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Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?

Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?
Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?
https://reddit.com/link/i48t4q/video/v4eo10gom7f51/player
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.
The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?
We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
https://preview.redd.it/lau4hevpm7f51.png?width=800&format=png&auto=webp&s=2c5de1ba497199f36aa194e5809bd86e5ab533d8

Binance

The most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Binance is well-positioned to become the crypto-powered, all-in-one, bundled solution for financial services. They already have so many of the pieces. But the key question is:
Can they create a cohesive & united product experience?

Binance Weaknesses

Binance is strong, but they do have a few major weaknesses that could slow them down.
  1. Traders & Speculators Binance is currently very geared for speculators, traders, and financial professionals. Their bread-and-butter is trading (spot, margin, options, futures). Their UI is littered with depth charts, order books, candlesticks, and other financial concepts that are beyond the reach of most normal consumers. Their product today is not at all tailored for the broader consumer market. Given Binance’s popularity and strength among the pro audience, it’s unlikely that they will dumb down or simplify their product any time soon. That would jeopardize their core business. Binance will likely need an entirely new product/brand to go beyond the pro user crowd. That will take time (or an acquisition). So the question remains, is Binance even interested in the broader consumer market? Or will they continue to focus on their core product, the one-stop-shop for pro crypto traders?
  2. Controversies & Hot Water Binance has had a number of controversies. No one seems to know where they are based — so what regulatory agencies can hold them accountable? Last year, some sensitive, private user data got leaked. When they announced their debit card program, they had to remove mentions of Visa quickly after. And though the “police raid” story proved to be untrue, there are still a lot of questions about what happened with their Shanghai office shut down (where there is smoke, there is fire). If any company has had a “move fast and break things” attitude, it is Binance. That attitude has served them well so far but as they try to do business in more regulated countries like America, this will make their road much more difficult — especially in the consumer market where trust takes a long time to earn, but can be destroyed in an instant. This is perhaps why the Binance US product is an empty shell when compared to their main global product.
  3. Disjointed Product Experience Because Binance has so many different teams launching so many different services, their core product is increasingly feeling disjointed and disconnected. Many of the new features are sloppily integrated with each other. There’s no cohesive product experience. This is one of the downsides of executing and shipping at their relentless pace. For example, users don’t have a single wallet that shows their balances. Depending on if the user wants to do spot trading, margin, futures, or savings… the user needs to constantly be transferring their assets from one wallet to another. It’s not a unified, frictionless, simple user experience. This is one major downside of the “move fast and break things” approach.
  4. BNB token Binance raised $15M in a 2017 ICO by selling their $BNB token. The current market cap of $BNB is worth more than $2.6B. Financially this token has served them well. However, given how BNB works (for example, their token burn), there are a lot of open questions as to how BNB will be treated with US security laws. Their Binance US product so far is treading very lightly with its use of BNB. Their token could become a liability for Binance as it enters more regulated markets. Whether the crypto community likes it or not, until regulators get caught up and understand the power of decentralized technology, tokens will still be a regulatory burden — especially for anything that touches consumers.
  5. Binance Chain & Smart Contract Platform Binance is launching its own smart contract platform soon. Based on compatibility choices, they have their sights aimed at the Ethereum developer community. It’s unclear how easy it’ll be to convince developers to move to Binance chain. Most of the current developer energy and momentum around smart contracts is with Ethereum. Because Binance now has their own horse in the race, it’s unlikely they will ever decide to leverage Ethereum’s DeFi protocols. This could likely be a major strategic mistake — and hubris that goes a step too far. Binance will be pushing and promoting protocols on their own platform. The major risk of being all-in on their own platform is that they miss having a seat on the Ethereum rocket ship — specifically the growth of DeFi use-cases and the enormous value that can be unlocked. Integrating with Ethereum’s protocols would be either admitting defeat of their own platform or competing directly against themselves.

Binance Wrap Up

I don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
https://preview.redd.it/mxmlg1zqm7f51.png?width=800&format=png&auto=webp&s=2d900dd5ff7f3b00df5fe5a48305d57ebeffaa9a

Coinbase

The crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.

Coinbase Strengths

Let’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
  1. Different Audience, Different Experience Coinbase has been smart to create a unique product experience for each audience — the pro speculator crowd and the common retail user. Their simple consumer version is at Coinbase.com. That’s the default. Their product for the more sophisticated traders and speculators is at Coinbase Pro (formerly GDAX). Unlike Binance, Coinbase can slowly build out the bank of the future for the broad consumer market while still having a home for their hardcore crypto traders. They aren’t afraid to have different experiences for different audiences.
  2. Brand & Design Coinbase has a strong product design team. Their brand is capable of going beyond the male-dominated crypto audience. Their product is clean and simple — much more consumer-friendly than Binance. It’s clear they spend a lot of time thinking about their user experience. Interacting directly with crypto can sometimes be rough and raw (especially for n00bs). When I was at Mainframe we hosted a panel about Crypto UX challenges at the DevCon4 Dapp Awards. Connie Yang (Head of Design at Coinbase) was on the panel. She was impressive. Some of their design philosophies will bode well as they push to reach the broader consumer finance market.
  3. USDC Stablecoin Coinbase (along with Circle) launched USDC. We’ve shared some stats about its impressive growth when we discussed DeFi use-cases. USDC is quickly becoming integrated with most DeFi protocols. As a result, Coinbase is getting a front-row seat at some of the most exciting things happening in decentralized finance. As Coinbase builds its knowledge and networks around these protocols, it could put them in a favorable position to unlock incredible value for their users.
  4. Early Signs of Bundling Though Coinbase has nowhere near as many products & services as Binance, they are slowly starting to add more financial services that may appeal to the broader market. They are now letting depositors earn interest on USDC (also DAI & Tezos). In the UK they are piloting a debit card. Users can now invest in crypto with dollar-cost-averaging. It’s not much, but it’s a start. You can start to see hints of a more bundled solution around financial services.

Coinbase Weaknesses

Let’s now look at some things that could hold them back.
  1. Slow Cadence In the fast-paced world of crypto, and especially when compared to Binance, Coinbase does not ship very many new products very often. This is perhaps their greatest weakness. Smaller, more nimble startups may run circles around them. They were smart to launch Coinbase Ventures where tey invest in early-stage startups. They can now keep an ear to the ground on innovation. Perhaps their cadence is normal for a company of their size — but the Binance pace creates quite the contrast.
  2. Lack of Innovation When you consider the previous point (slow cadence), it’s unclear if Coinbase is capable of building and launching new products that are built internally. Most of their new products have come through acquisitions. Their Earn.com acquisition is what led to their Earn educational product. Their acquisition of Xapo helped bolster their institutional custody offering. They acqui-hired a team to help launch their staking infrastructure. Their acquisition of Cipher Browser became an important part of Coinbase Wallet. And recently, they acquired Tagomi — a crypto prime brokerage. Perhaps most of Coinbase’s team is just focused on improving their golden goose, their exchange business. It’s unclear. But the jury is still out on if they can successfully innovate internally and launch any homegrown products.
  3. Talent Exodus There have been numerous reports of executive turmoil at Coinbase. It raises a lot of questions about company culture and vision. Some of the executives who departed include COO Asiff Hirji, CTO Balaji Srinivasan, VP & GM Adam White, VP Eng Tim Wagner, VP Product Jeremy Henrickson, Sr Dir of Eng Namrata Ganatra, VP of Intl Biz Dan Romero, Dir of Inst Sales Christine Sandler, Head of Trading Hunter Merghart, Dir Data Science Soups Ranjan, Policy Lead Mike Lempres, Sr Compliance Vaishali Mehta. Many of these folks didn’t stay with Coinbase very long. We don’t know exactly why it’s happening —but when you consider a few of my first points (slow cadence, lack of innovation), you have to wonder if it’s all related.
  4. Institutional Focus As a company, we are a Coinbase client. We love their institutional offering. It’s clear they’ve been investing a lot in this area. A recent Coinbase blog post made it clear that this has been a focus: “Over the past 12 months, Coinbase has been laser-focused on building out the types of features and services that our institutional customers need.” Their Tagomi acquisition only re-enforced this focus. Perhaps this is why their consumer product has felt so neglected. They’ve been heavily investing in their institutional services since May 2018. For a company that’s getting very close to an IPO, it makes sense that they’d focus on areas that present strong revenue opportunities — as they do with institutional clients. Even for big companies like Coinbase, it’s hard to have a split focus. If they are “laser-focused” on the institutional audience, it’s unlikely they’ll be launching any major consumer products anytime soon.

Coinbase Wrap Up

At Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.

Honorable Mentions

Other US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.

Wrap Up

Coinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
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What's Happening At Dash? | Continually Updated News & Announcements Thread

Welcome to dashpay!
If you are new to Dash, we encourage you to check out our wiki, where the Dash project is explained from the ground up with many links to valuable information resources. Also check out the menu bar on top and the sidebar to the right. We have very active Discord and Telegram channels where the community is happy to answer any and all newcomer questions.

Purpose of this post

This post is directed towards community members who wish to rapidly access information on current developments surrounding the Dash cryptocurrency.
Lately we've noticed how the pace of events picked up significantly within the Dash project due to many years of hard work coming together and pieces falling into place ("Evolution" is finally here. It's called Dash Platform). For the purpose of keeping these many pieces of information together, however, singular Reddit submissions are insufficient. Thus we decided to maintain a pinned thread collecting blog posts, interviews, articles, podcasts, videos & announcements. Check back regularly, as this thread will always feature the latest news around Dash, while also serving as a mid-term archive for important announcements and developments.
Journalists looking for news and contact opportunities wrt Dash, please bookmark:

Dash Press Room

"At Dash Press Room you will find the latest press releases, media materials and product updates on Dash - Digital Cash."

