Boxmining

Category: Guide

  • The Three Kingdoms: The New Era of GameFi

    The Three Kingdoms: The New Era of GameFi

    Ever wanted to be your own hero in ancient China and earn cryptocurrencies while you’re at it? Well, now you can. The Three Kingdoms is a highly strategic third-generation GameFi (blockchain game finance) that is based on the historical characters of the Three Kingdoms period in ancient China. 

    The play-to-earn metaverse allows players to immerse themselves in a gaming experience enriched with extensive history, well-developed characters, progression gameplay and more. Prepare your heroes for battle, siege cities, and win battles to expand your own land.

    Learn more about The Three Kingdoms (TTK):

    URGENT: Next BIGGEST NFT Game REVEALED

    What is GameFi?

    Combining the words Game and DeFi (decentralized finance) in one name, GameFi is the gamification of financial mechanisms where users can earn money by playing games. Another popular term for this industry is “play-to-earn.” On the surface, the keyword is “game”, but at its core, “finance” is the most important thing for blockchains.

    The spike of popularity in GameFi plays a major role in cryptocurrency adoption on the whole. Blockchain gamification makes it easier for the DeFi ideology to be accepted, incorporated, and advanced. 

    The Next Generation of GameFi

    CryptoKitties was the first to bring blockchain gaming to life, and games such as Axie Infinity have taken it to the next level. The Three Kingdoms team set out to build a blockchain game that features multiple methods never seen before in the GameFi market to earn tokens. Additionally, they are creating an authentic gaming experience that compares better to the games by major publishers that gamers have been accustomed to playing.

    CryptoKitties
    Cryptokitties

    To achieve this, The Three Kingdoms will feature high-end graphics, the ability to collect NFT characters, complete quests, and join siege gameplays to earn NFTs. The Three Kingdoms will be the first play-to-earn game that incorporates the idea of battling and besieging cities through staking, complete with a deep and engaging storyline, providing a breath of fresh air to the GameFi landscape.

    In the game, users will be able to build their base, expand their territories, upgrade their character’s attributes, win battles and emerge victorious in PvE (player versus environment) and PvP (player versus player) battles.

    The History of the Three Kingdoms

    The Three Kingdoms
    The Three Kingdoms

    The Three Kingdoms is based in 220 AD, during the final years of the Eastern Han dynasty. The Yellow Turban Rebellion broke out, with cities and regions forming their alliance for survival. Warlord Dong Zhuo seized control of the capital under the pretext of protecting the young emperor. Cao Cao, who had gradually taken control of territories in the North, saved the emperor and led the central government. Still, formed clans are already eager for the chance to rule over China.

    The country broke into civil war, and soon, China was divided into three spheres of influence: Cao Cao dominating the North, Sun Quan the South, and Liu Bei, the West. The three kingdoms fought for sixty years to conquer China, and this is where the story for the user begins.

    The Three Kingdoms land is modelled after the historical map of China split into Wei, Shu, and Wu regions. The land will be split into unique squares and within these lands, users can host, stake, and monetize events. Users can conquer and own their base of operations where they can fight and expand their territory.

    Roadmap for the Three Kingdoms

    The Three Kingdoms is well underway, with plans to begin passive gameplay in Q4 of 2021. Referred to as Phase 0, users will be able to earn NFTs by recruiting heroes via outskirts. The team plans to include additional gameplay features such as the ability to siege empty cities (stake NFTs) and occupy cities (earn APY, in-game currency, and NFTs) in 2022 (Phase 1).

    Phase 2 will feature PvP, where users can attack and defend cities. The attacker and defender both stake NFTs, with the winner earning an APY, currency, NFTs, and attributes.

    Finally, Phase 3 will be the introduction of active gameplay via Arena and Tournaments. Players will be able to stake their NFTs against other players in a winner-takes-all battle.

    NFTs In The Three Kingdoms

    Similar to popular gacha games with their randomized loot boxes, The Three Kingdoms utilises NFTs (non-fungible tokens) to bring added excitement to the gameplay experience. Players can recruit unique and powerful characters to build up their army to occupy cities and win battles.

    Raffles – A raffle will be held every so often that will enable players to draw a character card at random, for a price. Players will be able to draw as many cards as they wish. 

    Characters – Characters will be randomly assigned six attributes: attack power, defence power, energy, luck, leadership, and intellect. The combination of these attributes determines whether a card is normal, rare, super rare or legendary.

    Quests – Another method to recruit NFTs is where players send out one of their characters to recruit other heroes. Each found hero is another NFT of varying quality, which could help strengthen their forces.

    Farming – Special NFTs can also be farmed by staking $TTK, the game’s native currency.

    The Native Token – $TTK

    The game’s native token is $TTK, which will be the lifeblood of this ancient yet modern metaverse. Players will use $TTK to purchase new characters in the NFT marketplace, upgrade armies, and invest in land. It can also be staked to farm more valuable NFTs.

    $TTK will also be needed to acquire $CHI, the secondary in-game token. 

    $TTK tokens should be viewed as powers originating from the spirits of the dead that perished on the battlefield, so attaining them will be important to gather energy that will help players on their journey.

    The In-Game Token – $CHI

    Inspired by the actual use of Chi in Chinese history as the energy that runs through all living things, The Three Kingdoms will have a secondary in-game token that will be important to the gameplay.

    As players gather energy through $TTK tokens for their journey of The Three Kingdoms, they are able to convert the energy to $CHI through harmonization. Only through mastering the energy of $TTK can warriors advance ahead with their well-balanced Chi.

    $CHI can be earned by staking $TTK-LP + NFTs to receive NFTs + $CHI as rewards.

    Some future uses of $CHI include the ability to besiege cities, battle other players and even fuse new heroes. As a fair launch token, any player is able to ascend into their ultimate self and transform their $TTK into $CHI.

    The Three Kingdoms Receives $3.2M in Funding

    In October 2021, The Three Kingdoms successfully raised $3.2 million USD from supporting investors. The investors included DAO Maker, Magnus Capital, LinkPad, SMO Capital, CoinUnited.io, Double Peak, x21, ZBS Capital, ReBlock and CryptoDiffer.

    The Three Kingdoms will be utilising the funds to innovate new projects and further the growth of the ecosystem, expanding the community and strengthening the foundation of the ecosystem for users to maximize the use of the platform. 

    The game will be hosted on the Binance Smart Chain network and is currently underway. Passive gameplay is aimed to be released later this year. 

    To know more about The Three Kingdom and its future developments, visit their social media channels listed below.

    Website — https://ttk.gg/

    Twitter — https://twitter.com/PlayTTK

    Telegram Announcements — https://t.me/TTK_Official

    Telegram Official Community — https://t.me/PlayTTK

    Discord — https://discord.com/invite/kg4SMdCCM5

    Reddit — https://www.reddit.com/r/PlayTTK

    Medium — https://medium.com/@PlayTTK

    Sources:

    https://latestnews.plus/gamefi-altcoins-are-growing-crazy-so-what-is-gamefi/ https://medium.com/@PlayTTK/the-three-kingdoms-introducing-the-new-era-of-play-to-earn-d569264ffb11
    https://medium.com/@PlayTTK/introducing-ttk-and-chi-let-the-spirit-of-ttk-help-you-find-your-chi-2394d2895f7a
    https://medium.com/@PlayTTK/the-art-of-chi-the-life-force-that-enriches-play-to-earn-in-the-three-kingdoms-274959efee24
    https://news.bitcoin.com/the-three-kingdoms-the-new-era-of-play-to-earn-games/ https://www.crypto-news-flash.com/the-three-kingdoms-successfully-closes-3-2m-investment-round/

  • 0x ($ZRX) guide: The future of cryptocurrency exchanges?

    0x ($ZRX) guide: The future of cryptocurrency exchanges?

    0x ($ZRX) is an open protocol for developers to build their own decentralised cryptocurrency exchanges on the Ethereum blockchain. 0x came about as an answer to the problems inherent in centralised exchanges (CEX) and decentralised exchanges (DEX). For CEXs, approximately USD $1.1 billion has already been lost through security breaches on these platforms. Thus cryptocurrency enthusiasts have become wary for fear of losing their funds. Decentralised exchanges were meant to be an answer to this, but they have also issues of increased friction and increasing transaction costs. In this guide, we will explore what 0x is already offering in today’s market, and take a look at their recently released version 3 of the protocol.

