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  • RAMP DEFI: How does it unlock the value of staked assets?

    RAMP DEFI: How does it unlock the value of staked assets?

    RAMP DeFi seeks to open more yield farming opportunities for users who have already staked their tokens on non-ERC20 platforms and thus enabling them to maximise their leveraged positions. Staking is the practice of locking-up funds in either smart contracts or by purchasing tokens from decentralised finance (DeFi) platforms for the purpose of earning profits at a later date. However, this also implies that the staked assets could not be used for whatever purposes users want unless they are willing to let go of their positions. RAMP DeFi aims to change this and let users continue to flexibly use their liquidity even when their capital is locked into staking arrangments.

    Background

    The explosive success of DeFi ecosystem, surpassing $13 billion market in value, has allowed multiple projects to flourish in response to its growing demands. However, the problem still exists in terms of convenience, accessibility, and flexibility.

    Lawrence Lim, Co-founder of RAMP DeFi led the creation of an ecosystem that seeks to solve these problems. With the concerns of the DeFi space in mind, RAMP was conceptualized to provide users the opportunity to maximize the value of their staked assets with optimized flexibility.

    As of now, RAMP has the potential to unlock $22 billion in assets staked in the DeFi space. However, its humble target by the end of 2021 is to reach at least $1 billion in Total Value Unlocked (TVU). TVU refers to the staked assets that RAMP seeks to open for potentially greater leverage.

    Check out our interview with Lawrence Lim below:

    Unlocking value on every blockchain-interview with Lawrence Lim

    What is RAMP DeFi?

    RAMP is a cross-chain liquidity on/off ramp platform focused on providing stakers of non-ERC20 tokens the opportunity to utilize these assets on top of the Ethereum blockchain. This is done through RAMP’s stablecoin, the rUSD, acting as a gateway bridge between non-ERC20 platforms and the Ethereum chain. Furthermore, users can also deposit their ERC20 tokens in RAMP’s liquidity pools to mint eUSD.

    Both holders of rUSD and eUSD can access RAMP’s financial services such as lending, borrowing, and exchange between rUSD and eUSD. This on/off ramp allows users to make the most out of their staked assets even if they are locked in non-ERC20 platforms.

    So far, its first private sale has been able to raise over $1 million. Some of its private sale investors include Alameda Research, Blockwater Capital, IOST, ParaFi Capital, Ruby Capital, Signum Capital, and Arrington XRP Capital.

    RAMP Ecosystem

    rMint and rStake

    This is the platform where non-ERC20 tokens can be collateralized to mint rUSD. Collaterals designated to rStake are aggregated by different nodes on partner non-ERC20 blockchains. They also earn staking rewards for it.

    eMind and eFarm

    eMint allows the deposit of ERC20 stablecoins to create eUSD, a token that represents the value of the amount deposited by users. The deposited amount is transferred to eFarm in order to create yield farming opportunities for users.

    rFinance

    The platform’s lending and borrowing service is provided by rFinance. rUSD and eUSD holders can freely lend and borrow from each other. Moreover, oracles help keep the interest-rate setting at a fair level through formulas that revolve around demand-and-supply and market-relativity indicators.

    rPool

    RAMP has its own liquidity pool that allows users to build value for their assets, collateralization insurance, liquidation execution, and cross-chain swaps. rPool gains value from staking rewards, yield farming rewards, and revenues from fees, which are then later distributed to the holders of RAMP tokens.

    In the event that rUSD suffers from a crash, rPool is first utilized to support its value. If the value of a user’s collateralized position drops below the allowed collateralization ratio set within the specific parameters, their positions are liquidated to the rPool.

    rSwap

    Users can swap ERC20 stablecoins with any other non-ERC20 token provided that these tokens are part of RAMP’s blockchain partners. They do this by facilitating the exchange of ERC20 stablecoins with the cryptocurrencies stored within the rPool. The conversion rate is set by price oracles.

    RAMP Token

    RAMP is the native utility token used to power the whole ecosystem value, as well as align the well-being of all network participants. On RAMP DeFi’s public sale, 10 million RAMP tokens will be sold to participants. The date of this public sale is not yet announced. After the sale, RAMP is slated to be listed on Uniswap.

    RAMP is powered by an ecosystem composed of different DeFi projects that also enables its cross-chain value accretion. Parts of its ecosystem are designed to respond to every transaction interaction between the users and the blockchain.

    RAMP Token public sale

    The RAMP token public sale date has not been announced yet. Check their official telegram for the latest news.

    rUSD Stablecoin: What is it?

    rUSD is RAMP’s stablecoin backed by non-ERC20 tokens designed to interact with ERC20 stablecoins like USDC, USDT, and TUSD. Minting rUSD follows a collateralization ratio similar to MakerDAO in order to ensure that they are fully-backed.

    The minimum collateralization ratio is at 200%. For example, a $200 worth of non-ERC20 token can be used to mint $100 worth of rUSD.

    The liquidation ratio starts at 120%. If liquidation is triggered, the collateralized tokens are then sold to the rPool. Then, these tokens will be used to buy back the rUSD minted by the user whose position is being liquidated.

    Benefits of holding rUSD and eUSD on RAMP

    For rUSD holders:

    • Leverage value from non-ERC20 tokens staked in other blockchains without giving up their existing positions.
    • Access ERC20 opportunities, such as yield farming or trading, without having to put in more of their assets.
    • Receive staking rewards even when they have minted rUSD.
    • Maintain potential revenue from existing positions and collateralized portfolios.
    • Farm RAMP tokens after collateralizing their cryptocurrencies to mint rUSDs.

    eUSD holders can enjoy:

    • Interest fees from lending their assets.
    • Participate in multiple yield pools to farm.
    • Opportunity to farm yields from other DeFi projects partnered with RAMP.
    • Farm RAMP tokens by providing assets to RAMP’s liquidity pool.

    Advantages of RAMP DeFi

    RAMP offers some unique advantages over other cross-chain DeFi platforms.

    rUSD Has a Clear Purpose

    The RAMP team has recognized that initiating adoption for a stablecoin is no easy task. For instance, it took a substantially long time for Makerdao to drive DAI’s broad market acceptance.

    For that reason, they have issued the stablecoin rUSD with a core utility as a value stability bridge.

    rUSD Requires No Stability Fee

    Paying stability fees is common among DeFi protocols as it helps in cushioning from massive market plunges. And we’ve witnessed the fees to go ultra-high, especially during a bear market.

    Fortunately, the RAMP DeFI platform does not incur a stability fee when minting rUSD. This enables users to access RAMP with less friction and save more.

