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  • Gemini Exchange Review (2023): Easy to Use and Strong Security

    Gemini Exchange Review (2023): Easy to Use and Strong Security

    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.

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    What is Gemini?

    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.

    Key Advantages of Gemini

    Here are some key advantages of Gemini:

    Strong security

    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.

    • First, visit Gemini.com.
    • Click “register” at the top of the page.
    • 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)

  • HitBTC Exchange Review (2023): Low Trading Fees and Wide Variety of Digital Assets

    HitBTC Exchange Review (2023): Low Trading Fees and Wide Variety of Digital Assets

    HitBTC is a leading cryptocurrency exchange platform that allows users to buy and sell Bitcoin, Ethereum, Litecoin, EOS, and more. This review of HitBTC will provide you with information regarding the platform’s security, advantages and disadvantages, supported cryptocurrencies, fees, and payment methods.

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    What is HitBTC?

    HitBTC is a European bitcoin exchange platform founded in 2013 with a 6 million USD Venture Capital investment. Ullus Corporations is the company behind HitBTC, which offers traders the opportunity to trade the most popular cryptocurrencies and widespread fiat currencies, such as USD and EUR. The main goal of the company is to introduce crypto traders to the most advanced technologies.

    HitBTC provides a secure and reliable platform for trading digital assets, with a wide range of features and tools, including advanced order types, margin trading, and a variety of order books. The platform also offers a wide range of payment options, including bank transfers, credit cards, and cryptocurrencies. With its user-friendly interface and advanced security measures, HitBTC is a great choice for both experienced and novice traders.

    Key Features of HitBTC

    The following are the main features of the HitBTC exchange:

    • Over 380 cryptocurrencies are available for purchase and sale in over 800 coin pairs. HitBTC has one of the most diverse cryptocurrency trading platforms and was one of the first exchanges to accept new projects.
    • Exchange of cryptocurrencies. Purchase Bitcoin or another cryptocurrency and begin trading immediately without verification. However, you may be required to prove your identity afterward.
    • Safe exchange. HitBTC is one of the few exchanges that has never been hacked.
    • Low trading costs. Starter and General accounts are charged a 0.1% creator fee and a 0.2% taker cost, whereas upgraded accounts are free.
    • API that is both robust and robot-friendly. Users of HitBTC can utilize trading bots, which operate well with the platform’s strong API.
    • Demo account. HitBTC provides a demo account for new Bitcoin traders. Everyone can use its site without placing a deposit.

    Key Advantages of HitBTC

    Although HitBTC offers numerous features and functionalities, this review will solely concentrate on its essential cryptocurrency aspects, aiding you in determining if this exchange aligns with your requirements. With that established, let’s commence the review by examining the positive aspects and assessing the legitimacy of HitBTC.

    800+ Trading Pairs 

    HitBTC is a popular crypto exchange platform that supports a wide range of cryptocurrencies. With over 380 cryptocurrencies and 800 crypto pairs, users have access to a huge selection of coins. HitBTC reviews confirm that the platform is secure and reliable, making it a great choice for those looking to trade in cryptocurrencies. Fees are also competitive, making it an attractive option for those looking to maximize their profits. With its wide selection of coins and competitive fees, HitBTC is a great choice for those looking to trade in cryptocurrencies.

    HitBTC supports a range of cryptocurrencies, including but not limited to:

    • BTC
    • ETH
    • XRP
    • USDT
    • BCH
    • LTC
    • ADA
    • Approximately 380 others

    In addition, the exchange offers an extensive list of trading pairs, including but not limited to:

    • BCH/BTC
    • BCH/USDT
    • BTC/USDT
    • ETH/BTC
    • LTC/BTC
    • Approximately 800 others

    This vast selection of trading options makes HitBTC a comprehensive platform that allows for trading even lesser-known altcoins.

    Secure Platform

    HitBTC is one of the few crypto exchange platforms that has never been hacked due to its multiple security measures. These include the termination of all sessions, email notifications about new IP logins, automatic logouts, whitelisting withdrawal addresses, and two-factor authentication. To ensure maximum security, users should create a strong password and use dedicated email accounts for trading, as well as keep their coins in secure cryptocurrency wallets such as Ledger and Trezor. HitBTC provides robust security and is recommended for those who want to keep their funds safe.

    Low Transaction Fees

    This platform offers some of the lowest trading fees in the market. Regular users pay a fixed amount – 0.1% maker fee and 0.2% taker fee. However, the more you trade, the lower your fees will be. Starting from Tier 9, you will be paid 0.01% back of the trade that you make. The system will calculate your trading volume for the last 30 days and determine the fee rate for your account every day, encouraging you to trade even more. With its low fees and secure platform, HitBTC is a great choice for cryptocurrency traders.

    Demo Account

    This is a great platform for trading, especially for beginners. It offers a Demo account, which allows users to have a real-time experience in trading without risking any real investments. The Demo account is completely free and can be used for educational and training purposes. It is a perfect place to apply different strategies and figure out how the trading works. With the Demo account, users can credit themselves with a test fund and have a real trading experience without risking anything. Therefore, if you want to have a real trading experience without risking anything, HitBTC is the perfect platform for you.

    Mobile App

    HitBTC, a cryptocurrency exchange, is now making it easier for traders to access their accounts on the go. The exchange has recently announced the development of a mobile app for iOS and Android devices, available for download on both the Google Play Store and Apple’s App Store. This app will provide traders with a secure and convenient way to access their accounts, allowing them to trade, deposit, and withdraw funds, as well as monitor their portfolio performance. With the app, traders can stay up to date with the latest market developments and take advantage of trading opportunities as they arise. HitBTC’s mobile app is sure to be a hit with traders, providing them with a secure and convenient way to access their accounts on the go.

    Key Disadvantages of HitBTC

    Having discussed the positive aspects of HitBTC, it’s time to take a look at its shortcomings – but if you’re looking for a better alternative, Coinbase or Binance may be worth considering.

    Customer Service Isn’t the Best

    HitBTC is a crypto exchange that claims to provide 24/7 customer support, however, multiple reviews have pointed out that the customer service is poor. This has been a source of disappointment for many users who have experienced issues with creating an account, verifying identity, and trading crypto. It is important to take this into consideration when deciding whether HitBTC is the right exchange for you.

    The Verification Process Takes Time

    HitBTC is a secure crypto exchange platform that requires users to go through a long verification process. This includes providing personal information, residential address, proof of identity, selfie, and phone number. While this process is quite regular for all crypto exchange platforms that take security seriously, it might take a while to provide all the needed information. This step-by-step guide will help users to register and create their accounts on HitBTC quickly and securely. All users should be aware that the verification process is necessary to ensure the safety of their funds and data.

    How to Register on HitBTC?

    Creating an account on HitBTC is a straightforward process. Follow these simple steps:

    • Step 1. Head to the HitBTC homepage and click on the “Sign Up” button located at the top right corner of the page.
    • Step 2. Input a valid email address and generate a secure password.
    • Step 3. Supply additional details, including your full name, phone number, and country of residence.
    • Step 4. Click on “Finish Registration.”
    • Step 5. Check your email address and click on the confirmation link.

    Upon completing these five simple steps, your HitBTC account will be created, and you will be ready to start trading.

    How to Deposit Funds into Your Account?

    Once you have created your HitBTC account, the next step is to deposit funds so that you can begin trading. Here’s a simple guide to help you with that:

    • Step 1. Navigate to your account page and click on the green “Deposit” button.
    • HitBTC Review: Depositing Funds.
    • Step 2. Use the search field located at the top of the page to find the cryptocurrency you wish to deposit and click on the “Deposit” column. This will generate a wallet address for you.
    • HitBTC Review: Depositing Funds.
    • Step 3. To initiate a transaction, copy and paste your wallet address into a third-party service.
    • Step 4. For certain cryptocurrencies, you may also need to copy and paste your payment ID, also known as a “Destination Tag.”

