Tag: cryptocurrencies

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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.

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Crypto Videos

Big Hit To The US – Digital Yuan vs the US Dollar!

https://youtu.be/XJdEdZiduJA

https://youtu.be/XJdEdZiduJA

 

Digital Yuan vs. the US Dollar – Will the Takeover Happen?

Eswar Prasad, a senior fellow at the Brookings Institution and a professor of Trade Policy at Cornell University, believes that, while China’s digital yuan will enhance the role of the renminbi as an international payment currency, it will most likely not impact the dollar’s status as the dominant currency.
Parsad stated his opinions in a piece published in Project Syndicate, where he said that the Chinese government should keep reforming its financial markets and remove restrictions on the capital flow, all in order to put both China’s national cross-border payments system and CBDC in the global sphere.

According to the professor, China’s national currency has made significant progress in recent years, both as a reserve currency and as a means of payment. He says that this can mostly be attributed at the expense of currencies such as the British Pound and the Euro:
Even when the IMF added renminbi to the four existing currencies in the SDR basket, and then gave it a 10.9% weighting, it was most likely the euro, the pound, as well as the Japanese yen that gave way, not the US dollar.
The People’s Bank of China still influences the renminbi exchange rate, said Prasad, who added that such policy most likely won’t change “significantly anytime soon.”

On the other hand, the professor clarified that as other developing countries are making solid trade and financial links with China, they “could start to invoice and settle their transactions directly” in their national currency, which could easily lead to the adoption of the digital yuan when it’s officially launched.
China’s Commerce Ministry made an announcement on Aug 14 that it will expand the trials of the nation’s CBDS to include Beijing, as well as Tianjin and Hebei provinces.

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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. 

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Forex Videos

Banks Actually Launder More Money Than Crypto! Are You Surprised?

 

 

 

Banks Launder More Money Than Crypto, a New Report States

The Financial Intelligence Unit of Mexico recently published the results of its second-ever National Risk Assessment. The report stated that the risk of money laundering in the banking sector exceeds the issues encountered by fintech companies by a large margin.

According to El Economista, a well-respected Mexican newspaper, the so-called “G7 banking” group, which consists of BBVA, Santander, HSBC, Citibanamex, Banorte, Scotiabank, and Inbursa, registers a lot more money laundering in Mexico than all the Blockchain firms combined. Brokerage companies, exchange firms, as well as institutional banking providers are also included in the report, where they have been classified as “high risk” companies.

Although the fintech sector is still considered a possible propagator of both money laundering as well as the financing of terrorism, the 2020 UIF report chose not to classify the sector. While the reasons for this are unknown, many speculate that it is because crypto doesn’t pose as much of a risk as the mainstream thinks.

During a virtual conference in Aug, an official from the UNIF mentioned cryptocurrencies, saying that the sector does pose a risk for illicit activities. He also noted that the entity still considers the technology to be a possible “emerging risk” rather than it already being a risk, as many say.
It is worth noting that Mexico’s fintech, as well as blockchain industries, have nearly doubled in size in just over two years.

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Forex Videos

Donald Trump Ramps up the heat with China! Forex Traders Beware!

https://youtu.be/ERLyOp3y6RE

https://youtu.be/ERLyOp3y6RE

 

Donald Trump Ramps up the heat with China

 

Thank you for joining this Forex Academy educational video. In this session, we will be looking at for little events surrounding the ratcheting up of tensions between the United States and China.


In the ratcheting up of the tensions between the United States and China, Donald Trump sites the risk of companies such as Huawei and now TiK ToK and we-chat, which are viewed as major security risks, because the American government believes that Chinese tech firms will have back door access to United States data, including access to the American population’s personal data where they use such technology.
Donald Trump has now signed an executive order banning the use of TikTok, a sort video platform owned by Bytedance Ltd., and WeChat, which is a messenger app owned by Tencent Holdings. The order will come into effect within 6-weeks of the time of writing this article. This is almost unprecedented where such apps could be banned from use to millions of us citizens. United States citizens and American companies will be banned from doing business with either of these two firms.

In a twist, TikTok, which has global downloads predicted at 2 billion + with a valuation of 100 billion US dollars, may find a reprieve in the United States if Microsoft can secure a license to run the application in the United States, Canada, Australia, and New Zealand and where such a license may cost Microsoft between 20 and 50 billion US dollars. The idea being that Microsoft would be the only company to collate user information, stating that this would be safe Microsoft and not passed onto the Chinese government.

Tiktok, which was seen until fairly recently as a harmless video for children, has been embraced by celebrities and influencers, which has helped it attain exponential growth within the United States. However, US national security concerns that its parent company will share valuable information with the Chinese government, and the same can be said for WeChat.
While the digital market remains open in most western countries, including the United States, where are companies such as Facebook and Amazon and Google operate with few restrictions, China has blocked several US internet companies, including Google, from operating in its country.

And while Tencent lost billions as the WeChat ban hit Chinese stocks and caused the Chinese Yuan to depreciate, the fallouts could hit United States tech stocks as markets try to calculate how American tech companies and other firms in the United States are affected because some of them rely on these apps for their businesses.
The Chinese foreign ministry reacted to Donald trump’s ban by saying that America is using national security as an excuse and using state power to oppress non-American businesses.


One thing is for sure, the escalation between these two Nations can only get worse before it gets better. Traders should be looking for dips in US tech stocks and tech indices, and perhaps broad-based volatility with the United States dollar and related major currency pairs as further sanctions, bans, and potential tariffs are introduced by both sides as matters worsen.

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.

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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.

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Crypto Videos

Crypto News – DeFi Adoption Two Ways Ahead!

https://youtu.be/1iulNMHZoRU

https://youtu.be/1iulNMHZoRU

 

DeFi Adoption – Two Ways Ahead

As decentralized finance starts to gain ground, co-founder of Chainlink Sergey Nazarov believes that there are two ways for more DeFi mainstream adoption.
Nazarov spoke about DeFi at the Smart Contract Summit, where he said he sees two main ways the new technology “crosses the chasm” and makes more Web 2.0 companies actually adopt these technologies.
“The transition can occur in two different key dynamics. The slower path would be the interest yield. We are, at the moment, in a low-interest environment, and the appetite to combat yield will become massive. The second, faster path, is through counter-party risk. This is where the solvency of the brand-based guarantees erodes and where the math-based contractual guarantees come in. While the slow case is compelling, the fast path is scary, but we should be seeing both.”

He also added one of the exciting possibilities for DeFi, which is when people start thinking of blockchain when looking for financial products. This would effectively transition the idea that blockchain is for tokens only into something much larger. He said that the industry would eventually see investors openly talking about their crypto holdings, but that this will only happen after crypto proves that it has superior value over other financial products. Also, this is the time where people would stop holding crypto only as a means of diversification.
Nazarov noted that information, such as market data, is always essential, but stressed that privacy is as well. He pointed to its newest acquisition, called DECO. The DECO protocol uses zero-knowledge proofs and advanced cryptography to provide enhanced privacy to users.

Nazarov is a well-known crypto bull and one of the people behind Chainlink. Its LINK token saw a meteoric rise in 2020 as interest in it, as well as DeFi, is at an all-time high. Chainlink is currently holding the 5th place when it comes to crypto market cap, just recently surpassing Bitcoin Cash and Litecoin.

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
Crypto Videos

The IRS Coming Down on Crypto Users!

https://youtu.be/QVQMUPChB14

https://youtu.be/QVQMUPChB14

IRS Coming Down on Crypto Users

Every American citizen filing taxes for the year 2020 will have to tell the Internal Revenue Service whether they used cryptocurrencies this year, according to new drafts coming from the tax agency.
The IRS released drafts of how its income tax forms will look like for the year 2020 on Aug 19. As the draft shows, the IRS requires every American filing income for the year to declare whether or not they used crypto over the course of the year.

Early into its very first page, the new and updated 1040 form asks: “At any time during 2020, did you receive, send, sell, exchange, or otherwise acquire any financial interest in any virtual currency?”

Thoughts on crypto regulation

The founder of crypto tax software firm Cointracker, Chandan Lodha, spoke about the draft of the 1040 form, saying that “The cryptocurrency question is now the front and center on the IRS Form 1040 for 2020. This pretty clearly shows that the IRS is taking crypto taxes even more seriously.”

With an increasing number of people starting to use crypto, it is only natural that governments all around the globe would be interested in possibly taxing crypto usage. As one of the countries with the most strict taxing rules in the world, the US is a frontrunner in designing taxing forms and trying to regulate the usage of crypto.
While people may argue whether cryptocurrencies should be regulated at all, or in what way they should be regulated, it is a fact that everyone must comply with their countries’ tax policies.

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.

Categories
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. 

Categories
Crypto Videos

China Dropping USD for Bitcoin!

  China Dropping USD for Bitcoin – Iron Importers Favoring Crypto Over the US Dollar The Chinese iron ore sector seems to be completely shifting towards blockchain-powered cross-border platforms when it comes to conducting trade deals in the national currency Yuan (RMB for short), rather than using the more usual USD transactions. According to China […]

  China Dropping USD for Bitcoin – Iron Importers Favoring Crypto Over the US Dollar The Chinese iron ore sector seems to be completely shifting towards blockchain-powered cross-border platforms when it comes to conducting trade deals in the national currency Yuan (RMB for short), rather than using the more usual USD transactions. According to China […]

 

China Dropping USD for Bitcoin – Iron Importers Favoring Crypto Over the US Dollar

The Chinese iron ore sector seems to be completely shifting towards blockchain-powered cross-border platforms when it comes to conducting trade deals in the national currency Yuan (RMB for short), rather than using the more usual USD transactions.
According to China Economic Net, many of the world’s biggest iron miners are on board for the adoption of blockchain platforms rather than using USD as they did before. The report suggests that importers also want to adopt the up-and-coming digital yuan as soon as it launches officially, all in order to make transactions less dependent on USD.

Powered by blockchain

Ansteel Group International Economic and Trade Co., Ltd., as well as Rio Tinto Group, completed a $14.44 million cross-border settlement transaction recently. This transaction was, unlike the previous ones, powered by blockchain.
During an interview with the International Finance News, a Rio Tinto Group representative commented on the transaction settled on the blockchain:

“As early as 2014, we started conducting RMB transactions with Baosteel. In 2019, we established a port business. Now, Chinese customers have the opportunity to buy our products in small quantities from Chinese ports and pay for them in RMB. As the main supplier of individual Chinese customers, we believe that these port sales can help us better serve our existing customer base.”
Xinhua News Agency reported that in the first half of the year, RMB cross-border transactions amounted to RMB 12.7 trillion (which equates to $1.83 billion), a year-on-year increase of 36.7%.
This proves a point of China trying to move away from the US dollar and into other alternatives, with the main one being blockchain.

Categories
Crypto Daily Topic

Challenges Facing Decentralized Finance

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

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

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

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

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

Comparison of the traditional and decentralized finance

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

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

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

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

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

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

What DeFi brings to the table

 

i) Permissionless

 

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

 

ii) Decentralization

 

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

 

iii) Transparency

 

There is transparency in the public blockchain.

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

Challenges facing the decentralized finance 

 

1. Hacking of smart contract

 

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

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

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

 

2. Manipulation of oracles

 

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

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

 

3. Ethereum non-scalability

 

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

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

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

 

5. Stablecoin Fail

 

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

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

 

6. Overcollaterization

 

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

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

 

7. Composability

 

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

 

8. Accessibility of the users’ tokens

 

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

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

Conclusion

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

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

Categories
Cryptocurrencies

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

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

mymonero crypto wallet app

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

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

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

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

MyMonero key features

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

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

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

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

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

MyMonero Security and privacy features

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

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

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

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

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

How to set up and activate the MyMonero wallet

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

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

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

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

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

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

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

How to add/receive coins to MyMonero wallet

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

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

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

How to send crypto from MyMonero wallet

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

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

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

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

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

MyMonero wallet ease of use

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

MyMonero wallet supported currencies.

MyMonero wallet will only support Monero (XMR)  altcoins.

MyMonero wallet cost and fees

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

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

What are the pros and cons of using MyMonero wallet

Pros:

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

Cons:

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

MyMonero wallet vs. Monero GUI

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

Verdict: Is MyMonero wallet safe?

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

Categories
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
Crypto Videos

Digital Yuan Taking Over As China Expands Trials To Beijing!

https://youtu.be/ONGl0aG2-Y4

https://youtu.be/ONGl0aG2-Y4

 

Digital Yuan Taking Over – China Expands Trials to Beijing and Other Provinces

China’s Commerce Ministry made an announcement that it will expand the trials of China’s central bank digital currency to include Beijing, as well as Hebei and Tianjin provinces.
According to the Wall Street Journal report on Aug 14, the time when this expanded pilot program will begin. However, the nation’s Ministry of Commerce said that the policy framework should be done by the end of 2020.


The expanded pilot testing will also include the Hong Kong Greater Bay area, which consists of nine cities, including Shenzhen and Guangzhou, as well as Hong Kong and Macau.
A representative from the Chinese Ministry of Commerce announced that the trials will cover much of China’s most wealthy regions. Poorer regions such as central and western China will also join the testing, though the reasoning behind this is not explained. The People’s Bank of China, which is China’s central bank, will lead the pilot.


China’s CBDC is also known as a digital currency electronic payment (DCEP for short) and is by many influential people around the world expected to be the first operational national digital currency. The People’s Bank of China tested this DCEP in mid-April as part of a transport subsidies scheme for government and enterprise workers in Suzhou, a major city in Jiangsu Province.
Earlier this month, state-run banks in China were also reported to be performing testing a digital wallet that was specifically designed for DCEP usage on a large scale.

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
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
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. 

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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. 

