Swap Tracker

guides

Crypto for Free: Top 3 Bitcoin Faucets

Crypto for Free: Top 3 Bitcoin Faucets

June Katz 3 min read
What is a Bitcoin Faucet? Bitcoin Faucets are websites or apps where you can get a certain portion of BTC for free. In the past, when the main goal was promoting digital cryptocurrency among ordinary people, users could get up to 5 BTC for each claim. Nowadays, instead of Bitcoin, faucets give away Satoshi — its smallest indivisible unit equal to 1/100 millionth of BTC, for completing tasks ranging from playing games to watching ads or entering a captcha. It might not be clear from the get-go why there would be many websites giving crypto entirely for free, as it seems. Nowadays, these faucets collaborate with businesses and stay afloat as long as they make enough profit in ads. Since many people use such faucets and some of them can potentially be scams, find below a list of trustworthy Bitcoin faucets.  Best Bitcoin faucets Freebitcoin This is probably the most well-known Bitcoin faucet and it has more than 42 million users. There’s the traditional way of getting BTC when you get coins every now and then and the website also holds things like games, online casinos, and weekly lotteries. They even advertise winning a Lamborghini on the main page. The website claims that one can win up to the 200-dollar value of BTC playing the games or up to 1 BTC playing HI-LO. It’s important to keep in mind that it’s less likely to win the maximum amount offered and these big numbers are used as a way to attract users. The website says one can deposit coins with an interest rate of 4.08%. The referral program is quite generous since it guarantees the user about 50 percent of what their friends are winning on the platform, and it also shows the current price of BTC. The website has a premium version and its own token. Even though the website is famous, it resembles an online casino by design and has too many distractions. Cointiply Founded in 2018, this faucet offers you to watch ads and videos, and play games. The website possesses loyalty and referral features, as well as expert support. Compared to the previous one, it has a more pleasant design and doesn’t resemble a gimmick. It has almost 2 million users and is available on Google Play. Given that one can claim 200 Satoshi approximately every hour, one can withdraw 35 thousand Satoshi to a built-in wallet and 100 thousand directly to your Bitcoin wallet. This website is less generous in terms of the referral program since it only offers 25% for claims and 10% for the earnings. There’s a loyalty program where under the condition that the user logs in daily, one can get up to 100% in bonuses. Once the user possesses 35 thousand coins, a 5% interest rate is guaranteed. The website also has a FAQ where one can find answers about the platform, as well as tips on how to use it more effectively. Firefaucet What stands out for this particular platform is that it is multi-currency. If BTC is not necessarily your coin of choice, you can get Tether, Ethereum, Dogecoin, Litecoin, Dash, Tron, DigiByte, and ZCash on this website. It also has quite a minimalistic design which stands out from other ones where there are luring ads and such. It has a little bit more than 600 thousand users and the coins can be stored on the built-in wallet or your own without any fees. It claims it has the highest rates but one can’t find any exact percentage on the main page. A nice feature is that the website has no pop-up ads.Conclusion Such faucets are suitable for beginners as a good way to acquire some cryptocurrency with little effort and no financial loss. Many of them require your wallet information and have referral programs where you get bonuses for inviting people to the platform. Since possessing BTC, even as little as such websites offer, is a dream for many, we advise you to be careful and use critical thinking when visiting such places. There’s always a chance for the website to turn out to be a scam or use your personal information. If you feel hesitant about a certain website or an action it asks you to perform, do your research and read public reviews on it. Since some faucets use techniques similar to gambling, don’t forget to be responsible for how you spend your time there. It’s worth paying attention to the number of coins for each claim, how much you can withdraw and with which method, and how big the fees are. A good tactic is registering on multiple faucets, comparing them to each other, and multiplying your gains. It’s also important to keep in mind that the terms and conditions of a particular Bitcoin faucet can change over time.
Read more >>
What Is 1inch and How to Buy It?

What Is 1inch and How to Buy It?

June Katz 4 min read
What is 1inch 1inch is the native token on an eponymous aggregator for decentralized marketplaces. 1inch exchange allows its users to track multiple exchanges from a single platform. The protocol collects liquidity from DEXs, using smart contract technology for this purpose, splitting one transaction between several exchanges, which gives users the opportunity to optimize their transactions and get the best possible rates. How it works The 1inch ERC-20 token is a control and utility token on the platform. It is used to control all 1inch network protocols through various modules, as well as a voting mechanism. It possesses the Instant Governance structure where the token holders and key protocol stakeholders can directly vote on protocol and configuration parameters. One of the key features of instant control is that bidders can continuously and dynamically vote to change protocol settings without waiting for bids to be submitted or completed. Each 1inch token holder can stake their tokens, as well as participate in the management of liquidity pools. The weight of each user's vote is in direct correlation with the number of tokens supplied.Advantages and disadvantages of 1inch + The 1inch token takes the management capabilities of the DeFi space to the next level. It enables the most efficient and transparent way to vote on certain protocol settings. With such a model, the voice of each user matters. Moreover, the token currently holds a position towards the end of the top-100 currencies. It has had valuable investors from its inception like Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures и Divergence Ventures. The project is also receiving much approval from Binance CEO Changpeng Zhao, who believes these are the protocols that are fueling the rise of DeFi. These factors indicate that there has always been interest towards the platform and its native token in the crypto circles. The technology was also tested by independent audit companies. - Despite the token’s success in 2020, the developers themselves have said it’s not an investment tool but rather a tool to use on the native platform or be implemented by third parties. This is further proven by the fact that, according to CoinMarketCap, no one stores 1inch for over a year, so the functions and value of the token are limited to the native ecosystem it belongs to. This poses a risk for the token since it’s in close correlation with the success of the eponymous platform. 98 percent of the token is also concentrated in the hands of large holders. Where to buy 1inch During the inception of the token, users could acquire it if they adhered to certain criteria, as well as with the help of liquidity mining. Currently, 1inch is traded on most popular exchanges like Binance , KuCoin , FTX , Coinone , Huobi Global , OKEx , Uniswap , and CoinTiger . The trading usually happens in pairs with BTC, USDT, ETH, WETH, USDC, and such.How to exchange 1inch on SwapSpace? On  SwapSpace homepage , select 1inch in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of 1inch you want to exchange. Choose the instant exchange service that suits you most. Specify the recipient address and check if all the data is correct. Send your 1inch coins to the address you will see on the screen. Wait until the exchange is complete. Where to store 1inch Since 1inch has the ERC-20 standard, it can be stored on any suitable wallet like Trust Wallet , Atomic Wallet , MyEtherWallet , Exodus , Coinomi , imToken , MetaMask , and Ledger . The platform itself also supports any Ethereum-based wallets which are securely integrated into the platform, namely 0x Relay, Uniswap, Oasis, and Kyber Network.
Read more >>
Top 6 DeFi Exchanges in 2021

