Cameron runs the wonderfully informative and hilarious CryptoDaily Channel. Something we notice straight away the high quality render of his rugged beard and perfect bed hair. Today we find out what camera and recording gear CryptoDaily uses to create his awesome content, direct from the man himself!
Main Camera – Canon 1DX Mark ii Lens – Canon EF 11-24mm f/4L USM Lens Viewfinder – SmallHD 5inch This camera again is totally unnecessary, but it gives great colour accuracy, sharp image and smooth 50fps. The 4k quality is quite important because it allows you to punch in without losing image quality.
Side Camera – Canon 80D Lens – Canon EF-S 10-18mm f/4.5-5.6 IS STM Lens This is the part of my setup I am least happy with. The lack of 4k quality on it is in stark contrast to the main camera, but provides 50fps smooth image also. The ultrawide lens is important so it can be quite close to you in an office without looking like it is.
Display – 49-Inch 5k Super Ultrawide Display – Dell U4919DW Totally unecessary, but it does allow me to have notes on the side, my main window being recorded in the middle, and my OBS on the other side as though it was a triple monitor setup with no bezels.
Mic – Shure SM7B Mixer – Yamaha MG10XU I love the sound of this mic. I’ve tried many in the past, nothing is better for podcast audio in my opinion.
Monitor Speakers – Audioengine A5+ Ideally you edit with a pair of quality headphones, but I try to be wireless where I can. This are monitor speakers so ideally what I am hearing is what most people will also have recreated when watching my videos.
Keyboard – Logitech G613
Mouse – Razer Mamba Wireless
PC – GTX 1080 graphics card, 8700K CPU, 32gb Ram, Maximus X Motherboard, NZXT AIO, NZXT Case, 4TB Samsung SSD.
*Update: Added information about Binance Chain Memos and new withdraw panel
Binance just launched the Mainnet for Binance Chain – and there are significant changes such as a “BNB token swap” that you MUST know about. The Binance Token (BNB) will no longer be on the ethereum chain (ERC-20 Token), instead it will be fully migrated to Binance chain (BEP-2). This means if you hold BNB on an ethereum wallet, you must pay special attention or you might accidentally send it to the wrong address.
Binance has started the token swap for $BNB tokens. In the future, BNB address will begin with “bnb……” format instead of the ethereum “0x…” address.
New BNB withdraw page uses the MEMO feature that is unique to Binance Chain
BNB kept on Binance.com will automatically be swapped – no manual operation required. The new withdraw page will automatically use the Binance Chain address.
To deposit Ethereum based tokens based on the ERC-20 standard, $BNB tokens can be sent to the Ethereum deposit address on the Exchange.
Old ERC20 Binance BNB tokens can be deposited in “Ethereum” address for converstion
Once ERC20 BNB is deposited into the exchange, the token will be automatically swapped.
BNB Token Supply and Functionality
In terms of total supply, the amount of BNB remains the same. The initial supply of BNB will be 200,000,000 and 11,654,398 BNB will be burned on Binance Chain. Binance will burn ERC20 BNB tokens to keep the total supply constant as the token swap takes place
Binance DEX
Binance DEX has officially launched at Binance.org. This Decentralized Exchange is designed for advanced users who want to keep self-custody of their cryptocurrency assets (as opposed to centralized exchanges where funds are kept by exchanges).
Currently Binance DEX support their own token standard, the BEP2 token. For coins to be listed on the DEX, they need to be migrated to the Binance Chain. Whether coins are willing to migrate depends on what features they need:
Faster transactions – Accelerators and small number of Validators mean confirmation times are much faster
Centralized – Validators are pre-authorized and consensus is not open to general public
No smart contract support – Binance Chain is transaction only
Binance to Challenge Ethereum as top Token Issuance Platform?
With the introduction of the BEP2 token standard, Binance Chain can allow projects issue tokens via Initial Coin Offerings (ICO) or Initial Exchange Offerings (IEO). This feature allows BinanceChain to rival the ERC20 standard Ethereum which has been used by many popular projects such as Basic Attention Token (BAT) and OmiseGo (OMG). What sets BEP2 tokens apart is that it has a faster confirmation time and access to Binance DEX.