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Crypto Videos

Get Crypto Cashback from Shopping at Walmart!

https://youtu.be/P9SYMMYafqo

https://youtu.be/P9SYMMYafqo

 

Get Crypto Cashback from Shopping at Walmart

Users of the loyalty platform StormX will now be able to earn cashback in cryptocurrencies from shopping at Walmart.
According to an announcement made on Aug 14, StormX users are now able to earn up to 4% cashback in crypto for all purchases made at Walmart. Users that achieve the “Diamond” rank can even earn up to 14%. CEO of StormX Simon Yu said that he believes that this Walmart partnership will bring new users to StormX as well as to crypto:

“As the only cryptocurrency cashback program for Walmart worldwide, StormX is confident that users will take advantage of this reward program to earn their favorite crypto while shopping at their favorite retailer.”
As the announcement said, Walmart is the latest addition to StormX’s pool of partners, which now counts over 650 companies. Among these companies are market giants such as Microsoft, eBay, Adidas, Nike, Target, Samsung, and Dell. StormX says it has already distributed over $2 million to its users.

In June, Walmart’s Chinese subsidiary reached a partnership deal with VeChain, a blockchain-based supply chain management platform, in order to create a system for tracing food products. At the beginning of March, Walmart joined the Hyperledger blockchain initiative. All this indicates that the retail giant is well aware of what crypto and blockchain could bring to the company, both in terms of convenience and marketing, and that they are taking full advantage of it.

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Crypto Videos

California Treating Digital Assets as Securities

https://youtu.be/-oviC_3M_FY

https://youtu.be/-oviC_3M_FY

 

California Treating Digital Assets as Securities

 

Senate Banking and Financial Institutions committee of California has passed a bill with the goal of defining digital assets as well as measure its impact on the state.
Assembly Bill 2150, which has the power to potentially influence how federal regulators approach crypto and digital assets, unanimously passed the Senate’s committee. The bill will be discussed in the Committee on Appropriations from August 17. The bill had also passed the California Assembly before moving through to the Senate.

The bill was first proposed by California Assembly Majority Leader Ian Calderon, who initially wanted to classify digital assets as non-securities. However, amendments to the bill that were made by the Senate refrained from further defining crypto assets. It now focuses on directing the California’s Department of Business Oversight to create and conduct a study to see if the state can enact policies similar to the SEC Proposed Securities Act Rule 195.

The study ultimately wants to see how treating digital assets as securities for a brief amount of time can impact consumer protections and benefits to the state.
The Department of Business Oversight also has to provide suggestions for regulatory frameworks as well as define key terms.

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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.

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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 Guides

Tokenized Bitcoin on Ethereum – Explained

Introduction

Introduction

Introduction

Bitcoin owns a stable use case and plays an active role in the industry as a public good. Although, it has limited features, leaving almost a very little space for future innovations encouraging Bitcoiners to explore what else can be done with Bitcoin. From this, an idea evolved that Bitcoin can be used on other blockchains. This is how we reached to tokenized Bitcoin on Ethereum. As the name suggests, Bitcoin is tokenized so that it can be used on other blockchains.   

What is Bitcoin?

Bitcoin is a reserved asset in the cryptocurrency world. It has the highest adoption rate, highest trading volume, best liquidity, and holding a superior position in the crypto capitalization market. In fact, entrepreneurs believe that Bitcoin can serve all required purposes in the market, so there is no need for any other cryptocurrency. Bitcoin with an uppercase b is a network whereas with a lowercase b is a unit of account. 

What is Bitcoin Tokenization?

The tokenization of Bitcoin means processing it to deliver a blockchain security token, specifically having real tradable value. Security tokens can refer to company shares, real estate ownership, or investment fund. These can be used as exchange units for trade in a secondary market. 

Why tokenize Bitcoin on Ethereum?

Bitcoin is designed to deal with a few things only and has inherent limitations, but we know that it is the most valuable crypto out there. Technically, we can execute smart contracts using Bitcoin, but it has limited opportunities as compared to Ethereum. Bitcoin is an amount we are holding, while Ethereum provides us with an opportunity to build something with it. 

Tokenising bitcoin in other networks can improve its utility. It can enable various functionality that the native Bitcoin doesn’t support. The security model and core functionalities of Bitcoin remain constant, with other advantages like the increased speed of transactions, high privacy, and tangibility.

DeFi was raised with a potential composability idea, which means the same public is executing the applications. It is an open-source platform with a permissionless base layer so that all the users can work together seamlessly. The composable layer of Bitcoin has introduced a new form of financial framework blocks that could enable is to implement Bitcoin in various types of applications.

You can tokenize Bitcoin on various blockchains like Ethereum. All are having different degrees of decentralization, various assumptions regarding risk factors, and trust issues. Transactions with the launch of Ethereum become cheaper and faster. But it’s quite dangerous also if the holder loses bitcoin due to any contract bug as there will be no alternative way to unlock those bitcoins on the blockchain. 

Conclusion

The prime reason behind tokenizing bitcoin on Ethereum is to enhance bitcoin’s utility. Ethereum has captured significant share in bitcoin transactions; there is an increase in the involvement of Ethereum in the global network for value transactions. Blockchain industries are developing to bridge the gap between the cryptocurrency networks.

The tokenization of bitcoin created a new financial scheme that is more efficient, vast, and democratic. Through tokenization, players in the traditional market are growing rapidly, and new contenders are showing interest in adopting the technology. 

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
Crypto Exchanges

Trezor Model T: Features, security, pros and cons

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

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

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

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

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

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

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

Key Features

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

Security Features

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

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

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

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

Acquiring and Setting up the Wallet

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

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

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

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

Sending Funds

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

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

Receiving Funds

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

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

Supported Currencies

You can deposit it send the following coins using Trezor:

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

Customer Care

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

Pros

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

Cons

  • The initial cost is high considering software wallets are free

Final Thoughts 

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

Categories
Cryptocurrencies

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

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

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

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

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

We answer this and more in this Gatehub wallet review.

GateHub wallet key features: 

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

GateHub wallet security features: 

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

GateHub Wallet Setup and activation

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

Step 2: Proceed to enter your registration details (email address and password) and agree to the wallet’s terms of use. 

Step 3: The site will then provide you with a 32-character recovery key that you can use to reset the wallet password. Write it down on a piece of paper and store it safely or choose to download the digital copy.

Step 4: You will then need to verify the email address provided and activate the wallet. Check your email and click on the “Activate Account” button.

Step 5: Log in to your wallet and decide on the type of account you wish to register (individual or company).

Step 6: Complete registration by providing additional personal details like your phone number, name, and uploading a photo of yourself. 

Step 7: The account is now active, and you can proceed to add/receive crypto.

How to add/receive crypto into GateHub wallet 

Step 1: Log in to your Gatehub wallet, and on the user dashboard, click on the “Wallet” icon.

Step 2: Click on the ‘Deposit/Receive’ icon to reveal the wallet address. 

Step 3: Copy the address and send it to the party, sending you cryptos.

Step 4: Wait for the cryptos to reflect on your wallet.

How to send crypto on GateHub wallet

Step 1: Log in to your Gatehub crypto vault account and click on the wallet.

Step 2: Click on the ‘Send Payment’ icon.

Step 3: Enter your password.

Step 4: Select the crypto you wish to send and the key in the recipient’s wallet address plus the amounts you wish to send.

Step 5: Ensure that these details are correct and click ‘Confirm.’

GateHub wallet ease of use:

Registering an account on Gatehub is easy and relatively straightforward. It is also highly intuitive and easy to use for both expert and beginner crypto enthusiasts. It also features some of the most important features that include the inbuilt trader, portfolio tracker, and personalized analytics. 

Supported cryptocurrencies and countries

While Gatehub started as an XRP-specific wallet, it has since expanded its scope and currently supports eight cryptocurrencies (Ripple, Bitcoin, Dash, Ethereum Classic, Ethreum, Xaurum, Augur, and Quantum). It also supports hundreds of fiat currencies. 

GateHub wallet cost and fees

Registering a user account on the Gatehub wallet is free. But Gatehub adopts a rather complex pricing structure, especially when it comes to the exchange of Ripple. For instance, when sending Ripple, you will be charged with 0.2%. On the other hand, Bitcoin-to-Ripple conversion attracts 0.2%, while all other conversions attract a 0.3% fee. 

Comparing GateHub wallet with other crypto wallets

GateHub wallet vs. Freewallet

Gatehub Wallet and Freewallet have several common features. They are both custodial wallets, they are free to acquire, and have some of the most intuitive interfaces. Nevertheless, unlike the Gatehub wallet that only supports eight cryptos, Freewallet supports more than 100 cryptocurrencies. Plus, Freewallet avails both single and multi-currency wallets.

One may also consider Gatehub wallet’s pricing model rather complex when compared to the dynamic fee structure adopted by Freewallet. Though custodial, Gatehub wallet, and Freewallet have different approaches to storing client private keys. While Freewallet holds user keys in their servers, Gatehub holds its user’s private keys in highly encrypted third-party servers. 

What are the pros and cons of GateHub wallet

Pros:

  • The highly intuitive nature of the Gatehub wallet makes it one of the most user-friendly crypto vaults.
  • Gatehub wallet supports both crypto and fiat currencies.
  • The wallet is highly versatile and available as a web interface, desktop, and mobile app.
  • It also employs a series of highly effective security features, including 2FA and network forensics.
  • Gatehub wallet features a wide range of features that include analytics, portfolio tracker, and in-built trader.

Cons:

  • Gatehub wallet will only support a few cryptos.
  • Gatehub wallet has had a low reputation after the 2017 hack.
  • While it supports multiple payment options, these don’t include debit and credit cards.
  • The wallet has a relatively complex pricing structure.

Verdict? Is it safe or a scam?

In 2017, Gatehub wallet was hacked, and more than 23.2 million Ripple coins ($9.5 million) were stolen. Since then, Gatehub Wallet has continually worked towards embracing more solid security measures. It has, for instance, embraced 2FA, open-sourced the wallet’s technology, partnered with anti-fraud organizations to identify fraudulent wallet addresses, and introduced device verification measures. These have gone a long way in making Gatehub one of the most secure wallets. But its reputation is still at its lowest, especially after it failed to compensate its clients for the coins lost. 

Categories
Cryptocurrencies

Litecoin Core Wallet Review: Features, Pros, Cons, Safety, And Ease Of Use

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

Litecoin Core is the primary Full node desktop client of the Litecoin network. It was launched in 2011 by the Singapore-based Litecoin Foundation under the stewardship of Charlie Lee, Richards Franklin, and Xinxi Wang. It is one of the few and most effective full-stack blockchain clients available. It will only support the Litecoin cryptocoins, and you need to download the entire blockchain before you can start using it to store the coins and transact.

The Litecoin Foundation is regularly updating the Litecoin Core Wallet and introducing more operational and security features. But how safe and easy to use is the desktop wallet? What are its key features? In this Litecoin Core review, we explain how it works and detail everything else you need to know about this wallet.

We start by looking at its key features:

Key Features:

Full node nature: Most other crypto wallets will only require you to download a light desktop or mobile app. When using Litecoin Core client, however, you have to download the entire blockchain onto your computer. And while this makes it more secure than apps, it is time-consuming and eats up most of your computer space.

Compatible with different OS: The desktop client is highly versatile and compatible with virtually all popular operating systems, including Windows, Linux, and macOS.

Faster transaction processing: The desktop Litecoin client integrates the SegWit protocol used on the Litecoin Blockchain. This integration makes Litecoin transactions initiated on the platform relatively faster and less expensive.

Supports multiple wallets: The most recent update to the Litecoin desktop client introduces multiple wallets. You can now open and host multiple Litecoin wallets on the same desktop wallet.

Security features:

Open source: One of Litecoin Core’s key strengths is that it is built on an open-sourced technology. This implies that it has been vetted and audited by crypto industry experts with possible security loopholes identified and patched. The regular updates provided by the Litecoin Foundation have also become great avenues through which patches to the client are provided.

Highly encrypted: When installing and activating the Litecoin Core wallet, you will be presented with the encryption option. You have the option of encrypting the desktop wallet with a strong multi-character password or not. However, note that you can never recover your private keys should you lose or forget the passphrase.

Physical wallet backup: Litecoin core client makes it possible to back up the entire wallet on an external drive. You are especially encouraged to backup your wallet every time you engage in a transaction that changes your digital asset balances.

Privacy and anonymity guarantee: Litecoin Core integrates a number of features that promote privacy and anonymous transactions. It, for instance, is VPN compatible, ensuring that it helps you mask your IP address when using the desktop wallet. Moreover, you can access the wallet via the highly anonymous Tor Browser.

How to set up a Litecoin Core wallet?

Step 1: Head over to the Litecoin core website. Search for wallets and click on the version that matches your computer’s operating system

Step 2: Download and click on install. Note that downloading and synchronizing the desktop client will take time – be patient.

Step 3: After installation, choose to encrypt the wallet using a strong and multi-character password.

Step 4: Finish the installation process by clicking ‘OK’ on the popup window, after which the wallet shuts down automatically.

Step 4: Reopen the wallet and back it up to a USB device.

Step 5: The desktop client is now set and ready to use.

How to add/receive crypto to your wallet

Step 1: Log in to the Crypto wallet and click on the receive icon.

Step 2: Copy your wallet address and send it to the person sending you Litecoins.

Step 3: You can also have them scan the QR Code address.

Alternatively: Use the request pay option:

Step 1: Click on the ‘Receive’ icon and select ‘Request Payment.’

Step 2: Enter the amounts you wish to receive, the message you wish to send, and the label. Here, the label refers to the name of the individual from whom you wish to receive the coins.

Step 3: Click ‘Receive Payment’ and wait for your coins to reflect in your wallet.

How to send crypto from your desktop client

Step 1: Log in to the Litecoin Core desktop wallet and click on the ‘Send’ icon.

Step 2: On the ‘Pay To’ section, enter the recipient’s wallet address.

Step 3: Enter the number of coins you wish to send.

Step 4: Confirm that these details are correct and hit ‘Send.’