Top 6 DeFi Exchanges in 2021

June Katz 5 min read
Introduction One of the most remarkable moments for the crypto industry in 2020 took place in August, when decentralized exchanges (DEXs) surprised the world with a trading volume growth of 247% with respect to the previous month, while centralized exchanges (CEXs) could “only” keep it up to the humble amount of an 85% growth. Fast developments in the DeFi space such as liquidity mining, yield farming, and governance tokens have mostly been the ones responsible for the huge increase in trading on DEXs. Let’s find out what makes them so attractive and which ones you should keep an eye on: Characteristics of DEXs Non-custodial: Popular CEXs like Binance or Coinbase have frequently been criticized for their ability to be the ultimate custodians of any user’s private keys, and therefore their assets. Some may argue that this allows them to manipulate funds as they see fit, just like banks hold their customers’ fiats and move them around all the time. At DEXs, this is no longer possible because irrevocable ownership of the assets is guaranteed to any user.Automated: Most DEXs use the Automated Market Maker (AMM) algorithm to facilitate trading, which allows fast transactions free of intermediaries and keeps liquidity at healthy levels. Low trading fees and intuitive interface: swapping digital assets without having to break down the trickiness of the process had never been so inexpensive as with DEXs.  A higher degree of anonymity: only a link to a wallet is required to start trading, no need to spend your time signing up and filling in your social security number and other personal data to be granted access. How do DEXs work?  Sellers and buyers are connected through a global liquidity pool, which instead of being centrally managed and organized, works on a series of self-executing smart contracts that include automated processes to bring each transaction to its best price. Usually, any user must connect their external wallet, where they can easily deposit their funds in fiat and convert them into cryptos so that they can operate at the DEX with the cryptocurrency of their choice.One of the main disadvantages that most DEXs present is the absence of an option to swap fiat for cryptocurrencies at their platforms. While there are a few DEXs that allow this possibility, most of them will require you to trade with a cryptocurrency that you will have to hold in your possession previously. Key DEXs features to ponder Slippage: this is usually the product of high volatility in the markets when large price fluctuations make the trade take place at a lower price than the one attempted for in the first place. Good protection against this can be applied by trying to avoid trading coin pairs with respectively low market cap, despite most DEXs will show you the expected slippage on their sites.  Trading volume: it’s no secret that exchanges with larger relative volume will reach a wider audience and therefore become a higher trusted place.  Audit record: Every reputable DEX will have to go through strict scrutiny before they’re allowed to be publicly available. Checking for audit history is never a bad idea when choosing to trade on a new platform. Beta mode: you may encounter a few exchange projects that have not yet been developed to their full potential. While some of them could perfectly be the next big thing, it is a riskier choice for newcomers who are looking for some first experience. Social media: surveying the social platforms of projects will show you how engaged their community is with them and among themselves, which is a good metric to decide your DEX of choice on. Best decentralized exchange: top picks Uniswap Probably the most popular DEX of the industry since August 2020, Uniswap was born to serve 2 purposes that have proven to be highly successful. The first one was to be an exchange within the Ethereum ecosystem, and the second one to use its own liquidity providing protocol, otherwise known as the automated market maker. It currently supports any pair of swapping with Ethereum assets and has low gas fees. Curve Curve is the place to go if you’re looking for one of the most efficient stablecoin trading exchanges at an incredibly low rate of slippage. With a simple interface and some of the safest smart contracts in the entire DeFi landscape, Curve is an excellent place to trade any of the most popular stablecoins like DAI, USDC, USDT, TUSD, BUSD, PAX, and sUSD. Kyber This on-chain liquidity protocol acts both as an Ethereum-based smart contract swapping platform, and as a liquidity aggregator that always uses the pool with the best exchange rate possible, regardless of where the orders have been placed from. Its liquidity-accessing interface can be integrated from: smart contracts and Dapps to wallets and vendors. They use their native token, Kyber Network Crystals ($KNC), for rewards in trading fees and governance.  Bisq Bisq is a simple and intuitive DeFi project where trading fiat for well over 120 cryptocurrencies is possible. Their degree of decentralization is such that there isn’t even an automated mechanism for finding the best matches between buyers and sellers. Instead, users must manually search for orders in their trading pair of choice, which Bisq argues to be the truest form of peer-to-peer trading. Operating as a client and not as a company, they guarantee that security, non-censorship, and transparency will never be taken away by anything or anyone.  1inch 1inch is one of the leading DEX aggregators of the market, which works by connecting users to the best and cheapest prices of different DEXs. Trading fees vary across different exchanges, and 1inch has found a way to automatically connect any user with the best deal they can get. On Christmas Day 2020, they launched their own 1INCH governance token, which users can buy and hold to vote on how the platform is run.  0x 0x is where tokenization happens. Literally. This revolutionary project believes in the possibility to create tokens for virtually any form of value, whether it be cryptocurrencies, bonds, real estate, or software licenses. They firmly believe that what the internet did to information, public blockchains can do to financial services. Their own token is ZRX, used to pay for transaction fees and since 2019, acting as a governance mechanism as well.  Conclusion DEXs’ popularity and usability are growing at a fast pace and it is highly supported by the significant progress made in their technology. There’s plenty of reasons to expect their presence to increase and to keep on gaining market share to CEXs, as DeFi continues to develop at high speed. There’s still room for improvement and disadvantages to be taken care of, but with a growing community of users rooting for decentralization, we expect DEXs to be a major player in the future. 
Read more >>
Top 11 Crypto Movies You Need to Watch

