Posted on

Top 10 Proof Of Work Blockchains Like Bitcoin

Proof of Work blockchains stand as the cornerstone of cryptocurrency technology, first popularized by Bitcoin, the original cryptocurrency. At their core, these blockchains rely on a consensus mechanism called Proof of Work (PoW). This mechanism is essential for validating transactions and creating new blocks without the need for a central authority.

In a PoW blockchain, miners compete to solve complex mathematical puzzles. The first miner to solve the puzzle gets the opportunity to add a new block to the blockchain and is rewarded with cryptocurrency. This process not only secures the network against fraudulent transactions but also ensures its decentralization and integrity.

The ingenuity of Proof of Work lies in its simplicity and effectiveness. It leverages computational power to maintain network security, making any attempt to alter transaction data not just difficult, but economically not feasible. As the pioneer of this technology, Bitcoin has demonstrated the robustness and reliability of PoW blockchains, setting a benchmark for countless cryptocurrencies that followed.

Understanding Proof Of Work Blockchains

Proof of Work (PoW) blockchains are foundational to the cryptocurrency ecosystem, embodying a consensus mechanism that is both secure and decentralized. This innovative approach to consensus ensures the integrity, security, and continuity of the blockchain without necessitating a central authority.

What Makes A Proof Of Work Blockchain?

A Proof of Work (PoW) blockchain is distinguished by its consensus mechanism, which is intricately designed to ensure network security, decentralization, and transaction integrity through computational effort. This mechanism revolves around several pivotal elements that together define the PoW paradigm:

  • Cryptographic Puzzle Solving (Hashing): At the heart of PoW is the requirement for miners to solve complex cryptographic puzzles. These puzzles involve calculating a hash—a fixed-size alphanumeric string—that meets specific criteria set by the blockchain network.
  • Adjustable Difficulty Target: The PoW algorithm adjusts the difficulty of the cryptographic puzzle to maintain a constant block time, despite fluctuations in the network’s total hashing power. This dynamic adjustment ensures consistent block creation rates, which are crucial for the stability and predictability of the blockchain.
  • Network Security Through Work: The foundational principle behind PoW is that the security of the blockchain is directly proportional to the amount of work (computational power) invested in it. Successfully solving a puzzle requires a significant investment in hardware and electricity, making it economically impractical to conduct attacks.
  • Decentralization And Participation: PoW encourages a decentralized network structure by allowing anyone with the necessary computational resources to participate in mining. This openness fosters a competitive mining environment and reduces the risk of centralized control, which is pivotal for the autonomy and resilience of the blockchain.
  • Miner Incentivization: Miners are rewarded for their efforts with a combination of block rewards (newly minted coins) and transaction fees.
  • Immutability And Trust: The PoW consensus model underpins the blockchain’s immutability. Altering any previously confirmed block would require re-mining not only that block but also all subsequent blocks, a feat that demands an unrealistic amount of computational power.

Advantages Of Proof Of Work Blockchains

The implementation of PoW consensus mechanisms brings forth several advantages that are critical to the functionality and security of blockchain technology:

  • Robust Security Model: The sheer computational work required to validate transactions and mine new blocks makes PoW blockchains incredibly secure. This security model effectively prevents the feasibility of 51% attacks, where an entity would need to control the majority of the network’s hashing power to manipulate the blockchain.
  • Immutable Ledger: PoW contributes to the immutability of the blockchain, ensuring that once a transaction is confirmed and added to the ledger, reversing it becomes computationally infeasible. This property is vital for trust and reliability in the system.
  • Network Integrity: Through the process of mining and the rewards system, PoW blockchains encourage participants to act honestly. The cost of attempting to cheat the system (in terms of wasted computational power and energy) outweighs the potential benefits, thereby maintaining the integrity of the network.
  • Transparent And Verifiable: All transactions on a PoW blockchain are transparent and can be independently verified by any participant. This transparency builds trust among users and is fundamental for the operation of a decentralized financial system.

Top 10 Proof of Work Blockchains Like Bitcoin

Below is a list of the top 10 Proof of Work (PoW) blockchains by market cap (as of February 2024):

Bitcoin: The Pioneer Proof Of Work Blockchain

Bitcoin stands as the original and most renowned Proof of Work blockchain. Launched by an anonymous entity or group under the pseudonym Satoshi Nakamoto in 2009, Bitcoin introduced the world to the concept of decentralized digital currency. At its core, Bitcoin operates on a PoW consensus mechanism, which is fundamental to its design for securing transactions and minting new coins.

Bitcoin Proof Of Work Blockchain
Technical Innovation:

Bitcoin’s introduction of blockchain technology represented a revolutionary leap forward in digital trust. By enabling a decentralized network of miners to validate transactions by solving complex cryptographic puzzles, Bitcoin solved the double-spending problem without the need for a central authority.

Security:

The security of the Bitcoin network is unparalleled, largely due to the massive amount of computational power contributed by miners around the globe. This distributed network of miners makes it nearly impossible for any single actor to manipulate the blockchain or reverse transactions, ensuring the integrity and trustworthiness of the entire system. The latest study by Lucas Nuzzi, Head of R&D at CoinMetric, showed that a 51% attack would cost at least $20 billion and is logistically near impossible.

Impact on Cryptocurrency:

Bitcoin not only pioneered the PoW mechanism but also laid the groundwork for the cryptocurrency industry. Its success has inspired the creation of thousands of alternative cryptocurrencies, many of which have adopted or adapted its PoW model. Bitcoin remains the gold standard in the space, often referred to as “digital gold,” symbolizing its status as a store of value and a hedge against traditional financial systems.

Network and Adoption:

Over the years, Bitcoin has seen exponential growth in both adoption and value. It has transitioned from a niche digital currency to a mainstream financial asset recognized by individuals, corporations, and even some governments. The network continues to grow, supported by a robust and dedicated community of developers, miners, and enthusiasts who ensure its ongoing development and security.

Dogecoin: From Meme To Mainstream

Dogecoin, originally created as a lighthearted joke in 2013, has evolved from a meme-inspired cryptocurrency to a significant player within the Proof of Work (PoW) blockchain ecosystem. Designed by Billy Markus and Jackson Palmer, Dogecoin was intended to mock the wild speculation of the cryptocurrency market. However, its fun and friendly approach led to a vibrant and supportive community, propelling Dogecoin from a humorous experiment to mainstream relevance.

Dogecoin Proof Of Work
Community and Culture:

At the heart of Dogecoin’s unexpected rise to fame is its strong, welcoming community. Unlike other cryptocurrencies that focus on technical aspects or financial gains, Dogecoin emphasizes camaraderie and charitable endeavors. This unique culture has fostered a loyal following, contributing to its resilience and growth.

Technical Foundation:

Despite its whimsical origins, Dogecoin shares the PoW consensus mechanism with Bitcoin, albeit with some modifications. It uses the Scrypt algorithm, which is less energy-intensive compared to Bitcoin’s SHA-256. This choice was strategic, making Dogecoin mining more accessible to individuals without specialized hardware.

Market Impact And Use Cases:

Dogecoin’s journey to mainstream recognition was bolstered by social media and high-profile endorsements, including tweets from celebrities like Elon Musk. These endorsements have led to significant price fluctuations, highlighting Dogecoin’s volatility but also its growing relevance as both a digital currency and a cultural phenomenon.

Initially intended for tipping and small transactions on social media, Dogecoin’s use cases have expanded. It is now accepted by a variety of merchants and has been used in fundraising for charitable causes, showcasing its utility beyond mere speculation. Despite its origins, Dogecoin has demonstrated real-world value, contributing to its endurance in the crypto space.

Future Prospects:

Dogecoin continues to evolve, with its community and developers exploring ways to improve its functionality, efficiency, and scalability. While it may not match the technical ambitions of other cryptocurrencies, Dogecoin’s strength lies in its unique blend of humor, heart, and a committed community, making it a noteworthy and enduring participant in the Proof of Work blockchain landscape.

Litecoin: The Silver To Bitcoin’s Gold

Litecoin, created by Charlie Lee in 2011, is often considered the silver to Bitcoin’s gold. It was developed to address some of the perceived limitations of Bitcoin, primarily aiming to offer faster transactions and lower fees. As a Proof of Work (PoW) blockchain, Litecoin shares many of Bitcoin’s core principles but introduces key technical adjustments that distinguish it within the cryptocurrency space.

Technical Innovations:

One of the most significant innovations of Litecoin is its use of the Scrypt hashing algorithm, as opposed to Bitcoin’s SHA-256. The Scrypt algorithm is less susceptible to the kind of high-powered ASIC mining rigs that dominate Bitcoin mining. This decision was made to democratize mining, allowing individuals with less specialized hardware to participate in the network. Moreover, Litecoin offers faster block generation times—approximately 2.5 minutes compared to Bitcoin’s 10 minutes—enabling quicker transaction confirmations.

Market Position And Adoption:

Since its inception, Litecoin has consistently ranked among the top cryptocurrencies by market capitalization. Its longevity and stability have earned it a trusted position in the market. Merchants and users who seek faster transactions with lower fees have adopted Litecoin, using it for a variety of transactions, from e-commerce to cross-border payments.

Security And Network:

Despite its faster transaction times and different mining algorithm, Litecoin maintains a robust level of security. The PoW consensus mechanism, coupled with the widespread distribution of miners, ensures that the network remains decentralized and resistant to attacks. Litecoin’s active developer community continues to innovate, proposing upgrades and improvements to enhance security, scalability, and user experience.

Community And Future Directions:

Litecoin benefits from a strong, active community that supports its development and adoption. This community involvement has been crucial for Litecoin’s resilience and growth. Educational resources, developer contributions, and merchant adoption initiatives are regularly supported by the community, fostering a healthy ecosystem around the cryptocurrency.

Litecoin’s roadmap includes ongoing efforts to improve scalability and privacy on the network. Innovations such as the MimbleWimble extension block (MWEB) aim to enhance privacy features, addressing one of the criticisms of Litecoin and other similar cryptocurrencies. These developments indicate Litecoin’s commitment to evolving in response to user needs and technological advancements.

Bitcoin Cash: The Result Of The “Blocksize War”

Bitcoin Cash emerged in 2017 as a direct response to the debates surrounding Bitcoin’s scalability challenges. Created from a hard fork of Bitcoin, it aims to fulfill the original vision of Bitcoin as a peer-to-peer electronic cash system with enhanced transaction speed and lower fees. As a Proof of Work (PoW) blockchain, Bitcoin Cash retains many of Bitcoin’s fundamental characteristics while introducing critical changes to improve scalability and usability.

Technical Enhancements For Speed:

The primary distinction between Bitcoin Cash and its predecessor lies in its block size. Bitcoin Cash increased the block size limit from 1 MB to an initial 8 MB, with subsequent upgrades allowing blocks up to 32 MB. This expansion significantly increases the number of transactions that can be processed per block, reducing transaction fees and improving processing times. These changes address one of the core issues Bitcoin faced—its inability to process transactions quickly during peak usage times.

Market Reception And Adoption:

Since its inception, Bitcoin Cash has secured a place among the top cryptocurrencies by market capitalization. Its commitment to maintaining low transaction fees and fast processing times has attracted users and merchants looking for efficient digital transactions. The cryptocurrency has seen adoption for a variety of uses, including online payments, remittances, and as a means of exchange for goods and services.

Security And Decentralization:

Despite the changes in block size, Bitcoin Cash continues to uphold the security standards set by Bitcoin. The PoW consensus mechanism ensures the network remains secure against attacks, and the decentralized nature of mining activities promotes network health and integrity. However, debates have arisen within the community regarding the potential for centralization due to the increased block size, which could, theoretically, require more substantial computational resources to mine effectively.

Looking Forward:

The future of Bitcoin Cash hinges on its ability to balance scalability, security, and decentralization. Ongoing efforts to enhance the network’s underlying technology and address challenges related to block size and transaction efficiency are critical.

However, it needs to be pointed out that BCH has somewhat failed against Bitcoin. It has not managed to match BTC in terms of price performance. The following chart illustrates the price comparison of Bitcoin Cash to Bitcoin since 2017. Despite having backing from key figures like Roger Ver, BCH has not seen widespread adoption, mostly because of limited demand for its increased block size.

Ethereum Classic: Preserving Originality

Ethereum Classic (ETC) emerged from a philosophical divide within the Ethereum community, following a contentious hard fork in 2016. This split was the result of differing opinions on how to handle the aftermath of the DAO attack, a significant security breach that led to the loss of millions of dollars worth of Ethereum.

ETC embodies the principle of “code is law,” maintaining the original Ethereum blockchain without reversing the DAO attack transactions. As a Proof of Work (PoW) blockchain, Ethereum Classic upholds the sanctity of immutability and the original vision of Ethereum as an unalterable digital ledger.

Technical Foundation And Development:

The core ethos of Ethereum Classic is its unwavering commitment to blockchain immutability. In the blockchain context, immutability refers to the principle that once transactions are confirmed, they cannot be altered or reversed. Ethereum Classic’s stance on this principle reflects a fundamental belief in the importance of preserving the integrity of the blockchain, even in the face of challenges and disputes.

Despite sharing its roots with Ethereum, Ethereum Classic operates as a distinct entity with its development path. It maintains the original Ethereum blockchain’s capabilities, supporting smart contracts and decentralized applications (DApps) with the added emphasis on security and stability.

Security Considerations:

Ethereum Classic’s commitment to preserving the original Ethereum blockchain has not come without its challenges, particularly in the realm of security. The network has been subject to several 51% attacks, where attackers gained majority control of the network’s hash rate, enabling them to double-spend coins. These incidents have sparked discussions about the security of PoW blockchains, especially those with a smaller network size and hash rate compared to their larger counterparts.

Development And Future Outlook:

In response to security challenges, the Ethereum Classic community and its developers have been working on solutions to enhance network security and prevent future attacks. Proposals include modifying the consensus mechanism to make 51% attacks more difficult and expensive to execute. Additionally, Ethereum Classic continues to evolve, with ongoing development efforts aimed at improving scalability, interoperability, and the overall utility of the network.

Kaspa: The Newcomer

Kaspa emerges as the latest entrant in the Proof of Work (PoW) blockchain arena, distinguishing itself through innovative technology and a forward-thinking approach to scalability and transaction speed. As a newcomer, Kaspa aims to address some of the most pressing issues faced by traditional PoW blockchains, such as Bitcoin and Ethereum Classic, by introducing a novel blockDAG (Directed Acyclic Graph) structure.

This groundbreaking architecture enables Kaspa to offer unprecedented transaction throughput and minimal confirmation times, setting a new standard for performance in the PoW landscape.

Kaspa KAS

Innovative Architecture And Scalability:

The core innovation behind Kaspa is its use of a blockDAG framework, a departure from the traditional blockchain linear model. In this structure, blocks are connected in a DAG pattern, allowing for multiple blocks to be added to the network simultaneously. This parallel processing capability significantly increases the network’s capacity and transaction speed, effectively addressing the scalability limitations inherent in conventional blockchain systems.

Kaspa’s blockDAG architecture allows it to process thousands of transactions per second (TPS), a remarkable feat compared to the transaction throughput of legacy PoW blockchains. Furthermore, the DAG structure reduces transaction confirmation times to mere seconds, enhancing the user experience and making Kaspa an attractive platform for real-time applications and microtransactions.

Market Position And Adoption:

As a newcomer, Kaspa faces the challenge of establishing itself in a market dominated by well-entrenched blockchains. However, its technological advancements and promise of high scalability and low transaction costs have garnered attention from developers, miners, and users alike.

Security And Decentralization:

Despite its novel architecture, Kaspa remains committed to the principles of security and decentralization that are hallmarks of PoW blockchains. The blockDAG structure, while more complex than a linear blockchain, is designed to maintain a high level of security against attacks, including double-spending and 51% attacks. Moreover, Kaspa’s PoW consensus mechanism ensures that the network remains decentralized, with no single entity able to control the majority of the hashing power.

Future Directions And Challenges:

Looking forward, Kaspa aims to continue its trajectory of rapid development and community growth. The project’s roadmap includes enhancements to its core protocol, improvements in user interface and experience, and the exploration of new use cases enabled by its high-speed, scalable infrastructure.

However, Kaspa’s success will depend on its ability to overcome the challenges of network security, user adoption, and competition from both established blockchains and emerging technologies.

Monero: Privacy As A Priority

Monero stands out in the Proof of Work blockchain space with its unwavering commitment to privacy and security. Unlike many cryptocurrencies that offer transparent blockchain transactions, Monero ensures the anonymity of its users through advanced cryptographic techniques. This focus on privacy makes Monero a favored choice for individuals seeking financial confidentiality in their transactions.

Top Proof Of Work blockchain Monero
Advanced Privacy Features:

At the heart of Monero’s privacy mechanism are ring signatures, stealth addresses, and Ring Confidential Transactions (RingCT). Ring signatures obscure the sender’s identity by mixing their transaction with others’, making it virtually impossible to trace the transaction back to its origin.

Stealth addresses add another layer of privacy by creating a one-time address for each transaction, protecting the recipient’s identity. RingCT further enhances privacy by concealing the transaction amount, ensuring all aspects of a transaction are kept confidential.

Monero’s advanced privacy features ensure that users can conduct transactions without the fear of surveillance or tracking. This level of anonymity is critical in an era where financial privacy is increasingly under threat. By encrypting transaction details, Monero provides a secure environment for users to send and receive funds without exposing their financial activities to the public or any prying eyes.

Market Adoption and Use Cases: Monero’s focus on privacy has led to a broad range of use cases, from individuals seeking to protect their financial privacy to businesses requiring confidential transactions. However, this emphasis on anonymity has also attracted controversy, with Monero being associated with illicit activities on the dark web.

Regulatory Challenges And Future Outlook:

The privacy features that make Monero attractive to users also pose significant challenges in terms of regulatory compliance. Governments and financial institutions are increasingly concerned about the potential for cryptocurrencies like Monero to be used for money laundering and other illegal activities. Several crypto exchanges worldwide have already delisted Monero, pressured by local governments and laws.

As the digital landscape evolves, Monero’s commitment to privacy remains unwavering. The development team and community are continually working on improving Monero’s privacy features and usability, ensuring that it remains at the forefront of secure and private digital transactions. Despite regulatory hurdles, Monero’s dedication to protecting user privacy positions it as a critical player in the ongoing discourse on financial privacy and security in the digital age.

