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Ruth Kise

Ruth Kise

7 Articles

Ruth Kise is an enthusiastic crypto explorer and anime fan. Graduated from the Faculty of Linguistics. "In word I trust!"

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The Most Interesting NFT Examples: May 2022 Edition

The Most Interesting NFT Examples: May 2022 Edition

Ruth Kise 4 min read
NFT collections are digital objects created according to a single principle. These can be art, virtual land plots, music, and in general everything that can be stored in digital format. We have collected five (actually more) NFT collections of digital art that make up the top among the number of buyers on OpenSea and Looksrare NFT marketplaces. In the article, you will find out about what is in these collections, who their creators are, and how much the lots cost. Prices are relevant in mid-May, 2022. 1. Otherdeed for Otherside Otherdeed is the key to claiming land in Otherside - a 3D metaverse in the spirit of Dungeons and Dragons, that appears to offer a gaming format for Bored Ape or Mutants NFT holders. Each plot of land has a unique blend of environment and sediment — some with resources, some home to powerful artifacts. And on a very few, a Koda roams. As it’s claimed on the platform, there will be 200,000 Otherdeeds in total. The first 100,000 were available on April 30, 2022. The second 100,000 will be exclusively awarded to Voyagers who hold Otherdeeds and contribute to the development of Otherside. For those with Bored Apes or Mutants, Otherdeeds await their claim. For other adventures, it will be available for sale with ApeCoin . Creator: Yuga Labs Items: 97.9 K Owners: 34.4 K Floor price: 2.78 ETH Volume traded: 255.1 K 2. Azuki / BEANZ official Azuki starts with a collection of 10,000 avatars that give you membership access to The Garden - a corner of the internet where digital and physical worlds are blurred. Artists, builders, and web3 enthusiasts are creating this metaverse brand. By choosing one of the avatars, you choose your identity and get access to exclusive streetwear collabs, additional NFT drops, eventual live events, and much more.  Creator: TeamAzuki Items: 10.1 K Owners: 5.2 K Floor price: 8.66 ETH Volume traded: 231.1 K BEANZ (also created by TeamAzuki) are small species that sprout from the dirt in the Garden. Minted as a great friend to an Azuki, they're earnestly driven by the desire to help. However, peas are self-contained to a full degree and ready to pave their own path... Creator: TeamAzuki Items: 20.0 K Owners: 7.5 K Floor price: 1.05 ETH Volume traded: 57.5 K 3. PXN: Ghost Division One of these NFTs would be your login to the new dark side world, where every holder is a ghost. 100 Ghosts comprise one of 100 Regiments under the Phantom’s charge. All members are called to stand side by side to make a revolution and resist the shadow.   The collection of PXN (the underbelly of web3) counts 10,000 avatars and gives access to exclusive clubrooms for onboard NFT communities, and unique ways to interact with the community in web3. Creator: PhantomNetwork Items: 10.0 K Owners: 6.3 K Floor price: 3.59 ETH Volume traded: 25.5 K 4. Bored Ape Yacht Club/ Mutant Ape Yacht Club One of the most famous NFT collections of 10,000 unique Bored Apes— unique digital collectibles living on the Otherside, Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card and grants access to members-only benefits, the first of which is the access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through roadmap activation. Creator: BoredApeYachtClub Items: 10.0 K Owners: 6.3 K Floor price: 92 ETH Volume traded: 565.5 K The MUTANT APE YACHT CLUB is a collection of up to 20,000 Mutant Apes that can only be created by exposing an existing Bored Ape to a vial of MUTANT SERUM or by minting a Mutant Ape in the public sale. Creator: MutantApeYachtClub Items: 19.1 K Owners: 12.4 K Floor price: 19 ETH Volume traded: 395.3 K 5. Doodles Doodles are a collection of exciting hand-drawn designs by Burnt Toast. The Doodles universe is ever-expanding and new experiences like Space Doodles are only now available to collectors. Each Doodle allows its owner to vote for experiences and map activations paid for by the Doodles Community Treasury - Doodlebank with $5 million USD. Creator: Doodles_LLC Items: 10.0 K Owners: 5.0 K Floor price: 14.5 ETH Volume traded: 127.2 K Of course, these are not all popular collections. Today there are many interesting offers of NFT tokens of very different formats, whether it's art objects, music, clothes, lands, or the opportunity to book a table in a secluded restaurant. Despite all the ups and downs, the great idea of being a member of Metaverse and the ability to convert literally everything to NFT continues to arouse audience interest and increase market demand. Choose what you like, join like-minded communities, or be the first in the worldwide implementation of the Metaverse.
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What Is a DAO And How Does It Work?

What Is a DAO And How Does It Work?

