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Category: Latest News

  • Cryptocurrency Exchange News (November 2020)

    Cryptocurrency Exchange News (November 2020)

    Cryptocurrency Exchanges are facing additional regulation and scrutiny around the world. Two key exchanges – OKEX and Huobi are under regulatory scrutiny in China. One of the reasons for the scrutiny is that both these exchanges had a huge footprint in China prior to the 2017 Exchange ban. To find out about top cryptocurrency exchanges, check out our Exchange Tier List. Here are the major changes to the exchange scene in November 2020.

    OKEx Exchange withdraws suspended

    It has been almost a month since Okex Exchange suspended all withdrawals from the platform. This was due to one of their private key holders (Star Xu) being detained for investigation by a “public security bureau”. OKEx has always claimed that Xu is not detained but only actively cooperating with the relevant authorities for something unrelated to the Exchange back in 2019.

    No withdrawal has happened since 16 October 2020; in OKEx’s last Twitter post, dated 9 November 2020, they claim that the function is not yet active but funds are safe and unaffected.

    Withdrawals reopened!

    After more than a month since their suspension announcement, Okex exchange has finally reopened unrestricted withdrawals on November 27. In addition, there will be rewards for active users. Read all the details in our developing article.

    KuCoin recovers around 84% of funds in hack

    As covered in our previous Newsletter, KuCoin had confirmed on 26th September 2020 that they had been hacked, resulting in around USD $236m worth of funds being lost.

    On 11th November 2020, CEO and Co-founder Johnny Lyu confirmed that around 84% of affected assets have been recovered. Several means were utilised to do this, for example on-chain tracking, contract upgrade and through the judicial system.

    Currently, 176 of their listed tokens have resumed full services, and it is expected that the remaining listed tokens will all be re-opened before 22nd November 2020.

    Update from CEO and Co-founder Johnny Lyu on the KuCoin hack situation

    Huobi Rumors go wild

    On 2 November 2020 a few big transactions worth hundreds of millions into Huobi Exchange have been spotted; although this could be routine for a big Exchange like this, users were worried since the issues with OKEx exchange were still ongoing.

    There were also rumours that, similar to OKEx, key executives of Huobi were detained for investigations.

    This created an escalated FUD that ended up with a massive drop in value for $HT (Huobi Token), as well as worried users quickly withdrawing their cryptocurrencies from the Exchange.

    Huobi official account subsequently tweeted denying all rumours and classifying them as false.

    For now, everything seems to be back to normal and no more news have emerged since.

    See our ongoing coverage of the Huobi rumours.

    Binance Exchanges news

    Binance Uganda merges with Binance.com

    A few weeks after Binance Jersey announced that the Exchange, launched in January 2019, will be fully closed by 30th November 2020 (no explanation was given but it’s presumed that it wasn’t necessary anymore, after deposits in EUR and GBP have been enabled directly on Binance.com), Binance Uganda will cease to exist as well.

    Binance Uganda was launched in June 2018 and has been the first fiat-to-crypto Binance platform, even though it had been stated more than once that it was a separate entity capable of independent decisions.

    An explanation was provided by the Chief Executive Officer (CEO) Changpeng Zhao:

    “All the features that Binance Uganda provides [are] now covered by Binance.com together with our fiat channel partners. There’s a very minimal number of users on there, so it doesn’t make sense for us to maintain two platforms”.

    The process will consist of three different phases: Closure of Deposits and New Registrations; Closure of all Trading Services, and final Hard Shutdown on the 28 November 2020.

    Users are strongly recommended to transfer their funds out of the Exchange before 00:00 UTC on 28/11/2020.

    Is Binance blocking US-based users?

    Reports are emerging that Binance has started to block users based in the US from accessing the Exchange. According to The Block, emails were circulated to US-based users who were told to withdraw their funds within 90 days.

    This is in any event in line with their announcement back in September 2019 that they will no longer serve customers from the US. They are also likely doing this now considering the ongoing legal actions against BitMEX and its key personnel.

    Binance.com is now giving a 14 days notice to US customers

    As a consequence to what we reported a few weeks ago, it appears that some US customers who are still using the “.com” version of the exchange are receiving a 14 days notice letter. In the email, as they reported, Binance is informing that due to their “periodic sweeps”, US residents are being asked to withdraw all their funds within 14 days or their funds will be blocked.

    It is not clear whether the identification process is only based on KYCs or on IP addresses as well; in the first case, it could be possible that US customers who skip the KYC process accepting lower deposits/withdrawals limits could still use the platform.

    Binance.com has been trying to remove its US customers for a while as the exchange doesn’t have any regulatory standing in America. US customers can use Binance.US, an exchange with far less pairs that is therefore not as attractive to traders as the classic “.com” version.

    Coinbase Pro is disabling Margin Trading

    In a blog post on Nov 24, the Chief Legal Officer Paul Grewal announced that customers wouldn’t have been able to place margin trades after November 25, 2PM PT time. The existing positions will remain effective until the last one will have expired; at that moment the product will go offline.

    The decision comes as a consequence to the finalized “Interpretive guidance on actual delivery of Digital Assets” by the CFTC (Commodity Futures Trading Commission) in March. You can read more here. In the letter we can read:

    “We believe clear, common sense regulations for margin lending products are needed to protect and provide peace of mind to U.S customers. We look forward to working closely with regulators to achieve this goal”.

    Australian Exchange BTC Markets exposed users’ data

    On December 1st during a routine marketing round of emails to their users, Australian exchange BTC Markets, one of the most famous in the continent, accidentally exposed their users’ data. Names and emails where all together displayed in the “to” field and sent in batches of 1000 at a time, exposing each personal user’s data to 99 other email addresses.

    Caroline Bowler, the CEO, immediately confirmed the data exposure adding that nothing more than names and emails were exposed, while funds and passwords remained safe. Nonetheless, we know this type of exposure can (and probably will) lead to unwanted campaigns or phishing emails, therefore users should always doublecheck the sender of the emails before clicking anything suspicious.

    The exchange is now working on additional measures and has advised their clients to change email passwords and set up 2 factor authentication on their accounts.

    Final reminder

    Centralised cryptocurrency exchanges do have custody of the cryptocurrencies in your account trading wallets. Therefore if anything happens to the exchanges, your funds can be affected!

    So don’t keep more funds in exchanges than you need for day to day use or trading! Keep your cryptocurrencies safe and under your OWN custody, ideally in a hardware wallet.

    We recommend the Ledger Nano X. Check out our review and set up and installation guide.

    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.

  • Poolz.finance ($POOLZ): boosting the potential of cryptocurrency projects?

    Poolz.finance ($POOLZ): boosting the potential of cryptocurrency projects?

    What is Poolz.finance ($POOLZ)?

    Poolz.finance ($POOLZ) aims to be the bridge between cryptocurrency projects and early investors.

    Poolz.finance has already integrated Ethereum, Polkadot and Tomochain. Projects can simply sign up with a simple Google form on the Poolz official site and they would help launch token sales on the Poolz platform.

    In addition to launching token sales, Poolz can also help projects fundraise flexibly by allowing them to specify lock-in periods whereby only after the specified period expires can investors receive tokens for their swapped amount. On the other hand, pools of tokens camn also be created for a project’s token so investors can get immediate access to the project’s tokens.

    To catch up with the yield-farming craze, Poolz also provides staking-as-a-service, allowing projects to set up staking for their token. And with that of course also brings concerns for security, which Poolz does recognise and therefore can allow projects to request token audits.

    Check out our interview with CEO and Co-founder Guy Oren.

    https://www.youtube.com/watch?v=efMxFtJLTY8&feature=youtu.be

    Poolz decentralized NFT auction house

    Poolz is also capitalizing on the popularity of Non-Fungible Tokens (NFTs) by allowing cryptocurrency projects to auction their NFTs on the Poolz auction house. Poolz has integrated the ERC-721 standard, which allows developers to code the owners’ identity and address into the NFT- making each token unique and ensuring that each NFT only has one owner.

    During this initial phase, projects can sell their NFTs for ETH and DAI. However, it is expected that more payment methods will be accepted in the future, such as the project’s native cryptocurrency or other stablecoins.

    $POOLZ token holders get exclusive benefits on Poolz’ NFT auction house such as price benefits and special access to the “last call” feature. Poolz’ “LastCall” feature comes after the conclusion of the “open” auction phase. Once the “open” auction for the NFTs are closed to the public, the “LastCall” phase opens whereby the NFT pool is exclusively open for POOLZ token holders to make their bids- thus increasing their chances of getting a winning bid before the auction finishes.

    What is the $POOLZ token and its uses?

    $POOLZ is Poolz Finance’s native ERC-20 token. $POOLZ token is mainly used as user incentives, governance, staking, token burns and project development.

    Incentives. include exclusive benefits in the NFT auction house and better swap ratios for pools running on their platform.

