Category: Crypto Education

This Educational Library will cover every subject related to the cryptocurrency sector. Bitcoin will have its unique place as the leading digital currency.

We will take a particular interest in themes associated with the top ten coins and tokens; also, articles covering new digital technologies and advancements in DLT technologies.

All aspects of the technology such as security, anonymity, wallets, buy, sell, and transfer cryptocurrencies will also be covered.cryptocurrencies will also be covered.

Categories
Cryptocurrencies

What’s Mithril (MITH) All About?

We live in a highly socialized internet age. Applications like Facebook, Twitter, and Linkedin have a combined user base of billions. And these users utilize these platforms for the financial benefit of the platform’s owners, while they (users) walk away with nothing. This is unfair to users, especially because it’s their user-generated content that keeps these platforms alive. 

We live in a highly socialized internet age. Applications like Facebook, Twitter, and Linkedin have a combined user base of billions. And these users utilize these platforms for the financial benefit of the platform’s owners, while they (users) walk away with nothing. This is unfair to users, especially because it’s their user-generated content that keeps these platforms alive. 

We live in a highly socialized internet age. Applications like Facebook, Twitter, and Linkedin have a combined user base of billions. And these users utilize these platforms for the financial benefit of the platform’s owners, while they (users) walk away with nothing. This is unfair to users, especially because it’s their user-generated content that keeps these platforms alive. 

Then there’s the hot-button issue of social media privacy or lack of it. Recent scandals like Facebook’s Cambridge Analytica saga have cast aspersions on the industry in general. The question of whether we should trust these entities to protect our data is more pertinent than ever before. 

There’s also the increasingly strong sentiment that users should be compensated for their contribution to these platforms. After all, content generators such as singers, writers, and songwriters make money from the content. What about individuals who create content outside of this professional model? We, the users of these platforms, are the reason the owners are able to generate economic value. Surely we should get a share of that value? 

This is the school of thought that the Mithril team subscribes to. As people from all walks of life contribute value through video blogs, live streams, and more, Mithril believes that “everyone who adds value to the network should benefit from their work.” 

To create an ecosystem where every participant is compensated for their work, Mithril has created a token known as MITH. The MITH token will serve as the pivot point for user rewards. On Mithril, the more network value you bring to the network, the more you earn. On the network, too, your data is highly secured, thanks to a decentralized and cryptographically-secured network. 

Understanding Mithril

Mithril is a decentralized ecosystem for social networks. Content contributors are rewarded via a “social mining” process. Social mining incentivizes various ecosystem participants to be active and get rewarded with MITH tokens. It also allows content publishers to earn value from that content. Consumers of that content, for their part, can earn value for interacting (liking, sharing, and commenting) with that content.

Mithril has three core components that interact with each other to achieve a fully-functioning ecosystem. 

#1. MITH Token 

MITH is the native cryptocurrency of the platform. Both content creators and consumers can earn it for their contribution to the ecosystem. It can also be staked, traded with other cryptocurrencies, and used for payments in the ecosystem.

#2. Lit

Lit is a social media app and the first to implement the social mining process. Lit features an instant messaging tool and a Stories and Explore section.

#3. Mithril Vault

Mithril Vault is a wallet that allows you to store your MITH rewards. On Vault, you can also stake your MITH tokens or trade them for other crypto assets. When you win MITH rewards through social mining, they are held in the Mithril Vault. The wallet also facilitates seamless payments for goods and services. 

What’s Social Mining Really About? 

Mithril introduced the concept of social mining. The underlying idea is pretty simple. Users generate engaging content and earn MITH. A user’s rewards are directly proportionate to their influence and reach within the community. It all comes down to the network value a user brings to the platform. 

35% (350 million) of the total supply will go to social mining in the next several years. The amount that is available for this purpose will be halved every year for a predetermined period. After this period is over, 350 million tokens will have been distributed. 

MITH Token

The MITH token previously ran on top of the Ethereum blockchain but has since migrated to the Binance chain. It plays three major roles in the Mithril ecosystem: 

  • Social mining – as a user, you can earn MITH via generating and publishing content, liking, sharing, and commenting on user-generated content
  • Staking – you can stake MITH tokens using Mithril Vault and earn more as a result
  • Payments – you can use MITH tokens to purchase items in the Mithril Merchant Network as well as other products and services on the platform such as dating apps, premium content, and all manner of apps available. You can also exchange MITH for ETH, BTC, and other cryptocurrencies

Mithril and Binance Chain

MITH’s price soared after the announcement that the token was moving to Binance Chain as the first ever to do so. In a blog post, the project told users that “By migrating to the Binance Chain, MITH token holders will be the first to experience the speed, security, and user-friendliness on the new Binance DEX platform while maintaining full control over their own funds.” 

How was MITH Distributed? 

Tokens reserved for the Mithril team unlocked in November 2019 for a two year vesting period

Tokens for advisers unlocked in March 2018 and head of vesting period for up to February 2019

Token treasury tokens – which are tokens for future funding needs for the company have no release date yet 

Community tokens – which are for funding community events, promotions, and social media activities were unlocked in February 2018

35% of the total supply will go to social mining for the next several years based on a predetermined distribution schedule

Key Metrics 

As of September 1, 2020, MITH traded at $0. 011202, with a market cap of 10.2 million that placed it at #522. Its 24-hour volume is $3,430,589, with a circulating supply of 912,362,500 and a total supply of 1 billion. The token’s highest and lowest ever price was $1.55 (April 26, 2018) and $0.002405 (March 13, 2020). 

Buying and Storing MITH

MITH can be found as a market pair of USDT, BTC, BNB, ETH, TWD, and USD at several reputable exchanges, including Binance, OKEx, CoinDCX, BitForex, Folgory, Gate.io, DigiFinex, HitBtc, BitRabbit, and MAX Exchange. 

For storage, Mithril recommends the following wallets: Trust, Jaxx Liberty, imToken, Ethos, Atomic Wallet, Exodus, Coinhako, Dether, Dove Wallet, Dapp Pocket, Huobi Wallet, and Lumi.  

Final Thoughts

Mithril combines two hot concepts of today: social media and blockchain. The security and decentralization provided by the blockchain make for a platform where users can interact with each other with absolute freedom. Being able to earn cryptocurrency by simply participating is the icing on the cake. Mithril is a timely idea, and whether they succeed depends on how they can reinvent themselves in the face of an ultra-competitive environment. 

Categories
Cryptocurrencies

03 Wallet Review: Is It The Safest Neo Blockchain Wallet Yet?

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

The 03 network website describes the 03 crypto wallet app as a “gateway to the smart economy” where you can “manage, exchange, stake, and buy” different cryptocurrencies. But how convenient is the 03 Wallet? How safe is the 03 mobile wallet app? This wallet review seeks to explore and detail all the 03 Wallet features to help determine the wallet’s safety and security level.

Key features:

Cross-platform wallet: 03 is a cross-platform wallet implying that it is available as both a mobile wallet for Android and iOS smartphones and a desktop app compatible with Windows, macOS, and Linux. You can download the updated versions of either on the 03 network website or GitHub.

Voting and staking: By maintaining a significant number of Gas and NEO coins in your 03 Wallet, you can vote for the network delegates. Similarly, you can stake your coins held in the 03 Wallet and get to earn interest in the form of GAS tokens.

Multiple payments methods: 03 Wallet is also one of the few NEO and ONT network-linked wallets that allow for crypto purchases using credit cards. It is also one of the few wallets that allow you to buy Neo-affiliated tokens using such other cryptocurrencies as Bitcoin, Ethereum, and Litecoin.

Integrates a crypto marketplace: Though 03 Wallet does not have an inbuilt exchange, it integrates the Switcheo marketplace that allows for the exchange of cryptocoins and tokens at reasonable fees. The marketplace is highly intuitive and easy to use but requires you to transfer funds between the exchange and your wallet.

NEO newsfeed: The crypto wallet also integrates an updated NEO-blockchain news site. Here, you get the latest news and developments taking place within the Neo blockchain and ONT networks.

Portfolio monitoring: 03 further lets you partition your wallet and create hot and cold storage. This, plus the fact that you are able to monitor both wallet performances, plays a key role in helping you make sound financial decisions. It is also a security measure ensuring that even if a hacker were to gain access to your device, they cant breach your cold storage.

Security features:

Uses device password: Like most other app-based crypto vaults, 03 Wallet is secured with a password. But, unlike most other wallets, you don’t have to create a separate password for the wallet as it uses your device’s password.

Open source: 03 Wallet is created using open-source technology, which gives anybody a chance to view and audit its code. You can download this code on either the 03 network website or GitHub.

Hierarchically deterministic: The 03 Wallet app is also hierarchically deterministic and will auto-generate a new wallet address for every new transaction. This goes a long way in masking your real public address and throwing off would-be third-party crypto trackers.

Non-custodial: The 03 crypto wallet doesn’t store your private keys in the ONT or Neo network servers. Rather, it saves them within your device.

Guaranteed user anonymity: 03 Wallet guarantees the anonymity of their wallet users in the sense that it doesn’t ask for any of your personal information when creating a user account and neither does it collect and store any information that’s personally identifiable to you. Your crypto transactions are, therefore, wholly anonymous.

Military-grade encryption: All the data collected by the wallet, including your wallet address, private keys, and passwords, is also subjected to military-grade encryption. So are all wallet communications with third party systems like payment processors and exchanges.

How to set and activate the 03 Wallet

Step 1: Search for 03 Wallet on Google play store of Apple app store and download

Step 2: Install the wallet and, once complete, launch the app and select “Create a New Wallet.”

Step 3: Create a password for your wallet. This not only helps secure your app vault but also plays a key role in randomizing your private key.

Step 4: Click on the settings tab and proceed to backup your crypto wallet.

Step 5: Your 03 Wallet is now active and ready for use.

How to add/receive crypto into your 03 Wallet

Step 1: Log in to your 03 crypto wallet, and on the user dashboard, click on the “Receive” tab.

Step 2: The wallet will display both the public address and the QR code that you can copy and send to the individual sending you coins.

Step 3: Alternatively, use the “Buy” option and buy crypto from the integrated exchanges.

Step 4: Wait for your crypto to reflect on your wallet.

How to send crypto from your 03 Wallet

Step 1: Log in to your 03 crypto wallet app and on the user dashboard, click “send.”

Step 2: If you have multiple crypto coins held in here in different wallets, select the crypto you want to send

Step 3: On the transfer window, key in the recipient’s wallet address and the number of coins you wish to send 

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

03 Wallet ease of use

03 Wallet is very user friendly and easily navigable with all the important tabs carefully placed on the user dashboard. The wallet is designed to appeal to novice and experienced traders alike. The onboarding process is quick and straightforward, and so are the processes of sending and receiving crypto. 03 is also a light wallet that doesn’t eat into your phone’s storage or battery power while guaranteeing the fastest transaction processing speeds.

03 Wallet supported currencies

03 is a multi-currency asset, implying that it supports a wide variety of cryptocurrencies. Supported cryptos include Neo, Neo Gas, ONT, all NEP-5 tokens, and all ONT-G tokens.

03 Wallet cost and fees

Installing the 03 Wallet and storing your cryptocurrencies therein is free. You will, however, be charged a network fee for outbound transactions by the NEO and ONT networks.

Other charges that you might incur when using 03 Wallet include the exchange fees accrued when you buy or sell crypto. This fee is fixed at 15% of the total value, but you enjoy a 50% discount if you use the exchange’s native token – SWTH.

What are the pros and cons of using the 03 Wallet

Pros:                                                                                                           

  • The wallet app is highly intuitive and beginner-friendly
  • 03 Wallet is quite versatile as its available on mobile and desktop
  • 03 integrates a crypto exchange and supports crypto purchases using a credit card
  • Wallet users also have access to a readily available customer support team via Telegram and twitter
  • The transaction processing fees are minimal and discounted – in the case of the Switcheo exchange

Cons:

  • When the wallet uses your device’s password, you risk losing private keys should you deactivate the password before backing up the vault
  • It is a hot wallet
  • It ignores key security features like the two-factor authentication

Comparing 03 Wallet with other Neo-blockchain crypto wallets

03 Wallet vs. Neo Web Wallet

03 Wallet and Neo web wallet are some of the most innovative and easy to use Neo-blockchain wallets. They are also Neo-specific, relatively safe, and promote anonymous crypto trading. They also encrypt your user data and store it in your device. However, while Neo is web-based, 03 Wallet is a desktop and mobile app.

While Neo Web wallet may be considered faster in transaction processing, 03 Wallet carries the day when it comes to the number of supported currencies, integration with crypto exchanges, and support of multiple payment processing service providers.

Verdict: Is 03 Wallet safe?

Well, the desktop and mobile wallet app has embraced key security and anonymity measures that guarantee the security and anonymity of your trades. It, for instance, is hierarchically deterministic in generating wallet addresses, it is open-sourced, and allows for anonymous trading. Moreover, it introduces the concept of partitioning your wallet to create hot and cold storage. However, we must mention that 03 is still a hot wallet and, therefore, exposed to the inherent threats dogging online wallets.

Categories
Cryptocurrencies

What’s MovieBloc (MBL) All About? 

The film industry is dominated by powerful gatekeepers. These gatekeepers control not just the money but also the airtime. In this setup, small, independent filmmakers and audiences get the short end of the stick. And even the ‘mainstream’ filmmakers are disadvantaged because they can only create content that caters to a commercial end. And audiences never get to see what could have been if not for these restrictions. 

The film industry is dominated by powerful gatekeepers. These gatekeepers control not just the money but also the airtime. In this setup, small, independent filmmakers and audiences get the short end of the stick. And even the ‘mainstream’ filmmakers are disadvantaged because they can only create content that caters to a commercial end. And audiences never get to see what could have been if not for these restrictions. 

The film industry is dominated by powerful gatekeepers. These gatekeepers control not just the money but also the airtime. In this setup, small, independent filmmakers and audiences get the short end of the stick. And even the ‘mainstream’ filmmakers are disadvantaged because they can only create content that caters to a commercial end. And audiences never get to see what could have been if not for these restrictions. 

The solution for this deeply flawed state of events is a decentralized movie and film ecosystem that takes care of every participant. In the blockchain, there’s no discrimination based on “who is who” in the industry. Everyone gets a fair shot. 

MovieBloc is a project that wants to achieve exactly this. In this piece, we’ll dive into all that’s wrong with the current film and movie industry and how MovieBloc proposes to fix it. 

Understanding MovieBloc

MovieBloc is a blockchain effort that seeks to democratize the movie experience. It aims to create a win-win scenario for both creators and audiences. Creators will get their deserved revenue, and viewers can get access to a wide and rich variety of content. 

MovieBloc has gone extra miles more than previous decentralized efforts for the movie ecosystem. These projects have centred on removing intermediaries and creating direct distribution channels between content creators and consumers. The MovieBloc formula will give creators more roles and participation in the whole process. They will be able to promote and export their content to viewers. And instead of just the creators and the audience being the participants, other participants such as translators, reviewers, designers, etc. will be part of the ecosystem. 

The Problems with the Current Film Industry

The MovieBloc team identified various problems with the current film industry, which they resolved to address with blockchain tech. Let’s get a snapshot of these issues before looking at the solutions MovieBloc wants to provide. 

i) Oligopoly and Vertical Integration

The current movie and film industry is characterized by the same old three vertical layers: production, distribution, and exhibition. In countries such as the US, a few conglomerates dominate these verticals in such a manner up, and coming companies get very little chance. In the same manner, audiences never get to consume content that these big conglomerates choose not to be involved in. It’s a scenario in which a few powerful entities deny viewers the right to enjoy a wide variety of content, and the producers of such content never get a chance with audiences.

ii) Few Funding Opportunities

The conglomerates we mentioned above are driven by one thing – box office hits. As such, directors and creators must incorporate commercial-centric ideas into film content. This inhibits film creators’ freedom of expression and curtails their artistry. The film market is also flooded with the same standardized concepts. If film producers go the independent path, they have to do so on a low-budget film. And when the film is complete, profitability is not guaranteed due to the difficulty of securing screens and limited marketing resources. 

iii) Revenue Problems

Again, when films take the independent path, it’s extremely difficult for them to be played at other places apart from film festivals. Video on demand (VOD) services is another potential profitability avenue. Even then, independent films are competing with blockbusters. Also, when it comes to revenue sharing agreements, independent films have weaker bargaining power. 

YouTube, another monetizing avenue, requires a channel to have at least 4,000 hours of annual watch time and 1000+ subscribers so as to be eligible for monetizing content. With these conditions, independent films end up uploading content on YouTube for free – and without much chance of earning fairly from their portfolio. 

iv) Lack of Transparency in Revenue Sharing

It’s hard to verify the accuracy of film sales reports. They may not disclose if and how much revenue was affected by things like discounts, marketing, or the make up of the audience (e.g., gender and age). This lack of verification creates a bad rap for the industry. And since content producers do not have audience info, they cannot create content that caters best to such audiences. 

iv) Limits on Film Distribution

Despite seemingly ubiquitous online streaming services, the distribution structure remains centralized. This creates a barrier for smaller and indie films to access the wider, global market. We have filmmakers each year being recognized for their quality work in film festivals all over the globe. But thanks to a centralized distribution architecture, these filmmakers struggle to get their content beyond the border. 

MovieBloc’s Solutions

#1. Decentralize the Film Industry

MovieBloc will create a transparent ecosystem with the right and deserved rewards going to every participant. Whether you are a creator, viewer, reviewer, designer, curator – you get rewarded for your role and contribution to the ecosystem. 

#2. Support Creators

MovieBloc will conduct blockchain-based movie festivals to discover quality films and talented filmmakers. These festivals will happen every quarter, and contest winners will receive $10,000 in rewards. This will increase their profile and encourage them to continue creating high-quality content for the MovieBloc platform. Such creators can also crowdsource for future films on the platform. In return, the creators can release special content to donators, such as behind the scenes cuts, pre-releases, etc. 

#3. Guaranteed Profits 

On MovieBloc, content creators can expect up to 90% of the revenue. The creator sets conditions like the price, airing duration, locations to air, and they will be applied without needing approval from a central party. Advertising, translating into foreign languages, and design and marketing efforts will propel the film to diverse regions and help boost earnings.

#4. Transparent Rewards and Consumer Info

MovieBloc will reward content creators transparently via blockchain-based smart contracts when they upload content and users purchase it. The platform will also give creators viewership insights, such as age, gender, devices, traffic source, etc. This will help creators curate content that caters to and satisfies their audience. 

#5. Worldwide Screen

MovieBloc will work with KMPlayer to broadcast movies to audiences across the globe. KMPlayer is a media player that can play a wide variety of formats and have millions of active users in more than 150 countries. Currently, KMPlayer has been downloaded more than 811 million times, according to Softonic.com. This collaboration will considerably ease the marketing burden for MovieBloc as it will quickly onboard the existing users of KMPlayer. Content creators will also allow creators to avail content to consumers with the single click of a button. 

MovieBloc Architecture

The MovieBloc ecosystem comprises three layers: community, market, and fundraising. The community layer, also called ‘BLOC,’ is a decentralized community where all participants can meet and connect. 

The Market layer is where content such as films and designer marketing material can be exchanged and traded among various players. 

The fundraising layer is where the quarterly film festival is held, and donations are made. It motivates filmmakers to continue curating high-quality content. 

Participants of MovieBloc Ecosystem

i) Content providers

These are participants who can upload content and receive up to 90% of revenue. They can get access to hitherto unexplored markets via MovieBloc. 

ii) Creators

These are participants who have content distribution rights. Content providers can be creators, as can directors. Creators receive their share of the revenue from sales. They can participate in the film festival and have their work evaluated by the MovieBloc community. 

iii) Curator

These are content individuals who place films in their individual theatres and market it to audiences. Creators can also curate their own films for which they’ll receive higher revenues. Creators can hire translators, designers, and subtitle makers to avail their content to wider audiences. 

iv) Translators

These are individuals who help viewers from various cultures and parts of the world to understand foreign movies. Translators are rewarded for the services by curators, or they provide their services voluntarily. 

v) Users

These are consumers of content on MovieBloc. They can be rewarded for leaving reviews and for reporting illegal content. 

vi) Foundation

The foundation plans to execute advertising and marketing events to provide the optimal environment for users and for creators to showcase their work in film festivals. 