    Background

    0x is a brainchild of its CTO, Amir Bandeali, and its CEO, Will Warren. Other key individuals behind the project include their blockchain engineers, product designers, researchers, and business strategists. They also have a strong list of advisors including Fred Ehrsam, Co-founder of Coinbase and David Sacks, former COO of PayPal.

    What is 0x?

    0x is a protocol built on the Ethereum blockchain to create and power decentralized exchanges. Its aim is to be interfaced with other systems to power high-end decentralized applications (dapps).

    The protocol seeks to inspire the movement of assets across the financial sector by eliminating third parties that have been making the process complicated and costly. The presence of smart contracts has also helped push third parties further to oblivion.

    The advent of DEXs comes to safeguard users’ funds and prevent government censorship. These exchanges place the security of users’ funds onto the users themselves instead of trusting centralized platforms, which are prone to hacks.

    Due to the Bitcoin blockchain scalability issues and lack of smart contract flexibility, dapp developers have flocked to Ethereum to build decentralized solutions such as exchanges. Unfortunately, with everyone looking to build a specialized dapp, Ethereum has been flooded with applications that cannot communicate well with each other.

    Furthermore, these applications have varying degrees of security and quality. 0x came to solve this user fragmentation issue, as well as reduce the cost of using dapps.

    How does 0x work?

    Although it is built on top of Ethereum, its orders are dealt with off-chain as relayers are used to match the orders. The orders are only uploaded on the Ethereum blockchain after the process is complete. Off-chain signing reduces the amount of gas used in a particular transaction while also reducing the load on the main chain.

    A relayer on the platform can be thought of as a decentralized exchange that has both public and private order books. Orders are broadcasted through these order books to make a suitable match.

    Apart from reducing the gas fees involved, this approach also allows users to have control over their funds. An important feature of a relayer is that it only facilitates but does not conduct trades.

    To allow this, the relayer needs to be supplied with the order maker’s signature, which is then delivered to the DEX’s smart contract. Relayers are rewarded using the protocol’s native token, ZRX, though this has been changed along with several other features in version 3 of 0x.

    0x version 3: A new protocol with enhanced features

    In August 2020, the decentralized protocol released a new version 3 that enables users to develop a more interconnected DeFi ecosystem. There are 3 major upgrades in this new version: staking ZRX tokens, liquidity bridges and flexible fees.

    0x staking features

    Version 3 of 0x introduced a staking mechanism which allows trading fees to be accepted in any token. Market makers that provide liquidity are seen as crucial for 0x’s long-term growth since they bring in liquidity. Hence a new staking feature was introduced whereby market makers on 0x are given monetary rewards. This means that any ZRX holder can join a market maker’s staking pool and be entitled to a share of the liquidity rewards. Meanwhile, it is in the best interests of the market maker to entice stakers to join their pool because it increases their potential liquidity rewards payouts and their voting power on governance issues since stakers are required to delegate half their voting power to the market maker.

    Liquidity bridges

    Liquidity bridges is an exciting upgrade for decentralised finance (DeFi) developers who are building dapps that will benefit from accessing more liquidity. This is because the feature will enable them to source liquidity not only from the 0x network itself, but other DEXs such as UniSwap or Kyber from a single point of integration, known as 0x API (more on that below). In short, allowing users access to liquidity in other DEXs, thereby ensuring that orders are being filled to reach higher volumes, and thus attracting even more users onto the platform.

    Flexible fees for Relayers

    Previously, 0x only allowed Relayers to receive fees in ZRX only. This was problematic because sometimes Relayers may not want to receive fees in ZRX. It also led to a poor experience for Relayers since it created more additional steps in DEX trading, for example one of the largest 0x DEXs by volume didn’t have fees. And there is speculation that this is because of the limited ways in which fees could be paid out. This has been fixed in version 3, where Relayers can choose to have their fees paid in any Ethereum-based token or even in the token currently being traded.

    ZRX Token: What is it?

    The ZRX token is built based on Ethereum’s ERC-20 standard. Apart from being used to pay relayers for facilitating trades, it is also utilized for governance on the 0x protocol. In line with this, the amount of ZRX held determines the power a governor has when contributing to governance issues such as protocol upgrades.

    The ZRX token supply is hard-capped at one billion. During its launch in 2017, half of the tokens were released and distributed to developers (15%), 0x (15%), founding team (10%), and advisors (10%).

    ZRX is listed on Binance, Coinbase, Huobi, HitBTC, and other leading exchanges. For storage, the token is supported by Ledger (both the Nano X and Nano S), Enjin, Exodus, and any other cryptocurrency wallets primed for ERC-20 tokens.

    As mentioned above, the 0x team has recently introduced staking features for ZRX which gives more incentives for both liquidity providing market makers and ZRX holders.

    Other products powered by 0x

    0x has a whole suite of products aside from its open protocol. These are:

    ·         0x Instant– This offers a way to buy cryptocurrency on any app or website.

    ·         0x mesh – Allows access to a global P2P order book for tokens.

    ·         0x API – Can be used to accumulate liquidity from platforms built on the protocol such as UniSwap, and Mesh. It can also be used to swap tokens based on price.

    ·         Matcha – A platform to find the best prices across exchange networks.

    ·         0x Extensions – For use with relayers to incorporate new trading types.

    ·         0x OTC – This is a consumer-based exchange that allows for a P2P exchange of ETH tokens without a relayer. Unlike the other P2P exchanges, 0x OTC enables the seller to send a link to the buyer on any platform, including social media, and its results are recorded on the Ethereum blockchain.

    Even with numerous advantages, the protocol uses multi-signature smart contracts that could be exploited since they are still based on code. Also, since the DEXes are still a work in progress, they may not have the liquidity needed to fill orders for lesser-known tokens.

    Conclusion

    As blockchain technology matures, so should the applications run on top of it. However, as more dapps flood the scene, we need a standard quality and security setting to ensure that these systems operate as they are intended. Thankfully, with 0x, the standard is already set.

    Furthermore, dapp developers also need to embrace the system for users to benefit from low transaction fees.

    The 0x protocol can be used in prediction markets such as sports betting, which require untampered results of outcomes of physical events.

    The platform’s vast use cases are also capable of bringing real change in the decentralized world while leveraging off-chain mechanisms to drastically enhance scalability.

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

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

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

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

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

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

  • Uptrennd ($1UP): A “community first” Facebook alternative

    Uptrennd ($1UP): A “community first” Facebook alternative

    Uptrennd ($1UP) is a decentralised social network. With the rise in social media networks, privacy risk and user data concerns are gradually increasing. At present, every user on the internet wants to be safe while using these applications. Centralized social media platforms like Facebook and Twitter have failed to provide their users with secure and reliable systems that protect their data. Hence platforms like Uptrennd are emerging as an alternative.

    Background

    Jeff Kirdeikis, the Founder of Uptrennd laid the foundation for the platform in January 2019. He poised it as “the next evolution of social media“. Kirdeikis is a cryptocurrency enthusiast who owns the world’s largest crypto Facebook group Cryptocurrency Investing. He is also the host of The Bitcoin & Crypto Podcast.

    Back in 2017, as tech giants Facebook, Google and Twitter had banned cryptocurrency-based advertisements, decentralized social media platforms such as Steemit, Weku, D.Live etc rose to prominence. However, those platforms were also embroiled in their own controversies. For example, Steemit was taken over by Tron (which itself was highly controversial amongst Steemit users) and caused members to invoke a soft fork to reduce Steemit and Tron’s voting power. However, the soft fork failed and users accused Tron and 3 popular cryptocurrency exchanges for gaming the outcome.

    Jeff and his team recognized this rising concern and was witness to this drama which tore the community apart. And thus, Uptrennd was created to overcome issues currently plaguing all those other decentralised platforms. Uptrennd distinguishes itself from everything else by being “community first”, as quoted by Kirdeikis himself.

    https://twitter.com/JeffKirdeikis/status/1234660384633524226

    To this day, Uptrennd is a standard web 2.0 website that didn’t go through any seed funding or any initial coin offering (ICO).

    What is Uptrennd?

    Uptrennd is an incentive-based social media platform that offers earning opportunities to its users for creating quality and original content. The platform is designed with a modern touch to support four fundamental factors :

    • Freedom of speech
    • Data Security
    • Equality of opportunity
    • Fair distribution of wealth

    Additionally, Uptrennd plans to invest 80% of all generated revenue back into the platform to create a trusted and profitable social economy. On the whole, Uptrennd’s introduction truly signifies the start of a new era in the social media industry, one that incentivizes its users above all.

