Boxmining

Author: Vivan Tan

  • CertiK ($CTK) and CertiK Chain: What is in the Ecosystem?

    CertiK ($CTK) and CertiK Chain: What is in the Ecosystem?

    CertiK aims to provide a secure platform where blockchain infrastructure and decentralized applications can be developed. Its ecosystem consists of security layers that exist below the blockchain level, including the DeepSEA compiler, the CertiK Virtual Machine (CVM), and CertiKOS. Its native token, $CTK, has launched in Binance Launchpool on 27 October 2020. Below is a detailed overview of the CertiK ecosystem, including the CertiK chain.

    Background

    The CertiK Foundation supports the CertiK platform. The organization champions trust in blockchain systems. Its efforts are displayed through the development of a secure network that can boost confidence in decentralized systems. Furthermore, the CertiK Foundation is lead by renowned computer professors.

    What is CertiK?

    CertiK is a decentralized smart contract platform powering Dapps. Additionally, it supports inter-chain communication and runs on the Certik Chain.

    The system is primed for highly-specialized use cases. The protocol employs a PoS variation called delegated proof-of-stake (DPoS) and uses the Cosmos software development kit (SDK).

    The CertiK Foundation has taken upon itself to restore the trust in distributed platforms by employing cutting-edge security technologies and techniques. A key milestone achieved by CertiK is the provision of provable trust in a decentralized platform. Apart from focusing on security, the network also addresses performance and token economics.

    CertiK Token ($CTK)

    The economic aspect of the platform relies on the platform’s native currency, CTK. CTK’s major offering is being a utility token. (Provigil) Therefore, it helps power the crucial aspects of the CertiK ecosystem.

    For example, the token provides a mode of payment and settlement among the platform’s users.

    However, the token does not give its holders the right to interact and does not act as an investment into CertiK Foundation. Being issued inside a PoS-powered system, the token carries various benefits to incentivize holders to participate in staking and securing the network.

    Apart from being used on the CertiK protocol, CTK is a significant ingredient in the CertiK Chain. Here, the token is used to pay for transaction fees.

    In return, the fees reward staking nodes on the chain. Also, the token is used to reward those who delegate their CTK holding to validator nodes.

    CTK Token Allocation
    CTK Token Allocation (Image source: Binance Research)

    The token’s first issuance was achieved through two private sales that sold a total of 38 million CTK tokens worth a cumulative $39,430,000. Apart from the private sale 1 & 2 (29.0% & 9.0% respectively), the token distribution allocated 1.5% of its total supply to Binance Launchpool, 10.0% to the CertiK team, 25% to the CertiK Foundation, 17.5% to the community pool, and 8.0% to the CertiKShield pool.

    What is CertiK Chain?

    CertiK Chain is a blockchain protocol powering the CertiK ecosystem. It is highly secure and has cross-chain interoperability. To effectively achieve its mission, the platform incorporates key components such as a security oracle and a CertiKShield pool.

    Let’s dig into each of these components.

    CertiK Chain
    CertiK Chain (Image Source: CertiK Chain Whitepaper)

    CertiK’s Security Oracle

    The platform’s security oracle compresses audit reports to make them available on-chain. Basically, audit reports hold information as to the reliability of smart contracts. But, the reliability of smart contracts can be sabotaged by the data it uses to make decisions.

    With these reports living outside blockchain platforms, it poses a security threat prompting CertiK to bring them on-chain through its security oracle. Consequently, the network can effectively verify the security of a smart contract.

    Note that this component allocates scores depending on a smart contract’s latest audit report. The scores give an overview of a contract’s code reliability.

    CertiK Security Oracle
    CertiK Security Oracle (Image Source: CertiK Chain Whitepaper)

    More than just scoring contracts, the security oracle can track and report unaudited smart contracts. A distributed security team handles such reports. Using the CertiK Oracle Combinator, results from the security team are aggregated into a single score that can be accessed online. And, of course, the security team is rewarded.

    Luckily, this functionality is crucial in a decentralized finance (DeFi) setting where unaudited smart contracts are wreaking havoc. For example, by incorporating the CertiK’s security oracle, the responsibility of an audit is shifted from the contract creator to the contract users.

    CertiKShield Pool

    The CertiKShield pool is a unique component meant to minimize the risks emanating from the private nature of (most) cryptocurrencies. This may include losses from both avoidable and unavoidable circumstances such as house fires.

    The shield works by providing a flexible pool of CTK tokens. Since the token uses on-chain governance mechanisms, it can be used to compensate losses sprouting from inaccessibility and/or theft.

    In other words, this operates as an insurance platform. But, its decentralized nature allows it to receive inputs from all involved individuals before settling a claim.

    The CertiKShield Pool is made up of collateral providers and shied purchasers. Collateral providers earn staking rewards while shield purchasers pay for requested protection.

    CertiK Chain Architecture

    The main components of the CertiK Chain are baked together in an architecture that can achieve provable trust. Apart from the security oracle and the shield pool, the network’s backbone comprises a virtual machine and the DeepSEA toolchain.

    CertiK Virtual Machine (CVM)

    The CVM effectively eliminates the errors that may be introduced when converting smart contract code from human-based language to machine language. Although these errors may be unknown to contract developers, they pose a severe security risk.

    Being a security-first decentralized platform, the CVM relies on the output of DeepSEA, a certified compiler. The compiler’s output includes bytecode and mathematical proofs. The proofs can be used to isolate smart contracts’ code that doesn’t meet the security standards.

    DeepSEA Toolchain

    DeepSEA is a compiler and a programming language that’s hailed for its security. Notably, the CertiK-native tool is developed in conjunction with researchers from leading learning institutions such as Columbia and Yale University.

    DeepSea ToolChain
    DeepSea ToolChain (Image Source: CertiK Chain Whitepaper)

    The toolchain can determine the complex correctness properties of smart contracts. As such, it enhances the security of the network and products built on top of it.

    CertiK Governance

    The CertiK protocol uses on-chain governance methods to enable community involvement in decision-making. However, to vote for proposals, CTK holders can either delegate their voting powers to validators or vote directly. Validator nodes ensure the smooth running of the platform through powering activities such as block production.

    CertiK accommodates five types of proposals from its community:

    • Plain text: These are proposals that request modification of things like altering the number of incentives paid to validators.
    • Software upgrade: They lead to code modifications. They may include proposals to add new features.
    • Bounty: Examples of proposals in this category include those touching on creating chain artifacts and conducting security audits.
    • Community pool spend – They cater for the transfer of funds from a pool to an individual address, for instance, an individual developing a CertiK-specific product or upgrade.
    • Certifier: They are submitted by a certifier with a request to add or remove a certifier. Note that certifiers and validators vote on proposals.

    Conclusion

    In a space where malicious actors are always on the prowl for weaknesses in DeFi-focused smart contracts, CertiK provides the much-needed peace of mind. In addition, enabling a decentralized contract audit removes the need for DeFi users to solely rely on reports provided by the team, which, in some cases, are anonymous.

    From the security oracle to the reimbursement pools, to DeepSEA, the network structurally achieves a security-first approach with provable trust.

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Press Release: Genesis Block appointed Boxmining as the Strategic Advisor

    Press Release: Genesis Block appointed Boxmining as the Strategic Advisor

    5 October 2020, Hong Kong – Genesis Block is excited to announce the appointment of our Strategic Advisor, Michael Gu of Boxmining. He is one of the leading experts in the cryptocurrency and blockchain space. His Boxmining website and YouTube channel provides the latest insights and resources on digital assets, decentralized finance and blockchain technology, as well as educational resources suitable for complete beginners to seasoned enthusiasts. The YouTube platform alone has grown into a leading resource with over 216,000 subscribers and 21 million views. In addition to that, the website, Boxmining.com, Twitter pages and discussion groups makes Boxmining the leading one-stop ecosystem for anyone interested in learning more about crypto and staying ahead with the latest trends.

    We will be collaborating with Boxmining to create content and exchange information on the crypto industry and digital assets. Our collaboration is one step further in building a bigger and better crypto community in Hong Kong. You can keep up with our updates by following our social media channels.  

    About Boxmining

    Boxmining was founded by Michael Gu and started on YouTube as a passion project, and has now grown to be a top informational resource in the realm of cryptocurrency and blockchain technology. The creation of Boxmining was to bring unbiased and accurate information to the community as Michael noticed such information is hard to come by. What also makes Boxmining so unique is that it is able to close the knowledge gap between China and the West, bringing you the full global image of the crypto space.