Litecoin Core wallet ease of use

The Litecoin Core desktop client has relatively minimalistic features that make it quite easy to use. Downloading and installing the wallet, though slow, is quite easy and straightforward. Additionally, the wallet features a clean and highly intuitive dashboard that makes it easy to use for both expert crypto traders and beginners. The highly responsive customer support is also ready to walk you through the installation process and guide you on how to interact with the platform.

Litecoin core wallet cost and fees

The Litecoin Core wallet is free to download and install. You will, however, be charged a fee every time you send Litecoin from your wallet. Recent upgrades to the Litecoin Desktop client have introduced a dynamic pricing structure. This gives you the choice of determining the price and speeds at which your Litecoin transactions are fulfilled. Ideally, higher transaction fees translate to faster transaction processing while lower fees often equate to lower transaction speeds.

Plus, unlike most wallets that will automatically deduct the transaction fee from your balance, Litecoin Core desktop client gives you a choice. You can choose to have the fees deducted from either the account balance or the amounts being sent.

Litecoin Core wallet customer support

Litecoin has a readily available customer support team. You can easily connect with Litecoin developers and support teams on their different social media platforms. They regularly post important news and updates on these platforms.

You can also interact with these developers and get assistance from your peers on the Litecoin Core platform.

The website, desktop client, and user platforms are also multilingual. They currently support over 13 international languages, including German, Chinese, English, Russian, Dutch, Polish, and Greek.

What are the pros and cons of the Litecoin core wallet?

Pros:

  • The desktop wallet is relatively safe and embraces multiple security features.
  • Litecoin Core is free and employs a dynamic pricing structure.
  • Help is readily available from the wallet developers via email and social media, as well as from the Litecoin platform users on the platform.
  • Litecoin Core desktop client is also simplistic and easy to use for both beginners and expert crypto traders.
  • You can encrypt the Litecoin client with a passphrase and back it up in an external drive or USB.

Cons:

  • The desktop wallet only supports one digital currency – Litecoin.
  • You need to download the entire Litecoin core blockchain into your desktop if you wish to use the wallet.
  • The wallet has limited operational features.
  • It does not embrace such effective security features as two-factor authentication.

Comparing Litecoin Core desktop client to other crypto wallets

Litecoin Core vs. eToro

Some of the similarities between Litecoin Core desktop client and eToro crypto wallet app are their user-friendliness and inexpensive transaction fees. They, however, are different when it comes to the number of supported cryptocurrencies and integrated security features.

eToro carries the day with regards to the number of supported cryptos. Litecoin can, on the other hand, be said to be more secure as it employs more advanced security features like using open source technology and VPN access.

Bottom line: Is the Litecoin Core wallet safe?

Yes, Litecoin Core desktop client is relatively safe. Since its establishment in 2011, the wallet has been subjected to several technical upgrades, each introducing a new security feature. So far, the Litecoin desktop wallet has employed several highly effective security features. These include open-sourced technology, physical backup, password encryption, VPN/Tor Browser access for improved privacy and anonymity. We, however, observe that the wallet doesn’t employ such security features as two-factor authentication and multi-signature access.

Categories
Cryptocurrencies

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

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

Freewallet crypto vault

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

But what makes Freewallet unique? Does its custodial nature make it safer than the next wallet, or is it a scam? We answer these questions in this Freewallet review by detailing some of its key operational and security features. We will also look at its pros and cons and compare its effectiveness with similar crypto wallets.

Key features:

In-built exchange: Freewallet features an inbuilt exchange that supports the trade of 100+ cryptocurrencies. Note, however, that this exchange is only available to the multi-currency wallet users. Plus, it is only accessible via the web wallet.

Single and multi-currency wallets: Freewallet hosts two types of crypto wallets: the Individual crypto wallets that host a specific digital coin like Bitcoin, Litecoin, Ethereum, or Dogecoin and the multi-currency Freewallet Lite that supports 100+ cryptocurrencies.

Free in-app transfers: Freewallet embraces the sidechain crypto technology within the Freewallet network. You, therefore, will not be charged when you transfer crypto to other Freewallet users.

Buy with card: In addition to exchanging crypto for crypto within the Freewallet network, you can also buy crypto with a credit card. And you don’t even have to go through such third party currency conversion sites as Changelly or Simplex.

Highly versatile: Freewallet is also compatible with multiple operating systems. You can access this browser extension via all the popular browsers. Plus, it’s also available in both the Android and iOS app versions.

Intuitive user interface: Both the single currency apps and the multi-currency web interface are highly intuitive. The display is highly intuitive, which makes navigating through the app and initiating transactions relatively easy. It also integrates some of the leading crypto exchanges that allow you to monitor the price performance of different coins and monitor your portfolio on one screen.

Freewallet security features:

Password + Biometric support: Like most other cryptocurrency wallets, Freewallet is secured with a passcode. You get to set this four-digit pin-code when installing and activating the wallet. Its support for biometrics also gives you a choice of securing the wallet with a fingerprint.

Two-factor authentication: 2FA is an additional boost to the security of your wallet. And you can choose to attach either your phone number or email address to the wallet. It is critical in restricting remote access and hacks by ensuring that only email/phone owners can log in and initiate transactions.

Hierarchically deterministic: The Freewallet is hierarchically deterministic and will automatically create a new address for every new transaction. This limits the exposure of your real wallet address, and you, therefore, don’t have to worry about trackers monitoring and tracing your crypto transactions.

Custodial cold storages: Freewallet is a custodial crypto vault that stores private keys on your behalf. And according to their website, these keys are stored in cold storages away from hackers. You, therefore, don’t have to worry about keeping your investments safe.

Active sessions control: Freewallet gives you near-absolute control over your wallet. It lets you monitor all the users’ active sessions by viewing their devices. You can then whitelist or block any unauthorized wallet users.

Multi-signature: You can activate the multi-signature feature of the Freewallet by linking it to up to five email addresses. In such a case, the transaction will not be initiated before confirmation from all linked email addresses.

Transaction limits: Freewallet will also let you set the daily, weekly, and monthly transaction limits. This limit ensures that even if a hacker was to gain access to your wallet, there is only so much they can offload.

Freewallet Setup and activation

Step 1: Open the Freewallet.org website and click on the ‘Wallets’ section. Decide on the type of wallet you wish to download. This can be an individual wallet for a specific crypto coin or the multi-currency Freewallet Lite.

Step 2: Register a user account by linking your wallet with your Facebook profile, Google profile, or phone number.

Step 3: Set a PIN code for the account.

Step 4: Activate the two-factor Authentication feature using either email or the phone number.

Step 5: The account is now active, and you can start adding and sending crypto.

How to add/receive crypto into Freewallet

Step 1: Log in to your Multicurrency Freewallet Lite and click on “Smart Pay In.”

Step 2: Select the currency you wish to use in topping up your wallet. This reveals both the wallet address and the QR code.

Step 3: Send the address or the code to the individual/party, sending you the coins.

Step 4: Wait for the coins to reflect in your wallet.

How to send crypto out of Freewallet

Step 1: Log in to your Freewallet account. Tap on the + icon and click “Send.”

Step 2: Enter the recipient’s wallet address and the number of coins you wish to send.

Step 3: Confirm that the details are correct and hit ‘Send.’

Step 4: Decide on the network fees – from the list of four price ranges.

Freewallet ease of use:

Freewallet app and web interface are highly intuitive and very easy to use. And it starts with a straightforward and easy registration process. Unlike other wallets with complicated account creation processes, Freewallet only requires you to link the wallet with your Facebook or Google profiles or mobile phone number.

From its dashboard, you have easy access to all of Freewallet’s key features, including the send/receive icons. Moreover, you get to monitor your balances and portfolio as well as the real-time price movements for various coins.

The wallet is also multi-lingual and is currently available in over 13 international languages.

Supported cryptocurrencies and countries

According to the Freewallet website, Freewallet Lite multi-currency wallet can support 130+ cryptocurrencies and tokens. However, crypto-specific wallet apps will only host one digital currency.

Currently, Freewallet is available to individuals in over 100 countries across the world, including the U.S, UK, Germany, France, and Russia.

Freewallet cost and fees

You will not be charged to download and activate the Freewallet app or create a user account on their web interface. Sending crypto from one wallet to another within the Freewallet network is also free.

When sending crypto to other users, however, you will be charged blockchain network fees. Freewallet nonetheless embraces the highly dynamic Reduce by Fee protocol that gives you the freedom to determine these transaction charges. There are four pricing levels, and the higher the fees, the faster the transaction processing speed.

Comparing Freewallet with other crypto wallets

Freewallet vs. eToro

Freewallet and eToro have several things in common. Chief among them is the fact that they are both custodial and store private keys on behalf of their clients. These can also be said to have some of the most intuitive user interfaces.

But unlike eToro that only has one type of crypto wallet, Freewallet has both the crypto-specific and multi-currency wallets. And while both their wallets are free, Freewallet uses sidechain technology to make transactions within the network for free. It also embraces a dynamic transaction pricing structure that lets the user set an individualized transaction cost.

What are the pros and cons of Freewallet

Pros:

  •         Transactions within the Freewallet network are free. And you also get to set the transaction fee for external transfers.
  •         You can choose to install multiple crypto-specific wallets for the coins you wish to trade or the multi-currency wallet.
  •         The web interface of a Freewallet has an in-built exchange.
  •         The wallet supports a relatively wide range of cryptocurrencies.
  •         Freewallet has integrated several security measures, including support for biometrics, two-factor authentication, and cold storage.

Cons:

  •         Freewallet stores the private keys on behalf of their clients – providing hackers with a central target.
  •         The wallet is hosted online, and this exposes it to such risks and threats as hacks and malware attacks.
  •         It requires a phone or Facebook profile when registering a user account.
  •         The wallet is not regulated.

Verdict? Is it safe or a scam?

Freewallet adopts a unique approach to the storage and management of cryptocurrencies. These include cold storages, two-factor authentication, active session control, and transaction limits. Some serve to discourage unauthorized access to your wallet while the rest limit the extent of the damage. We, therefore, consider their app and web interface relatively safe. We nevertheless would have been able to give a more qualified verdict if Freewallet adopted even more stringent safety protocols like providing users with recovery seeds and decentralizing the storage of private keys.

Categories
Cryptocurrencies

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

Opendime Hardware Wallet Review 2020: Is This The Safest Bitcoin Hardware Wallet Yet?

On their website, Opendime is referred to as the “World’s First Bitcoin Credit stick wallet.” The highly innovative and minimalistic USB stick allows users to load Bitcoins onto the wallet and physically pass them to other users multiple times. It deviates from the traditional security protocols used by both software and hardware wallets.

Opendime Bitcoin hardware wallet

On their website, Opendime is referred to as the “World’s First Bitcoin Credit stick wallet.” The highly innovative and minimalistic USB stick allows users to load Bitcoins onto the wallet and physically pass them to other users multiple times. It deviates from the traditional security protocols used by both software and hardware wallets.

On their website, Opendime is referred to as the “World’s First Bitcoin Credit stick wallet.” The highly innovative and minimalistic USB stick allows users to load Bitcoins onto the wallet and physically pass them to other users multiple times. It deviates from the traditional security protocols used by both software and hardware wallets.

For instance, it does not need to be secured with a PIN, and neither does its contents need to be encrypted. And unlike most other crypto hardware wallets, Opendime doesn’t have a screen or transaction confirmation buttons. Rather, you have to connect it to your computer to check crypto balances.

In this review, we want to determine if the Opendime hardware wallet is indeed the most secure Bitcoin vault yet. And to answer this, we explore different aspects of the wallet, including its ease of use, set up process, pros, and cons, and also compare it with other hardware wallets.

But first, we look at how Opndime works.

How Opendime hardware wallet works

Like most other hardware wallets, Opendime is a USB-like device that’s specially designed to store Bitcoins. Every time you order Opendime, you will receive a set of three single-use wallets. Single-use here implies that you can only draw coins from the wallet once. After receiving the wallet, you can add as many bitcoins for as long as possible. But to access these coins, you need to break the special seal on the device.

Opendime key features:

Highly versatile wallet: Opendime is a highly versatile and easy to use hardware wallet. It is compatible with a computer, laptop, or even a phone. Simply plug it into either of these devices to initiate the setup process, check balances, or withdraw the bitcoins stored therein.

Free to use: When using the standard hardware or software wallet, you are often required to send bitcoins over the blockchain network. The process isn’t just time-consuming, but you also have to pay network fees for the online transaction. When using Opendime, you can copy coins from one wallet and transfer them to another, physically, without incurring the Bitcoin network fees. You also don’t have to wait for hours on end to have your transactions processed.

Bitcoin-specific: This implies that unlike most other hardware wallets like Trezor or Ledger Nano S that host thousands of cryptocurrencies and tokens, Opendime can only support Bitcoins.

Opendime security features:

Keys are generated by the device: Your Opendime wallet will automatically generate the private and public wallet keys as well as your address QR code. These unique wallet identifiers are created as soon as you plug your device into a computer and are highly randomized to eliminate duplicity.

No access to private keys: After the private wallet address is generated, it is stored within the device. Not even the wallet owner can view the private address without having to break the wallet’s seal.

Tamper proof: According to Opendime creators, Coinkike.inc, it is impossible to tamper or duplicate these hardware wallets. They argue that the wallet is designed using proprietary technology, where each chip contains a unique factory key that is impossible to peel or replace.

How to set up the Opendime bitcoin wallet

Step 1: After receiving the three Opendime wallets, connect the one you wish to use immediately to a computer. Red and green lights will flash on the device.

Step 2: On your preferred browser search for Index.htm. You will receive a notification stating that the ‘wallet has never been used.’

Step 3: Agree to the Opendime wallet manufacturer’s terms and conditions to start the wallet activation process.

Step 4: On your computer, open the index file associated with the hardware wallet (found under /Volumes/OPENDIME) and upload a photo or any file of at least 256kb.

Step 5: Once the wallet detects the file, the flashing light will turn green

Step 6: Now reload the Index.htm page on your browser to generate and reveal your wallet’s public address

Step 7: The new Opendime wallet page will reveal the ‘Check Balance,’ ‘Verify,’ and ‘Your Bitcoin Receiving Address’ tabs.