    Governance. The Poolz platform will implement the Proof of Stake (PoS) mechanism. This allows POOLZ holders to have voting rights when they stake their tokens in specific wallets.

    Staking. According to the Team, POOLZ token holders can get passive income from staking them in particular ERC-20 wallets. In return, these token holders will get staking rewards.

    Token burn. Poolz will use 16.67% of its daily earnings to buy $POOLZ tokens from the market and burn the same, subject to an upper limit of 20% of the POOLZ supply. This keeps the supply of tokens low.

    Project development. Poolz has reserve tokens that are allocated for future development such as marketing, exchange fees for listings, and long-term liquidity.

    $POOLZ tokenomics

    1/3 of the total $POOLZ token supply is locked and will be released over a period of 10 years. The Poolz team believes this model will ensure a low supply and keep prices high, and to show that they intend to stay with this project for the long haul.

    The allocation of $POOLZ is as follows:

    • 2.2M POOLZ (44%): Public and private sale
    • 800,000 POOLZ (16%): Staking rewards. This will be circulated in the form of average annual yields to those who stake their tokens in a compatible wallet. 80,000 POOLZ will be released each year for 10 years (i.e. 1,539 tokens per week).
    • 800,000 POOLZ (16%): Swapping rewards. These will be rewarded to liquidity providers on the participating pools on the platform. 80,000 POOLZ will be released each year for 10 years (i.e. 1,539 tokens per week). This may be subject to change via governance decisions.
    • 600,000 POOLZ (12%): Reserve. This will be for future initiatives and to support the community.
    • 375,000 POOLZ (7.5%): Team. For incentivizing the Poolz team and will be distributed over 6 months of equal vesting after a lock-in period of 1 year.
    • 125,000 POOLZ (2.5%): Advisors. Given to advisors as incentives over 1 year of monthly vesting.
    • 100,000 POOLZ (2%): Liquidity fund. This is for providing liquidity on Uniswap and other exchanges.

    $POOLZ token sale

    • Total Supply: 5,000,000 POOLZ
    • Initial Market Cap: USD $423,500
    • Fully Diluted Valuation: USD $3.5M
    • Private and public sale: 2.2M POOLZ (44% of total supply) will be allocated for private and public sales.
    • Pre Seed: 100,000 POOLZ at USD $0.35: 3 months initial lockup, then 8.33% released monthly.
    • Strategic Round: 400,000 POOLZ, at USD $0.455: 10% released upon Token Generation Event (TGE), then 9% released monthly over a period of 10 months.
    • Private Sale 1: 700,000 POOLZ, at USD$0.47775: 20% released upon TGE 20%, then 20% released monthly.
    • Private Sale 2: 900,000 POOLZ at USD $0.50050: 25% released on TGE, then 25% released monthly.
    • Auction Pools: 100,000 POOLZ at USD $0.7: no lockup period.

    The USD$1m private sale of POOLZ has already been completed and was oversubscribed by 25x. More details on the private sale.

    POOLZ token release schedule
    POOLZ token release schedule (Image credit: Medium)

    $POOLZ public token sale

    On 15th January 2021, $POOLZ will do a public sale by way of an Initial DEX Offering (IDO) and Uniswap listing.

    The IDO will be held on the Poolz platform itself so that after it goes live, you can directly buy $POOLZ from their own platform. Afterwards, $POOLZ will be available on Uniswap. There is no minimum purchase amount for this IDO.

    Note the IDO has sold out in 18 seconds

    How to buy $POOLZ on Uniswap

    The $POOLZ token will be listed on Uniswap from 15th January 2021 onwards, meaning that users will be able to buy $POOLZ on Uniswap. Buying $POOLZ can be done in 4 easy steps:

    Step 1:On Uniswap, select which cryptocurrency you want to trade $POOLZ with in the “From” row. Note that Ethereum is set as the default.

    Step 2: Set to swap for $POOLZ tokens. In the “To” row, enter the correct Poolz address. Be very sure that the address is correct or else you could risk losing your funds.

    Step 3: Enter the amount of $POOLZ token you want to obtain. Once you’ve entered the amount of $POOLZ token you want to buy, double-check the swap details and click “Confirm swap”.

    Step 4: Confirm purchase on MetaMask. After confirming on Uniswap, you will be taken to MetaMask to confirm the payment. Click “confirm”. Once the payment is processed you will receive $POOLZ tokens in your MetaMask wallet.

    Is Poolz safe?

    Poolz Finance engaged Arcadia for an independent security audit of its smart contracts. Poolz reports that Arcadia did not find any issues with their smart contracts.

    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.

  • Konomi Network ($KONO): bringing money markets to Polkadot

    Konomi Network ($KONO): bringing money markets to Polkadot

    Utilizing Substrate as a development blueprint, Konomi Network aims to develop a fully interoperable service product that allows users to trade cryptocurrencies, manage their holdings, and make a profit out of decentralized money market options for the Polkadot ecosystem.

    Background

    The problem that has since limited the use of cryptocurrencies and hindered its mass adoption is the lack of interoperability. Holders of a particular token belonging to a different blockchain cannot easily make cross-chain transactions. This also means that all other digital asset providers cannot simply work together to provide financial services due to network restrictions.

    Konomi Network is designed to solve that issue. Built on top of the Polkadot blockchain, the project addresses the problem with gas fees on Ethereum. This is to improve transaction speed and network scalability.

    As of now, the protocol already supports a decentralized liquidity swap and money market. The team behind Konomi is currently working on the launch of the bridge to Polkadot’s parachains, wallets, and the open virtual machine to support smart contracts. Before the end of the year, the team is planning to launch the Konomi mainnet on the Polkadot ecosystem, link with other assets through a cross-chain bridge, as well as introduce fiat payments.

    What is the Konomi Network?

    Konomi Network is an independent blockchain project that features a comprehensive asset management platform on top of the Polkadot ecosystem. It provides cross-chain products and services such as trading, lending, and deposits. Since the platform is supported by parachains and Ethereum bridges, it can facilitate blockchain-agnostic services.

    One of the strongest suits of the platform is its liquidity. Any trader can access liquidity from other exchanges through the platform in performing their trades and it relies on automated market makers (AMM) to supply buy and sell orders without the need for order books.

    For further decentralization, the platform implements the same consensus model as Polkadot, the Nominated Proof of Stake (NPoS). In this system, network security is maintained by the validators selected by the protocol’s stakers. They can freely choose how much they want to delegate to a validator and earn rewards in proportion to the amount of their stake.

    In the beta phase of the platform, it can be accessed as a web application. But in the next upgrades, the team will introduce a mobile version with the objective of making it easier for users to open the application.

    Konomi Wallet

    Konomi Wallet features a decentralized asset storage function. Users can freely deposit their cryptocurrencies on the wallet while still being able to monitor their holdings across different protocols. Through this application, users can also access either Konomi Trade or Lend easily.

    Konomi Trade

    Konomi Trade allows users to conduct their trades with the supply of liquidity coming from different markets in the Polkadot network. Supported by its AMM implementation, traders enjoy immediate on-chain transaction execution without the need for any third-party facilitator.

    Konomi Lend

    Konomi Lend is a decentralized money market protocol designed to allow users to borrow and lend their digital assets to other interested users. This product features the collateralized debt position model. This is where borrowers are required to lock at least the minimum amount specified for collateralization before they are allowed to make loans. For now, Konomi supports Polkadot’s native token (DOT) for collateralization.

    Decentralized Trading Protocol

    Konomi is designed to implement AMMs that are similarly deployed in most Ethereum-based exchanges. Its architecture is patterned after the DODO exchange, allowing it to effectively mitigate the risks of impermanent loss on the part of the traders.

    Decentralized Money Market

    Konomi’s money market protocol backs its borrowing and lending services for assets based on the Polkadot ecosystem. The interest rates imposed on borrowing depend on the total supply and demand in the platform’s liquidity pool. Patterned after the Compound protocol, these rates will be computed on a per-block basis.

    For those who would like to supply assets to the protocol’s existing liquidity pools, they can lock their holdings in smart contracts as collateral to earn lending interest. This also lets them access borrowing services.

    Cross-Chain Messaging Passing Feature

    Konomi will implement the Cross-Chain Messaging Passing (XCMP) function in order to achieve interoperability. XCMP is designed to link parachains together for the purposes of relaying transactions from one network to the other.

    What this does is it allows transactions made in different parachains to work despite their independence with each other. This allows users to tap other markets on the Polkadot ecosystem even if their assets are only on the Konomi protocol.

    KONO Token

    KONO is Konomi’s native utility token that is used to pay for the platform’s minimal transaction fees, trade between other market participants, collateral for loans in the network, staking, and protocol governance. The supply of KONO is limited and fixed to 100 million tokens.

