In 2025, the Trezor Model T remains a flagship cryptocurrency hardware wallet developed by SatoshiLabs. It runs on the open-source Trezor Core operating system, which supports advanced features like Shamir Backup and integration with over 1,800 cryptocurrencies, including all ERC-20 tokens. The latest firmware version 2.9.0 and Trezor Suite v25.7.4 introduce enhanced security, faster account discovery, and support for Stellar and Solana address validation2. This guide will walk you through setting up your Trezor Model T using official tools and best practices.
You can also set up your device with my step-by-step video below.
Check out our Trezor Model T Guide and review video!
Trezor Model T Packaging
Here is the updated version of the “Trezor Model T Packaging” section, revised for July 2025 using official sources including Trezor’s website and Cointelegraph’s 2025 review:
📦 Trezor Model T Packaging (2025 Edition)
The Trezor Model T arrives in a tamper-evident box designed to ensure authenticity and security. Before opening, inspect the holographic seal on the device itself. If the seal is missing or looks altered, do not proceed—contact Trezor support immediately.
Inside the box, you will find:
The Trezor Model T device with a full-color touchscreen
A USB-C cable for connecting to your computer or Android phone
A magnetic dock for mounting the device
Two recovery seed cards for writing down your recovery phrase
A quick start guide with setup instructions
Trezor stickers for personalization
The packaging is designed to support a secure setup process. Trezor does not pre-load any recovery phrases or PIN codes. If you receive a device with anything pre-set, it may be compromised—return it immediately.
All components are arranged to guide users through a safe and smooth onboarding experience using the official Trezor Suite application.
Trezor Model T kit
Trezor Model T Installation Guide
Setting up your Trezor Model T is simple and secure when you follow the official steps. Begin by visiting trezor.io/start in a secure browser and connecting your device via USB-C.
Step-by-Step Setup
Verify the Device Seal: Check the holographic seal on the device before peeling it off. If the seal is missing or looks tampered with, stop immediately and contact Trezor support.
Install Trezor Suite: Download the latest version of Trezor Suite (currently v25.7.4) from the official site. It is compatible with Windows, macOS, and Linux. This app lets you manage your wallet, view balances, and send crypto securely.
Install Firmware: If your device is new, it will not have firmware installed. Trezor Suite will prompt you to install firmware version 2.9.0, which includes support for Stellar (XLM), Solana address validation, and faster account discovery2.
Create a New Wallet: Choose “Create new wallet” in Trezor Suite. Your device will generate a 24-word recovery seed. Write it down on the provided recovery card and store it offline. Never take photos or store it digitally.
Set a PIN Code: Enter a 4 to 50-digit PIN directly on the device screen. This protects your wallet from unauthorized access.
Enable Optional Security Features: You may also enable a passphrase, which adds an extra layer of protection and creates hidden wallets. This passphrase is never stored on the device.
Download the latest firmware from the Trezor website. Do not disconnect your device during this process!The Trezor will restart after installation. On the website, click “Check for devices” and connect to the “Unknown device from InterBiometrics”- this is actually your Trezor.Select “Create a new wallet” if you are using the Trezor for the first time. Some ebay sellers will ask you to restore your wallet, those are scams!Remember to create a backup of your Trezor so you can recover your funds even if you lose your physical device.The recovery seed will be generated on your Trezor device.Write down your recovery seed on the paper provided with the Trezor and keep it safe. Do not take a photo of it, upload it onto your computer or online. The PIN is set on your Trezor Model T device. This is so that even if someone obtains your Trezor, they cannot unlock and use it unless they have your PIN code.
Using the Trezor Model T
The Trezor Model T remains one of the most secure and user-friendly cryptocurrency hardware wallets available. It connects via USB-C to computers or Android devices and is managed through the Trezor Suite application (latest version: v25.7.4).
Supported Cryptocurrencies
Native support for over 1,800 coins and tokens, including:
Ledger released a new hardware wallet – the Ledger Nano X. This new device protects your cryptocurrencies with military-grade protection and prevents digital theft and hackers. These are the key new features of the Ledger Nano X:
Large HD screen – Displays address of receiver in full without scrolling
More storage space – Install up to 100 different apps for different coins.
Rechargable Battery – allows the device to be powered-on without a cable.
Ledger Recover – A new (albeit controversial) seed phrase recovery subscription service. Learn more here.
Click below to buy!
This guide will help you setup your Ledger Nano X and teach you the important features. In addition, we the most important question: Is Bluetooth Safe?
Cryptocurrency can be spent on the go with Ledger Nano X
Ledger Live Mobile remains the go-to companion app for managing crypto securely on the move. Available for iOS and Android, it pairs seamlessly with Ledger Nano X, Ledger Stax, and Nano S Plus (via OTG cable for Android).
Ledger Mobile app showing the Ethereum address with verification from Ledger Nano X
Mobile Connectivity
Bluetooth Support: Nano X connects wirelessly to smartphones via Bluetooth—no cables required.
Battery Life: Equipped with a 100mAh battery, it lasts several hours of active use or up to 3 months in standby mode.
Portfolio & Transactions
Portfolio Mode: View your crypto balances and performance even when the Nano X is not connected.
Secure Transactions: To send crypto, the Nano X must be present to sign transactions. Private keys never leave the device—only the signed transaction is transmitted.
App Management
Ledger Manager Integration: Install and manage crypto apps directly from the mobile app, similar to the desktop version2.
Firmware Updates: As of OS version 2.4.1, firmware updates are now supported via Bluetooth on Ledger Live Mobile—a major upgrade from earlier limitations.Buy, Swap & Stake
Buy Crypto: Purchase assets using third-party partners like MoonPay, Ramp, and PayPal.
Swap Crypto: Exchange assets directly in-app using services like ParaSwap and Changelly.
Stake Assets: Stake ETH, DOT, ATOM, and more—track rewards in the “Earn” section.“
NFT Management
NFT Viewer: View, send, and receive Ethereum and Polygon NFTs with full metadata support.
Security Managment
Secure Element Chip: CC EAL5+ certified for hardware-level protection.
End-to-End Encryption: Bluetooth communication is encrypted and requires physical confirmation on the device.
Biometric Unlock: Optional Face ID or fingerprint unlock for added app security.
Web3 & DeFi Access
WalletConnect Integration: Connect to dApps like Uniswap, Aave, and OpenSea directly from your phone.
How to Add or Remove Apps on the Ledger Nano X
Managing crypto apps on your Ledger Nano X is simple and secure using the Ledger Live app—available on Windows, macOS, Linux, Android, and iOS.
How to Install Apps
Open Ledger Live and navigate to My Ledger.
Connect and unlock your Nano X using your PIN.
Authorize Ledger Manager by confirming “Allow Ledger Manager” on your device.
Browse the App Catalog and click Install next to the desired cryptocurrency app.
You can install multiple apps at once.
If your list appears limited, update your device firmware first. As of July 2025, the latest version of Ledger Live is Desktop 2.120.1 and Mobile (iOS/Andriod): 3.86
Note that some apps (like Arbitrum or Optimism) require the Ethereum app to be installed first due to EVM dependencies.
How to Uninstall Apps
In My Ledger, locate the installed apps list.
Click the Trash icon next to any app to uninstall it.
You can remove multiple apps at once—confirm on your device to proceed.
Note that uninstalling apps does not affect your crypto assets. Your private keys remain securely stored on the device and backed up via your recovery phrase.
How to Update Apps
If updates are available, a notification bar will appear in My Ledger.
Click Update All to refresh your apps in one go.
App Storage Tips
The number of installable apps depends on:
Your device model (Nano X supports ~100 apps)
App sizes (some are larger than others)
Uninstall unused apps to free up space—your assets stay safe.