How to add/receive Bitcoins to the Opendime hardware wallet

Step 1: Plug in the Opendime wallet into a computer and open the index.htm page on a browser.

Step 2: Click on the ‘Your Bitcoin Receiving Address’ tab to reveal your wallet addresses.

Step 3: Copy the address and send it to the individual sending you Bitcoins.

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

How to send funds from Opendime wallet

Step 1: Plugin Opendime wallet into your computer and open Index.htm page.

Step 2: Break the wallets seal after which the private wallet address will display on the browser page

Step 3: Click on the ‘Send to any Address’ icon to initiate the transfer.

Step 4: Key in the recipient’s wallet address and hit send

Opendime wallet ease of use

Opendime has a straightforward setup process. Plugin the wallet device into a computer/laptop/phone and initiate the wallet activation process by opening the Index.htm URL page on your browser. This gives you access to the device’s public wallet address.

Both the wallet and its website are also multi-lingual, supporting over seven international languages.

Opendime cost and fees

Opendime wallets are available in a pack of three and are currently sold for $49.94 (approximately $17 per wallet).

Given that Opendime is not a transactional wallet, you will not have to worry about the transaction fees. The wallet’s portability also means that you can bypass the bitcoin blockchain fees altogether by moving the physical keys on the wallet as opposed to sending them over the network.

What are the pros and cons of using Opendime bitcoin hardware wallet?

Pros:

  • It may be considered tamper-proof as you have to break the seal to access the private keys.
  • The hardware wallet gives you absolute control over your Bitcoins as they are stored in the physical device.
  • There is no limit to the number of Bitcoins you can hold on the Opendime wallet.
  • It is cheaper than all other hardware wallets available today.
  • It allows for wholly anonymous Bitcoin transactions where you can move a huge number of Bitcoins without leaving a digital footprint.
  • You can move an unlimited number of Bitcoins from one wallet to another for free.
  • Opendime has a straightforward onboarding process.

Cons:

  • One may consider it expensive, especially since it is not reusable.
  • It is not foolproof as it can be stolen or lost.
  • Unlike more sturdy hardware wallets like Cobo Vault that are indestructible, Opendime is highly fragile.
  • It only supports one digital currency – Bitcoin.
  • One may consider it expensive, especially when you consider that the wallet isn’t reusable.
  • There are no PIN or passwords to protect your funds and no recovery seed.

Comparing Opendime to other hardware wallets

Opendime vs. Ledger Nano S

The only similarity between Opendime and Ledger Nano S is the fact that they are both crypto hardware wallets that support Bitcoin. Other than that, they adopt highly diverse security approaches to keeping your private keys they hold safe.

While Opendime only has one layer of protection over a client’s private keys, Ledger Nano S embraces a multi-layered security approach. Opendime keeps the coins safe by hiding the private keys from everyone, including the owner, while Ledger Nano S encrypts these keys before burying them under a password and recovery seed.

Verdict: Is it the safest hardware wallet yet?

Opendime hardware wallet is tamper-proof, it stores your private keys offline, and doesn’t reveal your private wallet address. These make it one of the most secure physical bitcoin vaults. There nonetheless, are several drawbacks to using the crypto wallet. For instance, it is not password-protected, and it does not have a backup or recovery option. Therefore, should the wallet be lost, misplaced, or destroyed, you have no way of recovering your digital assets.

Categories
Cryptocurrencies

What’s Balancer (BAL) All About? 

DeFi is currently the hottest thing in the crypto space, thanks to DeFi protocols that challenge everything we know about money. Smart cryptocurrency investors are rushing to DeFi platforms to passively earn money, trade with the best prices, and find ways to multiply their portfolio. 

DeFi is currently the hottest thing in the crypto space, thanks to DeFi protocols that challenge everything we know about money. Smart cryptocurrency investors are rushing to DeFi platforms to passively earn money, trade with the best prices, and find ways to multiply their portfolio. 

DeFi is currently the hottest thing in the crypto space, thanks to DeFi protocols that challenge everything we know about money. Smart cryptocurrency investors are rushing to DeFi platforms to passively earn money, trade with the best prices, and find ways to multiply their portfolio. 

Balancer is one such DeFi protocol. The project is making waves in the space with its cutting edge ideas like customizable liquidity pools, the ability to acquire BAL tokens by simply staking in pools, and a smart order routing protocol that finds traders the best prices. 

Let’s examine Balancer more closely and see how exactly you can start benefiting from the protocol! 

Understanding Balancer 

Launched in September 2019, Balancer is an automated market maker (AMM), a portfolio manager, exchange, and liquidity provider that runs on top of Ethereum. Balancer enables traders to exchange various cryptocurrencies with minimal cost and slippage. It aims to replace centralized market makers with peer-to-peer and non-custodial trading and exchange services. 

Decentralized trading platforms can use the Balancer protocol to determine the best exchange rates and trading prices. The protocol provides liquidity for the trades, using the funds deposited by stakers/investors in the platform’s various liquidity pools. 

Balancer is not the first AMM in the DeFi space. What makes it special is that it supports up to eight assets, including ETH, DAI, and USDC per market. 

Balancer Pools

Balancer Pools are liquidity pools, in which anyone can stake crypto and hence inject liquidity into the protocol. Unlike other liquidity pools in the DeFi space, Balancer Pools don’t require you to split between just two tokens. Instead, you have at your disposal up to eight tokens. For instance, a pool could have 30% DAI, 30% LINK, 30% MKR, and 10% WETH, while other pools can only support, let’s say, 60% USDC and 40% MKR. 

Balancer employs smart order routing (SOR) to provide the best rates and trading prices possible. Balancer pools are like index funds; only this time, instead of being charged for portfolio management services, you’re the one that actually gets paid for contributing liquidity.

Balancer pools are also customizable, meaning users can optimize them for different needs. For instance, we have Liquidity Bootstrapping Pools (LBPs) in which you can create deep liquidity for your token. There’s also stablecoin pools that support zero impermanent loss.

How can You Use the Balancer Pools? 

You can use balancer pools for two purposes: providing liquidity and trading. 

#1. Providing liquidity: you can deposit any of the eight supported tokens into pools, providing liquidity to traders of that particular pool. Liquidity providers stand to earn a fee (paid by the traders). However, volatility and other market factors can sometimes cause liquidity providers to lose part of their investment. Studying market patterns keenly and not investing more money than you can afford to lose are some of the ways to mitigate potential losses.

#2. Trading: Users can trade tokens in a safe and peer-to-peer manner. Balancer’s SOR protocol works to ensure the best prices.

How to Provide Liquidity to Balancer

The process of providing liquidity to Balancer is pretty straightforward.

  • Visit Balancer pools and connect MetaMask, WalletConnect, Portis or Coinbase wallets
  • Take a look at the listed pools and choose which one you would like to go inject liquidity to
  • Click Add Liquidity
  • Click Unlock to view the tokens you chose in the previous step. This step authorizes the Balancer protocol to use your deposited tokens
  • Indicate how many tokens you want to deposit
  • Confirm/Complete the transaction on your wallet

Before you get started, ensure that you have a sufficient balance of the tokens you want to deposit. 

Liquidity Mining

Balancer announced that it will be supporting liquidity mining starting from June. To this end, the protocol will be distributing 145,000 BAL tokens (roughly 7.5M per year). 

All you need to do to earn the token is to provide liquidity to the pools. Rewards will be paid out every week. The process is enabled for all pools on the platform, but with this condition: “a USD price can be extracted from CoinGecko for at least two tokens present in the liquidity pools.” 

Staking in Balancer doesn’t just earn you BAL. It gives you an opportunity to make your voice heard in the direction of the protocol. 

The BAL Token

BAL is the native cryptocurrency of the Balancer platform. The team introduced the token to make the platform decentralized by “diversifying governance.” Announcing the move, the team said: “We believe BAL tokens are the vehicle to drive alignment and participation in the protocol. BAL tokens are not an investment; BAL token holders should be people that interface with the protocols in some way, are committed to its future development, and want a seat at the governance table.” 

BAL token holders will help the platform achieve its highest potential. The team gives the following examples as to how: deploy the platform on other blockchains apart from Ethereum, implement scaling solutions, and the introduction of fees to start generating revenue. BAL holders can be at the front seat in actualizing these and more. 

The Hack That Shook Balancer

The world of DeFi and indeed crypto, in general, are constantly targeted by hackers, phishers, and all manner of bad actors. Balancer was the victim of such an attack on June 29 this year that led to the pool losing about $500,000 worth of crypto. Since Balancer is decentralized, anyone can create an asset pool with whatever parameters they wish. Let’s go through what happened: 

A hacker took a flash loan of $23million worth of Wrapped Ethereum (WETH) tokens from dYdX then proceeded to trade the WETH with Statera (STA) tokens against themselves, back and forth, 24 times. This almost completely drained the STA liquidity pool. By the time the hacker was done, STA balance was one weiSTA (one billionth of a coin). 

The Balancer protocol was tricked into releasing WETH equivalent to the original balance, granting the hacker a bigger margin for every trade. The attacker didn’t stop with WETH – they did the same thing with WBTC, LINK, and SNX, all against STA. 

Analysts at 1inch exchange said, “The person behind this attack was a very sophisticated smart contract engineer with extensive knowledge and understanding of the leading DeFi protocols.” The attacker’s address was not identified because they used an Ethereum mixer to cover their tracks. 

BAL’s Token Distribution

The Balancer token’s total supply is 100 million. So far, just 35.4 million of that has been minted, with its distribution being as follows: 

  • 22.5M went to the developing team, and stock options, advisors and investors 5.65M, or 25% of this  is currently locked, with the remaining 75% subject to 3 year vesting period
  • 2.5M was reserved for future team members stock options
  • 5M was reserved for the Balancer Ecosystem Fund
  • 0.435M was reserved for liquidity miners
  • Out of the remaining token’s supply, only 1.74 BAL is set to be released each year.

Key Metrics

At the time of writing, BAL trades at 16.01 with a market cap of $111, 162, 211, that places it at #87 in the market. BAL’s 24-hour volume is $10, 665, 976, and it has a circulating supply of 6, 943, 831. The coin’s highest price was  $23.73 (June 24, 2020), while its lowest was $7.88 (July 15, 2020). 

Buying and Storing BAL

If you wish to acquire some BAL tokens, the platform’s in-house exchange, Balancer Exchange, is the best place to do so. Alternatively, you can grab some BAL from any of several exchanges, including Binance, Huobi, BKEx, OKEx, Hoo, Poloniex, FTX, Bibox, Switcheo Network, BiKi, Bitribe, Uniswap, Bamboo Relay and dex.blue. You’ll find the token as a pair with LEND, DAI, ETH, BTC, USDT, BNB, WETH, MKR, and so on. 

BAL is an ERC20 token, meaning it can be stored in any wallet that supports Ethereum. Great choices include MyEtherWallet, MetaMask ethaddress Parity, Guarda, Trust Wallet, Atomic Wallet, Parity, Ledger, and Trezor. 

Closing Thoughts

Balancer is not the average automatic market maker. It supports an impressive number of tokens so users can stake in a wide variety of them. Traders can also get the best possible deal, thanks to the platform’s SOR protocol. And even better, staking in BAL gives holders the ability to shape the Balancer protocol into what best shape they envision it to be. The Balancer protocol is only beginning to wow DeFi investors with greatness. 

Categories
Cryptocurrencies

LiteVault Wallet Review 2020: Features, Pros, Cons, and Fees

LiteValut is a Litecoin-specific web wallet. It was developed and introduced to the crypto industry by an anonymous crypto developer referred to as ‘Someguy123.’ Apart from its close association with the Litecoin blockchain, Litevault hosts unique operational and security features. Questions are, however, abound with regards to the safety of the web wallet given that it is not regulated, it is developed and maintained by anonymous entities, and stores its client’s private keys in company servers.

LiteVault crypto wallet

LiteValut is a Litecoin-specific web wallet. It was developed and introduced to the crypto industry by an anonymous crypto developer referred to as ‘Someguy123.’ Apart from its close association with the Litecoin blockchain, Litevault hosts unique operational and security features. Questions are, however, abound with regards to the safety of the web wallet given that it is not regulated, it is developed and maintained by anonymous entities, and stores its client’s private keys in company servers.

LiteValut is a Litecoin-specific web wallet. It was developed and introduced to the crypto industry by an anonymous crypto developer referred to as ‘Someguy123.’ Apart from its close association with the Litecoin blockchain, Litevault hosts unique operational and security features. Questions are, however, abound with regards to the safety of the web wallet given that it is not regulated, it is developed and maintained by anonymous entities, and stores its client’s private keys in company servers.

In this review, we will be explaining everything you need to know about the LiteVault web wallet. We will be examining factors such as its key operational features, security measures in place, ease of use, and the number of supported currencies before comparing it to equally popular web wallets.

Key Features:

Fast transaction processing: Litevault is extremely light. Unlike most other full-stack wallets and apps that require you to download the entire blockchain, Litevault is web-based. Private keys are stored online, and all the crypto-transactions are hosted on the company servers. This not only saves your computer space but also guarantees faster execution of Litecoin transactions.

Highly intuitive: Litevault also has a highly decongested user interface that makes it easy to use for both expert and beginner traders.

Single currency wallet: Litevault web wallet is Litecoin-specific. This implies that it will only support the Litecoin digital currency.

Integrates with payment processors: Ideally, the single currency nature of the web wallet means that you can only deposit Litecoin into the wallet. Litevault has, nevertheless, partnered with several payment-processing companies like Changelly that facilitate fiat-to-Litecoin conversions.

Custodial web wallet: Unlike most crypto wallet apps that give you absolute control over your wallet, Litevault is custodial. Instead of storing your private keys in your computer or mobile device, LiteVault stores your private keys on the company servers.

Multiple wallets: There is no limit to the number of Litecoin wallets you can attach to your Litevault crypto wallet.