Dash Platform Video Series (formerly known as "Evolution") with Amanda B. Johnson

  1. Dash is Becoming a Cloud | Dash Platform #1
  2. What is Dash Drive? | Dash Platform #2
  3. What is Dash's Decentralized API? (DAPI) | Dash Platform #3
  4. Usernames & Dash Platform Name Service (DPNS) | Dash Platform #4
  5. What is Dash Platform Protocol? (DPP) | Dash Platform #5

Dash Core Group News

(last updated: Oct 30th, 2020)

Dash Newsroom with Mark Mason & Dash Talk with Amanda B. Johnson

(last updated: Oct 30th, 2020)

Development news

(last updated: Oct 30th, 2020)

Adoption, Partnership, Business Development, General News

(last updated: Oct 30th, 2020)
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[PLEASE READ] ZClassic > BitcoinPrivate Snapshot/Fork Frequently Asked Questions (FAQ) MEGATHREAD 2.0

I’ve been seeing a lot of repeated questions being asked every day so an updated FAQ/Megathread to address all of those questions will be detailed here. If we are missing something, please feel free to let us know and we will add it. We will try to edit this posting as more information becomes available.
Keep in mind the official Bitcoin Private Support portal has now been launched. We have a live chat feature to chat with support, as well as a knowledge base. Please visit the portal at support.btcprivate.org and use the knowledge base’s search function before asking other users.
Snapshot/Fork FAQ
Claiming BTCP Coins
BTCP/ZCL Exchange and Wallet Support
Donations and Contributions program
BTCP Mining
Wallet Troubleshooting
Miscellaneous/BTCP Project Questions
Donate towards the BTCP contribution team, Your donations are 100% voluntary but they are much appreciated!
ZCL: t1gsePJZ6ojJYygj3PWMGJfojPUoMd5AVfU
BTC: 14Xmfm9jf4h1h4RXZBQCFK6i4LWibqWVPu
LTC: LNYzDrUeX6PSecu4sL4eZkuJGaSXnf8GUH
BTCP Related Important Links
For the official list of links from the BTCP Github, refer to the repo.
Just a re-iteration, the BTCP team has launched the support portal offering resources ranging from live support from our teams, as well as a knowledge base that is constantly being updated. https://support.btcprivate.org Again, please feel free to let me know any questions that’s not currently listed above and we will do our best to answer and include it in the megathread.
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AMA Wrap-up & Summary

A very big thank you to everyone who participated in FinNexus’s first ever AMA session in the Wanchain Telegram! We were very pleased with the level of enthusiasm from AMA participants! We’re sorry to say that we weren’t able to answer every single question as we received close to 80 questions, and many of them were similar. However, we did our best to identify all the unique questions and answer them all as fully as possible. We have also selected the top ten 🏆🏆🏆winning questions🏆🏆🏆 of the AMA who’s askers will be receiving $20.00 worth of FNC each at the Wanchain address they submitted after the token generation event scheduled in January.
(Feel free to ask any other questions in response to this post!)

TOP TEN QUESTIONS:

1.🏆 What’s special about Finnexus vs. others in the space? @oluap5773
Our closest competitors are traditional financial institutions which offer low risk, non blockchain based stable return and fixed return products. Our other competitors would be platforms such as Binance and Compound which offer centralized or decentralized stable return products based on crypto lending businesses.
FinNexus has a unique focus on assets with real value built on blockchain infrastructure, which is rare in our other DeFi projects. Unlike Binance and Compound whose stable return products are based on crypto lending businesses, the assets we issue include those based on both real world and crypto businesses, which gives users access to reliable assets which are not correlated with the performance of crypto markets. And unlike traditional institutions, all our products are built on blockchain, which enables them to make use of all the blockchain’s advantages.
2. 🏆 What do you think of the future of DeFi in this space? @salmanmbstu96
Our expectation of the future DeFi is mainly on the application level rather than a technical one.
  1. Borrowing and Lending cannot be everything about DeFi. The growth of the DeFi should be largely diversified to other assets and business models.
  2. The risks in the DeFi world is similar, in other words, most of the DeFi models are facing the same systematic risks, which are with high risk and high expected return characteristics. In cases when the bitcoin collapses, every businesses and scenarios will be affected. This is not healthy.
  3. The DeFi applications are not so user-friendly. One has to take some time to learn how to deal with one decentralized product.
A leading project in the future should have the ability to solve the problems above. Blockchain is a great technology, while the combination with finance cannot avoid the basic logic and be isolated from the successful scenarios and models we built. Different models here mean different application scenarios in the financial world, like the equity rights, debenture rights, derivatives or other beneficiary rights.
The centralized or decentralized cannot be questions like yes or no. During the process of development, there may be something in between. On one hand it is built in a decentralized way and smart contracts are triggered automatically; while on the other hand, it is adapting the realistic that some parts of transactions or measurements must be under centralized regulations. We would like to call it Open Finance, as it is open to both the crypto assets on the blockchain, and the assets off the chain while restructuring their parts in a decentralized way.
In the future, we believe that there will be leading projects, that can bridge the blockchain technology and real world assets, diversify the systematic risks while attracting more users, and be user friendly that the nonprofessional may easily operate.
3. 🏆 Give me reason’s why should I invest in #FinNexus? @cryptococuk01
I hope you read the write paper of FinNexus and got understandings on what FinNexus is about to do. FNC will be the sole token in the FinNexus ecosystem. It is a kind of hybrid token, like a utility token but also benefiting from FinNexus development.
FinNexus will work as the financial product supermarket, Broker, Investment Banker or something alike. It will gain revenue directly from its operations.
Holders of FNC is eligible to the following rights or benefits (will be explained in details on the FinNexus official websites):
1)Rights of higher rate of returns on tokenized products; 2)Rights to invest in tokenized products with lower cost; 3)Benefits on the discount on the transaction commissions; 4)Derivative rights, like early settlement, resale or interest swaps; 5)Rights to interact with WAN; 6)Benefits on the FinNexus’ development; the revenue of FinNexus is from: Underwriting; Investment banking; Market making; Transaction commissions; Investment in tokenized products.
4. 🏆 How can FinNexus goal be explained in layman’s terms? @iamthethirdkind
You can actually get a clue from the project’s name ‘FinNexus’. The name is quite straightforward. FinNexus is the combination of the words ‘Finance’ and ‘Nexus’. It means financial connections. I will explain that in 3 aspects:
  1. To asset owners
Finance here includes the ‘traditional’ and the ‘decentralized’ and traditional finance is only traditional compared to DeFi. Here FinNexus is aiming at providing a solution, which we call it a protocol, where one can link the traditional financial world with the blockchain technology in an efficient, transparent and feasible way. For example, one with assets that have good expected cash flows will find a way to easily tokenize the assets on FinNexus.
  1. To users FinNexus will act as a financial product supermarket. Right now, the DeFi world has a problem that almost all of the crypto assets or financial products bear the same systematic risks, which means when the Bitcoin price collapses, every kind will join the plummet and even the financial models will cease to be valid. One of the reasons is that all assets are purely crypto-born. Moreover, the crypto interface is not so easy for a nonprofessional to operate. FinNexus’ goal is to provide diversification and convenience with assets of real value. Users will be able to invest in assets with various risks and returns here, and can easily choose to their preferences like in a supermarket.
  2. FinNexus Itself
FinNexus is concentrating in the application level, with the help of the two initiators. It will not operate or manage assets directly and will act as a channel or a hub, where supplies and needs are paired, while in later stages, it will strive to build the protocols or standards for all of these tokenizations and transactions.
5. 🏆 What are tokenized digital assets in FinNexus? How is it different from current digital assets? @hg144
The FinNexus team have done researches on the tokenization of real world assets. Right now, only a few groups like the credit assets, supply chain finance or other sub-dividable beneficial rights seem most feasible. These tokenized products may bear characteristics like equities, debentures, derivatives or other beneficiary rights.
The noticeable differences lie in the nature of the products. The returns are from the cashflow of the real world assets, rather than mining, staking, speculating, etc. FinNexus combines the decentralized and centralized means. The tokens have advantages on chain, while the product design and disclosure draw lessons from traditional finance.
Apart from that, there will also be products totally on chain, triggered by smart contracts, like crypto futures, options, and ETFs, with user-friendly interfaces.
6. 🏆 What are the advantages and disadvantages of FinNexus when developing in a large market like China? Do you have plans to develop other regions? @hiampluto
Advantages:
(1) The blockchain industrial environment and public opinion guidance has changed since China’s President Xi Jinping recent announcement. The word blockchain has been mentioned in social media time and time again, and almost everyone is trying to find out what it is. President made it clear that the country would encourage enterprises applying the technology into real world scenarios.
(2) China has the largest population and made great technological progress over the last decade. Blockchain projects, communities, exchanges, token funds, medias, and other participants have established a complete and dynamic ecosystem. FinNexus is easy to access to these resources.
(3) Financial market in China has been making great progress, which provides FinNexus with adequate talents, financial products and potential users.
(4) The two initiators Wanchain and SuperAtom (incubated by Cheetah Mobile) are all based in China. They both give FinNexus big financial, human-power and community support, with minimum communication cost in the same city.
Disadvantages:
(1) Activities like ICOs or other forms of public fund-raising are still restricted;
(2) The government’s attitude towards the security-like tokens and tokenization is still not clear;
(3) Language and time zone discrepancy may cause difficulties.
FinNexus is aiming to build a global open finance protocol. Blockchain should be boundless, and so will be our users and assets. Our first product’s basic asset is in SE Asia. We are now building teams, grouping communities, and recruiting regional ambassadors. Also, we are making continuous and effective interactions with the global communities of Wanchain and Bitrue.
7. 🏆 FinNexus’s team consists of experienced and brilliant individuals. What made them to unite together and work in unison for the fulfilment of it and how does it act as an advantage compared to other projects in terms of brainstorming and guidance? @cryptollll
Though key members of FinNexus team seem to have different educational backgrounds or working experiences, we come together with the same beliefs and goals. The same purpose has united us together and after grinding-in over one and a half years, we are working together energetically and harmoniously, which provides a foundation for the success of FinNexus. It is not the first time we work together and we knew each other with for long time. The details of resumes are on the website.
8. 🏆 Many blockchain projects and companies focus on making very complex systems, say they will revolutionize the society, and help the unbanked. Since you work directly in the area, how realistic do you think such statements are? @lucbazanse
The team has been working together for more than a year already. FinNexus is a project at the layer 3 level in the blockchain system, targeting at the application usage. The team believes that no matter how innovative or revolutionary a new technology is, if it fails to be conveniently applied in everyday use or have efficient or cost-saving solutions to users, we cannot call it a successful technology.
Therefore, we will build our application on top of the successful public chains and concentrate in providing financially practical and risk diversified products and user friendly applications. We doubt that the unbanked can be helped by a complex system. Unbanked group of people usually exist in the less developed regions that lack basic infrastructure. They may not well educated or lack the basic understanding of the technology or even ideas of modern financial or banking system.
Therefore, the application is most important. A successful project should provide them with friendly interfaces and convenient accesses, aiming directly to their basic needs, no matter how complex or innovative the technology is. That’s what FinNexus is trying to do, to provide what is needed the most in a simple and understandable way.
9. 🏆 Which way you will offer token sale?
We create a new way of the token sales together with launching our products. FinNexus’ will issue its CFNC (convertible FNC), which gives holders the right to convert into ABT in the conversion period. The holders of ABT are eligible to the benefit with an annualized rate of return at over 10%. ABT is called the Asset Backed Token in general, in specific, the return of the token is backed by the consumer loan assets in Indonesia, with the originator SuperAtom, which is initiated by the NYSE listed company Cheetah Mobile, as the basic asset. It has a traditional hierarchical design and the ABT is the token in the senior tranche. The details will be disclosed in the Offering Circular on the FinNexus website later.
We strongly recommend the interested blockchainers to check the details on www.finnexus.io
10. 🏆 Can you tell more about road-map for future developments? @toanphamhd
In phase one, before the end of 2019 or early in 2020, FinNexus is introducing ICTO, combining the fund raising process with its products. Instruments with the essentials of ABT are likely to be one of the major products offered to users, with different systematic risks from the crypto assets. Before the first quarter of 2020, other products like the borrowing and lending, hedging, ETF and staking are likely to be issued, as well as the other schemes of the ABT products. FinNexus will also cooperate with at least three of the token exchanges, crypto wallets or other channels as the sale portals.
In phase two, before the end of 2020, FinNexus will search for the qualified assets globally and combine the blockchain technology with the real world application scenarios in vaster occasions. And FinNexus work with other mainnet projects to launch its new products and interactions with the chain tokens. Moreover, FinNexus will facilitate the trade of the ABT and other similar products on the OTC market. The experience of the traditional financial market shows that the OTC transactions of these products have even higher volume than the bidding mode in the exchanges.
In the third phase, in three years, FinNexus’ goal is to build an open finance protocol. This protocol is established on Layer 3, targeted on the application level. It will provide the basic standard for the tokenization and transaction for all types of assets, both in traditional finance and in the crypto world. All assets that provide future returns will be programmable with blockchain in the future and FinNexus is defining a protocol that provides the standards and convenience in realization. Different assets may apply to various requirements in details, but the common language lying in is what FinNexus is chasing for.
While in the coming days, we would expect 1) the release of the detailed conversion and subscription rules on the website; 2) the release of the ABT offering circular to give a detailed explanation on the risks and returns; 3) setting the timetable for offering and listing of FNC.