Whilst many have questioned if the success of Binance Chain would mean the demise of Ethereum, CEO Changpeng Zhao has denied this claim.
CEO Changpeng Zhao doesn’t see Binance Chain as a competitor to Ethereum
Currently Mithril (MITH) has chosen to migrate to be the first token to be migrated to the Binance Chain.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
An unknown group of Hackers stole more than 7000 BTC ($41,000,000 USD*) from Binance, the worlds largest cryptocurrency exchange. Binance reported that the hacker used a combination of phishing exploits and gained access to a large number of “API keys, 2FA codes, and potentially other info”. This marks the biggest hack for Binance.
For more information about Binance, check out our Binance Review.
Funds are SAFU
https://www.youtube.com/watch?v=JS_JKELYsHo
Binance was able to immediate respond that “Funds are Safe” – they have an emergency fund that can easily cover the $41 Million that were stolen. In fact, it is reported that Binance made a profit of $446 Million in 2018 alone, so this hack can easy be covered by the exchange.
As a safety precaution, Binance has halted all deposits and withdraws on the exchange for at least 7 days. The purpose of this suspension is to improve exchange security and reduce the impact of the stolen funds. The exchange still has resumed trading at this time.
We strongly recommended is to keep funds off exchanges and in hardware wallets such as the Ledger Nano X. Exchanges are large targets for hackers – ironically the bigger and more reputable the exchange, the more hackers they attract. Having a Cold Wallet (such as the Ledger or Trezor) allows for storage of cryptocurrency on devices that are not accessible to hackers.
CZ formally responds to the hack via Youtube
Decentralized Exchanges to the Rescue?
Decentralized Exchanges might be hard to use, but they offer full custody of funds.
In light of this hack, Decentralized Exchanges (DEX) are becoming more and more promising. With a DEX, users can keep their own funds and be safe from large hacks and suspension in deposit / withdraws. Binance has already been building a Binance DEX, supported by the Binance Chain.
Inside Job?
Various theories have surfaced about the Binance Hack, with some accusing the hack possibly coming for Binance Insiders who know the workings of the exchange and security precautions. Previous Binance talked about their “Big Data” AI which was meant to catch unauthorized withdraws and sim swap attacks
The amount of security efforts going on in an exchange is not easy to imagine. Here is an example of @binance's big data AI system preventing a user who got SIM swapped, email and 2FA both hacked from losing his 46 BTC. stay #safu. pic.twitter.com/NSb2lZIsld
The report showed that Binance had Internal controls for amount sent and manual review. However it seems hacker managed to withdraw amounts that were just under the manual review threshold. It might be possible that the hacker had information about the internal workings of the Binance defense system and how to bypass it. However, there is no conclusive evidence that it was done by someone inside Binance.
No Rollbacks – Bitcoin is Safe!
There was a proposal to rollback the hacker’s transaction on the Bitcoin Blockchain after the hack was initially discovered. This would reverse the transaction and “thwart” the hacker. This drew the ire of the Bitcoin community is it recognized that even with $41 M bounty to do a reversal, it would be extremely dangerous and near impossible to collude more than 51% of the hash-power.
Whilst Binance CEO Changpeng Zhao “CZ” initially humored this idea, it was quickly refuted.
In Crypto, not all trade volumes are visible – in fact “Darkpools” account for a huge amount of crypto trading and has an enormous impact on cryptocurrency prices. Darkpools include peer-to-peer trading, such as on sites like localbitcoins.com and also Over the Counter (OTC) desks. The reason why it’s unreported is because deals are done privately, for example Peer-to-peer trading can be done in person and with cash, leaving virtually no trace of the transaction ever happening. Large volumes are also traded OTC – this is more organised as private buyers and sellers are matched, with some form of escrow to allow the transaction to take place. OTC desk sometimes even require minimum volumes, like $100,000+ USD to up to 1 Million.
First things first. What’s an Over the Counter (OTC) desk?
Traditionally, OTC desks facilitate trading of securities that are not listed on formal exchanges, e.g. the New York Stock Exchange.
The trading of cryptocurrencies on OTC desks is similar to those in traditional markets.