    It has designed amazing gamification features with a levelling up system. This allows users to increase their rewards from their upvoted content submissions & comments as they level up their account with the native “1Up” token.

    What is 1UP Token?

    1UP is an ERC-20 token that functions as the native asset on the Uptrennd platform. 1UP token follows the core upvoting system, which is more commonly referred to as points.

    These points can be earned by doing all sorts of activities like posting, commenting, viewing posts, etc. And, users can exchange them for 1UP tokens. At present, one point is worth one 1UP token.

    It is worth noting that the value of 1 upvote will not always be worth 1 token. In the future, the value may increase to 100+ points to earn one token. Thus, the platform provides value to early holders and adopters. Furthermore, it ensures that the 1UP token economy is infinitely scalable.

    1UP Tokenomics

    Overall, 1,000,000,000 tokens were pre-mined and kept securely in cold storage. The tokens will be taken only when users withdraw them from their points earned on the platform. Moreover, the network has pledged to make 1UP a deflationary token.

    Uptrennd burns 30% of points used by active members of the platform to level up each month. 30% of each point is burnt from the total supply that is used to boost, level up, or make on-site purchases. For instance, if 10 million points are used, the platform burns 3 million tokens.

    This means that 1UP will become increasingly more scarce with each month passing, like any deflationary asset.

    In addition, the platform is also distributing an extra 20% of the invested amount to the community growth fund. At present, there are nearly 900 million tokens in Uptrennd’s cold-storage and about 100 million tokens in the circulating supply.

    The token is currently available on exchanges like Uniswap, P2PB2B, Altilly, Idex, and more.

    How Does Uptrennd Let Users Earn Points?

    Apart from content creation and interaction, users can also earn points on Uptrennd using the following ways:

    1. Receiving an upvote on your comment or post
    2. Earning by Sharing – you can earn 50% of the points when you Repost.
    3. Collecting donations from active members of the platform.
    4. Daily Activity Bonus (requires at least 10 visits per day)
    5. Monthly and Weekly contests
    6. Inviting new users onto the platform
    7. Exchanging tokens for points.

    Basically, when a single upvote in Uptrennd is sold, it is worth $0.05. However, the company explains that in the event that a token exceeds $0.05 on exchanges, then the price of the points will increase as well. According to the website, the main objective of the platform is “maintaining a 10% premium to incentivize purchases on exchanges for liquidity.”

    Moreover, the company also claimed that “if the price drops below that $0.05 limit, the value will not change, this is termed as [the] floor price.”

    Use Cases of 1UP Token

    The platform provides multiple ways for users to use their earned points.

    1. Users can use the tokens to level up their accounts. For each additional level-up, the platform provides access to increase the reward earned for each upvoted post or comment.
    2. One can easily boost their own post for a specific number of views with 1UP tokens.
    3. Users can purchase banner advertisements on the platform with 1UP tokens. Furthermore, 80% of advertisement earnings are given back to the community.
    4. Users can donate tokens to others as tips. In addition, one can use it as a bounty for accomplishing particular tasks announced by the user.
    5. Users can sell their 1Up tokens on a third-party exchange for fiat or any other cryptocurrency.
    6. The platform also plans to allow users to utilize their 1UP tokens to unlock user-created exclusive communities that are based on subscription.

    Uptrend – Future Implementation

    According to Jeff, Uptrend is now entering the decentralised finance (DeFi) space with multiple implementations and partnerships. The DeFi features will include

    • Fixed APY Staking
    • Liquidity Mining
    • Staking rewards based on network activity

    Apart from DeFi, it is making big moves in other areas like Android and iOS mobile apps, raising capital, and Direct FIAT onramp to 1UP tokens. The platform is also looking forward to listing 1UP tokens on top exchanges.

    Conclusion

    Uptrennd has now become one of the world’s most-engaged decentralized social media platforms. It has provided an opportunity for entrepreneurs, writers, hobbyists, and other part-time workers to monetize their skills and passion.

    With all its innovative use cases, it appears that the platform is trying to become the next big thing among all decentralized social media networks. Overall, it has the ability to bring increased visibility & engagements to its user’s content by providing incentives via cryptocurrency rewards.

    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.

  • THORChain ($RUNE) information and guide

    THORChain ($RUNE) information and guide

    Among the growing list of emerging decentralized exchanges lies THORChain and their RUNE token. The Company is one of many decentralized finance (DeFi) options in a field that is creating much buzz within the industry. The decentralised liquidity network, whose successful seed funding was completed last year, is one that should not be missed by those who are looking into this field. After a successful mainnet launch, the cross blockchain answer to Uniswap was made official in the first part of this year. As such we have compiled a complete guide to EVERYTHING you wanted to know about THORChain, answering questions like ‘What is THORchain?’, ‘Who Uses THORChain’ and other important topics.

    What is THORChain? 

    First imagined in 2018, THORChain offers a wide range of services on its decentralized permissionless network. It allows for swapping of assets like Bitcoin and Ethereum as well as providing continuous liquidity pools for users. The platform uses a cross chain and can be used on any blockchain/with any asset, unlike other decentralized exchanges. 

    Their development paper outlines the core conception of THORChain, saying: “THORChain is a liquidity protocol designed to connect all blockchain assets in a marketplace of liquidity through cross-chain bridges and continuous liquidity pools secured by economically incentivised validators.” 

    THORChain’s consensus is Proof-of-Stake and built on Tendermint, with network validators required to bond (lock up) their native token, $RUNE. Validators are punished for bad behaviour by having their stake slashed, which in turn disincentivises such actions.The network’s data is calculated and overseen using Midguard API service and is secured and bonded by ThornNode, which also powers the network. The nodes make vaults and validate the transactions on the site.

    Who uses THORChain?

    Users

    These are the main participants and they usually use the cross chain services between the pools with them paying a slip fee. The fee is paid due to gas fees on external services and for fast execution. However, swapping is non custodial and unrestricted on different chains. 

    Liquidity providers

    These are secondary participants who add liquidity to the various pools which is then bound with RUNE in a separate vault. Using the continuous liquidity pool means the network does not need oracles or have a price feed. Liquidity rewards are earned through fees generated from pools and are paid out when users withdraw. As the THORChain website explained, “liquidity is provided by stakers who earn fees on swaps, turning their unproductive assets into productive assets in a non-custodial manner. Market prices are maintained through the ratio of assets in pools which can be arbitraged by traders to restore correct market prices.”

    Nodes explained

    Nodes are the basis for THORChain’s services. They have three main functions, these are: to Bond RUNE, create vaults (which are like wallets) and witness transactions/produce blocks. They are all run by node administrators who are also rewarded for their work through bond rewards. For a full breakdown of node operators, please click here.

    In terms of THORChain, as previously mentioned, nodes earn two-thirds of the System Income and they make vaults and validate the transactions on the site. Nodes are anonymous, with plausible deniability on all transactions. The nodes are created every three days and compete to enter with bonded capital. The oldest nodes are churned out and replaced when necessary. This allows the nodes to stay fresh and keeps the network constantly updating itself.

    RUNE token: what is it?

    Another integral part of the system and the nodes that run it is THORChain’s native token, RUNE. Available through Binance Chain, the token is a BEP2 token.The RUNE token is used in all liquidity pools and is bonded by nodes. All RUNE tokens are at a 1:1 ratio to asset value and this allows for pools to be linked. RUNE is also the rewards for pools, with the equivalent of 1/3rd of the System Income providing continuous liquidity incentives. 

    Alongside providing on chain liquidity, RUNE is also an important part of the THORChain security. This is because it protects against malicious actors by offering them a larger benefit for liquidating then they would receive from corrupting the system, as nodes earn 2/3rds of the System Income. Thus all transactions using RUNE on the system have double the amount at a 67% to 33% ratio. The other third is for liquidity providers. Not only that, but in terms of security nodes are also closed when malicious activity is detected. 

    RUNE has a total supply of 500 million tokens. Of which 100 million will be sold to the public in 3 stages, 150 million has already been allocated throughout the team, community and operational reserves, and the remaining 220 million is saved for the emissions reserve. 

    How to earn RUNE?

    RuneVault: Liquidators and users of RUNE can have access to the RUNEVault feature which allows you to store and stake the token, with returns on investment. Using a Binance Chain Feature, users can “freeze” their tokens even if they have staked them meaning that the currency is always in the wallet. Earnings are based on weekly RUNE staked, but this weekly taking is reset should you withdraw any amount. 