    The founder, Michael, has been involved in the digital asset and blockchain space since 2012, and he started his journey with Bitcoin mining in grad school. Over the years, Michael garnered tremendous experience and through his hard work and dedication to the industry. He has developed a solid reputation as an analyst in this space and has been featured in various international media, such as Forbes, Cointelegraph, TechBullion, Disrupt Magazine and on China’s Phoenix TV. But his ambition was by no means satisfied, he wanted to share his crypto journey and insights, hoping to bring more attention to this space. Hence he created a YouTube channel called, Boxmining. 

    Boxmining YouTube posts videos covering topics on the latest cryptocurrency trends, interesting projects, collaborations with other crypto leaders, and educational guides. It goes live every Monday and Friday at 3:00 am (UTC), with other content during the week as well. 

    Boxmining.com is a complement to the Boxmining YouTube channel. It gives Michael the platform to cover wider topics with more detail. It is suitable for crypto enthusiasts to consume more in-depth insights and reviews on cryptocurrency, trends, products etc. and even those who are newer looking for guidance on how to get started. The website relies on Michael and his team of talented contributors to provide the latest breaking news and insights. 

    Besides the Boxmining website, YouTube channel, you can also follow them on their Facebook, Twitter and Instagram to keep up with the latest updates. Michael also firmly believes in the power of community building, and his Telegram and Discord channels are a global place where he and other cryptocurrency enthusiasts can share and grow their knowledge together. 

    About Genesis Block

    Genesis Block is a premier OTC trading center for digital assets. Our head office’s location is in Hong Kong, the financial hub of Asia. The company is backed up by a team of financial professionals and industry leaders with notable experience. The company provides services to clients globally and continues to grow rapidly around the globe, with the vision to make digital assets more accessible to all. Genesis Block also operates the largest digital asset ATM machines in Asia through the company’s subsidiary, CoinHere. With over 40 commercial-scale crypto farms in the Asia-Pacific region, the company is a pioneer in the crypto space and hopes to one day bring mainstream adoption to cryptocurrencies. 

    We believe transparency and honesty are pivotal to sustaining our clients’ successes. So we will always be upfront and truthful regarding the information we provide and our service fees to you. Above all else we are trusted because of our emphasis on safety and the privacy we provide our clients and their data.  

    Building a strong crypto community is one of our focuses. Here at Genesis Block, we believe people can make great success in the crypto space if they are surrounded by like-minded people and immense resources. We built our communities to share the most up-to-date information on various social media platforms including Facebook, YouTube, Instagram, Twitter, LinkedIn, Telegram, and WeChat. 

    As the crypto industry is very young and unknown by the public in Hong Kong, we are endeavoring to help the public to understand more about cryptocurrency, and therefore we created the Crypto Classroom. It is a digital learning hub that provides mostly beginner level content that covers bitcoin and blockchain foundations and more. Crypto Classroom contents can be found on the Genesis Block website, Facebook page, and both of our YouTube channels which are catered for our Cantonese and English audience. We also create a Trader Insight series every week on our Cantonese YouTube channel for our advanced crypto enthusiasts.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Vortex DeFi ($VTX): One-stop Gateway to DeFi

    Vortex DeFi ($VTX): One-stop Gateway to DeFi

    Vortex DeFi ($VTX) aims to provide users a one-stop access to all leading decentralized finance (DeFi) platforms and protocols from a single web-based user interface.

    Decentralized Finance (DeFi) has evolved from a niche subcategory to the biggest catalyst driving the cryptocurrency and blockchain field today. It’s primarily focused on the Ethereum network, which has the majority of the DeFi share. There are, however, a large number of core DeFi protocols, combinators, and countless forks. All of this can become confusing fast.

    Fortunately, users don’t have to delve into the complex workings and nuances of these protocols, which can be overwhelming even for long-term users. Vortex DeFi is introduced to simplify the access and exposure to the sector. It has integrations with different protocols, which abstracts away the complexity in a simple and yet intuitive interface, to level the playing field and ensure greater participation.

    Background

    Vortex DeFi launched in Aug 2020 through a private investment round. It accrued interest and funding from X21 Digital, DuckDao, Moonrock Capital, Magnus Capital, Pluto Digital Assets PLC, Faculty Capital, A195 Capital, etc. A public sale will be held soon.

    It has a multicultural team, led by CEO Rahul Singh and strategic advisor Lester Lim. The other prominent team members are technical lead Arun Sunil and product lead Shaz. All team members have previous experiences in market-leading companies and blockchain projects.

    What is Vortex DeFi?

    Vortex DeFi is a web-based DeFi management system or a comprehensive DeFi aggregative solution platform, serving as a bridge between Ethereum and Polkadot. It combines the functionality and power of core protocols in a sleek dashboard to allow users of all categories to engage in yield farming. The core services provided are NFT asset management, lending and borrowing, insurance, and exchange.

    Vortex DeFi will also utilize the yEarn finance protocol to access and extract value from various lending protocols to enable automated profitable yield farming. The added advantage of cross-chain compatibility ensures that users don’t have to choose between two promising blockchains. Vortex DEFI also has several components, taking the guesswork and experimentation out of the process.

    Vortex DEFI – Components

    Vortex Ecosystem (Source: Vortex DeFi wesbite)

    V-Swap

    Being the Uniswap or Bancor equivalent of Vortex, V-Swap will offer an automated digital assets exchange on the Ethereum and Polkadot blockchain. It’s likely to offer liquidity aggregation from multiple sources, so a peer to peer exchange of tokens can be performed without a direct counterparty or orderbook.

    V-Pay

    It will offer a fiat gateway for users, so they can acquire and sell crypto assets from FIAT, in their cards or bank accounts. This is required for onboarding new users, as well as ensuring that they have a way for realizing their returns.

    V-Yield

    A yield aggregator as the name goes, V-Yield will combine yield from different sources and optimize them according to the best return rate. It will spare users from the trouble of manually finding sources and having the need to rotate them.

    V-NFTs

    An asset management, V-NFTs will allow users to manage their asset collection and swap them for each other. Given that NFTs are an illiquid asset class and their infrastructure is scattered, it’s hugely important to develop a unified interface.

    V-Insure

    DeFi protocols are rife with exploits and smart contract risks. Therefore, to onboard new users and even to retain existing ones, it’s necessary to grant them peace of mind by ensuring the protection of their funds. V-Insure will seek to insure user funds by seeking out integrations with multiple DeFi insurance protocols.

    Vortex DEFI Native Token ($VTX)

    The native token of the platform is Vortex DeFi Token ($VTX), ERC-20 token, which will be used to incentivize users. It has four purposes:

    1. Liquidity pools (LP) rewards are distributed in VTX
    2. Usage for staking on the platform.
    3. Holding VTX tokens allows users to save on the platform fees
    4. The team has announced plans to regularly buy tokens and burn them every quarter to reduce supply and increase the value of existing tokens.

    All of these benefits and value accrual mechanisms will motivate users to hold tokens, in anticipation of rising demand and prices.

    $VTX Token Metrics

    The VTX token has a total supply of 100M $VTX and an initial circulating supply of $0.4M $VTX.

    $VTX Tokenomics (Source: Vortex DeFi Litepaper)

    Funding Rounds

    Private Sale (concluded): 32,500,000 VTX sold at 0.0276 USD per token.(25% TGE, 75% vesting over 120 days)

    Public Sale (on 28 February 2021): 2,500,000 VTX to be sold at 0.04 USD per token. No vesting period.*

    Advantages of Vortex DeFi

    The platform offers users the advantages of a unified DeFi management dashboard, the ability to fuse several protocols together offering a seamless experience with abstracted complexity, powerful lend and earn functionality, automated rotation of funds for optimized returns, non-custodial function, and insurance against loss of funds.

    Vortex DEFI Connected Protocols

    Vortex DeFi connected protocols (source: ‘Introducing Vortex DeFi Beta & Access to the Vortex of DeFi‘ medium article)

    Vortex DEFI will have integrations with several key DEFI protocols, including but not limited to Maker DAO, Compound, Kava, Idle, Aave, Yearn, Uniswap, Nexus Mutual, Curve. This will allow for a powerful user experience, which is likely to improve penetration of decentralized finance.

    Vortex Vision

    The team hopes that Vortex will become the top one-stop solution for a user’s DeFi needs and allow them to simplify their experience. Vortex hopes to make financial applications accessible and simple for all users, regardless of their technical expertise. It will also allow saving on transaction fees (gas) by batching and combining transactions.

    Vortex can also enhance the decentralization level of DeFi protocols by ensuring broad participation and an increase in user activity. Furthermore, it will feature the DAAS (DeFi-As-A-Service) business model. Currently, the product is in development and more changes are expected as the platform launch draws near.

