledger. 

Final Words

Supply chain, blockchain, decentralization – this is a subject that has been explored many times over. But Waltonchain adds a fresh twist to it by utilizing RFID tech and subchains – two innovations that improve scalability efficiency. Individuals, companies, and even governments can capitalize on this to dramatically improve their processes. The project is one to keep an eye on. 

Categories
Cryptocurrencies

What’s Powerledger (POWR) All About? 

Electricity all over the world is controlled by big powerful entities who make all the rules. From distribution to pricing, to availability, the average person never had a say on how much they are billed, what time power goes on/off, and whether their area is connected to the national grid, to begin with. In other words, worldwide power today is heavily centralized, and that’s not worked for the good of the consumer in any way.

Electricity all over the world is controlled by big powerful entities who make all the rules. From distribution to pricing, to availability, the average person never had a say on how much they are billed, what time power goes on/off, and whether their area is connected to the national grid, to begin with. In other words, worldwide power today is heavily centralized, and that’s not worked for the good of the consumer in any way.

Electricity all over the world is controlled by big powerful entities who make all the rules. From distribution to pricing, to availability, the average person never had a say on how much they are billed, what time power goes on/off, and whether their area is connected to the national grid, to begin with. In other words, worldwide power today is heavily centralized, and that’s not worked for the good of the consumer in any way.

What if you could have more control over how and when you get power? What if you could make money off your rooftop by selling energy? This is now possible thanks to Power Ledger, a platform that “allows devices and humans to trade the power they need when they need it” in a trustless, decentralized and scalable manner. 

In this guide, we’ll take a deeper look into the offerings of Power Ledger and how exactly it reimagines the concept of energy ownership and distribution. We’ll also examine the platforms’ two tokens and how exactly they fit into the ecosystem.

Understanding Power Ledger

Formed in 2016, Power Ledger is an Ethereum-based, peer-to-peer platform that employs blockchain tech to facilitate energy trading between buyers and sellers without the need for intermediaries. 

Power Ledger wants to democratize power and free populations all over the world from reliance on centralized utility companies that usually make arbitrary decisions unfavorable to users. 

Its use of the blockchain eliminates a single point of failure. How many times has the power gone off in your area, with no recourse, because the national grid is controlled by a single powerful entity? Power ledger wants to distribute energy in such a way that even if one source fails, the other sources can still supply energy. 

Network Features

The Power Ledger platform is driven by several functions which we’ll explore in detail below. 

#1. µGrid

µGrid is a platform that enables Power Ledger users to trade energy with each other, whether it’s in marketplaces, office complexes, and villages. Through the platform, residents can monetize their roof space. Everything is handled transparently through the blockchain, and anyone can log in and view the transactions. 

#2. xGrid

xGrid is a platform through which customers connected to the same energy grid can sell energy to each other. It handles everything from generation to consumption and settles all the transactions between parties in a transparent and peer-to-peer (P2P) fashion. xGrid supports quite a wide variety of this type of P2P transactions: whether it’s loyalty P2P (e.g, shoppers rewarding their favorite brands), gifted P2P (customers gifting their friends, neighbors, the community) or cross store P2P (commercial customers selling rooftop electricity to each other). 

#3. VPP

This is a virtual network through which households and businesses can sell their excess solar energy during price peaks, making a profit or earning passive income. 

#4. Vision

Through the Vision platform, consumers can choose the preferred type of energy, whether it’s solar or wind, based on their location and the quantity they consume. People are becoming increasingly conscious about the type of energy they consume. Power Ledger facilitates complete transparency so that consumers can know and verify the source and origin of their energy. 

#5. Power Purchase Agreement (PPA) Vision

This is a management and settlement system that allows energy owners to manage output and billing of transactions. If, for example, a local business is entering into a power purchase agreement with an energy operator, they can utilize the transaction software so that every involved party can see updates in real-time. 

#6. Trace 

This a digital registry on which owners or operators of renewable energy can track, record, and issue assets such as energy certificates and carbon credits. It’s a way to streamline such existing processes and make them more secure. 

#7. TraceX

This a digital marketplace on which energy operators can trade and settle renewable energy certificates anywhere in the world. Users can connect to already existing platforms, or they can start a new one with it. It’s a way to settle transactions faster, more affordably, and efficiently. 

Dual-token System

Power Ledger operates on a dual-token system. These tokens are SPARKZ and POWR. What role does each play? Let’s find out below: 

The SPARKZ Token

SPARKZ token is how the platform monitors the movement of energy between trading participants. SPARKZ is added or removed from the seller and buyer, respectively. What this means is everyone gets their end of the bargain almost instantaneously. The buyer receives energy, and the seller receives payment. SPARKZ is pegged against the local Fiat currency for each jurisdiction. 

The POWR Token

POWR tokens are the fuel that keeps the ecosystem going. POWR tokens are necessary for the generation and trading of SPARKZ tokens. POWR tokens also act as some sort of value guarantee for SPARKZ tokens, and can also be converted into SPARKZ tokens

All in all, POWR tokens play these roles in the Power Ledger ecosystem: 

  • Platform users can vote on major changes/direction of the platform
  • Opening up access to the platform
  • Acts as loyalty reward points to participants
  • Facilitates contribution to renewable energy organizations
  • Helps to protect platform users via Smart Bond technology

Who is Behind Power Ledger? 

The Power Ledger core team is made of sustainability and blockchain experts. Executive Chairperson and Co-founder Jemma Green has a Ph.D. in electricity market disruption and has sat on the boards of sustainability companies such as Water Corporation, Carbon Tracker, and Climate-KIC in Australia. 

Technical Director and Co-founder John Bulich is the co-founder of Ledger Assets, a blockchain company that provides provenance of evidence photography, medical records management, etc. 

Head of Business Development Vinod Tiwari brings a wealth of energy experience to the table, having worked in the Australian energy sector for years. He was the chief operating officer of Regen Power, general manager of sales at Perth Energy and senior adviser to Future Effect.

Tokenomics of POWR

As of August 5th, 2020, POWR traded at $0.097355, and it had a market cap of $41, 108, 687, which placed it at #153 amongst all cryptocurrencies. The token has a 24-hour volume of $2, 637, 999, a circulating supply of 422, 257, 509, and a total supply of 999, 506, 123. POWR’s all-time high was $2.01 (Jan 04, 2018), and its all-time low was $0.031830 (Mar 13, 2020). 

Where to Buy and Store POWR

You can find POWR as a market pair with ETH, BTC AUD, EUR, and BNT at several popular exchanges, including Huobi Global, Huobi Russia, LATOKEN, Binance, UpBit, BitHumb, Bitkub, Folgory, P2PB2B, CoinEx, Bitvavo, DigiFinex, Alterdice, Kyber Network, and Bancor Network. 

POWR is an Ethereum-based token, and that means it can be stored at any wallet that supports Ethereum. Popular options include MyEtherWallet, Parity, Trust Wallet, Coinomi, Atomic Wallet, and user faves Ledger Nano and Trezor. 

Closing Thoughts

Power Ledger allows us to imagine a future where the ordinary user like you and me has control over the power they consume, and even sell excess energy and make money. It’s helping usher in the sustainable energy revolution, as well as making clean energy affordable more than ever before. If it succeeds, Power Ledger could very well upset legacy energy systems and take back the power, literally, to the people. The project is one to keep an eye on. 

Categories
Cryptocurrencies

What’s Algorand: Here Is a Detailed Guide

Most blockchain projects today excel at one thing and go half at others. Look at Bitcoin, which performs well at security but not so much at scalability. At a transaction throughput of 7 per second, the Bitcoin network cannot currently possibly compete with legacy payment systems. And users deserve a system that’s quicker than that. 

Most blockchain projects today excel at one thing and go half at others. Look at Bitcoin, which performs well at security but not so much at scalability. At a transaction throughput of 7 per second, the Bitcoin network cannot currently possibly compete with legacy payment systems. And users deserve a system that’s quicker than that. 