    Rewards

    THORChain offers rewards for all participants on the network. The rewards are paid out through the distribution of system income. This is worked out by Swap fees plus Block rewards. Swap fees are paid by users when swapping assets and Block rewards are worked out on an emission schedule. As mentioned previously, the system income is paid 67% to the nodes and 33% to the liquidator. However, this ratio is officially worked out by the incentive pendulum. 

    Governance on THORChain

    THORChain attempts to have a minimal governance model. Instead staked capital is the main driver of the market and developers respond accordingly. New assets are easily listed and this means there are rarely many governmental decisions to undertake and it is truly decentralized in many ways. 

    Who is the team behind THORChain?

    The team behind THORChain is purposefully pseudoanonymous. According to their website, “figureheads, personalities and founders undermine a project’s ability to decentralise,” and that, “transparency is demonstrated in other facets (treasury, code, research)”. That being said, there are 10 employees listed on LinkedIn and 12 team members listed with 6 additional advisors on ICOBench. 

    What sets THORChain apart? What are its benefits?

    THORChain takes a little while to understand the basics and the nodes that run the network. However, once you get the hang of the exchange then THORChain has a number of benefits. 

    The main benefit is that with their cross chain feature, any asset can be swapped and a pool created around it. That gives users a huge amount of variety and does not hem them in unlike other decentralized exchange options do. This opens a whole new world of possibilities for DeFi users and one that should be applauded. 

    Conclusion

    For those who are fans of Uniswap, then this decentralized option could be a great alternative. Yet, as Balancer has shown with their recent security scare, the often precarious nature of DeFi security does cause concern. Perhaps though, THORChain with their incentivized payments negates this risk. However, until more is known about the site and they are around for longer it will be hard to make a final judgement. 

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

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

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

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

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

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

  • The PIT Exchange Review: Blockchain.com’s secret weapon

    The PIT Exchange Review: Blockchain.com’s secret weapon

    The PIT is a high performance cryptocurrency exchange which supports extremely high performance, security and access to a network of banks for fiat trades. The PIT is made by Blockchain.com, a cryptocurrency industry veteran who’s blockchain explorer and wallet is used by millions. To build the exchange, Blockchain.com hired trading veterans from NYSE, Google, Goldman Sachs, UBS and TD Ameritrade. The key selling point for The PIT is the efficiency and fairness of the custom “Mercury” trading engine coupled with the large 40M audience Blockchain.com already has.

    In this review we’ll take a deep dive a the trading features on the PIT, trading and withdraw fees, security and an assessment on liquidity.

     “We decided to take matters into our own hands, and built an exchange that puts users first, including the 40M wallets on our platform.”

    Peter Smith, CEO of Blockchain.com

    Buy Crypto directly with USD or EUR

    One of the biggest selling points of The PIT is the ability to buy cryptocurrencies with USD or EUR. As a regulated exchange, The PIT has bank accounts in good standing in both the US and European Union. This customers can buy Bitcoin without paying expensive credit card fees (Binance’s Credit card issuer charges 5% to buy cryptocurrencies). Being regulated also means The PIT has already obtained the necessary audits and permits necessary for operating an exchange.

    Daily Clearing to Fiat

    A big selling feature for the PIT is the daily clearing of fiat to a network of top banks in Europe and US. This drastically prevents liquidity issues when it comes to fiat, such as failures to withdraw Fiat. This feature will be most attractive to institutional investors (Supported by the PIT Pro) who need direct access to large quantities of fiat.

    About Blockchain.com

    Blockchain.com allows users to access the PIT exchange directly in their wallet.

    The PIT is created by Blockchain.com, the first company to establish a blockchain explorer for Bitcoin. Blockchain.com was launched in 2011, with the website blockchain.info and blockchain.com. In 2013, they launched a Bitcoin wallet for iOS and Android. In 2014 Blockchain.com closed the second biggest digital currency financing around of $30.5 Million fundraising from Lightspeed Venture Partners and Moasiac Ventures.

    Simple trading interface

    The PIT trading interface

    The PIT offers a simple, ease to read trading interface. Trading history, order book and price history is very cleanly presented on the trading interface. The front-end also supports a large degree of customization, allow users to use TradingView to draw patterns and trends.

    The PIT exchange fees

    The PIT charges trading fees using a tiered system based on the amount of USD traded. In the starter tier, fees start at 0.14% for makers and 0.24% for takers. Maker fees decrease substantially as trade volume increases, with the lowest maker fee at 0.02% for trade volumes above $1 Billion USD.

    TierVolume in 30 DaysMakerTaker
    1$0.00 – $99,999.99 0.14% 0.24%
    5 $2,500,000.00 – $4,999,999.99
    0.04%     		0.18%
    10$20,000,000.00 – $24,999,999.99 0.03%0.14%
    15 $1,000,000,000.00+ 0.02%0.05%

    Is The PIT secure

    Whilst the PIT is a new cryptocurrency exchange, Blockchain.com has been in the cryptocurrency industry since the beginner. Blockchain.com has been providing wallets to millions of cryptocurrency users with an excellent security record. This gives Blockchain.com a strong reputation and presence in the industry. This puts Blockchain at the top of the list for security (however, we always recommend users to take funds off exchanges for long term storage and into their own wallet, such as the Ledger Nano X).

    As an added security measure, there is an optional feature to bind The PIT account with the Blockchain mobile wallet. This will provide additional account security.

    What coins can you trade on The PIT

    Currently the PIT supports the trading of Bitcoin (BTC), Ethereum (ETH), USD, Bitcoin Cash (BCH), Stellar (XLM), Paxos Standard (PAX), Litecoin (LTC) and USDT.

    The PIT Exchange Review

    Review Score: 4.5/5

    The PIT has three major advantages – abundance of users, access to a network of bank accounts in US & EU, and long term reputation in the crypto space. Whilst 2019 saw a sudden influx of exchanges, most don’t have licenses to work with banks or passed audits. With a simple to use, yet highly customization interface, the PIT is easy to use for new traders and also feature rich for experts.

    [wp-compear id=”5176″]

    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.

  • Carry Protocol: What is it and what will it do for offline retail?

    Carry Protocol: What is it and what will it do for offline retail?

    Carry Protocol
    Carry Protocol

    Carry Protocol is a blockchain project that integrates directly interacts with millions of customers who shop and dine in South Korea. Carry creates an ecosystem that directly rewards shoppers, advertisers and retail stores, creating a win-win situation using blockchain technology. The key value behind Carry (CRE) is the integration into the biggest Korean rewards program – Dodo point (with more than 20 Million registered users).

    Despite the rise of online retailers such as E-bay and Amazon, a great deal of commerce still occurs offline in brick and mortar stores. This traditional offline market is worth about US$25 trillion and comprises of 90% of all retail spending. This creates a lot of transactional data which includes valuable information on how and what we spend our money on.

    Carry CEO Richard CEO demonstrates the Carry App

    Carry Protocol uses blockchain technology to harness the utility of this transactional data. The network will give merchants better advertising tools and also enable consumers to control their data.

    How does Carry create a win-win situation?

    How Carry works
    How Carry works from a consumers’ perspective

    Merchants

    Expanded payment options
    Consumers can choose to pay in cash, credit or cryptocurrency

    Merchants will be able to also accept digital currencies such as Bitcoin, Ethereum or Carry in their brick and mortar stores.

    Carry will also enable merchants to reward their customers with digital tokens and custom Branded Tokens (BT). These BT will act as loyalty points.

    Consumers

    Reward for sharing
    Consumers will be rewarded for sharing their transactional data

    Carry will finally allow consumers to own and monetise their transactional data.

    Most importantly, Carry will allow consumers to do this anonymously. Carry ensures consumers’ data remains anonymous by associating it with one or more wallet addresses rather than consumers’ names. Consumers can also choose to withhold selling their data to advertisers.

    And of course, consumers will enjoy the benefits of the CRE tokens and BT.

    Advertisers

    Choose to share
    Advertisers can utilise the data which consumers choose to share

    They will be able to make use of the transactional data provided anonymously by consumers.

    Advertisements will be sent to consumers’ phones about various merchants and their offers, which can attract consumers to them.

    How does the Carry token (CRE) work?