Top 11 Crypto Movies You Need to Watch

June Katz 5 min read
Increased public attention to cryptocurrency and the rising popularity of blockchain technology has made crypto a feature of daily lives in the short span of several years. This has not gone unnoticed by filmmakers, who set out to explore the topic in serious, and sometimes comedic, ways. While crypto as the central plot point has mostly featured in documentaries, it is not unheard of for it to make an appearance in fiction, both live-action and animated. Bitcoin: Shape The Future (2017) A documentary film by Bitkan, a Bitcoin trading services provider, that offers a peek into the history of the decentralized blockchain from China’s perspective, while covering the worldwide Bitcoin community as well. The founders of some companies in the Chinese crypto space appear in the movie, such as Jihan Wu from Huobi. The Rise And Rise Of Bitcoin (2014) The film follows Daniel Mross, a computer programmer and a crypto-enthusiast, who got into Bitcoin in 2011. The documentary was intended to educate people about cryptocurrency and accelerate the development of blockchain technology. Filled with interviews with Bitcoin pioneers like Erik Voorhees, Charlie Shrem, and Mark Karpeles, the film introduces everymen to the world of cryptocurrency, by telling both success stories as well as downfalls. Deep Web (2015) Narrated by Keanu Reeves, this film follows the events surrounding Silk Road, Bitcoin, and the dark web. Centered around the trial of Ross Ulbricht, the creator of Silk Road, the film features interviews with Wired writer Andy Greenberg and developer Amir Taaki. I am Satoshi (2014) "I am Satoshi", named after a mythical Bitcoin creator , is an argumentative project that discusses the advantages of using cryptocurrency over traditional currencies and payment systems. Similarly featuring interviews with the biggest personalities in the crypto world, the documentary presents a study of Bitcoin in relation to the global financial system. Bitcoin in Uganda (2014) Telling the story of Roland, a student from Uganda in the US, "Bitcoin in Uganda" serves as an example of how cryptocurrency can make a real positive change in people’s lives. Roland relies on his family to send him tuition money and traditional payment systems usually charge a substantial fee for money transfers in addition to taking days for the transfer to go through. Bitcoin came in as a game-changer for Ronald’s family, allowing them to avoid the slow and expensive payment system. Life on Bitcoin (2014) The documentary follows newlyweds Austin and Beccy who have set on a quest to live the first hundred days of their marriage relying exclusively on Bitcoin. "Life on Bitcoin" highlights the challenges of trying to use Bitcoin in small cities, demonstrated by the troubles the young spouses ran into while trying to convince local retailers to accept cryptocurrency and resorting to travel great distances just to be able to buy everyday essentials. Bitcoin: The End of Money as We Know It (2015) The film argues that Bitcoin, with its decentralized nature, can challenge the traditional banking systems. The documentary traces the history of money from the bartering societies to the financial trade hubs of our time. Criticizing the current practices of central banks and financial actors guilty of the 2008 crisis, the film points out the involvement of governments in the money creation process and the inflation that results from it. Banking on Bitcoin (2016) The film tells the stories of the pioneers of Bitcoin, analyzing both the successes and failures of the first cryptocurrency owners. It is an examination of the history of Bitcoin as well as its prospects for the future in the battle against traditional payment systems and fiat money. The documentary features interviews with Charlie Shrem, Eric Voorhees, and Gavin Andresen. The Blockchain and Us (2017) This award-winning film presents opportunities and challenges of Bitcoin and the blockchain in general in interviews with developers, cryptologists, researchers, venture capitalists, politicians, and futurists from both Europe and the US. This is not a film that only explains the technology, but also tells about its real-life application. Silicon Valley (2014 – present day) Bitcoin, cryptocurrency, and blockchain feature prominently in Silicon Valley, a sitcom that explores the life of a group of young programmers attempting to launch their start-up while dealing with fierce competition and personal drama. Cryptocurrency and blockchain appear both in the background as something inherent to the contemporary world of IT, a topic of conversations, jokes, references, and even as the central plot point of the episode "Initial Coin Offering", where the gang engages in mining Bitcoin. The Simpsons (Season 31, Episode 13 – 2020) Having found its way into popular culture cryptocurrency was bound to appear sooner or later as a topic in "The Simpsons". In the recent episode “The Frinkcoin” Springfield’s professor Frink launches his own cryptocurrency thus becoming the richest man in town - something that the show’s frequent antagonist and old-school billionaire-caricature Mr. Burns cannot tolerate. The episode, as it is supposed to, ends with things returning to the way they were before in order to teach us the value of friendship and that money cannot buy happiness. With blockchain becoming increasingly integrated into daily life as new uses for it are being found every other day, in the last few months we have found ourselves in a situation where the public eye once again latches onto the price of Bitcoin. The short list above gives only a glimpse of the multiple references to crypto found on-screen, yet one can say with confidence that we will only see more of it as time goes by.
Read more >>
Not Yet the Moon but Stars: Celebrities Promoting Cryptocurrencies

Not Yet the Moon but Stars: Celebrities Promoting Cryptocurrencies

June Katz 5 min read
The time-tested method of using celebrity promotions has not gone unnoticed by advertisers and PR specialists from the booming cryptocurrency industry, as recent years saw multiple high-profile athletes, entertainers, and actors being recruited by various crypto-companies to hype up their products and services. Yet, regardless of how appealing and sincere endorsements from celebrity idols may look like, it is worth reminding all aspiring crypto-investors to exercise caution, as stars do not always have the best interests of their fans in mind, whether they’re promoting a hair gel or an ICO . Lionel Messi Barcelona captain Lionel Messi has promoted an Israeli company Sirin Labs and has become their global brand ambassador in 2017. Sirin Labs is the developer of the blockchain smartphone with a built-in cold wallet. On his Instagram, Messi claimed to be highly excited about blockchain technology, which, no doubt, has not gone unnoticed by his numerous fans and followers. Luis Suarez Messi was not the only football star to get involved in the cryptocurrency business. Messi’s former fellow Barcelona team member, and current Atlético Madrid striker Luis Suarez has urged his followers to join him in making predictions on sporting events on the Ethereum-based prediction platform Stox . Mike Tyson In 2015 the former heavyweight boxing champion Mike Tyson promoted Bitcoin ATM. The three ATMs, all of which were placed in Tyson’s home city of Las Vegas, were operated by Bitcoin Direct, a subsidiary of Conexus Corporation. The Tyson-branded ATMs promised to provide instant Bitcoin-to-cash services available to the general public. The Game Similar to star athletes, musicians were also quick to join the crypto crowd. US rapper The Game, who owns a marihuana dispensary in Oregon, recognized blockchain’s potential to revolutionize the cannabis industry. The Game joined the advisory board of the tech company Paragon, which aimed to provide decentralized solutions for both cannabis businesses and consumers, as well as external investors. However, as of 2020 Paragon announced that it was forced to close the project, as it failed to overcome numerous legal hurdles. Kanye West Despite the absence of his confirmed investments in crypto, rapper Kanye West has also contributed to attracting popular attention to blockchain technologies. During a 2018 interview, Kanye remarked about his willingness to use cryptocurrencies and encouraged everyone to look forward to the future. Following the interview, Kayne, in his signature style, tweeted "decentralize", which has been taken by crypto-enthusiasts to refer to the blockchain. Madonna Pop icon Madonna, who had long since established herself as a philanthropist, endorsed cryptocurrencies as a secure payment method during her fundraising campaign for the Raising Malawi foundation. To organize the online fundraising, Madonna joined efforts with Facebook and the cryptocurrency platform Ripple . Johnny Depp Johnny Depp, who remains one of the most recognized contemporary actors, has active stakes in the crypto business. In 2018 Depp became a partner in the crypto startup TaTaTu , a cryptocurrency platform that allows users to receive tokens as rewards for interacting with entertainment content such as movies or games.Although, prospective crypto-investors should be cautious about celebrity endorsements of ICOs. Over the years dishonest entrepreneurs frequently used famous people as a way to promote and hype up ICOs and crypto startups, a lot of which have later been revealed to be scams. Floyd Mayweather Back in 2017 world-famous boxer and multimillionaire Floyd Mayweather had been engaged in promoting the ICO of the cryptocurrency company Centra Tech. In a promotional post, Mayweather went as far as asking fans to call him “Floyd Crypto Mayweather” and urged his followers to get a hold of Centra tokens as fast as possible. Mayweather also claimed that Centra had made licensing agreements with Visa, Mastercard, and Bancorp.However, this had turned out to be false. Moreover, soon after the initial endorsement the US Securities and Exchange Commission (SEC) charged the founders of Centra, who had raised $25 million during the ICO, with fraud. Mayweather together with hip-hop artist DJ Khalid, who had also endorsed Centra’s ICO, were fined $767,500 in total.  John McAfee Tech entrepreneur John McAfee, most famous for creating the McAfee anti-virus software and his rock’n’roll lifestyle, has actively promoted various ICOs, for which he has received financial compensation. Additionally, on his own accord, McAfee famously made farfetched predictions about the value of cryptocurrencies, such as Bitcoin , reaching $1,000,000 by 2020 to attract new users to the blockchain field.However, it was revealed that McAfee lied about being an investor in some of the ICOs he promoted. It has turned out that Mcafee had been receiving tens of millions of dollars for the promotions which were found out to be scams.In the end, while it may give a sense of security to see your favorite stars promoting a product, you have to remember that this is often used as a marketing stunt. It is important to keep a clear head and to do your own research before making decisions.
Read more >>
Holidays are coming: feel the spirit with the crypto advent calendar by SwapSpace