Ruth Kise 10 min read
Until recently, the concept of blockchain was only known in the context of cryptocurrencies, but today this technology is actively used in business. What's more, the new acronym DAO is entering the mainstream. So the "untraditional" business model appears along with JSC and attracts the attention of business enthusiasts more and more. DAO Definition and Key Features DAO (decentralized autonomous organization) is a company that is based on blockchain technology, managed using smart contacts. It does not have owners in the traditional sense, as well as controlling and governing bodies like the board of directors. In other words, decentralized autonomous organizations lack a hierarchical structure, and all participants in the ecosystem have the same rights and can vote for changes in the protocol on an equal basis with other participants. strong >Main features of DAO: In contrast to JSC, the «command and control» structure in formal union of groups of people is not applicable in this case. There are no executive boards and the company is managed by the community by voting on any relevant matter relating to the activities of the organization; Instead of traditional hiring, a person receives a smart contract based on the project. After that, the members of the community discuss the offer and vote. After its adoption, the work of the executive begins directly; Quitting is also becoming a consensual issue. So, if a person does not cope with the tasks set for him, token owners who voted to hire him can withdraw their votes, leaving the employee "overboard." Thus, possible conflicts are excluded in the DAO due to lobbying for the interests of certain persons; Agility and flexibility to innovate. This is due to the fact that companies are organized not around people, but around values​ and smart contracts . In a peer-to-peer system, much faster. In a "flat" organization, the community can rally faster and "fund" the best and most promising idea. As noted above, decisions are made by vote; Absence of meetings and colleagues in the traditional sense. DAO organizational policy Note that DAO is also characterized by the presence of internal company policies, but it has a number of differences. In classic business, in particular, management determines the actions of the entire organization. In the case of DAO, the value is the main factor on which all efforts will be focused. Therefore, every community member, who decides the future of the compound protocol, is motivated to bring the maximum benefit without looking back at the leader’s wishes. Since the DAO model does not involve a centralized hierarchy, it relies on alternative approaches, such as token-based memberships. Typically, such governance tokens can be freely purchased and filed on decentralized exchanges , or earned by providing liquidity or computing power for mining or staking. In any case, by holding governance tokens, you become a kind of shareholder and gain access to voting, which determines the organization's development strategy. Managing the DAO: What Are Governance Tokens? Governance token — a token that allows its owner to take part in the management of an organization. Thanks to governance tokens, users can propose, discuss and make changes to the project, and they do not need to rely on the project team or require its participation. "DAO is an organization that can operate on its own, using code, without anyone's responsibility for decision-making," explains blockchain enthusiast Travis Miller. "Imagine a corporation without a CEO." In addition, participants can use tokens to delegate voting rights to other users and monitor the distribution of funds allocated to support the project. DAO in Crypto: Examples The first thing you should note is that the meaning of the DAO economy is to attract users to actively manage and develop the ecosystem of a particular platform. As a rule, users who participate in voting can receive a reward. Thanks to Ethereum , the built on smart contracts infrastructure of DAO has appeared in the crypto industry. There are few examples of DAO including Maker, Compound, Forth ( Ampleforth ). DAO Maker DAO Maker — is a decentralized platform based on Ethereum. It was the first who made it possible to create DAI stablecoins , and various other cryptocurrency assets are accepted as collateral. One of the main features of the DAO Maker platform is that the DAI stablecoin is always equal to US $ 1 per 1 DAI unit.  Since this is DAO on the platform uses governance tokens — MKR, a million of which were distributed between the first users of the platform. In the DAO Maker ecosystem, MKR tokens are used as the "fuel" of the entire system, just as gas is used in Ethereum. As soon as the commission is paid, the received MKR tokens are destroyed (burned). New MKR tokens are released as needed, so the system is constantly in a certain balance. Compound Another of the largest credit protocols in the DeFi. In addition to interest on issued loans secured by cryptocurrency, it charges creditors COMP tokens to motivate the community to issue more crypto loans. COMP tokens allow their owners to make decisions about changes to the Compound protocol. When the user enters tokens into the Compound pool, in return he receives cTokens. These cTokens represent the depositor's share of the pool and can be used at any time to redeem the underlying cryptocurrency originally deposited in the pool. For example, when deposited in an ETH pool, in return you will receive a cETH. Over time, the exchange rate of cTokens of the underlying asset increases, which means that you can exchange them for a larger amount of the underlying asset than you originally invested - this is how the interest distribution occurs. Ampleforth This is an Ethereum-based cryptocurrency with an algorithmically regulated number of tokens in the circulating offering. It is intended for use as the base currency of the new decentralized economy and is an asset that is not subject to demand inflation and remains independent of the price movement of other cryptocurrencies, in particular bitcoin (BTC). Besides AMPL the platform has governance tokens FORTH. Ampleforth has a 6-step protocol change process. When the proposal successfully passes the first five stages, the FORTH holders vote for the proposed change. If a majority is reached during voting, then the change is automatically made to the protocol. DAO Pros and Cons Pros: There is no hierarchical ladder, so a separate group or control center cannot make decisions that ignore the interests of the rest of the participants. Decentralized management system. With this approach, the actual power passes into the hands of only those persons who are really interested in this and are ready to develop the project. All rules, requirements and conditions for working with the DAO platform are known in advance and can only be changed with the approval of most owners of control tokens. As a result, only really useful offers "pass." All transaction records are publicly available, eliminating asset fraud. Cons: Slow response to threats. If something atypical happens, you need to vote among all governance token holders to solve the problem. At the same time, the decision must first be prepared by someone, which also requires certain costs. As a result, the reaction is very slow, which threatens potential problems. The development also requires a vote. Moreover, you need not only to offer a further way of development, but also to find an executor who will be ready to do the work. It slows down the development of the DAO platform. Despite the high potential of blockchain in managing systems, it hides many risks associated with protocol security. And history knows the hard chapter with the first DAO case in 2016, when the platform was hacked . But it connected with the organization of decentralized and open platforms. Anyway DAO attracts a lot of enthusiasts from different business areas, and has been already realized in such spheres as art, culture, gaming, automatizing and so on.
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The State of Play-to-Earn Crypto Games in 2022: Metaverse NFT’s