Is Bluetooth Safe?
Yes—Bluetooth is safe to use with the Ledger Nano X. Ledger has designed its Bluetooth functionality with security as a top priority, and the device’s architecture ensures that your private keys remain protected at all times. The previous model (Ledger Nano S) only had cable connectivity, which would not expose the device to nearby attackers. Bluetooth is safe to use in this case because the device is never controlled via Bluetooth – instead it is only used to send unsigned and signed transactions. This means the private key (the key to all the funds
Security Architecture
Private keys never leave the Secure Element chip, even during Bluetooth communication.
Bluetooth Low Energy (BLE) 5.0 is used solely as a transport layer for signed or unsigned transactions.
The Nano X assumes the BLE connection is compromised by default—no sensitive data is ever exposed.
End-to-End Encryption
All Bluetooth communication is end-to-end encrypted, protecting user privacy and preventing interception.
Even if BLE were compromised, attackers cannot extract private keys or force unauthorized transactions.
Physical Confirmation Required
Every transaction must be physically verified and approved on the device using its buttons.
The display and buttons are directly wired to the Secure Element, ensuring tamper-proof interaction.
Manual Control
Users can disable Bluetooth anytime via the Control Center by pressing both buttons.
When disabled, the Nano X functions via USB-C with Ledger Live desktop.
The Nano X operates with the assumption that the Bluetooth connection (which is a bearer, exactly like USB) is compromised. The addition of BLE doesn’t impact the security model. Transactions must always be physically verified on device by pressing both buttons. Moreover, on the Nano X screens and buttons are directly connected to the Secure Element (single chip architecture), which is also an enhancement of the general security design. (Valium)
Control Panel on Ledger Nano X allow Bluetooth to be turned On / Off
Keep your Recovery Phrase Safe!
Your 24-word recovery phrase is the master key to your crypto assets. It’s generated during device setup and stored only on paper—never digitally. If someone gains access to it, they can control your funds. If you lose it, recovery is impossible.
Write down your 24-word recovery phrase. The order of the words is also important.
After setting up the device, with it still plugged in, visit the Ledger Live website and download the app you want to use.
Follow the instructions on the site and use.
Note: after setting it up you will be navigating the device on your computer.
You can receive cryptocurrency even when the device is offline. It’s only when you want to send that you need to connect the device and enter your PIN and login.
After inputting all the transaction details on your computer, as an additional security measure, you can double check the details on the device. Make sure the address and amount are correct and confirm.
Best Practices for Storage
Write it down on the provided Recovery Sheet during setup.
Store it offline in a secure, private location—avoid cloud storage, photos, or digital backups.
Use fireproof and waterproof storage like metal seed plates for long-term protection.
Never share it with anyone, including Ledger support. Ledger will never ask for it.
What Not to Do
Don’t take a photo or screenshot of your recovery phrase.
Don’t enter it on any website, app, or computer.
Don’t store it in email, cloud drives, or password managers.
Recovery & Restoration
You can restore your Ledger Nano X, Nano S Plus, or Stax using your recovery phrase at any time.
Recovery is done entirely on the device—never on your phone or computer.
Ledger supports BIP39/BIP44 standard phrases, so you can restore wallets from other compatible devices too.
Ledger Recover (Optional)
Ledger offers an optional subscription service called Ledger Recover, which encrypts and splits your recovery phrase into secure fragments stored by trusted custodians.
This service is opt-in only and not enabled by default. Learn more on Ledger’s official Recover page.
If your recovery phrase is lost or compromised, Ledger cannot help you recover your assets. There is no backup stored by Ledger.
Why use a Hardware Wallet?
Here are some reasons why you could consider using a hardware wallet to store your cryptocurrencies:
Keeps Your Crypto Safe: Hardware wallets store your private keys offline. This protects them from hackers, viruses, and phishing attacks—even if your computer or phone is infected.
You’re in Control: If you use exchanges or online wallets, you are trusting someone else with your crypto. Hardware wallets let you hold your assets. No one else has access.
Physical Security: Transactions must be confirmed on the device, so no one can steal your crypto without having the wallet in hand.
Easy Recovery: If your device breaks or gets lost, you can recover everything with your secret recovery phrase. But make sure not to share or store it digitally.
Supports More Than Just Coins: These wallets work with Bitcoin, Ethereum, NFTs, DeFi apps, and digital IDs. They are a must-have tool for Web3.
Is the Ledger Nano X Worth the Upgrade?
The answer depends on what you need. If you want to manage your crypto on your phone or use Bluetooth, the Ledger Nano X is worth it.
The Nano X has more memory than the older Nano S model, which was retired. It can hold up to 100 apps for different cryptocurrencies. This is helpful if you use more than three types of crypto. The Nano S Plus also holds up to 100 apps, but it costs less. However, the Nano X has Bluetooth and a built-in battery, which the Nano S Plus does not.
With Bluetooth, you can connect the Nano X to your phone without using cables. The battery lasts for several hours of use or about three months in standby mode. This makes it easier to use the wallet on the go.
The Nano X works with iPhones and Android phones through the Ledger Live Mobile app. You can view your crypto portfolio anytime, but you need the device with you to send crypto. Your private keys never leave the device, so your funds stay safe.
The Nano X uses a secure chip to protect your information. It works with over 5,500 cryptocurrencies, NFTs, and Web3 apps. It also connects to wallets like MetaMask and Phantom.
One thing to think about is the battery. Some users say it becomes weaker over time. Also, Ledger offers a service called Ledger Recover that helps you recover your wallet if you lose your recovery phrase. Some people are worried about privacy when using that service.
If you want Bluetooth, mobile access, and more storage, the Nano X is a good option. But if you mostly use your desktop and want to save money, the Nano S Plus might work better for you.
Successfully set up your Ledger Nano X? Now it’s time to get started with trading Bitcoin and other cryptocurrencies! Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour
In the evolving landscape of digital asset security, Ledger Recover is positioning itself as a forward-thinking solution to an age-old crypto dilemma: what happens if you lose your seed phrase? First introduced in 2023 and now gaining wider adoption, Ledger Recover offers an optional, identity-based recovery service that aims to make self-custody more resilient—especially for newcomers to the space. With increasing attention on crypto security and regulation, this review revisits Ledger Recover to explore how it works, who it’s built for, and whether its trade-offs strike the right balance between convenience and control.
Ledger Recover is a service you can choose to use that helps you get back into your crypto wallet if you ever lose your recovery phrase or your Ledger device. It’s made by Ledger and works with two other companies: Coincover and Escrowtech.
When you sign up, your secret recovery phrase is split into 3 parts. These parts are encrypted (turned into secret code) and stored with the 3 companies. To recover your wallet, you have to prove your identity using a government ID and a selfie. Once that’s done, the companies send the encrypted parts back to your Ledger device. The device then puts the phrase back together. Everything happens on your device, so your keys are not sent to the internet or other people.
Right now, Ledger Recover works with Ledger Nano X, and they are adding support for Nano S Plus and Ledger Stax. It does not work with the original Nano S.
The service costs US$10 each month. Note however if you stop paying for more than 3 months, you will need to pay 50 euros and catch up on your missed payments to use it again.
Sign up and prove who you are Start by signing up in the Ledger Live app. You’ll need to scan your ID and take a selfie video so they know it’s really you.
Make a backup After your identity is approved, your Ledger device makes a copy of your secret 24-word recovery phrase. It turns this copy into secret code and breaks it into 3 parts.
Store the parts These 3 pieces go to 3 different trusted companies: Ledger, Coincover, and Escrowtech. They all keep the pieces safe and only send them back to you if you prove who you are again.
