Categories
Cryptocurrencies

A Definitive Guide to Stratis (STRAT)

Blockchain has proved to be a force to reckon with. Initially designed to transfer value, tech geeks soon discovered that the innovation could be used for much more. These days, blockchain is used for all manner of applications, from secure messaging to tracking seafood, to voting. Even governments are tinkering with blockchain in a bid to realize more streamlined services. 

However, blockchain still remains out of reach for most organizations – thanks to the massive expenses that go into creating one, and the limitations inherent in most public blockchains. These limitations include scalability issues and their inability to support the private nature of enterprises’ information. Operating on a Blockchain-as-a-Service model, Stratis makes deploying blockchain as easy as signing up for an account. And it’s not just the ease of deploying a blockchain. The platform also allows users to tailor-make their blockchain applications. It even supports provisioning for some of the most popular blockchains – namely Bitcoin, Ethereum, BitShares, and Lisk. 

Hence, Stratis makes for a strong contender for an affordable, customizable, and flexible Blockchain-as-a-Service solution. 

What’s Stratis? 

Stratis is a blockchain framework that allows businesses to create customized blockchain applications. The Stratis platform enables enterprises to expedite their blockchain integration processes by simplifying the procedures required to do so. Beyond providing such a platform, Stratis takes it further by offering affordable blockchain consultancy services to clients. 

How does Stratis Work? 

Stratis functions as a Blockchain-as-a-Service (BaaS) platform. It supports technologies such as side chains and a suite of APIs to facilitate entities to incorporate blockchain without having to build a new blockchain from the ground up. 

#1. Blockchain-as-a-Service (BaaS)

Stratis offers cloud-based blockchain solutions. This means the end-user doesn’t have to maintain the entire blockchain network, saving significant resources both in time and money. 

#2. One-Click Deployment

Stratis enables entities to implement blockchain through the single click of a button. Users can deploy a side chain that has the same features as the parent chain. And for features that are not supported by Stratis, you can explore side chains to the Ethereum, Bitcoin, BitShares, and Lisk platforms. Thus, if an entity wants to experiment with any of these networks or use them in conjunction with the Stratis sidechain functionality, there’s nothing to stop them.

#3. Private Sidechains

Private side chains are one of the major selling points for Stratis. Deploying a blockchain on the Stratis platform grants you a private side chain that’s not just customizable; it also features the high-level security offered by the parent chain. 

#4. ICO Support

Stratis branches beyond offering customizable blockchains to provide an environment for ICOs. Organizations and individuals alike can launch their ICOs anytime via the Stratus blockchain. The network has partnered with identity verification company Onfido to conduct Know Your Customer (KYC) checks for ICOs, as well as with crypto exchange Changelly to give ICO holders the ability to accept over 50 different cryptocurrencies in contributions. 

#5. Stratis and Identity

Stratis also supports an identity ecosystem through which individuals can store identities on the decentralized blockchain, and service providers can verify customer identities. You can use the platform to confirm the identity of owners of potential investments, prove that someone is who they say they are, and so on. You can also use the platform to prove your identity to interested parties while maintaining absolute control over exactly how much information you let on.

The Stratis Architecture

The Stratis network runs on a Bitcoin full node platform using the C# programming language, Microsoft.NET, and the NBitcoin library. 

The blockchain’s architecture is supported by three separate components which we’ll look at below: 

  • Bitcoin Full Node
  • LibConsensus
  • NBitcoin

#1. The Bitcoin Full Node

Stratis’ full node comprises three layers: 

  • Node Policy Layer – responsible for preventing distributed denial of service (DDoS) attack
  • Infrastructure Layer – responsible for managing storage and verification of transactions
  • Interface Layer – consists of API kits to enable developers to readily investigate the state of the blockchain and user interface 

#2. LibConsensus

LibConsensus is a library system based on the Bitcoin Core version and enables networks to verify the validity of blocks. 

#3. NBitcoin

Bitcoin Core supports LibConsensus by providing part of the consensus code. NBitcoin, for its part, fills any remaining gaps. 

Stratis’ C# and .NET

In 2017, Stratis launched the Stratis Development Framework (SDF), which is a set of tools that support the development of blockchain solutions in both C# and .NET languages. The goal was to empower more developers to use the blockchain and build powerful solutions with these universally familiar coding languages. 

This is unlike, say, Ethereum, which employs its own proprietary coding language “Solidity” and one that may lock out many developers. 

Stratis’ Fiat Gateway Integration 

Unlike the majority of blockchains that only facilitate value transfer via their native tokens, Stratis supports the transfer of value in both Fiat and cryptocurrency. This is so to help businesses avoid compliance issues and wild volatilities that are associated with crypto.

As such, organizations can use the platform to transfer both types of currencies, taking advantage of the best of two worlds. It means they can navigate compliance demands in ways that favor them and rely on the stability of traditional currencies while also capitalizing off of the speed, transparency, and affordability of crypto. 

Partnership with Earth Twine

Stratis has partnered with Earth Twine to create ‘The Earth Twine-Stratis Platform,’ the first implementation of blockchain in the seafood industry. The partnership spells a new direction for the seafood industry, well cementing the potential for blockchain to transform nearly any industry.

Announcing the partnership, Stratis said: “Stratis will establish distinct, dedicated blockchains, tokens and applications to integrate Earth Twine’s global seafood tracking solution onto the blockchain. This rapid innovation and development will transform the seafood industry by introducing unprecedented levels of trust collaboration and settlement, in turn, increasing productivity and sustainability.” 

The move was in response to the Seafood Import Monitoring Program’s requirements that from Jan 2018, data for seafood imports should be sent electronically to U.S. Customs and Border Protection. This was in a bid to curb the illegal, unreported, and unregulated (IUU) exploitation of water resources that negatively impact global seafood markets. 

The Stratis Team

Stratis is the brainchild of Chris Trew, an Enterprise IT professional with ten plus years under his belt. He’s also a backend developer with years of experience in C# and ASP.NET technologies. 

Other team members include Krushang Patel, Mahesh Chand, Paul Carrington, Jordan Andrews, Rowan De Haas, Maciej Zaleski, Gustav Stieger, and more. The group has experience cutting across blockchain development, UX/UI design, communications, and technology analysis. 

The Stratis Token (STRAT)

STRAT is the native utility token of the Stratis network. It fuels network transactions and also acts as a value transfer medium in the Stratis marketplace.

Tokenomics of Stratis

On June 29, 2020, the STRAT token is trading at $0.445022, with a market rank of #111. It has a 24-hour volume of $1, 037, 998, and a circulating and total supply of 99, 856, 676. The coin has an all-time high of $22.66 (January 08, 2018), and an all-time low of $0.008483 (August 13, 2016). 

Where to Buy STRAT 

STRAT is available as a market pair with BTC, ETH, USDT, and with Fiat currencies such as the Euro and US Dollar on exchanges such as Binance, Upbit, Bittylicious, HitBTC, WazirX, Poloniex, Livecoin, Bitvavo, Bittrex, and CoinDCX. 

For storage, STRAT holders have three options provided by the team: 

  • Stratis Core Wallet – A staking wallet through which you can send and receive STRAT tokens and earn more when you stake them in the wallet
  • Breeze Wallet – A “lightweight” online-based wallet that supports STRAT and BTC. This means you can pay for things as well as receive payments via either currency. The wallet is available on Windows Mac and Unix.
  • Breeze with Privacy Protocol service – This is a variation of the Breeze wallet with added privacy features such as coin shuffling technology to add an extra layer of privacy for transactions.

Final Words 

In a crowded field of projects offering blockchain solutions, Stratis manages to stand out by offering as-simple-as-click blockchain deployment and provisioning to other side chains of popular blockchains. The company’s team is made of professionals who know what they’re doing and can be trusted to steer the project into a success. If they continue innovating and anticipating industry needs, there’s nothing to stop Stratis from being one of the dominant players in the BaaS space. 

Categories
Crypto Daily Topic

Can Blockchain Redefine e-Commerce and Retail Business? 

It is estimated that the e-commerce space made sales worth more than $3.5 trillion in 2019 alone. It’s projected that these sales will rise to $4.9 trillion by 2021, as more online retail stores open shops. This growth comes as no surprise considering the convenience of online shopping.

With the proliferation of e-commerce sites, there also has been an increase in alternative payment methods – particularly mobile and online payment services. As such, the two markets – e-commerce and fintech payment services, have come to exist in a mutual relationship where the success of one entity is directly proportional to that of the other. While the two have succeeded in giving consumers more control of their purchases by eliminating the need for sales representatives, they both face common struggles that delay their growth.

At the core of these challenges lies data protection, which breeds a slew of other problems, especially with the increasing growth in overseas merchandise volume. For example, a popular online store recently confessed to its customers that their payment information might have been compromised after the retailer’s website was hacked. 

Blockchain, an emerging technology centered around data management, offers a superior alternative to the traditional e-commerce facets, eliminating its vulnerabilities and improving confidence in e-commerce. 

Blockchain for e-commerce – possible use cases

There are several gaps blockchain technology can fill in the e-commerce market to improve the overall experience of online shopping. Here are some of its use cases:

1. Alternative payment method

Usually, e-commerce sites rely on traditional financial settlements systems such as card and mobile wallet payments that facilitate the release of goods/services after payments have been confirmed. To the consumer, these payments seem instant since goods are delivered almost at the time of sale. But in reality, it takes days or even weeks for a merchant to receive the money. 

In this case, virtual currencies powered by blockchain can serve as an alternative payment method, eliminating the need for third-party validators when paying for goods online. A customer can, therefore, spend the accepted crypto coin directly in a transaction, reducing the cost and delays of back-end settlements. 

Also, to transact in crypto, all one requires is a wallet address, which doesn’t reveal lots of personal data, as is the case when using mobile card payments. That said, crypto payments, therefore, go a long way into protecting the customers and merchants’ personal data by cryptographically securing peer to peer payments. 

Despite the promises of cryptocurrency payments, only a few merchants are eager to accept this new form of payment. For starters, cryptos are viewed as a store of value rather than a medium of exchange, so few are willing to part with them. At the same time, the volatility of digital currencies scares away most merchants as most of them aren’t willing to brave the losses when the value dips. These are indeed legit concerns that should perhaps be solved by the introduction of pegged cryptocurrencies. This way, the pegged crypto will serve as a medium of exchange with a more stable value. 

2. Effective supply chain and inventory management

The supply chain is one of the most critical aspects of any enterprise, including e-commerce. For online retailers, it becomes even more complex as they have to track goods, not just from the supplier, but also to the customer upon purchase. On top of it all, the retailers have to keep tabs on their inventory with respect to a product’s expiry date. 

Blockchain, in conjunction with electronic tracking tags, can be deployed in the supply chain to help track goods from the supplier until they reach the intended retailer. Every time a product changes hands, the transaction is recorded on the blockchain network, creating an immutable and traceable history of the product from the manufacturer to the point of sale. As e-commerce transaction growth transcends regional borders, tracking data such as the bill of lading for cargo shipments can also be fed into the blockchain network, eliminating the need for lengthy and expensive verification processes. Once a retailer has received the goods, the payment is automatically disbursed to the supplier with the help of smart contracts. 

3. Promoting transparency in the marketplace

Transparency in the marketplace increases consumers’ confidence in a retailer. They can have peace of mind knowing that they buy the goods they purchase are up to standards and have passed all the regulatory requirements. A high level of transparency is especially important when purchasing perishable items such as agricultural products as well as fighting against counterfeit goods. 

Owing to its decentralized nature, incorporating blockchain into e-commerce transactions will bring transparency among all parties involved, where every party will be aware of even the slightest change in a transaction. In the case of agricultural products, consumers will be able to monitor a product right from the farm to the time it’s available for sale on the retailer’s website. Similarly, a consumer will also be able to ascertain the authenticity of a product, as its manufacturers’ details are recorded on the network.  

In the spirit of promoting transparency, Walmart, in partnership with IBM, is currently making use of blockchain technology to create a food traceability system based in Hyperlegder Fabric. The success of this project has incentivized food manufacturers such as Nestle and Unilever to join the retail giant in using blockchain to ensure transparency in the food system. 

4. Decentralized Monetization of Data

Every time you make a purchase over the internet, search engines and other big data companies keep information about your purchase. They analyze this data and tailor ads that match your persona. 

The introduction of blockchain into e-commerce means that you’ll have more control over whom online retailers share your data with. Now with this control over your own data, third-parties and advertisers will be willing to pay you directly in exchange for your data. Advertisers, on the other hand, will be able to design more accurate buyer’s personas that match one’s interest, instead of relying on vague data. 

Conclusion 

Blockchain technology creates a massive opportunity for the e-commerce market to iron out inefficiencies ailing the current online shopping space. As a newer technology, it also means that blockchain is positioned to solve unprecedented problems that lie on the horizon of the growing e-commerce market. Online retailers seeking an edge over the competition will, therefore, have to embrace this technology. 

Categories
Blockchain and DLT

Top 4 Blockchain Trends to Look Out for in 2020

Blockchain technology has been around for about ten years now. But it was not until 2017 during the crypto-market bull run that this disruptive technology gained attention beyond crypto-space circles and into modern-day businesses. But even as of today, a good number of the general public and organizations have not yet fully understood what blockchain is all about. Those with a rough idea about this technology know it as just an underlying protocol that supports cryptocurrencies.

As much as this idea is true, blockchain has a lot more to offer, as evident from innovators and developers who are constantly pushing its capabilities by designing blockchain solutions for enterprises. In fact, it’s through the efforts of these developers and innovators that new blockchain trends or rather solutions are emerging every other year. 

Nonetheless, the journey to creating efficient blockchain solutions hasn’t been quite a smooth task. For the better part of the journey, it has been all about experimenting and trying to come up with solutions that fit the market. However, judging from last year (2019), it seems that businesses and institutions have had enough of ‘finger-dipping-exercises’ and now want to incorporate blockchain solutions into their processes. This spiked growth and interest in blockchain can be attributed to Facebook announcing that it’s working on a digital currency dubbed Libra. This incentivized organizations to experiment with blockchain solutions, especially after blue-chip companies such as Uber and Visa announced their support for the Libra coin. 

That said, the common sentiments expressed by the crypto-space is that this year, 2020, business and developers will design new and novel solutions giving rise to new blockchain trends. Some of these trends include: 

Use of Blockchain as a service (BaaS) 

The use of blockchain as service (Bass) had already gained traction spearheaded by Microsoft Azure with its partnership with ConsenSys – a reputable blockchain software company. Around April last year, Amazon, through its cloud service, Amazon Web Services (AWS), opened up its blockchain-enabled cloud service to the public – joining the likes of IBM, HP, and Oracle, who offer the same.

Essentially, Baas is designed to enable businesses and developers to create and deploy their own blockchain applications. This eliminates the need for expensive hardware infrastructure as a necessity for developing blockchain solutions. Now, with the tech giants offering a Baas platform, it creates an opportunity for small enterprises to experiment with blockchain and design solutions that fit perfectly into their needs.

Also, with AWS offering its Baas to the public, it’s anticipated that there will be an increase of lone developers designing blockchain applications on the cloud for use by the public as well as enterprises. So, this year the industry can expect several digital products such as novel smart contracts, decentralized apps (dApps), and other systems that don’t necessarily need blockchain-based infrastructure to function. This will lead to the maturation of blockchain technology prompting adoption in all major pillars of the economy. 

Rise of blockchain experts 

The availability of a platform where the public can develop blockchain solutions will incentivize an increase in the number of blockchain developers and investors. This is because Baas removes the infrastructure barrier making it affordable for innovative developers to create solutions.

Additionally, as the developers continue to create more solutions, it creates a demand for experts who are knowledgeable about implementing those solutions into their specific industry. This demand will be more prevalent in the financial industry, especially the accounting niche, where the role of accountants and auditors will be transformed into advisors who will guide institutions in integrating blockchain solutions into everyday operations. 

Indeed, new professionals joining the accounting and auditing sector may be required by their employer to pursue certification showing their expertise in working with blockchain solutions. Those who are already employed may be required to upgrade their skill set to keep up with blockchain’s entry in their respective field of work.

Interoperability of blockchain networks 

Currently, there exist several blockchain networks, including public, private, and consortium blockchains. Each of these networks has its own set of unique benefits that makes it more suitable for one use case than the other. For instance, a private blockchain is more affordable and faster than public blockchain. However, transactions on a private blockchain can be monitored by the custodians of the network, whereas a public blockchain completely eliminates the role of a custodian keeping all transactions secure. 

As the use of these networks accelerates, there will be a need for them to work in harmony to create an ultimate network that combines all advantages under one platform. With this interoperability, there will be efficient data sharing and easier execution of smart contracts across different blockchain networks.

Blockchain regulations will be reviewed 

In 2020, it’s expected that there will be an increase in the use of blockchain. As such, countries with discriminatory restrictions against the use of blockchain and digital assets will be forced to ease the regulations to accommodate the increased usage of blockchain. 

An ideal example is the European Blockchain Observatory Forum that was formed to accelerate blockchain development in Europe. The forum works by bringing European legislators and entrepreneurs together to help position Europe as a leader of this disruptive technology. At the end of last year, the European Commission chose a new partner, INTRASOFT, to head the operations of the forum. INTRASOFT is a leading information technology and communication provider with concrete expertise in blockchain technology. The company will work in collaboration with the University of Nicosia, which has made major strides in researching digital currencies and blockchain systems. Having been established in 2018, the forum has managed to create a vibrant community through workshops and events. As of 2020, the EU Blockchain Observatory Forum has garnered more than 9,000 followers on Twitter. Its community will only get bigger throughout this year as the forum continues to reinvent itself and organize more workshops. 

Conclusion 

Although it’s quite hard to accurately anticipate trends that will set the pace for technological advancements, blockchain technology sure does have a promising future not just for the remaining part of 2020 but also for years to come. Ultimately, the technology will live up to its hype, especially given its increasing adoption in various industries.

Categories
Cryptocurrencies

Ellipal Wallet Review

Ellipal is perhaps one of the wallets that offer a wide range of cryptocurrency storage solutions. The 1st generation hardware wallet is manufactured by a company based in Hong Kong and was launched in 2018. Unlike the majority of hardware wallets, whose main aim is profit, Ellipal primarily focuses on security for its users’ funds. Over the years, it has grown its products catalog and features a cryptocurrency wallet app for desktop, iOS, and Android users.

Currently, Ellipal ships to over 70 countries, including the United Kingdom, Canada, and the United States. Its ability to feature a wide range of exceptional features makes it the go-to crypto wallet for anyone looking for top-notch security. However, what are some of its top features? How does it compare to some of the hardware wallets in the market? Read on as we have prepared a detailed insight into some of the critical things you need to know about it. But before we go into detail, let’s find out some of its key features.

Ellipal Wallet Key Features

4-inch touch screen: Ellipal’s huge screen capacity is perhaps one of the most notable features. It features a stunning 4-inch inbuilt touchscreen with amazing graphics. What’s more, it has high sensitivity, and it’s tough to scratch.

Air-gaping technology: One of the biggest concerns for the majority of crypto users is private key leaks. For this reason, it integrates a QR generation feature that is open-sourced and can guarantee that it will not leak. 

Private keys import: Typically, the best way to guarantee the safety of your private keys is to store them yourself. Ellipal integrates a unique feature where users can import their private keys to their preferred storage. 

IP65 rating: Ellipal is IP65 rated, which means that the device is limited ingress permitted, fully protected against dust or low-pressure jets. As a result, the device is one of the most damage-proof hardware wallets in the market.

Air-gapped transactions: The criterion incorporated in Ellipal’s mode of operations makes it one of the most secure hardware wallets. It features an Air-gap technology in its transactions, which ensures that it is physically isolated from other networks. 

Tamper-proof: The majority of crypto wallet users lose their hardware wallet funds to hackers even before they start using the device. This is because the devices are compromised in the supply chain. Ellipal has designed their wallets with this in mind and has incorporated anti-tamper and anti-disassembly features to ensure that hackers do not get access to the devices. 

Price and Unboxing

Regardless of where you are, you can get the complete package at $169, excluding shipping fees. Its packing contains 1 USB cable, 1Ellipal device, recovery sheet cards, and a getting started guide. Once you get your wallet, the next step is to set it up. 

How to Set Up Your Ellipal Hardware Wallet

Besides its easy-to-use criterion, the Ellipan hardware wallet is quite easy to set up. Below is a detailed insight into how to go about setting up the device.

Step 1: Download Ellipal App

Start by turning on your Ellipal device, select your desired language, and then navigate to download the Ellipal page. After doing so, use your mobile phone to scan the Cold Wallet QR code and download the Ellipal App. 

Step 2: Create a cold wallet account

After downloading the app, click next to begin your Ellipal journey. You will get a prompt to create a new account, recover vi1a mnemonics, or import your account. 

 

  • Create an account

 

When you choose to create an account, you will be redirected to a registration form where you will be required to fill in your details. Ensure you fill in the form with the correct details in the spaces provided. 

 

  • Back up mnemonic words

 

After successfully creating your account, click on “back up mnemonic words” and ensure you read the notes carefully. The backup phrase consists of 12 words and is used to restore your account in case your phone is lost or stolen. Ensure you write it down correctly and keep it in a safe place. 

 

  • Verify the mnemonic

 

After writing it down, enter the 12-word phrase to verify. This is to ensure that you have entered the correct details. Note that you might not be able to recover your funds if you lose your recovery phrase. For this reason, it is recommended to write it down on a piece of paper and keep multiple backups. 

Step 3: Update hardware on a micro SD card

Go to https://www.ellipal.com/pages/update and download the latest firmware on external storage- preferably a micro SD. 

Step 4: Insert the card to your device and complete the process

After downloading the firmware, you will be required to insert the card to the device to complete the setup. It will automatically detect the new firmware and start updating.

Sending and Receiving Crypto

Ellipal is designed with air-gapped technology for all its transactions. All its outgoing transactions have to be signed using a QR code that is generated on the hardware then scanned with the mobile app. You will be required to select the currency to be transferred and click “send.” After doing so, enter your desired amount and enter the recipient’s address. Finally, set the mining fee and scan the “signed data QR code” on the Ellipal. 

Receiving funds is also quite easy. All you are required to do is select the account, assets, currency, click on “receive,” and copy the account address. Your funds should be available in your wallet almost immediately after they are sent to your account. 

Supported Currencies

Undoubtedly, being able to store multiple currencies in a single wallet is every crypto wallet user’s wish. Ellipal has ensured its users get the best out of their hardware by providing their customers with the ability to store multiple cryptocurrencies. It provides support for over 31 native blockchains and support for TRC10, ERC20, and TRC20 tokens, which also makes it one of the most comprehensive crypto wallets in the world. Here is a list of some of its supported cryptocurrencies.

  • Ethereum (ETC) and all ERC20 Tokens
  • Bitcoin (BTC)
  • Stellar Lumens (XLM)
  • Binance Coin (BNB)
  • Tron (TRX)
  • XRP (XRP)
  • Bitcoin Core (BTC)
  • Icon (ICX)
  • PalletOne (PTN)
  • Bitcoin Cash (BTX)
  • Tether (USDT)

Additionally, besides the fact that the website supports quite a myriad of currencies, it is always looking for ways to integrate even more cryptocurrencies in the months or years to come. 

Ellipal Mobile App

Ellipal’s mobile app is available for both Android and iOS users. What’s more, it is also dual-purpose, meaning it can be used either as a hot wallet or a cold wallet. Typically, you can use it to store cryptocurrencies with or without the hardware.

The app lets you do pretty much everything, from sending and receiving multiple cryptocurrencies to storing them. Apart from that, you can also exchange cryptos natively and in a secure fashion within the app. You will notice that the app has a news section to provide users with updated prices from popular exchanges, quotes, and the latest news from the digital asset market.

 Pros and Cons of Ellipal

Pros 

  • User-friendly
  • Its robust metal body offers protection against physical attacks
  • Completely isolated from external attacks
  • Features a sleek design
  • Supports multiple cryptocurrencies
  • Strong security

Cons

  • A bit expensive for an emerging wallet

How Does it Compare to Competitors

So, what makes Ellipal unique? Although it has not gained recognition as the best crypto hardware wallet in the wallet, it features a dozen of amazing features. First, upon unboxing, the hardware is reminiscent of a premium cell phone. Its sleek design and presentation give a strong impression of a quality device. What’s more, it integrates a number of sophisticated security features, making it an incredible wallet to store your crypto assets.

Ellipal can be compared to a wallet such as Bitfi. They are quite similar in terms of physical appearance. However, Ellipal is a closed source and does not expose its private keys to public networks. Bitfi is an open-source and stores its user’s private keys externally.

Verdict: Is Ellipal Hardware Wallet Worth Your Money?

If you are looking for a hardware wallet that favors absolute security, usability, and portability, then Ellipal is your ideal option. It is a solid contender in today’s hardware wallet market. The device has an intuitive interface, large display, and reliable security features. What’s more, it allows users to store different cryptocurrencies in a single wallet, which is quite useful, especially for individuals looking for a reliable cryptocurrency wallet to conduct regular transactions.  

Categories
Crypto Daily Topic

Forex Vs. Crypto Trading: Which one is a Safer Investment Option? 

In the last few years, both forex and cryptocurrency markets have exploded in popularity as more people seek alternative ways of earning passive income. Forex currency exchange (forex), in particular, has been around for much longer but was initially accessible only to a wealthy class of investors. It was not until a few years ago that forex trading became accessible to all classes of investors, thanks to the proliferation of online brokers. 

Cryptocurrency trading, on the other hand, gained most of its audience after the phenomenal 2017 market rally. Even though cryptocurrencies are speculative investments that may result in huge losses, the violent price swings can also bring in significant profits. 

The two markets have their own unique aspects that make them attractive to different investors. At the same time, they share similar dynamics of supply and demand, which govern the prices of their respective assets. As such, it can be quite difficult, especially for new traders, to determine which market offers the best returns with minimal risks. A close examination of various market dynamics, however, can reveal which investment option aligns with your goals as an investor. 

Liquidity and Volatility 

Having been around for long, the forex market boasts the largest market liquidity with a daily trading volume of about $5.4 trillion. The crypto-market, on the other hand, had a cumulative market cap of $237 billion in 2019 alone. 

With respect to these figures, the forex market is less volatile– thus, the market prices remain fairly stable even after large trades, like the ones placed by institutional investors. Also, the low volatility and high liquidity mean that the forex market can absorb economic shocks better than the crypto market, which has high volatility and low liquidity. 

The forex market is, therefore, more appealing to risk-averse investors looking for more guaranteed returns. This is not to say that the crypto market is entirely unsafe for investment. For a trader, the high volatility of the market means that you can make significant profits, especially if you can correctly anticipate the market patterns using market analysis tools. The conservative traders also have an equal opportunity to thrive in the crypto market as the value of the underlying asset increases over time. 

Security 

There’s no doubt that the forex market is more secure than the crypto market. For starters, the underlying assets in foreign exchange are regulated by the governments through central banks. Moreover, all trading transactions are facilitated by a tight web of brokers who are required to comply with anti-money laundering (AML) and the Know Your Customer (KYC) policies to protect traders from fraud. On the downside, giving online brokers access to your personal data with respect to KYC regulations exposes you to identify theft. The brokers may even decide to monetize your data by selling it to advertisers without your consent. 

Cryptocurrencies, however, have little to no regulation. While they can be pegged to more stable assets, most of them aren’t and therefore derive their value from their own utility and speculation. What’s worse, there have been several cases of cryptocurrency scams where developers launch digital coins without any concrete use case nor utility value. 

Despite the ill reputation, the security of your investment in the digital asset market is only limited by the extent of your research in finding a reputable cryptocurrency and an exchange platform. The viability of a digital coin depends on its whitepaper and roadmap, as the two outline the intrinsic usefulness of the digital asset. Ideally, crypto worth investing in should have a real-world use case in a niche where there’s less competition. This way, the crypto will derive much of its value not from speculation but from its usability. 

Less competition ensures the asset maintains a high demand, which strengthens its overall value. Most importantly, the exchange on which a digital asset is listed should have a good history of securing investors’ funds. Exchanges with constant cases of being hacked may not be the right platform for trading cryptocurrencies. 

Exposure to risks

In the market trends context, both cryptocurrency and forex markets share the same level of risk in the sense that it is almost impossible to accurately predict the market movements. This is why both markets require a sound risk management plan, such as stop-loss orders, to maintain profitability when the market is in a bear run. 

To further limit losses and increase profits, you may consider leveraging the power of trading bots in both markets. These bots can be programmed to trade in line with your investment goals and execute orders autonomously. In the crypto market, they can be helpful since the market runs 24/7, unlike forex trading, which is limited to 5 days a week. 

Conclusion 

Essentially, choosing between forex or cryptocurrency trading boils down to what type of investor you are. If you are looking to make quick profits over a short period of time, then the crypto market is ideal, given its high volatility. At the same time, you should note that the volatility can easily work against you. To gain huge profits with minimal risk, invest in cryptocurrencies with a long-term goal. The market rewards patient investors generously, as evident from the historic increase in the value of most cryptocurrencies, which have turned out to be profitable to long-term investors. 

Forex trading has less potential for huge gains, whether long or short-term, as the value of the underlying asset is determined by monetary policies set by the central bank. But, there is a way to enjoy the best of the two worlds – trading forex using cryptocurrencies. In this case, you’ll have the high liquidity of the forex market to your advantage as well as the volatility of cryptocurrencies. This combination works even better if you can trade using well-established cryptos such as Ethereum or Bitcoin, whose demand is high, rendering them valuable. Besides increasing your chances of making profits, trading forex using cryptocurrencies secures your financial data since you don’t have to share your bank or credit card details to make cryptocurrency transactions. 

Categories
Crypto Daily Topic

Algorithmic Trading Strategies Explained

Algorithmic trading is an advanced form of trading that uses a computer program to automate the process of buying and selling of either stocks, cryptocurrencies, FX currency pairs, options, or futures. Unlike trading assets directly through a broker, algorithm trading is more accurate and result-oriented as it is designed with a predefined set of instructions that guide it on how to execute trades.

The trades are executed at the exact price and trade volume. This helps eliminate the time lag between placing and execution of the order. Also, all trades are free from human emotions, which may otherwise make a trader give up on profitable trade due to fear or make losses in pursuit of profits. Although the trades are executed automatically, the algorithms used have to be generated by traders in line with their investment goals. The traders key in variables like price, volume, time, and other indicators, which trigger a buy or sell order when specific conditions are met. 

Common Algorithm Trading Strategies 

Here are some of the most used automated trading strategies that you can explore: 

#1 Momentum-based/ trend algo 

Momentum and trend is the simplest algorithm trading strategy that aims at capitalizing on a long-running market trend. The idea is that if the market has been moving in one specific direction, upwards or downward, it’ll continue to do so until it’s affected by opposing factors that change its trajectory. A simple momentum-based algorithm, for instance, will invest in the best performing indices based on their performance within a specific duration of time. A more complex strategy blends momentum over time, making use of both absolute and relative momentum indicators. For instance, when the 30-day moving average goes above the 80-day moving average, a buying order is executed; conversely, when the 30-day moving average goes below the 180-day moving average, then a selling order is executed. 

As such, momentum algo trading makes use of technical indicators such as the historical price data and trading volume to execute orders. Further, the strategy allows traders to rebalance the system on a weekly, monthly, quarterly, or even yearly basis. 

#2 Statistical Arbitrage trading 

Statistical arbitrage is an opportunistic trading algorithm strategy that capitalizes on the price differences of assets as listed on various exchanges or markets. For instance, say a security trades at $10 on exchange Y and goes for $9.86 per share on exchange Z. The algorithm will identify this price difference and take a long position of the security in exchange Z, then quickly takes a short position of the same amount of the security on exchange Y. 

To realize reasonable profits using this trading strategy, you need to execute high trade volumes frequently since the price differences are almost negligible. However, for the cryptocurrency market, the price differences can be significant due to the difference in demand for crypto within a specific geographical location. For instance, you can buy low-priced crypto from your local exchange and sell it in an overseas exchange where the demand is higher. 

#3 Mean reversion 

Mean reversion strategy can be used in conjunction with the momentum/trend algorithm to avert losses when the market trends change drastically. Here’s how – while momentum strategy assumes that an asset’s price will continue moving in the same trajectory as it’s currently trending, mean reversion, on the other hand, works under the principle that an asset will always return to its mean value at some point in time regardless of its current high or low trend. The idea here is that the price of an asset will always go back to its historical average price after extreme deviations. Often, these deviations are caused by overselling or overbuying of the subject asset, influencing its price movement.  

When using the mean reversion strategy, the algorithm seeks to identify the upper and lower price limits of an asset. When the price is below the lower limit, the algorithm takes a long position and sells when the price goes above the higher limit in anticipation of the price returning to its average value. 

#4 Weighted average price strategy 

In this strategy, large orders are executed based on either volume-weighted average price or time-weighted average price. The strategy can be executed manually, but the large orders have to be released in small parts, which cannot be humanly possible with as much efficiency and accuracy as that of an algorithm. Besides, to make above-average profits, the orders have to be executed as close as possible to the volume-weighted average price or time-weighted average price to reduce the impact on the market. 

#5 Sentiment analysis 

Sentiment algorithm trading is quite simple as it doesn’t rely on complex mathematical models to execute orders. It involves examining the general market movements based on the opinions of major stakeholders and traders’ behavior. As such, the algorithm analyzes all types of data from media reports, to social media, to earning reports – and uses this information to predict future price movements upon which orders will be executed. 

#6 Building a custom algorithm trading strategy 

There are various websites such as CryptoHopper and Bitsgap that offer a variety of trading algorithms which you can then connect to the exchange site of your choice. But, you still have an option to design a unique trading strategy, one that works with your understanding of the market and investment goals. To build an algorithm trading strategy, you need to have proficient programming skills in addition to a good understanding of the quantitative and fundamental analysis of the market. 

Once you have these skills, all you have to do is feed your code input variables such as price, trade volume, and other variances that will trigger the execution of orders. Note that, before using your strategy to trade on the real market, you need to run a backtesting program that involves testing the performance of the strategy using historical data. If the strategy brings good results, you can confidently use it to trade in the real market. 

Conclusion 

Algorithm trading strategies are ideal for both novice investors and traders who are yet to understand the factors influencing market movements. Even the experienced traders can also benefit from the accuracy and efficiency of algorithm trading strategies, which ensures that they don’t miss out on any trading opportunity. However, it is vital to understand that each strategy works differently, and therefore it’s advised to choose one that meets your investment goals. 

Categories
Cryptocurrencies

Qtum Core Wallet Review: Features, Safety, and Setup Guide

Are you looking for an open-source, public blockchain platform that is capable of leveraging the simplicity and security advantages of Bitcoin’s UTXO protocol while integrating the flexibility and convenience offered by smart contracts? If yes, the Qtum Core wallet might be your ideal option. It enables two virtual machines: Qtum’s native x86 VM and Ethereum’s EVM. Note that Qtum Core is the only cryptocurrency wallet that supports the “Send To Smart Contract” feature. Also, if you want to receive MedCoin (MED), you need to have a valid Qtum Core Wallet. 

Even so, what are some of its top features? How does it compare to other desktop cryptocurrency wallets in the market? Read on as this review provides you with detailed insight into everything you need to know about Qtum Core. However, before we go into details, let’s first find out some of its key features.

Key features

OS compatibility: Qtum Core wallet can operate across different platforms such as PCs, Macs, and cloud servers. In PCs, it is compatible with several operating systems, including Windows, Linux, and macOS. 

Multicurrency: Qtum can securely support 26 coins and ERC20 tokens.

Proof of Stake (PoS): It features a consensus mechanism that significantly helps the network scale on-chain.

State-of-art security: Qtum Core integrates advanced security features such as Decentralized Governance Protocol (DGP) that allows developers to take control of the consensus parameters.

C programming language support: Qtum Core wallet is capable of supporting programming languages for C++, Python, Rust, and many more. 

Proprietary account abstract layer (AAL): It makes handling, executing, and creating contract funds possible by supplementing the Bitcoin script with new opcodes.

Smart contracts engine: The feature executes programs on the network and can operate across different platforms.

Easy-to-use: The best thing about the Qtum wallet is its simplicity. It integrates an easy-to-use interface that is suitable for beginners.

Is Qtum Core Wallet Safe?

One of the best things about Qtum Core is that it does not store your private keys. It provides users with complete access and is entirely responsible for their funds and security. They are only required to update their PCs with the latest antivirus and operating system to enjoy the full benefits of the Qtum Core Wallet. Note that the QTUM wallet uses a checksum technique to detect wrong and corrupted numbers. 

It also uses the SHA-256 hash algorithm to come up with unique codes for your Wallet Input Format (WIF) private keys. This is done twice for optimum results. Also, for more accurate results, set the SHA-256 hash input to be in the hexadecimal data format and not ASCII text. 

How to Set Up QTUM Core Wallet

Step 1: Visit https://github.com/qtumproject/qtum/releases and download QTUM Core’s latest version

QTUM Core is capable of supporting several operating systems, including Windows 32/64-bits and Mac OS.