The MovieBloc Token

The MovieBloc platform has a token with the ticker ‘MBL.’ The token is essential to the MovieBloc ecosystem, playing the following roles: 

  • Users paying for premium content
  • As payment for translating and designing services
  • As donations for creators, translators, reviewers, and other participants
  • As payment by curators for screen expansion
  • As rewards for users for activities like reporting spam content and rating/reviewing films

How Was MBL Distributed?

The MBL token distribution was as follows: 

  • 8% for Gate.io startup sale
  • 3% for the private sale
  • 43% for ecosystem tokens
  • 10% for the MovieBloc foundation
  • 15% for the MovieBloc team
  • 10% for the Ontology Foundation
  • 11% went to airdrop marketing efforts

Key Metrics

Interested in purchasing MBL tokens? Then it helps to see how it’s performing in the market. As of Sept 1, 2020, MBL traded at $0.001964, with a market cap of $16,808,877 that placed it at position #414. MBL’s 24-hour volume is $2,409,326, and its circulating supply is 8,556,487, 108, while its total and maximum supply is 30 billion. MBL’s all-time high and an all-time low was $0. 006122 (Feb 18, 2020) and $0.000768 (Mar 13, 2020). 

Buying and Storing MBL

You can find MBL paired with both crypto and fiat currencies like BNB, BTC, BNB, USD, USDT, ETH, in a large variety of crypto exchanges. Some of these include Upbit, Binance, BitHumb, Gate.io, MXC, Coinone, HitBTC, TOKOK, and HanBitco.

MBL is based on the Ontology chain, so any wallet that supports that standard is good to go. Great choices include Atomic Wallet, Guarda Wallet, Trust, Coinomi, Ledger, and Trezor.

Categories
Blockchain and DLT

What is Everipedia (IQ)?

In the internet age, information ought to be free. But this is not what we get in a world of censorship and autocratic regimes. Take Wikipedia, a free information and knowledge site. The site is far from perfect (read writer bias, no quality checker, and other flaws). But still, it provides internet users worldwide with a wealth of information on countless topics. 

In the internet age, information ought to be free. But this is not what we get in a world of censorship and autocratic regimes. Take Wikipedia, a free information and knowledge site. The site is far from perfect (read writer bias, no quality checker, and other flaws). But still, it provides internet users worldwide with a wealth of information on countless topics. 

In the internet age, information ought to be free. But this is not what we get in a world of censorship and autocratic regimes. Take Wikipedia, a free information and knowledge site. The site is far from perfect (read writer bias, no quality checker, and other flaws). But still, it provides internet users worldwide with a wealth of information on countless topics. 

The problem, however, is that it’s possible for governments to ban the network and prevent their citizens from accessing it.

What if there was a decentralized Wikipedia of sorts? Well, we already do. Everipedia is “a universe of knowledge” that’s “owned by everyone.” Everipedia is a blend of the words “everything” and “encyclopedia.” Since the site is powered by the blockchain, it cannot be restricted or blocked by anyone. Countries cannot block its content. 

Understanding Everipedia

Everypedia is a blockchain-based version of Wikipedia. It runs on top of the EOS blockchain. On Everipedia, anyone anywhere can share information and knowledge, as long as it’s verifiable, neutral, and backed by a true source. 

Everipedia operates on a 3 module system consisting of a token module, governance module, and submission module. Moreover, Everipedia features PredIQt, a prediction market where users can predict the future outcome of events. 

On Everipedia, users can stake the platform’s native cryptocurrency, IQ tokens, and the right to propose and vote on edits and proposals for the future direction of the network. 

In the next section, we’ll break down the most important components of the Everipedia platform. 

PredIQt

PredIQt is a prediction market protocol that allows users to speculate on future events and also earn from shares on their outcomes. The PredIQt platform features three types of users: 

Participants: these are parties who purchase and trade shares based on the outcome of a variety of events – whether it’s game matches, political elections, natural occurrences, and so on.

Resolvers: parties who review markets by providing the outcomes of events. To become a resolver, network users must stake IQ tokens. Resolvers are rewarded ‘resolution’ fees. 

Creators: parties who create new markets for others to trade on. Creators must first stake IQ tokens as a market creation fee. The fee acts as a check against spam. It ensures creators don’t create frivolous or unresolvable markets. 

Future Products 

The Everipedia platform is planning to unveil several projects in the near future. Let’s look at PrediQt Earn and PredIQt Smart Assets, two key products. 

i) PredIQt Earn

This is a DeFi money lending protocol that enables users to earn interest from staking various tokens. Similarly, users can borrow funds and pay back with interest. 

ii) PredIQt Smart Assets

It is a protocol on which anyone can put IQ tokens as collateral and generate synthetic assets in return. Synthetic assets will be based on IQ tokens and will be denominated as follows: iqUSD,iqBTC, iqETH, iqOIL, etc. Users can then trade, lend, borrow, and even hold onto them for market exposure to earn a tidy profit in the long run. 

#1.Token Module

As the name suggests, the token module deals with all things tokens, from transferring tokens to generating new tokens, to facilitating the staking process, to overseeing the payment of transaction fees, etc. The token module generates new tokens every 30 minutes via an editing and curating process. 

IQ token holders will vote on any proposed edits, and if they go through, the proposing party (editor) is rewarded with IQ tokens. After every 30 minutes, editors are given rewards based on the worth of their contributions.

The new tokens will usually be re-allocated for the future development of the protocol, bounties (whether it’s community giveaways, bug bounties, etc.), and various other use cases. IQ tokens are not rewarded for 30-minute durations when no votes or curating is carried out. 

#2. Governance Module 

This module is responsible for modifying provisions in all three modules. It facilitates the submission of proposed changes to voters (token holders) and then relays those changes to the system after their approval. In this way, the community gets to participate in the running of the network. This ensures Everipedia stays true to the tenet of decentralization. Community members can discuss desired changes off-chain on social media and other forums, while deployments of changes will happen on-chain. 

#3. Article Module

This module is responsible for proposing edits that will go to the database. The edits are tuple objects that contain IPFS hashes – with some pointing to the parent version and others to the new version. Articles are stored in gzip HTML file format. 

The use of HTML allows any developer from anywhere to create articles in a customizable fashion, submit proposals, and analyze data.

Recent TidBits of Everipedia

June 2020: IQ becomes the first EOS token to be listed as a market pair with Binance Coin (BNB) on Binance

May 2020: Everipedia and PredIQt partner with TokenPocket wallet 

April 2020: PredIQt 2.0 goes live

January 2020: Everipedia is awarded the Soonicorn (Soon to be Unicorn) award by Traxcn

January 2020: PredIQt details 2020 roadmap

October 2019: Everipedia partners with Brave, a privacy browser 

Use Cases of IQ Token

  • Staking – for access to edit, vote for, and curate articles
  • Staking – so as to earn from PrediQt-Earn
  • As payment for market-creating fees on PrediQt
  • As a voting mechanism for proposed future upgrades and products
  • As collateral for synthetic assets on the platform

Tokenomics of Everipedia

Are you interested in buying the IQ token? If so, it’s important to see how it’s doing in the market. As of September 1, 2020, IQ traded at $0.002126, with a market cap of $20,083,084 that placed it at #381 in the market. It had a 24-hour volume of $1,208,243, and a total supply of 10,012,931,901. IQ has an all-time high and an all-time low of $0.076530 (July 16, 2018) and $0.000624 (March 13, 2020).  

Buying and Storing IQ

The IQ token is listed on quite a number of popular exchanges. You’ll find it as a market pair with BUSD, USD, USDT, BNB, EOS, BTC, BNT, and ETH at these exchanges Binance, DigiFinex, ATOMARS, DragonEX, MXC, Hoo, CoinTiger, Bancor Network, BigONE, Upbit, OKEx, CoinDCX, and more.

For storage, Everipedia Everipedia recommends the following wallets: Scatter, Greymass wallet, SimplEOS, Token Pockets, HyperPay, More in One, and EOSLynx. 

Closing Thoughts

Everipedia is a bold proposition for freedom of access to information. It’s a decentralized version Wikipedia – meaning anyone anywhere can contribute to the site, and no single person or country can restrict its access. It will be interesting to watch how the project evolves.

Categories
Cryptocurrencies

NEO Wallet Review: Is It The Safest Neo Blockchain Wallet Yet?

Neo wallet is a web-based crypto wallet developed for the Neo Blockchain by the Neo community. According to its developers, the wallet is specially designed and aimed at addressing the three key challenges facing most crypto wallets: ease of use, security, and transaction processing speeds. To achieve this, they ensured that the wallet is ultralight, integrated an easily navigable user interface, and embraced all the critical security and privacy measures.

Neo wallet is a web-based crypto wallet developed for the Neo Blockchain by the Neo community. According to its developers, the wallet is specially designed and aimed at addressing the three key challenges facing most crypto wallets: ease of use, security, and transaction processing speeds. To achieve this, they ensured that the wallet is ultralight, integrated an easily navigable user interface, and embraced all the critical security and privacy measures.

Neo wallet is a web-based crypto wallet developed for the Neo Blockchain by the Neo community. According to its developers, the wallet is specially designed and aimed at addressing the three key challenges facing most crypto wallets: ease of use, security, and transaction processing speeds. To achieve this, they ensured that the wallet is ultralight, integrated an easily navigable user interface, and embraced all the critical security and privacy measures.

But have these measures been effective in making Neo Wallet the most secure and easy to use a crypto vault? What other measures have the wallet embraced to boost its security and effectiveness? We answer these and more in this Neo Wallet review.

NEO Wallet key features

Web-wallet: Neo wallet is a web wallet and one of the few online-based Neo-specific crypto vaults. However, the wallet’s versatility is quite limited, as you can only access a NEO Wallet using Google Chrome or Microsoft’s Edge browser.

Community-led project: Neo Wallet is a highly transparent and community-led crypto project. It is developed by blockchain experts from within the Neo blockchain community, but it has been audited and received the necessary approval from the Neo Network administrators.

Transaction tracking: One of Neo Wallet’s key features is its crypto-tracking tool that allows you to monitor your crypto inflows and outflows. The tool helps you keep tabs on your crypto spending and budget.

Contact list: Another handy and unique feature from the Neo wallet is the contact list button on the user dashboard. Here you can save the wallet addresses for the parties (both individuals and exchanges) you regularly engage instead of manually keying in their public addresses every time you wish to send them Neo coins or GAS, simply select their address from your contact list.

Earn through stacking: Neo Wallet also makes it possible for you to earn through staking your NEO Coins. Staking here refers to committing a portion (or the entirety) of your NEO coins to the network in return for a share of the interest by the blockchain in GAS tokens.

Security features

Password encryption: The password is the primary security feature used by the Neo Web wallet in keeping your digital assets secure. And it also serves as an encryption tool for the password.

Wallet backup: Neo wallet simplifies the process of backing up your private keys and the entire wallet by providing you with a backup icon on the user dashboard. And there are two primary ways of backing up your wallet: First, you can save a copy on your computer or phone. Secondly, you can write down the wallet details, especially the private keys and public addresses, and save them offline on paper.

Open source: The Neo web wallet is also built on an open-sourced technology that can be vetted and audited by virtually anyone. This code can be accessed on either the web wallet’s official website, Neo.org and GitHub.

Non-custodial: Though it is web-based and works by relaying your Neo activity to the Neo blockchain processors, Neo is a non-custodial wallet. This implies that it will only store your private keys on your device and not on the wallet or blockchain servers.

Anonymous trading: Neo web wallet promotes anonymous trading by limiting the amount of client personal data they collect or store. You will note that the wallet doesn’t collect any personal information, and any other data collected by the wallet is encrypted and saved in your device.

How to set and activate the NEO wallet

Step 1: Open the Neowallet.cn website to access the wallet registration page

Step 2: Click on the “Start” icon and select “Create a wallet.”

Step 3: Backup the wallet by clicking on “Backup your current wallet,” after which the auto-generates the wallet backup and saves it as a file in your computer

Step 4: Click on the “I have backed up my current wallet” icon to access your public address, QR code and to view your wallet’s private key

Step 5: Your account is now active and ready for use

How to add/receive crypto into your NEO wallet

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

Step 2: Copy the public wallet address and forward it to the party sending you coins or have them scan the wallet WR code

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

How to send crypto from your NEO wallet

Step 1: Log in to your Neo web wallet account and click the “Home” icon the user dashboard to open the Transfer page

Step 2: Select the type of cryptocurrency you wish to send

Step 3: On the receiver tab, you can choose to enter the recipient’s wallet address or simply use the contacts button if you have their address saved in your wallet

Step 4: Enter the number of coins you wish to send on the ‘value’ tab

Step 5: Check that these details are accurate and click ‘Confirm Transfer.’

NEO wallet ease of use

Neo web wallet has one of the easiest to use user interface that is specially designed for both experienced and novice trader NEO traders. The contact list and wallet backup tabs are especially important as they eliminate errors when sending cryptos and simplify the wallet backup processes.

The fact that it is online-based also ensures that the wallet is ultra-light, meaning that it does not consume much of your computer space while maintaining faster transaction processing speeds.

Note, however, that the wallet is only available in two languages: English and Chinese.

NEO wallet supported currencies and countries

Neo web wallet is Neo-specific and will only host NEO coins – native to the blockchain – and Gas tokens.

NEO wallet cost and fees

Creating a user account and storing your Neo or Neo GAS on the Neo web wallet is free.

You will, however, be charged a small transaction fee every time you send Neo coins to another wallet. The transaction charge goes to the Neo Network and not Neo web wallet and is hugely dependent on the type and amount of crypto you want to send.

What are the pros and cons of using the NEO wallet?

Pros:

  • Web Wallet is online based and therefore available on the move, plus it doesn’t eat into your computer space
  • The online wallet allows you to easily backup your account vis the backup wallet icon the dashboard
  • Neo wallet is highly intuitive and easy to use for both novice and experienced traders
  • The transaction processing fees are relatively low
  • The Neo staking feature makes it possible for you to earn for holding a specific amount of Neo coins in your wallet
  • The wallet encourages anonymous trading as it doesn’t collect personally-identifiable client data

Cons:

  • The wallet ignores key security measures like two-factor authentication and HD wallet address generation
  • It is online-based and therefore immune to the inherent threats facing hot wallets
  • It can only support two cryptocurrencies

Comparing NEO wallet with other Neo blockchain wallets

NEO wallet vs. NEON Wallet

Neo wallet and Neon wallet’s primary difference is that Neo is a web-wallet while Neon is a lightweight desktop client. Otherwise, they are both neo-specific wallets built and managed by members of the Neo-blockchain community. They are also light and connect to the Neo mainnet via remote nodes.

Further, they are lightweight and specially designed to offer faster transaction processing speeds than their GUI counterparts. The Neo web wallet, however, carries the day when it comes to the number of integrated features, especially when you consider the contact list, Claim, and Backup wallet tabs on the user dashboard.

Verdict: Is the NEO wallet safe?

Neo web wallet has put in place several measures to guarantee the privacy and anonymity of the crypto wallet. It, for instance, does not collect any client data when you are creating a user account. It also encrypts all the data held in your wallet and stores it in your device. However, it doesn’t support the all-important two-factor authentication, and its online nature exposes it to numerous hot-wallet related threats.

Categories
Cryptocurrencies

Coinkite Review: Features, Security Measures, Pros and Cons

Coinkite is an innovative company that has been producing several cryptocurrency-related products. Its dedication to wow crypto enthusiasts has seen them manufacture a range of gadgets, including a hardware wallet, a Bitcoin data visualizer, metal backup plates, and even a Bitcoin server!

Coinkite is an innovative company that has been producing several cryptocurrency-related products. Its dedication to wow crypto enthusiasts has seen them manufacture a range of gadgets, including a hardware wallet, a Bitcoin data visualizer, metal backup plates, and even a Bitcoin server!

Coinkite is an innovative company that has been producing several cryptocurrency-related products. Its dedication to wow crypto enthusiasts has seen them manufacture a range of gadgets, including a hardware wallet, a Bitcoin data visualizer, metal backup plates, and even a Bitcoin server!

There is a lot to talk about when it comes to Coinkite, but today let’s focus on its hardware wallet – Coldcard.

Coldcard is “an open, cheap, and ultra-secure hardware wallet,” according to the company’s official website. “Don’t trust, verify,” also goes their slogan. So, we shall not take their word for it but embark on a critical review of the product to verify these claims and give a balanced verdict on whether it’s worth the money and trouble it costs. This review looks at Coldcard’s key features, it’s security, setting up the wallet, customer support, and other useful aspects. 

Key Features

  • Hardware wallet – Obviously, but worth mentioning nonetheless, Coinkite’s Coldwallet is a hardware device
  • Open source – The code that runs Coinkite is open-source. You can compile it yourself if you so wish
  • True air-gap operation – Air-gapped devices are meant to never connect to the internet. While some air-gapped devices occasionally connect to a computer connected to the internet, you can operate Coinkite without ever connecting it to a computer, thus, “true air-gap operation.”

Setting up Coldcard

Before the setup is done, you need to get yourself a Coldcard. This mini-calculator-sized device can be purchased from store.coinkite.com for $119.97. This is about the same price you will pay for other leading brands such as Trezor One. 

You can also buy Coldcard in one of the bundled packages that Coinkite offers. For instance, for $169.99, you get a Coldcard and two industrial-grade MicroSD cards. There’s, however, one exciting bundle – the “Backup Bundle” that comes with two Coldcards, two industrial-grade MicroSD cards, a power-only USB cable, and one seed plate backup, all for $329.99.

Coinkite also sells a variety of accessories that you can use with the wallet. They have a Bitcoin price-tracker, caps, and even stickers. But the Center Punch used for etching backups on their 2mm-thick steel seed plate stands out.

Initial set up process.

  • Upon receiving your package, inspect the tamper-evident bag for any signs of prior opening. The bottom of the bag should be seamless, and the perforations on the tear-off tab should match those on the bag.
  • Connect the Micro USB cable to the USB port at the top of the device and the other end to a power source. Coldcard will turn on and display its Terms of Service. Use the 5 and 8 keys to scroll through the message and press the OK key when done. 
  • Next, you will set an initial PIN. Coldcard’s PIN is divided into two parts – a prefix and a suffix. Each part must be at least two digits long. The prefix is used to generate a set of words that you will see each time you log in. Once you provide the prefix, Coldcard will generate your set of words, which you will need to memorize. You can experiment with several prefixes until you’re comfortable with the set of words you get. Next, you will set your pin and confirm it.
  • Now that your security options are configured, you can create a new wallet or import an existing one. Both options are readily available from the main menu.
  • If you choose to create a new wallet, Coldcard will show you a sequence of 24 words that you must record in the order presented. Coldcard will then ask to verify your seed words, which is basically backing up your wallet.

You should not use your wallet until your seed backup is configured correctly. Also, remember that you cannot recover your PIN should you lose it, even if you contact customer support. 

At this point, the wallet is ready for your day-to-day usage. So let’s see how you can send and receive funds.

Sending and Receiving Funds

You can operate Coldcard with or without connecting it to a computer. Connecting your wallet to your computer allows faster and easier operation. On the other hand, operating the device without ever connecting it to a computer allows for more secure operation. Let’s start with the easier way of doing it.

Using Coldcard with Computer Connected

  • Install the latest version of Electrum with Coldcard support on your computer
  • Connect Coldcard via USB and enter the PIN
  • Open Electrum and go to “New/Restore” on the file menu
  • Choose a file name and specify that it is a standard wallet in the next menu
  • Select “Use a hardware device” and pick Coldcard from the list of devices that appears
  • Set up a transaction, as usual, preview it, then choose to save PSBT (partially-signed Bitcoin transaction)
  • Save the file directly to your MicroSD card

Using Coldcard Offline

  • On the device’s menu, navigate to Advanced>Micro SD Card>Export Wallet>Electrum Wallet
  • A warning message should appear. Approve it and proceed. This step creates a file with the name new-wallet.json
  • Remove the MicroSD card from Coldcard and connect it to your computer, which should be running Electrum with the Coldcard plug-in enabled
  • Open new-wallet.json and give it a few moments to synchronize

Sending Funds 

  • Set up your transaction in Electrum and save it as PSBT. Then copy the PSBT file to Coldcard’s MicroSD card
  • Transfer the MicroSD card to Coldcard and scroll down to “Ready to sign” on Coldcard’s main menu
  • Select the PSBT file that needs signing 
  • You will see a preview of the transaction details. Approve and proceed
  • Coldcard will sign the transaction and save it under the same file name and append a -final.txn suffix
  • Transfer the MicroSD card to the computer, load the transaction and push it to the blockchain 

If you have used other wallets, you might find Coldcard’s offline transactions quite cumbersome. However, if you are paranoid about security, you will likely find the process pleasurable.