Most blockchain projects today excel at one thing and go half at others. Look at Bitcoin, which performs well at security but not so much at scalability. At a transaction throughput of 7 per second, the Bitcoin network cannot currently possibly compete with legacy payment systems. And users deserve a system that’s quicker than that. 

Algorand is a new blockchain and crypto project that’s trying to bring the full promise of blockchain to everyone. It’s the first blockchain to solve the blockchain trilemma – the accepted notion that a blockchain network cannot have complete decentralization, scalability, and security all at the same time. 

Algorand promises to create “full transparency, protection, and speed within a truly decentralized network.” It’s impressive that despite being launched only in June of 2019, it’s already rocketed into the top 50. So what’s Algorand all about? And how exactly does it propose to solve the blockchain trilemma? Let’s dig in!

Understanding Algorand

Algorand is a blockchain effort dedicated to realizing the promise of a blockchain-powered borderless economy through secure, decentralized, peer-to-peer, and frictionless finance. The Algorand core belief is that an open and permissionless blockchain can facilitate a truly global ecosystem that gives everyone the chance to benefit from the potential of an inclusive and borderless economy. 

It aims to do this through its unique permissionless and pure proof of stake (PPoS) protocol that ensures full participation for anyone who wishes to. The Algorand team wants to solve the blockchain trilemma of decentralization, scale, and security. 

Algorand: Highlights

Some of the main defining characteristics of Algorand include the following: 

Pure proof of stake (PPoS): Algorand utilizes a PPoS consensus algorithm in which a network participant’s influence on the addition of new blocks is based on how much stake they own.

Immediate transaction finality: This means that once a transaction is processed, there’s no possibility for it to be reversed. This is in contrast with probabilistic finality found in blockchains such as Bitcoin. In the Bitcoin blockchain, a 51-percent attack would cause transactions to be potentially reversed. 

Self-selection: This is a concept invented by Algorand. It allows for the random and secretive selection of users to participate in block production. According to the Algorand website, “neither a few delegated users nor a fixed committee is responsible for proposing blocks in Algorand. Instead, all users are randomly, secretly, and continuously selected to participate in the Algorand consensus protocol.” 

User replaceability: Algorand implements a protocol in which participants for block production change every round. This is to protect the network from attacks. Every new round consists of new and random participants completely independent of the preceding participants. 

Algorand’s Value Proposition

The Algorand project has two unique value propositions: decentralization and permissionlessness. 

Decentralization: the Algorand network is entirely and truly decentralized, with block producers randomly and anonymously selected. Nodes or computers maintaining and securing the network represent diverse origins from across the globe. 

Permissionless: Algorand’s network has no gatekeepers. Anyone, as long they hold ALGO tokens, can join the network and start validating transactions. Also, there are no expensive mining resources required to participate in the network. 

Algorand: Solving the Blockchain Trilemma

Algorand attempts to solve the blockchain trilemma. The blockchain trilemma is the notion that blockchains need to have three important properties: decentralization, security, and scalability, but can only have two of those at any time. To have two, blockchains have to sacrifice the other. The blockchain trilemma was first described by Ethereum founder Vitalik Buterin. 

A decentralized blockchain network that has achieved high-security levels would struggle with scalability. A network that is both secure and scalable would have to somehow sacrifice complete decentralization. Likewise, a network that is both decentralized and scalable would compromise security. Blockchains are currently known to have low transaction throughputs due to this conundrum. 

Algorand wants to solve this problem. How? By utilizing the PPoS consensus mechanism. In PPoS, block producers are not required to stake a certain amount of ALGO in order to qualify to do so. They just need to possess it, no matter the amount. By not having staking requirements, Algorand money is where it’s supposed to be: in users’ wallets, in financial instruments provided by the project, and so on. 

In this system, the idea is based on the assumption that the majority of people in any society are good and honest. As such, with the money distributed across a large user base, only a minority would try and harm the system, which would be impossible. On the other hand, it would be impossible for the majority to harm the system because they would not wish to devalue their own holdings. 

How to Participate in the Algorand Network

To participate in Algorand as a block producer, all you need to do is to switch your address online. This is done through the Algoexplorer. This activity does not depend on how much ALGO tokens you own, it solely depends on whether you own any in the first place.

The Algorand network features two types of nodes: relay and participation. Relay nodes have strong and high-bandwidth connections to multiple other nodes. Their job is to facilitate high-performance communication paths to achieve a seamless network. Participation nodes, on their part, are connected to much fewer nodes, mostly relay nodes. These nodes represent the user in the system. They propose and vote on blocks on the behalf of the user. 

Participation Keys

Like we’ve mentioned several times before, anyone who holds ALGO tokens gets to participate in running the network by approving blocks. For safety reasons, users spend a ‘participation key’ instead of their spending key to participate in the consensus mechanism. If a user wishes to participate, they first have to generate and register the participation key. The rationale behind this is to ensure users’ funds are secure in the event that their participating node is attacked.

Algorand Team 

Algorand is the brainchild of Silvio Micali, a recipient of the Turing Award, the Godel Prize (for outstanding work in the area of computer science), and the RSA prize (for outstanding contributions to cryptography). 

The other two core members of the team include CEO Steve Kokinos, former CEO of communication firm Fuze, and COO W. Sean Ford, former CMO at LogMeln. 

Token Supply and Distribution

The ALGO token’s supply was distributed as follows: 

  • 25% to the team, investors and the Algorand Foundation
  • 30% to the public sale
  • 25% to node running grants
  • 17.5% to participation rewards
  • 2.5% to the end-user grants

So, how’s the token holding up in the market? Let’s see.

At the time of writing, the token was trading at $0.369 062 and it had a market cap of $284, 848, 477, which made it the 42nd biggest cryptocurrency in the world. The token’s 24-hour volume was $75, 787, 430, and it had a circulating supply of 771, 817, 007, and a total supply of 3, 303, 088, 850. ALGO’s all-time high was $3.28 (June 21, 2019), and its all-time low was $0.102403 (March 13, 2020). 

Buying and Storing ALGO

If you’re interested in grabbing some ALGO tokens, there’s no shortage of exchanges to do that. ALGO can be found as a market pair with USDT, BUSD, EUR, BTC, USD, TUSD, BCH, ETH and so on at any of several exchanges such as Bibox, Binance, Coinbase Pro, Huobi Global, BitHumb, Kraken, BitMax, MXC, KuCoin, HBTC, Bitfinex, Hoo and so on. 

For storage, Algorand team provides the Algorand Wallet that includes a raft of key features and integration with hardware wallet Ledger Nano X. Other great options include MyALGO Wallet (Web) designed by Rand Labs, Atomic Wallet, and Coinomi.  

Closing Thoughts 

Algorand joined a crowded field of crypto projects only a year ago and managed to inject something new and useful. The blockchain trilemma has been a thorny issue for blockchain for so long, and it’s interesting that Algorand has been able to solve it with a simple yet innovative approach. Is the project one to watch? We definitely think so.

Categories
Cryptocurrencies

What’s Bluzelle All About? 

Blockchain tech is set to completely change how internet users interact with all manner of products and services. Decentralization will grant users more control over their own data while removing costly intermediaries from the equation. Decentralized apps, which will define the new web, will manage tons of data that will need secure management and storage. 

Blockchain tech is set to completely change how internet users interact with all manner of products and services. Decentralization will grant users more control over their own data while removing costly intermediaries from the equation. Decentralized apps, which will define the new web, will manage tons of data that will need secure management and storage. 

Blockchain tech is set to completely change how internet users interact with all manner of products and services. Decentralization will grant users more control over their own data while removing costly intermediaries from the equation. Decentralized apps, which will define the new web, will manage tons of data that will need secure management and storage. 

However, existing blockchains such as Bitcoin and Ethereum are not optimized to handle such massive volumes of data. The Cryptokitties game, which became so popular as to nearly bring the Ethereum network to a halt, is a perfect testament to this. 