OTC desks have a network of buyers and sellers. The trades themselves are facilitated by OTC broker-dealer who will locate and negotiate directly with prospective buyers and sellers over computer networks or by phone.
This is contrasted from trading over exchanges where the prices and order books are publicly available. For OTC desks, their broker-dealers will negotiate the trade price for you. Trades are also not publicly listed giving the parties privacy.
Therefore, to fully understand what is going on in the cryptocurrency markets it is important to consider what is also happening at OTC desks. This is because large transactions happen on them on a daily basis.
What does a trader at an OTC desk do?
Traders at OTC desks are the broker-dealers mentioned above. Their role is to locate and match buyers and sellers, and negotiate the best deal for all the parties involved.
Part 1: Crypto trading/ Market Manipulation/ OTC Markets
Therefore, it is important for traders at OTC desks to have a keen eye on the cryptocurrency markets and be knowledgable of the market trends.
I had the opportunity to interview Charles Yang, Head Trader at Genesis Block Hong Kong, an OTC desk. In my interviews we discuss what’s really happening at OTC desks away from the public eye. We also discuss his thoughts on the market sentiment.
Is Tether Safe? Will Bitcoin & Ethereum Recover?
Secrets and Insights from an OTC Trader
Here’s a summary of the key points from the interviews with Charles.
There is still interest in cryptocurrencies
Charles observes there is revived interest in cryptocurrencies despite this bear market.
He notes that a lot of the customers from the OTC desk who were previously dormant have recently contacted them wanting to buy and sell cryptocurrencies.
The risk of Tether is exaggerated
Firstly, what is Tether? Refresh your memory with our Tether Explained guide below:
We’ve seen in recent news that USDT is not fully backed by cash. Instead, Tether is around 75% backed by cash, and the remaining 25% by other securities or loans.
Confused with what’s happening in this Tether scandal? Check out our video below which explains what is happening and the latest legal action surrounding Bitfinex.
Despite this, there is still demand for USDT in Asian countries such as China, where they are buying USDT at a premium.
This is because China bans cryptocurrency exchanges, so retail investors cannot buy cryptocurrencies such as BTC. What they do instead is they first buy USDT through peer to peer merchants, and then enter the cryptocurrency market at a later time when conditions are right.
Right now, Bitfinex who is being accused of “losing” customers funds is more at risk. Bitfinex will have to go bust first before people question USDT.
Charles believes that fundamentally short trading would have less losses because if USDT is at 97% and your prediction is wrong, then your loss would only be 3%. Whereas the opposite would be to bet that it goes to 0.
Mining is still profitable
The recent “official news” in China was that cryptocurrency mining has been banned.
Despite this ban, Bitmain is coming up with new models and generally summer is big for mining because electric costs falls.
There may be miners who start accumulating and building to maximize their margins
Charles notes there is news that big players are scrambling to get cheap damaged mining rigs. They are not the newest models but there are still returns from using them to mine cryptocurrencies.
So despite the official news about China banning mining the word on the street is that people are buying rigs and locking in contracts for the summer months.
Bitcoin mining Ban in China 1. Miners will "co-operate" and send in some old gear 2. Government will take photos claiming operation is successful 3. Mining with countinue in China as normal 4. Bitcoin demand will increase because Chinese people like to do opposite of Gov demands pic.twitter.com/d9GACAqd12
Simple guide to the aftermath of the Chinese Bitcoin mining ban
Initial Exchange Offerings (IEOs) are risky, but need not be avoided completely
If you participate and get allocation you would benefit. But ultimately it is the exchanges that benefit because you need to buy their token to participate.
For example Binance requires you to buy into IEOs with their BNB token. Of course it’ll be great for you in the short term if you get allocation and the coin pumps. However your risk is that you would be left with the exchange token if you don’t manage to get any allocation after the lottery.
IEOs are also highly volatile, especially immediately after listing
It may be better to trade with OTC desks than exchanges
Charles notices that there is quieter trade flow, so big players looking to buy or sell cryptocurrencies need to offer better prices. Therefore the margin between the buy and sell price is much less. Bigger players also can offer better quotes because of volume. Therefore it may be cheaper to trade with OTCs who deal exclusively with larger orders than exchanges.