    Has Contingencies in Place in the Event of a Flash Crash

    A flash crash is an unlikely occurrence where the value of assets drops significantly in a very short period of time, resulting in the under-collateralization of rUSD. In such an event, RAMP will utilize the universal liquidity pool as collateralization insurance for the stablecoin.

    Rapid Scaling Integration Layer

    Being a bridge to isolated blockchains, the value of the RAMP network increases with every new chain added to it. For this reason, the RAMP ecosystem has been made accessible to various developers from different blockchain foundations to encourage its adoption.

    This enables the foundations to easily integrate their native stablecoins onto the RAMP ecosystem, which would result in RAMP’s fast growth.

    Conclusion

    The purpose of DeFi is to unlock the potential of the blockchain and the power of money to the benefit of the community and its users. RAMP is a promising development in that particular aspect.

    Its feature opens up possibilities for ERC20 and non-ERC20 tokens to interact with each other to provide a new opportunity for users to earn from the assets that they are putting into DeFi protocols. Not only does it attract existing stakers into the platform, but also expands the channels where crypto users can do yield farming.

    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.

  • DCEP, Libra, Bitcoin and Cash compared

    DCEP, Libra, Bitcoin and Cash compared

    Currencies have been around for thousands of years as a way to replace the bartering system and so that people can ascribe a unified value which they can exchange with others. With the popularity of “going digital”, digital currencies have started to emerge to the forefront as a potential new asset class. Starting with Bitcoin in 2008 as the world’s first digital currency, from there many other digital assets evolved such as Ethereum and other cryptocurrencies. Now, companies and even nations are hopping onto this trend to create digital currencies that would serve their own purposes, such as Libra and China’s national digital currency DCEP (Digital Currency Electronic Payment, a.k.a. DC/EP). In this article we take a look at the similarities and differences between cash, Bitcoin, Libra and DCEP.

    History and development

    Evolution of money
    The evolution of money (Image Source: Publish0x)

    Many cultures around the world developed the concept of commodity money i.e. objects that have value in themselves as well as their value in their use as money likely during the Bronze Age. Objects that were used as “money” included cowry shells in ancient China, Africa and India, whilst other countries used salt. Eventually metals were favoured and used as money because they were more durable. For example the Egyptians used gold bars of differing weights and the Mesopotamians used silver. During the seventh century in China, the concept of the banknote was developed, though paper money was only formally introduced around the 11th century. The reason for this was so that merchants and wholesalers did not want to carry heavy copper coins in larger commercial transactions.

    Bitcoin was invented in 2008 by a “Satoshi Nakamoto”, whose true identity or identities still remains a mystery today. Bitcoin was revolutionary at the time because it was created as a decentralised digital currency without control by any bank or authority. It could be sent from person to person on the Bitcoin network without having to rely on any intermediaries.

    Libra was created by the Libra Association, who was in turn co-founded by Facebook and formerly other companies such as PayPal, eBay, Visa and Mastercard. The purpose of Libra was to make it easier and more cost effective for people to transfer money on Facebook, thus attracting new users. In addition, potentially helping to empower billions of people who are unbanked. The plan was for this token to be backed by a portfolio of several types foreign currencies namely 50% USD, 18% EUR, 14% JPY, 11% GBP and 7% SGD to avoid volatility.

    DCEP is poised to become the world’s first national digital currency and will be issued by China’s state bank, the People’s Bank of China (PBoC) as a digital version of cash. It is designed as a replacement of the Reserve Money (M0) system and will be pegged with China’s national currency the Renminbi (RMB) at a 1:1 ratio. This means that in future, instead of handing over physical money to buy items in China, you can simply access your electronic wallet on your phone and transfer DCEP to the shopkeeper.

    Development of DCEP started in 2014 with the establishment of a research institute dedicated to digital currencies and looking at how to improve the Chinese Yuan system with blockchain technology. However during 2014 to 2018, the development process slowed down, this was probably because the decentralised nature of Bitcoin or blockchain is incompatible with the nature of the Renminbi as a legal national currency. Things rapidly picked up towards the end of 2019 however and this was directly attributable to Facebook preparing to launch Libra, particularly as partner members of the Libra Association and the currencies which Libra was to be backed by had consciously rejected China. Hence, feeling the heat of the competition, China’s central bank felt immense pressure to urgently speed up in the global competition towards a digital currency.

    Currently, China had already completed the backend infrastructure of DCEP though there will still be ongoing pilot testing as part of the research and development process. Eventually, other Chinese cities, foreign firms and venues for the 2022 Winter Olympics hosted by China will participate in testing of DCEP.

    Type of technology used

    Cash is the only type of asset mentioned in this article which does not require any form of technology. Cash is physical paper or coins which can be transferred simply by handing it over to the recipient. Transactions are recorded on a ledger, and can be physical (e.g. a notebook) or digital (e.g. a spreadsheet).

    Bitcoin utilises blockchain technology, its founder Satoshi Nakamoto referred to Bitcoin as “a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” Transactions are also publicly recorded on the blockchain, anyone can see what transactions have been made, although they cannot modify the transaction records.

    How Bitcoin transactions work
    How Bitcoin transactions work (Image credit: CBinsights)

    Libra also utilises blockchain technology, but unlike Bitcoin which runs on a public blockchain, Libra would run on a consortium, or permissioned (private) blockchain. This blockchain can only be accessed and managed by the Libra Association, a group of companies which includes Facebook, Thrive Capital, Shopify, Tagomi and Temasek Holdings etc. This digital currency will be on an open-sourced platform built using its own programming language called Move.

    DCEP is built with blockchain and other cryptographic technologies such as asymmetric cryptography, smart contracts, UTXO and digital wallet. This was confirmed by Mu Changchun, Head of the People’s Bank of China Digital Currency Institute. In particular, asymmetric cryptography (a.k.a public-key cryptography) technology is a process whereby a public key is used to encrypt a message so that only someone who uses the related private key can decipher it. It is the use of this technology that creates the linkage between DCEP and the blockchain and cryptocurrency industry. DCEP, due to the quasi-anoymous nature (as will be seen below) will also be making use of technology that can track its movements, and big data and data mining technology to monitor and prevent illegal activities.

    Anonymity

    Cash is truly anonymous as it has no features that can distinguish who its owner is. Simply put, if you picked up a $100 banknote lying on the street it would be very difficult, if not impossible for anyone to challenge your ownership of it. That is why cash is still the preferred instrument of choice for criminal activities such as money laundering, according to a study by Eruopol.