The State of Play-to-Earn Crypto Games in 2022: Metaverse NFT’s

Ruth Kise 5 min read
The concept of the virtual world is hardly new. Online and offline games with their infinite worlds are its dramatic confirmation. However, the metaverse is bursting in popularity today. Why? Blockchain mainstreaming and... cryptocurrency! The idea of ​a virtual world existence cannot be without the presence of virtual currency in it. Because, as in reality, any participant wants to have value, identity, and so on. This means, there is the popularity of the NFTs. NFT – non-fungible tokens, they can represent ownership of practically anything, video, art, sports, virtual real estate, and even gaming. They cannot be exchanged from one to the other. Hence, each is unique and accrues value independently. By the way, Mark Zuckerberg took up metaverse realization and renamed Facebook to Meta . The company is working on merging digital and physical worlds within a single platform, an ecosystem of blockchain, and has already created VR glasses, for example, for a virtual meeting with friends or colleagues. Your avatar, which will be present there, can be created and owned as NFT. While we are at an early stage in the generalized metaverse development, local virtual worlds are gaining traction — crypto games. They are a blockchain, decentralized, open-source platform with smart contract functionality, whose task is to transform the gaming experience of users by giving players true ownership of their in-game items through the use of NFT. Their gamers can claim, buy, sell, and trade all assets as NFTs and, thereby – earn.  There are different options on which blockchain crypto game is the best, but judging by their rates in 2021 and 2022, there are 3 at the moment. Let's overview these top ones: All are based on the Ethereum blockchain and are partnering with Polygon (fitting Ethereum second-level blockchain) to solve issues around scalability, speed, and transaction costs. All have similar opportunities and exciting worlds that you can create. And if you're going to dive in, you should get any Ethereum compatible wallet to store all your crypto. Still, there are some gaps between these three. Decentraland   • Runs on PC and Mac. There is no mobile version yet, but it’s in progress. • Crypto: MANA ($2.15), LAND. • You can convert your MANA assets from the Ethereum blockchain to Polygon’s Matic Network. • Plenty of games to enjoy. Some need you to pay according to the creator’s design, but lots are free of charge. • The navigation is as usable as it could be. Just move your avatar around a terrain of adjoining games to see your experiences. Sandbox • Runs on PC and Mac, Android and iOS. OS support coming soon. • Crypto: SAND ($2.81). • SAND can be staked on Polygon. • All games are user-created, and anyone can make them for free. Also, you can create assets as NFTs and sell them to other users. If you want to build metaverse experiences, you need to buy the limited LAND resource.   • Both free and paid games where you can earn SAND and use it to enter paid experiences. GALA Games • Runs on PC and Mac. The mobile version isn’t even planned. • Crypto: GALA ($0.2021). • Main position — "Fun first". There are 5 simple to play games in various stages of development, and no need for Blockchain pro to enjoy them. • Free-to-play games with play-to-earn mechanics allow you to unlock real rewards and start making money. Looking at the market cap growth of cryptocurrency of these play-to-earn games is hard to imagine something that could bring down an investment interest in the crypto-economic sector.  Taking on the psychological human desire to escape from external reality, to have fun, and find a better world, where you are a creator, not a ponce, it is difficult to refuse the opportunity to be in a metaverse. And if in addition to creating and entertaining, you can earn money – it is a win-win long-lasting ecosystem.
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How to Buy And Trade Crypto (And Why)