Holidays are coming: feel the spirit with the crypto advent calendar by SwapSpace

June Katz 4 min read
The advent calendar by SwapSpace exchange aggregator features everyday Christmas giveaways, airdrops and crypto collectibles to cater all crypto lovers.  Key Takeaways SwapSpace exchange aggregator has announced a virtual advent calendar with prizes to be won every day from December 1 up to Christmas Eve To be eligible to participate, the players just need to open a card every day – as simple as that It’s free to enter, free to play, and offers the chance to win some gifts in crypto The countdown to Christmas is eventually on! To feel the holiday spirit, SwapSpace exchange aggregator has started the countdown with special gifts for crypto fans. The SwapSpace’s Advent Calendar has started on the 1st of December and is now ready to spread fun, anticipation and good cheer heading into the holiday season. Behind each of the calendar’s 24 windows is a special prize in form of various cryptocurrencies, or a chance to take part in a raffle for a CryptoKitty.  How does it work? Go to the Cryptocurrency Advent Calendar page ; Check what day it is and open today’s card. You cannot open the previous or future days cards; Follow the instructions: play a game, provide your wallet address or Twitter username; Enjoy your gifts! For most of the prizes, you will need to play the game by picking one cell out of 100. The amount of coins you’ll get is up to your fortune. All the cell sequences are encrypted with the SHA256 algorithm so you could choose that the sequence is true and the lucky cells weren’t replaced. The Advent Calendar can be opened from December, 1st, till the last prize on Christmas Eve on December, 24th. The calendar works on your local time: you can open the second card until it’s the 2nd of December in your time zone. The prizes will be delivered in the next days after you open the cards. Prizes Up For Grabs SwapSpace’s Christmas presents are surprisingly diverse and universal. To name just a few, they include Nimiq, Electroneum and DOGE airdrops, NavCoin giveaway, CryptoKitties giveaways, and much more trophies for any taste. December 1 – Nimiq Airdrop December 2 – CryptoKitty Giveaway December 3 – Electroneum Airdrop December 4 – NavCoin Giveaway December 5 –  CryptoKitty Giveaway December 6 – Dogecoin Airdrop ... Join the festive to learn more! About SwapSpace SwapSpace is a rapidly growing instant crypto exchange that attracts customers with the availability of rare coins, reliable support, and fast and easy transactions. It operates on the aggregator model, uniting the rates from the major and well-established cryptocurrency exchanges such as Changelly and SimpleSwap and young but promising instant exchanges winning with the lowest fees. It supports over 300 cryptocurrencies, adds no fees to the exchange rates provided by the integrated exchanges, and suits both novice and advanced users. It also attracts developers with its open API and Affiliate Program and bloggers with the opportunity to get crypto for videos about the exchange.
Read more >>
Top 4 Blockchain-Based Games in 2021

Top 4 Blockchain-Based Games in 2021

June Katz 4 min read
Blockchain-based games offer an attractive opportunity to earn cryptocurrency as you play. Another point that can attract not only crypto enthusiasts but also gamers is the fact that decentralized platforms and games’ connection to cryptocurrency wallets allows the players to keep their items indefinitely, no matter what happens to the game itself. Apart from this, blockchain games can serve as an incentive for more people to get into cryptocurrencies, thus expanding the pool of cryptocurrency investors. We will introduce some of the examples of blockchain games that have gained a following among the crypto community. Lost Relics Lost Relics is a dungeon exploration and combat role-playing game similar to Diablo, where the main point is to collect relics all around the world with an endless story mode. The game is based on the Unity engine. Players need an Enjin Wallet connected to their account to be able to play and use blockchain items.The in-game relics are ERC-1155 Ethereum items that can be sold or traded, both in-game and outside of it. When the players are moving blockchain items to their wallet, to other players, or to different marketplaces, they will need ETH and ENJ to pay transfer fees.The gameplay is similar to other dungeon crawlers: kill monsters and collect artifacts. However, what stands out in Lost Relics is the absence of a skills tree or a class system, instead, the player can use the artifacts found in the game to buff their character or customize it. The artifacts, or relics, differ in their rarity, those can be uncommon, rare, epic, legendary, mythical, and transcendent, with some of them being one of a kind in the whole in-game world. However, if you lose and don’t make it out of the dungeon alive, you also lose the relics. With that being said, the items that have been added to the players’ digital assets cannot be lost. 0xUniverse 0xUniverse is a strategy game based entirely on the Ethereum blockchain, meaning that players can see all of the in-game actions on the blockchain. This is a game of space exploration, with players conquering new planets and unraveling the mystery of the universe. Each planet is a digital collectible that acts like an asset both in-game and outside of it: players can sell or trade the planets or their resources with other players and earn Ethereum while doing it. The planets differ in their rarity: common, rare, epic, and legendary, with the rarest planets being the most expensive ones.While luck is certainly necessary for being successful at 0xUniverse by finding rare planets, there is also quite a bit of strategic thinking involved related to buying and selling planets: players should always pay attention to what is presented in the market at that moment as well as current Ethereum gas prices.To begin the game, a player is required to buy one planet. After that, the player can build spaceships and start exploring. EOS Knights This blockchain-based game is available both on mobile and desktop extensions and is free-to-play. EOS Knights is organized on the EOS platform and to start the game players need an EOS Wallet.The aim of the game is to defend the village from attacks. Players do not actually participate in the fights with the attackers, instead, they can level up their characters and collect resource materials from the battles, which can be used to craft new items and make the heroes more powerful. The same resource materials are the game’s currency: players can sell or trade them as well as exchange them for EOS tokens .There are three playable characters – a knight, an archer, and a mage. Depending on the class, the characters have different stats. Additionally, players can adopt pets, which pair up with the heroes to increase their stats. Gods Unchained Gods Unchained is a free-to-play card trading game based on Ethereum and backed by Coinbase. Its creators already had experience in game creation previously working with Google and Riot Games.New players receive a free collection of cards – a Welcome Set, which helps them dive into the game. There are several game modes to choose from – one can either play against a computer or face real opponents online, which will allow the player to gain experience and unlock different card packs. The ultimate playing mode Ranked Constructed allows the player to unlock prizes and earn Flux. Flux is used to forge new, higher quality cards, which are a part of the Ethereum network and have real-world value and can be traded for fiat money.Each game involves two opponents playing against each other. As with other trading card games, quite a bit of strategizing is required. However, the rewards are worth it. Unlike some trading card games, players do not have to necessarily buy the best cards to win, they can earn them just by playing.Every weekend there is a tournament that players can participate in to earn rewards. Furthermore, the creators are also currently working on a World Championship with a prize pool of a few hundred thousand dollars.  Conclusion  The advantages of blockchain games are obvious: you can play to earn cryptocurrency and you will always know that the items that belong to you will not disappear because of an update or some company policy. However, although the above-mentioned games offer some fun gameplay, blockchain games in general still lack many features of gaming experience expected from traditional video games.
Read more >>
What Is Telcoin and How to Buy It?