    KONO token uses
    KONO token uses

    KONO holders are given the right to cast their votes on network proposals concerning different protocol parameters such as staking fee, transaction fee burn, liquidity mining ratio, and others. Participants to the governance mechanism are also given rewards for joining.

    The reward system for the protocol is also powered by KONO tokens. Those who stake their tokens and supply liquidity to the protocol are entitled to a reward proportional to the amount of token they locked in the network.

    Conclusion

    Konomi is an up-and-coming addition to the array of decentralized finance (DeFi) products in the space today. Since its infrastructure is supported by the Polkadot blockchain, it can stand to be a valuable competitor of other decentralized money markets and asset management services in the near future. Furthermore, its products can potentially entice a lot of users looking to make additional profit out of their holdings through staking. Its outlook for future adoption is positive.

    However, until the platform is fully operational, we cannot absolutely compare it with the initiatives that were first launched in the market. While Konomi is built on a high-performing blockchain with cross-chain functionality, its application’s capacity to support the needs of its users is still going to be the best metric for its growth and success.

    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.

  • Unido ($UDO): Crypto Banking and DeFi for Enterprise

    Unido ($UDO): Crypto Banking and DeFi for Enterprise

    Unido ($UDO), powered by Polkadot, provides enterprises crypto-asset management solutions, that specialize in governance, security, and interoperability within the crypto banking sphere guaranteeing the satisfaction of all users.


    Background

    Powered by Web3 blockchain Polkadot, Unido was founded by Chris Weddle who has over 20 years of experience within the blockchain sector. The project was initiated in 2017 and is anchored by an experienced team of finance experts, software developers, and blockchain developers. They all come from well-known financial and development firms such as Goldman Sachs, Wipro, and Macquarie.

    Unido’s Founder: Chris Weddle (Source: Unido website)

    Through the Unido project, the team has successfully managed to solve security and accessibility challenges with its distinct and dynamic implementation of a blockchain-based management tool that facilitates the handling of crypto assets.

    What is Unido?

    Unido is a technology ecosystem that addresses the governance, security, and accessibility challenges of decentralized applications, and enables companies to manage crypto assets and capitalize on DeFi.

    Unido’s distinct protocol facilitates investment in DeFi by leveraging its efficient proprietary and multi-sig key signing technology. Furthermore, users have the unique capability to manage crypto banking operations in complete security.

    Under the decentralized platform, assets management enterprises and crypto native companies are ensured agility and efficiency for the custody of their respective digital assets. This creates a strong bridge for firms and organizations to interface with DeFi networks as they remain compliant with licensing and regulatory requirements.

    The platform’s algorithm works best by leveraging, as well as supplying clients with a great deal of crypto trading, payments, and banking solutions.

    Through Unido’s user-friendly protocol, participants essentially have access to three main features all responsible for the system’s special implementation of the blockchain, namely, Enterprise Crypto Banking Suite, DeFi Vault Access, and Governance/Security features.

    Enterprise Crypto Banking Suite

    A business banking portal, through which firms can manage day-to-day operations and capital expenditure. This feature empowers users with a multi-user wallet management protocol that creates, assigns, and manages clients’ wallets.

    Additionally, it is equipped with user governance tools providing access to rights and access requirements unique to the blockchain solution. Overall, this business banking portal is a simple and intuitive instrument with an interoperable, modular architecture that provides analytics on DeFi transactions, activities, and trends.

    DeFi Vault Access

    The vault access is a multi-signature enterprise wallet or DeFi vault used to store, manage, and invest digital assets in an efficient and safe manner.

    The team behind the wallet describes it as a secured and most importantly, a well-integrated bridge into several prominent DeFi investment solutions such as UniSwap, Yearn Finance, and Balancer. Additionally, the vault provides users with a complete overview of investment opportunities within the DeFi space, as well as potential returns and benefits within specific DeFi networks.

    Supported by a portfolio performance dashboard, this feature facilitates the management and investment of digital funds.

    Governance and Security

    Through this blockchain-based feature, the Unido enterprise platform (EP) provides users with an array of security and management instruments ensuring the safety of all funds within the platform.

    The Unido platform guarantees blockchain-based security and agnostic architecture, rendering it versatile and applicable to any given on-chain use cases. Powered by a key signing technology, Unido EP ensures flexible and trustworthy governance, which provides assets access only to permitted entities and parties.

    Unido Token ($UDO)

    The platform’s utility token, $UDO, is the fuel behind Unido’s efficient implementation as it is used to drive network access, ensure transaction security, governance, and network management. Overall, the token is built on a trustworthy smart contract algorithm guaranteeing the development and expansion of the Unido network in the future.

    Furthermore, the token facilitates access to the platform’s variety of products to all users, including institutions and developers. UDO has three main use cases, being network access licenses, consumption fees, and DAO Governance.

    $UDO Tokenomics

    Total Supply: 115,000,000 UDO

    Initial Market Cap: $487,813

    Seed/Private/Pre-Public Sale Fundraising: $1,400,000

    Seed Sale: $0.04, 0% TGE, 20% monthly unlock

    Private Sale: $0.05, 25% TGE, 25% monthly unlock

    Public Sale:: $0.06, full unlock

    Deflationary Economics:

    • Phase 1: From consumption fees, 60% burn, 20% to EDF, and 20% into reserve. Phase 1 when token supply is reduced by 20%.
    • Phase 2: After enterprise products take off, 50% of fees to be invested into EDF & 50% into reserve.

    UDO Use Cases

    Network Access License

    All applications and Unido EP features will only be available via a license purchasable with the UDO token. Once the license is bought, the tokens are removed from circulation and placed into a secured smart contract until the license eventually expires.

    Companies are provided with annual licenses for the Unido platform, where fees are determined by the volume of usage for the target clients and the number of users.

    Consumption Fees

    All fees and consumption charges within the Unido ecosystem and auxiliary platform will be based on the volume of usage within the platforms. Additionally, UDO will be used to authenticate each transaction within its parent platform.

    All operations from developers will either be charged under a subscription model, Freemium model, paid model, or In-App model, all depending on the user specifications and needs.

    DAO Governance

    In general, the DAO will oversee Unido’s Ecosystem Development Fund (EDF) and allow for the subsidizing of new applications implementation and development, which will contribute to the diversification of the platform.

    Unido Ecosystem (source: Unido one-pager)

    Conclusion

    Unido EP aims to be a leader within the blockchain space by spearheading the race toward mass adoption; especially within the traditional financial sector. The platform’s drive to provide secured banking management tools is a great boost for wide DLT acceptance.

    Overall the Polkadot-based platform is a dynamic implementation of decentralized technology, which guarantees total accessibility and security through key features lacking in most solutions of its genre on the market.

    Unido Enterprise Platform is ahead of the curve as it provides a sure connection with blockchain giants, ensuring its growth and development in the future. Unido will likely become a leader within the blockchain given the protocol’s current algorithm and products.

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

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

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

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

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

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

  • Top Best Cryptocurrency Exchanges in 2022

    Top Best Cryptocurrency Exchanges in 2022

    This is an update of our previous top crypto exchanges article for 2021. A lot has changed since then and here’s what to look for in 2022.

    The easiest way to start trading cryptocurrencies such as Bitcoin is through a cryptocurrency exchange, and in this article, we list what we consider to be the top cryptocurrency exchanges in 2022 with the beginner user in mind. For this article, exchanges which we at Team Boxmining use frequently are listed in Tier 1, exchanges we occasionally use are listed in Tier 2, down to those which we seldom or do not use at all are listed in Tier 3. However, this is only based on our personal preference only. Potential users should also always check if the exchange is supported in their country as there are geographical restrictions. 

    Check out our latest video where we talk about our picks for the best cryptocurrency exchanges in 2022:

    https://www.youtube.com/watch?v=YRocD5PqvZ8
    Best Cryptocurrency Exchange in 2022? (EXCLUSIVE trading fee discounts)

    Tier 1 Exchanges

    Binance

    Founded in 2017 and currently serving over 13.5 million active users worldwide, Binance allows you to buy, sell, and trade cryptocurrency with low fees. You also have the option to earn interest on your cryptocurrencies by staking them for a period of time to earn an interest rate of between 0.5%-10%.

    Binance supports trading of over 400 different types of cryptocurrencies and with more being added almost every week. In fact, Binance has become so popular as a cryptocurrency exchange that the mere news of new coins being listed can cause the tokens’ prices to skyrocket. 

    Cryptocurrencies can be purchased on the Exchange through a variety of ways: PayPal, bank transfer, credit card, and debit card (although they charge a hefty 4.5% fee). It is worth noting however, that users cannot simply exchange their US dollars for cryptocurrencies. Nevertheless, the aforementioned purchase methods should be sufficient for most, if not all cryptocurrency traders.

    As for security measures, Binance not only has an asset fund as insurance in case of misappropriated user funds but also provides two-factor authentication.