How to Buy And Trade Crypto (And Why)

Ruth Kise 14 min read
The world’s recent events are causing more and more people to think about the safety of their savings. More and more of them choose to invest in cryptocurrency. Here, for example, your wallet belongs to you only, and no one can freeze your assets; on the other hand , the responsibility of the safety and all operations rests only with you. Therefore, you should first understand the following points. What You Need to Know Before Going into Crypto Getting acquainted with the world of cryptocurrencies is better to start with a choice of strategy. Investing or trading are the main ones. The first implies the acquisition of an asset and long storage. The second is short-term speculation. A trader makes many transactions with digital assets, trying to benefit in a short period. Strategy 1: Investments There are a few types of investments in crypto: Buy and hodl You can buy Bitcoin , Ether, or any other coin for fiat and wait for its rate to increase. If handled properly, such an investment will bring a big profit after a certain time. However, no one canceled the negative scenario for cryptocurrencies, and their value can fall sharply, up to a complete depreciation. Besides, such an investment method means investing not even for months, but for several years or more. Put in a trust This way, you invest in a trader who makes transactions on a cryptocurrency exchange and receives your interest. But still, there is a high risk of loss of invested funds because no trader is secure from damages. ICO You can invest in a cryptocurrency company and become its “stockholder”. The disadvantage of this method of crypto investing is the choice of a valid company as well. Strategy 2: Exchange Trading Trading cryptocurrency is an extremely risky craft. The price of altcoins is volatile, on a day it can fluctuate by 10-20%, sometimes by 50% or more. For this reason, it is better to try trading cryptocurrency from a training account first. The largest cryptocurrency exchanges, such as Binance, Coinbase, Huobi, OKEx, and others, allow users to open demo accounts for transactions without making a deposit. This will allow you to get acquainted with the market and the structure of the trading platform, and practice. Then you can deposit a small amount on the exchange. This will help the user understand his psychology: is he able to suffer losses and not make panic, erroneous transactions, control himself and decide with a cold head. In addition, it is necessary to study the theory, listen to lectures on this topic, take courses, and get acquainted with technical and fundamental analysis. All this will help not only to see in the charts the ups and downs of assets but also to predict them. Other Considerations: Fees Transaction fees are an integral part of most blockchain systems. They perform two important functions. They reward miners or validators, who help confirm transactions, and protect the network from spam attacks. Depending on the activity of the network, the transaction fee can be small or high. Its size is also derived from market conditions. Getting Ready to Take Part in the Crypto Market When you are ready with the strategy, ‌choose the best altcoins to buy. Today there are 2290 coins. Some of them are junk, but some can be very advanced. To make the right decision first you must make an analysis of it validity. It is best to start with Coinmarketcap – there is a rating of all cryptocurrencies by capitalization and a lot of useful information. No matter how reliable the crypto is, you can't trust it with 100% of the investment. It is better to distribute money to several tools, so you can reduce the risks of loss. For long-term investments, experts often say that you should choose cryptocurrencies that are in the top 30 at least. They are more stable, traded on many exchanges, and the probability of a sudden scam is minimal. Less popular coins also can be considered for investment. But it is worth understanding that, besides the risks of the fall in rate, there is also a risk of the slip-off. Follow all social media and forums, and monitor its activity: the more useful news on the topic, the better. If you see the developers do nothing, there is no news, then this means that they have lost interest in their project. It's better not to buy such a coin. It is also important to know if there is activity from investors. Also, some coins can operate only on one blockchain, and some you can use on different. So if you are going to trade your funds, ‌keep it in mind and learn about the cross-chain process.   