Recover your keys If you lose your Ledger device or forget your recovery phrase, you can start the recovery process in Ledger Live. After you prove your identity again, the 3 companies send the parts to your new or current Ledger device. It puts the parts back together, only on the device—not on the internet.
Keep your subscription active If you miss payments for more than 3 months, your subscription gets paused. You have 9 months to restart it by contacting Ledger, paying a 50 Euro fee, and catching up on what you owe.
Who is the Ledger Recover good for?
Ledger Recover is a good choice for people who want extra protection for their crypto wallet. It helps if you ever lose or forget your secret recovery phrase.
This service is helpful for:
People new to crypto who may not be used to storing their recovery phrase safely.
Anyone worried about losing access to their crypto if their Ledger device is lost, stolen, or broken.
People who want a backup stored somewhere else, in case they misplace their written copy.
Users who do not mind verifying their identity to get that backup when needed.
Ledger Recover is optional—you do not have to use it. If you do choose to subscribe, your secret phrase is split into 3 parts, locked with special codes, and stored by 3 trusted companies. You stay in control of your crypto, and your private keys are never shared online.
Will the Ledger Recover be available on all Devices?
Ledger Recover is not available on all Ledger devices. It currently works with the Ledger Nano X, Ledger Nano S Plus, Ledger Stax, and the newer Ledger Flex. These devices support the features and memory needed for Ledger Recover to function properly.
The original Ledger Nano S is no longer supported. Ledger officially discontinued it because it does not have enough memory or processing power to handle newer features like Ledger Recover. Although Nano S devices may still work for basic use, they will not receive updates or support for new apps and services.
Therefore, if you want to use Ledger Recover, you will need one of the supported devices listed above.
Do I have to use Ledger Recover?
No, you do not have to use Ledger Recover. It is a completely optional service. You must choose to sign up for it if you want to use it.
To start using Ledger Recover, you need to subscribe and create accounts with two trusted partners. You will also need to verify your identity by scanning a government-issued ID and recording a selfie. After that, Ledger will begin the process of splitting your secret recovery phrase into 3 encrypted parts. These parts are stored separately by Ledger, Coincover, and Escrowtech.
You stay in control of your crypto. The service does not store or share your private keys online. If you decide not to use Ledger Recover, you can still manage your wallet the traditional way by keeping your 24-word recovery phrase safe on your own.
Is Ledger Recover free?
Ledger Recover is not free. It is a paid subscription service that costs US$9.99 per month. To use it, you must complete an identity check by scanning a government-issued ID and recording a selfie.
If you miss a payment for more than 7 days, you will not be able to restore your private keys using the service. If your subscription is unpaid for 3 months, it will be suspended. You will then have 9 months to reactivate it by contacting Ledger Recover Support, paying a 50 Euro reactivation fee, and covering any missed payments.
This service is optional, and you can still use your Ledger wallet without it.
How does Ledger Recover Work?
Ledger Recover works by creating a secure backup of your Secret Recovery Phrase using 3 trusted companies: Ledger, Coincover, and Escrowtech.
When you sign up for the service, your Ledger device splits your 24-word recovery phrase into 3 parts. Each part is encrypted and sent through a secure connection to one of the 3 companies. These companies store the encrypted parts separately. Before this happens, you must confirm your choice on your Ledger device and complete an identity check using a government ID and a selfie.
If you ever lose your Ledger device or forget your recovery phrase, you can start the recovery process in the Ledger Live app. After you verify your identity again, the 3 companies send the encrypted parts back to your new or current Ledger device. The device puts the parts back together and gives you access to your wallet. This process happens only on your device, not on the internet.
Ledger Recover is designed to keep your private keys safe. The keys are never shared online, and only you can unlock them using your identity and Ledger device.
Who keeps your private key when you use Ledger Recover?
When you use Ledger Recover, your private key is never stored in one place or by one company. Instead, your Secret Recovery Phrase is split into 3encrypted parts. These parts are stored separately by 3 trusted companies: Ledger, Coincover, and Escrowtech.
Each company keeps only one part, and all parts are protected with strong encryption. This means no single company can see or use your full recovery phrase. The parts are only brought back together on your Ledger device after you prove your identity.
This system helps keep your private key safe while still giving you a way to recover it if you lose access to your wallet.
Is Ledger Recover Safe?
Ledger Recover is considered safe by Ledger, but it has received mixed opinions from the crypto community.
Ledger Recover uses strong encryption and a process called “sharding” to split your Secret Recovery Phrase into three parts. These parts are stored separately by Ledger, Coincover, and Escrowtech. The parts are only brought back together on your Ledger device after you prove your identity. This helps protect your private key from being stolen or misused.
Ledger devices use a Secure Element chip and special software to keep your information safe. According to Ledger, there are no backdoors in the device, and your private key is never sent over the internet.
However, some people in the crypto world have raised concerns. They believe that using identity checks and storing parts of your recovery phrase online—even in encrypted form—goes against the idea of full self-custody. They worry that it could increase the risk of hacking or privacy loss.
Ledger Recover is optional. If you prefer to keep your recovery phrase offline and private, you can still do that without using this service.
Has Ledger Recover been hacked?
As of 2025, Ledger Recover has not been hacked. There have been no confirmed reports of hackers breaking into the Ledger Recover system or stealing users’ Secret Recovery Phrases.
However, scammers have tried to trick Ledger users in other ways. In April 2025, some people received fake letters in the mail that looked like they came from Ledger. These letters told users to scan a QR code and enter their recovery phrase for a “security update.” This was a scam. Ledger confirmed that it never asks users to share their recovery phrase, and it warned everyone to ignore these fake messages.
These scams are not the same as a hack. They are phishing attacks that try to fool people into giving away their private information. Ledger Recover itself remains secure, and the company uses strong encryption and identity checks to protect users’ data.
Even if you use Ledger Recover, it is still important to stay alert and never share your recovery phrase with anyone.
Conclusion
In 2025, Ledger Recover is a secure and optional service that helps users back up their Secret Recovery Phrase. It is designed for people who want extra protection in case they lose access to their Ledger device or forget their recovery phrase.
The service uses strong encryption and identity checks to keep your information safe. It splits your recovery phrase into three parts and stores them with three trusted companies. Only you can bring the parts back together by proving your identity.
Ledger Recover is not free. It costs US$9.99 per month and requires you to keep your subscription active. If you stop paying, you may need to pay extra fees to reactivate the service.
Some people in the crypto community like the added safety and convenience. Others prefer to manage their recovery phrase on their own without using online services. In the end, it is your choice. You can use Ledger Recover if you want extra peace of mind, or you can stick with traditional self-custody methods.
Taipei Blockchain Week, the largest Web3 event in Taiwan, was held last week from December 12-17, 2022. Similar to TOKEN2049 Singapore, the event features a series of keynotes, panel discussions, workshops, and meetups with some of the leading developers and entrepreneurs in the Web3 industry. Speakers of the event included core team members from Avalanche, Solana, Filecoin, Moongate and many more, where they talked about the real-world applications of blockchain technology and the future landscape of crypto.
Moongate, in particular, has introduced an end-to-end solution for brands and businesses to create customized NFTs for ticketing and memberships. In fact, Moongate is the official ticketing partner of Taipei Blockchain Week, having issued 4000 tickets for the event’s attendees. Despite the NFT industry getting a bad rap, Moongate helps bring meaningful and productive application of Web3 into the Web2 world with real utility NFTs that can greatly benefit everyday retail consumers. Let’s take a look at what they have to offer.
What is Moongate?
Moongate provides an end-to-end, no-code solution for brands and businesses looking to transform their user engagement experience via Web3. Its user application covers (1) membership and loyalty programs, (2) events and conferences, and (3) NFT projects. All customers will be able to own their membership as NFTs which unlock token-gated rewards and access.