Bluzelle is a project that wants to securely, effectively, and scalably manage the next generation of the internet by providing the perfect environment for decentralized data management and storage. Through its unique ‘swarm’ technology, Bluzelle is well set to accomplish this. 

What’s Bluzelle all about? We find that out, as well as take a look at the network’s two tokens and how they fit in in the picture. 

Understanding Bluzelle 

Bluzelle is an Ethereum-based blockchain effort that wants to change how data storage and management is conducted. On the Bluzelle platform, developers, entities, and single users can store data safely and securely on a decentralized network that’s more flexible than centralized services.

The Bluezelle team believes that as projects like Storj provide decentralized solutions for file storage and management, there should be decentralized solutions to fill in the gap for data storage and management. The idea, thus, is to complement programs such as iExec, Siacoin, and Golem to complete the puzzle of a decentralized internet. 

How Does Bluzelle Work?

The basic functioning of the Bluezelle ecosystem is to connect consumers who want database space with providers who have extra computing space. DApp developers can utilize this data storage to optimize their applications, thanks to a fast, safe, and reliable platform. For this service, providers are rewarded with the two tokens of the Bluzelle ecosystem: BLZ and BNT. 

Nodes on the network are known as ‘swarms,’ and they are the cornerstones of the entire ecosystem. ‘Singleton metaswarm’ refers to the entire swarm framework, while a ‘virtualized metaswarm’ denotes a large grouping of ‘leaf swarms.’ Leaf swarms are another name for the individual groups of swarms in the network. Leaf swarms store data and share it with the metaswarm. When a data owner sends over data, it’s split into smaller chunks (shards), which are then distributed across all the leaf swarms.

Sharding is important to ensure the security and safety of the data. It replicates it and distributes it across the entire network so that in the event a node or a few nodes go down data will not be lost. This also means that even if a few nodes are compromised, the safety of the data will not. When a data owner wants to retrieve their data, they must produce the private key that matches its value hash. All data and info on the network are encrypted, and no one, including providers, can access it unless they provide its private key. 

Features of Bluzelle

Bluzelle implements ‘swarming’ technology to achieve high levels of scalability, reliability, and performance. In the Bluzelle universe, a swarm refers to a massive group of nodes that work alongside each other. Even if a few nodes were to go down, the rest of the nodes in the network would continue managing and storing data. The Bluzelle network is a ‘meta-swarm’ made up of swarms upon swarms. These swarms work to realize the following features: 

#1. Performance

Bluzelle’s proprietary swarming concept has been designed to achieve high-level performance. Bluzelle avoids latency this way: the Bluzelle protocol retrieves data from the nearest nodes, multiplying the speed of doing so by retrieving the data in parallel. 

#2. Reliability

The Bluzelle network is distributed across the globe, with every single chunk of data duplicated across swarms. This means that data owners can access their data fast and at any time. A single point of failure is eliminated, meaning that any outages caused by human or non-human factors would not affect the running of the network.

#3. Scalability

The Bluzelle protocol facilitates both high horizontal and vertical scalability. Every swarm is responsible for horizontal scaling at the state level. And inside every swarm, each node is designed to automatically accomplish horizontal scaling. 

#4. Privacy

Bluzelle employs state-of-the-art cryptography and sharding to protect user data. Also, thanks to a distributed network, it would be impossible for a bad actor to take down the network, compromising user data.

#5. Immutability

Bluzelle deploys blockchain tech to ensure immutability. This means once records go on the network, they cannot be altered. 

#6. No Intruders

Bluzelle uses a consensus protocol, which is the only source of truth in the network. All records can only be updated on the distributed ledger this way. This eliminates fraud.

Participants in the Bluzelle Network

The Bluzelle network has two main participants: consumer and producer. 

  • Consumers – these are participants who ‘consume’ Bluzelle tokens to store and retrieve data.
  • Producer – these are parties that provide computing resources to the network and earn Bluezelle tokens (BLZ) in return. Producers must first stake in BLZ to show their commitment. Bluzelle encourages a competitive environment whereby producers who provide good quality of services can charge more. 

Both consumers and producers are required to create an Ethereum account and be responsible for their own private key. The private key gives access to both ETH and BLZ tokens. It also encrypts data before it’s stored on the network.

Karma and Governance of Bluzelle

Bluzelle uses a ‘Karma Index’ to ensure integrity on the network. A high Karma Index denotes a favorable reputation, and the opposite is true. If a network participant behaves poorly, their Karma Index will be lowered. If your Karma Index is lowered, you’ll be penalized, restricted from privileges, and given reduced responsibilities. Note that operators can run more than one node. A lowered Karma Index applies to every node run by a single individual. 

On the other hand, node operators with consistently good behavior are rewarded with high Karma. A high Karma Index comes with benefits such as the opportunity to lead your swarm. 

Bluzelle Tokens

Bluzelle runs a bi-token ecosystem. The BLZ token runs on the Ethereum network, while BNT is the network’s token. The role of the BLZ token is to bridge the Bluzelle and Ethereum protocols. BNT is used for payments on the network. The Bluzelle team wanted to avoid the congestion issues of the Ethereum network, which is why they did not make BLZ – an ERC20 token – to be the payment token. 

BLZ is also used for staking on the network. Node operators must stake BLZ according to how many nodes they control. Operators with a high Karma Index can charge more, but they also must stake more BLZ. BLZ staking acts as some sort of collateral. By staking in the network, operators are incentivized to secure the network at all costs in order to protect the stake. 

Key Metrics of BLZ 

As of August 8, 2020, Bluzelle traded at 0.113986, and it had a market cap of $27, 192, 756, which placed it at #196 in the market. The token’s 24-hour volume was $5, 135, 145, and it had a circulating supply of 238, 562,278, and a total supply of 500 million. BLZ’s highest and lowest price ever was $0. 913922 (Feb 07, 2018) and $. 0.006067 (Mar 13, 2020). 

Where to Buy and Store Bluzelle

You can find Bluzelle for ETC, ETH, USDT, and BNB at a variety of trusted exchanges, including Binance, Huobi, Gate.io, WazirX, MXC, HitBTC, Kyber Network, BiKi, Balancer, IDEX, and Fatbtc. 

BLZ is an Ethereum-based token, meaning you can store it in any wallet that supports Ethereum. Great choices would include MyEtherWallet, Parity, Atomic Wallet, Trust Wallet, MetaMask, Ledger Nano, and Trezor.

Closing Thoughts

Bluzelle doesn’t offer any new solution to the world of blockchain. However, there’s something to be said about its swarm technology that ensures high levels of scalability, security, and performance. Its decision to not use the Ethereum network for transactions is also a smart one – many an Ethereum-based project would offer better scalability if they took this route. Here’s to watching how Bluzelle evolves in the future. 

Categories
Crypto Exchanges

Samourai Wallet Review 2020: Is This The Safest Bitcoin Software Wallet?

Samourai is a bitcoin-only crypto wallet app for android smartphones. It takes pride in incorporating the broadest range of security and privacy features on its mobile app. On their website, Samourai is described as a “modern wallet hand forged to keep your transactions private and identity masked.” It was created by privacy activists who describe it as the “Bitcoin wallet for the streets.” They also hail it as the wallet that “Bitcoin deserves.”

Samourai is a bitcoin-only crypto wallet app for android smartphones. It takes pride in incorporating the broadest range of security and privacy features on its mobile app. On their website, Samourai is described as a “modern wallet hand forged to keep your transactions private and identity masked.” It was created by privacy activists who describe it as the “Bitcoin wallet for the streets.” They also hail it as the wallet that “Bitcoin deserves.”

Samourai is a bitcoin-only crypto wallet app for android smartphones. It takes pride in incorporating the broadest range of security and privacy features on its mobile app. On their website, Samourai is described as a “modern wallet hand forged to keep your transactions private and identity masked.” It was created by privacy activists who describe it as the “Bitcoin wallet for the streets.” They also hail it as the wallet that “Bitcoin deserves.”