    If you have completed all of these steps, you have successfully deposited funds into your HitBTC account and are now ready to start trading.

    Conclusion

    HitBTC is a reliable and highly-recommended crypto exchange platform that offers robust security measures and supports more than 380 cryptocurrencies and over 800 crypto pairs. It also has low trading fees and a Demo version that allows users to try the platform out without investing anything. However, some users don’t like the long verification process and customer support is not the most helpful. If you’re looking for a better and more-established crypto exchange, Coinbase or Binance are great alternatives.

    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.

  • DAO Maker ($DAO): can retail investors become venture capitalists?

    DAO Maker ($DAO): can retail investors become venture capitalists?

    One notable challenge for every startup is finding the required capital to set up businesses. This is where concepts like venture capital help such businesses to meet the required level of capital to help them blossom. However, this has traditionally been a field accessible by funds and institutions with ample resources.

    DAO Maker is here to improve the process for both parties by respectively creating growth technologies and funding frameworks for startups, and reducing risks for investors.

    Background and Team

    The Founder of DAO Maker is Christoph Zaknun who entered the cryptocurrency space in 2017. The idea of private permissionless money and the gains associated with cryptocurrency lured him further into the creation of ICO DOG, a platform that allowed for investing in token presales.

    His Co-founder, Giorgio Marciano, also acts as DAO Maker’s CTO. Marciano has over 16 years of experience in developing software and products.

    Other notable team members include Hatu Sheikh, who has overseen over 35 crypto assets marketing campaigns, and Malte Christensen, who works as the COO and Head of Sales, Dima, who works as the Head of Visual Communication.

    What is DAO Maker?

    DAO Maker is a provider of a participation framework that allows retail investors (small-scale investors) to participate in global retail venture capital. Essentially, the primary goal of DAO Maker is to raise a fundraising platform that would allow for equal participation of crowd equity and tokens.

    The reality is that most of these small-time investors are likely unable to afford to invest large sums of money in venture capital. DAO fills the gap by enabling the average man on the street an opportunity to grow his own capital. This creates a win-win situation, the business is able to effectively provide a new source of funding while at the same time helping to improve the lives of many.

    Achievements of DAO Maker

    The platform has over time proven itself to retail investors. In the last 2 years, over 70,000 unique retail investors were signed up and allowed to participate in the funding of early-stage ventures. Apart from attracting investors, DAO Maker has also been able to attract startups with enormous potential to join the burgeoning ecosystem.

    Advantages of DAO Maker

    One major reason these startups join the DAO Maker ecosystem is simple: it provides them a safe, decentralized, and free environment that allows them to reach their potentials. In addition, the platform also has one of the leading solutions that would allow for the growth of these companies.

    As a result, the ecosystem has seen a marked increase in the demand for its services, which enabled them to begin working on a permission version.

    DAO Maker’s approach to fundraising stands out since not only does it connect startups with funding, it also assiduously works to assist them in facing challenges in the initial stages of their development.

    This is why the track record of the fundraising platform has defied many market cycles.

    DAO Maker’s Venture Bond

    DAO Maker’s new flagship product is Venture Bond. It allows startups to issue bonds that users can access, whilst users benefit from close to zero-risk venture investments.

    Venture Bonds work as follows:

    • startups issue Venture Bonds;
    • users purchase these bonds, giving the startups a principal sum of money;
    • startups then use the principal sum generated by bond purchases to generate interest through insured margin funding activities in decentralised finance (DeFi) or centralised finance (CeFi);
    • the generated interest serves as the funding for the startups;
    • the startup will then deposit tokens/equity to the Venture Bond holders; and
    • when the Venture Bond matures, the principal sum is returned to the buyer, so they are left with both their initial funding and also any newly acquired tokens or equity.
    DAO Maker's Venture Bonds
    DAO Maker’s Venture Bonds (Image credit: DAO Maker)

    Other DAO Maker Services

    Other notable services of DAO Maker are Refundable Strong Holder Offering and Dynamic Coin Offering.

    Strong Holder Offering

    Strong holder offerings are designed to build a community that would actively participate in providing an increased level of awareness for a company, and at the same time, induce confidence by imposing a strict refund policy.

    DAO Maker strong holder offerings
    DAO Maker strong holder offerings (Image credit: DAO Maker)

    Dynamic Coin Offering

    For dynamic coin offerings, 100% of the circulating supply is backed by a notable portion of the funds raised during the sale.

    DAO Maker then escrows this fund through a trusted and insured custodian, allowing the platform users the opportunity to claim a refund within a specified period.

    Social Mining

    One of the earliest offerings of DAO Maker is Social Mining, which has played a pivotal role in the successful launch of some tokens in the space. The software was conceptualized in 2018, and since then, it has seen various upgrades and usage, which made it an essential part of the DAO Maker community.

    What social mining does is simple; it enables any project to create token-based incentives that encourages community members to offer value. In other words, it helps energize a project’s community to participate in its growth and development.

    The first use of this software was with LTO Network, where it served as a core component in the community creation of the project, and subsequently enjoyed tremendous growth despite the bear market of 2018. Despite the notable success of this first project (LTO), there were still some notable lapses like the dependence of the software on centralized involvement, which negated the core idea of building a decentralized and self-organizing community in the first place.

    However, since then, the team of developers have developed the software to allow pluggable DAOs and also allowing for stake-based voting. The voting allowed the community to determine the value each token holder contributed to the project. This voting system became a quite effective distribution network that was decentralized as token holders were the ones in charge.

    As it stands, work has already begun on the two key pathways social mining is being geared to: granting permissionless support for tokenized startups and permissioned access for equity startups.

    DAO Maker Token ($DAO)

    DAO, the protocol’s native token currently allows its holders to stake in the platform and enjoy governance power in submitting proposals, as well as vote on them.

    By participating in governance, stakers would also receive a part of the fee generated from the source. And in order to promote long-term participation, the staked DAO tokens are locked for a period of time.

    As can be seen below, more utilities for the DAO token are in the works.

    DAO token utilities
    DAO token utilities (Image creditDAO Maker)

    Conclusion

    The idea behind DAO Maker is to create a platform where startups can enjoy early stage exposure from retailers. Thus, DAO Maker could be a single platform that elevates the capabilities of ordinary retail investors. The platform would also enable them to be issued with equity, while others are issued with tokens. All in all, the platform will enable varying levels of downside protection as early-stage startups face inevitable risks in their early days.

    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.

  • Public Mint ($MINT): can they bridge fiat and cryptocurrency?

    Public Mint ($MINT): can they bridge fiat and cryptocurrency?

    Public Mint seeks to solve transaction complexity by bridging the blockchain and the financial world of fiat. According to Public Mint adoption has always been the concern of the cryptocurrency community. And while tokens are becoming increasingly popular, the number of new entrants in the space today is still not enough to spur massive acceptance of crypto-assets in retail stores.

    Background

    Public Mint was launched in March 2020, following two years of research and development. It was created to make banks capable of holding funds that could later be tokenized on the blockchain. Today, it has been mainly implemented to ease the experience of using fiat currencies in performing blockchain-based transactions.

    Ever since the launch of the platform, it has already partnered with more than 200 banks that hold the fiat used to collateralize its tokens. Some of its prominent supporters are IBM Digital Asset Labs and Hyperledger.

    What is Public Mint?