CEO of Moongate Jonathan Mui told Boxmining that they have helped brands, businesses, conferences, and sports leagues with NFT-empowered memberships and tickets. So far, Moongate has 30+ live programs, 50+ ecosystem partners, and 5000+ end customers. Notable partners include Polygon, SimpleHash (backed by Y Combinator), DTTD (backed by Animoca Brands), Limewire and many more.
How Does Moongate’s App Work?
Moongate’s User App is very easy to use, catering to both Web3 and Web2 users. You can create an account, which is also your crypto wallet, with your email, phone number or social media account. For experienced Web3 users, you can instead use your self-custodial wallet such as MetaMask to sign up.
Private Key Security Features
To onboard Web2 users more easily, there won’t be any traditional Web3 private key management such as seed phrases. Moongate understands that with traditional private keys, users can never get their NFTs back if they lose their key. This can be a problem for most Web2 users who are not used to Web3 interfaces.
Instead, Moongate is collaborating with some of the top endpoint security solutions to implement a next-gen key management architecture. Its security infrastructure involves two independently-created mathematical secret shares, eliminating the single point of failure for traditional private keys. The wallet is still non-custodial as users have full control over their NFTs but it also allows them to restore their account safely if they delete the App or lose their phones.
User App Interface
In the App, users can enroll in membership programs via one-click join/redemption. Users can view and claim exclusive benefits tied to their NFT memberships. Tiered rewards can be earned, and benefits will increase overtime with increased spending/usage. Moreover, users can earn token rewards by completing promotions, and use tokens to claim extra rewards across partnered brands.
Mui said that it is important for Moongate to integrate blockchain technology with legacy systems so that it would require less steps and create less friction for Web2 users to get onboard while reaping the benefits of Web3. Since most retail customers are accustomed to Point of Sale (POS) systems, Mui said that adopting some of the Web2 approaches can help make their product scalable and viable.
Merchant Setup for Moongate’s App
Apart from retail customers, brands and businesses with no Web3 knowledge can also easily manage their Moongate account. NFT projects can keep track of the holders engagement for future rewards and airdrops, without requiring holders to reveal personal information.
NFT Design and Minting
Users can create, deploy, and mint their own NFTs without any coding knowledge. Moongate’s smart contract builder is a simple drag-and-drop deployment. It supports dynamic NFT integration and can be issued on multiple chains. Moongate’s mint site builder provides customized storefront design with personalized information. Users can checkout with fiat or crypto via Web2 social logins or crypto wallets.
No-code dashboards are available for merchants and projects to set the parameters of online or offline token-gated content, access, and discounts across different tiers of membership. There are also key applications on offline discounts, exclusive events, and online e-commerce stores. Additionally, off-chain data can be captured to support corresponding changes to dynamic NFTs.
Moongate has a one-scan solution to complete real-time, on-chain NFT ownership verification across multiple blockchains including Ethereum, Polygon, and Solana. Users will have their own ephemeral QR code for merchants to scan and verify as it supports whitelabel integration with other apps or third-party scanners. Moreover, it is also compatible with near-field communication (NFC) “phygital” gateways, which are essentially physical cards that hold the QR code verification.
Moongate provides data analytics for merchants and projects to monitor membership usage in real-time and post-attendance. It can integrate with traditional technology stack such as POS and CRM (Customer Relationship Management) marketing software. The portal also displays API for data integration with other sites, supporting tracking of spending credits.
Moongate introduces a new paradigm in customer loyalty while maintaining positive business impact. It changes how businesses can build better branding and how customers approach purchasing goods and services.
Since customers can truly own their NFT membership, they can also choose to sell the NFT along with all the rewards stored in it, as the NFT is a transferrable token. That way instead of “spending”, customers are actually investing because they are creating value for their NFT. This also helps businesses better connect with the next generation of customers, lowering their Customer Acquisition Cost (CAC). After all, that is what Web3 is all about — ownership by users.
MetaMask Enables U.S. Users to Purchase ETH via PayPal
MetaMask developer ConsenSys has announced the integration of a PayPal payment option to its software wallet. Users will be able to buy and transfer Ethereum (ETH) by logging into the mobile MetaMask app, tapping on the “Buy” button, and selecting “PayPal.” This will redirect users to PayPal, where they can complete their transaction OR send ETH from their PayPal account to their MetaMask wallet.
Our US users will now be able to fund their wallet with ETH via @PayPal! 🦊
Rolling out in the next weeks in the US, excl. Hawaii, through our mobile app (make sure to update to v5.13.0)🧵👇https://t.co/392JwFYF3m
This feature will be rolled out to all U.S. users first in the coming weeks, as they are one of MetaMask’s largest markets in terms of users. For MetaMask’s desktop browser extension, MetaMask Product Manager Lorenzo Santos told Decrypt via email that it will be available in the next quarter.
As of now, it is unclear whether the feature will be deployed in other countries or if other cryptos will also be available for purchase. Since ConsenSys is run by Ethereum co-founder Joe Lubin and MetaMask is an EVM-only wallet, it makes sense that ETH purchases are focused first.
Unlocking the Web3 Ecosystem with MetaMask and PayPal
As one of the top crypto wallet providers, MetaMask is often a starting point for users interacting with DeFi applications, GameFi, and metaverse platforms. And because PayPal is one of the largest online payment systems with 432 million active accounts worldwide, adding PayPal to MetaMask could broaden the customer base, making it easier for newcomers to enter the Web3 ecosystem.
Santos stated in the press release, “this integration with PayPal will allow our U.S. users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem.”
Traditional Payment Companies Expanding to Web3
Over the past year, more and more traditional payment companies have been integrating crypto into their services. In fact, PayPal first began offering customers the ability to buy, sell, and hold crypto on its platform in 2020, and allowed customers to checkout with Bitcoin, Litecoin, Ethereum, and Bitcoin Cash in 2021. In June 2022, PayPal also enables customers to transfer crypto from PayPal to other wallets or exchanges. And now with the new integration into MetaMask, we can expect PayPal to release more new features gradually.
Other traditional payment companies have also followed suit. Cash App, the number one finance app in the App Store, has also added support for transactions via the Bitcoin Lightning Network, the layer-2 protocol for Bitcoin’s blockchain. Stripe, an Irish-American financial services company, has also launched its own tool to help Web3 companies, allowing their customers to buy crypto with fiat.
Other global financial services have also hinted at the possibility of dabbling into crypto. In October, Western Union filed trademark applications for managing wallets, exchanging digital assets and commodities derivatives, issuing tokens of value, and brokerage and insurance service, according to trademark attorney Mike Kondoudis.
Enjin wallet is a secure and easy to use mobile cryptocurrency wallet (iOS/Android). It’s extremely simple to use and contains advanced features such as Dapp Browser, QR code airdrops, Cryptocurrency Exchanges and Enjin’s own NFT marketplace integration. It’s the most secure mobile wallet we’ve tested with a two-layer security encryption and secure keyboard. Enjin wallet supports a wide range of cryptocurrencies such as Bitcoin, Ethereum (all ERC-20 and ERC-1155 Tokens), Binance Chain, Litecoin, Polkadot and Kusama. Enjin wallet is created as a companion to the Enjin Platform.
Best Software Wallet Award
Enjin Wallet is our Gold Award winner in the Free / Software wallet category. We were impressed by the wallet’s security features such as custom memory sweeps and double encryption. Enjin wallet is our top recommendation for any beginner who wants to keep their cryptocurrencies safe.
Is Enjin Wallet Safe to Use?