The wallet integrates more security and privacy features than the average Bitcoin storage app. But have these translated to making Samourai the safest Bitcoin wallet? Importantly, how have they impacted its effectiveness? In this Samourai review, we highlight and detail the wallet’s key operational, security, and privacy features before telling you if it really is the safest bitcoin wallet out there.

Samourai wallet key features:

  • Segwit support: Samourai was one of the earliest Bitcoin wallet apps to embrace the SegWit Bitcoin blockchain upgrade. The protocol upgrade has played a key role in pushing down the blockchain network transaction fees and speeding up transaction speeds.
  • SMS commands: You can also control the app remotely with SMS commands. Send SMS codes to the wallet to retrieve either the public address or wipe the data therein.
  • Android-based: Samourai wallet app is only available for smartphones that use the Android operating system. The app developers claim that Apple iOS doesn’t welcome most of the customizable privacy and anonymity features of the Samourai wallet.
  • Multi-account support: Samourai wallet will only host Bitcoins. Though it is not multi-sig, there is no limit to the number of user accounts you can create.
  • Bitcoin health monitoring: The Samourai wallet is regularly monitoring the blockchain network. It will alert you when transaction processing speeds are relatively low and inform you of the current miner fees.
  • Batch processing: You can aggregate multiple crypto transactions and send them out as one. This, plus the reduce-by-fee feature, play a key role in pushing down the bitcoin transaction fees.

Samourai wallet security features:

  • Passcode: A 5 to 8 digit passcode secures the mobile wallet app. To evade keyloggers and screen recording spy apps, its PIN screen is randomized during every login.
  • Open source: The Samourai wallet app technology is also open-sourced. Anyone can view and audit its transparency.
  • AES-256 encryption: Samourai wallet app uses the AES 256 encryption tool to encrypt all its data. This military-grade encryption applies to all data held within the app, especially your private keys and password. Interestingly, you can also encrypt your email communications with the Samourai customer support to avoid possible man-in-the-middle attacks.
  • Recovery seed: You will also be furnished with 12 random phrases when installing the wallet app. These form your wallet’s recovery seed and are needed to recover your private keys.
  • Tor and VPN support: You can also access your wallet app using an anonymous IP not tied to your location or phone. Similarly, you can also open the app while masking your IP Address with a VPN or Tor.
  • No address reuse: The Samourai bitcoin wallet app is hierarchically deterministic and will not use the same address twice. It auto-generates a new wallet address for each transaction. It also randomizes change outputs, making it impossible for crypto transaction trackers to link a crypto activity to your wallet.

How to set up a Samourai software wallet

Step 1: Search for the Samourai bitcoin wallet on your Google Play Store. Download and install the app. Alternatively, use the F-Droid repository to download the Samourai wallet APK if you don’t want Google to keep a record of the download.

Step 2: On launching the app, click on ‘Create Account,’

Step 3: You will be required to set up a 5 to 8 digit to secure the wallet.

Step 4: The app will provide you with the recovery seed. Write it down and keep it safe.

Step 5: The app installation process is now complete and you can now start using the Samourai wallet

How to add/receive bitcoins to your Samourai wallet

Step 1: Launch the wallet app and click on the ‘Receive’ tab

Step 2: Copy the wallet address and send it to the party sending you Bitcoins

Step 3: Wait for the Bitcoins to reflect on your app

How to send Bitcoin from your Samourai wallet

Step 1: Launch the wallet and click on the ‘Send’ tab

Step 2: Enter the recipient’s wallet address as well as the number of Bitcoins you want to send

Step 3: Chose the transaction fee level you would like to use in funding the transaction

Step 4: Confirm that the transaction details are correct and hit send

Samourai wallet ease of use

Setting up the Samourai Bitcoin wallet app is quick and straightforward. The wallet can also be considered simplistic and features a highly intuitive user interface. These make it easy to use for both expert and beginner bitcoin traders.

Supported cryptocurrencies

Samourai crypto wallet app is Bitcoin-specific and will only support the legacy cryptocurrency.

Samourai wallet cost and fees

Samourai Bitcoin wallet app is free to download. Further, you wouldn’t be charged to receive or store your bitcoins in the wallet.

Transfers out will, however, be subjected to both the bitcoin blockchain network fee that goes to miners and an additional transaction fee charged by Samourai. It, however, employs the reduce-by-fee protocol to help you customize the wallet transaction fees. This supports three fee levels: AUTO uses the smart fee detection algorithm to determine the best transaction charge. PRIORITY translates to higher fees for faster transaction processing while CUSTOM lets you set your own fee.

Some premium security and privacy features available on the platform are only available on a subscription basis. If you, for instance, wish to use the app’s Ricochet service, you will have to pay an additional $2.50. Similar privacy features like staggered delivery or opening a private payment channel will also attract additional charges. 

Samourai wallet customer support

Samourai has an elaborate FAQ page that addresses all the most common challenges faced by the app users. It also features guides on how to use and interact with the Bitcoin-first wallet app.

More personalized support can, however, be sought via live chat on the Samourai website. You can also contact the Samourai wallet customer support team by messaging them on their different social media platforms, including Twitter, Reddit, and Telegram.

What are the pros and cons of the Samourai Wallet?

Pros:

  • The Bitcoin wallet app integrates a wide range of both standard and premium security and privacy features
  • Samourai supports anonymous user registration and can also be accessed via VPN or TOR
  • The app is free and supports a dynamic transaction fee processing that allows for the customization of the blockchain network fees
  • Setting up the wallet app is easy and it also features a friendly interface
  • It is now possible to initiate private or offline bitcoin transaction when using Samourai wallet
  • Samourai has a highly responsive customer support team

Cons:

  • The wallet app will only support the blockchain cryptocurrency
  • Samourai is a hot wallet app and therefore exposed to inherent risks associated with a mobile app
  • The app charges extra fees every time you use premium security and privacy features
  • The app doesn’t have an inbuilt exchange and neither does it integrate third-party exchanges

Verdict: Is Samourai the safest Bitcoin wallet app?

Well, the Samourai bitcoin wallet app has embraced more security and privacy features than most other crypto wallet apps. It, for instance, is one of the few crypto wallet apps that support offline transactions. The app will also help you establish private channels that you can use to send Bitcoins outside the trackable blockchain network.

It also lives true to bitcoins primary goal of anonymity by supporting anonymous wallet use and access via VPN and TOR. These make it one of the most secure and most private bitcoin wallet app. The only downside to using the Samourai wallet app is that it is a hot wallet. 

Categories
Cryptocurrencies

What’s Stellar (XLM): A Beginner’s Guide

The current financial infrastructure comprises siloed systems with huge gaps between each other. This means financial organizations cannot share data freely with each other, making for time wastage and high transaction costs. It means that money moves slowly across borders, leaving people stranded. This system has led to the exclusion of millions of people from the global financial system. 

The current financial infrastructure comprises siloed systems with huge gaps between each other. This means financial organizations cannot share data freely with each other, making for time wastage and high transaction costs. It means that money moves slowly across borders, leaving people stranded. This system has led to the exclusion of millions of people from the global financial system. 

The current financial infrastructure comprises siloed systems with huge gaps between each other. This means financial organizations cannot share data freely with each other, making for time wastage and high transaction costs. It means that money moves slowly across borders, leaving people stranded. This system has led to the exclusion of millions of people from the global financial system. 

To remedy this, the world needs a global, and affordable financial infrastructure that’s not only innovative but also safe. Such a system would be open to anyone as long as they have an internet connection. Organizations everywhere can take advantage of such a system to provide low cost and more inclusive financial services. 