RUNNER UP QUESTIONS

11. What is the current development progress of the project, and when is the main online release? @btc4life76
The first product will be released together with ICTO process, details of which you may check on the FinNexus website. Right now, the product is under the final stage of development and the team are working on the necessary information disclosure materials and the design of tokens on Wanchain. The planned release time will be before the end of this year or early next year.
12. “What are the recent change in high-level strategy in product design and development? How will it help the #FinNexus to move further with the safest & fastest Blockchain technology?” @ahmetumit08
FinNexus is a project built on layer 3 and concentrates on technological application. ‘We are the portal to the users and we need to make it simple, convenient, understandable and transparent’.
The advantage does not lie in the sophistication of the underlying technology, but in the application level. To establish an Open Finance Protocol, FinNexus has to move earlier and faster than the others, and at present, it is the first in the industry to put forward this concept.
In product development, we will make each code be used in real use case and keep improving in practice. In the beginning, we will built a layer 3 for assets tokenization and distribution, fee and interests distribution, buying and withdrawing. Users (business users) do not need to connect public chains, but use our SDK or API to interact with different chains. Recently we are focusing on protocols with smart contracts that asset tokenization could be easily deployed by FNX layer 3. And then we will focus on the protocol of decentralized token distribution. That means anyone who wants to sell assets tokens in FinNexus only need to download our SDK or connect our API.
13. How many different types of assets can be expected in the first quarter of 2020 . What will be the jurisdiction of assets and how will FinNexus avoid people from holding assets from restricted jurisdictions? @anon
As a project incubated by SuperAtom, the UangMe assets will work as an initiator, and it has the potential of the amount of 100M USD. In the meantime, similar assets in Malaysia are under discussion. In addition, there will be other types of products the users may expect in the first quarter of 2020, like crypto borrowing and lending products, easy-operating crypto-currency derivatives, ETF products, staking related products, etc., and they are all under development right now.
We have a legal team that help us deal with the jurisdiction issues. We will monitor the changing legal environment around the main countries and regions. KYC procedures are necessary for avoiding investors from holding assets from restricted jurisdictions.
14. How FinNexus and Wanchain both can get benefitted using each others protocol? @salmanmbstu96
FinNexus is the layer 3 which can make users, especially business users, to use Wanchain easily in financial aspects. And FinNexus focuses on different assets, that could grant Wanchain with more applications to run. In most of financial scenarios, multi-coin will be used, so we can use the cross-chain protocol of Wanchain. If Wanchain protocol is like a highway road, FinNexus protocol is working as an assembly line.
15. What do you think about Defi Landscape right now? @paraphan1992
Now, many DeFi projects are limited to the products and applications with the pure crypto assets. They can be highly decentralized and automated, but is it enough?
1) Borrowing and Lending is the first natural DeFi application scenario and contributes to over 90% of the application scenarios. It cannot be everything about DeFi. The growth of the DeFi should be largely diversified to other assets and business models.
2) The risks in the DeFi world is similar, in other words, most of the DeFi models are facing the same systematic risks, which are with high risk and high expected return characteristics. In cases when the bitcoin collapses, every businesses and scenarios will be affected. This is not healthy. Tokens transactions with high risks and the relating credit activities cannot be the whole world of DeFi. FinNexus is trying to introduce financial products with different types and levels of risks and expected returns, to enrich the products desperately needed in the industry.
3) The DeFi applications are not so user-friendly. One has to take some time to learn how to deal with one decentralized product. FinNexus aims at providing something that is transparent with the information needed for the investors to make judgment while easy to handle.
Right now, Maker is trying to move to Multi-Collateral Dai (MCD), a big step to make the DeFi model richer and healthier. Also they introduce Dai Savings Rate (DSR), which may have the potential to be regarded as one of the standard rates. In the future, we may witness wider real world assets and application scenarios in DeFi and that is the path that DeFi is bound to follow.
16. Can FinNexus support smart contracts? @btc4life76
The answer is yes, smart contracts will play important roles in the FinNexus products. The first phase of products will be built on Wanchain and according to the ICTO rules, the ABT conversion and the future payment of principal and interest of ABT will all be supported by smart contracts. Again, for details of ICTO please check our website. In later phases ,we will develop other products based on ETH or other chains according to the users’ requirements and asset characteristics; and smart contracts will be richer and more diversified.
17. Why do we need DEFI? What is the new thing that DeFi bring to us? Was your project born for that? @oluap5773
A: The decentralized blockchain technology needs application scenarios, and the finance needs the innovative technology to solve its own problems, thus here comes the merge of the two.
Bitcoin brings the blockchain technology into our sight and until now, it has 70% of the total value of crypto assets. Bitcoin is born to facilitate the financial transactions and most of the project henceforth cannot be isolated from the financial fields. There is an inevitable bond since the birth of the technology, and finance is always the natural experimental field of blockchain.
The problem of information asymmetry is always puzzling investors and regulators. Most of the solution came from a centralized way from the authorities before, while the result was much diversified among regions. With the emergence of blockchain, it provides an alternative solution to this long-lasting issue. It is trustworthy, non-modifiable and self-proved. Moreover, it is bondless and anti-authorized, which can largely reduce the cost of international transactions while enhancing the efficiency. The technology is self-organized, decentralized and automated. DeFi has the potential to change the governance structure and investment behavior in the financial world.
Tens of years ago, the internet has brought finance efficiency and popularization. Today blockchain is about to change the financial system again. It introduces the participants into a new territory that is bondless, decentralized, trustworthy, and equal. It will largely decrease the cost of centralized supervision, the risk of information asymmetry and the barrier among economic entities. Many business formats will change concerning the technology, including the economic entities, governance authorities, market intermediaries, exchanges and the transaction behavior of investors. For example, in the future, it is expected that the basic bookkeeping of a business entity will be on blockchain, and all of the operational activities like procurement, production, sales, inventories, invoices, taxations, employments, etc., will be dealt with and recorded in a decentralized way. Therefore, the auditors’ jobs are shifting from the bookkeeping test of accuracy to the verification of the validity of the chain.
Of course, FinNexus is born to be part of the big change, and we strive to be one of the driving forces of the financial decentralization progress. The goal of FinNexus is to build an Open Finance Protocol. The protocol is like a channel or a standard, to allow all kinds of assets, whether decentralized or centralized, whether with characteristics of equity, debenture, derivative or other hybrid, to find its path towards tokenization with the blockchain technology. By maintaining the basic business logic and learning from the traditional financial model, FinNexus will combine with the advantages of the blockchain technology, to make investors truly benefit from decentralization.
18. Which target users does FinNexus aim to serve? Will its technology be easy for participants to use but still ensure open, transparent and equal way? @paraphan1992
FinNexus aims to serve those who know blockchain and have invested in crypto assets or DeFi products, those who know real world investment but little about blockchain, and those who know little about crypto assets or financial investment but interested in the blockchain technology and curious on the virtual assets.
The meaning of ‘Nexus’ has many parts, and one is to make connections with different market participants. FinNexus will work through protocols and try to act as a channel. In future stages, it will make connections with the OTC markets providing fiat and crypto currency exchanges. Through these protocols, non-crypto users will be able to invest in the FinNexus products.
As FinNexus is built on Layer 3, the protocol will be built combining the decentralized and centralized solution. User-friendliness is a must. By means of easy interfaces, full information disclosure and integrated protocols, users with various degree of knowledge and different risk tolerance are able to get their suitable investment, easily and transparently.
whether decentralization or centralization, are means not targets.
Openness, transparency and equality are necessary to lower credit risks in financial activities. The subscription, transaction, interaction and distribution of financial products will be on chain in a decentralized way, implemented by smart contracts; while the information disclosure, real assets collateral and basic assets operation will be off chain in a centralized way. FinNexus protocols will work to achieve such goals.
submitted by noahniuwa to finnexus [link] [comments]