Security is the biggest concern for wallets as hackers are known to attack various wallets and attempt to steal funds. Enjin wallet offers the best in class security for mobile wallets.
Two-layer encryption: Hardware AES and software encryption is employed on the lower and application layer respectively
Secure keyboard: The protected keyboard bars keyloggers and/or data sniffers from tapping into your mobile device to steal data. It can also be randomized to increase security.
Screenshot blocking and Random Access Memory (RAM) encryption: The wallet’s operating system level restricts screenshots and video recording. On the memory level, transactions are conducted on a secure RAM.
Custom libraries: Enjin Wallet features custom libraries that remove the private keys from the device memory after use – significantly reducing the attack service.
Protection processor flaws: special code is put in place to deal with flaws in ARM processors.
Security Audited: ORU security team found no issues that could be used to compromise the wallet or the cryptographic keys stored in the system (full security report here)
Samsung Blockchain Keystore support: Enjin supports the Samsung Blockchain Keystore for private key protection under Samsung’s military grade security Knox.
Mobile wallets are classified as a “Hot Wallet” – meaning this wallet is connected to the internet. The Enjin team has devised special counter-measures to deal with hackers attempting to steal cryptocurrencies. All private keys are double encrypted, so even if hackers stole the file it cannot be decrypted. On top of this, the special designed Enjin keyboard deals with keyloggers – making sure that the on-device decryption process is safe. Lastly Enjin used custom libraries to wipe the private key from device memory once the transaction is sent – unlike other mobile wallets.
We added many security features that regular wallets don’t have. Enjin Wallet cannot be Keylogged and not affected by CPU flaws like Meltdown and Specture.
Hot wallets are generally considered less safe due to possible device based vulnerabilities (CPU or Memory flaws) which could compromise the security of the mobile phone. That being said, Enjin wallet’s can be considered to be the best out of all mobile wallets. For large amounts of cryptocurrency storage, we recommend the use of cold wallets like the Ledger Nano X.
We found the security of Enjin Wallet to be the best among mobile wallets, with external security audits confirming our viewpoint. We give it the highest security rating of 4/5 – the highest possible rating for “hot wallets“.
Security: 4/5
What Cryptocurrencies does Enjin Wallet Support?
The Enjin wallet supports the storage of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), Binance Chain tokens (BEP2), Polkadot (DOT), Kusama (KSM) and Ethereum-based tokens. For Ethereum-based tokens, Enjin supports those created using the ERC20 and ERC1155 standards. Select ERC-721 collectible tokens are also supported, namely for God’s Unchained, CryptoKitties, Blockchain Cuties and Axe Infinity.
The ERC1155 tokens fit into the Enjin ecosystem as these tokens can represent in-game assets. This fits perfectly into Enjin’s game development ecosystem for blockchain-based games.
The wallet allows users to sort, view, and show virtual currency balances in your local currency. Enjin’s partners Bancor, Kyber, and Changelly allow you to easily swap tokens.
Multi-currency Support: 4/5
Enjin Wallet Cryptocurrecy Exchange Interface
Design and interface
The Enjin wallet sports a clean and intuitive design. The wallet also allows you to easily switch from viewing your balances in cryptocurrency or the equivalent in your local fiat currency. This is extremely helpful in allowing you to know how much your portfolio is worth with a simple glance.
What is also helpful is the ability to easily create additional wallets. So say if you send or receive cryptocurrencies for different purposes, you can create a wallet for each of them (kind of like having partitions in your actual physical wallet) which makes managing your finances very convenient and easy to trace.
One slight gripe I have about the Enjin wallet is that when you look at the individual cryptocurrency balances in your wallet, there is a discrepancy in the balance shown at the top and the bottom (which is the correct balance). Though this does not affect your usage of the wallet, you just need to know and accept that the bug is there.
The balances shown are inconsistent, the one circled in red is actually correct
Despite this, Enjin wallet makes up for it with the fact that features the cleanest interface out there and additional functions not seen in any other software wallet. Because as we will see below, the Enjin wallet is more than a really good software wallet. The wallet is only one small part of Enjin’s whole gaming ecosystem. Rather, the wallet opens up additional features such as a QR code scanner, wallet for in-game collectible items and marketplace for you to trade these collectibles.
Software design: 5/5 Ease of use: 5/5
Final thoughts- my experiences with Enjin wallet
I personally store small amounts of crypto on the Enjin Wallet so I can trade, or pay or receive crypto on the go. It has an easy to understand interface with a wide range of supported coins. So I have no hesitation to use it as my primary wallet. I had friends who were new to cryptocurrency and were completely overwhelmed when hearing other people talk about hardware wallets, exchanges and crazy hacks. I showed them my Enjin Wallet and it only took them less than 30 minutes to install and master. My guess is that without Enjin wallet’s simple and easy to understand design, they would have not bothered with cryptocurrencies at all. 6 months on, they are now trading cryptocurrencies regularly.
Enjin Wallet Ecosystem
Collectable Token Support
Enjin has created its own ERC-1155 digital token standard which can be used to create both fungible (currencies) and non-fungible (NFT) (digital cards, pets and in-game skins) assets on the Ethereum Network.
With the Enjin wallet, you can receive, send or melt these NFTs. The NFTs can be collectable items or in-game assets.
You can use the wallet to trade NFTs with your friends and there are Telegram forums dedicated to buying and trading collectibles!
Boxmining NFT collectable items
To learn more about all the games and the Enjin Multiverse, check out their website. Though a fantastic feature, the Enjin Mintshop, where you could mint your own NFTs was unfortunately deprecated upon launching the public mainnet of the Enjin Platform in 2020.
Boxmining collectable items are frequently given out as a way to say “Thank you!!” to our fans. Subscribe to Boxmining’s YouTube channel and click the notification bell so you don’t miss out!
Scan for QR Airdrops (Enjin Beam)
Enjin Beam QR giveaway
These giveaways could be found on various websites, games, and promotions on the Boxmining Channel. The Enjin Beams can take two forms: Airbeam, which sends all users the same collectible, or Lootbeam, which includes a variety of assets of varying rarities, so each user is likely to get different combinations of these loot assets. Read more about Enjin Beam here.
Enjin Wallet Marketplace
Digital Collectible items (ERC-1155 tokens) can be directly sold on the Enjin marketplace using the built in features of the Enjin Wallet. This first of a kind feature allows gamers to trade items safely without any risk by using ethereum smart contracts. Items can be listed on the marketplace by using the “sell” feature in the Collectibles tab. The procedure is a 1 step process where seller directly inputs a selling price and confirms by executing the contract on Ethereum (paying gas in the process). The item will be directly listed on the Enjin Marketplace for public purchase.
Exchange Function
Enjin’s partners Changelly, Bancor, and Kyber allow users to easily swap between different cryptocurrencies. All you need to do is type in the amount and type of cryptocurrency you want to convert and the cryptocurrency you want to convert it to. The amount you will receive and the details of the transaction will be automatically calculated and displayed you. If more than 1 exchange offers the type of conversion you want, the information will be displayed for you to compare and choose the one that’s best for you. Then all you need to do is press “convert” and it’s done!
Marketplace
The Enjin wallet also allows you to directly access their Marketplace, where you can browse and buy various NFTs. Payment can be made directly from your Enjin wallet.
Dapp Browser
Enjin Dapp Browser Support
Enjin wallet includes one of the best Decentralized App Browser we’ve ever seen. The clean user interface displaces the various Exchanges, Financial, Games and Social Media Services.
Open up the app, select “crypto wallet” and then “create wallet“.
Select the password you want for your wallet. When setting up your passwords and later backing up your wallet, make sure you are in a secure environment where you are not being recorded. Thieves will be able to access your wallet if they obtain this information.