    CRE (pronounced “carry”) is the main token in the Carry system and features a huge part in the ecosystem.

    Merchants use CRE to access Carry’s host of services. For example creating custom BT or programmable smart contracts. The merchants stake a certain number of CRE tokens on the Carry Protocol which will determine how many BT transactions they can have.

    Consumers use CRE as payment for goods and services. The CRE spent will also be converted to loyalty points in the form of BT, which consumers can use in subsequent visits.

    Advertisers will distribute CRE to consumers as compensation for accessing their transactional data.

    What’s the status of Carry?

    Carry will be operated by the co-founders of Spoqa. Spoqa is South Korea’s largest brick and mortar rewards platform with customer-facing tablets in 10,000 stores across Korea. Customers use this platform with their Dodo Point loyalty service.

    Carry console
    Carry will utilise the system of consoles by Spoga.

    Carry will utilise this existing infrastructure by launching its service on Spoga’s tablets. A simple update on the tablet is all that’s required.

    In terms of partnerships, Spoqa itself already has $10 million in funding and has expanded into Japan. Meanwhile, Carry already has support from Hashed (the early angel investors in ICON).

    Carry hopes to eventually expand out of their base in Asia to the rest of the world.

    The Company has also recently announced its partnership with Genesis Block, an Asia-wide Over The Counter (OTC) trading desk and cryptocurrency ATM machine provider.

    Carry x Genesis Block
    Carry x Genesis Block

    CRE will be tradable at Genesis Block’s OTC desks.

    Click here to learn more about OTC desks. You can also check out our video with Genesis Block’s Head Trader- Charles where we make him spill all his trading secrets.

    Binance Competition

    Carry Protocol has been selected to be in a voting competition on Binance – if successful CRE will be listed on Binance Exchange.

    Conclusion

    As much as we increasingly spend our times online, we cannot escape the offline world. We still want to travel to different places, visit shops and go out for meals with our friends.

    Carry will be a welcome change to the increasingly relentless and intrusive world of online targeted advertising. Consumers will be able to choose to share their data to advertisers. Most importantly, we will receive actual incentives for doing so.

    The low cost associated with Carry will also help a lot of small businesses gain exposure. This will enable them to survive in this aggressive market dominated by corporations who may simply only have better resources but not necessarily a better product.

  • ThunderCore (TT) Explained: Will this Blockchain overtake Ethereum?

    ThunderCore (TT) Explained: Will this Blockchain overtake Ethereum?

    What is Thundercore?

    ThunderCore (TT) is a high-performance smart contract platform which allows for the running of decentralized applications (Dapps) and Decentralized Finance (DeFi). Thundercore promises low fees and compatibility with any app written for the popular Ethereum Platform. The underlying currency on Thundercore Network is TT, which is used as a transfer of value and for related gas fees on the platform.

    Thundercore attempts to Solve Scalability, allowing For Under One Second Confirmations. In the last couple of years, many blockchain projects have been working on scaling and improving network speeds. Until recently, it seemed nearly impossible to scale blockchains with big projects like Ethereum failing to do so. ThunderCore seems to have cracked it and may be on track to beating giants like Ethereum in scaling their platform.

    What is the aim of ThunderCore?

    ThunderCore aims to be a high-performance blockchain that enables mass adoption of dApps. It promises comparatively lesser transaction fees (low gas cost), compatibility, security and speed.

    Currently, transactions on the blockchain are very slow. This is because of the “Blockchain Trilemma” a term coined by Vitalik Buterin, the founder of Ethereum.

    Solving the Blockchain Trilemma

    Vitalik Buterin proposed that a Blockchain can only have a maximum of 2 of these properties

    According to the “Blockchain Trilemma“, a blockchain has three major features: decentralization, scalability and security.

    However, the blockchain trilemma proposes that it is very hard for a project to have all three features to a satisfactory condition. A network that is decentralized and has a tough security would not be scalable. Similarly, a blockchain that is decentralized and scalable will have little security etc.

    Buterin believes at a fundamental level, a blockchain network can only achieve two of the three features at any time. The blockchain trilemma could be the source of scalability issues on most cryptocurrency blockchains. Most crypto projects cannot handle high numbers of transactions while ensuring network decentralization and security.

    However, ThunderCore has found a solution for this problem.

    How does ThunderCore solve the Blockchain Trilemma?

    Many projects have tried and failed to continue their emphasis on decentralization and security while incorporating scalability. ThunderCore, however attempts to do this in a unique way. They do this by creating a Fast Path and a Slow Path. The Fast Path is for optimistic conditions. Whilst the Slow Path is for worst-case situations.

    What is the Fast Path and the Slow Path?

    The Fast Path is like a highway, allowing for instant confirmations on the network. However, if anything goes wrong on the Fast Path, ThunderCore users can resort to a Slow Path. The Slow Path is similar to a network of smaller roads. It isn’t very fast, but it will be reliable.

    For the Fast Path, ThunderCore facilitates fast and easy confirmation by 2 ways. The “Committee”, which is executed by a committee of stakeholders. And the “Accelerator” to linearize transactions and data.

    ThunderCore uses Ethereum as the Slow Path as it is one of the most stable networks in the industry. The slow path will take over when the network condition is bad and /or if there is an attack. It also acts as a check to see if the Accelerator is working.

    How to Stake Thundercore?

    Thundercore cannot be mined as a way to generate new TT or gain passive income, hence there is no thundercore mining. Instead to passively generate Thundercore, TT is staked by locking up TT in a particular wallet. The amount of rewards depends on the lockup duration, which can be 7 days, 30 days, 3 months, 6 months or 1 year. Staking Thundercore is easy, you can do this using the mobile wallet and joining a staking pool.

    Thundercore Staking Rewards Chart.
    Thundercore Staking Rewards over time

    What is the ThunderCore (TT) used for?

    The ThunderCore (also known was ThunderToken or TT) is the native cryptocurrency of the ThunderCore network. Analogous to ETH on the Ethereum network, ThunderToken is used for paying gas fees and value transfers.

    The ThunderCore Team

    ThunderCore Team: Chris Wang (CEO), Elaine Shi and Rafael Pass

    The team comprises of engineers, scientists and entrepreneurs. They previously worked in publishing academic papers relating to Bitcoin and smart contracts. They are also the founding members of the Initiative for Cryptocurrency and Contracts (IC3).

    Update Aug 2019: Chief Scientist Elaine Shi has announced that she will be leaving the ThunderCore Project.

    What is the Current Status of ThunderCore?

    The first Thunder release will be fully EVM (Ethereum Virtual Machine) compatible. Thus, allowing for direct migration of dApps.

    ThunderCore has already deployed its pre-release main-net. Therefore, developers can already start building on ThunderCore. Users can also start deploying smart contracts.

    How do I connect to the ThunderCore Mainnet?

    You can directly connect to Thundercore by changing the RPC settings on Metamask or changing the server on MyEtherWallet.

    ThunderCore Mainnet Settings for Metamask
    1. Install MetaMask: you can install the MetaMask browser extension on your browser. Create an account on the Metamask website and set up the security protocols (for a full guide check out our Metamask Tutorial);
    2. Get ThunderToken (TT): You can get tokens from the Metamask browser extension. Click on the drop down menu and select “custom RPC”. Go to “new network section” and select “advanced option”.
      1. Mainnet RPC URL: https://mainnet-rpc.thundercore.com
      2. Chain ID: 108
      3. Symbol: TT
    3. The TT symbol will appear on your Metamask. You can get 50 free tokens on the ThunderCore website by copying and pasting your Metamask TT address onto the appropriate field. You can also use this process to purchase tokens;
    4. Copy and paste the ERC20 contract: copy smart contract source code from Github; (use mine here: https://remix.ethereum.org/#version=soljson-v0.4.24+commit.e67f0147.js&optimize=false&gist=116b51b7e5bf2cd3f29f2136dac3f08f)
    5. Deploy through Remix ID; and
    6. Check on https://scan.thundercore.com/ .

    Pros and Cons of ThunderCore

    Pros

    • ThunderCore is compatible with the Ethereum network;
    • The network has a faster transaction speed compared to Ethereum;
    • ERC20 smart contracts can be deployed on this network;
    • The team are working on new features that would allow dApp interaction without gas;
    • ThunderCore allows users and developers to utilize existing tools such as Metamask and Truffle etc.; and
    • Developers can use familiar programming languages (e.g. Solidity) while carrying out smart contracts on the network.