    Binance also has its own native token- BNB, which comes 4th in terms of trading volume. The token can be used for various features and discounts on the exchange.

    Binance does have a US version of its exchange for US users at Binance.US which was launched in September 2019. Although Binance.US will have fewer cryptocurrencies available for trading and features in order to be compliant with US regulations.

    Binance is Team Boxmining’s second most frequently used exchange. Binance is easy to use, their team is always quick to respond if there are any issues with the exchange, and pioneered many of the special features we come to expect today such as Initial Exchange Offerings (IEOs). Binance also caters to experienced traders with advanced trading options and plenty of analytics. Novice users will inevitably experience a learning curve, but once you find your way around, it becomes almost second nature.

    Check out Binance Exchange Review 2021: Best Crypto Exchange? For a detailed look at what Binance has to offer. 

    Sign up for Binance here!

    KuCoin

    kuCoin exchange
    Its focus on security and intuitive design has attracted fervent supporters for KuCoin

    KuCoin is a relatively new cryptocurrency exchange that has quickly developed a fervent fan base thanks to its intuitive design and high level of security. The Exchange is highly regarded for its large number of different cryptocurrency pairs, which means users can purchase a wide variety of cryptos. 

    The Exchange is also spreading into new regions at a rapid pace. In just 1 year their adoption rate for different countries has skyrocketed. For example, in Latin America, there was a 171% increase, in Africa a 130% increase, and in Asia a 67.5% increase.

    KuCoin supports over 500 cryptocurrencies which means you can trade lots of small-cap tokens with low trading fees. At team Boxmining, we find that if we want to trade small-cap coins, we would need to use our MetaMask and then trade on different platforms and different DEXs. And if it’s an ERC 20 token you would have to pay ridiculously high gas fees which are really not practical. So, if these small-cap tokens are already on KuCoin, then you can save yourself a lot of unnecessary costs.

    KuCoin also allows you to use trading bots through their mobile app. Trading bots can
    automatically buy and sell your cryptocurrencies so you don’t have to be online all the time to follow the market. However, it’s not always clear how they’re investing your money, and you need to understand the cryptocurrency trading strategies they use. Also, if you’re buying and holding cryptocurrencies for the long term, these bots may not be able to help you a lot.

    On the downside, Kucoin is a crypto-only exchange, which means you will need another exchange if you’re looking to purchase coins with fiat currency such as HKD, USD or CAD. That means that Kucoin is not a great option for anyone just getting started with cryptocurrency, but if you are an experienced trader then KuCoin is a great way to diversify your cryptocurrency portfolio.

    SwissBorg

    SwissBorg
    SwissBorg is a popular choice amongst European users and has a very intuitive and user-friendly app.

    SwissBorg was launched in December 2017, they are based in Switzerland and are fully compliant with Swiss Law, making them hugely popular amongst the European cryptocurrency trading community. The Exchange is available in over 100 countries (although currently not supported in the US). Please note however that for some countries, the full range of features offered by SwissBorg may not be available.

    SwissBorg supports over 30 cryptocurrencies and 16 fiat currencies. New cryptocurrencies are continuously being added and users can vote for the next cryptoasset to be listed on their app. Users can directly fund their SwissBorg accounts via bank transfer, and SwissBorg does not charge any fees for bank transfers.

    Another popular feature is SwissBorg’s multi-award-winning app which allows users to access their crypto wallets and trade on the go.

    To keep ahead of the yield farming and decentralized finance (DeFi) craze, SwissBorg offers their Smart Yield account for yield farming, which allows users to get exposure to farming without much prerequisite knowledge. The Smart Yield feature does this by scanning and finding a range of DeFi and CeFi (Centralized Finance).

    SwissBorg’s native token $CHSB is a multi-utility token that entitles holders to lower fees when buying/selling Bitcoin, CHSB and stablecoins on the Exchange. Other benefits include being able to have 2x yield on your USDC, BTC, ETH, XRP, and CHSB holdings.

    Learn more about SwissBorg with our in-depth guide- SwissBorg ($CHSB): What is it?

    Sign up for SwissBorg with our exclusive link to get FREE CHSB!

    Coinbase

    coinbase exchange
    Coinbase offers a more limited selection of cryptocurrencies but makes up for it with high security and ease of use

    Coinbase was launched in 2012 and currently has over 30 million users spanning 103 countries. While Coinbase may not offer a wide variety of cryptocurrencies, the San Francisco-based exchange platform is still a top favorite among many investors due to its highly secure and easy-to-use platforms. Also, Coinbase is the first stop for many beginner traders (especially those from the US) as they have a very easy-to-use mobile app, you can directly fund your Coinbase account from your bank account. Coinbase is also particularly popular in the US since it is the first publicly listed US crypto exchange and it is compliant with US regulations.

    Coinbase’s popularity stems from the fact that their platform has one of the fastest and easiest cryptocurrency buying processes, which along with their claim to have never been hacked, makes them an ideal choice for beginners who are looking to get started with cryptocurrency investment. Advanced users can also opt for Coinbase Pro, which has more trading features.

    Coinbase supports hundreds of digital currencies, however, in terms of the number of cryptocurrencies supported, it definitely loses out to other major crypto exchanges in this respect. Coinbase also charges higher fees compared to most other exchanges, charging $0.99-$2.99 per purchase under a $200 transaction and an additional 0.5% fee depending on the amount traded. However many novice or infrequent traders consider this a fair price to pay for the convenience the platform offers and the fact that it is one of the few exchanges available to US users.

    As mentioned earlier, Coinbase does charge higher fees compared to other cryptocurrency exchanges on the market, hence we have prepared our popular guide- Coinbase Fees: How to Avoid Them.

    Tier 2 Exchanges

    eToro

    Established in 2007, eToro was originally a social trading exchange that launched its cryptocurrency platform in 2018. It has since grown to a user base of over 17 million users worldwide.

    The main factor to note about eToro is that it is extremely simple to use, which can be both positive and negative. eToro currently only offers the 6 major cryptocurrencies: Bitcoin, Bitcoin Cash, Etherium, Litecoin, XRP, and XLM. This means that the platform is perfect for those looking to trade in only the biggest cryptos using a simple interface.

    In addition, the only fiat that this exchange deposits in is USD, which works out great if you are a US-based trader but not so much if you’re interested in dealing with other currencies.

    Whilst we at Team Boxmining do not use eToro, our friends who only occasionally trade cryptocurrencies are big fans due to its simplicity. However, the downside is the lack of supported cryptocurrencies, features and trading discounts. 

    Kraken

    One of the more established cryptocurrency exchanges, Kraken was founded in 2011 then relaunched in 2013. Kraken has a wide variety of cryptocurrencies available for trade, and currently supports over 200 traders globally.

    Kraken also offers margin trading and futures trading. With its margin accounts, you can borrow up to five times your account balance to trade crypto assets. Futures trading — contracts which allow you to buy or sell an asset at a set price on an upcoming date — is available for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple.

    The Exchange also offers its own futures trading platforms. But institutional clients can take advantage of expert insights, one-on-one consultations, account management support, and more.

    Kraken is hugely popular amongst European cryptocurrency enthusiasts due to its range of features. 

    Tier 3 Exchanges

    OceanEx

    OceanEX was launched in 2018 by BitOcean Global, a fully registered and licensed Japanese trading platform. BitOcean Global consists of core members with past experience from Morgan Stanley, BNP Paribas, and Deloitte. 

    With a variety of features to improve user and trading safety, OceanEX is the trading hub of the VeChainThor Ecosystem. The main advantages promoted by OceanEX are its AI security, tailor-made services, lightning fast trading, and global support. However, the platform lacks liquidity which makes buying and selling coins difficult.

    Coincheck

    coincheck exchange
    Coincheck is the go to if you’re living in Japan

    Coincheck is a Japanese-based cryptocurrency exchange founded in 2012 that also functions as a Bitcoin wallet. The platform is simple and user-friendly and boasts competitive fees, along with features such as cashback for paying utility bills. However, the coins available for trade are limited, and the majority of the additional features are available in Japan only. 

    Tier 4 Exchanges

    Bisq

    bisq exchange
    Bisq does not require user verification, which for some people is a security risk

    Launched in 2014, Bisq is a decentralised exchange with servers distributed worldwide and offers a large variety of cryptocurrencies and fiats for trading.

    However, unlike other exchanges Bisq does not require verification of user accounts, which raises the question of trader safety.

    HitBTC

    hitbtc exchange
    HitBTC also raises security concerns due to the nature of their KYC processes

    Designed for the more experienced trader interested in dealing with altcoins, HitBTC was founded in 2013 and based in Chile. 

    Main concerns surrounding HitBTC are the lack of transparency and clear KYC (Know Your Customer) processes, which raises red flags about the security of the platform. In addition, users have reported that support is slow, with resolutions of issues taking up to several weeks. 