And whilst exchanges require you to have the funds ready at the time of transaction, OTC desks allow you to lock in the prices and settle later. This gives people more flexibility .
However, depending on who you are, one upside or downside of OTCs is that they are not transparent. So while you can try to gauge whether there is a lot of trade flow through an OTC desk by reading their reports (if any), there is no way you can verify if they are being truthful. On the other hand you can conduct trades privately compared to on exchanges.
What coins to hold? Bitcoin Bitcoin Bitcoin (BTC)
Unlike other coins, Bitcoin (BTC) has a 10 year history. There is no founding team or leader. For this reason it is not affected by company politics and is the most decentralised.
We can see the prices for a lot of tokens crash during the Initial Coin Offering (ICO) crash. Some may be due to the project running out of funds, failing to deliver on its promises or in worse cases the founders and key personnel leaving the project altogether. Studies were shown that over 80% of ICOs in 2017 were scams.
I was standing in the same spot glued to my phone for 2 hours when this all went down.
We also see that the ICO game was not fair, some people were able to purchase tokens for a more favourable rate or terms even before the token was listed to the public. This however would never happen with BTC.
Is day trading profitable? No (sorry)
For retail investors, day trading is not profitable even for traditional markets.
This is because retail investors would be bogged down by trading fees, but not all trades are profitable.
Retail investors are also unprotected from market manipulation. This is especially true for cryptocurrency investing, which is generally an unregulated space.
Don’t do this
Conclusion
Ultimately, trading cryptocurrencies requires exercising caution and doing your own research. One can look at OTC desk reports to have a good grasp of what may be quietly happening with some big players, but at the end of the day, question everything. Also, whilst you may stand to gain several times your initial investment by going into highly volatile IEOs, bear in mind it is designed so that exchanges ultimately win. The most prudent thing to do is to never invest more than you can lose.
Enjin Wallet just added full native support for the Binance Chain and all BEP-2 (Mithril, ChangeNow) based assets. This means all Binance Chain assets can now be safely stored on both Android and iOS phones and transferred with ease (with “memo” support). This integrations comes merely a week after the official launch of the Binance Chain mainnet on April 23. Binance Chain boasts fast transactions, transaction finality and support for Binance Decentralized Exchange (DEX).
All Binance Chain assets can be added to the Enjin Wallet
This initiative is also a step in the right direction for Enjin, coming weeks after their collaboration with Samsung. With their partnership, Samsung Galaxy S10 Blockchain KeyStore will natively support ENJ, ERC-1155, Ethereum (ETH) and Ethereum based tokens.
“Like Enjin, Binance is a fast-moving, innovation machine — and one that we are proud to throw our support behind through this collaboration and many more to come.”
New Binance Coin (BNB) address start with “bnb…” instead of “0x….”
It’s Enjin Wallet is the most secure mobile wallet in the crypto space with a strong private key encryption mechanism and their own secure keyboard which. Enjin team claims these security features gives the wallet “hardware-like security. (www.spinabifida.net) ” To ease navigation, Enjin has a coin management system with features that allow one to customize fees and set limits.
Stronger BUIDLers stick together
Following this incorporation, Ted, lauded Enjin as a “community- and BUIDL-focused.” Apart from BNB support, Enjin also announced their plans of allowing clients to “place orders to Binance DEX’s on-chain order books—without leaving the Enjin Wallet’s secure interface” in coming days.
“We are excited to have the support of Enjin Wallet on Binance Chain. Enjin users will be able to transact from wallet to wallet on Binance DEX with full custody over their assets, increasing the level of freedom in the community.”
Ted Lin, the Binance Chief Growth Officer
If anything, this announcement complements Binance’s effort of launching a modern, liquid and easy to use decentralized platform effectively creating a liquid market place where participants can exchange digital assets without a third party via Binance Chain, a decentralized network from where the Binance DEX and all other Binance’s operations will operate from.
Binance CEO Changpeng CZ Zhao talks about the future of cryptocurrencies
“Binance Chain is a very simple chain in terms of application, but it can handle very large loads. It is our opinion that the load is more important than the features.”— Changpeng “CZ” Zhao, Binance CEO
Clearly, Enjin is strategically positioning itself and will tap on the success of Binance DEX. Besides, the announcement is a testament enough, revealing their code improvement and dedication of prioritizing the user which is the reason why the wallet as a 4.6-star rating at Google Store.