    Public Mint is a decentralized, payment platform that aims to bridge the blockchain and fiat currencies. It offers tokenized fiat which is fully-collateralized and regulatory compliant. To secure the funds held in the platform’s accounts, they are also insured with the FDIC.

    Public Mint can be used to open blockchain-based fiat accounts to conduct money transfers worldwide without the need for any third-party facilitator. And because the platform was designed to be decentralized, it will not have control over the ownership and management of its user funds.

    The acceptance of payments via credit card, ACH, or wire transfer, are all made possible with the Public Mint platform as well. This makes it easier for anyone to perform transactions on the blockchain without having to exchange their fiat to crypto.

    Public Mint’s Open platform is designed to support these functions and make it easy for anyone to tokenize any fiat in the network. Tokenizing through the platform simply means that you will be able to make a token counterpart of your local currency on the blockchain.

    Features of Public Mint

    Fiat-Native Blockchain

    The platform supports the use of fiat in asset transfers and payments for network fees. Thanks to this feature, users do not need to purchase another digital asset just to be able to initiate transactions on the network.

    Simplified Key Storage

    It is easy for any user to store their private keys. The platform furnishes users with their own keys, which they can store in any cloud provider. Through this, the user has full control over his own funds without dealing with centralization problems like censorship.

    Direct Fiat Access

    Public Mint has a bank-to-chain feature that allows users to directly fund their wallets from various sources. At the same time, it also has a chain-to-bank feature that lets users directly withdraw their funds to their bank just using their wallet.

    The platform also supports USDC, making it easier for any crypto user to interact with other blockchain platforms.

    Public Mint wallet
    Pay others from your public mint wallet

    Multi-custodial

    There are multiple custodians on the platform. They are composed of banks and other regulated financial institutions. Their purpose is to hold funds while the multi-custodial structure of the network ensures that there will be no single point of failure in the system.

    Public Mint supported merchants
    Public Mint supports several major payment merchants

    Instant Transaction Settlement

    Transactions made on Public Mint can be settled in as fast as 3-5 seconds because the network offers finality with just one confirmation.

    Ethereum-Compatible

    The network is compatible with Ethereum, which means that any developer can build on the platform and improve it. It can also support decentralized applications that are established on the Ethereum network.

    What is the difference between Public Mint’s tokenized fiat and stablecoins?

    Stablecoins like Tether (USDT), USD Coin (USDC), TrueUSD (TUSD), were only designed to support one fiat: the US Dollar. And to purchase them, there are times that you have to first buy another cryptocurrency trading pair. According to the team behind Public Mint, this process can be too complex for a newcomer and it also exposes them to the volatility of other digital assets.

    Public Mint has its own fiat-dedicated network. The platform supports a comprehensive ecosystem that is designed to support the direct use of fiat currencies to make blockchain-based payments. And unlike the usual stablecoin, Public Mint is designed to support the use of multiple fiat currencies on the platform

    Conclusion

    Public Mint is a strong competitor among stablecoin platforms. However, its strength lies in its ability to facilitate easy and real-time transactions. If its partnerships with banks prosper, it can support a global payment ecosystem that will not fully rely on a blockchain. This addresses the problem most stablecoins users face in terms of transaction time and costs.

    Moreover, it can be a less volatile medium of exchange since it is collateralized by fiat and not by other digital assets. If ever the platform gets hacked and its funds are stolen, users are secured by its FDIC-insurance. Looking at where Public Mint is today, its potential to be the go-to alternative from stablecoins is high.

    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.

  • Polkafoundry ($PKF): creating NFT and DeFi apps on Polkadot?

    Polkafoundry ($PKF): creating NFT and DeFi apps on Polkadot?

    Polkadot decentralised applications (DApps) have been amongst the most decent performing crypto assets in the last couple of months. Their popularity stems from the fact that they are cross-chain compatible and future-proof to a certain extent. However, there is a catch.

    Contrary to the popular belief, the Polkadot blockchain hasn’t yet launched fully. While it’s a great concept being skillfully deployed, much remains to be done. In the absence of a live product, the developers need extra tooling and support to design and test their products. Enter PolkaFoundry.

    This article takes a look at PolkaFoundry, its background, and history, as well as its main features and architecture.

    Background

    PolkaFoundry is a project founded in 2018 and led by an experienced crypto team, who has dealt in the blockchain industry for a long period of time. Its CEO and co-founder is Thi Truong, who served as a senior manager with famed AMM and liquidity aggregator Kyber Network before. Ron Nguyen is the head of partnerships, having extensive experience in marketing.

    Other important members are Trang Mai (Head of Research & Development), Huy Hoang (Head of Platform Services), and Luong Hoa (Lead Engineer). The project is backed by some of the most respected and well-known funds including Signum Capital, Master Ventures, and AU21 Capital.

    What is PolkaFoundry?

    PolkaFoundry is a DApp factory and sandbox type project, which enables developers to design and test their Polkadot inter-operable projects. It aims to connect DeFi and Web 3.0 with the Polkadot ecosystem, by offering tools and services for experiments and real-world solutions. This will enable in-depth exploration and new innovations in the field.

    It consists of a public blockchain (PolkaFoundry blockchain), identity service (PolkaID), document storage service (DocuGuard), and Oracle service (Decentralized Gate). All of these would enable developers to design and test powerful concepts/products with ease.

    What is PolkaFoundry?
    What is PolkaFoundry? (Image credit: PolkaFoundry)

    System Features

    The platform’s main features are utilizing extensive and powerful Polkadot ecosystem through interoperability and high scalability of Polkadot & Substrate. Since it’s compatible with Ethereum Virtual Machine (EVM), it’s possible for developers to migrate, without much changes to their existing code.

    PolkaFoundry has unique user experience enabling features, which allows it to deploy the built DApps to a large number of users. Plus, the built-in support for decentralized finance (DeFi) ensures that developers don’t have to design anything from the scratch for managing identities, store files, and process oracle data.

    PolkaFoundry Architecture

    The general architecture of the PolkaFoundry project is an account-based system, unlike Bitcoin’s unspent transaction outputs (UTXO) system. It functions mostly like the Ethereum blockchain, using the same logic and execution functions.

    The PolkaFoundry platform doesn’t have any distinction between a coin and a token. For all intents and purposes, they are essentially the same. It’s one of the main differences it has with the Ethereum blockchain.

    It uses the following components : a Tendermint Core for P2P consensus and transaction raw data management, a transaction analyzer and executor, contract execution engine, and a bunch of other blockchain features.

    Use Cases

    The platform introduces a variety of use cases including but not limited to open lending, decentralized insurance, cross-chain DEX, DeFi derivatives, prediction markets, and auction marketplaces.

    It’s essentially valid and useful for all applications requiring the intersection of Web 3.0 and the decentralized finance (DeFi) world. It is expected that interesting and unique projects would come out of this software factory.

    PKF Token

    PolkaFoundry’s native token is PKF, which is an Ethereum ERC-20 standard token. Later, once the PolkaFoundry blockchain launches, it will be swapped for the mainnet asset on a 1:1 basis.

    PKF is utilized for transaction fees payment, staking purposes, reward issuance, governance proposals, and payment for services on the PolkaFoundry blockchain.

    The total PKF supply is 200,000,000 (200M) tokens. Since the project has received major funding from different funds, it has a vesting schedule for the privately sold tokens.

    The team or founders’ tokens are released in the same manner, granting legitimacy and protecting investor rights. There are specific allocations made for the foundation, ecosystem, and para-chain rewards.