Step 2: Install

You can install with either dmg file or .exe.

Step 3: Run Qtum Core

After the installation is complete, start the application by pressing “OK.” Note that during the initial run, the application might take some time to synchronize. Wait until it displays the number of blocks left as “0”. Technically, it will take less than the estimated time.

Step 4: Encrypt your wallet

Go to “settings” and tap on “Encrypt Wallet” to set a new passphrase. It is recommended to set a password of ten or more random characters. Alternatively, you can use eight unique words.

Step 5: Backup your wallet

Open “file” and click on “Backup Wallet.” Also, you will be required to set a wallet name in the “settings” section. 

Step 6: Done! You can now send and receive Qtum

Click on “File” to get a list of the addresses you will be using to receive and transfer QTUM. Your receiving address can either be one or many. Pick an address of your choice and click on “copy.” Next, you will want to check whether the address is valid. Paste it on the receiving address input window located in MediBloc’s homepage and click on “check” to find out if the address is valid. 

How to Send QTUM 

You will find the send menu on the left side of the page. Here, you will find different functions that are quite basic and easy to learn to use. Below is an insight on how to go about sending QTUM:

Pay to: Enter the address of the receiver

Label: Although it is optional, it is recommended that you fill in this category with a name or tag for future reference.

Amount: Enter the desired amount of QTUM you want the recipient to receive.

How to Receive QTUM

Before you receive QTUM, you need to know your address. However, the best thing with this crypto wallet is that you can generate new addresses. It is useful for receiving payments from more than one sender. The wallet also helps you keep track of your transactions.

To get your address, simply tap on “request payment” and pop up dialogue will show up with your unique address. You can receive coins from other users or an exchange using the address. 

How to Add QRC20 Tokens to Your Qtum Core Wallet

Normally, the Qtum Core wallet is designed to display your current QTUM coin balance. If you want it to also display your token balance, you will be required to bind your existing QTUM address to your desired contract address. After doing so, you should be able to see your QTUM tokens. Below is a step-by-step guide into adding QRC20 tokens to your wallet.

Step 1: Open the app

You should note the “other tokens” section at the right side of your page will be empty if you have never added a token before. 

Step 2: Create new QTUM address

Let’s assume you don’t have a QTUM address yet. Click on “File” and choose to receive addresses. Create a new address by selecting NEW. Enter your desired name for your wallet address and select the OK button to create your new address. 

Step 3: Add token

Go to the QRC Tokens section located on the left side of the app and choose the “Add Token” option. Once you have added your contact address, the rest of the information will be automatically auto-filled.

Step 4: Bind

Select the QTUM address you want to bind by expanding the “Token Address” list. Immediately after binding the address, the balance of your transaction history should be updated automatically. That is it! You should have your LSTR tokens listed on your wallet. 

Qtum Core Security 101

Now that you know how to create and add tokens to your wallet, it is imperative to understand that the security of your funds might not be guaranteed if you don’t do anything to enhance it. Below are some of the key things you should do to improve the security of your QTUM wallet:

  • Install the latest antivirus: Hackers are capable of installing malicious software on your computer and use it to access your private keys. Ensure you have the latest antivirus installed on your PC to be safe from phishing activities from hackers.
  • Back up your recovery phrases: During registration, you are notified that you will be denied access and risk losing your funds for good if you forget or lose your passwords. For this reason, ensure you keep multiple backups of recovery phrases.
  • Keep your private keys safe: Qtum Core provides users with full access to their private keys. However, if they are not properly stored, they might end up in the wrong hands and, therefore, risk losing your funds. The best way to guarantee their safety is to create a cloud backup.

Although all the above factors will help improve the safety of your QTUM coins, you should ensure you update yourself with the latest security features. Hackers are always coming up with new strategies and, therefore, updating your antivirus, and operating system is critical.

Pros and Cons of Qtum Core Wallet

Pros

  • Supports sending and receiving QTUM coins
  • Supports sending and receiving QRC20 tokens 
  • Integrates smart contracts creation and interaction
  • Features a Regtest mode that enables developers to build their private network
  • Has a “prune” to minimize disk usage
  • Supports RPC and API commands used in Bitcoin Core

Cons

  • Runs in full node
  • Requires regular updates

Final Verdict: Is Qtum Core Wallet Worth Your Money? 

Well, if you are looking for a desktop wallet to store your QTUM, this might be your best option. Besides being the only QTUM wallet that supports the “Send To Smart Contract” feature, it integrates quite a good number of exceptional security features. Additionally, it is quite easy to use. You will find its interface to be quite appealing to everything strategically placed for your convenience. 

Categories
Crypto Daily Topic

Blockchain in the Aviation industry: is it Just a Fad? 

The growth of any industry is pegged on its ability to keep up with evolving technology. For the service industry, it becomes even more important to adopt emerging technologies to improve customer experience. Blockchain is one such emerging technology that is set to catalyze the growth of numerous industries in the wake of the fourth industrial revolution. 

But for the better part of its existence, Blockchain’s potential to disrupt industries only sounds good on paper, with little to no implementation in the real world. As such, it’s impending penetration into the aerospace industry may seem just like a fad with no hopes of implementation. Still, the industry features highly fragmented distribution channels, minimal business model innovations, not to mention its inability to effectively use data and analytics to improve key operations. However, all these could change if airline companies are willing to experiment with Blockchain. As a service industry, air transport stakeholders need to consider using Blockchain to improve customer experience. 

So yes, Blockchain in the aviation industry is not just a hyped craze. In fact, it could mean the difference between the leading airline company, and a less competitive one, is the one that is first to adopt the technology. 

What can Blockchain do For Airlines? 

The intrinsic characteristics of the aviation industry align impressively well with the capabilities of blockchain technology. As such, it’s poised to provide a fertile ground for innovations within the industry in the following ways: 

Efficient data management

The airline and the broader travel industry are characterized by data sharing among multiple actors, from flight booking to immigration, to hotel check-ins and everything in between – all, which creates a complex web of data reconciliation that runs behind the scenes of every touchpoint of a traveler’s trip. 

For an airline company, managing flight data and any other information entail the use of electronic aircraft maintenance records (EAMR). These record systems often operate in isolation, creating data silos that inhibit efficient data sharing. 

Case in point; it’s common for the passenger service department of an airline company to use a separate database from that of the crew management. This compromise, not only operational integrity but also puts revenue generation at stake in case something goes wrong. Since almost every department maintains its own database, it becomes time-consuming to extract data, say, in the event of an audit or investigation of an aircraft accident. Further, there may be discrepancies between data stored in different silos leading to flight delays or other unplanned expenses. 

With too many systems in play, airline companies could benefit from a decentralized database that can facilitate seamless data exchange among various departments of the same company. This way, flight operations will run smoothly with fewer resources spent on maintaining databases. Data reconciliation will also get easier with Blockchain as any update or changes of the recorded information are updated in real-time across all departments. 

Identity management 

In the air transport context, identity theft can be used to commit fraudulent activities, including terrorism, consequently putting other passengers at risk. Although the use of biometric systems has subsidized cases of identity theft, centralized identity management systems aren’t entirely safe from manipulation. Now enter Blockchain. Once an identity is recorded and validated on the network, it is secured using hash cryptographic function, rendering it immutable. The passengers will only be required to carry a unique code — similar to a private key — for verifying themselves. To further suppress the chances of identity theft, the airline authorities can liaise with the state security officials who will be added to the blockchain network to scrutinize the details of every passenger. 

Baggage tracking 

Most airlines outsource their cargo logistics to trusted handlers. Even for airline companies that have in-house cargo logistics, they are riddled with a mix of manual and automated processes creating weak links on the cargo management chain. The outsourced parties suffer from non-standardized processes as well. 

Similar to the identity management use case, every baggage will have a unique code that’s encrypted in the blockchain network. Each phase the luggage goes through, from origin to recipient, its code can be scanned and the location updated on the network in real-time. But, it’s easy to achieve such functionality using traditional technology, why to bother using blockchain technology, you ask. 

Well, if a baggage tracking system was to run on conventional technology, it would create network congestion as it struggles to synchronize data of countless passengers’ baggage and cargo in real-time. What gives Blockchain baggage tracking systems an edge is the fact that it’s decentralized. 

As such, it’s less reliant on the network bandwidth, meaning airlines won’t experience network congestion as the system synchronizes the baggage code. Further, the digital ledger tracks luggage at critical checkpoints throughout the trip; from the initial handover to when, the baggage is loaded into the plane until it’s finally delivered to the passenger. This saves airlines money spent on securing baggage and settling cases of lost goods. 

Repair and maintenance of aircrafts 

The repair and maintenance of different parts of an aircraft need to be logged to serve as a reference to the airworthiness of an aircraft. Usually, records of this maintenance are recorded in bulky manual binders before being loaded in separate databases.

Blockchain can be used to electronically store these records minimizing chances of clerical errors that would otherwise be fatal. The electronic trail will be accessible to the maintenance technicians and aviators, both of who would work harmoniously to ascertain if the aircraft is safe enough for flight.

The same functionality could be replicated on aircraft fueling processes. Using a blockchain application, real-time fuel data would be shared among concerned stakeholders; in this case, the fueling company, the airline, and the bank. In the event fuel levels drop to a certain predetermined level, the fueling company gets a notification and responds accordingly. Once refueled to an agreed limit, automatic payment from the bank to the fuel supplier is initiated via smart contracts. The goal here is to speed up the refueling process and eliminate inefficiencies experienced when handling the process manually. 

Conclusion 

Blockchain application in the aviation industry goes beyond data management. The technology can also be used to tokenize e-tickets using smart contracts, thereby eliminating paper-based tickets and electronic passes. The tokenized tickets will have their own business logic and terms such as value and time of usage, allowing passengers to sell and buy tickets from anywhere in the world. Ultimately, the use of blockchain technology in aviation will inspire innovations of sustainable business models aimed at reducing costs and improving operations. 

Categories
Cryptocurrencies

Blockchain.info In-Depth Review: Features, Privacy, Pros, and Cons

If you are a crypto enthusiast, you have probably heard or even used blockchain.info. It is one of the widely used websites today. The site was launched in 2011 and is regarded as one of the best cryptocurrency platforms. Blockchain.info is more than a wallet. It shows the transactions of bitcoins and the current status value while keeping users updated with the current trend.

Among the things that have significantly contributed to its popularity is the criterion integrated into its payment structure. Even so, what are some of its top features? How does it compare to other cryptocurrency websites? Stick along as we have prepared a detailed insight into blockchain.info. However, before we get into detail, let’s first take a peek into its top features.

Blockchain.ifo Features

OS compatibility: Blockchain.info is compatible with both Android and iOS. Its app can be downloaded from play store or iTunes.

Backup Recovery Phrase: This security feature is specially designed to enable users to backup their wallets in case it is lost or stolen. The website provides users with a unique phrase of words that can be used to retrieve your wallet from another device.

Two-Factor Authentication (2FA): Apart from the backup recovery phrase security feature, you can also set up two-factor Authentication using your verified phone number.

PIN Protection: Blockchain.info allows mobile users to set a PIN to protect their wallets from unauthorized access. Users will be required to key in the necessary PIN every time they want to access the wallet.

Multiple languages: The best thing about blockchain.info is that it supports over 25 languages for ease of communication.

QR cord support: If you want to enjoy quick transactions, the best way to conduct transactions is to use its QR code.

Multi-signature: Security is critical in blockchain.info. As a result, the website allows its users to sign in from multiple devices. That way, it makes it quite hard for a hacker to identify the original user.

Blockchain.info Privacy

Typically, the main reason why the majority of crypto users use blockchain.info is to enhance the privacy of their wallets. There are three security levels at blockchain.info. Here is how they break down:

Level One

  • Email verification– By verifying your email address, you allow the website to send you notifications about any activity on your account, send you login codes to confirm payments, and many more.
  • Backup phrase– Users are required to backup a secret phrase that will be provided during sign up. Note that due to the company’s commitment to enhancing their user’s privacy, they do not have access to passwords and, thus, cannot help users in recovering their funds if they lose the backup phrase.

Level Two

  • Link to your mobile phone– In case someone time tries to log into your account, you will receive a one-time login via mobile to reset your password.
  • 2-step verification– If this security feature is activated, users will receive a one-time password code each time the user attempts to log in.

Level Three

  • Block IP addresses from Tor Network– This option is fundamental to prevent phishing activities from hackers using the Tor network. The website’s security feature is capable of blocking any IP address from the Tor network.

Apart from the above three-tire security levels, you can also utilize the “security center” section strategically located on the left side of the website.

Supported Currencies

Unlike the majority of platforms that offer bitcoin wallet services only, Blockchain accepts both Ethereum (ETH) and Bitcoin Cash (BTC). Although bitcoins are the only ones you can buy directly from the platform or other linked exchanges, you can transfer both currencies in and out of your wallet. What’s more, you can exchange the coins with each other at any given time.

Guide to Opening a Blockchain.Info Wallet

Step 1: Download the app

Depending on the type of platform you are using, signing up should be the first option for registering your details at Blockchain.info wallet. Android users can download the app from Playstore, while those using iOS can get it from iTunes. Alternatively, you can also register your details from its web platform.

Step 2: Sign up

After downloading the app, click on “create wallet” to sign up. Fill in your email address and create a password. After doing so, confirm you have read the terms and conditions and continue to the next step. Hit the “request button” to start buying Ethereum or Bitcoin. Note that you will be required to confirm your email address before you can be allowed to transact with the account.

How to Add Currency to Your Account

So, what happens after clicking on the “request” button? You will be required to select your currency of choice. In this wallet, it can either be Ethereum or Bitcoin. After choosing your ideal cryptocurrency option, you will be required to enter your wallet address, which seemingly looks like a long string of letters and numbers. Anyone with your address can comfortably send you the appropriate currency with the address.

Most importantly, ensure you send Ether to the Ether address only and bitcoin to the bitcoin address only. Submitting to the wrong address might result in a permanent loss of your funds. If you don’t have either of the cryptocurrencies in another wallet, ensure you transfer the required type to your new account before making a transaction. Alternatively, you can exchange it with fiat or other platforms such as Coinbase.

How to Send Payments with Your Blockchain.Info Wallet

Making payments with your Blockchain.info wallet is quite easy. All you are required to do is click the “send” button on your dashboard and follow the prompts. You will be asked to enter the wallet address and the ideal amount you wish to send. Additionally, the website also integrates an automatic conversion feature that allows you to type in the desired value using either cryptocurrency or your local currency. It will display the total in both cases for easy comparison.

You will also have an option to enter a description or provide more details about the payment. Further, if the transaction is urgent, you can make it a “priority.” However, your sending fee might incur additional charges. You might also choose to “customize Fee” and specify a specific rate. Note that transactions with higher costs might, sometimes, prove to be faster and vice versa. Once you are done, click “Continue” to confirm the details and correct and complete the deal.

Is Blockchain.info Wallet Safe?

Yes, the Blockchain.info wallet is safe. The website had a security update back in 2016 and is, in fact, one of the best crypto wallets with advanced security features. As mentioned earlier, Blockchain.info offers a three-tier security infrastructure. You will be required to safeguard your wallet with email verification, and then use a secret phrase. Finally, secure your details with the third-tier option of blocking your IP addresses from being accessed by the Tor network.

Apart from that, every address at blockchain.info is protected with the hierarchical deterministic feature. Every user using Ethereum or Bitcoin address at Blockchain.info is guaranteed optimum safety while conducting any online transaction. It also provides an additional PIN as an added security feature. For this reason, it is, without a doubt, safe to say that Blockchain.info is indeed safe to use.

Customer Care

There are a couple of ways to contact the blockchain.info wallet. You can either use the ticket method to contact the support team directly or use email. Besides, they also feature an extensive FAQ section where users can get quick answers to the commonly asked questions. Its customer care platform is indeed some of the critical things that have significantly contributed to its fame as an old but the most trusted cryptocurrency wallet.

Pros and Cons of Blockchain.Info Wallet

Pros

  • Its services are available globally.
  • The website offers a myriad of security functions.
  • No verification is required.
  • It charges minimal transaction fees.
  • Historical and statistics information chart is provided.
  • Hierarchical deterministic is available for every transaction.
  • Its user interface is highly intuitive.

Cons

  • Bitcoin, Bitcoin Cash, Ethereum are the only available cryptocurrencies
  • It is not possible to buy fiat currencies directly from your wallet.

Verdict: Is Blockchain.info Worth Your Money?

If you are looking for a safe method to safeguard your wallet, you should try out Blockchain.info. It is one of the best websites that integrates advanced security features. It is, no doubt, worth every penny. The criterion incorporated in its transaction methods ensures you not only get to enjoy optimum security for your funds but also enjoy seamless transactions with minimal fees.

Consequently, its registration process is quite easy. All you are required to do is follow the necessary prompts, and you will be good to go. The majority of crypto enthusiasts have tried out and experienced positive results. Try it out, and the success in securing your funds will be inevitable.

Categories
Cryptocurrencies

Cryptonator Wallet Review

Choosing the right digital wallet is one of the most critical things for any cryptocurrency user. This is mainly because the security of your funds will be entirely the wallet. Cryptonator is among the best options in the market, capable of delivering top-notch results. It is a multi-coin wallet that has been in existence since 2014. The digital wallet is quite easy to use and supports a myriad of currencies, including Litecoin, Ethereum, and Bitcoin. What’s more, it is designed to operate without ID verification to ensure you get a high privacy level. 

Nonetheless, is it right for you? What else does it offer? Buckle up as this review provides you with detailed insight into everything you need to know about Cryptonator. You will get to know the good and the bad side of it as well as how it compares to the other wallets in the market. 

Key Features-

Multi-currency: One of the best things about Cryptonator is that it supports a good number of fiat currencies including Euro (EUR), United States Dollar (USD), Russian Ruble (RUB), and Ukrainian Hryvnia (UAH). 

OS compatibility: Cryptonator is compatible with several operating systems, including Windows, Android, iOS, OSX, Chrome, Firefox, and OSX. 

Multi-languages: Cryptonator supports five languages. They include French, German, Spanish, Russian, and English. 

Two-factor-authentication (2FA) – The crypto wallet is specially designed to send a One Time Password (OTP) in the form of a code. The code is sent to the user’s registered mobile number. They are required to enter the password to be granted access. 

SSL connection– All transactions at Cryptonator are protected with a secure HTTPS security protocol or SSL connection. The sophisticated technology integrated into the connection ensures users send and receive crypto coins with the highest form of encryption. 

Built-in-exchange platforms– With Cryptonator, you don’t have to visit a bureau to exchange cryptocurrencies. The wallet features an always on-your-service exchange platform that allows users to change currencies within the website. 

Full control over private keys: In case of an online attack, hackers are capable of gaining access to the user’s private keys. For this reason, Cryptonator provides users with full control of their private keys. They can export and store them in the best place they see fit. 

Hot wallet: The best thing about hot wallets is that they can be accessed at any time as long as there is an internet connection. 

How Safe is Cryptonator?

The biggest concern for the majority of crypto users is safety. Cryptonator understands this and integrates quite a good number of security features that guarantee optimum security. Among some of their top features include a two-factor-authentication security protocol that involves sending a one-time 6-digit code to a user’s registered number to be allowed access to their accounts.  

Unlike the majority of cryptocurrency wallets, Cryptonator provides users with full access to their private keys. They can save them in a location they see fit. Additionally, the crypto wallet is designed with a built-in exchange. This allows users to swap different cryptocurrencies. Further, users are not required to pay any fee. All they have to do is access the different exchange services offered and by the platform and choose their ideal swap.

How to Get Started 

Step 1: Visit the official website at https://www.cryptonator.com/ and tap on the signup button.

You will be automatically redirected to the “Open New Account” page. 

Step 2: Create a personal account

Here, you will be given two options. You can either choose to create a merchant account or a personal account. Select the option that suits you best.

Step 3: Set a password 

Regardless of the type you choose, you will be required to create a strong password for your account. Ensure you create a strong password combination with numbers, characters, lower and uppercase letters, as well as numbers. 

Step 4: Create an account

After filling all the details in the required sections, you will be required to click on the “create an account” tab.

Step 5: Verify your email

After creating an account, you will be required to go to your registered email and verify to activate your account. 

Step 6: Ensure that all the coins are turned on

Click on the setup guide section and check whether all your desired types of currencies are activated. Turn on only the ones you plan to use. 

Step 7: Create new addresses for every coin

After activating your desired address, you will be required to create a new address for every coin that you have activated. You can create as many as ten addresses for every wallet in your Bitcoin account.

Step 8: Activate your two-step verification

Here, you will be required to choose from Telegram, text message, Messenger, or Google Authenticator. Nonetheless, the best option is Google Authenticator. If you opt for this option, download it from Playstore or iTunes and install it on your device.

Open the Cryptonator website and use the app to scan the QR code to generate a code. Enter the code and click “send.” 

Once the two-step verification security feature is activated, the system will automatically create a secret key to be used with your account. The key is meant to work as a backup in case your device is damaged or lost. For this reason, it is recommended to create several copies and store them safely.

Step 9: Confirm your backup

You will be required to confirm that you have successfully backed up your secret key by clicking on, “I backed up my secret key, close the window.”

How to Transfer Coins to Cryptonator

After creating your account, you will need to add cryptocurrencies to your wallet to perform transactions. The best way to add funds to your account is to transfer coins from another account to your wallet. Here is how to go about it:

Step 1: Click on your account name to display the address

You can either utilize the “Actions” button next to your account name to show your addresses or click on the account name to get the details. 

Step 2: Send funds from another wallet to your address

It should automatically reflect on your Cryptonator account. Save the sender’s address in case you might want to use it again. 

Apart from the above method, you can exchange Fiat currencies directly from your bank account using wire transfer. The crypto wallet has a built-in exchange feature that supports four fiat currencies that allow users to swap a wide range of cryptocurrencies conveniently on their wallets. 

How to Send or Receive Coins on Your Account

Sending coins from your Cryptonator account is easy. All you need to do is click on the “send” button located on the left side of the wallet’s interface. Copy the address you want to send to and select the number of coins. The wallet will automatically populate the “Gross Amount” and “Transaction Fee” that you will be required to pay.

The next step would be to figure out how to receive payments on your Cryptonator wallet. This process is quite easy. Click on the “balance” section and select the number of coins you want to receive. Click on “show my Bitcoin wallet address” to view the address and copy it. Share it with the sender to use it while sending funds to your wallet. 

Cryptonator Vs. Other Wallets- How Does it Compare?

To find out whether Cryptonator is your ideal cryptocurrency wallet, you need to compare some of its top features against other popular options in the market. 

eToro vs. Cryptonator wallet

First of all, both these wallets are quite amazing in terms of service delivery. However, there are a few differences between the two. As compared to Cryptonator, eToro is fully regulated by FCA (UK) and CySec (Cyprus) licensing companies – which are some of the best and most trustworthy regulatory agencies in the market. Further, it also offers an intuitive design that is quite easy to use. Unfortunately, this cannot be said about Cryptonator. 

Coinbase vs. Cryptonator

There is no doubt that when it comes to social trading platforms, Coinbase is at the top of the league. It operates in compliance with FCA and CySEC licensing companies and offers a much higher level of security. Coinbase integrates more advanced features such as multi-signature keys as compared to Cryptonator that only uses 2FA. 

Pros and Cons of Cryptonator

Pros

  • Multi-currency wallet
  • Users don’t need an identity verification
  • It works as a hot wallet
  • Supports fiat currencies

Cons

  • The wallet is unregulated
  • Does not offer leveraged trading

Final thoughts

Generally, Cryptonator is a secure web wallet with a user-friendly interface that integrates quite a wide range of security features. It is ideal for users looking for a cryptocurrency platform with a two-factor authentication feature, an automatic exchange platform, and supports an array of coins. It provides some of the best profitable conditions to work with and combines multiple custom features. Try it out, and there is no doubt you will enjoy using the hot wallet. 

Categories
Blockchain and DLT Crypto Daily Topic

Why Asia Pacific region is on a path to becoming a Blockchain Hub

Every revolutionary technology in the history of mankind goes through four distinct stages before achieving widespread penetration. Looking at blockchain through the lens of technological development, the technology can be said to be at its early adoption stage – more than ten years after its invention. That is to say, blockchain has begun taking root, and it’s set to spread exponentially though it’s still far from full adoption. 

The global blockchain market is expected to grow from $3.0 billion in 2020 to $39.7 billion, at a Compound Annual Growth Rate (CAGR) of 67.3%, in the next five years. While innovations in and around blockchain have been largely concentrated in the U.S and Europe, the application of the technology is quickly spreading over the Asia Pacific (APAC) region. In fact, the blockchain market in this region alone is predicted to grow to a whopping $16 billion by 2024, which represents an 87% CAGR during the forecast period. As a result, many industry experts believe the region is quickly becoming a blockchain hub that will perhaps take over the global economy sooner than expected. This accelerated growth in blockchain can be attributed to the following factors: 

Favorable regulatory environment 

Governments in the APAC region are generally blockchain-friendly with some, for example, China, explicitly advocating for the use of blockchain technology in driving economic development. Recently, the Beijing government released to the public a blockchain development plan, whose aim is to promote the growth and utilize the technology in government services and across various sectors of the economy. This comes barely a year after Xi Jinping, China’s president, gave a speech saying that the country needs to “seize the opportunities” presented by blockchain, in what appeared to be the first instance in which a significant world leader backs the technology. 

In Thailand, the government is proactively supporting the use of cryptocurrencies and blockchain by licensing exchanges and ICOs. Moreover, clear guidelines have stipulated to regulate blockchain companies in the country, which has consequently attracted foreign blockchain businesses. On its part, the government of Thailand, in partnership with a private venture firm, is working on its own central bank digital currency that will be made public as soon as it’s feasibility is ascertained. 

Singapore, the financial hub of Southeast Asia, introduced a regulatory sandbox that allows businesses to experiment with blockchain solutions while safeguarding them from the potential risks and failures of integrating blockchain. The national government of Singapore has also partnered with a consortium of banks and tech companies to explore the use of blockchain for payments with the ultimate goal of digitizing the Singapore dollar. Other governments that have shown interest in blockchain include South Korea, Hong Kong, Australia, and Japan. With their simultaneous investment into the technology, the APAC governments encourage the use and development of blockchain in private and public sectors, which increases its adoption. 

Large consumer market

Asia Pacific region is widely known for its enthusiasm for cutting-edge technology, as evident from the likes of Japan and Singapore. The same can be said about China that is on a race to control the global economy hence its heavy reliance on technology. Moreover, the entire APAC region is largely made of a middle class who are tech-savvy. According to recent data, the middle class in this region has been on the rise and is even much higher compared to Europe, North America, Central, and South America, as well as the Middle East. 

The combination of these factors creates an ideal consumer market that is willing to invest in, or rather experiment with blockchain. As such, in the four stages of the technology life cycle, it can be said that the larger APAC population is primed to be the early adopters of blockchain technology, with the rest of the world expected to fall in the early and late majority adoption stages. 

Additionally, the region’s interest in the wider crypto ecosystem is evident from its firm grip on digital asset trading. Fuelled by the young and the tech curious population, Asia-based exchanges account for about 40% of all trading volume, which is the highest from a single region. Even in mainland China where the government banned domestic cryptocurrency exchanges, crypto traders have resorted to Hong Kong, Japan, and Singapore-based exchanges. 

Blockchain Job boom 

A blend of blockchain-friendly laws and a ready market in the APAC region has created a fertile ground for blockchain start-ups and businesses to thrive. As a result, the region has experienced a rapid increase in blockchain-related job openings and an accompanying rise in those seeking blockchain-related positions. More so, as well-established companies looking to improve their operations by leveraging blockchain’s potential, it further increases the demand for blockchain-savvy professionals who will be tasked with integrating this new technology into an organization’s operations. 

Currently, the fact that the demand for skilled blockchain professionals is higher than the supply has delayed the success of several crypto projects in the region. For the few that have succeeded in launching and jumping from the innovation stage, they have been forced to draw talent from a wider professional background to enable the pilot projects to mature into fully-fledged businesses. 

Industry hotspots 

The Asia Pacific region is home to some of the world’s largest industries, thanks to its relatively stable economy. These industries are therefore expected to be among the first to fully integrate blockchain solutions and lead innovations in the same field. For instance, in China, where the economy is highly fragmented, the supply chain industry can leverage blockchain technology to decrease bureaucracy and enhance transparency in addition to maintaining accurate transaction records. 

In the banking, financial services, and insurance (BFS) sector, blockchain can support a wide range of applications from cross-border payments and wallets to digital identification systems. This can especially be helpful to the many individuals across APAC who are working outside their home country and are looking for efficient and affordable means to send money back home. 

As is the case with any part of the world, APAC is also actively experimenting with blockchain solutions for the healthcare industry. Usually, this industry is segmented into clinical data exchange, interoperability, supply chain management, and bills settlement. So far, the supply chain management segment and data exchange are set to benefit first from the integration of blockchain as more solutions are being developed for other segments. 

Conclusion 

For quite some time now, the APAC region has been a trendsetter in the digital innovation field. Once more, the region is positioned to play a pioneering role in the imminent age of blockchain, thanks to its vast and especially keen consumer market. Also, endorsements from the national governments and the positive job trends centered around blockchain technology have only catalyzed the adoption of this technology by businesses as well as the general public. With that in mind, if indeed blockchain is on the cusp of widespread adoption, then the Asia Pacific region is on the vanguard. 

Categories
Blockchain and DLT

Reinventing ERP Systems with Blockchain

An Enterprise resource planning (ERP) system is a software used by organizations to manage their operations. From accounting, procurement, project management, risk management, to supply chain operations, ERP systems are indeed the fiber holding all business operations. 

Usually, the software comes as a suite that includes performance analysis, budgeting, planning, and reporting tools to help boost a company’s performance. For industry-specific companies, ERP providers can design customized software to fit the specific needs of that particular company. 

But as business model dynamics keep evolving, the current ERP systems are struggling to maintain their functionality. An immediate solution would be to build new and improved systems to scale up existing ones. Although doable, building new systems will drain an organization’s resources in addition to compromising other key operational areas. Alternatively, amalgamating the current infrastructure with new-generation technologies is not only affordable but also an ideal way of keeping businesses up to date with technological trends. 

In this case, blockchain technology is the most compelling option, given its core record-keeping capabilities. To see the blockchain’s entry point into ERP systems, it helps to understand the inherent problems ailing the latter. 

ERP Systems Limitations 

First, it’s important to note that ERP systems function more like solutions and less like a product. So, it’s not a generic software that can be shopped right off the shelf and used immediately. That said, the systems come with a predefined functionality – meaning you can’t just add any feature when you need at will. This denies companies the flexibility of continually updating their systems to meet the dynamic needs of their business operations. If a business can’t upgrade its systems, it means that it can’t be competitive enough to offer a superior customer experience. 

Now, upgrading ERP systems isn’t entirely impossible. But as is always the case with updating in-house infrastructure, scaling ERP systems translates to extended downtimes in addition to the expensive costs of this undertaking. So, only large and well-endowed companies can afford to upgrade their ERP systems, which give them a competitive advantage over small and medium businesses. It becomes even more expensive when you factor in the regular maintenance costs required to keep the systems functional. 

On top of it all, ERP systems lack interoperability, meaning they can’t work in collaboration with other systems. This can be detrimental to an organization as it disintegrates its operations. For instance, an organization may have isolated systems for its supply chain operations, accounting process, and inventory management. Yet, these two operations need to work in harmony to minimize operational costs that go into maintaining these systems. Also, as they work in isolation, there is less transparency among the involved parties. In a supply chain, this would mean that the manufacturer, the wholesaler, and retailer operate on different software. Each stakeholder will have to trust the other party will maintain integrity. 

Why integrate blockchain into ERP systems? 

The benefits of integrating blockchain into ERP systems are derived from the fundamental properties of the technology; 

1. Strengthening data security and preventing authorized access 

ERP systems hold confidential data – which, if altered, may result in operational inefficiencies. For instance, ERP systems for accounting need to be secured from manipulation for auditing purposes. To safeguard all data entries, there is a need to integrate enterprise blockchain in ERP systems. 

Each record fed into the blockchain network will be validated and secured from third-party intrusion. The network generates digital signatures based on public-key cryptography. Only those who own these keys will access the data on the chain. 

2. Automation of processes 

Blockchain for ERP systems offers an opportunity for the implementation of smart contracts. The supply chain segment of an organization would benefit immensely from the use of smart contracts as it would mean less paperwork and more secure payments. The smart contracts can be programmed to initiate payments once goods are delivered and even track them throughout the shipping trail. Besides managing invoices, smart contracts can be used to verify inter-company, especially those involving a parent company and its subsidiaries. The transactions will be executed by smart contracts within the pre-set terms and conditions, which eliminate the need for third parties to oversee the transactions. 

3. Promote trust and transparency

Traditional ERP systems have failed to create a collaborative space within an organization or even between two related businesses. As such, when working together on a project, integrity is staked on the participants who, in most cases, fail to honor their end of the bargain. With blockchain ERP, integrity is shifted from the participants and placed on a tamper-proof system that makes it impossible for participants to be bad actors. 

In this case, blockchain works by removing the barriers between various ERP systems, bringing them together to form a single functional unit. For an organization, this would mean that different departments can work collaboratively, increasing the overall productivity of the company. Thanks to the newfound transparency, business owners can trust the credibility of the auditing reports. This is because all accounting data is recorded on an immutable network where any changes to the data are made public for all to verify. 

4. Freedom of customization 

As mentioned earlier, the current ERP systems are designed to function in a predetermined manner. For an ERP system to meet the emerging needs of a business, it has to be customized or designed entirely from scratch. Blockchain, on the other hand, is pretty customizable, especially now that there are a good number of platforms that support building decentralized applications. So, it’s easy to design new and improved blockchain solutions that meet the modern needs of a business. 

Integrating blockchain into ERP systems would, therefore, render them customizable as they are powered by dynamic technology. More so, blockchain is still in its maturation stages – meaning that there’s room for newer solutions as the business models change. As such, ERP systems that are powered by blockchain will not only give businesses a competitive edge but also improve their operations to meet customers’ needs. 

Conclusion 

ERP systems act as the backbone of any business and must process immense amounts of data transparently to guarantee streamlined operations. As businesses aim at increasing productivity, it becomes necessary to upgrade their ERP systems by pairing them with blockchain technology, which provides data security while enabling frictionless execution of business operations. 

Categories
Cryptocurrencies

Dash Core Wallet Review

If you are reading this review, there are high chances you are familiar with Dash. To give you a quick overview of what it entails, Dash is a decentralized cryptocurrency, which is also an altcoin that has been forked from the Bitcoin blockchain. It was launched as “Xcoin” back in January 2014. Currently, it is ranked 12th in the cryptocurrency market. However, to use it, you need a Dash wallet.

While there is quite a good number of third-party wallets such as Jaxx, Dash Electrum, and Exodus, there is a Dash Core desktop wallet that you might want to consider for keeping your Dash coins safe. It is as its name suggests. The wallet is designed by Dash themselves, and, therefore, you can always rely on it for the latest updates and optimum performance. Read on as this review gets into a detailed insight into everything you need to know about the Dash Core Desktop wallet. 

Key Features

Masternode commands and voting: Dash Core wallet features special commands for controlling servers known as masternodes. They are used to enable services such as InstantSend, governance, and treasury system, as well as PrivateSend. 

ChainLocks: This feature is provided by the Dash Network that provides certainty when accepting any payment. It is used in parallel with InstantSend. Technically, it creates an environment where payments can be accepted instantly and with little or no risk from the “Blockchain Reorganization Events.”

PrivateSend: It is, as its name suggests. PrivateSend features provide users with true financial privacy by integrating an innovative process that mixes your inputs with at least two other people in one transaction. It also means that there will be no seed that leaves your wallet.

InstantSend: The technology integrated into this feature allows Dash currency to compete with instantaneous transaction systems without relying on a centralized authority. 

OS compatibility: Dash Core wallet is available for Linux, Windows, MacOS, and Raspberry Pi. 

Governance and treasury: It allows stakeholders to determine the direction that the project is heading to and devote 10% of the block reward to the ecosystem and the development of the project. 

Wallet encryption: This feature allows users to set a unique password or PIN that can be used to access the wallet. 

How to Download and Set Up the Dash Core Desktop Wallet

Step 1: Head to the official Dash website at https://www.dash.org/

Here, you will find two options. One is the “Get Dash,” and the other is for “12.1 Update”. Scroll down to the download wallet section. You will automatically be redirected to a different page where you can download your desired type. You’ll find options such as OSX, Windows (32 bit), Windows (64 bit), and Linux. Choose an option that suits your current operating system.

Step 2: Download Installer

After choosing your desired option, you will be prompted to save the software onto your device. Click on save and let the download complete. 

Step 3: Install the application

Once the download is complete, the next step would be to install the application. Click on the downloaded app and follow the installation prompts. You will be asked to either “run Dash Core” or “finish” once the setup is complete.

Step 4: Choose a custom data directory path

Another window will pop up to provide you with brief information on how much space your wallet will need, so you should ensure you choose your hard drive’s directory path carefully. Notably, you should consider that your Dash Core data will increase over time based on your usage. For this reason, you should ensure that you have enough storage on your existing drive. 