Thundercore protocol, a revolutionary fast scaling network protocol that can be used to scale ethereum Dapps will be launching on “Huobi Lite” on May 9th. This launch strategy is interesting because of the small investment size given to public – only a $500,000 USDT allocation available for Huobi platform users. Normally Initial Exchange Offerings are in the $1 to $5 Million allocation range. With such a small allocation, it’s unlikely platform users will get a significant quality of ThunderCore (TT) – possibly leading to a sellout in a few seconds.
As Thundercore TT tokens are unlocked, savvy traders have already started speculating on the price of TT. Many OTC desks are offering TT for trade, at prices between 3.5 and 5 cents USD – depend on the region. It’s important to remember that OTC trades may not be safe – there are already reports of scammers pretending trade TT when in fact they don’t have any. Do not trade with unknown strangers.
What is ThunderCore and how does it work?
We have produced a video on the scaling protocol summarizing how “Thunderella” – the core consensus mechanism behind Thundercore works.
Large TT transactions and movements
Some groups have spotted large amounts of TT being transacted, such as this following transaction of 895980079.999TT ($30 M USD worth) being moved:
Official token price and private sale information from the Huobi Listing is as follows:
Total Token Supply: 10,000,000,000 TT Prime Lite Allocation: 0.33% of Total Token Supply Prime Lite Release Period: No lock-up/Vesting Seed Round Price: Jan 2018, $0.01/TT Seed Round Allocation: 575,906,500 TT, 5.76% of Total Token Supply Seed Round Release Period: Lock up until Feb 26, 2020 Strategic Round Price: March 2018 to May 2018, $0.02/TT Strategic Round Allocation: 1,862,274,499 TT, 18.62% of Total Token Supply Strategic Round Release Period: One year lock-up after investment, release respectively over March 2019 to May 2019 Private Round Price: June 2018 to July 2018, $0.1/TT Private Round Allocation: 147,648,516 TT, 1.48% of Total Token Supply
This information is in alignment with the information on Thundercore Telegram Channel.
While earlier blockchains such as Bitcoin did not account for privacy and scalability, new projects are addressing these very issues. One of the most revolutionary protocols right now is MimbleWimble. The protocol is gaining traction because of its ability to address privacy, scalability and fungibility. Currently coins that use this technology are Grin, Beam, Epic Cash and Litecoin is starting sidechain development.
Why is Privacy important? Currently, when you use Bitcoin, that is, to send bitcoin, the receiver can extract unrelated transactional information. Because of this splitting transparency concession, privacy coins like Monero are increasingly becoming more popular thanks to their transaction obfuscating ability.
MimbleWimble’s History
The whitepaper for MimbleWimble was first published by Tom Elvis Jedusor, an alias name referenced from Harry Potter, in June 2016 but the mainnet is now live. What Elvis proposed was hiding senders and receivers addresses as well as the amount. This not only ensured privacy but also reduced block size to allow for more direct and efficient transactions while making the platform more scalable. Because of their proposal, Mimble Wimble’s white paper is popular with privacy coins enthusiasts.
How does MimbleWimble Works
MimbleWimble (MW) ensures that
with all transactions, there are no addresses from where the amount is coming
from and to whom it is going to. Furthermore, it hides the amount being
transacted. Transactions are trivially aggregated to hide where a newly created
transaction comes from. The transaction is relayed privately among peers before
becoming public.
Without an address it becomes
impossible for any user to track a transaction. With other cryptocurrencies, to
send or receive transactions, one must have an address. This addresses act as
tags making it possible for the public to tack transactions, with MimbleWimble,
this simply doesn’t exist because the address (tag) isn’t there.
To hide transaction amounts, MimbleWimble has used EllipticCurve Cryptography (ECC) creating the underlying structure to eliminate inputs and outputs data. This essentially takes out your signature from transactions by combining the signature of the sender and the receiver to create a private address.
However, using confidential transaction,
the amount being transferred remains visible to the participants of the
transaction.