To receive funds, you need to generate a receive address. This can be achieved from the Address Explorer on the Advanced Menu. Addresses generated can be saved on the MicroSD card for ease of transfer to a computer.

Pros
  • Ultra-secure hardware wallet – Coldcard includes all the security features of a standard hardware wallet plus a dedicated security chip and tamper-evident packaging 
  • The product is relatively affordable and can be complemented with a variety of accessories from the same manufacturer
  • Initial set up is easy
Cons
  • It is larger than most hardware wallets, which makes it less portable 
  • It has a particularly uninteresting design
  • Customer support is not as responsive as one would expect from a commercial product
  • Using the wallet in offline mode is quite cumbersome

Final Thoughts

Coldcard is arguably one of the most secure hardware wallets. The product offers superior security, set up simplicity, and solid performance. However, its support for only one currency, below-par customer service, and cumbersome offline transactions create room for improvement.

Categories
Cryptocurrencies

What’s DASH All About?

Bitcoin, the pioneer of cryptocurrencies, made it possible for individuals to send money in a one-to-one and decentralized fashion. Though this might sound simple, it’s quite revolutionary because it gives the average person absolute power over their own finances. This is in sharp contrast with the old centralized system in which banks are in custody of your money – and could decide to freeze it at will. 

Bitcoin, the pioneer of cryptocurrencies, made it possible for individuals to send money in a one-to-one and decentralized fashion. Though this might sound simple, it’s quite revolutionary because it gives the average person absolute power over their own finances. This is in sharp contrast with the old centralized system in which banks are in custody of your money – and could decide to freeze it at will. 

Bitcoin, the pioneer of cryptocurrencies, made it possible for individuals to send money in a one-to-one and decentralized fashion. Though this might sound simple, it’s quite revolutionary because it gives the average person absolute power over their own finances. This is in sharp contrast with the old centralized system in which banks are in custody of your money – and could decide to freeze it at will. 

While this new system is welcome, Bitcoin faces the inherent issue of lack of scalability. This has held it back from mainstream adoption and acceptance by businesses. The other glaring issue is Bitcoin’s pseudonymity, where the entire history of transactions is an open affair. While the blockchain doesn’t show the actual identity of individuals, patterns can be drawn that could lead to their real identity. 

Dash is a cryptocurrency that preserves the best of Bitcoin while improving where it has come short. With fast, decentralized, and completely anonymous transactions, Dash is a strong contender for a Bitcoin alternative.

In this article, we’ll look more closely at what Dash hopes to achieve, and how. 

Understanding Dash

Previously known as Darkcoin, Dash is a cryptocurrency formerly designed as a privacy coin. Indeed, the first white paper says Dash is “the first privacy-centric cryptographic currency.” However, Dash has long abandoned its privacy-only ambitions to become a fully-fledged cryptocurrency – complete with payments and all. And this has worked because, at the time of writing, Dash is the 21st most valuable currency in the world. 

Dash is an open-source cryptocurrency based on the Bitcoin and Litecoin code. Evan Duffield, the project’s founder, came across Bitcoin in 2010 and instantly liked the technology. However, he was not impressed with the low transaction speed and the transparent history of transactions. (Every transaction in the life of Bitcoin is recorded on the blockchain for the whole world to see). He then created Dash to address three issues: privacy, governance, and scalability. 

We’ll be exploring Dash’s solution in detail, but first, let’s see how Dash is different from Bitcoin. 

Differences Between Dash and Bitcoin

Mining algorithm: Dash uses the X11 algorithm, a modified version of Proof of Stake for mining coins. The algorithm employs a Coinjoin mixer to obscure the origin of transactions, ensuring their privacy. For its part, Bitcoin uses the Proof of Work algorithm. 

Handling of Transactions: Transactions on Bitcoin blockchain must be validated by all the participating nodes, while on Dash, they are validated by a few selected nodes

Speed: Dash processes transactions in one second (according to its website) while Bitcoin’s confirmation time can take up to 10 minutes or even hours

Cost: When it comes to costs, Dash is cheaper due to its faster confirmation time. At the time of writing, Bitcoin’s transaction fee was $4.830, while Dash’s is consistently even less than $1

Governance: Dash’s code allows upgrades without the blockchain having to ‘hard fork.’ On the other hand, Bitcoin has been the subject of several ‘hard forks,’ the most prominent one being the Bitcoin Cash fork. The problem with hard forks is that they are often contentious and divide the community. Dash utilizes a voting system to effect changes more harmoniously.

How Dash Works

To realize fast, scalable, and private transactions, Dash utilizes several features unique to it. Let’s get a closer look below: 

#1. InstantSend

InstantSend is a feature by Dash that allows it to settle transactions ultrafast. In the vast majority of blockchains, individuals have to wait until several block confirmations are done to avoid double-spending. But this process is time-consuming, taking from several minutes to hours. This renders most blockchains unsuitable for use as payment systems. Customers do not want to wait for minutes, much fewer hours, to confirm a purchase.

To remedy this, Dash uses only a few nodes on the network to confirm blocks – usually in a second. Masternodes (which we’ll look at) usually locks the inputs of a transaction before broadcasting it on the blockchain, preventing double-spending during confirmation time.

#2. PrivateSend

PrivateSend is a feature by Dash that guarantees user privacy. The feature is used to anonymize transactions taking place on the public blockchain in a manner that no one can trace the origin of a transaction. While both inputs and outputs will be visible, the link between sender and receiver will be obscured. PrivateSend is an optional feature. Just like with InstantSend, it’s masternodes that are in charge of PrivateSend.  

The procedure used is referred to as coin mixing, and it works in the following manner. First, the amount of funds to be sent is broken into several standard sizes (denominations) that each is divided into and sent to different addresses. A masternode will then be alerted that a user wants to mix the denominations. This masternode will then select two others (3 masternodes are required to carry out this kind of transaction). The masternodes will then mix the denominations with other PrivateSend transactions. After the mixing procedure and before the total amount is sent to the user, their wallet confirms if it’s the correct amount. If it is, the transaction is completed. If a user wishes, the process can be repeated several times in what’s called “rounds.” The more the rounds, the harder it is to trace the origin of the transaction. 

#3. Masternodes

Masternodes are special nodes on the Dash network backed by collateral. For a node to become a master node, they have to stake 1,000 worth of DASH. Masternodes are in charge of advanced services such as InstantSend, PrivateSend, and governance. Masternodes trace back to the very beginnings of Dash in 2014.

Masternodes hold full copies of the blockchain they secure and maintain it, earning rewards in Dash for their services. Other duties by masternodes include rejecting suspicious transactions and voting on how to use 10% of block rewards for various community projects. 

Key Metrics

As of August 8, 2020, DASH traded at $95.22 with a market cap of $918,157,430 that placed it at #21. It had a 24-hour volume of $473,970,953, a circulating and total supply of 9,642,507, and a maximum supply of 18.9 million. The coin has an all-time high and an all-time low of $1,642.22 (Dec 20, 2017) and $0.213899 (Feb 14, 2014), respectively. 

Buying and Storing DASH

You can exchange USDT, BTC, EUR, XRP, ETH, and USD for DASH in these exchanges: Binance, Huobi, YoBit, CoinBene, OKEx, DigiFinex, MXC, BitUBU, Bibox, Kraken, P2PB2B, BitForex, LATOKEN, KuCoin, Hoo, Bitrue, BiKi, and more. Check here for a full list on where to buy DASH.

When it comes to storing DASH, the options are endless. You can go with the official Dash desktop wallet, which supports Windows (both 32 bit and 64 bit), Mac OS, and Linux. Alternatively, you can go for the Dash Core wallet, Exodus, Jaxx Liberty, Coinomi, Guarda, Edge, Abra, and Spend wallets. Of course, you can also go for hardware wallets Ledger, Trezor, and KeepKey (highly recommended). 

Final Words

Dash took the concept of Bitcoin and enhanced it with scalability and better privacy. The cryptocurrency was one of the earliest altcoins to employ privacy-centric features. This, coupled with its innovations, has kept it ahead of the pack. It’ll be interesting to watch the growth of Dash in the future. 

Categories
Cryptocurrencies

Introducing DREP: A Beginner’s Guide

The current setup of blockchains is extremely fragmented, with each individual blockchain existing in an isolated island of sorts. This has severely limited the adoption of blockchain. Another pain point is every blockchain has its own ‘adherents’ or fans who prefer it over the rest. As a result, developers have to make decentralized applications (DApps) that cater to multiple bases. This promotes further segregation of data and users. 

The current setup of blockchains is extremely fragmented, with each individual blockchain existing in an isolated island of sorts. This has severely limited the adoption of blockchain. Another pain point is every blockchain has its own ‘adherents’ or fans who prefer it over the rest. As a result, developers have to make decentralized applications (DApps) that cater to multiple bases. This promotes further segregation of data and users. 

The current setup of blockchains is extremely fragmented, with each individual blockchain existing in an isolated island of sorts. This has severely limited the adoption of blockchain. Another pain point is every blockchain has its own ‘adherents’ or fans who prefer it over the rest. As a result, developers have to make decentralized applications (DApps) that cater to multiple bases. This promotes further segregation of data and users. 

DREP is a new blockchain project that wants to solve this. It intends to use cross-chain technology and proprietary development kits to make it easier for developers to create and deploy smart contracts on multiple chains.

In this guide, well explore how the DREP team hopes to accomplish this. We’ll also examine the platform’s ‘native token, DREP, and where it fits in the picture. 

Breaking Down DREP

Launched in October 2019, DREP is a blockchain effort that wants to facilitate the interoperability of blockchains. The DREP team wants to build a more open blockchain network that will replace the current segregated setup of blockchains. DREP believes this fragmented setup of blockchains holds back the potential of blockchain. Any single blockchain can only support a limited number of applications, while a large, interconnected network can accomplish so much more. 

The DREP platform wants to provide “connectors and toolkits” for developers to easily integrate decentralized applications, built-in wallets, crypto exchange platforms, and so on. DREP Chain relies on the Delegated Byzantine Fault Tolerant consensus algorithm to secure the network. DREP Chain smart contracts are also compatible with Ethereum Virtual Machine’s smart contracts.

DREP envisages the following for blockchain: 

  • facilitate its commercialization
  • provide a personal and customized experience for both individuals and entities
  • resolve user fragmentation and promote data connectivity and sharing across chains

Below, we’ll take a look at how exactly DREP proposes to accomplish these goals.

Smart Pipeline

DREP proposes the idea of a ‘Smart Pipeline’ that can process data more efficiently. A Smart Pipeline is capable of processing more complex applications than smart contracts. Let’s see how and why: 

  • The maximum data that a block can handle is limited. Consider, for example, that on Ethereum, the maximum gas one can use for one block is 10 million. This means developers can only process data up to a certain limit or they risk congesting the network. This restricts the creativity and scope of DApps that can be deployed
  • Smart contracts do not have an ‘active calling function.’ This means they cannot complete tasks that need external scripts

Smart Pipeline has the following advantages: 

  • It can handle more complex processes
  • Unlike smart contracts, it doesn’t rely on gas, and that means it can support more advanced applications
  • Thanks to its use of the WASM virtual machine, it supports all types of programming languages. Developers can write code in any language and then compile it into WASM bytecode

Delegated Byzantine Fault Tolerant (DBFT) Mechanism

DREP utilizes DBFT, a consensus mechanism that borrows from both Delegated Proof of Stake (DPoS) and Practical Byzantine Fault Tolerant (PBFT) consensus mechanisms. In DBFT, participants known as trustees are in charge of maintaining a healthy operation of the network. Trustees are interested with the following responsibilities:

  • Ensuring a stable server network for normal node operations
  • Ensuring nodes receive transactions that have been broadcasted on the blockchain
  • Ensuring the verification of transactions
  • Ensuring nodes add transactions on the database after they’re verified
  • Taking part in the governance of the DREP network

The DREP Token

DREP is the native token of the DREP Chain, and it plays the following roles in that ecosystem: 

  • As payment for transactions across subchains
  • As an in-game currency for games based on the DREP blockchain
  • As payment for assets in the DREP client

The token was distributed in the following manner: 

  • 1.85% for the Strategic Token Sale 
  • 4.50% for the Private Presale
  • 9.30% for the Public Presale
  • 6% for the Public Sale
  • 10% for the Gate.io Startup Sale
  • 18% for Ecosystem Development 
  • 15% for the Developer Community
  • 17.8% for the Team and Advisors
  • 17.55% for the Foundation Reserve

Key Metrics 

As of August 21, 2020, DREP traded at $0.002998, and it had a market cap of 10.3 million that placed it at #494 amongst all cryptocurrencies. The token had a 24-hour volume of 1, 160, 272, and it had a circulating supply of 3, 449, 682, 632, and a total and maximum supply of 10 billion. DREP’s highest and lowest ever price was $0.005878 (May 21, 2019) and $0.000689 (March 13, 2020), respectively.

Buying and Storing DREP

Today, you can find DREP at Binance, HotBit, BitMax, Gate.io, Binance DEX, and BitHumb for the exchange of USDT, BTC, BNB, and ETH. 

You can store DREP tokens in the official DREP wallet available for both iOS and Android. 

Final Words

DREP is trying to solve the persistent problem data silos in blockchain with its ingenuine Smart Pipeline concept and more. It’s certainly not the first blockchain project trying to do so, but its unique approach to the issue may well get it ahead. Blockchain interoperability proponents and enthusiasts will be watching the project closely. 

Categories
Cryptocurrencies

Introducing Fantom Coin 

Blockchain has facilitated a new era of finance that eliminates centralized entities from the equation. Now, peer-to-peer and highly secure (thanks to cryptographic encryption) transactions are possible. As is a more inclusive global financial system.  The problem, however, is that the current blockchain faces issues such as slow confirmation time and lack of scalability. These […]

Blockchain has facilitated a new era of finance that eliminates centralized entities from the equation. Now, peer-to-peer and highly secure (thanks to cryptographic encryption) transactions are possible. As is a more inclusive global financial system.  The problem, however, is that the current blockchain faces issues such as slow confirmation time and lack of scalability. These […]

Blockchain has facilitated a new era of finance that eliminates centralized entities from the equation. Now, peer-to-peer and highly secure (thanks to cryptographic encryption) transactions are possible. As is a more inclusive global financial system. 

The problem, however, is that the current blockchain faces issues such as slow confirmation time and lack of scalability. These two factors render blockchain – with all its merits, unfit to compete with traditional financial systems or for deployment in industries. 

To address these issues, Fantom, a third-generation blockchain employs a Directed Acyclic Graph (DAG) model. It distinguishes itself from existing DAG protocols by deploying its innovative ‘Lachesis Protocol’ to achieve consensus. This protocol will be integrated into Fantom’s OPERA chain which supports real-time and low-cost transactions. 

In this article, we’ll explore Fantom’s offerings as well as its native token, FTM.

Breaking Down Fantom

Fantom wants to deploy DAG technology to create a transactions’ infrastructure that’s scalable, reliable, and supports instant transactions. It intends to finally be applied on a large scale across many industries such as telecommunications, supply chain, public utilities, smart homes, and so on. The Fantom system will also support smart contracts and the creation of decentralized applications (DApps).

In Fantom’s words, “the mission of Fantom is to provide compatibility between all transaction bodies around the world, and to create an ecosystem with real-time data sharing and low costs.” 

How the Fantom system works. 

#1. A 3-blockchain System

The Fantom blockchain consists of 3 blockchains: the Node Service (NS) blockchain, the OPERA chain, and the Mainchain (MC) blockchain. The NS blockchain is in charge of handling node identifiers. OPERA Chain is the distributed chain comprising transaction blocks. OPERA Chain uses Fantom’s new Lachesis protocol, which is far more scalable and faster than both Classical and Nakamoto consensus. The Main Chain stores validated blocks and hence the transaction history.

#2. Elliptic Curve Encryption 

Fantom wants to achieve the highest level of security by utilizing elliptic curve cryptosystem (ECC) tech. ECC ensures a high level of security with a relatively short key. Thanks to its shorter size, ECC is way faster and consumes less computing power than earlier models. Also, ECC is easier to implement. Fantom intends to utilize ECC in both online-based and offline-based wallets for the best security. 

Proof of Stake

Fantom will implement a Proof of Stake consensus algorithm in which users with at least 3, 175, 000 FTM tokens can participate in. Users that run a node and secure the network will be known as “validator nodes” and will be rewarded in either of two ways: 

  • Block rewards: In the first four years, validators will earn block rewards based on how many transaction blocks they process
  • Transaction fees: For every processed block, the validator nodes responsible will receive a fraction of the transaction fee inherent to that block

There are other factors that will determine how much block rewards a validator earns. These factors make up the Proof of Importance of score and include the following:

  • Validation Performance: Block finality is achieved when a transaction block is validated by at least 2/3 of validating nodes. A good validator will consistently contribute to this two-thirds of validating power. If not, their block rewards will be slashed and they will ultimately be removed from the network
  • Originating transactions: This involves accepting new transactions that are submitted to the network. An efficient validator must be a consistent originator of transactions. Failure to do that will get their earnings reduced and they’ll be ultimately edged out of the network
  • Processing power: A good validator should be a consistent contributor of processing power to the network. Each validator’s contribution will be regularly measured

Nodes that are a part of the network but not actively involved in validating blocks are known as ‘non-validating’ or ‘listening’ nodes. These nodes can partake in a range of activities – including syncing with the network and receiving and submitting transactions. But since they are not part of the consensus, they do not receive block rewards. 

Planned Use Cases of Fantom Network

  • Some of the use cases Fantom hopes to support include the following: 
  • Peer-to-peer payments and transactions, eliminating the need for intermediaries such as banks
  • “Sharing economy” apps such as online marketplaces for booking extra spaces (think Airbnb), ride-sharing and so on
  • Logistics and supply chain – track every step of the supply chain and record it in a transparent and immutable ledger
  • Supports organizations and entities with transparent and immutable communications

FTM’s Distribution and Monetary Policy

The Fantom network’s native token is called FANTOM (FTM). FTM has a hard cap supply of 3.175 billion. Fantom will utilize an inflationary model in which 20% of the inflation will go to block rewards. The rest of the inflation amount will be used to incentivize users, e.g. with very minimal transaction fees and as rewards to overall network participants who help maintain the health of the network. 

Fantom tokens were distributed this way: 

  • 3.15% for the seed sale
  • 37.04 for the private token sale
  • 1.57% for the public sale
  • 7.49% for the Fantom team (24-months vesting period)
  • 12% to advisors (3 months lockup)
  • 6% for the token reserve
  • 32.75 for block rewards

Role of FTM

FTM is an essential part of the Fantom ecosystem, in which it will play the following roles: 

Staking: For validators to participate in block confirmation and earn rewards, they have to first stake in FTM tokens. 

Block rewards: Validator nodes will be rewarded in FTM tokens. The faster a node confirms transactions, the more rewards they stand to earn

Payment for transaction fees: network users will pay in FTM

Voting: FTM holders will have voting rights for various governance proposals. Such proposals could include changing the number of block rewards, electing moderators, and so on

Key Metrics

As of August 11, 2020, Fantom traded at 0.016173, with a market cap of $34, 274, 063 which placed it at #179 in the market. The coin has a circulating supply of 2, 119, 152, 922, a total supply of 2, 132, 239, 133, and a maximum supply of 3, 175, 000, 000. It has an all-time high of $0.039562 (Jun 11, 2019) and an all-time low of $0.001935 (Mar 13, 2020). 

Buying and Storing FTM

You can exchange BTC, BNB, ETH, USDT, and BSC on Binance, KuCoin, MXC, OKEx, Probit Exchange, HotBit Bibox, Gate.io, and more. 

For storage, Fantom provides an official wallet available for mobile, Mac OS and Windows. 

Final Thoughts 

Fantom brings something new to the blockchain space. By going a different route than most other distributed ledger systems, it hopes to solve the persistent issues faced by those systems. Its invention of the faster and more scalable Lachesis protocol is a smart move that will go a long way in this endeavor. 

Categories
Cryptocurrencies

What’s the Origin Protocol?

In recent years, e-commerce has exploded such that a large number of people shop online more than on physical stores. This is because online shopping provides more diversity, more comparison for prices, gives shoppers more control, and so on. 