    PolkaFoundry Investment Funds

    The PolkaFoundy Investment Funds is where things get more interesting as the investment data shows that the project is highly sought after by funds and investment groups, which is exactly why it has received investments from Signum Capital, Spark Capital, Master Ventures, AU21 Capital, x21, Magnus Capital, Rarestone, DuckDAO, Block Dream Fund, DFG, Youbi Capital, PNYX Ventures, M6, Lotus Capital, Blocksync Ventures, Vendetta Capital, Crypto Dorm Fund, Black Edge and Gestalt Capital.

    PolkaFoundry Governance

    After the mainnet launch, the governance of the platform will be transferred to the PolkaFoundry foundation. According to the documentation, it will be designed so that the protocol can handle emergency situations and be carried on-chain through a proper voting procedure.

    It has been divided into the childhood phase and maturity phase. During the childhood phase, a proposal can be made by anyone, but only validators can vote on it. Once the blockchain enters the maturity phase, everyone can vote on proposals.

    A validator has the power of his own stake and other people’s delegated stake. The stake can be slashed, in case the validators don’t vote in time. These proposals can come from every one without any special requirements. The PolkaFoundry governance can vote on important parameter modifications, emergency state declarations, and advanced changes to the protocol.

    Conclusion

    The Polkadot project is slated to be a leading project and one of the most developed and ongoing crypto marvels of the coming times. In the absence of a working mainnet, it needs a sandboxed environment and a factory to churn out DApp products.

    And PolkaFoundry is stepping up to fill that role. The project offers robust tools, services, and design aids to help develop optimized concepts & final products for the Polkadot ecosystem.

    It’s a solid project with widespread name recognition and industry backing. However, it remains to be seen as to how the platform would execute and deliver upon its concept. PolkaFoundry deployment isn’t yet complete and the mainnet launch is expected soon. After the launch, the token migration will take place through a bridge.

    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.

  • What is Privi Protocol and How Does It Benefit Content Creators?

    What is Privi Protocol and How Does It Benefit Content Creators?

    Privi Protocol is the new metaverse for content creators. It is a blockchain-based complete ecosystem that brings together decentralized social and finance to benefit the creator economy as a whole. A few features of the Privi metaverse are:

    What is Privi?

    In simple words, Privi is a crypto ecosystem built especially keeping in mind the creator community. 

    The creator community is the backbone of any social media (Instagram, Facebook, YouTube). However, while they slack, their creations help others to fill their pockets. 

    And, it’s not just filling their pockets, these hugely popular platforms take full control of the creations as well. For instance, YouTube recently updated its policy to place ads in between videos. This is done without the consent of the creators and 100% of the profit made from these ads goes to YouTube. 

    Privi, as a decentralized blockchain system doesn’t allow this. Your content will work for you and not some middlemen. You will have full rights and control over what you create. 

    Indeed, with Privi, creators will have more control over their creations and can also make money from all the hard work they put in to create content.

    Privi decentralizes social and finances by riding on blockchain technology. And, by pairing this decentralized social and finance together, Privi gives back control of content to its creators, while also benefitting them and their followers financially, which should be the case anyway. 

    Creators can create their own social communities where they will not only be able to directly connect with their fans and followers, without any middlemen milking them, they will also be able to mint their NFTs and social tokens. 

    How Does Privi Work?

    To understand how Privi works, take this example:

    Suppose you are a content creator and you build your own community of followers on Privi. Your followers would all hold a social token that is unique to you to get entry into your community. This way they have direct access to your creations and you can directly interact with them.

    Now, suppose you release new content. Only the followers who hold a certain number of your unique social tokens can access the video. If the video does well, it is not just you who gains but also the followers who have access to the video. 

    It directly benefits the creator community because they have full control over their creations and also benefit directly from them. The followers benefit as well because they too have direct access to the creations without any disruptions or interferences. 

    How can content creators benefit from Privi? You can build your own customizable DAO community networks on Privi, and you can monetize your content creation efforts with the help of tools like DeFi, social tokens, and NFTs. Apart from these financially profitable tools, Privi also offers a 3D immersive experience, DAOs, and more in its metaverse. 

    You already know what social tokens are and how they profit content creators as well as their followers in the blockchain universe. Now let us find out what the other tools are that can profit you as a content creator on Privi.

    How does Privi use NFTs? 

    Suppose you have an idea for a new content for which you need funding. You can create digital NFT pods on Privi and invite investors. All your work will be recorded on the NFT pod, which will increase in value. It benefits both the content creator and their community of followers.

    For example, suppose you are a singer song-writer. You need funding for your next venture. So, you go ahead and create a digital NFT pod for the same with the contract that the investors will have unique access to the songs you create. The followers who purchase the token for the NFT pod are the owners and they can hold the digital pod for returns or trade them. You get your funding and the owners of the NFT tokens get returns too. A win-win situation for both creators and their followers. 

    How can you utilize DeFi for monetizing your content?

    Suppose you are a new content creator on Privi who doesn’t have enough followers yet to fund your content with social tokens and NFT. What you can do is create a smart contract with the help of a DeFi tool to help fund your content initiatives. The investors who accept the contract will receive returns that are promised in the contract. This transparency and lack of middlemen interference are what makes DeFi such a lucrative way of financing content creation on Privi. 

    Privi – Safeguard Your Content

    There is more to Privi than what is given here. The above-mentioned points are just an overview of how Privi can revolutionize the content creator’s community and give back control of their creations to them.

    Privi supports cross-chain communication and the future plan is to integrate many more blockchains. 

    Privi is already integrated with ethereum blockchain, which allows instant exchange of internal and popular tokens through atomic swap. It also plans to be secured under the shared security model and become a para chain on the relay chain of Polkadot. The platform also aims to connect with bitcoin to allow easy BTC transactions in and out of the Privi network. 

    What are Privi Tokens?

    Privi tokens are your tickets for entering the Privi metaverse and start joining communities, creating content, and monetize your efforts. 

    The Privi token utilities are as follows:

    • Covers transaction fees of free to 4%
    • Are stakes for consuming content and also for earning interest 
    • Dictates priority for verifying profiles, pods, and communities
    • When staked, accompanies voting rights within the decentralized network

    However, this is not all, there is more on the way. Privi aims to launch the following soon:

    1. The Privi Data Coin (pDATA) – It is a data asset class that are exclusive to advertisers on the network. They can not only buy and sell these tokens but also transfer to other users for conversions and impressions. You can think of it as a ‘funnelling’ system that will help content creators on the platform to grab eyeballs, attract more conversions and clicks, and in turn they themselves will receive pDATA in their wallets. 
    2. Insurance – As a content creator you can choose to also insure your creations on the platform. There will be decentralized insurance pools with both anonymous and known underwriters. The insurance pool will come complete with a native Privi Insurance Coin (pINS) and a digital claims court. 

    The Privi tokens are up for presales too, if you are interested. The public launchpad according to the release and vesting plan from TGE is unlocked and the presale and public sale allocation is 32%, the valuation of which is $300,000. 

    Conclusion

    If you are a content creator tired of fighting the industry leading middlemen who ride on your hard-work to make millions, Privi is your best bet to take the control back. Blockchain is the future and Privi exclusively utilizes the technology to enhance the creator community. Now content creators can connect directly with followers and make money that profits them and their followers most. 

    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.

  • Prime XBT Exchange Review (2023): Decent Fees, and Relatively Simple to Use

    Prime XBT Exchange Review (2023): Decent Fees, and Relatively Simple to Use

    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.

    Sign up here to get started

    What is Prime XBT?

    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.

    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!

    1. Go to the company’s official website, and click Sign Up.

    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?

    1. Go to the Account tab on your Prime XBT account.
    2. There will be a huge blue button that reads, “Deposit to wallet.” Toggle it.
    3. 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.