Crypto-Analysis of RaiBlocks

As we approach the point of no return, I can see a familiar flare from the olden times of "LTC on GOX". I and many others feel that Binance is going to be that point which will make or break RaiBlocks' reputation. If RaiBlocks is going to succeed, I believe that a few things must be done based on what I have seen in the past:
Wallet issues are a no-go. We can't have this community flooded with "I accidentally sent my XRB to my representative", "The wallet takes too long to download all the transactions", and so on. Node pruning is a must have. Wallets must have better user experience that are almost child-proof. Wallets are second to exchanges as portals to interacting with a crypto-currency, so negative wallet reputation can cripple RaiBlocks growth in use.
We must keep stress testing. Those who are stress testing the network and spending money to ensure our future (DasBoss, u/pwlk) I tip my hat to you. Seeing above 100 transactions per second gives a lot of faith in the technology and helps find any scaling issues that might have been missed. We should not stop testing RaiBlocks limits.
Not too important, but it might help to have more moderators who aren't part of the RaiBlocks team. This is just based on the btc and bitcoin situation, but this may or may not be helpful since the creators are known and can control the vision for RaiBlocks. There could be some FUD if people feel that they aren't being heard, but I believe in the community to be nice and helpful, so this suggestion is very much optional.
A big* issue I see is that the dev team tends to have to spend time working with exchanges to basically be the exchange's dev team. As exchange issues start winding down, it is important for RaiBlocks to have a relatively painless integration with exchanges, so that the team's focus is not pulled from working on improving RaiBlocks. This doesn't have to be done before Binance, but it would be most helpful to put this idea into action in order for more exchanges to add RaiBlocks while being self-supporting.
Lastly, as much as we like to think the world is centered around reddit and such, a large base of future users will come from traditional media. News media and such will hopefully soon cover RaiBlocks, most likely as "The RailBlocks". Newcomers will enter and, as a community, the FUD and FOMO waves will rock the foundation, but we must stay strong, vigilant, and to our roots. RaiTrade might be our saving grace to save us from what bitcoin looks like today. We might have to adopt a phrase similar to "Take it to RaiTrade" to avoid any unhelpful discussions. This is not to say I dislike RaiTrade or anything. I enjoy memes and price speculation, but I feel that sort of talk should have it's own place separate from the official reddit.
I believe in the dev team, and I believe as a community a really important thing that we need to do is slooooow down. Binance will most likely be the catalyst that could cause this year to be the year that RaiBlocks gets a fiat pairing and more, but it could also end up looking like what TRX went through, where hype outpaced the technology. We must ensure it is not the latter.
*Edit Note: By big issue, I meant currently integrating with RaiBlocks is considered difficult. I do believe solving exchange problems are the biggest benefit to the community when possible, since as stated before, exchanges are the number one way people interact with crypto-currencies. As node issues wind down, I hope that we as a community can move past the speed bump and push on to greater heights with further integrations with other platforms, like CoinPayments.net.
submitted by filup1991 to RaiBlocks [link] [comments]

[PLEASE READ] ZClassic > BitcoinPrivate Snapshot/Fork Frequently Asked Questions (FAQ) MEGATHREAD 2.0

I’ve been seeing a lot of repeated questions being asked every day so an updated FAQ/Megathread to address all of those questions will be detailed here. If we are missing something, please feel free to let us know and we will add it. We will try to edit this posting as more information becomes available.
Keep in mind the official Bitcoin Private Support portal has now been launched. We have a live chat feature to chat with support, as well as a knowledge base. Please visit the portal at support.btcprivate.org and use the knowledge base’s search function before asking other users.
Snapshot/Fork FAQ
Claiming BTCP Coins
BTCP/ZCL Exchange and Wallet Support
Donations and Contributions program
BTCP Mining
Wallet Troubleshooting
Miscellaneous/BTCP Project Questions
Donate towards the BTCP contribution team, Your donations are 100% voluntary but they are much appreciated!
ZCL: t1gsePJZ6ojJYygj3PWMGJfojPUoMd5AVfU
BTC: 14Xmfm9jf4h1h4RXZBQCFK6i4LWibqWVPu
LTC: LNYzDrUeX6PSecu4sL4eZkuJGaSXnf8GUH
BTCP Related Important Links
For the official list of links from the BTCP Github, refer to the repo.
Just a re-iteration, the BTCP team has launched the support portal offering resources ranging from live support from our teams, as well as a knowledge base that is constantly being updated. https://support.btcprivate.org Again, please feel free to let me know any questions that’s not currently listed above and we will do our best to answer and include it in the megathread.
submitted by BestServerNA to BitcoinPrivate [link] [comments]

An article shows you the charm of TarK payment system!

An article shows you the charm of TarK payment system!

With the development of the Internet and the digital economy, new payment methods such as WeChat and Alipay have appeared, which has greatly impacted the traditional cash transaction model. In line with the development needs of the token economy, the digital payment system accompanied by block chain technology has become the latest method of asset management.
The rise of each concept is not groundless. Today we take the TarK payment system as an example to explore the charm of digital payment systems in addition to ensuring asset security.
For digital payment systems, there are many categories, such as online payment systems, offline payment systems, cold payment systems, hot payment systems, full-node payment systems, light payment systems, centralized payment systems, hardware payment systems and many other payment systems. The most important indicators for assessing the quality of a payment system are the security performance, the diversity of functions and the convenience of application.
TarK payment system - excellent security performance

https://preview.redd.it/fuwxz1fpxss31.png?width=692&format=png&auto=webp&s=82d7ac1b7cce78b7722fc09f75cdfbbb5abe7e95
In 2018, the number of digital payment system users reached 35 million, and the loss of digital assets due to payment system security vulnerabilities was about 1.2 billion US dollars. The digital payment system industry is also facing serious security problems as well as the rapid development.
Tark payment system created the world's first dual-form cold payment system security protection model. It introduced the top technology innovation and multi-person collaborative management function of Silicon Valley in the United States, which greatly reduces the safety factor of the risk of the user's token asset and escorts the user's token assets!
In addition,When the payment system is idle, the network will automatically open the never-on-network mode. It builds transactions and signatures at the cold end, and broadcasts transactions at the hot end, creating a strong protection shield for the token assets, completely eradicating the network hacking and resisting the asset risks caused by various reasons.
Compared with the traditional token asset payment system, Tark payment system strictly controlled the payment and withdrawal operation, and the two password security management mechanisms of seed password + payment password prevent theft of assets and fraudulent use, cryptographic storage, never touch the network, secure verification and delete after you use.
TarK payment system - with versatile features to meet all your needs
TarK combines cross-chain technology with a payment system to create a digital payment system with more features. Cross-chain technology can be understood as a bridge connecting each blockchain to meet asset flow, information intercommunication and application coordination between different blockchains. If the cross-chain is not resolved, the major blockchains will be isolated islands, and there is no exchange of value and data between them.

https://preview.redd.it/gnd61rtrxss31.png?width=692&format=png&auto=webp&s=f317d4287b7e9a14214eec7729ad3401ff798af2
The emergence of the TarK cross-chain payment system has undoubtedly brought new blood to this technology. Compared with the current situation that a public blockchain and a payment system in the blockchain market, do not exchange information and can only classify storage and transactions, the TarK payment system with cross-chain technology supports multi-currency storage and also supports secure transaction functions. In addition, TarK payment system also has a private key import function, mnemonic words backup function, on-chain matching transaction function, game lobby function, online live broadcast function, on-chain query function.
TarK payment system - think for you, improve user experience
The transaction results are promptly reminded, and the asset is collected in one step! Tark provides offline notification of transaction result reminders. Users do not need to be online for a long time. After the transaction is completed, they can quickly receive the transaction result reminder SMS. Reminders are accepted even when they are offline, and there is no need to worry about asset reception overdue in any scenario.
Multi-platform market and consultation, wealth dividends are at your fingertips! Tark gathers information on mainstream trading platforms, covering global mainstream trading platforms and token market information, including world-renowned portals such as Huobi, Binance, OKEX, Bitcoin Forum, etc., so that you can stay at home to control the trend of more than ten thousand kinds of token assets.
Personal assets are queried in real time, assets are in hand and take leave without delay. Tark provides users with intimate personal asset real-time query function, users can quickly log in to the payment system APP to view personal assets without complicated operations. With a click of your finger, you can quickly know your asset status.
Multi-language currency support, global user linkage. Tark supports English, Korean, Thai, Russian, French, German, and other more than 20 languages worldwide, and all the types of tokens that are circulated worldwide, creating a global settlement payment tool. Language and currency open mode, where you can quickly make storage and payments.
QR code / NFC communication, covering the mainstream of global payment methods. Tark supports mainstream payment methods worldwide, including QR code and NFC two mainstream U payment methods, allowing users to experience different dimensions in the same payment scenario. Diversified payment methods enable multi-level payment storage experience.
Such a payment system, are you sure you are not attracted?
Official download address of Tark payment system: http://www.tarkwallet.com/download/down.html
Chinese telegram group: https://t.me/TARKOFFICIAL\_CN
English telegram group: https://t.me/TARKOFFICIAL\_EN
submitted by gswt to u/gswt [link] [comments]

An article shows you the charm of TarK payment system!