    Libra’s aim is to be private. In its White Paper, Libra claims that they would support a privacy approach, though simultaneously taking into account the regulatory aspects of this. However unlike Bitcoin, Libra’s transactions won’t be fully public. Node administrators that run the network e.g. Facebook etc will have a copy of all the transactions made by users. How Libra will achieve this aspect of privacy in practice is unknown. Though there is speculation that short term anonymity can be created under Libra through how the Libra wallet is funded. For example, people can possibly purchase Libra from street sellers who would fund the wallet, or funding the wallet through ATM machines or using other cryptocurrencies. In short, Libra users cannot expect total privacy and anonymity.

    Bitcoin allows users to make sever pseudonymous addresses. They are merely strings and numbers and letters, which are not attached to anyone’s identity. But unlike Libra, all transactions on the blockchain are public. So you may be able to find out who the owner of an address is through corroborating the transaction information with known information on who owns certain addresses. It is specifically through this method that funds belonging to victims of various scams are traced and identified, such as the PlusToken scam that resulted in losses of over $3 billion dollars worth of cryptocurrencies.

    Through looking at blockchain transactions, analysts are able to see the movement of funds from scams such as PlusToken

    On the opposite end of the spectrum is DCEP, which contains features that allow China’s central bank to track the movement of the currency and supervise transactions. Filed patents concerning DCEP hint at this, since the patent concerned appears to be a tracking system that would make DCEP’s movements traceable between transactions and payment parties. Although Mu reassures people that DCEP would balance between allowing anonymous payments and “classified supervision” when illegal activities such as money-laundering are involved.

    Market observers believe that the underlying motivation is because China desires to protect its capital boarders in case newer global payment systems and advanced technologies could facilitate illegal cash flows. In addition, Mu confirmed this fear and desire to preserve control when he expressed that if the Renminbi can be converted into Libra, there would be a massive currency exchange which would trigger its depreciation.

    Efficiency of transactions

    Cash transfers are inefficient, even more so if the transfers are across different jurisdictions. We all have been through the experience of having to wire money overseas which can take several days to process. These methods are also cumbersome, outdated, expensive and time consuming as it involves several entities such as banks.

    One of Bitcoin’s major advantages is that you can transfer it conveniently across countries without going through banks. However compared to Libra and DCEP, the efficiency of Bitcoin transfers is still slow at around 7 transactions per second. Depending on the amount of transaction fees you were prepared to pay, some transactions could still take hours.

    Libra’s design is to be more efficient than Bitcoin. This is mainly due to the fact that Libra is centralised, i.e. transactions are processed through the Libra Association, which means that Libra will draw less energy. Libra’s transaction speed also aims to be around 1,000 per second, which is much faster than Bitcoin. However this is not confirmed to be in the case in practice since Libra has not been launched yet.

    According to Yang Wang, Senior Research Fellow with the Fintech Institute of Renmin University, DCEP has a peak transaction speed of 220,000 transactions per second. As with Libra, DCEP has also not been launched yet so it is unknown if this is the case in practice.

    Decentralised?

    Though anonymous, cash is in fact not decentralised. Banknotes are issued by banks which are regulated by governmental authorities. If you have a bank account, it is the bank that processes your transactions. So there is always some form of control by a central authority or an institution.

    Bitcoin on the other hand is completely decentralised, no intermediary is required to process transactions. All transactions are visible on a public ledger known as the blockchain. Each of these Bitcoin transactions is validated and confirmed by the entire Bitcoin network and anyone with the correct hardware can join in and participate in this process.

    Libra transactions, as mentioned previously is partially decentralised. Transactions won’t be fully public i.e. we cannot look up a transaction with a blockchain explorer like we can with Bitcoin. However, node administrators that run the network e.g. those in the Libra Association would have access to every user’s transactions.

    DCEP is highly centralised. The digital currency would be issued by the PBoC to various intermediaries such as Alibaba and Tencent. These intermediaries would then distribute DCEP to companies and individuals in China and DCEP would circulate when transactions occur.

    DCEP two-tiered system
    DCEP will use a two-tiered system of issuance and distribution (Image credit: REITI)

    Current status

    The status and usage of cash is well developed. It remains the most popular payment method for face-to-face transactions and for cheap everyday purchases. In 2019, the Diary of Consumer Payment Choice found that consumers still used cash in 26% of transactions and 49% of all small-value payments under USD$10 were made in cash. Overall, cash is the second most used payment method, with debit cards being the most popular.

    Bitcoin is now gaining more usage and popularity since its invention in 2008. According to data from the US Bureau of Consumer Financial Protection, Bitcoin had US$4 billion in purchasing power in 2018. There are also many major retailers that accept Bitcoin payments e.g. Starbucks and Whole Foods. And almost every country would at least have 1 Bitcoin ATM machine where people can buy Bitcoin. Despite this, its usage is still minuscule compared to credit card purchases, which had a volume of USD$3.7 trillion in 2018. This may be because Bitcoin is still most well-known for being speculative, with many holding onto their Bitcoin in the hopes that they may sell it at a later date for profit.

    Libra was announced in June 2019, and is going through some bumps in its development. The project faced suspicion and even criticism from regulators from the European Union, the United States, Switzerland and Japan. Banks also were notably absent during the initial Libra announcement, expressing reluctance to join because of uncertainties surrounding regulation and feasibility. In additional, shortly after Libra was announced several high profile members of the Libra Association such as PayPal and Vodafone departed.

    However the Libra project is not “dead” as such, they released the second edition of its White Paper in April 2020. In May 2020, the Libra Association appointed its new CEO and announced several incoming members-bringing it to a total membership of 27. In June 2020, the Association also appointed its Chief Compliance Officer. Going forward, it seems that the Libra Association would continue to try and grow whilst engaging in dialogue with regulators. The Libra Association does not set a definitive timeframe for launch in the second edition of its White Paper, but it certainly is unlikely to be 2020 as per its initial projections.

    As for DCEP, it has been confirmed that there will be closed pilot tests in Shenzhen, Chengdu, Suzhou, Xiong’an and some of the 2022 Winter Olympics locations. This will then be expanded to 28 cities and provinces including Beijing, Shanghai, Guangzhou and the Hong Kong Macau Greater Bay Area. However there is currently no timetable for when DCEP will be officially launched. Experts have revealed that it is unclear whether DCEP can debut in the second half of 2020, although plans for its development have certainly been ramped up by the PBoC.

    Summary

    Here’s a table showing the various features of DCEP, Libra, Bitcoin and Cash.