    Conclusion

    DEFI was founded on the principle of openness, equal opportunity, transparency, trustlessness, lack of centralized control, fast processing, and lego-like composability. It is generally presented as a superior alternative to the traditional financial system, which differs heavily from the principles of the crypto community and disallows these services to a large number of people.

    On the other hand, DeFi is accessible to almost everyone with an internet connection and a personal computing device or smartphone. However, primitive user interfaces and experiences of the existing DeFi protocols were a problem. Thankfully, Vortex will overlap the strong functionality of these protocols with an amazing and simple interface.

    Currently, there is a lack of dashboard-style platforms connected to multiple DEFI protocols, aggregating their services and offering a one-stop solution. All of this is about to change with the Vortex launch, which is likely to onboard a large number of new users as well as provide a novel interesting solution to the existing ones.

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Litentry ($LIT): Decentralized Cross-chain Identity Aggregator

    Litentry ($LIT): Decentralized Cross-chain Identity Aggregator

    Litentry ($LIT) is a decentralized cross-chain identity aggregator, built on Substrate, that features an identity matching and identity staking mechanism.

    In today’s world, personal data and identity are everything. Some companies in the conventional world make millions by selling user data. In the decentralized world, blockchain-based firms make losses.

    For example, one user can create multiple accounts to take advantage of free airdropped tokens. Also, platforms powering decentralized finance (DeFi) have no way of tracking users’ credit history, making them charge higher collateral when issuing loans.

    Fortunately, there’s a new way to keep track of identities in the distributed ecosystem securely. Powered by Litentry, we can see blockchain-focused platforms do more than just power token swaps. It’s now possible to scan through user’s deposit and withdrawal actions on Uniswap. Furthermore, a user’s activity can also be assessed on a community-governed blockchain.

    Since the platform is so diverse, below, we look at the major highlights.

    Background

    Litentry is developed by a team of blockchain professionals based in Germany. Its founder was among the early contributors of Parity, a decentralized network. Notably, the project engineering team’s background is rooted in Ethereum.

    The protocol is funded through a Web3 Foundation grant. On its Github page, the project lists eight team members with organization permission.

    What is Litentry?

    The project focuses on decentralized identity (DID), allowing user identities to be linked to multiple distributed protocols. Litentry acts as a DID aggregator where it collects, indexes, and distributes DIDs to blockchains.

    More importantly, it performs all these activities in a decentralized and verifiable way. Notably, built on the Substrate network, the platform works towards the greater goal of eradicating identity redundancy in the Web3-powered application ecosystem.

    The problem

    In the current internet world, third parties take control of storing user passwords and data pertaining to their online activity. Unfortunately, internet users are coerced into accepting unfavorable terms and conditions, consequently lessening the grip on their personal data.

    Litentry brings the change by returning the control of user data to the users by powering a user-focused internet using blockchain technology. As such, the revenue emanating from using users’ data gets the users to share in the profits. Before Litentry, these profits went to third parties managing the user data.

    Key Features of the Litentry platform

    Apart from using decentralized ledger technology (DLT), the platform has other critical features that help it bring the much-needed revolution to the blockchain sector. Key among them include:

    1. Identity management – The platform is all about identities, and their management sits at the protocol’s core. This feature powers anonymous and independent identities emanating from applications and or services used by the user.
    2. Distributed storage – After collecting the data, the protocol stores them in a decentralized manner to enhance access from all corners of the distributed world.
    3. Identity staking – This is a unique feature. Just like staking tokens and earning rewards, Litentry enables users to stake their identities and be rewarded.
    4. Decentralized contributors – Instead of creating multiple accounts to use different platforms or services, the project allows users to use one identity to interact with various services anonymously. Interestingly, the user doesn’t have to provide passwords or any other registration details.

    Litentry Architecture

    Litentry Architecture (Source: Litentry Doc)

    To bring all the above features to life, the protocol uses a layered architecture. On the top layer is the Litentry Runtime, which sits on Substrate. The Runtime layer is a Parachain of Polkadot and employs offline workers when generating identities.

    The second layer is the User Side. Here, users flex their muscles when it comes to data under their control. Note that user data that comes from applications are anonymous, stored in a decentralized way, and cryptographically-separated.

    On the Litentry Authenticator layer, we have the mobile data hub. The hub can be used to manage a user’s different identities. Additionally, the hub can be connected to various IoT devices that the user wants.

    Next is the Litentry SDK enabling developers to fire up their creative juices to create completely decentralized applications and/or services. In addition, the Litentry IPFS data center offers users a chance to check the data attached to their identities.

    The middleware layer comprises services such as off-chain catching and query servers. It is also made up of a client-side SDK library that helps connect front-end apps with decentralized networks.

    Litentry Tokenomics

    The incentive mechanism on the Litentry platform takes into account different participants such as an identity staker, validator, external storage, node, and data buyer.

    1. Identity staker — This is the person who has an identity record and has a stake in the identities pool.
    2. Identity validator — An identity staker becomes a validator of new blocks when their identity has been confirmed.
    3. Storage — Stores all data about an identity in a decentralized manner.
    4. Node — The node is a critical component of the Litentry platform. Its work is to perform functions such as invoking off-chain workers to validate identity correctness and connecting with external decentralized storages.
    5. Data buyer — This is any entity on the blockchain that requests identity validation.
    6. Data generator — These are entities generating data and can include applications, users, or services offering migration services.
    Litentry Tokenomic (Source: Litentry Lightpaper)

    Litentry Native Token (LIT)

    Litentry’s base asset is called LIT. The network uses the asset to reward identity stakers in the identities pool. Two types of rewards the stakers get are the block reward and the matching fee.

    Apart from stakers, validators are motivated to truthfully verify the correctness of data. On the other hand, data generators enjoy benefits from the Litentry Foundation in the form of grants.

    External storage operators earn a section of the fee paid by users interfacing with the service. Others who are incentivized using LIT tokens are nodes.

    Those who pay using LIT tokens include identity buyers. Observe that these entities only have access to the winning identity or identities during an identity matching process.

    Conclusion

    The identity problem is two-pronged; users can create multiple entities to defraud a company. On the other hand, malicious actors aggregate user data and sell it to the highest bidder without profiting the real data owners.

    Fortunately, Litentry uses a layered approach to comprehensively tackle the problem to the benefit of both identity owners and decentralized platforms. Here’s to another promising project with a unique approach to solving some of the most crucial problems that often go overlooked.

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Unido ($UDO): Crypto Banking and DeFi for Enterprise

    Unido ($UDO): Crypto Banking and DeFi for Enterprise

    Unido ($UDO), powered by Polkadot, provides enterprises crypto-asset management solutions, that specialize in governance, security, and interoperability within the crypto banking sphere guaranteeing the satisfaction of all users.

    Background

    Powered by Web3 blockchain Polkadot, Unido was founded by Chris Weddle who has over 20 years of experience within the blockchain sector. The project was initiated in 2017 and is anchored by an experienced team of finance experts, software developers, and blockchain developers. They all come from well-known financial and development firms such as Goldman Sachs, Wipro, and Macquarie.

    Unido’s Founder: Chris Weddle (Source: Unido website)

    Through the Unido project, the team has successfully managed to solve security and accessibility challenges with its distinct and dynamic implementation of a blockchain-based management tool that facilitates the handling of crypto assets.

    What is Unido?

    Unido is a technology ecosystem that addresses the governance, security, and accessibility challenges of decentralized applications, and enables companies to manage crypto assets and capitalize on DeFi.

    Unido’s distinct protocol facilitates investment in DeFi by leveraging its efficient proprietary and multi-sig key signing technology. Furthermore, users have the unique capability to manage crypto banking operations in complete security.

    Under the decentralized platform, assets management enterprises and crypto native companies are ensured agility and efficiency for the custody of their respective digital assets. This creates a strong bridge for firms and organizations to interface with DeFi networks as they remain compliant with licensing and regulatory requirements.

    The platform’s algorithm works best by leveraging, as well as supplying clients with a great deal of crypto trading, payments, and banking solutions.

    Through Unido’s user-friendly protocol, participants essentially have access to three main features all responsible for the system’s special implementation of the blockchain, namely, Enterprise Crypto Banking Suite, DeFi Vault Access, and Governance/Security features.

    Unido Features (Source: Unido website)

    Enterprise Crypto Banking Suite

    A business banking portal, through which firms can manage day-to-day operations and capital expenditure. This feature empowers users with a multi-user wallet management protocol that creates, assigns, and manages clients’ wallets.