    Conclusion

    Tier 1:

    • Binance
    • KuCoin
    • SwissBorg
    • Coinbase

    Tier 2:

    • eToro
    • KuCoin

    Tier 3:

    • OceanEx
    • Coincheck

    Tier 4:

    • Bisq
    • HitBTC

    Of course, this list is meant to be a guide when selecting the best cryptocurrency exchange for your individual needs, and conducting thorough research and background checks will go a long way in protecting your digital wealth. Be sure to spend some time when choosing your own exchange, and you can enjoy the peace of mind knowing that your coins are in the right hands. 

    In addition, exchange fees are usually a huge factor in choosing which exchange to use. Hence we have compiled our ESSENTIAL guide on How to Save Money on Crypto Exchange Fees.

    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.

  • Kriptomat Exchange Review (2023): Buy, Trade, and Store Gets a Lot Easier

    Kriptomat Exchange Review (2023): Buy, Trade, and Store Gets a Lot Easier

    Kriptomat is a secure and user-friendly platform that makes it easy to buy, trade and store cryptocurrencies, making it an ideal choice for those looking to get started in the crypto world. The exchange, its features, security measurement, supported cryptocurrencies and fiat currencies, trading and withdrawal fees, and the Kriptomat digital wallet will be the primary focus of this Kriptomat review.

    Sign up here to get started

    What is Kriptomat?

    Kriptomat is a government-regulated European cryptocurrency exchange platform founded on February 7, 2018. The company is based in Estonia and its main goal is to create an easy-to-use platform that non-technical people can navigate without much trouble. Kriptomat offers everyday rewards for everyday people, so it doesn’t provide features such as leverage and margin trading, or trading futures. Kriptomat is the most user-friendly government-regulated European cryptocurrency exchange, allowing users to buy, trade and store cryptocurrencies with ease.

    Kriptomat is a cryptocurrency exchange platform that puts trust, security, and transparency at the forefront of its values. It was founded by a team of legal, financial, and tech experts who have also launched successful tech companies such as Spletnik (digital marketing agency) and Platformax (sales management and prospecting platform). Kriptomat offers a secure and user-friendly platform for buying, selling, and storing cryptocurrencies. It is also compliant with the 5th Anti-Money Laundering Directive (AMLD5) and is registered with the Financial Intelligence Unit (FIU) in Estonia. Kriptomat also offers 24/7 customer support and a wide range of payment options, making it an ideal choice for those looking for a reliable and secure cryptocurrency exchange.

    Key Features of Kriptomat

    Users who have registered can use the Kriptomat platform to:

    Buy, sell, deposit, withdraw, and exchange 30 popular digital currencies via bank transfers, SEPA, Visa, Mastercard, Skrill, Neteller, Zimpler, Sofort, and others.

    Low fees. Kriptomat has surprisingly low buying, selling, and trading fees, making it one of the most popular fiat-to-crypto gateways in Europe and elsewhere.

    To store, secure, and transfer digital currencies, use a secure and regulated multi-currency digital wallet service. Kriptomat Exchange adheres to the highest international security standards, has multiple licenses, and abides by the most stringent data protection laws, such as GDPR.

    An exchange that is suitable for beginners. Kriptomat was created with the user in mind. It makes it extremely simple to securely transfer, trade, buy, sell, deposit, and withdraw fiat and crypto funds to your linked bank account or private crypto wallet.

    Using the Kriptomat mobile app, you can trade on the go. The exchange allows you to trade on iOS and Android devices and set up price alerts to stay up to date on market developments.

    The platform is available in over 80 countries and has been translated into 23 languages, indicating that Kriptomat provides a truly global service.

    Earn money and rewards by using the Kriptomat Rewards section or the generous referral and affiliate programs.

    Know your customer (KYC) process accelerated. Even though it is heavily regulated, Kriptomat verification only takes a few minutes.

    Key Advantages of Kriptomat

    I’ll start this Kriptomat review by focusing on the positives.

    Powerful Security

    Kriptomat is a secure and reliable platform for buying, selling, and storing digital currencies. It is licensed by the Financial Intelligence Unit and has received an international information security certificate ISO 27001:2013. The platform is built based on the General Data Protection Regulation (GDPR) requirements, ensuring a high level of protection for users’ personal information. Kriptomat also implements various technical measures to ensure the safety of its users. With Kriptomat, users can buy, sell, and store digital currencies with confidence.

    It offers a range of organizational and technical measures to ensure the safety of your assets. 98% of assets are held in secure cold wallets, and a dedicated team monitors all activities on the platform. Strict operational procedures and security tests are in place to identify and solve any vulnerabilities. Encryption mechanisms, network security, physical security measures, and a DDoS protection system are all implemented to protect personal data. Kriptomat is monitored 24/7 to respond to any technical failures, and it is recommended to get a reliable cryptocurrency wallet for extra security.

    Almost 100 Available Crypto Pairs

    Kriptomat is a cryptocurrency trading platform that offers users a wide variety of options when it comes to buying, selling, and storing digital assets. Currently, the platform supports 31 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and more. Kriptomat also provides users with access to over 100 trading pairs, allowing them to diversify their portfolios and take advantage of market opportunities. The platform is also secure and user-friendly, making it a great choice for both experienced and novice traders.

    Purchase Crypto with EUR

    Kriptomat is a great platform for those who want to invest in cryptocurrencies like Ethereum and Bitcoin. It supports fiat currencies, with EUR being the only one available at the moment. When buying cryptocurrencies with fiat money on Kriptomat, users can choose from a variety of payment methods, such as Bank Transfer, Credit Card, Debit Card, Skrill, Sofort, and Neteller. Kriptomat is a secure and reliable platform, and it might be adding new payment options soon.

    Digital Wallet Available

    Kriptomat is a digital wallet that allows users to store, send and receive cryptocurrencies. It is free to use and easy to set up, making it a great choice for those looking to get into the crypto world. Kriptomat reviews show that the wallet is secure and user-friendly, and even those who already have a crypto wallet can use Kriptomat. With its simple interface and secure storage, Kriptomat is a great choice for those looking to get into the world of cryptocurrencies.

    When it comes to protecting your cryptocurrency assets, getting a secure wallet is one of the best ways to do it. There are four different types of wallets to choose from: online, software, hardware, and paper. Online and software wallets are considered “hot” wallets, as your private keys are stored online, making them the least secure option. Hardware and paper wallets, on the other hand, are “cold” storage wallets, as your private keys are kept offline, making them much more secure. Of the two, hardware wallets are the most popular, as paper wallets can easily get wet or lost. Whichever type of wallet you choose, make sure to do your research and pick the one that best suits your needs.

    Low Fees

    According to a Kriptomat review, the platform charges a 1.45% fee for buying and selling crypto using fiat money. However, if you choose to pay with your credit card, the fees will go up to 3.7% for purchases over 100EUR. Kriptomat is a great choice for those looking to maximize their savings when trading cryptocurrencies. The platform offers low fees and a secure environment for users to buy, sell, and withdraw digital assets.

    Withdrawal fees vary depending on the cryptocurrency, with examples such as 0.0006000 BTC for Bitcoin, 0.0240000 XRP for Ripple, and 0.0060000 ETH for Ethereum. Some cryptocurrencies are not available for withdrawal, so users must exchange them for other coins before making a withdrawal. Kriptomat also has various trade limits, such as daily/monthly SEPA deposit and withdrawal, crypto deposit and withdrawal, and more. All of these features make Kriptomat a great choice for those looking to buy, sell, and exchange cryptocurrencies.

    Accessible in 80 countries

    Kriptomat is a cryptocurrency exchange platform available in 80 countries globally, including Europe, Asia, North America, South America, Oceania, and Africa. However, it is not available in Afghanistan, Algeria, American Samoa, Bangladesh, Bolivia, China, Democratic Republic of Congo, Democratic People’s Republic of Korea (DPRK), Ecuador, Egypt, Ethiopia, FYR Macedonia, India, Iran, Iraq, Kyrgyzstan, Pakistan, Palestine, Qatar, Saudi Arabia, Syria, Morocco, Nepal, United States of America, Vanuatu, Vietnam, and Zambia. Kriptomat supports 22 languages, including English, Bulgarian, Croatian, Czech, Dutch, Estonian, French, German, Greek, Hungarian, Italian, Latvian, Lithuanian, Polish, Portuguese, Brazilian, Portuguese, Romanian, Russian, Slovak, Slovenian, Swedish, Spanish, and Turkish. Therefore, it is likely that you’ll be able to use Kriptomat in your native language. Before choosing a cryptocurrency exchange platform, make sure that there are no laws against such services in your country.

    Key Disadvantages of Kriptomat

    However, it is time to move on to the less pleasant part of the review and concentrate on Kriptomat complaints.

