Make sense of the news and how it affects the blockchain space as a whole. Crypto trends is a collection of relevant news and insights to help you make an informed decision.
The concept of the “Flippening” has been increasingly gaining traction in the crypto space. It refers to the hypothetical moment when Ethereum (ETH) surpasses Bitcoin (BTC) as the most valuable cryptocurrency by market capitalization. The Flippening is important because it would signify a major shift in the overall direction of the crypto landscape, signalling a change in investor sentiment and adoption patterns.
https://www.youtube.com/watch?v=0lQ8bz9QRBo
While the Flippening is not set in stone, there are compelling data that indicate it is coming, and sooner than you think… Here’s why:
The Case for Bitcoin
Being the world’s first cryptocurrency, Bitcoin has maintained its throne on the crypto market since its genesis block in 2009. It is often considered as the safest digital store of value by investors, with its limited supply structure similar to the scarcity of gold, hence its nickname “digital gold.” As such, Bitcoin is usually the primary choice of cryptocurrency for financial institutions looking to get involved. As far as mainstream adoption goes, Bitcoin has led the way so far.
However, Bitcoin’s Proof-of-Work (PoW) consensus model is highly energy-intensive, sparking criticisms of the network’s impact on the environment. Additionally, the usage of Bitcoin is only limited to exchanging and storing value. This is where Ethereum has much more to offer.
The Case for Ethereum
As the second most valuable cryptocurrency, Ethereum is designed to be used as the foundation of a decentralized, blockchain-based internet — an idea that is become known as Web3. Apart from exchanging and storing value, Ethereum introduced smart contract functionalities that allows developers to do all kinds of innovative and creative things on the network. This brought about a proliferation of financial products that have enabled a much broader range of investors.
Ethereum earned its nickname “digital oil” because it is a utility-based asset like oil, fuel or gas, and its value is largely dictated by supply and demand mechanisms. Similar to how the world’s global supply chain is fueled by crude oil, Ethereum lays at the heart of the Decentralized Finance (DeFi) space as well as GameFi and Non-Fungible Token (NFT) market. And as the Web3 landscape progresses, demand will increase as more and more people are recognizing the potential of a decentralized internet. It is only a matter of time when Web2 evolves to Web3, and Ethereum is at the centre of that.
Do “Ethereum Killers” Hinder the Flippening?
It is worth noting that Ethereum faces competition from other prominent layer-1 blockchains such as Aptos, Cardano, Solana, BNB Chain, Polkadot, and Avalanche. There is a trending “Ethereum Killer” narrative in which user adoption will be distributed amongst these blockchains instead of focusing on Ethereum only. However, most of these blockchains in fact depend on Ethereum, as one way or another they are associated with the network’s smart contract. As shown in the image below by Cryptowatch, all of the top layer-1 blockchains are closely correlated with Ethereum’s price action.
Comparing Market Share between Bitcoin and Ethereum
As of 11th January 2023, Ethereum’s market share increased by 3% among global crypto assets, signalling its dominance on the rise. According to Coinmarketcap, Ethereum’s market dominance is at 19%, valued at around $856 billion. On another note, Coingecko’s metrics were slightly different, indicating Ethereum’s dominance at 18.3%. But both aggregation websites show that Bitcoin’s market dominance is decreasing, from 40% to 38%.
It is unclear whether this trend will continue, but according to data sourced from Blockchain Center, the Flippening has been on an uptrend since July 2021. And we are nearly halfway for it to happen. It is also worth noting that Ethereum came closest to the Flippening in 2017, when Bitcoin’s market dominance’s dropped by 40.6% and Ethereum took over 32% of the market amidst the situation.
In reference to the data provided by Blockchain Center, there are also other metrics apart from market cap that determines the Flippening. As of now, Bitcoin is still by far superior in trading volume, which is a crucial metric for adoption usage. However, Ethereum has Bitcoin beat in active addresses, transaction count and volume, and total USD transaction fees.
Outperformance of Ethereum will be primarily driven by the strength of its post-Merge fundamentals. The upcoming Shanghai Upgrade will significantly reduce the risk and opportunity cost of staking ETH, which is likely to attract participation from more crypto users.
Key Takeaway
Despite Ethereum’s increasing adoption and market dominance, Bitcoin still reigns supreme in the crypto space. In fact, Bitcoin saw significant adoption in 2021-2022 from retail and institutional investors, public companies, and even countries. As of now, El Savador and the Central African Republic (CAR) have adopted Bitcoin as a legal currency. This is a monumental step towards mainstream adoption.
But that is not to say the Flippening will never happen — it is certainly a possibility. After all, both Bitcoin and Ethereum have different visions. Bitcoin aims to become the global reserve currency, whereas Ethereum aims to become the infrastructure of a global digital economy. The Technology Acceptance Model (TAM) applies to both assets, but it all comes down to supply and demand mechanisms. If demand in digital money is higher, then Bitcoin dominates. But if demand in utility-based asset in building out a decentralized ecosystem is higher, then Ethereum is generally favored.
The crypto industry had a tumultuous year in 2022, with coins tanking at the start of Q2 and never rallying, signalling the beginning of a crypto winter. To make matters worse, the collapse of Terra Luna and FTX led to a devastating contagion across the industry. Despite the challenges, we shouldn’t forget about the progress and achievements the industry has made. Here’s a brief recap of some of the biggest news in 2022.
Crypto’s Role in the Russia-Ukraine War (February)
During the Russia-Ukraine war, cryptocurrencies have been immensely valuable to Ukrainian refugees. Russian attacks have destroyed critical infrastructure, rendering many Ukrainians inaccessible to withdrawing money from ATM machines. Therefore, many Ukrainian refugees relied on digital currencies sent from relatives or donors abroad to purchase goods and services.
All that is needed for them to access their cryptocurrency wallets is a mobile phone and internet access, which was being provided by the thousands of Starlink satellite internet dishes provided by Elon Musk’s SpaceX at the time.
Feds Interest Rate Hike (March)
Despite Bitcoin reaching an all-time high of $69000+ in November 2021, what follows is a series of market decline. This is in part due to the U.S. Federal Reserve announcing its first interest rate hike in March to fight increasing inflation. As a result, the macro backdrop began to worsen, not only affecting crypto assets but also every other investment asset class. This also called into question Bitcoin’s reputation as an inflation hedge as Bitcoin itself started to trade in tandem with Nasdaq tech stocks, according to the New York Times.
Collapse of Terra Luna (May-July)
The collapse of the Terra Luna ecosystem in May 2022 was one of the most devastating black swan events in crypto history, wiping at least $60 billion off the market which triggered a dangerous domino effect across the industry such as the fall of several high-profile crypto firms, namely Three Arrows Capital, Voyager Digital, and Celsius Network.
Amid the crash, the UST algorithmic stablecoin, which was supposed to maintain a $1 peg via on-chain mechanisms with Terra’s native token LUNA, depegged, bottoming out at $0.006. This was caused by a massive continuous selloff on both UST and LUNA, resulting in a death spiral. Terraform Labs (TFL) developers and founder Do Kwon are facing multiple investigations as well as lawsuits into its collapse. (Canadian Pharmacy) As of now, South Korean authorities and Interpol have issued a warrant for the search and arrest of Do Kwon and his accomplices.
Recovery Plan of Terra Luna Classic (August)
As of now, the Luna Classic blockchain is managed and governed by the community after Terraform Labs (TFL) developers abandoned the chain in support of Luna 2.0. On August 26th 2022, governance was restored as citizens of Luna Classic could delegate, stake, and vote for the future of the ecosystem. Proposals and the associated implementations are being passed by the Terra Classic Decentralized Autonomous Organization (DAO).
Feds Sanction Tornado Cash (August)
On 8th August 2022, the U.S. Treasury Department imposed sanctions against Tornado Cash, a privacy-focused Ethereum mixing service that obscures the trail back to the fund’s original source. They claimed that Lazarus Group, a cybercrime group run by the North Korean government, has been using Tornado Cash to launder illicit funds.
Moreover, one of the developers for Tornado Cash was arrested in the Netherlands. The crypto community and privacy advocates bashed Netherlands authorities as the developer was simply writing code and had nothing to do with illicit activities. Ethereum co-founder Vitalik Buterin also criticized the move as he himself used Tornado Cash to make donations to Ukraine’s cause.
Ethereum Merge (September)
On 15th September 2022 at 06:42:42 UTC at block 15537393, the Ethereum Merge was completed. This meant a merger of the Ethereum mainnet execution layer and the Beacon Chain’s consensus layer, transitioning from the proof-of-work consensus mechanism to proof-of-stake. This landmark update brings major changes to the network, including a 99.95% reduction in energy consumption and a 90% cut in ETH issuance.