Storing Crypto When you are ready to buy crypto, you must choose the type of its storage. Cryptocurrency wallet – an app, program, or separate device for sending, receiving, or storing electronic money. They are also can be “hot” and “cold”. A hot wallet connects to the internet and could be vulnerable to online attacks, but it’s faster and makes it easier to trade or spend crypto. A cold wallet typically has no online connection, so while it may be more secure, it’s less convenient. Below there are five types, with a brief description of their advantages and disadvantages: Software Wallet (Bitcoin Core, Exodus). These wallets store crypto funds right on your computer. And you usually need quite a lot of space for this. For example, for a minimum installation of Bitcoin Core, you need at least 145 GB on your hard drive - and this is for only one currency; Online Wallet (Blockchain, Wirex). These wallets keep your coins in the cloud. You can use them from any device, even from your phone. But you need to choose the wallet carefully. If someone hacks it, you will lose all. Hardware/ Cold Wallet (Trezor, Ledger). These wallets are separate devices, so they are much more difficult to hack than a regular computer. But you need to carry them constantly, as well as remember the PIN. Mobile Application (MyCelium, Breadwallet). An IOS or Android app that allows you to manage your tools. Convenient, easy, and fast storage, but with low security. In addition, if your phone was lost, the finder will get full access to the wallet. Paper Wallet (WalletGenerator.net, MyEtherWallet.com).  A special site generates private and public keys, that can you can print or record. Also, remember that except for a sheet of paper on which the keys are recorded - they are nowhere else, so the loss is equivalent to the loss of all the money. For investment, cold wallets are better. Thus, you can keep cryptocurrency on a computer or flash drive. Plus - security, no one can steal funds without direct access to it. For trading, the exchanges are the best. Using it, the client can sell or buy crypto and use additional options. Crypto Exchanges When choosing a cryptocurrency exchange, a novice investor needs to focus on some indicators. Such as: Financial turnover of the crypto platform. Large financial turnover shows enough money in the closures of the exchange, meaning that many traders use such a platform. So, such an exchange is high quality and the trader will not have any problems with it. The reputation of crypto exchange. Fees, which are not the same everywhere. For residents of different countries, crypto exchanges can also set geographical limits. The number of trading pairs on the cryptocurrency platform and their market rate. Payment options: find out how and how quickly you can transfer money to a crypto exchange account, and then withdraw it to your account or card. All cryptocurrency exchanges are divided into: Centralized Cryptocurrency Exchanges (CEX): Coinbase, Gemini, Kraken Platforms, where users can trade cryptos and ordinary fiat. They coordinate cryptocurrency, trading on a large scale, using a similar business model to traditional stock exchanges. Centralized exchanges usually offer their customers support, various trading pairs, and gateways for receiving and withdrawing, as well as additional services, for example, stealing, storage capabilities, IEO or DeFi services. Decentralized Cryptocurrency Platforms (DEX): WavesDex, Bancor, Besk, Uniswap Unlike traditional CEX, on such platforms, transactions and trades are automated by using smart contracts and decentralized applications. This type of crypto exchange is much safer since a well-written smart contract will not allow hackers to hack it. There are also aggregators like SwapSpace, where you can look at several offers and choose the crypto exchange that suits you best.  Swapping Crypto If your end goal is not just to put the purchased crypto in a stash, then you can exchange it for another coin. Swapping is a similar process to trading but with more flexibility. You can exchange any cryptocurrency for another even if the pair is not live on-the-spot market. This eliminates paying transaction fees more than once. In most cases, if you’re only swapping a small amount, convenience is the bigger concern here. That said, crypto swapping applies to any level of volume. Buying Crypto with a Credit Card The fastest way to buy crypto is to use a credit card. The process for buying crypto with a credit card is fairly straightforward: Find an exchange that allows credit card transactions. Your first step is signing up for a crypto exchange that allows you to use a credit card. And be ready to pass the KYC . Double-check that your card issuer allows crypto purchases. Enter your payment method. Set up your transaction. Pay off your balance as soon as possible. Pros and Cons of Buying Crypto With a Credit Card Pros Investing without cash on hand. Potentially earning rewards on your investment. Cons Purchases are often treated like cash advances. Higher fees. Your credit score could take a hit. Even more risk. Bottom Line Digital asset trading needs to be taken seriously, calculated every step, and thought about possible negative consequences. The beginner should first decide whether to invest or trade. Then study the theory, take some courses, and practice with test mode. Then choose the cryptocurrency to buy and be ready to lose. There is no game of luck. Don’t neglect crypto education. Crypto trading is hard work. It may take years to understand how the price of assets behaves in a particular situation. Don’t trust anyone and don’t hurry – do your own research before deciding. Choose the proven platforms for transactions and do not fall for fraudsters' ploys.
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Buying Crypto Without KYC: Why, How, and Where