Bitcoin SV: Craig Wright’s Vision

Bitcoin SV (BSV) represents a distinctive branch in the evolution of Bitcoin, advocating a return to what its proponents consider Satoshi Nakamoto’s original vision for the cryptocurrency. It emerged from a hard fork of Bitcoin Cash (BCH) in 2018, centering around disagreements on the direction and scalability of Bitcoin.

Craig Wright, a polarizing figure in the cryptocurrency community, has been a vocal advocate for Bitcoin SV, claiming it to be the true Bitcoin as originally intended by Satoshi Nakamoto. However, it’s crucial to note that Craig Wright’s assertions of being Satoshi Nakamoto are marred by controversy and lack conclusive evidence.
The ongoing COPA (Crypto Open Patent Alliance) trial further scrutinizes Wright’s claims, highlighting discrepancies and alleged falsehoods in his assertions.

Controversy Surrounding Craig Wright: Wright’s claim to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has been a subject of intense debate and legal scrutiny. Despite his assertions, Wright has not provided irrefutable cryptographic proof of ownership of the early Bitcoin keys, a step that would be essential to conclusively proving his identity as Satoshi.

The COPA trial, among other legal challenges, casts a long shadow over Wright’s claims, with the crypto community and wider public remaining skeptical of his assertions due to the lack of verifiable evidence and the emergence of contradictory statements.

Bitcoin SV’s Proposition:

Despite the controversies surrounding its main proponent, Bitcoin SV aims to fulfill what its supporters believe was Nakamoto’s original vision for Bitcoin — a peer-to-peer electronic cash system capable of scaling massively to serve as a global payment system.

Bitcoin SV advocates for larger block sizes to handle more transactions and reduce fees, a key point of divergence from Bitcoin (BTC) and Bitcoin Cash (BCH). The network has implemented significant block size increases, aiming to facilitate greater transaction throughput and enable a wide range of applications, from micropayments to enterprise-level data processing.

Looking Forward:

Bitcoin SV’s market position has been influenced by its technical propositions as well as the controversies of its leading figure. While it has established a niche within the broader cryptocurrency ecosystem, BSV’s adoption and acceptance have been impacted by the ongoing debates over Wright’s claims to be Satoshi Nakamoto. BSV has never ever gained much traction. The BSV/BTC chart shows the lackluster performance.

Conflux Network: Bridging East And West

Conflux Network emerges as a unique Proof of Work (PoW) blockchain with a mission to bridge the technological and regulatory divides between the East and West. Leveraging a novel tree-graph consensus mechanism, Conflux Network aims to offer high throughput, scalability, and security without compromising decentralization — a proposition that addresses some of the most pressing challenges in blockchain technology.

Innovative Consensus Mechanism:

At the heart of Conflux Network’s innovation is its tree-graph consensus algorithm, which allows for the concurrent processing of blocks and transactions. This design significantly enhances the network’s capacity and speed, enabling higher transaction throughput compared to traditional blockchain systems. This technical advancement is crucial for achieving the network’s vision of supporting global decentralized applications (dApps) and services.

Strategic Positioning In The Global Market:

Conflux Network has strategically positioned itself as a bridge between the Eastern and Western worlds in the context of blockchain technology and cryptocurrency. By complying with regulatory standards in China, where it is primarily based, Conflux has managed to secure a unique position in one of the largest markets in the world. This compliance has opened avenues for collaboration with government and private sector projects, distinguishing Conflux from many other blockchain projects that face regulatory challenges.

Through its commitment to regulatory compliance and its technological infrastructure, Conflux Network facilitates cross-border collaboration and transactions. It aims to foster a global ecosystem where developers, enterprises, and users from different jurisdictions can participate in the blockchain economy with reduced friction and increased trust. By doing so, Conflux not only addresses technical challenges but also navigates the complex landscape of international regulations and policies.

Challenges And Opportunities:

Despite its innovative approach and strategic advantages, Conflux Network faces challenges common to many blockchain projects, including the need for wider adoption and recognition in the crowded cryptocurrency space.

However, its unique position as a compliant, scalable, and high-throughput blockchain presents significant opportunities. By continuing to build partnerships and expand its ecosystem, Conflux has the potential to play a pivotal role in the global blockchain landscape, facilitating a more interconnected and efficient digital economy.

Siacoin: Revolutionizing Storage

Siacoin stands out in the blockchain ecosystem as a pioneering platform aimed at revolutionizing digital storage by decentralizing it. As a proof of work (PoW) blockchain, Siacoin offers a secure, private, and cost-effective solution for storing data across a distributed network. This approach not only challenges traditional cloud storage providers but also aligns with the growing demands of the AI and decentralized private networks (DePIN) sectors for reliable, scalable storage solutions.

Decentralized Storage For AI:

In the era of AI, the need for vast amounts of data storage is undeniable. AI models require extensive datasets for training and operation, often entailing significant storage costs and security concerns. Siacoin’s decentralized storage model offers a compelling solution by distributing data across a global network of nodes. This method ensures redundancy, lowers costs, and enhances data privacy and security — key advantages for AI developers and companies seeking efficient ways to manage their data.

The concept of DePIN (Decentralized Private Networks) is gaining traction as a means to enhance privacy and security in digital communications and transactions. Siacoin’s infrastructure naturally complements this sector by providing a decentralized storage solution that can be integral to DePIN architectures. By ensuring data is stored securely and spread across multiple nodes, Siacoin mitigates risks associated with centralized data breaches and offers a robust foundation for DePIN applications.

The intersection of AI and cryptocurrency is an exciting frontier for innovation. Siacoin directly contributes to this narrative by addressing one of the most pressing needs in the AI space: scalable and secure data storage.

The platform’s use of blockchain technology ensures integrity and accessibility of data, which is crucial for AI applications that rely on vast datasets. Additionally, Siacoin’s payment model, which uses its native cryptocurrency (SC) for transactions, seamlessly integrates with the crypto economy, providing a streamlined approach for users to engage with decentralized storage services.

Innovation And Looking Ahead:

While Siacoin presents a groundbreaking approach to data storage, it also faces challenges typical of decentralized platforms, such as user adoption, competition from established cloud storage providers, and the ongoing need to prove its reliability and efficiency at scale. However, its innovative use of blockchain technology to disrupt the traditional storage market positions Siacoin as a potential key player in the future of both the blockchain and AI industries.

As the demand for AI capabilities continues to grow, alongside the increasing importance of privacy and security in the digital realm, Siacoin’s role in the ecosystem could become increasingly pivotal. Its ability to provide a decentralized, secure, and cost-effective storage solution places it at the heart of the convergence between blockchain technology and AI.

The ongoing development of the platform and its adoption by the AI and DePIN sectors will be critical in determining its success and impact on the broader technology landscape.

Comparative Analysis Of Top Proof Of Work Blockchains

The landscape of Proof of Work blockchains is diverse, with each platform offering unique features, advantages, and challenges. This comparative analysis aims to shed light on the top PoW blockchains like Bitcoin, exploring their speed, security, scalability, community, and developer support. Understanding these facets can help users, investors, and developers make informed decisions in the blockchain space.

Speed:

Transaction speed is a critical metric for any blockchain. Bitcoin, the first and most well-known Proof of Work blockchain, processes transactions relatively slowly, with a capacity of 7 transactions per second (TPS) on the base layer. In contrast, newer blockchains like Kaspa aim to dramatically increase transaction speeds using novel consensus mechanisms, claiming to support thousands of TPS. Litecoin and Bitcoin Cash have also implemented various improvements to increase their transaction speeds and reduce confirmation times compared to Bitcoin.

Security:

Security is paramount in the blockchain world. PoW blockchains are renowned for their robust security models. Bitcoin remains the gold standard in security, leveraging its extensive network of miners to prevent attacks. Monero offers additional security features focused on privacy, using ring signatures and stealth addresses to protect user identities. While all Proof of Work blockchains prioritize security, the trade-off often comes in the form of increased energy consumption and slower transaction speeds.

Top Proof Of Work blockchain
Scalability:

Scalability remains a significant challenge for Proof of Workblockchains. Bitcoin has faced scalability issues, leading to high transaction fees and slower processing times during peak usage. Solutions like the Lightning Network for Bitcoin and sidechains like Stacks (STX) are being developed to address these limitations. Kaspa’s unique approach to scalability through its GHOSTDAG protocol highlights the ongoing innovation in this area, promising more scalable solutions within the PoW paradigm.

Community And Developer Support:

A strong community and developer support are crucial for the growth and sustainability of any blockchain. Bitcoin boasts the largest, active community of developers, contributing to the resilience and continuous improvement. Dogecoin, initially started as a joke, has garnered a massive community following, which has played a significant role in its adoption and endurance. Newer entrants like Kaspa and Conflux Network are rapidly building their communities, emphasizing the importance of engagement and support for long-term success.

FAQ: Top Proof of Work Blockchains

What Are The Top Proof Of Work Blockchains?

The top Proof of Work blockchains, known for their robust security and decentralization, include Bitcoin, Dogecoin, Litecoin, Bitcoin Cash, Ethereum Classic, Kaspa, Monero, Bitcoin SV, Conflux Network, and Siacoin. These blockchains leverage the Proof of Work consensus mechanism to validate transactions and secure their networks.

What Are Proof Of Work Blockchains?

Proof of Work blockchains are a type of decentralized ledger technology that uses a consensus mechanism requiring participants (miners) to solve complex mathematical problems to validate transactions and create new blocks. This process ensures security and integrity within the blockchain, preventing fraud and double-spending.

What Is The Biggest Proof Of Work Blockchain?

Bitcoin is the largest and most well-known Proof of Work blockchain in terms of market capitalization, user base, and network security. It was the first cryptocurrency to implement the Proof of Work mechanism, setting the standard for many that followed.

Who Invented Proof Of Work Blockchains?

The concept of Proof of Work predates Bitcoin, but Satoshi Nakamoto, the pseudonymous person or group of people who developed Bitcoin, was the first to implement it as a consensus mechanism for a cryptocurrency blockchain in 2009. This innovation paved the way for the development of other Proof of Work blockchains.

How Do I Invest In Top Proof Of Work Blockchains?

Investing in top Proof of Work blockchains typically involves buying the blockchain’s native cryptocurrency through a crypto exchange. Potential investors should create an account on a reputable exchange, deposit funds (fiat or crypto), and then purchase the desired cryptocurrency.

What Are the Alternatives To Proof Of Work Blockchains?

Alternatives to Proof of Work blockchains include Proof of Stake (PoS), Delegated Proof of Stake (DPoS), and other consensus mechanisms like Proof of Authority (PoA) and Proof of Space and Time. These alternatives seek to address some of the limitations of Proof of Work, such as its high energy consumption, by offering more energy-efficient and scalable solutions.

Posted on

What Are The Top 5 XRP Wallets To Use?

[toc]

In the realm of digital riches, XRP wallets stand tall as a secure haven and a gateway to empowerment. These wallets not only offer a safe space for storing, sending, and receiving XRP, but they also grant you the keys to the kingdom. With robust security measures like password protection, encryption, and multi-factor authentication, your holdings are shielded from the clutches of cyber villains. No longer do you need to rely on third-party custodians, as these wallets put you in full control of your investments.

XRP wallets come in various types, each catering to different needs and preferences. Software wallets like XAMAN and TRUST wallet can be installed on your computer or mobile device, providing a convenient way to manage your XRP. Hardware wallets such as Ledger Nano X offer enhanced security by storing your tokens offline. On the other hand, online wallets like Uphold and GateHub allow you to access your XRP through a web browser.

However, convenience doesn’t take a backseat with XRP wallets. Integrated address books and QR code support make sending and receiving XRP a breeze, eliminating the need for laborious manual entry. Transactions can be completed with a simple swipe, ensuring seamless and effortless interactions with your XRP holdings. 

In this article, whether you’re an experienced crypto connoisseur or a curious explorer, we will highlight the top 5 XRP wallets that provide a compelling mix of security, control, and convenience, making them an essential tool in your digital asset arsenal.

Essential Factors To Keep In Mind When Picking XRP Wallets

Compatibility

When selecting an XRP wallet, it’s crucial to consider its compatibility with your devices and preferred operating systems. Ensure that the wallet you choose seamlessly integrates with your desktop, mobile, or web-based platforms. By opting for a wallet that aligns with your preferred platforms, you can enjoy a smooth user experience and easily manage your XRP holdings from the devices you use most frequently.

Security

Ensure that the wallet you choose offers robust security measures, such as encryption, password protection, and two-factor authentication. These features help safeguard your holdings from unauthorized access and potential cyber threats.

Private Key Control

It is absolutely imperative to carefully choose wallets that provide you with unwavering and unconditional control over your private keys. Such wallets empower you to retain absolute ownership and sovereignty over your XRP holdings, significantly decreasing your dependency on third-party custodians.

Backup and Recovery

It is essential to verify that the wallet offers reliable backup and storage options for your private keys or recovery phrases. This step is critical to prepare for potential device loss, damage, or unforeseen events. By having a secure and easily accessible backup, you can always recover your funds with peace of mind.

Reputation and Community Support

Conduct thorough research on the wallet’s standing and take into account feedback from the XRP community. Prioritize wallets with a proven track record, favorable reviews, and vibrant development and support communities.

Top 5 XRP Wallets To Use

Ledger Nano For XRP (Hardware Wallet)

The Ledger Nano X is an advanced hardware wallet that offers robust security and offline storage for XRP and other cryptocurrencies. With its user-friendly interface, companion app, and multi-currency support, it provides a convenient and secure solution for managing your XRP funds. The Nano X is designed to be portable and durable, and offers enhanced connectivity options. It is important to obtain the Nano X from authorized sources and prioritize following recommended security practices to safeguard your assets effectively.

Ledger Nano XRP wallet

Setting Up Nano Ledger:

You connect the Nano X to your computer or use Bluetooth with the Ledger Live app on your smartphone or desktop.

During setup, you’ll create a PIN and a 24-word recovery phrase. This phrase is crucial for backing up and recovering your wallet if needed, so write it down and store it securely offline.

You can then initialize the device and install the app for XRP (or other currencies you want to store). See the image of the Ledger Live App below:

Ledger Live App

XAMAN Wallet – Formerly XUMM Wallet 

XAMAN is a mobile app and wallet created exclusively for the XRP Ledger. It provides a user-friendly interface and a wide range of capabilities for token management and XRP Ledger interaction. With XAMAN, you can securely store, send, and receive XRP, as well as sign transactions, and manage your account. 

The app also supports decentralized finance (DeFi) integration and enables the development of personalized XRP-based applications. Security is a top priority for XAMAN, ensuring users have complete control over their private keys. You can download XUMM on iOS and Android devices.

How To Set Up XAMAN XRP Wallets:

To set up the XAMAN wallet, first, download the XAMAN app from the Google Play Store or App Store. Once installed, open the app and select “Create new account” on the welcome screen to begin the setup process. See images from the App Store below:

XAMAN XRP wallet

The app will prompt you to select a secure PIN code to protect your wallet. Make sure the PIN code is unique and not easily guessable. 

Next, backup your account by saving a 24-number recovery phrase. It’s important to write down the numbers in the exact order and store them in a safe place. This recovery phrase will be crucial for restoring your wallet if you lose your device or need to recover your funds. Verify the recovery phrase by entering specific numbers from it to ensure accuracy.

XAMAN wallet

Once your XAMAN wallet setup is complete, deposit funds to activate your account, and you can start using it to send, receive, and manage supported assets like XRP.

GateHub Wallet 

GateHub is a platform that utilizes the capabilities of the XRP Ledger protocol, providing users with a diverse set of features pertaining to the Internet of Value. With GateHub, users can securely send and receive a variety of assets, such as XRP and other supported cryptocurrencies. Additionally, the platform allows for the tokenization and management of different types of assets.

An essential aspect of GateHub is its seamless integration with the XRP Ledger, which is a decentralized blockchain technology explicitly designed for efficient and rapid asset transfers. Through this integration, GateHub empowers users to execute transactions with minimal fees and nearly instantaneous settlement times.

How To Set Up GateHub:

To set up a GateHub account, begin by accessing the GateHub website. Initiate the registration process by selecting the “Sign Up” button.

GateHub XRP Wallet

Provide the required information, including your email address, username, and password. Ensure that your password is robust and secure.

Validate your email address by clicking on the verification link sent to your registered email. This step is crucial to confirm your account. Upon successful email verification, log in to your GateHub account using the credentials provided during the registration process.

After setting up 2FA, you can create a GateHub wallet by accessing the “Wallet” or “Add Wallet” option in your account dashboard. Choose the desired wallet type, like XRP or other supported cryptocurrencies, and follow the provided instructions to create the wallet.

(See illustrations below)

Click on the wallet drop-down menu in the upper-left corner of your screen:

GateHub

Then, click on the “Create Wallet” option.

XRP Wallet

Once your wallet is created, you will be provided with a wallet address. This address can be used to receive XRP into your wallet.

Trust Wallet

Trust Wallet is a well-known mobile wallet that offers support for various cryptocurrencies, including XRP. It provides users with a secure platform to store, transfer, receive, and manage their XRP tokens. 

The Trust Wallet interface is designed to be user-friendly, allowing you to easily monitor your balance, track transaction history, and access other pertinent information. When sending XRP to others, simply input their XRP wallet address and indicate the desired amount for a smooth transaction experience.

How To Set Up Trust Wallet

First, download and install the Trust Wallet app from the official app store (available for both iOS and Android).

To begin, launch the Trust Wallet app and initiate the process of creating a new wallet by choosing the option “Create a new wallet”. Alternatively, if you possess an existing wallet, you can opt to import it.

Trust Wallet

It is of utmost importance to take adequate measures to protect your wallet. Safely backup your wallet’s recovery phrase, as it serves as a crucial means to restore your wallet in the event of loss or device replacement. Take the time to write down the recovery phrase and store it securely in a location that guarantees its preservation.

Once your wallet is created, you will be taken to the main interface. Use the “Search” option to add XRP by enabling it, as seen in the image below:

XRP Trust Wallet

This will make XRP appear in your wallet, displaying its balance. Now, all you have to do is fund your wallet with as minimum as 10 XRP to activate your account, and your tokens will be ready to use.

XRP Wallet

To receive XRP, simply share your XRP wallet address with the sender. They can use this address to send XRP tokens to your Trust Wallet.