Security features:

Password: Like any other web wallet or crypto wallet app, Litevault is password protected. You get to set a strong password during account registration. The password serves both the purposes of encrypting the wallet and restricting unauthorized access.

Two-factor authentication: In addition to password protection, Litevault adds a security layer through two-factor authentication. But unlike other wallets that use your phone number to activate 2FA, Litevault uses your email address.

Litevault encryption: Litevault uses in-browser cryptography to encrypt all the client-server communications. According to Litevault, the data is encrypted right after it leaves your browser, and before it reaches the Litevault servers. This ensures that the company employees never have access to your private keys or any other sensitive user data.

Open sourced: Litevault crypto wallet is built on an open-sourced technology that is vetted and approved by the crypto industry experts. The open-sourced nature of the platform ensures that virtually anyone can view and audit its source code.

Back up your keys in a physical device: While Litevault doesn’t store your private keys on your device, you can still backup and export your digital assets. You can export the decrypted version of the private keys as a JSON file and store it in a USB drive or another wallet.

How to set up Litevault wallet

Step 1: Head over to the official Litevault website and click ‘Register.’

Step 2: On the account registration page, enter your email address (optional), and click on ‘Create Account.’

Step 3: The Litevault site will provide you with a unique identifier that you can use as your username

Step 4: Your account is set, and you can now start adding and transacting in Litecoins.

(Note: While the email address is not mandatory, you are advised to add it to your account if you intend to activate two-factor authentication)

How to add/receive crypto into Litevault wallet

Step 1: Log in to your Litevault web wallet and on the dashboard, click on “Receive (manage address)”

Step 2: Copy the wallet address and send it to the parties sending you Litecoins.

Step 3: Wait for these Litecoins to reflect on your Litevault wallet.

How to send crypto from Litevault wallet

Step 1: Log in to your Litevault web wallet and on the user dashboard, click on the “Send” tab

Step 2: If you created multiple wallets, select the address from which you would like to send the crypto

Step 3: Enter the recipient’s wallet address and the number of Litecoins you would like to transfer

Step 4: Confirm that these details are okay and hit send.

Litevault wallet ease of use

The Litevault web wallet user dashboard is clean and easy to use. It is highly intuitive and only features the most important tabs, plus it recently introduced the colorism aspect where different color tags are used for easier in-wallet navigation.

Litevault wallet cost and fees

Creating a Litevault web wallet account is free. Further, you won’t be charged for storing your Litecoins in this wallet.

You, however, will be charged network fees in the name of transaction fees every time you send Litecoins to another wallet or exchange. This transaction fee is highly variable and largely depends on the transaction amounts. These are charged by the Litecoin network administrators and not Litevault.

You will also include currency conversion fees if you buy crypto using fiat through fiat-to-crypto conversion sites like Changelly. This amount includes the transaction charge imposed by your credit/debit card provider and the conversion fees by Changelly.

Litevault wallet customer support

There are two primary ways of getting assistance when using the Litevault web wallet. First, you can rely on their very elaborative FAQs section. Here they address some of the most common challenges LiteVault wallet users face. These may include missing transactions, incorrect balances, the send button not working, or the transaction fee tab that fails to capture the entire amount. The page explains how you can solve each of these changes.

If any of these problems persist, you can reach out to the LiteVault support team via email or directly message them on Twitter.

What are the pros and cons of LiteVault wallet

Pros:

  • Litevault web wallet is easy to use and has a straightforward registration process.
  • You can create multiple Litcoin addresses on one LiteVault web wallet.
  • Litevault has employed several security features that include open-sourcing its technology.
  • LiteVault makes it possible to backup and export it to a USB drive or another wallet.

Cons:

  • It is prone to inherent security limitations associated with hot wallets.
  • It is not regulated.
  • It stores your private keys on the company’s servers, and this increases the risk of loss.
  • It only supports one digital currency – Litecoin.

Comparing Litevault to other desktop Litecoin wallets.

LiteVault vs. Litecoin Core desktop client

LiteVault web wallet and the Litecoin Core desktop client have just but one significant similarity – they both are Litecoin-specific wallets. Their key differences include the fact that LiteVault is web-based and holds coins on behalf of its clients while Litecoin Core is a full-stack desktop client that hosts client private keys within their device. Registering on LiteVault is quite straightforward, as it doesn’t require you to download an app while LiteCoin Core demands that you download the entire blockchain.

Verdict? Is LiteVault wallet safe?

The web wallet has placed several security features aimed at making it the most secure web wallet. It has open-sourced the technology used to create the wallet, it is possible to backup and import your private keys, and uses in-browser cryptography to encrypt all user data. These play a key role in improving the wallet’s security. However, we must observe that while these make the wallet relatively safe, it is still exposed to the inherent problems associated with any hot crypto wallet.

Categories
Cryptocurrencies

Introducing THORChain (RUNE)

-The idea of crypto is for it to be a decentralized and trustless currency. But since crypto became an idea, users have never been able to exchange it in a decentralized and trustless manner. Today’s cryptocurrency exchanges are just like legacy financial exchanges: centralized, custodial, and prone to regulatory interference. If the means through which users exchange cryptocurrency is centralized, then cryptocurrency is far from reaching its ideal status. 

-The idea of crypto is for it to be a decentralized and trustless currency. But since crypto became an idea, users have never been able to exchange it in a decentralized and trustless manner. Today’s cryptocurrency exchanges are just like legacy financial exchanges: centralized, custodial, and prone to regulatory interference. If the means through which users exchange cryptocurrency is centralized, then cryptocurrency is far from reaching its ideal status. 

-The idea of crypto is for it to be a decentralized and trustless currency. But since crypto became an idea, users have never been able to exchange it in a decentralized and trustless manner. Today’s cryptocurrency exchanges are just like legacy financial exchanges: centralized, custodial, and prone to regulatory interference. If the means through which users exchange cryptocurrency is centralized, then cryptocurrency is far from reaching its ideal status. 

What the crypto world needs is the ability to exchange value in a decentralized manner, and in a way that’s free from the arbitrary decisions of powerful entities. 

THORChain is a network that not only does this but is also chain-agnostic, meaning it does not favor or discriminate on any blockchain. This means users can connect to and interact with any blockchain in a cross-chain fashion. On THORChain, you can even earn passive income by simply staking the network’s native currency: RUNE.

THORChain network allows you to do the following: stake money and earn rewards, seamlessly transfer value across chains, and run a validator node, and get paid for it. 

THORchain Features

The THORChain protocol has the following key features. 

#1. Cross-chain Asset Swaps

THORChain allows you to swap any supported asset in a peer-to-peer fashion. All you need to do is connect your wallet and follow the prompts for swapping various tokens. Token swaps are carried out instantly at a minimal and transparent fee. 

#2. Provide liquidity

Users can stake crypto assets on THORChain and earn fees. Staking assets also gets you paid in block rewards.

#3. Earn Rewards for Running a Node

THORChain users can run nodes (and hence maintain and secure the network) and get rewarded with two-thirds of the collected network fees. Nodes are refreshed every three days to promote the dynamicness and inclusivity of the network. Nodes can also leave at any time after submitting a request. Such a request is processed within a few hours. 

Who Created THORChain?

The THORChain team is intentionally pseudonymous in order to “protect the project.” They believe that “figureheads, personalities, and founders undermine the project’s ability to decentralize.” Instead, the team believes that transparency and other facets, such as handling of funds, research, and the THORChain code, are enough to prove the authenticity of the project. 

With that, the THOR Chain team began researching the project in June 2018, going on to launch the first testnet in the fourth quarter of that year. After the testnet, the team continued researching and went on to launch the first bridge in the second quarter of 2019. The network went live in the first quarter of 2020. 

The project’s native token, RUNE, was launched on the Binance blockchain in June 2019. 500 million tokens were issued, after which the token was listed on Binance’s decentralized exchange. The token was also distributed for free community members who promoted the project in various ways. 

Where does RUNE fit in the THORChain Ecosystem?

The RUNE plays various key roles in the THORChain ecosystem. From staking to covering transaction fees to providing liquidity, RUNE is essential to the running of the system. 

  • Staking – Network participants who wish to become nodes must first stake RUNE tokens. Staking is required for a certain period of time to prevent nothing-at-stake attacks.
  • Payments – Users engaging with the THORChain network pay fees in RUNE – whether it’s a transaction, trading, bridging or liquidity fees
  • Backing liquidity – When you add liquidity to the THORChain network, that liquidity is backed by RUNE in what’s known as ‘Continuous Liquidity Pools.’ In this way, RUNE acts as a settlement currency for the network
  • Block Rewards – Block validators are rewarded in RUNE for protecting the network.
  • RUNE is required as liquidity to join Liquidity Hubs

Products by THORChain 

THORChain supports a few powerful products, which include the following: 

#1. BEP Swap

This is an application powered by THORChain that allows Binance coin (BNB) BEP2 token holders to swap assets or deposit them for liquidity and earn commissions from trades. It also enables traders to stay on top of pool prices and trade them more profitably. 

#2. Flash Network

Flash Network is a layer-2 network that supports instant asset swaps on the THORChain network. It supports exchanges across multiple tokens and liquidity pools. Also, Flash Network is compatible with other layer-2 solutions such as Lightning Network, Raiden, and Bolt. 

#3. RUNEVault

This is a staking interface that allows THORChain users to stake in and earn more RUNE. The team created RUNEVault to observe user behavior interactions and learn how to make an improved project for THORChain’s mainnet launch. When the mainnet launches, the platform will be retired. 

#4. Bitfröst Protocol

The Bitfröst Protocol is a cross-chain protocol that facilitates connectivity between disparate blockchains. It solves one of blockchain’s most persistent problems: interoperability. This way, THORChain users can seamlessly trade assets across any blockchain.

THORChain Nodes

These are individuals who maintain and secure the network by verifying the authenticity of transactions. Other duties include monitoring transactions on external chains, approving outgoing transactions, and operating the network protocol. 

To run a validator node, you need to have high-performance software and hardware, as well as stake a minimum of 1 million RUNE. Though that’s a bit on the high end, RUNE validators are compensated in RUNE for their work. They receive what’s known as ‘bond rewards’ – which is 67% of the system’s revenue, while liquidity providers get 33% of the share. 

If node operators do not perform any of their duties the right way or attempt to defraud the network, they will be penalized. 

How to Earn RUNE

You can earn RUNE in two ways: running a validator node and staking in RUNE. RUNE holders can currently stake the token in RUNEVault and earn a share of 1 million RUNE that’s being distributed weekly. 

You can also earn RUNE by running a validator node. Validator nodes maintain the blockchain and earn in the form of liquidity fees and block rewards. 

Where to Buy and Store RUNE

The safest way to acquire summer RUNE would be through a cryptocurrency exchange. You’ll find RUNE paired with either BTC, BNB, USDT, ETH, EUR, and BUSD at any of the following exchanges: Binance, FTX, Hoo, Bilaxy, Eterbase, BitMax, and Binance DEX. 

RUNE is a BEP-2 compliant token, which means you can store it in any Binance supported wallet. Popular options include Trust Wallet, Guarda, Atomic Wallet, Binance Chain Web Wallet, Ledger, and RUNEVault (which allows you to stake and earn more RUNE).

Key Metrics of RUNE

At the time of writing, RUNE is trading at $0.682046, with a market cap of $108, 058, 013 that places it at position 89 in the market. The token has a 24-hour volume of $5, 077, 431, a circulating supply of 158, 432, 088, and a total supply of 500 million. RUNE’s highest and lowest price ever was $0.719599 (July 24, 2020), and 0.007939 (Sep 27, 2019). 

Closing Thoughts

The THORChain team has made a product that truly works – and benefits the DeFi space. Few protocols have what DeFi has – an in-house DEX, the ability to swap assets cross-chain safely and securely, as well as enabling users to earn by simply staking their idle funds. THORChain has already carved out space for itself in the DeFi world, and if it keeps the same level of innovation, it will even be a bigger force to reckon with. 

Categories
Cryptocurrencies

What’s Elrond Blockchain About?

Blockchain is a brilliant idea. It gives people the reins to be in charge of their own finance because it’s peer-to-peer and, refreshingly, no authority is calling the shots. This is enormously important because unlike traditional money, the state/bank cannot freeze your funds at will.

Blockchain is a brilliant idea. It gives people the reins to be in charge of their own finance because it’s peer-to-peer and, refreshingly, no authority is calling the shots. This is enormously important because unlike traditional money, the state/bank cannot freeze your funds at will.

Blockchain is a brilliant idea. It gives people the reins to be in charge of their own finance because it’s peer-to-peer and, refreshingly, no authority is calling the shots. This is enormously important because unlike traditional money, the state/bank cannot freeze your funds at will.

But the pioneer of blockchain and crypto, Bitcoin, is remiss in that it’s not sufficiently scalable, and it exists on its own (preventing interaction with other blockchains). These factors, and others such as the questionable decentralization of the network compromise, in a way, the promise of blockchain.

Elrond is a network that seeks to remedy some of these shortcomings. In this guide, we explore exactly how, as well as look at the platform’s token and how it fits in the picture. 

Understanding Elrond

Elrond is an open-source blockchain network that wants to solve persistent problems in blockchain, including security, scalability, and interoperability. It wants to enable near-instant transaction speed, high throughput, and low-cost transactions. With these features, Elrond wants to prepare for the IoT economy. The platform’s Adaptive State Sharding and Secure Proof of Stake consensus will help accomplish these goals. 