In recent years, e-commerce has exploded such that a large number of people shop online more than on physical stores. This is because online shopping provides more diversity, more comparison for prices, gives shoppers more control, and so on. 

In recent years, e-commerce has exploded such that a large number of people shop online more than on physical stores. This is because online shopping provides more diversity, more comparison for prices, gives shoppers more control, and so on. 

However, the traditional online marketplace is owned by a centralized entity that controls every aspect – from user data to transactions to fees and more. In many ways, this infringes on user freedom. 

But thanks to blockchain, this is set to change. The tech, along with other distributed technologies, is going to usher in a new era of decentralized commerce. Users of e-commerce places will have more control over their data, buyers can buy directly from sellers, transactions will be more transparent, and a slew of other benefits. 

Origin Protocol, a blockchain project, is a leading contender in this endeavor. Launched in 2017, Origin wants “to lower fees,  increase innovation, free customer and transaction data, and decrease censorship and unnecessary regulation.” 

In this article, we’ll discover what the Origin protocol is about, as well as its native cryptocurrency, OGN. 

Understanding Origin

Launched in 2017, Origin is a platform that supports peer-to-peer marketplaces and decentralized and open commerce. Owners of products and services can market them on the platform, and customers can buy them securely and anonymously. Similarly, developers can create decentralized applications (DApps) on the platform. 

Origin says its mission is to “enable true peer-to-peer commerce.” 

Origin: Features

Origin hopes to accomplish this mission by providing the following features: 

  • Low fees: a decentralized marketplace features no intermediaries, and this saves money
  • Better incentives: Anyone can earn rewards on Origin by simply performing any of several value tasks such as referring new users, promoting market listings, creating apps, and so on
  • Expanded access: Origin does not discriminate against anyone, including the traditionally unbanked and underbanked
  • Censorship resilience: as a decentralized marketplace, it’s impossible for any authority to shut down Origin

Origin: Key Highlights

#1. Enhanced user experience: Origin was one of the early projects to Ethereum’s meta-transactions, a concept that allows users to interact with the network without paying gas fees

#2. Developer tools: Origin provides a developer platform replete with libraries and software development kits for developers to create applications in a resourceful and conducive environment 

#3. Team and backers: Origin is one of the few projects in the space that is backed by high-profile investors. The project is supported by YouTube founder Steve Chen, members of the PayPal team, Google, Dropbox, Pantera capital, and more. 

Core Team

The Origin team is made of a seasoned team with experience in business, computer science, and blockchain. Co-founder Josh Fraser was coding from age 10. He’s the founder of 3 successful startups: EventVue, Torbit, and Forage. 

Co-founder Matthew Liu is a former exec at YouTube and vice president at Qwiki and Bonobos, which have been acquired by Yahoo and Walmart, respectively. 

Coleman Maher, who is in charge of business development, is a crypto investor and real estate investor who owns multiple Airbnb properties. 

Research and Development Engineer Yu Pan is a member of the founding team in Paypal and was the first-ever YouTube employee. 

Product Manager Micah Alcorn is the co-founder of WellAttended, an event planning and ticketing platform. 

Origin Token (OGN)

The Origin token (OGN) is the native and utility cryptocurrency of the network. It serves several functions in the network, including the following: 

  • as a medium of exchange between buyers and sellers
  • as a governance asset/mechanism through which users can vote on various proposals
  • as an incentive to fuel purchases and for users to refer others to the network, and so on
  • as a future staking mechanism for the platform

How OGN Was Distributed

OGN token was distributed as follows:

  • 4.38% for the Advisor Sale
  • 23.5% for the Strategic Sale
  • 4.84% for the CoinList Sale
  • 20.24 for the Team
  • 1.69% for Advisor Grants
  • 31.37% for the Foundation Reserve
  • 12.99% for Ecosystem Growth
  • 0.73% for Long-term Partnerships

Key Metrics

If you’re interested in buying OGN, then it’s important to know how it’s fairing in the market. On Aug 11, 2020, OGN had a per-token value of $0.399904, and it had a market cap of 47.6 million, which placed it at #148 overall. It had a 24-hour volume of $17,315,554, a circulating supply of 119,125,949, and a total supply of 1 billion. The token’s highest and lowest price ever was $0.542432 (Mar 09, 2020) and $0.103215 (Jan 30, 2020), respectively. 

Where to Buy and Store OGN

You can obtain OGN from a variety of trusted exchanges, including Binance, BitZ, MXC, Bilaxy, Hoo, CoinDCX, Upbit, Omgfin, Huobi, Bittrex, Balancer, 1inch Exchange, Bamboo Relay, and Fatbtc. You’ll find the token paired with USDT, BTC, ETH, BNB, WETH, and so on. 

OGN token is based on Ethereum’s blockchain, meaning it can be stored in any wallet that supports Ethereum. Great choices would include MyEtherWallet, MetaMask ethaddress, Guarda, Trust Wallet, Atomic Wallet, Ledger Nano, and Trezor. 

Closing Thoughts

Many people are moving to online shopping more than ever before. And while it provides certain upsides, users give up their data, their anonymity, and have to subscribe to the whims of the platform’s owners. With blockchain, users can once again enjoy the conveniences of e-commerce, but this time with more control over the whole experience. The Origin project is leading in this front, and blockchain and e-commerce proponents are rooting for its success. 

Categories
Cryptocurrencies

Lisk Core Crypto Wallet Review: Is It The Safest LISK Wallet Yet?

Lisk Core crypto wallet is a full node desktop client and one of the most popular wallets for the LISK blockchain. And on their website, LISK Core is described as a highly innovative wallet focusing on both “Best user experience and security.” But Lisk Core is more than a crypto wallet and can easily pass for a Lisk Blockchain annex. It not only provides you with a direct link to the LISK blockchain but also integrates the unique App-Builder tools.

Lisk Core crypto wallet is a full node desktop client and one of the most popular wallets for the LISK blockchain. And on their website, LISK Core is described as a highly innovative wallet focusing on both “Best user experience and security.” But Lisk Core is more than a crypto wallet and can easily pass for a Lisk Blockchain annex. It not only provides you with a direct link to the LISK blockchain but also integrates the unique App-Builder tools.

Lisk Core crypto wallet is a full node desktop client and one of the most popular wallets for the LISK blockchain. And on their website, LISK Core is described as a highly innovative wallet focusing on both “Best user experience and security.” But Lisk Core is more than a crypto wallet and can easily pass for a Lisk Blockchain annex. It not only provides you with a direct link to the LISK blockchain but also integrates the unique App-Builder tools.

This review seeks to determine whether Lisk Core is the most secure Lisk wallet yet and how its integration with the Lisk blockchain network has improved its efficiency. We will also be looking at such factors as ease of use, customer support, pros, and cons before comparing it to equally popular Lisk wallets.

Lisk Core wallet key features:

Full node desktop client: Lisk core wallet directly integrates the graphical user interface for the Lisk Blockchain. Therefore, installing the desktop client translates to downloading the Lisk blockchain on to your computer and synchronizing it with Lisk mainnet. The process may be time-consuming and takes up significant computer storage space.

Blockchain explorer: The desktop client also integrates a blockchain explorer tool for Lisk Mainnet. Via the explorer, you can monitor the Lisk decentralized network, monitoring transactions, wallets, and vet blockchain delegates.

Hardware wallet support: Lisk core desktop client is also highly versatile. It, for instance, can be integrated with Trezor and Ledger hardware wallets. And this integration comes in handy in maxing the number of supported cryptocurrencies and boosting the wallet’s safety.

Vote for delegates: Lisk blockchain operates on the proof-of-stake consensus algorithm. Staking LSK tokens gets you involved in the Lisk network’s decision-making processes. It could, for instance, ensure that you participate in voting for Lisk network delegates.

Lisk SDK App builder: One of the unique features that help set Lisk apart from the competition is the LISK SDK that gives you a platform to develop decentralized apps. And unlike other blockchain-linked app builder platforms that seek to introduce new programming languages, LSK SDK supports the all-popular JavaScript and TypeScript languages. Plus, you also get to interact with some of the Dapps built on Lisk SDK.

Lisk Core security features:

Password encryption: You will be required to create and secure your Lisk Core desktop client with a password when installing the wallet and creating a user account. This passphrase doesn’t just secure your wallet but also serves as an encryption tool.

Open source: The wallet Lisk desktop wallet is built on an open-sourced technology. Anyone is free to view and audit its code for possible loopholes or malicious codes. Blockchain security experts are especially advised to query this code, that’s available on GitHub and participate in the Lisk Bug Bounty Program that rewards individuals who discover loopholes or suggest security patches for Lisk.

Non-custodial: Though Lisk desktop client integrates directly with the blockchain user interface, it doesn’t store your digital assets in the Lisk servers. Rather, the Lisk desktop wallet saves your private keys within the computer.

Recovery seed: The Lisk Core desktop client will also backup your wallet and provide you with a recovery seed. That comes in handy when recovering lost private keys or restoring the desktop client on a different computer.

How to set up and activate the Lisk Core crypto wallet:

Step 1: Download the Lisk Desktop client from the wallet’s official website or GitHub

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

Step 3: Enter your name and create a unique multi-character password for the wallet

Step 4: The wallet will provide you with a recovery seed. Copy the phrases correctly on a piece of paper and keep them safe, offline.

Step 5: The wallet is now active and ready for use

How to add/receive LSK tokens to your Lisk Core crypto wallet:

Step 1: Log in to your Lisk desktop client and on your user dashboard, click on the “Receive” tab

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

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

How to send cryptos from your Lisk Core wallet

Step 1: Log in to your Lisk Core desktop wallet and on the user dashboard, click “send.”

Step 2: If you have more than one cryptocurrencies hosted here, select the crypto address from which you wish to transfer funds

Step 3: Enter the recipient’s wallet address and the number of cryptocurrencies you wish to send

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

Lisk Core ease of use

Downloading and installing the Lisk Core desktop client and creating a user account is easy and straightforward. It is also highly intuitive and easy to use as it features a unified and scalable navigation menu that is compatible with multiple sizes of computer screens.

The Lisk SDK app builder platform can also be considered user-friendly as it comes available in popular programming languages JavaScript and TypeScript. However, we must observe that the desktop client and its tools are more adapted for programmers and developers looking to build and launch a decentralized app on the ultra-secure Lisk blockchain.

Supported currencies and countries

Lisk Core desktop wallet supports both Bitcoins and LSK Tokens and is available in virtually all crypto-friendly countries worldwide.

Lisk Core wallet cost and fees

The Lisk Core wallet desktop client is free, and you won’t be charged when you install the wallet or store your BTC and LSK cryptos here.

But every time you initiate a transfer out for either crypto, you will be charged network fees – collected by the respective blockchains and not Lisk Core wallet.

Lisk Core customer support

Lisk Core wallet has a relatively responsive customer support team. And client assistance starts with the regularly updated FAQ and announcement pages on their website. The FAQ addresses all the common challenges Lisk core wallet users face, while the Announcements page features recent news and explanatory guides about updates to the wallet.

You are also encouraged to join the Lisk community forum and interact with the wallet developers and other users. Here, you can raise queries about the wallet and have them answered by your peers or wallet developers.

For more personalized queries, you can reach out to the Lisk customer support team by sending them an email, joining the live chat via Discord app, or direct messaging them on the wallet’s official wallet social media pages like Twitter, Facebook, or Reddit.

What are the pros and cons of using Lisk Core Crypto Wallet

Pros:

  • The desktop client is highly secure as it integrates multiple security features over the wallet.
  • It is highly intuitive and features an easy to use and easily navigable user interface.
  • Its integration with the Lisk blockchain gives you access to all the mainnet’s features, including voting rights.
  • Lisk core desktop client provides you with a link to the Lisk SDK where you can develop Dapps for free.

Cons:

  • It can only support Bitcoins and LSK tokens.
  • It is not beginner-friendly but specially designed for technical Dapps developers.
  • The Lisk core wallet is a full node desktop client that takes consumes significant computer storage space and RAM.
  • Comparing Lisk Core Crypto wallet with other Lisk wallets

Verdict: Is Lisk Core Crypto wallet safe?

Well, Lisk Core is a full node desktop client and, as such, may be considered secure than most other web and app-based wallets. In addition to this, Lisk core has embraced multiple security features around the wallet that include encrypting data in the wallet with a password, open sourcing the wallet technology, and providing users with a recovery seed. However, we must mention that being a full node desktop client doesn’t make the wallet immune to online hacks and phishing attacks. And that its failure to embrace premium encryption tools or two-factor authentication goes against its security-focused mantra.

Categories
Crypto Daily Topic Cryptocurrencies

Can Blockchain Help the Protection of Human Rights?

Blockchain was created with a new dawn of finance in mind. But more than ten years later, it’s proving to be the tech that could finally heal many ills of modern-day society. One of these is the violation of human rights all across the globe. 

Blockchain was created with a new dawn of finance in mind. But more than ten years later, it’s proving to be the tech that could finally heal many ills of modern-day society. One of these is the violation of human rights all across the globe. 

Blockchain was created with a new dawn of finance in mind. But more than ten years later, it’s proving to be the tech that could finally heal many ills of modern-day society. One of these is the violation of human rights all across the globe. 

Most of us take everyday common things like freedom of speech and movement for granted. It would be a shock to learn that for many people around the globe, many people do not have those rights. An Amnesty report recently revealed that in many countries, governments are denying citizens basic rights such as freedom from discrimination, freedom from slavery, freedom from torture, freedom of opinion, and so on. 

How are Human Rights Being Violated? 

In recent history, we’ve seen the most egregious of human rights in countries such as Venezuela, Yemen, Turkey, Russia.  In Yemen, as the country is embroiled in a civil war, millions lack access to basic rights like food and water. In Turkey, journalists pursuing the right to information are met with a hostile reception. In Russia, opposition leaders are routinely clamped down upon, and murders are commonplace. 

Most people would think human rights violations are a thing of developing countries and autocratic governments. But Amnesty has put countries like the EU and Australia on the spot for the “callous” treatment of refugees. US President Donald Trump has been called out for his administration’s border ban that violates the freedom of movement as well as his utterances that many perceive to be religious discrimination. 

So, let’s see how blockchain could help the cause for human rights all over the world. 

How Blockchain Can Help 

Blockchain could go a big way in helping the cause for human rights across the globe. Features of the tech like transparency, immutability, and decentralization could start with bringing more accountability to various processes that previously overlooked or undermined human rights. 

#1. The Right to an Acceptable Standard of Living

The right to an acceptable standard of living means that everyone should be able to access the very basic of human rights, such as having nutritious food to eat, nothing, and housing. It also means living in peace and without the fear of persecution or being forced to live in a conflict-affected country. The essence of this is that people can enjoy these rights without having to degrade themselves or being stripped of their dignity, such as through begging and/or forced labor. 

Some of the situations that could lead to the deprivation of these rights is hyperinflation in countries. Hyperinflation often leads to the loss of the average person’s life savings, putting them in danger of losing their basic rights. With blockchain-based cryptocurrency, hyperinflation could be avoided. For example, in Venezuela, residents turned to Bitcoin and Dash cryptocurrencies to cushion themselves against the hyperinflation of the nation’s currency. 

Cryptocurrency also makes micro-trading and micro-lending possible. Many cryptocurrencies are divisible to infinitesimal quantities. Bitcoin, for example, is divisible up to 8 decimal places. When you assign value to the tiniest of quantities, the size of a trade becomes smaller and hence very affordable. In the same way, people can sell their products at more affordable prices and make a profit. 

Blockchain could also support human rights through decentralized finance (DeFi). DeFi is the idea that anyone anywhere can participate in the global financial system as long as they have an internet connection. 

#2. The Right to Participate in Government and in Free Elections

This right implies that everyone should be able to participate in decisions that impact their interests. This means that people should be able to defend their interests and to help create a society where those interests are upheld. The right to vote and participate in elections and the freedom of association translates into these rights. 

In many places across the world, these rights are denied to people. In these places, electoral fraud is rampant, distorting the true will of the people. Even in the United States – ‘the land of liberty,’ the 2016 presidential election is still mired in controversy. A Senate report released in August 2020 showed that Donald Trump’s election might have received help from foreign countries. 

In many parts of Africa, electoral malfeasance is often commonplace. The 2017 Kenyan election was rife with voter intimidation, allegations that the electoral commission was compromised, and chaos. The supreme court had to cancel the election, leading to a second one. However, the opposition party boycotted the second round, calling it a sham election. The result was the incumbent winning the election with 98% of the vote. 

But election fraud is not limited to politics. It happens too in private organizations. 

With blockchain, unfair election unfairness can be a thing of the past. Through blockchain, people can vote without fear of intimidation and in the privacy of their homes. And after votes go on immutable the blockchain, they cannot be interfered with. 

#3. The Right to Freedom of Opinion and Information 

The right to freedom of opinion and expression gives people the right to receive and also impart information of any kind and on any medium. 

All over the world, this right is often violated. This includes the clampdown on journalists. China, Turkey, and Egypt are three places with the dubious distinction of harassing and imprisoning journalists. The right to receive information is also violated when governments restrict information, such as by shutting down websites. For example, Wikipedia has been banned in countries such as Russia, Saudi Arabia, China, and Turkey. 

Blockchain can help address this by providing a platform where no one can censor, delete, or edit information. Decentralization also means no one party can shut down such platforms. 

Closing Thoughts

These examples are just a few of the many examples where blockchain could aid in the protection of human rights. Other scenarios include fighting modern-day slavery and human trafficking through blockchain-based identity management. Blockchain’s immutability could also help protect people’s right to property. In short, when it comes to blockchain and human rights, the possibilities are endless.

Categories
Cryptocurrencies

What’s the Melon Protocol? 

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

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

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

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

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

Understanding Melon

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

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

The Melon Protocol allows for the following possibilities: 

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

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

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

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

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

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

Components of the Melon Ecosystem

  • The Protocol

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

  • The Portal

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

  • Melon Token (MLN) 

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

  • The Ecosystem

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

Features of the Melon Ecosystem

#1. Vault 

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

#2. Modules

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

The Melon team breaks down modules into these themes: 

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

Participants of the Melon Ecosystem

#1. Fund managers

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

#2. Module builders 

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

#3. Related entities

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

The Melon Token (MLN)

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

Key Figures of MLN

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

Where to Store and Buy

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

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

Final Thoughts

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

Categories
Cryptocurrencies

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

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

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

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

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

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

yEarn Background

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

How yEarn Finance Works

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

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

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

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

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

How You Can Earn YFI Cryptocurrency

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

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

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

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

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

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

yEarn.finance Governance

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

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

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

yEarn.finance – The Roadmap

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

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

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

Conclusion

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

Categories
Cryptocurrencies

Introducing Aergo: Beginner’s Guide

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

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

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

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

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

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

Breaking Down Aergo 

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

The Aergo team envisions the following: 

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

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

Features of  the Aergo Platform

1. Aergo Hub

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

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

2. Aergo Horde

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

3. Aergo Marketplace

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

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

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

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

Aergo: Consensus Algorithm

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

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

Aergo provides more reasons for choosing DPoS: 

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

AERGO Token

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

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

Key Metrics of Aergo

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

Buying and Storing Aergo

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

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

Final Thoughts

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

Categories
Crypto Daily Topic Cryptocurrencies

Why Should You Pay with Bitcoin? 

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

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

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

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

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

What’s Bitcoin? 

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

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

Why Bitcoin? 

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

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

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

What are the benefits of paying with Bitcoin? 

1. Autonomy

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

2. No taxes

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

3. Pseudonymity

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

4. Peer-to-peer transactions

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

5. No banking fees

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

6. Minimum transaction fees for cross-border payments 

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

7. Fast payments

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

8. Mobile payments

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

9. Accessibility

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

Categories
Cryptocurrencies

Nostalgia wallet Review: How Safe Is Nostalgia Light Wallet?

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

Nostalgia Light IOTA wallet

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

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

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

Key features:

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

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

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

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

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

Security and privacy features:

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

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

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

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

How to set up and activate the Nostalgia wallet

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

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

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

Step 4: The wallet is active and ready to use

How to add/receive coins to Nostalgia wallet

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

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

Step 3: Wait for the funds to reflect.

How to send crypto from Nostalgia wallet

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

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

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

Nostalgia wallet ease of use

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

Nostalgia wallet supported currencies and countries

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

Nostalgia wallet cost and fees

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

What are the pros and cons of using Nostalgia Wallet?