    DCEPLIBRABITCOINCASH
    Anonymous?Can be made anonymousYesYesYes
    Type of technology used?Smart contract, asymmetric cryptography etc.Consortium blockchainPublic blockchainNil
    Efficiency?HighHighLowLow
    Decentralised?NoPartiallyYesNo
    Volatility?LowLowHighLow
    Portability?HighHighMediumLow
    Security?HighHighHighLow
    Offline payment support?YesNoNoYes
    Transaction speed (TPS/sec)?220,0001,0007N/A
    Current StatusUndergoing testingIn developmentIn circulationIn circulation
  • Newsletter #3:

    Newsletter #3:

    WEEK IN REVIEW

    Interviews with key leaders in the crypto space

    We managed to pull some key movers and shakers in this space and sit them down for an exclusive interview. We asked them all about DeFi, trends for 2020 and most importantly…when bull run?

    Yam Experiment ends due to bugs

    Yam Finance took over Twitter and social media this week both a fun meme and experiment in elastic token design. However, as the token was gaining popularity a bug was discovered that rendered the governance features of $YAM permanently inaccessible. Yield farming principle / Total Value Locked was not affected by this bug.

    At one point, there was almost a glimmer of hope that the project could be salvaged as the community banded together to save YAM. This was a big display of strength and unity in the YAM community. Even though the community achieved the votes needed, a serious bug prevented the fix from deployed, forever dooming the governance features and the YAM treasury.

    Zeus Capital vs ChainLink

    This all started in late July 2020 when Zeus Capital LLP issued reports alleging that ChainLink was operating a pump and dump scheme and recommending people short sell LINK at 7 cents. Zeus Capital were persistent, advertising their reports on Twitter and allegedly paying influencers to post price analysis showing that LINK prices would fall. Zeus Capital did seem to have some monetary interest in this, disclosing that they hold a short position. However, things got really interesting on 8th August 2020 when $LINK prices crossed the $11 mark and millions worth of short positions were entirely liquidated. It’s unknown whether Zeus Capital’s short position was one of them, but this and the continued rise of $LINK past $14 really gave the Link Marines something to celebrate about Read our TL;DR summary of this dispute here.

    Calm down, $YFI’s Andre Cronje isn’t going anywhere

    On 8th August 2020, Decrypt- a cryptocurrency media outlet published an interview with Andre Cronje-creator of yEarn.finance ($YFI) titled “Exclusive: YFI’s Andre Cronje is tired, broke and close to quitting DeFi“. The article goes on to say that when interviewed, Cronje expressed he was “Close to rage quitting again” because of DeFi’s “toxic community” and that he gets nothing from the skyrocketing value of the $YFI coin that he created. This did not sit well with Cronje, who took to Twitter on the same day to express his dissatisfaction with the sensationalism of the article and that he was taken out of context. He also mentioned that he received donations from concerned members of the cryptocurrency community, but would return them. Cronje subsequently was interviewed by the Defiant, where he basically said his drive comes from his excitement to add new things to the DeFi ecosystem, and that he is not going anywhere.

    You can also learn more about his journey to cryptocurrency and eventually DeFi, and the yEarn ecosystem he is building in our summary of his interview with FTX exchange.

    Serum (SRM) begins trading, breaks the Internet

    Serum is the first decentralised exchange ever built on Solana and is the creation of the team behind FTX. Here’s our first look at Serum.

    On 11th August 2020, Serum ($SRM) started trading on Binance, BitMax, FTX, Uniswap (v2), Balancer and more. Cryptocurrency users started flocking onto the exchanges and even our site to trade and learn more about the project. The volume of people interested was so much that we even noticed a slowdown on FTX and on our site itself.

    Within the first 30 minutes of listing, SRM prices shot up to $1.25. By morning of 12th August 2020, attempts were made to break the $2.00 threshold but were met with resistance. However, prices are consistently hovering well above $1.50.

    Thankfully prices have not plummeted since the listing as we saw with many ICO projects in 2017. And with Serum hopefully launching this year, we are interested to know where this will take $SRM.

    UPCOMING:

    Winner of FTX Serum ($SRM) staking competition announced (4:00am UTC on Fri 14th): https://ftx.com/staking
    Sandbox ($SAND) IEO (8:00am UTC on Fri 14th): shorturl.at/qrKVY
    DIA ($DIA) token sale ends (1:00am UTC on Tues 18th): https://token.diadata.org/

    What we’re watching

    Serum ($SRM): With the listing just days ago. People are going to be watching closely to see which direction token prices move. Long term, there is also a lot of interest in what the team at FTX will come up with for Serum.

    Subscribe to the newsletter!

    https://mailchi.mp/afde32c593a4/newsletter

    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.

  • Ask a question to CZ (Changpeng Zhao), Founder and CEO of Binance

    Ask a question to CZ (Changpeng Zhao), Founder and CEO of Binance

    I’ll be interviewing CZ, Founder and CEO of Binance LIVE on 12th August 2020 at 3:00am (UTC)!

    In the interview we will be discussing:

    • DeFi Mania – Is Binance going to go big on Decentralised Finance (DeFi)?
    • What can we expect from Binance in 2020?
    • Upcoming giveaways on the Exchange!?

    What is Binance? Binance was established in 2017 and is BY FAR the world’s leading cryptocurrency exchange with more than USD $3 million being traded on the Exchange every 24 hours. The Exchange offers trading in 201 coins and 637 trading pairs. The Exchange also has its native token $BNB which consistently ranks within the top 10 of all cryptocurrencies based on market capitalization.

    The huge success of Binance also means that CZ himself is hugely well-known in the cryptocurrency scene and beyond, having been featured on the cover of Time Magazine as going from zero to billionaire in only 6 months, and is extremely active on Twitter with over 540,000 followers.

    This video is aimed at all levels of cryptocurrency enthusiasts so feel free to ask CZ your burning questions about DeFi, cryptocurrency projects, exchanges, and this space in general. I’ll personally be giving out prizes for:

    • Most Creative Question;
    • Most Insightful Question; and
    • Funniest / Weirdest Question.

    To ask a question, leave a comment in this post below!

    Event Time: 12th August 2020 at 3:00am (UTC)

    Livestream link: https://www.youtube.com/watch?v=1xhIlP7m0QE

    To learn more about Binance, check out our Binance exchange review.

    SIGN UP FOR A BINANCE ACCOUNT HERE!