Click “OK” after you are done.

Step 5: Allow access to the firewall

If your firewall is active, you will be asked to grant the application access. Click on “Allow access” and wait for the application to synchronize with the Dash Blockchain. 

Step 6: Encrypt wallet

Once synchronization is complete, the first step would be to encrypt your wallet. Click on settings and choose “encrypt wallet.” Ensure you input a unique passphrase that is impossible to guess but easy to remember. The best way to set a strong password is to incorporate random characters, numbers, and lower and uppercase letters. Click “OK” once you are done.

Step 7: Read the risks involved when you lose your password

Another window will pop up with a warning of what might happen if you lose your passphrase. Click “yes” to start the encryption process. Give the process a few minutes. Another pop up will show up just before the encryption is complete informing you that the application will close to finish the wallet’s encryption process. Click “OK” to confirm and reopen the application. 

Step 8: Back up your wallet

Now that you have successfully installed and encrypted your wallet, the next step should be to create a backup. Click on “file” at the top of the application and click on “Backup Wallet.” Note that it is advisable to back up your wallet every time you add more coins. You can use storage mediums such as cloud or USB/hardware.

How to Send Dash

Sending Dash with your Dash Core desktop wallet is quite easy. All you need to do is click on “Send” and input the required details. Below is a detailed guide on how to go about it:

Pay To:  Enter the receiver’s address

Label: Enter a label for the address to add it to your address book and for easier access. It will help you sort out all the people you have ever sent to with ease. 

Amount: Add the number of coins you want to send.

Transaction fee: Click on “recommended” to expand the options.

Send: Ensure all the details are correct and click send.

Also, you might want to check on the transaction history. It will help you keep track of every transaction.

Receiving Dash

Receiving Dash on your application is also easy. All you are required to do is click on receive and fill in the required information. Here is a breakdown of how to go about it.

Label: It is helpful in organizing a list of addresses you use frequently.

Amount: Choose the amount of Dash you are requesting.

Message: You can add a message if you wish. 

Request payment: Click on request payment once you are done.

How Does Dash Core Compare to Other Wallets in the Market?

Dash Core vs. Atomic Wallet

Dash Core integrates quite a good number of powerful features such as InstaSend, PrivateSend, Masternode, Governance, and many other management functions. These features ensure that all transactions are safe and valid. The Atomic wallet supports neither PrivateSend nor InstaSend. However, it allows users to exchange cryptocurrencies peer-to-peer, which means that no third-parties are acting as intermediaries.

Dash Core vs. Exodus Wallet

Exodus is yet another well-known desktop Dash coin wallet in the market. It’s famous for its ability to integrate several cryptocurrency exchange programs such as ShapeShift. Users can trade a wide range of cryptos with little or no notable time constraints. However, this cannot be said of Dash Core. Another notable thing with Exodus is that it is offered in lite-node, which also means that you don’t have to download the entire blockchain on your PC. You will require more than 10 GB of free space on your computer to download and use Dash Core as it is offered in full-node. 

Pros and Cons of Dash Desktop and Mobile Wallet

Pros

  • Offers the highest security standard among free wallets
  • It is a multi-coin wallet and supports over 100 cryptocurrencies
  • Private keys are stored on the PC or Smartphone
  • You can access your DASH coins from anywhere across the globe
  • Downloads are free

Cons

  • Private keys can be stolen through phishing
  • Updates should be made regularly
  • The wallet is a full-node wallet and requires individuals to download the entire DASH blockchain that is well over 10GB

Final thoughts 

If you are looking for the best desktop DASH wallet, there is no better option than to try out the company’s DASH wallet itself. They have specially designed their crypto wallet to integrate top-notch security features. What’s more, you can always be sure to remain updated with their latest releases. Try it out, and there is no doubt you will enjoy their services. 

Categories
Crypto Daily Topic

Blockchain Meets Telecommunication Companies 

The telecommunications industry has enjoyed a front-row seat to some of the most exciting developments in the history of technology.

But, all that has changed in the current business environment where telco companies face stiff competition from newcomers in the market, particularly the internet-based communication services providers such as Whatsapp messenger, FaceTime, WeChat, Viber, and Facebook’s Messenger. 

As a result, telco enterprises have suffered revenue losses due to drop-offs in SMS users and roaming.

Currently, most of these enterprises have been reduced to just internet service providers. With this, they have managed to secure their position in the dynamic communication industry.

However, their position is at risk of being eroded further, especially given the gradual decrease in investment in the telecommunications industry after the infamous Dot-com bubble burst. 

To secure their place in the competitive market, increase revenue, and meet the new customer needs, telecommunications service providers will have to explore the disruptive potential of blockchain technology. Implementing blockchain solutions, however, isn’t as straightforward as it sounds as the telco companies run in a highly regulated industry. 

But according to a recent report, a good number of communications service providers – (CSPs) – are either considering or actively experimenting with blockchain.

So, despite the uncertainty, the pilot projects from these CSPs will lay the groundwork for others, showing them how future applications might work. 

Blockchain for communication service providers

As the industry anticipates full integration of blockchain solutions, let’s look into some of the opportunities resulting from this integration:

Inter-company collaboration

Telco enterprises are inherently complex in their architecture and demand significant amounts of investments. Case in point, billions of dollars have gone into designing and finally rolling out the 4G/LTE networks. Also, as the world anticipates the coming of the 5G network, telcos are under heavy pressure to invest in new resources, consequently intensifying the competition in the communication industry. Unfortunately, telcos aren’t guaranteed to reap returns on their investment even after moving their operations to the new generation network. 

As an alternative solution, telecom operators and service providers could come together under the decentralization of blockchain networks where they can share the cost of resources instead of doing it all alone. Decentralization would help create a sharing economy, bringing down the barriers of transparency while enhancing timely coordination among the telco stakeholders. 

Moreover, thanks to the transparency and immutability, all telecom companies, regardless of their size, can join the newfound cost-sharing economy, creating a level playing ground. This, in turn, promotes healthy competition in the industry.

Most importantly, returns on investment will be shared fairly among the participants using a consensus mechanism, which is basically a series of mathematical algorithms that reward participants according to their investment amount. 

With the cost of resources brought down to an affordable price range, telecommunications companies will be able to achieve wider network coverage and even offer high-quality services at a lower price than a single company would provide.

Additionally, smart contracts can also be introduced into the network to create new business models such as rentals and pay-as-you-go, which would increase returns to reasonable amounts. 

Roaming Fraud Prevention

Roaming fraud occurs when a subscriber uses the resources of the Home Public Mobile Network (HPMN) via the Visited Public Mobile Network (VPMN). Still, the home network can’t charge the subscriber yet is obliged to pay the VMN for the roaming service.

Usually, the fraud goes almost unnoticed, which causes the networks to take too long to respond.

The delays are majorly caused by slow data exchange between the home and visited networks.

There is also a lack of control over the systems in which the fraud has occurred, further contributing to delayed response time. 

By using a private blockchain network, roaming agreements will become more transparent. In this case, designated nodes from both telecom operators will verify each transaction broadcasted on the network.

The roaming agreement between the HPMN and the VPMN is settled by a smart contract which is generated while the transaction is broadcasted. So, anytime a subscriber is roaming, the VPMN broadcasts the transaction data to the HPMN.

In turn, the data triggers the smart contract to execute the terms of the roaming agreement. As such, the HPMN will automatically calculate the billing amount based on the cost of service provided and then send this information back to the VPMN. 

Identity management

Identity theft in the telecommunications industry is not only detrimental to the subscribers but also to the telecom companies.

When a subscriber falls victim to identity theft, the perpetrator ends up using the telecom services, yet it’s the victim who ends up paying the bill.

If well-executed, the perpetrator may go even to the extent of jeopardizing some of the services offered by the company leading to revenue losses. 

Blockchain can be used to secure subscribers’ identities and, in turn, cutting down the telecom revenue losses.

The subscriber will be required to register their device containing a carrier’s SIM card on the blockchain network, after which a private key is generated to safeguard the personal data contained in the device. Only the subscriber has the sole custody of the private keys meaning access to personal data is limited to the subscriber

Interoperability

There exist a plethora of messaging apps provided by the carrier and others by third-party communication services.

Unfortunately, these messaging apps can’t communicate directly with each other, rather a user from one app can’t send messages to another user in a different app.

This creates communication barriers, with some users resorting to downloading numerous messaging apps just to enjoy the convenience of communication with other users on different apps. 

For example, iMessenger users cannot communicate directly with Whatsapp or Viber users. As such, they’re forced to download the other messaging apps for efficient communication.

Blockchain can break communication barriers by integrating messaging apps to create a decentralized communication protocol that exists in an interoperable ecosystem. The newfound interoperability can be used to facilitate the Internet of Things (IoT), which requires seamless communication of various devices and apps.

Conclusion

The telecommunications industry is a fertile ground for blockchain technology to thrive and inspire innovative business models.

With telco giants such as Vodafone leading the way towards embracing blockchain in the industry, it is expected that new solutions will be designed, which will guide the other stakeholders in implementing blockchain solutions.

Categories
Cryptocurrencies

SecuX V20 In-Depth Review

Are you looking for the best cross-platform crypto hardware wallet? If yes, you are in the right place. SecuX V20 Crypto is the 2019 Corporate Excellence Award winner for the best cross-platform hardware wallet. The hardware wallet integrates a 360o comprehensive multi-layer security shield and a couple of amazing features. 

Recent news revealed that SecuX is the world’s first website to integrate a fast payment solution to its wallet. What’s more, it is also the world’s first platform to incorporate a Blockchain security solution to retail shops. All you are required to do is scan the QR code to make payment. Even so, what are its top features? How does it compare to other hardware wallets in the market? 

We have prepared a detailed insight into everything you need to know about it in this review.

Key Features

Cross-platform support on a laptop, mobile, and desktop devices: SecuX V20 supports a couple of major operating systems, including Mac OS, iOS, Chrome OS, Windows, Linux, and Android. 

Dual connectivity: The hardware can be connected to a laptop or desktop via Bluetooth or USB and mobile phones via Bluetooth. 

Multiple cryptocurrency support: V20 supports a wide range of coins and tokens, including Ripple, DigiByte, Bitcoin Cash, Bitcoin, Groestcoin, Binance coin, Ethereum, Litecoin, ERC-20 Tokens, and many more.

Vault-grade protection: The hardware is embedded with military-grade Secure Element (SE) to protect users’ device PIN and secret key code from phishing and other online attacks.

Account recoverability: It is designed with BIP39, BIP44, and BIP32, which allow users to recover existing accounts. However, the mnemonic security features should be from the standard 12, 18, and 24-word passphrase. 

2.8” color touchscreen: SecuX V20 features a large 2.8” color touchscreen to make it easier to operate. 

Diamond-shaped metal frame: The V20 is designed with a diamond-shaped aluminum case to enhance its robustness. 

Embedded battery: The hardware features an in-built rechargeable 600mAh Lithium polymer battery that can last up to 7 hours. 

SecuX V20 security 

The V20 is loaded with quite a good number of security features. Among some of these features include a tamper-proof firmware upgrade and preload mechanism. What’s more, it features a CC EAL 5+ that is certified with SE to ensure your device PIN and private keys are free from physical and online attacks. Further, its password can be personalized to control its access to wallet applications or other devices. 

The device also features a randomized digital keypad to prevent keystrokes. If you are still worried about online security, the device also integrates a physical confirmation feature for every transaction to avoid man-in-the-middle attacks. As a result, even if a bad actor gets access to the password, it is almost impossible for them to use the device. These security features make it not only one of the best hardware wallets but also the easiest to use. Its multi-layer security shield is capable of protecting its firmware, design concept, hardware, user behavior, as well as design and concept security. 

SecuX Crypto Payment

In the last two years, there has been a significant increase in cryptocurrencies and crypto stable coins. As a result, more and more brand apps are flocking the market to provide crypto users with an easy-to-use payment function. SecuX V20 prides itself as one of the best crypto apps offering exceptional services in both online and offline scenarios. 

The devices facilitate cryptocurrency payments in almost every online and offline scenario in an easy-to-use and less costly manner. Below are some of the top features integrated into their devices.

  • White label wallet apps and open API supports multiple cryptocurrencies that allow a deeper and broader industry engagement. 
  • Its online approach features an App-centric design that supports dynamic flexibility that is critical in the retail business.
  • The intelligent IoT devices are capable of handling transactions in the streets, vending machines, restaurants, parking gates, stores, and many more.
  •  Its hardware-based security features provide strong security for these crypto-assets. 

Notably, intelligent IoT devices are capable of operating standalone and offline. All you are required to do is connect to the legacy Point-of-Sale (POS) system. What’s more, their software can be installed in existing vending machines and self-service machines. Users can also use their dedicated mobile apps to scan the QR code in the IoT devices and use the app to make payments.  

SecuX V20 Unboxing

SecuX V20’s packaging is quite simple. It comes with a nice sturdy box specially designed with a magnetic lid that gives it a premium look and feel. Upon opening the package, you will find a micro USB, several recovery sheets to write down the recovery phrase, a beautiful microfiber pouch, and a getting started guide. 

SecuX Device Installation: Step-By-Step Guide

One of the unique things about the V20 is that there is no private key pre-set button. You will be required to generate your unique private key or restore the existing one. Nonetheless, let’s review some of the best ways to set up the device.

Step 1: Charge the device

The first step should be to charge the device for at least 2 hours. You can use the USB power adapter to connect the device. 

Step 2: Set PIN

After charging the device, you will be required to set a 4-8 digit PIN. The PIN will be required every time you need to use the gadget.

Note that the device will reset after five failed attempts and, therefore, ensure you’re keen while entering your password. 

Step 3: Set the device’s name

The device is designed with a default name immediately after leaving the factory. You will need to rename it with a 1-13 small or capital letter name.

Step 4: Choose to recover or create your wallet

The device is fully compatible with the required Bitcoin Improvement Proposal (BIP) standards, such as BIP32, BIP39, BIP44, and BIP49. The security feature allows the generated private keys to be restored with a set of 12, 18, and 24 recovery words. Below is a detailed insight on how to create or restore a new wallet:

  • Create a new wallet

If you choose to create a new wallet, the device will randomly generate a list of 24 seed phrases. Ensure you write them down on a recovery sheet and keep them safe. In case the device is damaged, lost, or reset, you can use the phrase to retrieve or restore your wallet.

  • Restore your wallet 

If you are not looking to create a new wallet, you can choose the second option to recover or restore your crypto assets. All you need to do is enter its 12, 18, or 24 recovery phrases. Note that anyone with these phrases can use them to access your wallet, and as such,  you need to keep them safe.

In case your recovery words are lost, ensure you transfer them to another wallet immediately. What’s more, do not save them in digital formats such as email, cloud storage, or digital photos. It makes them vulnerable to phishing activities from hackers. Nonetheless, if you need to save them on these formats, ensure your computer is updated with the latest antivirus. 

Step 6: Generate private keys

After going through all the above steps, the device will automatically generate private keys based on your recovery words. The keys will be stored in the device’s secure element chip. Once the set is complete, it will switch to regular operation mode, which will allow you to turn on the device’s Bluetooth function, change security settings, as well as view your account. 

Customer Care

There are numerous ways to contact the support team at SecuX. You can contact their dedicated support team via live chat, email, or social platforms such as Facebook and Twitter. Additionally, they also feature a news and event section at their website where users can participate in giveaways or learn about updates on new features. Further, there also have detailed Frequently Asked Questions (FAQs).

If you find it hard to set up the wallet, you can utilize its free user guide that comes with the packaging. Apart from that, you can also find it from their website or contact their customer care team for a comprehensive DIY guide. 

Pros and Cons of SecuX V20

Pros

  • Strong security
  • Cross-platform support
  • Offers vault-grade protection
  • Dual connectivity
  • Supports multiple cryptocurrencies
  • Embedded 6000mAh battery
  • Easy-to-use
  • Large display

Cons

  • Can be complicated for beginners 

Verdict: Is SecuX V20 worth Your Money? 

Based on the above review, there is no doubt that you will rip the full benefits of using SecuX V20. The hardware is not only capable of providing top-notch security for your funds but also helps you conduct seamless transactions. As award-winning cryptocurrency hardware and one of the most secure in the market, the company strives to keep its customers satisfied by integrating quite a good number of amazing features. Try it out, and the security of your crypto coins will be guaranteed. 

Categories
Crypto Daily Topic

What’s a Whitepaper and How Can You Write One? 

If you have been in the cryptocurrency and blockchain space for some time, then you most certainly must have heard of the term whitepaper. It is the reference document that we run to when we want to find out what a crypto project is about. It’s the kind of document Bitcoin Founder Satoshi Nakamoto wrote when he introduced the concept of cryptocurrency and blockchain to the world.

Within the last decade, we have had a new crypto project launched almost every week. What the majority of these projects have in common is a white paper that was used to reel in investors. Even the most absurd cryptos like the Useless Ethereum Token raised significant amounts of money. While it might not have been a whitepaper, it still outlined the product details and managed to net a jaw-dropping $300k

In this guide, we explain the process of writing a white paper, highlighting all the pointers needed to get you started. But first, what’s a whitepaper, and why’s it a big deal? 

What’s a Whitepaper? 

According to Investopedia, “a whitepaper is an informational document usually issued by a company or not-for-profit organization to promote or highlight the features of a solution, product or service. White papers are often written as sales and marketing documents used to entice or persuade potential customers to learn more about or purchase a particular product, service, technology, or methodology.”

The term white paper can be traced back to 1922. Many people point to the British government’s Churchill White Paper as the earliest form of a whitepaper. These have since seen a dramatic rise in usage within the last decade in the midst of the cryptocurrency craze as upcoming projects issue white papers in a bid to attract investors.

Why are Whitepapers Important? 

To qualify the importance that whitepapers have to come to embody, let’s look at a 2013 study by Eccolo Media. The study sought to establish the effectiveness of various marketing strategies. These were some of the conclusions of the research: 

  • 49% of consumers had used a whitepaper to make a tech purchase decision
  • Whitepapers trumped case studies, success stories, product brochures, blog articles, social content implementation scenarios, infographics, e-newsletters guides, and media files to be the most influential type of content marketing, 
  • Whitepapers were the most effective form of content during the pre-sale period when investors are not aware of your product
  • 7 out of 10 respondents said it was important or very important to continue receiving information about a product after purchase. Whitepapers fit this bill the best followed by case studies and tech guides

Perhaps the most famous whitepaper so far is Satoshi Nakamoto’s. In his whitepaper:” Bitcoin: A Peer-to-Peer Electronic Cash System,” he introduced Bitcoin, the first and most successful cryptocurrency to the world.

This white paper also paved the way for an incredibly successful industry but completely changed how we view money. That whitepaper introduced us to the revolutionary technology known as the blockchain. It essentially marked the beginning of a new era. 

How to Write a White Paper

Before you even start writing the paper, you’re going to need to do some homework. The first step, like with all kinds of writing, is conducting thorough research. You’ll then need to read other white papers and compare them with what you have. And finally, you’ll need to put everything together. 

#.1 Research

A well-researched whitepaper is authoritative. People respect well-researched Information. For every problem that you are trying to solve, you need to talk about what previous attempts have accomplished and/or come short of. Of course, you’ll need to credit the original sources later on. This will lend you more credibility. 

#2. Read Other Whitepapers

In the world of crypto, there’s always the likelihood that someone is working on an idea similar to yours. In light of this, you’ll want to read other whitepapers to avoid duplication and to identify the places where you can really showcase your project’s unique selling points. Additionally, it might help to look at the particularly great whitepapers that came before yours. Bitcoin and Ethereum whitepapers are great starting points.  

#3. Organize

After research, everything will possibly be muddled together. This is where you structure your information so it will be easy to use during the writing process. 

#4. Identify Your Audience

You need to single out your target audience. What type of audience are you looking at? Are they of a particular age group? Are they located in a particular geographical area? Do they have particular interests? What kind of people would be interested in your project? Once you identify your target audience, you’ll be able to package your information in a manner that’s appealing to them. 

How To Structure Your Whitepaper

After you’ve done your research on what to include in your whitepaper and identified your target audience, now’s the time to start creating your whitepaper. There’s no standard structure on how to format a whitepaper. Nevertheless, any whitepaper needs to answer the following questions: 

  • What’s the aim of the project? 
  • Can its model make money?
  • What problems will it solve?
  • What differentiates it from competitors? What’s its unique selling point?
  • How do you plan to utilize the raised funds?
  • What will be the utility of the project’s token?
  • Does the project need a blockchain?
  • Who’s on the team, and what are their credentials?
  • Does the project have a working model already, or is it still in the theoretical stage right now?

While that’s a general guide, there are some sections that any whitepaper must outline. Let’s get a look below: 

#1. Headline and Abstract

This section is supposed to draw in readers, investors, and all other interested parties. An abstract is a snapshot of what your whitepaper is all about. While it should be short, it should give readers the reason to keep reading. 

#2. Introduction

Next is the introduction. Bear in mind that you’re still trying to appeal to the reader, which is why you need to pack a lot of relevant info, yet just briefly, in this section. Let your readers know why the world needs this project right now. What economic, social, or political need will it fill? 

#3. The Problem, Solution, and Product Description

This section sheds light on the problem you want to solve with your project and the solution that you’re proposing. It will make or break your whitepaper. As such, you need to go all in. Take time and explain the technical details of your product very clearly. Include graphics where possible. 

You need to use a formal and almost academic tone. Further, be factual and back up every single claim with a reference.

#4. Token Economics

Explain to investors what will be the utility of your project’s token. Explain as clearly as possible the role of the token in the ecosystem. Remember, the more utility it will have, the more value it will have. This is because if you don’t clearly define your token, investors will not expect much out of it.

As a result, when the market drops, they’ll quickly drop it for more valuable tokens. You need to give people reason to hold on to your token, regardless of the nature of the markets. In other words, people should be able to see the long-term value of your token.

#5. Token Usage Guidelines 

Since you’re trying to raise money, it’s only necessary that you explain to investors where their money is going. This is especially important considering the prevalence of scams in the ICO and crypto arena. For this reason, you owe your potential investors a detailed plan as to how you’re planning to spend the money. 

#6. Development Roadmap

The roadmap is the timeline within which your team intends to accomplish the different project milestones. A roadmap is important because it enables investors to have realistic expectations of the project. Plus, a roadmap makes it easier to monitor the progress, and it helps keep your team accountable. 

Ideally, a roadmap should include the milestones that you intend to achieve for the next 12 to 24 months, and it should at least include a beta-launch. If some tasks in the roadmap have already been accomplished, be sure to state that clearly as that will score major points with investors.

#7. Project Team Members

It’s very important to talk about the team on your project. Most investors are looking to see the credibility of the founders/employees/advisors. While some project developers have gone completely anonymous and have succeeded, nevertheless, this success may not always replicate for every occasion. The bigger part of the white paper is all technical, so why not add some human touch by talking about people? Photos and a short biography for the team members go a long way.

Designing Your Whitepaper

Now that you know what should go into your whitepaper, how you present it is just as important. One of the things you to consider is the cover page. A cover page should be clean, crisp, and professional. You’ll also want to incorporate images throughout the document to provide relief and a visual representation of what you’re talking about. 

Some whitepapers even break with the traditional-looking document and jazz the whole thing up. The Ardor whitepaper is a perfect example of this. 

Where to Post the Whitepaper

Over the years, many projects have posted their whitepaper on Bitcoin-related forums, on GitHub, or their website. However, it’s probably best to post it on the website where people can directly find it. Of course, you can always post the link to it on various sites when promoting your project. 

About White Paper Templates 

Just like with any official document, you’re likely to find numerous white paper templates on the web. And with the proliferation of ICOs everywhere, it’s not uncommon to see project managers hiring professionals to write for them.

However, relying on such templates or freelancing services to create your white paper is not recommended. If you want a unique and quality whitepaper, you need to dedicate time to it. Remember that the whitepaper is a medium through which you’re trying to attract your investors, and a subpar document will simply not cut it.

Pitfalls to Avoid When Creating a White Paper 

When writing a white paper, there are some common pitfalls you will want to avoid. Some are common to writing, while others are specifically related to the niche. These include:

  • Spelling mistakes – These are a complete no-no. They reflect poorly on your professionalism and your seriousness about the project. Utilize a tool like Grammarly and iron these out.
  • Subjective opinions and arguments – Remain objective about the claims and perceptions that you make.
  • Overambition – This is when a white paper lists overblown goals with little or no backing. If you say that you are going to achieve a particular goal, then illustrate how you are going to do it. 
  • Tokens – Does your token have a clear utility? If not, better get back to the drawing board and make your token one that investors will readily invest in.
  • Team – Any serious investor will want to check up on who your team members are. You want to make sure all your team members are up to the task.
  • Unrealistic Roadmap – This is when a whitepaper overstates what it’s going to achieve in an unrealistically short amount of time.
  • Formatting Mistakes – This could be images without a uniform resolution. It could also be an inconsistent font or layout. 

Final Words 

Writing a whitepaper can be daunting, but if you follow these guidelines, you’ll find it might be easier than you ever thought. When you get as much background information as you can, get a look at other whitepapers, and organize your thoughts, you are on the way to writing a winning one and getting readers hooked. Since your goal is to raise money for your project, you want to get this right. Good luck! 

Categories
Cryptocurrencies

WAX Crypto Marketplace: How Does It Work, Developers, and WAX Tokens

Blockchain is set to conquer all nature of industries. But already, virtual gaming enthusiasts all over the world have a reason to celebrate as the technology makes inroads into this space, thanks to the WAX platform. 

Today, more than 400 million players purchase over $50 billion worth of virtual items every year. This shows the extent to which the virtual industry has grown. 

When you think of an economy that’s already so embraced, and deals with rare assets, it’s easy to see blockchain making things grander if added to the equation. The tech would inject more effectiveness, interoperability, and transparency. 

Virtual gaming fans would also be delighted at the prospect of gaming on a peer-to-peer and decentralized environment that’s free of centralized control. 

WAX is a blockchain-based platform that wants to make this possible. In this article, we’ll explore this exciting platform as well as look into its token, and where you can purchase it. 

What’s WAX? 

WAX is a global, decentralized, and peer-to-peer marketplace for virtual assets. Anyone can run their virtual marketplace without worrying about security, speed, and payment processing. The WAX team is targeting the more than 400 million gamers all over the world who are already buying, selling, and collecting virtual items. WAX’s proposition is a trustless service, ultra-modern security, and real-time payments. 

The platform wants to bring players all over the world into a peer-to-peer and smart contracts-based virtual gaming environment. In the words of WAX president Malcolm CasSelle: “The vast majority of gamers who buy and sell virtual assets today are likely to have their items stolen or pay exorbitant fees through cross-border transactions unless they go to a centralized trading platform. The ideal solution to this problem is a global virtual asset repository accessible to anyone, which provides a complete catalogue of all items available for sale in real-time.”

Who are the Participants in the Wax Network?

The WAX network comprises several key players who keep the platform alive. 

#1. Store Owners – Individuals/entities who operate their own virtual gaming marketplace. Just like the internet opened up new ways for enterprises to reach new audiences, the same way the WAX blockchain network is opening up a new frontier for virtual game owners.

#2. Guilds – These are block producers. They earn WAX Guild Rewards for producing blocks. 

#3. Standby/Reserve Guilds – These are “backup operators” who can be relied on to produce blocks on random requests. Standby guilds also earn their share of WAX Guild Rewards.

#4. Transfer Agents – They review transactions, along with: 

  • Communicating with transacting parties to facilitate pick up and delivery of items
  • Verifying the authenticity of the items
  • Digitally signing the Settlement Execution Contract that shows they have received the items, and also do so again to show that the items have been delivered
  • Delivering the items 

#5. Appraisers – These are members who are well familiar with the pricing of their favourite games. Appraisers can lend their knowledge and expertise of games to verifying various services.

#6. Asset Creators – These are members with an entrepreneurial flair who can come up with their own virtual items that they can trade on the marketplace

Delegated Proof of Stake (DPoS)

WAX employs the DPoS consensus algorithm to maintain honesty and optimize operations on the blockchain. WAX token holders usually choose WAX Guilds via a continuous voting process. To be selected as Guilds, token holders can convince other token holders to vote for them. 

The system ensures honesty in Guilds by implementing a continuous approval rating. As such, Guilds are incentivized to maintain a high level of transparency. Another way of keeping them honest is the knowledge that they will lose their Guild Rewards if they act in a less than trustworthy manner.

The WAX blockchain produces a new block every 0.5 seconds, with one Guild being authorized to produce one block at any time. If a block is not produced when it’s supposed to, its slot is skipped. If one slot gets skipped, a 0.5 gap is created on the blockchain. The network disincentivizes this by withdrawing Guild Rewards from WAX Guilds, who produce 50% or less of their allotted blocks. 

What are Wax Tokens?

WAX tokens are the virtual currency of the WAX network. They facilitate the tokenization and exchange of virtual items for cryptocurrency. They’re also the medium through which buyers purchase virtual games. WAX tokens are also used to reward various participants for their contributions to the network. These participants include: 

  • WAX token holders who select WAX Guilds
  • WAX Guilds who process new blocks 
  • Independent developers whose projects are taken on into the WAX Worker Proposal System

Who is Behind WAX? 

The team behind WAX is also the one behind OPSkin, an online game trading platform. OPSkins CEO William Quigley is also CEO at WAX, while OPSkins founder and CTO John Brechisci Jr is the lead designer. Jonathan Yantis is the COO at both entities, with OPSkins CIO Malcolm CasSelle acting as President of WAX. 

Tokenomics of WAX

As of June 24, WAX traded at $0.055670, while ranking at #93, with a market cap of $67, 083, 809, a 24-hour volume of 1, 941, 051, a circulating supply of 1, 205, 021, 274, and a total supply of 3, 671, 208, 781. The token’s all-time high was $5.01 (Dec 21, 2017), while its all-time low was $0.015961 (Dec 30, 2019). 

Where to Buy and Store WAX

The WAX token can be found on several exchanges, including Huobi, EtherDelta, Bittrex, Upbit, Bancor Network, and Tidex. 

The token is based on Ethereum and can, therefore, be stored in any Ethereum-compatible wallet. Popular options include MyEtherWallet, Jaxx, Parity, Guarda, Trust Wallet, Ledger Nano, and Trezor. 

Final Words

WAX will improve the online gaming environment in a way that wasn’t possible before the advent of blockchain technology. It will enable seamless payments processing, high-level security, and a decentralized platform that’s immune to the whims of centralization. The team behind the project has a wealth of experience under their belt, and this should come in handy in making the project a success. The online gaming community is banking on it. 

Categories
Cryptocurrencies

What’s IOST Token? How Does It Work and Where To Buy

Current online services are centralized. And this has exposed them to serious privacy violations, fraud, high fees, and regulatory interference. In an era when personal autonomy and privacy are more valued than ever, centralized service provider systems are considered obsolete.

Blockchain tech proponents consider it the ultimate solution for all modern problems, and are actively exploring in finding solutions to these issues. Ethereum, Steemit, and EOS are some of the blockchain-based projects that have taken the lead in this regard. However, the majority of them are too specialized. Steemit, for instance, aims to decentralize the ability for content creators to earn from crypto, while Ethereum wants to enable the creation of decentralized applications. 

What’s more, these blockchains are burdened by low transaction throughputs that can sometimes overwhelm the network. Ethereum’s CryptoKitties saga is a glaring example of how much the blockchain is incapable of supporting a massive volume of transactions. These two limitations – inflexibility and lack of scalability – make it impossible for the blockchain to be used for enterprise purposes. 

Internet of Services (IOS) is a blockchain project that wants to power enterprises by providing a Blockchain as a Service platform. This way, online businesses can take advantage of the properties of blockchain technology to improve service delivery for the benefit of all stakeholders. The network has two tokens: IOST and Servi, which play different but complementary roles in the platform. 

What is the Internet of Services (IOS)? 

IOS is a blockchain infrastructure designed to achieve high levels of security and scalability for online businesses. It aims to solve the problem of high fees, slow transactions, and slow throughput associated with the traditional blockchain.

The team believes that these problems are caused by the present limiting nature of the current blockchain infrastructure and its slow transaction verification protocols. The end game is to eliminate these problems so that online service providers can take advantage of blockchain in ways not possible before. 

How Does IOS Work? 

The IOS platform is powered by five pieces of technology, which we’ll take a look at below.

#1. Efficient Distributed Sharding (EDS)

Before we get into EDS, we first need to understand the concept of sharding. Sharding is a data partitioning technique in databases that breaks data chunks into smaller and more manageable pieces. Sharding is by no means a novel concept – but one that’s been used in the computing space for years. 

In a blockchain environment, sharding divides the computational workload of network nodes in a way that every individual node is not responsible for maintaining the entire blockchain, or for participating in the verification of every single transaction. Instead, nodes only maintain information and process the transactional load in their partition/shard. 

But this raises some questions. How do you assign nodes for the shards? How can the network cushion itself against potential malicious node activity? How do you choose leader nodes?

IOS utilizes a Distributed Random Protocol (DRP) to take care of these issues. In a nutshell, DRP utilizes ‘non-interactive zero-knowledge proofs (NIZKs)’ and ‘publicly verifiable secret sharing (PVSS) to create tamper-proof and truly randomized shard nodes. It also uses Algorand and Omniledger protocols to prevent the malicious activity of nodes. With these mechanisms, the network ensures that leader nodes operate the DRP protocol, and are ejected from the network if they don’t.

#2. TransEpoch

TransEpoch is a protocol that enables remaining nodes to continue working when other nodes are downloading transactions’ history data – a process known as ‘epoch.’ TransEpoch uses the Byzantine Fault Tolerance consensus mechanism to prevent malicious nodes from taking over the petition during the epoch. 

#3. Atomix

In any sharding system, the network will always need to conduct cross-shard transactions from time to time. This adds a layer of complexity on the network that renders it vulnerable to double-spend attacks. The IOS network implements the ‘Byzantine Shard Atomic Commit (Atomix)’ protocol to reduce the likelihood of this happening. 

#4. Proof of Believability (PoB)

IOS implements a new consensus mechanism known as Proof of Believability that segregates all the nodes in the network into two categories: believable and normal. This is how it works: believable nodes are in charge of processing transactions, after which normal nodes validate and verify these transactions.

For a node to be assigned into the believable category, it first has to have a satisfactory believability score. This score is calculated based on token balance, reviews by the community, and community participation.

For their part, normal nodes are tasked with ensuring that believable nodes are acting transparently. If a believable node is caught acting maliciously, the believability status is revoked, and they will lose their tokens. This is meant to incentivize good behavior among nodes. 

#5. Micro State Block (MSB)

MSBs are IOS’s way of preventing the blockchain from becoming too bulky. In the traditional blockchain, each node maintains the entire network. While this enhances its security, it also means the whole process is bound to become resource-intensive as more transactions are conducted on the network. 

IOS eliminates this problem through the use of MSBs, which is a protocol that facilitates nodes to validate just the headers of previous transaction blocks (as opposed to entire blocks) and that the entire network is proportionately distributed across shards.

Tokens of the IOS Network

IOS has two tokens: the IOS token (IOST) and the Servi token. The IOS token facilitates transactions and the payment of commission fees on the network. They are also a factor in the calculation of believability scores. Users can earn IOST by validating transactions and renting processing power and storage that will be used in smart contracts execution.  The IOS team distributed all the tokens (a total of 21 million) during the ICO. 

Here are the other uses cases of IOST:

  • Payment for products provided by merchants on the IOS platform
  • Processing transactions and running smart contracts
  • Exchanging for third-party tokens

The token’s distribution was as follows: 

  • 40% for the token sale
  • 35% for the IOS Foundation
  • 12.5% for community building
  • 10% for the IOS team
  • 2.5% for equity investors and advisors

The Servi token measures the contribution of validator nodes. Unlike IOST, the token is not tradable, and it’s automatically destroyed after the verification of a block. This allows the nodes with a high believability score to take turns with the validation process, ensuring a fair process for everyone. The Servi token is self-issuing. 

Who’s on the IOS Team? 

The IOS team comprises members with nothing but stellar credentials. The members are spread across Asia and North America, and include the following: 

  • Kevin Tan, founder of CoinLang (link), CTO of EtherCap, Forbes 30 under-30 awardee, and National Olympiad in Informatics Gold Medalist. 
  • Jimmy Zhong, founder of several startups and an early adopter of Bitcoin and Ethereum
  • Terrence Wang, who has a ton of software engineering experience having worked at Uber and Microsoft. He also develops CoinLang, a higher-level language for Bitcoin.
  • Ray Xiao, founder of several startups and  investor and advisor of several others

Other team members include Samantha Wang, Lei Li, Hao Xu,  Bosch Lee, Chung Teng, Justin Li, Ben Waters, Haifeng Li, Will Zhao, and Kaijian Gao. All these have a wealth of experience cutting across marketing, software, programming. IOS also has an advisory board consisting of names like Jumei co-founder Yusen Dai, Codecademy co-founder Ryan Bubinski, and venture capitalist Robert Neivert. Several high-profile companies have also invested in IOS, including Huobi, FBG Capital, and Sequoia Capital. 