    Centralized

    Kriptomat is a centralized cryptocurrency exchange platform, meaning that it includes a third party as a middleman to conduct transactions. This type of exchange is usually easier to use and follows licenses and regulations, but users don’t have autonomy over their wallets. Decentralized exchanges, on the other hand, have no third-party involvement in transactions, but can be more difficult to use. It all depends on what it is that you’re looking for, as both centralized and decentralized exchanges have their own pros and cons.

    Lacks Advanced Features

    Kriptomat is a cryptocurrency exchange that offers a simple and easy-to-navigate interface. It is suitable for beginners and those who are just starting out in the world of cryptocurrency trading. However, it lacks more advanced features such as margin trading, trading futures, and leveraged trading. Despite this, Kriptomat is a great choice for those who are looking for a straightforward and secure platform to buy, sell, and store cryptocurrencies. It is also backed by a team of experienced professionals who are always available to help and answer any questions.

    How to Use Kriptomat? 

    Learn how to easily create an account and make a deposit on Kriptomat with this step-by-step guide.

    How to Create an Account on Kriptomat? 

    • Step 1. Press “Get started” at the top right corner of the website.
    • Step 2. Fill in the required information: first and last name, email address, password, and confirmation that you are over the age of 18. Then click “Create an account.”
    • Step 3. Go to your email, you should have received a verification letter.
    • Step 4. Press on “Verify email address”. 
    • Step 5. Provide your number and paste it in 6 digits to confirm that it’s you. 
    • Step 6. Verify your identity and start using Kriptomat! 

    How to Make a Deposit on Kriptomat? 

    • Step 1. Fill out the applicant data, provide an identity document, and a selfie (to prove it’s you) to verify your identity.
    • Step 2. In the top right corner of the screen, click “Deposit.”
    • Step 3. Choose Bank transfer/SEPA.
    • Step 4. Make a deposit using the SEPA payment details (recipient, data transfer) provided.
    • Step 5. Press “I made the deposit”.

    That’s it, you can now buy cryptocurrencies and start trading! 

    Conclusion

    Kriptomat is a secure and legit centralized cryptocurrency exchange that puts in a lot of effort to protect its users. It is available in 80 countries and supports 22 languages, making it accessible to a wide range of users. The platform is easy to navigate, offers low fees, more than 100 available pairs, and a digital wallet. It is a great choice for newbies in the crypto world, as it provides a safe and secure environment for trading. Kriptomat is a reliable platform that is worth considering for anyone looking to get into the crypto market.

    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.

  • SwissBorg ($CHSB): What is it?

    SwissBorg ($CHSB): What is it?

    SwissBorg provides users with tools (Wealth App, Smart Yield, $CHSB token, etc.) and the infrastructure (wider support from community, regulatory clarity etc.) to manage their cryptocurrency investments with negligible effort. Swissborg’s aim for doing this is to help users navigate the relatively new field of cryptocurrency which at times can have complex concepts and rather scattered infrastructure with little standardisation. In this article, we will take a deep look at SwissBorg: its merits, the problems it attempts to solve, and everything in between.

    Sign up for SwissBorg with our exclusive link to get free CHSB!

    Table of Contents

    Background

    Launched in December 2017 after having raised over USD $52 million, SwissBorg was founded by Anthony Lesoismer and Cyrus Fazel. Based in Switzerland and fully compliant with Swiss Law, the project has a multicultural team that comprises members from 200 countries consisting of highly experienced professionals having experience in major banks and investment management firms.

    What Is SwissBorg?

    SwissBorg is the first blockchain-based secure wealth management platform, aimed at simplifying the process of crypto investments, integrating with major digital asset exchanges and featuring community-based ownership. They also have a mobile version called “Wealth App” which is available for both iOS and Android platforms (see below).

    The top achievements of the project, so far, have included its successful fund-raising of USD $53 million, large community, blockchain referendums, gamified Bitcoin prediction app, and a high-performing native token.

    Supported countries

    SwissBorg is available in over 100 countries (however it is currently not supported in the US) with many more to come. Although for some countries, the full range of features offered by SwissBorg may not be available. See here for a full list of supported countries.

    Supported assets

    SwissBorg supports over 30 cryptocurrencies including BTC, ETH, CHSB, USDC, PAXG, ENJ, BNB, LTC, XRP and BCH. They also have ongoing votes on which other cryptocurrencies should also be listed.

    SwissBorg also supports 16 fiat currencies including EUR, USD, GBP, CAD, HKD, and SGD. Check here for a full list of SwissBorg’s supported assets.

    Swissborg supported fiat currenciesSwissBorg Network Token ($CHSB)

    The platform’s multi-utility token is SwissBorg ($CHSB), which is an Ethereum-based and ERC-20 compliant token. It has a circulating supply of 715 million out of a total of 1 billion.

    The rest of the held supply is reserved for the development and promotion of the project. The CHSB token is traded on major exchanges like KuCoin, Uniswap (v2), Yobit, HitBTC, IDEX etc. and has multiple use cases.

    Use Cases

    CHSB token powers the entire SwissBorg ecosystem. It is used for staking for platform’s fee discount and grants voting rights on the platform.

    Furthermore, it is also used for reward distribution through the “Proof of Meritocracy” concept as well as the team’s “Protect and Burn” policy. The purpose of the policy is to increase scarcity and enhance the value of existing tokens through burning the supply from generated revenue.

    Proof of Meritocracy

    SwissBorg token holders can participate in choosing the progress and development of the network through the Proof of Meritocracy policy. The CHSB token generates an RSB token, which is a referendum token for users to vote on referendum proposals. Users holding more CHSB will have more voting power. Users will also be rewarded for participating in these referendums in addition to being able to dictate the direction of SwissBorg’s development.

    Protect and Burn

    The Protect and Burn policy rewards long-term CHSB holders by ordering buyback and burn only when CHSB prices are going down. This is because the traditional buyback mechanisms whereby buybacks are announced in advance, short term speculators could buy the token before the buyback and sell it for a higher price shortly after the buyback when the token supply is lowered. According to SwissBorg, this traditional mechanism does not protect the token and in particular long term token holders, and is contrary to their mission to promote innovation that rewards their loyal community members.

    Every month, SwissBorg will also add 20% of their profits generated from the fees on the Wealth App to a reserve so as to protect the price of the CHSB token. If the price of CHSB arrives as a bearish-zone (using the 20-day moving average as their indicator), SwissBorg will automatically place buy orders for CHSB.

    SwissBorg DAO

    The SwissBorg DAO (Decentralized Autonomous Organization) is the supporting body assisting with the governance of the SwissBorg ecosystem. A DAO is a development in the cryptocurrency and DLT space, which permits a democratic mechanism to run or manage a project on-chain.

    The SwissBorg DAO acts as a unifying bridge between the team and community members, allowing the latter to play an active role in determining the direction of the project and be rewarded for their efforts in CHSB tokens.

    The team has defined different roles for community members to participate as. Here are some of these roles:

    Digital Artist

    A digital artist (more understandably a content creator) is a community member, tasked by the team, to develop arts, pictures, texts, presentations and videos etc. about the SwissBorg project.

    Translator

    A translator is an important member of the community, responsible for translating important documents or articles, related to the SwissBorg project. SwissBorg DAO leverages the power of incentivized multi-cultural participants to get one of the most difficult yet important jobs done. (mva.la)

    Promoter

    A promoter is responsible for spreading the word about the project on various social media platforms. They play an important role in increasing adoption and usage by promoting the project. Thus, also directly enhancing the value of the token.

    Moderator

    A moderator (better understood as an admin on forums and telegram groups) is responsible for regulating the communication on the SwissBorg’s project channels. The various duties include promoting a healthy discussion, removing inappropriate content, modulating the flow of discussion and enforcing group rules.

    Campaigner

    A campaigner (a real-world promoter) is responsible for networking with different people and organizing events, to better promote the project. They may hold group meetings, AMA’s, city meets, etc., to promote development and cohesion of the SwissBorg community.

    Business Introducer

    A business introducer (commonly understood as an ambassador) is a SwissBorg community member, who strives to arrange in-person meetings of the SwissBorg team with prominent influencers, investors, business partners etc.

    Cyber Virtuoso

    A cyber virtuoso (known as a developer) is responsible for developing tools, scripts, softwares etc. to help develop the SwissBorg ecosystem. They may also be tasked with creating step-by-step tutorials and supporting documents for the project.

    SwissBorg Wealth App

    The Wealth App is the principal and smart command-and-control centre of SwissBorg. It allows users to build, monitor, and manage their crypto portfolios, permitting easy and secure wealth management.

    The dashboard is simple but powerful and intuitive, taking the guesswork out of cryptocurrency investing.

    The users can fund their accounts with USD, EUR, GBP, and CHZ. The withdrawals can be made to the local bank of the user’s choosing. Furthermore, a limited number of crypto-assets are supported, in a similar manner to Coinbase, ensuring quality.