MimbleWimble goes further ensuring
that not even your IP can be traced. If you send or receive amounts with a
phone or laptop regularly, this phone or laptop can be identified and traced
back to you. However, with a new privacy layer in the MimbleWimble protocol,
there’s extra security preventing tracking.
Grin’s Advantage over Other Privacy Coins
By comparing it to one of the
biggest privacy coins, Monero, it’s clear that Grin—which uses MW, is superior.
Whereas Monero creates dummy transactions to hide the real transaction via ring
signatures, Grin employ transactional output, a technique that makes it hard
for UTXO tracking as well as cut-through transaction via Coinjoin to merge old
transactions.
Clearly, what Mimble Wimble brings to the fore is a technological breakthrough that has great implication for the entire ecosystem that would even changehow transactions are done. Its implementation means cryptocurrencies like Bitcoinwould be used on a day to day basis without compromise of privacy, scalability and fungibility via a simple hard fork.
How to mine MimbleWimble Coins
MimbleWimble coins can be mined using GPU and CPU hardware. To find out how to mine Epic Cash, check out our full Epic Cash Mining guide.
Mithril aims to disrupt our perceptions on social media- to decentralize and reward social media content creators fairly and openly.
For a long time, content creators have not been earning for firing up their creative juices. Their followers have also been left dry after interacting with content. But this is now in the past since the launch of Mithril, a platform employing blockchain technology with content creators and their followers in mind.
The team behind Mithril comprises of top minds like Wilson Huang who is a former software engineer at Yahoo and Jeffry Huang, the former chairman of M17 Entertainment.
Since its launched in 2018, the decentralized social media platform has already made notable milestones. For example, it has secured a partnership with PiePie, a social platform where content creators can earn MITH tokens (more on this shortly).
Mithril does this through “social mining”. Unlike other social media platforms such as Facebook and Instagram, Mithril rewards users for their content according to the popularity it attracts.
What makes the Mithril ecosystem
The Mithril ecosystem is made of the MITH token, Lit, and the Mithril Vault which are intertwined to bring a comprehensive experience to content creators.
The MITH token (MITH) is the platform’s native token and which is used to reward publishers in a process called Social Mining (more on Social Mining later). The token is built using the ERC-20 standard on the Ethereum blockchain. It can be used to purchase goods and services on the Mithril Merchant Network, or it can be traded for other digital currencies. Apart from being used for payment and Social Mining, MITH can also be used for staking.
Lit, on the other hand, is an already developed social media app that is available to those using iOS or Android-powered mobile devices. Just as with other top social media apps like Facebook, Lit can be used for messaging and posting personal stories using the ‘stories’ feature.
The third core component of Mithril is the Mithril Vault, a secure virtual wallet for the MITH tokens.
Key Features Of Mithril
Social Mining
Though their mobile app- Piepie (available on iOS and Andriod), users can post 6 second videos and share it with over 154,000 (and growing!) other users globally who can follow, like or comment on them.
Users who post on Piepie will be rewarded with Mithril’s (MITH) tokens.
Mithril recently expanded their ecosystem by partnering with Yeemos (available on iOS and Andriod). Yeemos is an app where users can post photographs. Other users can then interact with the posts by doodling, posting stickers, emojis, reactions or comments on them.
Yeemos is expected to support the MITH reward system soon.
Users can link their Piepie (and eventually Yeemos) accounts to the Mithril Vault. The Mithril Vault has several functions:
Funds: Users can withdraw and/or deposit their MITH, Binance (BNB) and Ethereum (ETH) tokens. Support for more tokens is expected.
Staking: Users can “stake” some/all of their MITH for a minimum of 14 days. Staking increases the amount of MITH earned when using Piepie.
Shift: Users can “shift” their MITH to ETH and vice versa.
Exchanges
MITH tokens are currently traded on most major exchanges including Binance, Bitfinex, Bithumb, Lbank, OKEx and HitBT etc.
Uses for MITH Token
The MITH token can be used as follows:
Staking: As mentioned above, MITH can be staked in the Mithril Vault to increase the MITH earned from social mining on Piepie.
Shifting: Also as mentioned above, the MITH Vault allows users to shift their MITH into ETH.