Tokenomics of IOST

As of June 24, 2020, IOST is trading at  $0. 006719, while ranking at #70 in the crypto market. It has a market cap of $100, 849, 968, a 24-hour volume of $85, 871, 372, a circulating supply of 15, 009, 546, 992, and a total supply of 21, 938, 087, 338. IOST’s all-time high was $0.136496 (Jan 24, 2018), while it has an all-time low of $0.001562 (March 13, 2020). 

Where to Buy and Store IOST 

You can grab yourself some IOST tokens from any of several exchanges such as Binance, Huobi, BitHumb, HitBTC, Bitrue, BKEX, BitMax, Upbit, and Bitvavo. It’s available as a market pair with cryptos such as BTC, ETH, BNB, USDT, as well as with Fiat currencies such as the US Dollar and the Euro. 

IOS recommends these wallets for storing IOST: JetStream and IWallet Chrome for desktop, and TokenPocket, Cobo, Starteos, and Huobi wallet apps. 

Final Words

While IOST’s proposition is not exactly new in the blockchain space, it manages to inject something fresh with its novel technologies that guarantee top-notch scalability and security for applications. And the platform is not limited to any specific kind of application, making it flexible for all sorts of businesses. It will be interesting to see how the project evolves over time. 

Categories
Cryptocurrencies

BitLox Wallet Review: What Are Its Key Features And How Does It Work?

BitLox hardware wallet is perhaps one of the best and most secure crypto wallets available today. It is developed by a Hong Kong-based company, BitLox Limited, and has been around since 2015. It offers incredible features and is capable of safety features like maintaining as much as 100 separate wallet addresses. What’s more, 50 of these wallet addresses are hidden and can only be unlocked by providing a unique PIN for that specific wallet.

But can BitLox compete with the likes of Trezor and Ledger? We provide you with detailed insight into everything you need to know about BitLox in this review. We also look at some of its key features, security, pros, and cons, as well as the supported cryptocurrencies.

Key Features

Cross-platform support: BitLox is capable of supporting several platforms, including Windows, Chrome OS, Android, Mac OS, Android, and iOS. 

Alphanumeric keypad: The device features a fantastic keypad that ensures you enter your PIN securely. An alphanumeric keypad provides you don’t have to tap into the screen display. 

Mnemonic recovery phrase: BitLox provides its users with an option of generating 12, 18, or 24-word phrases. Users can use the phrase to recover their funds or private keys in case their wallet is damaged or lost.

Hidden wallets: The best thing about BitLox is that it is capable of generating several hidden wallets for enhanced protection. It offers users the ability to enter an additional PIN that grants access to hidden wallets and can allow up to 50 hidden wallet addresses in total.

PIN encryption: The device allows users to create a highly sophisticated and more personalized PIN of up to 60 characters. Additionally, unlike the majority of hardware wallets, it is alphanumeric, which also means that it does not use numeric PINs.  

Titanium casing: The hardware comes in a titanium casing, which makes it durable. The company claims that it is “indestructible” and can withstand almost anything.  

Anonymity: The fact that it is a hardware wallet also means that it can be used anonymously. The only thing the device displays is the public address and does not reveal any personal information of the sender or recipient in all their transactions. 

BitLox Security

BitLox prides itself as one of the best crypto wallet companies offering exceptional features. Its ability to integrate top-notch features is, in fact, one of the primary reasons why crypto users choose it over other hardware wallets in the market.

Among some of its top features are the full hierarchical deterministic feature, 24-word mnemonic code, and the BIP39 and BIP32, which can be used to recover the wallet in case it is lost or damaged. What’s more, users are also required to enter the first PIN to unlock the device and the second PIN to open each wallet. 

BitLox has three levels of security. These include:

Level 1

A 4-8 digit PIN and 12-word mnemonic recovery phrases are generated.

Level 2

The 18-word mnemonic is generated, and users can create their PIN containing up to 20 characters. It also features advanced methods such as AEM.

Level 3

A 24-word mnemonic recovery phrase is created. Users are also required to enter a PIN for each transaction. 

How to Set Up BitLox Wallet

Step 1: Power on the device

Boot the device by holding down the power button for about 2 seconds. You might also want to connect it to a USB port to start the initial charging process. 

Step 2: Select your desired language

Once the device is fully charged, you can start your set up process by choosing your ideal language. BitLox supports ten international languages. Ensure you select a familiar type to avoid any setbacks. 

Step 3: Create passwords

Users are required to create passwords depending on three choices. Here is a highlight of some of these choices.

  • Standard– You will be required to create random numeric PINs with lengths between 4 and 8 digits. What’s more, you will need to back up a 12-word mnemonic back up phrase. 
  • Advanced– You are required to set PINs of up to 60 characters alphanumeric and a backup 18-word mnemonic phrase
  • Expert– This level will require the selection of PINs of up to 60 characters and a backup 24-word mnemonic phrase.  

Note that all the above security levels have an anti-device tampering recognition phrase setting that will require users to key in a specific PIN for every transaction. For safety reasons, ensure you write down your passwords in a safe location or PINs that can be easily memorized. 

Step 4: Device formatting 

At this point, the device will automatically format the storage area to prepare the device for use. Wait for the process to complete before you can proceed to the next step.

Step 5: Wallet setup

You will be prompted to enter your initial PIN based on the level of security you chose. Notably, if you don’t want to create a new wallet automatically, you can skip the process by pressing X until the process is canceled. 

Step 6: Set your wallet PIN

If you choose to create a wallet automatically, you will be prompted to set a new PIN for your wallet. 

Step 7: Backup mnemonic phrase 

After going through all the above steps, you will see a backup mnemonic screen. Ensure you write down the phrase and store it in different places to avoid losing it. 

Step 8: Complete setup 

Complete the setup by downloading the mobile app from the official website. You will be required to scan the QR code on the device to connect it with your mobile app. 

How to Send Funds from Your Wallet

Once the device is connected to your mobile app, you will be provided with a list of wallet addresses to add to your device. Choose your desired wallet and follow the prompts. What’s more, if you want to access a hidden wallet, you will be required to make a direct entry to the wallet number and enter the required PIN. 

After doing so, you can now choose the “send” option and enter the recipient’s address. You might also want to adjust the fee to at least 0.0001. This will help to expedite the process. Tap “SEND” on your mobile and click “DONE” when the sending process is complete. You will have successfully sent funds to your desired address with the highest form of security. 

How to Receive Funds

Receiving funds on your BitLox wallet is quite easy. All you need to do is click on the “RECEIVE” button to display the QR code and tap “share” to send the code to other people. In case you might need additional addresses, you can create a new one, but only after using the previous. Note that the device is designed to continue displaying the QR code even after the device is switched off as the e-paper screen does not use power. 

Supported Cryptocurrencies

BitLox specializes in storing only one type of cryptocurrency – Bitcoin. Even so, they have indicated on their website that they might be looking to add altcoin support and Ethereum. 

Customer Care 

Customer care support at BitLox can be reached through email and by phone, which is very impressive for cryptocurrency-related companies. Additionally, they offer a detailed user guide and recordings about setting up and utilizing the wallet. 

These recordings can be heard clearly, and you will find them to be quite helpful. What’s more, the guides will take you through setting up the wallet, how to use different exchanges on the site, and how to start using your wallet. 

Also, if you can’t break through to anybody on email or the telephone number provided, you can connect with them directly via their dedicated live chat. It also runs a Twitter and Facebook account. Its timely customer care response is among some of the critical things that make BitLox a reliable platform. 

Pros and Cons of BitLox

Pros

  • Powerless E-paper display continues to display addresses even when turned off
  • German menu
  • Titanium casing
  • Provides absolute anonymity
  • Full keyboard
  • Compatible with multiple platforms

Cons

  • Supports bitcoins only

Final Verdict: Is BitLox Security Worth Your Money?

If you are looking for a crypto hardware wallet that will guarantee top-notch security for your funds, you should try out BitLox. It is not only capable of encrypting all your transactions but also provides users with a simple and easy-to-use method of sending or receiving funds. It also offers quite a wide range of exceptional features. The only downside is that it only supports one type of cryptocurrency. Try it out, and there is no doubt that you will experience positive results.  

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Cryptocurrencies

D’CENT Wallet In-Depth Review: Is It a Safe Wallet or a Scam?

D’CENT is perhaps the only crypto wallet hardware with biometric security. Since its invention six years ago, the hardware wallet has managed to gain recognition as one of the safest and simplest ways to store cryptocurrencies. Although the industry is dominated by some of the earliest crypto technology companies like Trezor and Ledger, D’CENT integrates quite a good number of unique features.

In addition to being one of the best cryptocurrency wallets in the market, what are some of the top features that make it stand out from the crowd? Read on as this review seeks to provide you with detailed insight into some of the key features, pros and cons, security features, and how it compares to other popular wallets in the market. However, before we go into detail, let’s first find out some of the top key features.

Key Features

Built-in fingerprint reader: The hardware is designed with a fingerprint scanner to provide full security for your wallet as well as make your transactions easier and faster.

OLED display: D’CENT features a 128 x 128 pixels display screen, which is large enough to provide users with a comfortable view of their transactions.

Four scroll buttons: For easy navigation, the device comes with four scroll-wheel buttons to allow users to scroll up, down, and sideways. 

PIN code and biometric authentication: The wallet can be accessed via biometric authentication or PIN. 

Bank-grade EAL5: D’CENT is designed with multi-IC architecture and a bank-grade EAL5 for optimum security.

Security chips: It comes with secure wallet chips that will not expose your private keys to external applications.

Bluetooth connectivity: The device supports Bluetooth connectivity for a secure connection and low energy consumption to your mobile device. Users can connect their wallets to other personal computers through the USB connection. 

Hardware Wallet Security 

D’CENT hardware wallet is perhaps one of the best hardware wallets that offer top-notch security. It comes with multiple levels of security, which makes it almost impossible to infiltrate. Despite being one of the latest in the market, it is also one of the first to offer biometric authentication. What’s more, it can also be accessed via PIN code and integrates such features as two-factor verification. 

D’CENT hardware wallet is also certified as EAL5+, which means that it offers the highest level of security against any online penetration. Notably, this is also the same kind of security integrated into such hardware wallets as Ledger Nano X, which is used in securing credit and debit cards. It also uses a state-of-the-art multi-IC architecture that combines a custom-designed operating system to protect against conceivable attacks like keyloggers, backdoors, and spyware. 

Design and Build

D’CENT is specially designed in a unique way than the majority of popular hardware wallets. One of the unique features that make it stand out from the crowd is its fingerprint reader. It is among the best biometric wallets that integrate a form factor that is reminiscent of a portable media player.

Besides, it features a 1.1 inch OLED display (128×128 pixel resolutions) and a micro USB port. It is also quite easy to interact with the device. Besides the power button and the central fingerprint, you only need to utilize the circular control bar with four control buttons to operate the gadget. Weighing 36 kg and measuring 43.2mm x 10.8mm, D’CENT is perhaps one of the largest wallets in the market. 

D’CENT is robust and supports a wide range of services, including insurance, government, financial services, and also facilitates a myriad of P2P transactions. The wallet has also received positive feedback from its customers. Its impressive QR code, Bluetooth connectivity, and biometric verification are among the key things that have significantly contributed to its success. 

D’CENT Unboxing

D’CENT is specially designed with a shrink-wrapped box, a short micro USB cable, a D’CENT hardware wallet device, a user guide, a recovery metal plate, and a getting started card. The recovery card is used to store your 24-word recovery seed.

D’CENT: Getting Started 

Setting up the device is quite easy and will probably take a few minutes. What’s more, it doesn’t require the use of a mobile phone. You are only required to press the power button down to power on the device for one or two seconds and select your desired language – either Chinese, Japanese, Korean, or English. After confirming with the OK button, you can go ahead and select the “create wallet” option to set up a new digit pin. 

You will be asked to scan your finger several times to confirm the biometric security feature. Next, you will be provided with the 24-word recovery phrase that you’ll need to record and keep safe. This will be important in case you need to recover your wallet in case you lose or break your D’CENT wallet device. 

The last option will require you to back up the recovery seed. Confirm that you have entered the right details before going to the next step. After doing so, your device will be ready for use. In order to start managing your cryptocurrencies or performing any transactions, you will need to download their official mobile app from iOS or Google Play Store. 

Note that you should ensure to write down the recovery seeds or the mnemonic codes to avoid losing funds from your wallet in case the device is damaged or lost. The best way to preserve it is to write it down and keep it in a safe place. 

Synchronizing biometric wallet with your mobile app

The best thing about D’CENT is that once the device is connected to your mobile app, synchronization starts almost immediately. To set up your Android device to function with your hardware wallet, you are required to connect with USB or Bluetooth. To pair the two devices with Bluetooth, ensure you turn on the Android device’s Bluetooth and scan for the device. 

You should find the device’s name on your mobile phone. Once they have been successfully paired, you will be good to go. To connect the device with OTG, you will need to enable the OTG function on your device and use USB storage to connect. You will receive a notification on your device that it has successfully connected.

Note that when the synchronization is complete, you should notice the Bluetooth icon on the upper right corner of the screen on the mobile app. What’s more, ensure the Bluetooth LED stays on to avoid interrupting the connection. In case the synchronization process does not begin automatically, try turning on and off your device and start over the synchronization process all over again. 

D’CENT Hardware Wallet Pros and Cons

Pros

  • It is easy to use
  • Supports multiple cryptocurrencies
  • Huge display
  • Fast recovery of lost or stolen data
  • It is easy to generate private keys
  • Its Bluetooth connectivity enables the device to consume less energy
  • Comes with a 585 Ma durable battery 
  • Offers secure and secure firmware updates
  • Supports multiple wallets
  • The wallet is secured by biometric authentications and a PIN

Cons

  • Supports fewer cryptocurrencies compared to other wallets

How Does D’CENT Compare to Other Hardware Wallets?

Compared to the majority of hardware wallets in the market, its biometric features ensure it stands out as one of the best cryptocurrency wallets in the market. However, its Bluetooth and OTG support function makes it vulnerable to hacking and online attacks from other networks.

Some of the hardware wallets such as Cobo Vault offer more reliable security due to their ability to restrict external connections. The only downside of D’CENT is that there are other devices that offer better features such as NFC and touchscreen functions. 

Final Verdict: Is D’CENT Wallet Worth Your Money?

D’CENT is considered one of the best options for anyone looking for a safe and straightforward way to conduct crypto transactions. It integrates an amazing design, top-notch security features, and quite a variety of cryptocurrencies. Additionally, one of the best things about D’CENT is that it uses state-of-the-art Multi-IC architecture that combines a custom-designed operating system with a Secure Element (SE).    

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Cryptocurrencies

Corazon Hardware Wallet In-Depth Review

With a price tag of over $1,000 in its Gold model, Corazon is the world’s most expensive hardware wallet. It is because it is built in partnership with Singaporean luxury accessory and Trezor-creator SatoshiLabs. As you may have guessed, Corazon’s functionally is just as the Trezor Model T. It features premium features such as a titanium casing and plenty of top-notch security features. What’s more, while the design of the Trezor Model Ts can be relatively easy to copy, Corazon’s titanium case is almost impossible to imitate. 

But besides its highly secure and fantastic design, how does it compare to other cryptocurrency hardware wallets in the market? What are some of the top features? Read on for an insight into everything you need to know about it in this review. However, before we go into details, let’s first take a peek into some of its top features.

Corazon Key Features

OS compatibility: Corazon is compatible with almost any kind of operating system, including Windows, Android, iOS, macOS, and Linux.

Hierarchical deterministic: It is another way of saying that the wallet can be backed up with seed phrases. They are a series of unique passwords that are mainly aimed at helping users retrieve their funds in case the device is lost or stolen. 

User-friendly: The device integrates an easy-to-use interface that is ideal for both beginners and experts. 

Open source: Corazon is open-source, which also means that it is available for anyone to use or suggest changes, which makes it the safest and easy to trust cryptocurrency hardware wallet. 

Multi-currency: The device supports over 700 cryptocurrencies. These include but aren’t limited to Ethereum, Bitcoin, Litecoin, Monero, ZCash, Cardano, Ripple’s XRP, Tether, Tezos, and all ERC-20 tokens. 

Titanium case: Corazon is housed in an aerospace-grade titanium case assembled by GRAY® and CNC machine. 

Password protected: In order to access the device, users are required to use a PIN to be granted access.

Duress passwords: Corazon hardware wallet is specially designed with a unique feature that allows users to set up hidden sub-wallets that can be accessed using one-time passwords.

Corazon Security

Designed the manufacturers of Trezor, Corazon integrates one of the best security features in the crypto world. The wallet has an unbroken security record. Just like Trezor, Corazon has no confirmed cases of hacks or any practical attack. It integrates several unique security features such as a titanium casing that is more durable than Trezor’s. Among other security features include hierarchical deterministic settings that allow users to back up their seed phrases.

These phrases can be used to retrieve funds in the event users forget or lose their passwords. Additionally, Corazon provides its customers with a duress password that can be used to open hidden sub-wallets. All you have to do is activate the feature during set up. The device is also open-sourced, which means that it is made available to everyone, and users can suggest changes, which also contributes to making it one of the safest crypto wallets in the market.

Unboxing the Crypto Device

As the world’s most expensive cryptocurrency hardware, Corazon’s packaging is premium. First off, the box is sealed with two tamper-proof features that are “government-issued” and is quite clean. The device is also sleek and minimalistic. It has a unique titanium-case design, which carries over to the box’s contents. Under the foam piece are crypto-related documentation and a recovery seed card used to record the back up to their private keys.

Under that is a relatively long USBC-to-USB cord. Notably, the codes seemingly look a lot better than the majority of Amazon’s. Overall, the company has ensured it has lived up to its long reputation is building stellar aesthetics and high-end product designs. The device’s physicality is, without a doubt, phenomenal. Besides the material used in its design, it has a subtle finish, brushed texture, and a lovely space grey color. 

Set up and Configuration

Setting up the device is quite simple. All you are required to do is follow the prompts. Below is a detailed guide on how to go about it:

Step 1: Visit trezor.io

Type trezor.io in your browser and select the Trezor Model T product

Step 2: Install Trezor Bridge and follow the prompts 

Here, you will be required to follow the prompts on your browser to install Trezor Bridge. 

Step 3: Install the system firmware

Plugin the device into your computer and install the firmware. After doing so, unplug the Corazon device and re-plug it in after installation. Refresh the site, and you will see a welcome message.

Step 4: Create a new account

After the welcome message, you will either be prompted to create a new account or back up your account. In this case, let us choose to create a new account.

Step 5: Create your backup

Immediately after creating your new account, you will be prompted to create a backup. It is imperative to ensure you have the backup to be assured safety if you lose your wallet. 

Step 6: Write down the backup

Here, you are required to write down the backup phrase as they appear on the app. You can use the swipe button to bring up the next. Ensure you right down the right words to avoid inconveniences in the future.

Step 7: Name your device

The best thing about Corazon is that it provides you with the ability to name the device. You can comfortably brand the device with your name or nicknames. 

Step 8: Assign PIN

Here, you will be required to set a PIN that will suit you best. You can use it to access the device whenever you see fit.

How to Use The Device

Here is an insight into how to use the Corazon device:

  1. Start by selecting the cryptocurrency you want to send or receive.
  2. Press “receive” or “send” on the tab on your wallet.
  3. Choose “show full address” to reveal the receiving address when sending funds.
  4. To make a payment, go to send payment and select “send.”
  5. Paste the recipient’s address and input the amount you want to send
  6. You can go ahead and send your desired amount.

Customer Support

Besides the fact that it is one of the most beautifully designed crypto hardware wallets in the market, Corazon offers exceptional customer care support. It integrates a dedicated team of crypto enthusiasts that are mainly aimed at ensuring users get the best out of the platform. You can either contact them via email or live chat 24/7.

Further, their support team also helps their users to verify messages and use their private keys to connect to either their Mycrocrpto or Mytherwallet as their Ethereum network signatory. They also help users exchange currencies directly with the Trezor app. All you need is to contact them via live chat, and you will be guided on the process.

Notably, among some of the partnered crypto exchange companies include Change Now and Changelly. All you need to do is ensure your quoted Bitcoin cash network fee is less than $0.01, and you will be good to go.

How Does Corazon Compare to Other Wallets?

The best and most obvious comparison is Trezor. The device is capable of providing users with the most secure way of keeping your cryptocurrency safe from any online attack. However, that does not mean that Corazon does not integrate all the above features. It goes further and beyond to offer fantastic design and a titanium casing that ensures users are provided with the highest form of security. 

Pros and Cons of Corazon Hardware Wallet

Pros

  • Features a touch-screen LCD 
  • Has a premium built quality
  • Multi-currency
  • Titanium sealed 
  • It has a beautiful design
  • Hierarchy deterministic feature 
  • Military-grade security

Cons

  • Has a high price tag

Final Verdict: Is Titanium Trezor Corazon Worth Your Money?

Based on the above review, there is no doubt that Corazon has proven to be quite an expensive device for anyone looking to invest in a crypto wallet hardware for the first time.

If you are looking for a premium crypto hardware wallet that is capable of guaranteeing top-notch security, you should try out Corazon. Having been manufactured by the Trezor’s team, there is no doubt that you will get the highest protection for your funds. The majority have tried it out and experienced exceptional results, why don’t you try it out and experience it yourself.

Categories
Cryptocurrencies

Sugi Wallet Review: Here Is Everything You Need to Know About SUGI Crypto Wallet

Sugi Wallet is one of the best hardware wallets in the market that was developed by the European Fintech Company, Sufitto. It is uniquely designed to provide crypto users with a unique crypto storage solution. Like the majority of hardware wallets, the device stores its private keys on the device. It does not integrate any kind of internet connectivity to prevent any form of online attack. Even without an online connection, however, the crypto hardware allows users to send and deposit crypto just as easy as using a bank. 

Even so, what makes it unique? It consists of the Sugi mobile wallet application and card. It allows users to store and make seamless and secure transactions with multiple cryptocurrencies. But, how does it compare to other popular wallets in the market? Read on as we will provide you with detailed insight into everything you need to know about it in this review.

Key Features 

OS compatibility: The device is compatible with iOS and Android systems. What’s more, Sugi only works with mobile devices with the Sugi app installed. 

Multi-currency support: The Sugi card is capable of supporting a myriad of cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).

Secret PIN sharing scheme: Sugi is specially designed to assist its users with their fund’s recovery process in case they forget their PIN or lose their cards. It integrates a secret PIN sharing scheme that is quite helpful despite users not having access to their funds.

Easy-to-use: The device is specially designed with a unique design that makes it quite easy to use. Typically, if you can tap a card, you can use Sugi. You don’t need crypto experience to utilize the wallet. 

Backup phrase: Like the majority of hardware wallets, Sugi comes with a backup phrase that can be used to restore access to your funds when you lose your card or forget the PIN. 

Offline private keys storage: Sugi wallet is a unique hardware wallet that securely manages its user’s cryptocurrency private keys. They are safely stored offline, and they never leave the device. 

Uses near field communication (NFC) card: Sugi is uniquely designed as an actual PIN-protected near field communication (NFC) card hardware wallet.

Sugi Security   

The best thing about Sugi is its ability to integrate its NFC card on Android portable devices. The card holds a special key that is safely stored in the secure element (SE) and allows users to transact on multiple blockchain networks. What’s more, the keys are stored offline, which makes it an ideal option for crypto users looking for a secure cryptocurrency hardware wallet. Notably, the wallet also complies with the security standards in the European Union (ISO/IEC 14443).

Sugi is also designed with a backup phrase that can be used to restore your access to funds in case your card is lost or damaged. It recovers your funds through a secret sharing scheme that breaks down information to different parties. Notably, the data is divided in a manner that no single party can access the funds without the specific keys. It was created by some of the most experienced engineers in the industry since 2009.   

How Does the Sugi Wallet Work?

The Sugi card is quite easy to use. You only need the Sugi mobile app, and you are good to go. Unlike the majority of hardware wallets that requires a laptop or desktop to configure, Sugi wallet is relatively easy to use. Its design makes it easy for anyone, mainly because it does not require a lengthy and complicated setup. You just need to know how to tap the card and make payments. Read on for an insight into how to use the card to make payments.

How to Make Payments Using the Card

If you are looking to make payments with the Sugi card, here are the three steps you need to follow:

Step 1: Download the app

The first step is the download the app from Playstore or iTunes- depending on the device you are using. 

Step 2: Create an account

After the download is complete, open the app and create your account. You will be prompted to enter your email address and set a PIN. Confirm that you have read the terms and conditions and click on “create account” when you are done.

Notably, ensure you have confirmed your email address for your account to be active.

Step 3: Tap the card on your phone

It is as simple as it sounds. You are only required to tap the card on your phone.

Adding cryptocurrency to your Sugi wallet

The process of adding coins to your Sugi card is pretty much the same as the majority of hardware wallets in the market. You are required to load your cryptocurrency on your mobile wallet first. After doing so, you can conveniently access the funds from your mobile app. To receive funds, go the “balance” section from the app, copy the address, and sent it to the sender. 

Supported Currencies

Sugi supports quite a good number of popular cryptos, including Ethereum (ETH), Bitcoin Cash (BCH), XRP (XRP), Litecoin (LTC), and all ERC20-based tokens. The company has also hinted that it is looking to add more cryptocurrencies in the future. What’s more, it is also planning to incorporate fiat functionality by partnering with several banks in Europe. 

Pros and Cons 

Pros

  • Users only need to authenticate transactions by tapping the card on the phone
  • It features both cryptocurrency and fiat payments
  • It is the only hardware wallet with NFC card
  • The card can be customized 
  • ATM withdrawals and in-store payments are among some of the device’s future implementations
  • Cheaper compare to the majority of hardware wallets

Cons

  • Can only be used with mobile apps
  • Does not support fiat currencies 

How Does Sugi Compare to Other Crypto Wallets

Ledger Nano S vs. Sugi Wallet

There is no doubt that when it comes to convenience and ease of use, the Sugi Wallet is perhaps one of the best options. However, Ledger Nano S has much to offer. For instance, it supports more than 1,000 cryptocurrencies and features advanced security features. It also comes with an added Bluetooth functionality, a higher quality screen, and more memory. Even so, the Sugi wallet has pretty much everything you need on the go. 

Guarda wallet vs. Sugi wallet

Guarda is a multi-platform wallet with a user-friendly interface that is specially designed to manage, store, receive, and transfer digital assets. The criterion of functionality integrated into the Sugi wallet is pretty much the same as Guarda’s wallet. The only difference is that Sugi is much easier to operate and incorporates a unique near field communication (NFC) card. 

Customer Support

One of the best things about Sugi is its timely customer support. Users can contact the support team either through their email or live chat. They offer their services daily, which also means that you can contact them 24/7. Apart from that, they also feature a detailed frequently asked questions (FAQs) section to help users find quick answers to any of their queries. Plus, the team will guide you through the fund’s recovery process should you forget your password or lose your PIN. 

Sugi Wallet Price

Sugi card is available for purchase in three plans. You can choose the newbie plan and buy the card for $59.90 or the Pro plan that offers the card for $69.90. Note that the pro plan offers two cards and the option of personalizing them by embossing your name or nickname on the card. Alternatively, you can choose to go with the expert version that offers two customized Sugi cards for $119.90. Typically, all the cards in these plans just look like a regular payment card with a wallet’s logo imprinted on them. 

Verdict: Is Sugi Hardware Wallet Worth Your Money?

If you are looking for a crypto hardware wallet that is extremely easy to use, you should try out Sugi. It is one of the best options for newbies or crypto users on the go. The fact that it is the first of its kind to integrate an NFC to communicate makes it unique. What’s more, it also comes as the best option for traders on the more but is worried about their security. The device guarantees your private keys never leave your wallet.

Categories
Cryptocurrencies

Coinapult Wallet Review: Features, Pros and Cons, Privacy, and Supported Currencies 

When we talk of crypto wallets with a highly sophisticated security system, Coinapult leads the pack. The wallet was established in 2011 and boasts a team of specialists dedicated to providing crypto enthusiasts with a secure and easy way to send or receive cryptocurrencies. 

In 2015, they teamed up with Crypto Capital, a licensed financial institution, to offer seamless transactions and facilitate the accessibility of Bitcoins across the globe. Headquartered in Panama City, Panama, one of the top features at Coinapult is its security. It integrates SSL-encryption and two-factor authentication, plus their wallets have the multi-signature feature, which significantly enhances its security. 

Coinapult is easy to use and integrates intuitive features such as Tender Wallet Bot (Telegram), which allows users to send funds to other users through the in-app chat. In this Coinwallet crypto wallet guide, we take an in-depth look into its features, pros and cons, privacy, and many more. However, before we get into details, let’s first explore some of its top features. 

Coinapult wallet features

Superb security: Security is the greatest concern at Coinapult. For this reason, the wallet integrates a couple of top-notch features, including enhanced protection from DDoS attackers and SSL encryption. It also features such advanced security features, email reports of logins, and many more.

OS compatibility: Coinapult is also compatible with almost any operating system, including API, Web Interface, Windows, iOS, and Android. All you need to do is install the app. 

Traditional currency support: Unlike the majority of crypto wallets, Coinapult integrates a couple of traditional currencies, including US Dollar (USD) and Euros (EUR).

Security features

Password encryption: Apart from an elastic multi-stage wallet strategy that ensures 80 to 90% of your funds are secure, Coinapult uses an additional password protection mode to secure its users’ funds.  

Cold storage: As an added security measure, users can store their crypto assets or data in a USB-like device in a highly secure offline environment. What’s more, all this data is stored under a multilayered security system under a registered “custodian.”

Offline configuration: The best thing about Coinapult is that its settings can be configured offline. It is possible to configure the most sensitive aspects of your wallet’s security without an internet connection. 

Coinapult Privacy

One of the main reasons why crypto enthusiasts seek the services of Coinapult is because it adheres to privacy. The wallet integrates numerous privacy features such as a 2-factor authentication and a white list option. Plus, 80-90% of their user’s funds are stored offline. 

Moreover, all its transactions are required to pass through an enhanced verification process that requires users to provide their PINs or passwords to access the wallet. Their keys are also stored in an exchange platform to calculate crypto index prices, generate dynamic bidding as well as asking prices depending on transaction classes.  

Supported currencies 

Coinapult prides itself as one of the most popular coins with quite a huge number of currencies in the market. What’s more, it supports both traditional and cryptocurrencies. Below is an insight on some of these coins:

  • Cryptocurrencies supported: Bitcoin (BTC), Litecoin (LTC), Ethereum, DASH, Bitcoin Cash,  and many more. 
  • Traditional currencies: Euros (EUR), US Dollar (USD), Sterling pound (GBP)

In addition to these currencies, Coinapult also offers Gold and Silver commodities trading. 

Setting up the Coinapult wallet

Coinapult maintains one the easiest and fastest method to transfer, send, and accept Bitcoin payments. Below is a detailed guide on how to go about setting up your wallet:

Step 1: Download and install Coinapult

The first step is to download Coinapult. You can find it from Google Play, iOS, macOS. Alternatively, if you are using a desktop platform, you can sign up at https://coinapult.com/signup to create a new account. 

Step 2: Create a new account 

Whether using a mobile or desktop platform, the first step is going to the website’s homepage and creating an account. Ensure that you enter the required credentials before going to the next step.

Step 3: Backup your recovery phrase

This is perhaps the most important step while setting up a new wallet at Coinapult. You will be required to backup your recovery phrase, preferably writing it down on a piece of paper.  

Step 4: Verify your email

After registering an account, you will be required to verify your email before your account can be activated.

Step 5: Choose your ideal currency at https://coinapult.com/locks/

After activating your account, it is imperative to ensure you choose a list of your ideal currencies. 

Step 6: Fill in the total amount you want to send or receive

Key-in the amount you wish to send or receive at the “lock amount” box before heading to the next step.

Step 7: Complete your transaction

After going through all the above steps, your account will be ready for use. You will have successfully sent funds to your desired address through an encrypted .zil domain. It is that simple. 

Note that for a transaction to be successful, the platform should show the resulting invoice of the other transacting party at the top right corner. For subsequent transactions, you are required to repeat these steps. Bear in mind that the quick and easy merchant setup does not include bank statement capabilities. 

How to Send Bitcoin to an Address via SMS

So, what if you don’t have internet access? You can still send funds to any address – as long as they are registered with Coinapult. Technically, the addition of this feature also means that you can send Bitcoin to anyone across the world, with or without the internet. 

The best thing about this feature is that if the recipient does not have an existing account, one is automatically created. They will receive a confirmation message that their Bitcoin has successfully been sent and stored in their wallet as well as instructions on how to withdraw these coins.

To use the SMS feature, however, you will need to key in certain commands.

First, you will need to sign in and add your phone number. Use the command “send” + recipient’s phone number + {amount of Bitcoins}. Below is an example of such a command:

You: send +57744433331.3456

Coinapult: Send 3.4995btc to 8885532221 and Respond “yes 1q2hj6” to confirm

You: yes 2r4hh4

Coinapult: Funds sent. Balance: 4.56btc

Wallet security 101

Now that you have successfully created your Coinapult wallet, there are several things you should take into consideration. These include:

  • Watch out for malicious malware on your PC: Some malware is capable of using vulnerabilities in your PC to access your private keys. Ensure you have installed a powerful antivirus to enhance your safety.
  • Keep your recovery phrase safe: Note that in case you lose your “word seed,” “recovery phrase,” or “root key,” it is impossible to access your account. 

Customer support

Coinapult takes pride in its exceptional support team. They provide their customers with real-time feedback via their email or live chat. What’s more, they offer a plethora of user-friendly guides as well as a detailed Frequently Asked Questions (FAQs) section. 

Additionally, you can also contact them via their interactive social media platforms, including Facebook, Twitter, and LinkedIn accounts. 

Coinapult Wallet Compared to Other Competitors

Coinapult is indeed one of the most secure crypto wallets with sophisticated security features. It integrates 2-factor authentication and has a centralized validation mode of transaction. Further, it is quite easy to send or receive funds to the crypto wallet. You can even send your coins via SMS, which makes it a better method for individuals without an internet connection as well as for on-the-move transactions. 

All you need to do is follow the prompts while sending SMS commands, and you’ll be good to go. What’s more, it also features some amazing features, such as sending Bitcoin via email or directly from the Telegram app. The ability to integrate these unique features makes it one of the best platforms in the market. 

Pros and Cons of Coinapult Wallet

Pros

  • Its security is top-notch
  • The registration process is quite easy and straightforward
  • It is open-source
  • 2-factor authentication
  • Multi-signature

Cons

  • One may consider their customer support sluggish

Final Verdict: Is Coinapult Wallet Worth Your Money? 

Although Coinapult is not the top-rated crypto wallet in the market, it has gained a reputation and features among the safest platforms. It would be the go-to option for crypto enthusiasts looking for a Bitcoin wallet that supports such traditional currencies as the US Dollar (USD) and Euro (EUR). 

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Crypto Exchanges Cryptocurrencies

Only 19% of Bitcoin’s Supply is Traded 

Only 3.5 million, an equivalent of 19% of Bitcoin’s circulating supply is moved around by traders, while the rest is being HODLed by investors, a new report by blockchain analysis company Chainalysis reveals. Another 20% of the total supply is considered ‘lost’ or in dead-end addresses and lost/forgotten wallets. And, of course, the millions of dollars worth of Bitcoin reserved by Bitcoin’s creator Satoshi Nakamoto.

Blockchain analysis is the art of examining, clustering, and modeling information on blockchains and distributed ledgers. We can draw useful market insights from blockchain analysis and see how cryptocurrencies such as Bitcoin are moving around, and what role various players are occupying in the ecosystem.

That said, let’s look at Chainalysis’s recent report and more of its revelations about the biggest cryptocurrency. First off, as of June 2020, around 18.6 million Bitcoins have been mined. But where is this Bitcoin? The report broke it down into three categories: 

  • About 60% is held by individuals or investor organizations. These entities have never sold more than 25% of their holdings. Chainalysis calls this Bitcoin ‘held for long-term investment.’
  • 20% more hasn’t moved from its current addresses in at least five years, or more. Chainalysis calls this ‘lost’ Bitcoin.
  • The remaining 19% – an equivalent of 3.5 million Bitcoin, is what’s currently being actively traded all over the world.

The company refers to the long-term held Bitcoin as ‘digital gold,’ saying: “The data shows that the majority of Bitcoin is held by those who treat it as digital gold: an asset to be held for the long term.” 

Further, the report established that so far this year, a total of 340,000 people are actively exchanging the currency every week. It identified two types of traders: retail and professional. Retail traders are those who deposit less than $10,000 worth of BTC in exchanges at a time. But these traders (retail) also account for 96% of all BTC inflows to exchanges on a weekly basis.

However, per the report, institutional investors control the biggest share of the crypto market’s liquidity – being responsible for almost 85% of the value in USD of Bitcoin transferred to exchanges. The researchers also believe these institutional investors are largely responsible for the dip in Bitcoin’s value in March 2020, before the COVID-19 crisis intensified in North America. This is because they are responsible for large market moves.