What Is Telcoin and How to Buy It?

June Katz 5 min read
What Is Telcoin?  Telcoin (TEL) is an ERC-20 token developed by Telcoin Pte. Ltd., a Singapore-based telecom-focused team of developers. The project aims to integrate blockchain technology with worldwide mobile networks: Telcoin has a goal of bringing instant international money transfers to all mobile phone users. The company’s main products are the TEL token itself and the Telcoin Wallet app, which can be downloaded off of the App Store or through Google Play. The wallet allows users to transfer TEL to third parties without paying the commission fees normally associated with global money transfers. The Telcoin Wallet provides a safe way of sending TEL to any phone number and transferring your assets to and from any other ERC-20-compatible wallet address.How Does Telcoin Work? Since Telcoin’s launch in 2017, the project has garnered a lot of attention for its ambitious plan to merge the telecom industry with blockchain technology. Telcoin is all about making money transfers easier and smarter — both in peer-to-peer transactions to individuals’ phone numbers and while interacting with e-commerce stores.Telcoin is working closely with major mobile networks in areas of the world where getting access to traditional financial institutions is a hassle. This partnership benefits disadvantaged populations by providing access to previously unavailable financial services with the only requirement for participation being a working smartphone with a phone plan.The project utilizes an API that helps promote network interaction and cooperation. Operators and networks can integrate with Telcoin via this API; this, in turn, qualifies them to receive constant TEL issuance. Networks that receive more traffic and have a higher integration maturity will earn more TEL as a reward.In addition to the company’s official wallet, Telcoin can be integrated with existing mobile wallets. Payments transferred through partnered mobile wallets are free with the only fees being the ones from converting TEL into other cryptocurrencies and converting those cryptos into fiat. Free in-app operations with conversion supported by local telecom companies will undoubtedly help both consumers and business owners looking for ways to cut down on extra costs.The project’s end goal is to facilitate the overall unbanking of the world by providing an alternative to traditional money transfer platforms via cheap remittance, payments, credit, and other perks that can be achieved through blockchain technology. [embed]https://www.youtube.com/embed/iBBlWMjDsXw[/embed]  Telcoin Benefits and Drawbacks Pros:  Worldwide accessibility. Telcoin partners with many mobile operators and all the major electronic wallets as an ERC20 token, which allows the project to reach an unprecedentedly large community of users. Cost-effectiveness. As per the most recent research, global remittance fees average at around 7%, while Telcoin is targeting an average cost of less than 2% of every transaction, and only 0.5% commissions for a remittance. Experienced team of developers. The staff behind Telcoin boasts an experience of over 10 years in both blockchain and telecommunication. Cons: An unprofitable investment. As of October 2020, TEL ranked 372 in the list of cryptocurrencies and has never risen above $0.004 per single coin over its entire lifespan. Not backed and unaudited. Telcoin is not backed by any physical commodity or fiat currency and was never officially audited by any regulating authority. Telcoin Future Surprisingly, with the latest Bitcoin surge, Telcoin managed to breach the resistance level and almost beat its all-time high at $0.008683. It actually gains 4 times, far outperforming Bitcoin. The market capitalization of Telcoin raised to more than 380 million USD accordingly. What was it – first signs of a forthcoming success or pure market games? Well, two things we know for sure. First: Telcoin actively revolutionizes the remittance market in the Philippines and other “unbanked” countries. And the second thought – Bitcoin is not going to go down yet, thus Telcoin’s closest future will flourish. How and Where to Buy Telcoin? As of today, TEL tokens can only be bought in exchange for other cryptos. If you want to buy it for cash, you’ll need to buy BTC or ETH first.  Coinbase – the most prominent place to buy Telcoin Latoken – a reliable exchange to get some TEL tokens KuCoin – one more well-established crypto exchange to buy Telcoin Uniswap – DEX providing Telcoin buying options Balancer – buy Telcoin on DEX If you prefer to buy Telcoin for crypto, we would recommend going for instant exchanges. Here’s how you can get your hands on some TEL tokens: Go online to find an exchange or a crypto exchange aggregator – these allow users to analyze the real-time costs of crypto on multiple exchanges at the same time in order to find the best bargain possible. SwapSpace works best: these list TEL against most other crypto coins. Compare exchange rates and swap any crypto in your inventory for TEL. The Telcoin whitepaper also proposes that soon consumers will also have the option of buying TEL directly from their mobile operators by using their account credit or wallet holding. How to Store Telcoin? TEL is an ERC-20 token and can be stored on any wallet that supports the protocol. The best Telcoin wallets include:The official Telcoin Wallet . MyEtherWallet , available as a browser extension or as a downloadable app. MetaMask , an in-browser wallet. Ledger , a highly-trusted hardware wallet. Trezor , another secure physical wallet perfect for storing ERC-20 tokens. Conclusion The international remittance market dominated by large players like Western Union has been long due for a revolution. The integration of mobile technologies and blockchain could very well provide a solution to the drawbacks these big players experience, including slow transaction rates and uncomfortably-high fees.The need for cheap and fast global transactions will only increase over time. Telcoin’s attempt at pioneering an untapped market has the potential to yield outstanding results. On the other hand, the project’s entire business model is highly dependent on the cooperation of major phone operators’ willingness to integrate Telcoin’s technology into their own.Most analysts view TEL as a high-risk high-reward investment with the potential to either blow up in the market or entirely fizzle out over time.
Read more >>
Smart Contracts And Their Mission. Part 2