Then, select which cryptocurrencies you would want to hold in your wallet. You can always add or remove more types of cryptocurrencies later. Then press “create wallet“.
The app will then ask if you want to backup your wallet. This is so that you can reinstate your wallet at a later date, for example when you change your phone and need to reinstall everything. So it’s highly recommended to do this step, even though it may seem tedious.
The backup is a 12 word recovery phrase that you will need to correctly re-enter to reinstate your wallet. So keep these 12 words recorded and stored in a safe place. See here for some ideas and tips on how to keep your recovery phrase safe.
You will then be asked to verify your passphrase by entering 2 of your 12 word recovery phrase at random. You will then be taken to the select coins menu where you have another chance to select the coins you want to hold in your wallet. Again, you can choose to add other coins later. If you are happy with the list of coins selected, click “create wallet“. The setup is then completed and you will then be taken to the main page of your wallet.
How to Send and Receive Cryptocurrency Using Enjin Wallet
Sending Cryptocurrency
On the main page of your wallet, select the cryptocurrency you wish to send.
For this demo I will be sending Bitcoin, so I selected “BTC”.
Then on the following page (second picture below), select “send“. On this page you can also see your transaction history for this cryptocurrency. Note: the balance shown on the top left hand side of the second picture below is sometimes inaccurate. This is a bug in the app which hasn’t been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.
On the send page (third picture below), I usually select “Advanced mode” which allows you to type in the number of satoshis per byte you wish to send your cryptocurrency with. The more satoshis per byte, the faster the send and of course the higher the transaction fee.
On the send page you have 3 options for inputting the receiver’s address, either: (a) type in the address; (b) paste the address; or (c) scan the recipient’s QR code address.
For the demo I will scan the recipient’s QR code address, so I selected the QR code icon on the top right hand corner, which opens up my phone’s camera, as shown in the second picture below. There I can either choose a QR code from my photo gallery, or in this case, I scanned the QR code of the recipient.
Once you’ve scanned the recipient’s QR code you will be brought back to the send page (first picture below) with the recipient’s address filled in. In the secondentry you can enter in the amount you wish to send or simply click “ALL” to send the entire balance in your wallet. And in the third entry the number of Satoshis per byte, which as mentioned will determine how fast your transaction will be sent.
To see how many satoshis per byte I would want to send my cryptocurrency with I go on the website whatthefee. This website gives an estimate of how fast my transaction will go through at any given time (second picture below). On the table, the figures in black represent the percentage likelihood a transaction will take a given length of time. The figures in the middle represent the number of satoshis per byte. So for example, the green shaded entry on the top right hand corner means that with 20.1 satoshis per byte, there would be a 95% chance your transaction will go through in 0.5 hours. The higher the satoshis per byte, the faster my transaction and consequently the higher the transaction fee.
Once you’ve entered in the recipient’s address, send amount and satoshis per byte, click “next step“. This will bring you to the confirm transaction page (third picture above). Here you can double check that the details are correct, if it is, click “send now“. Now you are all done!
Receiving Cryptocurrency
On the main page of your wallet, select the cryptocurrency you wish to receive. If the cryptocurrency you want to receive is not shown, click the “+” button on the top right hand corner, select the coin you want to receive and then click “update coin list”.
For this demo I will be receiving Bitcoin, so I selected “BTC”. Then on the following page, select “receive“. Your Bitcoin address will then be displayed in the form of a string of letters and numbers, or a QR code representing your address. You can then either (a) copy the address and give it to whoever will be sending your cryptocurrencies; or (b) have them scan your QR code address.
Note: the balance shown on the top left of the second picture below is sometimes inaccurate. This is a bug in the app which hasn’t been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.
When the cryptocurrency is successfully sent to your wallet, the balance on your main page will be updated. Tip: You can select the small circular arrows next to “value” to display the balance in your local currency or the cryptocurrency itself.
Congratulations! You are all set!
Successfully set up your Enjin wallet? Learned how to send and receive crypto? Now it’s time to get started with trading Bitcoin and other cryptocurrencies! Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour
Enjin Wallet 2.0
Enjin is also currently enrolling users in testing its Enjin Wallet 2.0 Beta, although it’s only available for Android users. This new wallet will be a completely re-written Enjin Wallet from the ground up, including all of the code to ensure better performance, stability and reliability, as well as a completely new UX and design.
If you want to participate in testing the Enjin Wallet 2.0 Beta, you can sign up here!
FAQs
How to download the Enjin Wallet?
The wallet is available for use on mobile devices powered by iOS or Android operating systems. Download the Enjin wallet on the Apple App Store or Google Play Store.
Can I import cryptocurrencies from other wallets to the Enjin wallet?
The Enjin wallet allows coins to be imported from other cryptocurrency wallets. Examples of cryptocurrency wallets are: Bread, Eidoo, Exodus, Coinomi, MetaMask, Trezor Model T, Ledger Nano S, Ledger Nano X and Jaxx.
The wallet uses an extremely interactive and secure user interface. This eliminates the confusion of copying and pasting addresses.
How does Enjin bring NFTs to Video Games?
One of the key features unique to the Enjin Wallet is the ability to bind the wallet to various video games. So together with the ability to send and receive, scan QR codes and their Marketplace, players can obtain NFT tokens representing various in-game items and import them into different video games. This allows players to truly own digital assets – the items are not stored centrally on databases but on the Ethereum blockchain instead. (https://www.hanakaimaui.com/)
The vast amount of innovations and creativity happening within the crypto space is overwhelming. Countless projects, protocols, apps, tokens, and communities are launching, layering, merging, forking and growing every day. It can be a lot to keep up with.
Fortunately, blockchains are public data sources, and the historical ledger of addresses and transactions is a treasure trove of data, just waiting to be unpacked and explored. Anyone can view the transactions that are occurring in real time and interpret what is happening on the blockchain. However, in its raw form, blockchain data is kind of like binary code: great for machines but tough for humans. What is needed is not only a data platform that can convert it to a more useful form, but also a community of analysts that can give it meaning.
Enter blockchain analytics. Blockchain analytics is the act of inspecting, identifying, understanding, and visualizing data on a blockchain. Doing so allows users to gain valuable insights that would otherwise be hidden in traditional systems. Just as Google organized the internet of information for consumers and commerce by indexing the World Wide Web, making it accessible without requiring any knowledge about the underlying TCP/IP protocol, blockchain analytics technology is building the pathway for an easy-to-navigate internet of value as well as the emerging data economy.
What Is Blockchain Analytics?
Blockchain analytics is the process of analyzing, identifying and clustering data on the blockchain. Blockchain analytics also models and visually represents data in order to identify key information about users and transactions.
More and more companies operating with cryptocurrencies are using blockchain analytics tools to analyze transactions and assess the level of risks to meet regulatory requirements worldwide. This is done to help stop illicit transactions such as money laundering and fraud from being carried out.
Crypto asset transactions carried out are inherently anonymous so blockchain analytics providers help to provide the data needed to match a transaction with a person or company. This helps to keep cryptocurrency markets and transactions safer for everyone. Blockchain analytics can achieve this by scraping blockchain data, which is all public.
How Does It Work?
Blockchain analytics providers scrape publicly-available transactional data to tie crypto wallets back to illicit or criminal behavior. Data scraping is the act of collecting and structurally storing and updating data in real-time. This data includes information on which cryptocurrency wallets the cryptocurrency were sent to and from, the type of cryptocurrency, the amount, and the time of the transaction. As for cryptocurrency wallets, they are digital wallets that can send and receive payments. And specifically for those wallets maintained by cryptocurrency exchanges, users must first go through a Know Your Customer (KYC) onboarding processes whereby the personal details of the crypto wallet’s owner are recorded and stored.