Uphold Wallet

The Uphold Wallet is an extensive digital wallet and exchange platform that caters to multiple cryptocurrencies, including XRP. It delivers a smooth and user-friendly experience, ensuring a secure and convenient solution for managing your XRP funds. 

Uphold enables effortless storage, sending, and receiving of XRP, along with seamless currency conversion options. With its swift transactions and intuitive interface, Uphold Wallet stands out as a favored choice among individuals seeking a flexible and trustworthy wallet.

How To Set Up Your Uphold XRP Wallet:

To set up an Uphold Wallet, visit their website and sign up for an account. Verify your email, complete the registration process, and enable two-factor authentication for added security. 

Deposit funds into your account and set up your wallet. Once done, you can start using your Uphold Wallet to store, send, receive, and convert XRP within the platform.

Uphold XRP Wallet

Uphold offers a seamless and user-friendly experience, enabling you to effortlessly engage in buying, selling, sending, and receiving XRP, regardless of the transaction size. 

You can also diversify your portfolio with a variety of cryptocurrencies and fiat currencies and even link your bank account for convenient and smooth transactions.

Conclusion On XRP Wallets

In conclusion, there is a wide range of options available for managing XRP tokens, each with its own unique strengths and considerations. When choosing an XRP wallet, it is crucial to prioritize factors such as security, user experience, and compatibility with different platforms.

However, when choosing an XRP wallet, prioritize security by downloading wallets from official sources and safeguarding private keys and recovery phrases. A user-friendly interface and intuitive features enhance the XRP management experience. Compatibility with different platforms ensures convenient access, and considering additional features like portfolio diversification and staking can be beneficial.

By carefully evaluating these factors and taking individual preferences into account, one can find the ideal XRP wallet that meets their specific needs. This enables a secure and seamless experience in storing, sending, receiving, and managing XRP tokens, ensuring confidence and peace of mind in the cryptocurrency journey.

Posted on

What Is Sui (SUI) Network?

[toc]

What Is SUI?

Sui (pronounced “Swee”) is a decentralized Layer 1 proof of stake blockchain, meaning it serves as the foundational infrastructure for verifying and processing transactions, similar to Bitcoin and Ethereum. Layer 1 blockchains are the backbone that supports a specific token or a network of different tokens. 

Sui was developed by Mysten Labs, a group of former Meta employees. It is designed to limit how long it takes to execute smart contracts and support scalability for decentralized applications (dApps). The network believes it has cracked the code on smart contract execution in terms of speed, high security, and low gas fees. This is possible because of the programming language it was designed with called “Move”. Move is a Rust-based programming language that prioritizes fast and secure transaction executions.

According to the whitepaper, the network is named after the element water in Japanese philosophy, a reference to its fluidity and flexibility that developers can use to shape the development of Web3. The network is focused on low latency and super scalability. This has seen it termed by supporters as “the Solana Killer.”

The Sui project was announced by Mysten Labs in September 2021, and in December 2021, Mysten Labs invested $36 million into the project. This was followed by a $300 million series B announcement led by a $140 million commitment by FTX in 2022, valuing the startup at $2 billion.

SUI Network

Reasons Why Sui Network Was Created

In the words of Sui Co-Founder and CEO, Evan Cheng, the current Web3 infrastructure is slow, expensive, and notoriously unreliable. Given this, Cheng said the network was created to change the Web3 game with some 5G level upgrades that would allow developers to create blockchain-powered applications with scalability that you can only associate with centralized technology hubs that dominated Web 2.0. 

In other words, the Sui network was created to solve Web3 problems by simplifying and improving the creation of various applications and functions in the Web3 ecosystem, solving the most common problems in the Web3 industry: speed, security, and stability.

How Does The Blockchain Work?

Sui operates as a Layer 1 blockchain focused on optimizing fast blockchain transfers. It places a high level of importance on immediate transaction finalization, making Sui an ideal platform for on-chain applications such as decentralized finance (DeFi), gaming, and other real-time use cases. 

Unlike the existing Layer 1 blockchains where transactions are added one after the other, which makes it slow as more transactions are being added to the blockchain, Sui does not make every transaction go through all the computers in the network. Instead, it picks the relevant part of the data it needs to check, which eliminates the problem of congestion on the blockchain and drastically reduces gas fees to carry out transactions.

The Sui network uses a permissionless set of validators to reduce latency and a protocol called the Delegate Proof of Stake system. It has epochs (each consisting of 24 hours), during which Sui holders select a set of validators with whom they store their staked tokens. The validators are then in charge of transaction selection and approval.

Who Are The Brains Behind The Sui Network?

Co-Founder and CEO Evan Cheng: Cheng previously worked at Apple for 10 years, and he was also the former Head of Research and Development at Novi and Technical Director of Meta. 

The Chief Scientist George Danezis: Former researcher at Novi, Meta, and previously worked at Chainspace, Microsoft.

Adeniyi Abiodun, CPO: Former Head of Product Development at Novi, Meta. Previously worked at VMware, Oracle, PeerNova, HSBC, and JP Morgan.

Kostas Chalkias: Former leading cryptographer at Novi. He previously worked at R3, Erybo, Safemarket, and NewCrypt.

Sam Blackshear, CTO: Former Chief Engineer at Novi, specializing in the Move programming language.

SUI Team

Investors and Institutions Backing The Network

Sui was valued at $2 billion after FTX Ventures committed $140 million to the project. However, Sui also has other credible investors who also committed, like Binance Labs, the largest centralized crypto exchange by daily trading volume, and Coinbase Ventures, the largest crypto exchange in the United States.

Other investors included  Franklin Templeton, a global leader in asset management with more than seven decades of experience, and Jump Crypto, an experienced team of builders, developers, and traders. Apollo, Lightspeed Venture, Circle Ventures,  Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures also invested in the blockchain.

Uses of Sui Coin

SUI coin plays a crucial role within the ecosystem and serves various functions:

  • Governance: Sui coin holders can participate in governance decision-making, which includes parameter adjustments, protocol upgrades, and other key network changes. This means SUI holders have a say in the direction and development of the Sui Network. 
  • Transaction Fees: SUI coin is used to pay for transaction fees within the network. The coin acts as the medium of exchange to cover all associated fees, whether you are interacting with smart contracts, transferring assets, or participating in any Sui on-chain activity. 
  • Utility: The native coin will be used in various decentralized applications (dApps), gaming applications, and other projects built on the network. It will be used to purchase in-game accessories and NFTs. 
  • Staking: Staking SUI coin helps network security and consensus. SUI coin holders who stake their coins are being rewarded and given incentives for participation and engagement. 
  • Investment: Investors can buy and hold or trade SUI coins as an investment on centralized exchanges, just like Bitcoin, Ethereum, Solana, Cardano, BNB, and all other blockchains with good use cases.

Sui Network Plans To Improve The Web3 Ecosystem 

Transaction Speeds

Sui Network aims to solve the slow transaction problems on Web3. The network was built on a Rust-based programming language called Move, which prioritizes fast and secure transaction executions. Transactions on the Sui network are validated in epochs of 24 hours, each epoch can be validated independently rather than in blocks like it’s done on traditional blockchains. 

The parallel execution of transactions increases Sui network transaction speed to 297,000 transactions per second and 400 milliseconds time of finality compared to Ethereum’s 20 transactions per second and 6 minutes time of finality or Solana’s 10,000 transactions per second and 2.5 seconds time of finality.

Network speed

Focus On Web3 And Asset Ownership

The Sui network is focused on improving Web3 and Web3 experience by catering to the needs of millions of users, which includes speed and security. Sui allows users to create, upgrade, and deploy decentralized applications and non-fungible tokens (NFTs)

Scalability

Sui Network aims to make Web3 more scalable through parallel processing or execution. This means that the Sui network identifies independent transactions and processes them simultaneously. The implication is that transaction times are reduced, and it accommodates larger transactions loaded per time. It is made possible because of the Sui implementation of the Move programming language and the Narwhal-Bullshark-Tusk Consensus algorithm, which focuses on the details of a transaction rather than the entire chain of transactions.

The Tokenomics Of SUI coin

Sui’s native token is called SUI, which has several use cases. According to Coingecko, the max and total supply of SUI is capped at 10 billion coins with a current circulating supply of 1.2 billion, and it is ranked number 48 based on market cap value. 

A share of the total supply of SUI was made liquid at the launch of its mainnet on May 3, 2023. Sui’s all-time high was on the day it was launched at $2.16. However, it is currently trading at $1.51, which is a 320% pump from its all-time low of $0.364 last year on October 19.

The tokenomics included 6% going to its Community Access Program and App Testers, 10% of the supply went to the Mysten Labs Treasury, 14% went to its Investors, and 20% went to Early Contributors. The vast majority of the supply, 50%, is kept in its Community Reserve. The purpose and distribution of the Community Reserve include a Delegation Program, Grant Programs, Research & Development, and Validator Subsidies, as shown in the illustration below:

Sui Tokenomics

Only about 5% of SUI coins were already in use when the Sui Mainnet launched, while the rest will be gradually released according to their planned schedule, as shown below:

SUI Network

Conclusion

Sui Network aims to improve Web3 by giving every Web3 user a much better Web3 experience without the struggles of slow transaction speeds. The network uses parallel execution for transactions to ensure lightning-fast speed, high security, and low gas fees.

Posted on

What Is Monero (XMR) Network?

[toc]

What Is Monero (XMR)?

Monero (XMR) is one of the leading cryptocurrencies focused on privacy, zero knowledge, and censorship-resistant transactions.  The Monero network operates on a proof-of-work (PoW) consensus mechanism, like Bitcoin and various other cryptocurrencies. This system incentivizes miners to contribute blocks to the blockchain. Monero’s PoW algorithm is designed to resist specialized mining equipment known as application-specific integrated circuits (ASICs). These ASICs confer a significant advantage to companies and affluent individuals, potentially leading to the centralization of the network.

In 2018, Monero became the first major cryptocurrency to deploy what is known as “bulletproofs”, a technology that greatly improved the efficiency of XMR transactions and led to at least an 80% drop in the size of the average transaction and dramatically reduced fees for the end-user.

Monero underwent an upgrade in 2019, transitioning to the RandomX algorithm. This algorithm is tailored to accommodate both CPU miners (such as laptops) and GPU miners (utilizing standalone graphics cards). Theoretically, this adjustment should foster greater decentralization within the Monero network.

Monero network

Who Are The Founders Of Monero (XMR)Network?

Monero (formerly known as Bitmonero) traces its roots back to 2014, when it forked from the Bytecoin blockchain. Its development has been steered by a vibrant community of developers, including Ricardo Spagni (aka Fluffypony), who played a pivotal role in shaping Monero’s trajectory. The commitment to open-source principles and community-driven governance underscores Monero’s success. 

Since its launch, Monero has undergone significant enhancements, including database structure migration, implementation of RingCT for transaction amount privacy, and setting minimum ring signature sizes to ensure all transactions are private by default. These improvements have bolstered the network’s security, privacy, and usability.

The Monero Project leads the charge with its dedicated Research Lab and Development Team, continuously pioneering innovative technologies. Since its launch, the project has garnered contributions from a diverse pool of over 500 developers spanning various continents.

Monero founders

Investors And Institutions Backing the Monero (XMR) Token

Understanding who directly funds Monero can be tricky due to its emphasis on privacy, but it has attracted a solid base of investors. Monero has various indirect channels through which investors and institutions support and invest in the Monero ecosystem.

Large mining pools play a vital role in ensuring network security and processing transactions. Although they don’t directly fund Monero (XMR) Token, their involvement indicates a broader belief in Monero’s potential.

MinerGate, known for its wide user base, and SupportXMR, an open-source Monero mining pool, are actively contributing to community development. Also, Monero (XMR ) being listed on reputable exchanges like Binance and Kraken enhances accessibility and attracts large investors.

The Monero Community Development Fund (CDF) relies on donations to support developers and projects. Notable contributors include Edge Wallet and Cake Wallet, both actively contributing to the CDF.

Core team

What Monero Network Aims To Achieve In The Crypto Space And Beyond 

At its core, Monero champions the right to financial privacy, offering unparalleled anonymity through advanced cryptographic techniques. Transactions conducted on the Monero network are shielded from prying eyes, ensuring the confidentiality of senders, receivers, and transaction amounts.

This commitment to privacy empowers individuals to transact freely and securely without fear of surveillance or censorship and serves as a shield against oppression in regions where financial freedom is restricted.

Monero has had around 32 million XMR transactions, with approximately 8.6 million in 2022, a slight drop from its peak in 2021. In comparison, Bitcoin recorded nearly 800 million transactions during the same timeframe.

Monero transactions

Monero’s privacy features have legitimate applications in safeguarding sensitive financial information, protecting personal liberties, and preserving economic freedom.

How Does Monero (XMR) Work?

Monero’s core privacy features are its utilization of ring signatures, stealth addresses, and RingCT. Unlike transparent blockchains like Bitcoin and Ethereum, Monero prioritizes user confidentiality, offering a level of anonymity comparable to physical cash transactions.

Despite its acclaim within the cryptocurrency community, Monero hasn’t been immune to regulatory scrutiny. Regulatory bodies have raised concerns about the potential misuse of privacy coins, leading to restrictions on their trading and listing on certain exchanges.

However, Monero remains steadfast in its commitment to privacy, offering users a secure and private means of transacting in the digital realm.

Monero’s mining mechanism sets it apart from its peers, emphasizing inclusivity and accessibility. The RandomX algorithm, optimized for general-purpose CPUs, democratizes the mining process, allowing a diverse range of hardware to participate. This approach prevents the centralization of mining power, ensuring a more decentralized network.

Monero also introduced “smart mining,” a sustainable alternative that utilizes a computer’s idle processing power to mine XMR. This energy-efficient method aligns with Monero’s ethos of accessibility and sustainability in cryptocurrency mining. It also makes use of  Dandelion++  to hide IP addresses associated with nodes to avoid exposing sensitive information. 

What Makes The XMR Token Unique?

Monero’s approach to transaction handling sets it apart as a pioneer in the field of privacy-centric digital currencies. Through the utilization of split amounts and the generation of unique one-time addresses for each transaction fragment, Monero(XMR) effectively obscures the trail of funds, making it virtually impossible to trace the exact mix of currency units belonging to a recipient. This intricate methodology ensures that Monero transactions remain shrouded in secrecy, bolstering user confidence in the network’s ability to preserve financial privacy.

With features such as view keys and spend keys, Monero users have control over their accounts, allowing them to selectively grant access to specific parties while preserving the confidentiality of their financial information.

In essence, Monero’s unique blend of privacy-enhancing features, innovative transaction handling, and user-centric design sets it apart as a trailblazer in the cryptocurrency landscape.

XMR blockchain

Notable Features Of The Monero (XMR) Network

Privacy by Default: Monero utilizes advanced cryptographic techniques such as ring signatures, stealth addresses, and Ring Confidential Transactions (RingCT) to obfuscate transaction details, ensuring unparalleled privacy. 

Fungibility: Every XMR coin is interchangeable, ensuring that no history can be traced back to tarnish its value. This fungibility aspect is crucial for a currency to function effectively without discrimination based on its past usage.

Decentralization: Monero’s mining algorithm, CryptoNight, is designed to be ASIC-resistant, fostering a more decentralized mining ecosystem where individuals can participate using standard computer hardware, thus mitigating centralization risks.

Active Community: The Monero community is vibrant and passionate, constantly advocating for privacy rights and pushing the boundaries of technological innovation to safeguard financial sovereignty. 

Adoption and Recognition: Despite its emphasis on privacy, Monero has garnered significant attention from both users and institutions. It has found utility in various domains, including online marketplaces, remittances, and privacy-conscious transactions. Moreover, prominent figures in the cryptocurrency space have recognized Monero’s value proposition, further solidifying its position in the digital currency landscape.

Potential Applications Across Various Industries 

Financial Services Sector: Monero’s blockchain technology can revolutionize processes such as trade finance, lending, and asset management. Its privacy-enhancing features and technologies ensure that sensitive financial transactions remain confidential while still maintaining transparency and auditability. Additionally, Monero’s decentralized nature eliminates intermediaries and reduces costs. 

Supply Chain Management: This sector stands to gain significant advantages from Monero. By leveraging Monero’s immutable ledger and privacy-enhancing features, businesses can enhance transparency, traceability, and authenticity throughout the supply chain. Monero’s blockchain ensures the integrity of goods and reduces the risk of fraud and counterfeiting.

Media And entertainment industry: These two industries can also harness the power of Monero’s blockchain for various applications. Whether it’s managing digital rights, tracking royalties, or enhancing content distribution, Monero will help secure a transparent platform for content creators, distributors, and consumers. By utilizing Monero’s blockchain, companies can streamline royalty payments, protect intellectual property rights, and create new revenue streams in the digital media landscape.

Government Institutions: Monero’s blockchain has promising applications in government services; governments can leverage Monero’s blockchain for secure voting systems, digital identity management, and transparent public services.

Cybersecurity And IoT (Internet of Things). Monero’s decentralized and immutable ledger provides robust protection against data breaches and cyber-attacks. In IoT, Monero’s blockchain can facilitate secure data exchange and device authentication, ensuring the integrity and privacy of IoT ecosystems.

The Tokenomics Of XMR 

Monero XMR aims to maintain scarcity and foster value appreciation like Bitcoin. With a capped total supply of approximately 18.4 million XMR coins, similar to Bitcoin, Monero aims to prevent inflation, thereby potentially contributing to sustained value appreciation over the long term.

Monero endeavors to incentivize miners and uphold network security. Utilizing a Proof-of-Work (PoW) consensus mechanism, Monero relies on miners to safeguard the network. Initially, the emission rate of XMR was high but has gradually decreased over time. Currently, with a block reward of 0.6 XMR per block as of 2022, Monero introduces a “tail emission” to sustain ongoing miner incentives.

XMR tokenomics

Conclusion

Monero’s blockchain technology holds immense potential for transforming various industries by providing a secure, private, and transparent platform for conducting transactions and managing data. 

With its focus on anonymity and confidentiality, Monero offers a versatile solution for businesses seeking to enhance privacy, security, and efficiency across diverse sectors. As the adoption of blockchain technology continues to grow, the potential applications of Monero are limitless, paving the way for a more secure and decentralized future.

Posted on

What Is Ripple?