  • Interview with Sunny Lu, Co-Founder and CEO of VeChain

    Interview with Sunny Lu, Co-Founder and CEO of VeChain

    Sunny Lu, Co-Founder and CEO of VeChain went on a live interview with Boxmining on 20th July 2020 to talk about what’s happening with VeChain recently and their grand objectives. It was also a great opportunity for Lu to directly speak to and answer questions from the community. Here are some key takeaways from this interview.

    VeChain is a smart contract platform mainly focused on enterprise adoption. The platform allows for the creation of decentralised applications to solve problems such as anti-counterfeiting, cold-chain logistics and maintaining tamper-proof records.

    Learn more about VeChain

    Watch the full interview here:

    VeChain interview with Sunny Lu

    What is VeChain?

    Lu said that VeChain is a “next-generation” smart contract platform devoted to providing blockchain solutions to different enterprises.

    In terms of adoption, VeChain is at the top of all the blockchain developments in the field, having been adopted by prominent clients such as BMW, Givenchy, and Walmart. Lu also said that the project has done a lot globally and they are very proud of their achievements.

    Blockchain can create a trust-free world

    He said that the innovation brought about by blockchain technology enables us to create trustless machines. With its decentralized structure and immutability, it can establish a unique trust features that may or may not be available in centralized systems.

    Blockchain creates a trust-free world because it does not rely on flawed humans in operating the whole system. Furthermore, you do not have to worry about people deciding to play “something dirty or evil” with blockchain.

    Lu also stated that if we “aim for the better world, blockchain has to be there.”

    Post COVID-19 developments need blockchain

    He said that “digitization is the new black.” True enough, a lot of people are now starting to be aware of its use cases.

    When COVID-19 shook the world, many enterprises had to digitize their business, or put them up online, in order to continue to remain afloat. According to him, that meant “relying on the digital version of the world”. If that is to be the case, he said that “blockchain is the first fundamental infrastructure technology you got to do.”

    Furthermore, a blockchain allows a business operation that is completely secure and transparent from end-to-end. With it, every data relevant to each transaction can be safely stored and accessed by anyone since it is a distributed database.

    Continuous improvements on the blockchain infrastructure

    Lu also shared that to maintain VeChain’s growth, they are continuously increasing the capacity and capability of their platform. This is what they have devoted themselves to doing for the past three to four years.

    Before, the procedure required for an enterprise to establish an e-commerce platform was extremely difficult. That was the case if we look back 25 or 30 years ago. But with blockchain technology, we don’t have to work everything out from scratch anymore.

    Blockchain has enabled us to easily build an e-commerce platform with all the new tools that can help enterprises innovate their Proof of Concept (PoC), production, and skill amplification. Other parts of the supply chain could also heavily benefit from blockchain technology.

    Adoption is increasing at a massive scale

    He said that a lot of people are now starting to use the blockchain as an essential part of transitioning to e-commerce. Just a year and a half ago, VeChain underwent numerous upgrades.

    They now have new fundamental modules that seek to provide specific solutions to enterprises. The first module provides a standard template for different kinds of businesses based on the industries that have used VeChain successfully.

    For example, you can imagine establishing a supermarket chain. With VeChain, the standard template would be to refer to Walmart China (Learn about what VeChain is doing for Walmart China) you can easily refer to China’s Walmart case. Or in the case of a pharmaceutical company looking into conducting clinical trials for new drugs, they can refer to Bayer China (Learn about VeChain’s partnership with Bayer China).

    This saves a lot of time for the user because they can start production in just a few weeks after setting it up.

    He said that looking back, it had been too time-consuming to establish a business on a blockchain platform. A project that he observed in the United States was developing a food safety platform on the blockchain. It took them 14 months, however, to set up on-chain for just a 12-month period PoC.

    VeChain helped make the process a whole lot easier. He also shared their experience in Walmart China, which only took them three months to finish everything.

    “If you are starting to use a template, it would be easier. You would just need a couple of days or a week maximum to create something. No need to wait nine months or more just to create a PoC,” he said.

    A second module accessible to them provides templates to different companies based on which practice that might fit their model. They can build on these templates, and transfer their infrastructure model to the blockchain within just a few weeks.

    The third module that they use allows the user to gather and understand data on the blockchain. It provides the user with the tools to reveal the value of the data that they have stored. In the case of Walmart China, for example, Lu explained that consumers can still easily trace the movement of their purchases with the data accessible in its public blockchain.

    Blockchain needs more business people to flourish

    He said that while blockchain is mainly a technological innovation, the entire blockchain space needs more business experts to complement its technological value with business value. That way, people can maximize the benefits of the blockchain while maintaining sustainability.

    This benefit is shared by every enterprise in the VeChain platform, even the small and medium-sized enterprises.

    What’s next for VeChain and $VET?

    Six months after they first launched the VeChain mainnet in 2018, the total number of transactions was almost half a million. But in 2019, this number shot up to 36 million. And in 2020, they were already processing a hundred thousand transactions per day.

    The growth rate is increasing consistently. But when asked about his plans on listing VeChain’s token $VET on other crypto exchanges such as Coinbase, he said that he has no comments yet.

  • DeFi Money Market and DMM Governance ($DMG) guide

    DeFi Money Market and DMM Governance ($DMG) guide

    Decentralized finance (DeFi) has come a long way since it was first conceptualized. Now, the market has nearly $4 billion worth of assets locked up. And DeFi Money Market (DMM) is one of the most promising protocols that is gaining a lot of traction.

    The DMM platform allows users to earn annual yields of 6.25 percent for holding Ethereum-based tokens like USDC and DAI. What makes it even more interesting is that it is backed by real-world assets that create passive income that is greater than the interest owed.

    These real-world assets will be tokenized and launched on the Ethereum blockchain tracked by Chainlink’s decentralized oracle network.

    Background: Who is the team behind DMM?

    DeFi Money Market is a product of the DMM Foundation, which was established in the UAE. The members are a team of veteran experts hailing from academia, the legal and regulatory sector, and fintech.

    It is one of the few projects backed by top Silicon Valley venture capitalist Tim Draper.

    What is the DeFi Money Market (DMM) Ecosystem?

    The DeFi Money Market Ecosystem (DMME) is a decentralized protocol that allows users to earn interest on any Ethereum-based tokens by lending them for real-world assets like real estate, jewelry, automobiles, etc. as collateral. The goal of this ecosystem is to enable anyone in the world to earn consistent and stable interest on their money. Furthermore, their rates are higher than traditional competitors. They currently have an APY (Annual Percentage Yield) of 6.25% for DAI and USDC accounts, which is above most traditional alternatives.