When a crypto wallet transaction is made, that data is forever on the blockchain. It cannot be altered or erased. Through the scraping of these blockchains, blockchain analytics ties crypto transactions to illicit activity through certain signifiers such as a crypto wallet previously linked to illicit transactions like drug smuggling or terrorist financing. Through that, a wallet or transaction is flagged and given a risk score. When a crypto business or a financial institution works with a blockchain analytics provider, any transaction they undertake can be screened to provide a risk score for the crypto wallet in question.
If further investigation is needed, a blockchain analytics provider can forward this type of information and analysis to the relevant law enforcement authorities, who can match an identity with an anonymous wallet, via a Suspicious Activity Report (SAR). Because the transactional data in the wallet represents all transactions that the specific cryptocurrency has been used in, an end-to-end trail is thus created.
The wallet is tagged with a typology by the analytics provider, which ties it to a certain illicit activity that will be flagged in future transactions. The provider will also create a heuristic which clusters transactional wallet data with similar typologies. (Ultram) When multiple wallets are owned by the same person, blockchain analytics can help to determine if transactions carried out by different wallets are actually coming from the same place.
Collecting data on the identifiers of illicit transactions is a continuous process. Blockchain analytics is a key line of defense for creating fair and legal crypto environments, helping to discover the source and destination of illicit funds.
Why Is Blockchain Analytics Important?
Often hackers and web criminals use cryptocurrency due to its pseudonymous nature. Thanks to blockchain analytics, we now have access to specialized analytics tools that can scan otherwise hard to track the trail of transactional data on public blockchains. Blockchain analytics makes it possible to follow who is buying what and paying for which product and services utilizing cryptocurrency.
Many blockchain analytics providers help to create these insights by turning blockchain raw data into searchable and executable data that individuals and businesses can easily search and build services on top of. This has tremendous value to regulators, law enforcement, companies and users within the crypto space.
Regulators and law enforcement can have full visibility on illicit transactions and track the movement, allowing them to uncover the identities of the criminals over time. Companies are able to have full visibility over transactions made by vendors or third parties and ensure legitimacy of those claims. Users such as traders are able to have visibility on what smart money is doing and make better informed decisions, leveling the playing field. Smart money in crypto represents a new type of economy where knowledge is open and powerful actors’ behavior is revealed.
All organizations who work within the crypto asset market, whether it be crypto businesses or financial institutions, also need to remain compliant. Blockchain analytics providers can help these financial institutions pursue their compliance efforts. Through blockchain analytics, compliance departments can identify fraudulent or illicit activity, protect themselves from risk and work to create increased trust and transparency within the system and thus maximizing opportunities for growth and profitability.
Blockchain Analytics Providers
Let us take a look at some of the most popular blockchain analytics providers that are developing new insights from raw blockchain data to make it accessible to users of all levels.
1- Dune
Dune, formerly known as Dune Analytics, is a powerful tool for blockchain research. It can be used to query, extract, and visualize vast amounts of data on the Ethereum blockchain. Users can simply query the database to extract almost any information that resides on the blockchain. Dune released its free version in 2019. Since that release, Dune has grown exponentially with users from all around the world joining in to leverage the on-chain analytics it provides.
Example of a graph visualization from a popular query dashboard
Dune’s strengths are in its open data source. Analysts, traders, and number crunching data enthusiasts make up the community. They create and openly share their queries which can then be forked and remixed in a multitude of ways by others. That is why Dune has been described as the “Github for on-chain analysis.” The secret sauce is the collaborative effort that is built-in to the Dune platform. So instead of dealing with the status quo, siloed sets of dashboards, the queries on Dune Analytics are open source, creating a revolutionary way for their community to harvest and remix blockchain data.
Dashboard page on Dune Analytics
The community version of Dune allows users to conduct any kind of on-chain analysis. Dune converts the raw blockchain data into a readable format, and queries can be completed with SQL. Dune gives its users access to datasets and they can create their charts and dashboards. Users can then share what they are working on. And working with Dune provides one with good education and powerful insights into how on-chain analytics systems work in general.
With Dune, users can explore the dashboards and queries of others in the community. It is similar to sharing dashboards on Google Analytics. And by researching the work of others, users can find inspiration to come up with even more queries to find deeper insights.
It is not much of a stretch to say that Dune is fast becoming the default platform for Ethereum data seekers.
Use Case: Dune has more than 22,000 different dashboards, a method of discovery. Given that the queries within the dashboards are user-generated, the quality varies. Some may be professional-grade and easy to scan, while others result from a SQL student’s early lessons. These are searchable by name or tags.
PARSIQ is the next-generation monitoring and intelligence platform for various blockchains, successfully connecting legal systems and off-chain applications to precious blockchain-based data. PARSIQ’s platform provides a suite of products that handle everything from database querying to instant notifications. The use case of PARSIQ extends not only to the on-chain blockchain but also to the off-chain universe.
Transaction tracking for compliance purposes, financial accounting, or building insights on the different properties of competing blockchains are some of the jobs that PARSIQ’s applications perform as off-chain jobs. PARSIQ also provides a tool that monitors and processes blockchain data. Every single blockchain activity that occurs on the platform results in a massive amount of information. All of this circulates through the PARSIQ platform and activates various parts of it. Every product that belongs to the ecosystem has a particular processing subsystem of the platform standing behind it.
Smart Triggers on PARSIQ
With Smart Triggers, users can create “if-this-then-that” workflows, allowing users to watch for a specific on-chain event and initiate downstream actions when they occur. PARSIQ’s Trigger Wizard is a no-code editor that allows users to create Smart Triggers for the most common use cases in just minutes. Smart Triggers can be used for a variety of use cases:
Build user notifications — PARSIQ delivers real-time alerts to users when relevant activities occur
Expand product functionality — users are able to build capabilities on top of blockchain data without writing custom code
In order to solve actual problems and meet the demands of business use cases, PARSIQ introduces the possibility of using various on-demand services and data delivered by third party providers integrated to the PARSIQ platform. Smart Triggers are deployed to the PARSIQ system and continue to circulate the on-chain data. External Data Providers (EDP) are the source of external off-chain or even on-chain data that can be plugged in and additionally combined with Smart Trigger data. With this feature, it is possible to combine the on-chain data with off-chain data, such as market data, risk scoring, forensics information, and more
Use Case: PARSIQ’s wallet surveillance tools notify wallet holders on every inflow and outflow of funds. Any alert sent by PARSIQ’s transports informs users who are at risk with a potentially exploited wallet in their possession.
Whitelisting is another useful tool to preserve users’ trigger count. It gives the user control of what they deem trigger worthy transactions. Making frequent transactions & interactions with certain addresses or addresses they are familiar with would be acceptable without triggers, but addresses not whitelisted will trigger alerts.
To set up wallet surveillance with PARSIQ, you can refer to this tutorial video.
3- Elementus
Elementus is the first universal blockchain search engine and institutional-grade crypto forensic solution. They are building the next generation “Who’s Who” of crypto entities on the blockchain with the best-in-class search and analytics capabilities. Their compliance solution and data analytics platform are being used by key U.S. governmental agencies to solve some of the most high-profile cyber investigations and by financial institutions to build the future of finance and commerce on the bedrock of blockchain and digital currencies.
Elementus applies data science to restructure underlying blockchain data into a schema optimized around the relationships between blockchain activity, providing valuable context far beyond manual investigations on individual transaction level. The Elementus view provides a powerful clustering and confident entity attribution based on insights that exist tens or even thousands of transactions away.
A visualization of token sales created using Elementus
As the use of cryptocurrency increases, so does the complexity of investigations. Elementus’s Intelligent Network Expansion technology allows users to generate a network in seconds based on custom parameters relevant to their investigation.