Challenges Faced By Blockchain Today

The Elrond team believes for blockchain to break into the real-world economy, it must meet the following criteria:

  • Complete decentralization: a blockchain should have full decentralization such that there are no central party influencing operations. It also should have no use for a trusted third party. These qualities eliminate the chance of whimsical decisions and a single point of failure
  • Robust security: a blockchain network should be able to keep potential attacks at bay – especially those from already known possible attack vectors
  • High scalability: a blockchain should be able to achieve a high throughput equivalent to or exceeding that of established legacy systems
  • Efficiency: The ability to meet every network obligation with as minimal computing power as possible
  • Bootstrapping and storage: a blockchain should be able to support efficient data storage at a competitive cost
  • Cross-chain interoperability: the ability to support unlimited connections with external blockchains as well as services

In view of these, the Elrond team has rethought the entire blockchain concept as we know it. It implements the SPoS consensus and state sharding, as previously mentioned, to meet the criteria. State sharding partitions the distributed network state into multiple shards. The SPoS mechanism is an improved version of Proof of Stake. It facilitates high-level security and true decentralization while avoiding the resource-intensive Proof of Work mechanism. 

Features of the Elrond Network

Both Adaptive State Sharding and SPoS are two of the backbones of the Elrond network. These and the Elrond Virtual Machine make up the main features of the platform. 

Let’s look at each more closely below:

#1. Adaptive State Sharding

By now, you already know that sharding is the process of dividing the data on the blockchain into multiple shards. The idea is to enable data to be more manageable. Sharding is usually in three variations: state, transactions, and network sharding. Elrond combines these three together to form ‘Adaptive State Sharding.’ This dramatically improves transaction throughput and overall performance. Adaptive State Sharding is able to achieve the following: 

  • Scalability without sacrificing availability: this means even if the number of shards was to be increased or decreased, or network state was being updated, this would not affect, or it would affect the overall performance very negligibly
  • Quick dispatching and near-instantaneous traceability: this means the computing of shards is in such a manner that communication rounds are eliminated
  • Efficiency and adaptability: this means the distribution of shards is as balanced as possible at any time
#2. Secure Proof of Stake

This is a unique rendition by Elrond of the Proof of Stake consensus. SPoS eliminates resource wastage, as is typical with Bitcoin’s Proof of Work. SPoS combines staking with random validator selection. SPoS maintains a high level of security through not just random sampling, but also the constant reshuffling of nodes. In the end, we have ‘unbiasable randomness,’ which promotes both security and integrity as well as promotes decentralization. 

#3. Elrond Virtual Machine

The Elrond Virtual Machine is a ‘factory’ for creating and executing smart contracts based on the WASM standard. The virtual machine supports more languages for developers to experiment with smart contracts, including Rust, C/C++, C#, and Typescript. This is good news for developers who can now develop smart contracts in whatever programming language they’re familiar with. 

Elrond’s Network Structure

The network structure comprises shards, metachain, and nodes. 

Shards, which we’ve already discussed, are more manageable divisions or chunks of the network. Each shard handles just a fraction of the network state – whether it’s transaction processing, accounts, payments, storage, and so on. This makes things quicker and more scalable. 

Metachain is a ‘special’ blockchain that runs on a separate shard. Its responsibilities include verifying block headers, relaying info across shards, handling the registry of validators, solving any issues faced by fishermen (more on that later), and rewarding validators. Metachains also oversee the slashing of rewards for the validators who misbehave.

Nodes are participants that run the Elrond client. Nodes are distributed all over the world – it could be a computer, a tablet, a smartphone, or whatever kind of server. A node can play any role: validator, observer, or fisherman. These participants provide various levels of support and earn rewards. 

Who are the Participants of the Elrond network? 

Elrond hosts three types of participants: and these include validators, observers, and fishermen. 

#1. Validators

Validators process transactions and add new blocks to the blockchain. They take part in the consensus mechanism, which facilitates the continuation of the network while securing it. Validators are compensated with Elrond tokens and part of transaction fees. To qualify as a validator, one must stake in ERD tokens. This is to help keep the activities of the validators in line with the goals on the network. If a validator’s activities cause disruption within the network, they could lose their stake. 

#2. Observers

These are passive members who function as a read and relay interface. An observer can either be Full or Light. A Full observer maintains the entire transaction history of the blockchain. A Light observer keeps only two epochs of this history. Observers needn’t stake in ERD, and neither are they rewarded for their participation.

#3. Fishermen

Fishermen are nodes that verify the authenticity of the proposed blocks. They detect and challenge any invalid blocks that would result from bad actors. Fishermen are rewarded for their participation. Both validators and observers can act as fishermen. For validators to play as fishermen, they have to be not part of the current round of consensus. 

Elrond’s Token and Monetary Policy

Elrond has a utility token known as ERD. ERD is essential for the running of the network, and it fulfills the following roles: 

  • as payment for processed transactions
  • as payment for deploying smart contracts and DApps on Elrond
  • as a reward for participating in various roles in the network
  • for participating in-network governance 

When a transaction happens, the Elrond protocol emits ERD. The biggest percentage of this goes to validators, another percentage is burned, and another percentage is allocated to the Elrond Community Fund or also burned. 

The token’s distribution was as follows: 

  • 25% for the launchpad sale
  • 19% for the private sale
  • 19% went to the team
  • 17% went to the reserve treasury
  • 2.5% was reserved for advisors
  • 7.5% was reserved for ecosystem rewards
  • 8.5% went to marketing
  • 2% was reserved for the community

Key Figures

According to CoinGecko, Elrond trades at $0.02163702, with a market cap of $292, 746, 731 that makes it the 47th largest cryptocurrency in the world. It has a 24-hour trading volume of $21, 654, 993, with a 24-hour low of $0.02106083 and a high of $0.02225527. ERD’s circulating supply is 13.5 billion out of the maximum supply of 20 billion.

Buying and Storing ERD

You can exchange BTC, ETH, USDT, BNB, and BUSD for ERD at Binance, Binance DEX, Bilaxy, Huobi, BitMax, CoinDCX, and WazirX. 

You can keep ERD in Coinomi, Ledger, Trezor, and KeepKey wallet. 

Closing Thoughts

Elrond is doing what many blockchain projects are attempting to do, solving the security and scalability issues of the first and second-generation blockchains. Its approach towards this is quite innovative, with its new twist to the concept of sharding and intriguing participant types overseeing the network. It will be exciting to see how the network grows from here.

Categories
Crypto Videos

Pompliano on Goldman Sachs Interest In Blockchain

https://youtu.be/GkGDIYWIKEw

https://youtu.be/GkGDIYWIKEw

 

Pompliano on Goldman Sachs’ Interest In Blockchain

With Mathew McDermott assuming the role of global head of digital assets for Goldman Sachs, the market can expect this banking giant to be quite involved in cryptocurrencies very soon.
“In the next five to ten years, we could see a financial system where all assets and liabilities will be native to a blockchain, and all transactions natively happening on-chain,” McDermott in a CNBC article on Aug 6.
Tweeting out this quote on Aug 6, Anthony Pompliano, Morgan Creek Digital co-founder, responded:
“Wall Street companies are about to learn why technologists often say innovate or die.”

McDermott’s plans include expansion

Taking over for Justin Schmidt, which was Goldman’s previous head of digital assets, McDermott plans to hire new Asia-based as well as Europe-based team members, with the goal of ultimately growing his lineup by 100%.
Additionally, the new Goldman executive mentioned a potential future native asset that they might develop. “We are exploring the viability of creating Golman’s own fiat digital token,” said McDermott for CNBC.

The era of digital money

Among many advantages of a blockchain-based digital system, McDermott specifically mentioned efficiency, describing how the new ecosystem could essentially have the same activities, except they would all be digital instead of physical.
“That includes debt issuances, loan origination, securitization; essentially, you’ll have a digital market ecosystem, and the options are pretty vast,” he explained.

Oli Harris, former head of digital assets strategy for JPMorgan Chase, who assisted with the outline of the JPM Coin, also took a position at Goldman thanks to McDermott.
McDermott, in his interview, also noted increased institutional attention, which is something the crypto industry has been wishing for over the past several years. “We’ve definitely seen an increase in interest across some of our institutional clients as they are exploring how they can participate in the crypto space,” he explained.

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Crypto Videos

ETC Price Stable After Two 51% Attacks – Why?

https://youtu.be/RHEy8317eTw

https://youtu.be/RHEy8317eTw

https://youtu.be/RHEy8317eTw

 

ETC Price Stable After Two 51% Attacks – Why?

After suffering two major 51% attacks over the past week, Ethereum Classic has seen its hash rate go down considerably – all due to people being scared of another such attack.
As a consequence of Ethereum Classic’s miner capitulation, the estimated cost of performing a 51% attack targeting Ethereum Classic using hash power simply rented from NiceHash went down from $12,000 per hour to less than $4,000 per hour.

Despite this, the market price has been unaffected by the fragility of the network, with ETC actually gaining more than 2% since news of the second 51% attack broke. ETC is currently trading for $6.95.

Exchange volume report 

With the 24-hour trade volume being up roughly 10% from the level posted a few days before the first 51% attack, orders are continuing to execute across most of the top exchanges, including Coinbase Pro, Binance, Bitfinex, as well as KuCoin.
The increase in trade activity is occurring despite the suspension of withdrawals, deposits, and margin funding services among a number of leading cryptocurrency exchanges.

ETC and its market signals

The strength of ETC’s markets is quite high despite exchange’s having disabled wallet activity. This raises a question regarding whether algorithmic bots may be driving the trading activity at the moment.
A 2019 report published by Blockchain Transparency Institute made an estimate that Ethereum Classic was one of the three assets traded the most by the bots, with more than 80% of the volume being flagged as suspicious.

Ethereum Classic miners capitulation

After hovering between five and six terahashes per second through July, ETC’s hash power dropped to somewhere around four terahashes per second over the past seven days.
The second attack saw hash power spike up to 9 terahashes per second, just before plummeting to less than 2.5 terahashes per second afterward.

Categories
Cryptocurrencies

What’s Algorand: Here Is a Detailed Guide

Most blockchain projects today excel at one thing and go half at others. Look at Bitcoin, which performs well at security but not so much at scalability. At a transaction throughput of 7 per second, the Bitcoin network cannot currently possibly compete with legacy payment systems. And users deserve a system that’s quicker than that. 

Most blockchain projects today excel at one thing and go half at others. Look at Bitcoin, which performs well at security but not so much at scalability. At a transaction throughput of 7 per second, the Bitcoin network cannot currently possibly compete with legacy payment systems. And users deserve a system that’s quicker than that. 

Most blockchain projects today excel at one thing and go half at others. Look at Bitcoin, which performs well at security but not so much at scalability. At a transaction throughput of 7 per second, the Bitcoin network cannot currently possibly compete with legacy payment systems. And users deserve a system that’s quicker than that. 

Algorand is a new blockchain and crypto project that’s trying to bring the full promise of blockchain to everyone. It’s the first blockchain to solve the blockchain trilemma – the accepted notion that a blockchain network cannot have complete decentralization, scalability, and security all at the same time. 

Algorand promises to create “full transparency, protection, and speed within a truly decentralized network.” It’s impressive that despite being launched only in June of 2019, it’s already rocketed into the top 50. So what’s Algorand all about? And how exactly does it propose to solve the blockchain trilemma? Let’s dig in!

Understanding Algorand

Algorand is a blockchain effort dedicated to realizing the promise of a blockchain-powered borderless economy through secure, decentralized, peer-to-peer, and frictionless finance. The Algorand core belief is that an open and permissionless blockchain can facilitate a truly global ecosystem that gives everyone the chance to benefit from the potential of an inclusive and borderless economy. 

It aims to do this through its unique permissionless and pure proof of stake (PPoS) protocol that ensures full participation for anyone who wishes to. The Algorand team wants to solve the blockchain trilemma of decentralization, scale, and security. 

Algorand: Highlights

Some of the main defining characteristics of Algorand include the following: 

Pure proof of stake (PPoS): Algorand utilizes a PPoS consensus algorithm in which a network participant’s influence on the addition of new blocks is based on how much stake they own.

Immediate transaction finality: This means that once a transaction is processed, there’s no possibility for it to be reversed. This is in contrast with probabilistic finality found in blockchains such as Bitcoin. In the Bitcoin blockchain, a 51-percent attack would cause transactions to be potentially reversed. 

Self-selection: This is a concept invented by Algorand. It allows for the random and secretive selection of users to participate in block production. According to the Algorand website, “neither a few delegated users nor a fixed committee is responsible for proposing blocks in Algorand. Instead, all users are randomly, secretly, and continuously selected to participate in the Algorand consensus protocol.” 

User replaceability: Algorand implements a protocol in which participants for block production change every round. This is to protect the network from attacks. Every new round consists of new and random participants completely independent of the preceding participants. 

Algorand’s Value Proposition

The Algorand project has two unique value propositions: decentralization and permissionlessness. 

Decentralization: the Algorand network is entirely and truly decentralized, with block producers randomly and anonymously selected. Nodes or computers maintaining and securing the network represent diverse origins from across the globe. 

Permissionless: Algorand’s network has no gatekeepers. Anyone, as long they hold ALGO tokens, can join the network and start validating transactions. Also, there are no expensive mining resources required to participate in the network. 

Algorand: Solving the Blockchain Trilemma

Algorand attempts to solve the blockchain trilemma. The blockchain trilemma is the notion that blockchains need to have three important properties: decentralization, security, and scalability, but can only have two of those at any time. To have two, blockchains have to sacrifice the other. The blockchain trilemma was first described by Ethereum founder Vitalik Buterin. 

A decentralized blockchain network that has achieved high-security levels would struggle with scalability. A network that is both secure and scalable would have to somehow sacrifice complete decentralization. Likewise, a network that is both decentralized and scalable would compromise security. Blockchains are currently known to have low transaction throughputs due to this conundrum. 

Algorand wants to solve this problem. How? By utilizing the PPoS consensus mechanism. In PPoS, block producers are not required to stake a certain amount of ALGO in order to qualify to do so. They just need to possess it, no matter the amount. By not having staking requirements, Algorand money is where it’s supposed to be: in users’ wallets, in financial instruments provided by the project, and so on. 

In this system, the idea is based on the assumption that the majority of people in any society are good and honest. As such, with the money distributed across a large user base, only a minority would try and harm the system, which would be impossible. On the other hand, it would be impossible for the majority to harm the system because they would not wish to devalue their own holdings. 