This is a significant achievement in the history of blockchain, allowing the Ethereum network to scale effectively as demand for Web3 and DeFi increase. Since Ethereum is the mother of all smart contract platforms, this could put Ethereum in a position to rival Bitcoin in adoption and even value.
Downfall of FTX and Sam Bankman-Fried (November)
On 11th November 2022, former FTX CEO Sam Bankman-Fried (SBF) filed FTX, FTX US, and Alameda Research for bankruptcy in the U.S. Once hailed as one of the top crypto exchanges, the sudden collapse of FTX came as a shocking blow to the entire crypto industry, setting off yet another contagion across the space. This affected 130 affiliated companies including several high-profile firms such as BlockFi, Genesis Trading, Grayscale, KuCoin, Gemini, Coinbase, Crypto.com, Sequoia Capital, and Galaxy Digital.
Apparently, SBF was misappropriating customer funds for his own benefits without customers’ consent and knowledge, conducting unethical flywheel schemes with Alameda Research. As a result, SBF had been arrested in the Bahamas, facing many criminal charges including securities fraud, money laundering, and campaign finance law violations. However, on 22nd Decemeber 2022, the disgraced FTX founder was released on a $250 million bail.
DODO Exchange ($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 asDODOEx 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.
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.
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’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 ofsmart 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.
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
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.
Staking on Ethereum 2.0 is finally live. However, the process of connecting your Ethereum (ETH) coins can be a bit tricky. It’s not all about sending 32 ETH to the contract. Doing so would end up with you losing your funds. In this tutorial, we will cover how to connect to the ETH staking contract through a validator node. Furthermore, we shall be using Allnodes, a non-custodial platform for hosting nodes.
How To Set up an ETH 2.0 Validator?
First, your Ethereum wallet should have the 32 ETH coins needed by the contract. Note that interacting with the Ethereum blockchain is done through MetaMask. Therefore, you need to fund your MetaMask through a hardware or a software wallet.
The journey starts on Allnodes. The platform takes care of the technical bit of hosting nodes for a relatively low fee, although it depends on the hosting package chosen. The platform supports multiple payment methods, including Bitcoin and other cryptocurrencies.
Click on Ethereum staking on the upper right corner, and on the new window that opens, select “Host ETH 2.0.”
If you’re new to Allnodes, create an account; otherwise, login to your account.
Select you’re your plan.
Connect to MetaMask.
ETH 2.0 Launchpad
Click on “Open ETH 2.0 Launchpad” then “Get started.”
There are subsections on the left pane of the welcome screen, such as introducing eth2 phase 0, signing up, and responsibilities, among others. In addition, it holds information on the expected income. On the responsibilities section, for example, it states that a validator node only earns rewards when it’s actively participating in the network. Unfortunately, the effects of a node being offline are equal to the profits of it being online.
Other critical sections:
Risks of slashing – If a node gets compromised or it misbehaves, its stake is slashed, consequently reducing its staking power.
Backup Mnemonic – They are special words that are used for recovering deposited ETH. For maximum security, the mnemonic should be written on paper instead of saving on a computer.
Transfer delay – For now, interacting with the deposit address is one way. As such, you can only deposit and not withdraw or transfer the coins.
Long term committed – Ethereum has a commitment statement noting that validator nodes are in it for the long haul and they can’t go back to previous versions such as ETH 1.0.
On the client selection pane, there’s the option to run ETH 1.0 client. While this is possible, it’s costly and needs some technical knowledge.
Generating Key Phrases for ETH 2.0
The next window is for generating key pairs. First, select the number of ETH 2.0 validator nodes you need. Note that each node requires depositing 32 ETH into the Ethereum staking contract.
Next, select between Linux, Windows, and Mac operating systems.
For this example, we’ll be setting up an ETH 2.0 validator node on a Windows-powered computer.
The intimidating part about this part is that it uses a command-line interface (CLI) instead of a graphical user interface (GUI), which is what non-devs are used to.
Downloading and Using CLI
Download the CLI from Github by clicking on the link “get it from developers.” When on the download page, select the release that coincides with your computer’s operating system.
Extract the zipped folder to reveal the file called “Deposits.”
The “Deposits” file is a CLI interface.
To get it to run as required, hold the SHIFT key and right-click on the file to bring up the option “Open PowerShell window here.”
On the previous download page, below the list of available downloads, copy the command code and paste it on the open CLI window. Note that this window should have a blue background color.
CLI window
Follow the instructions on the screen for the command to run successfully.
Choose language and select a password. PLEASE remember this password; we shall need it later.
The CLI will generate a unique mnemonic. The mnemonic helps you unlock your staked ETH when transfers finally go live. Therefore, put it on paper for safety and press “Enter.” Input the phrase.
In the folder with your CLI download, a new folder named “validator keys” will be created. Inside this folder, we have two files; Deposit data and Key store.
Depositing The Files on Launchpad
On the “Upload Deposit File” section, hit “add file” and drag and drop the deposit data file (Deposit.in).
Click “Continue” and connect to your MetaMask wallet, which should have 32 ETH.
Read the summary, “Initiate the transaction,” and double-check the Ethereum deposit address.
Confirm the transaction on MetaMask. You can view the transaction status on Etherscan after it’s successful.
Back To Allnodes
Let’s pick up from where we left on Allnodes. Confirm that you’ve generated ETH 2.0 phrases, deposit data, and have put in 32 ETH to the contract.
The next step is to choose the hosting plan.
Drag the files in the specified order. That is, the deposit data file, key store file, and provide the password we generated earlier on the CLI interface.
The next window on Allnodes shows the status of your node.
Note that you can use Allnodes to run multiple ETH 2.0 validator nodes.
And, that’s it.
Note that you can view the status of the deposit on the Beacon Chain by using the same address that you used to deposit your coins to the ETH 2.0 staking contract.
Manage your Allnodes account
To keep up ETH 2.0 node, you need to top up the node which requires a payment of around US$5 per month until the release of ETH 2.0. ETH 2.0 is expected to be launched in around 2 years. In return, at every epoch you would be able to earn a bit of ETH in return.
Update: Returns on my Allnodes node?
As of June 2022, my validator node balance is at 35.45202. This means I have earned a total of around 3.45 ETH since I set it up 2 years ago in 2020. Note that results may vary and those who set up their node earlier (as was in my case) were able to enjoy a 16% APY.
Conclusion
Ethereum 2.0 is being continuously developed by the Ethereum Foundation to be able to run on a wide range of computing devices. The above tutorial on how to set up an ETH 2.0 validator node using Allnodes covers every corner of the process. However, critical details such as mnemonics and passwords should be kept secure since they determine access to the deposited coins.
In addition, it’s worth noting that the process happens on three platforms, Allnodes, ETH 2.0 Launchpad, and CLI. Therefore, the three systems must harmoniously work together to get the desired outcome.
FAQs:
What if You Don’t Have the Full Amount?
Good question. First, NO. a validator node needs the full amount.
Can the ETH 2.0 Staking Contract Take Less Than 32 ETH?
However, you can still stake a lower amount only that it will be through third parties such as participating cryptocurrency exchanges such as Binance and Coinbase.
Can I withdraw the rewards I earn from staking?
NO, not until ETH 2.0 reaches Phase 1, which is likely to be in 1 year or possibly more.
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.
DAOVentures ($DVG) aims to simplify and create easy to use solutions for people to invest and manage their Decentralized Finance (DeFi) portfolio.
DeFi products are difficult and complex for users to interact with, especially for newbies. Quite a number of investors still have some distrusts about the space. Others have to deal with the possibility of risk and expensive gas fees. However, DAOventures was able to identify these problems and come up with solutions.
What Is DAOVentures?
DAOventures is a decentralized protocol that helps liquidity providers invest in DeFi projects by employing automated advisors and robo-fund managers to help users invest in DeFi products with great returns.
DAOventures relies on its beliefs as a guide to provide exceptional services for investors. The system uses the best strategies to consistently monitor performance, manage risk/reward ratios, as well as audit smart contract security. Some perks of the DAOventures platform include:
The risk/reward ratio is a very important aspect of any trade or investment. DAOventures strategies provide users with wide-ranging products based on their risk exposure level: low, medium, or high risk so newbie and intermediate traders can make more informed decisions before executing a trade.
Curated Information
The protocol’s team investigates, analyzes, and backtests new Dapps to sift out the bad from the good. They do this by matching up all protocols with the best performing algorithm to meet the demands of investors.