Pros:

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

Cons:

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

Comparing Nostalgia wallet to other IOTA crypto wallets

Nostalgia wallet vs. IOTA GUI Wallet

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

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

Verdict: Is the Nostalgia wallet safe?

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

Categories
Crypto Daily Topic

A Definitive Guide to Bitcoin Forks and How to Claim Them

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

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

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

What is a BTC Fork?

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

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

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

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

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

Bitcoin Cash Fork

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

A Step by Step Guide for Claiming BTC Forks

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

Step 1- Safety Tips and Important Guidelines

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

i) Guideline 1- Use a new wallet

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

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

ii) Guideline 2- Risk vs. Reward of Claiming

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

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

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

a) Fork Height

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

b) Reward Ratio

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

c) Market availability

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

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

iii) Guideline 3- Select a Trusted Guide

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

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

Step 2- Preparations

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

i) Exporting your private keys

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

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

ii) Check and add only claimable keys

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

Step 3- Claiming Process

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

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

i) BitPie and Bither

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

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

ii) Ymgve’s fork claimer

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

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

Conclusion

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

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

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

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Cryptocurrencies

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

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

IOTA GUI Wallet

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

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

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

We start by looking at its key operational features.

Key features:

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

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

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

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

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

Security and privacy features:

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

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

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

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

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

How to set up and activate the GUI Light wallet

Step 1: Open GitHub and search for GUI Light wallet

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

Step 3: Click on install and select light node

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

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

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

How to add/receive coins to GUI Light wallet

Step 1: Log in to your GUI Light Wallet

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

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

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

How to send crypto from GUI Light wallet

Step 1: Log in to your GUI Light wallet

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

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

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

GUI Light wallet ease of use

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

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

GUI Light wallet supported currencies and countries

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

GUI Light wallet cost and fees

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

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

Pros:

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

Cons:

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

GUI Light wallet vs. Nostalgia light wallet

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

Verdict: Is GUI Light wallet safe?

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

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Crypto Daily Topic

A Comparison of Decentralized Storage Services: Bluzelle vs. Filecoin

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

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

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

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

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

Decentralized Data-storage Services

Bluezelle

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

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

Filecoin

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

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

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

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

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

Differences between Bluzelle and Filecoin 

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

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

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

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

Their Similarities

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

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

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

How Bluzelle and Filecoin Compliment Each other 

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

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

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

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

How Bluzelle and Filecoin work Hand in Hand 

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

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

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

Conclusion 

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

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Crypto Daily Topic

Mobile Devices Cryptocurrency Scams

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

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

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

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

1. Fake Crypto Exchange Apps

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

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

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

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

2. Fake Wallet Apps

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

Below are tips to avoid this scam:

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

3. Cryptojacking Apps

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

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

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

This is how to prevent against cryptojacking apps: 

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

4. Fake Mining Apps

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

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

5. Clipper Apps

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

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

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

6. SIM Swapping 

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

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

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

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

7. Public WiFi

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

Final Thoughts

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

Categories
Cryptocurrencies

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

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

BitPie Mobile Wallet app

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

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

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

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

BitPie key features:

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

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

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

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

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

Security and privacy features:

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

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

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

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

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

How to set up and activate the BitPie Wallet

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

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

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

Step 4:  Follow the prompts to complete the verification process

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

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

How to add/receive coins to BitPie Wallet

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

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

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

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

How to send crypto from BitPie Wallet

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

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

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

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

BitPie Wallet ease of use

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

BitPie Wallet supported currencies and countries

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

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

BitPie Wallet cost and fees

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

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

BitPie Wallet Customer support

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

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

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

What are the pros and cons of using BitPie Wallet

Pros:

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

Cons:

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

Comparing BitPie Wallet to other multicurrency crypto wallets

BitPie Wallet vs. eToro

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

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

Verdict: Is BitPie Wallet safe?

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

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Crypto Daily Topic

Challenges Facing Decentralized Finance

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

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

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

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

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

Comparison of the traditional and decentralized finance

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

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

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

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

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

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

What DeFi brings to the table

 

i) Permissionless

 

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

 

ii) Decentralization

 

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

 

iii) Transparency

 

There is transparency in the public blockchain.

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

Challenges facing the decentralized finance 

 

1. Hacking of smart contract

 

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

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

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

 

2. Manipulation of oracles

 

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

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

 

3. Ethereum non-scalability

 

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

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

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

 

5. Stablecoin Fail

 

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

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

 

6. Overcollaterization

 

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

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

 

7. Composability

 

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

 

8. Accessibility of the users’ tokens

 

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

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

Conclusion

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

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

Categories
Cryptocurrencies

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

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

mymonero crypto wallet app

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

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

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

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

MyMonero key features

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

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

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

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

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

MyMonero Security and privacy features

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

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

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

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

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

How to set up and activate the MyMonero wallet

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

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

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

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

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

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

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

How to add/receive coins to MyMonero wallet

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

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

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

How to send crypto from MyMonero wallet

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

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

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

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

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

MyMonero wallet ease of use

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

MyMonero wallet supported currencies.

MyMonero wallet will only support Monero (XMR)  altcoins.

MyMonero wallet cost and fees

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

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

What are the pros and cons of using MyMonero wallet

Pros:

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

Cons:

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

MyMonero wallet vs. Monero GUI

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

Verdict: Is MyMonero wallet safe?

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

Categories
Crypto Daily Topic

The Upsides and Downsides of Trading Forex with Bitcoin

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

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

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

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

The Upsides 

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

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

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

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

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

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

The  Downsides

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

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

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

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

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

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

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

Closing Thoughts

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

Categories
Cryptocurrencies

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

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

ImToken crypto wallet app

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

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

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

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

Key features:

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

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

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

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

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

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

Security and privacy features:

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

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

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

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

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

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

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

How to set up and activate the ImToken wallet

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

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

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

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

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

How to add/receive coins to ImToken wallet

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

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

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

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

How to send crypto from ImToken wallet

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

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

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

Step 4: Chose the transaction price

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

ImToken wallet ease of use

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

ImToken wallet supported currencies and countries

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

ImToken wallet cost and fees

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

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

ImToken wallet Customer support

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

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

Pros:

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

Cons:

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

Comparing ImToken wallet to other Eth-based crypto wallets

ImToken wallet vs. MyEtherWallet

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

Verdict: Is ImToken wallet safe?

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

Categories
Cryptocurrencies

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

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

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

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

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

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

What’s a Bitcoin Node? 

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

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

Why Run a Node? 

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

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

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

What You Need to Know Before Running a Node

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

  1. Securing Your Wallet

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

  1. Minimum Requirements

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

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

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

  1. Possible Problems

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

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

Setting Up a Node

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

#1. Setting a Node in the Cloud

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

#2. Setting a Node on Your Machine

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

#3. Node-in-a-box 

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

Categories
Crypto Daily Topic

How Blockchain Can Transform Social Impact Investing

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

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

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

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

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

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

Ways In Which Blockchain Will Transform Social Impact Investing

1. Financial Inclusion

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

However, mobile technology uptake is relatively high.

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

2. Tracking

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

3. Impact Prediction

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

4. Increases Trust Between the Stakeholders and Users

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

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

5. Open Source and Transparent

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

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

6. Helps In Keeping Consumption of Energy in Check

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

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

7. Helps In Accelerating Impact Investments Flow

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

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

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

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

Conclusion

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

Categories
Cryptocurrencies

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

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

NEM Nano Wallet desktop client

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

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

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

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

Key features:

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

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

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

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

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

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

Security and privacy features:

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

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

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

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

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

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

How to set up and activate the NEM Nano wallet

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

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

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

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

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

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

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

How to add/receive coins to NEM Nano wallet

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

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

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

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

How to send crypto from NEM Nano wallet

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

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

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

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

NEM Nano wallet ease of use

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

NEM Nano wallet supported currencies

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

NEM Nano wallet cost and fees

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

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

NEM Nano wallet Customer support

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

What are the pros and cons of using NEM Nano wallet

Pros:

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

Cons:

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

Verdict: Is the NEM Nano wallet safe?

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

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

Categories
Crypto Daily Topic

The Reality of a Cashless Society 

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

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

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

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

Advantages of a Cashless Economy 

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

i) Efficient transactions

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

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

ii) Reduced financial crimes

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

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

iii) Reduced cost of cash infrastructure

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

Hidden Dangers of a cashless economy 

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

i) Financial inclusion is undermined

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

ii) Security and privacy concerns

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

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

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

iii) The high cost of infrastructure

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

iv)Loss of jobs

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

Setting the stage for a cashless economy 

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

Make cashless payments optional

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

Collaboration with key stakeholders

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

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

Conclusion

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

Categories
Blockchain and DLT

What makes Cardano blockchain unique?

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

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

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

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

What’s Unique about Cardano blockchain 

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

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

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

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

i. First blockchain generation

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

ii. Second blockchain generation

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

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

iii. Third blockchain generation

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

Cardano’s Architecture 

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

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

How the Ouroboros supports mining of new blocks

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

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

Cardano Layered design

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

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

Solving inherent Blockchain problems

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

1. Scalability

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

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

2. Interoperability

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

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

3. Sustainability

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

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

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

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

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

Conclusion

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

Categories
Cryptocurrencies

Six Cryptocurrency Myths All Traders Should Know About

Cryptocurrency has been rising in popularity lately, but it remains largely misunderstood by many traders to this day. You might have heard some rumors or others may have told you that investing in cryptocurrency isn’t a good idea. Or perhaps you’ve heard the opposite, that investing in cryptocurrency is guaranteed to make you a millionaire. […]

Cryptocurrency has been rising in popularity lately, but it remains largely misunderstood by many traders to this day. You might have heard some rumors or others may have told you that investing in cryptocurrency isn’t a good idea. Or perhaps you’ve heard the opposite, that investing in cryptocurrency is guaranteed to make you a millionaire. […]

Cryptocurrency has been rising in popularity lately, but it remains largely misunderstood by many traders to this day. You might have heard some rumors or others may have told you that investing in cryptocurrency isn’t a good idea. Or perhaps you’ve heard the opposite, that investing in cryptocurrency is guaranteed to make you a millionaire. Regardless of whether you’re pro-cryptocurrency or against it, we’re here to debunk 6 of the most common cryptocurrency myths. 

Myth #1: Cryptocurrency doesn’t have any real monetary value.

This is one of the most popular myths about cryptocurrency. People think that because it is virtual or invisible, it has no value in the real world. Donald Trump once said that it “based on thin air”. This isn’t true. If you check out the current cryptocurrency rates, you’ll see that the value of cryptocurrency continues to rise. Scarcity, supply & demand, and utility add to the value of cryptocurrency coins as well. Bitcoin, Litecoin, and other cryptocurrencies are even accepted by many brokerages and other institutions as a valid funding method. Even though we can’t physically see cryptocurrency, this doesn’t mean that the coins don’t hold value. Otherwise, they would never be recognized and accepted for payments. Keep in mind that all other exchangeable currencies were once based on nothing as well. 

Myth #2: Cryptocurrency isn’t safe.

Many investors worry that cryptocurrency is a big target for hackers and that it isn’t a safe place to store one’s money. With some cryptocurrencies, this may be true – there are scammers out there, but it is important to remember that each provider is different. Providers that use blockchain technology offer a much higher level of security. If one block is changed, it affects the surrounding blocks, which makes it much easier for the network to pick up fraudulent activity. Remember, even regular banks attract scammers. Cryptocurrency may even offer better security than a central bank, as fewer hackers understand how it works and that information isn’t used as often as one’s bank account number, for example. 

Myth #3: Investing in cryptocurrency is a guaranteed moneymaker.

Cryptocurrency is a volatile instrument. This can be good for traders because it offers more chances to enter and exit the market. However, the sharp rises and dips in price make investing riskier. Even if someone you know personally has made a large profit from investing in Bitcoin or another cryptocurrency, this doesn’t mean that you will have the same luck. Of course, this is true for any trading instrument, it’s just that cryptocurrency is more volatile than currency pairs. 

Myth #4: Transactions are anonymous.

Many traders believe that transactions made with cryptocurrency are anonymous, but this isn’t the case. Those transactions are kept on a public ledger and some government organizations have relationships with owners to keep track of it all. For example, it was recently discovered that several people using Bitcoin were using the currency to make illegal purchases. Your sending address can be tracked, although some providers are more laid back while others monitor this more carefully. 

Myth #5: Only tech-savvy people can use cryptocurrency.

Learning to use cryptocurrency may seem intimidating to those that are used to traditional banking methods. This doesn’t mean that you shouldn’t invest the time to learn how it works, however, and you’ll likely find that it isn’t as complicated as it seems on the surface. There’s a ton of online information that can help traders learn to use cryptocurrency and how to invest successfully. 

Myth #6: Blockchain will change the payment system forever.

Many people believe that the blockchain will replace traditional payment methods in the future. This is only half-true. The blockchain does offer security and it is efficient, so it is likely that it will become a more recognized and accepted payment method as time goes on. However, people will continue to use debit and credit cards alongside it. Bitcoin will not wipe out all of our current payment methods, it will only join them. 

Conclusion

Hopefully, we’ve helped our readers to understand cryptocurrency a little more. It is important to understand that myths and rumors can come from misunderstanding, as many traders haven’t put a lot of effort into learning about these futuristic payment methods. If you hear something about investing in or using cryptocurrency, always do your own research to find out if it is fact or fiction.

Categories
Cryptocurrencies

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

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

Monerujo wallet app

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

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

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

Monerujo key features:

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

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

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

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

Security and privacy features:

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

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

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

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

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

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

How to set up and activate the Monerujo wallet

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

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

Step 3: Create a unique username for the wallet

Step 4: Create a password for your wallet

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

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

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

How to add/receive coins to Monerujo wallet

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

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

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

How to send crypto from Monerujo wallet

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

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

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

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

Monerujo wallet ease of use

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

Monerujo wallet supported currencies and countries.

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

Monerujo wallet cost and fees

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

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

Monerujo wallet Customer support

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

What are the pros and cons of using Monerujo wallet

Pros:

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

Cons:

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

Comparing Monerujo wallet to other Monero specific wallets

Monerujo wallet vs. MyMonero

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

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

Verdict: Is the Monerujo wallet safe?

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

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

Categories
Crypto Daily Topic

How Blockchain Technology Can Empower Influencers and Content Creators

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

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

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

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

Obstacles in Influencer Marketing and Content Creation 

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

1. Fraudulent influencers

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

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

2. Unreliable settlement systems

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

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

3. Third-party agencies

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

Blockchain as a solution

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

1. Guarantee authenticity of influencers

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

2. Efficient payment systems

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

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

3. Decentralize marketing

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

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

i) Steemit

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

ii) Boosto

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

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

iii) Creator coin

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

Conclusion 

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

Categories
Cryptocurrencies

Cryptocurrency Investment Guide: Ripple

Ripple (XRP) is one of the most recognizable cryptocurrencies out there, next to other big options like Bitcoin, Ethereum, Litecoin, and a few others. It was developed by Ripple Labs in 2012. In 2017, the digital currency was one of the best investments one could make, but traders should know that it isn’t possible to […]

Ripple (XRP) is one of the most recognizable cryptocurrencies out there, next to other big options like Bitcoin, Ethereum, Litecoin, and a few others. It was developed by Ripple Labs in 2012. In 2017, the digital currency was one of the best investments one could make, but traders should know that it isn’t possible to […]

Ripple (XRP) is one of the most recognizable cryptocurrencies out there, next to other big options like Bitcoin, Ethereum, Litecoin, and a few others. It was developed by Ripple Labs in 2012. In 2017, the digital currency was one of the best investments one could make, but traders should know that it isn’t possible to buy many of these options for less than $1. Ripple, on the other hand, is a good choice if you’re looking to buy stock in digital currency that can be purchased for less than one dollar. Another interesting fact is that Google was one of the first companies to back Ripple back in 2015. Some of the other names promoting XRP have also supported big names like BuzzFeed, Coinbase, Facebook, Snapchat, Twitter, and many others. These investors have a history of believing in real up and coming companies. 

Ripple uses a real-time payment system that allows money to be exchanged between individual people no matter where they are located or what bank they use. Just imagine the possibilities for people that need to send money overseas. Some people believe that Ripple could replace traditional banking systems in the future, thanks to its lightning-quick sending speeds and convenience. When you buy Ripple, you’re buying XRP, which is the currency that actually powers Ripple, although it isn’t necessary for the payment system to work. 

Of course, traditional banking systems aren’t going to disappear completely. Many people prefer traditional methods and don’t trust or understand that sending online currency is safe, especially older people that might not be used to working with technology. If Ripple does become a widely used payment system, it would fare better by aiming to work along with banks. Fortunately, many big banks do support Ripple and have decided to invest in it. Here are a few banks that have invested in this cryptocurrency:

  • BBVA
  • Yes Bank
  • MUFG
  • SEB
  • Akbank

Several others have joined those listed above who believe in Ripple’s potential, proving that banks and cryptocurrency could really work side-by-side in the future, rather than against each other. Even with the popularity of Bitcoin, Ripple is the first (and only) cryptocurrency that is being supported by financial institutions, giving it a leg up on the competition in this sector.

You might be wondering why banks would want to invest in cryptocurrency. Honestly, it’s true that this benefits their customers with faster speeds, but this isn’t the only reason. The truth is that using Ripple can save them $3.76 per payment, to a tune of $564,000+ a year in savings. More banks are expected to join those that support Ripple as it grows more popular, especially due to the money it can save them.

As we move towards the end of our article, we must point out some of Ripple’s flaws. The first is that the currency isn’t widely recognized and that some people may not even realize that some banks are working with it. This could be expected for older generations that want to stick with what they’re used to, but many young people also fail to understand cryptocurrency, which could halt the growth of XRP. Another downside is that Ripple’s low price might not allow much room for the currency to grow with a current market cap of $3. 

With that being said, there are still several reasons to invest in Ripple. The fact that this is the only cryptocurrency that banks are using says one thing, along with the fact that many other banks are likely to start using it because it can save them money. It might become a headache to convince people to learn how it works and why they should use it, but once they do, then it will become a preferred payment method for many. As we move towards the future, people are looking for more convenient ways to do things, and we believe that Ripple has provided a modern solution that fixes the drawn-out problem of waiting days or even weeks to send money through traditional banking systems. The bottom line is that if you’re going to invest in Ripple, you should do it now while the price is still under $1. 

Categories
Cryptocurrencies

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

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

NEM Mobile wallet app

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

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

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

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

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

Key features:

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

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

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

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

Security and privacy features:

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

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

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

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

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

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

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

How to set up and activate the NEM Mobile wallet

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

Step 2: Install and launch the wallet

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

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

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

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

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

How to add/receive coins to NEM Mobile wallet

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

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

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

How to send crypto from NEM Mobile wallet

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

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

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

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

NEM Mobile wallet ease of use

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

NEM Mobile wallet supported currencies

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

NEM Mobile wallet cost and fees

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

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

What are the pros and cons of using NEM Mobile wallet

Pros:

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

Cons:

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

Comparing NEM Mobile wallet to other NEM wallets

NEM Mobile wallet vs. NEM Nano Wallet

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

Verdict: Is the NEM Mobile wallet safe?

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

Categories
Crypto Daily Topic

How Blockchain Can Transform the Tourism Industry 

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

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

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

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

Potential use cases of blockchain in travel 

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

1. Decentralized booking marketplaces

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

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

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

2. Secure payment systems

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

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

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

3. Identity management

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

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

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

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

4. Baggage management

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

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

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

5. Customer reward system

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

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

6. Transparent business rating

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

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

7. Travel insurance

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

Conclusion 

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

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Cryptocurrencies

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

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

Bread Wallet app

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

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

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

Key features:

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

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

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

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

Security and privacy features:

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

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

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

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

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

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

How to set up and activate the Bread Wallet

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

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

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

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

Step 5: Your wallet is active and ready to use

How to add/receive coins to Bread Wallet

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

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

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

Alternatively:

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

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

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

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

How to send crypto from Bread Wallet

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

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

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

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

Bread Wallet ease of use

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

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

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

Bread Wallet supported currencies and countries

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

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

Bread Wallet cost and fees

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

Bread Wallet Customer support

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

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

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

What are the pros and cons of using Bread Wallet

Pros:

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

Cons:

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

Comparing Bread Wallet to other multicurrency crypto wallets

Bread Wallet vs. eToro

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

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

Verdict: Is Bread Wallet safe?