    Additionally, it is equipped with user governance tools providing access to rights and access requirements unique to the blockchain solution. Overall, this business banking portal is a simple and intuitive instrument with an interoperable, modular architecture that provides analytics on DeFi transactions, activities, and trends.

    DeFi Vault Access

    The vault access is a multi-signature enterprise wallet or DeFi vault used to store, manage, and invest digital assets in an efficient and safe manner.

    The team behind the wallet describes it as a secured and most importantly, a well-integrated bridge into several prominent DeFi investment solutions such as UniSwap, Yearn Finance, and Balancer. Additionally, the vault provides users with a complete overview of investment opportunities within the DeFi space, as well as potential returns and benefits within specific DeFi networks.

    Supported by a portfolio performance dashboard, this feature facilitates the management and investment of digital funds.

    Governance and Security

    Through this blockchain-based feature, the Unido enterprise platform (EP) provides users with an array of security and management instruments ensuring the safety of all funds within the platform.

    The Unido platform guarantees blockchain-based security and agnostic architecture, rendering it versatile and applicable to any given on-chain use cases. Powered by a key signing technology, Unido EP ensures flexible and trustworthy governance, which provides assets access only to permitted entities and parties.

    Unido Token ($UDO)

    The platform’s utility token, $UDO, is the fuel behind Unido’s efficient implementation as it is used to drive network access, ensure transaction security, governance, and network management. Overall, the token is built on a trustworthy smart contract algorithm guaranteeing the development and expansion of the Unido network in the future.

    Furthermore, the token facilitates access to the platform’s variety of products to all users, including institutions and developers. UDO has three main use cases, being network access licenses, consumption fees, and DAO Governance.

    $UDO Tokenomics

    Total Supply: 115,000,000 UDO

    Initial Market Cap: $487,813

    Seed/Private/Pre-Public Sale Fundraising: $1,400,000

    Seed Sale: $0.04, 0% TGE, 20% monthly unlock

    Private Sale: $0.05, 25% TGE, 25% monthly unlock

    Public Sale:: $0.06, full unlock

    Deflationary Economics:

    • Phase 1: From consumption fees, 60% burn, 20% to EDF, and 20% into reserve. Phase 1 when token supply is reduced by 20%.
    • Phase 2: After enterprise products take off, 50% of fees to be invested into EDF & 50% into reserve.

    UDO Use Cases

    Network Access License

    All applications and Unido EP features will only be available via a license purchasable with the UDO token. Once the license is bought, the tokens are removed from circulation and placed into a secured smart contract until the license eventually expires.

    Companies are provided with annual licenses for the Unido platform, where fees are determined by the volume of usage for the target clients and the number of users.

    Consumption Fees

    All fees and consumption charges within the Unido ecosystem and auxiliary platform will be based on the volume of usage within the platforms. Additionally, UDO will be used to authenticate each transaction within its parent platform.

    All operations from developers will either be charged under a subscription model, Freemium model, paid model, or In-App model, all depending on the user specifications and needs.

    DAO Governance

    In general, the DAO will oversee Unido’s Ecosystem Development Fund (EDF) and allow for the subsidizing of new applications implementation and development, which will contribute to the diversification of the platform.

    Unido Ecosystem (source: Unido one-pager)

    Conclusion

    Unido EP aims to be a leader within the blockchain space by spearheading the race toward mass adoption; especially within the traditional financial sector. The platform’s drive to provide secured banking management tools is a great boost for wide DLT acceptance.

    Overall the Polkadot-based platform is a dynamic implementation of decentralized technology, which guarantees total accessibility and security through key features lacking in most solutions of its genre on the market.

    Unido Enterprise Platform is ahead of the curve as it provides a sure connection with blockchain giants, ensuring its growth and development in the future. Unido will likely become a leader within the blockchain given the protocol’s current algorithm and products.

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Benchmark Protocol ($MARK): Supply Elastic Collateral and Hedging Device

    Benchmark Protocol ($MARK): Supply Elastic Collateral and Hedging Device

    Benchmark Protocol ($MARK) is a supply elastic, stablecoin-alternative that connects traditional finance with the cryptocurrency market by revolving around the volatility index. It provides liquidity to the DeFi space during periods of high volatility to optimize value and stability.

    Background

    Founded by David Mass, the Benchmark protocol aims to bridge the digital currency market to traditional financing. The project was set in motion by a team composed of investors, blockchain engineers, and financial experts to strengthen security and the efficacity of loan collateral within the blockchain.

    The sudden selling pressure experienced by the crypto market in march of 2020 prompted the team to act as they understood the risks within DeFi. The Birth of Benchmark exhibits the unique drive of the ambitious team behind the platform.

    Ultimately, Benchmark’s team looks to be a household name within the market by staying relevant within the mainstream DeFi space and optimizing their product to the needs of the blockchain.

    What is Benchmark Protocol?

    Benchmark Protocol is a supply-elastic collateral and hedging system driven by a volatility index. Simply put, the Benchmark Protocol lessens liquidation events and hedges risk with its very own cryptocurrency, the $MARK token.

    Benchmark Protocol Dashboard (Source: Benchmark Protocol website)

    Furthermore, Benchmark’s algorithm functions as a rule-based utility that adjusts supply, and is supported by the CBOE volatility index (VIX) and deviations from the target metric, which is equal to 1 Special Drawing Rights (SDR) unit. The Benchmark team believes that implementing the SDR creates a larger and far more efficient use case rather than exposure to just one currency.

    The Benchmark Protocol provides a dynamic and supply-elastic token in the MARK token, as it manages to connect traditional capital markets to DeFi. The platform’s protocol is unique and efficient; completely separate from the crypto market prices and trends.

    The protocol prides itself as an ideal hedge exhibiting total transparency with all users and transactions making a secure and reliable solution for the DeFi sector. Its immutability is robust enough to prevent systematic risk arising from cease and desist orders.

    Benchmark’s innovative approach has isolated the recurring issue of overshooting the target peg within the varying market conditions. Through the MARK token, the platform can effectively rebalance supply within a 5-hour window after the New York Stock Exchange (NYSE) ensuring the reduction of arbitrage activity for token users.

    The distinct algorithm effectively adjusts to trends within DeFi while implementing traditional finance market strategies. The protocol actively monitors and regulates the total supply of tokens to compensate for anticipated price movements. This method helps in reducing excessive amplitudes of price percentage changes.

    SDR

    SDR Breakdown (Source: Benchmark Protocol website)

    Since its implementation by the International Monetary Fund (IMF), the international reserve asset SDR has been an important factor concerning the health of the international financial system. SDR value is supported by five currencies: the Euro, Chinese renminbi, Japanese yen, U.S. dollar, and British pound sterling.

    The Benchmark Protocol has been targeting the SDR’s historic price of $1.4075, with a long-term view utilizing macro-exposure to the world’s most established currency basket. The SDR is a superior and secured peg that will not face a tough path should the US Dollar experience strong inflation.

    The Benchmark Protocol primarily benefits from SDR diversified and global currency risk instead of single currency risk, which will attract more users globally, thereby, contributing to the growth of the project long term.

    Volatility Index (VIX)

    Described as the market’s “fear indicator”, VIX is a real-time market index used to estimate the market’s expectations for the relative strength of near-term price changes and volatility typically within the S&P 500 index (SPX).

    The blockchain-based platform relies on the VIX as an accurate and suitable predictive element for price development. The VIX enables the platform to be ahead of its competitors by allowing it to be more dynamic and proactive in the DeFi market.

    The Press

    The platform values Liquidity providers a great deal, as they are essential for the proper operation of the MARK token as a stable collateral utility. Furthermore, liquidity mining is an essential component of the Benchmark Protocol during the bootstrap phase.

    The Press is the second phase of Benchmark’s liquidity providers rewards distribution program. It is the largest token allocation with 27% of the total supply provided to liquidity mining initiatives that compensate the liquidity providers’ active participation in the Benchmark network. The Press will feature core MARK Pairs, such as MARK-ETH and MARK-USDC on Uniswap.

    The team plans to implement The Press for a period of 3 to 7 years, all depending on distribution velocity.

    MARK Token

    Built on the Ethereum blockchain, Mark Token is Benchmark’s native asset. MARK is an ERC-20 utility token and was released to the market while taking into consideration SDR and the VIX. So, MARK is secured to the world’s most stable currency (the SDR). Additionally, the token’s rebalances are smart and fast, derived from VIX.

    Overall, Benchmark’s native token can be described as a supply-elastic collateral utility designated to increase liquidity during periods of high volatility and in direct correspondence with global equities markets.