Four Exchanges Are Dominating Bitcoin’s Liquidity

The report also reveals that few exchanges are dominating the currency’s liquidity since 2018. These are the four biggest – Binance, Huobi, Coinbase, and Bitfinex – and they collectively make up nearly 40% of all Bitcoin received by exchanges in 2020. 36% went to the next ten largest exchanges, with the rest of the hundreds of exchanges getting 24%.

The study also looked into the three types of exchanges and how much Bitcoin was flowing through each. Among crypto-to-crypto (C2C), crypto-to-fiat (C2F), and fiat-to-crypto (F2C) exchanges. C2F exchanges accounted for 42% of all BTC moving through exchanges, while C2C made up 18%. The study surmised that C2F exchanges dominate because most new users first purchase crypto in these exchanges. Also, most traders usually trade Bitcoin for fiat in these exchanges. Even traders who prefer C2C exchanges have to cash out through C2F exchanges. 

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Crypto Daily Topic

FATF Meets, Travel Rule on the Agenda

The Financial Action Task Force (FATF) met on Wednesday (June 24th) to discuss a wide range of topics, from anti-money laundering and counter-terrorist financing, as well as the ‘travel rule’ that was instituted last year. It was the first time that the FATF meeting was held virtually. 

Why Is the Meeting Relevant to the Crypto Community? 

The crypto community took notice of the meeting because of the ‘travel rule’ that requires virtual asset service providers (VASPs) to collect and share customer information (both originators and beneficiaries) as part of an effort to combat cryptocurrency-related crime. 

The plenary meeting would give FATF member states room to report on progress achieved so far in the implementation of the rule. Elsa Madrolle, the General Manager of International of CoolBitx, a blockchain solutions company, told CoinDesk that the majority of member states have yet to implement the guidelines. “Since the FATF published its guidance last year, out of the 200+ countries that comprise of the FATF’s member jurisdictions, only around 10% of regulators have published frameworks and legislation fully aligned with the new guidance.” 

Siân Jones, a senior partner at virtual assets consulting company XReg Consulting, told the publication that countries such as the US, Europe, Switzerland, and Singapore will be recognized for progress in crypto, as has the industry generally. 

The Implications of the Travel Rule

As more countries implement the travel rule in the future, the crypto community will be asking what implications this has for the crypto space. Blockchains and cryptocurrencies were created to embody the ideals of decentralized finance – a system that’s anonymous and free of government or regulatory agencies’ censorship. 

Crypto publication magazine Forkast News spoke to several experts to get a clearer understanding of the ramifications of the rule. Associate professor of management at Stetson University, Jon Carrick, believes that this regulation might actually be a good thing for the industry in the long run. “Now that cryptocurrency has become more mainstream, most users will not be upset; in fact, many might like knowing that the currency is being regulated. In fact, the regulation could give cryptocurrencies more credibility, which could make more people comfortable in using it.” 

Carrick belongs to the school of thought that for crypto to be widely adopted, it has to make some concessions. Some of these include trading some of its independence for mainstream acceptance.  

For now, the outcomes of the FATF meeting remain in closed doors. But the crypto community will be watching to see what ramifications they have on the crypto space.  

Categories
Cryptocurrencies

Best Decentralized Messaging Apps 

We live in times when personal privacy and security have never been more prized. And this is because we live in a digital age where anyone with enough resources can track your communications and whereabouts at will. Governments are particularly notorious at this. It’s not uncommon to find a government is peeping into the private communications of its citizens. It’s even worse when you’re considered a dissident in an authoritarian regime. 

There’s also the issue of cybercriminals and extortionists who are looking for loopholes or embarrassing information in private communications to blackmail people. Or they may threaten to expose your sensitive data such as credit cards, social security info, bank info, email passwords, or medical records – if you don’t pay up.

Everyone deserves privacy and the freedom to live without being spied on. Some apps, such as WhatsApp and Telegram, have stepped in to provide users with secure and encrypted messaging. But these apps have a centralized architecture, meaning the companies maintain control of the servers. As such, users can never really be absolutely certain whether their communications are indeed safe or not. 

This is where blockchain comes in. Blockchain enables a decentralized, cryptographically encrypted, and peer-to-peer messaging platform that’s not just safe, but also free of the whims of governments.

In this article, we’ll take a look it’s some of the best decentralized messaging apps out there today. 

#1. Dust

Co-founded by Mark Cuban, Dust is a blockchain-based texting app developed by Radical App. The app’s main attention points are privacy and security. Dust’s distinction from the rest of many privacy-focused apps is a timed self-erasure of messages which occurs after 24 hours. You can also unsend any message at any time. It even notifies you when a person on the other end screenshots your conversation. 

As is to be expected with privacy messengers, conversations on Dust are end-to-end encrypted and not accessible by anyone, including the developer team. Also, you can delete messages from another user’s phone in real-time. And once a message is gone, it’s gone. 

 #2. Sense.Chat

Sense Chat is a fast and decentralized texting app that runs on the EOS blockchain. The app has several interesting features that are traditionally lacking in messaging apps. From chat channels where users can indulge on a number of topics, to peer-to-peer video chats, to content creators (who, by the way, can be tipped by other users). 

Founder and CEO Crystal Rose Pierce said this about the app: “SENSE is building blockchain communication tools for everyone. We see Sense. Chat being integrated into any EOS dApp with a community. We’re building tools for content creators, community managers, token holders, and game players.” 

The app uses a peer-to-peer verification system that allows users to secure the system, avoid scams, and single out fake accounts. You can even earn SENSE, a cryptocurrency, by being active in the community and inviting others. 

#3. Crypviser

Crypviser is a secure messaging app that lets users send and receive messages on an automatically encrypted blockchain platform. The app seeks to eliminate man-in-the-middle (MITM) attacks so that no party can sneak in into your text messages or audio or video calls. 

It’s impossible for anyone to attack your messages since encryption keys are distributed, in a truly decentralized fashion, across several nodes on the blockchain. 

On Crypviser, you can share as many files as you want without any size restrictions – something that’s common with most messaging apps, including WhatsApp and Facebook. 

Also, Crypviser features a “Screenshot and Data Forward Control feature,” which prevents anyone from screenshotting, forwarding, or copying your text messages. There is also the option of hiding your chats with particular contacts by enabling a password that will hide the conversations between you and the said contact. And lastly, users can set a time for messages to self-destruct on both ends at a determined time.

#4. Status

Status is a decentralized messaging app based on the Ethereum blockchain. On the app, you get to have complete control over your information. The app protects not only your data but also your metadata – ensuring the ultimate privacy. 

Status is also more than a messaging platform. It comes with a cryptocurrency wallet that allows you to send and receive cryptocurrency. You can even interact with Ethereum-based decentralized applications (DApps), play games, and more.

#5. Sylo 

Sylo is a decentralized messaging platform that also doubles as a cryptocurrency wallet. It allows you to “keep your assets, your contacts, and your conversations all in one place.” Sylo operates on a decentralized platform, affording you top-notch privacy and security. All communications are end-to-end encrypted, and the developers neither need nor access your data. 

The platform is also equipped with a host of DApps that you can interact with, and even unlock a whole world of premium features with the protocol’s tokens known as SYLOs. 

SYLO says there’s no ‘big brother’ watching your activities, and you don’t need to provide your email or phone number to set up an account. 

Using the platform, you can search and add any ERC20 tokens and even custom-create your own tokens. You can even check your crypto balance at any time in your preferred currency. It currently supports the following currencies: USD, NZD, EUR, JPY, AUD, CAD, KRW, SGD, INR, and GBP.

#6.  BeeChat

BeeChat is a blockchain-based messaging and DApps platform. The app saves encrypted data on the blockchain, ensuring no one can access your messages since the encryption keys are distributed across multiple nodes on the network.

The app supports a cross-chain function for both Ethereum and EOS, meaning you can selectively store your data on either blockchain. It also supports the Telegram protocol, which enables Telegram users’ contact to automatically match to BeeChat. Users can even host a chat of thousands of users using the messaging and video chat functionalities. 

#7. Tox

Tox is a free, encrypted, and open source messaging platform that allows you to have private conversations. It’s decentralized, meaning it cannot be attacked, shut down, or made to turn over data by government, regulatory, or law enforcement agencies. It also means server outages are a thing of the past. 

Tox wants you to know that it’s completely free – both in price and free as in freedom. As it says on the website, “There are no corporate interests, and no hidden agendas.” Being open-source means that you can modify, use and share it – because it’s made “by the people who use it – people fed up with the existing options that spy on us, track us, censor us, and keep us from innovating.” Tox also supports limitless file sharing, so you can share whatever size of media files with your family and friends.

Final Words

Blockchain comes to the rescue again, this time on private and secure messaging. And thanks to the ingenuity of smart developers out there, private messaging seekers now have an impressive variety of messaging platforms to choose from. And in keeping with the decentralization theme, some even come with the extremely timely feature of peer-to-peer transfer of money. What’s not to like? 

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Cryptocurrencies

Introducing the Ardor Blockchain

Bitcoin showed everyone what blockchain was capable of. It brought something unprecedented – the ability for individuals to conduct decentralized, immutable, and uncensorable transactions. The tech’s enthusiasts soon discovered that it could be applied to so much more uses – giving birth to new kinds of applications known as decentralized applications (DApps) and smart contracts. 

But like any new tech, blockchain was far from perfect. Over the years, the blockchain community has witnessed the slow throughputs on blockchains such as Bitcoin and Ethereum. These shortcomings make the blockchain unfit for a lot of modern-day needs – not to mention the business world. 

Ardor is a blockchain that seeks to provide reliable blockchain solutions for all types of entities and a wide range of purposes. It comes with a unique parent-child chain architecture and other pieces of technology that enable it to solve the problems of the current blockchain setup, including blockchain bloat, the issue of single network tokens, and more. 

What’s Ardor? 

Ardor is a Blockchain as a Service platform that seeks to help businesses and institutions take advantage of blockchain tech without having to incur high customization costs. It does this by providing businesses with ready to use blockchain solutions via customizable child chains. 

Ardor was developed by the same company behind Next – another blockchain project. But this time, they want to solve some of the shortcomings with Nxt and indeed most of the first and second-generation blockchains. 

Understanding Nxt

In order to understand Ardor, we first need to take a look at Nxt. Nxt was made to derive more value from blockchain – beyond being just a transfer of value. Launched in 2013, it was one of the first-ever cryptocurrencies, and one of the first that built its own blockchain from scratch. It was also one of the first to implement a proof-of-stake consensus mechanism. 

On the Nxt blockchain, developers can create their own blockchain solutions using the API tools of the platform. Both entities and individuals can experiment on the platform – whether you want to tokenize a real-life asset, buy or sell goods on a decentralized marketplace, set up a voting system, communicate on an encrypted platform, and so on. The proof of stake mechanism also massively saves energy, as opposed to Bitcoin’s power-hungry proof of work algorithm. However, Nxt presents with its own challenges, which we’ll look at below. 

The Issues with Nxt

#1. Native Tokens 

Nxt uses a ‘forging’ proof of stake mechanism, which means all coins have already been created, and no new ones are released for each new block. 

Instead, forgers – the people who create new blocks, are rewarded with a fraction of transaction fees. This means that transaction fees need to be paid in NXT – the native token of Nxt. Doing so devalues your own currency.

#2. Blockchain Bloat

Blockchain bloat refers to the common issue on blockchains where the increase in size as more transactions are conducted on top of them. The more it happens, the more resources are needed to operate the network. It means that nodes have to dedicate even more storage space to participate in the network. This means downloading massive volumes of transaction data, which ends up creating a barrier to joining the network.

#3. Lack of Easy Customization Solutions

The current blockchain setup customization issues. For one to create a clone of a blockchain, they would need separate servers and continuously check on it to make sure it’s running smoothly. Also, the clone would remain behind as the main chain receives software and protocol updates. This would be extremely time and resource-intensive. 

How Ardor Works and its Solutions to These Problems

Ardor takes after Next in almost every feature but integrates an easily customizable solution for new blockchains. It accomplishes this via the use of child chains, with the main chain being solely responsible for speed and security. Let’s look at the child chains as well as other solutions advanced by Ardor. 

#1. Child Chains

Ardor implements ‘child chains’, which still hold all the functionalities of Nxt. However, the child chains work very closely with the parent Ardor chain. Transactions are verified and secured on the main chain. This facilitates cross-chain transactions. 

When entities/individuals want to create a new application on Ardor, they need to create a child chain. This architecture allows them to implement customized features in no time since the blockchain infrastructure is already there. And this, while the child chains enjoy the decentralization, speed, security, and any software upgrades of the parent chain. 

#2. Transaction Pruning

Ardor takes care of the blockchain block problem through what it calls transaction pruning. This is essentially removing transactional data related to the child chain from the main chain. This means that nodes don’t have to maintain the whole copy of the entire blockchain history, but just the most recent state. This allows it to remain lean without any negative effects related to the security of transactions. Also, full nodes can choose to become archival nodes – that is, hold the historical data of the child chains.

#3. Bundling System

To solve the native token problem, Ardor employs a bundling system that comprises nodes (bundlers) that accept transaction fees paid in the child chain coin. The bundlers can then pay the parent chain in native token ARDR, the native token of Ardor. This removes the limitation of having to use the native token, as in NXT for Next or Ether for Ethereum, and so on. 

Ignis: Ardor’s Eldest Child Chain

To showcase the capabilities of Ardor as a parent chain, the Ardor team launched a child chain – Ignis. The child chain has over 20 built-in features that complement the Next code base and to make it suitable for lots of use cases. The parent chain provides speed and security, while Ignis hosts all the action. 

Organizations and individuals alike can utilize the Ignis platform to launch their own blockchain project, crowdfund, launch an ICO, create a crypto exchange, set up a voting system, send encrypted messages, and so on. 

Who’s Behind Ardor?

Ardor is a brainchild of Jelurida, the same team behind Nxt. The team is made of experts with knowledge and experience cutting across coding, engineering, law, business development, and quality assurance. 

Tokenomics of Ardor 

ARDR, Ardor’s native token, trades at $0.052385 as of June 24, 2020. It occupies position #106 in the crypto market, with a market cap of $52, 332, 369, a 24-hour volume of $2, 888,108, a circulating, total, and maximum supply of 998, 999, 495. The coin has an all-time high of $2.55 (Jan 13, 2018) and an all-time low of $0.008368 (Oct 30, 2016). 

Where to Buy ARDR

You can buy ARDR from several crypto exchanges, including Binance, Upbit, Huobi, Bittrex, Poloniex, WazirX, OKEx. In most of the exchanges, you need to first purchase cryptos like Bitcoin, Ethereum, and USDT and exchange it for ARDR. However, some exchanges like Changelly allow you to purchase directly with Fiat. 

Ardor provides its own wallets for Web, iOS, and Android. The smallest can also store Ignis tokens and all child chain tokens. 

Final Words

Ardor introduces completely new thoughts on how blockchain architecture can look like. With the child chain solution, network users can customize their applications while still benefiting from the advantages of the parent chain. The issue of blockchain bloating is dealt with, thanks to the ingenious transaction pruning. And developers can engage with all sorts of activities on the network without being constrained by single network tokens. If Ardor holds its own in the coming years, it may prove to be one of the most useful solutions to emerge from the blockchain space. 

Categories
Cryptocurrencies

What’s Aion All About?

Blockchain is a distributed ledger technology that’s immutable, decentralized, and transparent. Immutability means records that go on the blockchain can never be deleted, reducing fraud. Decentralized means that no single entity can censor operations and transparency, injecting a new level of accountability. These qualities make the blockchain a revolutionary tech that can change how organizations and even society itself does things.

This would already be possible if the current blockchain setup wasn’t so fractured – as blockchains exist and act independently. In a decentralized economy, blockchains across various sectors would be interoperable, allowing for the seamless transfer of data and value. 

Aion is a blockchain framework that wants to make this possible.

What’s Aion? 

Aion is a third-generation blockchain system whose goal is to facilitate blockchain interoperability. On the platform, both public and private blockchains can achieve three functionalities: scale, spoke, and federate. Aion is able to connect various chains but still maintain its own independent blockchain. 

The scale, spoke, and federate functions are the core offerings of the network. Below, we’ll take a look at what each means, and its implications for Aion and connected blockchains. 

What does Federate, Spoke, and Scale Mean? 

Aion envisages being “a networked, federated blockchain to integrate these separate spokes.” With these, it hopes to empower organizations to: 

#1. Federate – Aion implements a bridging mechanism to allow blockchains to send data and value amongst each other.

#2. Spoke – Provide customized solutions for blockchains

#3. Scale – Aion utilizes a high-performance virtual machine to enhance scalability.

Why is AION a Third-generation Blockchain? 

First-generation blockchains comprise the Bitcoin blockchain and others that were inspired by it. The problem with the first generation blockchains is they only allow the transfer of digital value, without the ability to put any conditions on those transfers. Also, these blockchains struggle with scalability. 

The second generation of blockchain was brought along by Ethereum, and it introduced the concept of smart contracts and decentralized applications. Smart contracts are contracts that are self-verifying and self-executing. They allow individuals to exchange value in a fraud-free, conflict-free, and publicly available manner. Since smart contracts are self-verifying and self-executing, they eliminate the bloat caused by the presence of intermediaries. Decentralized applications are a new kind of application that is free of any regulatory control or censorship.

Second generation blockchains prove to everyone that production could be used for more than transferring money. However, this generation proved to have its own problems. As interesting cases of these capabilities sprung up – with more users flocking in, this generation proved to lack the ability to handle massive transaction volumes. 

AION is a third-generation blockchain, courtesy of being a blockchain that’s part of a future where blockchains will operate in a hub and spoke model that’s a lot like the internet. 

Why Does Interoperability Matter? 

The interoperability of blockchains is incredibly important. Let’s see why. The current blockchain environment consists of blockchains acting independently of each other. It’s hard for Bitcoin to communicate with Ethereum and vice-versa. As a result, it’s hard to swap their respective cryptocurrencies directly with each other. 

This problem is currently solved by crypto exchanges. And that right there is the problem. Most of these exchanges are powerful, centralized entities that are nothing like the original idea of cryptocurrency: decentralized finance. On top of that, thanks to being centralized, these exchanges have a single point of failure, which means they have a single point of attack and are thus insecure. The countless incidents of exchanges hacking illustrate this well enough. 

Also, the current lack of interoperability means that blockchains cannot interact with traditional systems like banks. This kind of puts a damper on the dream to achieve mainstream adoption for blockchain. 

If we’re to realize a decentralized future, we’ll need to realize blockchain-powered entities that can communicate with each other. For instance, a hospital that has its medical records of patients on the blockchain will need to be interoperable with an identity system blockchain so as to automatically verify the identity of the patient. 

Who are the Participating Networks? 

A participating network is one that meets the requirements needed to be on-boarded into the Aion ecosystem. Aion-compliant blockchains meet the following conditions:

  • Are decentralized in some way and support procedures like atomic broadcasts and transactions
  • Can recognize and distinguish interchain transactions from regular transactions
  • Are aware of a consensus protocol utilized by the connecting bridge and  can store transactions that have been deemed valid
  • Can implement locktime to freeze up tokens/coins on the network if and when needed

What’s the Aion Virtual Machine? 

The Aion Virtual Machine (AVM) is a customized version of the Java Virtual Machine. AVM is designed to achieve high performance, robustness, and enable determinism. The AVM is customized to be able to execute chain logic in distributed networks. It’s also cushioned to withstand instances that are likely to arise in such scenarios. AVM’s implementation has the following properties: 

  • Performance – is able to use machine-friendly instructions to achieve a high-level performance.
  • Stability – achieved by utilizing an isolated sandbox environment, in which new features are tested before moving to the production environment
  • Determinism – which is achieved through a full-featured blockchain development kit as opposed to a regular software development kit
  • Backward compatibility – allowing for chain logic to always be executable as the machine evolves

5 Types of Users on the Aion blockchain

During the North American Bitcoin conference 2018, Aion founder Matthew Spoke talked about five kinds of users that can utilize the Aion network: 

#1. The Startup 

Many startups want to incorporate blockchain, but they have a knowledge gap when it comes to blockchain. With Aion, they can plug in and connect to blockchain-based solutions. 

#2. The Enterprise – Aion wants to connect the legacy world to the blockchain world and has dedicated massive resources to understanding what has kept these two apart.

#3. The DApp developer – these are developers who have been at the game using blockchains such as Ethereum and EOS but have been constrained to only one protocol. Aion will make it possible for them to switch across various protocols. 

#4. The Validator – these are people who take care of consensus in the Aion network.

#5. The Bridge Builders – these are people who are in charge of interchain transactions.

Who’s on the Aion Team? 

Nuco, an enterprise software company, is behind Aion. The company is involved in building secure and scalable blockchain solutions for many types of markets. The team’s led by Nuco CEO Matthew Spoke, who also sits on the board of the Ethereum Enterprise Alliance and is a fintech advisor for the Ontario Securities Commission.

CTO Jin Tu has 15+ years of experience in Enterprise Engineering and more than four years of experience in blockchain. 

The Aion Token

The Aion token is the native token for the AION network and secures the network, facilitates the creation of new blockchains, as well as monetizing bridges that connect various blockchains. The token is tradable and runs on the Ethereum blockchain. Once Aion launches its own mainnet, token holders will be able to convert them to the official Aion tokens. 

Where to Buy and Store AION

AION can be purchased from any of several exchanges – including Binance, BitHumb, Bitvavo, KuCoin, DragonEx, LATOKEN, and Bitfinex. 

As an ERC20 token, AION can be stored in any wallet that supports Ethereum. Great choices include: Parity, ethaddress, Guarda, Trust Wallet, and popular hardware wallets Ledger Nano and Trezor. 

What’s the Market Look Like for AION?

As of June 25, 2020, Aion traded at $0.101558, while ranking at #119 in the market. The token has a market cap of $43, 637, 697, and a 24-hour volume of $2, 206, 565, and a circulating supply of 429, 683, 147. Aion has an all-time high of $10.00 (Jan 07, 2018) and an all-time low of $0.040638 (Mar 13, 2029).

Final Words

If the world’s future economy is going to be decentralized, then the ability for blockchains to communicate and interact is non-negotiable. Aion is one of the initiatives leading the way in this regard, and with a brilliant team, the project should be able to register important milestones. The entire blockchain space is watching to see how it goes. 

Categories
Crypto Daily Topic

PayPal to Allow People to Purchase Crypto

Digital payments company PayPal is planning to start facilitating direct crypto sales to its 325 million of users, per a report by CoinDesk. The publication says it spoke to three people familiar with the issue. 

A ‘well-placed’ source also told the publication: ‘My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. they are going to have some sort of a built-in wallet functionality so you can store it there.” Another source confirmed the move is expected “in the next three months, maybe sooner.”

Which Cryptocurrencies Will be Listed? 

As of yet, it’s not clear which or how many cryptos will be listed. The source told CoinDesk that PayPal would likely “be working with multiple exchanges to source liquidity.” Luxembourg-based exchange Bitstamp and America’s largest exchange Coinbase are thought to be likely contenders, but both declined to comment. 

Venmo competitor Cash appSquare Inc. (S.Q.) currently lists only Bitcoin, while popular trading app Robinhood lists several cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. PayPal is set to see an increase in revenue after the move. After Cash App listed Bitcoin, the company reported to shareholders that revenue from the currency surpassed Fiat revenue for the first time. 

Dipping the Feet Deeper

If the news is true, it represents a step further in PayPal’s relationship with the crypto ecosystem – which started in 2014 after the company initiated partnerships with Coinbase and two other crypto payment processors. From 2018, Coinbase enabled instant Fiat withdrawals to PayPal for U.S. customers, while this functionality was enabled for European and Canada’s Coinbase users in 2019.

PayPal’s Blockchain Perspective

PayPal indicated its interest in crypto and blockchain as early as the beginning of this year. The company’s Chief Technology Officer Sri Shinavanda confirmed this to CoinDesk, saying the company would establish its own “perspective and view on [blockchain] technology itself to see how it can help us contribute to the concept of creating an open digital payments platform that can serve everyone,” adding “We are a strong believer in the potential of blockchain. The digitization of currency is only a matter of when not if.” 

The Crypto Community’s Reaction

Owing to PayPal’s popularity in the payments space, the news meant a great deal to the crypto community. Twitter was awash with excited reactions. 

The Wolf of All Stress tweeted:” If PayPal and Venmo are truly entering crypto, then this is arguably the most bullish news that we have seen in the space…ever.”

Crypto YouTuber Lark Davis said: ” If confirmed true, this is beyond big. The coming bull run will be insane.” 

Crypto analyst Ryan Watkins tweeted: “PayPal is planning to roll-out crypto purchases in the next three months. PayPal has 325 million users. then who is the largest consumer finance app in the U.S. As  Paul Tudor Jones said, Bull markets are built on an ever-expanding universe of buyers.” 

Other Twitter users pointed out the irony in PayPal offering direct crypto sales, considering its WikiLeaks saga ten years ago that helped push the demand for Bitcoin. 

Bitcoin researcher Jimmy Song chimed in, reminding Twitterati that ten years ago, PayPal froze WikiLeaks’ account, which prompted a push towards Bitcoin as a donation medium. “PayPal going to allow people to buy #Bitcoin. PayPal is the company that froze a WikiLeaks account and put #Bitcoin on the map back in 2010. only took a decade for this to come full circle.” 

Categories
Cryptocurrencies

What’s Monaco, and what can you do with it?

One of the things that have held back the widespread adoption of crypto is its wild volatility that makes many businesses and merchants shy of accepting it for payment. This is because the value of a cryptocurrency can be wiped away overnight, leaving the holder in losses. 

What if there was a way that crypto holders could make purchases and merchants accepted it, with a win-win for everyone? 

Monaco is a payments platform that does precisely this – granting individuals the ability to spend crypto to buy coffee, groceries, anywhere in the world, with very minimal fees. 

The platform is operated by a  Switzerland-headquartered financial services company Crypto.com, with offices in Singapore and Hong Kong.

What’s Monaco, and what can you do with it?

Understanding Monaco

Monaco is a payment and crypto platform that allows users to hold a Visa-branded debit card that is based on cryptocurrencies of your choice. Being a Visa card, you can use it like you would any other card. The Monaco platform also features a mobile wallet app through which users can buy, exchange, and spend both Fiat and crypto. 

Monaco is the former name of a financial services firm Crypto.com. The company rebranded so as to better reflect its mission and brand as a cryptocurrency powerhouse. 

Announcing the rebrand, co-founder and CEO Kris Marszalek said: “CRYPTO.com gives us a powerful new identity in line with our original vision to put cryptocurrency in every wallet. As the name we are taking on is also representative of the entire space, it comes with a huge responsibility to carry the torch. We will strive to deliver impact worthy of the name and build infrastructure that enables the growth of the ecosystem, delivering on the promise of a decentralized future.” 

The CRYPTO.com platform now features two cryptocurrencies: Monaco (MCO) token, and Crypto.com. MCO is targeted at the platform’s end users, who also get lower transaction rates for staking the token. Crypto.com is the newer of the two and is intended as a medium for payments and settlement on the platform’s blockchain. 

A Visa Card Based on Crypto

The idea behind Monaco is to make it easy to transact with cryptocurrency. If more people can use it for everyday purchases like coffee, groceries, and meals, it sets the stage for the currency’s adoption on a mainstream level. As such, Monaco aims to promote the usefulness of cryptocurrency and, in the process, its wide-scale acceptance. 

Monaco does this by integrating a mobile app and a Visa-branded card. To sign up, you need to deposit crypto into the Monaco account, after which you can now spend crypto using the card. The conversion process when you’re purchasing things is taken care of by Monaco. 

Also, you, as a user, are not charged anything by Monaco. Instead, the company makes money by charging the merchant. It takes around 1.5-2% on every transaction. The fact that Monaco makes money when customers use the card is an incentive to provide a user-friendly and high-level experience. 

Cross-border and Feeless Transactions

As crypto-backed cards, Monaco cards are not limited by geographical borders Fiat currencies. This means you can use a Monaco card anywhere in the globe. Like mentioned earlier, Monaco automatically converts the crypto into the local currency when you buy a service/product.

As you can see, the Monaco card might be attractive to two types of customers. One is a crypto holder who would like to spend their crypto funds easily without the long process of converting it to Fiat. The other ideal customer would be the international traveler who might need to buy things anywhere with any of various currencies.

Cashback

As with the occasional reward scheme with a standard debit card, Monaco also runs a cashback program of up to 2% of cryptocurrency spending. For international travelers, the card offers interbank exchange rates with minimal or no fees at all. And this is with updated real-time exchange rates.

According to Monaco, diesel rates save users up to 5 to 8% of fees compared with traditional banks. 

Monaco Wallet 

In keeping with their slogan “Cryptocurrency in every wallet,” Monaco also offers a multi-currency wallet app that allows you to buy, hold, send, exchange, and receive multiple cryptos, from the MCO token itself to Bitcoin, Ethereum, Binance Coin and many more. 

Using the wallet, you can purchase or deposit the minimum MCO tokens needed to begin the six months staking duration to receive a Monaco card. Also, on the wallet, you can track over 200 cryptocurrencies in terms of price, volume, market cap, and so on. 

The wallet also supports a cryptocurrency education section with videos and the relevant crypto trading glossary terms that you can access while on the go.

According to Marszalek, the wallet is meant to “introduce cryptocurrency to the spending practices of the everyday consumer. The app enables users to focus on making the best financial decisions for them rather than endlessly studying the confusing mechanics that frequently accompany cryptocurrency products and exchanges.” 

Tokenomics of MCO

As of June 14, 2020, MCO is trading at $5.12, with a #75 market rank. It has a market cap of $80, 866, 691, a 24-hour volume of $13, 936, 093, a circulating supply of 15, 793, 831, a total supply of 31, 587, 682. The token has an all-time high of $27.10 (Aug 29, 2017), and an all-time low of $0. 641730, (July 16, 2017). 

Purchasing and Storing MCO

MCO is supported by several exchanges, including Binance, Bittrex, BitHumb, Huobi, UpBit, OKEx, BitRabbit, HitBTC, Gate.io, and Bitrue.

To purchase the currency on the majority of the exchanges, you’ll need to first buy a proxy token such as BTC, ETH, USDT. 

MCO is based on Ethereum, so you can store it in any Ethereum-compatible wallet. Great choices include MyEtherWallet, Parity, Mist, MetaMask, and Trust Wallet. For extra security, consider hardware wallets such as Ledger Nano S or Trezor. 

Final Thoughts

For cryptocurrency holders/investors, Monaco card is a great way to spend crypto in the real world without going through lengthy conversion procedures or paying high transaction fees. Being a VISA card, you can use the card anywhere in the globe, with Monaco instantly converting the crypto to the local currency. Also, Monaco cardholders can follow the pulse of the crypto market and stay up to date on relevant market moves. The Monaco platform is paving the way for people to interact with crypto in a whole new way.

Categories
Cryptocurrencies

What is Mona Coin? Here’s All

Cryptocurrency is a radical idea. From the decentralization and autonomy beliefs that underpin it, to its revolutionary technology that enables permanent, transparent, and employs ultra-modern cryptography to safeguard transactions. It makes sense, therefore, that thousands of cryptocurrencies have been created to actualize these beliefs in countless industries.

Even countries are now adopting national cryptocurrencies in order to derive the massive value they have to offer. 

MonaCoin, which calls itself “The first Japanese Cryptocurrency,” is one such cryptocurrency. And though it’s not exactly an official national cryptocurrency, i.e., it’s not government-sponsored or affiliated in any way, it’s one that has been created with the notion in mind. 

The cryptocurrency is quite popular there, being featured on Tokyo TV. Someone even famously bought land with it back in 2014. 

So, what’s Mona Coin all about? Read on to discover more about this interesting project. 

Understanding MonaCoin

Launched in 2013, MonaCoin is a cryptocurrency predominantly used in Japan. The name is inspired by “Mona” or “Monā,” a popular internet meme based on a cat-like character created with ASCII characters. The existence and work on the currency were announced on 2channel, an anonymous and the most popular online community in Japan. It was created by “Mr.Watanabe” – whose real identity has remained a mystery just like Bitcoin’s Satoshi Nakamoto. 

MonaCoin was created as a peer-to-peer electronic cash system, just like Bitcoin, and it’s targeted to Japanese citizens. The coin has found a degree of acceptance in the country, being accepted for payment in several stores. The coin is approved by Japan’s Financial Services Agency and is traded in several exchanges. 

MonaCoin: An History

MonaCoin’s development began in 2013, officially being born on January 1, 2014. The coin was not pre-mined.

At block height 937440, the MonaCoin blockchain executed a soft fork to implement Segwit, a technology meant to improve scalability on blockchains. The team also has the Lightning Network, another scalability solution for payment-focused cryptocurrencies. 

It’s theorized that MonaCoin’s creation reflects a Japanese culture to have a native version of popular things from around the globe. It’s a desire for the Japanese to have their own version of popular products and services that they can take pride in both as being homemade and also one that’s expressed in the Japanese language. 

Who’s on the MonaCoin Team?

This is not an easy question to answer, given the founder of the project has remained pseudonymous, perhaps in homage to Satoshi Nakamoto. The creator only identifies by “Mr. Watanabe,” and the rest of the team is also anonymous. However, many people speculate that the creators are Japanese.

Additionally, the project doesn’t have a publicly available roadmap. However, its implementation of technologies such as Segwit and the Lightning Network reveals that the team clearly likes to stay on top of things. Follow MonaCoin’s development here

MonaCoin Economics

Here’s a breakdown of MonaCoin as of June 15, 2020. The coin was trading at $1.67, with a #62 market rank. It has a market cap of $110, 072, 984, as well as a 24-hour volume of $7,736,469 and a circulating and total supply of 65,729,675. MonaCoin’s all-time high was $20.23 (Dec 06, 2017) , and its all-time low was $.0.019599 (Jan 14,2015). 

Buying and Storing MonaCoin 

As you would expect, Japan-based exchanges, like Bitbank and Zaif, are the ones with the majority of MonaCoin’s trading volume. However, you can also find the coin in exchanges like Upbit and Bittrex. 

MonaCoin has its own wallets that are available for Windows, Mac, and Linux. It also supports its own Electrum Wallet as a Coinomi wallet for Android. 

Final Words

MonaCoin is a cryptocurrency made by the Japanese for Japan. It’s popular in the country and is enjoying quite a bit of acceptance there. And while the project’s creators remain tight-lipped about their identities, the important thing is that they have delivered, and continue to deliver, a cryptocurrency that the Japanese and the entire blockchain and crypto community can be proud about. 

Categories
Cryptocurrencies

What’s Waves All About?

Blockchain empowers people, organizations, and other entities to realize faster, more transparent, and trustless processes. But this is not just what the tech can accomplish. In fact, the tech was brought to life so it could support cryptocurrencies, which, in a nutshell, is internet-based, cryptographically-secured, and decentralized money. Thousands of blockchain-based currencies exist today. 

But away from ‘mainstream,’ full-blown cryptocurrencies such as Bitcoin, the blockchain can support tokens for more humble purposes such as loyalty tokens for businesses, small-scale ICOs, and even crowdfunding. 

Waves is a platform that’s harnessing the power of blockchain to do just this. And it’s already successful in this niche, with a few high-profile applications. One of these is Burger King, Russia. The fast-food chain has created a loyalty token known as Whoopercoin based on Waves. Another is American politician Larry Sharpe who created a WAVES token – Sharpecoin for his 2018 campaign. 

What’s Waves? This guide tackles that question and more. 

Understanding Waves

Waves is a blockchain-based platform that allows anyone anywhere to create their own token. Whether you want a community-centered token, loyalty program, an in-game currency, there are no limits on the type of tokens you can create on Waves. 

Waves was created in 2016 by Sasha Ivanov with the goal of bringing blockchain-powered tokens closer to the people’s reach. The platform is equipped with token-building kits that are highly functional and easy-to-use. With the platform, Ivanov envisioned a world where anyone, individuals and organizations alike, can access and interact with the blockchain.

How Does Waves Work? 

Waves operates based on three core pieces of software:

  • Custom application tokens 
  • A decentralized exchange
  • Smart contracts 
#1.Custom Application Tokens (CATs)

The Waves platform exists mainly to facilitate the creation of tokens. CATs allow you to do this. You can create a token on the web or through a mobile app available for both iOS and Android.

You can buy, sell, trade, exchange, and transact with Waves-based tokens. Tokens created via the platform may not have as much applicability as tokens created on a more ‘sophisticated’ platform such as Ethereum, but they are infinitely easier to create, and besides, you don’t have to have any developing knowledge. This simple to use quality of  Waves makes it ideal for purposes such as in-app tokens, simple Initial Coin Offerings, and loyalty reward schemes.  

#2. Decentralized Exchange (DEX)

Decentralized exchanges are ones that are not overseen or controlled by any particular authority, with transactions being peer-to-peer. DEXs thus eliminate most of the shortcomings associated with centralized exchanges. 