Buying Crypto Without KYC: Why, How, and Where

Ruth Kise 7 min read
More and more countries are beginning to adhere to the norms of KYC and AML, which have already entered ‌force in the European Union and the US. According to them, financial institutions must know their client (KYC) and resist money laundering, scams , and hacking. According to KYC, these databases are checked against various law enforcement agencies' watchlists . Therefore, identification is used to prove that the trader complies with the law and has the right to make transactions. In addition, verification is a method of insurance. For example, in the event of a cyber-hack or a technical failure, the trader will be able to prove that he owns his account and can get his funds back. KYC: Cumbers and Risks To verify the exchange, users might be required to make a passport photo, a selfie with a passport, a photo with the address of the place of registration in the passport, a driver's license, a TIN, and sometimes even an electricity bill. Verification may be required after account registration and/or at the time of withdrawal. In addition, if the transaction seems atypical or suspicious to the moderators, they will require additional documents from the user, for example, confirmation of the source of income (contract).  Due to this, the process can be inconvenient for users – transaction processes are delayed, traders lose on rate changes during verification, or the exchange may block the account because of formal inconsistencies in documents, although the trader trades honestly. Another point is that the requirement to provide documents contradicts the key principle of cryptocurrency – anonymity, freedom and lack of control over the movement of the financial flow . Moreover, providing data to minimize the likelihood of fraud also carries some risks: data leaks are almost inevitable; your data can be shared with third parties and government agencies; leaked or stolen data can be used in an attempt to steal your coins (phishing). Thus, the desire to keep anonymity is so clear and it is still possible. Privacy is Legal First, let’s say that privacy is one of the internationally fundamental human rights. You don’t break the law if you operate within the imposed limits on cash payments (usually around $10,000). And if some users prefer to remain anonymous, some simply want to start trading as quickly as possible, without wasting time waiting for confirmation from the exchange administration; this does not mean that they are necessarily fraudsters. So if you are one of those who wants to stay anonymous and ready to lake risks – the following information will help you ‌make the right choice and deal with your crypto safely. Where to Go to Avoid KYC Most of the crypto exchanges allow you to operate anonymously, but some have withdrawal limits and can feature partial KYC verification. Let’s overview usable types of exchanging platforms: Altcoin Trading Exchanges Binance To open an account on this world’s largest cryptocurrency exchange, you only need an email address. After it users are free to deposit, withdraw, and trade up to 0.06 BTC per day without KYC verification. Spot trading on Binance doesn’t also need verification. However, users who transact large volumes of BTC will need to complete the KYC procedures so that they can transact on the platform. KuCoin This one also offers a wide variety of coins to choose from, as well to purchase with a credit card. All in all, it is a great alternative to Binance. The blockchain imposes withdrawal limits up to 5 BTC per day without KYC. IDEX This decentralized cryptocurrency exchange is specially designed for trading Ethereum and Ethereum-based tokens ( ERC-20 ). To identify themselves, traders only need their wallet addresses. After unlocking your Ethereum wallet, you need to deposit tokens on the exchange, and you can start trading. Also, we should say that if you are going to trade cryptos for fiat, then you should expect to do KYC as well. But there are some ways to get cryptos without ID. Peer-to-Peer Exchanges P2P exchanges don’t hold users’ funds, but rather connect buyers and sellers. HodlHodl   A noncustodial Bitcoin exchange provides escrow service by creating a multi-signature wallet between the users. They do not force you to fill in KYC details, therefore giving you the option to stay anonymous. HodlHodl has a rate of 0.6% shared between both parties and no limits.  Bisq It is the world’s only fully decentralized p2p exchange with a 0.001 BTC – 0.001 BTC rate. This platform is one of the most advanced in the industry and lets you sell and buy bitcoins for fiat. However, it still has low volume and might be difficult for new users. AgoraDesk This fully non-custodial exchange offers a variety of benefits. However, if you want to buy bitcoins for cash, you can find a person who will sell you bitcoins at a meeting – the exchange supports the purchase and sale of BTC for cash. It even offers cash by mail, no KYC, noJS mode, Tor, and I2P, and not even email are needed for registering.  Instant Swap Exchanges Another way is to use instant swap exchanges, such as the ones offering their services at SwapSpace , where you can avoid KYC and currency limits. Such platforms do not require account creation, and they have a large variety of coins to choose from. Xchange The platform provides competitive rates and high transaction volumes. It also operates both web and CLI versions, and can therefore be utilized inside Tails, or Whonix operating systems. StealthEX StealthEX is a privacy-focused noncustodial cryptocurrency swap exchange. They provide over 300+ assets with limitless trading potential. Additionally, StealthEX swaps can also be done through the Telegram bot. SimpleSwap This platform has an extensive set of over 300 different altcoins to choose from, no signs ups are required. It offers both fixed and floating fees, and unlimited swaps, of course. What can trigger KYC? However, blockchains are still on the lookout for frauds and some transactions can cause random identification requests. So there are few trigger events that can cause selective verification.  Going over the withdrawal limits. Unusual transaction activity. For example, an unusually short period of holding funds or frequent selling of coins at significant losses. Also, larger and unusual transactions in cash form also can seem to suspect exchanges. Rise of suspicion that your tokens have a criminal background. If you are going to operate with big amounts, check your Bitcoins for cleanness.
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How to Recognize a Crypto Scam: 7 Warning Signs of Pump-And-Dumps And Other Fraud