An article shows you the charm of TarK payment system!

With the development of the Internet and the digital economy, new payment methods such as WeChat and Alipay have appeared, which has greatly impacted the traditional cash transaction model. In line with the development needs of the token economy, the digital payment system accompanied by block chain technology has become the latest method of asset management.
The rise of each concept is not groundless. Today we take the TarK payment system as an example to explore the charm of digital payment systems in addition to ensuring asset security.
For digital payment systems, there are many categories, such as online payment systems, offline payment systems, cold payment systems, hot payment systems, full-node payment systems, light payment systems, centralized payment systems, hardware payment systems and many other payment systems. The most important indicators for assessing the quality of a payment system are the security performance, the diversity of functions and the convenience of application.
TarK payment system - excellent security performance

https://preview.redd.it/g881l4yhfnn31.png?width=692&format=png&auto=webp&s=61bf9b9736d01b908853ad373be66bb6c8e62890
In 2018, the number of digital payment system users reached 35 million, and the loss of digital assets due to payment system security vulnerabilities was about 1.2 billion US dollars. The digital payment system industry is also facing serious security problems as well as the rapid development.
Tark payment system created the world's first dual-form cold payment system security protection model. It introduced the top technology innovation and multi-person collaborative management function of Silicon Valley in the United States, which greatly reduces the safety factor of the risk of the user's token asset and escorts the user's token assets!
In addition,When the payment system is idle, the network will automatically open the never-on-network mode. It builds transactions and signatures at the cold end, and broadcasts transactions at the hot end, creating a strong protection shield for the token assets, completely eradicating the network hacking and resisting the asset risks caused by various reasons.
Compared with the traditional token asset payment system, Tark payment system strictly controlled the payment and withdrawal operation, and the two password security management mechanisms of seed password + payment password prevent theft of assets and fraudulent use, cryptographic storage, never touch the network, secure verification and delete after you use.
TarK payment system - with versatile features to meet all your needs
TarK combines cross-chain technology with a payment system to create a digital payment system with more features. Cross-chain technology can be understood as a bridge connecting each blockchain to meet asset flow, information intercommunication and application coordination between different blockchains. If the cross-chain is not resolved, the major blockchains will be isolated islands, and there is no exchange of value and data between them.

https://preview.redd.it/iydhqr7kfnn31.png?width=692&format=png&auto=webp&s=f0ee1a2a5fbc231591c63df2da750b7fff8884f5
The emergence of the TarK cross-chain payment system has undoubtedly brought new blood to this technology. Compared with the current situation that a public blockchain and a payment system in the blockchain market, do not exchange information and can only classify storage and transactions, the TarK payment system with cross-chain technology supports multi-currency storage and also supports secure transaction functions. In addition, TarK payment system also has a private key import function, mnemonic words backup function, on-chain matching transaction function, game lobby function, online live broadcast function, on-chain query function.
TarK payment system - think for you, improve user experience
The transaction results are promptly reminded, and the asset is collected in one step! Tark provides offline notification of transaction result reminders. Users do not need to be online for a long time. After the transaction is completed, they can quickly receive the transaction result reminder SMS. Reminders are accepted even when they are offline, and there is no need to worry about asset reception overdue in any scenario.
Multi-platform market and consultation, wealth dividends are at your fingertips! Tark gathers information on mainstream trading platforms, covering global mainstream trading platforms and token market information, including world-renowned portals such as Huobi, Binance, OKEX, Bitcoin Forum, etc., so that you can stay at home to control the trend of more than ten thousand kinds of token assets.
Personal assets are queried in real time, assets are in hand and take leave without delay. Tark provides users with intimate personal asset real-time query function, users can quickly log in to the payment system APP to view personal assets without complicated operations. With a click of your finger, you can quickly know your asset status.
Multi-language currency support, global user linkage. Tark supports English, Korean, Thai, Russian, French, German, and other more than 20 languages worldwide, and all the types of tokens that are circulated worldwide, creating a global settlement payment tool. Language and currency open mode, where you can quickly make storage and payments.
QR code / NFC communication, covering the mainstream of global payment methods. Tark supports mainstream payment methods worldwide, including QR code and NFC two mainstream U payment methods, allowing users to experience different dimensions in the same payment scenario. Diversified payment methods enable multi-level payment storage experience.
Such a payment system, are you sure you are not attracted?
Official download address of Tark payment system: http://www.tarkwallet.com/download/down.html
Chinese telegram group: https://t.me/TARKOFFICIAL\_CN
English telegram group: https://t.me/TARKOFFICIAL\_EN
submitted by gswt to u/gswt [link] [comments]

An article shows you the charm of TarK payment system!

An article shows you the charm of TarK payment system!

With the development of the Internet and the digital economy, new payment methods such as WeChat and Alipay have appeared, which has greatly impacted the traditional cash transaction model. In line with the development needs of the token economy, the digital payment system accompanied by block chain technology has become the latest method of asset management.
The rise of each concept is not groundless. Today we take the TarK payment system as an example to explore the charm of digital payment systems in addition to ensuring asset security.
For digital payment systems, there are many categories, such as online payment systems, offline payment systems, cold payment systems, hot payment systems, full-node payment systems, light payment systems, centralized payment systems, hardware payment systems and many other payment systems. The most important indicators for assessing the quality of a payment system are the security performance, the diversity of functions and the convenience of application.
TarK payment system - excellent security performance

https://preview.redd.it/vu8j927eqfp31.png?width=692&format=png&auto=webp&s=8d4f6d757098c92cf9b880d6477976ef7e885061
In 2018, the number of digital payment system users reached 35 million, and the loss of digital assets due to payment system security vulnerabilities was about 1.2 billion US dollars. The digital payment system industry is also facing serious security problems as well as the rapid development.
Tark payment system created the world's first dual-form cold payment system security protection model. It introduced the top technology innovation and multi-person collaborative management function of Silicon Valley in the United States, which greatly reduces the safety factor of the risk of the user's token asset and escorts the user's token assets!
In addition,When the payment system is idle, the network will automatically open the never-on-network mode. It builds transactions and signatures at the cold end, and broadcasts transactions at the hot end, creating a strong protection shield for the token assets, completely eradicating the network hacking and resisting the asset risks caused by various reasons.
Compared with the traditional token asset payment system, Tark payment system strictly controlled the payment and withdrawal operation, and the two password security management mechanisms of seed password + payment password prevent theft of assets and fraudulent use, cryptographic storage, never touch the network, secure verification and delete after you use.
TarK payment system - with versatile features to meet all your needs
TarK combines cross-chain technology with a payment system to create a digital payment system with more features. Cross-chain technology can be understood as a bridge connecting each blockchain to meet asset flow, information intercommunication and application coordination between different blockchains. If the cross-chain is not resolved, the major blockchains will be isolated islands, and there is no exchange of value and data between them.

https://preview.redd.it/9kmneabfqfp31.png?width=692&format=png&auto=webp&s=cca9776e38fca7480b091d9481c3458440834f9a
The emergence of the TarK cross-chain payment system has undoubtedly brought new blood to this technology. Compared with the current situation that a public blockchain and a payment system in the blockchain market, do not exchange information and can only classify storage and transactions, the TarK payment system with cross-chain technology supports multi-currency storage and also supports secure transaction functions. In addition, TarK payment system also has a private key import function, mnemonic words backup function, on-chain matching transaction function, game lobby function, online live broadcast function, on-chain query function.
TarK payment system - think for you, improve user experience
The transaction results are promptly reminded, and the asset is collected in one step! Tark provides offline notification of transaction result reminders. Users do not need to be online for a long time. After the transaction is completed, they can quickly receive the transaction result reminder SMS. Reminders are accepted even when they are offline, and there is no need to worry about asset reception overdue in any scenario.
Multi-platform market and consultation, wealth dividends are at your fingertips! Tark gathers information on mainstream trading platforms, covering global mainstream trading platforms and token market information, including world-renowned portals such as Huobi, Binance, OKEX, Bitcoin Forum, etc., so that you can stay at home to control the trend of more than ten thousand kinds of token assets.
Personal assets are queried in real time, assets are in hand and take leave without delay. Tark provides users with intimate personal asset real-time query function, users can quickly log in to the payment system APP to view personal assets without complicated operations. With a click of your finger, you can quickly know your asset status.
Multi-language currency support, global user linkage. Tark supports English, Korean, Thai, Russian, French, German, and other more than 20 languages worldwide, and all the types of tokens that are circulated worldwide, creating a global settlement payment tool. Language and currency open mode, where you can quickly make storage and payments.
QR code / NFC communication, covering the mainstream of global payment methods. Tark supports mainstream payment methods worldwide, including QR code and NFC two mainstream U payment methods, allowing users to experience different dimensions in the same payment scenario. Diversified payment methods enable multi-level payment storage experience.
Such a payment system, are you sure you are not attracted?
Official download address of Tark payment system: http://www.tarkwallet.com/download/down.html
Chinese telegram group: https://t.me/TARKOFFICIAL\_CN
English telegram group: https://t.me/TARKOFFICIAL\_EN
submitted by gswt to u/gswt [link] [comments]

An article shows you the charm of TarK payment system!

An article shows you the charm of TarK payment system!