  • Keep3r Network ($KP3R): Everything you need to know about Andre Cronje’s latest experiment

    Keep3r Network ($KP3R): Everything you need to know about Andre Cronje’s latest experiment

    Keep3r Network ($KP3R) (“Keep3r”) appeared out of nowhere on 28th October 2020 with a Medium article by its creator, Andre Cronje. It is described by Cronje as an “…agnostic, easy to implement, incentivization layer for routine ecosystem maintenance.” Cronje is arguably the the “Father” of decentralised finance (DeFi) and Yield Farming, being the creator of the widely successful yEarn Finance ($YFI) which eventually spawned multiple clones and projects inspired by YFI. Keep3r is another one of Cronje’s experiments, and as per his usual “I test in prod” approach- he will launch the product FIRST, then do the necessary testing etc. Despite Cronje’s repeated and clear warnings on this, many still hope for a quick profit and thus throw their cryptocurrencies at the product as soon as it goes live.

    Background

    As mentioned in the introduction, Keep3r Network had small beginnings as a Medium article and subsequent Twitter post by creator Andre Cronje. Owing to his reputation in this space (his first project YFI grew from USD$0 to USD$300 in market capitalisation in a mere 2 months and spawned the current DeFi wave), many see that whatever Cronje touches turns into gold and so “aped” in by buying up the KP3R token as soon as it listed on Uniswap. Immediately upon launch, prices of KP3R were going up at the rate of around USD$1 per minute. This of course resulted in the word being further spread around social media, and more people decided to join in because they did not want to miss out on this opportunity.

    What is Keep3r Network ($KP3R)?

    Keep3r Network ($KP3R) can be described as a “job matching” network for Job posters looking for “Keepers” to do tasks for them, together with an incentive mechanism for all the parties involved.

    What are Keepers?

    Keepers are persons/teams with technical knowledge who are able to take up Jobs, for example, flash liquidation, providing Uniquote price feeds, collecting harvests, and Metawallet batch executions. These are simple manual tasks but can be tedious as it needs to be done regularly. For example, collecting harvests from yield farming is something that generally needs to be done every day. These tasks are usually done by the programmer i.e. Cronje himself, but it would be time-consuming for them to do.

    What are Jobs?

    In the Keep3r Network, anyone can add a particular Job for someone to do. Jobs are smart contract calls that want an external entity to perform an action in good faith and without any malicious intent or outcome. So they would register themselves as a Job on the Network and provide the relevant documentation and details such as job name, address etc.

    The Keeper i.e. the person/team would then register themselves as being able to perform the job and execute on the Job’s contract. Keepers have the freedom to set up their own DevOps, infrastructure and create their own rules to complete the job.

    This process is all done on-chain, and the advantage of this is that everyone can confirm that a particular task has been done.

    The Keep3r Ecosystem

    Having discovered that the Keep3r Network has the potential to be more than a job registry, creator Andre Cronje has decided to combine all of his projects under the Keep3r ecosystem to be one large liquidity ecosystem: options liquidity mining (olm), fixed forex and some other v3 liquidity incentives Cronje has in the works as follows.

    Keep3r Eden

    Keep3r Eden is a rule set to order transactions within a block in a way that is fair and transparent. This is important for the Keep3r Network since it prevents keepers and jobs from being front-run yet giving them priority access to block space.

    Keep3r is partnered with Eden Network. Through Keep3r’s acquisition of 602,409 EDEN, Keep3r is able to guarantee that it will be an anchor slot tenant. This allows Keep3r jobs to by default have the benefits of MEV and front running protection, as well as priority block inclusion. And if users use the Eden RPC, they also have private transactions.

    Keep3r’s Fixed Forex

    Fixed Forex aims to bring forex markets into DeFi by allowing for deep on-chain forex liquidity- this provides an alternative to USD denominated stable coins (i.e. USDT, BUSD etc).

    Keep3r’s Fixed Forex is a liquidity incentive and fee claim system for Iron Bank’s Fixed Forex. The IBFF and veIBFF tokens will be merged with the KP3R and vKP3R tokens. At the same time, the fee claim of approximately $60k/week will move to vKP3R.

    Fixed Forex is partnered with zarp.cash, their token ZARP is a cryptocurrency pegged to the price of the South African Rand (ZAR) on a 1:1 ratio. For security, ZARP tokens are stored in a treasury account and are independently audited by Kempen Audit. Therefore, according to the team, “ZARP is the only fully backed, transparent and audited stablecoin for the South African Rand”. ZARP is intended to be used as a representation of the Rand in DeFi. Other currencies such as EUR, KRW, GBP, CHF, AUD and JPY.

    Keep3r OLM (Options Liquidity Mining)

    Keep3r’s generalized OLM platform for projects allows them to have an instant options-based reward incentivization program. vKP3R holders benefit from this platform as 1% of all exercised option fees will go to them- this will mean around $100k/week in fees will go to vKP3R holders.

    Keep3r v3 liquidity incentives

    There is a liquidity mining program launched on Keep3r v3 for Uniswap v3. Liquidity providers (LPs) will be able to deposit their UNI v3 NFT positions and earn KP3R. 50% of fees earned will be distributed to vK3PR holders.

    Keep3r wonderland

    Keep3r Wonderland (also known as DeFi Wonderland) is an activist fund that provides capital and developmental support to protocol development projects.

    What are $KP3R tokens?

    $KP3R is the native token for the Keep3r Network and having more KP3R represents a higher “reputation” in the Network. As an example, say a Job requires someone to collect a harvest from the YFI contract. This task could impact the prices of different cryptocurrencies and lead to people front running. So you want the person completing this task to act in the interests of everyone and not be selfish.

    This is where the KP3R token comes in. Those who complete tasks are rewarded with KP3R, this will be equivalent to the gas spent on the transaction plus a premium, the amount of which depends on the complexity of the Job. The more KP3R tokens you have, the higher your “reputation” in the space and as a result you can take on higher-end jobs. It is also worth noting that there is a mechanism for slashing your bonded KP3R if you are found to be a malicious actor.

    By default, this is in the form of bonded KP3R but you can unbond it to become normal KP3R.

    Advantages and disadvantages of keeping bonded KP3R

    Advantages of keeping bonded KP3R include:

    • Higher bonds increase the types of Jobs Keepers can qualify to do;
    • only bonded KP3R grants voting rights in governance; and
    • bonded KP3R cannot be exploited. This is in case a Job introduces an exploit.

    Yet the disadvantage of keeping bonded KP3R is that you cannot immediately recoup ETH for Keeper transactions. Meaning that Keepers had to keep an unbond days amount of ETH as a float. A solution to this is MetaKeep3r (see below).

    What are $rKP3R tokens?

    rKP3R are redeemable KP3R tokens. They are wrapped KP3R tokens that have the option to be exercised as a KP3R CALL option at a 50% discount at any time. Note however that once created, you only have 24 hours to exercise the CALL, failing which the option will simply expire.

    rKP3R can be earned by providing curve.fi/factory. liquidity to ib forex assets or uniswap v3 liquidity to KP3R/ETH (with more pairs to come soon). Furthermore, all distributed KP3R rewards will be in the form of rKP3R for composability with Curve Gauges, Sushi Onsen, etc.

    Holders of rKP3R can redeem for the KP3R CALL by selecting “claim” on fixedforex.fi/options. It will then display under “strike” the USDC amount you would have to pay for the amount of KP3R should you choose to exercise the option and the expiry date. If you wish to exercise this option, simply click “redeem”. The amount of USDC would be transferred to the treasury address which then distributes all fees to vKP3R holders.

    Keep3r tapped into Chainlink’s highly secure and fault-tolerant oracles to advance its services. Although the two have similar functionalities, they serve different target markets.