Stellar is a network that wants to help achieve this. It utilizes blockchain tech to provide a decentralized system where all this is possible. Decentralization eliminates a single point of failure such that such a network wouldn’t go down even if some computers malfunctioned or came under attack. It also means that there’s no single authority controlling transactions, removing the possibility of financial censorship or arbitrary decision-making. It also ensures the integrity of transactions because network participants together decide the authenticity of transactions. 

Let’s explore the inner workings of Stellar and how exactly it achieves this. We’ll also get a look at the platform’s native cryptocurrency – Stellar Lumens.

Understanding Stellar

Stellar is a blockchain-based and decentralized network that brings together various players of the finance ecosystem to provide affordable, safe, and timely transfer of value. From the Nigerian naira to the Peso to the Australian Dollar and every currency in between. The Stellar team says its goal is to help even small companies have “the power and reach of an international bank.”

How Does Stellar Work?

Like any distributed network, the Stellar network is run and secured by thousands of computers across the globe. Behind these computers are both individuals and organizations that keep track of all network activity. 

Stellar relies on several components to execute its goals. Let’s take a look at some of the most important ones below.

1.  Anchors

Anchors are entities on the Stellar network that serves as a bridge between various currencies and Stellar. It’s a swap of sorts through which you convert your money into a form compatible with the Stellar blockchain. Anchors facilitate the near-instant transfer of funds, meaning you do not have to wait for hours of days like it is with traditional systems like Banks and PayPal. It also removes the friction associated with old school cross-border transfers.

2.  Distributed Exchange

In addition to facilitating the movement of value, the network also supports a distributed exchange that gives users the option to exchange various currencies. Stellar does not control the exchange rates – these have already been determined by the party initiating the transaction. 

Let’s say you wanted to exchange AUD for USD. You would place that order in the network’s order book, which would then enter the global pool of such orders. You’d then check how your order compares to similar orders. All types of currencies go – whether it’s Fiat, crypto, or Fiat trading pairs.

3.  Multi-currency Transactions

Like we mentioned before, the Stellar network supports the cross-border transfer of assets without the friction prevalent with old school payment systems. It achieves this through either of the following ways: 

Stellar matches the order with an existing offer in the order book and automatically executes the transaction

Stellar utilizes Lumens as the go-between the two currencies. Let’s say you’re converting the South African Rand to the New Zealand dollar. Stellar will convert the Rand to Lumens, and then convert the Lumens to the New Zealand dollar 

If there’s no matching pair for the two currencies, the protocol will scour the network for any offer that will facilitate a chain conversion that will finally yield the currency you want (e.g., AUD to JPY, JPY to KRW, KRW to USD, USD to CHF). 

This automated process creates a fast, affordable, and seamless process through which you can easily swap from virtually any currency to another on a global scale.

Stellar’s Federated Byzantine Agreement

Stellar utilizes a consensus mechanism known as the Federated Byzantine Agreement. Unlike with proof of work or proof of stake, this mechanism does not rely on mining or chosen participants to validate transactions. Rather, it utilizes ‘quorum slices’ (a subset of nodes) to complete transactions. 

Each node on the network chooses, individually, which other nodes to trust. This will then create a subset of nodes that trust each other. When a transaction is approved by all nodes in a subset, it’s added to the blockchain. This protocol allows for near-instantaneous transactions – Stellar is said to handle up to 1,000 TPS. 

Who is Using Stellar?

Stellar has racked up impressive achievements in the partnerships department. In 2017, the project entered into a partnership with IBM to create remittance corridors in the South Pacific region. 

The project has also partnered with Norway-based fintech company Saldo to facilitate quick and cheap remittances. Another platform is East Africa-based Clickpesa, which facilitates automated and low-cost payments for products and services. 

This is just a snapshot of the tens of varied partnerships between Stellar and Fintech companies all over the world. 

Lumens (XLM), Stellar’s Native Token

The native token of the Stellar network is known as Lumens, with ‘XLM’ as the ticker. 100 billion Lumens were created at the beginning, and their distribution was as follows: 

  • 5% for operational costs
  • 50% for the direct signup program
  • 25% for the partnership program
  • 20% was allocated for the Bitcoin program

As of August 8, 2020, XLM traded at $0.102267 with a market cap of 2.01 billion which made it the 14th largest cryptocurrency in the world. It has a 24-hour volume of $418, 941, 195, a circulating supply of 20, 525, 399, 964, and a total supply of 50, 001, 803, 785. The coin’s ever highest and lowest price was $0.938144 (Jan 04, 2018) and $0. 001227 ( Nov 18, 2014) respectively. 

Buying and Storing XLM

You can purchase XLM from a variety of trusted exchanges such as Binance, Huobi, Coinbase Pro, OKEx, HitBTC, Bitrue, BitHumb, OKEx, Kraken, HotBit, BitZ, Bitfinex, CoinHe, and BitForex. In most of these exchanges, you’ll find the coin paired with BTC, ETH, USDT, and USD and BNB. 

For storage, the Stellar team recommends the following wallets: Curv, Tangem, Lobstr, Ledger Nano, StellarX, Lumenshine, Stellaport, OwnBit, StellarTerm, and Blockchain.com. 

Closing Thoughts

Stellar has a simple yet powerful approach to the decentralization of finance. It’s not just versatile, but also supports a variety of innovative use cases. Individuals and entities alike can make payments, send money across borders, and exchange currencies in real-time. The Stellar blockchain is built for the common people, and it’s gratifying to see its rack of partnerships – a signal that its product is working. It will be interesting to watch the growth of Stellar. 

Categories
Cryptocurrencies

What’s Curve Finance (Curve.fi)?

Curve Finance is one of the projects making waves in the DeFi space right now. The project is not a day older than one year, yet it’s already giving older projects like Uniswap a run for their money. 

Curve Finance is one of the projects making waves in the DeFi space right now. The project is not a day older than one year, yet it’s already giving older projects like Uniswap a run for their money. 

Curve Finance is one of the projects making waves in the DeFi space right now. The project is not a day older than one year, yet it’s already giving older projects like Uniswap a run for their money. 

DeFi is the idea that the masses can have control over their own finances, as opposed to this being done by centralized entities such as governments and banks. Curve is giving opportunities to stablecoins holders to provide liquidity and earn from it, as well as traders to swap coins in a secure and safe environ. 

What’s Curve.fi?

Launched in Jan 2020, Curve is a blockchain-based platform for exchanging Ether-based stablecoins safely and securely. Michael Egorov, the founder of the protocol, recently told DeFi Prime that Curve is “an exchange expressly designed for stablecoins and Bitcoin tokens on Ethereum.”

The idea of such an exchange is not new. For instance, Uniswap has been doing this for years. So what sets Curve apart? Well, the answer to that is a bit complicated, but we’ll break it all down. 

What Curve Does Differently

For one, Curve utilizes a market-making algorithm known as an automated market maker (AMM). A market maker is a software that buys and sells securities on behalf of a particular market, providing liquidity. At the same time, a market maker usually profits from the difference between bid-ask prices. 

By employing a market-maker, Curve facilitates a faster order-matching process in its platform. This allows traders of all types (including large-volume traders) to easily swap their crypto at a very little fee and with minimal slippage.

Curve and Stablecoins

Curve specializes in stablecoin swapping. It currently supports DAI, USDC, USDT, TUSD, BUSD, and sUSD. Also, it supports the BTC pairs of these coins. Exchanging between these coins is easy, efficient, and fast. 

Impermanent Loss 

Using AMM protocols presents its own challenges. One of these is what’s known as impermanent loss (IL). IL is the loss you can incur when you hold crypto in an AMM instead of a wallet. An IL will occur if the price of such assets diverges in any direction. The bigger the divergence, the bigger the IL.

While these losses can be impermanent, they can become permanent when the liquidity pool is rebalanced to more accurately reflect the prices in other exchanges.

On the Curve platform, though, the likelihood of either impermanent or permanent loss is effectively reduced. This is because Curve specializes in stablecoin trading. Stablecoins are less prone to the price divergence that would trigger such losses. 

Why Has Curve Grown so Fast? 