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

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Crypto Daily Topic

What does Blockchain technology have in store for the Insurance Industry 

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

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

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

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

1. Fraud detection and claim processing

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

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

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

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

2. Data management

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

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

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

3. Streamlining reinsurance

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

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

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

4. On-demand insurance

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

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

5. Micro-insurance

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

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

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

Achieving widespread adoption of blockchain technology in the insurance industry 

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

Internal proof of concept

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

Design customer-centric solutions

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

Conclusion 

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

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Crypto Daily Topic

6 Blockchain can Transform Human Resources Management 

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

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

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

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

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

Most promising Blockchain use cases in HR 

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

1. Verification of employees

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

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

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

2. Enhance data security

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

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

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

3. Streamline payrolls and contractor payments

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

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

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

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

4. Automate taxes and mitigate audit bottlenecks

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

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

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

5. Record employee attendance

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

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

6. Monitor employees’ professional life

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

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

Conclusion

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

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Crypto Daily Topic Crypto Guides

OneCoin Scam – What Should You Know?

Introduction

Introduction

Introduction

OneCoin was promoted as a blockchain-based cryptocurrency through an offshore company OneCoin Ltd. registered in Dubai and founded by Ruja Ignatova, a Bulgarian national. According to the claims made by the company, OneCoin is a cryptocurrency that works like any other digital currency system whose coins can be made through a mining process, and the coins can be used for making payments anywhere in the world.

But there is no specific clarity of the working blockchain model of OneCoin. OneCoin is also known for selling educational materials and courses for cryptocurrencies, investments, trading, and other subjects related to financial analysis. However, OneCoin has been labelled as a global Ponzi Scheme and the biggest cryptocurrency scam ever. Let’s navigate the details.

What is a Ponzi Scheme?

A Ponzi scheme is a type of financial fraud or investment scam where the investors are promised high rates of returns and profits with minimum risk. The scheme traps the investors into a false belief that the returns are generating from the sales of a product or any other means; however, they remain unaware of the fact that the source of funds is other investors. The returns for the early investors are generated by collecting the funds from the new investors. 

OneCoin: A Cryptocurrency Scam

OneCoin is an international Ponzi scheme and was created as a fake online cryptocurrency by its founders to deceive the investors. The company used the terminologies of real digital currencies to reflect a genuine and authentic impression of its business model. The target audience of OneCoin included all those people who were not aware of the cryptocurrency and technology mechanism. Even the education material and packages sold were plagiarized. 

The worst part of the entire scam is the company never had a blockchain, to begin with. The concept of ‘mining’ was fake, and the new miners were told to wait for at least three to six months before their currency can be mined. The transactions were observed without the use of blockchain technology. It was believed that they were using a centralized database to run OneCoin. Eventually, the company also revealed that the SQL database that was put into use was not capable of operating a blockchain.

OneCoin had an organizational structure similar to a pyramid scheme where everybody was actually paying to the individual above. So, there were two sections of the company. The first section was OneCoin itself responsible for marketing and spreading the platform.

In contrast, the other section of the company was composed of affiliates who were bringing in people for earning a commission. Local promoters would organize meetups to spread OneCoin, and even the webinars were also hosted. They had gathered maximum growth in Asia, particularly China, and that’s why the country was hit the hardest. OneCoin was successful in running a $2 billion cryptocurrency pyramid scheme in China. 

Conclusion

The founders of OneCoin and many other associated executives were formally charged, and the US Authorities had declared OneCoin to be a fraud. It is crucial for us to know the basics and fundamental concepts of crypto and blockchain to avoid getting affected by such scams. We should be able to identify the scams by analyzing and understanding the platforms properly before investing our money. 

Categories
Cryptocurrencies

How to Spot Cryptocurrency Scams

Cryptocurrency plays a big role in the world of Forex trading. This is because cryptocurrency, or virtual currency, can be used as a funding method for brokerage accounts, or it can be traded as an asset with many different brokerages. Unfortunately, there are many cryptocurrency-based scams out there that savvy forex traders need to be able to spot. We’ve compiled this guide to help point out some of the things you’ll need to look for to avoid being scammed.

Cryptocurrency plays a big role in the world of Forex trading. This is because cryptocurrency, or virtual currency, can be used as a funding method for brokerage accounts, or it can be traded as an asset with many different brokerages. Unfortunately, there are many cryptocurrency-based scams out there that savvy forex traders need to be able to spot. We’ve compiled this guide to help point out some of the things you’ll need to look for to avoid being scammed.

Cryptocurrency plays a big role in the world of Forex trading. This is because cryptocurrency, or virtual currency, can be used as a funding method for brokerage accounts, or it can be traded as an asset with many different brokerages. Unfortunately, there are many cryptocurrency-based scams out there that savvy forex traders need to be able to spot. We’ve compiled this guide to help point out some of the things you’ll need to look for to avoid being scammed.

Conditions for Scammers

First, many traders don’t entirely recognize what cryptocurrency is or how it works. The lack of understanding, in combination with lenient regulations or lack of them all together creates a recipe that scammers can take advantage of. Some countries have even banned the use of cryptocurrency altogether because regulating it is so complicated or next to impossible for some governments to work out. Regulation is something we can look at with many brokerages to see if they are legitimate, but you’ll need to do more research when it comes to cryptocurrency. We’d suggest sticking with safer, more well-known options, like Bitcoin, Litecoin, Ethereum, Ripple, PayPal, etc. Otherwise, try doing some research online to find out what type of experience others have had with a lesser-known option. Educating yourself about cryptocurrency and how it works is crucial to avoiding these types of scams. 

Types of Scams

There are a couple of common cryptocurrency scams out there that we know about: 

  • A pump and dump scam happens when creators of a certain cryptocurrency own a large portion of it. Once the cryptocurrency is released, the price increases, and more people buy into it. Then, the creators sell off their large portion after the price increase. Once the company has sold its holdings, the value of the cryptocurrency drops drastically and the company disappears completely. This leaves traders with a useless coin that isn’t worth anything. 
  • OneCoin is surprisingly still an active scam to this day, despite the fact that its creator has disappeared and with FBI involvement. These scammers didn’t use a blockchain, so this cryptocurrency did not have a public ledger, nor was it a real cryptocurrency. 
  • Fake mobile apps on the App Store and Google Play Store have become a nuisance lately. If you’re downloading an app for a trustworthy currency, be sure that it is the legitimate one. Read comments and try to choose the option that is highest on the list of search results. 
  • Email scams involve providers asking for cryptocurrency payments. These usually revolve around Bitcoin and scammers often give themselves away with poor wording or misspelled words. 

Avoiding Scams

We’ve covered the best conditions for cryptocurrency scammers and some of the most common types of scams revolving around cryptocurrencies. Below, we have also provided some tips that should help stop scammers in their tracks. Before giving out your personal information or purchasing any cryptocurrency, be sure to research the company thoroughly and follow these guidelines: 

  • Make sure that the cryptocurrency uses blockchain technology. This offers more protection against manipulation from scammers.  
  • Check for the small lock symbol near the web address and ensure that ‘https’ is included in the address. 
  • Look beyond the wording on any website. Many might claim to be better or faster, but you’re actually looking to see how the provider plans to accomplish these things. 
  • Another red flag to look for promises that a company will make you rich or that it is the magic answer. Most legitimate cryptocurrency companies are focused on the bigger picture, such as how cryptocurrency can improve the world’s financial system. 
  • Trading cryptocurrency as a CFD is one way to trade the currency without actually owning it. 
  • Always research the company behind the cryptocurrency. Does the company reveal who they are and where they’re located? If not, it’s a good idea to stay away. 
  • Try reaching out to the provider’s customer service team. You’ll want to see if they seem professional and polite. Are they willing to answer all of your questions? If support is hard to reach or pushy, or if they dodge some questions, then these are signs that they are scammers. 
  • Be careful with your personal information. If you hand out as much as your phone number to a scammer, you’ll open the door to a headache. Be sure that you trust the provider before disclosing any of your information, or use fake info when testing out customer support.
Categories
Cryptocurrencies

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

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

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

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

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

We answer this and more in this Gatehub wallet review.

GateHub wallet key features: 

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

GateHub wallet security features: 

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

GateHub Wallet Setup and activation

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

Step 2: Proceed to enter your registration details (email address and password) and agree to the wallet’s terms of use. 

Step 3: The site will then provide you with a 32-character recovery key that you can use to reset the wallet password. Write it down on a piece of paper and store it safely or choose to download the digital copy.

Step 4: You will then need to verify the email address provided and activate the wallet. Check your email and click on the “Activate Account” button.

Step 5: Log in to your wallet and decide on the type of account you wish to register (individual or company).

Step 6: Complete registration by providing additional personal details like your phone number, name, and uploading a photo of yourself. 

Step 7: The account is now active, and you can proceed to add/receive crypto.

How to add/receive crypto into GateHub wallet 

Step 1: Log in to your Gatehub wallet, and on the user dashboard, click on the “Wallet” icon.

Step 2: Click on the ‘Deposit/Receive’ icon to reveal the wallet address. 

Step 3: Copy the address and send it to the party, sending you cryptos.

Step 4: Wait for the cryptos to reflect on your wallet.

How to send crypto on GateHub wallet

Step 1: Log in to your Gatehub crypto vault account and click on the wallet.

Step 2: Click on the ‘Send Payment’ icon.

Step 3: Enter your password.

Step 4: Select the crypto you wish to send and the key in the recipient’s wallet address plus the amounts you wish to send.

Step 5: Ensure that these details are correct and click ‘Confirm.’

GateHub wallet ease of use:

Registering an account on Gatehub is easy and relatively straightforward. It is also highly intuitive and easy to use for both expert and beginner crypto enthusiasts. It also features some of the most important features that include the inbuilt trader, portfolio tracker, and personalized analytics. 

Supported cryptocurrencies and countries

While Gatehub started as an XRP-specific wallet, it has since expanded its scope and currently supports eight cryptocurrencies (Ripple, Bitcoin, Dash, Ethereum Classic, Ethreum, Xaurum, Augur, and Quantum). It also supports hundreds of fiat currencies. 

GateHub wallet cost and fees

Registering a user account on the Gatehub wallet is free. But Gatehub adopts a rather complex pricing structure, especially when it comes to the exchange of Ripple. For instance, when sending Ripple, you will be charged with 0.2%. On the other hand, Bitcoin-to-Ripple conversion attracts 0.2%, while all other conversions attract a 0.3% fee. 

Comparing GateHub wallet with other crypto wallets

GateHub wallet vs. Freewallet

Gatehub Wallet and Freewallet have several common features. They are both custodial wallets, they are free to acquire, and have some of the most intuitive interfaces. Nevertheless, unlike the Gatehub wallet that only supports eight cryptos, Freewallet supports more than 100 cryptocurrencies. Plus, Freewallet avails both single and multi-currency wallets.

One may also consider Gatehub wallet’s pricing model rather complex when compared to the dynamic fee structure adopted by Freewallet. Though custodial, Gatehub wallet, and Freewallet have different approaches to storing client private keys. While Freewallet holds user keys in their servers, Gatehub holds its user’s private keys in highly encrypted third-party servers. 

What are the pros and cons of GateHub wallet

Pros:

  • The highly intuitive nature of the Gatehub wallet makes it one of the most user-friendly crypto vaults.
  • Gatehub wallet supports both crypto and fiat currencies.
  • The wallet is highly versatile and available as a web interface, desktop, and mobile app.
  • It also employs a series of highly effective security features, including 2FA and network forensics.
  • Gatehub wallet features a wide range of features that include analytics, portfolio tracker, and in-built trader.

Cons:

  • Gatehub wallet will only support a few cryptos.
  • Gatehub wallet has had a low reputation after the 2017 hack.
  • While it supports multiple payment options, these don’t include debit and credit cards.
  • The wallet has a relatively complex pricing structure.

Verdict? Is it safe or a scam?

In 2017, Gatehub wallet was hacked, and more than 23.2 million Ripple coins ($9.5 million) were stolen. Since then, Gatehub Wallet has continually worked towards embracing more solid security measures. It has, for instance, embraced 2FA, open-sourced the wallet’s technology, partnered with anti-fraud organizations to identify fraudulent wallet addresses, and introduced device verification measures. These have gone a long way in making Gatehub one of the most secure wallets. But its reputation is still at its lowest, especially after it failed to compensate its clients for the coins lost. 

Categories
Cryptocurrencies

Litecoin Core Wallet Review: Features, Pros, Cons, Safety, And Ease Of Use

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

The Litecoin Foundation is regularly updating the Litecoin Core Wallet and introducing more operational and security features. But how safe and easy to use is the desktop wallet? What are its key features? In this Litecoin Core review, we explain how it works and detail everything else you need to know about this wallet.

We start by looking at its key features:

Key Features:

Full node nature: Most other crypto wallets will only require you to download a light desktop or mobile app. When using Litecoin Core client, however, you have to download the entire blockchain onto your computer. And while this makes it more secure than apps, it is time-consuming and eats up most of your computer space.

Compatible with different OS: The desktop client is highly versatile and compatible with virtually all popular operating systems, including Windows, Linux, and macOS.

Faster transaction processing: The desktop Litecoin client integrates the SegWit protocol used on the Litecoin Blockchain. This integration makes Litecoin transactions initiated on the platform relatively faster and less expensive.

Supports multiple wallets: The most recent update to the Litecoin desktop client introduces multiple wallets. You can now open and host multiple Litecoin wallets on the same desktop wallet.

Security features:

Open source: One of Litecoin Core’s key strengths is that it is built on an open-sourced technology. This implies that it has been vetted and audited by crypto industry experts with possible security loopholes identified and patched. The regular updates provided by the Litecoin Foundation have also become great avenues through which patches to the client are provided.

Highly encrypted: When installing and activating the Litecoin Core wallet, you will be presented with the encryption option. You have the option of encrypting the desktop wallet with a strong multi-character password or not. However, note that you can never recover your private keys should you lose or forget the passphrase.

Physical wallet backup: Litecoin core client makes it possible to back up the entire wallet on an external drive. You are especially encouraged to backup your wallet every time you engage in a transaction that changes your digital asset balances.

Privacy and anonymity guarantee: Litecoin Core integrates a number of features that promote privacy and anonymous transactions. It, for instance, is VPN compatible, ensuring that it helps you mask your IP address when using the desktop wallet. Moreover, you can access the wallet via the highly anonymous Tor Browser.

How to set up a Litecoin Core wallet?

Step 1: Head over to the Litecoin core website. Search for wallets and click on the version that matches your computer’s operating system

Step 2: Download and click on install. Note that downloading and synchronizing the desktop client will take time – be patient.

Step 3: After installation, choose to encrypt the wallet using a strong and multi-character password.

Step 4: Finish the installation process by clicking ‘OK’ on the popup window, after which the wallet shuts down automatically.

Step 4: Reopen the wallet and back it up to a USB device.

Step 5: The desktop client is now set and ready to use.

How to add/receive crypto to your wallet

Step 1: Log in to the Crypto wallet and click on the receive icon.

Step 2: Copy your wallet address and send it to the person sending you Litecoins.

Step 3: You can also have them scan the QR Code address.

Alternatively: Use the request pay option:

Step 1: Click on the ‘Receive’ icon and select ‘Request Payment.’

Step 2: Enter the amounts you wish to receive, the message you wish to send, and the label. Here, the label refers to the name of the individual from whom you wish to receive the coins.

Step 3: Click ‘Receive Payment’ and wait for your coins to reflect in your wallet.

How to send crypto from your desktop client

Step 1: Log in to the Litecoin Core desktop wallet and click on the ‘Send’ icon.

Step 2: On the ‘Pay To’ section, enter the recipient’s wallet address.

Step 3: Enter the number of coins you wish to send.

Step 4: Confirm that these details are correct and hit ‘Send.’

Litecoin Core wallet ease of use

The Litecoin Core desktop client has relatively minimalistic features that make it quite easy to use. Downloading and installing the wallet, though slow, is quite easy and straightforward. Additionally, the wallet features a clean and highly intuitive dashboard that makes it easy to use for both expert crypto traders and beginners. The highly responsive customer support is also ready to walk you through the installation process and guide you on how to interact with the platform.

Litecoin core wallet cost and fees

The Litecoin Core wallet is free to download and install. You will, however, be charged a fee every time you send Litecoin from your wallet. Recent upgrades to the Litecoin Desktop client have introduced a dynamic pricing structure. This gives you the choice of determining the price and speeds at which your Litecoin transactions are fulfilled. Ideally, higher transaction fees translate to faster transaction processing while lower fees often equate to lower transaction speeds.

Plus, unlike most wallets that will automatically deduct the transaction fee from your balance, Litecoin Core desktop client gives you a choice. You can choose to have the fees deducted from either the account balance or the amounts being sent.

Litecoin Core wallet customer support

Litecoin has a readily available customer support team. You can easily connect with Litecoin developers and support teams on their different social media platforms. They regularly post important news and updates on these platforms.

You can also interact with these developers and get assistance from your peers on the Litecoin Core platform.

The website, desktop client, and user platforms are also multilingual. They currently support over 13 international languages, including German, Chinese, English, Russian, Dutch, Polish, and Greek.

What are the pros and cons of the Litecoin core wallet?

Pros:

  • The desktop wallet is relatively safe and embraces multiple security features.
  • Litecoin Core is free and employs a dynamic pricing structure.
  • Help is readily available from the wallet developers via email and social media, as well as from the Litecoin platform users on the platform.
  • Litecoin Core desktop client is also simplistic and easy to use for both beginners and expert crypto traders.
  • You can encrypt the Litecoin client with a passphrase and back it up in an external drive or USB.

Cons:

  • The desktop wallet only supports one digital currency – Litecoin.
  • You need to download the entire Litecoin core blockchain into your desktop if you wish to use the wallet.
  • The wallet has limited operational features.
  • It does not embrace such effective security features as two-factor authentication.

Comparing Litecoin Core desktop client to other crypto wallets

Litecoin Core vs. eToro

Some of the similarities between Litecoin Core desktop client and eToro crypto wallet app are their user-friendliness and inexpensive transaction fees. They, however, are different when it comes to the number of supported cryptocurrencies and integrated security features.

eToro carries the day with regards to the number of supported cryptos. Litecoin can, on the other hand, be said to be more secure as it employs more advanced security features like using open source technology and VPN access.

Bottom line: Is the Litecoin Core wallet safe?

Yes, Litecoin Core desktop client is relatively safe. Since its establishment in 2011, the wallet has been subjected to several technical upgrades, each introducing a new security feature. So far, the Litecoin desktop wallet has employed several highly effective security features. These include open-sourced technology, physical backup, password encryption, VPN/Tor Browser access for improved privacy and anonymity. We, however, observe that the wallet doesn’t employ such security features as two-factor authentication and multi-signature access.

Categories
Cryptocurrencies

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

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

Freewallet crypto vault

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

But what makes Freewallet unique? Does its custodial nature make it safer than the next wallet, or is it a scam? We answer these questions in this Freewallet review by detailing some of its key operational and security features. We will also look at its pros and cons and compare its effectiveness with similar crypto wallets.

Key features:

In-built exchange: Freewallet features an inbuilt exchange that supports the trade of 100+ cryptocurrencies. Note, however, that this exchange is only available to the multi-currency wallet users. Plus, it is only accessible via the web wallet.

Single and multi-currency wallets: Freewallet hosts two types of crypto wallets: the Individual crypto wallets that host a specific digital coin like Bitcoin, Litecoin, Ethereum, or Dogecoin and the multi-currency Freewallet Lite that supports 100+ cryptocurrencies.

Free in-app transfers: Freewallet embraces the sidechain crypto technology within the Freewallet network. You, therefore, will not be charged when you transfer crypto to other Freewallet users.

Buy with card: In addition to exchanging crypto for crypto within the Freewallet network, you can also buy crypto with a credit card. And you don’t even have to go through such third party currency conversion sites as Changelly or Simplex.

Highly versatile: Freewallet is also compatible with multiple operating systems. You can access this browser extension via all the popular browsers. Plus, it’s also available in both the Android and iOS app versions.

Intuitive user interface: Both the single currency apps and the multi-currency web interface are highly intuitive. The display is highly intuitive, which makes navigating through the app and initiating transactions relatively easy. It also integrates some of the leading crypto exchanges that allow you to monitor the price performance of different coins and monitor your portfolio on one screen.