    For example, Chainlink serves companies that require loads of always-online, secure, and fault-tolerant data i.e. the Fortune 500 companies.On the other hand, Keep3r is developed for apps yet to become a Fortune 500. That is, companies still in the research and development stage. Therefore, the coming together of the two protocols smoothens the process of switching to Chainlink when an application’s off-chain data needs to increase.

    Most importantly, the cooperation allows Keepers who have already done a substantial number of jobs to become eligible to be part of Chainlink’s node operators running critical jobs. When Keepers upgrade to become Chainlink node operators, they will transition from using K3PR to using LINK for payment and staking.

    $KP3R prices

    $KP3R launched at around USD$1 per token. However, due to speculators rushing in after hearing of a new Andre Cronje project, prices for the token shot up by 27x within 40 minutes- at around the rate of USD$1 per minute. As word quickly spread about KP3R, more people bought in for fear of missing out, resulting in prices skyrocketing even higher.

    Prices reached an all-time high of USD$1,385.62 on 11th November 2021.

    Keep3r how-to guide and tutorial

    For more details, please check out the Keep3r Network documentation.

    How to register as a Keep3r

    On Keep3r Network, connect your Metamask wallet. If you don’t have one yet, check out our Metamask guide.

    Create a bond by clicking “add”, input your amount of KP3R (you can even join without any tokens by inputting “0”) and confirm by clicking “add” again. After 3 days you will be able to activate your Keeper.

    Create a bond
    Create a bond

    How to perform jobs

    Currently available jobs are listed on the main page. You can click on them to find out more details about the job such as the relevant documentation and the credits (in the form of KP3R) you can receive for the job.

    Job details
    Job detail

    With the newest update, you can also use OpenZeppelin Defender with Keep3r Network. OpenZeppelin Defender is a wrapper for smart contract developers to automate maintenance tasks such as calling specific functions to manage the protocols on these contracts. This is helpful to developers as traditionally they would have to periodically do these tasks manually. Furthermore, the underline layer is written by the OpenZeppelin team (a security audit firm) which would bring stability to the DeFi ecosystem.

    How to register a Job

    Jobs can be any system or task that requires external execution. Jobs can be registered in 1 of 2 ways, either through governance or the contract interface.

    Registering a job through governance is probably the easiest method as it only requires you to submit a Governance proposal which includes the relevant contract as a job. No further action is required if your governance proposal passes. Cronje has stated in his interview with Synthetix that currently, it is relatively easy to pass this proposal as the quorum requirements are not high.

    The other method i.e. contract interface is slightly more complex and requires calling the add liquidity to job function on the Keep3r contract. However, you must not have any current active jobs associated with the account to do this and you can only create a Job through this address every 14 days.

    How to collect credits for Jobs?

    As seen in the Job interface, completing Jobs gets you credits in return. To collect these credits you will need to provide KPR-WETH liquidity in Uniswap, and you will be given an equal amount of KPR tokens in return. Note you are not required to purchase KPR tokens.

    By default, this is in the form of bonded KP3R but you can unbond it to become normal KP3R.

    MetaKeep3r: How Keepers can instantly recoup their gas fees

    According to Cronje’s Medium article, MetaKeep3r keeps the “maintenance” of Keepers to a minimum. By using MetaKeep3r with OpenZeppelin defender, Keepers can instantly recoup their spent gas in the form of ETH. This is really important considering there had been previous “gas wars” when DeFi fever was at its highest- basically any benefit that could have been derived from a particular transaction was less than the amount of gas fees which was required to execute the transaction.

    As mentioned previously, Keepers that complete Jobs are rewarded with KP3R. By default, this is in the form of bonded KP3R, and whilst keeping bonded KP3R has its advantages, one issue is that ETH cannot be immediately recouped.

    Now with MetaKeep3r, you can immediately get ETH in return for trading bonded K3PR. How this works is that MetaKeep3r would keep the bonded KP3R and swap it for ETH as compensation for gas spent on Uniswap.

    Note however that a minimum bond of 100 KP3R is required for MetaKeep3r.

    Special thanks goes to Alvin and Crypto Warrior from our Telegram community for their valuable input into this article!

    Further resources

    Videos

    Boxmining explains Keep3r Network and his story with KP3R
    Synthetix discussion about Keepers with Andre Cronje from Keep3r.network

    Articles

    Andre Cronje Medium
    Keep3r Network documentation

    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.

  • How To Stake Ethereum 2.0 on Allnodes?

    How To Stake Ethereum 2.0 on Allnodes?

    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.

    Allnodes Ethereum 2.0 Staking Landing Page (source: Allnodes Ethereum 2.0 website)

    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.”

    Ethereum 2.0 Launchpad (source: https://launchpad.ethereum.org/)

    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.

  • Coin DeFi($COIN): Cross-chain P2P DEX powered by AI?

    Coin DeFi($COIN): Cross-chain P2P DEX powered by AI?

    Coin DeFi ($COIN) aims to disrupt finance services by democratizing the industry, returning financial sovereignty to the people via decentralized Finance (DeFi). Through Coin Protocol, anyone can make cross-border and peer-to-peer transactions with ease and convenience, without incurring expensive fees. It also offers greater profit-generating opportunities through its stake-based incentive program.

    Background

    Coin DeFi is a project founded by Damon Nam (also the project’s CEO), who worked with Microsoft for 16 years, and has more than 20 years of experience in the tech industry. The team’s CTO, Byron Levels, also worked with Microsoft for 8 years.

    A group of advisors coming from different fields of expertise is supporting the development of the platform. These are professionals who have been known to work on blockchain, artificial intelligence (AI), and marketing initiatives, such as Christina Apatow, founder of FetchyFox, Pete Cashmore, founder of Mashable, Alex Mashinsky, founder of the Celsius Network, and Jeremy Gardener, founder of Augur.

    What is Coin DeFi?

    Coin DeFi is an Ethereum-based DeFi platform designed to facilitate a peer-to-peer transaction system that implements a community-based governance model. Through the platform, users can conveniently conduct cross-border money transfers, purchase cryptocurrencies, and earn additional profit from their assets through staking.

    Coin Defi Ecosystem (Source: coindefi website)

    There are two main components to the Coin ecosystem, namely, the COIN protocol and COIN token.

    COIN Protocol

    The COIN protocol is the project’s blockchain platform powered by smart contracts. The deployment of smart contracts enables the network to achieve greater performance and scalability while facilitating peer-to-peer transactions without the need for any third-party oversight.

    The COIN token is the backbone of the protocol’s economy. It is the platform’s native cryptocurrency asset that primarily functions as a medium of exchange as well as a staking token. It is also required for the execution of smart contracts on the platform and in backing the incentive scheme for the protocol’s liquidity providers. More details on this later.

    COIN Exchange

    The platform also features a non-custodial, peer-to-peer crypto-assets exchange. COIN Exchange is a cross-chain, decentralized wallet and exchange supported by smart contracts that enable atomic swaps complemented with AI technology.

    Some of the digital assets that can be traded in the protocol are Bitcoin (BTC), Ethereum (ETH), and a selection of ERC-20-compliant tokens. Since the platform features cross-chain atomic swaps, a user can trade any token with another digital asset through the platform, even if they belong to different chains.

    To facilitate these peer-to-peer trustless, and cross-chain swaps on the exchange, it utilizes Hashed Timelock Contracts (HTLC). Basically, this is a system that requires transaction recipients to first acknowledge payments by way of a cryptographic proof within a defined time period, which is also the same technical framework implemented in Bitcoin’s Lightning Network.