    Cons

    • There is currently only one “Accelerator” on this network. This raises questions over how much power will be centralized. (Note the accelerator cannot freeze accounts or pause transactions indefinitely as this would lead to a re-election)

    Token metrics & Circulating supply

    The Thundercore is currently listed and trading on Huobi. The coin is listed as Thunder Token on CoinMarketCap.

    Huobi has released the Token metrics of ThunderToken (TT):

    Total Raised: $50M USD
    Angel round: $0.01 USD/token (2 years lock- till March 2020)
    Seed round: $0.02 USD/token (1 year lock – till Apr-May 2019)
    Final round: $0.10 USD/token(20% released on Feb 28, 40% to be released on May 28, 40% on Aug 28)
    Huobi Lite round: $0.015 USD/token, only $500,000 USD worth of tokens sold

    What we can deduce from this is that ThunderCore valuation dropped from the final Private sale time – from $0.1 to $0.15. Admittedly, the Huobi Lite tokens could also be considered to be sold at a discount to encourage more players to get in. There is controversy over the Huobi Lite sale of TT, as the token price was much lower than the Final Round – upsetting a lot of the initial investors and supporters (such as ThunderFans).

    ThunderCore Hub (Games and Thundercore Giveaways)

    ThunderCore Hub is a wallet and Dapp hub for mobile phones

    Currently ThunderCore Hub is doing a 150 TT giveaway to test out their new Android app. To quality, visit the ThunderCore Hub website and install the beta APK, register for an account and play dApp games to get the free TT.

    Conclusion

    ThunderCore is different because it scales both transactions and smart contracts. This could mean that blockchains can have thousands of transactions per second without compromising on security and decentralization.

    Update (May 1 2019): Mainnet RCP address and Team members & Linkedin Profiles
    Update (May 10 2019): Added listing information on Huobi
    Update (May 14 2019): Added ThunderCore Hub and TT Giveaway

  • Top 10 Best Ways to Keep Your Cryptocurrencies Safe

    Top 10 Best Ways to Keep Your Cryptocurrencies Safe

    In this article we give you the top 10 best ways to keep your cryptocurrencies safe.

    Cryptocurrency and Bitcoin is an exciting emerging field bringing new ways of understanding technology and value. The rewards from investing in cryptocurrencies can also be huge. Therefore, hackers and thieves are constantly stepping up their game. And when theft from a remote location is possible and tracking hackers are almost impossible, it is very easy to lose everything. Therefore, you have to always take vigilance in your hands.

    1. Understanding ownership of cryptocurrencies

    Ownership of cryptocurrencies is via holding a Private Key. Anyone with this Private Key is able to withdraw your cryptocurrencies, similar to someone knowing your PIN code for your bank account.

    With banks, if someone makes an unauthorised withdrawal from your bank account, you always can request your bank to reverse the transaction. This is not possible with cryptocurrency transactions which cannot cannot be cancelled or reversed.

    This makes it all the more important to keep your Private Key to yourself.

    Notably, many cryptocurrency holders store their cryptoassets on exchanges for trading. Some may also use online wallets for convenient storage and use. In these cases, the exchanges and wallets hold the Private Keys to your cryptocurrencies. Therefore, storing cryptocurrencies on exchanges and online wallets is essentially putting the security of your assets in the hands of third parties. Clearly, this is not something you would want to do.

    2. Be wary of phishing scams

    Phishing is malicious activity that involves deceptive emails or websites to solicit a user’s personal details. For example a phishing email disguised as a cryptocurrency exchange can direct you to a fake website and ask you to enter your login and password information.

    One way to protect yourself is obviously be wary of any emails asking for your login information or requesting you to login onto their website. Especially if you have not done anything that may trigger this e.g. requested to reset your password.

    As a good practice, you should also always check website security certificates on your email and any cryptocurrency exchanges you visit. But do note this is not 100% accurate.

    3. Protect Your PC or phone against malware

    Hackers can find ways to access your desktop wallet remotely using specialized malware. Therefore, always make sure your trading computer does not have any unknown programs.

    Antivirus programs can add an extra layer of protection.

    Some people may have phones or computers which they only use for trading or transacting with cryptocurrencies.

    4. Avoid using public Wi-Fi networks

    An additional measure to protect your computer is to avoid public Wi-Fi networks and especially accessing your cryptocurrency wallets or trading in public. These can be an avenue for foreign infiltration and theft of your cryptocurrencies.

    5. Use a hardware wallet

    Hardware wallets
    Hardware wallets

    Hardware wallets are external offline devices you can use to store your private keys and thus your cryptocurrencies. As they are offline, your cryptocurrencies will be protected against malware or viruses.

    They do cost money but it is worthwhile for the sake of the security of your cryptoassets.

    Examples of hardware wallets include the Ledger Nano X and the Trezor Model T. You can check out our Ledger Nano X review, or our Trezor Model T review for more information.

    6. Use a paper wallet (for those who are extra careful)

    Paper wallet example
    Paper wallet example

    Paper wallets are simply a piece of paper with your private and public keys printed on it. This paper wallet is kept in a safe location. For example, some people may store it in security deposit boxes or in a secure location at home.

    This is the safest way of keeping your cryptocurrencies safe, despite being the most rudimentary.

    7. Enable two-factor authentication (2FA)

    Google authenticator
    Google authenticator

    Two-factor authentication is when you enter 2 separate passwords to log in or to approve any withdrawals. The preferred methods are either by SMS or using Google Authenticator.

    SMS authentication is where in addition to entering your username and password, you also request an SMS be sent to you with a unique code to log in.

    However this method has been known to be vulnerable to SIM swap attacks. This is where hackers impersonate you to your telephone service provider and request a new SIM card. Therefore the requests for a SMS code will be sent directly to them.

    The preferred method for two-factor authentication is using Google Authenticator. This is where a unique string of 6 numbers are generated every 30 seconds. When logging in, you go to the Google Authenticator app and log in with the generated numbers before they expire.

    Most cryptocurrency traders enable two-factor authentication for any cryptocurrency exchanges they use, their online wallets (if any) and their email. The latter is because many cryptocurrency exchanges will send you a confirmation email to approve any withdrawals.

    8. If it’s too good to be true, it probably is

    The most common method for scammers to entice people is to feed upon people’s greed. Many scammers have websites or “exclusive” chat groups promising unreasonably high returns. These groups may require you to pay a membership fee to participate or to give them some of your cryptocurrencies so they can invest on your behalf.

    As mentioned earlier, cryptocurrency transactions are irreversible. So you are left with no recourse if you later change your mind. These scammers may also operate in different jurisdictions so you have very little chance of tracking or taking any legal action against them if their promises do not materialise.

    9. Keeping your information private

    How NOT to maintain your privacy
    How NOT to maintain your privacy

    Telling people how you store your cryptocurrencies or flaunting your wealth is the same as painting a target on your back. Whilst it is certainly wrong for hackers or scammers to steal from you, you do not want to expose yourself as a target.

    As mentioned before hackers can operate remotely. Therefore, taking a photograph of your private keys, login information or hardware wallet recovery phrase is essentially the same as posting a photograph of your credit card details online.

    Similarly, when setting up any cryptocurrency wallets or exchanges, or accessing or transacting with your cryptocurrencies, make sure you are in a safe location without any cameras around.

    10. Test send is your friend

    Cryptocurrency transactions are irreversible, so you need to be extra careful in making sure you are sending to the correct address. Here are 2 common pitfalls you will want to watch out for.

    The first pitfall is sending your cryptocurrency to an incompatible wallet. For example, you cannot send Ethereum to a Bitcoin address. Another example is for some exchanges like Binance, they have recently switched from Omni to ERC-20 for their Tether (USDT) address. So even if you are sending the same currency i.e. USDT, you need to make sure the address type is the same.

    The second pitfall is sending to the wrong address generally. Cryptocurrency addresses are long strings of digits which are case sensitive. So you should check every digit of the address before you press “send”.

    For extra security, some people may also request the recipient to send a voice message dictating the first and last few digits of the wallet address. This is to avoid hackers who have taken over either party’s devices and sent out their own wallet address instead of the recipient’s.

    Therefore to minimise losses, especially when sending large sums of cryptocurrencies, consider doing a test send with a small amount before sending the remainder of your coins.