Ripple, one of the financially strongest companies in the entire crypto sector, blends traditional banking and finance with digital assets. This comprehensive analysis addresses the question “What is Ripple?” and looks at its origins, technological advances and products, market dynamics, a potential IPO, and the ongoing legal battle with the US Securities and Exchange Commission (SEC).

[toc]

What Is Ripple?

Ripple occupies a unique niche in the blockchain universe, setting itself apart from typical cryptocurrency projects. Unlike many of its peers aiming to change banking as we know it, Ripple seeks collaboration with the financial system. At its core, Ripple operates on a public database known as the XRP Ledger (XRPL), characterized by transparency and open access.

The Ripple protocol diverges significantly from the likes of Bitcoin as it eschews the concept of mining, where transactions are confirmed and the network is secured by miners. Instead, Ripple relies on validators. These validators play a crucial role in maintaining the network’s integrity. For instance, when a transaction is initiated—say, a user transferring funds to another—the network’s validators must reach a consensus to confirm this transaction.

Notably, most validators are operated by Ripple Labs and its partners. They are responsible for confirming all transactions within the Ripple network. This distinctive system empowers Ripple to execute transactions with remarkable speed and cost-efficiency. However, it also leads to a higher degree of centralization compared to networks like Bitcoin or Ethereum.

Central to Ripple’s functionality is the XRP token, often dubbed as the “bank coin.” It primarily serves as a bridge currency for fiat transactions, embodying the essence of Ripple’s vision to streamline global financial exchanges. The XRP token thrives on the XRP Ledger (XRPL), a manifestation of distributed ledger technology (DLT). This combination of technology and vision positions Ripple as a unique entity in the blockchain space, offering a blend of innovation and pragmatic collaboration with existing financial structures.

Key Aspects Of Ripple And XRP

  • No Mining, Only Validators:  The XRP Ledger does not employ mining for transaction confirmation or network security. Instead, Ripple relies on validators. These validators are crucial in confirming transactions. Their consensus keeps the network secure and efficient.
  • XRP: The XRP token is central to Ripple’s ecosystem. It is pre-mined, meaning its tokens were created before the project’s public launch. Ripple advocates for XRP due to its minimal transaction fees, quick settlement, and scalability, handling up to 1,500 transactions per second.
  • XRP Ledger (XRPL):  This ledger is key to recording data like balances and transfers. The XRPL facilitates quick settlements, allowing payments in local currency for involved parties, and supports bridging currencies for transactions.
  • Unique Node List (UNL): The XRPL operates through a Unique Node List, comprising 35 validators. For a transaction to be recorded, at least 80% of these nodes must agree on its legitimacy.
  • RippleNet: Separate from the XRPL, RippleNet is an exclusive network developed by Ripple for payment and exchange. It does not use XRP and offers instant settlement, tracking of cross-border payments, and interaction within a unified framework for financial institutions.
  • Ripple’s Use Cases: Ripple envisioned XRP to operate as an alternative to traditional systems like SWIFT, enhancing international payment efficiency. Furthermore, Ripple wants to establish itself as a crypto liquidity provider as well as in the field of Central Bank Digital Currencies (CBDCs).

Unveiling The Origins And History Of Ripple

Ripple’s inception can be traced back to a concept by Ryan Fugger in 2004. He envisioned a decentralized monetary system, Ripplepay, to empower individuals in their financial interactions. This idea laid the groundwork for what would eventually become Ripple.

In 2012, the journey took a significant turn. Jed McCaleb, known for his work on the Mt. Gox exchange, and Chris Larsen, a renowned figure in the fintech sector, approached Fugger. They proposed a digital currency system utilizing the Ripple protocol. This collaboration led to the establishment of OpenCoin.

Later, in 2013, OpenCoin was rebranded to Ripple Labs. It was during this time that Ripple began to solidify its unique approach to the blockchain and cryptocurrency world. Unlike its contemporaries, which focused solely on a decentralized model, Ripple sought to integrate with the existing financial system, particularly targeting the inefficiencies in cross-border payments.

The Significance Of Ripple XRP In The Ecosystem

XRP, as Ripple’s native cryptocurrency, plays a pivotal role in the Ripple ecosystem. Its significance stems from several unique features and functionalities that it brings to Ripple’s network.

  • Bridge Currency: One of the primary uses of XRP is as a bridge currency in international transactions. This role is crucial in RippleNet’s offering of efficient and cost-effective cross-border payment solutions.
  • Transaction Efficiency: XRP stands out for its transaction speed and minimal fees. The network can process 1,500 transactions per second, with each transaction costing a minimum of 0.00002 XRP.
  • Scalability And Environmental Sustainability: XRP’s pre-mined status means all its tokens were created before the network went live.
  • Liquidity Source: XRP serves as a source of liquidity in Ripple’s On-Demand Liquidity product (now Ripple Payments).
  • Decentralized Exchange And Cross-Chain Integration: The XRPL DEX, the decentralized exchange on the XRP Ledger, has been operational since 2012. It provides a platform for trading XRP and other cryptocurrencies with minimal fees.
  • Legal and Regulatory Challenges: The role of XRP has been subject to scrutiny, especially following the SEC’s lawsuit against Ripple. The lawsuit’s focus on whether XRP should be classified as a security has implications for its use and trading, particularly in the US market.

What Is The Difference Between XRP And Ripple?

Understanding the distinction between XRP and Ripple is crucial for grasping the full scope of what Ripple Labs Inc. offers in the blockchain and cryptocurrency domain.

Ripple – The Company: Ripple refers to the technology company, Ripple Labs Inc., which focuses on creating and managing a global payment network. Founded in 2012, Ripple’s primary mission is to transform the world of financial transactions, making them faster, more secure, and less costly. Ripple develops several blockchain-based products, with RippleNet being its flagship network that facilitates cross-border payments.

XRP – The Cryptocurrency: XRP, on the other hand, is a digital asset or cryptocurrency that operates on the XRP Ledger. It was first developed by Ryan Fugger and later enhanced by Jed Caleb and Chris Larsen – which led to what we now know as XRP.

Use Cases Of Ripple

Ripple and its associated technology offer diverse applications in the financial sector, notably in cross-border payments, crypto liquidity, and central bank digital currencies (CBDCs). Each of these use cases represents a significant advancement in how financial transactions and operations are conducted in the modern era.

Cross-Border Payments

Ripple’s technology, particularly through RippleNet and Ripple Payments, significantly streamlines cross-border payments. Traditional international money transfers are often slow, expensive, and opaque. Ripple addresses these issues by providing a more efficient, transparent, and cost-effective solution.

RippleNet enables rapid transaction settlements and reduces the operational costs associated with cross-border payments, making it an attractive option for banks and other financial institutions. The use of XRP as a bridge currency in Ripple’s On-Demand Liquidity service (new: “Ripple Payments”) further enhances this efficiency by eliminating the need for pre-funding accounts in destination countries, thus freeing up capital and reducing liquidity costs.

Crypto Liquidity (“Liquidity Hub”)

The Ripple Liquidity Hub serves as a groundbreaking platform for businesses to manage their crypto liquidity needs effectively. Designed primarily for financial institutions and other enterprises, it provides a streamlined way to buy, sell, and hold digital assets.

A key aspect of the Ripple Liquidity Hub is its ability to offer optimized crypto liquidity. It achieves this by accessing aggregated liquidity pools from various sources, such as exchanges and over-the-counter desks. This ensures that businesses can obtain the best possible prices for digital assets across a range of venues.

Furthermore, the platform simplifies digital asset management for enterprises. It comes equipped with an enterprise-level dashboard that facilitates the efficient management, trading, and reporting of digital assets. This feature is particularly beneficial for businesses looking to streamline their crypto portfolio management.

One of the most innovative aspects of the Ripple Liquidity Hub is its expansion of access to capital. The platform removes the need for businesses to hold pre-funded capital positions with multiple liquidity venues, thanks to its post-trade settlement feature. This aspect significantly enhances capital efficiency for enterprises.

In its commitment to interoperability and the inclusion of various digital assets, the Ripple Liquidity Hub initially supports a diverse range of digital assets including BTC, ETH, LTC, ETC, BCH, and XRP, with the availability varying by geography. Ripple plans to further expand its offerings, demonstrating its commitment to fostering an inclusive and competitive crypto market.

Liquidity Hub
Central Bank Digital Currency

Ripple’s engagement in the development of Central Bank Digital Currencies (CBDCs) is a significant move towards modernizing the financial ecosystem. Ripple has launched a dedicated platform for CBDCs, aiming to provide a seamless end-to-end solution for central banks, governments, and financial institutions to issue and manage their own digital currencies.

Ripple’s CBDC platform is designed to address multiple use cases, including both wholesale and retail CBDCs, as well as issuing stablecoins. The platform’s capabilities extend to end-user wallets, allowing users to securely hold digital currencies and make payments for goods and services, similar to other banking apps. This includes functionality for offline transactions and non-smartphone use cases, broadening the accessibility of digital currencies.

Notably, Ripple has been recognized as a leader in the CBDC space, topping competitive leaderboards by Juniper Research and CB Insights for its CBDC technology.

what is Ripple CBDCs

Ripple’s involvement in CBDC pilot projects across various nations showcases its commitment to supporting the development and implementation of digital currencies at the national level. Remarkably, the company has partnered with several countries, including Palau, Bhutan, and Montenegro, to explore and develop their respective CBDCs / stablecoins.

What Is RippleNet?

RippleNet is a distributed network developed by Ripple, designed to facilitate real-time, cross-border transactions. As a peer-to-peer distributed application, it maintains a virtual ledger that emulates the roles of Nostro and Vostro accounts commonly used in international banking.

RippleNet is known for its two primary layers: a bi-directional messaging layer and a settlement layer. The messaging layer handles the communication of transactions, while the settlement layer ensures the final transfer of funds.

It operates within a cloud environment hosted by Ripple, which substantially lowers technical infrastructure costs for its users. It integrates with financial institutions’ middleware through API operations, effectively replicating funding into RippleNet virtual accounts.

Importantly, RippleNet is SOC 2 certified, ensuring high standards of security, availability, confidentiality, and privacy. It improves the cross-border payment experience by offering efficient messaging, optimized settlement, and unique liquidity solutions.

RippleNet’s clientele includes a diverse range of sectors, including traditional remitters, digital remitters, FX brokers, payment service companies, and banks (encompassing global tier-1 banks, multi-country regional banks, local banks, and digital banks), as well as multinational businesses.

What Is Ripple’s On-Demand Liquidity (New: Ripple Payments)?

Ripple’s On-Demand Liquidity (ODL), now known as “Ripple Payments,” is a liquidity management solution that facilitates instant and efficient cross-border money transfers without requiring pre-funding in the destination market. It utilizes XRP as a bridge currency to source liquidity on demand, enabling real-time fund movement.

The evolution of ODL has led to significant improvements in efficiency and user experience. Initially, the product required payments to be originated in fiat currency, converted to XRP, and then again converted to fiat currency in the destination country. The refined Ripple Payments allows customers to send XRP for cross-border payments directly through a crypto wallet, leveraging the wallet to source XRP on demand.

What is Ripple ODL

This reduces friction in the payment flow and provides greater flexibility and choice to customers. It also streamlines the onboarding process for new partners and currencies, enabling multiple currencies through a single wallet.

The adoption of Ripple Payment has grown, with innovative companies like FlashFX using it to support payments in new currencies like GBP and EUR, which were not previously supported. This expansion is part of Ripple’s broader global momentum, especially in regions like Southeast Asia, where there is significant growth due to progressive crypto regulations and the presence of innovative companies. Companies like Novatti and Tranglo, for instance, play a vital role in the network as fiat on and off-ramps.

Ripple’s Potential IPO And Price Predictions

Ripple’s potential Initial Public Offering (IPO) has been a topic of significant interest within the cryptocurrency and financial communities. While Ripple has not officially announced plans for an IPO, there are vivid speculations surrounding this possibility.

In a recent analysis, Wall Street expert Linda Jones suggested that Ripple’s pre-IPO shares could potentially rise by 2,000%. She pointed out that the current valuation of Ripple’s pre-IPO shares on Linqto stands at $35 per share. This translates to a $5.7 billion valuation.

Jones emphasized the significance of the company’s substantial holdings in XRP, with 42 billion XRP in escrow. They could contribute to an aggregate worth of approximately $107 billion, far exceeding its current valuation on Linqto. This analysis considers the potential resolution of the legal battle with the SEC and its impact on XRP’s price, indicating optimism about Ripple’s future IPO valuation​.

Ripple Vs. The SEC: A Comprehensive Overview

As of early 2024, Ripple Labs has achieved several notable victories against the United States Securities and Exchange Commission (SEC). Here are the key developments:

  • Summary Judgment Win For Ripple (July 13, 2023): Ripple Labs achieved a partial victory in its legal battle with the SEC. The US District Court for the Southern District of New York ruled that XRP sales on exchanges and through algorithms did not constitute investment contracts. Consequently, these sales are not subject to federal securities laws.  However, the court found Ripple’s direct institutional sales in violation of these laws. It deemed them unregistered offers and sales of investment contracts.
  • Denial Of SEC’s Interlocutory Appeal (October 3, 2023): The SEC’s attempt to appeal the summary judgment loss was denied by Judge Torres. This marked a significant setback for the regulator and underlined Ripple’s strengthening position in the lawsuit.
  • SEC Drops Claims Against Ripple Executives (October 19, 2023): The SEC withdrew its charges against executives Brad Garlinghouse and Christian Larsen. This decision narrowed the lawsuit’s focus solely on Ripple Labs.
  • Pending Trial and Remedies Phase: The trial, set to occur between April and June 2024, will be critical for Ripple Labs. The main focus will be on the institutional sales of XRP worth $770 million, which were deemed unregistered securities sales. The remedies phase will determine the penalties for these sales, with the SEC potentially seeking the entire amount as fines.

For a more in-depth look at the XRP lawsuit, read our dedicated article.

FAQ: What Is Ripple

What Is Ripple?

Ripple is a technology company that specializes in digital payment protocols and currency exchange networks. Its real-time gross settlement system and the cryptocurrency XRP are well-known features.

Will Ripple Replace SWIFT?

Ripple, while focused on enhancing global financial transactions, is not set to fully replace SWIFT. However, the company’s faster and more cost-effective solutions offer a competitive alternative.

What Distinguishes XRP From Other Cryptocurrencies?

XRP stands out among cryptocurrencies like Bitcoin and Ethereum due to its high speed and low transaction costs. This makes it particularly suited for rapid cross-border payments.

Will Ripple Go Public?

Ripple plans to consider going public once it resolves its legal battle with the SEC. The potential IPO would depend on the outcome of the lawsuit and market conditions.

Is Ripple Stock Worth Anything?

Currently, Ripple is a private company, so it does not have publicly traded stock. An assessment of the company’s value can only occur if it undergoes an IPO and becomes a public company.

Is XRP The Same As Bitcoin?

No, XRP and Bitcoin are different. Bitcoin is a decentralized digital currency without a central bank, operating on a peer-to-peer network. Ripple uses XRP for its payment technology and is renowned for its rapid transaction processing times.

Does Ripple Have A Good Future?

Ripple’s future is subject to various factors. These include the outcome of its lawsuit with the SEC, market adoption, and overall cryptocurrency market trends. Its focus on payment solutions presents potential growth opportunities.

Who Invented Ripple?

Chris Larsen and Jed McCaleb co-founded Ripple. They founded the company, initially known as Opencoin, in 2012 before renaming it to Ripple.

Posted on

What Is Sei (SEI) Network?

The Sei (SEI) Network is a Cosmos-based layer-1 blockchain that aims to change the world of digital asset trading, especially in the decentralized exchange (DEX) ecosystem. It was specifically designed for the world of trading, featuring various sectors of the cryptocurrency space spanning GameFi, NFTs, and, most especially, decentralized finance (DeFi). Sei is positioned as the “Decentralized NASDAQ,” as it offers a seamless blend of centralized finance (CeFi) trading experiences with decentralized finance tools.

Since its inception, it has established itself as a major player in the cryptocurrency space by providing cutting-edge features and advantages over rivals. With its innovative technology stats and passionate community, it has become one of the fastest-growing Layer 1 blockchains for trading and other purposes.

At its core, the SEI token is designed to optimize and streamline business operations and interactions. It is expected to be not just a cryptocurrency but a comprehensive solution that addresses several challenges in the contemporary blockchain ecosystem. 

SEI Network founders

Who Are The Founders Of Sei Network?

Sei (SEI) network founders and brains behind the SEI are Jayendra Jog, Dan Edlebeck, and Jeffrey Feng. Jayendra Jog was the former lead software engineer at Robinhood, a popular centralized crypto exchange. 

Dan Edlebeck is the co-founder and CEO of Exidio, a decentralized VPN application in the Cosmos ecosystem. Lastly, Jeffrey Feng brought his investment experience from his role at Goldman Sachs.

Investors And Institutions Backing the SEI Token

The Sei network has a lot of credible investors and institutions backing it, such as Coinbase, which is one of the largest centralized exchanges (CEX) in the world; Jump, Muitcoincapital, Layer Zero, GSR, and many more, as shown in the screenshot from the website below.

SEI Investors

What Sei Network Aims To Achieve In The Crypto Space And Beyond 

Sei aims to foster smart, efficient, and sustainable enterprises, and it does so by leveraging the power of blockchain technology to automate processes, reduce costs, and eliminate intermediaries. This makes Sei tokens a frontrunner in the race toward a decentralized future.

Sei token is unique in its approach and functionality as it goes beyond the standard features of cryptocurrencies and offers a sophisticated governance model encouraging active community participation. It takes the decentralization aspect a notch higher by ensuring fair and transparent decision-making.

The token is designed for compatibility and scalability, allowing seamless integration with new and existing business systems. This means whether you are a large corporation like Blackrock, which manages $10 trillion in assets, or a small business startup, the Sei token is designed to fit right into your operations, providing you with the benefits of blockchain without the hassle of overhauling your business system.

How Does Sei (SEI) Work?

One of the major problems with decentralized exchange (DEXs) is that orders are either not processed on-chain or are processed on-chain on a fast blockchain at the expense of decentralization and security. 

Given this bottleneck, the Sei network has implemented several innovative features to resolve the challenges faced by decentralized exchanges (DEXs) by combining off-chain speed with on-chain security. It aggregates orders at the end of the block and executes them all at once rather than executing them one at a time, and in this way, it prevents the persistent problem of front-running in decentralized trading.