Not only are DEXs more secure, but they are also more private as you’re not required to provide any personally-identifying information – as it is with centralized exchanges. Also, the exchange cannot arbitrarily freeze your funds or limit how many trades or withdrawals you can make.

Waves’ DEX utilizes an automated mechanism to pair buy and sell requests, streamlining the process for everyone involved. In February 2020, Waves announced the launch of a Fiat gateway that will enable users to purchase crypto with debit and credit cards.

#3. Smart Contracts

The Waves platform added a smart contract functionality to the platform in September 2018. The functionality enables users to create multisig addresses, freeze tokens, carry out atomic swaps, and create customized voting mechanisms. The smart contracts use a proprietary coding language known as RIDE. Unlike the Ethereum platform that requires gas for smart contract transactions, Waves charges a minimal fee -which is more upfront. 

Waves’ Two-tier Architecture

Unlike, say, on Bitcoin, nodes maintaining the Waves network do not need to download the whole blockchain. Instead, full nodes update the rest of the nodes (also known as lightweight nodes) on transaction verifications. 

To ensure trust between the two types of nodes, Waves utilizes the Scorex platform, a modular blockchain framework through which lightweight nodes use the current network state achieved by full nodes. 

A Leased Proof-of-Stake (LPoS)

LPoS is a modified version of the traditional proof-of-stake consensus mechanism. In LPoS, token holders lease their balance to full nodes, who create new blocks and receive rewards. They can then share these rewards with leasing nodes, who are rewarded according to their amount of stake – which is the total amount of tokens they leased. 

Leasing costs 0.002 waves. To run a full node, you need at least 1,000 WAVES. This requirement is a downward adjustment from the former minimum requirement of at least 10,000 WAVES. If you wish to become a full node but do not have 1000 WAVES, you can lease coins from other participants in the network. 

Miner Reward Token (MRT)

As a block creation full node, you earn miner reward tokens (MRTs) along with your WAVES rewards. For the first 70 blocks that you create in a day, you earn 60 MRT, and 30 MRT for every block you produce after that. MRT is a token created for the Waves platform. You can also exchange it for other tokens in the in-house exchange.

What’s the Market Look Like for WAVES?

As of June 14, 2020, WAVES is going for $1.20, and it ranks at #59. It has a market cap of $122, 385, 397, a 24-hour volume of $35, 098, 740, a circulating and total supply of 102, 199, 780. The token had an all-time high of $18.07 (Dec 19, 2017), and an all-time low of $0.122684. 

Buying and Storing WAVES

You have two ways to acquire WAVES. One is by purchasing it from exchanges such as Binance, Bittrex, YoBit, BitMart, LATOKEN, P2PB2B, BitHumb, Huobi, Kraken, IndoEx, Paribu, and YoBit. While you can do so using Fiat in some of the exchanges, others require you to first purchase a proxy token and swap it for WAVES. The other way is to use the in-house DEX to exchange any of the supported tokens for WAVES. 

For storage, you can use the WAVES’  lite wallet supported on the web, iOS, and Android. It is strongly recommended not to store your funds in an exchange since not only are they in the danger of being hacked, but also you do not have full control over your funds, as it should be. Other options include Trust Wallet, Atomic Wallet, Guarda, and Ledger. 

Final Words

Waves brings the power of the blockchain to the people, providing infinitely easy ways to create your own tokens. Whether you’re looking to create a crowdfund, a simple voting mechanism to decide where to go for a holiday, or a loyalty token for your customers, anything goes. 

Its addition of a smart contract functionality puts it right up with the likes of Ethereum, NEO, and other popular platforms. Individuals can also exchange crypto on Waves in a safer and uncensorable way, all while maintaining their anonymity. If Waves continues adding more value to users this way, the platform will continue to grow in popularity. 

Categories
Crypto Daily Topic

Why Tokenization is The Future of Real Estate

The real estate market is one of the oldest markets characterized by slow, paper-dependent processes causing significant delays in the change of property ownership. The transactional friction can be blamed on the complex architecture of the market that involves multiple stakeholders, large amounts of money, and numerous regulations that are dependent on jurisdiction. On top of it all, each transaction has to go through myriad middlemen, from the listing agent to banks and everything in between – resulting in unprecedented transaction costs. 

Although the structure of the real estate market alone isn’t much of a big deal as every stakeholder has a vital role to play, the resultant dysfunctions it creates needs to be solved as the market keeps on growing. As blockchain technology finds use in almost every industry, the real estate market can also make use of this technology to solve the derailing dysfunctions. This can be done through asset tokenization. 

What is real estate tokenization? 

Tokenization is the conversion of a physical asset into its digital form, which in turn derives/acquires its value from the underlying asset. Once the assets are tokenized, they can easily be divided into smaller pieces and made accessible to a wider pool of investors as a way of raising capital. As such, depending on their investment amount, an investor gets a share of the larger token to act as a representation of ownership. Also, investors can trade their token shares freely on a secondary market based on the current value of the property. 

The issuing, management, and exchange of these tokens is done on a blockchain network, thereby promoting immutable documentation processes, transparency, and traceability. Most importantly, the token investors will have undisputed control over the asset since they own the private keys of the tokens – much in the same way virtual currencies allow users to take control over their finances. 

Benefits of real estate tokenization 

Like in most industries where blockchain has found use, the real estate market is also set to benefit immensely from this technology once realtors warm up to the idea of tokenizing property. Let’s explore some of these benefits: 

I) Improved liquidity

Despite being a safe investment, the real estate market is highly illiquid majorly due to the large amounts of money transacted between the buyer and sellers, as well as the third-parties such as lawyers and banks involved in the transaction. Moreover, due to the large initial investment amount required, potential property buyers are locked out from investing in real estate. 

Property tokenization injects liquidity into the real estate market by allowing assets to be divided into smaller units representing fractional ownership. For instance, a condo going for $1 million can be divided into tokens worth $200 or less, lowering the minimum investment for investors. The tokens can be traded at secondary markets at any time of the day, allowing investors to readily change their assets to cash when they need to. Higher liquidity can also positively influence the value of the asset by removing intermediaries such as the listing agent, bringing an asset’s price closer to its true value. 

The newfound liquidity has the potential to inspire monetization of other aspects of real estate, such as leasing, spurring further development of the entire market. 

II) Automated Processing 

To facilitate the buying and selling of tokenized property, smart contracts can be introduced in the transactions for a seamless and efficient exchange of property ownership. This means less paperwork and almost no intermediaries, which in turn lowers the additional transactional costs. This also speeds up settlements as the tokens contain built-in terms of the contract. 

Smart contracts can also be used to ensure compliance with the laws is maintained. This is especially true for the Know Your Customer (KYC) and anti-money laundering (AML) policies that must be observed in every transaction. Smart contracts will reduce the paperwork involved in these procedures, saving realtors time and money. 

III) Improved market security and transparency 

Property tokens transacted on the blockchain networks are cryptographically secured on the ledger system. Access to these tokens is only limited to the investors who are entrusted with the private keys. This goes a long way into ensuring that property is held only by the rightful owner, minimizing fraud. 

In a similar vein, the distributed ledger system maintains records of all transactions in an immutable and transparent manner, further eliminating the possibility of fraudulent activities. As such, before buying tokens, an investor can review all the past transactions to ascertain the true owner of the property token, whether or not the asking price is realistic or not. This way, there won’t be instances of double-selling nor room for under/overpaying. 

Also, smart contracts further enhance the transparency and traceability of token transactions. In addition to eliminating fraud, the increased transparency brought by smart contracts opens an opportunity for overseas investors to invest in the property market. This translates to more money being channeled into the market, boosting its liquidity. 

IV) Fractional Ownership

In addition to improving liquidity, fractional ownership of property introduces a new investment vehicle through which risk-averse investors can earn passive income. Similar to equities in a security market, tokens can represent multiple owners of a rental property who earn a portion of the rent as passive income. The smart investors can diversify their token portfolio to include land and commercial properties, reducing the overall risk while maximizing returns. 

In theory, tokenization of property offers a myriad of benefits to real estate investors while scaling up the entire market with respect to exponential growth. On the downside, however, tokenization won’t be as easy as many would wish – mainly due to the regulatory hurdles facing blockchain. For starters, many governments across the globe don’t have clear laws governing the issuance of blockchain tokens. Even for those that have already set up laws regulating digital assets view tokens as a type of security or a traditional investment vehicle. This brings in the complex aspect of digital asset taxation, which may scare away investors. 

The issuers of these tokens will also have to invest a substantial amount of time and money in maintaining regulatory compliance with the stringent policies governing digital assets. Even in jurisdictions where the regulations are lenient, marketing property tokens in another jurisdiction where there are different policies will be an uphill task requiring close scrutiny. 

Conclusion

The real estate market has a history of being slow to adapt to emerging technologies. But if the market is determined to do away with long paper processes and slow turnaround time, it has to invest in blockchain technology for the tokenization of property. This will not only solve its long-time problems but also give the market a driver’s seat in the face of modernity and dynamic technological advances. 

Categories
Cryptocurrencies

Beginner’s Guide to Bytom (BTM) 

Blockchain has advanced rapidly in recent years, enabling previously impossible things to become a reality. One of these possibilities is the ability to tokenize real-world assets in order to increase their security and liquidity. But when it comes to a seamless way to incorporate physical assets into the digital world, traditional blockchains have yet to crack it. 

Bytom is a blockchain and cryptocurrency project designed to fill this very gap. As an asset management platform, Bytom aims to build a decentralized network where individuals, enterprises, and institutions can trade and exchange all manner of digital and physical assets. 

Understanding Bytom

Launched in 2017, Bytom is a blockchain framework designed for bridging the real and virtual world by providing a secure and decentralized environment for financial and digital assets. On the Bytom platform, anyone – including individuals and organizations, can register and start trading both real-world assets, e.g., securities, real estate, bonds and so on, as well digital assets such as cryptocurrency. 

Bytom wants to be the bridge between the digital and physical worlds, creating a cohesive manner in which the physical assets can be mapped to the digital world. By utilizing the Bytom protocol, entities should be able to register, buy,  sell, and exchange both types of assets in an interoperable and streamlined environment. Hopefully, this will steer the world’s economy to be truly “tokenized.” 

In Bytom’s own words: “Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, bonds, intelligence information, forecasting information and other information that exists in the physical world) can be registered, exchanged, gambled, and engaged in other more complicated and contract-based interoperations via Bytom”.

How Does Bytom Work? 

Bytom works by providing a decentralized network where various assets can be freely exchanged and traded in a peer-to-peer manner. 

There are three types of access on the Bytom platform: 

#1. Income Assets: These are assets such as filmmaking, local government investments, home-stay property and so on

#2. Equity Assets: These are assets such as equity of non-listed companies, shares of private internet investments, private equity funds, and so on. The transfer of these assets requires investor verification.

#3. Securitized Assets: These assets include debts, car loans, and other asset-backed securities that have a predictable cash flow.

You can buy, sell, and exchange, all these assets on the Bytom blockchain. Being able to do this in a decentralized and secure system has many advantages. First of all, it eliminates the swell-up associated with intermediaries. Plus, not having intermediaries dramatically reduces costs and saves up on much-needed time. 

It also grants you, the asset owner, absolute control over your assets. Thanks to the publicly available and immutable ledger, you don’t have to rely on third parties to maintain accurate records of your assets. Also, a bad actor cannot attack and manipulate the data since records are kept on a distributed worldwide network secured by thousands of nodes. 

The Bytom platform also supports cross-chain transactions via side chain technology. If you want to do this as a developer, all you need to do is create a smaller version of the Bytom blockchain and, using application programming interface software, create smart contracts that will enable you to monitor/follow main chain activity. In this way, you can transfer assets across chains.

Bytom’s Architecture

Bytom operates atop three architecture layers: the application, contract, and ledger layer. 

The Application Layer is what you as a user interacts with. It allows you to interact and manage your assets on mobile and other web terminals. 

The Contract Layer, which uses two types of contracts, the Genesis contract, and General contract. The Genesis Contract issues smart contracts and ensures on the platform adheres to standardization protocols. The General Contract facilitates assets’ exchange between platform users, in addition to verifying the distribution of dividends. 

The Ledger Layer, which is the foundation of the whole architecture and where the protocol connects to the blockchain, is permissionless and utilizes the proof of work consensus algorithm to verify transactions. 

Who’s on the Bytom Team? 

The Bytom team is headquartered in China, and it includes some of the most influential figures in the blockchain space. Founder Chang Jia is also the founder of 8BTC.com, one of the largest crypto websites in China. Jia has been a long-time advocate and campaigner for blockchain tech in China. Also an award-winning science fiction author, he co-authored one of the first books in Chinese about Bitcoin: Bitcoin, A Real Yet Virtual Financial World. 

The other co-founder is Duan Finding, former Vice President of OKCoin, one of the world’s largest crypto exchanges. He’s also been the Executive President of 8BTC.com. 

Bytom Token (BTM) 

BTM is the native currency of the Bytom blockchain. The Token plays three main roles in the ecosystem: 

  • Payment for assets trading
  • Dividends of income assets
  • As a deposit for issuance of assets

Currently, there are 1.08 billion BTM tokens in circulation out of the total supply of 2.1 billion. The Token’s distribution was as follows: 

  • 7% for private equity investors
  • 30% for the ICO distribution
  • 20% for the Bytom Foundation
  • 10% for business development
  • 33% for mining 

Tokenomics of Bytom

As of June 14, 2020, BTM is trading at $0.069876, with a #83 market ranking. It has a market cap of $75, 214, 070, a 24-hour volume of $11, 412, 286, a circulating supply of 1, 076, 386, 694, a total supply of 1, 597, 671, 525 and a maximum supply of 2.1 billion. The Token’s all-time high was $1.17 (April 24, 2018), and its all-time low was $0.031290 (March 13, 2020). 

Where to Purchase BTM 

BTM is listed on some of the big hitter exchanges, but also on some of the lesser-known ones. You’ll find the Token on OKEx, Gate.io, Binance JEX, HBTC, HitBTC, CoinEx, Huobi, DragonEx, and Bibox. The Token is paired with proxy coins such as ETH, BTC, and USDT. 

For storage, Bytom provides an official Wallet available for Windows, Mac, and Linux. Great third-party options include Coinomi, Exodus, Trezor, Ledger Nano, and Ledger Blue.

Final Words

Bytom is creating a decentralized, interoperable, and safe and secure protocol for anyone anywhere to register from CFA and exchange physical and digital assets. Platform users do not have to deal with expensive and time-consuming intermediaries, and they can log in anytime and monitor their assets in the immutable and public blockchain. 

The team is led by a couple of blockchain and crypto heavy hitters, and based on the milestones they have achieved so far, the future looks bright for the project. 

Categories
Cryptocurrencies

What’s DigiByte (DGB)?

In the loud and showy world of cryptocurrency, it’s rare to find a low-key, yet successful project. DigiByte, a cryptocurrency launched in 2014, is a quiet coin, but one often described with superlatives such as the longest blockchain in the space, most decentralized, and one of the fastest.

The crypto was launched by a group of volunteers without an ICO or any fanfare whatsoever. Yet the project has gone from strength to strength, rising to the top 40 cryptocurrencies by market cap as at the time of writing. 

What’s this ‘sleeping giant’ crypto all about? In this guide, we tackle the project’s beginning, its achievements over the years, and why it’s considered one of the most decentralized cryptos. 

What’s Digibyte?

Launched in 2014, DigiByte is an open-source, blockchain, and cryptocurrency project that aims to achieve unprecedented speed, high-level security, and nominal to no fees. It is built on three layers that enable it to achieve this: a smart contract layer, a public ledger, and a core part featuring decentralized nodes. 

DigiByte: A Timeline

Despite its low-laying reputation, DigiByte is one of the oldest blockchain projects. Founder Jared Tate conceptualized and started working on the project since 2013. Below is a brief history that shows the evolving of the project: 

  • January 2014 – DigiByte is launched 
  • April 2017 – DigiByte activates the Segwit software, one of the earliest to do so
  • May 2019 – digibyte launches DigiAssets, a second layer technology that allows people to issue tokens, create smart contracts, manage digital identities and so on

Digibyte: Mining, Block Time and Hashing Algorithm

DigiByte mined its genesis block on January 10, 2014. The network initially used proof of work algorithm. However, it later underwent a hard fork and switched to 5 consensus algorithms, namely, Scrypt, SHA256, Groestl and Skein, and Qubit. This move was meant to attain decentralization and increased security.

The network provides a new block every 15 to 18 seconds, which is 40x than Bitcoin’s. This first block time has made DigiByte the longest blockchain in the world currently. Digibyte was also the first-ever cryptocurrency to implement scaling solution Segregated Witness (SegWit), helping it scale even farther. 

SegWit helps increase the block size by separating transaction signatures from transactions. This allows more transactions to fit into a block, thus making for faster transactions and lower fees. Moreover, it allows for off-chain possibilities such as cross atomic swaps and single confirmation transactions. This underlines DigiByte’s potential future avenues. 

DigiByte’s Security Approach

DigiByte touts its more superior security compared to other cryptocurrencies. And in keeping with its true decentralization goal, the project’s team has sort of left the direction and development of the project to the community.  

However, the team has impressively decentralized its mining. One way they have achieved this is by utilizing five mining algorithms. These mining algorithms means that its mining community and power is split into equal and smaller groups. This allows each group an equal share of the process. The digibyte network already has 280,000 plus nodes spread across the globe, as at the time of writing. 

DigiByte also employs ‘MultiShield,’ a rebalancing technology to ensure that one hashing algorithm does not dominate the process. Multishield is a more advanced prototype of  DigiShield, a technology that the network employed earlier on to prevent miners with more processing power from phasing out those with less. 

DigiByte’s Layered Infrastructure

Like we’ve previously mentioned, DigiByte runs its protocol on top of three pieces of technology. Let’s get a closer look: 

#1. Bottom Layer (Communications): This is a layer that connects all the network nodes. It facilitates communication between nodes and lays a framework for the rest of the layers. 

#2. Middle Layer (Public Ledger): This is a high-level security storage layer for the network’s data. It’s also where mining-related activities are managed, including incentivizing miners. 

#3. Top Layer (Applications): This is the layer where users can interact with the blockchain. It features the user interface, application program interface (API) for developers, and customizable tokens.

DigiByte: Coin Supply

DigiByte has a fixed coin supply, as well as release schedule. 21 billion digibyte coins will be emitted within 21 years. Digibyte never held an initial coin offering (ICO), or any sort of pre-mining distribution. From the get-go, the coin was mined and will be until there are no more coins for release. The first coin was mined in 2014 and the last, 2035. In short, the DigiByte blockchain will release 21 billion DGB in a 31-year duration. At the time of writing, 13.2 billion coins are in circulation. 

DigiByte: The Current Market Picture

As of July 13, 2020, DGB is trading at $. 0.023256, and it’s ranking at position #34 in market cap. In terms of market cap, DGB stands at $307, 858, 681. DGB  has a circulating supply of 13, 237, 575, 421, a total supply of the same value, and a maximum supply of 21 billion. The coin’s all-time high was $0.142889 (Jan 07, 2018) while it’s all-time low was $0.000020 (Dec 20, 2014). 

Buying and Storing DGB

You can buy DGB from any of several exchanges, including Bittrex, poloniex, Huobi, KuCoin, HitBTC, Sistemkoin, YoBit, CoinEx, Upbit, and Bitfinex. 

If you prefer to mine DGB, the token supports five algorithms for both ASIC and GPU mining. 

For storage, you can use DigiByte’s proprietary wallet. Just download it from the website. Alternative options include Coinomi, Exodus, Atomic Wallet, Guarda, Jaxx Liberty, ZelCore, Flare, and trusted offline solutions such as Trezor and Ledger Nano.

Final Thoughts

DigiByte has registered impressive growth since its launch over six years ago. And all this without a dedicated, full-time team working behind it. This is one of the delightfully quirky aspects of the project, right alongside its unique approach to true decentralization by using five different hashing algorithms. Given its track record of firsts, it’s not a stretch to say to definitely expect more from this project in the future.

Categories
Crypto Daily Topic Cryptocurrencies

What’s iExec (RLC)? 

Blockchain offers a ton of promises: the ability to create decentralized applications (a new kind of applications that are self-governing and uncensorable) and smart contracts (self-executing, intermediary-free, and low-cost contracts). This presents an opportunity for positive disruption of almost all types of industries: from social media to finance to insurance to prediction markets to online gambling, and many more. 

But this potential is one thing, and reality is quite another. The current blockchain model is beset by issues such as limited block space, long delay times, and so on. While solutions for these problems are in the works, it might be a long way until the blockchain can truly reap its full potential. In the meantime, there is an ever-growing demand for centralized computing solutions that can handle fast turnaround times and high volumes of data.

This gap is being filled by solutions such as Amazon’s Web Service. But such solutions are not only expensive, but they also need a massive amount of resources to keep running.

What we need is a cloud hosting solution that exploits blockchain’s potential, while rectifying its problems. iExec is a blockchain framework that proposes this solution. Not only that, but it enables individuals with extra computing power to rent it and earn money. 

What’s not to like? Let’s dive into iExec’s platform and see its offerings. 

What’s iExec? 

iExec is a blockchain project that wants to decentralize cloud computing. The current computing environment is dominated by powerful and centralized companies that control our Data. iExec wants to create a decentralized application marketplace that makes cloud computing accessible for everyone at a faster and cheaper rate compared to traditional cloud services providers.

The Problem with Cloud Centralization

To begin with, centralized cloud hosting has a single point of attack. Just one security breach can put the entire network and people’s data at risk. 

A decentralized cloud service is more secure in the sense that even if one node is compromised, the rest will continue providing services and securing the network. A decentralized service is also immune to a Distributed Denial-of-Service (DDoS) attack that would cripple a single network. 

How Does iExec RLC Work?

The iExec platform utilizes a Desktop Grid Software, XtremWeb-HEP, to take processing-intensive calculations of the main chain in a bid to reduce congestion and streamline processes on the blockchain.

Desktop Grid computing (Volunteer Computing) harnesses extra or idle computing resources so that they can be used by other applications. According to iExec, XtremWeb-HEP “implements all the needed features” to real-life based on a worldwide scale, including “fault tolerance, multi-applications, multi-users, hybrid public/private infrastructure, deployment of virtual images, data management, security and accountability, and many more.” 

With XtremWeb-HEP, decentralized applications on the iExec network have access to a large pool of computing power with which to run their programs. This means that developers and users can utilize computing resources from a wide range of devices, from personal computers to mobile devices to massive data centers. The idea is to have flexible and scalable options for finding just the right processing power for applications.

The platform achieves this via smart contracts. For instance, it has a ‘Matchmaking algorithm’ that matches processing power requesters and providers. iExec also utilizes a ‘Proof of Contribution’ protocol that sees to it that a provider offers the right amount of processing power needed by the requester. Providers are awarded which platforms native token – RLC. 

iExec’s Components

The iExec platform comprises three core platforms: the marketplace, app store, and data marketplace. Let’s take a closer look at each of them.

#1. Marketplace

This is where providers provision computing resources for use by the requesters. Requesters pay for these resources with RLC tokens. Requesters, who are the users, can shop around for resources that best match their application’s needs. The Matchmaking algorithm ensures that providers can indeed afford to commit a certain amount of computing power. 

The marketplace also features a reputation system that showcases a provider’s reliability. This system allows requesters to choose any level of reliability in a provider. The more reliable a host is, the more their service costs, with the reverse being true. Thus, the iExec marketplace is a free-market environment. 

#2. Decentralized Applications (DApps) Store

This is a store very much like traditional application stores such as Apple or Google Play, except decentralized this time. Here, you can purchase DApps that have been developed on iExec. Also, developers can submit their apps to be sold on the platform. 

#3. Data Marketplace

This is where individuals can sell all kinds of data. As long as you can find someone willing to purchase it, iExec let’s that happen. What’s more, data providers can choose who accesses their data, and they can revoke access rights at any time.

What’s RLC? 

RLC is the crypto token for the iExec network. RLC stands for “Run on Lots of Computers.” The token runs on the Ethereum blockchain, and as such, it’s ERC20 compliant. This means that developers on the platform can rely on already existing architecture, which saves time. As we’ve mentioned before, RLC is the token through which computing resources are exchanged between providers and  DApp developers.

Who’s on the iExec Team?

iExec was built by Gilles Fedak, Haiwu He, Oleg Lodygensky, and Mircea Moca, all of whom have more than a decade of experience in cloud computing. Thanks to Ethereum’s enabling of DApps and smart contracts, the team found the perfect platform on which to actualize an idea they’d been harboring since 2012: creating a decentralized cloud system. 

The team members have a ton of Desktop Grid computing experience between them, having worked for the National Institute for Research in Computer Science and Automation (INRIA) and Centre National de la Recherche Scientifique (CNRS) research institutes since 2000. 

RLC: Tokenomics

As of June 13, 2020, RLC traded at $0.498063, while ranking at position #119 in the overall crypto market. It has a market capitalization of $39, 880, 329, a 24-hour volume of $678, 632, a circulating supply of 80, 070, 793, and a total supply of 86, 999, 785. The token has an all-time high of $5.40 (Jan 12, 2018), and its all-time low was $0.148783 (Dec 15, 2018). 

Buying and Storing iExec RLC 

Several popular exchanges have listed RLC, so you should have no trouble grabbing yourself some tokens. Find RLC at Binance, Bittrex, Gate.io, Bitfinex, Bancor, HitBTC, and Upbit. 

As an ERC20 token, it means you can store RLC at any Ethereum wallet. You have choices like MyEtherWallet, Mist, MetaMask, Ledger Nano, imToken, Parity, Trust Wallet, Guarda, Trezor, and Exodus. Of all these options, Trezor and Ledger Nano are the most popular among users, thanks to being reliable, hardware wallets. 

Final Thoughts

iExec provides a timely solution to a gaping need in the cloud computing space. It has a competent team with a demonstrable track record, so in terms of expertise, the project is in perfectly safe hands. If the project catches on, it could provide scalable solutions that the blockchain has not been as successful in doing. iExec’s product is also an environmentally-friendly alternative to legacy cloud computing setups. That and its free-market-driven approach and low cost make it the cloud computing model the industry needs.

Categories
Cryptocurrencies

What’s ICON (ICX)

Blockchain tech made the concepts of peer-to-peer relationships and decentralization more practical than they had ever been. It has challenged us to see social, financial, and political systems in a new way. Thanks to blockchain, even the concept of a global village is now something that more people can experience. Through blockchain-powered decentralized finance, a farmer in Nigeria and a high-flying Manhattan venture capitalist can both access the same financial services, with internet connectivity being the only requirement. 

But even with all these possibilities, blockchain is a still relatively young technology limited in regards to performance, accessibility, and ease of use. Every new blockchain project emphasizes how decentralized it is, but few really have evidence of real-world use. 

ICON is a blockchain project that’s of the idea that blockchain communities do not have to exist in isolation, which it believes has contributed to its lack of mainstream adoption. It places emphasis on “we,” “our”, and “us” in order to harness the collective potential of blockchain communities and achieve true world hyper-connectivity. 

What’s ICON?

ICON is a South Korean-based blockchain framework that aims to “Hyperconnect the world” by “building one of the largest decentralized networks in the world.” To achieve this, ICON plans to create a massive platform that will allow independent blockchains to converge and interact with each other to form the “ICON Republic.” 

The goal is to realize a platform where players across all kinds of industries, from finance to academia to commerce to security to healthcare to insurance and more – multiple industries can exist alongside each other on a single network.

In ICON’s words, the grand idea is to “introduce the new era of decentralization by redefining the meaning of communities and creating a new world by connecting such communities. Communities today are commonly defined by their social and political functions and limited to the economic boundaries set forth by world nations. Through ICON, communities can go beyond and be free from the traditional economic system and promote frictionless value exchanges with other communities, eventually resulting in maximum total utility of society.” 

ICON is powered by a native cryptocurrency – ICX. 

How Does ICON Work?

ICON utilizes a concept known as ‘loopchain’ to bring together an ecosystem of blockchain communities via what it calls the ICON Republic. The ICON Republic links together different and independent blockchain communities. This is done through Community Representatives (C-Reps). The ICON Republic blockchain is known as “Nexus.” C-Reps are like portals through which communities interact with the “nexus”. There is a set of rules, ‘Blockchain Transmission Protocol (BTP),’ that dictates how each blockchain community interacts with the Nexus. 

ICON Communities

On the ICON network, a  community is an independent network of nodes that blockchain that has its own governance system. For instance, cryptocurrency networks such as Bitcoin and Ethereum are considered communities, as are schools, governments, financial institutions, healthcare organizations, and so on. Each community can have their own governance structures, network participants, and characteristics unique to them.

Also, every community has its own approach to decision making. “Community Nodes” oversee the approach. For instance, the Bitcoin community follows a consensus-driven approach, while a bank would use a hierarchical approach. 

Decision-makers are known as “Community Representatives.” These representatives also make their voices heard in their communities’ interaction with the larger ICON Republic. The ICON Republic, however, does not in any way interfere with the governance of the communities. However, it allows ICX tokens to be issued. Participants that are not community representatives can participate in the icon Republic but do not have a say on its governance.

Use Cases of ICON

There are many possible use cases for ICON, as is with any smart contract-enabled network. Let’s get a closer look at some of the potential uses: 

  • Blockchain-powered identification system with a high level of security. Members of one community can use the ID system to verify the identities of other community members. Also, it will save individuals a lot of resources when applying for new services
  • Payments, in which an organization in one community can transact with another in a different community in a safe, secure, and peer-to-peer manner
  • Blockchain-backed assets, in which a community creates a community stablecoin, or tokenize an asset

Who is On The ICON Team?

ICON was co-founded by KJ Eee, who is also the founder of Nomad Connection. Eee holds a Degree in Computer science and Engineering from the Pohang University of Science and Technology. 

Jonghyup Kim is the other co-founder. He’s also a graduate of Pohang University, and he’s the former assistant manager at Jang Media Interactive, as well as co-founder of BTWorks. 

Other team members are individuals with experience cutting across business, Artificial Intelligence, engineering, blockchain, and marketing. 

ICON has also awarded notable advisers such as Don Tapscott, blockchain author, and the founder and CEO of Blockchain Research Institute. There’s also Jason Best, recognized by Forbes as a top 10 most influential business crowdfunding organizer.

Tokenomics of ICX

As of July 13, ICON traded at $0.337 547, while ranking at #45. It has a market cap of $184, 853, 883, a 24-hour volume of $30, 760, 397, a circulating supply of 547, 638, 769, and a total supply of 842, 761, 908. ICX’s highest price ever was $12.64 (Jan 09, 2018) while it’s all-time low was $0.106937 (Jan 03, 2020). 

Buying and Storing ICX

ICX is available in several popular exchanges, including Binance, Huobi, Bittrex, OKEx, WazirX, Bithumb, Kraken, HitBTC, Bitrue, Upbit, and Gate.io. On some of the exchanges, you’ll get the coin with Fiat currency, while in others, you’ll need to hold some Bitcoin or Ethereum.

For wallets, ICON has its own web, software, and Android wallet. Other options include Trust Wallet, CoolWallet S, Eidoo, and Ledger Nano.

Final Words

ICON believes that blockchain has the potential to bring the world together. If the project could translate its on-paper promise into the real world, it could very well be the key that finally unlocks global blockchain interoperability and, hopefully, mainstream adoption of the tech. And with it, blockchain benefits such as decentralization, high-level security, and fraud-free interactions across industries and society as a whole. 

Conclusion

If this project can function as well in the real world as it does on paper, this network may very well be the skeleton key that unlocks blockchain interoperability and connects these services to existing industries. The project’s whitepaper hashes out how ICON would fit into established industries, including healthcare, education, business, insurance, capital markets, and so on. The blockchain and crypto community is betting on the project to take us there. 

Categories
Crypto Daily Topic

Is Sharding the Future of Blockchain Systems?

For the past few years, there has been a lot of hype surrounding blockchain – a technology believed to be one of the pillars that will support the 4th industrial revolution. Well, the craze around this revolutionary technology is justified, given the immense benefits it offers to every major industry. To be more specific, data immutability, decentralization, and security; are just some of blockchain’s fundamental properties fuelling the interest in this new technology. 

However, there is a general sentiment that blockchain has failed to live up to its hype due to the scalability problem. This explains the slow adoption of blockchain technology, even in industries such as the financial sector, where it’s well suited for use. 

The scalability problem is evident in Ethereum blockchain, which currently only processes less than 20 transactions per second. This leads to high gas prices and hence the cost of executing a transaction, as well as latency problems. Fortunately, sharding and its various iterations have proven to be a viable solution to the persistent scalability problem inhibiting blockchain adoption. 

What is Sharding? 

Sharding can simply be described as database partitioning. The concept isn’t unique to blockchain. In fact, It has been in use since the late 90s as a way of splitting large databases into smaller and manageable datasets. A good example of sharding is in a business where customers’ databases are grouped into geographical locations or age groups for efficient data management. 

Similarly, this concept is extended in blockchain. Essentially, the blockchain network is a large database with numerous nodes/validators that verify data stored in the network. Through sharding, the blockchain network is broken into smaller chunks, commonly known as shards. A set of nodes is then tasked with verifying data on an individual shard instead of verifying every data on the entire network. This way, the computational and storage workload is spread out across nodes, leading to increased throughput of transactions and lower latency. This helps to overcome the scalability problem. As such, the ledger entries are public, only that they are not processed and stored by every node. 

Types of Sharding 

There are several iterations of blockchain sharding, which are often classified in terms of the level of functionality. Below is a review of each type of sharding:

I) Network Sharding 

Network sharding is the most common type of sharding. It involves dividing the entire blockchain network into several subnetworks, with each consisting of one shard. All shards within the network process transactions in parallel, consequently increasing the performance of the entire network. 

However, this type of sharding poses a risk of one node gaining control over a majority of shards, which can lead to attacks or manipulation of the network. A possible solution for this problem would be to use a randomness mechanism to help assign nodes to a particular shard. Merkle tree root of transactions, in this case, can be used to facilitate public randomness to keep a node securely on one shard.  

II) Transaction Sharding 

Transaction sharding is an improvement of network sharding, whereby besides splitting the network into subnetworks, it goes further to divide transactions into groups which are later routed to different shards for authentication. 

III) State Sharding 

On state sharding, the entire ledger information is divided and stored in different shards. This is similar to dividing the state of blockchain into multiple states where each can process transactions independently and interact with others. 

Risks of Blockchain Sharding 

Sharding sounds great in theory, but its implementation is not as straightforward. There are several concerns that arise.

First, sharding can only be implemented on the Proof of Stake algorithm since it has active validators which can be randomly assigned to different shards. Proof of Work (PoW), on the other hand, relies on hash power to validate a block. Therefore, it’d be expensive in terms of hardware and electric power to alter any block.  

If sharding was to be done on the PoW algorithm, it would be feasible for a bad actor to accumulate enough hash power in a particular shard to manipulate the network. This is because by splitting the network – sharding – the hash power is also divided in the process. Therefore, it’ll be easier for bad actors to collude their hash power on a single shard and take control of that particular shard. 

Even when using sharding on Proof-of-Stake algorithms, there still exist challenges. One of these is maintaining inter-shard communication. Often, when nodes are assigned to a specific shard, all the associates of that particular node view the shard as an independent blockchain system, yet it’s just a segment of the larger network. In such a case, establishing inter-shard communication has proven to be difficult, requiring special efforts to develop communication systems. Even with the few inter-shard communication systems, most of which are yet to be rolled out into the market, they all have to sacrifice one of the key properties of blockchain – decentralization, and security – to achieve efficient communication. 

Also, as stated earlier, there are different forms of sharding, with each approach featuring its own pros and cons. This has led to a conundrum among industry players in terms of deciding which approach to take. 

The Future of Sharding 

Sharding has its own share of challenges slowing down its effective implementation, but it still presents an opportunity for solving the wider scalability problem facing blockchain technology. As Ethereum co-founder Vitalik Buterin once said, it’s impossible to maintain the two fundamental properties of blockchain – security and decentralization – when trying to solve scalability using sharding. His sentiments can be extrapolated to mean that, for now, the blockchain space has to rely on sharding for the maturation of the technology, and maybe with time, new approaches will be designed such that they don’t compromise on blockchain’s fundamental properties. 

In fact, social media giant Facebook under its Libra coin project recently acquired Chainspace – a blockchain start-up focused on sharding. Probably this suggests that Facebook’s Libra coin project may be considering using blockchain sharding to increase the coin’s throughput. It’s further predicted that with Facebook’s interest in blockchain sharding, new complementary technologies will be designed to solve some problems such as cross-sharding communication, to deliver the necessary scalability. 

Conclusion 

Scalability is one of the roadblocks hindering blockchain’s mainstream adoption. With the borrowed concept of sharding, technology has a better chance of finally replacing the traditional data infrastructures. However, the blockchain sharding still struggles with a few bottlenecks that need to be ironed before this happens. With big data companies such as Facebook showing interest in the technology, we can anticipate that the solutions to challenges facing it will materialize soon. 