    DMME aims to seize the trillion-dollar opportunity that is currently resting on centralized finance (CeFi) companies. And it does this by blending real-world assets with digital assets, which enables them to create a more robust and transparent system.

    DMM Protocol: What is it and how does it work?

    The DMM Protocol can be split into three parts: an array of Ethereum smart contracts, a treasury management system, and a data feed that allows off-chain data to stream into the smart contract.

    These three components blend to form the DMM Ecosystem and allow the creation of DMM tokens backed by off-chain real-world assets.

    The DMM protocol currently supports DAI and USDC. For this walkthrough, let’s use USDC. First, a user deposits USDC to the protocol. Then mUSDC is minted. The dollar amount will be used to provide loans collateralized with real-world assets.

    And once the loan gets paid, the interest will be deposited back to the system. Then, users can convert their mUSDC to USDC plus interest.

    DMG Governance ($DMG) token

    $DMG is the governance token of the platform. It allows the community to regulate and grow the DMM ecosystem, as well as its protocol. As the DMM community grows globally, DMG is paramount to encouraging active participation and mitigating centralization risk.

    DMG holders have the capability to govern the parameters of the protocol as well as decisions on asset allocation.

    The token is a fork of Compound Finance’s governance asset $COMP but with extra functionality such as “native burn.”

    DMG token distribution

    The DMM ecosystem has a total of 250,000,000 DMG tokens. The supply distribution is as follows:

    • 40% will be allocated to the DMM Foundation for future development, support, and other general functions
    • 30% will be sold in several public token offerings
    • 30% will be allocated as a reserve for paying developers, partners, as well as other protocols for integration and growth of DMM’s decentralized network

    At present, 60% of the total supply of DMG has been time-locked in smart contracts with different locking periods.

    DeFi Money Market Account

    A DeFi Money Market Account (DMMA) is a new DeFi native asset class that enables any holder of Ethereum-based tokens to earn interest from real-world assets represented on the blockchain.

    In other words, DMMAs are technically ERC-20 tokens that get created when we swap an Ethereum token into DMM tokens called mAssets.

    DMM DAO

    A DAO (decentralized autonomous organization) is an organization where the decisions regarding the rules of the system are written in code and voted on by its members.

    One of the core ideas of the DMME is that every stakeholder in the network should be able to take part in the decision-making process regularly without the need for permission. Initially, the DMM DAO members will consist of the core team and community members. To be part of the DAO, you have to be a holder of $DMG tokens, which gives you voting rights to the system.

    The DMM DAO is one of the few DAOs that is already generating revenue through its yield taken from real-world asset loans. The value of all assets amounts to roughly $8.7 million with active collateralization of 380%. Furthermore, the team anticipates that DMG tokens, not to mention the entire DMM protocol itself, to be totally distributed and decentralized a year from now.

    DMM DAO collateralization
    DMM DAO collateralization (Image credit: Warlmertt)

    Conclusion

    In order to succeed, DMM ultimately needs to fully decentralize the traditional financial system. Bridging real-world assets to the Ethereum blockchain is no easy task, but DMM is on its way to successfully execute its goal by using the right tools and partnering with the right organizations. The tokenization of physical assets will bolster DeFi and entire crypto space and possibly take a huge bite from the trillions of dollars worth of capital from legacy financial systems.

    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.

  • Walmart China brings VeChain’s Food Traceability Platform to Sam’s Club China

    Walmart China brings VeChain’s Food Traceability Platform to Sam’s Club China

    Around a year ago Walmart China, PwC China dn VeChain jointly announced they were setting up the Walmart China Blockchain Traceability Platform. This Platform would allow Walmart China to make use of blockchain technology to trace its products. Consumers would be able to scan the products on the shelf and have access to detailed information on the product, for example, its source, product inspection reports, and logistics process. Their expectation was that by the end of 2020, 50% of sales of fresh meat, 40% of sales of packaged vegetables, and 12.5% of sales of seafood would be traceable.

    To find out more about Vechain, read our full guide on Vechain (VET).

    Almost a year later, VeChain announced on 2nd June 2020 that Walmart China is committing Sam’s Club China, another of its businesses towards collaboration with VeChain.

    What is Sam’s Club China?

    Owned by Walmart China, Sam’s Club China is branded as a members-only premium supermarket. Currently, Sam’s club has a total of 23 clubs in China. There are plans to expand to have a further 40 to 45 clubs either operational or under construction in China by the end of 2022.

    Its clubs are generally large scale supermarkets averaging around 20,000 square meters and offering groceries in bulk and other goods such as household appliances, home goods, etc. Sam’s Club maintains its premium branding by providing either the best quality product in a particular category or the best-selling brand at its clubs. Sam’s Club also offers its own premium store-brand products called Member’s Mark.

    Launch of Sam’s Club Blockchain Traceability Platform with VeChain

    The launch of the Sam’s Club Blockchain Traceability Platform coincides with Sam’s Club’s “Taste of Sam’s” campaign. This campaign aims at letting customers experience luxury through recipes featuring premium quality foods and products which can be purchased from Sam’s Club.

    The products featured in the campaign include Member’s Mark products which make use of VeChain’s ToolChain technology. Combined with cold-chain IoT and other traditional software and hardware sensors, stakeholders in the supply chain will be able to upload data onto the VeChainThor public blockchain. This data would be contained in a secured QR code which would be tagged onto each product. (https://punandjokes.com/) Hence those involved in the supply chain and even the average consumer would be able to scan the QR code using their smartphones to access information on the product such as its packaging information, its origins, storage requirements, etc. And since this data was stored on the VeChainThor public blockchain, it cannot be tampered with.

    As an example, in the short rib recipe above, customers can pick up a pack of the short-ribs featured in the recipe from Sam’s Club and scan the embedded QR code for more information. The below picture shows the kind of information customers can expect to see. Such as how the product was shipped from its place of origin, the name and location of the manufacturer, best-before times and certification processes.

    Currently there are over 20 product lines, including Member’s Mark products which make use of VeChain’s traceability platform. It is expected that more products will be included in the future.

  • Enjincraft Review: Adding Blockchain to Minecraft

    Enjincraft Review: Adding Blockchain to Minecraft

    EnjinCraft Logo
    EnjinCraft – Enjin Brings Blockchain economies to Minecraft

    EnjinCraft breathes new life into Minecraft by bringing the best of digital economies and Non-fungible Token (NFT) collectibles. Whilst Minecraft is the biggest sandbox game in the world, it has always lacked a true economy. Enjin’s new Minecraft integration and SDK allow players to truly own items and move them across servers. With the launch of the Minecraft plugin on the 28th of May 2020, server owners can use a simple plugin to allow blockchain items to be used in their Minecraft worlds.