    However, new assets are regularly added, if they fit the inclusion criteria. The app is available on both IOS and Android operating systems.

    The smart engine offers users the opportunity to buy crypto-assets at the best rates and lowest slippage, from multiple exchanges. Furthermore, it is AI-powered, offering valuable insights about the investments (history, performance, deposits, withdrawals, etc.), which assists the user in making informed decisions.

    All of these features allow people to employ sophisticated techniques for portfolio management with relative ease.

    SwissBorg Smart Yield

    SwissBorg’s Smart Yield is a feature on its app which allows users to potentially earn passive income through Decentralized Finance (DeFi) and Centralized Finance (CeFi) platforms without much pre-requisite knowledge. The Smart Yield feature works with top platforms such as Compound, Curve Finance, Binance, Aave, and Uniswap.

    SwissBorg’s CHSB Yield 2.0

    SwissBorg’s latest CHSB Yield 2.0 program aims to be a community-centered and sustainable approach to promote the growth of the SwissBorg ecosystem. It has various yield tiers which according to the Team will provide attractive returns for CHSB token holders. Holding more CHSB in the yield program affects your returns. Currently, the lowest tier of holding 0-2k CHSB in their Standard Account generates a maximum of 12.58% yield. Those with the Genesis Premium account type can earn up to 25.17% yield.

    The difference between SwissBorg’s CHSB Yield 2.0 and their Smart Yield program is that Yield 2.0 is paid out of SwissBorg’s own treasury- i.e. an internal transfer. This means that there is no risk of DeFi hacks or impermanent loss (Learn what is Impermenant Loss in our video here). Also, with the reward structure of Yield 2.0, smaller holders benefit from accelerated growth whilst at the same time, larger CHSB token holders are rewarded in the long term.

    Conclusion

    SwissBorg ran one of the most successful fundraises back in 2017 and has delivered a powerful product. SwissBorg solves the major problem of managing wealth and making cryptocurrency investments accessible to everyone.

    The Wealth App offers a one-stop solution for crypto investments, combining deposit, buying, trading, management and withdrawal facilities, all under a clean and minimal interface.

    Moreover, SwissBorg is fully compliant with all relevant regulatory frameworks, which ensures that users can invest and take part in the digital assets field while being certain about the legality.

    The community-based democratic outlook of the team ensures that all members can take part in the evolving ecosystem. The product is currently available in more than 60 countries and with more to come, making it truly global.

    Sign up for SwissBorg with our exclusive link to get FREE CHSB!

    <img loading=”lazy” src=”https://rivermoonice.xyz/wp-content/uploads/2020/03/Sign-Up.jpg” height=”114″ width=”500″ srcset=”https://rivermoonice.xyz/wp-content/uploads/2020/03/Sign-Up.jpg 500w, https://rivermoonice.xyz/wp-content/uploads/2020/03/Sign-Up-300×68.jpg 300w, https://rivermoonice.xyz/wp-content/uploads/2020/03/Sign-Up-50×11.jpg 50w” sizes=”(max-width: 500px) 100vw, 500px” class=”wp-image-5716 sp-no-webp” alt=”” decoding=”async” data-attachment-id=”5716″ data-permalink=”https://boxmining.com/ftx-exchange-review/sign-up/” data-orig-file=”https://rivermoonice.xyz/wp-content/uploads/2020/03/Sign-Up.jpg” data-orig-size=”500,114″ data-comments-opened=”1″ data-image-meta=”{“aperture”:”0″,”credit”:””,”camera”:””,”caption”:””,”created_timestamp”:”0″,”copyright”:””,”focal_length”:”0″,”iso”:”0″,”shutter_speed”:”0″,”title”:””,”orientation”:”1″}” data-image-title=”Sign-Up” data-image-description=”

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    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.

  • Newsletter #14

    Newsletter #14

    Red flags of the week

    Value DeFi ($VALUE) vaults suffered $6 million flash loan exploit, similar to Harvest’s

    If it wasn’t for the recent Bitcoin’s rally, this could have been known as the Hack Season. More and more projects, especially in decentralised finance (DeFi), are getting attacked and no smart contract seems to be safe anymore.

    On Nov 14 at 10:45 AM EST, mere hours after the release of Vault Phase 2 which was celebrated on Twitter as the ”highest security, the best return and the greatest community“ in crypto, a complex “double” flash loan attack exploited the MultiStables vault of ValueDefi Protocol. In what was later defined as one of the most complex attacks seen in DeFi, the hacker used two flash loans, with Aave and Uniswap, to steal USD $6 million.

    A Post-Mortem article by the Team explained what happened: the attack took 80k ETH through a flash loan on Aave, bought 116 million DAI and 31 million USDT, deposited 25 million DAI in the Vault, got back 24 million mvUSD and swapped 91 million DAI and 31 million USDT to USDC. The mvUSD were then withdrawn from DAI and the 80k ETH plus fees returned to Aave. Finally, 33 million DAI were bought back and 2 were sent back to the Deployer (as other times have happened lately). The culprit did this by taking advantage of vulnerabilities within Value DeFi vaults.

    Origin Dollar ($OUSD) has lost millions in a flashloan attack

    Three days later, it was Origin dollar ($OUSD)’s turn to be attacked.

    The Yield-generating stablecoin project suffered a loss of funds of $7 million, $1 million of which were deposits by Origin’s founders, employees and the company itself. The team is still looking into exactly how the attack was carried out but they suspect it was a flash-loan transaction that seems to be the root of the attack.

    Allegedly, following the attack, the hacker was able to sell some of the stolen OUSD, DAI and ETH on Uniswap and Sushiswap. the attacker is also washing the stolen funds using RenBTC.

    You can read the detailed explanation of the exploit in this updated article by the Origin team.

    This was the fifth flash loan attack for Defi in the last month, after Harvest Finance, Akropolis, CheeseBank and Value.

    Overall, according to CipherTrace, Defi hacks are credited to around $100 million in 2020 so far.

    Crypto Exchange Liquid Says User Data Possibly Exposed in Security Breach

    As officially confirmed, crypto Exchange Liquid as been hacked on 13th November.

    The attack consisted in one of the hosting providers incorrectly transferring the account control and domain to a malicious actor which gained access to some of the internal email accounts. This breach resulted in user data exposure. As they stated:

    “We believe the malicious actor was able to obtain personal information from our user database. This may include data such as your email, name, address and encrypted password. We are continuing to investigate whether the malicious actor also obtained access to personal documents provided for KYC such as ID, selfie and proof of address, and will provide an update once the investigation has concluded.”

    This could possibly lead to identity thefts, spam emails and phishing attempts. Even though the team doesn’t believe it would pose an immediate threat for its users, they suggest “that all Liquid customers change their password and 2FA credentials at the earliest convenience”.

    UNI farming ends…what happens next?

    As the $UNI farming was coming to its planned end on 17th November, speculations on the future price of $ETH and of the Uniswap token were emerging, and the first Uniswap Community Call didn’t succeed in establishing any definite decision on the platform’s future steps. More than USD $2 billion worth were locked in four pools that were giving $UNI rewards (ETH-DAI, ETH-USDC, ETH-USDT, ETH-WBTC); all money that were destined to flow back on the market. As $ETH price was in the mid $300 before the farming started in September, many were fearing for an imminent dump as people would swap it to stable coins or more investment-appealing altcoins. Price was not the only concern for Uniswap, as all that pooled money meant very slow slippage on the Dex as well.

    To seize the moment, Sushiswap ($SUSHI) announced an increase in rewards for the same four pools on their platform. Exactly one hour later, Hayden Adams (inventor of Uniswap) advanced a new proposal to continue with the rewards for an additional 2 months at half the rate of the genesis distribution. The proposal is now awaiting the consensus check phase, before farming could restart on 4th December.

    Sushiswap and Uniswap TVL
    Sushiswap and Uniswap TVL (Image credit: DeFi Pulse)

    In the meantime, as we can observe in the next image, the Uniswap TVL has significantly dropped at the expenses of Sushiswap’s, which increased reaching a similar net value to that of its main competitor.  

    Bitcoin continues its rally

    In the aftermath of the US elections, even if the result is still controversial, $BTC continues its rally like it couldn’t care less. In the last days its Market Cap even reached an ATH of $350 billion, surpassing the Dec 16 2017’s previous high (due to $BTC inflation, even if the price is not at ATH there are more coins in circulation than 3 years ago, resulting in a higher market cap). The price is currently over $18k! Finally!

    As $BTC was growing lately, one could bet that the media would start covering the news as well, and that is exactly what happened. We have seen BBC, CNBC’s Fast Money, CNN and many more interviewing “experts” and speculating about the next ATH, paired with a lot of old and new memes being shared everywhere. With wide coverage and more retailers getting onboard fearing of missing out (Paypal’s crypto service reached $25 million in trading volume in the first month since launch) could this mean that the (local) top is getting closer?