Security
The core value of the protocol is security. The platform audits and reviews all products to ensure that it is safe to deploy their crypto products.
The platform allows audits by third-party firms and performs other security tests to ensure that users’ funds are secure. Since DAOVentures is a decentralized platform, it does not own any private keys as funds are secured by users themselves.
Transparency
DAOventures’ investments are transparent since they can be viewed on the blockchain so users could see where and how their money is being moved, as well as be able to review and improve their portfolio to properly track their capital.
Reduced Gas Fees
Users can save a considerable amount of gas when they use DAOVentures. The protocol allows for a better gas calculation through properly managed pooled investment funds.
DAOventures Tokens ($DVG)
Liquidity providers can earn DAOventures governance tokens, denoted as DVG, which allow them to cast votes regarding changes in the protocol’s rules. The Launch for the DVG token would be done on Polkastarter, an auction protocol that is based on the Polkadot blockchain and is used for fund-raising by DeFi projects.
DVGs are basically “tokens” on a smart contract that are developed to follow a fixed set of rules, which can be amended or upgraded through a consensus voting mechanism integrated into the smart contract.
The utility of DVG tokens is numerous. It will be used to incentivize LPs to drive long-term demand of the token, as well as the involvement of the DAOventures community. Users holding $DVG will benefit from staking incentives such as lower transaction fees and rewards.
DAOventures will release a total supply of 444,444 DVG tokens for public sale. The platform will offer a discounted sale of DVG token to POLS token holders and the public before it is listed on Uniswap.
How Does DAOventures Operate?
The protocol works similarly to a normal VC firm in the sense that it searches for better openings for investors to create higher earnings. The technological tools that the platform uses are built through a combined effort from the professional teams.
These tools explore deep into the markets and help liquidity providers deploy their funds into desirable DeFi investments. Examples of the tools used include an automated balancer, liquidity miner, arbitrage bot, and swap token.
DAOVentures employs smart contracts and robo-traders to help investors put money in the top-performing DeFi assets to get the best results. In addition, before smart contracts are deployed for use on the platform, they are first audited and vetted to ensure compliance.
The decentralized processes of the platform help to eliminate counterparty risks. DAOVentures ensures that users have full control of their funds and wallets. As a result, users can interact with smart contracts individually.
While other crypto investors find it difficult interacting with DeFi protocols, DAOventures employs algorithms to manage investors’ funds. Robo-advisors distribute all the pooled funds and deploy them to the DeFi protocol with the best ROI%.
The products and services offered by DAOventures include:
Yield Farming
The platform offers various yield farming strategies for users in order to earn returns. Users can choose a yield farming strategy based on their risk level and profit target. The protocol provides users with investments based on their risk appetite.
Lending And Borrowing
DAOVentures plans to integrate with lending and borrowing protocols such as Uniswap in the near-term. This will help them better manage investor funds and expand the reach of DAOventures operations.
Automated Defi Manager
Through robo-advisors, users have the benefit of investing in the best DeFi projects and products. Investors can profit from the platform’s structured products and yield-farming aggregation via automated managers.
With the growth DeFi has seen, there is little doubt that its ecosystem is the future of finance. However, DeFi’s rise in popularity also brought along several opportunities, risks, and benefits. With that in mind, DAOventures continues to play its part to speed up DeFi’s transition to the much-anticipated future by constantly providing investors with proper solutions. The protocol aims to leverage cross-chain interoperability to provide its users with the best services.
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
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.
Binance Chain was launched by Binance in April 2019. Home of the Binance Token ($BNB) currency, it is optimized for ultra-fast trading. To achieve this, it had to make certain trade-offs, one being that it wasn’t as flexible from a programmability standpoint as other blockchains. Smart contracts in a system optimized for fast trading could significantly congest the network. Like how CryptoKitties brought Ethereum blockchain to a standstill at the height of its popularity and scalability remains one of the most challenging hurdles to blockchain development.
Binance Smart Chain aims at changing this problem. It is a new blockchain with a full-fledged environment for developing high-performance decentralized applications. It was built for cross-chain compatibility with Binance Chain to ensure that users get the best of both worlds. Binance Smart Chain went live on mainnet on September 01, 2020, activating the parallel blockchain to Binance Chain, enabling the creation of smart contracts and the staking mechanism for BNB.
Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. However, unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.
BSC is not a layer two or off-chain scalability solution for the existing Binance Chain. It’s an independent blockchain that could run even if Binance Chain went offline. Because BSC is EVM-compatible, it makes it easy for developers to port their projects over from Ethereum. For users, it means that applications like MetaMask can be easily configured to work with BSC with just tweaking a couple of settings.
Binance Smart Chain vs Binance Chain: Differences?
Binance Smart Chain was envisioned as an independent but complementary system to the existing Binance Chain with the idea being that users can seamlessly transfer assets from one blockchain to another. In this way, rapid trading can be enjoyed on Binance Chain, while powerful decentralized apps can be built on BSC.
Binance Smart Chain supports the BEP-20 token standard, which uses the same functions as its Ethereum counterpart ERC-20, while Binance Chain, supports the BEP-2 token standard. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain. What’s more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens. For example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn yield on bitcoin. The same goes for ETH, XRP, DOGE, and many more.
To move tokens from one chain to another, the simplest method is perhaps to use the Binance Chain Wallet, available on Chrome and Firefox. The cross-chain transfer is the key communication between the two blockchains. Essentially the logic is that the transfer-out blockchain will lock the amount from source owner addresses into a system-controlled address/contracts. The transfer-in blockchain will unlock the amount from the system-controlled address/contracts and send it to target addresses.
Binance cross-chain transfer (Image credit:BSC Whitepaper)
Ethereum-Compatible
Smart contracts, which are Ethereum-compatible, are supported by BSC. Through this feature, developers can build or migrate DApps, tools and other ecosystem components on the BSC network without much friction.
Proof-of-Staked-Authority
The platform runs on a proof-of-staked-authority consensus model. This combines both delegated PoS and proof-of-authority (PoA) to achieve network consensus and maintain blockchain security.
In this model, there are elected validators who take turns in confirming transactions on the network and are tasked to produce the blocks in a PoA manner, which puts the amount of their stake and their reputation in the community into consideration. To become a validator, a user must stake BNB.
This consensus model allows BSC to achieve around three-second block times. If a block proposed by the validator gets added to the chain, they receive the transaction fees incurred in that block as their reward. PoA is known for its capacity to thwart 51% attacks, as well as its tolerance for Byzantine attacks.
Validator Quorum
A validator quorum is required to secure the BSC network. The blockchain has 21 validators that are elected by BNB stakers every 24 hours. Anyone can be a candidate for election as a validator, but only those who belong to the top 21 highest-staked nodes will be chosen for the next validator set.
There is an “epoch” period for the platform, where validator sets can update the BSC network as needed. Every epoch period consists of 240 blocks, which is around 20 minutes. BSC also implements “slashing” to disincentivize malicious actors from validating inaccurate transactions or double signing. Slashing is designed to expose an attacker and make their attempts extremely expensive to execute.
Key Metric Comparison
Binance Smart Chain has made immense traction in early 2021 so far partly thanks to Ethereum’s congestion and gas fee issues, which has caused developers and staking investors to look for other options.
BSC is the most used blockchain in terms of unique active wallets averaging 105,000 in March 2021.
Gas prices were almost 14 times lower on BSC if compared to Ethereum in 2021 Q1.
Although Ethereum is still leading in terms of TVL with $54 billion. BSC TVL saw 121% growth month-on-month.
BSC finance dapp Venus has surpassed Compound and Uniswap in terms of TVL reaching $6.3 billion at the end of Q1 2021.
The BSC community made the network even more appealing to new users as a cost-effective and stable alternative, by lowering its gas fee from 15 Gwei to 10 Gwei to counter Binance Coin (BNB)’s price jump to over $600 in April 2021. At the end of March 2021, BSC gas fees were 14 times lower than on Ethereum. As a result, in Q1 2021 BSC generated record-high figures.
BSC vs Ethereum gas price comparison (Image credit: DappRadar)
According to the “DappRadar Q1 industry report”, in terms of key metrics, daily unique active wallets grew by 639% year-on-year from 62,000 in 2020 Q1 to more than 458,000 in 2021 Q1. BSC has led the pack with average daily unique active wallets of 105,000. In March, the chain also had the biggest increase in terms of unique active wallets by 50% month-on-month. The Ethereum and Flow blockchains generated an average of around 75,000 and 53,000 daily unique active wallets respectively.