    With Enjincraft, players can equip ERC-1155 assets directly as Minecraft items. This also allows for the trading of items outside of the game and into the Enjin Wallet. Enjin’s new integration allows for the direct trading of ERC-1155 assets, Ethereum and Enjincoin directly in Minecraft.

    Players will be able to enter “Enjincraft” and find treasures such as swords, armor, and tools in the game. After finding these items, players can have true item ownership as they are Non-Fungible Assets (ERC-1155 tokens). Items can be directly stored in the Enjin Wallet, allowing for easy trades or even melting.

    First Enjincraft World

    Enjincraft’s first world is filled with quests, stories and many explorable towns and cities. For those daring to explore, the world is packed with treasure chests and mysteries that can be solved. Treasure chests in the game give out real ERC-1155 items that have value based on Enjin Coin.

    Map of Enjincraft

    For beginners, the world map is very handy as it marks all the main locations in the game. This map could be discovered in Witek’s House in the first city (follow the main road into the town).

    Binding Enjin Wallet

    Players can keep valuable items Enjincraft via the Enjin Wallet. The onboarding process is very simple:

    1. Login to enjincraft.com
    2. Game will give you a 5 character binding code.
    3. Open up Enjin Wallet on your mobile phone
    4. Navigate to “Linked apps”
    5. Select the wallet and enter the binding code
    Enjincraft with linked Wallet

    This process should take around 1 minute and after which the account will be bound and ready to play. The wallet status will display as linked and the Enjin Coin panel will show the ENJ and ETH balance of the wallet. This makes Minecraft very much similar to Massively Multiplayer games like World of Warcraft.

    Enjincraft ERC-1155 Items

    Enjincraft Items are cross server and can move between realms. Currently owners of the items could be explorered using the Enjinx blockchain explorer.

    Check out our Enjin Guide to learn more.

    What is EnjinCraft?

    Enjincraft discussion and interview with Enjin CTO Witek Radomski

    EnjinCraft is Enjin’s newest plugin for Minecraft servers. The EnjinCraft plugin will enable server owners to fully integrate a blockchain economy  into Minecraft.

    This means that Minecraft server owners will be able to provide players with tangible ownership of in-game assets and currencies. The in-game assets can be used in server owners’ chat rooms, websites and the Enjin Multiverse.

    Stormwall is an example of Enjin’s multiverse assets is Stormwall. It is a playable item created by Enjin that can be used in 32 of Enjin’s games.

    DonationCraft was Enjin’s first Minecraft plugin. It allowed MineCraft servers to accept Paypal and credit card payments. According to Enjin, DonationCraft has over 5 million downloads and allowed server owners to make millions of dollars.

    As first reported by Asia Crypto Today, to introduce people to Enjin’s MineCraft plugin, Enjin has launched the closed beta version of EnjinCraft Server One, a Minecraft server built with Enjin’s plugin.

    EnjinCraft Server One has blockchain-based Minecraft weapons, armor, and accessories for players to find and win.

    Search and collect blockchain assets in Minecraft's expansive universe
    Search and collect blockchain assets in Minecraft’s expansive universe

    In-game items are backed with Enjin Coin (ENJ). Players can get Enjin Coin by melting them via the Enjin Wallet. After melting Enjin Coin, it can be transferred into other cryptocurrencies. Enjin Coin can also be used to purchase gift cards from mainstream retailers. For example, Amazon, Apple, and Uber.

    Enjin Blockchain SDK for Java

    The SDK for Java allows Java developers to create and integrate blockchain assets onto their platform.

    For Enjin’s Java SDK, the Company has adopted an open-source codebase. Therefore, Java SDK users can modify and build upon the SDK however they want. Enjin mentions that they encourage the spirit of collaboration and hopes users can use the SDK to build things they could never have imagined.

    Players can convert their in-game assets into real life value.
    Players can convert their in-game assets into real life value.

    Users will be able to use Enjin’s platform to integrate a blockchain economy onto their servers. This will mean users can integrate blockchain economies onto games, web applications and even andriod apps.

    You can start building with the Blockchain SDK by creating an Enjin account here.

    By signing up with the Enjin Spark early adopter program, users will be given various early adopter benefits. This will help them market, fund and monetize their projects.

    You can sign up for the Enjin Spark program here.

    Conclusion

    https://www.youtube.com/watch?v=1EDBs01QvX8&feature=youtu.be
    Introducing EnjinCraft: The World’s First Blockchain-Powered Minecraft Server

    Seeing in-game items as mere pixels is a thing of the past. Enjin is allowing developers to integrate blockchain economies into the online world through with Enjin’s Java SDK.

    And with MineCraft Server One, Enjin is showing how these economies can work in mainstream gaming. We will hopefully finally see a win-win situation for developers and players. Developers are able to generate more profit. Whilst allowing players to earn real life value through in-game items.

    To learn more about check out our Enjin Review.

  • Top 10 Blockchain Security and Smart Contract Audit Companies

    Top 10 Blockchain Security and Smart Contract Audit Companies

    We rank the top 10 performing blockchain security firms offering services such as smart contract audits, blockchain security analysis, penetration testing, formal verification, and security audits. Security audits are extremely important – this year we’re seeing the rise of Decentralized Finance (DeFi)— a new application of decentralized Blockchain technology that is poised to replace the trillion dollars Global Finance industry. However, recent events such as the dForce hack have shown us that hackers can exploit weaknesses in smart contracts and steal money. It’s almost like robbing a bank, except in this case the bank is flush with crypto AND can’t defend itself. In the case with dForce, the hacker stole $25,000,000 USD (talk about a good haul) and with crypto transactions, we know this is not reversible.

    Consequently, security solutions, tailored to the volatile nature of blockchain technology and its components, have started making moves to isolate and neutralize security threats common in the blockchain terrain. In this article, I will highlight and explore the workings of the top companies in the blockchain security niche.

    It is therefore extremely important for security audits of projects, exchanges and blockchains to be done. Users must also know what security tests have been performed and if any red flags were raised.

    Hacken

    Website: https://hacken.io/

    Hacken performs a wide range of security services for its clients. These suites of services include blockchain security consulting, web/mobile penetration testing, coordination of bug bounty programs, crypto exchange ratings, among other things. Although Hacken offers a long list of services targeted at blockchain and crypto firms, its ecosystem, however, encompasses security products ideal for IT companies as a whole. The company has built a commendable reputation as a security risk assessment for companies requiring a digital environment to create or enable services for their consumers.