Payments: MITH is accepted as a form of payment in the Mithril Merchant Network. For now this includes some Taiwanese cafes and merchants. Globally, MITH can be used to pay for other products/services relating to dating apps, paid content and other applications.
The Mithril roadmap
Mithril has been hard at work meeting its milestones, and in some cases ahead of schedule.
For Mithril, the milestones covered form the footing for a bright future ahead. While the future will be comfortable for Mithril network users, the developers have already rolled their sleeves up.
For instance, the team behind Mithril is yet to develop an ad network, conduct a vault merchant network onboarding, among other high profile developments.
Those already partnering with Mithril include, Qtum, M17 Entertainment, Swag, SOLA Foundation, bytepay, Simple Swap, Atomic, among others.
Elastos is a third generation technology that leverages blockchain technology in giving internet users complete control over their digital properties. The protection that Elastos provide is beyond cryptocurrencies or private data. It covers other intellectual properties such as books, games, movies, and business ideas.
Elastos is a new Internet technology that is revolutionizing online security and smart technology. Elastos is built on the concept of removing middleman, monetizing computing power, protecting digital assets and offering incentivised digital properties transactions with enhanced security and speed at an affordable cost.
How does Elastos work?
Elastos operates in an isolated environment called a virtual machine that runs on elastos runtime. Its is a lightweight operating system kept in a little box. To penetrate the system, an attacker has to create their own box and connect to the user’s data.
If hackers manage to breach the security, Elastos does not grant Internet access so the information derived cannot be sent out or uploaded to the third-party websites like YouTube, Facebook or Dropbox.
Alternatively, the hacker may try to download it to external storage, but elastos requires that the owners of the data grant permission from their end. Therefore unless the owners voluntarily share their digital assets, hackers cannot take possession of it giving owners exclusive protection over the data they secure with elastos.
In another instance, assuming the hackers try to connect another virtual machine like engineering artificial intelligence (AI) scanner, it can only scan and check the data, but it is not transferable as it is an isolated device. The information cannot be passed on to the outside world.
In another real-life instance, assuming you have a session with your doctor and he connects to your virtual machine, he can only read your medical report but will not be able to save a copy. It is also imperative to the point that the moment you close your Elastos machine, the information viewed by the doctor will be permanently erased guaranteeing you topmost security.
The Blockchain Technology Behind Elastos
Now that we know how Elastos works, it is possible for readers to conclude that Elastos does not need a blockchain technology to function in reality, the blockchain provides the secure ID to access Elastos. In a case where a hacker tries to override the user’s security, it is the blockchain that will be responsible for the assurance that the ID is authentic, not tampered with, void of virus and malware, and perfectly matches with the one registered in the block.
Blockchain provides a layer of trust for all the virtual machines that want to connect to a system.
Real Life Application of Elastos
Business and Enterprise
It helps businesses and enterprises to protect the trade secrets, for instance, Coca-Cola can use it to store their recipe menu which will not be available to anyone without their permission
Professionals
To safeguard valuable private data and ensure that only people with permission can access the information stored on it
Content Creators
Authors, content creators, movies and game developers can leverage the use of elastos in securing the ownership of their intellectual properties. With that, they can scale up their earnings and prevent illegal distributions of their contents to unauthorized users.
Also, the content owners can use elastos to create a scarcity of their digital asset thereby increasing its value.
Developers
Elastos provides large blockchain applications in a secure environment and keeps contents intact after multiple uses
Ethereum vs. Elastos
Ethereum operates on a single main chain structure leading to speed limitation while elastos adopts main chain and side chain structure that speeds up the transaction, payment and smart contract support for several applications and services
Ethereum experiences network congestion and data redundancy while Elastos is the more secure runtime with the independent operating system, software development kit (SDK) that speed up the operating process and prevent data congestion.
Ethereum exposes data to risk as it employs a front end decentralized application (DApps) while elastos make use of a safe DApps prevented from accessing the networks thus protecting data from DDos. Also, elastos doesn’t make use of IP addresses which implies that hackers cannot track users’ activities.