    MARK is a dynamic digital asset separate from other crypto implementations as it does not rival traditional fiat or paper currencies, which enables token holders to rely on a global currency risk profile versus a single currency risk profile. Additionally, through the platform’s utility token, users are shielded from inflation and further benefit from collateralization of risks.

    XMARK Token

    xMARK is another ERC-20 utility token within the platform, which represents MARK but is not affected by rebases. xMark is designed to help move the platform towards on-chain governance. The token is minted by holders staking MARK tokens within the single-asset staking platform and is currently available on Binance Smart Chain and Quickswap.

    Conclusion

    Overall the Benchmark protocol manages to deal with the issues of volatility and inconsistency within the blockchain elegantly. Through MARK and xMARK utility tokens, users are ensured that rules-based, non-dilutive, and supply-elastic collateral will facilitate their crypto journey.

    The DeFi sector is set to benefit tremendously from such technology, which provides a unique product that is currently lacking in the blockchain.

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Duck Liquidity Pool (DLP) by DuckDAO ($DUCK)

    Duck Liquidity Pool (DLP) by DuckDAO ($DUCK)

    Duck Liquidity Pool ($DUCK) is a DeFi Market Maker protocol, developed by DuckDAO, one of the biggest cryptocurrency community that provides funding and marketing support to early-stage crypto projects.

    The boom of decentralized finance (DeFi) in recent months has ushered in a new profit-making strategy for crypto traders, beginners and advanced alike. Decentralized exchanges (DEX) rely on liquidity pools to help power their market-makers. While the Duck Liquidity Pool is a new entrant in DeFi, it has already captured the attention of many users in the space thanks to its high APY and token burning model.

    https://youtu.be/8MNKafDgW0o

    What is the Duck Liquidity Pool?

    The Duck Liquidity Pool (DLP) is DuckDAO’s own market maker. The funds that supply its pool came from the sale of pre-mined tokens and can be accessible in many other protocols and exchanges. In the meantime, projects that are supported by DuckDAO will be the first to be able to tap the pool. The ticker for the pool is $DUCK.

    The unique feature that distinguishes DLP from others is its “unilateral burn” strategy, or the one-sided token burn model. It is designed to burn 50% of all earned rewards (more on this later).

    The APY level for DLP is high and its suppliers can receive as much as 50% of the profits from market making, airdrop of incubated project tokens, as well as non-fungible token (NFT) campaigns. Such a feature enables yield farmers the ability to earn profit by just providing liquidity to DuckDAO’s market maker.

    To participate in the DLP, users have to lock their cryptocurrency holdings by depositing their funds in the pool. In return, they receive DUCK tokens as a reward for supplying funds to the pool.

    Duck Liquidity Pool – How it works? (Source: Duck Liquidity Pool (DLP) Blackpaper)

    DuckDAO’s Native Token ($DUCK)

    DUCK token is the DuckDAO’s native utility token, which also powers the incentive model for the Duck Liquidity Pool. The token has the following use cases:

    • Yield farming on Uniswap pools – Staking tokens help contribute liquidity to DUCK and DDIM pools. For this, they earn profit through DLP.
    • Reward token for market-making profit – Half of the profit from the market maker is returned to the community who belong to the liquidity pool. If the performance of DLP is good, the profit for the yield farmers grows in proportion as well.
    • Project token airdrops
    • Non-fungible token as reward

    Deflationary Farming: “One-Side-Burn”

    This is touted by the team as “Yield Farming 2.0,” which is designed to support a deflationary, unilateral burning of tokens. To understand how this works, we must first look at how the current yield farming mechanism works.

    The Usual Scenario for Most Liquidity Pools

    Commonly, yield farming pools in the DeFi space look very advanced for the average trader. Not only does this create a psychological barrier to entry, but it also makes profit-making a little more difficult for someone new to yield farming.

    Another issue that traders face is the inflationary structure of the incentive mechanism in most liquidity pools. This is because, in order to provide rewards to yield farmers, mined tokens have to be released into the market. This model isn’t designed for long-term effectiveness since with more reward tokens in supply over time, we can expect its value to depreciate as well.

    Duck’s Unilateral Burn

    $DUCK, on the other hand, is designed to support long-term yield farming strategies. Even beginners on liquidity pools can just stake and earn a part of the profit that DuckDAO’s market maker gets.

    $DUCK One-Side-Burn Deflationary Model (Source: DuckDAO website)

    One-Side-Burn is a deflationary model that is designed to burn 50% of the carry pair as soon as the liquidity provider decides to cash in a portion of his stake.

    What happens in such a situation is that users lose one side of their liquidity as the tokens are burned. And when someone decides to exit the pool completely, his entire liquidity is also burned and further lowers the DUCK tokens in supply.

    While this model may seem counterintuitive for profit-earning at first, over-time, the value of the tokens is going to be greater than what it was when a user has staked in the pool. That is why DLP’s design appears to be much better in the long run.

    Duck Liquidity Pool Market-Maker Models

    Project Token Purchase

    DLP purchases tokens in order to facilitate buy and sell liquidity.

    Duck Liquidity Pool Business Model – Project Token Purchase (Source: Duck Liquidity Pool (DLP) Blackpaper)

    Project Token Borrow

    DLP loans tokens against collateral in order to facilitate buy and sell liquidity.

    Duck Liquidity Pool Business Model – Project Token Borrow (Source: Duck Liquidity Pool (DLP) Blackpaper)

    Fixed Fee Model

    The protocol can charge a fixed service fee for listings that have decided to provide buy and sell liquidity on their own.

    Duck Liquidity Pool Business Model – Fixed Fee Model (Source: Duck Liquidity Pool (DLP) Blackpaper)

    Conclusion

    DeFi has enabled the birth of new profit-making strategies for traders in the space. However, whether existing liquidity pools can support long-term yield farming models is another question altogether. DLP’s model, which is powered by the ‘unilateral burn’ design, appears to be more promising.

    To be fair, like many other pools, the profit it can generate for stakers is also influenced by the number of users joining the pool. This is why it is important to look into that as well before deciding to lock your tokens and supply liquidity to the pool.

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • DODOEx ($DODO): A Revolutionary On-Chain Liquidity Provider

    DODOEx ($DODO): A Revolutionary On-Chain Liquidity Provider

    DODO Exchange ($DODO) is a platform that supplies on-chain liquidity in order to support the Proactive Market Maker algorithm (PMM) to provide everyone with pure and contract-fillable liquidity on the blockchain.

    Overview

    The dawn of decentralized exchanges (DEXs) and decentralized finance (DeFi) brought with it automated market-making (AMM). Unlike in centralized exchanges, AMM doesn’t rely on buyers and sellers for a trade to take place. Instead, smart contracts sit at the center of the trade with liquidity pools providing the reserves.

    Unfortunately, in the DeFi scene, the AMM approach has faced challenges as to how to address issues such as slippage and impermanent loss effectively. As a result, platforms such as DODOEx are using a fined-tuned formula known as proactive market maker (PMM) which provides minimum slippage and improved fund utilization. Here, we take a close look at DODOEx, its contribution to the DeFi world, as well as what makes it unique.

    Background

    DODOEx, founded by three veterans in the blockchain industry, who has huge influencing power in China’s DeFi Community – Mingda Lei, Qi Wang and Diane Dai.

    Mingda Lei, he is the architect behind this new market-making algorithm for the protocol. He was a Physics PhD dropout from Peking University. He used to worked for a China-based DeFi project called DDEX as the key developer of the project. The second co-founder is Qi Wang. He is the founder of DOS Network, a China-based layer two oracle project. Before entering into the crypto industry, Wang used to worked as a software developer for firms like Pure Storage and Oracle. The third co-founder, Diane Dai, she started the first subscription-based WeChat channel that focuses on DeFi in China called DeFi Labs.

    Apart from the influencing team, DODOEx is also backed by many prominent investors such as Framework Ventures, DeFiance Capital, Pantera Capital, Binance Labs, Coinbase Ventures, Alameda Research, SevenX Ventures and more.

    What is DODOEx?

    Simply put, DODOEx is a decentralized liquidity provider using a new market making strategy. Notably, the new algorithm differs greatly from the AMM approach common with popular DEXs and/or DeFi platforms such as Uniswap and Curve.Finance.

    For example, instead of spreading funds uniformly over a price range, PMM allocates funds with close respect to market prices. One disadvantage of equally allocating funds is that only those funds with a close connection with the market price get utilized in trades. Therefore, in an AMM scenario, there’s a huge difference between the liquidity provided and the liquidity that is actually in use.