    Hence, it comes as no surprise that Hacken has provided security services for non-blockchain giants like Air Asia. Furthermore, it has proven its commitment to blockchain technology by sponsoring and engaging security experts worldwide in security meetups.

    Hacken has also created the HackenAI security platform designed to protect the end user from security risks and account compromises. Key features such as Darknet monitoring immediately alerts users of compromised passwords and possible darknet attacks. HackenAI is available on Android and Iphone devices.

    Quantstamp

    Website: https://quantstamp.com/

    Quantstamp is a blockchain security startup unveiled at YCombinator W18 Batch. The security team of Quantstamp has experience in top IT companies like Google, Facebook, and Apple. And this is evident in the platform’s wide array of blockchain security tools and services. For one, Quantstamp has developed a decentralized security network for smart contract auditing. With this solution, users can perform automated smart contract security review on a “global network of decentralized security nodes.”

    Additionally, the platform provides expert security audits for clients blockchain projects and a 24/7 security monitoring software tool.

    Trail of Bits

    Website: https://www.trailofbits.com/

    Trail of Bits prides itself as a network of developers with the capabilities of identifying and fixing loopholes in software, devices, or codes. In other words, the solution provides an array of software security services that encompass smart contract audits, blockchain security research, software development, and so on. Over the years, Trail of Bits has developed formidable security tools for smart contracts. Some of these blockchain-focused solutions are Crytic, Slither, and Echidna.

    Apart from that, Trail of Bits developed the popular AlgoVPN. As well, it has a lot of security publications on GitHub, including public reports for 0x Protocol, Compound, NuCypher, and MakerDAO, which are some of its clients.

    OpenZeppelin

    Website: https://openzeppelin.com/

    The OpenZeppelin team is mostly known for its development of Solidity libraries known as OpenZeppelin Contracts. These libraries are used in most Solidity projects as a tested and standard template for contracts deployable on decentralized applications. Developers can integrate this solution through OpenZeppelin’s native SDK. Besides development, OpenZeppelin has a strong focus on smart contract security and audit services.

    Also, OpenZeppelin was one of the first teams to reinvent blockchain security by introducing elements of gamification to identify loopholes in smart contracts. Another of its products, Ethernaut, is a Web3/Solidity war game, which entails gamers to hack smart contracts to move to the next level.

    ConsenSys Diligence

    Website: https://diligence.consensys.net/

    US-based ConsenSys is one of the biggest and prominent blockchain incubators in the industry. Unlike other security firms mentioned on this list, ConsenSys dedicates its resources and technological know-how to the development of Ethereum blockchain applications and software, especially financial infrastructures. As such, its product, ConsenSys Diligence, offers security analysis for smart contracts. This audit product is at the cutting edge of sophisticated “cryptography, blockchain technology, and crypto-economic incentive analysis.”

    Another of its products, MythX, is one of the most powerful automated scanners for Ethereum smart contracts. This solution provides a robust API, which developers can use to access security analytics tools.

    Certik

    Website: https://certik.io/

    Certik is a security company looking to utilize topnotch formal verification technology in collaboration with some of the best cybersecurity experts to create end-to-end services. On its website, Certik claims that it has audited over 188,000 lines of codes and secured over $6.32 billion worth of assets. The team offers to mathematically validate the safety of smart contracts

    Therefore, it has developed Certik Chain, a public blockchain focused on leveraging Certik’s Formal Verification platform, to secure decentralized projects. Certik is officially a partner company of Binance, and it is backed by prominent investors, including Binance Labs, Lightspeed, Matrix Partners, and DHVC.

    LeastAuthority

    Website: https://leastauthority.com/

    LeastAuthority is a cybersecurity consulting firm with its main focus on privacy. It classifies itself as an enabler of private and disruptive storage solutions. At the moment, the platform has two major products available to its users. The first, Privatestorage (formerly S4), is a centralized system that provides storage infrastructure to end-users and offers them the autonomy over the collection, processing, and distribution of their private data. On the other hand, its second product, Tahoe LAFS, enables a decentralized, distributed, and fault-tolerant storage facility.

     In addition to providing different storage architectures, LeastAuthority has published security reports for Ethereum, Tezos, and others. It also works with developers throughout their development cycles to ensure that their projects are not susceptible to security threats. 

    PWC Switzerland (former Chainsecurity)

    Website: https://www.pwc.ch/en/services/risk-assurance/smart-contract-assurance.html

    Chainsecurity has joined PWC Switzerland to perform security review projects and create security solutions for the emerging blockchain industry. With this partnership, PWC Switzerland offers consultant services to blockchain projects from the exploration stage to the post-deployment stage. This platform assesses smart contract designs, tests their viability, and monitors metrics detailing their performances after deployment. It excels in its ability to combine automated analysis tools and the expertise of security professionals to identify and eliminate potential threats.

    As Chainsecurity, this blockchain team developed several security tools, including Securify and VerX. It makes sense to expect this team to continue its successful run in the blockchain security sector since it now has access to PWC Switzerland’s vast resources.

    Slowmist

    Website: https://www.slowmist.com/en/

    Slowmist is China’s leading blockchain security company. They perform extensive blockchain security services that include smart contract audits, blockchain security audits, wallet security testing, and much more. Slowmist also has a safe staking project for blockchain ecologies, which delivers real-time data on the growth and security patterns of EOS, Cosmos, Vechain, and other top blockchain projects. Another interesting bit of detail about this platform is its powerful firewall project for EOS smart contracts, named FireWall.X.

    Likewise, Slowmist is constantly tracking and publishing data and stats about security situation on crypto exchanges through their Blockchain Threat Intelligence (BTI) service. 

    Runtime Verification

    Website: https://runtimeverification.com/

    Runtime Verification is a research and development company focused on formal verification. According to the information on its website, this solution designs standard models for high-value applications and uses them as templates to develop security-sensitive products. Runtime Verification has developed two main smart contract security products. On the one hand, it offers smart contract correctness proofs with the help of the K framework to prove the viability of Ethereum and Cardano’s smart contracts. On the other, Firefly is a test coverage analysis tool for Ethereum smart contracts.

    Additionally, Runtime Verification has worked with Ethereum Foundation on building a formal framework for Ethereum 2.0 testing.

    What is the best Smart Contract Auditing Company

    Top tier smart contract auditing companies include Hacken, Trail of Bits and OpenZepplin