    While all of this was happening, it looks like things for Chinese miners are not that good. Wu Blockchain reported that 75% of the surveyed miners are struggling to pay their electric bills. This is due to the restrictions the Chinese government is applying on crypto making it very difficult to buy and sell into $CNY. Many miners have seen their bank cards frozen or their machines shut down because they didn’t have cash to pay the electric bill.

    Therefore, there is also speculation that this big rally has not only been driven by an increase in demand, but also because the dump activity by miners, that creates constant sell pressure, has slowed down.

    What the fork Bitcoin cash?!

    On 15th November Bitcoin Cash ($BCH) has undergone a protocol upgrade, as established by the roadmap.

    This update contained a Hard Fork which has split the chain into two, BCHN and BCHA after block #661647. The reason why this is happening is because of a disagreement on the current state of the blockchain between the Bitcoin Cash Node and the Bitcoin Cash ABC communities after a proposed update by Amaury Sechet (ABC) had been rejected. It looks like $BCHN will be the dominant part as 80% of the miners showed support before the split and it is now 667 blocks ahead.

    This is not the first fork for $BCH as it was, itself, the result of a Bitcoin fork in 2017.

    How’s ETH2 staking race going?

    Less than a week before the deadline, the ETH staked on the Ethereum 2 mainnet are less than half of what’s needed to trigger the start of the Beacon Phase 0. As anticipated by many sources, the community is expecting a decisive increase in deposits rate in the last days before the deadline. If the minimum requirements will be met by 24th November, ETH2 will launch on 1st December, otherwise it will automatically start 7 days after the threshold will be met.

    In a recent AMA, Danny Ryan, Core Researcher at the Ethereum Foundation answered users’ concerns about the possibility of a failed launch. Ryan says the Foundation does have a solution, which is to adjust the threshold down to around 100k+ ETH which they consider to be sufficient. This will avoid leaving the staked ETH in limbo. Ryan also noted that for those who did stake, there will be high rewards for these early adopters. Their Github page also goes into more details on other alternatives.

    Here’s 5 things you NEED to know about ETH 2.0

    Also, learn more about this staking race and its potential implications:

    https://youtu.be/VqEP_c4jhvc
    Will Ethereum 2.0 (ETH) launch successfully?

    OKEx Exchange is finally resuming withdrawals!

    More than one month after the Okex Exchange decided to suspend all cryptocurrency withdrawals, the team has just announced that operations will reopen on or before 27th November. They also reassure that 100% of users’ funds are safe.

    The official announcement confirmed that one of Okex’s private key holders was cooperating with the authorities in a case that has nothing to do with the Exchange itself. They specified that although “OKEx has always used a backup mechanism for private key holders to ensure that each private key holder can trigger the activation of the backup private key in the event of long-term incapacitation, such as death or memory loss”, this particular scenario caught them off guard as no strategy had been prepared for.

    Significant loyalty campaigns will be announced as a sign of gratitude to the community.

    Follow the OKEx developing story here.

    Boxmining happenings: Interviews, giveaways and more!

    • Why do we need privacy and scaling on the blockchain? Privacy is the next big leap for blockchain technology as can be used to allow anonymous data sharing, exchanges without front running, and the real fungibility of tokens. We spoke to Prof. Dawn Song about the need for privacy-preserving smart contracts and how this is implemented on Oasis Protocol ($ROSE): https://youtu.be/JQzKKOV_ycA
    • After months of work our NEWLY REDESIGNED website is up!! https://boxmining.com/
    • We have a fantastic collaboration with the DuckDao team for a chance to win (in our opinion) the best NFT EVER!

    Upcoming events

    *All times are in UTC unless otherwise specified

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

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

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

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

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

    Background and Team

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

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

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

    What is DAO Maker?

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

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

    Achievements of DAO Maker

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

    Advantages of DAO Maker

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

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

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

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

    DAO Maker’s Venture Bond

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

    Venture Bonds work as follows:

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

    Other DAO Maker Services

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

    Strong Holder Offering

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

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

    Dynamic Coin Offering

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

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

    Social Mining

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

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

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

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

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

    DAO Maker Token ($DAO)

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

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

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

    Conclusion

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

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

  • LABS Group ($LABS): bringing real estate investments to the masses?

    LABS Group ($LABS): bringing real estate investments to the masses?

    LABS Group aims to realise everyone’s dream of real estate ownership through fractionalising real estate investments.

    Traditionally, entry into the real estate industry requires a substantial investment due to the indivisibility of assets. Consequently, small investors find this asset class completely out of their reach.

    Among the few platforms trying a stab at bringing real estate to the masses is LABS Group. Through its ecosystem token and utilising decentralised finance (DeFi) and governance, its mission is to intelligently blend the centralized and the decentralized worlds of real estate to improve its liquidity.

    Check out our interview with Chairman Mahesh Harilela (or listen to the podcast).

    Tokenizing Real Estate Assets-LABS Group with Mahesh Harilela

    Background

    Mahesh Harilela, is the Company’s Chairman. Mahesh comes from one of the most prominent families in Hong Kong, which owns 19 hotel properties worldwide through the Harilela Group. Mahesh himself has certainly inherited the family’s entrepreneurial spirit and is involved in Trading, Brand Development, Renewable Energy Infrastructure, Agriculture and Education. He is also Chairman of the Board and CEO of M. Harilela Global Investments Ltd and Asia CBD Pte Ltd.

    What is Labs?

    LABS is a leading blockchain-based ecosystem for real estate investments. The platform seeks to bring more people into the space by fractionalizing investments. Compared with other legacy modes of investing in the real estate space like private equity funds, REITs, and direct investment, LABS emerges as the winner.

    For instance, it ticks crucial boxes such as low fees, governance, ownership, staking for profit, tradable, among others.

    Critical issues the protocol is trying to solve include:

    1. Costly entry and exit prices – Currently, the median entry price into the ecosystem is high. The cost rises as you enter into big cities. Apart from entry points, exit costs are driven through the roof by third parties such as agencies.
    2. Eradicate reliance on Real Estate Investment Trusts (REITs) – Although they allow pooled investments, they are majorly open to deep-pocketed individuals.
    3. Complicated access to a global network – International property ownership is a nightmare in the current state of the real estate industry.
    4. Low Liquidity – The traditional real estate market restricts investors from selling to the local market due to low liquidity.
    5. High fees – The fees range from taxes, agent fees, and transaction fees that introduce inefficiencies in the conventional market.

    How Labs Tackles the Above Problems

    Labs uses different approaches to solve key issues plaguing the traditional real estate industry permanently. These are:

    Crowdfunding

    The project believes in fractionalizing real estate assets, making it possible for multiple investors to put their money in the same assets by reducing the entry costs. Additionally, it minimizes the need for investors to stretch their cash reserves unnecessarily. In doing so, it reduces the risks of losing a lot of money.

    Powering a Global Portfolio

    With digitization, the project removes the global barrier. Consequently, it provides investors with a chance to have a global portfolio of real estate assets. (contentbeta) This lowers the risks for investors. Apart from enabling them to build a global portfolio, the digitization process enables investors to mimic traditional asset features like a store of value.

    Caters to Investors Diverse Appetites

    Labs enables investors to choose between different types of assets in the industry. For example, they can select residential, commercial, industrial, or hybrid and still choose their preferred location, risk levels, and ROI.

    It Brings Blockchain and Digitization Together

    By digitizing real-world assets, the project opens them up to trading on virtual exchanges that have no geographical limitations nor opening/closing times.

    Extra benefits

    Other benefits birthed by the project are:

    1. Interaction with the DeFi scene and enabling decentralized governance.
    2. Ability to trade real estate securities.
    3. Faster and direct dividends payments
    4. Reduced and enhanced transactions.

    Liquidity Provision On the Labs Network

    1. Tokenization – This helps power an asset-backed token ecosystem that lives on the blockchain enabling other activities such as over-the-counter trading and token swapping.
    2. Trading on the secondary market – Trading of Labs’ securities leverages recognized exchanges. Note that when shares are tokenized, they are traded on a securities exchange. Such asset trading platforms enable enhanced non-stop trading, positively impacting investors’ entry and exit points.
    3. Lending – Labs facilitates lending activities on the platform using two native assets; the Labs stable token, the Labs security token (more on these later). The protocol uses these tokens to address the liquidity problem by allowing their holders to engage in collateralized lending.

    Conclusion

    By fractionalizing real estate assets, Labs eases the entry of retail investors into the industry. Consequently, it increases liquidity. Another critical Labs undertaking is digitizing these assets, effectively connecting the real estate market to the DeFi world.

    In return, it opens up the space to more possibilities such as collateralized lending, over-the-counter trading, and swapping. Additionally, the inclusion of the LABS token drives community governance that is a crucial pillar in DeFi-focused protocols.

    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.