Freewallet security features:

Password + Biometric support: Like most other cryptocurrency wallets, Freewallet is secured with a passcode. You get to set this four-digit pin-code when installing and activating the wallet. Its support for biometrics also gives you a choice of securing the wallet with a fingerprint.

Two-factor authentication: 2FA is an additional boost to the security of your wallet. And you can choose to attach either your phone number or email address to the wallet. It is critical in restricting remote access and hacks by ensuring that only email/phone owners can log in and initiate transactions.

Hierarchically deterministic: The Freewallet is hierarchically deterministic and will automatically create a new address for every new transaction. This limits the exposure of your real wallet address, and you, therefore, don’t have to worry about trackers monitoring and tracing your crypto transactions.

Custodial cold storages: Freewallet is a custodial crypto vault that stores private keys on your behalf. And according to their website, these keys are stored in cold storages away from hackers. You, therefore, don’t have to worry about keeping your investments safe.

Active sessions control: Freewallet gives you near-absolute control over your wallet. It lets you monitor all the users’ active sessions by viewing their devices. You can then whitelist or block any unauthorized wallet users.

Multi-signature: You can activate the multi-signature feature of the Freewallet by linking it to up to five email addresses. In such a case, the transaction will not be initiated before confirmation from all linked email addresses.

Transaction limits: Freewallet will also let you set the daily, weekly, and monthly transaction limits. This limit ensures that even if a hacker was to gain access to your wallet, there is only so much they can offload.

Freewallet Setup and activation

Step 1: Open the Freewallet.org website and click on the ‘Wallets’ section. Decide on the type of wallet you wish to download. This can be an individual wallet for a specific crypto coin or the multi-currency Freewallet Lite.

Step 2: Register a user account by linking your wallet with your Facebook profile, Google profile, or phone number.

Step 3: Set a PIN code for the account.

Step 4: Activate the two-factor Authentication feature using either email or the phone number.

Step 5: The account is now active, and you can start adding and sending crypto.

How to add/receive crypto into Freewallet

Step 1: Log in to your Multicurrency Freewallet Lite and click on “Smart Pay In.”

Step 2: Select the currency you wish to use in topping up your wallet. This reveals both the wallet address and the QR code.

Step 3: Send the address or the code to the individual/party, sending you the coins.

Step 4: Wait for the coins to reflect in your wallet.

How to send crypto out of Freewallet

Step 1: Log in to your Freewallet account. Tap on the + icon and click “Send.”

Step 2: Enter the recipient’s wallet address and the number of coins you wish to send.

Step 3: Confirm that the details are correct and hit ‘Send.’

Step 4: Decide on the network fees – from the list of four price ranges.

Freewallet ease of use:

Freewallet app and web interface are highly intuitive and very easy to use. And it starts with a straightforward and easy registration process. Unlike other wallets with complicated account creation processes, Freewallet only requires you to link the wallet with your Facebook or Google profiles or mobile phone number.

From its dashboard, you have easy access to all of Freewallet’s key features, including the send/receive icons. Moreover, you get to monitor your balances and portfolio as well as the real-time price movements for various coins.

The wallet is also multi-lingual and is currently available in over 13 international languages.

Supported cryptocurrencies and countries

According to the Freewallet website, Freewallet Lite multi-currency wallet can support 130+ cryptocurrencies and tokens. However, crypto-specific wallet apps will only host one digital currency.

Currently, Freewallet is available to individuals in over 100 countries across the world, including the U.S, UK, Germany, France, and Russia.

Freewallet cost and fees

You will not be charged to download and activate the Freewallet app or create a user account on their web interface. Sending crypto from one wallet to another within the Freewallet network is also free.

When sending crypto to other users, however, you will be charged blockchain network fees. Freewallet nonetheless embraces the highly dynamic Reduce by Fee protocol that gives you the freedom to determine these transaction charges. There are four pricing levels, and the higher the fees, the faster the transaction processing speed.

Comparing Freewallet with other crypto wallets

Freewallet vs. eToro

Freewallet and eToro have several things in common. Chief among them is the fact that they are both custodial and store private keys on behalf of their clients. These can also be said to have some of the most intuitive user interfaces.

But unlike eToro that only has one type of crypto wallet, Freewallet has both the crypto-specific and multi-currency wallets. And while both their wallets are free, Freewallet uses sidechain technology to make transactions within the network for free. It also embraces a dynamic transaction pricing structure that lets the user set an individualized transaction cost.

What are the pros and cons of Freewallet

Pros:

  •         Transactions within the Freewallet network are free. And you also get to set the transaction fee for external transfers.
  •         You can choose to install multiple crypto-specific wallets for the coins you wish to trade or the multi-currency wallet.
  •         The web interface of a Freewallet has an in-built exchange.
  •         The wallet supports a relatively wide range of cryptocurrencies.
  •         Freewallet has integrated several security measures, including support for biometrics, two-factor authentication, and cold storage.

Cons:

  •         Freewallet stores the private keys on behalf of their clients – providing hackers with a central target.
  •         The wallet is hosted online, and this exposes it to such risks and threats as hacks and malware attacks.
  •         It requires a phone or Facebook profile when registering a user account.
  •         The wallet is not regulated.

Verdict? Is it safe or a scam?

Freewallet adopts a unique approach to the storage and management of cryptocurrencies. These include cold storages, two-factor authentication, active session control, and transaction limits. Some serve to discourage unauthorized access to your wallet while the rest limit the extent of the damage. We, therefore, consider their app and web interface relatively safe. We nevertheless would have been able to give a more qualified verdict if Freewallet adopted even more stringent safety protocols like providing users with recovery seeds and decentralizing the storage of private keys.

Categories
Cryptocurrencies

What’s Polkadot: The Complete Guide

It’s the age of the internet. That means we can’t avoid using the web, even if we wanted to. But the problem is, by doing so, we have to entrust our data to a handful of powerful corporate entities – who cannot really be trusted to keep it safe. If you have to use an app, you have to agree to terms and conditions that you will probably never read, and even if you did, you’d have little choice than agreeing to. 

It’s the age of the internet. That means we can’t avoid using the web, even if we wanted to. But the problem is, by doing so, we have to entrust our data to a handful of powerful corporate entities – who cannot really be trusted to keep it safe. If you have to use an app, you have to agree to terms and conditions that you will probably never read, and even if you did, you’d have little choice than agreeing to. 

It’s the age of the internet. That means we can’t avoid using the web, even if we wanted to. But the problem is, by doing so, we have to entrust our data to a handful of powerful corporate entities – who cannot really be trusted to keep it safe. If you have to use an app, you have to agree to terms and conditions that you will probably never read, and even if you did, you’d have little choice than agreeing to. 

This effectively hands over control of our data to them – data that are so detailed as to create accurate psychographic profiles of us. And get this – in the modern advertising and marketing space, nothing is as valuable as this kind of data. 

When you think of the fact that we surrender this data for free and entrust these entities to keep it safe and not misuse it, you’ll realize what big of a gamble it is. 

Meanwhile, the advent of blockchain technology has proven that we can create systems that place this power in the hands of data owners only. But current blockchain systems are held back by factors such as low scalability and lack of interoperability. Issues like these are the reason why we’re yet to see the real-life deployment of blockchain on a wide scale. 

Polkadot is a blockchain effort that intends to solve these issues and, while at it, allow users to exercise complete control over their data – as it’s supposed to be. 

We look at how the project intends to achieve that in this article, as well as familiarize ourselves with DOT, the native Polkadot’s cryptocurrency. 

Understanding Polkadot

Polkadot is a blockchain-based and decentralized effort to create a network of interoperable, unified blockchains. It’s part of recent increasing efforts to create a decentralized web where users have the power, and not big and powerful internet companies such as Google and Facebook. 

Polkadot wants to achieve this by enabling various features that we’ll look at below.

Polkadot: Features

#1. Scale

If every blockchain is operating in isolation, then how much transactions it can process at any time will always be limited. Polkadot utilizes shards to process a heap of transactions across multiple chains in a parallel fashion. 

This removes the ‘walled garden’ type of transaction processing that is prevalent in the blockchain ecosystem. The parallel processing achieves dramatically more transactions per second (TPS) than a single blockchain would hope to. This creates the right environment for the growth and wide-scale adoption of blockchain. Polkadot’s sharded chains are known as ‘parachains’ because they process transactions in parallel.

#2. Specialize

Today’s blockchains have to sacrifice some features in order to optimize others. For instance, one blockchain might choose to optimize for privacy, while another optimizes for file sharing. Polkadot allows blockchains to come up with a ‘novel design’ optimized for specific features. This will allow blockchains to offer better and more efficient services to users. Polkadot utilizes what it calls a ‘Substrate Development Network’ where developers can create customized blockchains for faster and more efficient performance.

#3. Collaborate

Polkadot creates an environment where applications do not have to operate in silos. Instead, applications can share data and functionality – and that’s without banking on centralized entities whose handling of user data is questionable. The interoperability created is a beginning to the creation and sharing of innovative new products and applications, while allowing users to share data. For instance, a chain that specializes in identity management can communicate with one that provides financial services.

#4. Self-govern

Communities and fans of Polkadot blockchains have the autonomy to check the direction and future of the network any way they see fit. Whether it’s changing governance to meet their needs or overhauling existing modules for more efficient ones, teams on the Polkadot network can customize governance with varying needs and conditions.

#5. Easy Upgrading

Just like any technology needs to continuously upgrade, blockchains need to change with time to cater to the changing needs and preferences of users. The problem is, upgrading has traditionally constituted what’s called ‘hard forks’ – which are often contentious and split communities into factions. Besides, these forks usually take protracted periods – sometimes running into months and months. Polkadot facilitates blockchain upgrades that do not require forks, enabling them to adapt quicker and easier to new technologies and making for happier communities. 

Polkadot: Structure

Polkadot hopes to achieve these ambitious goals by relying on a structure of three components: relay chain, parachains, and bridge. 

  • Relay Chain – This is the core layer, so to speak, of the Polkadot network. It secures the network, runs the consensus protocol and facilitates the interoperability of chains
  • Parachains – These are parallel blockchains or networks on which blockchains can carry out highly scalable transactions
  • Bridges – These are blockchains on which shards of the Polkadot network can exchange info/data with external chains like, say, Bitcoin

Polkadot’s Governance Protocol and Network Participants

Polkadot will utilize proof of stake consensus mechanism. For network users to be chosen as blockchain validators, they need to stake in the network’s native token, DOT. 

The Polkadot network will feature ‘Collators,’ who will be responsible for operating parachains, which will involve aggregating transactions and relaying them for validation by the validators. 

Finally, we have Nominators and Fishermen. Nominators will be responsible for choosing good validators and staking in the native token and hence contributing to the overall security of the network. For their part, Fishermen will monitor the network and report any suspicious activity to validators. 

The DOT Token

DOT is the native token of Polkadot. This is how it fits in the equation: 

  • Governance: DOT holders have utter control over the network. They get to participate in events such as protocol upgrades and fixes, a privilege usually reserved for miners in other blockchain networks
  • Staking: DOT is used for staking so that a user can participate in the network’s consensus protocol
  • Bonding: This is the process through which new parachains are added. Old and outdated parachains are retired from the network by getting rid of bonded tokens

What’s Kusama? 

Kusama is a testnet of the Polkadot network. Here, parachain developers can experiment with various incentives and, of course, parachains in a ‘real’ environment. Currently, Kusama is maintained and secured by a base of supporters who also hold KSM tokens. Even after the Polkadot mainnet is launched, Kusama will continue existing as a decentralized and functional network.

Key Metrics

Despite being relatively new, Polkadot seems to be a hit with sections of the crypto community, which probably explains its $234.31 per-token value on August 8, 2020. The currency’s current market position is 2110, while its market cap is not known, according to Coinmarketcap. DOT’s 24-hour volume is $27, 047, 678, and it has a total supply of 10 million. Its highest and lowest price ever was $308.45 (March 8, 2020) and $69.03 (April 27, 2020), respectively. 

Where to Buy and Store DOT 

DOT can be found as a market pair of BTC, ETH, and USDT in various exchanges, including but not limited to: Huobi Global, HotBit, BigONE, xFutures, Binance, Gate.io, Bilaxy, BitForex, BitZ, TOKOK and MXC. 

Available storage options include Polkawallet (available for iOS and Android), Atomic Wallet, and Math Wallet. 

Closing Thoughts

Polkadot has a solid plan to provide much-needed interoperability of blockchains. If it’s successful, internet users can expect to finally have more control over their digital existence. Blockchain projects will also have more room for innovation and flexibility than is possible with today’s siloed blockchain networks. By creating an environment for specialized blockchains to operate, Polkadot paves the way for blockchain tech to go to the next level. 

Categories
Cryptocurrencies

Loaf Wallet Review: How Safe And Effective Is This Mobile-Only Crypto Wallet?

The Loaf wallet is often described as the official and standalone mobile wallet for Litecoin. It was created and introduced to the crypto industry by Charlie Lee and the Singapore based Litecoin Foundation. And according to the Loaf wallet website, it was established to help Litecoin enthusiasts store and trade Litecoins using their mobile devices. In 2019, however, this mobile-first Litecoin wallet app changed its name to LiteWallet app.

Loafwallet crypto vault

The Loaf wallet is often described as the official and standalone mobile wallet for Litecoin. It was created and introduced to the crypto industry by Charlie Lee and the Singapore based Litecoin Foundation. And according to the Loaf wallet website, it was established to help Litecoin enthusiasts store and trade Litecoins using their mobile devices. In 2019, however, this mobile-first Litecoin wallet app changed its name to LiteWallet app.

The Loaf wallet is often described as the official and standalone mobile wallet for Litecoin. It was created and introduced to the crypto industry by Charlie Lee and the Singapore based Litecoin Foundation. And according to the Loaf wallet website, it was established to help Litecoin enthusiasts store and trade Litecoins using their mobile devices. In 2019, however, this mobile-first Litecoin wallet app changed its name to LiteWallet app.

With the rebranding came about significant changes to the wallet that include the introduction of new operational and security features. In this Loaf wallet review, we will be vetting the effectiveness and the safety of this mobile crypto vault.

Let us start by looking at its operational features.

Loaf wallet key features:

Lightweight: Litecoin was initially designed to provide a faster alternative for the legacy digital coin, Bitcoin. Similarly, the Loaf wallet is specially designed to offer faster transaction processing speeds. To achieve this, the Loaf Wallet app is created using a highly simplified code and integrates the “Simplified Payment Verification” protocol that speeds up transactions by providing a direct link to the Litecoin Network.

Sleek design: Loaf wallet design is modern and features a clean user dashboard. It is easy to navigate and hosts an in-built price ticker that you can use to track your portfolio.

Mobile-specific: Unlike most other Litecoin wallets that are either web-based or desktop integrated, the Loaf wallet is mobile-first. It was designed to provide Android and iOS phone users with a secure vault that they could use to store, manage, and trade Litecoins.

Simplex integration: A recent update to the Loaf wallet has made it possible for individuals to buy crypto with fiat currency and credit cards. It integrates the all-popular Simplex payment service provider that facilitates fiat-to-crypto conversions.

Introduction of Loaf wallet debit card: According to the Loaf wallet website, the Litecoin Foundation is on the verge of launching the first Litecoin based Crypto debit card. The card will be Loaf wallet integrated and furthers the mobile wallet app’s versatility.

Reputation: Loaf wallet has the backing of the Litecoin Foundation and some of the most influential thought leaders in the crypto community. This makes the wallet one of the most reputable Litecoin-specific crypto mobile app.

Loaf wallet security features:

Password and Biometrics support: Like most other crypto mobile apps, the Loaf wallet is secured with a passphrase. This not only eliminates unauthorized access to the wallet but also serves as an encryption tool. Additionally, you can secure the crypto wallet app and set transaction authorization limits using the Touch ID biometrics.

Open sourced: Loaf wallet is built on an open-sourced technology. Anyone can view, audit, and submit recommendations on possible security loopholes. The wallet app has since been audited by numerous internet security experts who have found it to be safe and free of any bugs or malicious codes.

AES encryption: The Loaf wallet mobile app uses AES hardware encryption to encrypt the app data. Every piece of information stored in here, from the private keys to app passwords, is highly encrypted. The crypto wallet app’s communication with third party sites and apps is also highly encrypted.

Non-custodial: The non-custodial nature of the wallet implies that your private keys are stored in your mobile device and not Litecoin Foundation servers. You, therefore, have absolute control over your private keys.

Recovery seed: When installing the Loaf wallet mobile app, you will be provided with a 12-seed recovery phrase. Record these on a piece of paper and store them safely offline. You will need it to reset the app password and recover lost private keys.

How to set up Loaf wallet

Step 1: Go to the Loaf Wallet official website (now LiteWallet) and download the wallet app for your Android or iOS device

Step 2: Once installed, the app will ask if you wish to ‘Create a new Wallet’ or want to ‘Restore’ your private keys. Click on create a new wallet

Step 3: Set the app password. It needs to be unique, yet easy to remember

Step 4: The app will provide you with 12 random words that form the recovery seed. Write them down in their correct order

Step 5: Enable Fingerprint Authentication (optional and can be enabled or disabled on the settings section)

Step 6: Your Loaf wallet mobile app is now active. You can start adding Litecoins and initiating transactions

How to add/receive crypto into Loaf wallet

Step 1: Log in to the Loaf wallet and on your user dashboard click ‘Receive’ to reveal your receiving wallet address

Step 2: Copy the address and send it to the party sending you Litecoins

Step 3: Wait for the digital assets to reflect

How to send crypto from Loaf wallet

Step 1: Log in to your Loaf wallet mobile app and click on the ‘Send’ tab

Step 2: Paste the recipient wallet address, followed by the amount to be sent.

Step 3: Confirm that the transaction details are correct and hit send.

Loaf wallet ease of use

The process of installing and activating the Loaf wallet mobile app is quite straightforward. The app also employs a relatively simple design with a clean and highly intuitive user dashboard. These, plus the ease of initiating Litecon transactions, make Loaf Wallet easy to use for both expert and beginner crypto traders.

Loaf wallet cost and fees

The loaf wallet crypto mobile app is free. Additionally, the Litecoin Foundation will not charge you storage fees when you store private keys in the wallet.

A transaction fee charged by the Litecoin Network will, however, take effect every time you send Litecoins from your wallet. This fee will vary based on the transaction amounts and often starts from 0.002 LTC. The average transaction price on the LTC network currently stands at $0.206, while the Median fee is $0.06.

Loaf wallet customer support

There are two primary ways of seeking assistance when using the Loaf wallet. Start by joining the Litecoin Foundation community forum and have all your queries answered by both the wallet developers and more experienced wallet users. For more personalized queries, however, we recommend that you engage the wallet developers by messaging them on such social media channels as Reddit, Twitter, and Facebook.

What are the pros and cons of Loaf wallet

Pros:

  • Loaf wallet is highly intuitive and easy to use for most both expert and beginner Litecoin traders.
  • It has embraced multiple security features, including biometrics, open-sourced code, and a non-custodial approach that makes it extra safe.
  • The crypto wallet app integrates SPV technology and links with the Litecoin network directly for faster transaction processing.
  • Loaf wallet recently integrated Simplex for fiat-to-crypto conversions and is contemplating the launch of the Loaf wallet crypto debit card.
  • The mobile crypto app is free to use and charges relatively low transaction fees.

Cons:

  • The crypto wallet app will only support Litecoin.
  • The wallet app isn’t immune to the inherent risks associated with hot wallets.

Verdict? Is the Loaf wallet safe?

Well, the Loaf wallet has embraced some of the most popular security measures aimed at keeping the wallet and its contents safe. It combines the password with biometrics, backs up the wallet with a recovery seed, gives the user absolute control of their private keys, and uses AES technology to encrypt the wallet contents. These, plus the fact that the app was developed and is maintained by the Litecoin Foundation, make Loaf wallet one of the safest crypto mobile apps available today.

Categories
Cryptocurrencies

MetaMask Wallet Review 2020: The Most Comprehensive MetaMask review

MetaMask is a web-based cryptocurrency wallet built on the Ethereum blockchain. The MetaMask website refers to it as a ‘crypto wallet & gateway to blockchain apps’ given that it provides users with an online storage vault as well as an interface to the Ethereum blockchain. However, unlike similar Eth blockchain gateways that require you to download the entire client node to your desktop, MetaMask is relatively lighter. It is a browser extension and does not need you to download the node or app.