Categories
Cryptocurrencies

What is Holochain (HOT)? Here is Your Complete Guide

Blockchain has been hailed as the technology of the moment, one that will disrupt industries with its groundbreaking decentralized, immutable, and transparency features. That’s fine and dandy, or at least it would be if the current blockchain systems like Bitcoin and Ethereum did not have massive scalability issues or required excessive amounts of energy just to run. Blockchain holds incredible potential, but these problems are holding it back. 

Enter Holochain, a new distributed ledger protocol and decentralized application platform that relies on an agent-centric consensus system. On Holochain, every network participant runs their own ledger and can function independently of other nodes on the network. This means faster processing times as well as environmentally friendly technology. 

In this guide, we’ll get into a more detailed overview of the Holochain project, as well as the exciting and unique solutions it brings to the distributed ledger space.

What’s Holochain?              

Holochain is a distributed ledger technology that allows developers to build distributed data structures and wants to change the data-centric approach of traditional blockchains to an agent-centric paradigm. It also aims to offer a more scalable and customizable distributed ledger solution that’s way more superior to the conventional blockchain.

In the current blockchain setup, information is stored and secured with cryptographic hashes on a distributed network. Each node/computer/participant takes part in securing the network and implementing a global consensus. This makes it a decentralized system, which is advantageous since it eliminates a single point of attack. This is one of the reasons why blockchain has been a hit in the tech space. 

However, it’s also the basis for some of the biggest blockchain’s weaknesses. Since every single participant must verify transactions, it also makes it slow and unscalable. This is partly why some cryptocurrencies have transaction confirmation times of up to hours, and fees are so high. 

Holochain: Agent-centric

Holochain implements what it calls an agent-centric structure. In this architecture, each node runs their own copy of the blockchain that connects to the larger network via a cryptographic key. 

This approach differs from the traditional blockchain in that, in a blockchain, all participants must come to a common consensus, and each must maintain the entire blockchain, which raises serious scalability issues. With Holochain, a participant only needs to maintain their individual ‘copy’ of the network and the unique key that connects them to the larger chain. 

Holochain describes this unique data storage like this: ” Where is the English language stored? Every speaker carries it. People have different areas of expertise or exposure to different slang or specialized vocabularies. Nobody has a complete copy, nor is anyone’s version exactly the same as anyone else’s. If you disappeared half of the English speakers, it would not degrade the language much.”

How Many Transactions Per Second Can Holochain Handle? 

Unlike traditional blockchains, the answer isn’t as simple or straightforward. But for clarity’s sake, we can say an unlimited number. Basically, transactions per second have no much meaning on Holochain due to how the technology is structured. 

Holochain maintains a distributed hash table (DHT) of the data represented by each individual blockchain. The team wants you to look at this protocol like you would a dance style. By looking over a dance floor, you can tell who is dancing to hip hop and who is dancing salsa. How many people can dance at the same time? The answer is simple: as many as the dance floor can handle. There’s no need for a global consensus system to keep track of every single individual/dance move.

The developers explain: “So, Holochain as an app framework does not pose any limit of transactions per second because there is no place where all transactions have to go through. It is like asking, ‘How many words can humanity speak per second?’ Well, with every human being born, that number increases. Same for Holochain.”

What Kind of Applications can Holochain Support? 

Holochain is a good fit for systems that need a lot of individual input – with every participant having a limited copy. Holochain would lend itself perfectly to social media platforms, supply chain, peer-to-peer platforms, intelligence communities, reputational cryptocurrencies, and cooperatives. 

However, Holochain’s protocol may not be suitable for anonymous data sets, since everyone on the network maintains a component of the whole system. As well, Holochain may be unfit for hosting large files or supporting positivist-oriented applications, like the vast majority of cryptocurrencies.

What Programming Languages Does Holochain Support?

Holochain itself is written in the Go language. However, it supports decentralized applications written in JavaScript or Lisp. It also supports CSS, HTML, and JavaScript front-end frameworks.

The Holochain team states that the platform is flexible in terms of supporting new languages, so there are more possibilities in that front in the future.

Holochain and the Environment

Holochain bills itself as an environmentally friendly distributed ledger system, which is the opposite of traditional blockchains. Since there is no need for every node to maintain and validate the entire network, Holochain consumes a fraction of the bandwidth that runs traditional chains. 

Also, Holochain does not rely on mining to verify transactions. Hence, there is no power-hungry use of electricity.

HOT Token & Holo Fuel 

Holochain is yet to launch it’s mainnet. As such, the team developed a placeholder token so as to raise funding. This token is known as HOT, and it’s based on Ethereum. The team hopes to replace it with Holochain’s own native currency known as Holo fuel. Once Holochain goes live, HOT tokens will be exchanged for Holo Fuel. 

Who’s on the Holochain Team?

Holochain is the brainchild of Arthur Brock and Eric Harris, who began work on the project in December 2016. Brock has 10+ years of experience in systems architecture, while Harris holds a Bachelor of Science in Computer Science from Yale. Harris is also a successful entrepreneur.

A further core team of 12 is working on the project, and it comprises developers, software architects, and UX/UI experts. 

HOT’s Tokenomics

HOT’s statistics are as follows, as of June 12, 2020. The token trades at $0.000596, and it’s occupying position #66 in market rank, with a market cap of $98, 417, 992. The token’s circulating supply is 165, 218, 400, 919, while its total supply is 177, 619, 433, 541. Its all-time high was $0.002538 (May 29, 2019), and its all-time low is $0. 000219, (March 13, 2020). 

Where to Buy and Store HOT

You can get some HOT from Binance, Bitrue, and WazirX. You will need to exchange BTC, ETH, or BNB for the token. 

As an Ethereum-based token, HOT can be stored in any wallet that supports Ethereum. Popular choices include MyEtherWallet, Mist, Parity, Trust Wallet, Atomic Wallet, Trezor, and Ledger Nano. 

Final Words

Holochain is an ambitious alternative to the blockchain tech we know about. It’s completely turning over our ideas about how distributed systems can function. If an agent-centric, rather than a data-centric protocol, is what’s needed to achieve much-needed scalability for distributed structures, then Holochain is on it’s way to major success. The blockchain community will be keeping a close eye to see future developments.

Categories
Cryptocurrencies

What’s Status (SNT)? Everything You’ll Ever Need to Know

Today social media networks are characterized by centralized, powerful owners that control every aspect of the platform, denying users any say or contribution to how things are run. This is despite the networks existing courtesy of the users. 

Then there’s the prevalent issue of bots, which are automated software fronting control by actual humans. What these bots do is to sway public opinion and give false credibility to messages. 

Status is a decentralized platform that gives users power and influence over the evolvement and development of the network. It also doubles as an Ethereum client that allows smartphone users all over the world to interact with the Ethereum network. In this guide, we’ll embark on the Status network and discover what it’s all about. We’ll also get a look at SNT, the network’s native token, its use, and where you can get it today.

What’s Status? 

Status is a mobile operating system that seeks to grant mobile users more accessibility to the Ethereum network. The aim of the network is to allow people to interact with Ethereum on a decentralized platform. Status also features a secure and peer-to-peer messaging platform. 

Through Status, you can get access to Ethereum-based applications right via an app on your phone. The idea is to promote the adoption of Ethereum decentralized applications by one of the largest demographic of tech users in the world – smartphone users. 

How Status Aims to Reinvent Social Networks 

Status aims to change the skewed set up of current social media platforms – which are designed to give nearly all control to platform owners and advertisers, leaving users with little to no power. On top of that, users have almost no say over how such platforms evolve, despite being their main drivers for success. 

How Current Social Networks are Designed

Social media platforms such as Facebook and YouTube comprise three parties: owners, advertiser (s), and users. Each of these parties contributes to the growth and continuation of the platforms in their unique ways, and with it, different goals that often clash with each other. As such, the current social media model lacks a formula in which different parties’ motivations can be aligned. 

#1. The Owner

The owner is usually the creator of the platform, and their goal is to get users to sign up on the platform. Traditionally, owners aim to retain users on the platform and extract value from them. They don’t necessarily have the interest of users in mind.

#2. The  Advertiser

Also referred to as ‘data broker’ by Status, the advertiser facilitates the owner’s extraction of value from users and the network. They do this by buying user data, as well as ads for products and services. They also buy user data profiled by the owner for more effective and targeted advertising (cue Facebook’s Cambridge Analytica fiasco). 

#3. The User

The user exists on the platform to connect with and maintain engagement with their communities by sharing interests. Users have no control over what information is fed into the network, or the direction of the platform.

How Status Brings Change

Status aims to change the model where only the owner and the advertiser exercises power in the network. Via the use of Status Network Tokens (SNT), Status empowers users to be stakeholders, as opposed to powerless spectators. 

Status is designed so that the behavior of all participants align with each other’s incentives. As a user on the Status platform, you’re in control over what information you consume, and you get to have a say on the future direction of the network.

The Status Network Token (SNT)

The network’s native token, SNT, powers the network. Users need the token to interact with some features of the Ethereum network. Holding SNT also grants you the right to contribute to key decisions on the development of the platform. 

Similarly, holding SNT allows you to upvote or downvote content, just like on Reddit or Steemit. The bigger your SNT stake, the more influential your voting power.  

Status and Usernames 

The Status Network allows only SNT token holders to have usernames. This is so as to reduce spam (e.g., the bots or fake accounts on Twitter) on the network. The same way Twitter adds a badge on accounts with a large following to verify ownership, the same way status uses badges to add trust. 

These badges are given to individuals who deposit a certain amount of SNT against their username. The badges will then display the number of tokens that are a bond of sorts for that particular account. 

Governance

In traditional social platforms, users have little say on the development of their network. Status goes against the grain by granting SNT holders a direct say on network decisions. Whatever your stake in Status, you have a voice on the network, and you can even propose changes.

Network participants’ voting protocol is as follows: 

  • A user’s tokens are cloned into ‘decision’ tokens for any decisions that are to be made.
  • A user’s SNT stake is directly proportional to their decision tokens.
  • You don’t have to hold SNTs to vote on proposals.

Still, on governance, the status network has what they call community creation and “attention-based signaling.” This essentially means that users can upvote or downvote content, like on Reddit. This approval and disapproval process is what is called ‘signaling.’

However, unlike on Reddit, where a user has one equal vote for every post, Status users are granted more voting strength depending on their number of STN tokens. 

Ethereum DApps on the Status Network

Some of the most popular Ethereum apps are on Status. Check them out: 

uPort – a self-sovereign identity management application that allows users to declare digital independence.

Gnosis – a prediction market that harnesses crowd-sourced wisdom

Oasis Exchange – a decentralized crypto asset exchange through which individuals can directly trade ERC20 tokens

Ethlance – a job market platform where people can hire and be hired, with cryptocurrency as the only mode of payment

Aragon – a platform where businesses from all over the world can create decentralized autonomous organizations

Etherisc – An insurance platform that makes insurance transactions more efficient and facilitates lower costs and more transparency. 

Ujo – A platform where artists can create content and share it with the world on their terms

The Status Team 

Status is the brainchild of Carl Bennetts and Jarrad Hope. The two have a long history working together, including in a software distribution company. 

Status has also boarded former Google executive Nabil Nahdy to serve as Chief Operating Officer. He brings his experience as a former lead for Google Maps and Google Flights, where he acquired experience for developing products for millions of users.

Altogether, the status team features 40 plus full-time members with experience cutting across business, marketing, law, and community management.

Status Token’s Economics

This is a breakdown of the statistics of SNT as of June 13, 2020. The token is trading at $0.025 911 while ranking at #69 in the market. Its market cap is $899 22459, while its 24-hour volume is $2124 2329. SNT has a circulating supply of 3, 470, 483, 788, while its total supply is 6, 804, 870, 174. Its all-time high was $0.675945 (January 04, 2018), while it’s all-time low is $0.006196 (March 13, 2020). 

Where to Buy and Store SNT Tokens 

You can grab some SNT from Swyftx, Binance, Cointree, Bitfinex, Coinswitch, YoBitNet, KuCoin, Huobi, Indacoin, Bithumb, Poloniex, OKEx, IDEX, Bittrex and ShapeShift. You will need to purchase a currency such as BTC, ETH, or USDT and exchange it for the token. 

As an Ethereum-based token, SNT can be stored in any Ethereum wallet. Popular choices include MyEtherWallet, MetaMask, Guarda, ethaddress, Parity, Trust, and hardware outlets Ledger Nano and Trezor. 

Final Words

As a social network, Status hands back the power to the users. There are no powerful strings being pulled from behind to control the user experience, and participants actually have decision-making power over the direction of the network.

And with the platform, the Ethereum network – the world’s second most popular blockchain platform, is not far out of reach any longer. Smartphone users can interact with the most popular DApps on the platform and derive value from them. Status’s proposal is unique and timely, and both Ethereum fans and proponents of decentralized messaging platforms will be watching to see the direction of the project.

Categories
Cryptocurrencies

What’s FunFair (FUN) All About?

The traditional online casino and gaming industry is rife with problems. From lack of trust among players, to slow gaming, to centralized systems that are unfavorable to players. 

FunFair is a platform that seeks to revolutionize online gaming, making it more accessible for all participants. Anyone from anywhere can run a casino – with high-level transparency and unrivaled player protection. With blockchain technology, its native FUN token, and Fate Channels, FunFair is set to disrupt the traditional casino industry. 

What’s FunFair? In this review, we’ll answer this question, as well as look into the unique propositions that the platform is offering online gaming. We’ll also look at its native token  – FUN, and what it’s all about.

What’s FunFair? 

FunFair is an Ethereum-based, online casino platform. FunFair itself is not a casino, but a gaming technology that is licensed to casinos and other online gaming platforms.

FunFair seeks to solve some of the biggest problems that online gambling platforms face, like downtimes, slow performance, high costs of operation, and diminished trust among users. 

The FunFair team hopes to achieve this by applying blockchain technology and utilizing ‘Fate Channels’, – their customized version of state channels.

How Does FunFair Work? 

FunFair works by licensing technology to casinos and other online gambling sites. If you’re the operator of such a site, you only need to license the technology and get to using it in just two clicks. You can then customize the platform to best match your site goals and how it can upgrade your customers’ experience.

Whatever you want goes. Whether it’s incorporating a VIP room for top clients, creating a loyalty scheme, casting a special light on certain games, you can totally do anything. 

FunFair: Eliminating User Friction

FunFair aims to remove the friction that is usually associated with onboarding and retaining players. There are reasons why some people would opt not to use an online casino.

#1. A Lengthy Onboarding Process

Joining a casino platform can be a demanding exercise. First of all, users have to download an app that takes up a lot of storage space. Then there is a tedious KYC (Know Your Customer) process that gambling sites have to comply with. 

On the other hand, FunFair games are based on HTML5 and thus run on the web, removing the need to download an app. FunFair also features an identity verification solution, FunPass, that provides a simple, safe, and one-click registration process for players. 

After registration, the network recognizes your Ethereum wallet as an approved player. And all this takes place within just seconds. 

#2. Poor Gameplay

Out there, we have several blockchain-based gambling platforms. However, they still grapple with user adoption. Blockchain issues such as the mining process, slow network speeds (due to lack of scalability) lead to games being insufferably slow, especially when the networks are facing significant congestion.

Also, transaction fees needed to make bets can be unbearably high, which only gets worse when the network’s cryptocurrencies increase in prices. 

To deal with such issues, FunFair has incorporated state channels known as Fate Channels (as we’ll see in a moment)  into the platform. 

#3. Lack of Trust

This is one of the most persistent problems in the online gaming industry. When playing at an online casino, it’s hard to know if the advertised game odds are genuine, after all. Compounding this issue is the fact that casinos traditionally operate in a legally gray area. The lack of surefire regulation can lead to a laissez-faire environment where casinos get away with anything. FunFair utilizes smart contracts to ensure transparency and fairness in the process. 

FunFair: Technology and Solutions

FunFair changes the game by incorporating blockchain and other solutions to create an environment that is conducive for both operators and players. Here are more features provided by the platform.

1. Serverless Ethereum Smart Contracts

FunFair operates on a serverless basis, dramatically reducing overhead costs for operators and increasing security for layers. Smart contracts power a decentralized experience, and users can play without interference of overzealous operators. 

2. Low-cost Gaming

FunFair does not rely on any bank or financial institution to conduct transactions. This helps keep transaction fees at a minimum.

3. A  Fast Experience

FunFair features a design that allows for instantaneous response to commands. Also, its use of HTML5 makes for a high-quality graphical display. 

4. Fate Channels

Fate Channels are customized state channels for the FunFair network. They combat the problems associated with operating atop Ethereum. Gaming sessions happen on a Fate  Channel, which enables first communication between the casino and the player as well as facilitating quick and fair smart contracts settlements for bets. 

5. Innovative 3D Games

The FunFair team has a combined 40 years of experience in game design – with some of them being gaming industry heavyweights. On FunFair, players will have access to varied and high-quality games in all categories, including blackjack, roulette, slots, and many more, and this without having to download anything. 

Fun Tokens

FUN is an ERC20 token that is used to do everything on FunFair, from purchasing in-game credits, to how game creators receive payment, to how casinos pay the licensing fee, and so on.

FUN has a fixed total supply of 11 billion tokens. The reason for this is to keep the token deflationary. FunFair requires casinos that offer high payouts to first stake enough FUN tokens to cover the payout. 

Tokenomics of FUN 

Below is a breakdown of FUN token statistics as of June 12, 2020.

FUN is trading at $0.03648, and it’s ranking at #159 with a market cap of $23, 887,223. The token’s 24-hour volume is $1, 591, 426, its total supply is 10, 999, 873, 621. FUN’s all-time high was $0.337854 (July 1, 2017), and its all-time low was $0.001051 (March 13, 2020).

Where to Buy and Store FUN

You can grab some FUN at any of several exchanges such as Binance, Bittrex, EtherDelta, HitBTC, EtherScan, Ethfinex, Nova Exchange, and more. While you can use Fiat currency, most of the exchanges require you to exchange BTC, ETH, and USDT for the token.

Since FUN is based on Ethereum, it can be stored on any Ethereum wallet. You have such choices as MyEtherWallet, Mist, MetaMask, Guarda, Coinomi, Trust Wallet, Atomic Wallet, and of course, user favorites such as Ledger Nano and Trezor.

Final Words

FunFair is providing a solution to most of the persistent problems confronting the online gambling industry. Of note is the decades-worth experience of the team, which should increase confidence for both players and gaming companies that the team knows what they are doing. With a verifiably fair system, hi-tech security, amazing speeds, and reliability, FunFair could conceivably become the future of online gaming.

Categories
Crypto Daily Topic Cryptocurrencies

What is Civic (CVC)? The Definitive Guide

The world has advanced in so many ways, but somehow, we constantly have to prove our Identity every other time we need to interact with a new service provider. And on top of that, centralized entities such as governments own our personal identification information. There’s also the issue, in underdeveloped countries, of people lacking basic services because they can’t prove their Identity. 

In an ideal world, people should be able to own their own identifying information, and they should be able to grant and withdraw the rights to that information at will. That’s what Civic, a blockchain identity management system, is trying to do. 

Civic offers a decentralized, open, and encrypted identity verification platform that grants identity information owners absolute control over their own Identity. And with this, to eliminate the redundant, resource-consuming process, both for you and service providers, of having to identify yourself every time.

And all this in a cryptographically-secured platform that deters unauthorized access, preventing hackers and other malicious parties from stealing or tampering with your identity records in any way. 

In this article, we go into a detailed overview of what Civic is all about. Let’s dive in.

Breaking Down Civic 

Civic is a blockchain project that aims to manage the Identity of persons in a safer and decentralized manner. As opposed to centralized identity management systems, Civic wants to provide more secure, cheaper, and faster verification for individuals around the world. 

Imagine the number of times you’ve had to undergo a KYC (Know Your Customer) procedure. Whether it’s a new job you’re applying, opening a bank account, registering as a voter, participating in an ICO, you have to show proof of Identity and wait for days or weeks as the organization authenticates this information.

Civic proposes to solve this problem via a blockchain-based and decentralized solution. With just the click of a button entering just a single detail of your personal identity information, any organization can cross-check this on the blockchain. And this is within seconds, rather than hours, or days, using outdated methods.

How Does Civic work? 

The Civic network has three separate but interdependent entities: users, validators, and service providers. Users are individuals who utilize the protocol to register the Identity. (An easy process using Civic’s Secure Identity app).

Validators are tasked with verifying the authenticity of identities. They can then sell this info to service providers on the Civic marketplace. Service providers are organizations/entities that need to verify the identity of candidates, customers, and so on. They are incentivized by the Civic token (CVC) to do so. 

Thanks to the Civic marketplace, service providers can save a lot of resources that would have been spent verifying the Identity of people. Now, all they need to do is purchase ‘access rights’ to users’ ID information.

Civic runs atop the Ethereum blockchain and utilizes smart contracts to oversee the verification of data and the network’s reward system.

Secure Identity App

Secure Identity App is Civic’s mobile and web platform where users can get started with Civic. When setting up, you need to enter various personal details such as name, address, driver’s license, social security number, ID number, tax ID number, passport number, and so on. You don’t have to enter your username or password so as to save the information. Instead, users use biometrics such as fingerprints. 

Also, a private key to encrypt users’ personal information is used. With this key, it’s only you that can access your personal identity details. While Civic will store the data, not even they will be able to access your info. 

As a matter of fact, Civic does not actually store identities on the blockchain directly. What it has are attestations of personal information for reference. This is Civic’s other way to preserve the integrity of their identity management process. Users can be absolutely certain that they are in full control of their sensitive identity information.

The Civic Token and Civic Marketplace

When a validator cross-checks identity information, other service providers can buy access rights to the information. Validators can also sell the rights on the Civic Marketplace (rebranded as Identity) with the users’ permission. Both validators and users receive CVC tokens. The validators for verifying the info and the users for providing it. A validator can be a bank, an insurance company, real estate, utility companies, and even governments.

Who’s on the Civic Team?

South African entrepreneur and member of the Bitcoin Foundation Vinny Lingham is the co-founder and CEO, and he brings over ten years of e-commerce experience. 

Jonathan Smith is Chief Technology Officer and co-founder. He has over 15 years of experience in banking and technical analytics and has previously worked for companies like Deloitte and RBS. 

Chris Hart is Chief Operating Officer, and he has over 20 years in senior finance and IT, having worked for companies like Guidebook, Inc., and Nextag. 

Tokenomics of CVC

As of June 11, CVC token is trading at $0.029230, while ranking at #181 in the market. It has a market cap of $19, 584, 374, a 24-hour volume of $8, 085, 656, a circulating supply of 670, 000, 000, and a total supply of 1 billion. The token’s highest-ever price was $1.66 (December 25, 2017), with its lowest-ever being $0.010823 (March 13, 2020). 

Where to Buy CVC

CVC is available in quite a number of exchanges. Find CVC at Binance, Bittrex, and Huobi, Cointree, Coinswitch, KuCoin, Huobi, ShapeShift, Poloniex, IDEX, and BitIt. 

CVC is an ERC20 token, meaning it can be stored in any Ethereum wallet. Some options include MyEtherWallet, MetaMask, Atomic Wallet, Most, Edge, Trust Wallet, Guarda, Ledger Nano S, and Trezor. 

Final Words

Civic helps individuals to not only have complete control over their identities but also earn doing so. This is a welcome contrast to the age-old process of having to recommit the same info to every new entity. And organizations can save a ton of resources that would have gone into verifying user identities. All they need to do is pay a small fee and obtain access rights within no time. 

And this, with the promise of high-level encryption security and biometric security that grants users utter control over their identities. The Civic platform is game-changing, and believers in sovereign Identity, as well as blockchain enthusiasts, are watching the project keenly. 

Categories
Cryptocurrencies

Your Guide to Nano Cryptocurrency 

Bitcoin brought to us the idea of money that could upset traditional finance through decentralization, faster speeds, and uncensorability. However, as the cryptocurrency gained wide adoption, it couldn’t handle the demand that followed, leading to disenchantment among users. 

Nano is a cryptocurrency that takes the idea of Bitcoin and makes it better. With its new tech known as block-lattice, it tackles the problem of scalability and high transaction fees associated with Bitcoin. 

Understanding Nano

Initially released in 2015, Nano is a cryptocurrency that aims to provide a fast, scalable, and low-latency payment solution. Nano aims to solve some of the critical problems with Bitcoin, which have prohibited the latter from adoption for many uses.  Nano outlines these problems as follows: 

  • Poor scalability caused by limited block size, making for high transaction fees
  • High latency making for an average confirmation time of 164 minutes
  • Power inefficiency, causing the Bitcoin network to consume and estimated 27.28Twh annually, with 260Kwh for every transaction

By utilizing its proprietary scalability technology known as block-lattice, Nano aims to solve these problems and provide feeless, split-second transactions. And this without Bitcoin’s work-intensive overhead and power-hungry verification mechanism. 

Nano Rebrand

Nano is formerly known as RaiBlocks. The project rebranded in January 2018 to remove the confusion over how the name was pronounced, as well as to attain a name that better resonated with fans. The project announced the rebrand in a January 21, 2018 blog post.

“(“Is it, ray or rye?,” “Ditch the Blocks!,” “Just call it Rai!”). Feedback from the community suggested that improvements could be made to better resonate with the public and a mainstream audience. Because of this, our team made the decision to rebrand.”

How Nano Works

Instead of using a blockchain, Nano uses a directed acyclic graph (DAG) algorithm, together with a technology called block-lattice. 

Block lattice architecture works like the blockchain in some ways, but it also deviates quite significantly in others. With a block-lattice, every account has its own blockchain, known as an account-chain. Only an account-chain owner can make changes to their individual chain, which means they can update their ledger asynchronously (at a different time) to the rest of the network. 

This means a node doesn’t have to rely on confirmation from the rest of the network. For this to be possible, funds sent through the Nano network must have two transactions: a sender transaction and a receiver transaction. For a transaction to be confirmed, the recipient must sign a block confirming receipt. If it’s only the sender’s block that is signed, the transaction can not be settled. Transactions take place via ‘User Datagram Protocol’ (UDP) packets, which is a communication protocol that minimizes computing costs and allows for transactions to be sent even when the recipient is offline.

Benefits of Block-Lattice 

By utilizing a block-lattice architecture, the Nano network is able to reap these benefits: 

#1. Low latency

Thanks to every account having its own chain, they can update at their own time to the larger network. Also, the dual transaction model removes the need for miners, enabling fast and zero-fees transactions.

#2. Scalability 

Transactions on the Nano take place outside of the main chain and via UDP packets. This eliminates block capacity issues since nodes do not maintain a comprehensive copy of all transactions on the network. This also makes for a lightweight network and hence faster transactions, unlike with a Bitcoin ledger where every new block has to be stored on the blockchain, causing sluggish transactions.

Nano’s Consensus Mechanism and Energy Efficiency

Nano secures its network via a delegated proof of stake (DPoS) model. If any conflict arises in regards to transactions, the network relies on the delegates who vote on which transaction is valid. This model is more advantageous than Bitcoin’s proof-of-work mechanism in several ways.

First, without miners, Nano doesn’t have to deal with potential mining attacks and the centralization issue that arises when some mining communities dominate the network. Also, Nano delegates hold a stake in a network, which in itself is an incentive to protect the network. Anything less would mean compromising Nano’s legitimacy and their (delegates’) assets while at it.

Additionally, the block-lattice infrastructure means that delegates only need to intervene when there is a discrepancy. This means running a node on Nano is way less energy-consuming. 

Who’s on the Nano Team?

Nano was conceived by Colin LeMahieu, who went ahead to create the project. LeMahieu holds a degree in Computer Science and has experience in software engineering, having worked for companies such as Dell, AMD, and Qualcomm. 

George Coxon is Chief Operating Officer, who has years of experience in asset trading and is a former intern at Saxo bank. Coxon holds a degree in evolutionary anthropology from the University of Liverpool.

Nano Tokenomics

As of June 14, 2020, Nano is trading at $1.09, while ranking at #53. The coin has a market cap of $145, 639, 985, with a 24-hour volume of $8, 099, 884, and a circulating, total, and maximum supply of 133, 248, 297. The coin’s all-time high was $37.62 (January 02, 2018), while its all-time low was $0.006658 (March 10, 2017). 

Where to Buy and Store Nano

You can find Nano in a variety of exchanges, including Binance, Kraken, Huobi, OKEx, DigiFinex, CoinBene, Bitvavo, Coindeal, HitBTC, and WazirX. On these exchanges, you’ll find Nano paired with proxy coins such as BTC, ETH, USDT, and also Fiat currencies like USS and the Euro.

Nano provides two online wallets known as NanoWallet and NanoVault, and also options for mobile (NanoWalletCompany, Canoe, and NanoBlocks). 

Great third-party wallets include Ledger Nano S, Ledger Nano X, and Natrium.

Final Thoughts

In a market saturated with cryptocurrencies, all seeking to improve on Bitcoin’s shortcomings, Nano has managed to come up with a unique and working product. It facilitates feeless, instant transactions, which makes it a very welcome idea in a fast and dynamic world. Its environmentally friendly consensus mechanism is also eyebrow-raising – in the best way. If cryptocurrency ever hopes to achieve mainstream adoption, Bitcoin’s myriad issues have first to be dispensed with. Nano does a great job of this. 

Categories
Crypto Daily Topic Cryptocurrencies

What are Airdrops? The Definitive Guide

Cryptocurrency was always a disruptor. It’s about disrupting centralized financial systems and handing back the power of money to the people. For this reason, it’s hardly a surprise when the space shows the world how to do other things in entirely new ways. 

The crypto market is changing the way we view marketing. While the average traditional startup will create a compelling advertising campaign, its counterpart in the crypto world will give away free money – in a process called airdropping – in a bid to get people talking about it. And clearly, it works, since for the past few years now, airdrops have become a mainstay in the crypto world. 

In this guide, we tackle everything you need to know about airdrops, including the scams you should stay on the lookout for. 

What’s an Airdrop?

An airdrop, in the crypto sphere, is a marketing/promotional technique that involves sending free coins/tokens to community members in a bid to promote a new currency. These coins are sent either for free or in exchange for a favor such as posting about the new project, writing a blog post, retweeting a post by the project, and so on. 

An airdrop’s end goal is to spread awareness about their project and hopefully get lifelong fans, as well as more traders, during the initial coin offering.

History of Airdrops

Tracking the history of airdrops leads you to Auroracoin (AUR), a crypto that was designated for the country of Iceland. The word ‘airdrop’ started featuring in cryptoverse when the project’s team announced an issuance period starting on March 25, 2014. Citizens of Iceland that had a permanent resident ID could register on Auroracoin’s official website and receive 31.8 AUR. At the time,  AUR was worth $385 (compared to today’s $0. 037180). 

After Auroracoin, many other upcoming crypto projects followed the airdrop approach, distributing crypto for free. Even already established projects occasionally use this approach so as to increase or revamp community engagement. For instance, Decred airdropped 258000 DCR in 2016 to community members, while Stellar (XLM) distributed freely 19% of their total coin supply to Bitcoin holders.

How to Participate in Airdrops

You can take part in airdrops whenever you want. To get started, you’ll need the following: 

  • A cryptocurrency wallet
  • Base Tokens 
  • Access to Information
#1. Cryptocurrency Wallet 

A cryptocurrency wallet is a device, software program, or app that lets you store, send, and receive cryptocurrencies. A crypto wallet is not one in the traditional sense. Instead, it holds your public and private keys through which you can conduct crypto transactions. Trezor and Ledger are some of the most popular crypto wallets. 

#2. Base Tokens

Base tokens are so-called because they are the ‘base’ of many cryptocurrencies out there, either by being built on top of them or by forking off of them. 

Examples of base tokens include Bitcoin, Ethereum, and EOS. If you’re looking to participate in an airdrop, you need to have at least two or all of these cryptos. Base tokens naturally have high liquidity, so you’ll have no trouble laying your hands on them in most major exchanges. Bear in mind that the amount of free coins you will receive will depend on the number of your base tokens (the more you have, the bigger the airdrop, with the reverse being true). 

#3. Access to Information

Not long ago, the only way you could stay on top of upcoming airdrops was to religiously follow chats on crypto forums. Thankfully, you can keep track of them way easier now. 

These days, we have sites and social media forums dedicated to just airdrops. To take advantage of them, start with the following: 

  • Follow relevant Twitter and Facebook accounts
  • Join relevant Telegram channels
  • Join online social forums that talk about airdrops
  • Follow relevant Twitter accounts
  • Utilize services such as Airdropaddict or Icodrops – which will keep you updated on all upcoming giveaways

Types of Airdrops

Airdrops do not follow alike or uniform protocols. There are different types of airdrops, each requiring its unique approach. Some of the common ones include: 

  • Standard airdrop
  • Bounty airdrop
  • Holder airdrop
  • Hardfork airdrop
  • Exclusive airdrop 
#1. Standard Airdrops

To qualify for a standard AirDrops, you need to sign up for a newsletter and start receiving updates on the project. All you need to do is enter your name and email address. 

#.2 Bounty Airdrop

These are airdrops that require you to perform a certain activity in order to qualify. The activity could be writing a blog post, tweeting/retweeting about the project, and so on. 

#3. Holder Airdrop

These are airdrops for individuals who hold a particular cryptocurrency. E.g., an Ethereum-based project will airdrop Ethereum coins to your Ethereum-holding wallet. 

#4. Hardfork Airdrop

These are airdrops targeted towards the original coin holders of a coin’s hard fork. E.g., an Ethereum airdrop on Ethereum Classic holders. 

#5. Exclusive Airdrops 

These are airdrops on the loyal/VIP club for a particular project. Such members may qualify for an airdrop that the rest of the crypto community is not privy to. 

How to Prevent Getting Scammed

Just like with anything concerning money, airdrops have attracted scammers looking to exploit innocent investors. If you’re looking to participate in an airdrop, then you need to watch out for these kinds of scams:

  • Private key scams
  • Information trolling
  • Bait and switch
#1. Private Key Scams 

Your wallet’s private key is like your bank PIN for traditional finance. You wouldn’t give away your PIN number, would you? It’s the same with your private key. If an “airdrop” asks you for your private key, then you know straight away it’s a scam. For anyone to send you crypto, they need your public/key address only. Avoid like the plague anyone asking you for your private key.

#2. Information Trolling

Obviously, airdrops have some of your personal information like email address, Twitter/Telegram handle, and so on. Scammy airdrops will accumulate this information and sell it to marketers – without your consent. The result is these marketers will spam you with endless content. In a worst-case scenario, the airdrops will try phishing you. To prevent such scenarios, do thorough research on any potential airdrop to establish its legitimacy.

#3. Bait and Switch

This is an airdrop scam in which, when signing up for an airdrop (usually fake), the party will try to get you to sign up for another one. The objective of the scammer is to profit from that other airdrop. Such a scammer may even try to get you to sign up for scammy, pump, and dumpsites. These kinds of scams may not cost you money, but they are a massive waste of time. If an airdrop asks you to do any of the above, know that it’s fake. 

Final Words

Airdrops are a win-win formula for all the parties involved. Upcoming crypto projects can give away tokens for free and publicize their product this way. They can also cultivate a loyal base. And community members who receive airdrops get to walk away with a pretty penny for free. Of course, beware of scammers who are looking to take advantage of unsuspecting investors in the guise of an airdrop.

Categories
Cryptocurrencies

Beginner’s Guide to Storm: The Comprehensive Guide

How many minutes or hours do you spend on your phone every day? What if you could earn extra cash while doing so? It turns out you can, at least on Storm Market.

Storm Market is a blockchain-powered platform that allows millions of people from all over the world to perform small tasks and earn cryptocurrency. All you need to do is sign on the platform, identify tasks you like, and get working. 

In this article, we’ll delve deeper into what the Storm project is all about, including how you can start earning tokens!

What is Storm?

Storm is the native currency of StormX, a blockchain project that aims to change how we view work by decentralizing the gig economy. Storm’s platform allows freelancers from all over the world to perform certain ‘microtasks’ and earn cryptocurrency in return through blockchain-based smart contracts. Such microtasks may include watching videos, completing surveys, and trying new products. 

The StormX team believes that the opportunity to earn to get by in life and advance ourselves along with our communities is a need that’s common to us all. It aims to challenge the current freelance industry (e.g., the likes of Upwork, Guru, and Fiverr) that’s not only centralized but also takes a huge cut from freelancers’ earnings. 

Storm Market is the place where Storm wants to take the first step to change this problem. Ultimately, users can take part in ‘gamified’ microtasks that allow anyone anywhere to earn money at any time, as long as they’re connected to the internet – no matter what device they are using. And it’s just not about money. Community participants can interact and engage with each other, fostering active participation and a feeling of belonging. 

The Storm Market will enable this for users: 

  • Allow them to find new opportunities easier.
  • Make it easier to advance.
  • Make it easier to engage with others, no matter their role in a community.

The Principles of StormX

StormX believes in and is guided by these three principles: 

  1. Effective global inclusion is possible if all participants can negotiate and reach an understanding.
  2. The opportunity to earn and improve one’s condition is a basic human right.
  3. Efficiency is about respecting time – the most valuable resource.

How can you earn STORM Tokens? 