    DODO Exchange
    DODO Exchange (Image credit: DODO Exchange Website)

    How DODOEx Uses PMM to Beat AMM

    Compared to Uniswap’s AMM, DODOEx’s PPM has a better trading amount-vs-price curve. Why? Because, being a proactive formula, it reacts to the changes in the market price to effectively shift the price curve in a similar direction. Consequently, the section around the market price is considerably flat, ensuring sustained liquidity provision and utilization.

    DODOEx-Proactive Market Maker
    DODOEx – Proactive Market Maker (Image credit: “DODO: A Revolution in On-Chain Liquidity” Medium Article)

    Furthermore, apart from shifting the curve, DODOEx unlinks the base currency from the quote currency in a trading pair. Interestingly, this results in less risk and allows liquidity providers (LPs) to use the token at their disposal.

    For instance, if it’s an ETH-DAI trading pair, the LP has to deposit either ETH and DAI. Under these circumstances, DODOEx presents numerous advantages to traders and LPs

    Advantages of DODOEx to Traders

    • Although the protocol is decentralized, DODOEx traders have enough liquidity close to what is offered by centralized platforms.
    • There’s a possibility of having price differences between other exchanges and DODOEx which can be commercialized by arbitrageurs.
    • Liquidations, auctions, and other on-chain activities powered by smart contracts can utilize liquidity from DODOEx.

    Advantages of Using DODOEx as an LP

    • By unlinking the base and quote tokens, LPs can use any asset type at their disposal.
    • No minimum restrictions on deposits.
    • LPs share the network’s transaction fees.
    • LPs don’t incur price risks when depositing their own tokens.
    • They can use their coins to create trading pairs.

    DODOEx’s Native Token ($DODO)

    DODO is an ERC-20 token and forms DODOEx’s native currency. DODO is the platform’s governance token. DODOEx’s governance structure consists of three decentralized autonomous organizations (DAO); admin, risk control, and earn.

    The admin DAO is responsible for overseeing all the decisions made on the DODOEx ecosystem. Being the administrator, it has a considerable influence on the other DAOs.

    The risk control DAO, as the name suggests, deals with the system’s risk features. Earn, on the other hand, governs how incentives are shared on the platform.

    DODO token distribution
    DODO Token Distribution (Image credit: “Announcing the DODO Token and Initial DODO Offering” Medium Article)

    DODO’s total supply is 1,000,000,000 tokens which are allocated to the core team (15%), investors (16%), initial liquidity provision (1%), operations/marketing (8%), and lastly, the DODOEx community takes 60%.

    DODO’s Initial DODO Offering (IDO)

    The IDO was held on 29 September 2020 on DODO Exchange platform. DODO Exchange has listed the DODO-USDT trading pair. 1% of the total DODO supply is locked in the DODO liquidity pool and the initial offering price is $0.10 per token.

    Earning DODO: Staking and Mining

    The DODOEx system provides two ways to earn DODO tokens; staking and mining.

    Staking

    This involves locking your present DODO token holding and acquiring more tokens in the process. This can be done by:

    • Accessing the exchange through app.dodex.io.
    • Connecting your wallet through MetaMask.
    • Click “mining” on the upper far right corner.
    • Select DODO.
    • Click stake (note that there’s no way to edit the stake or unstake amount. Therefore, you can either stake or unstake your entire DODO balance).
    • Confirm your option on the exchange and on the wallet.

    Mining DODO 

    It involves providing liquidity in any supported trading pair using the pool tab. To access the pool option,

    • Visit app.dodoex.io.
    • Connect your wallet through MetaMask.
    • Select “Exchange” from the top right.
    • Click on “pool” and select your preferred pair. Note that you can deposit any coin on the trading pair. For example, if it’s the ETH-UDSC pair, you can deposit either ETH or USDC.
    • Click “Deposit,” define the token amount you wish to deposit, and select “Confirm.”
    • Access your wallet to confirm the transaction after which you click the “mining” button on the top right corner.
    • Approve the transaction and confirm it in the popup window that appears. In effect, another approval is required since you are now dealing with DLP tokens allocated from depositing your cryptocurrency on the above steps.
    • In the last step, confirm and stake.

    Core Components of the DODO Contract Framework

    A set of smart contracts powers the DODOEx protocol. However, for optimal interaction, these smart contracts are divided into three core components. They include:

    The Core – This holds all the ecosystem’s data and logic. It consists of the transparent proxy contract and the logic implementation contract.

    DODO contract framework
    DODO Contract Framework (Image credit: DODOEx ‘Smart Contract Framework’ Github)

    The Entrance – The entrance contract helps in streamlining activities on the transparent proxy contract, which is associated with oracles and fine-tuning parameters. Consequently, it helps mitigate the losses for users.

    The Helper – This section of the DODOEx ecosystem holds contracts that are meant to help remove the complexity of the platform away from its users.

    Conclusion

    The network’s next-generation liquidity provision algorithm ensures high fund utilization and ensures LPs don’t lose value between depositing and withdrawing, commonly known as impermanent loss.

    In addition, DODOEx is beneficial to both traders and liquidity providers. For example, it provides enough liquidity for traders and LPs share a section of the system’s transaction. Also, DODO mining and staking enable investors to increase their token holdings.

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Atari ($ATRI) – Powering the Gaming Industry

    Atari ($ATRI) – Powering the Gaming Industry

    Atari, the pioneer of the videogame industry, is venturing into the crypto space by creating their own token, Atari Token, ($ATRI), to power the future of the interactive entertainment industry. The global entertainment and media market is projected to be worth approximately $2.2 trillion by 2021. Interestingly, gaming is continually accounting for a more significant chunk of the industry’s value and is projected to be worth $200 billion within the next few years, according to Statista. With the integration of blockchain technology and the Atari Token, the company believes that this will revolutionize the global gaming industry.

    Background

    Atari token is developed by icons in the gaming scene, Atari. The firm has over 200 games under its name. If you are a gamer, their titles would not be able to you as games like Pong, Missile Command, and Roller Coaster Tycoon were once very popular.

    Atari has been developing games since 1972. Therefore, its knowledge of the interactive has been enjoyed by gamers through generations.

    Notably, to be alive from 1972 means that the company has been able to adapt to the changing needs in its environment swiftly. It’s this open-mindedness that has seen the introduction of the Atari Token. Frédéric Chesnais leads the project as the CEO, with Manfred Mantschev heading the business development division.

    Atari's Partners
    Atari’s Partners (Image credit: AtariChain Website)

    Additionally, the project has partnered with notable firms in the cryptocurrency and blockchain fields. They include the Litecoin Foundation, Arkane Network, Chain Games, and Blockchain Game Alliance (BGA).

    What is the Atari Token ($ATRI)?

    Atari Token ($ATRI) is a blockchain-based currency aimed at streamlining payments in the interactive entertainment space. The token is developed using Ethereum’s ERC-20 standards and is powered by the Ethereum blockchain.

    However, before expanding to the entire area, the token sought to first make an impact on the gaming ecosystem. Although the project is driven by a blockchain system with a relatively low transaction speed (around 20 transactions per second), the network is exploring a layer-two scaling solution to enhance the network speed.

    With the token, the Atari team is keen on removing the barriers presented by other cryptocurrencies like Bitcoin and Ethereum. For example, instead of limiting themselves to particular use cases, the cryptocurrency can be used in a wide range of use cases in the long run.

    Simply put, the Atari team is keen on developing a token that can be used in everyday activities even outside gaming.

    Atari Token ($ATRI)
    Atari Token ($ATRI) (Image credit: AtariChain Whitepaper)

    Despite being an in-game currency, ATRI can be exchanged for real-world items. Also, it can be converted to fiat.

    ATRI is stored in an ATARI Omni wallet that’s available on iOS and Android-powered mobile devices. The wallet has notable functionalities such as:

    • Support for human-readable addresses.
    • Chat support.
    • Ability to send payments through SMS, Email, and chat.
    • Ability to initiate crypto-based payments via a credit card.
    • Support for government-issued currencies such as the Euro or Dollar.
    • Also, with the right regulatory approvals, the Atari Omni wallet can swap crypto for fiat.
    Atari Ecosystem
    Atari Ecosystem (Image credit: AtariChain Website)

    ATRI occupies a critical role in the Atari ecosystem. For instance, the token is used to power activities on smart contracts. In addition, it acts as a medium of exchange on supported platforms. As a start, the token forms a key pillar in the Atari system that has the Atari Casino, Atari Exchange, and Atari Betting.