The Sei network also makes use of native price oracles that minimize external dependencies while offering trustworthy data feeds. It handles the placement and execution order of a single transaction as opposed to doing so in two (2).

What Makes The Network Unique?

The Sei network stands out from the rest due to its self-executing smart contracts with the terms of the agreement directly written into code lines. The code and the agreement contained therein then exist across a distributed blockchain network.

This means that the transactions are irreversible and trackable, and they do not require a third-party intermediary. This automation process drastically reduces costs and increases efficiency, making transactions smooth and very easy.

Blockchain

Sei tokens also utilize a decentralized infrastructure, which means any single central entity or authority does not control it. Instead, control is spread out amongst many different nodes or computers that participate in the network to ensure that even if one node goes down, the entire network continues running smoothly.

The decentralized nature of the SEI token fosters a sense of community and mutual trust among its users. It boasts a democratic system that encourages active participation and promotes transparency and fairness.

Notable Features Of The Sei (SEI) Network

Twin-Turbo Consensus Mechanism: The Sei network leverages the Cosmos SDK and Tendermint Core to provide decentralized trading apps with speed, security, capital efficiency, and decentralization.

Parallelization: The Sei blockchain divides work into smaller chunks, processing and executing them simultaneously to prevent front-running.

Native Order Matching: The Native Order Matching feature ensures that decentralized exchanges (DEXes) are able to have their own central limit order book (CLOB).

Order Bundling: Sei offers order bundling at the client and chain level to enhance user experience and efficiency.

Price Oracles: It’s integrated into a native system for trustworthy assets with real-time oracles provided by validators, meaning that Sei provides users with an Oracle module that functions as a token price reference.

Lightning Speed Transactions: Sei claims to offer 600 milliseconds in transaction finality, making it highly scalable compared to other crypto projects like Bitcoin, Ethereum, and even Solana.

Fee Structure: At launch, SEI tokens have no chain-level trading fees; however, decentralized exchanges (DEX) may introduce their transaction fees through smart contracts.

Potential Applications Across Various Industries 

Banking and Financial Industry: The Sei blockchain technology is designed to streamline operations, eliminating the need for intermediaries and reducing transaction costs. This will bring a new level of transparency to the banking and financial industry, with every transaction recorded and traceable on the blockchain.

Medical and Healthcare Industry: The Sei network offers an efficient way to manage and share patient data securely. This can help eradicate fraudulent activities, improve patient care, and enhance data interoperability.

Supply Chain (Import and Export) Industry: The Sei blockchain network token can ensure the authenticity and traceability of products, from the raw materials to the end consumers. Every step can be recorded on the blockchain, providing full visibility and reducing the emergence of counterfeit goods and products.

Impact on the Environment: Sei’s eco-friendly consensus mechanism significantly reduces energy consumption compared to traditional cryptocurrency. Its smart contracts can automate carbon credit trading, supporting businesses in their sustainability efforts.

Digital Identities: The Sei network can be employed to develop a secure decentralized solution for managing digital identities and protecting individuals’ privacy and digital data.

The Tokenomics Of SEI Coin

Sei’s native cryptocurrency, SEI, does not have a maximum supply of tokens to be mined. However, it has a total supply of 10 billion coins. This means all of the tokens in circulation have been free-mined on the blockchain, including those that are locked or reserved. The token has a circulating supply of 2.4 billion at the time of publication. 

According to its website, 48% of the supply is in an Ecosystem Reserve, with Private Sale Investors and the Team receiving 20% of the supply, respectively. 9% of the supply went to the Sei Foundation and the Launchpool received 3% of the supply.

SEI Coin tokenomics

Sei token is up 619% since its all-time low of $0.09536 on October 19, 2023, and its latest all-time high of $0.8778 was recorded on January 3, 2024. With a market cap of $1.5 billion, it is currently the 48th-largest cryptocurrency in the industry.

Conclusion

The Sei network aims to solve issues not only in the crypto industry but also in other industries. This includes the likes of the banking and financial industry, where it aims to reduce the costs of transactions by eliminating the use of intermediaries and providing top-notch security measures to protect user privacy and identities.

The blockchain is energy-efficient compared to the likes of Bitcoin as it doesn’t consume as much energy. Its super-fast 600-millisecond transaction finality makes it highly scalable on a scale comparable to Kaspa, whose full confirmation transactions are at an average of 10 seconds.

Posted on

WHAT IS XRP LEDGER (XRP)?

XRP Ledger, created by Ripple Labs Inc., is an open-source blockchain technology and digital asset. This means that developers can contribute to its development and enhance its functionality. XRP serves as the native cryptocurrency of the XRP Ledger and is the commonly recognized name for it. The XRP Ledger is purposefully designed to enable swift, cost-effective, and secure transactions. It functions as a distributed ledger, where transaction records are stored across a network of validators, which are participating computers, ensuring the integrity of the ledger.

XRP has garnered significant recognition for its ability to facilitate expeditious and streamlined cross-border payments. Its primary objective is to enhance liquidity and establish connections between diverse currencies, enabling seamless value transfers for both financial institutions and individuals across international borders. Ripple, the entity responsible for XRP, has forged partnerships with numerous financial institutions to investigate the potential of XRP in the realms of remittances and international settlements.

It is imperative to emphasize that although XRP is commonly linked with Ripple, the XRP Ledger functions autonomously, separate from the company. XRP can be exchanged on different cryptocurrency platforms and stored in digital wallets that are compatible with the XRP Ledger.

Additionally, there is a diverse range of cryptocurrency exchanges that support the XRP Ledger (XRP) for individuals interested in buying, selling, or trading XRP. Some notable examples include Binance, Coinbase, Kraken, BitStamp, Huobi, and more.

Founders Of XRP Ledger (XRP)

In early 2011, developers David Schwartz, Jed McCaleb, and Arthur Britto were intrigued by Bitcoin but concerned about its energy consumption and scalability issues. They aimed to create a more sustainable system for value transfer. Their predictions about Bitcoin’s energy usage were proven right when estimates revealed that Bitcoin mining consumed more energy than Portugal in 2019. They also foresaw the risks of one miner or collusion of miners gaining over 50% of the mining power, which remains a concern today as mining power concentrates in China.

Undeterred, the developers continued their work and created a distributed ledger called Ripple, with a digital asset initially called “ripples” (later referred to as XRP). The name Ripple encompassed the open-source project, the unique consensus ledger (Ripple Consensus Ledger), the transaction protocol (Ripple Transaction Protocol or RTXP), the network, and the digital asset. 

To eliminate confusion, the community started referring to the digital asset as “XRP.” By June 2012, Schwartz, McCaleb, and Britto completed the code development and finalized the Ledger.

Ripple XRP Ledger

How XRP Ledger (XRP) Works

The XRP Ledger represents a pioneering blockchain technology that places a strong emphasis on scalability and interoperability. This focus enables the ledger to offer a wide array of possibilities for diverse applications that surpass the realms of traditional financial systems.

By demonstrating the capacity to handle substantial transaction volumes and foster seamless connectivity among different assets, the XRP Ledger stands poised to bring about a revolution across multiple industries and ignite innovation. Its scalable and interoperable nature creates opportunities for novel use cases and transformative solutions within the blockchain ecosystem. 

Prominent Features Of XRP Ledger

Consensus Ledger

Functioning as a distributed and decentralized ledger, the XRP Ledger stores the transaction history across an independent network of validators. Every validator preserves a copy of the ledger, and transactions undergo validation and agreement via the consensus algorithm. This approach ensures that the ledger’s transaction history is securely stored and that transactions are verified and approved through a collaborative process among validators. By employing this distributed and decentralized framework, the XRP Ledger establishes a reliable and transparent system for recording and validating transactions.

Gateways and Interoperability

The XRP Ledger enables the establishment of gateways, which are entities responsible for issuing and redeeming assets on the ledger. These gateways play a crucial role in bridging various currencies and assets, fostering seamless interoperability across different financial systems.

By facilitating the transfer and exchange of diverse assets, the gateways enhance the connectivity and compatibility between different forms of value representation. This feature of the XRP Ledger promotes greater efficiency and accessibility in cross-border transactions and opens up opportunities for enhanced liquidity and streamlined financial operations.

Transaction Speed and Scalability

Engineered with scalability and rapid transaction settlement in mind, the XRP Ledger (XRP) is adept at processing a substantial number of transactions per second. With the capability to settle transactions within a matter of seconds, the ledger is well-suited for a wide range of use cases that demand swift and efficient transaction execution.

Its high scalability and speedy transaction settlement empower businesses and individuals alike to conduct seamless and timely transactions, fostering enhanced productivity and responsiveness in various applications and industries.

Consensus Algorithm

Within the XRP Ledger, a distinctive consensus algorithm known as the Ripple Protocol Consensus Algorithm (RPCA) is employed. Diverging from conventional proof-of-work (PoW) or proof-of-stake (PoS) algorithms, RPCA relies on a group of trusted validators to authenticate and validate transactions. These validators assume the crucial role of collectively establishing consensus regarding the sequence and legitimacy of transactions on the network. By leveraging this innovative consensus mechanism, the XRP Ledger ensures the integrity and reliability of its transaction validation process, providing a secure and efficient environment for conducting business.

Native Cryptocurrency (XRP)

XRP operates as the inherent digital currency of the XRP Ledger, serving multiple purposes, such as facilitating transactions, offering liquidity, and bridging diverse currencies. As a medium of value exchange, XRP can be transferred between various entities on the XRP Ledger, enabling seamless transactions and facilitating the exchange of value. This versatile cryptocurrency plays a vital role in supporting the functionality and efficiency of the XRP Ledger ecosystem.

The Impact Of XRP On The Financial Industry

Undoubtedly, the XRP Ledger, along with its native currency XRP, has made a notable impact on the financial industry, bringing forth a range of positive innovations across various important aspects such as:

Decentralized Finance (DeFi)

The XRP Ledger’s utilization of smart contracts and tokenization creates possibilities for decentralized finance (DeFi) applications, paving the way for the development of groundbreaking financial services like lending, borrowing, and decentralized exchanges. With its rapid and scalable nature, the XRP Ledger provides an ideal foundation for constructing DeFi applications, potentially extending financial services to underserved communities and diminishing dependence on conventional intermediaries.

Asset Tokenization

The capacity of the XRP Ledger to tokenize tangible assets like real estate, art, and commodities has the potential to unleash liquidity for assets that have historically lacked it. Through the representation of these assets as digital tokens on the ledger, fractional ownership becomes feasible, enabling enhanced accessibility and transferability. This breakthrough can introduce fresh investment prospects and enhance market efficiency.

Cross-Border Payments

The swift transaction settlement and economical fees offered by the XRP Ledger make it an attractive choice for cross-border payments. Its efficient currency-bridging capabilities simplify and expedite international transactions, potentially reducing expenses and enhancing liquidity for financial institutions. This can result in expedited and cost-effective remittances, benefiting both businesses and individuals.

Liquidity and Market Efficiency

The XRP Ledger’s utilization of XRP as a bridge currency and liquidity tool has the potential to bolster market efficiency and enhance liquidity for diverse assets. By enabling seamless value exchange across different currencies, the XRP Ledger contributes to improved market liquidity, simplifying the process of buying, selling, and trading assets for users. This heightened liquidity has the capacity to foster more efficient markets and enhance the process of price discovery.

XRP Distribution And Price Dynamics 

The distribution of XRP tokens by Ripple Labs is a nuanced process that goes beyond a simple monthly release schedule. Currently, the majority of XRP is held in 16 escrow contracts, and their release is influenced by multiple factors, such as market conditions and ecosystem adoption. The original 55-month distribution projection was an estimate, and Ripple has the ability to adjust the pace based on their assessment.

Certainly, this distribution strategy impacts the price of XRP. A significant influx of XRP could potentially exert downward pressure on its value. However, attributing price fluctuations solely to this factor would be narrow-minded. The overall market sentiment towards cryptocurrencies, demand from financial institutions, regulatory developments, and news related to Ripple all contribute significantly. To truly understand the price action of XRP, a comprehensive analysis of these intertwined factors is necessary, recognizing the intricate interplay between Ripple’s distribution strategy and the dynamic cryptocurrency landscape.

Tokenomics Of XRP Supply

XRP has a fixed supply of 100 billion tokens, making it a pre-mined cryptocurrency with no possibility of additional token creation. Only a fraction of the tokens are actively traded, while 20 billion went to the founders. The distribution involves 55 smart contracts that release 1 billion tokens monthly over 55 months, resulting in a monthly increment of 1 billion tokens. The circulating supply is around 53.7 billion tokens, with the remaining held in escrow.

XRP tokenomics

Over 60% of the total supply is concentrated in the top 100 wallets, raising decentralization concerns. Ripple owns 6.5 billion XRP, adjusting the circulating supply to approximately 47 billion tokens.

XRP exhibits a mild deflationary trend from burning fees, reducing the total supply to about 99,988,221,902 XRP.

Buying XRP Coins

Purchasing XRP coins can be a relatively straightforward procedure; however, the available choices cater to diverse levels of experience and comfort. Here is a breakdown of different approaches tailored to meet your specific requirements:

Beginner-Friendly Exchanges

Coinbase and Binance are user-friendly platforms suitable for newcomers. They provide intuitive interfaces, clear instructions, and customer support to assist users throughout the process.

Peer-to-Peer (P2P) Exchanges

Platforms like Paxful are P2P exchanges that enable direct XRP purchases from other individuals. This decentralized approach offers privacy and flexibility but requires caution when evaluating counterparties and following safety measures.

Decentralized Exchanges (DEX) 

Uniswap is an example of a DEX platform that operates on blockchains. They facilitate direct peer-to-peer trading without intermediaries, providing enhanced security and control over funds. However, using DEX platforms will require compatible wallets.

Uniswap

Tracking Prices of XRP Ledger (XRP)

To effectively track the prices of XRP Ledger (XRP), the digital asset native to the XRP Ledger, and stay up to date with its market movements and fluctuations, there are several reliable methods and platforms that you can utilize, such as widely recognized cryptocurrency tracking platforms like CoinMarketCap

XRP coinmarketcap

CoinMarketCap is a highly regarded platform for monitoring cryptocurrencies, offering extensive data on a diverse range of digital assets, such as XRP Ledger (XRP). Users can explore the XRP page on CoinMarketCap to access up-to-the-minute price updates, historical data, market trends, and other pertinent information relating to XRP. CoinMarketCap serves as a trusted resource for individuals seeking to track and analyze the performance of XRP Ledger within the global cryptocurrency market.

Ripple Lawsuit With Securities And Exchange Commission (SEC)

The Ripple vs. SEC legal dispute, which began in December 2020, has a profound impact on XRP. The SEC accuses Ripple of conducting an unregistered securities offering through XRP sales, while Ripple argues that XRP is a utility token for cross-border payments and not a security. This ongoing battle has caused turbulence for XRP, resulting in price volatility and adoption uncertainty. The outcome of the case will have significant implications for XRP and the broader cryptocurrency industry.

The lawsuit has led to a hesitant market as businesses and individuals are cautious about embracing XRP due to the uncertainty surrounding its classification. The resolution will determine whether XRP’s utility as a token will prevail or if the SEC’s classification as a security will cast a long shadow over its future. As the market awaits a definitive answer, the trajectory of Ripple’s digital creation remains uncertain.

Conclusion

XRP Ledger (XRP) boasts an established name, a decentralized network, and lightning-fast, low-cost transactions. This has cemented its role as a preferred bridge currency for cross-border payments.

Despite facing legal challenges, XRP has an impressive track record as one of the pioneering cryptocurrencies, gaining widespread adoption among major financial institutions through RippleNet. The community’s dedication and the project’s foundational strengths provide a solid basis for potential success. However, the outcome of the SEC lawsuit will be a crucial determinant in shaping the future of XRP, whether it will be positive or negative.

Nevertheless, navigating the world of XRP necessitates careful consideration. While some may prioritize user-friendly platforms for entry, experienced traders might seek advanced features offered by decentralized exchanges (DEXs).

Regardless of your experience level, remember that cryptocurrencies remain volatile, and responsible investing practices are paramount. Consider these factors, research, and choose the path that aligns with your personal financial goals and risk tolerance.

Posted on

What Is Kaspa (KAS) Blockchain?

The Kaspa (KAS) blockchain is a decentralized, open-source, and scalable Layer-1 solution often referred to as “Bitcoin 2.0” or “the next Bitcoin.” However, Kaspa is unique in its own way despite functioning very similarly to Bitcoin. Just like Bitcoin, Kaspa is a proof of work (PoW) cryptocurrency, but unlike other traditional blockchains, Kaspa implemented the GHOSTDAG protocol.

This protocol is unique in the fact that it does not have orphan blocks created in parallel. Rather, it allows them to coexist and orders them in consensus. This makes Kaspa the first of its kind to do this, with the blockDAG (Block Directed Acyclic Graph) protocol being a generalization of Nakamoto’s consensus.

The Founder And The Team Behind The Kaspa (KAS) Network

The founder of Kaspa is Yonatan Sompolinsky, a Ph.D. in Computer Science at Havard University and a member of the Maximal extractable value (MEV) research team. He was also in Ethereum’s whitepaper and rumored to be in Ripple’s whitepaper as well.

Sompolinsky had direct input in creating Ethereum’s technology design, having designed the GHOSTDAG protocol earlier. Interestingly, the founder’s 2013 paper on the GHOSTDAG protocol is cited in Ethereum’s whitepaper.

The development team is made up of very talented individuals such as Cryptography Researcher Elichai Turkel, Doctoral student Shai Wyborski, Developer Ori Newman, Master of Computer Science Michael Sutton, and Developer Mike Zak. They have all contributed to the implementation and ongoing development of the Kaspa blockchain network.

Kaspa (KAS) network

Differences And Similarities Between Kaspa (KAS) And Bitcoin (BTC)

At the very base of its technology, Kaspa is very similar to the Bitcoin network in the way it’s structured. Some of these similarities are outlined below:

  • Utility: Bitcoin is a Layer 1 blockchain solution that functions as a store of value, often referred to as digital gold, functioning as a peer-to-peer cryptocurrency. Likewise, Kaspa is a Layer 1 solution purported to be a store of value and functioning as peer-to-peer cash.

    Related Reading: What Are The Top 8 DeFi And Web3 Wallets To Use In Crypto?