The growth and rise in popularity of stablecoins is responsible for Curve.fi’s rapid growth in just a few months. Users are flocking to stablecoins because of their stability when compared to regular cryptocurrencies. Stablecoins provide the security and anonymity of cryptocurrency while providing the stability of Fiat. 

Then, centralized exchanges such as Coinbase are characterized by high fees and a great likelihood of slippage. Curve.fi solves these problems by providing a decentralized, peer-to-peer, and safe exchange platform with minimal fees and slippage. 

What’s Curve’s CRV Token?

CRV token is the planned native token for the Curve protocol. In the beginning, the protocol was centralized, thanks to founder Michael Egorov being at the helm and controlling nearly all aspects of the platform. With the launch of CRV, the network aspires to become a completely decentralized platform. This launch is expected to happen sometime in early September. 

How Can You Get CRV?

There’s no planned public or private sale for CRV, or an ICO for that matter. Rather, CRV will be awarded to liquidity providers based on how long and how much liquidity they’ve provided for the last months. 

CRV Supply

The total supply of CRV is 3.03 billion. The distribution of the supply will be as follows: 

61% (1.85 billion) for liquidity providers

31% (939 million) for shareholders (2 to 4 year vesting period)

3% (90 million) for employees (2 year vesting period)

5% (150 million) for a burnable reserve to be used in the case of emergencies

What’s the Role of CRV?

CRV will play the following roles in the Curve.fi ecosystem: 

  • For users to participate in the governance of the protocol via a time-weighted voting mechanism.
  • To promote various liquidity pools through a value capture mechanism.
  • As a locking mechanism for liquidity providers to earn value over time.
  • For transaction fee burning to reduce inflation. 

Getting Started on Curve

To get started with Curve, visit its website here. You need to connect the Ledger hardware wallet in order to continue. To start trading, proceed to the ‘Buy and Sell’ tab and indicate how many tokens you’re trading for the particular token pair. Click Sell. 

To deposit funds, go to the ‘Deposit’ page and indicate the amount of that particular stablecoin you wish to deposit. Click Submit. 

Get Involved with Curve

Curve is one of the most interesting DeFi products to enter the space. With its groundbreaking approaches like the AMM algorithm to provide liquidity, and it’s successful avoidance of the impermanent loss problem, Curve is a project set for greater heights. To keep abreast of new developments, follow the project on Twitter or join their Telegram group. If you’re one for investigating under the hood, consider checking them out on GitHub. 

Categories
Cryptocurrencies

Abra Wallet Review: Here is Everything You Need To Know About Abra Crypto Wallet

Abra Wallet is a leading virtual service company specializing in blockchain technology and cryptocurrencies. On their website, the Abra crypto wallet is hailed for its simplicity, accessibility, and flexibility. It is a versatile app that is compatible with most operating systems. The crypto wallet is also highly intuitive and simplifies the process of storing and trading cryptos for its users. Launched in 2014 in Silicon Valley and headquartered in The Philippines, Abra supports over 54 world currencies.

Abra Wallet is a leading virtual service company specializing in blockchain technology and cryptocurrencies. On their website, the Abra crypto wallet is hailed for its simplicity, accessibility, and flexibility. It is a versatile app that is compatible with most operating systems. The crypto wallet is also highly intuitive and simplifies the process of storing and trading cryptos for its users. Launched in 2014 in Silicon Valley and headquartered in The Philippines, Abra supports over 54 world currencies.

Abra Wallet is a leading virtual service company specializing in blockchain technology and cryptocurrencies. On their website, the Abra crypto wallet is hailed for its simplicity, accessibility, and flexibility. It is a versatile app that is compatible with most operating systems. The crypto wallet is also highly intuitive and simplifies the process of storing and trading cryptos for its users. Launched in 2014 in Silicon Valley and headquartered in The Philippines, Abra supports over 54 world currencies.

But how does it work, how secure is the wallet, how many cryptos can it hold, and what key features make it rise above the competition?

We have tried Abra Crypto Wallet and interacted with its different features. In this review, we tell you how it works, its security features, its usability, and everything else you need to know before downloading and installing the crypto app.

Abra wallet key features:

Simple to use: The Abra crypto wallet app is quite user-friendly and accessible to virtually everyone. It has a simplistic and highly customizable design that makes it easy to use for both beginners and expert traders.

In-built exchange: The Abra crypto wallet app also features an in-built exchange. Here, you can engage in both fiat-to-crypto and crypto-to-crypto conversions. The exchange is quite straightforward and relatively easy to use.

Highly versatile: The Abra crypto wallet app is highly versatile and compatible with both the Android and iOS operating systems. Moreover, it supports a wide range of both crypto and fiat currencies.

Portfolio creation tools: Abra wallet is more than a crypto storage app; it is a crypto investment app. In addition to storing your digital assets securely, the app will also let you invest in leading stocks from different international markets. It especially lets international crypto traders invest in U.S stocks.

Supports fiat-to-crypto purchases: Abra crypto wallet app features an in-built exchange. This tool lets you convert fiat to crypto and engage in crypto-to-crypto exchanges.

Support cash deposits: Unlike most other crypto wallet apps, Abra makes it possible for you to purchase crypto directly via different forms of cash payments. These include credit/debit card purchases and direct bank wire transfers.

Abra wallet users in the Philippines can also pay for their crypto using the Teller Payment System. Note, however, that all your funds in Abra are by default held as Bitcoin (except for Bitcoin Cash and Litecoin), but you can choose to denominate them in the form of any other currency.

Abra wallet security features:

Passcode: Your Abra wallet app has to be secured with a four-digit passcode. You get to set this PIN code when installing and activating the app.

Recovery seed: When installing the crypto wallet app, and after setting the passcode, you will be provided with a recovery seed. Record on a hardy piece of paper and keep it in a highly secure place. You will need it when resetting your app password or when recovering lost private keys.

Two-factor authentication: The Abra crypto wallet app also integrates the two-step verification security feature. This allows you to link your app with your phone number and ensures that you receive an SMS verification code when logging into the wallet and when transferring coins out.

Military-grade encryption: According to Abra wallet developers Bill Barhydt and Pete Kelly, this app collects as little sensitive information of their clients as possible. Additionally, the user data stored within the app – including passwords and private keys – is highly encrypted. All of the app’s interactions with third-party apps and websites, including payment systems, are also highly encrypted.

Non-custodial wallets: Abra wallet developers don’t store your private keys or their copies within the company servers. All the private keys are stored in individual wallets within the wallet of the owner’s devices. This effectively gives you near-absolute control over your private keys.

Hierarchically deterministic: The Abra crypto is also hierarchically deterministic, implying that it automatically generates new wallet addresses for different crypto transactions. This promotes anonymity as it makes it impossible for third parties to track your crypto transactions.

How to set up and activate the Abra Crypto wallet app:

Step 1: Start by downloading the Abra cryptocurrency app from the Google Play Store or Apple Store. You can also download these apps from the Abra’s official website.

Step 2: Initiate the installation process and proceed with creating a user account. Here, you are required to fill in your personal details, including your name, email address, physical address, and your mobile phone number.

Step 3: Activate the two-factor authentication protocol by using the code sent to your mobile number.

Step 4: Proceed to set the four-digit PIN code that secures your Abra crypto wallet.

Step 5: The app will now provide you with recovery phrases. Write them down and keep them safe.

Step 6: The installation is now complete, and the crypto mobile wallet app activated. You can start adding funds, converting/exchanging different currencies, and investing.

How to receive funds/add crypto into your Abra crypto wallet:

Step 1: Start by launching the Abra crypto wallet app and clicking on Portfolio.

Step 2: Click on ‘Add Money’ and choose the cryptocurrency you wish to add/receive into your wallet. This reveals the coin’s wallet address and its corresponding QR Code.

Step 3: Send the address to the parties sending you cash or have them scan the QR code

Step 4: Wait for the cryptocurrency to reflect on your wallet.