    Atari ($ATRI) Public Sale

    The public sale of the Atari Token will begin on 29 October 2020 on Bitcoin.com Exchange. The price per token is set at $0.25 per token with a hard cap for the public sale of $1 million. The Atari Token will be listed on the Bitcoin.com Exchange following the completion of the public sale. For more information, please refer to their telegram or twitter.

    Atari Tokenomics

    The circulating supply of Atari Token is 65,389,000 and the total supply is 7,771,000,000. Atari Chain applies a token burn/buyback economic policy that aims to track network growth, demand and usage with the emission of new tokens into circulating supply. Any unsold tokens during the Private or Public Sale will ultimately be burned.

    Atari Tokenomics
    Atari Tokenomics (Image credit: Atari Tokenomics)

    Atari Token Governance

    Since it’s a community-focused project, the governance of the token is done through a decentralized autonomous organization (DAO). But, the basic rules have to be developed before welcoming community involvement. Therefore, the project will smoothly transition from centralized to decentralized governance.

    However, after decentralization, the Atari network will have 12 distributed parties that will oversee consensus among the Atari community.

    Advantages of ATRI

    Within such an expansive industry, such as interactive entertainment, the token has a wide range of advantages. Top among them include, but not limited to:

    Easy Integration

    The token is built to be the universal token on gaming platforms. For this reason, the fact that it is based on the Ethereum protocol puts it at its rightful path, considering that the blockchain platform has more than triple the number of developers compared to other decentralized networks.

    High Liquidity

    ATRI banks on attracting liquidity from a multitude of internet-based entertainment platforms. Notably, the coin will be integrated on platforms that are secure, as well as with high transaction volumes.

    Auditable

    The cryptocurrency industry has been filled with scams and poorly secured platforms for a long time, leading to security breaches and loss of investors’ funds. ATRI solves this by opening up to independent audits. This powers secure smart contracts and prompt the use of standardized safety policies. (https://www.srmfre.com)

    ATRI Use Cases

    The token can be used by gamers and developers alike. For gamers, the ATRI is ideal for making micro-transactions inside games, making digital representations of avatars, and allows participation in casino games centered around cryptocurrency.

    Atari’s Vision (Image credit: AtariChain Website)

    Developers, on the other hand, enjoy an enhanced payment process during development and an incentive to build blockchain-based games. For example, developers can easily integrate in-app purchases and collaboratively program, test, and translate their work.

    Conclusion

    In an industry expected to reach a valuation of 2.2 trillion US dollars, putting those who matter, gamers and developers, at the heart of the growth is the key to foster a motivated community and a vibrant interactive entertainment industry. This can only be achieved through innovative solutions like the Atari token.

    From powering in-game purchases to facilitating chat-based payments, ATRI sits at the core of the gaming sub-industry and forms a core pillar in the entire internet-based entertainment sector. Through its key partnerships, easy integration, high liquidity, and openness for auditing, the Atari token is ready to conquer all the sectors of crypto-based online entertainment.

    Importantly, its success in these realms would naturally lead to its adoption for daily uses outside the entertainment space.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Bitcoin “Bull Run” incoming? Bull and Bear factors

    Bitcoin “Bull Run” incoming? Bull and Bear factors

    Prices of Bitcoin (BTC) reached an all-time high of over USD$19k in December 2017 and there is a lot of discussion and speculation on what triggers the price and when this “bull run” will happen again. So we took a look at the Bull or Bear factors which may point to an imminent bull run in 2020?

    “Bull run” incoming? (8:00 onwards)

    Bitcoin bull market factors/reasons?

    PayPal Announcement

    The PayPal announcement of supporting crypto transactions for their customers has come as a huge boost of positivity to the crypto space, especially in the West. With a humongous user and merchant base, the crypto community hopes for better adoption through the payment platform.

    But is the Paypal announcement really a good thing? Check out Cryptonauts’ take in their video “Crypto Comes to Paypal! Good or Bad?” to find out more:

    Crypto Comes to Paypal! Good or Bad?

    Institutional investors coming into crypto?

    Major investments from publicly traded companies like MicroStrategy and Square Inc has also led the Bitcoin price to fly high. However, the institutional investors might have aggregated the bull rally, but it is not the main reason. From our research and actually speaking to people in the frontlines, such as over the counter trading desks like Genesis Block, there are more institutional investors registered for crypto accounts. However, they are still waiting for the right opportunities to buy in.

    US election uncertainty

    Many see the US Presidential Elections as very polarising, particularly due to the vastly differing stances of the 2 candidates. So right now the whole world is waiting to see the outcome and how it will affect the markets generally. We also found that whether people think Trump or Biden winning is actually good for the markets (and their rationale for this) differs depending on which region they are from.

    To really get a feel of the sentiment towards the US elections, we sometimes look at FTX Exchange’s US 2020 Elections contracts because the non-US investors in these contracts are really “putting their money where their mouth is”.

    Though there is also some viewpoints being put forward that whether Trump or Biden wins is still going to be good for crypto.

    Covid-19 pandemic

    As discussed by many, the pandemic created a huge gap in the country’s economy, but Bitcoin and the crypto world remained less affected. Many investors were attracted to Bitcoin as they felt it as an asset which they can rely upon. And with people are stuck at home all day, some may look into trading to pass the time.

    Bitcoin bear market factors/reasons?

    On the other side, there may be reasons or red flags that will make people bearish: –

    China is bearish?

    There seems to be some negativity around Bitcoin in China with news that some bank accounts relating to cryptocurrencies were being shut down. The recent detention of OKEx’s Star Xu by authorities and suspension of withdrawals is also worrying to many in Asia.

    The People’s Daily have also published an article on 3rd November 2020 authored by Shan Zhiguang, Chairman of the Blockchain Service Network (BSN) which has further worried Chinese cryptocurrency enthusiasts (see the translation posted by Matthew Graham). The article states that a person may be charged with money laundering if: (1) someone buys cryptocurrencies using RMB and sells the cryptocurrencies for any foreign currency; or (2) uses any foreign currency to purchase cryptocurrencies outside of China, and subsequently sells the cryptocurrencies for RMB. This is irrespective of how many intermediate transactions were involved. A Chinese citizen may also be charged with money laundering if they knowingly sell the cryptocurrencies they hold to someone so as to assist them to illegally move funds in or out of China.

    Yet the article states that any Chinese citizen that sells any cryptocurrency in exchange for any fiat currency must declare personal income tax to the authorities if the transaction results in a profit. Anyone who fails to do this could be charged with tax evasion.

    Bear reasons already factored into prices?

    Rumors or discussions leaning towards a bear market have already been circulating for a while in the crypto discussion groups. For example, reasons some people may feel bearish over the Paypal or DCEP news have already been discussed repeatedly in this space. Considering there is no new news on this right now, any negativity would have already been factored into the current price of Bitcoin or cryptocurrencies.

    No new blood (at least not like in 2017 anyway)

    Back in 2017 there were a lot of newcomers, we observed this when we see just how many people were eagerly asking relatively beginner questions. We do not really see this yet and so it seems that the cryptocurrencies adoption rate in 2020 is much slower vs 2017.

    Don’t get us wrong, there are newcomers. We already saw lots of people buying Bitcoin using the ATMs inside Genesis Block (because they take more money). But there are no crazy lines of people with suitcases outside Genesis Block waiting for them to open like in 2017. This insanity was mostly caused by the “Kimchi premium”, where prices of Bitcoin in Korea were much higher than in Hong Kong. So what we saw were Koreans flying into Hong Kong with large amounts of cash in the morning, buying Bitcoin at Genesis Block, and catching a flight back to Korea in the evening.

    Another surprising indicator are sales for Ledger cryptocurrency hardware wallets using our affiliate code. We definitely noticed a significant uptick in sales recently, but definitely not as much as in 2017.

    Decentralised Finance (DeFi) and Yield Farming bubble

    A couple of months before, the crypto space became familiar with the term DeFi where many Bitcoiners turned into Yield Farmers. The promotions of DeFi and Yield Farming projects have definitely escalated as of late, to the point where some promotions and people urging others to go “all in” can be quite aggressive. This is a concerning sign because it makes you wonder if they are desperately trying to get you to buy so they can sell.

    Scam projects/ rug pulls

    The immense rally of the DeFi space led to the initiation of many scam projects or “rug pulls”. Some of them just crashed hours after launch with developers or hackers running away with people’s funds. Cointelegraph had also recently interviewed me for an article on this topic of Escalating DeFi scams tarnishing the crypto yield farming market niche.

    Confusion within Asia?