Smart Contracts And Their Mission. Part 2

June Katz 9 min read
The history of smart contracts is longer than most of us are inclined to assume. How it all started, who was behind the concept, and what was required to make smart contracts possible in practice – all of that you can learn in the first part of this exposition. Here we are going to explore practical implementations of the technology and then top off with what smart contracts are trying to achieve, what their mission is. Smart Contracts And Cryptocurrencies As smart contracts were first introduced in the cryptocurrency space, it is little wonder they got universal adoption for use with crypto. Bitcoin and other cryptocurrencies are mostly utilized as vehicles for trading and often serve as investment assets, so the first use cases of smart contracts were associated with this field. More specifically, smart contracts lie at the core of the vast majority of decentralized exchanges like IDEX and decentralized stablecoins such as MakerDAO ’s Dai that work as proxies to fiat currencies on these exchanges.  Smart contracts are the sum and substance of the newest approach to decentralized trading based on liquidity pools and automated market maker protocols. Conventional exchanges, whether decentralized or otherwise, use order books to discover the market price through the equilibrium of offsetting orders. Here you trade against other traders. With liquidity pools, however, you trade directly against a smart contract where the price is determined by the balance of pooled reserves aka liquidity held by the contract.  The exchanges leveraging this technology such as Uniswap , Curve , Balancer , Kyber , 0x , dYdX have easily overtaken all other decentralized exchanges thanks to the simplicity of use and trustless nature that smart contracts and decentralized applications built on top of them provide. And you can not only trade there but also provide liquidity through the same smart contract and earn by accumulating fees. With centralized exchanges, you forever remain at the mercy of the exchange, so the immense popularity of these services is well deserved. The introduction and development of the smart contract technology led to the emergence of an entirely new field in the crypto space that came to be known as decentralized finance, or DeFi for short. DeFi aims at removing intermediaries from the financial services with the help of smart contracts. Decentralized lending & borrowing that has got a lot of traction recently is the service that fully embraces this ethos. Instead of banks, lenders and borrowers use decentralized lending platforms that employ smart contracts under the hood. The smart contracts that power the vehicle of decentralized lending & borrowing enable a trustless environment from which both lenders and borrowers benefit tremendously. The absence of intermediaries, no need for credit bureaus, automatic enforcement of lending terms greatly reduce overhead costs and simplify the entire process – all thanks to the magic of the smart contract tech. To be sure, the space is crowded with big and small players such as Aave , MakerDAO , Compound , etc that are eager to leverage this technology.   In his seminal paper on smart contracts Nick Szabo, a computer scientist who first came up with the concept of smart contracts, suggests their use for building synthetic assets. These are formed by combining different types of assets, for example, bonds and derivatives in one way or another. And what do you think? This is exactly what Synthetix does now by creating on-chain synthetic assets, the so-called Synths, such as synthetic currencies and commodities, along with more complex assets. They didn’t even bother to change the name! Smart Contracts Beyond Cryptocurrencies If you want to learn more about DeFi in general and what projects are involved in it harnessing the smart contract tech, you may want to read our two-part review of DeFi here . But while DeFi is probably the best use case as well as the most notable example of smart contract real-life application, this tech goes far beyond the cryptocurrency space. As there are many areas where the distributed ledger technology can be adopted in a productive way, smart contracts are one of the tools that help make these fields more efficient and effective. Ironically, one such area is the banking sector, whose faults and failings were the primary reason and motivation behind the creation of Bitcoin, according to Satoshi Nakamoto. In a strange twist of fate, smart contract-enabled blockchains can be quite useful in this field as well. For example, trade finance is a huge part of global commerce where banks issue all kinds of bank guarantees and letters of credit. Smart contracts help in this area by streamlining the entire process and dramatically reducing the trade document turnaround.  Decentralized eCommerce marketplaces are another domain where smart contracts have already gotten wide recognition. For example, one of these marketplaces, Particl.io , implements a variety of decentralized trustless escrow. It is based on a special type of smart contract which has its roots in the game theory and famous Nash Equilibrium. The funds of the parties remain locked in an escrow contract until everyone is happy with the trade, which removes the need for a trusted escrow agent and helps avoid scams and frauds. Smart contracts also enable the creation of tokens. A token is a smart contract that adheres to a set of rules or specifications. Just like regular cryptocurrencies, tokens must be fungible. Fungibility means that all tokens of the same type are mutually interchangeable. However, not all tokens are required to follow this rule. There is also a class of tokens that are required to follow the reverse of the rule and thus be unique. Such tokens are called non-fungible tokens, or NFTs, and they open up unique possibilities (pardon the pun). You are most certainly familiar with CryptoKitties . A CryptoKitty is a smart contract on the Ethereum blockchain represented by a non-fungible token. This guarantees that each digital kitty is one of a kind. CryptoKitties enjoyed tremendous success and sparked off similar efforts that led to the creation of blockchain gaming. In blockchain games such as My Crypto Heroes , Decentraland , Etherbots , Gods Unchained , and their likes, NFTs are used as in-game items similar to conventional multiplayer online games, say, Warcraft. However, NFTs have an indisputable advantage over traditional in-game items. As they are just smart contracts on a certain blockchain, for instance, Ethereum, where they are technically known as ERC-721 tokens, their owner can do anything with them. He can sell and exchange them outside the game environment, or even use them in a different game if they are supported there. This is in stark contrast with games like Warcraft, Guild Wars, or Fortnite, where the game developers have full control over any in-game item available. Austria's national postal service came up with a very interesting idea of using NFTs as a collectible that relies on the proclivity of many people to obsess over things such as rare coins, baseball cards, and, yes, postage stamps. Now, you can buy a stamp that can be used to send mail as before and also receive an NFT on the Ethereum blockchain that holds an image of the stamp. You bet, all issues of these stamps were sold out in less than no time. We can only praise and applaud the creativity of Austrian mailmen.  Non-fungible tokens are basically digital certificates that store information about something or someone and prove your ownership of it. That’s why they are now rapidly expanding into other areas and serve as the basis of asset tokenization. Here a non-fungible token represents a designated real-world asset that can be tangible or intangible. Today, you can even tokenize your property rights and trade them like regular stocks online, as well as invest in them if you happen to be on the other side of the trade. Just in case, the idea of property tokenization via smart contracts was also first suggested by Nick Szabo. NFTs, under whatever name, are poised to dramatically change lots of fields and areas in the coming years. But let’s not forget that they are still smart contracts, although of a special kind, with each instance designed to be unique.  Mission Of Smart Contracts It can be said that Bitcoin made a revolution while smart contracts extended it far beyond the reaches of finance where Bitcoin truly belongs. This called for the technological innovations making up for the lack of the required functionality that the blockchain is capable of delivering but that was, and mostly still is, absent in Bitcoin. In a sense, smart contracts are trying to achieve what Bitcoin failed to. Having evolved into a mature technology, smart contracts are actively making inroads into areas that are not even remotely related to cryptocurrencies, but where blockchain can still prove valuable and instrumental as use cases described above clearly demonstrate. In this manner, the mission of smart contracts consists in realizing the full potential offered by blockchain technology.  In other words, it is not so much about blockchain as smart contracts leveraging it to the hilt.
Read more >>
Smart Contracts And Their Mission