How to Participate in the Algorand Network

To participate in Algorand as a block producer, all you need to do is to switch your address online. This is done through the Algoexplorer. This activity does not depend on how much ALGO tokens you own, it solely depends on whether you own any in the first place.

The Algorand network features two types of nodes: relay and participation. Relay nodes have strong and high-bandwidth connections to multiple other nodes. Their job is to facilitate high-performance communication paths to achieve a seamless network. Participation nodes, on their part, are connected to much fewer nodes, mostly relay nodes. These nodes represent the user in the system. They propose and vote on blocks on the behalf of the user. 

Participation Keys

Like we’ve mentioned several times before, anyone who holds ALGO tokens gets to participate in running the network by approving blocks. For safety reasons, users spend a ‘participation key’ instead of their spending key to participate in the consensus mechanism. If a user wishes to participate, they first have to generate and register the participation key. The rationale behind this is to ensure users’ funds are secure in the event that their participating node is attacked.

Algorand Team 

Algorand is the brainchild of Silvio Micali, a recipient of the Turing Award, the Godel Prize (for outstanding work in the area of computer science), and the RSA prize (for outstanding contributions to cryptography). 

The other two core members of the team include CEO Steve Kokinos, former CEO of communication firm Fuze, and COO W. Sean Ford, former CMO at LogMeln. 

Token Supply and Distribution

The ALGO token’s supply was distributed as follows: 

  • 25% to the team, investors and the Algorand Foundation
  • 30% to the public sale
  • 25% to node running grants
  • 17.5% to participation rewards
  • 2.5% to the end-user grants

So, how’s the token holding up in the market? Let’s see.

At the time of writing, the token was trading at $0.369 062 and it had a market cap of $284, 848, 477, which made it the 42nd biggest cryptocurrency in the world. The token’s 24-hour volume was $75, 787, 430, and it had a circulating supply of 771, 817, 007, and a total supply of 3, 303, 088, 850. ALGO’s all-time high was $3.28 (June 21, 2019), and its all-time low was $0.102403 (March 13, 2020). 

Buying and Storing ALGO

If you’re interested in grabbing some ALGO tokens, there’s no shortage of exchanges to do that. ALGO can be found as a market pair with USDT, BUSD, EUR, BTC, USD, TUSD, BCH, ETH and so on at any of several exchanges such as Bibox, Binance, Coinbase Pro, Huobi Global, BitHumb, Kraken, BitMax, MXC, KuCoin, HBTC, Bitfinex, Hoo and so on. 

For storage, Algorand team provides the Algorand Wallet that includes a raft of key features and integration with hardware wallet Ledger Nano X. Other great options include MyALGO Wallet (Web) designed by Rand Labs, Atomic Wallet, and Coinomi.  

Closing Thoughts 

Algorand joined a crowded field of crypto projects only a year ago and managed to inject something new and useful. The blockchain trilemma has been a thorny issue for blockchain for so long, and it’s interesting that Algorand has been able to solve it with a simple yet innovative approach. Is the project one to watch? We definitely think so.

Categories
Crypto Videos

Monero Is Going To Be Huge Because of It’s Real World Applications!

 

 

 

Monero’s Hashrate Skyrocketing – Biggest Daily Gain Ever Recorded

Monero has experienced the biggest daily increase in its hashrate since the network’s creation in 2014 on Aug 6.
The Monero hashrate managed to increase from 1.67 Gigahashes per second on Aug 5 to 2.2 Gigahashes per second on Aug 6. The 0.52 Gigahashes per second single-day gain represents the highest increase in the project’s history. Prior to this, the most significant daily percentage gains came in Monero’s early days.


Banks should embrace privacy coins 

On Aug 3, Coin Center submitted various comments to the Office of the Comptroller of the Currency on Federal Savings Association and National Bank Digital Activities. The submitted comments suggested that banks should be embracing privacy coins rather than fighting them.
“We argue that Banks shouldn’t only be able to use trustless mixing technology or privacy-enhanced crypto such as Z-cash or Monero, but that they may be obligated to do so so they could protect the privacy of their customers.” – was written in one part of the submission.

Monero is a unique value proposition

It is unclear what made Monero’s hashing power explode in such a way. In a world where many people feel that they are becoming watched and tracked by the governments more and more, Monero may simply present a unique value proposition.
Various reports have indicated that Monero is currently the best major privacy-preserving cryptocurrency. While other privacy coins like Dash and Zcash can be traced with relative ease, Monero proves to be quite a challenge. The sheer fact that it is hard to track has led to several centralized exchanges delisting it.

Monero trails only Bitcoin in its adoption rate amongst Dark Web users and dealers, for whom the privacy-preserving features of cryptocurrencies are sometimes quite literally a matter of life and death.

Categories
Cryptocurrencies

Abra Wallet Review: Here is Everything You Need To Know About Abra Crypto Wallet

Abra Wallet is a leading virtual service company specializing in blockchain technology and cryptocurrencies. On their website, the Abra crypto wallet is hailed for its simplicity, accessibility, and flexibility. It is a versatile app that is compatible with most operating systems. The crypto wallet is also highly intuitive and simplifies the process of storing and trading cryptos for its users. Launched in 2014 in Silicon Valley and headquartered in The Philippines, Abra supports over 54 world currencies.

Abra Wallet is a leading virtual service company specializing in blockchain technology and cryptocurrencies. On their website, the Abra crypto wallet is hailed for its simplicity, accessibility, and flexibility. It is a versatile app that is compatible with most operating systems. The crypto wallet is also highly intuitive and simplifies the process of storing and trading cryptos for its users. Launched in 2014 in Silicon Valley and headquartered in The Philippines, Abra supports over 54 world currencies.

Abra Wallet is a leading virtual service company specializing in blockchain technology and cryptocurrencies. On their website, the Abra crypto wallet is hailed for its simplicity, accessibility, and flexibility. It is a versatile app that is compatible with most operating systems. The crypto wallet is also highly intuitive and simplifies the process of storing and trading cryptos for its users. Launched in 2014 in Silicon Valley and headquartered in The Philippines, Abra supports over 54 world currencies.

But how does it work, how secure is the wallet, how many cryptos can it hold, and what key features make it rise above the competition?

We have tried Abra Crypto Wallet and interacted with its different features. In this review, we tell you how it works, its security features, its usability, and everything else you need to know before downloading and installing the crypto app.

Abra wallet key features:

Simple to use: The Abra crypto wallet app is quite user-friendly and accessible to virtually everyone. It has a simplistic and highly customizable design that makes it easy to use for both beginners and expert traders.

In-built exchange: The Abra crypto wallet app also features an in-built exchange. Here, you can engage in both fiat-to-crypto and crypto-to-crypto conversions. The exchange is quite straightforward and relatively easy to use.

Highly versatile: The Abra crypto wallet app is highly versatile and compatible with both the Android and iOS operating systems. Moreover, it supports a wide range of both crypto and fiat currencies.

Portfolio creation tools: Abra wallet is more than a crypto storage app; it is a crypto investment app. In addition to storing your digital assets securely, the app will also let you invest in leading stocks from different international markets. It especially lets international crypto traders invest in U.S stocks.

Supports fiat-to-crypto purchases: Abra crypto wallet app features an in-built exchange. This tool lets you convert fiat to crypto and engage in crypto-to-crypto exchanges.

Support cash deposits: Unlike most other crypto wallet apps, Abra makes it possible for you to purchase crypto directly via different forms of cash payments. These include credit/debit card purchases and direct bank wire transfers.

Abra wallet users in the Philippines can also pay for their crypto using the Teller Payment System. Note, however, that all your funds in Abra are by default held as Bitcoin (except for Bitcoin Cash and Litecoin), but you can choose to denominate them in the form of any other currency.

Abra wallet security features:

Passcode: Your Abra wallet app has to be secured with a four-digit passcode. You get to set this PIN code when installing and activating the app.

Recovery seed: When installing the crypto wallet app, and after setting the passcode, you will be provided with a recovery seed. Record on a hardy piece of paper and keep it in a highly secure place. You will need it when resetting your app password or when recovering lost private keys.

Two-factor authentication: The Abra crypto wallet app also integrates the two-step verification security feature. This allows you to link your app with your phone number and ensures that you receive an SMS verification code when logging into the wallet and when transferring coins out.

Military-grade encryption: According to Abra wallet developers Bill Barhydt and Pete Kelly, this app collects as little sensitive information of their clients as possible. Additionally, the user data stored within the app – including passwords and private keys – is highly encrypted. All of the app’s interactions with third-party apps and websites, including payment systems, are also highly encrypted.

Non-custodial wallets: Abra wallet developers don’t store your private keys or their copies within the company servers. All the private keys are stored in individual wallets within the wallet of the owner’s devices. This effectively gives you near-absolute control over your private keys.

Hierarchically deterministic: The Abra crypto is also hierarchically deterministic, implying that it automatically generates new wallet addresses for different crypto transactions. This promotes anonymity as it makes it impossible for third parties to track your crypto transactions.

How to set up and activate the Abra Crypto wallet app:

Step 1: Start by downloading the Abra cryptocurrency app from the Google Play Store or Apple Store. You can also download these apps from the Abra’s official website.

Step 2: Initiate the installation process and proceed with creating a user account. Here, you are required to fill in your personal details, including your name, email address, physical address, and your mobile phone number.

Step 3: Activate the two-factor authentication protocol by using the code sent to your mobile number.

Step 4: Proceed to set the four-digit PIN code that secures your Abra crypto wallet.

Step 5: The app will now provide you with recovery phrases. Write them down and keep them safe.

Step 6: The installation is now complete, and the crypto mobile wallet app activated. You can start adding funds, converting/exchanging different currencies, and investing.

How to receive funds/add crypto into your Abra crypto wallet:

Step 1: Start by launching the Abra crypto wallet app and clicking on Portfolio.

Step 2: Click on ‘Add Money’ and choose the cryptocurrency you wish to add/receive into your wallet. This reveals the coin’s wallet address and its corresponding QR Code.

Step 3: Send the address to the parties sending you cash or have them scan the QR code

Step 4: Wait for the cryptocurrency to reflect on your wallet.

How to send crypto out of Abra wallet:

Step 1: Start by launching your Abra Crypto wallet app and clicking on ‘Portfolio.’

Step 2: Click on ‘Send Money’ and choose the cryptocurrency you wish to transfer.

Step 3: Key in the recipient’s wallet address or scan their wallet’s QR code and enter the amount of crypto you wish to send.

Step 4: Confirm that the wallet address and amounts entered are correct and hit send.

Abra Wallet’s ease of use

Abra crypto wallet is very user friendly. The registration process, for instance, is rather quick and straightforward. The fact that the crypto wallet app handles fiat transactions, plus its registration as a Financial Services Provider, means that you will be subjected to the different KYC and AML protocols. It also means that your crypto transactions won’t be wholly anonymous.

Unlike most other crypto apps that require you to pass through third party currency conversion systems like Simplex or Changelly, Abra processes direct fiat deposits. Here, you can make crypto purchases directly using your debit or credit cards, direct bank wire transfers, or the Teller Payment System.

One of the most unique aspects of the Abra Crypto wallet app is that your deposits into the wallet app are held as Bitcoins By default. This implies that if you deposited $10,000 into the wallet, this amount is automatically converted into its Bitcoin equivalent (say 1 BTC). Therefore, if Bitcoin’s value surges by 25%, your balances increase by a similar margin and vice versa. The account can, however, be denominated by any currency and you are free to change the default BTC base currency into any other currency at any time.

Abra wallet supported currencies and countries.

According to the Abra wallet website, the crypto vault is now accessible to residents of over 150 countries – including the U.S.

Abra users in the United States can interact with over 30 of the most popular cryptocurrencies and as much as 50 fiat currencies.

Abra crypto wallet users outside the U.S however, have access to a wider range of currencies as they get to interact with over 200 crypto+fiat currencies.

Abra wallet’s inbuilt exchange is nonetheless highly versatile and there is no limit of either crypto-to-crypto or fiat-to-crypto pairs.

Abra wallet cost and fees:

You will not be charged to download and install the Abra crypto wallet app. And neither will you be charged to activate or for storing your digital assets on your Abra Crypto wallet.

A variable transaction processing fee will, however, apply and debited from your Abra cryptocurrency wallet every time you send cryptocurrencies out of the wallet. These fees are collected by the blockchain miners or network administrators and not Abra wallets and are largely dependent on such factors as the type of cryptocurrency and the transaction amounts involved.

Within the app, you will also incur currency conversion fees in the form of spreads. And this markup price for the different cryptos is set by Abra.

Note that while Abra wallet doesn’t impose withdrawal fees, your payment processor will often charge transaction fees when you deposit into Abra.

Cash Deposit and Withdrawal limits

The app has set limits on the amount of cash you can deposit or withdraw from your Abra crypto wallet app. For instance, U.S residents can only transfer a maximum of $30,000 per wire daily. Additionally, you can only make a bank deposit or withdrawal of a maximum $2,000 daily, up to $4,000 weekly, and $8,000 monthly, while daily credit card deposits/withdrawals have a daily and monthly limit of $200 and $1,000 respectively.

While there is no limit to the number of BTC or LTC conversions you can make, non-BTC/LTC conversions have a daily limit of 5 BTC.

Abra wallet customer support

Abra Wallet’s customer support starts with the wallet’s highly elaborate FAQs page featured on the Abra website. The wallet also features a highly informative blog and the two are key towards addressing some common challenges experienced by Abra Users.

For more personalized queries, consider contacting Abra’s customer support team on their different social media pages like Telegram, Twitter, Reddit, and Facebook. You may also contact them by raising a support ticket on the Abra website.

What are the pros and cons of the Abra crypto wallet app?

Pros:

  • Abra is an all-in-one wallet that doesn’t just let you store your cryptocurrencies but also lets you invest in the stock exchange.
  • The mobile crypto app also features an in-built exchange.
  • Abra wallet supports both fiat and cryptocurrencies.
  • It allows you to change the base currency of your wallet from the highly volatile Bitcoin to Fiat, effectively guarding your assets against possible crypto falls.
  • Installing the app and storing coins therein is free.