How to Recognize a Crypto Scam: 7 Warning Signs of Pump-And-Dumps And Other Fraud

Ruth Kise 7 min read
As you start using cryptocurrencies, you realize that, since crypto is a new financial mechanism, such transactions are associated with risk. Every month dozens of new tokens and apps launch. Blockchain technology is developing, and even experienced investors may find it hard to keep up with its rapid pace. We are not talking about the unpredictability of markets. The crypto market opportunities grow the interest among a broad pool of investors and automatically pander to frauds. Among successful blockchain-related startups and legitimate cryptocurrencies, attackers still try to warm themselves into users' confidence. We've talked about some scams before - now it's time for a deeper look. The Most Notable Scams of 2021 According to Chainalysis reports crypto scammers stole around $7.7 billion from people through various crypto frauds and pumps-and-dumps this year. Here are some of them: Squid Coin A cryptocurrency inspired by the popular show "Squid Game" created significant hype among investors reaching values of around $3,000 in a matter of few weeks. Even legacy media fell for this altcoin . But the developers abandoned the project and fled, robbing investors of $3.36 million. It was a rug pull - a malicious method in the cryptocurrency world, where crypto developers abandon a project and escape with the funds they got initially. SavetheKids Charity Token The cryptocurrency was promoted by e-sport social media influencers as a token that redistributed the wealth of charities. Followers were scammed into buying the coins but later drawn into various pump-and-dump schemes that devalued the currency. In this scheme, proponents typically artificially pump the crypto price up through false advertising and ruthless promotion to sell their tokens and pocket the profits, while investors watch their money going down the drain. Africript South African brothers Ameer and Raees Cajee created the cryptocurrency exchange service called Africript in 2019. Both vanished after announcing that $3.6 billion in bitcoins was stolen from their platform as a result of a hack. However, the story is still unclear, and investors pointed fingers at the Cajees, trying to compensate their funds. Bored Ape Yacht Club NFTs Crypto fraudsters tricked Calvin Becerra into sending over three NFT digital art pieces from the 'Bored Ape Yacht Club' collection under cover of technical support. It is counted that each of them was worth $225,000. But Beccera declared the three apes were together worth $1 million. Poly Network Poly Network is a decentralized finance platform that went through one of the biggest hacks of the year. A hacker found a fault in the protocols that let more than $600 million from users' accounts transfer to his wallet. However, the hacker was a 'white hat hacker' (a nod to the term defining an ethical hacker that tries to expose security flaws so they can be fixed before a nefarious actor comes along). In a few weeks, the hacker returned the complete sum of money and even got rewarded $500,000 by the Poly Network for exposing the vulnerability. How To Recognize a Crypto Scam? There are several methods fraudsters use to manipulate you. Some signs below can help you avoid crypto frauds and keep your funds safe. 1. Hurry. In most cases, scammers hurry their clients and try not to give them time to understand what is happening. Often they use manipulation and threats for this purpose. Do not go along with those who try to confuse and rush you, do not forget to get acquainted with all the available information. Do your research, find the project white paper, and read through it. The document should lay out the background, financial models, legal concerns, SWOT analysis, and a roadmap for implementation. 2. Social media promotion. If suddenly the people you follow (except for known financial experts) are talking about a cryptocurrency, stop and ask yourself, why is this media influencer doing this. It's best to check out whether the project has its website and social media presence. Go straight to the source instead of relying on information from third parties. 3. Exclusive information. To attract attention, fraudsters use a ruse about secret trapdoors in the system. On social networks, fraudsters often share information about an allegedly erroneous exchange rate or successful exchange chains. Both are the loss of money. 4. Low data verification requirements. If you got requirements to operate with tokens in payment systems with low data verification, such as QIWI, then you should take this very carefully. Fraudsters very often use the features of these systems in their favor. For cryptocurrencies, these are non-refundable transactions. 5. Too good to be true. Refuse if you see offers that promise outstanding gains such as free coins and NFTs – often extending into double or triple figures. Pump-and-dump schemes also fall into this category, where the costs of digital assets are bloated, provoking investors to get applied for fear of missing out. Then they’re left holding cryptocurrency that’s worthless when the price suddenly falls. 6. Cryptocurrency trades. Take a look at how it goes. If it's on a well-regarded exchange, it's more likely to be a safer asset. Legitimate companies and endeavors make the system itself and the progress of the token sale easy for probable investors to view. Look for the token sale figures as the ICO is going on. Better yet, monitor the token sale over time to see how it is moving. 7. Fake applications. Another common trick that cryptocurrency investors often fall for is fake applications placed on Google Play and the Apple App Store. Although such applications are usually quickly recognized and removed, some users may become a victim. Thousands of users make such a mistake and download fake applications for working with cryptocurrencies. Investments are always risk-related. In addition to the currency crash due to economic or political movements, there is a risk of hacking the smart contract of improperly secured blockchains. Crypto exchanges also can be hacked . But where risk is high, there are more opportunities. To keep funds a far lesser degree of danger, learn how to properly manage your risks. And the last piece of advice: select and operate only with trusted exchanges with licenses verified by users - such as those offering their services through SwapSpace .
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What Are Cross-Chain Swaps? An Introduction