Smart Contracts And Their Mission

June Katz 5 min read
Ever since their inception in 2015 with the launch of the Ethereum blockchain , smart contracts have been expanding into new fields and areas. From the illustrious decentralized finance to the management of supply chains and railroads, there is no end in sight for the realms and domains where the smart contract tech is making a lasting change. Given this spectacular rise to prominence, it may be worth looking deeper into the nature of the technology and what makes it so important, why it revolutionizes everything, and how it is used at a most down-to-earth level. Hopefully, after reading this two-part exposition, you will be able to better see the big idea behind this truly fascinating concept. Historical Background of Smart Contracts The idea of smart contracts dates back to Nick Szabo, a computer scientist, and his 1994 short paper Smart Contracts . In this way, it predates not only its first distributed ledger implementation as represented by the Ethereum blockchain, but also the blockchain tech itself, and by a large margin at that. Nick Szabo is also the one responsible for coining the term. According to him, “a smart contract is a computerized transaction protocol that executes the terms of a contract”.  Conceptually, smart contract design leaves no leeway for violating the contract terms once they have been agreed upon and signed off. You could achieve the same by appealing to a trusted authority who entertains the power to make the parties honor the terms of the agreement. A smart contract, however, assumes this can be done without an intermediary at all. That would greatly reduce overheads associated with third-party services such as arbitration and enforcement costs. But most importantly, you no longer need to put your business fate into someone’s hands in hopes they will always operate truthfully. In general, the terms of a contract can be any, but ordinarily, the contract execution involves moving funds from one contracting party to the other after certain conditions have been met. To illustrate this, imagine Bob and Alice making a bet. If Bob wins, Alice pays him some dough, and vice versa. A smart contract would then enforce the payment of the winnings once the outcome has been reliably established, leaving no possibility for the loser to back off. Is it possible in practice without a middleman, in this case, a casino?  Moving funds around in a trustless way is what Bitcoin does. Once Bob sends Alice some monies, there is no reversal by design. Therefore, we already have the necessary foundation for the smart contract functionality. All we need to add is a programming language in which to describe the contractual terms. Then, if a contract condition is satisfied, the irreversible transfer of funds gets triggered. In a way, the emergence of a smart contract-enabled blockchain was only a matter of time after Bitcoin had arrived. Modern Era of Smart Contracts The first-ever blockchain that leveraged the smart contract tech was Ethereum that had started off in July 2015 after a year of active development. Other blockchain platforms featuring built-in smart contract logic were quick to follow, including general-purpose blockchains such as Tron (2017), EOS (2018), and an enterprise-grade platform Hyperledger Fabric (2016) under the Hyperledger project developed by the Linux Foundation. We should also mention the effort to bring smart contracts to Bitcoin as a second-layer solution – the Rootstock project, or RSK for short, a smart contract-enabled sidechain for Bitcoin. Usually, grasping the basic idea behind moving coins with Bitcoin and its copycats like Litecoin or Bitcoin Cash is straightforward and doesn’t require a lot of brainpower and explanation, at least as far as blockchain transactions and their confirmations are concerned. Smart contracts, on the other hand, are a different animal, and, therefore, it may be worth the effort to look into the ground rules of the smart contract tech, that is to say, how they are created, get triggered, and played out in practice, for example, on the Ethereum network.  With Bitcoin, a network transaction contains the addresses of the receiving and sending parties along with the amount transferred. The same type of transaction is possible with Ethereum as well. In fact, this is how Ethers are moved around on this blockchain. However, if your transaction on the Ethereum network doesn’t have a receiver, it leads to the creation of a smart contract provided it is an otherwise valid transaction. To be valid, such a transaction must also contain a description of functions along with the variables and their initial values that the smart contract is supposed to operate on. Then, invoking a smart contract comes down to simply making a transaction to its address by calling a designated function and providing data if required. When the transaction is processed by the network, this triggers the contract execution that may lead to, for example, a transfer of funds, invoking other contracts, or even creating new smart contracts. Because a smart contract can do pretty much anything that is possible on the blockchain as such, this tech enables building sophisticated tools that allow doing amazing things like creating your own cryptocurrencies (tokens) on top of the blockchain, among many others.  To Be Continued In the second part of this article , we are going to explore how smart contracts get used in practice and what projects in the cryptocurrency space take advantage of this technology. Given that blockchain and, by extension, smart contracts, are not just about cryptocurrencies only, we will also look into other fields of application that lie outside crypto and where smart contracts are capable of producing a valuable change.  Follow us and remain in the loop!
Read more >>
What Is Polkadot and How to Buy DOT?

What Is Polkadot and How to Buy DOT?