Unique active wallets by protocol
Binance Smart Chain dAPPs
Some of the most popular decentralized applications on BSC are listed below with the full list of dApps available in DappRadar:
PancakeSwapis the number one automated market maker (AMM) on Binance Smart Chain. The ascent of BSC in 2021 cannot be described properly without mentioning the PancakeSwap exchange. The BSC-based decentralized exchange has seen remarkable growth in 2021, both for trading volume as well as its governance token CAKE. Like Uniswap or SushiSwap, you can do token swaps for BEP-20 tokens on PancakeSwap. Users can also earn passive income by providing liquidity, take part in lottery to win NFTs, participate in token sales, compete for spots on the leaderboard, and so on. PancakeSwap has become the second most popular DEX after Ethereum’s UniSwap.
BakerySwap is a decentralized automated market-making (AMM) protocol on BSC and its first NFT trading platform, ‘Bakery NFT Supermarket’. BakerySwap aims to be a faster and cheaper version of Uniswap. BAKE token is the native BEP-20 governance token of the platform and users can earn BAKE tokens by providing liquidity on BakerySwap. BAKE can be used to compose a random combo meal, which is a unique NFT(None-fungible token). Your unique NFT combo is not only a collectible item, but also a BAKE farming tool. Each NFT combo has a staking power and can be staked to earn BAKE.
Venus can be seen as a hybrid of Compound and MakerDAO on BSC. It is a borrow-lending protocol like Compound or Aave on Ethereum. It’s a decentralized money market where you can borrow and lend BEP-20 tokens with algorithmically set interest rates. Venus also enables a decentralized stablecoin called VAI, which is backed by a basket of cryptoassets.
Autofarm is a leading DeFi yield aggregator on BSC that has 3 products as part of the Autofarm ecosystem, namely Vaults (yield optimizer), AutoSwap (DEX Aggregator), and farmfolio. The yield optimizer implements the most optimal strategies at the lowest cost to maximize users’ yields and AutoSwap implements optimizations to route users swap trades so that users can find the best price and swap rates. Lastly, farmfolio is an intelligent portfolio manager and tracker which helps users manage their assets across various DeFi farming projects. The AUTO token is the platform’s native token. Tokenomics are deflationary and AUTO holders get to benefit from fees from cross-chain vaults, DEX aggregator, and the token will also be used for governance.
Spartan Protocolis a synthetic asset protocol on BSC. It allows users to create liquidity pools for BEP-20 tokens like other AMMs. However, it aims to allow for the creation of synthetic assets collateralized by liquidity pools, as well as lending and on-chain derivatives moving forward. Spartan Protocol provides community-governed and programmable token emissions functions to incentivize the formation of deep liquidity pools. This strong base of liquidity will be utilized to provide asset swaps, synthetic token generation, lending, derivatives and more. The common base asset SPARTA provides an internal pricing mechanism without reliance on external oracles. Binance Smart Chain was chosen as the protocol’s home to allow for near-instant settlement and extremely low gas fees.
To interact with the applications on BSC we require a wallet. Two of the most used wallets are MetaMask and the Binance Chain Wallet. In addition to these, you can also use Trust Wallet, Math Wallet, Ledger, TokenPocket, Bitkeep, ONTO, Safepal, and Arkane.
Connecting MetaMask to Binance Smart Chain
MetaMask can be downloaded on Chrome and Firefox, or on iOS and Android from the MetaMask Download page. From there, select whichever platform you’re using, and follow the steps to install it on your device and create a wallet.
MetaMask main page
The MetaMask wallet inherently interacts with the Ethereum public chain as seen from the top right corner of the screen which mentions the “Main Ethereum Network”. At this stage, we would be unable to interact with the Binance Smart Chain dApps. To change this, we need to access settings and point the wallet towards Binance Smart Chain nodes.
MetaMask drop down menu
On the Settings page, locate the Networks menu.
MetaMask settings page
Next click on Add Network in the top-right corner to manually add the Binance Smart Chain. It’s important to note that there are two networks we can use here: the testnet or the mainnet. Below are the parameters to fill in for both Binance Smart Chain Mainnet and Testnet.
Once you Save the Network and return to the main view, you’ll notice two things: the network has automatically been set to the one you just entered, and the units are no longer denominated in ETH, but in BNB. You might still see the Ethereum logo, but we are now interacting with the BSC.
MetaMask Binance Smart Chain
How to deposit cryptocurrencies on Binance Smart Chain using MetaMask
Once a wallet has been set up, we can withdraw from our Binance account or use the Binance Bridge.
To track our activity on the BSC blockchain, we can use BscScan which is made by the same team that made EtherScan.
Withdrawing from Binance Exchange to a BSC wallet
If you already have a Binance account, this may be the easiest option to simply withdraw from your Binance account to a BSC wallet.
Select the BEP20 compatible token, here we have taken BNB as an example. Select Withdraw and you will land on this page
MetaMask select coins
In the “Address” section, put in your BSC wallet address. Binance will automatically change the “Network” to “BEP20 (BSC)”. If it doesn’t, change it manually.
MetaMask select network
Then simply enter the amount you wish to send and click on withdraw. After a few conformations, you should see the funds arrive in your MetaMask BSC wallet.
MetaMask withdraw coin
How to use the Binance Chain Wallet Extension
Download the Binance Chain Wallet Extension from the web store. Binance Chain Wallet Extension is available ob Chrome and Firefox.
Binance Chain Wallet Extension
Transfer some funds from your Binance Exchange or MetaMask over to this Binance Chain wallet. We will use BNB as an example here.
Binance Chain Wallet Extension fund transfer
Click on “Binance Chain Network” on the top and change it to “Binance Smart Chain Network”. Copy the address and switch back to “Binance Chain Network”.
Switch to Binance Smart Chain NetworkSwitch back to Binance Chain Network
Click on Send. Paste the BSC address and click on the arrow next to send on the top left corner of the screen.
Copy address on Binance Chain Wallet Extension
Change the network back to “Binance Smart Chain Network” and congratulations, your funds will near instantly be transferred cross chain.
Another great way to bring assets to BSC is using the Binance Bridge. You can select many of the biggest blockchains, such as Ethereum or TRON, and convert their native tokens to wrapped tokens on BSC. The bridge works in both directions. You can monitor the on-chain reserve that ensures that the wrapped tokens on BSC are sufficiently collateralized by the native tokens in the Proof of Assets.
Go over to Binance Bridge and connect your MetaMask by clicking on “Change Wallet” in the top right corner of the screen. Make sure to change the settings over on MetaMask so that its pointing towards the BSC.
Binance Bridge
Once connected, pick you token you would wish to port over to your BSC. Here we have selected USDT as an example. Enter the amount you wish to send and click on next. Make sure to doublecheck the destination address.
Binance Bridge select token
Next you will be greeted with options on how you wish to complete the transaction. Select “I will send tokens from my own wallet”
Binance Bridge select transfer method
Once selected, a popup will appear with the truncation summary and confirmation. Click on Confirm.
Binance Bridge confirmation page
Next there will be a popup asking you to send the selected token and amount to an address.
Binance Bridge deposit page
Go back to your MetaMask, switch back to your Ethereum network, and send the funds from your Ethereum wallet to the address mentioned above. Switch the network back to BSC and after a few conformations, you should see your funds arrive in your MetaMask BSC wallet.
Closing thoughts
Binance Smart Chain greatly extends the functionality of the original Binance Chain. Though still in its infancy, the promise of BNB staking alongside EVM compatibility makes the platform an ideal engine for developers building powerful decentralized applications. And as long as the most popular smart contract-based blockchain, Ethereum, continues to struggle with congestion, slow transaction speeds, and exorbitant transaction fees, we can expect to see the increased adoption of more affordable alternatives like BSC, Polkadot and Cardano to continue.
However, we must keep in mind that the centralized nature of the BSC is a problem for its DeFi narrative. The only way to get onto BSC is via the central crypto exchange Binance or the central Binance Bridge. Here, the central provider has full control and can stop deposits and withdrawals on BSC at any time creating a direct bottleneck that centralizes BSC. Binance suspended withdrawals from the Binance Smart Chain to prevent a fraudster from laundering stolen cryptocurrencies. Although victims were happy about the measure, this intervention highlighted how centralized BSC ultimately is. Ethereum advocates, therefore, see BSC as more of a centralized database.