  • Limited Total supply: Bitcoin has a maximum total supply of 21 million BTC to be ever mined, meaning new coins can never be created after all of these coins are mined. In a similar fashion, Kaspa has a maximum total supply of 28.7 billion coins, with a little over 22.5 billion in circulation. 
  • Halving Events: Both Kaspa and Bitcoin undergo halving, which slashes the block rewards for miners in half. However, while Bitcoin undergoes a halving event every four years, Kaspa uses a Chromatic Halving Schedule, “meaning that rewards smoothly decrease every month in a quantitative manner that results in a 50% emission reduction per annum,” according to its website. 
  • Decentralization/Proof of work: Both blockchains employ a decentralized proof of work mechanism, meaning that the network is secured by miners who solve complex mathematical equations to mine blocks and confirm transactions. Unfortunately, this also means that both networks are energy-intensive and require a lot of power to run. 

One major difference between both networks is that Kaspa solves the issue of scalability that continues to plague Bitcoin. This means that while both networks use a proof of work mechanism, Kaspa is able to carry out transactions at a faster rate as well as cheaper fees.

How Does Kaspa The Blockchain Solve Trilemma Issues?

The Blockchain Trilemma refers to the three critical aspects of blockchain technology, which are security, scalability, and decentralization. This trilemma continues to plague leading blockchains such as Bitcoin and Ethereum, and they continue to battle these issues. This is because, in order to ensure security and decentralization, something had to give, and in both cases, it was scalability.

However, Kaspa, on the other hand, is one of the few blockchains to solve the blockchain trilemma, as it is decentralized, scalable, and secured. It solves the blockchain trilemma issues through its integration of proof of work (PoW) and the blockDAG structure.

Kaspa 2

How Does The Kaspa GhostDAG Protocol Work?

Most blockchains that digitally process transactions do so in the form of blocks, hence the name blockchain. Kaspa, however, deviates from this because it does not store digital transactions in blocks. Instead, it does so using a complex mathematical structure called a DAG (Directed Acyclic Graph). 

In a DAG (Directed Acyclic Graph), vertices are present instead of blocks. So, instead of referring to different units as forming blocks, each different vertice forms edges when connected to each other. The blockchain then relies on present transactions to validate and confirm transactions that come after it. 

Kaspa does not discard previous blocks of information; therefore, it is more secure and scalable. Its mining relies on kHeavyHash, which is a form of optical mining algorithm that is energy efficient and works well with mining equipment such as FPGAs and GPUs.

Prominent Features Of Kaspa (KAS)

Efficient Proof of Wook: Kaspa is a one-of-a-kind blockchain that has managed to maintain its Proof of Work mechanism while also solving the blockchain trilemma. To put this in perspective, blockchains such as Ethereum have had to move from Proof of Work (PoW) to Proof of Stake (PoS) in an effort to solve their scalability issues and make them faster. 

However, since Kaspa already solved the blockchain trilemma, this makes it highly scalable while maintaining a truly decentralized system. Its utilization of the optical-mining-ready kHeavyHash algorithm also helps to ensure the consensus and security of the network.

Instant Transaction Confirmation: Kaspa was designed to be cheaper and faster than Bitcoin, where full confirmation of a transaction takes an average of 10 seconds, with each transaction visible to the network in one second. This is significant when compared to Bitcoin, which takes an average of 10 minutes to confirm a transaction.

Security: When it comes to security, Kaspa did not just employ the same security principles and methodology as Bitcoin, it took it a step further as it replaced the SHA-256 PoW encryption with kHeavyHash, while inheriting all the security properties of SHA-256. Thus, its network is still secured by a robust network of decentralized volunteers (miners) who validate and sign transactions just like Bitcoin.

Cheaper Fees: Not only does the Kaspa Blockchain network confirm transactions fast, but it is also significantly cheaper than Bitcoin. This is because the blockDAG network generates multiple blocks every second for posting transactions to the ledger, whereas Bitcoin generates one block every 10 minutes. Transaction fees on Kaspa cost less than a cent, while transaction fees on Bitcoin cost an average of $4 at the time of this publication.

Scalability: Kaspa solves scalability issues with its blockDAG network’s ability to generate and confirm multiple blocks per second, as mentioned above. But perhaps the most interesting part of what Kaspa does is that it is able to confirm so many blocks (vertices) per second without altering or giving up its decentralized nature.

What Is KAS Coin And What Are Its Uses?

KAS coin is the native token of the Kaspa blockchain, whose main objective is to power the whole network. It is used to pay for transaction fees and other forms of developer’s fees, and it is also used as an incentive to reward miners. Its block rates are rapid and promise swift rewards, as well as offering profitable mining with lower hash rate requirements compared to Bitcoin.

The Tokenomics of Kaspa (KAS)

Kaspa’s native cryptocurrency, KAS, has a maximum or total supply of 28.7 billion coins that are not pre-mined. This means all of the tokens in circulation have been free-mined by miners on the blockchain. It has a circulating supply of 22.5 billion at the time of publication, and estimates are that with the current halving model, the last KAS coin will be mined in 2037. 

The Kaspa network utilizes an open crowdfunding and voting governance model, which means that KAS holders can contribute to the network for development, marketing initiatives, education, etc. 

This sense of shared responsibility and ownership motivates the community to come together and work toward collective goals. 

KAS Price History And Progress

Kaspa launched its mainnet along with its token two years ago, on November 7, 2021. Initially, the price of its native token, KAS, remained stagnant until July 2022, when it pumped from $0.0001840 to $0.0005890. It then traded sideways for months before going on another rally, triggering a 694% increase in price.

Following this, the KAS price rose to almost $0.01 per coin in just a year after its launch in November 2022. The price dipped a bit and started off trading 2023 with $0.005278 per coin. KAS would then go on to hit a new all-time high of $0.154 in November 2023, exactly two years from the month it launched.

Kaspa (KAS) is up 61,331% since its all-time low of $0.00017105 on May 26, 2022, according to Coingecko. This is significant because the surge to its new all-time highs took place during a bitter bear market, causing the coin to outperform the rest of the crypto market.

This immense growth in such a short time has led to some of Kaspa’s investors referring to it as ‘Bitcoin 2.0’ or ‘The next Bitcoin.’ Its similarities with Bitcoin have also fueled the belief that it is the next Bitcoin. With a market cap of $2.38 billion, Kaspa is currently the 38th-largest cryptocurrency in the space and the 7th-largest Proof of Work (PoW) blockchain.

Conclusion

Kaspa (KAS) solving the blockchain trilemma with the ability to be scalable and still be decentralized gives it an edge over blockchains such as Bitcoin. Its native KAS coin also has important use cases like powering the entire Kaspa blockchain protocol and being used for transaction fees. This ensures that the coin is always in demand as the Kaspa network usage grows.

Additionally, features like fast transactions, top-notch security due to its encryption with kHeavyHash, and a robust network of decentralized volunteers (miners) who validate and sign transactions make it an appealing choice for investors looking for an alternative to Bitcoin while enjoying the security and decentralization of Bitcoin.

Posted on

How To Mint BRC-20 Tokens On The Bitcoin Network

BRC-20 tokens open doors for developers to build their own decentralized applications (dApps) with unique economies on the Bitcoin network. This fosters community engagement through internal currencies, and attracting investment through innovative token sale structures.

BRC-20 tokens are fungible tokens built on the Bitcoin network using the Ordinals protocol. It also utilizes inscriptions containing JSON (JavaScript Object Notation) data to facilitate the deployment of token contracts, minting tokens, and transferring tokens. Presently, the BRC-20 token standard offers the ability to create a BRC-20 token using the deploy function, mint a specified quantity of BRC-20 tokens using the mint function, and transfer a designated amount of BRC-20 tokens through the transfer function.

BRC-20 and ERC-20 share some similar characteristics and functional concepts, but they are not identical due to their different underlying blockchains and implementation details. One of the differences is that BRC-20 tokens operate on the Bitcoin blockchain, while ERC-20 tokens reside on the Ethereum blockchain. This leads to differences in technical implementations and transaction fees.

Related Reading: How To Buy And Trade BRC-20 Tokens On The Bitcoin Network

Similar to ERC-20 tokens, BRC-20 tokens are fungible, meaning they can be exchanged on a one-to-one basis with equal value. They can be created, transferred, and traded on the Bitcoin network using decentralized marketplaces like Magic Eden with compatible wallets and decentralized exchanges that support the BRC-20 standard.

BRC-20 tokens breathe vitality into the Bitcoin network, acting as programmable extensions that expand the scope beyond basic transfers. They empower the Bitcoin network by enabling the development of DApps, fostering communities, and facilitating ownership of real-world assets. This dynamic frontier presents exciting opportunities for engagement, incentives, and innovation. 

However, it is essential to navigate the technical intricacies and embrace the evolving infrastructure. BRC-20 tokens, still a work in progress, possess tremendous potential to reshape the future of Bitcoin, unveiling a multitude of tokenized possibilities along the way.

Now, let’s dive into the exciting world of building your own BRC-20 tokens! As we discussed, platforms like Magic Eden offer a gateway to creating and trading these digital assets.

Creating BRC-20 Tokens On The Bitcoin Network

Creating BRC-20 tokens involves defining the token’s parameters, such as its name, symbol, and total supply, as well as any additional functionality you want to incorporate, such as token burning or minting restrictions. Once the smart contract is written, it needs to be compiled into bytecode and deployed onto the Bitcoin blockchain using the platform’s provided tools. This deployment process usually involves paying gas fees to execute the necessary transactions. Platforms like Magic Eden enable users to create their own BRC-20 Tokens.

First, visit the Magic Eden homepage, and click on “Connect Wallet” at the top right corner, as shown in the image below:

For the best wallets to use for BRC-20 tokens on the Bitcoin network, check here.

Bitcoin BRC-20

To initiate the creation of your BRC-20 token, it is essential to deploy it first. Adhere to the following instructions to proceed:

Next, click on the “Inscribe” button. (The Inscribe button pops up after you click on the “Mint” icon situated towards the top left of the screen).

Bitcoin network

Next, Click on the “BRC-20 ” tab at the top of the screen.

Bitcoin

Then, follow these instructions:

 

Ticker: Select a four-letter phrase to serve as the unique identifier for your token. For instance, widely recognized BRC-20 tokens have utilized tickers like ORDI or OXBT. Establish the maximum quantity of tokens that will be available for minting. Specify the highest number of tokens that can be minted in a single transaction. Select the desired parameters and click on “Next”.

Bitcoin BRC-20

Choose the desired Bitcoin Network Fee from the options available, such as Low, Medium, or High. After making your selection, proceed by clicking the “Inscribe” button. (Ensure that the chosen ticker is not already deployed to avoid transaction failure. Magic Eden will automatically check this unless instructed otherwise).

BRC-20 minting

Now, wait for the transaction to be confirmed by the Bitcoin network. Confirmation times may vary.After the confirmation, check your wallet. Upon successful confirmation, you will receive a “Deploy” inscription, signifying that you can proceed to mint your tokens. The provided example illustrates a “Deploy” inscription within the Xverse wallet.

Bitcoin Magic Eden

Minting Your BRC-20 Token

Having successfully deployed your BRC20 token, follow these instructions to mint it. Navigate back to the ‘Inscribe Ordinals’ modal located on the Magic Eden homepage. Within the modal, click on the “BRC-20 Mint”  tab to proceed.

Magic Eden

Enter the four-letter phrase that you deployed earlier, indicate the desired quantity of tokens you intend to mint, and specify the number of mint inscriptions you wish to generate.

Note: The maximum number you can mint per transaction has to be the same with the value set in the “Limit per mint” during the deploy process. Now, click on the “Next” button and select the network fee. After selecting the desired fee rate, click the “Inscribe” button. In the following example, 63 BRC-20 tokens are being minted in three batches of 21 each.

BRC-20 tokens

A set of mint transaction links will be provided. Please note that confirming the mint transactions once again may take some time.

Bitcoin network

After confirmation, you will receive the mint inscriptions in your connected wallet.

BRC-20 tokens minted

Congratulations, you have successfully created your first BRC-20 Token!

Conclusion

BRC-20 tokens offer fungible tokenization capabilities within the Bitcoin network, enabling a range of applications and use cases. As the blockchain industry progresses, both NFTs and BRC-20 tokens assume crucial roles in shaping the trajectory of digital ownership and decentralized finance (DeFi).

BRC-20 tokens introduce fungible tokenization capabilities within the Bitcoin network, providing the ability to create and exchange interchangeable tokens. This opens up a wide array of possibilities for various applications and use cases within the blockchain industry. As the blockchain ecosystem continues to advance, both NFTs and BRC-20 tokens play pivotal roles in shaping the direction of digital ownership and decentralized finance, driving innovation, and paving the way for a more inclusive and decentralized financial landscape.

Posted on

How To Create And Mint Your Own NFTs On The Ethereum Network

The allure of creating your own NFTs and BRC-20 tokens is undeniable. For artists, owning and monetizing their digital creations through NFTs offers a new level of control and potential financial reward. Beyond the realm of art, NFTs can foster passionate communities, grant exclusive access to events, and even act as fundraising tools. 

However, stepping into the world of token creation isn’t without its challenges. It demands both a technical understanding of blockchain technology and smart contracts, along with a careful consideration of financial risks and potential regulatory implications. Before diving in, it’s crucial to assess your goals, resources, and risk tolerance. While the possibilities are vast and exciting, responsible and informed action is key to navigating this rapidly evolving landscape.

NFTs, or Non-Fungible Tokens, are digital assets that represent ownership or proof of authenticity for specific items or content. Unlike fungible cryptocurrencies like Bitcoin or Ethereum, NFTs cannot be exchanged on a one-to-one basis due to their unique nature.

NFTs are typically created and traded on blockchain platforms such as Ethereum, Binance Smart Chain, and decentralized marketplaces like OpenSea. These platforms utilize smart contracts to establish ownership and enable transparent and immutable transactions for NFTs.

NFTs can represent a wide range of digital items, including artwork, music, videos, virtual real estate, and collectibles. Each NFT has metadata describing the item it represents and a unique identifier that sets it apart from other NFTs

Creating NFTs On The Ethereum Network

The primary stage in the creation of NFTs involves identifying the content you wish to associate with your NFT. Consider the specific representation you desire for your NFT, whether it be digital artwork, collectibles, virtual real estate, or any other distinct digital item.

In this article, we will use illustrations from OpenSea to guide you on the steps you need to create your own NFTs. OpenSea stands as a leading decentralized marketplace built on the Ethereum blockchain, dedicated to NFTs. It creates a space where users can engage in buying, selling, and discovering an extensive array of digital assets, encompassing artwork, virtual real estate, collectibles, and more.

OpenSea delivers a user-friendly interface, showcasing a vast selection of NFT listings curated from diverse creators and projects. Through OpenSea, users gain the ability to explore the NFT community, partake in auctions, and securely manage their digital assets. With a commitment to fostering the expansion and accessibility of the NFT market, OpenSea ensures a seamless experience for enthusiasts and collectors alike.

This step-by-step guide covers how to create an NFT collection and mint directly to your wallet. 

First, visit the original OpenSea website, and click on the “Login” button at the top to connect your preffered wallet.

To figure out the best wallet to use on the Ethereum network, check here.

NFTs

Next,  click on your “Profile Icon” at the top right of your OpenSea interface in order to deploy a smart contract and select “Studio” through the pop-up options.

NFT OpenSea

To initiate the creation of a fresh NFT, simply click the “Create” button located at the top right corner.

OpenSea

When you explore the options, you will find the choice to either Drop a collection or Create/Mint an NFT. Selecting “Create an NFT”. This will enable you to mint an NFT directly into your wallet.

NFTs

Once you proceed, a fresh “Create an NFT” screen will be presented. If you are using OpenSea Studio tools for the first time to create an NFT, select “Create a new collection.” You will be able to add one NFT to this collection initially, with the option to include more NFTs at a later stage.

NFT

After selecting “Create a new collection,” you will be guided through the steps on your screen to deploy a smart contract. This process will enable you to create NFTs for your newly created collection.

To customize your contract, you need to add a logo image, choose a contract name, and designate a token symbol. Additionally, you will need to choose an EVM blockchain. It’s important to note that deploying a smart contract incurs gas fees, and the estimated fees for each blockchain will be displayed. If the fees are higher than anticipated, you can revisit the process at a later time, as they are subject to change based on network activity.

NFTs 

When you are prepared, proceed by clicking on “Continue”. This action will prompt a transaction signature request in your wallet, which will necessitate gas.

NFTs

Once the process is finalized, you will receive a confirmation message. Proceed to the next step by selecting “Create an NFT” as shown below.                                  :

NFT OpenSea

Having successfully created a smart contract, you are now prepared to generate an NFT. It is important to note that once your item is minted, further editing becomes impossible as it permanently resides on the blockchain. In this case, you will be creating an ERC-1155 NFT, which allows for the creation of multiple copies of the same item.

To begin this phase, upload the media for your NFT, which represents the artwork associated with it. Next, choose the collection in which you wish to mint your NFT.

Subsequently, provide a name for your item and set the desired item supply. The item supply determines the number of copies you wish to mint for the NFT. If you choose 1, then the item will be a one-of-one. 

NFT name

Next, click on the “Create” button at the bottom right, as shown in the above image.  A loading message will appear as the item is being minted. To proceed with the minting process, you will need to approve the transaction using your wallet.   

NFTs

Congratulations! You have successfully minted your very first NFT!

NFT OpenSea

Conclusion

Although NFTs and BRC-20 tokens have distinct functions and operate on separate blockchains, they both contribute to the growing realm of blockchain-based digital assets. NFTs have captured widespread interest for their exceptional nature and capacity to represent ownership of digital assets. 

Posted on

How To Buy And Trade BRC-20 Tokens On The Bitcoin Network

What are BRC-20 Tokens?

BRC-20 tokens are a novel standard on the Bitcoin blockchain, BRC-20 tokens were inspired by Ethereum’s ERC-20. Like Ethereum’s ERC-20 strands for Ethereum Request for Comment, BRC-20 also strands for Bitcoin Request for Comment.

BRC-20 tokens allow the creation, minting, trading, and transfer of fungible tokens or assets on the Bitcoin blockchain through the Ordinals protocol. The Bitcoin Ordinals protocol is a numbering system that allows users to attach extra data to satoshis, the smallest unit of Bitcoin.

The process of attaching extra data to satoshis is called inscription, BRC-20 tokens do not need smart contracts to execute transactions as ERC-20 tokens do, their transactions are done through JSON inscriptions on satoshis through Bitcoin Ordinals.