    Liquidity

    Liquidity is a common concern amongst many decentralized exchanges (DEXs). To address this, COIN partnered with Coinbase to leverage their order books. This is facilitated by a matching algorithm that combines the liquidity in COIN and Coinbase order books.

    What the platform earns from transaction fees, they use for their COIN buyback programs and pool deposits. Here, half of what they earn is redistributed to liquidity providers and market makers as a reward. The rest is allocated to buy COIN tokens back to support its supply of liquidity and staking reserves.

    Governance Model

    The governance of the platform follows the Decentralized Autonomous Organization (DAO) model, one that is community-driven.

    In this framework, COIN holders are considered the protocol’s stakeholders. Developers on the platform can propose protocol amendments, upgrades, features, and other changes, which stakeholders have to vote on before they are deployed. If the community doesn’t agree with any proposed modification on the protocol, it can be rejected by the community if it doesn’t garner enough votes.

    Coin DeFi’s Native Token ($COIN)

    COIN is the platform’s native utility token. Apart from functioning as a medium of exchange, the token can be used to pay for the platform’s transaction fees, staking, and voting. The incentive system of the platform also utilizes COIN tokens as its rewards.

    COIN is also a network access token, which means that the token is required to execute smart contracts, represent their voting rights, and compensate liquidity providers.

    $COIN Buybacks (Source: CoinDefi Pitch Deck)

    Staking

    $COIN can be used to supply liquidity to the platform. Furthermore, there are smart contracts designed to enable staking functions on the protocol. COIN holders only need to deposit their tokens and lock them in smart contracts. In return, they can earn additional COIN tokens as a reward.

    The reward for stakers is in proportion with the amount that they staked, prevailing interest rates, and the duration of their stake.

    A portion of the COIN tokens deposited on staking smart contracts goes to the platform’s staking reserve. This is used to supply funds that are redistributed to long-term COIN stakers. Around 25% of all COIN tokens in circulation fills the supply of this pool.

    $COIN Distribution (Source: CoinDefi Pitch Deck)

    Coin DAO

    The protocol also enables the implementation of a DAO, through a stakeholder model represented by COIN tokens, which enables the community to gain better control over the direction of the platform, including the introduction of new products, amendments to the existing protocol, and other forms of protocol modification, through a stake-based voting system.

    COIN holders can deposit tokens in the governance smart contract within the platform. The amount of tokens that holders lock in these contracts guarantee them an equivalent voting power on the platform. For example, a user who has locked 100 COIN tokens gains an equivalent of 100 votes as a consequence.

    Conclusion

    There are a lot of DeFi projects in the cryptocurrency space today. While Coin DeFi’s objective is a promising alternative away from the traditional financial system, it certainly comes with a lot of other competitors in DeFi offering the same financial products and services as well.

    From where the project stands today, it still has a lot to prove when compared with the more prominent DeFi platforms and exchanges. Perhaps its biggest strength is its AI assistant implementation to support platform users, but we have yet to see how that will be developed for the benefit of its user base. As a relatively young DeFi project, how it will grow its own community in the months ahead is going to be a significant factor in assessing how successful the project can be.

    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.

  • Shadows Network ($DOWS): new hub for synthetic assets?

    Shadows Network ($DOWS): new hub for synthetic assets?

    Shadows Network ($DOWS) aims to be a hub for people to issue, trade, lend and borrow synthetic assets. The protocol is built using the Substrate blockchain network and is compatible with the Polkadot ecosystem.

    Background

    Iror Chen and Bruce Lin lead the Shadows project. Apart from being the co-founders, they double as the CEO and CTO, respectively. The two have extensive experience in diverse fields. To elaborate, Chen previously worked for Amphenol Group while Lin worked for Baidu.

    Other Shadows team members include Ted Shao (co-founder and COO), Claire Cai (co-founder and CMO), Sue Xia (overseas CMO), and Liang Li (risk control).

    Shadows’ list of partners includes Consensys Lab, NGC Capital, Polka Fund, Blocksync, DuckDAO, OneMax Capital, Oasis Capital, among others.

    What is Shadows?

    Shadows is a distributed platform focusing on the issuance, borrowing, lending, and trading of synthetic assets. The project leverages the Substrate framework that powers other popular DeFi networks like Polkadot.

    Note that synthetics are derivatives or clones of real-world assets. Derived assets can be of anything from cryptocurrencies, stocks, indices, fiat, and commodities. Also called synths, they enable holders to share in the profits and losses of an asset without necessarily having such asset in their portfolio. Doing so opens the DeFi scene to a global audience who would be locked out of the space.

    The platform sits on the Polkadot network as a parallel thread. As such, it has inter-chain compatibility with other platforms leveraging EOS and Ethereum to focus on synthetic assets. Cross-chain support opens the network to more blockchain-based assets. For instance, users can use Ethereum (ETH) or Bitcoin (BTC) to create synths.

    Shadows integrates an off-chain worker to help capture the system outside the blockchain. Note that the platform uses the worker to replicate trusted oracles. Furthermore, the oracles receive data from external decentralized platforms to trigger activities inside the blockchain. Unfortunately, traditional oracles suffer from security, efficiency, and scalability.

    The worker employs Substrate allowing it to perform non-deterministic tasks such as encryption and web requests, and other long-running tasks. The Shadows network achieves the above features through a layered system, focusing on different aspects of synthesizing the assets.

    Critical Areas on the Synthetic Network

    Synthetic Asset Issuance Agreement

    The platform secures the synths using its native asset, DOWS (more on this later). Users deposit the token into a smart contract for them to gain a right to create synthetics on the network.

    Consequently, the created tokens are DOWS backed. To reclaim back their tokens, users have to burn their synths. Note that the platform needs a collateralization ratio of 800 percent.

    Synthetic Asset Transaction Agreement

    The agreements support the trading of synths. These agreements minimize slippage and insufficient liquidity. Also, they ease and provide efficient trading.

    Debt Collateral Lending Agreement

    The platform employs lending pools that hold users’ debt into the pool to facilitate lending activities. How this works is simple. To elaborate, the borrowers access the pool to place a synth debt.

    Next, they pay interest and receive the loan in synthesized USD (xUSD). The need for xUSD funding is to provide flexible financing.  This funding option offers a balance between demand, supply interest, and rates.

    What Drives the Shadows Network?

    Four significant aspects power the platform.

    1. Rewards system – Users are rewarded when they use the native token to create synths. However, the rewards only apply to those who have reached the needed collateralization ratio.
    2. Governance – In the DeFi scene, governance is everything. On Shadows, the native token gives holders a voice when making governance decisions. Some areas falling under community governance include upgrading.
    3. Staking – The base asset does more than just governance, the token can be staked as collateral and at the same time benefit from staking rewards.
    4. Trading bonus – This goes to DOWS holders and is generated by those trading on the platform.

    How Does Shadows Work?

    First, note that the platform is compatible and connects to Polkadot.

    How Shadows Network works
    How Shadows Network works

    It works as an off-chain enterprise that connects to various parts such as inflationary supply, fee pool, and external services. It connects to Polkadot as a single service.

    The Protocol Offers Three Types of Incentives.

    The first type of incentive is where a user is charged 0.3% as the trading fee. How is this an incentive? It’s because they can send it to a fee pool and receive a mortgage in terms of DOWS.

    However, the trading fee incentive’s applicability varies between users because it’s dependent on the amount of debt that the user has and the amount in the debt pool.

    The second type of incentive goes to mortgagors who benefit from holding the base asset on a weekly basis. Notably, the amount of bonus received depends on how much debt the mortgagor has in the debt pool.

    Third comes rewards for lenders in the lending pool. These incentives have a weekly timeline.