Regardless of the increasing demand for BSC and other options, Ethereum remains on top. Numerous detailed and tested documentation makes life easier for developers and the existing infrastructure, security, decentralization, and network effects adds to its appeal. The high transaction fees are an imposition, especially for smaller market participants, but at the same time show that the Ethereum network is more popular than ever before. Serious developers and companies still choose to develop their applications on Ethereum with the EIP-1559 update planned for July 2021 and Ethereum 2.0 in the horizon. Second layer solutions, such as Optimism, which promises faster and cheaper transactions, are also supposed to eliminate the scalability problem.
So, can Binance Smart Chain dethrone Ethereum? While the size and influence of the Binance exchange and the market cap of the BNB coin make it a strong contender, its centralized nature runs counter to the central ethos of the crypto economy, so it’s unlikely to replace Ethereum anytime sson. Ultimately, though, the crypto economy is not a zero sum game so a more likely scenario is that both will flourish, with the competition between them driving innovation on both networks. A deep dive into the BSC technical side can be found in the whitepaper.
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. (https://attap.umd.edu/) 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.
Gemini is a leading regulated cryptocurrency exchange founded by the Winklevoss twins in 2014, offering a secure platform to trade over 20 digital assets, including Bitcoin, Ethereum, Litecoin, and more. The following topics will be covered in this review of one of the most reputable cryptocurrency exchanges: what the Gemini crypto exchange is, a brief history, benefits and drawbacks of the platform, supported digital currencies, and all you need to know about the Gemini fees.
Gemini is a leading cryptocurrency exchange founded by twin brothers Cameron and Tyler Winklevoss in 2014. It is one of the biggest regulated crypto exchanges, operating in six continents and providing a user-friendly platform. Gemini is known for its security, with no publicly known large-scale hacks. It offers a wide range of services, including buying and selling of cryptocurrencies, trading, and custodial services. Gemini also provides a secure wallet for storing digital assets, as well as a mobile app for trading on the go. With its commitment to security and customer service, Gemini is a great choice for those looking to buy, sell, and trade cryptocurrencies.
The Winklevoss twins rose to fame in 2004 after they sued Mark Zuckerberg over Facebook. Tyler and Cameron received $65 million in damages for their claim that Zuckerberg stole their idea for the popular social network. The pair famously invested $11 million into Bitcoin in April 2013, when each coin was worth just $120. Today, their investment is valued at well over $1 billion! Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is based in New York and is quickly becoming one of the most respected exchanges in the digital currency space. It was also the world’s first licensed Ether exchange in 2016. Gemini is a secure and reliable platform for trading digital assets, offering users a safe and easy way to buy, sell, and store cryptocurrencies.
Key Features of Gemini
Top cryptocurrency exchange Gemini was created with security in mind. The exchange’s unique features include:
Fiat to cryptocurrency onramp for both beginner and seasoned traders: Gemini has advanced trading options for professionals but is also easy enough for new users and regular traders to use.
OTC desk and custody at Gemini: Taking use of Gemini’s markets and security infrastructure may be desirable for institutional investors.
Free withdrawals and deposits:Gemini is perfect for retail traders because it does not charge extra fees for deposits or withdrawals of either cryptocurrency or fiat currency unless you go over designated transaction thresholds.
Outstanding customer service: At non-busy times, you will receive a response to your question in less than two hours.
Gemini is a New York State Trust Company and regulated cryptocurrency exchange and custodian that puts security first. With institutional-grade technology and protocols, the majority of assets are held in its offline cold storage system and only a small portion is held in its online hot wallet. Gemini takes important steps to help ensure its customers’ data and funds remain secure, including maintaining sensitive data such as Personally Identifiable Information (PII), banking/financial information, and other data that may directly or indirectly identify customers. Gemini is committed to protecting customers’ assets and data to ensure their security.
Gemini is a secure cryptocurrency exchange that implements field-level encryption for sensitive data in its databases, as well as encryption in transit between all production systems. It has a data classification framework to assign risk ratings to all data, and strict physical security controls to protect assets, data, and personnel. Access to systems and customer data is granted based on the employee’s role and job duties, and Gemini was the first platform to obtain insurance on its online “hot” wallet, providing USD 200 million of protection for digital assets in Gemini Custody.
Usability and Design
Gemini is a secure and reliable crypto exchange and custodial service provider, ideal for both beginners and experienced investors. It offers a user-friendly experience, a convenient mobile app, an advanced platform for traders, and interoperability between different products. Gemini’s Exchange and Custody services are perfect for those less crypto-savvy, while institutional investors can take advantage of the Custody and Gemini Clearance OTC platform. Professional traders can make the most of Gemini’s Active Trader and API tools. Gemini is a great choice for those looking for a secure and reliable crypto exchange and custodial service.
Customer Support
Gemini offers comprehensive customer support for users dealing with issues. Customers can submit a ticket request through a form using their email address, write to Customer Support at their address, call Customer Support at +1 (866) 240-5113 (toll-free in the USA), or direct message @GeminiSupport on Twitter. Gemini takes customer support seriously and users can expect a response within a few hours.
Supported Countries
Gemini is a United States-based exchange available in more than 50 countries worldwide, including North America, South America, Europe, Asia, Oceania, and Africa. To sign up for a Gemini account, customers must provide their full legal name, date of birth, address, phone number, social security number, and email. Additional documentation is required for full verification and to withdraw from the exchange, such as a valid passport, driver’s license, and/or national identity card. Canadian residents must provide a valid passport, driver’s license, and social insurance number.
Key Disadvantages of Gemini
Fees
Gemini Exchange has a complex fee structure for different products, including API fees, mobile fees, web fees, custody fees, ActiveTrader fees, and transfer fees. All orders placed via Gemini’s website and mobile phone application incur a convenience fee of 0.5% and a transaction fee based on the order amount in the account currency. API fees are based on the number of API calls made, while mobile fees are based on the order amount. Web fees are based on the order size and type, while custody fees are based on the number of assets held in custody. ActiveTrader fees are based on the order size and type, while transfer fees are based on the amount and type of transfer.
Gemini is a regulated cryptocurrency exchange that is more expensive than other exchanges for retail traders. However, it is still cheaper than Coinbase. If you are looking for an exchange with low volume transaction fees, you may want to consider BitFlyer, Kraken, Bittrex, Bitstamp, and Coinbase Pro, which charge from 0.16% to 0.5% per order without any additional trading fees. Gemini is a secure and reliable exchange, but if you are looking for a more cost-effective option, there are other exchanges available.
Gemini offers traders the option of trading via its ActiveTrader platform or API. All orders placed via either of these methods are subject to the same 30-day trading volume adjusted maker-taker fee model. This model is designed to reward traders who provide liquidity to the market by offering lower fees for maker orders, while taker orders incur higher fees. This fee model is designed to encourage market liquidity and provide traders with a competitive edge. With its competitive fees and advanced trading features, Gemini is an attractive option for traders looking to take advantage of the latest trading technology.
Which Coins Can You Buy at Gemini?
Gemini is a highly trusted and institutional-friendly exchange that only supports Bitcoin and Ethereum. This is because these two cryptocurrencies have been around long enough to prove themselves, and Gemini wants to maintain its reputation as a reliable platform. By only offering these two assets, Gemini can ensure that it won’t have to delist any assets, which would make the exchange appear less sophisticated and mature. Gemini is committed to providing a secure and reliable trading experience for its users.
Which Deposit Methods are Accepted at Gemini?
Gemini is a digital asset exchange that allows users to buy, sell, and store digital assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Basic Attention Token (BAT), and Chainlink (LINK). It also accepts deposits in USD via ACH (automated clearing house) in the US and wire transfers elsewhere, as well as deposits in Bitcoin and Ether. Gemini is a secure and regulated platform that provides users with a safe and easy way to buy, sell, and store digital assets. With its advanced security measures, Gemini ensures that users’ funds are safe and secure.
Account Verification
Verifying your personal account is quick and easy with our simple step-by-step process.
Fill out the details on the following page. Your entire name, email address, and password will be included in this. Read the “user agreement” and the “privacy policy” after you’ve finished.
Please select the box to the right of the “create my account” link if you agree to the conditions of these documents. Following that, click the “create my account” link.
On the following page, enter your phone number. It’s crucial to enter the proper number because this will be used for verification. To verify that the number is actually yours, a code will be issued to your phone. This must be typed into the appropriate field.
Connecting your bank account to your Gemini exchange account is the next step. In the future, this will make adding US cash to your account much quicker. Simply provide the information requested when asked.
Upon the addition of your bank account, you must confirm your identification. In order to do this, you must provide numerous types of documentation. Although it is customary for “know your customer” and compliance checks, some prospective customers may be discouraged from enrolling as a result.