MetaMask is a web-based cryptocurrency wallet built on the Ethereum blockchain. The MetaMask website refers to it as a ‘crypto wallet & gateway to blockchain apps’ given that it provides users with an online storage vault as well as an interface to the Ethereum blockchain. However, unlike similar Eth blockchain gateways that require you to download the entire client node to your desktop, MetaMask is relatively lighter. It is a browser extension and does not need you to download the node or app.

MetaMask is a web-based cryptocurrency wallet built on the Ethereum blockchain. The MetaMask website refers to it as a ‘crypto wallet & gateway to blockchain apps’ given that it provides users with an online storage vault as well as an interface to the Ethereum blockchain. However, unlike similar Eth blockchain gateways that require you to download the entire client node to your desktop, MetaMask is relatively lighter. It is a browser extension and does not need you to download the node or app.

The wallet was created by Aaron Davis and Dan Finlay and launched in 2016. Over the years, its development team has expanded, and so has its scope of use. What started as an online wallet has now morphed into a fully-fledged Ethereum platform. Now you can store your coins, trade, and interact with virtually every aspect of the Ethreum blockchain.

But has this expanded role compromised the wallet’s safety or efficiency? What are the MetaMask wallet’s critical operational and security features? We answer all these questions and tell you about everything you need to know about MetaMask web wallet in this review.

MetaMask wallet key features:

Browser compatibility: You can access your MetaMask web wallet using all the popular browsers. It is compatible with Opera, Firefox, Brave, and Chrome browsers.

Integrated exchanges: Though MetaMask doesn’t have a proprietary trading platform, it integrates Shapeshift and Coinbase exchanges. You no longer have to leave the wallet to purchase eth-based crypto and tokens or convert your fiat to digital coins. Simply click on Shapeshift or Coinbase exchange and start trading.

Intuitive design: MetaMask wallet adopts a modern design that provides a clean and easy-to-navigate dashboard that makes it friendly to both expert and beginner traders.

Ethereum based wallet: MetaMask wallet is built on the Ethereum blockchain. It, in effect, will only support Ethereum based cryptocurrencies and tokens.

Ethereum community: In addition to giving you access to the Ethereum blockchain and decentralized apps, MetaMask introduces you to the Ethetreum community. Here you get to interact with both Ethereum dAPPs developers and peers.

Security features:

Non-custodial: MetaMask wallet doesn’t store your private keys on the company servers. Rather, they are encrypted and stored within your device, which gives you absolute control over your keys.

Open sourced: MetaMask wallet is also built on an open-sourced technology. Any Ethereum blockchain developer and internet security experts can view and audit the wallet’s source code. It has been vetted to ensure that it is transparent and that it doesn’t contain any loopholes or malicious code.

Hierarchically deterministic: MetaMask is also a hierarchically deterministic wallet. It automatically generates new wallet addresses for new transactions, effectively keeping your wallets address private by making it impossible to track your online activity.

Recovery seed: The wallet is secured with a password. It also provides you with a recovery seed that you can use to reset this password and recover a lost wallet or private keys.

MetaMask mobile apps: Originally introduced as a pure web wallet, MetaMask recently launched its associated mobile wallet app. If you already have a web wallet, you can easily synchronize it with the wallet app. The synchronization also makes it possible to move coins from the web to the mobile app MetaMask wallet.

How to set up MetaMask wallet

Step 1: On the MetaMask official website, click on download and select the browser version extension you would like to use (Chrome, Brave, or Firefox)

Step 2: Once downloaded, the MetaMask icon will appear on your browser

Step 3: Click on the icon to the MetaMask browser extension

Step 4: Click on ‘Create New Vault’ and proceed to set a strong multi-character password for the wallet

Step 5: The wallet will provide you with 12 random phrases that form your recovery seed, write them down and keep them safe

Step 6: Acknowledge that you have copied the seed and kept safe.

Step7: Your browser extension app is now active and ready for use

How to add/receive crypto into MetaMask wallet

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

Step 2: Select the exchange from which you wish to buy crypto – either Shapeshift or Coinbase.

Step 3: Proceed to make a purchase.

Alternatively:

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

Step 2: Click on either ‘Show QR Code’ (if using the MetaMask app) or ‘Copy Address to Clipboard’ icons to reveal your wallet address and its associated QR code.

Step 3: Send either of these to the party sending you the Ethereum digital currencies and tokens

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

How to send crypto from MetaMask wallet

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

Step 2: Enter the recipient’s wallet address and the amount of crypto you wish to send

Step 3: Chose the transaction fee.

Step 4: Check that the transaction details are correct and send

MetaMask wallet ease of use

One of the MetaMask wallet’s greatest strengths is its ease of use. The wallet installation and activation processes are straightforward, and so are the different crypto transaction processes. The wallet also features a clean and easy to navigate user dashboard. It is very user friendly and appeals to both expert and beginner crypto traders.

MetaMask wallet supported currencies

The fact that MetaMask is built on the Ethereum blockchain means that it only supports eth-based cryptos and tokens. These include Ethereum, Ethereum Classic, and ERC-20 tokens.

MetaMask wallet cost and fees

The MetaMask crypto wallet is free to download and use. Crypto transactions, however, attract a network fee – Gas – that goes to the Ethereum network and not MetaMask.

Recently, MetaMask introduced the dynamic transaction-fee pricing model. This lets you control how much you spend on crypto transaction fees where higher fees translate to faster transaction processing and vice versa.

When buying crypto on the integrated third party exchanges, Coinbase and ShapeShift, you will also have to part with transaction fees. These are highly variable and largely dependent on the transaction amounts and type of altcoin involved.

MetaMask wallet customer support

Access to MetaMask wallet’s support starts with the elaborate FAQs section on their website. Here, they detail solutions to common challenges facing MetaMask Wallet users.

Additionally, the MetaMask website, web wallet, and mobile apps are multi-lingual and currently available in over 18 languages. Its developers are also quite vocal on the Ethereum network forums and their respective social media pages. Send them a direct message or them an email [email protected], for more sensitive wallet issues.

What are the pros and cons of MetaMask wallet

Pros:

  • MetaMask is highly Versatile and available as a web extension or mobile app.
  • The wallet is open-sourced and also embraces several other security features, including a recovery seed.
  • MetaMask has a smooth and straightforward onboarding process.
  • The eth-specific wallet integrates crypto exchanges that support fiat to crypto conversions.
  • The wallet will also grant you aces to Ethereum based apps and community where you can interact with developers and other Ethereum-based product users.
  • MetaMask wallet has a highly responsive customer support.

Cons:

  • It is an online wallet and thus exposed to inherent risks associated with a hot wallet.
  • It doesn’t have an inbuilt exchange and relies on third party forums that may charge exorbitantly.
  • The wallet will only support Ethereum cryptos and tokens.

Verdict? Is the MetaMask wallet safe?

Well, MetaMask wallet has put in place several security measures that are geared towards making it the safest web wallet around. These include open-sourcing its technology, encrypting user data with a password, and providing a recovery seed. Plus, it doesn’t collect any user data. We, nevertheless, observed several shortcomings that infringe on the wallet’s security claim. For instance, it is a hot wallet that stores your private keys on your device, exposing them to hacks and malicious malware. Additionally, while the wallet does not collect user data, there is no guarantee that the associated browsers, especially Chrome, and Firefox will not track and keep records of your online activity.

Categories
Cryptocurrencies

What’s Tron (TRX)? Here Is The Definitive Guide

Tron is one of the most controversial projects in the blockchain and crypto space. Despite not offering anything radically different from its contemporaries, Tron has managed to stay ahead of the competition by creating a fanfare campaign that’s often drawn criticism and what’s a larger-than-life persona behind it – founder Justin Sun. 

Tron is one of the most controversial projects in the blockchain and crypto space. Despite not offering anything radically different from its contemporaries, Tron has managed to stay ahead of the competition by creating a fanfare campaign that’s often drawn criticism and what’s a larger-than-life persona behind it – founder Justin Sun. 

Tron is one of the most controversial projects in the blockchain and crypto space. Despite not offering anything radically different from its contemporaries, Tron has managed to stay ahead of the competition by creating a fanfare campaign that’s often drawn criticism and what’s a larger-than-life persona behind it – founder Justin Sun. 

Sun has taken an unabashed approach to marketing the project – from publicly scheduling dinners with American investor Warren Buffett to associating with high-profile figures such as Jack Ma, and promoting ad campaigns that often come under fire.

The project’s popularity increased in 2018 when the Tron foundation acquired peer-to-peer content sharing platform BitTorrent, a platform that many in the crypto community grew up using.

Setting aside the clout, does Tron have much to offer? Let’s find out in this guide. We’ll also explore the platform’s native token, Tronix, and how it fits in the larger ecosystem. 

Understanding Tron

Tron is a blockchain-based effort that wants to create a cost-effective, decentralized, and peer-to-peer content sharing system. The Tron team envisioned a world in which content creators could share content (and hence earn revenue) directly with consumers, wrestling the power from centralized and powerful entities like Apple store and Google Play Store. In short, Tron wants to place the power back to content creators’ hands. It’s also a smart contract and decentralized applications (DApps) platform. Tron initially ran in the Ethereum blockchain but moved to its own mainnet in 2018.

How Tron Works

Tron wants to decentralize the web through the following:

  • Facilitating free data for everyone
  • Create a system where content creators can interact with users directly
  • Create a system where people can create and obtain digital assets

How Does Tron Work?

The Tron architecture lies upon three layers of foundation: 

Core Layer: This layer computes instructions (which are either in Java or Ethereum’s Solidity) and sends them to the Tron virtual machine for execution. There are plans to support other programming languages such as Python in the future. 

Application Layer: this is the lawyer for developers to create DApps powered by Tron’s native token Tronix (TRX)

Storage Layer: This layer keeps the blockchain’s history and in doing that, preserves the value of smart contracts

Delegated Proof of Stake 

Tron uses the delegated proof of stake mechanism to reach a consensus on blocks. It relies on 27 “super representatives (SRs)” to verify transactions’ authenticity and add records on the blockchain. The super representatives’ cast is chosen every six hours. After being chosen, members earn the right to receive new TRX coins as rewards for maintaining the network. New blocks are added to the blockchain every 3 seconds. 

In addition to the super representatives, the Tron network also hosts three other types of nodes: witness, full, and Solidity nodes. 

In addition to super representatives, users can operate three types of nodes on the Tron blockchain – witness nodes, full nodes, and Solidity nodes. You can take part in the network by operating a witness node (creating proposals and voting on them), a full node (providing application programming interfaces and broadcasting transactions), or a Solidity node (synchronizing blocks from full nodes). 

Staking in Tron 

Users on Tron can vote on SRs using ‘Tron Power.’ Tron Power is a resource on the network that’s acquired when a user chooses to ‘freeze’ TRX in a way that they can’t use the coins in any way. (If a user unfreezes the coins, they no longer have Tron Power or the ability to vote.) Unlike TRX, Tron Power is not tradable. 

Who is Behind Tron? 

Tron was founded by Justin Sun, a Chinese national who’s already racked up several impressive accomplishments at his young age. Sun is a graduate of the University of Pennsylvania and is an awardee of 2015 Forbes China 30 under 30 and 2017 Forbes Asia 30 under 30. He also founded Peiwo, the Chinese equivalent of Snapchat, and is also notably a graduate of Hupan University founder and billionaire Jack Ma. 

Other core team members include Maorong Lin and Xiadong Xie, both of whom have experience in e-commerce and the entertainment industry. 

The project also enjoys the support of various heavyweights across several industries, including business, mobile games, venture capital, and finance, including Hitters Xu, Xue Manzi, Tang Bisen, Dai Wei, and Chaoyong Wang. 

Tron: Controversies

Despite its success as a project, Tron has been embroiled in a few controversies since its launch. The most notable is the accusations that its whitepaper was plagiarized from the IPFS (interPlanetary File System) and Filecoin’s whitepapers.

Juan Benet, CEO of the firm that developed IFPS, took to Twitter in January 2018, saying that the Tron white paper was “mostly copied” from projects that came before it. The text was not copied word for word, but it was clear that the delivery and the content itself was heavily borrowed from the IPFS project. In particular, anyone could see the Bitswap strategy in IPFS was just reworded in the Tron whitepaper. And this was without Tron acknowledging the original source. 

Tron’s founder Justin Sun responded to this and other plagiarism accusations by alleging that the English translation had many missing details that were in the original Chinese version. Despite this claim of innocence, the original white paper has since been deleted from the internet. 

The Tron Token (TRX)

The native token of the Tron network is known as Tronix (TRX). The token plays various roles in the ecosystem, including the following:

  • As payment for services by Tron service providers
  • As payment for fees and by developers
  • As payment for fees by smart contract creators
  • As a staking mechanism to participate in the election of super representatives

That said, let’s get a picture of TRX’s performance in the crypto market. As of August 8, 2020, TRX was trading at $0.019874, and it had a market cap of 1.42 billion that placed it at #16. TRX’s 24-hour volume was $799, 242, 420, while its circulating and portal supply was $71, 659, 657, 359, and 100, 850, 743, 812, respectively. The coin’s all-time high was $0.300363 (Jan 05, 2018), while its all-time low was $0.001091 (Sep 15, 2017). 

Where to Buy TRX

You can find TRX as a market pair with BTC, USDT, ETH, KRW in several exchanges such as Bitrue, DigiFinex, BitZ, Poloniex, MXC, CoinTiger, Gate.io, Kraken and so on. 

For storing TRX tokens, Tron provides its official wallet for Android, iOS, and Web. Other third-party options include Guarda Wallet, Atomic Wallet, Ledger Nano, Eidoo, Cobo, and Tronscan. 

Closing Thoughts

For a project that has almost endlessly been mired in controversy and offers nothing new to the blockchain space, Tron has done quite well. As well, its promise of low cost-sharing of digital content is something worth writing home about. But the cryptocurrency space is extremely competitive, so it remains to be seen whether a huge social media following and the support of high-profile figures will be enough to keep the Tron boat floating. 

Categories
Cryptocurrencies

What’s a Bitcoin ATM? 

Bitcoin has proved to be a major force to reckon with in the world of finance. It’s no surprise, therefore, that thousands of businesses have cropped up all over the world to support it. One of these is the rather unexpected Bitcoin ATMs. Unexpected because Bitcoin is supposed to be a digital-only currency, and also the massive security concerns usually associated with it. 

Bitcoin has proved to be a major force to reckon with in the world of finance. It’s no surprise, therefore, that thousands of businesses have cropped up all over the world to support it. One of these is the rather unexpected Bitcoin ATMs. Unexpected because Bitcoin is supposed to be a digital-only currency, and also the massive security concerns usually associated with it. 

Bitcoin has proved to be a major force to reckon with in the world of finance. It’s no surprise, therefore, that thousands of businesses have cropped up all over the world to support it. One of these is the rather unexpected Bitcoin ATMs. Unexpected because Bitcoin is supposed to be a digital-only currency, and also the massive security concerns usually associated with it. 

In this post, we’ll discuss Bitcoin ATMs and answer those burning questions you’re dying to know. 

Understanding a Bitcoin ATM

At its simplest definition, a Bitcoin ATM is a machine that allows individuals to buy and sell bitcoins. ‘ATM’ here is rather a misnomer, because while it might resemble a traditional ATM, a Bitcoin ATM is not backed by banks, and neither does it dispense cash as a traditional ATM. On the contrary, Bitcoin ATMs are connected to the internet and are mostly backed by crypto exchanges. 

Here are all the main facts you need to know about Bitcoin ATMs. 

How Does a Bitcoin ATM work? 

This is the most obvious question that comes to one’s mind. After all, Bitcoin has no physical existence, so how could a Bitcoin ATM possibly work?

First thing, Bitcoin ATMs are connected to crypto exchanges. It’s these exchanges that facilitate the trade and see to it that you receive your Bitcoin quickly and safely. Since you’re transacting directly with the exchange, there’s no need for middlemen, escrow accounts, lawyers, and so on. This combination of convenience and safety eventually reflects on the transaction fee. It’s not unusual to pay up to $50 in transaction fees. However, the fee is mostly calculated based on the volume of the trade, as opposed to a fixed fee as in legacy ATMs. 

Just like with exchanges, you need to register an account or use an existing one to conduct a transaction. While some Bitcoin ATMs facilitate anonymous transactions, these are on the less common side. 

Depending on the ATM, you may receive a physical copy of your transaction receipt, or you may just receive a digital one only. Also, depending on the ATM, you may need to link your wallet in order to complete the transaction. 

Most of the time, a Bitcoin ATM will set a minimum and maximum amount of money that you can deposit in order to purchase Bitcoin. If you cannot afford 1 Bitcoin ( which is likely to be several thousands of Dollars), you can usually still buy Bitcoin fractions. Remember, one Bitcoin token can be divided into eight decimal places (0.00000001). 

Most ATM kiosks require the user to complete some basic security checks, such as two-factor authentication. This may involve having to submit your phone number, through which you will be sent a secret code that will give you access to the ATM. Other ATMs will require you to submit some form of official identification, such as a national ID, passport, or driver’s license.

How to use a Bitcoin ATM 

Every bitcoin ATM will be unique in terms of quality, processing time, and other features, depending on the manufacturer. However, when it comes down to how they actually work, they’re pretty much the same. This is how to use a Bitcoin ATM. 

  • Indicate how much bitcoins you want to buy
  • Enter the receiving crypto address (Most ATMs will conveniently scan the QR code of your wallet)
  • Insert the Fiat currency equivalent of the crypto you’d like to purchase
  • Print out the receipt of the transaction (optional)

Some Bitcoin ATMs also allow you to sell crypto for cash. The procedure will be as follows: 

  • Indicate how much Fiat currency you want the machine to put out. 
  • Send crypto to the public address produced by the machine.
  • Depending on the kiosk, you’ll either receive cash immediately or undergo several confirmation steps before you get it

Note that almost invariably, a Bitcoin ATM will have a CCTV camera due to the safety concerns surrounding crypto. For individuals unfamiliar with how to operate one, or in the case of a problem, there’ll likely be an attendant nearby to offer help. 

Is Using a Bitcoin ATM Risky? 

It’s natural to have concerns about the safety of using a Bitcoin ATM. Questions like “What if the machine is compromised during my transaction?” What if there’s a power outage?” “What if the machine is a clone and can steal my money?” 

Well, you can avoid some of the risks by just being extra careful. It’s no secret that Bitcoin ATMs can be a high target for nefarious activities. And some of the safety responsibility lies squarely on your shoulders. For instance, more shady parts of town can be riskier than the upscale areas. If you must visit such an ATM, then stay on extremely high alert. Also, as much as possible, avoid carrying large amounts of cash. 

Also, make sure to go for an ATM in a well-lit area. The appearance of the machine also matters. Skip the dirty, poorly-maintained, graffiti-covered machine for the well-kept, clean one. 

Then there’s the other aspect that’s behind your control – the cybersecurity one. Bitcoin ATMs may be the target of ransomware or hacking attacks. As such, these potential risks are not far-fetched: the machine being hijacked so that you lose your bitcoins, a hacker transferring your funds to their account, and so on. One way to mitigate the chances of this happening is to use an ATM whose exchange account you already have. This way, the funds will be sent directly to your wallet address, which is safer than generating a new account entirely. 

How to Find a Bitcoin ATM near You 

Are you looking to find a Bitcoin ATM near your location? The easiest way to do so is to use a tracking tool. One of these is Coinatmradar, which is the most referred to so far. At the time of writing, it has listed 8998 crypto ATMs worldwide. Coinatmradar is pretty useful just for the important features it supports, which include buy and sell options, ability to locate the closest machine, the directions to that machine, available cryptos, how to buy and sell Bitcoin, and available ATM installations by country. 

Coinatmradar lets you choose between eleven popular cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, DASH, Monero, Tether, ZCash, Dogecoin, and Ripple. When you search Bitcoin ATM by country, the website will take you to a page with location, contact, address, supported coins, daily limits, and info on whether to buy and sell options are both supported.

Other options include sites that track Bitcoin ATMs in a specific region. An example is Findbitcoinatm.com.au, which lets you trace Bitcoin ATMs in Australia, or Cryptocoinmap.ru which lets you identify crypto teller machines in Russia. Other services, such as Google Maps or Yelp might also prove useful.

Closing Thoughts

So there you go. You can acquire Bitcoin faster than you thought in a Bitcoin ATM. And if you want to sell, confirm whether the particular ATM in question supports that function. And, of course, exercise common sense and extreme caution when transacting Bitcoin via an ATM.