    The Shadow Token ($DOWS) tokenomics

    DOWS is the backbone of the Shadows network. Apart from governance, casting synths, lending, and distributing rewards, the token can also be used to power the token destruction mechanism.

    The destruction part utilizes the transactions and debit pool fee. And, it follows a fixed ratio of 30% per week. Note that the token’s destruction is automatically driven by a smart contract. Observe that this makes the native token a deflationary base asset.

    Shadows did a double Initial DEX Offering (IDO) on Ignition and DuckSTARTER. The allocation of tokens were as follows:

    • Ecological Incentives: 63% — 63,000,000
    • Early Investors: 20% — 20,000,000
    • Foundation: 10% — 10,000,000
    • Advisors: 5% —5,000,000
    • Liquidity Provision: 2% — 2,000,000

    The vesting periods for various allocations are as follows:

    Shadows ($DOWS) vesting period
    Shadows ($DOWS) vesting period

    Is Shadows Network safe?

    Recently the Shadows project faced some accusations because they are allegedly connected to another project that recently suffered an alleged “hack” of their smart contract.

    On 6th March 2021, the Team Tweeted to address the concerns, saying that their smart contract codes were audited twice by Certik. And on both occasions the contracts were found to be secure and met the highest security standards.

    The Team in their Tweet on 7th March 2021 also said that Shadows Network uses a proxy contract to upgrade its smart contract and deliver key functions such as issuing, trading, borrowing or lending synthetic assets on the network. Most notably, the proxy contract will deploy incentive DApps for users such as LP staking and DAO governance etc. From these Apps, 63 million $DOWS (representing 63% of the total supply of $DOWS) will be minted as a reward to the community. Once all 63 million $DOWS have been released, the Team will permanently remove the mint function from the Shadows smart contract. This has the effect of stopping the Team from producing any more $DOWS and most importantly, to potentially prevent the price of $DOWS from being diluted.

    Further, this proxy contract and ERC20 contract are kept secure through multisig and is on Openzeppelin- an open-sourced protocol. The Team also notes that other popular names in the cryptocurrency scene i.e. Compound and Coinbase also use Openzeppelin.

    Conclusion

    Shadows helps bring traditional assets onto the blockchain. In doing so, the platform opens the conventional assets to more users. For instance, it brings these assets to DeFi users and those who don’t want to hold real crypto assets.

    Notably, the platform takes on a layered-approach to bring these possibilities to life-enhancing functionalities. Furthermore, the DOWS token helps power different aspects of the Shadows network.

    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.

  • My Neighbor Alice ($ALICE): merging NFT and gaming

    My Neighbor Alice ($ALICE): merging NFT and gaming

    My Neighbor Alice is one of the new blockchain-based applications that benefited greatly from the ongoing Non-fungible tokens (NFT) hype.

    Basically, My Neighbor Alice is a game that utilizes blockchain technology and NFTs as a backbone for their mechanics. It has two main target markets: those who are looking to play new multiplayer games and cryptocurrency enthusiasts. By meshing the world of game and crypto together, ALICE has become an interesting development in the use cases for NFTs.

    Background

    There are a lot of blockchain-based games already launched in the space. They come in many themes, but most often, their aim is to create an online community where people can interact with each other and be introduced to crypto at the same time.

    One of the most popular NFT-based games right now is Decentraland. This game allows you to purchase a virtual land in a digital world which you can customize according to your own plan. You can also interact with other players and exchange in-game items with the support of the NFT technology.

    Today, the newest NFT-based game that gained widespread popularity is My Neighbor Alice. It was launched in Binance in March 2021 and had over 220% increase in token value within its first 24 hours since listing. The game, however, isn’t just for the blockchain aficionados. It is for everyone, no matter how new they are to crypto. It’s also worth mentioning that the game was purposefully created to cater to crypto’s underserved market — women.

    What is My Neighbor Alice?

    My Neighbor Alice is a blockchain-based, multiplayer builder game built on top of the Chromia network. The mechanics are simple. In the game, you can purchase virtual islands, collect in-game items, and interact with other players in its digital world. You can also pursue your tasks or help out your neighbor, called “Alice,” to earn rewards. You can use these rewards to purchase other in-game assets, which you can also sell later in its supported NFT marketplaces.

    These NFTs can be anything you’d find in the game. These may be houses, animals, plants, or any other decorative item that players put in their virtual land. Users may trade these items if they want to but they also have the option to rent them to others.

    Island on My Neighbor Alice
    Island on My Neighbor Alice (Image Credit: My Neighbor Alice)

    What are the main features of My Neighbor Alice?

    • Marketplace – This is where users can buy, sell, or trade their in-game assets, which are represented by NFTs.
    • Virtual Islands – This is a parcel of land that users have to purchase to participate in the game. These islands can be bought from the ALICE app or the marketplace. Like in-game items, they are represented by NFTs and can be decorated however the user wants to.
    • Avatars – The users are given a character, called avatar, to interact with other players. These can also be modified however the user wishes to.
    • In-game Assets – All items that can be found in the game are in-game assets which users can purchase or sell on the marketplace. But beyond that, users are free to create new assets with the help of ALICE’s NFT creator.
    • Reputation System – The game implements a reputation system where players who do good as a “citizen” in ALICE’s virtual world are rewarded. This can also be improved by users purchasing more virtual islands or NFTs. There is also a tier reputation system that grants users with access to different items or rare NFTs according to their status.
    • Shared Quests and Community Events – To foster a gaming environment that showcases cooperation and friendship, the game has tasks that put people on a shared goal. The players can also launch their own events to gather and interact with others.
    • On-chain Forum – There will be a forum where users can discuss game activities and talk about other topics related to the roadmap of the game development.

    Why Build it on Chromia?

    There are multiple other blockchain platforms today that aim to enable decentralization. Perhaps the most popular is Ethereum, the second-biggest blockchain network today. However, it is difficult to build and scale new decentralized applications (dApps) there due to network congestion issues and extremely expensive gas fees. To address these concerns on the network, the developers built the game on the Chromia platform.

    Chromia Network is a blockchain platform on top of Ethereum that aims to address the scalability issue found in the implementation and development of dApps. One of its biggest use cases is it allows dApp developers to issue CHR-backed tokens. Today, Chromia has projects supporting real estate, finance, and gaming initiatives. One of them is ALICE.

    ALICE Token

    $ALICE is the native utility token for the game. It is an ERC-20 token that users can utilize to participate in the game or collected as a store of value. ALICE is the currency used by users as a medium of exchange, as well as to purchase NFTs represented as in-game assets.

    ALICE token uses
    ALICE token uses (Image Credit: My Neighbor Alice)

    Staking

    The platform will soon enable the possibility for users to stake their tokens to earn additional ALICE as a reward. For now, there are platforms like Binance that allow staking of tokens, such as CHR, USDT, and BNB, to earn ALICE.

    Governance

    The game will have a community council that decides how the game ecosystem moves forward. This follows the Decentralized Autonomous Organization (DAO) model where ALICE token holders vote on important protocol proposals.

    Conclusion

    ALICE had the tremendous backing of investors in the cryptocurrency space when it first came to the market. This can also be because the project’s aims are beneficial for the whole network. Introducing blockchain technology to a whole new group of people who might have never heard of it is a promising initiative in achieving greater adoption.

    The first step in pushing for adoption is to make people understand that crypto and NFTs aren’t too complicated after all and that blockchain isn’t just about Bitcoin, DeFi, or payments.

    Alice has it all. The game mechanics are simple, the developers are preparing DeFi opportunities for token holders, and the whole platform is decentralized. It is also launched via Steam, one of the biggest gaming platforms today.

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