Elementus offers several products dedicated to different solutions within its ecosystem:
Radar — for compliance solutions. Users are able to extract risk scores for any public blockchain address, consumable via API, real-time alert, or via the Radar user interface.
Echo — for custom analytics. Users are able to harness the power of Elementus Analytics paired with the versatility of Palantir Foundry, accessing custom data analysis applications for any use case.
Pulse — for investigations. Pulse provides almost instantaneous tracing of funds from source to destination with multi-level entity attribution, powered by proprietary RapidTrace™ and EntityIndex™ technology
Use Case: Elementus was used to track down billions of stolen bitcoin in a fraud investigation of a YouTube rapper named Razzlekhan and her husband Ilya Lichtenstein. The couple was arrested on federal charges of conspiring to launder a multibillion-dollar trove of bitcoins stolen from cryptocurrency exchange Bitfinex in 2016. The couple was not accused of the theft itself.
Analysis provided by Elementus has found that the pair were able to shield the unseized money through a complex series of crypto transfers. Max Galka, the CEO of Elementus, said the bitcoins were moved across more than 20,000 transactions, indicating that some form of automation software was used.
According to Galka, some of the unseized bitcoins were transferred through the Russia-based darknet market Hydra. “It’s the largest darknet market in existence,” Galka says. “It is highly unlikely law enforcement has the ability to trace these funds further.” According to Elementus, the last known movement of the unseized cache occurred on January 25th 2022, shortly before the couple’s arrests at their Wall Street apartment.
4- AllianceBlock
AllianceBlock is building a globally compliant decentralized capital market by providing a bridge between traditional finance (TradFi) and decentralized finance (DeFi), unlocking trillions of dollars in capital. The AllianceBlock Protocol is a decentralized, blockchain-agnostic layer 2 that automates the process of converting any digital or crypto asset into a bankable product, simplifying the capital transfer process between regulated and opaque markets.
The protocol has three main pillars, focusing on compliance and regulation, data, and DeFi technology. The AllianceBlock Data Tunnel is a key component of the data element, and it leverages their partner Ocean Protocol’s technology, as well as partnerships with Parsiq, API3, Covalent, DIA and Chainlink. The Data Tunnel is a data marketplace that makes data accessible to all through a monetized marketplace, while ensuring traceability, transparency, and trust. Data providers and consumers will benefit from increased access to one another, driven through a secure and easy-to-use solution.
The Data Tunnel dashboard
The AllianceBlock Data Tunnel makes it possible to publish data in a decentralized and simplified manner, without needing to be proficient in DeFi, MetaMask, or private keys. This is crucial to attracting a wider, more mainstream audience. In line with this, the Data Tunnel also simplifies usability for data consumers and developers through a standardized output format. This is in contrast to current offerings, with datasets found in a wide range of formats, making it more difficult for consumers.
Ultimately, the Data Tunnel aims to become the oracle of oracles, being able to take data from oracles to the Data Tunnel, enhancing this data, and then feeding it back to the oracle providers. The Data Tunnel is chain-agnostic, in line with AllianceBlock’s wider vision, to allow for the greatest access and breadth to both datasets and consumers and to ensure as wide adoption as possible. The AllianceBlock Data Tunnel aims to incentivize data providers to share more data, acting as the conduit through which both DeFi and TradFi users can access and take advantage of increased data opportunities.
Use Case: Financial institutions are largely excluded from offering investors access to DeFi. Fund distribution is one of the issues. AllianceBlock provides a solution to these issues by offering access to Open Finance that allows all market entities to participate. It is an end-to-end regulatory compliance framework that serves as a bridge between stakeholders and all actors within the capital markets chain.
In a traditional fund distribution model, all intermediaries between the investor and fund manager can operate independently. Many may only communicate with the next chain in the link. When they do communicate, it is likely through email correspondence, or, for certain operations, even fax or post. This creates inefficiencies.
Traditional fund distribution model
AllianceBlock seeks to create a fund protocol which hosts all of the required activities on one platform. This allows for greater operational transparency and efficiency.
The AllianceBlock fund distribution model
Learn more here about AllianceBlock’s solution to fund distribution, and to explore more use cases for the platform.
5- HUBX
HUBX elevates private placement and loan syndication deal distribution for banks, exchanges, and brokerage firms by connecting into core systems to deliver dynamic data insights and a richer customer experience. In the world of syndicated lending, accessing accurate and timely data is critical for origination and distribution teams to make meaningful and effective decisions. The way data is captured and interpreted constitutes the single most important success criteria to protect and scale capital raising operations. HUBX brings together all relevant data from across an organization to deliver a single source of truth for all participants.
Founded in 2015, HUBX platforms facilitate collaboration between banks and their institutional clients, connect syndicate desks with the rest of the organization, and simplify execution. Each network hub is private, ensuring that the clients’ data is always protected. HUBX strives to help banks adapt quickly and seamlessly to the rapid digital transformation that is driving private capital markets today.
By connecting all participants on their own terms, HUBX will help accelerate deal execution, reduce costs, and introduce standardization and automation into the market. By offering unrivaled customer experience and dynamic insights and tools to their clients, banks are able to harness the true potential of their data and the network effect.
Use Case: HUBX has partnered with financial software solution developer Finastra to help corporate lenders during the loan syndication process by reducing manual workloads. As a first step, this deal sees HUBX Arranger integrated with Finastra’s back-office loan software Fusion Loan IQ, which is used by 90% of the world’s top 100 banks to process over 70% of global syndicated loans. While the market is worth around $4.5trn annually, much like in private equity, the majority of work is manual and disconnected.
According to Axel Coustere, HUBX co-founder, “HUBX Arranger provides a key missing link for Finastra’s clients. The ability to digitally scale the arduous syndication process by tackling the lack of end-to-end execution. There are many manual, time consuming steps and a lack of real -time visibility currently associated with this piece of a bank’s business. Not doing this well limits the banks’ ability to manage and improve risk and ultimately reputation.”
Conclusion: The Rise of Data Analytics
Modern businesses have been benefiting from data analytics for several years now. According to Forbes, data analytics adoption in enterprises increased from 17% in 2015 to 59% in 2018. Now, only 10% of businesses have refused to utilize big data. One category of data analytics that is poised to change and transform the industry is predictive analytics. It is focused on making predictions about future outcomes based on a massive amount of historical data as well as techniques like machine learning. With this type of technology, enterprises will be able to forecast trends and behaviors.
The current state of predictive analytics is hardly perfect. A huge obstacle to overcome is getting quality data from different sources and correlating them. Digital agencies and IT firms have their own silos of data and use different tools in obtaining them. There is also the issue of whether there is enough of the right data. When there is not enough for the system to make conclusions from, the results of predictions may be biased and untrustworthy. Blockchain technology might be able to fill the gap in this space.
Blockchain’s computational power is gained from multiple connected computers, hence it is powerful enough to properly define the model to be analyzed based on a vast number of data sets. It would use its power to analyze the different stored datasets across computers and pull up the ones that can provide the answer. Furthermore, blockchain may be the cloud equivalent to one physical supercomputer, which makes it accessible to small businesses. Currently, companies that want to utilize predictive analytics have to rely on expensive super machines. With blockchain implemented, the costs to obtain such analytics tools will be greatly reduced.
As for potential applications, blockchain analytics could be used in marketing strategies. Marketers could be able to prepare for future marketing campaigns with the help of data gained from market realities. The system might be able to forecast price movements for financial markets, including cryptocurrencies.
The fusion of data and blockchain technology is poised to grow even more in the next couple of years. This could provide an opportunity for blockchain to display its potential as developers continue to experiment.