Gemini requires new users to provide both a photo ID and a proof of address, as seen in the screenshot above. They are very particular about the types of photo identification they will accept; just a passport will do! They do, however, accept a few alternative kinds of address proof.
Your account will be fully verified in one to three days. While you wait, you will have access to some features. They consist of trading between the various pairs and making bitcoin deposits. But, until the account is validated, fiat withdrawals and deposits are not permitted.
Who Should Use Gemini?
Gemini is a secure and reliable cryptocurrency exchange, ideal for professional traders and those exchanging large amounts of fiat currency for either Bitcoin or Ether. It offers enhanced security features to protect both fiat and digital currency accounts, as well as a sliding scale of fees that favors those who make lots of trades. Gemini is a great choice for those who value security and want to make lots of trades daily.
Gemini is a great place for beginner traders, adopters, or investors to start their journey into cryptocurrency. It offers a secure platform to buy, sell, and transact in Bitcoin and Ethereum. However, those looking for exposure to a wider range of digital assets may be better off using a different exchange such as Kucoin. Beginner investors who want to take up a decent position in either Bitcoin or Ethereum and demand the highest level of security should consider using Gemini.
Conclusion
Gemini is a secure and trusted cryptocurrency exchange that offers high-level security and is suitable for different kinds of investors and traders. It is not ideal for those wanting to switch in and out of various cryptocurrencies but is great for large volume and one-off buys. Gemini is supported by the likes of the Chicago Board Options Exchange for their Bitcoin futures financial product. It is important to remember that it is still not a good idea to leave your cryptocurrency on an exchange platform, even though most of Gemini’s BTC and ETH are kept offline. Other reliable exchanges, such as Binance, Kucoin and Kraken, offer more fiat currencies and more flexible platforms.
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. (https://comcapllc.com)
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 $200 billion within the next few years, according to Statista. With the integration of blockchain technology and the Atari Token, the company believes that this will revolutionize the global gaming industry.
Atari token is developed by icons in the gaming scene, Atari. The firm has over 200 games under its name. If you are a gamer, their titles would not be able to you as games like Pong, Missile Command, and Roller Coaster Tycoon were once very popular.
Atari has been developing games since 1972. Therefore, its knowledge of the interactive has been enjoyed by gamers through generations.
Notably, to be alive from 1972 means that the company has been able to adapt to the changing needs in its environment swiftly. It’s this open-mindedness that has seen the introduction of the Atari Token. Frédéric Chesnais leads the project as the CEO, with Manfred Mantschev heading the business development division.
Additionally, the project has partnered with notable firms in the cryptocurrency and blockchain fields. They include the Litecoin Foundation, Arkane Network, Chain Games, and Blockchain Game Alliance (BGA).
What is the Atari Token ($ATRI)?
Atari Token ($ATRI) is a blockchain-based currency aimed at streamlining payments in the interactive entertainment space. The token is developed using Ethereum’s ERC-20 standards and is powered by the Ethereum blockchain.
However, before expanding to the entire area, the token sought to first make an impact on the gaming ecosystem. Although the project is driven by a blockchain system with a relatively low transaction speed (around 20 transactions per second), the network is exploring a layer-two scaling solution to enhance the network speed.
With the token, the Atari team is keen on removing the barriers presented by other cryptocurrencies like Bitcoin and Ethereum. For example, instead of limiting themselves to particular use cases, the cryptocurrency can be used in a wide range of use cases in the long run.
Simply put, the Atari team is keen on developing a token that can be used in everyday activities even outside gaming.
ATRI occupies a critical role in the Atari ecosystem. For instance, the token is used to power activities on smart contracts. In addition, it acts as a medium of exchange on supported platforms. As a start, the token forms a key pillar in the Atari system that has the Atari Casino, Atari Exchange, and Atari Betting.
Atari ($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.
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.
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.
The first line of defense to an online account is a username and a password. However, malicious actors sprawling the internet have made the traditional account security combo unreliable and risky per se.
Therefore, SMS-based two-factor authentication (2FA) has been heavily utilized to provide another layer of security. Unfortunately, skilled hackers can still find a way to intercept SMS codes.
To detach account security from the monopoly of software-focused methods, universal second-factor (U2F) authentication was developed. The technology uses open standards under the Fast Identity Online (FIDO) Alliance.
Check out our video explaining what is YubiKey, and its pros and cons.
YUBIKEY REVIEW AND GUIDE: How to keep your Bitcoin and cryptocurrency SAFE
What is YubiKey?
FIDO works to reduce the reliance on passwords when securing internet accounts. YubiKey is a U2F-enabled hardware key developed by Yubico to secure web-based services. Businesses, individuals, and developers can use it.
YubiKey
The key is available in different shapes and connectivity functionalities. While earlier versions only support physical insertions into USB ports on a host device, the YubiKey five series accommodates connection through near field communication (NFC).
NFC allows interaction with the device without physically plugging it into a port. However, the key and the host device must be near each other.
YubiKey Reviews on Amazon
From the reviews left by buyers on Amazon and other platforms, it is evident that the key is a must-have for security-conscious internet users. In fact, over 80% of buyers left a five star score for the YubiKey.
One of the reviewers recommended the Yubico YubiKey to developers, IT pros, and “security-minded users.” Furthermore, they praised its manufacturer for providing GUI-enabled YubiKey manager for those having a hard time on where to start.
Others attributed their happiness to the key’s support for password managers such as LastPass. YubiKey users hail it for ease of use as a smart card and its compliance to the Health Insurance Portability and Accountability Act (HIPAA).
Unfortunately, not everyone is happy with their hardware key. Although the negative reviews are minimal, some raise valid concerns.
Among the main problems is documentation, which isn’t user-friendly. Additionally, a buyer on Amazon notes that the key “is still too complicated for the average consumer, as it’s not exactly a plug and play device.”
How to Start Using YubiKey
The process of enjoying world-class security on your online accounts starts with purchasing the hardware piece from a reliable platform. After receiving a key, visit Yubico’s website, and choose your key from the list.
Specifying the purchase key from the list helps filter the services where it can be used to provide security. On the services list, select the account you need YubiKey’s hand in boosting its security.
Each service is followed by step-by-step instructions on how to connect to the hardware security key.
For example Binance lets you use your YubiKey with their cryptocurrency exchange. This means that your YubiKey is required for authentication before approving any transactions. Note however that Yubikey authentication is not supported on Binance’s Apps and mobile websites.
How to set up your YubiKey on Binance
Login to your Binance account and click on your profile avatar.
Choose “Security” from the options, then “Setup.” On the 2FA section, click on “Security Key.” Note that it only provides the needed extra security layer when accessing the Binance.com website.
Read the note and hit “Continue anyway.”
Insert the key in any available USB port and press the button at the hardware’s center to activate it.
Activation needs to be done within one minute after inserting the key. However, it can be repeated if you miss this activation window.
Once activated, hit “Allow” to the message “Allow this site to see your security key.”
Next, verify your account. Note that Binance will need you to provide the authentication code from Google Authenticator if you had previously enabled this step.
Binance will then send you an email at the registered address for you to confirm the addition of a new 2-step verification method using something you physically have.
After verifying the email, you are done.
Examples of YubiKey-Supported Services
YubiKey works with a host of services such as cloud-based systems, password managers, email platforms, social media, gaming developer tools, cryptocurrency platforms, offline computers, among others.
Examples of cloud-based systems compatible with the security key include Dropbox, DigiCert PKI Platform, DocuSign. Cryptocurrency platforms that support YubiKey include Binance, Coinbase, Kraken, Bitfinex, and Gemini.
Cloud-based systems compatible with YubiKey
Social media platforms with inbuilt support for the hardware key include Facebook, Twitter, Instagram, and YouTube.
For developers and offline computer users, YubiKey is enabled for popular services such as Github and Bitbucket for developers and can be used to login into Mac and Windows computers.
Latest YubiKey Series
The hardware piece is developed in sets, with keys in one batch having additional features than those in previous models.
Yubico YubiKey 5 Series – Keys in this group are compatible with conventional and new systems. It has enhanced passwordless, multi-factor, and 2F authentication. Also, it has a touch-to-sign button, can be inserted on USB-A and C ports, and has NFC capabilities.
Security Key Series – Its salient features include dual NFC and USB-A connectors. Additionally, hardware security pieces in this cluster are crush and water-resistant.
YubiKey FIPS Series – These are certified hardware security keys that can be used for regulated environments such as government institutions. This set weds different functionalities such as one time passwords (OTP), smart card technology, and U2F. Keys in this group have USB-A and USB-C compatibility.