Conclusion
In conclusion, Elastos is a disruptive third generation blockchain technology that offers total protection of data and vital confidential information for an individual or a corporate body. The innovative technology will help content owners to maximize the returns on the sale of their digital assets thus making more from their intellectual properties. Elastos is a very beneficial technology that every user of the internet should have in their possession to create a more secure internet environment for all.
Micheal: What do you think about the crypto space at the moment?
CZ: Personally, I think we are in a better place than we were this time last year. We are healthier than ever and there are tons of great things to invest in. The valuations are high and those who are building now have really good products, contrary to how it was when the market was high. Everyone at the conference has many ideas and more people are enthusiastic. The number of people going to conferences, the number of people working in this industry is increasing so the industry still going very strong even though the price of dropped a little bit since last year but if you look at two years ago it was like $300 for a Bitcoin so today’s 3000 it’s not too bad at all.
Michael: What’s the vision for Binance going into 2019?
CZ: We want to build five to ten Fiat on-ramps around different parts of the world hopefully spreading out from different continents. We see that as a limiting factor for the market and we also see there is an overwhelming need for it in the Jersey market. We want money coming in from the fiat market but on the flip side, we also see the need for a decentralized exchange.
Binance DEX – Decentralized Exchange built on Binance Chain
Binance DEX: Decentralized exchange
Michael: What is happening with the decentralized exchange? Will they be competing against each other?
CZ: I don’t think it competes at all. There are three categories really so there are people who use Fiat to crypto centralized exchanges and now you can’t really decentralize anyway because the banking relationship you can’t do it. Then there are people who are using crypto to crypto centralizing because there are very high liquidity faster systems etc and then this exchange you got to rely on exchange some people view that as less secure, some people view that is more secure than doing themselves and then there are the guys who want to control their own private Keys who want to be more anonymous. So most of the guys in the core community are heavy power users and they’re loud they speak more and the others, they want to use Dex so we see that as not really competing we’re just offering different solutions to different people and we always let the user choose and we let the market choose. Overall, most people think decentralized exchanges will be the future.
M: Will we see familiar tokens on the decentralized exchange?
CZ: I think over time we will see more coins traded on the decentralized exchange because there’s less control we already have confirmation of a number of large projects were doing that they have to migrate completely from Ethereum on to finance. So, basically, if you’re only using ERC-20 as a token there’s no real reason for you to stay on Ethereum. There’s a lot of benefits with Binance, lesser cost transactions and it integrates a native Dex decentralized exchange so you don’t have to use a slower more expensive distance-wise exchange. So the Binance chain is actually a very simple chain where to create a token you don’t write a small contract so you just you just specify a few parameters you specify the token name the token symbol and how many decimals you have and pay a relatively large fee initially as we want to block out the scammers. Pay a fee in and boom you have your current you have your token so it’s much easier to use much less programming involved and so because we don’t have the smart contract there will be no EVMs making virtual machines to be faster so it’s a much condensed special-purpose chain.
Security Token Offerings (STOs)
M: What are your opinions on STO’s?
CZ: It is definitely a very interesting space but excuse relates very heavily to regulatory regulations so we already have regulatory licenses at different places with different partners long term. It’s not our strength so we’re kind of waiting to see how other people do it and once other people figure out what they do. We can potentially copy them shamelessly and then grow that. (https://idealhealth123.com/) It requires a lot of lawyers a lot of guys in the regulator space so it’s one for the future, we are more technology-based right now.
CZ showing off his new Binance Tattoo
Getting to know CZ
M: What’s the weirdest place you have used Twitter?
CZ: I don’t know, I love Twitter. I am just myself and it’s nice to interact with the community and get feedback. Sometimes I attack people sometimes I am polite, I just am myself.
M: Tell us about your Binance tattoo?
CZ: I was in Singapore with Gareth and Luke, and Luke had a bitcoin, coin finance tattoo and he said he was going to get a Binance one so I thought I should get one also. Then Gareth said he wanted a Binance tattoo too. So the three of us went to a tattoo shop in Singapore I got it like about a month ago so now it’s healed really well I like it.
M: What’s your next tattoo going to be?
CZ: Yeah actually I’m okay with one for now. I think for me the logo is very meaningful, I think if you want to put something on your body it has to be meaningful to you. I like it, yeah but I don’t think I’ll get a second tattoo anytime soon!