    Regulatory clarity is important in any region. China has been pushing the message that Bitcoin and Ethereum are two of the best assets on national television. Yet as we have seen earlier in this article, cracking down and closing cryptocurrency associated accounts, taking in the founder of OKEx for investigation and the recent article from the People’s Daily on how dealing with cryptocurrencies may constitute a crime may cause confusion amongst the public. Ultimately this confusion may also adversely affect the crypto space.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • We hear you! Don’t miss out the chance to win Boxmining NFTs!

    We hear you! Don’t miss out the chance to win Boxmining NFTs!

    We have received an overwhelming response in our previous contest. For those that didn’t manage to win our giveaway the last round, here’s your chance!

    Simply follow the steps below:

    Boxmining Limited Edition NFTs Up For Grabs!

    Contest ends: 16 November 2020, 11.59pm HKT

    Winner announcement: 18 November 2020. Winners will be contacted directly via email.

    Don’t miss out your chance to win!

    Terms & Conditions:

    1. Contest duration: 30 Oct, 10am (HKT) – 16 Nov, 11.59pm (HKT). 
    2. Contest ends on 16 November 2020, 11.59pm HKT. Entries received after this time period will not be considered.
    3. Entrants to this contest shall be deemed to have accepted these Terms and Conditions.
    4. Winners will be chosen at random by computer software, from all entries received and verified by Boxmining. 
    5. Boxmining reserves the right to cancel or amend the competition and these terms and conditions without prior notice.
    6. There is no entry fee and no purchase necessary to enter this competition.
    7. Winners will be notified via email on or before 18 November 2020. If the winner does not respond within 7 days after being notified by Boxmining, then the winner’s prize will be forfeited. If a winner rejects their prize or the entry is invalid or in breach of these Terms and Conditions, the winner’s prize will be forfeited. (tesseraonlaketravis)
  • KIRA Network ($KEX): What is it?

    KIRA Network ($KEX): What is it?

    KIRA Network ($KEX) is an interchain exchange protocol that allows users to earn block and fee rewards while staking any digital assets, such as cryptocurrency, stablecoins and non-fungible tokens (NFTs).

    Background

    KIRA is developed by a strong team consisting of full-stack developers, blockchain engineers, back-end developers, and technical architects. The team is led by Milana Valmont (CEO) and Mateusz Grzelak (CTO).

    In the past, Valmont had held different roles which include being a blockchain consultant at Adcoin, as well as a strategy advisor at KNOKS. Grzelak had also held prominent positions in firms such as Settle Finance, Barclays, and Bity.

    KIRA Network’s strategic partners include AlphaBit, TRG Capital, Swingby, and Math Wallet. In addition, the team also includes Roger Lim from NGC Ventures and Alssio Treglia from Tendermint.

    What is KIRA Network?

    KIRA Network is a blockchain-based protocol that brings liquid staking into the DeFi market. It enables access to all virtual currencies, digital fiat, and non-fungible tokens (NFTs) within a cross-chain ecosystem.

    KIRA Network: Liquid Staking
    KIRA Network: Liquid Staking (Image credit: KIRA Network Whitepaper)

    With liquid staking, liquidity providers can stake any digital asset. Consequently, they earn incentives emanating from new blocks and transaction fees.

    The protocol’s idea of liquid staking stems from the current staking space. Here, centralized cryptocurrency exchanges provide crypto trading, acquisition, as well as act as a hub for a host of digital currencies.

    Currently, a large number of those coins that are available for staking are found on centralized exchange platforms. For this reason, KIRA wants to change this by providing a decentralized platform that mirrors what traditional virtual currency exchanges offer.

    As such, even small actors in the PoS ecosystem will have access to liquidity and evade security risks found on centralized platforms. Also, the protocol removes the cap on fee and block incentives for liquidity providers.

    KIRA Network: 8 Key Pillars

    To have a profound impact on the DeFi scene, KIRA Network is supported by eight pillars, which include:

    Security

    Using the Multi-Bonded PoS (MBPoS) consensus mechanism, the network can harness its security from staked assets. In addition, MBPoS helps remove the barrier as to which virtual assets can be staked and/or can attract rewards.

    Utility

    KIRA uses IXP (Interchain Exchange Protocol) to provide market access to the wide range of assets staked on the system.

    Liquidity

    KIRA supports liquidity provision through staking derivatives. The platform has a 1:1 ratio between staking derivatives and staked tokens.

    Expansibility

    The protocol uses validators to ensure the credibility of transactions. Also, the validators operate Initial Validator Offerings (IVOs) that allow investors to raise funds for new projects without affecting their liquidity.

    KIRA Network: On-chain IVO
    KIRA Network: On-chain IVO (Image credit: KIRA Network Whitepaper)

    Investors delegate their tokens to the validators while the validators mine new tokens. Correspondingly, the former earn block rewards.

    Upgradeability

    Upgrading the system relies on developers. Therefore, to drive development, the protocol uses an on-chain contracting system as an incentive scheme.

    Sustainability

    To ensure the platform has long term viability, it uses an on-chain governance structure. To elaborate, the governing body touches on the network’s economic aspects that include inflation and interest rates.

    Scalability

    KIRA tackles scalability by removing restrictions on the number of validators and the stake value. In turn, this makes it possible to introduce shards or zones.

    KIRA Network: DeFi zones
    KIRA Network: DeFi zones (Image credit: KIRA Network website)

    Interoperability

    The Network makes use of Polkadot, Cosmos, and other cross-chain systems to power liquid staking. Notably, this staking mechanism does not discriminate against cryptocurrency assets.

    KIRA Token ($KEX)

    KEX is KIRA Network’s native token. Apart from being used as a staking token on the network, KEX is also used as a base asset upon which other currencies are valued.

    Additionally, KIRA’s native currency is a requirement when participating in the system’s governance issues. Moreover, it’s used to reward holders, delegators, and validators. Note that KEX holders are rewarded by being offered low transaction and exchange costs.

    In contrast, delegators earn almost 99 percent of all block rewards and close to 50 percent of all network fees. Validators, on the other hand, earn a commission depending on their configuration and sit on the system’s governance table. Their earnings could go up to 50 percent network fees.

    KEX is allocated to developers/team (15%), advisors (7%), the KIRA Foundation (20%), as well as reserve and liquidity (26.6%)

    $KEX Token Allocation
    $KEX Token Allocation (Image Credit: “KIRA Network Token Metrics” medium article)

    KIRA Network ($KEX) – Public Sale

    KEX token is not available to trade yet and the public sale is soon to be announced. KEX will be launching ERC-20 KEX token on Ethereum network before KIRA Network is launched with the initial supply of 300,000,000 KEX token. Users will be able to swap for the native KEX token with the equal amount of value once the mainnet is launched.

    KIRA Network has raised 3.6M during the seed (priced at $0.025) and private sale rounds (priced at $0.05), with a vesting period of 18 months starting at mainnet launch. All seed and private round participants will receive approximately 2.5% of their token after finalization of all stages of the public round distribution.

    Public round has a $400k cap, token price at $0.075. Find out more here.

    Governance on KIRA Network

    The protocol uses a governance structure that slowly hedges away from full dependency on stake and or wealth distribution. Governance is guided by rules that exclusively put whitelisted actors to execute on-chain actions that are cleared for execution.

    KIRA Network: Governance Structure
    KIRA Network: Governance Structure (Image credit: KIRA Network Whitepaper)

    On top of these rules are parameters and individually assigned permissions. The network puts checks and balances on its governance model through operators, a voting council, an electorate council, and a proposal council.

    Notable KIRA Network Partnerships

    To drive the adoption and usability of the KIRA protocol, the platform has partnered with notable players in the DeFi Space. Some of the most conspicuous are:

    • KIRA and Finance.vote – The partnership enabled KIRA to provide liquidity to Finance.vote’s social trading layer. For this reason, it opened a new revenue stream for Finance.vote users by allowing them to conduct yield farming using digital assets in their portfolios.
    • KIRA Network and Math Foundation – Here, the Math Foundation benefited from staking KEX (KIRA’s native token) tokens and the interaction with KIRA’s MBPoS.
    • KIRA Network and Swingby – The partnership brought staking functionalities to Skybridge users. Skybridge is a decentralized inter-chain asset bridge.
    • KIRA and Blockparty – This partnership made Blockparty one of KIRA’s validators.

    Conclusion

    From crucial partnerships to using a new consensus mechanism, KIRA Network is keen on expanding the possibilities in the DeFi space for liquidity miners and yield farmers. Furthermore, the protocol’s eight pillars help it to enhance security, sustainability, utility, scalability, among other functionalities that are key in driving DeFi adoption.

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.