Differences And Comparison Between BRC-20 And ERC-20

Ethereum’s ERC-20 might have inspired the creation of BRC-20 on the Bitcoin blockchain, but make no mistake, they are not the same, and we are going to explore that in this section of this article.

Operation: One of the key differences between BRC-20 and ERC-20 is that BRC-20 tokens find their home within the Bitcoin blockchain while ERC-20 operates on the Ethereum blockchain.

Implementation: BRC-20 and ERC-20 are both implemented differently; however, BRC-20 is experimental, meaning it has not undergone the BIP process. It only implements changes in the Bitcoin protocol, while ERC-20 has undergone the EIP process, which was approved by the Ethereum community before implementation after being scrutinized.

Security: They are both secure as they are both secure by the top two blockchains in the crypto space, but BRC-20 is secured by the Bitcoin blockchain and ERC-20 is secured by the Ethereum blockchain.

High Gas Fee Or Transaction Fees: They both have high gas fees if you are trading on decentralized exchanges (DEXs).

Wallets: Their wallets are different, you can store your BRC-20 token on wallets that support the Bitcoin Taproot upgrade like Unisat, Xverse, CoinW, and Alex. While ERC-20 tokens are stored on Ethereum-supported wallets like Metamask, Exodus, Trust wallet, Atomic, MyEtherWallet, and all EVM compactable wallets

Smart Contract functionality: BRC-20 tokens do not rely on smart contracts to execute transactions, but ERC-20 tokens do.

Token Value Drive: BRC-20 tokens are token values driven by inscriptions, and ERC-20 token values are driven by utilities and speculations.

Fungibility: BRC-20 tokens are semi-fungible because they are only interchanged in set increments. For example, BRC-20 tokens are being sold in sets, so you can’t buy 1003 xBRC-20 tokens (x being the token) if the only people sell decide to sell in sets of 250, 500, 750, and 1000 depending on how many tokens they want to sell. Meanwhile, ERC-20 tokens are fully fungible because they can be exchanged in any quantity.

Functions: The BRC-20 token standard is majorly to create meme tokens currently, while the ERC-20 token standard is used for a good number of fungible tokens on Ethereum, including stablecoins, governance tokens, wrapped tokens, and utility tokens.

Pros of the BRC-20 Token Standard

The fact that BRC-20 tokens are built on the most secure blockchain in the crypto space Bitcoin, should help you understand these tokens are going benefit from the security that the Bitcoin Blockchain provides.

The interoperability with the Bitcoin network is one of the major advantages of the BRC-20 tokens, as they enjoy and leverage the widespread acceptance of Bitcoin as the most successful crypto, which has contributed to the BRC-20 token’s overall success. Also, this compatibility with Bitcoin gives the BRC-20 standard access to utilize the existing infrastructure the Bitcoin network already has, including its wallets and exchanges.

BRC-20 standard is still in its early stages, so there is huge potential for growth in the future, and as more people keep adopting and investing in BRC-20 tokens 

Cons of the BRC-20 Token Standard

In the same way, as the BRC-20 token standard enjoys the benefits of the Bitcoin network, they are still going to be affected in the areas where Bitcoin lags behind. This is because Bitcoin is not as scalable as some other blockchains like Ethereum. As BRC-20 tokens keep gaining popularity and awareness there are concerns about congestion, which could lead to potential higher gas or transaction fee issues.

Another consideration is that BRC-20 tokens run on ordinals protocol, a protocol that is still in its early phases of development, which means there is a possibility of it being vulnerable or having glitches as the technology evolves.

The Bitcoin Request for Comment (BRC-20) token standard is still in its early stage of development, so it is safe to say it is still semi-fungible compared to the ERC-20 token standard. It has some limitations, like it being sold and bought in sets, you are limited to what is available in the DEX marketplace, and you can’t buy any amount you want, whether in large or small quantities.

BRC-20 Tokens DEX Exchanges

This article is going to cover how to trade Bitcoin Request for Comment (BRC-20) tokens on UniSat, the most used decentralized exchange (DEX) to trade BRC-20 tokens. You can also check out other DEX like Xverse and Alex.

How To Install And Set up UniSat Wallet 

To trade on a decentralized exchange (DEX) you need a wallet, go to your Chrome browser and search for the UniSat Wallet extension as shown below, click on “Add to Chrome” to download and add the UniSat Wallet extension to your Chrome browser.

Unisat wallet

Click the “Create new wallet” button to create your UniSat Wallet.

Bitcoin Unisat

Create your password, use a password you can remember, as you would need your password to make transfers and click on the “Continue” button. The Secret Recover Phrase page will pop up. Write down your secret phrase and keep it in a safe place because anyone who has access to your secret phrase has access to your wallet. Then click on “Continue”.

Bitcoin BTC-20

Expect you are a crypto genius I would advise you to leave the Step 2 page the way it is, just click on “Continue”. The“Compatibility Tips” will pop up check the boxes and click on “Ok”

BRC-20

You have now successfully created your UniSat wallet, where you can receive, send, and buy crypto.

Unisat

When you click on “Receive” you will be given a QR code that you can scan on your phone and also an option to copy your wallet address manually. 

Wallet

When you click on “Send”, you will see where to fill in the Recipient address you want to send your Bitcoin to, and underneath it is where you will input the amount of Bitcoin you want to send. You can choose the transfer speed you want, but note that the faster the transfer, the higher your gas fee or transaction fee.

Bitcoin

I would not recommend that you use the “Buy” feature as it is too expensive, and it is better to buy your Bitcoin on a centralized exchange and send it to your UniSat wallet.

How To Buy, Sell, and Trade on UniSat 

To buy, sell, and trade BRC-20 tokens you need Bitcoin in your wallet for gas fees and Bitcoin to buy the BRC-20 token. So go to any centralized exchange of your choice like Binance, OKX, or ByBit to buy your Bitcoin, copy your UniSat wallet, paste it into the recipient address on the centralized exchange, and send the Bitcoin.

Now that your wallet has been funded it is time to trade, go to the UniSat website, and click on “Connect”.

BRC-20 DEX

Click on “UniSat Wallet”, and connect your UniSat Wallet.

Connect Unisat wallet

Once your UniSat Wallet is connected, Click on “brc-20”, as shown below, to see the full list of BRC-20 tokens you can trade on UniSat. 

Bitcoin wallet

Click on any of the BRC-20 tokens you which to buy, for example, I clicked on the “meme” token below. There are buttons on the top right of the screenshot circled in red “View” and “Trade”.

BRC-20

If you click on View, it will take you to OKLINK where you can see the meme BRC-20 inscription with all its details, Total Supply, Limit per mint, Holders, Minted tokens, and Price.

Trade tokens

When you click on Trade, it will take you to the UniSat Marketplace, where you will see all the listed meme token inscriptions you can buy.

Bitcoin BRC-20

Click on any of the sellers that have the exact number of meme inscriptions you want to buy or any of the sellers that come close to how many meme inscriptions you want to buy. After selecting a seller, the buy page below with the “Buy Now” button will pop up.

BTC network

Click on “Buy Now” and the confirmation page to confirm your order will pop up, click on “Confirm” and you have bought the BRC-20 token.

BRC-20 wallet

After buying your BRC-20 and you want to sell, go to the marketplace, click on “my brc-20”,  click on the inscription you want to sell, and then click on the list.

Bitcoin

Click on the plus button, input the exact number you like to sell, and click on “Next”.

BRC-20

Click “Next again”.

Bitcoin

“Sign and pay”, and “Done”,  your inscriptions will be listed. When your order gets picked up, your inscription will be sold, and the money will be transferred to your wallet.

Trading tokens

Use CoinW To Track The Price Of Your BRC-20 Tokens

CoinW is a centralized crypto exchange where you can track your BRC-20 and use the charts to make well-informed decisions on the token you want to buy.

Coinw bitcoin

To search for BRC-20 tokens, click on “Market”, click on “Hot”, and then click on “BRC-20”, as shown below.

Charts

For example, I clicked on ORDI, as you can see in the chart below.

BRC-20 charts

Here is another example with RATS, another BRC-20 token on the list.

Bitcoin

Conclusion

In conclusion, BRC-20 tokens provide a novel avenue for tokenization within the Bitcoin blockchain, expanding its utility beyond traditional cryptocurrency transactions. They offer a seamless integration of additional data onto satoshis, enabling a broader range of use cases and applications. 

With BRC-20 tokens, the Bitcoin ecosystem gains enhanced functionality and opens up possibilities for innovative decentralized finance (DeFi) solutions. By leveraging the Ordinals protocol, BRC-20 tokens contribute to the growing diversity and maturity of the blockchain industry as a whole.

Posted on

Crypto After Death: How Do You Pass On Your Investments To Your Loved Ones?

Understanding the challenges of crypto after death is vital for anyone investing in digital assets. Without proper preparation, your digital wealth could become inaccessible after your passing. This guide aims to navigate the complexities of managing cryptocurrencies after death. It covers essential steps, from documenting holdings to navigating legal considerations, ensuring your digital legacy is secure and your loved ones are taken care of.

The Importance Of Planning For Crypto After Death

In the realm of crypto, your investments don’t automatically transfer to your next of kin upon your demise. The absence of traditional banking or legal structures in the crypto world means the responsibility of managing and passing on your assets falls entirely on you. Planning becomes essential to ensure that your crypto holdings do not get locked away in the digital world, but instead, serve as a valuable part of your legacy.

Proper planning not only secures your assets but also simplifies the process for your beneficiaries. It mitigates the risk of loss due to forgotten passwords or keys and prevents potential legal hurdles that your loved ones might face. As the crypto market continues to mature, understanding and preparing for the implications of crypto after death becomes increasingly crucial.

Understanding The Unique Challenges Of Cryptocurrencies After Death

Navigating the unique challenges of crypto after death is crucial for effective estate planning. Cryptocurrencies operate on technology that inherently promotes anonymity and security. While these features are advantageous for protecting your assets during your lifetime, they pose significant challenges after death. The absence of a central authority like a bank means there is no straightforward process to claim or transfer assets.

Accessing cryptocurrencies after death requires knowledge of private keys or seed phrases, which are often known only to the asset holder. Without proper planning and communication, these crucial pieces of information might never reach the intended beneficiaries, leading to permanent loss of the assets.

Additionally, the legal landscape surrounding digital assets is still evolving, which adds another layer of complexity to managing crypto after death. Recognizing these challenges represents the initial step toward crafting a robust plan to ensure your digital assets are passed on as intended, streamlining the process for your loved ones as much as possible.

How To Pass On Your Crypto After Death

Understanding how to pass on your crypto after death ensures that your investments continue to benefit your loved ones, aligning with your wishes and intentions. This section outlines the essential steps you need to take to prepare your digital estate, focusing on documentation, secure information sharing, and the mechanisms to ensure a smooth transition of your assets.

crypto after death
Essential Steps

  1. Inventory Of Assets: Begin by compiling a comprehensive list of your cryptocurrencies, including wallet addresses, balances, and the platforms where they are stored.
  2. Instructions For Access: Provide detailed instructions on how to access your wallets, including hardware devices or any specific software needed.
  3. Legal Documentation: Consult with a legal professional to integrate your digital assets into your estate planning. This includes wills, trusts, or any other relevant legal documents that ensure your crypto assets are recognized and managed as part of your estate.
  4. Backup And Security: Make sure to securely back up all information pertaining to your crypto holdings, including access instructions and legal documents, in a manner that allows your executor or beneficiaries to access it when needed.

Documenting Your Crypto Holdings

Documenting your crypto holdings thoroughly is the cornerstone of ensuring they can be successfully passed on. This documentation should include:

  • List Of Assets: List all the cryptocurrencies you own, their respective amounts, and specify the wallets or exchanges where they are held.
  • Access Details: Wallet addresses, private keys, seed phrases, and any other information necessary to access and manage the cryptocurrencies.
  • Transaction Records: Records of transactions, purchases, or sales, which can be crucial for tax purposes or for tracking the evolution of your portfolio.

Regularly update and securely store this documentation in a manner that remains accessible to those entrusted with managing your estate.

Crypto after death
Securely Sharing Access Information

Securely sharing access information is delicate but essential. Consider the following:

  • Physical Storage: Use a safety deposit box or a secure home safe for storing hardware wallets and paper records of your access information.
  • Digital Security: If you store information digitally, use encryption and secure backups. Ensure your beneficiaries know how to access and decrypt these files if necessary.

Best Practices For Storing Private Keys And Passphrases

  • Redundancy: Store your private keys and seed phrases in multiple secure locations.
  • Avoid Digital Copies: If possible, avoid storing your private keys or seed phrases on internet-connected devices.

The Role Of Multi-Signature Wallets In Managing Crypto After Death

Consider setting up a multi-signature wallet that requires multiple approvals for transactions. This can provide an additional layer of security and a clear pathway for your beneficiaries to access the funds with the right set of keys.

Legal Considerations for Cryptocurrencies After Death

Addressing the legal considerations for cryptocurrencies after death is crucial to ensure that your digital assets are transferred according to your wishes and in compliance with the law. As the legal framework for digital assets continues to evolve, understanding how to navigate this landscape is key.

Crypto inheritance
How To Incorporate Crypto Assets In Your Will

Incorporating crypto assets into your will requires careful planning and precision. Consider these steps:

  • Specify Your Assets: Clearly list all your crypto assets in your will. Include details like wallet addresses and the types of cryptocurrencies you own.
  • Access Instructions: Rather than including sensitive access information directly in your will (which becomes a public document upon death), use a letter of instruction or a similar private document to provide detailed access instructions.
  • Choose Your Beneficiaries: Specify who inherits each portion of your crypto assets. Be as clear and unambiguous as possible.
  • Select An Executor: Choose an executor who is not only trustworthy but also has or is willing to gain a basic understanding of cryptocurrencies and how to handle them.
  • Consult Legal Professionals: Work with attorneys who have expertise in estate planning and a solid understanding of digital assets. They can help ensure that your will complies with current laws and effectively encompasses your crypto holdings.

Navigating Inheritance Laws And Cryptocurrencies

Navigating inheritance laws in the context of cryptocurrencies can be complex due to the relatively new and evolving nature of these digital assets. Consider these factors:

  • Legal Status Of Cryptocurrencies: Gain an understanding of how your local jurisdiction classifies cryptocurrencies – as property, currency, or something else – as this classification can impact how they treat these assets in the context of inheritance.
  • Taxes: Be aware of potential tax implications for your heirs. In some jurisdictions, inheriting cryptocurrencies can trigger tax events like inheritance tax or capital gains tax upon their eventual sale.
  • International Considerations: If your crypto assets reside in wallets or exchanges located in different countries, international laws and regulations may come into play, potentially complicating the inheritance process.
  • Updating Estate Plans: The legal landscape surrounding cryptocurrencies is still in flux. Regularly review and update your estate planning documents to accommodate new laws and regulations.

By addressing these legal considerations and preparing thoroughly, you can ensure that your cryptocurrencies are managed after your death as you intended. This provides clear guidance to your loved ones and reduces the potential for legal complications.

Technological Solutions To Ensure Safe Transfer Of Your Crypto After Death

The following solutions aim to address the unique challenges posed by the digital nature of cryptocurrencies, ensuring a smooth and secure transfer of your assets. Consider the following technological strategies:

  1. Smart Contracts: Utilize smart contracts on blockchain platforms to automate the transfer of assets upon meeting certain conditions, such as verifying death. This ensures a direct and automatic transfer to your beneficiaries, eliminating the need for intermediaries.
  2. Multi-Signature Wallets: Implement multi-signature wallets that require multiple keys to authorize transactions. Allocate one key to your beneficiary and another to a trusted third party or attorney, ensuring that your assets can only be accessed after your death.
  3. Dead Man’s Switch: Consider services or programmable arrangements that automatically release your crypto assets if you fail to perform certain actions within a specified period, indicating potential incapacitation or death.
  4. Encrypted Backup Solutions: Use encrypted backup solutions to store access information securely. Ensure that your beneficiaries have a way to decrypt the information when needed, without compromising security during your lifetime.
  5. Cold Wallets: Utilize hardware wallets like Trezor or BitBox02 for storing cryptocurrencies. These cold wallets keep your assets offline and secure from online threats. You can physically hand them over to your chosen heirs, along with instructions for access.
  6. Steel Wallets For Your Private Key Backup: Protect your private keys against physical damage by using steel wallets. These wallets safeguard your backup seed phrases or private keys from fire, water, and other environmental risks. They ensure that your crucial access information remains intact and retrievable by your heirs.

Common Mistakes To Avoid With Crypto After Death

When planning for the transfer of crypto assets after death, it’s crucial to be aware of common pitfalls. Avoiding these mistakes can save your beneficiaries from unnecessary stress and potential loss of assets:

  • Lack Of Documentation: Failing to comprehensively document your crypto holdings and access information may result in the permanent loss of your assets.
  • Ignoring Security Measures: Underestimating the importance of secure storage for access information can expose your assets to theft or loss.
  • Overlooking Legal Aspects: Neglecting to incorporate your crypto assets into your will or estate plan properly can result in legal challenges for your heirs.
  • Assuming Family Know-How: Assuming that your beneficiaries understand how to manage cryptocurrencies can lead to loss of assets. Provide clear instructions and, if possible, basic education on handling cryptocurrencies.
  • Not Updating Your Plan: The crypto landscape and your personal portfolio are likely to evolve. Regularly update your estate plan to reflect changes in your holdings, the regulatory environment, and technological advancements.

FAQ – Key Questions About Crypto After Death

How Can I Ensure My Loved Ones Access My Cryptocurrencies After Death?

Create a detailed inventory of your crypto assets and store access information securely. Integrate your crypto holdings into your will or trust. Consult a legal professional for proper documentation.

What Legal Documents Should I Prepare For Managing My Crypto After Death?

Prepare a will or trust that includes your crypto assets. Create a separate, secure letter of instruction for access details. Consider a Power of Attorney for asset management in case of incapacitation.

Can Cryptocurrencies Be Part Of A Traditional Will Or Trust?

Yes, you can include cryptocurrencies in traditional wills or trusts. Clearly list each asset and provide guidance on access without exposing private keys or passwords in the documents.

What Are The Risks If I Don’t Plan For My Crypto After Death?

Without a plan, your crypto assets may become inaccessible, potentially leading to loss of assets. Legal disputes or confusion can arise among heirs, potentially compromising the value of your digital legacy.