Cons:

  • One may consider the currency conversion rates for the wallet’s inbuilt exchange rather high.
  • By holding your cash deposits into the app in the form of Bitcoin, the wallet subjects your cash to volatility risks.
  • The app subjects you to both KYC and AML procedures, which defeats the purpose of Blockchain and cryptos anonymity.

How does Abra Crypto wallet compare to other popular cryptocurrency wallets

When compared to such other crypto wallet apps as eToro, Abra carries the day because of its ease of use and the number of features included. For instance, unlike eToro’s inbuilt exchange that has a limited number of trading/exchange pairs, the Abra Crypto wallet is highly versatile and has an unlimited number of trading pairs. It also supports a wider range of deposit and withdrawal methods that include Teller payment systems. eToro, however, supports a wider range of cryptocurrencies and tokens and can also be considered more secure.

Abra crypto wallet, however, pales in the face of leading Crypto hardware wallets in terms of security and number of supported currencies. Ledger Nano S, for instance, supports more than 1000 cryptocurrencies and tokens and also stores these digital assets offline. The Abra Crypto app can, however, be considered more convenient and easier to access.

Bottom line: Is Abra wallet safe?

Abra has made significant strides towards creating the most sophisticated, versatile, and easy to use trading platform. Their app is not only freely available to all crypto enthusiasts but also integrates some of the most advanced trading and analysis tools.

It also gives its users access to direct crypto market data, including crypto prices and the blockchain industry event calendar. But more importantly, it has put in place several sophisticated security features that make its wallet highly secure while giving you absolute control over your private keys.

Categories
Crypto Videos

Pantera Capital Founder Foresees Bitcoins $100K+ Rise!

https://youtu.be/1uFkNrTDpws

https://youtu.be/1uFkNrTDpws

 

Pantera Capital’s Founder Foresees $100K+ Bitcoin

Pantera Capital is the oldest crypto investment company in the United States. When Dan Morehead, the company’s founder, was asked to make a Bitcoin price prediction during his recent interview, he mentioned an investment letter published by Pantera Capital. This letter contained, based on the stock-to-flow model, a bold prediction that Bitcoin will reach $115,000 by August 2021.

Morehead expects Bitcoin to grow

Morehead thinks that the prediction is still possible, despite the fact that in just one year, Bitcoin’s price would have to increase around ten times its current value. Still, his personal prediction is a bit more modest, though not modest at all in an absolute sense. He said:
“My common response is that it’s been growing at a rate of 209% for nine years and that I think it’s going to grow at least 209% for the next couple of years. That puts you at around $100 000, probably in the next two years, and I do think that will happen.”

If Bitcoin grows 209% annually as it did up until now, it will reach the $100,000 mark in 1.92 years. However, if it were to reach $115,000 in just one year, than Bitcoin would need a 900% annual growth rate.
Morehead noted that he is tired of skeptics that constantly pose questions such as “What is Bitcoin’s killer app?”. In his personal opinion, Bitcoin itself is the killer app with the primary use case as a store of value. Bitcoin does it better than gold, which now has a market capitalization of $9 trillion, said Morehead.

Categories
Cryptocurrencies

Enjin Wallet In-Depth Review: Key Features, Security, Pros andCons

Enjin smart wallet comes off as one of the safest and most convenient mobile-app based crypto wallet. It is easy to use on both Android and iOS devices and incorporates a wide range of operational and security features, including a secure keyboard, a built-in exchange, and two layers of cryptography (rule-of-two-encryption). What’s more, it supports a wide range of cryptocurrencies and tokens.

Enjin smart wallet comes off as one of the safest and most convenient mobile-app based crypto wallet. It is easy to use on both Android and iOS devices and incorporates a wide range of operational and security features, including a secure keyboard, a built-in exchange, and two layers of cryptography (rule-of-two-encryption). What’s more, it supports a wide range of cryptocurrencies and tokens.

Enjin smart wallet comes off as one of the safest and most convenient mobile-app based crypto wallet. It is easy to use on both Android and iOS devices and incorporates a wide range of operational and security features, including a secure keyboard, a built-in exchange, and two layers of cryptography (rule-of-two-encryption). What’s more, it supports a wide range of cryptocurrencies and tokens.

In this Enjin Smart wallet review, we detail everything you need to know about the mobile-based wallet. We highlight its most prominent operational features and look into details of the factors making it one of the most secure wallets. We’ll also tell you of the supported cryptocurrencies and tokens, its pros and cons, and provide you with a step by step guide on how it works.

We start by looking at its key features:

Key Features

Secure Keyboard:

Enjin Smart wallet features a proprietary keyboard that is specially designed to shield your data from sniffers and keyboard keyloggers. It has the key randomization option that provides you with the ultimate level of input protection.

QR Scanner:

In addition to the randomized and highly secure inbuilt keyboard, you can use the QR Scanner to communicate with different exchanges and wallets when sending and receiving digital assets.

Crypto wallet trackers:

The crypto wallet mobile app gives you the ability to monitor your Bitcoin, Ethereum, and Litecoin addresses. This allows you to monitor their transactions in real-time.

Add custom tokens:

Enjin smart wallet doesn’t just support the ERC-20, ERC-721, and ERC-1125 tokens. It also gives you the ability to create and launch your custom tokens.

Create multiple wallet addresses:

There is no limit to the number of wallet addresses you can create on this platform, and neither is there a limit to the number of coins you can store in these wallets. The coin, therefore, gives you the ability to create multiple wallet addresses for different coins and tokens.

Budget for your crypto assets:

Unlike most crypto wallets that only have one vault for all your digital assets, Enjin Smart wallet lets you create multiple vaults. You can, for instance, create a Savings, Business, and Trading vault and split your crypto assets into these different allotments.

Samsung Blockchain Keystore support:

Enjin is specially designed to support the Samsung Blockchain feature for private keys protection.

Custom libraries:

Its libraries are designed with a feature that enables the removal of private keys from the device immediately after use. 

Enjin wallet security features:

i) One-touch fingerprint login: Enjin Smart Wallet can be secured by a unique multi-character password or a fingerprint. The fingerprint protection especially comes in handy in further eliminating possible password leaks and giving the wallet user absolute control over their wallet.

ii) Two-layer encryption: The mobile crypto wallet employs two layers of encryption in protecting the data stored within the wallet and keep your private keys confidential. 256 AES encryption covers the hardware while software encryption techniques are applied to the wallet’s application layer.

iii) Recovery phrase: When installing and activating the Enjin Smart wallet, it will provide you with a 12-word recovery seed. Record these phrases on a piece of paper and keep it safe. You will need it to regain access to your wallet should you forget the password and also recover private keys should you lose access to your mobile phone.

iv) RAM encryption: According to Enjin smart wallet developers, all of the important data is processed by and stored on a secure RAM. They further state that this RAM limits the amount of sensitive data stored in here and that this data is highly encrypted.

How to set up the Enjin crypto wallet app

Setting up your Enjin wallet on your mobile device is easy and straightforward. Here is a detailed insight on how to go about it:

Step 1: Download and install the Enjin Smart Wallet app: Depending on the type of operating system you are using, the first step is to search the Enjin wallet on Play Store or iTunes. Download the application and click on the “install” button. Once the installation is complete, click on the “open” button to launch the app.

Step 2: Create a new wallet: You will be provided with two options. You can either create a new wallet or restore your previously backed up wallet.

Since we are creating a new wallet, choose on the ‘Create New’ and click the “next step” button.

Step 3: Create and confirm password: Create a unique multi-character website for your wallet app.

Step 4: Recovery phrase backup: You will then be provided with a 12-word recovery phrase that will be used to restore your wallet when you lose or forget your password. The best way to backup these phrases is to write them on a piece of paper and keep them in a safe or any other highly secure environment.

Step 5: Create wallet addresses: The wallet is now set and you can proceed to create wallet addresses for the different crypto assets. You can also create different vaults and allocate them pieces of your digital assets for different purposes.

Step 6: Start trading: Your Enjin wallet is set and you can now start receiving, exchanging, and sending cryptocurrencies or customizing your own tokens.

How to send cash using an Enjin smart wallet

Step 1: Start by launching your Enjin crypto wallet

Step 2: Click on the cryptocurrency or token you wish to send. The app will display a wallet address input section as well as the option for scanning the receiver’s wallet QR Code. Chose one.

Step 3: Enter the amount of coins/tokens you wish to send

Step 4: Confirm that the details entered (wallet address and crypto amounts) are correct and hit send

How to receive funds into your Enjin smart wallet

Step 1: Start by launching the Enjin Smart crypto wallet app

Step 2: Tap on the ‘Receive’ icon and proceed to click on the cryptocurrency/token you wish to receive. The app will display the crypto’s wallet address as well as its QR code.

Step 3: Copy the wallet address and forward it to the parties from whom you wish to receive the coins or have them scan your QR Code.

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

Enjin wallet’s supported currencies

The Enjin smart crypto wallet is highly versatile and currently supports over 700 cryptocurrencies and tokens. These include the all-popular crypto coins like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and the Enjin Coin.

The wallet also holds multiple variations of the Ethereum based tokens including all the ERC-20, ERC-721, ERC-233, and ERC-1155 tokens. Its also one of the few crypto wallets that lets you leverage their inbuilt-exchange and support for Ethereum based tokens to help you customize and launch your own token.

Enjin smart wallet cost and fees

Enjin smart crypto wallet doesn’t charge you when you download, install, or store cryptocurrencies/tokens on their wallet. You will, however, be charged variable transaction fees when you send/receive funds into your wallet. These charges are usually imposed by blockchain networks and are collected by miners and network administrators, not the Enjin wallet developers.

How much you pay per transaction is largely dependent on such factors as your preferred crypto as well as the number of coins transferred.

Enjin Crypto wallet ease of use

Enjin crypto wallet app features a smart user interface that makes it one of the most user-friendly wallet apps. According to Enjin, the smart UI features turns your phone into a hardware-like wallet by giving you full control over your private keys while offering a number of important security features.

Enjin smart wallet app customer support

Enjin wallet has an elaborative and readily available customer support team. Their multi-lingual website (currently available in four international languages) is, for instance, awash with different resource materials aimed at helping address common user concerns. The wallet maintains a regularly updated blog that not only covers hot financial and crypto industry news but also updates about the wallet.

This is, also the Enjin forum where wallet users get to interact with the developers and other users. Here they can have their challenges and queries addressed by either the Enjin wallet developers or expert wallet users.

More sensitive queries can be addressed directly to the Enjin customer support team by raising a support ticket on their ‘Contact Us’ page. You can also send them an email via [email protected] or engage them on their official social media handles on such platforms as Instagram, Facebook, Twitter, Telegram, Reddit, and LinkedIn.

Comparing the Enjin crypto wallet app with other wallets

Compared to other crypto wallet apps like Mycelium, Enjin smart crypto wallet carries the day when it comes to the employed security measures. It, for instance, combines military-grade encryption with biometrics in further boosting the confidentiality of your private keys. It also has more operational features like the inbuilt exchange/marketplace, support for decentralized apps and browsers, and the integration of the ERC-1155 protocol that lets the user create and issue customized tokens.

Enjin smart wallet app security features, however, are pale in the face of the more secure hardware wallets. For instance, while the data contained therein may be highly encrypted, it still is a hot wallet and this exposes it to possible hacking and malicious malware threats. Unlike most hardware wallets that can hold thousands of cryptocurrencies and tokens, Enjin can only hold a maximum of 700 cryptos. The only advantage Enjin crypto has over such hardware wallets Trezor or Ledger Nano is that it is free.

Everything else you need to know about Enjin smart crypto wallet

Enjin is also more than a wallet as it also features an easy to use inbuilt-exchange and a crypto marketplace. The wallet integrates the all-popular Enjin social gaming network and the Enjin marketplace where players can buy or exchange different video games and in-game items for crypto and tokens.

The Enjin wallet also features one of the most interesting and easy to use Decentralized App web browsers. It has a friendly and easy-to-interact-with user-interface. It allows you access to leading crypto exchanges, financial news, online games, and even social media.

In addition to supporting the popular ERC-20 and ERC-721 tokens, Enjin developers introduced the ERC-1155 protocol. This allows you to create highly customized tokens and token collectibles that you can trade on the Enjin exchange, store on the Enjin wallet, and exchange for online games or in-game items within the Enjin Marketplace.  All these are accessible via the Enjin smart wallet app.

Enjin does not store fiat currencies and neither does it support fiat-to-crypto conversions. The smart crypto wallet has, however, partnered with some of the most popular fiat-to-crypto conversion platforms like Changelly, Simplex, Bancor, and Kyber. These make it possible for you to swap cash for cryptocurrencies and tokens that you can then use to trade or exchange via the Enjin smart crypto wallet.

What are the pros and cons of the Enjin crypto wallet

Pros

  • Employs a wide range of security features – including encryption and Biometric access
  • Both the crypto wallet app and Enjin website are multi-lingual
  • High user ratings on both Android and iOS app stores
  • Supports a relatively wide range of cryptocurrencies and tokens
  • The Enjin wallet app features a highly intuitive user interface

Cons

  • Mobile wallets are prone to online attacks as compared to hardware wallets
  • It is not open source and, therefore, not adequately vetted
  • Doesn’t support fiat-to-crypto conversions

Final Verdict: Is the Enjin wallet app safe?

Well, Enjin smart wallet app has embraced several security protocols that make it one of the safest crypto apps around. It, for instance, employs the two-layer encryption for the private keys and personal data stored within the app and uses a multi-character password and biometrics to secure the wallet.

Other factors that make Enjin smart wallet app the most effective mobile wallet include the fact that it integrates such features as an inbuilt-exchange and marketplace, decentralized apps, and browsers, supports 700+ cryptocoins and tokens and makes it possible for you to create and launch a custom ERC-1155 token.