There are three main ways through which users can earn STORM tokens on the Storm Market. 

STORM PLAY lets users “play to earn.” They can do this through the Storm Play application on both Android and iOS. ‘Playing’ involves playing videos, filling out surveys, or trying new products and services. Players can earn crypto in the form of Storm Bolts, Bitcoin or Ethereum. 

STORM SHOP lets users “shop to earn.” Via this platform, users are rewarded for purchasing certain products and services. 

STORM GIGS lets users “perform to earn.” Participants are given the opportunity to earn STORM tokens for performing various micro-tasks such as freelance tasks, quality assurance testing, machine learning tasks, and so on. 

Who Can Use the Storm Market?

Anyone from around the world can use the Storm Market. However, the platform is also created with certain categories in mind, and the team has labeled these categories to make it easier for participants to interact with each other. 

People who use the platform to make money/take advantage of available opportunities are called Storm Players. Advertisers, gaming platforms, companies, and recruiters and anyone else who can offer opportunities are known as Storm Makers.

Other participants on the platform are: 

  • Achievers- individuals who like to learn and master new skills, and want to succeed at whatever they do
  • Disruptors – individuals who like to challenge existing systems and are inclined towards tasks such as testing, rearranging existing elements and so on
  • Explorers – these are free-spirited individuals who like tasks with an exploration and creative element, and are likely to find and complete tasks on the fly
  • Socializers – these are people who like interacting and forming connections with others and are likely to check on and complete referral tasks.
  • Philanthropists  – these are people who like tasks that are inclined towards contributing to the greater good, and are more likely to seek Storm Makers whose tasks involve acts of altruism
  • Players  – a general term encompassing all the above, these are individuals who carry out tasks so as to clinch awards and prizes.

How Does Storm Market Use the Blockchain? 

The blockchain is a crucial and central part of the Storm Market platform. It facilitates the efficient matching of Storm Makers and Storm Players. 

Storm market also utilizes blockchain smart contracts – ‘Storm Contracts’ to automatically enforce the terms of engagement between Players and Makers. The automation and the elimination of human intervention lead to faster processes, high efficiency, and lower fees. 

Storm Tokenomics

As of June 10, the price for STORM token was $0.003401. The token held a market position of #154, with a market cap of $26, 644, 398, a 24-hour volume of 8, 856, 343, a circulating supply of 7, 833, 646, 881 and a total supply of 9, 967, 745, 869. STORM’s all-time high was $0.246579 (Jan 09, 2018), while its all-time low was $. 0.000572 (March 13, 2020). 

Where to Buy and Store STORM 

You can acquire Storm tokens by participating in the Storm Market platform, where you will earn in the form of a currency known as Bolts. You can then convert these into Storm tokens. Additionally, you can get STORM tokens for any of these exchanges: Bittrex, HitBTC, and BitSwap. 

STORM token is based on Ethereum’s blockchain, and thus, you can store it on any ERC20/Ethereum-compatible wallets. Popular options include MyEtherWallet, Mist, MetaMask, Jaxx.io, Trust Wallet, Atomic Wallet, Ledger, and Trezor.

Who’s on the Storm Team?

Storm is the brainchild of CEO and Founder Simon Yu, who is a graduate of the Foster School of Business. 

Sean Zhong is the Chief Technology Officer, and he has experience working in data warehousing and software engineering. 

Tara Nygaard is the chief operating officer, and she has experience in cybersecurity and the Internet of Things (IoT).

Storm also features a strong suit of advisers such as Bancor CEO Guy Benartzi, Bittrex founder and CEO Bill Shihara, as well as Ethereum’s co-founder Anthony Do Iorio. 

Final Words

Storm provides a platform for everyone around the world to earn anytime, whether on their mobile devices, tablets, laptops, and so on. With just a click of a button, you can earn extra money by sparing just a few minutes a day. It is a safe and secure platform for people who want to promote products, get small tasks taken care of, and so on. On Storm, individuals can also engage, interact, and be part of a larger community. Storm is a game-changer, and it will be interesting to see how it evolves. 

Categories
Cryptocurrencies

What’s Storj (STORJ)? Here is All You Need to Know

The future of online storage is decentralized. With idle space on your hard drive, and with a reliable internet connection, you can store files for someone from the other end of the world and get paid for it. This is possible because of blockchain, the tech that was brought to life by Satoshi Nakamoto, and one that powers thousands of cryptocurrencies. 

With blockchain, it’s now possible to create a decentralized, peer-to-peer, and cryptographically secured storage platform that incentivizes users with crypto.

Storj, a product of Storj Labs, is one such project. And it has received a stamp of approval from Ethereum’s Vitalik Buterin, who has praised the project, saying, “Distributed file storage systems like Storj have the potential to eliminate high mark up costs and market inefficiencies and provide a much higher level of privacy reliability and quality of service than we see today.”

What is Storj all About?

Storj is a decentralized and peer-to-peer, file storage that uses encrypted shards and blockchain-powered hash tables to secure and store files. Storj aims to make cloud file storage more accessible and secure. 

Current file storage solutions such as Dropbox, Google Drive, and so on have limitations. Events such as internet connectivity outages mean that you cannot access your files. Also, the service is centralized, meaning the companies have access and control over your data. 

Storj proposes to solve these problems via a blockchain-based, peer-to-peer, private, and distributed file storage solution. 

Storj and Torrents

Before we dive into Storj, we need to do a refresher on torrents. At the start of the last decade, torrents became the go-to way for internet users to download content – from movies to TV shows to videos. Torrents operate on a peer-to-peer fashion, as detailed below: 

  • Many users store copies of a particular file in the peer-to-peer network 
  • When you want a copy of the file, you send a request to the network
  • Users who have a copy of the file (these users are known as seeds) send you fragments of the file
  • You (the requester) receives many fragments from many different copyholders, and the torrent software rearranges the fragments to form a complete file

The advantage of using a torrent to download content is you can receive fragments of the file from multiple sources simultaneously. This means you get the file quicker than you would if you were downloading the whole thing at once from just one source. 

Now, these torrents were (and still are) an illegal way to acquire content. But since they are operating on a decentralized model, no one can shut them down. 

Storj works the same way, except not in an illegal way, or for pirated videos. With that, let’s look at how Storj works. 

Functionalities of Storj 

#1. File Sharding

Storj’s shard-based storage is much like the fragments of torrents. When a user wants to store a file on Storj, they first divide it into many smaller chunks (sharding). The benefit of this is when you want to download the file, you can do it in parallel, which makes the process quicker. Also, it’s only you who knows where the pieces are located, meaning it’s a completely private affair with you in total control. 

The location of shards is one of the major differentiators between Storj and torrents. With torrents, anyone can access the shards. On the other hand, Storj, as a cloud storage service provider, prioritizes user privacy. And it does this by utilizing blockchain and cryptography. 

To achieve utter privacy, Storj implements a distributed hash table (DHT) through which a user locates all the shards of the original file. To access the shards, you need a private key. Without the key, it’s next to impossible to track down the locations of the various shards. Storj’s hash table is known as Kademlia, and it’s one of the network’s core technologies. 

#2. Parity Shards and Erasure Coding

On Storj, shards are distributed across computers all over the network. But what would happen if one of the computers went down or stopped running the network? What would happen to the shards on that particular computer?

Such a scenario necessitates that Storj implements some sort of redundancy. (In computer science, redundancy is the duplication of components so that there will be a backup in case of system failure). Storj achieves redundancy via ‘parity shards.’ When a user uploads a file, they can choose how much redundancy they want for the file. With enough parity shards, you can significantly reduce the chances of losing pieces of your data. 

However, with time, the likelihood of losing shards increases. To counter this, Storj performs regular audits. But as a user of the platform, the best practice would be periodically recalling and then reuploading your files.

At the same time, too much redundancy would slow down the network. Storj combats this by implementing coding rules that reduce redundancy by erasing shards that have been overly duplicated. Through this process, Storj also identifies data whose redundancy should be increased.

#3. End-to-end encryption

Apart from sharding, Storj ensures high-level privacy by implementing end-to-end encryption. Sharding already ensures that no one, not even data hosts (called farmers), can access the whole file. But this is not enough since even for one to be able to access and read a shard would be problematic.

To prevent this, Storj facilitates data owners (known as tenants) to encrypt their files before sharding. The encrypted file has only one key that you keep on your computer (or in the bridge – more of that in a moment). 

As the only owner of a private key, you’re the only person who can read the file. Therefore, farmers store not just encrypted files, but ones that are a part of a whole original file. This makes your data secure since the data kept by a farmer is useless as just a shard – and an encrypted one at that – that’s part of a larger file. 

For an entity to hack the Storj network and locate a file, they would first need to find all the shards that make the whole of the file. This is next to impossible without the private key. Again, they would need to convince farmers to send them the shards. And lastly, they would need to access the encryption key (either by guessing (impossible) or stealing). As you can see, for one to access data stored on Storj, they’d need to jump through so many hoops, but even those wouldn’t get them very far. 

#4. File Verification

Anyone entrusting their data with Storj would naturally ask themselves the following questions from time to time: “How can I know my files are still there?” “What if a farmer has deleted them or turned their computer off?” 

Storj deals with this concern by carrying out hourly audits,  together with other verification processes. For farmers to receive their payments, they must first provide proof of having the shards they’ve been assigned. For this to happen, farmers receive a request from Storj. If they have changed or deleted the shard, it will not be possible for them to respond to the request. But if they currently have the file, they are able to respond to the request correctly. 

They will then receive a reward for storing and maintaining the file. As you can see, farmers have an incentive to store and protect files accurately. 

#5. Bridge

Bridge is the name of the server or protocol that allows you to access your encryption keys across a range of multiple devices. Initially, tenants could only store their keys locally on their computer. However, this was limiting because it meant you could not switch devices.

Bridge decentralizes your access – all you need to do is to verify your identity and access your files from any device.

Storj’s Token (STORJ)

STORJ is the Storj network’s native token. It acts as a means of payment on the network. Tenants pay fees for having their files stored on the network, while farmers are compensated for sharing their storage space and bandwidth. 

The token runs on top of Ethereum’s blockchain, and it uses a proof-of-work consensus mechanism. Storj has a maximum supply of 500 million. 

What’s the Market Look Like for STORJ?

As of June 11, 2020, STORJ’s price was $0.160915, and it ranked at #158, with a market cap of $26, 082, 246, the 24-hour volume of $114, 759, 728, a circulating supply of 162, 086, 753, and a total supply of 424, 999, 998. The token’s all-time high was $3.13 (Jan 09, 2018), while its all-time low was $0.048353 (March 13, 2020). 

Where to Buy and Store STORJ

Currently, you can buy STORJ tokens from any of these exchanges: Binance, Coindirect, eToro, and  Poloniex. 

As an ERC20-compliant token, STORJ can be stored at any Ethereum-compatible wallet. Popular choices include MyEtherWallet, MetaMask, Trust Wallet, Atomic Wallet, Trezor, and Ledger Nano. 

Who’s on the Storj Team? 

Storj is the brainchild of Shawn Wilkinson, who’s also the CEO of Storj Labs, the company behind the project. The rest of the team includes professionals in software engineering, business, marketing, graphic design, and more. 

Final Words

Storj provides a compelling product: decentralized, peer-to-peer, and cloud-based storage with two formidable layers of security. Its working model is robust, yet simple, file owners upload their content, and farmers secure them with their extra storage space and bandwidth resources. If Storj catches on, it could very well give traditional online storage services a run for their money. 

Categories
Cryptocurrencies

What is Enigma: Complete Beginner Guide

One of blockchain’s persistent thorns on the side is that of privacy and scalability (or lack of them). With transparent platforms and labor-intensive verifications and consensus mechanisms (Bitcoin and Ethereum), traditional blockchains are not equipped to deal with the fast, privacy-oriented world of today. 

Using Bitcoin’s public addresses, for example, a dedicated person with resources can soon track who is the real-life owner of a particular transaction. For privacy-conscious users, this lack of privacy is not an option. And when it comes to scalability, the blockchain community remembers the CryptoKitties fiasco on the Ethereum blockchain, in which the uber-popular game almost brought down the network, proving it’s far from scalable for high-volume transactions. 

Enigma is a blockchain platform that aims to solve these issues for blockchains via the use of second layer technology. The platform was initially built on Ethereum but has since launched its own mainnet in Feb 2020.

Below, we explore the Enigma concept, how it works, and some applications for its privacy blockchain.

What is Enigma?

Enigma is an off-chain network that aims to complement blockchain networks via a second layer of storage and computation. It aims to make blockchains more private and scalable by providing a platform where they (blockchains) can offload data. This data will be treated with high-tech security, and the process will also help to decongest the main chain. 

Enigma sees and hopes to solve the following problems with the current blockchain setup. 

i) Data Privacy

Blockchains have transparent transactions by nature. As you can imagine, they don’t go hand-in-hand with privacy. This limits the scope of decentralized applications (DApps) that can be built. For instance, healthcare, finance, and manufacturing all need “a privacy” that cannot be afforded by current blockchains.

ii) Usability

Decentralized applications are already not exactly easy to use. Added to the issue of privacy, interactions with such apps become more complicated.

iii) Scalability

The limited block size, e.g., 1MB for Bitcoin’s transactions, plus difficult computations that need to be carried out before transactions are verified, leads to uncompetitive scalability levels. 

iv) Data Silos

Current data sharing solutions are centralized and characterized by silos, restricting the sharing of crucial information and creating single points of attack. 

Enigma seeks to solve these problems, as we’ll see below.

How Does Enigma Work?

#1. Off-chain Ecosystem: MPCs and DHT

Enigma will utilize multi-party computations (MPCs) and distributed hash tables (DHT) to achieve data privacy. The MPCs will be responsible for distributing data between network nodes, splitting info into small separate chunks to make it more secure. The DHT then stores this data in an off-chain database. Essentially, MPCs and DHTs are two parts of a whole, with both playing a crucial role in achieving top-notch privacy for network data. 

Network nodes receive fees for securing and maintaining the network, as well as being incentivized through the network’s token, ENG. After the February move to their own mainnet, the network will adopt a new native coin, ‘Secret’ (SCRT) through which users can claim a stake in the network, as well as pay transaction fees.

The Enigma network ensures that node operators act with honesty and integrity via the use of the security deposit that they lose in the event of misconduct. 

The Enigma white paper explains: “To participate in the network, store data, perform computations, and receive fees, every full-node must first submit a security deposit to a private contract. After each computation is completed, a private contract verifies if correctness and fairness were maintained. If a node is found to lie about their outcome or aborts the computation prematurely, it loses the deposit, which is split between the other honest nodes. The computation is continued without the malicious node (e.g., by setting its share of the data to 0).”

 #2. Catalyst and Data Marketplace

Enigma utilizes secret contracts through which developers can create privacy-focused DApps. Some use cases for the secret contracts include election/voting, financial audits, healthcare, identity management, and so on. 

Another use case is the trading data marketplace. One such use case is Catalyst, the first-ever DApp on the Enigma platform. Catalyst provides an environment where users create, share, and exchange data to create the best crypto investment strategies. 

The Catalyst whitepaper puts it this way: “The main goal of Catalyst is to serve as a one-stop-shop for developers (or quantitative traders) who are interested in developing trading strategies that operate in the expanding domain of crypto markets. Developers can utilize the myriad of data sources that will be made available through our platform and will be served through Enigma’s peer-to-peer data marketplace protocol, to build their models, backtest them according to historical data, as well as put their strategies to the test in a simulated or real trading environment.”

What are Some of Enigma’s applications?

The Enigma product can be utilized in a raft of many disparate industries. Let’s take a look at some of those: 

1. Data protection

Companies can use Enigma to ensure high-level protection for their data and thwart off corporate espionage. This would also extend to employees, who can still access and use data but cannot steal it. This would help organizations save up on security costs. 

2. N-Factor Authentication

Biological identifiers such as voice, face, and fingerprints recognition can be stored on the Enigma blockchain. Only the right owner of such identifications can be allowed to access the data. 

3. Identity Authentication and Secure Storage

This would involve authenticating identities in a provably correct, anonymous, and trustless manner. All that is needed is for the user to share their personal information secretly. When they log in, an authenticating private contract is implemented, thus giving the user a pass-through to the account. 

4. IoT

Manage and utilize highly sensitive data handled by IoT devices in a decentralized and trustless cloud computing system

5. Distributed Personal Data Store

On the Enigma platform, individuals can store and share personal data with third parties while still maintaining total control and ownership of the data.  The decision to share the data is reversible, and third parties can only perform computations on the data – they do not have access to it.

Who is on the Enigma Team?

The Enigma core team is a duo that’s also MIT graduates with a ton of experience in software engineering between them. 

Guy Zyskind is the CEO and co-founder. He has an M.S. from MIT and 10 + years of experience in software development. Zyskind is also a former MIT Media Lab research assistant and the tutor of the first-ever class on blockchain at MIT. 

Can Kisagun is the project CPO and co-founder. He’s a graduate of MIT’s Sloan School of Management and has experience with tech startups. He formerly worked at McKinsey and company as a business analyst.

Several notable investors have also given a thumbs up to the project, including Floodgate, Flybridge Capital Partners, the Digital Currency Group, and MIT. 

Enigma (ENG) Tokenomics

As of June 8, 2020, Enigma is trading at $0. 321533, world ranking at #166. The token’s market cap is $24, 062, 307, and its 24-hour volume is $1, 380, 629. The current circulating supply is $74, 836, 171 out of a total supply of 150, 000, 000. ENG’s all-time high was $8.30 (Jan 10, 2018), while its all-time low was $0.070056 (March 13, 2020). 

Where to Buy and Store Enigma 

Enigma is available on markets such as Binance, Huobi, Coinswitch, Cointree, and Bittrex. In some of the exchanges, you will need to first purchase another crypto such as BTC and ETH before converting it to ENG. 

ENG is an Ethereum-based token (for now – see the statement by the team on the issue), meaning you can store your ENG tokens in any Ethereum-compatible wallet. Some of the best options include MyEtherWallet, Parity, MetaMask, Guarda, Trust, Bread, as well as user favorites Ledger Nano S and Trezor.

Final Words

Enigma promises two robust solutions for the current blockchain setup: security and scalability. Secret contracts provided by the platform will afford users a high-level verification of data, while still taking advantage of the network’s watertight privacy. Developers can offload blockchain data onto the off-chain Enigma, which will facilitate scalable and safe storage. 

Enigma’s first-ever DApp, Catalyst, is a must-see for new and experienced traders. Here, they get unfettered access to a raft of tools to optimize their trading and investment decisions, all in an autonomous, trustless environment. Enigma’s unique offerings separate it from the crypto herd, and the community is keenly watching to see how it evolves.

Categories
Cryptocurrencies

What is DragonChain: Here is The Comprehensive Guide

By now, nearly every industry is aware of the game-changing attributes of blockchain and how it can help them optimize their processes in an unprecedented fashion. 

In an ideal world, every business would incorporate blockchain in a heartbeat. However, it’s not as simple. First of all, the current blockchain setup is largely public, rendering it unfit for the private and sensitive nature of business processes. 

The other issue is how expensive blockchain is. It would cost an incredible amount of resources to set up blockchain from the ground up. 

DragonChain is a privacy-oriented blockchain designed for businesses. On the platform, businesses can get access to cryptographically secured, fast, and transparent features of blockchain and parlay them to improved efficiency and profitability. 

What is DragonChain? 

DragonChain is a hybrid (public/private) blockchain ecosystem developed by the Walt Disney Company in 2014. Originally the “Disney Private Blockchain Platform,” Dragonchain was subsequently made open source in 2016 after experimenting with more than 20 applications and proving its value as a blockchain platform. 

The platform was designed with enterprises in mind, and it aims to simplify the integration of businesses on the blockchain. It offers features such as data protection, currency agnosticism, and multi-currency support, interoperability with other blockchains, short block time, simple architecture, adoption of standards, and simplified development. 

The Dragonchain Foundation is a non-profit that was formed in January of 2017 to maintain responsibility for the open-source code. 

The DragonChain Team

The DragonChain team is made up of a core team of eight, with founder, CEO, and Chief Architect Joe Retz at the helm. Retz has worked for Disney before committing full-time to the DragonChain project. 

The rest of the team comprises four developers and three others with experience in business, marketing, and law. 

The project has also onboarded a strong suit of advisors, including popular blockchain figure and Bloq founder Jeff Garzik, who also serves on the advisory board of other blockchain projects such as BitFury, BitPay, Netki and more. Another advisor is Vice President of game publishing at Microsoft and Xbox co-founder Ed Fries. 

What Does DragonChain Do? 

DragonChain aims to help businesses incorporate blockchain solutions in a fast, private, and secure fashion. Businesses might find this an attractive proposition due to the many benefits it heralds, such as improved efficiency and security, reduction of costs, transparency, and the possibility for eliminating fraud.

DragonChain aims to do this by providing a “turnkey” blockchain product that’s compatible with the existing language development stacks such as Java, Python, C++, and Go. This makes it possible for companies to build smart contracts on the DragonChain blockchain with already available programming languages. With this, the project hopes to avail these benefits to businesses, according to its white paper: 

  • Lower development costs utilizing existing development languages
  • Faster speed to market
  • Increased levels of security
  • Higher scalability

How Does DragonChain Work? 

The dragon ecosystem is built upon three core components: 

#1. The DragonChain Platform

The platform is the backend zone for DragonChain. Here, developers can create smart contracts in already widely available programming languages. The platform also features advanced currency implementations, accessibility to Amazon Web Services and Google deployments, smart contract libraries, and so on. 

#2. Dragon Incubator

DragonChain also features an incubator that allows companies to develop their own blocks and projects by following DragonChain’s standardized procedures. Other services will include: 

  • A community dashboard for projects to compare and monitor progress
  • Access to legal, technical, marketing and economic professionals for advice and support
  • A platform team to model economic trends that go hand-in-hand with the top model in terms of business design, lifetime value, monetization models, data strategy and more 
  • Accelerated project launches
  • Sustainable token marketplaces

Projects that have previously been under this incubator include: Look Lateral, Liquid Art, Seed2You, LifeID, IDPay, and ClevX. 

#3. DragonChain Marketplace

The DragonChain marketplace is where companies can get support and access to subject matter experts in cryptocurrency, software development, and other topics. 

These three components (platform, incubator marketplace) make up the DragonChain ecosystem. The ecosystem is powered by Dragochain’s token, the Dragon Coin (DRGN). 

How Does DragonChain Stand Out?

DragonChain has several attributes that make it stand out from other blockchains. First of all, as a hybrid blockchain, businesses can enjoy all the benefits of blockchain in a private and secure manner that allows them to safeguard sensitive company data. 

Also, the hybrid DragonChain supports a multi-currency system, as well as a serverless commercial platform that supports powerful, yet simple scaling.

DragonChain also provides a high-level blockchain with a five-tier consensus and trust level. These levels include the following: 

  • Verification
  • Enterprise Validation Verification
  • Network Diversity Verification
  • External Partner (Notary) Verification 
  • Public Checkpoint Verification

Which Industries Does DragonChain Target?

Blockchain tech helps provide more secure processes and eliminate fraud. Any company that wishes to achieve these might find the DragonChain product well worth looking into. 

Gaming companies could also profit from the DragonChain platform. DragonChain tokens could enable gamers to purchase virtual items in a safe and secure manner, effectively creating a trustless marketplace for virtual goods.

Other use cases of DragonChain include auditing, election/polling/voting systems, bookings and reservations, and so on. 

DragonChain’s Slumber Score

DragonChain has a reward system for holders of the Dragon token. This reward is in the form of a ‘slumber score.’ With the score, the more DRGN tokens you hold, and the longer you do so, the higher your slumber score.

A higher score entitles individuals to bonuses on ICOs, while business owners are rewarded with discounts on smart contracts and other tech products that DragonChain rolls out in the future. 

DragonChain Statistics

As of June 10, 2020, DRGN traded at $0.104516, and it held position #130 in the market. Its market cap was $35, 451, 979, and it had a 24-hour volume of $151, 363, a circulating supply of 339, 202, 417 88, and a total supply of 433, 494, 437. DRGN has an all-time high of $5.27 (Jan 09, 2018) and an all-time low of 0.020523 ( April 16, 2020). 

Where can I buy and store DRGN? 

You can grab some DRGN tokens from KuCoin, EtherDelta, Gate.io, IDEX, YoBitNet, Tidex, the Bancor Network, CoinSwitch, and so on. 

Despite DragonChain having its own, independent blockchain, the project decided to base it’s token on Ethereum. As such, the DRGN token is compatible with any ERC20/Ethereum wallet. Some options include MyEtherWallet, MetaMask, ethaddress, Parity, and so on. If you’re looking for something more secure, consider hardware wallets such as Trezor and Ledger Nano S.

Final Words

DragonChain offers a conduit for businesses to incorporate blockchain solutions and achieve more streamlined processes, improved security, and deficiency. Its five-layer consensus and trust model is testament to how seriously they take security, and companies can trust that their data and processes will remain ultra-secure at all times. Developers and businesses get the features of the traditional blockchain, plus enterprise-specific caterings. 

Categories
Cryptocurrencies

Beginner’s Guide to Bancor (BNT) 

In the stiff competition of cryptoverse, it’s easy for big-name cryptocurrencies such as Bitcoin and Ethereum to hog nearly all the limelight and market activity, leaving lesser-known projects scrambling for half the attention. 

That also means the projects’ intended purpose might get lost in the peripheries – to the detriment of the blockchain and crypto sphere. 

Bancor is a blockchain project that seeks to provide liquidity for illiquid cryptos by providing an instant conversion platform where users can obtain their desired tokens at little or no fees. Also, the conversion needs no second party, eliminating counterparty risk. 

This piece is an in-depth exploration of the Bancor platform, as well as its native token, BNT. 

What is Bancor? 

Bancor is a blockchain-powered protocol that facilitates the direct and instant exchange between different cryptocurrencies. This kind of exchange would remove the need for centralized exchanges such as Coinbase. 

Bancor aims to solve the problem of illiquidity that characterizes the current cryptocurrency market. With popular coins like Bitcoin and Ethereum, illiquidity is not an issue since there’s always a ready market looking to acquire or exchange them. However, for thousands of other coins and tokens that are yet to attract as much attention –  a market is definitely an issue. 

A cryptocurrency’s liquidity is determined by the lack of or the presence of a ready market. A crypto with high liquidity is one that you can easily buy or sell at any time, and the reverse is true for one with low liquidity. 

The Bancor team believes that the vast majority of cryptos that have low liquidity are being excluded from the internet of value. As such, it has created a protocol that can integrate those tokens and make them more accessible. It envisages a future where millions of cryptocurrencies are effective – and readily tradable. 

How Does Bancor Work? 

#1. Smart Tokens and the Bancor Protocol

Bancor employs smart contracts to create ‘Smart Tokens’ to achieve an alternative to the usual way of trading. A standard paper transaction involves two parties exchanging tokens. By contrast, the Bancor protocol utilizes a trading mechanism based on smart tokens, and a transaction does not have to involve a second party. 

Bancor’s protocol is designed to convert directly between different ERC20 tokens – without the need or involvement of a second party or third-party vendors like crypto exchanges. 

This is how it works: smart tokens are linked to smart contracts that act as the reserves of other ERC20 tokens. The smart tokens then process conversions internally, depending on currently held reserves and the volume of exchange requests. 

You can think of smart tokens as coins that hold the monetary value of other tokens. On the Bancor network, they play much the same role as that of a Central Bank that holds foreign currency reserves and oversees conversions between them as and when required.

The Bancor protocol supports all cryptos that are Ethereum/ERC-20 compatible. Any single token created on Bancor is ERC20 compliant, and hence it is compatible with all other tokens on the network. 

#2. Bancor’s Liquidity 

Bancor enables liquidity for tokens by eliminating the need for transacting parties to match so that an exchange can take place. Instead, you can make conversions at any time on the network. 

The network utilizes a Constant Reserve Ratio (CRR) in smart contracts to ensure liquidity. CRR is a mechanism that makes sure the smart tokens are holding reserves at any time. 

As tokens go through various smart contracts (from a user request to conversion, to receiving), transactions are calculated through a complex mix of algorithms. These algorithms are designed to oversee conversion between different currencies without depleting the reserves.

#3. Converting Tokens 

Users can access Bancor and convert between available tokens through the network’s web application. 

A standard token conversion would follow more or less of this process: After selecting the tokens, you want to exchange, click “convert.” The protocol will kick off a series of requests to various smart contracts. The first request converts the token you’re holding to a smart token that holds reserves for that token. The smart token is then dated for another that holds reserves for the token that you want to acquire. When these conversions are through, you receive your desired token.

The Bancor Network Token 

Bancor has its own native currency called the Bancor Network Token (BNT). BNT is the default reserve currency held as a reserve by all smart tokens. As such, BNT reduces the number of conversions that are needed to arrive at the end token. 

What Are Some Use Cases for the Bancor Protocol?

The Bancor team provides several use cases of the protocol. Let’s take a look at some of them. 

  • The smart tokens can improve the functionality for any cryptocurrency 
  • Community tokens get a chance to thrive, allowing the group, institution, city, etc. to use it for collaborations
  • Businesses can create high-liquidity tokens to power loyalty systems

The Bancor Team

The Bancor Team comprises a core team of five based in Zug, Switzerland: Bernard Lietaer, Eyal Hertzog, Guy Benartzi, Guido Schmitz-Krummacher, and Tim Draper. 

Bernard Lietaer is an economist and civil engineer who believes that communities should be able to create and possess their own local currencies. 

Eyal Hertzog is the lead architect of the project and co-founder of video-sharing company Metacafe, as well as Appcoin, a project that utilizes user-generated marketplaces and community currencies. 

Guy Benartzi is the founder of the gaming company Mytopia and co-founder of Israel-based development studio Particle Code. 

Guido Schmitz-Krummacher is a notable figure in the crypto space and is a member of the executive board of the crypto project Tezos (XTZ). 

Tim Draper is a venture capitalist and founder of venture capital firm Draper Associates. 

What’s the Market Look Like for Bancor (BNT)? 

As of June 10, 2020, Bancor is trading at $0.769842, while ranking at #106 in the crypto market. It has a market cap of $53, 233, 437, a 24-hour volume of $26, 330, 312, a circulating supply of 69, 148, 554 add a total supply of the same volume. It has an all-time high $10.00 (January 10, 2018) at an all-time low of $0.117415 (March 13, 2020).

Where to Buy and Store BNT

You can acquire Bancor tokens directly by converting it from another supported token on the Bancor web app. If not, you can obtain it from a BNT-supporting exchange such as OKEx, Binance, HitBTC, Bittrex, Liqui, Upbit, AEX, and Tidex. 

You can store BNT on any ERC20/Ethereum compatible wallet, including MyEtherWallet, MetaMask, ethaddress, Parity, Guarda, Trust Wallet, imToken and others. 

Final Words

Bancor is about bringing utility to thousands of cryptos so they can carve out a place in the global crypto market. With Bancor, users have a secure, trustless platform where they can obtain and liquidate relatively illiquid tokens. With this novel and crucial purpose, the Bancor network is only set to expand on the future. 

Categories
Cryptocurrencies

Beginner’s Guide to Decentraland (Mana)

Virtual reality gaming has exploded in recent years. But it’s not often that you’ll stand to make money from a game. Or play in a completely decentralized environment on your terms. Blockchain, the tech that’s been touted to have the potential to revolutionize industries, is making this possible. 

Decentraland is a virtual universe in which you can purchase land. And you can do whatever you want with that land just like you would with real land. Whether it’s to sit on it and sell it when it appreciates in value, or build a business and sell services, you can do whatever you desire. And since it’s blockchain-based, once you own land, it’s irrefutably yours. And when you sell land, all the money is yours – no intermediary is taking a cut. Also, there’s no central/regulatory authority dictating how you run things. As Decentraland says in this YouTube video, “your land, your rules.”

What’s Decentraland? 

Decentraland is an Ethereum-based virtual reality platform where people can purchase and own land that they can put into all kinds of uses. It can be described as virtual real estate, that you completely and permanently own once you purchase. Once you own land, you can hold onto it and wait for it to appreciate in value, just like with physical land. You can also build on it, build a business, sell chunks of it – the possibilities are limitless. 

Being blockchain-based, your stake in Decentraland is yours forever. You have total control over it, and no one can take it away from you. As stated in the project’s white paper: “Unlike other virtual worlds and social networks, Decentraland is not controlled by a centralized organization. There is no single agent with the power to modify the rules of the software, contents of land, the economics of the currency, or prevent others from accessing the world.”

Who is Behind Decentraland? 

The Decentraland team comprises project lead Ari Meilich, and Esteban Ordano as the technical lead. Ordano has experience working as a software engineer for BitPay and is the founder of Smart Contract Solutions, Inc. Both also have experience creating Stremium and Bitcore.  

The project’s advisory board includes INBlockchain founder Xiaolai Li, CoinFund founder Jake Brukhman, Aragon project Luis Cuende, and ex-CTO of Ning Diego Duval. 

How Does Decentraland Work? 

Decentraland is a fully immersive VR world. Here, we’ll look at how things work on the platform. 

What is LAND? 

In Decentraland, you can buy and own non-fungible, digital plots of land, stylized as ‘LAND.’ Once you own LAND, there is no limit to what you can do with it. You can create games, go to live concerts, visit underwater resorts, provide gambling services, try your luck at casinos, attend workshops, traverse the land, test drive cars, and pretty much everything you want. Everything happens in a virtual universe with a 360-degree view that immerses you via your web browser or a VR headset. 

The number of LAND is capped (and hence scarce), and each plot of LAND is 33 square feet, although there is no limit to its height. There is a feature called LAND Estates that allows you to more easily manage and develop adjacent pieces of land that you own. To qualify as Estates, the plots must be directly adjacent – with no road, plaza, or plot between them. 

Similar groupings of LAND are known as Districts. Districts are basically community areas that have their own theme. For instance, there may be a district for Vegas-style gambling, another for cryptocurrency enthusiasts, and another for video games. Each district is self-governing and has its own rules. Districts are overseen by a district leader(s) whose job is to coordinate their community. 

You can make your voice heard on district issues through the platform’s voting decentralized application (DApp), Agora. The amount of LAND you possess correlates to the weight of your vote. The more LAND you own, the more your vote is worth. Through the DApp, you have more control over what happens in your district, and you can also give feedback about the platform in general. 

What Is MANA?

MANA is the Ethereum-based native token of Decentraland. You can use MANA to buy parcels of LAND as well as to conduct in-world transactions. MANA will gain more usefulness as Decentraland continues to develop.

When you buy LAND, Decentraland burns a portion of the MANA and permanently removes it from circulation. The idea is to reduce the total supply of the token – preventing inflation and increasing demand. In the beginning, a piece of LAND went for 1000 MANA. However, as the market evolves and changes, prices now vary. The highest record for a sold plot was $175, 578 (March 2018). 

Decentraland’s Technology Architecture

The Decentraland protocol features three layers: 

  • Consensus Layer: tracks land ownership and its content through Ethereum-based smart contracts
  • Land content layer: uses a decentralized distribution system to download assets in the virtual world
  • Real-time layer: facilitates peer-to-peer connections and interactions among users

History and Future Plans

Decentraland traces its beginnings to June 2015 – what the team calls “Stone Age.” In this stage, land was represented in simple grades and pixels which were allocated to individuals through a proof-of-work algorithm like that for Bitcoin. Each pixel contained the owner’s information and the pixel’s color. 

In March 2017, the project entered the “Bronze Age.” This time, land was modeled in 3-D, and landowners could associate it with a hash reference using the Bitcoin blockchain. They could also explore Decentraland using a Distributed Hash Table and BitTorrent to download files containing the parcel’s content. 

Next will be the Iron Age, which will allow developers to create applications on the Decentraland and make money off of them. The platform will also employ a peer-to-peer network communication layer that will allow users to voice chat and more. It will also feature a payment system with low fees. 

MANA Statistics

As of June 03, 2020, MANA is trading at $0. 041073, and it ranks at #97 in the crypto market. It has a market capitalization of $56, 260, 673, and a 24-hour volume of $21, 332, 526. The token has a circulating supply of 1, 369, 781, 409, as well as a total supply of 2, 197, 526, 019. It has an all-time high of  $0.288857 (January 09, 2018) as well as an all-time low of $0.007883 (October 13, 2017). 

Where to Buy and Store MANA

You can purchase MANA from any of several popular exchanges such as Binance, OKEx, CoinbasePro, HitBTC, Huobi, and HitBTC. 

As MANA is an ERC-20 token, you can choose from a raft of wallets that support Ethereum. From MyEtherWallet to MetaMask, to Guarda Wallet, to Atomic Wallet, to hardware wallet favorites Ledger and Trezor. 

Final Words

Decentraland takes the concept of virtual gaming and integrates blockchain. This means your interactions in this virtual universe are uncensorable by any entity, and you own and control any proceeds from the game. It also means developers can unleash their creativity and provide greater value to platform users. Decentraland could prove a force to reckon with as it evolves, especially after the Iron Age update that packs new and exciting features. It will be interesting to watch where the project goes from here.