YubiKey 5C NFC – It has support for NFC, USB-C, and provides a fast yet secure authentication process. This series has a longer list of supported operating systems and browsers than other versions.
YubiKey Bio – When released, this will be the latest Yubico YubiKey in the market. Its major selling-points are fingerprint recognition, enhanced security, minimal helpdesk calls, and PIN-based login.
Coming soon: YubiKey bio
Conclusion
From the reviews, it’s clear the YubiKey hardware security key is effectively guarding users against account takeovers. However, which Yubico YubiKey is best suited for your needs depends on its cluster. The newer the series, the more the features and services it can provide.
Despite some users citing complicated documentation, exerting effort to set this up can indeed give that extra layer of security that would keep your accounts safe and give you peace of mind.
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.
SuperFarm ($SUPER) is a cross-chain DeFi platform aimed at easing the process of creating non-fungible tokens (NFT) while giving them the capacity to add value to their tokens. It has its own NFT marketplace which creators could benefit from. The protocol is designed to make the user’s whole blockchain journey easier. Finally, SuperFarm is a continuously growing project that could attract more partnerships from several gaming platforms.
Background
Elliot Wainman, the creator of EllioTrades and co-founder of Dapp Evolution Games, began his work on SuperFarm with the objective of mass adoption for the Ethereum network. Elliot’s target is to reach over 2.5 billion gamers worldwide who are looking to purchase in-game assets through NFTs.
SuperFarm’s first fundraising round amounted to a total of $1.1 million, where prominent cryptocurrency and financial firms like Bitcoin.com, GBV Capital, Solidity Ventures, and Spark Digital Capital, and many others participated.
Before we dive deeper into what SuperFarm does, it is important to understand what NFTs are.
What are NFTs?
Non-Fungible Tokens (NFT) refer to digital assets that represent almost anything, from works of art or a person’s identity. NFTs cannot be duplicated and they all have distinct metadata.
They are commonly used to create a blockchain representation of a real world asset so that they can be traded with crypto. Since NFTs are programmable, they can be attached with different characteristics and attributes according to the needs of the creator.
SuperFarm is a cross-chain DeFi platform for NFT farming without any code required, with the primary aim is of making it easier for anyone to create their own tokens and add value to them through NFT farming. And because it does not have any coding requirement on the part of the business, using the platform lessens the technical complexity of coming up with their own NFT.
The way SuperFarm abstracts the process of tokenization is through a series of visual, beginner-friendly tools. They can customize the rules for their tokens, identify their attributes, incentivize a behavior, and more. The SuperFarm platform is easy to use but it does not compromise quality and effectiveness.
The tokens that can be generated on the platform are ERC20 compliant. They can sell them to any supported marketplace. In fact, users can even set-up their own NFT marketplace through the platform if they want to.
NFT Farming
Through the platform, businesses can easily create their own farms and put up their NFTs there. Users can access them to stake on NFTs and earn incentives. There is a minimum requirement of SUPER tokens, however, before anyone is allowed to open up new farms.
NFT Marketplace
Users are given access to the NFT store where they can purchase NFTs through the reward points they are given from farming. It also allows users to buy NFTs with supported cryptocurrencies.
Superverse
Superverse is the gaming interface for SuperFarm. It is an NFT-based card game that functions on an autobattler setup. Aside from game points, some of the rewards that are available in Superverse include NFT drops from SuperFarm-partnered gaming platforms.
There is a minimum requirement for SUPER holdings before a user is given access to the Superverse.
$SUPER token is SuperFarm’s native utility token. It can be used as a medium of exchange or to pay for governance and transaction fees. SUPER also gives its holders access to products and programs available in SuperFarm’s gaming ecosystem, video game partners, and NFT drops.
Since the platform seeks to be fully-decentralized in the future, its governance is community-directed. Any decision or proposal to amend or modify the platform has to go through the vote of SUPER holders. Voting power can be determined by the amount of the SUPER tokens you hold. The more you hold in SUPER, the stronger your voting power will be.
Other purchases you can make in the platform also involves SUPER. It can be used to access some important features of the platform which are only available to holders of SUPER.
If you want to purchase SUPER, the token is listed on Uniswap. Below are some of the use cases for SUPER.
SUPER can also be staked. Users just have to lock their SUPER in a smart contract so they can earn token rewards for doing so. This reward structure comes from the collection of platform fees which are made in SUPER as well.
Farming
SUPER can be staked for NFT rewards too. By participating in the staking for NFTs, users can also receive exclusive NFT rewards from partner farms.
Users can also set up their own farms on the platform. However, there is a minimum requirement of 100,000 SUPER tokens in order to do so. The purpose of the quota is to make sure that there is a low likelihood for spams, good quality of farms, and to incentivize the purchase of the token.
NFT Drops
SUPER holders are also entitled to NFT drop rewards. These are the NFTs available in the Superverse and partnered video games. However, to be a part of the NFT drops, users should be holding the minimum SUPER tokens required.
SuperFarm is an interesting DeFi project. One of the platform’s strengths is that it has already identified who its target market is. If the project takes off successfully and gets more gamers and developers on-board, it is highly likely that it will drive people’s interest in crypto and DeFi significantly. Imagine 2.5 billion gamers jumping onto the crypto train; it will be a huge feat.
Moreover, SuperFarm is a project that businesses can easily benefit from. If they want to create their own NFTs and market them, SuperFarm’s interface has prepared the platform for them as well. If the project achieves its objectives, it offers a promising outlook for the whole of DeFi. Looking at where it stands today, it is not impossible. The platform is easy-to-use and profitable. It belongs to the DeFi projects we have to look out for.
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
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.
First started as an internet meme from 2 software engineers Billy Markus and Jackson Palmer to mock crazy fans of cryptocurrency, Dogecoin has now officially become a part of the big family. It’s actually one of the top crypto currencies at the moment – not bad for something that started out as a joke.
Just like other cryptocurrencies, Dogecoin is powered by a decentralized finance system called blockchain technology. The attraction of cryptos is that it is not under any private corporations, multinational enterprises or the government’s control. Crypto currencies are free from any regulations set by any government and bank institutions.
Moreover, Dogecoin cannot be found in a single particular computer system. It is built on top of a huge network of computers or nodes that confirm the transactions. This system of peer-to-peer exchange and transfer of information makes the whole structure almost impossible to hack and bring down.
Cryptocurrency has limited supply, hence the hype. This limit of supply is meant to make sure that their prices will not get too low, which is what happens for fiat currency like the USD if the government keeps on printing the money without proper control or monitoring.
Before we get to Dogecoin mining, you have to know that mining cryptocurrencies is not the same as mining coal or petroleum underground like they do in the Middle East. The mining being discussed here is digital mining through complex mathematical algorithms. In a simpler context, it is like the process of creating a new coin by solving a puzzle, but just in a more technical way involving very complex algorithms .
Since the ledger — blockchain technology — of the transactions need to be maintained, not a lot of people will spend time mining. Instead, they will just buy the coins outright from the crypto markets. .
In the early days of crypto, it was possible to use your own laptop pc to solve any of the blocks in the chain and earn yourself a coin for your efforts. Each confirmation of a transaction will place a new block for the Doge network, for which there will be a reward for the miners in the form of more Dogecoins.
Every cryptocurrency has different mining systems. Here is a comparison of Dogecoins and Bitcoin, the leading cryptocurrency in the world.
Dogecoin
Bitcoin
Algorithm
Scrypt coin
SHA-256
Block Time
1 minute!
10 minutes
Difficulty
2,798,252
3,511,060,552,899
Reward
10,000 DOGE
12.5 BTC
Notes:
Algorithm: Rules for mining new currency aka hashing algorithm
Block time: Average time for a new block checked and added to the chain. It varies across time.
Difficulty: Difficulty level to mine a new block of currency. It varies across time.
Reward: Amount of new currency rewarded for each new block mined. It varies across time.
How to mine Dogecoin?
There are 3 ways to mine Dogecoin: solo mining, pool mining and cloud mining. We’ll explain one by one to see what the difference is between them.
Solo mining
You are mining on your own. It means you need to spend more money on the most modern and updated equipment and pricey utility fees by yourself. However you get to keep all the rewards to yourself .
In some cases, people have spent a whopping $500,000 for just building the mining gear alone. This is not including the electricity bills that are usually enormous for an operation of that size. If you’re not careful, the electricity bills could eat into your profits without you realizing.
Pool mining
It’s like a group project. You have less work to do but you need to share the pride and achievement. At Dogecoin mining, you will have an easier time earning coins, but the rewards have to be shared.