How to send crypto out of Abra wallet:

Step 1: Start by launching your Abra Crypto wallet app and clicking on ‘Portfolio.’

Step 2: Click on ‘Send Money’ and choose the cryptocurrency you wish to transfer.

Step 3: Key in the recipient’s wallet address or scan their wallet’s QR code and enter the amount of crypto you wish to send.

Step 4: Confirm that the wallet address and amounts entered are correct and hit send.

Abra Wallet’s ease of use

Abra crypto wallet is very user friendly. The registration process, for instance, is rather quick and straightforward. The fact that the crypto wallet app handles fiat transactions, plus its registration as a Financial Services Provider, means that you will be subjected to the different KYC and AML protocols. It also means that your crypto transactions won’t be wholly anonymous.

Unlike most other crypto apps that require you to pass through third party currency conversion systems like Simplex or Changelly, Abra processes direct fiat deposits. Here, you can make crypto purchases directly using your debit or credit cards, direct bank wire transfers, or the Teller Payment System.

One of the most unique aspects of the Abra Crypto wallet app is that your deposits into the wallet app are held as Bitcoins By default. This implies that if you deposited $10,000 into the wallet, this amount is automatically converted into its Bitcoin equivalent (say 1 BTC). Therefore, if Bitcoin’s value surges by 25%, your balances increase by a similar margin and vice versa. The account can, however, be denominated by any currency and you are free to change the default BTC base currency into any other currency at any time.

Abra wallet supported currencies and countries.

According to the Abra wallet website, the crypto vault is now accessible to residents of over 150 countries – including the U.S.

Abra users in the United States can interact with over 30 of the most popular cryptocurrencies and as much as 50 fiat currencies.

Abra crypto wallet users outside the U.S however, have access to a wider range of currencies as they get to interact with over 200 crypto+fiat currencies.

Abra wallet’s inbuilt exchange is nonetheless highly versatile and there is no limit of either crypto-to-crypto or fiat-to-crypto pairs.

Abra wallet cost and fees:

You will not be charged to download and install the Abra crypto wallet app. And neither will you be charged to activate or for storing your digital assets on your Abra Crypto wallet.

A variable transaction processing fee will, however, apply and debited from your Abra cryptocurrency wallet every time you send cryptocurrencies out of the wallet. These fees are collected by the blockchain miners or network administrators and not Abra wallets and are largely dependent on such factors as the type of cryptocurrency and the transaction amounts involved.

Within the app, you will also incur currency conversion fees in the form of spreads. And this markup price for the different cryptos is set by Abra.

Note that while Abra wallet doesn’t impose withdrawal fees, your payment processor will often charge transaction fees when you deposit into Abra.

Cash Deposit and Withdrawal limits

The app has set limits on the amount of cash you can deposit or withdraw from your Abra crypto wallet app. For instance, U.S residents can only transfer a maximum of $30,000 per wire daily. Additionally, you can only make a bank deposit or withdrawal of a maximum $2,000 daily, up to $4,000 weekly, and $8,000 monthly, while daily credit card deposits/withdrawals have a daily and monthly limit of $200 and $1,000 respectively.

While there is no limit to the number of BTC or LTC conversions you can make, non-BTC/LTC conversions have a daily limit of 5 BTC.

Abra wallet customer support

Abra Wallet’s customer support starts with the wallet’s highly elaborate FAQs page featured on the Abra website. The wallet also features a highly informative blog and the two are key towards addressing some common challenges experienced by Abra Users.

For more personalized queries, consider contacting Abra’s customer support team on their different social media pages like Telegram, Twitter, Reddit, and Facebook. You may also contact them by raising a support ticket on the Abra website.

What are the pros and cons of the Abra crypto wallet app?

Pros:

  • Abra is an all-in-one wallet that doesn’t just let you store your cryptocurrencies but also lets you invest in the stock exchange.
  • The mobile crypto app also features an in-built exchange.
  • Abra wallet supports both fiat and cryptocurrencies.
  • It allows you to change the base currency of your wallet from the highly volatile Bitcoin to Fiat, effectively guarding your assets against possible crypto falls.
  • Installing the app and storing coins therein is free.

Cons:

  • One may consider the currency conversion rates for the wallet’s inbuilt exchange rather high.
  • By holding your cash deposits into the app in the form of Bitcoin, the wallet subjects your cash to volatility risks.
  • The app subjects you to both KYC and AML procedures, which defeats the purpose of Blockchain and cryptos anonymity.

How does Abra Crypto wallet compare to other popular cryptocurrency wallets

When compared to such other crypto wallet apps as eToro, Abra carries the day because of its ease of use and the number of features included. For instance, unlike eToro’s inbuilt exchange that has a limited number of trading/exchange pairs, the Abra Crypto wallet is highly versatile and has an unlimited number of trading pairs. It also supports a wider range of deposit and withdrawal methods that include Teller payment systems. eToro, however, supports a wider range of cryptocurrencies and tokens and can also be considered more secure.

Abra crypto wallet, however, pales in the face of leading Crypto hardware wallets in terms of security and number of supported currencies. Ledger Nano S, for instance, supports more than 1000 cryptocurrencies and tokens and also stores these digital assets offline. The Abra Crypto app can, however, be considered more convenient and easier to access.

Bottom line: Is Abra wallet safe?

Abra has made significant strides towards creating the most sophisticated, versatile, and easy to use trading platform. Their app is not only freely available to all crypto enthusiasts but also integrates some of the most advanced trading and analysis tools.

It also gives its users access to direct crypto market data, including crypto prices and the blockchain industry event calendar. But more importantly, it has put in place several sophisticated security features that make its wallet highly secure while giving you absolute control over your private keys.

Categories
Cryptocurrencies

Armory Wallet – A Review of Features plus Pros and Cons

Armory is a cold wallet for storing Bitcoins. It is among the earliest Bitcoin cold wallets. In fact, the idea of cold wallets was first implemented in Armory. Its main advantage is security while setup difficulty and the lack of a mobile option are its major downfalls.

Armory is a cold wallet for storing Bitcoins. It is among the earliest Bitcoin cold wallets. In fact, the idea of cold wallets was first implemented in Armory. Its main advantage is security while setup difficulty and the lack of a mobile option are its major downfalls.

Armory is a cold wallet for storing Bitcoins. It is among the earliest Bitcoin cold wallets. In fact, the idea of cold wallets was first implemented in Armory. Its main advantage is security while setup difficulty and the lack of a mobile option are its major downfalls.

Armory is arguably one of the best cold wallets. As a cold wallet, it offers offline transaction signing which enhances the security of a user’s private key, and thus, their precious coins. 

In this review, we will look at Armory’s key features, how to create a wallet, it’s security, and transactions Bitcoins. We will also look at the pros and cons of the wallet.

Key Features

  • It supports both hot and cold wallets, thus both online and offline transaction signing is enabled 
  • It supports multiple wallets e.g. personal, business, etc.
  • It runs on multiple desktop platforms, that is, Windows, Linux, and Mac OS X.
  • It supports lockboxes and multi-signature. These will be explained later.
  • It has an intuitive user interface – Armory’s user interface is beautiful, by crypto-wallet standards, and it’s easy to use too.
  • It supports “watching wallets” – These are hot wallets but do not contain private keys. You can use them to quickly generate addresses and confirm payments without exposing your private key data to the Internet.
  • It supports paper backup – This is the most basic form of backing up your wallet. If you lose your device, you can use the paper backup to restore your account the next time you set up Armory.
  • It offers configuration versatility. You can set up as a standard user, advanced, or expert. 

Security

By now, it should be evident that the security of the wallet is what makes Armory stand above its peers. Armory achieves this praiseworthy feat through its genius key storage mechanism. Unlike the majority of Bitcoin wallets which store users’ private keys on internet-connected devices, Amory keeps these gems offline – away from the prying eyes of crypto cyberpunks. 