    Conclusion

    Cryptocurrencies bring a shift in the way we hold and transact assets of substantial value. The power of being in full control of your digital assets undoubtedly comes with the duty to ensure their security. With cryptocurrencies, this duty falls squarely on the user. It may seem intimidating, but anyone can store, send and trade cryptocurrencies when armed with knowledge and exercise caution.

    With our top 10 best ways to keep your cryptocurrencies safe, you can be sure to navigate this space with confidence.

    Further reading

    Now that we’ve looked at the top 10 ways to keep your cryptocurrencies safe, we move on to cryptocurrency exchangees. Cryptocurrency exchanges are an inevitable aspect of being involved in the cryptocurrency space when we want to exchange between different types of coins. So be sure to check out our ranking of the top best cryptocurrency exchanges of 2019 here.

  • How to setup a Vechain Node Setup Guide (on Synology NAS)

    How to setup a Vechain Node Setup Guide (on Synology NAS)

    This guide is for setting up a physical Vechain Observer Node using Docker on Synology Attached Storage (NAS). We will create observer nodes that will receive transaction data and observe blocks being created on the network. This guide will run the same code that is on the 101 Authority nodes that power the network. This node will allow you to gain access to the Vechain API – so you start programming on the Vechain network and query transactions.

    Note: This is a fun exercise that allows you to run a node that observes the network. In order to participate in Block creation (and gain block rewards), you’ll need to be selected as an Authority node by the Vechain Foundation.

    Vechain’s code can be found on Github : https://github.com/vechain/thor. Nodes run the ‘thor’ client which is written in the GO language.

    This guide requires a Synology Network Attached Storage. These are physical servers that you can store files on and also run software. This guide is tested with DS918+ running DSM 6.2.2.

    Install Docker

    For this guide, we’ll be using the official Docker package. This allows the easy install of the Vechain Thor node without the hassle of compiling the code from source. Install Docker via the “Package Center”

    Pull the Vechain/thor docker image from the Registry

    Open up Docker and access the “Registry” tab. Here you’ll get the option to search for “Vechain” and download the Vechain/thor docker image.

    Launch the Docker Image

    Now comes the final part – launching the Docker image with the correct settings. In the Launch menu, select “Advanced settings” -> “Volume” and add a folder. Personally I created a folder in “docker/vechain” and mounted it to “/root/.org.vechain.thor“. This will allow the client to store the blockchain safely a designated folder on your NAS.

    Lastly add the execution command “–network main“. This tells Thor to connect to the vechain mainnet.

    After this apply the settings and click “Next” and “Apply” to launch the Docker container.

    Happy Observing

    Now you’re done! The observer node should will be running and receiving blocks.

    Overview of the Vechain/thor Docker Container

    You can see the progress of the node as it synchronizes with the network.

  • Lightning Node Setup Guide (With Docker)

    Lightning Node Setup Guide (With Docker)

    This guide will get you started setting up a Lightning node to send and receive Bitcoin on the lightning network. The node will be always online – you’ll be able to send and receive lightning transactions at any time. We’ll be using a Docker container allow for faster deployment and updating. Remote Lightning nodes are great for anyone who wants to make some extra money routing lightning network transactions for passive income.

    • Difficulty: Intermediate
    • Time required: 1h
    • Setup type: LND with Docker
    • Prerequisites: Ability Deploy nodes on AWS or DigitalOcean

    This guide has been adapted from ZAP-tutorials – including a few updated commands.

    Note: For this guide we’re going to be using the Bitcoin Testnet – a test environment where we can make mistakes without serious consequences. Once you’re comfortable with deploying the node, you can switch over to the bitcoin mainnet by replacing “testnet” with “mainnet” in the code.

    Remote Node Setup with Docker

    For this setup, you’ll need to setup your own remote node on a cloud hosting service such as AWS or DigitalOcean. In this example, I deployed a t2.micro instance on AWS running Ubuntu Server 18.04. You can deploy any type of server, so long as it supports Docker you’re good to go.
    Note: must have 1GB or more of RAM on the VPS. Anything less will result in frequent crashes.

    To get Docker, install it with these commands

    sudo apt update
sudo apt install docker.io

    Installing the Lightning node

    For the container, we’ll be using an image built by Zap – it’s already pre-configured with everything you need to get started (lnd, lndconnect). The first step is to create a “volume” which allows our data to be preserved in case the container is destroyed in the future. The volume we are creating is called “lnd-data”.

    Note: some installations docker don’t require “sudo”, if you run into problems, run docker without elevated “sudo” privileges.

    sudo docker volume create lnd-data

    Next step we’re going to run the latest image from “lnzap/lnd:latest”. We’re going to connect to the Bitcoin Testnet – this way if we make any mistakes we won’t be losing real Bitcoin.

    We are also connecting to public neutrino clients – this greatly lowers the hard disk requirements for this node.

    Before executing, make sure you fill in your IP in the YOUR_EXTERNAL_IP section. 

    sudo docker run -v lnd-data:/lnd --name=lnd-node -d \
  -p 9735:9735 \
  -p 10009:10009 \
  lnzap/lnd:latest \
  --bitcoin.active \
  --bitcoin.testnet \
  --debuglevel=info \
  --bitcoin.node=neutrino \
  --neutrino.connect=testnet1-btcd.zaphq.io \
  --neutrino.connect=testnet2-btcd.zaphq.io \
  --autopilot.active \
  --tlsextraip=YOUR_EXTERNAL_IP \
  --externalip=YOUR_EXTERNAL_IP:10009 \
  --rpclisten=0.0.0.0:10009

    Congrats! You got your Lightning Node up and running.

    Create a Bitcoin Wallet

    Now its time to create a Bitcoin Wallet. You can do this directly by interacting with the lnd-node via Docker.

      sudo docker exec -u lnd -it lnd-node lncli --network=testnet create
    Successfully created a Bitcoin Wallet. Make sure you keep the seed phrase safe (written down on paper)

    You can create a new address with the following command

      sudo docker exec -u lnd -it lnd-node lncli --network=testnet newaddress np2wkh

    This will give you a Bitcoin address where you can send Bitcoin to to fund the account. Since we’re on the Bitcoin Testnet, you can use https://coinfaucet.eu/en/btc-testnet/ to fund the account for free.

    PRO TIP: You can check if your node is working by scanning port 10009 and 9735 using https://www.yougetsignal.com/tools/open-ports/. This is a great way to check if there are any firewalls blocking your node from communicating and if the overall setup is successful. Running nodes will always have an “OPEN” status for the 2 ports.

    Connecting the Remote node with ZAP iOS app

    The ZAP app on iOS allows you to easily access the node remote node, send transactions, manage channels and more. The ZAP app is free and downloadable from https://zap.jackmallers.com/

    To connect ZAP with the remote node, run this command:

     sudo docker exec -u lnd -it lnd-node lndconnect --bitcoin.active

    This gives you a QR code you can scan with your wallet (“Connect to a Remote Node”) to complete the binding. (Note: Older guides ask you to use zapconnect which no longer works and will give you an error).

    Creating Channels with other nodes

    To start making payments, you’ll need to create Lightning Channels with other nodes on the network. A great place to start finding other nodes is via https://1ml.com/testnet/. This is a list of all the testnet nodes.

    You can scan the QR code for various servers via “Settings” -> “Manage Channels” -> “+”

    Helpful Debugging tools and commands

    Now you’re all done – the remote node is running and funded. To test out the configuration you can use these following tests:

    Check LND status

    This command checks for status of lnd and if you’re fully synchronized with the Bitcoin Network.

    sudo docker exec -u lnd -it lnd-node lncli --network=testnet getinfo

    Checking LND Logs

    If there any problems and issues, it’ll usually show up in the logs. Access the latest 100 log messages using this command

     sudo docker logs --tail 100 -f lnd-node

    Restarting the container

    When you restart the node, you’ll need to restart the container. For this you’ll need to know the container ID, then starting it. 

    sudo docker ps -a 

sudo docker start CONTAINER_ID

    Unlocking the Wallet

    Every time you restart the container, you’ll need to unlock the wallet:

     sudo docker exec -u lnd -it lnd-node lncli unlock
  • Harmony Protocol (ONE): Everything you NEED to know

    Harmony Protocol (ONE): Everything you NEED to know

    Harmony Protocol Logo

    The Harmony (ONE) protocol takes on the challenge of scaling blockchain without sacrificing decentralization. This has been the holy grail of challenges because solving scaling usually involves sacrificing decentralization – however Harmony maintains an open-consensus where anyone can join. This is achieved by:

    • Proof-of Stake – Harmony holders can participate in network consensus and improve network security
    • Deep Sharding – network is split into different teams or “shards” that work together and increase transaction efficiency
    • Network Optimized – Network communications are split into small fragments and shared (Kademlia routing)

    Harmony protocol has a sharding-based, fully scalable, secure and efficient blockchain. This means that the consensus mechanism can provide the blockchain solution necessary for the future of DApps. Even though Proof of Work networks were initially highly decentralized this element can be diluted with high usage. As such, the consensus mechanism for Harmony ensures it is still decentralized and permission-less. These are critical parts of future relevance and sustainability.