June Katz 4 min read
What Is Polkadot? Polkadot is a bridge-like protocol that allows exchanging data and tokens across multiple blockchains. The design was developed by the Web3 Foundation with the goal of gradually building a fully-functioning and versatile decentralized web.Polkadot’s protocol offers a safe and secure environment for cross-chain computation and transmission. This, in turn, opens up a variety of possibilities for creating and connecting decentralized applications, services, and networks.The developer’s unique approach to solving blockchain’s interoperability issue can help build systems that operate with data stored across a variety of blockchains by establishing a system of permissioned requests. For example, a private chain containing a tax institution’s records can send the required confirmation to a proof-of-income smart contract on a public blockchain.DOT is Polkadot’s governance token that is used for staking, bonding, and executing decisions about the further development of the project. Advantages of DOT DOT is a quickly-growing token. As of September 2020, it ranks as the fifth-largest cryptocurrency according to the market capitalization; The project’s creator and core infrastructure developer Gavin Woods (the co-author of Ethereum) is fully trusted by the crypto community; The idea behind the project is both inspiring and incredibly useful and its execution is remarkably well-engineered. Disadvantages of DOT As noted by most experts, DOT is easily one of the most complicated cryptocurrencies in existence, making it intimidating for a novice trader; With DOT being a brand-new cryptocurrency on its own native blockchain, the options for storing the asset are severely limited. How Does DOT Token Work? The DOT token works in three main ways: It's used to govern the Polkadot platform. DOT holders exercise full authority over the protocol. Unlike other platforms that keep some of the privileges exclusive to miners, Polkadot allows token holders to engage in and manage updates, fixes, and the implementation of extra features. Staking DOT allows the project to operate. Staking is the process of holding crypto assets in a wallet to help upkeep the operation of a blockchain and getting rewards for contributing to its growth. The stability of the Polkadot blockchain is achieved via a validation algorithm called NPoS. In staking DOT, a user can act either as a nominator or as a validator. Nominators can choose up to trustworthy 16 validator candidates and earn rewards. Validators, in turn, need to hold at least 350 DOT and be able to operate a stable and responsive infrastructure 24/7. Bonding DOT creates new parachains. The token's other purpose is in the ability to attach new parachains to the network by "tying up" or "bonding" DOT. Antiquated or non-useful parachains are let go by removing the tied-up tokens. Where to Buy DOT Token? DOT can be purchased with most fiat currencies (USD, EUR, GBP, CAD, AUD, etc.) or with other cryptocurrencies. The crypto’s most popular pairs (BTC/DOT and ETH/DOT) are currently available through Bitfinex, Binance, OKEx, and SwapSpace, with the latter providing users with the option of purchasing DOT with any other coin or token.  How to Earn DOT Token? There are two ways to earn DOT through the Polkadot platform: either as a nominator or as a validator. For every period of 24 hours (a single era), DOT validators are paid proportionally to the quantity of era points they have earned. Era points are accumulated by participating in the following payable events:Issuing validity statements for parachains; Producing a “non-uncle block” in the main chain (the “Relay Chain”) of the network. An uncle block is a block that failed to become canonical on the Relay Chain; Producing a referenced uncle block, etc. Validators are paid at the end of every era. The amount the validator had staked does not influence payout, only era points do: the block authoring payout will always be split equally.Nominations make DOT off of the validators they back with their stake. The rewards are distributed pro-rata (i.e., proportional to the initial stake) to all nominators after the validator payment is deducted from the per-era reward. How to Store DOT Token? As of today, there are three wallets available for DOT: Polkawallet, imToken, and the Polkadot JS. Plugins for physical wallets are still pending with Ledger promising a drop in the upcoming months. Polkadot JS This is the platform’s primary web wallet that works alongside a separate Polkadot JS browser extension made for generating, managing, and storing user’s private keys. Polkawallet This is a third-party mobile app currently available for download through Google Play and App Store. Polkawallet accommodates Kusama and DOT and has a user-friendly interface that is great for beginners. The app implements simplified algorithms staking and governance, supports offline signature, and provides overall secure storage for your crypto-assets. imToken The main advantage of imToken is that this mobile wallet allows users to store significantly more coins and tokens and exchange most of them directly through the app. The wallet is compatible with both Android and iOS and can also store BTC, EOS, and all ERC20-compatible tokens. imToken allows users to manage multiple-chain wallets with a single mnemonic password. Conclusion Staying true to its original objective of connecting independent blockchains into a single Web3 Internet, Polkadot is rapidly becoming the go-to project made by developers for developers. Similarly, the DOT token is quickly winning the crypto community over with its rapidly increasing value, wide composability, and possibilities for virtually unlimited growth.
Read more >>
What Is Yearn.Finance and How to Buy YFI?

What Is Yearn.Finance and How to Buy YFI?

June Katz 4 min read
What Is YFI Token? Yearn.Finance is a decentralized finance (DeFi) yield farming project with a goal of making it easier for users to obtain the highest possible yields with their crypto-assets. The project automatically distributes users’ assets in and out of various liquidity pools in order to find and enter the most profitable opportunities for investment.YFI is the native ERC-20 token of Yearn.Finance created by Andre Cronje — self-proclaimed DeFi architect — and his team of developers.As of today, YFI is the second-largest DeFi token on the crypto market with current market capitalization surpassing $1 billion within months after its launch. Advantages of YFI Rapidly successful project . Yearn.Finance boasts an innovative product, an active and involved community, and a trusted developer; Fastest-growing token on the market . As of September 2020, YFI has surpassed Bitcoin and is trading for three times the price of BTC; Pioneer in democratizing the crypto space . As a result of YFI’s success, an increasing number of governance tokens are now fully operated by their respective crypto-communities. This, in turn, will work to bring the crypto community closer to the everyday user. Disadvantages of YFI Young and risky . YFI is an experiment and a work in progress. Potential buyers have no guarantees or predictors of a successful end-result; Unaudited, unpredictable, and highly uncertain . The value of YFI depends solely on the community that has developed around Yearn.Finance; Public and open-sourced . The project can be copied by anyone at any time and, without any exclusive technological edge over its competition, Yearn can fall out of favor in the face of a newer trend. How Does YFI Work? Yearn.Finance is an ever-growing library of DeFi services that serves as a gateway for the larger DeFi ecosystem. Similar to an investment broker, the core feature of Yearn.Finance is the ability to automatically invest users’ assets into the most profitable place available in the DeFi ecosystem through pools of funds called Yearn Vaults.The assets deposited into a Yearn Vault are summed up and allocated to the most lucrative yield farming available. The return from this investment is redistributed into the yTokens users receive when they execute their initial deposit.Yearn.Finance’s services come at a price. These fees are then repaid as dividends to holders of YFI tokens. In this ecosystem, YFI is simply a governance token, meaning that it gives its holders the right to vote on resolutions that affect Yearn.Finance in return for their direct support of the project. How to Farm YFI Token? As of today, yield farming for the YFI token is no longer available. Immediately after the token was launched in July 2020, all 30,000 existing YFI tokens were distributed amongst the stakers on the ygov.finance staking platform.The YFI community voted against the plans to distribute more YFI tokens in that same way. YFII and YFV — Yearn Finance’s subsequent forks — still provide token distribution for yield farmers.The YFI token can be purchased through an exchange platform of your choice, with Binance, SwapSpace, and CoinGecko listing it in a variety of trading pairs. How to Store YFI Token? YFI is an ERC-20 token, which means that it can be stored on any ERC-20 compatible wallet. Viable options include: Ledger Nano S A state-of-the-art hardware wallet for storing ERC-20 tokens. The device is highly reliable and can be integrated with MyEtherWallet, making it remarkably simple to retain and transfer ERC-20 tokens. TREZOR Model T A secure and more affordable hardware wallet with most of the same characteristics and integrations as the Ledger Nano S. Can also be used to manage the passwords for all of the user's online accounts. Atomic Wallet This is a multi-currency desktop wallet that allows users to manage over 300 different cryptocurrencies. Atomic encrypts users' private keys, provides access to an in-built Atomic Swap crypto-exchange, and allows users to purchase crypto-assets via a debit card. MyEtherWallet and MyCrypto MyEtherWallet and MyCrypto (MEW's fork) are two of the most popular online wallets for storing ETH-20 tokens. Both wallets allow users to access their funds from any device with only a username and a password. Conclusion The original goal of YFI was to have it used strictly for voting and governing the Yearn.Finance platform and not as a means of exchange. With that being said — and with the token's creator constantly stressing the fact YFI is essentially valueless — the token managed to outgrow the industry’s biggest names within several months after its launch.With nothing more than a single developer and a dedicated community behind the idea, the volatile and still-unaudited YFI token managed to become one of the most highly-desired tokens on the market.
Read more >>