This is why offline key storage is such a big deal – to complete a transaction, you need both a private key and a public key. Assume the public key is your wallet’s address and the private key is your access code. Unlike hot wallets that are connected to the internet during transactions, Armory initiates transactions online but goes offline when signing them. This is a simplistic explanation, but what Armory does is it protects your private key data from hackers when authorizing transactions. That way, anyone trying to steal your Bitcoins must first have physical access to your computer.

Armory also adds multi-signature support to its security portfolio. Multisignature (you might hear multi-sig more often) allows multiple devices to sign a transaction jointly for it to be processed. It is akin to having multiple account signatories in traditional banking. That said, multisignature capability further reduces the risk of fraudulent transactions in case someone somehow accesses your private key.

Despite all the security advances integrated into the wallet, you should keep in mind that the security of your account remains your responsibility. If a cryptocurrency-stealing malware replaces the destination address you are about to copy-paste with a hacker’s wallet address, you really cannot blame Armory, can you?

Creating an Amory Address/ Account

Opening an account with Armory is quite cumbersome. Please note that this wallet is only available as a desktop application. Anyway, the following steps should help you set up:

  1. Download Armory installer from bitcoinarmory.com. Never download a wallet from a non-official website, it could be laced with coin-stealing malware. 
  2. Install the software. 
  3. Now, you need the Bitcoin core blockchain to use the software. Download it from bitcoin.org. You need lots of patience as it usually takes several hours.
  4. Open the Armory wallet and let it sync with the downloaded blockchain. 
  5. If you have an existing wallet, Armory will load it up. Otherwise, you can import your existing wallet if the application does not automatically detect it.
  6. If you don’t have an account or don’t want to restore your previous one, you need to select the “Create Wallet” option and fill in the details.
  7. In the next step, you will create a passphrase. Armory will then present you with a QR code, which you should keep safe – you’ll need it to restore your wallet if you lose your device.
  8. Lastly, it’s important to create a backup of your wallet. You can choose to create a paper or digital backup.

As you see, it takes some effort and patience to get your Armory wallet up and running. 

Armory Lockboxes

You’ve probably heard of multisig capabilities. Let’s take a moment to look at this special feature included in Armory’s arsenal.

The wallet provides multisig capabilities through lockboxes. A lockbox in Armory is a container for funds whose signing authority is split among several devices. Funds held in a lockbox cannot be transferred until a predetermined number of devices sign. This feature can be useful where huge sums need to be transferred and there are security concerns regarding authorization. 

To create a lockbox, click on the “Lockboxes (Multi-Sig) button on the application’s main screen. A pop-up screen will appear. You need to set the number of authorized signatures and the minimum number required to approve a transaction. Then, simply add the public keys of the signatories. 

The following YouTube video can guide you further on creating multisignature lockboxes https://youtu.be/B5E3WQjSB6w.

Sending and Receiving Bitcoins

Now that your wallet is ready, it’s time to transact! Although Armory facilitates offline transactions, you can also make online transactions, which are slightly faster.

To send coins in online mode:

  • Select “Send Bitcoin”
  • Select source wallet 
  • Enter the recipient’s address (copy and paste to avoid typing errors)
  • Enter amount to send and click on the send button

To send coins offline:

  • Select “Offline Transactions”
  • Create a new offline transaction
  • Send BTC

Receiving Bitcoins is equally straight-forward:

  • Select “Receive BTC”
  • Select receiving wallet
  • Armory will generate a receiving address which you can share with the sender. You will be notified once some coins hit your wallet. Bitcoin creates a new block in about every ten minutes, and that’s approximately how long you should wait for the notification

Please note that received coins are registered on Bitcoin’s blockchain using your public key. Thus, there is no need to receive them in offline mode. 

As you have seen above, sending and receiving Bitcoins with Armory is pretty simple.

Fees

Downloading armory and creating a wallet will not cost you anything. However, you will be charged some fees when transacting on the Bitcoin network. Armory plays no role in determining this fee. Fees are decided by the Bitcoin network and are charged to discourage users from spamming the network with unnecessary transactions and reward miners for confirming transactions.

Supported Currencies

Armory supports only Bitcoins, and support for other currencies in the future is unlikely. Apparently, the developers of the wallet want to focus on creating the best security and user experience for its users, and not adding more capabilities. So far, they have delivered to this end.

Customer Care

Believe it or not, Armory has a 24/7 support phone line. If this does not surprise you, please note that the majority of cryptocurrency wallets do not even have email support. If you experience issues with your wallet, you can dial the toll-free number, +1-844-625-2686, and their team of experts will be waiting on the other end to work on your issue.

Talking of issues, some of the common ones you are likely to experience include password errors, you are unable to withdraw coins, there is an unexplained delay during withdrawal, your wallet has refused to generate a password, and so on. Again, phone support should be your first option for getting help for urgent issues.

You can also find answers to some of these concerns by browsing the FAQ section of their website. 

General inquiries can be channeled to [email protected]. Emails to this address may not be personally answered due to the magnitude of Armory implementations. Follow the team on Twitter @armory, mostly for updates and the latest news regarding the wallet.

Pros and Cons

Before we evaluate Amory’s pros and cons, let us agree on the factors that you will be typically looking for in a crypto wallet.

  • It should be secure 
  • It should be easy to set up and use
  • It should be free or low cost
  • If it supports multiple currencies, that’s an added advantage 

Having these factors in mind, we can have a fair evaluation of Amory’s pros and cons. So, let’s look at them!

Armory’s Pros

  • Top-notch security
  • You can recover your wallet in case you lose your primary machine. For this, you will need the paper or digital backup
  • It supports hierarchical deterministic address generation for extra security
  • It gives you full control over the generation and storage of your private keys
  • It is open-source, which means that the wallet can outlive the company that is currently maintaining it

Amory’s Cons

  • Setting up the wallet is cumbersome. You need to download the entire Bitcoin blockchain, which takes a lot of time
  • It does not have a mobile application, you need to install the application on a personal computer
  • It supports Bitcoins only

FAQs

What would happen if the company shuts its operations?

The Armory Wallet is maintained by Armory Technologies. If the company halts operations, your coins will still be safe because they exist in the Bitcoin network and not the wallet itself. The wallet only keeps the keys you need to access your funds. You can always restore access using the paper or digital backup you created during set up.

Does Armory charge fees at a flat rate or it depends on the amount transferred?

Armory itself does not charge any fee. The amount you are charged is determined by the Bitcoin network and depends on the size of the transaction in bytes and the age of the funds (the period between when funds were received and the time of the current transaction).

Do I need to download the whole Bitcoin blockchain to my local storage?

Unfortunately, yes. Since the Bitcoin network is distributed, Armory needs a copy of what other nodes on the network have. 

Does Armory have any security concerns?

A lot has been said about how secure the wallet is. However, the lack of multifactor authentication remains a concern. If someone has physical access to your device and they have your passphrase, they can transact on your account.

Can my wallet be hacked?

While, theoretically, anything can be hacked, Armory has advanced security features including hierarchical deterministic address generation and multisignature capabilities, which make it less prone to common cryptocurrency wallet attacks. 

The wallet is also immune to GPU-accelerated brute force attacks. This means if someone steals the computer that runs your wallet, they cannot crack Armory to get your keys, at least according to the technical team’s claim.

Final Remarks

Armory Wallet has so many features that cannot be exhausted in one post. Luckily, there are a lot of online tutorials that can guide you on exploring its full potential.

If you are concerned about the safety of your coins, consider Armory as it provides highly-sophisticated security features. Its cold storage feature allows you to retain your private key keeping it away from potential hackers. You can also restore your wallet on another device if you lose your primary device. Sending and receiving bitcoins using Armory is also fairly simple. However one of the biggest challenges with the wallet is the difficulty in setting it up. Also, it’s limited in that you can only transact bitcoins. All in all, once you learn how to use the wallet, you will find it a secure and convenient option for making your BTC transactions.