With the development of the Internet and the digital economy, new payment methods such as WeChat and Alipay have appeared, which has greatly impacted the traditional cash transaction model. In line with the development needs of the token economy, the digital payment system accompanied by block chain technology has become the latest method of asset management.
The rise of each concept is not groundless. Today we take the TarK payment system as an example to explore the charm of digital payment systems in addition to ensuring asset security.
For digital payment systems, there are many categories, such as online payment systems, offline payment systems, cold payment systems, hot payment systems, full-node payment systems, light payment systems, centralized payment systems, hardware payment systems and many other payment systems. The most important indicators for assessing the quality of a payment system are the security performance, the diversity of functions and the convenience of application.
TarK payment system - excellent security performance

https://preview.redd.it/x7pti5etgvk31.png?width=692&format=png&auto=webp&s=2643207e0d471524ced4ec0c7e3cf753340dd885
In 2018, the number of digital payment system users reached 35 million, and the loss of digital assets due to payment system security vulnerabilities was about 1.2 billion US dollars. The digital payment system industry is also facing serious security problems as well as the rapid development.
Tark payment system created the world's first dual-form cold payment system security protection model. It introduced the top technology innovation and multi-person collaborative management function of Silicon Valley in the United States, which greatly reduces the safety factor of the risk of the user's token asset and escorts the user's token assets!
In addition,When the payment system is idle, the network will automatically open the never-on-network mode. It builds transactions and signatures at the cold end, and broadcasts transactions at the hot end, creating a strong protection shield for the token assets, completely eradicating the network hacking and resisting the asset risks caused by various reasons.
Compared with the traditional token asset payment system, Tark payment system strictly controlled the payment and withdrawal operation, and the two password security management mechanisms of seed password + payment password prevent theft of assets and fraudulent use, cryptographic storage, never touch the network, secure verification and delete after you use.
TarK payment system - with versatile features to meet all your needs
TarK combines cross-chain technology with a payment system to create a digital payment system with more features. Cross-chain technology can be understood as a bridge connecting each blockchain to meet asset flow, information intercommunication and application coordination between different blockchains. If the cross-chain is not resolved, the major blockchains will be isolated islands, and there is no exchange of value and data between them.

https://preview.redd.it/j5jk9ptugvk31.png?width=692&format=png&auto=webp&s=cc7d0fd409c0d8c719ec7fcd5cba77aedf7659f7
The emergence of the TarK cross-chain payment system has undoubtedly brought new blood to this technology. Compared with the current situation that a public blockchain and a payment system in the blockchain market, do not exchange information and can only classify storage and transactions, the TarK payment system with cross-chain technology supports multi-currency storage and also supports secure transaction functions. In addition, TarK payment system also has a private key import function, mnemonic words backup function, on-chain matching transaction function, game lobby function, online live broadcast function, on-chain query function.
TarK payment system - think for you, improve user experience
The transaction results are promptly reminded, and the asset is collected in one step! Tark provides offline notification of transaction result reminders. Users do not need to be online for a long time. After the transaction is completed, they can quickly receive the transaction result reminder SMS. Reminders are accepted even when they are offline, and there is no need to worry about asset reception overdue in any scenario.
Multi-platform market and consultation, wealth dividends are at your fingertips! Tark gathers information on mainstream trading platforms, covering global mainstream trading platforms and token market information, including world-renowned portals such as Huobi, Binance, OKEX, Bitcoin Forum, etc., so that you can stay at home to control the trend of more than ten thousand kinds of token assets.
Personal assets are queried in real time, assets are in hand and take leave without delay. Tark provides users with intimate personal asset real-time query function, users can quickly log in to the payment system APP to view personal assets without complicated operations. With a click of your finger, you can quickly know your asset status.
Multi-language currency support, global user linkage. Tark supports English, Korean, Thai, Russian, French, German, and other more than 20 languages worldwide, and all the types of tokens that are circulated worldwide, creating a global settlement payment tool. Language and currency open mode, where you can quickly make storage and payments.
QR code / NFC communication, covering the mainstream of global payment methods. Tark supports mainstream payment methods worldwide, including QR code and NFC two mainstream U payment methods, allowing users to experience different dimensions in the same payment scenario. Diversified payment methods enable multi-level payment storage experience.
Such a payment system, are you sure you are not attracted?
Official download address of Tark payment system: http://www.tarkwallet.com/download/down.html
Chinese telegram group: https://t.me/TARKOFFICIAL\_CN
English telegram group: https://t.me/TARKOFFICIAL\_EN
submitted by gswt to u/gswt [link] [comments]

An article shows you the charm of TarK payment system!

An article shows you the charm of TarK payment system!

With the development of the Internet and the digital economy, new payment methods such as WeChat and Alipay have appeared, which has greatly impacted the traditional cash transaction model. In line with the development needs of the token economy, the digital payment system accompanied by block chain technology has become the latest method of asset management.
The rise of each concept is not groundless. Today we take the TarK payment system as an example to explore the charm of digital payment systems in addition to ensuring asset security.
For digital payment systems, there are many categories, such as online payment systems, offline payment systems, cold payment systems, hot payment systems, full-node payment systems, light payment systems, centralized payment systems, hardware payment systems and many other payment systems. The most important indicators for assessing the quality of a payment system are the security performance, the diversity of functions and the convenience of application.
TarK payment system - excellent security performance

https://preview.redd.it/m3ex8ij95ih31.png?width=553&format=png&auto=webp&s=98c50ad0b0e96acf34a6ad6e846e16f290b93a65
In 2018, the number of digital payment system users reached 35 million, and the loss of digital assets due to payment system security vulnerabilities was about 1.2 billion US dollars. The digital payment system industry is also facing serious security problems as well as the rapid development.
Tark payment system created the world's first dual-form cold payment system security protection model. It introduced the top technology innovation and multi-person collaborative management function of Silicon Valley in the United States, which greatly reduces the safety factor of the risk of the user's token asset and escorts the user's token assets!
In addition,When the payment system is idle, the network will automatically open the never-on-network mode. It builds transactions and signatures at the cold end, and broadcasts transactions at the hot end, creating a strong protection shield for the token assets, completely eradicating the network hacking and resisting the asset risks caused by various reasons.
Compared with the traditional token asset payment system, Tark payment system strictly controlled the payment and withdrawal operation, and the two password security management mechanisms of seed password + payment password prevent theft of assets and fraudulent use, cryptographic storage, never touch the network, secure verification and delete after you use.
TarK payment system - with versatile features to meet all your needs
TarK combines cross-chain technology with a payment system to create a digital payment system with more features. Cross-chain technology can be understood as a bridge connecting each blockchain to meet asset flow, information intercommunication and application coordination between different blockchains. If the cross-chain is not resolved, the major blockchains will be isolated islands, and there is no exchange of value and data between them.

https://preview.redd.it/ohicnvab5ih31.png?width=553&format=png&auto=webp&s=90e253e8154ddb311c02273b4e1569689e422c3d
The emergence of the TarK cross-chain payment system has undoubtedly brought new blood to this technology. Compared with the current situation that a public blockchain and a payment system in the blockchain market, do not exchange information and can only classify storage and transactions, the TarK payment system with cross-chain technology supports multi-currency storage and also supports secure transaction functions. In addition, TarK payment system also has a private key import function, mnemonic words backup function, on-chain matching transaction function, game lobby function, online live broadcast function, on-chain query function.
TarK payment system - think for you, improve user experience
The transaction results are promptly reminded, and the asset is collected in one step! Tark provides offline notification of transaction result reminders. Users do not need to be online for a long time. After the transaction is completed, they can quickly receive the transaction result reminder SMS. Reminders are accepted even when they are offline, and there is no need to worry about asset reception overdue in any scenario.
Multi-platform market and consultation, wealth dividends are at your fingertips! Tark gathers information on mainstream trading platforms, covering global mainstream trading platforms and token market information, including world-renowned portals such as Huobi, Binance, OKEX, Bitcoin Forum, etc., so that you can stay at home to control the trend of more than ten thousand kinds of token assets.
Personal assets are queried in real time, assets are in hand and take leave without delay. Tark provides users with intimate personal asset real-time query function, users can quickly log in to the payment system APP to view personal assets without complicated operations. With a click of your finger, you can quickly know your asset status.
Multi-language currency support, global user linkage. Tark supports English, Korean, Thai, Russian, French, German, and other more than 20 languages worldwide, and all the types of tokens that are circulated worldwide, creating a global settlement payment tool. Language and currency open mode, where you can quickly make storage and payments.
QR code / NFC communication, covering the mainstream of global payment methods. Tark supports mainstream payment methods worldwide, including QR code and NFC two mainstream U payment methods, allowing users to experience different dimensions in the same payment scenario. Diversified payment methods enable multi-level payment storage experience.
Such a payment system, are you sure you are not attracted?
Official download address of Tark payment system: http://www.tarkwallet.com/download/down.html
Chinese telegram group: https://t.me/TARKOFFICIAL\_CN
English telegram group: https://t.me/TARKOFFICIAL\_EN
submitted by gswt to u/gswt [link] [comments]

An article shows you the charm of TarK wallet!