What Are Cross-Chain Swaps? An Introduction

Ruth Kise 5 min read
Despite the fact that at the dawn of development, blockchain (initially designed mostly for Bitcoin ) perfectly managed with primary tasks within the same ecosystem, time has shown that the possible use case of it is much wider. Thus, according to their ideas and needs, users started to create their new blockchains. And today there are many separate blockchain platforms, ranging from the first-generation blockchain type Bitcoin to the third-generation like Avalanche . All of these projects have separated and isolated chains with their limitations in terms of scalability and innovation within ecosystems. Then there is a major problem of exchanging assets or trading cryptocurrency designed on different protocols. Despite the capabilities provided by platforms such as Ethereum , where tons of decentralized chains running on its protocol are compatible and can easily interact in exchanging cryptocurrencies, assets, and trades, they are still isolated from other platforms. The exchange issue is still open and there is no freedom to exchange tokens running on different protocols. So what if you want coins on one blockchain and have coins on another system. This is where cross-chain swaps come in handy. What Is a Cross-Chain Swap? A cross-chain swap, also known as an atomic swap, is a completely decentralized smart contract technology of exchanging two different cryptocurrencies that run on their own blockchain without any escrow or intermediary. In other words, it allows users to swap different crypto between two chains directly. To better understand the basic principle of these online crypto swaps, consider the following example. Each country has its legal means of payment. Dollars cannot be used in China and yuans in America. That is, currency systems are independent of each other, and different ecosystems of blockchains are also independent. Without using the cross-chain you cannot transfer BTC directly to ETH, since there is no interoperability between these assets. In the traditional financial system, this problem is solved by automatic currency conversion. So if two people (one with USD and the other with CNY) want to exchange their currencies for each other, each of the parties can give the other the number of coins equivalent to the change according to a certain rate. For example, $ 100 would be equivalent to about ¥ 636,099. The same happens with crypto, cross-chain swap allows individuals to exchange tokens (BTC for LTC, for example, as Charlie Lee first did in 2017 and explained the mechanism of cross-chain swap) with crypto holders of different chains. Moreover, the crypto swap takes place directly at the wallet, fastening the process. How Does Cross-Chain Work? As it’s been said before, cross-chain swaps use smart contacts, enabling the exchange of two different tokens running on single blockchains. These smart applications are called Hash Time Lock Contracts (HTCLs), which lock the assets with a key within a specified time to ensure that each party consents. To reduce the counterparty risk the HTCL protocols have two main features: Hashlock Hashlock technology allows smart contracts to lock the deposits with a hash key. When the transaction on both ends is verified, each participant gets a hash key and exchanges them to unlock the coins. Timelock Timelock system sets time limits to secure the operations in the blockchain. The transaction is executed if deposits are made within a timeframe. If not the deposited amounts are returned. Advantages of a Cross-Chain Swap Decentralized functionality Today decentralization is a world high trend, and many upcoming blockchains are being introduced. Cross-chain swaps provide a multi-cryptocurrency exchange and independence on centralized or decentralized exchanges . Enhanced security HTCL smart contracts technology provides improved security and guarantees users a refund if something goes wrong. Cost-friendly P2P Transactions As no centralized network manages the protocol, there are no high switching fees and no need for compliance like registration, KYS, finding a reliable exchange, and more. That's the way how you can save funds and time on swapping your coins. Conclusion Cryptos still outstrip traditional forms of investments in the long run and are an excellent means of hedging wealth. High interest in DeFi brings in more and more investors. In contrast with a centralized exchange system, cross-chain swaps give users the freedom of discovering previously inaccessible markets by dealing with different isolated currencies fast, safely, and without intermediaries. Due to this, organizations nowadays prefer a decentralized system, with blockchain-based solutions developed on multiple protocols. Positive competition and decentralization between them will ensure the profitable development of cross chains, as well as make many digital assets very flexible in their application. All in all, the general idea of the growth of the audience of crypto through simplification makes cross-chain protocols the logical choice.
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