    Check out the Boxmining interview with the Co-Founder of Harmony Protocol, Nick White for an introduction to the project.

    Interview with Co-Founder Nick White

    The Competitive Scalability Field

    Providing scalability is a noble endeavor and unsurprisingly, Harmony will not be first to do it. This is because the field already features an array of running projects that also aim to provide the same solution. These rival projects include: EOS, Zilliqa, Algorand, and others. Harmony distinguishes itself by having a solid proof-of-stake system with state sharding. State sharding splits the network into teams that work together. This allows the network to grow faster as more nodes are added (rather than stay stagnant). Chains and transactions are co-ordinated by a beacon chain.

     “Neither of the projects mentioned above has a blockchain which will be performant, scalable, and as low cost as the Harmony blockchain will be.”

    Nick White, Co-founder of Harmony

    Co-founder Nick White touts the fact that Harmony has advantages over and above typical scalability projects. These are in the form of improved user experience, reduction of costs and the ability to support larger user bases for the decentralized app community. This will in turn draw more developers and projects to be a part of the Harmony project community.

    Harmony Protocol Consensus
    Harmony Protocol Consensus

    Needless to say, the target audience is not only limited to DApps developers but also established companies with greater user bases who wish to integrate blockchain technology into their products. White contends that such apps have had the problem of slow and existing networks. Harmony, on the other hand, makes their operations possible by efficient and affordable solutions.

    The Challenge of Attracting New Nodes

    Attracting new nodes to the network is definitely an issue for the network. To this matter, their Co-Founder and CEO, Stephen Tse stated as follows:

     “Harmony is building a robust ecosystem and we are in talks with every major staking as a service company to bring them on board and help grow Harmony’s validator ecosystem.”

    As such, the project has a proposal to lower the barrier for those who wish to participate in the network. This is in the form of lower resource requirements (specfically, 4GB) for new entrants. In addition, Harmony will write scripts that will make the initial setup simple as well as block rewards for staking. The economic model that underlines that is yet to be clear but stakers have the assurance of rewards for participation.

    Binance Partnership

    Binance exchange has recently announced the upcoming Harmony Protocol Initial Exchange Offering (IEO). This IEO will take place on 28th May 2019 and aims to raise funds for a project whose operation is a lot like its name. This is because the idea of providing a pertinent demand for cryptosphere, scalability, is something that can draw on collective human collaboration in the innovative platform.

    Harmony Binance Launchpad
    Harmony will be on Binance Launchpad

    The Binance IEO has been known to be a boost for its featured projects. This is because of the marketing catalyst as well as investor attraction. As such, Harmony can reach millions more with the Binance partnership. The partnership will also be in line with Harmony’s vision to provide scalability to billions across the world.

    White stated that the team has motivation from the global outlook that Binance provides. Blockchain technology has the potential to transform the lives of those both in developed and developing countries. This means that parts of Africa and Latin America, both within the scope of Harmony targets, can also achieve meaningful progress.

    With that in mind, the Binance Launchpad will take place on 28th May 2019. Notably, the process will follow the lottery format that is typical of Binance now. The token price is $0.003175 for one Harmony (ONE) token with a hardcap of US$5 million.

    Verdict

    Harmony Roadmap 2019
    Harmony Roadmap 2019

    In summary Harmony makes a solid stab at tackling blockchain scalablity whilst keeping an open consensus. The highlight of Harmony is the ability to do state sharding rather than simple transactional sharding, allowing more headroom for future scaling without congesting beacon chains.

  • Mithril (MITH) Overview

    Mithril (MITH) Overview

    Mithril aims to disrupt our perceptions on social media- to decentralize and reward social media content creators fairly and openly. 

    For a long time, content creators have not been earning for firing up their creative juices. Their followers have also been left dry after interacting with content. But this is now in the past since the launch of Mithril, a platform employing blockchain technology with content creators and their followers in mind. 

    The team behind Mithril comprises of top minds like Wilson Huang who is a former software engineer at Yahoo and Jeffry Huang, the former chairman of M17 Entertainment. 

    Since its launched in 2018, the decentralized social media platform has already made notable milestones. For example, it has secured a partnership with PiePie, a social platform where content creators can earn MITH tokens (more on this shortly). 

    Mithril does this through “social mining”. Unlike other social media platforms such as Facebook and Instagram, Mithril rewards users for their content according to the popularity it attracts. 

    What makes the Mithril ecosystem 

    The Mithril ecosystem is made of the MITH token, Lit, and the Mithril Vault which are intertwined to bring a comprehensive experience to content creators. 

    The MITH token (MITH) is the platform’s native token and which is used to reward publishers in a process called Social Mining (more on Social Mining later). The token is built using the ERC-20 standard on the Ethereum blockchain. It can be used to purchase goods and services on the Mithril Merchant Network, or it can be traded for other digital currencies. Apart from being used for payment and Social Mining, MITH can also be used for staking.  

    Lit, on the other hand, is an already developed social media app that is available to those using iOS or Android-powered mobile devices. Just as with other top social media apps like Facebook, Lit can be used for messaging and posting personal stories using the ‘stories’ feature. 

    The third core component of Mithril is the Mithril Vault, a secure virtual wallet for the MITH tokens. 

    Key Features Of Mithril

    Social Mining

    Though their mobile app- Piepie (available on iOS and Andriod), users can post 6 second videos and share it with over 154,000 (and growing!) other users globally who can follow, like or comment on them. 

    Users who post on Piepie will be rewarded with Mithril’s (MITH) tokens.

    Mithril recently expanded their ecosystem by partnering with Yeemos (available on iOS and Andriod). Yeemos is an app where users can post photographs. Other users can then interact with the posts by doodling, posting stickers, emojis, reactions or comments on them.

    Yeemos is expected to support the MITH reward system soon.

    Mithril Vault

    Users can link their Piepie (and eventually Yeemos) accounts to the Mithril Vault. The Mithril Vault has several functions:

    Funds: Users can withdraw and/or deposit their MITH, Binance (BNB) and Ethereum (ETH) tokens. Support for more tokens is expected.

    Staking: Users can “stake” some/all of their MITH for a minimum of 14 days. Staking increases the amount of MITH earned when using Piepie.

    Shift: Users can “shift” their MITH to ETH and vice versa.

    Exchanges

    MITH tokens are currently traded on most major exchanges including Binance, Bitfinex, Bithumb, Lbank, OKEx and HitBT etc.

    Uses for MITH Token

    The MITH token can be used as follows:

    Staking: As mentioned above, MITH can be staked in the Mithril Vault to increase the MITH earned from social mining on Piepie.

    Shifting: Also as mentioned above, the MITH Vault allows users to shift their MITH into ETH.

    Payments: MITH is accepted as a form of payment in the Mithril Merchant Network. For now this includes some Taiwanese cafes and merchants. Globally, MITH can be used to pay for other products/services relating to dating apps, paid content and other applications.

    The Mithril roadmap

    Mithril has been hard at work meeting its milestones, and in some cases ahead of schedule.

    For Mithril, the milestones covered form the footing for a bright future ahead. While the future will be comfortable for Mithril network users, the developers have already rolled their sleeves up. 

    For instance, the team behind Mithril is yet to develop an ad network, conduct a vault merchant network onboarding, among other high profile developments. 

    Those already partnering with Mithril include, Qtum, M17 Entertainment, Swag, SOLA Foundation, bytepay, Simple Swap, Atomic, among others. 

    In short, Mithril has just left the runway. 

    Resources:

    Website: https://mith.io/

    Whitepaper: https://mith.io/whitepaper.pdf

    Blog: https://medium.com/mithriltoken

    Telegram: https://t.me/MithrilChat

    Twitter: https://twitter.com/MithrilToken

    Binance research report: https://info.binance.com/en/research/MITH-2018-11-15-46831.html