With the development of the Internet and the digital economy, new payment methods such as WeChat and Alipay have appeared, which has greatly impacted the traditional cash transaction model. In line with the development needs of the token economy, the digital wallet accompanied by block chain technology has become the latest method of asset management.
The rise of each concept is not groundless. Today we take the TarK wallet as an example to explore the charm of digital wallets in addition to ensuring asset security.
For digital wallets, there are many categories, such as online wallets, offline wallets, cold wallets, hot wallets, full-node wallets, light wallets, centralized wallets, hardware wallets and many other wallets. The most important indicators for assessing the quality of a wallet are the security performance, the diversity of functions and the convenience of application.
TarK wallet - excellent security performance
In 2018, the number of digital wallet users reached 35 million, and the loss of digital assets due to wallet security vulnerabilities was about 1.2 billion US dollars. The digital wallet industry is also facing serious security problems as well as the rapid development.
Tark Wallet created the world's first dual-form cold wallet security protection model. It introduced the top technology innovation and multi-person collaborative management function of Silicon Valley in the United States, which greatly reduces the safety factor of the risk of the user's token asset and escorts the user's token assets!
In addition,When the wallet is idle, the network will automatically open the never-on-network mode. It builds transactions and signatures at the cold end, and broadcasts transactions at the hot end, creating a strong protection shield for the token assets, completely eradicating the network hacking and resisting the asset risks caused by various reasons.
Compared with the traditional token asset wallet, Tark wallet strictly controlled the payment and withdrawal operation, and the two password security management mechanisms of seed password + payment password prevent theft of assets and fraudulent use, cryptographic storage, never touch the network, secure verification and delete after you use.
TarK Wallet - with versatile features to meet all your needs
TarK combines cross-chain technology with a wallet to create a digital wallet with more features. Cross-chain technology can be understood as a bridge connecting each blockchain to meet asset flow, information intercommunication and application coordination between different blockchains. If the cross-chain is not resolved, the major blockchains will be isolated islands, and there is no exchange of value and data between them.
The emergence of the TarK cross-chain wallet has undoubtedly brought new blood to this technology. Compared with the current situation that a public blockchain and a wallet in the blockchain market, do not exchange information and can only classify storage and transactions, the TarK wallet with cross-chain technology supports multi-currency storage and also supports secure transaction functions. In addition, TarK wallet also has a private key import function, mnemonic words backup function, on-chain matching transaction function, game lobby function, online live broadcast function, on-chain query function.
TarK wallet - think for you, improve user experience
The transaction results are promptly reminded, and the asset is collected in one step! Tark provides offline notification of transaction result reminders. Users do not need to be online for a long time. After the transaction is completed, they can quickly receive the transaction result reminder SMS. Reminders are accepted even when they are offline, and there is no need to worry about asset reception overdue in any scenario.
Multi-platform market and consultation, wealth dividends are at your fingertips! Tark gathers information on mainstream trading platforms, covering global mainstream trading platforms and token market information, including world-renowned portals such as Huobi, Binance, OKEX, Bitcoin Forum, etc., so that you can stay at home to control the trend of more than ten thousand kinds of token assets.
Personal assets are queried in real time, assets are in hand and take leave without delay. Tark provides users with intimate personal asset real-time query function, users can quickly log in to the wallet APP to view personal assets without complicated operations. With a click of your finger, you can quickly know your asset status.
Multi-language currency support, global user linkage. Tark supports English, Korean, Thai, Russian, French, German, and other more than 20 languages worldwide, and all the types of tokens that are circulated worldwide, creating a global settlement payment tool. Language and currency open mode, where you can quickly make storage and payments.
QR code / NFC communication, covering the mainstream of global payment methods. Tark supports mainstream payment methods worldwide, including QR code and NFC two mainstream U payment methods, allowing users to experience different dimensions in the same payment scenario. Diversified payment methods enable multi-level payment storage experience.
Such a wallet, are you sure you are not attracted?
Official download address of Tark wallet: http://www.tarkwallet.com/download/down.html
Chinese telegram group: https://t.me/TARKOFFICIAL\_CN
English telegram group: https://t.me/TARKOFFICIAL\_EN
submitted by gswt to u/gswt [link] [comments]