Before joining a pool, check out their calculation for the payouts of each member and consider the extra pool fees needed. There are few options online for pool mining. So do research about all of the options before you join the pool.
Cloud mining
Pay for a group to mine for you. This is for those that prefer not to invest too much effort and time for mining Dogecoin. You can rent machines from a data center and ask them to mine for your behalf. This way might be the most costliest among the 3 options, since it is time-locked and the price might drop during the agreement. Furthermore, electricity bills and other costs need to be covered too.
Things needed to mine Dogecoin
Other than the electricity itself, there are 3 things needed to mine Dogecoin which are hardware, software and a crypto wallet.
Hardware
Any Windows, Mac OS or Linux system is needed to start mining. Basic machines like CPU can be used but it will take a long time to succeed. Also, your computer will end up overheated or getting damaged.
GPU mining is recommended, especially those with graphic cards. Alternatively, you also can use Scrypt ASIC miner which is dedicated mainly for crypto like Dogecoin.
Software
The software will differ depending on the hardware you use. Here are the softwares recommended for different hardwares:
CPU: CPUminer
GPU: EasyMiner, CGminer, CudaMiner
Scrypt ASIC: MultiMiner
Be careful to select the legit mining software, or else the fake ones will harm your PC and investment. So double check before downloading.
Crypto wallet
Digital wallet is not enough to secure your Dogecoin if you are serious about mining it. Since you have invested so much in this process, why not secure it further by having a cold crypto wallet?
You don’t have to worry about being hacked and keep your profits safe.
Conclusion
We don’t know whether Dogecoin will go up in price again or plummet to oblivion. Will Elon Musk put more trust in it or is it just for clout? That’s up to you to discover.
However when mining Dogecoin, one should always balance the costs to run the mine and the potential returns before deciding whether it is a good option.
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.
Trade cryptocurrencies and traditional financial instruments such as Forex, S&P 500, and Nasdaq composite indices, as commodities like crude oil and natural gas, all from one account with Prime XBT, the Multi-asset Crypto-based derivatives trading exchange. You’ve come to the right place if you’re seeking to figure out if Prime XBT is legitimate or want to learn more about the Prime XBT costs because we’ll go over all the important details of the platform below.
Prime XBT is a multi-asset crypto-based derivatives trading exchange that allows traders to access a wide range of financial instruments, including cryptocurrencies, Forex, S&P 500, and Nasdaq indices, commodities, and more. With up to 200x crypto leverage and 1000x leverage for Forex trades, traders from more than 150 countries can open an account and start trading in minutes. Prime XBT is easy to use, even for beginners, and provides a secure and reliable platform for trading a variety of assets.
It has become a popular choice for traders due to its leverage options and low fees. However, some users have complained about the limited number of coins supported by the platform. Prime XBT is constantly expanding its list of supported coins, so traders can expect more options in the future. The platform also offers a user-friendly interface, making it easy for beginners to get started. With its competitive fees and great usability, Prime XBT is a great choice for traders looking for a reliable and secure trading platform.
Key Features of Prime XBT
The platform’s other standout features include:
Crypto-based platform with multiple assets: You can fund and use numerous trading accounts simultaneously with Prime XBT. Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), USD Coin (USDC), and Covesting are included in this (COV). Each specific trading account’s base currency is used to settle profits and equity.
Ability to Margin Trade popular cryptocurrency and traditional assets: Trade popular global stock market indices, commodities, and forex with leverage up to 1000x, as well as Bitcoin, Ether, Litecoin, DogeCoin, XRP, and more. More than 100 asset pairs from the traditional and cryptocurrency sectors are supported by the platform.
A strong, beautifully designed platform with widgets you can customize: It has more than 12 integrated liquidity sources and can process up to 12,000 orders per second, ensuring that the average order is completed in less than 7.12 milliseconds on average.
Covesting module: Prime XBT seamlessly interacts with Covesting, a different cryptocurrency social trading platform that enables you to follow and automatically imitate the trades of experienced traders.
Cheap platform: When it comes to pricing, Prime XBT is incredibly open and promises some of the lowest rates available.
Privacy: Since Prime XBT is a pro-privacy platform, no KYC (know your customer) checks are necessary before you can begin trading. The platform nevertheless has affiliations with numerous anti-money laundering (AML) service providers.
Key Advantages of Prime XBT
Some of the Highest Leverage Options in Crypto Trading
Prime XBT is a cryptocurrency trading platform that offers users a range of features and services, including high leverage limits, low fees, and a wide range of trading options. Prime XBT reviews found online are generally positive, with users praising the platform for its user-friendly interface, low fees, and high leverage limits. The highest leverage limit available on Prime XBT is 100x, which can be used to increase profits significantly. Prime XBT also offers a range of risk management tools, making it a great choice for both experienced and novice traders.
One That Is Very Secure
Prime XBT is a cryptocurrency trading platform that offers users a secure and reliable trading experience. It utilizes AWS web servers to ensure smooth operations and employs a cold storage system to protect user assets. This means that the majority of crypto assets are stored in offline devices, making them much less vulnerable to hacking and other malicious activities. Prime XBT also offers a variety of trading tools and features, such as margin trading, leverage, and more, to help users maximize their profits. With its advanced security measures and comprehensive trading features, Prime XBT is a great choice for those looking to trade cryptocurrencies safely and securely.
Easy to Use
Prime XBT is a cryptocurrency trading platform that offers a user-friendly interface and a wide range of trading options. It is a secure and reliable platform that allows users to trade Bitcoin, Ethereum, Ripple, Litecoin, and other cryptocurrencies. The platform also offers margin trading with up to 100x leverage, and a variety of order types, including limit, market, and stop orders. Prime XBT also provides a range of educational resources to help traders understand the markets and make informed trading decisions. With its competitive fees and low minimum deposits, Prime XBT is an ideal choice for both beginner and experienced traders.
Fiat Currency / Cryptocurrency Trading Pairs + Fiat Deposits
Prime XBT is a trading platform that allows users to make fiat deposits and trade fiat currencies for crypto ones. This is a big deal, as many exchanges do not offer this option. Prime XBT offers a wide range of trading pairs, including fiat/crypto trading, and users can also make fiat currency deposits to their Prime wallet. This makes it an ideal platform for those looking for an easy entry into the cryptocurrency market, as it offers direct fiat deposits and fiat/crypto trading pairs. Prime XBT reviews are generally positive, with users praising the platform for its ease of use, security, and customer service.
Key Disadvantages of Prime XBT
Despite the many positive Prime XBT reviews, it is important to consider some of the common concerns that users have with the platform.
Only Works with the Most Popular Cryptocurrencies
Prime XBT is a cryptocurrency trading platform that supports only the most popular and mainstream coins. Specifically, the platform offers support for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and EOS (EOS). This is a relatively small number of coins, but it should be more than enough for entry-level crypto traders who are just getting started. With Bitcoin and Ethereum being the two most popular coins, beginner traders should have no problem finding the coins they need to start trading.
Services That Are Limited on a Regional Basis
Prime XBT is a popular cryptocurrency trading platform that operates in more than 150 countries. Unfortunately, it is not available in the US or Canada due to financial laws in those regions. This is a major con of the platform, as it restricts access to those living in the two countries. Despite this, Prime XBT is still considered a legitimate platform, offering a wide range of features and services to its users. It is a great option for those looking to trade cryptocurrencies, but those in the US or Canada will have to look elsewhere.
How to Register on and Use Prime XBT?
All that’s left to do is tell you how to register on it, and use the basic features!
2. Enter your email address, contact information, and password.
3. A PIN code will be sent to you, which you must input on the website and press Enter to confirm your email address.
4. Next, you’ll be prompted to select the nation in which you now reside.
You’re in! The registration is quick and straightforward!
How to Add Bitcoins to Your Wallet?
Go to the Account tab on your Prime XBT account.
There will be a huge blue button that reads, “Deposit to wallet.” Toggle it.
Your unique Bitcoin wallet code is located here. You must transmit Bitcoin to this address, which is your public wallet code. As an alternative, you may even buy Bitcoin with a credit or debit card – it’s that easy!
Conclusion
Prime XBT is a great asset trading platform for cryptocurrency traders. It offers a comparatively simple user interface and the ability to trade fiat/crypto pairs and purchase cryptocurrencies with a credit or debit card. The fees are lower than those of Coinbase, but the latter is available in the US and provides top-tier security for crypto assets. Prime XBT offers a wide range of cryptocurrencies, but US-based traders may need to look for alternatives such as Kucoin. All in all, Prime XBT is a great choice for beginner and entry-level traders.
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.