Blockchain Wallets

Hello! My name is Inna Halahuz, I am a sales manager at Platinum, the largest listing service provider for the STO and ICO projects. We know all about the best and most useful STO and ICO marketing services.
By the way, we developed the best blockchain platform:
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What a Blockchain Wallet is? What is its purpose?
Find the answer after reading this article.
Public/Private Key
The public key is the digital code you give to someone that wants to transfer ownership of a unit of cryptocurrency to you; and a private key is what you need to be able to unlock your own wallet to transfer a unit of a cryptocurrency to someone else. The encoding of information within a wallet is done by the private and public keys. That is the main component of the encryption that maintains the security of the wallet. Both keys function in simultaneous encryption systems called symmetric and asymmetric encryption. The former, alternatively known as private key encryption, makes use of the same key for encryption and decryption. The latter, asymmetric encryption, utilizes two keys, the public and private key, wherein a message-sender encrypts the message with the public key, and the recipient decodes it with their private key. The public key uses asymmetric algorithms that convert messages into an unreadable format. A person who possesses a public key can encrypt the message for a specific receiver.
Accessing wallets
Methods of wallet access vary depending on the type of wallet being used. Various types of currency wallets on an exchange will normally be accessed via the exchange’s entrance portal, normally involving a combination of a username/password and optionally, 2FA (Two factor authentication, which we explain in more detail later). Whereas hardware wallets need to be connected to an internet enabled device, and then have a pin code entered manually by the user in possession of the hardware wallet in order for access to be gained. Phone wallets are accessed through the device on which the wallet application has been downloaded. Ordinarily, a passcode and/or security pattern must be entered before entry is granted, in addition to 2FA for withdrawals.
Satoshi Nakamoto built the Satoshi client which evolved into Bitcoin in 2009. This software allowed users to create wallets and send money to other addresses. However, it proved to be a nightmarish user experience, with many transactions being sent to incorrect addresses and private keys being lost. The MtGox (Magic the Gathering Online exchange, named after the original intended use of the exchange) incident, which will be covered in greater detail later, serves as a reminder of the dangers present in the cryptosphere regarding security, and the need to constantly upgrade your defenses against all potential hacks. The resulting loss of 850k BTC is a still unresolved problem, weighing heavily on the victims and the markets at large. This caused a huge push for a constantly evolving and improving focus on security. Exchanges that developed later, and are thus considered more legitimate and secure, such as Gemini and Coinbase, put a much greater emphasis on vigilance as a direct result of the MtGox hacking incident. We also saw the evolution of wallet security into the physical realm with the creation of hardware wallets, most notable among them the Ledger and Trezor wallets.
Types of Wallets & Storage Methods
The simplest way to sift through the dozens of cryptocurrency storage methods available today, is to divide them up into digital and non-digital, software and hardware wallets. There are also less commonly used methods of storage of private keys, like paper wallets and brain wallets. We will examine them all at least briefly, because in the course of your interaction with cryptocurrencies and Blockchain technology, it is essential to master all the different types of hardware and software wallets. Another distinction must be made between hot wallets and cold wallets. A hot wallet is one that is connected to the internet, and a cold wallet is one that is not. Fun fact: The level below cold storage, deep cold storage has just recently been implemented by the Regal RA DMCC, a subsidiary of an internationally renowned gold trading company licensed in the Middle East. After having been granted a crypto trading license, Regal RA launched their “deep cold” storage solution for traders and investors, which offers the ability to store crypto assets in vaults deep below the Almas Tower in Dubai. This storage method is so secure that at no point is the vault connected to a network or the internet; meaning the owners of the assets can be sure that the private keys are known only to the rightful owners.
Lets take a quick look at specific features and functionality of varieties of crypto wallets. Software wallets: wallet applications installed on a laptop, desktop, phone or tablet. Web Wallets: A hot wallet by definition. Web Wallets are accessible through the web browser on your phone or computer. The most important feature to recognize about any kind of web wallet, is that the private keys are held and managed by a trusted third party. MyEtherWallet is the most commonly used non-exchange web wallet, but it can only be used to store Ethereum and ERC-20 tokens.
Though the avenue of access to MEW is through the web, it is not strictly speaking a web wallet, though this label will suffice for the time being. The MEW site gives you the ability to create a new wallet so you can store your ETH yourself. All the data is created and stored on your CPU rather than their servers. This makes MEW a hybrid kind of web wallet and desktop wallet. Exchange Wallets: A form of Web Wallet contained within an exchange. An exchange will hold a wallet for each individual variety of cryptocurrency you hold on that exchange. Desktop Wallets: A software program downloaded onto your computer or tablet hard drive that usually holds only one kind of cryptocurrency. The Nano Wallet (Formerly Raiwallet) and Neon wallet for storage of NEO and NEP-5 tokens are notable examples of desktop wallets Phone Wallets: These are apps downloaded onto a mobile phone that function in the same manner as a desktop wallet, but actually can hold many different kinds of cryptocurrency. The Eidoo Wallet for storing Ethereum and its associated tokens and Blockchain Wallet which currently is configured to hold BTC, ETH and Bitcoin Cash, are some of the most widely used examples.
Hardware wallets — LedgeTrezoAlternatives
Hardware wallets are basically physical pathways and keys to the unique location of your crypto assets on the Blockchain. These are thought to be more secure than any variety of web wallet because the private key is stored within your own hard wallet, an actual physical device. This forcibly removes the risk your online wallet, or your exchange counter party, might be hacked in the same manner as MtGox. In hardware wallet transactions, the wallet’s API creates the transaction when a user requests a payment. An API is a set of functions that facilitates the creation of applications that interact and access features or data of an operating system. The hardware then signs the transaction, and produces a public key, which is given to the network. This means the signing keys never leave the hardware wallet. The user must both enter a personal identification number and physically press buttons on the hardware wallet in order to gain access to their Blockchain wallet address through this method, and do the same to initiate transfers.
Paper Wallets
Possibly the safest form of cryptocurrency storage in terms of avoiding hacking, Paper Wallets are an offline form of crypto storage that is free to set up, and probably the most secure way for users, from beginners to experts, to hold on to their crypto assets. To say it simply, paper wallets are an offline cold storage method of storing cryptocurrency. This includes actually printing out your public and private keys on a piece of paper, which you then store and save in a secure place. The keys are printed in the form of QR codes which you can scan in the future for all your transactions. The reason why it is so safe is that it gives complete control to you, the user. You do not need to worry about the security or condition of a piece of hardware, nor do you have to worry about hackers on the net, or any other piece of malware. You just need to take care of one piece of paper!
Real World Historical Examples of Different Wallet Types
Web Wallet: Blockchain.info Brief mechanism & Security Blockchain.info is both a cryptocurrency wallet, supporting Bitcoin, Ethereum and Bitcoin cash, and also a block explorer service. The wallet service provided by blockchain.info has both a Web Wallet, and mobile phone application wallet, both of which involve signing up with an email address, and both have downloadable private keys. Two Factor Authentication is enabled for transfers from the web and mobile wallets, as well as email confirmation (as with most withdrawals from exchanges). Phone Wallet: Eidoo The Eidoo wallet is a multi-currency mobile phone app wallet for storage of Ethereum and ERC-20 tokens. The security level is the standard phone wallet level of email registration, confirmation, password login, and 2 factor authentication used in all transfers out. You may find small volumes of different varieties of cryptocurrencies randomly turning up in your Eidoo wallet address. Certain projects have deals with individual wallets to allow for “airdrops” to take place of a particular token into the wallet, without the consent of the wallet holder. There is no need to be alarmed, and the security of the wallet is not in any way compromised by these airdrops.
Neon Wallet
The NEON wallet sets the standard for web wallets in terms of security and user-friendly functionality. This wallet is only designed for storing NEO, Gas, and NEP-5 tokens (Ontology, Deep Brain Chain, RPX etc.). As with all single-currency wallets, be forewarned, if you send the wrong cryptocurrency type to a wallet for which it is not designed, you will probably lose your tokens or coins. MyEtherWallet My Ether Wallet, often referred to as MEW, is the most widely used and highly regarded wallet for Ethereum and its related ERC-20 tokens. You can access your MEW account with a hardware wallet, or a different program. Or you can also get access by typing or copying in your private key. However, you should understand this method is the least safe way possible,and therefore is the most likely to result in a hack. Hardware: TrezoLedger Brief History Mechanism and Security A hardware wallet is a physical key to your on-chain wallet location, with the private keys contained within a secure sector of the device. Your private key never leaves your hardware wallet. This is one of the safest possible methods of access to your crypto assets. Many people feel like the hardware wallet strikes the right balance between security, peace of mind, and convenience. Paper Wallet Paper wallets can be generated at various websites, such as https://bitcoinpaperwallet.com/ and https://walletgenerator.net/. They enable wallet holders to store their private keys totally offline, in as secure a manner as is possible.
Real World Example — Poor Practices
MtGox Hack history effects and security considerations MtGox was the largest cryptocurrency exchange in the world before it was hacked in 2014. They were handling over 70% of BTC transactions before they were forced to liquidate their business. The biggest theft of cryptocurrency in history began when the private keys for the hot wallets were stolen in 2011 from a wallet.dat file, possibly by hacking, possibly by a rogue employee. Over the course of the next 3 years the hot wallets were emptied of approximately 650000 BTC. The hacker only needed wallet.dat file to access and make transfers from the hot wallet, as wallet encryption was only in operation from the time of the Bitcoin 0.4.0 release on Sept 23rd 2011. Even as the wallets were being emptied, the employees at Mt Gox were apparently oblivious to what was taking place. It seems that Mt Gox workers were interpreting these withdrawals as large transfers being made to more secure wallets. The former CEO of the exchange, Mark Karpeles, is currently on trial for embezzlement and faces up to 5 years in prison if found guilty. The Mt Gox hack precipitated the acceleration of security improvements on other exchanges, for wallets, and the architecture of bitcoin itself. As a rule of thumb, no small-to-medium scale crypto holders should use exchange wallets as a long-term storage solution. Investors and experienced traders may do this to take advantage of market fluctuations, but exchange wallets are perhaps the most prone to hacking, and storing assets on exchanges for an extended time is one of the riskiest ways to hold your assets.
In a case strikingly similar to the MtGox of 2011–2014, the operators of the BitGrail exchange “discovered” that approximately 17 million XRB ($195 million worth in early 2018) were missing. The operators of the exchange were inexplicably still accepting deposits, long after they knew about the hack. Then they proceeded to block withdrawals from non-EU users. And then they even requested a hard fork of the code to restore the funds. This would have meant the entire XRB Blockchain would have had to accept all transactions from their first “invalid” transaction that were invalid, and rollback the ledger. The BitGrailexchange attempted to open operations in May 2018 but was immediately forced to close by order of the Italian courts. BitGrail did not institute mandatory KYC (Know your customer) procedures for their clients until after the theft had been reported, and allegedly months after the hack was visible. They also did not have 2 factor authentication mandatory for withdrawals. All big, and very costly mistakes.
Case Study: Good Practice Binance, the Attempted Hack
During the 2017 bull run, China-based exchange Binance quickly rose to the status of biggest altcoin exchange in the world, boasting daily volumes that surged to over $4 billion per day in late December. Unfortunately, this success attracted the attention of some crafty hackers. These hackers purchased domain names that were confusingly similar to “binance.com”. And then they created sufficiently convincing replica websites so they could phish traders for their login information. After obtaining this vital info, the scammers created API keys to place large buy orders for VIAcoin, an obscure, low volume digital currency. Those large buy orders spiked VIA’s price. Within minutes they traded the artificially high-priced VIA for BTC. Then they immediately made withdrawal requests from the hacked BTC wallets to wallets outside of the exchange. Almost a perfect fait accompli! But, Binance’s “automating risk management system” kicked in, as it should, and all withdrawals were temporarily suspended, resulting in a foiled hacking attempt.
Software Wallets Web/Desktop/Phone/Exchange Advantages and Limitations
As we said before, it is inadvisable to store crypto assets in exchange wallets, and, to a lesser extent, Web Wallets. The specific reason we say that is because you need to deliver your private keys into the hands of another party, and rely on that website or exchange to keep your private key, and thus your assets, safe. The advantages of the less-secure exchange or web wallets, are the speed at which you can transfer assets into another currency, or into another exchange for sale or for arbitrage purposes. Despite the convenience factor, all software wallets will at some point have been connected to the internet or a network. So, you can never be 100% sure that your system has not been infected with malware, or some kind of keylogging software, that will allow a third party to record your passwords or private keys. How well the type of storage method limits your contact with such hazards is a good way to rate the security of said variety of wallet. Of all the software wallets, desktop and mobile wallets are the most secure because you download and store your own private key, preferably on a different system. By taking the responsibility of private key storage you can be sure that only one person has possession of it, and that is you! Thereby greatly increasing the security of your crypto assets. By having their assets in a desktop wallet, traders can guard their private key and enjoy the associated heightened security levels, as well keep their assets just one swift transfer away from an exchange.
Hardware Wallets Advantages and Limitations
We briefly touched on the features and operation of the two most popular hardware wallets currently on the market, the Ledger and Trezor wallets. Now it will be helpful to take a closer look into the pros and cons of the hardware wallet storage method. With hardware wallets, the private keys are stored within a protected area of the microcontroller, and they are prevented from being exported out of the device in plain text. They are fortified with state-of-the-art cryptography that makes them immune to computer viruses and malware. And much of the time, the software is open source, which allows user validation of the entire performance of the device. The advantages of a hardware wallet over the perhaps more secure paper wallet method of crypto storage is the interactive user experience, and also the fact that the private key must at some stage be downloaded in order to use the paper wallet. The main disadvantage of a hardware wallet is the time-consuming extra steps needed to transfer funds out of this mode of storage to an exchange, which could conceivably result in some traders missing out on profits. But with security being the main concern of the vast majority of holders, investors and traders too, this slight drawback is largely inconsequential in most situations.
Paper Wallets Advantages and Limitations
Paper wallets are thought by some to be the safest way to store your crypto assets, or more specifically, the best method of guarding the pathways to your assets on the Blockchain. By printing out your private key information, the route to your assets on the Blockchain is stored 100% offline (apart from the act of printing the private key out, the entire process is totally offline). This means that you will not run the risk of being infected with malware or become the victim of keylogging scams. The main drawback of using paper wallets is that you are in effect putting all your eggs in one basket, and if the physical document is destroyed, you will lose access to your crypto assets forever.
Key things to keep in mind about your Wallet Security: Recovery Phrases/Private Key Storage/2FA/Email Security
Recovery phrases are used to recover the on-chain location for your wallet with your assets for hardware wallets like ledgers and Trezors that have been lost. When you purchase a new ledger for example, you just have to set it up again by entering the recovery phrase into the display and the lost wallets will appear with your assets intact. Private key storage is of paramount importance to maintain the safety of your on-chain assets! This should be done in paper wallet form, or stored offline on a different computer, or USB device, from the one you would typically use to connect to the 2 Factor Authentication (2FA) sometimes known as “two step authentication”. This feature offers an extra security layer when withdrawing funds from cryptocurrency wallets. A specialized app, most commonly Google Authenticator, is synced up to the exchange to provide a constantly changing code. This code must be entered within a short time window to initiate transfers, or to log into an exchange, if it has also been enabled for that purpose.
You must always consider the level of fees, or the amount of Gas, that will be needed to carry out the transaction. In times of high network activity Gas prices can be quite high. In fact, in December 2017 network fees became so high that some Bitcoin transactions became absolutely unfeasible. But that was basically due to the anomalous network congestion caused by frantic trading of Bitcoin as it was skyrocketing in value. When copying wallet addresses, double check and triple check that they are correct. If you make a mistake and enter an incorrect address, it is most likely your funds will be irretrievably lost; you will never see those particular assets again. Also check that you haven’t input the address of another one of your wallets that is designed to hold a different variety of cryptocurrency. You would similarly run the very great risk of losing your funds forever. Or, at the very least, if you have sent the wrong crypto to a large exchange wallet, for example on Coinbase, maybe you could eventually get those funds back, but it would still entail a long and unenjoyable wait.
How to Monitor Funds
There are two ways to monitor you funds and your wallets. The first is by searching for individual wallet addresses on websites specifically designed to let you view all the transactions on a particular Blockchain. The other is to store a copy of your wallet contents on an application that tracks the prices of all cryptocurrencies. Blockchain.info is the block explorer for Bitcoin, and it allows you to track all wallet movements so you can view your holdings and all the historical transactions within the wallet. The Ethereum blockchain’s block explorer is called Ether scanner, and it functions in the same way. There is a rival to Ether scanner produced by the Jibrel Network, called JSearch which will be released soon. JSearch will aim to offer a more streamlined and faster search method for Ethereum blockchain transactions. There are many different kinds of block explorer for each individual crypto currency, including nanoexplorer.io for Nano (formerly Rai Blocks) and Neotracker for NEO. If you simply want to view the value of your portfolio, the Delta and Blockfolio apps allow you to easily do that. But they are not actually linked to your specific wallet address, they just show price movements and total value of the coins you want to monitor.
That’s not all! You can learn how to transfer and monitor the funds in and out of your wallet by clicking on the link.
To be continued!
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Bitcoin Operating System? Liberty OS Explained

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