What Happens To Your Crypto After You Die?

Without proper planning, you risk losing your crypto assets or making them inaccessible. A comprehensive plan enables secure transfer to your designated beneficiaries.

What Happens To Crypto Assets Held On Exchanges After Death?

Heirs can transfer crypto assets on exchanges if they provide proper legal documentation and account details. Without these, accessing or transferring the assets can be complex and may require legal intervention.

What Happens To Your Crypto When You Die?

Your crypto remains in its respective blockchain or exchange until accessed by someone with the correct credentials. Effective estate planning ensures that your assets are managed in accordance with your wishes.

Posted on

What Are The Top 8 DeFi And Web3 Wallets To Use In Crypto?

In this article, we will explore the finest Web3 and DeFi wallets that offer substantial advantages to crypto users. While Web3 wallets and DeFi wallets share a strong connection, it’s important to understand their distinctions. By highlighting the top wallets in both categories, we aim to provide users with valuable insights into the wallets that can enhance their Web3 and DeFi experiences.

Web3 wallets are specifically crafted to engage with decentralized applications (DApps) on blockchain networks, empowering users with the essential tools to securely oversee their digital assets and participate in the realm of decentralized web. 

Essential Aspects To Note Regarding Web3 Wallets

Cross-Chain Support: Most Web3 wallets support multiple blockchain networks, allowing users to access and manage various DApps and different cryptocurrencies from a single interface.

Seamless DApp Interaction: Web3 wallets allow users to seamlessly connect and interact with a wide range of DApps. They provide a convenient way to authenticate with DApps, sign transactions, and manage account balances.

Enhanced Security Features: Web3 wallets optimizes security measures, such as encrypted storage of private keys and protection against phishing attacks. They often offer features like two-factor authentication and recovery options to ensure the safety of user funds.

Essential Features Of DeFi Wallet 

DeFi wallets are a specialized category of Web3 wallets designed specifically for the decentralized finance ecosystem. These wallets offer advanced functionalities and specific features essential for engaging in diverse DeFi protocols like lending, borrowing, yield farming, and staking. By catering to the unique requirements of DeFi, these wallets empower users to seamlessly participate in the decentralized financial landscape. These wallets provide supplementary features specifically designed to cater to the needs of DeFi users.

Here are some characteristics of DeFi wallets:

Token Swapping and Yield Farming: DeFi wallets often include built-in features for token swapping and yield farming. Users can swap tokens directly within the wallet interface and participate in yield farming to earn rewards.

DeFi Protocol Integration: DeFi wallets integrate with popular DeFi platforms, enabling users to easily access and interact with lending protocols, decentralized exchanges (DEXs), yield farming platforms, and more.

Gas Optimization: Gas optimization features enable users to estimate and adjust transaction fees, ensuring cost-efficient interactions with DeFi protocols.

Note: DeFi and Web3 share some common features, as they both operate within the broader context of blockchain technology and decentralized applications (DApps).

Examples Of Enhanced Web3 And DeFi Wallets

Metamask Wallet

 MetaMask is a popular and user-friendly Web3 wallet that has garnered considerable recognition within the cryptocurrency community. Serving as a browser extension wallet that seamlessly integrates with the Ethereum network, users can easily manage their Ethereum-based assets, including Ether (ETH) and ERC-20 tokens. 

MetaMask also features a built-in DApp browser, enabling direct access and interaction with a wide range of Ethereum-based decentralized applications (DApps). The wallet prioritizes security by implementing encrypted storage, password protection, and optional hardware wallet integration. 

Additionally, MetaMask supports token swapping through decentralized exchanges (DEXs) like Uniswap and SushiSwap, along with integration with various DeFi platforms for lending, borrowing, yield farming, and other DeFi activities. It also offers compatibility with multiple Ethereum test networks for testing and development purposes.

MetaMask supports various networks in addition to the Ethereum mainnet. A few of the numerous networks supported by MetaMask are Binance Smart Chain (BSC), Arbitrum(ARB) and Polygon (MATIC), among others.

Straightforward Guide On How To Get The Metamask Wallet

The first step is to visit the authentic Metamask website and click on the “Get Chrome Extension” or “Get Firefox Add-On” button, depending on your browser choice. 

See the Chrome browser Illustration below:

Metamask Wallet

After clicking on the “Add to Chrome” button, a popup window will appear, asking for confirmation to add the extension. Click “Add Extension” to proceed.

Metamask Web3 DeFi

Once the extension is installed, you will see the MetaMask icon in your browser toolbar. Click on the icon to launch MetaMask. You will be presented with the option to create a new wallet.

Metamask

Once that is done, follow the on-screen instructions to create a new wallet. 

In the final step, MetaMask will provide you with a unique seed phrase consisting of 12 or 24 words. Write it down and keep it securely offline. Confirm your seed phrase as prompted by MetaMask by selecting the words in the correct order, after which you can start using MetaMask to manage your Ethereum-based assets, interact with DApps, and participate in DeFi activities.

Metamask Web3 DeFi

Keplr Wallet For Web3

Keplr is a web3 wallet primarily designed for interacting with decentralized applications (DApps) on the Cosmos network. However, it offers support for specific decentralized finance (DeFi) functionalities within the Cosmos ecosystem. The Keplr wallet is known to support networks like Celestia, Osmosis, Terra, and Secret Network.

How To Get And Set Up Keplr Wallet

To begin, you should install the Keplr extension with the appropriate extension store for your browser, such as the Chrome Web Store. To Download, click on the “ Add to Chrome” button as illustrated below:

Keplr wallet

When creating a new wallet, carefully follow the instructions displayed on your screen to establish a robust password and consent to the terms of use. Remember to store your password securely since it is essential for accessing your wallet (If you have an existing wallet, select the “Import Existing Wallet” option and follow the instructions).

Write down your recovery or seed phrase and store it securely. Remember, it is advisable to never store your seed phrase online due to the risk of being hacked.

Keplr Web3 DeFi

After setting up or importing your wallet, connect to the desired network or blockchain supported by Keplr. Once connected, you can start interacting with Cosmos ecosystem DApps. Explore the available DApps and features, and follow on-screen instructions to use them with your Keplr wallet.

Keplr DeFi

Phantom Wallets

Phantom is a widely used cryptocurrency wallet specifically created for the Solana blockchain. It provides an intuitive interface and smooth integration with Solana-based decentralized applications (DApps), enabling users to securely manage, transfer, and receive digital assets within the Solana ecosystem.

How To Get Phantom Wallet

To get started, install the Phantom extension from the relevant extension store for your browser, like the Chrome Web Store. Click on the “Add to Chrome” button, as shown in the illustration below:

Phantom Wallet

To set up your Phantom wallet, simply click on the Phantom icon located in your browser’s toolbar, which will launch the wallet interface. From there, follow the on-screen instructions to either create a new wallet or import an existing one using your recovery phrase or private key.

Phantom wallet Web3

Set a strong password you can remember and save recovery phrases offline (do not store on the device).

Phantom DeFi Web3

Once your wallet is set up, you can conveniently access it at any time by selecting the Phantom icon in your browser’s toolbar. This grants you the ability to manage your digital assets, engage with Solana-based DApps, and carry out various wallet-related tasks.

UniSat Wallet

UniSat Wallet is an open-source Chrome extension that provides a secure and user-friendly solution for storing and transferring bitcoins and Ordinals on the Bitcoin blockchain. It offers features like immediate access to unconfirmed transactions, enabling faster inscription operations without a full node. Additionally, it supports the storage and transfer of BRC-20 tokens, allowing users to manage both bitcoins and BRC-20 tokens in one wallet.

How To Get UniSat Wallet For Web3

To begin, install the UniSat extension from the relevant extension store for your browser, like the Chrome Web Store. Click on the “Add to Chrome” button, as shown in the illustration below:

Unisat Wallet

For the next step, simply click on the UniSat icon located in your browser’s toolbar, which will launch the wallet interface. From there, follow the instructions to either create a new wallet or import an existing one using your recovery phrase or private key.

Unisat Wallet Web3 DeFi

Once your wallet is set up, you can conveniently access it at any time by selecting the UniSat icon in your browser’s toolbar. 

Unisat

Trust Wallet

Trust Wallet is a versatile wallet that serves as both a decentralized finance (DeFi) and a Web3 wallet. It enables users to interact with decentralized applications (DApps) and protocols within the DeFi ecosystem, including decentralized exchanges, lending platforms, and yield farming protocols. Additionally, it integrates with the Web3 ecosystem, allowing users to interact directly with blockchain networks, sign transactions, and securely manage their digital assets on platforms like Ethereum and other compatible networks.

How To Get Trust Wallet For Web3

First, users can download the Trust Wallet app or install the Trust Wallet extension from the relevant extension store for their browser or mobile device, like the Chrome Web Store. Click on the “Add to Chrome” button, as shown in the illustration below:

Trust Wallet Web3

Next, simply click on the Trust Wallet icon located in your browser’s toolbar, which will launch the wallet interface. From there, follow the instructions to either create a new wallet or import an existing one using your secret phrase as instructed in the image below:

Trust DeFi

Once you have meticulously set up your password and safely stored your secret phrase offline, you will gain access to your Trust Wallet. With these security measures in place, you can securely and confidently log into your Trust Wallet account and manage your digital assets.

Trust wallet web3

Exodus Wallet

Exodus Wallet is a widely used software wallet for cryptocurrencies, offering users a secure means to store, manage, and trade various digital assets. It is accessible as a desktop application compatible with Windows, Mac, and Linux systems, along with a mobile app for iOS and Android devices. Exodus Wallet provides support for multiple blockchain networks, enabling users to effectively handle and engage with diverse cryptocurrencies. Among the networks supported are Litecoin (LTC), Stellar (XLM), Ripple (XRP), and Bitcoin (BTC).

How To Set Up Exodus Wallet

To begin, download and install the Exodus Wallet extension from the appropriate extension store based on your browser, such as the Chrome Web Store. Locate the “Add to Chrome” button, as depicted in the accompanying image, and click on it to initiate the installation process.

Exodus Wallet

To proceed, just click on the Exodus icon situated in the toolbar of your browser. This action will open the wallet interface, where you can then follow the provided instructions to either generate a new wallet or import an existing one using your recovery phrase or private key.

For new wallets, do not forget to write down your recovery phrase in a safe place and do not store it online. Additionally, it is advisable to not take screenshots as well.

Next, Click on the “Create New Wallet” and carefully set up your password or “I Have A Wallet” button using your secret phrase to get started.

Exodus DeFi

Then, you can connect Exodus wallet to a network of your choice and start your trading journey:

Exodus

Argent Wallet For DeFi

Argent Wallet is a popular non-custodial cryptocurrency wallet that prioritizes simplicity, security, and usability. It serves as a Web3 wallet, offering users a convenient and user-friendly interface to engage with decentralized applications (DApps) and the broader Web3 ecosystem. 

By integrating with Ethereum and compatible networks such as xDai, Polygon (MATIC), and Ethereum (ETH), Argent Wallet empowers users to manage their digital assets and actively participate in various Web3 activities. With its focus on user experience and compatibility with multiple networks, Argent Wallet provides a versatile solution for individuals seeking a seamless and secure Web3 wallet experience.

How To Get And Set Up Argent Web3 Wallet

To get started, you’ll need to install the Argent extension for your browser by visiting the appropriate extension store, such as the Chrome Web Store. Look for the “Add to Chrome” button, which is depicted in the accompanying illustration. Click on that button to initiate the installation process.

Argent Wallet

Next, if you’re a new user, click on “Create a new wallet,” and you will be prompted to create a password. 

Argent wallet web3

To securely manage and interact with digital assets, decentralized applications (DApps), and the Web3 ecosystem, save your recovery phrase (write it down. do not store it on your device), and your Argent wallet will be ready to use.

Argent DeFi Web3

OKX Wallet For DeFi

OKX Wallet is a prominent non-custodial wallet that provides users with the ability to securely manage their cryptocurrencies, non-fungible tokens (NFTs), and digital assets within a unified platform. 

With OKX Wallet, users have the capability to purchase, trade, earn, and oversee their digital assets across more than 50 blockchains, including Bitcoin, Ethereum, OKT Chain, Solana, BSC, and Aptos, all available in over a dozen languages.

How To Set Up OKX Wallet

To set up using the Chrome browser extension, click on the ‘Add to Chrome” button in the top right corner, as shown in the image below:

OKX Wallet

Next, select the “Create Wallet” option as shown below:                         

Wallet         

OKX will present users with the option of creating wallets with either seed phrases or hardware wallets. In the absence of hardware wallets, as in this case, select the “seed phrase” option.                             

OKX Web3    

 

Set the password, verify the seed phrase, and your OKX wallet will be ready to use. Write down your seed phrase and store in a safe place. Do not store online.

OKX Crypto wallet DeFi

Downloading DeFi And Web3 Wallets On Mobile Phones

The wallets listed in this guide also have mobile versions which are available on the app stores of your mobile phone. Navigate to the Apple App Store for iOS or the Google Play Store for Android, input the name of the wallet you want to download in the search bar, make sure you have the correct app and click “Download.”

To set up the wallets on mobile phones, follow the same steps outlined in this guide to get started, and your wallets will be set up.

Conclusion

In conclusion, Web3 and DeFi wallets offer users enhanced digital asset management and participation in decentralized applications. Web3 wallets provide cross-chain support, seamless DApp interaction, and enhanced security features, while DeFi wallets cater specifically to the decentralized finance ecosystem with functionalities like token swapping and yield farming. Understanding these unique characteristics helps users make informed choices. 

Examples of enhanced Web3 and DeFi wallets worth exploring have been mentioned in this article. Staying informed about the latest developments in this evolving technology is crucial for unlocking the full potential of decentralized applications and ensuring asset security.

Posted on

How To Buy, Sell, And Trade Crypto Tokens On The Tron Network

The Tron network is a decentralized blockchain platform that aspires to create an expansive and interconnected global digital content ecosystem. At its core, Tron leverages its native cryptocurrency, TRX, to facilitate seamless transactions and interactions within the network.

An outstanding advantage of the Tron (TRX) network lies in its exceptional scalability and impressive transaction processing capacity. This remarkable feature enables Tron to process a substantial number of transactions swiftly, ensuring the smooth execution of smart contracts and decentralized applications (DApps). The network’s scalability is of utmost importance as it plays a vital role in supporting the expansion of its ecosystem and meeting the growing needs of both users and developers.

Tron (TRX) empowers developers to create and launch decentralized applications (DApps) through the integration of smart contracts into its framework. These versatile DApps span across diverse sectors, including finance, gaming, social media, and more. Tron equips developers with essential tools, resources, and support, enabling them to craft cutting-edge and fully operational applications. This fosters a dynamic developer community, driving ongoing expansion and diversification within the Tron ecosystem.

Tron’s emphasis on digital content is a distinguishing feature of the network. It aims to revolutionize the entertainment industry by directly connecting content creators and consumers without the need for intermediaries. The platform empowers creators by enabling them to distribute their content and monetize it through direct interactions with their audience.

The network (TRON) relies on a delegated proof-of-stake consensus mechanism for its security. Validators in the network are rotated every six hours, chosen by users who stake their TRX tokens.

To combat software bugs, Tron involves its community through the Bug Bounty Program. Users can contribute to development and earn rewards by reporting bugs and vulnerabilities. The Tron Foundation generously provides TRX rewards as an incentive, fostering a collaborative environment for network security.

This article delves into the fundamental features of the TRON network and explores its significant potential within the TRON ecosystem while also providing guides on how to buy, sell and trade on the network.

Features Of The TRON Network

Delegated Proof-of-Stake (DPoS) Consensus: The DPoS is a consensus mechanism utilized by the TRON network to enable its users to vote for representatives responsible for validating transactions and securing the network. This system guarantees swift transaction confirmation and streamlined network operations, enabling scalability and suitability for high-demand applications.

Smart Contracts and DApps: TRON offers a platform for the creation and implementation of smart contracts, which are self-executing agreements governed by predetermined rules. These smart contracts serve as the foundation for developing decentralized applications (DApps) that automate processes, enhance peer-to-peer interactions, and introduce trailblazing functionalities in sectors including finance, gaming, social media, and more.

Developer-Friendly Environment: TRON fosters a developer-friendly ecosystem by equipping developers with essential tools, resources, and support to build innovative and functional DApps. It offers user-friendly programming languages, software development kits (SDKs), and comprehensive documentation to optimize the development process. This commitment to developers encourages a vibrant community, promotes collaboration, and fuels ongoing growth and diversification within the TRON ecosystem.

Scalability and Throughput: One of the main purposes of the TRON network is that it is purposefully built to efficiently process a substantial number of transactions with exceptional throughput. Its infrastructure facilitates swift transaction execution, ensuring seamless operations for smart contracts and decentralized applications (DApps). This scalability plays a vital role in meeting the increasing adoption and requirements of users and developers.

Global Accessibility: TRON’s decentralized architecture guarantees worldwide accessibility, enabling individuals from across the globe to engage with the network. The platform’s infrastructure is intentionally designed to be accessible to anyone with an internet connection, promoting inclusivity and fostering a digital ecosystem without any geographical boundaries.

Direct Creator-Consumer Interaction: TRON enables content creators to engage directly with their audience without intermediaries. This direct connection fosters a more intimate and transparent relationship, allowing creators to better understand their audience’s preferences and tailor their content accordingly.

Ownership Rights: TRON acknowledges the significance of content ownership for creators and leverages the immutability and transparency of blockchain technology to safeguard their intellectual property rights. By doing so, TRON empowers creators to retain control over their content and ensures they are duly compensated for its utilization.

Monetization Opportunities: TRON empowers content creators by enabling them to directly monetize their content. By leveraging smart contracts and digital tokens, creators can receive payments directly from their audience, bypassing the need for third-party payment processors. This direct monetization approach allows creators to retain a greater share of their earnings and exert more control over their revenue streams.

How To Get Started On The Tron Network

To buy and sell tokens on the TRON network, you will first need to get a TRON-compatible wallet like  Tronlink. In this article, we will give examples using Tronlink. It is a popular TRON wallet extension and is readily accessible on leading browsers such as Google Chrome. 

Related Reading: How To Buy, Sell, And Trade Tokens On The Optimism Network

With TronLink, users can effortlessly create and oversee TRON wallets, securely store TRX, as well as other TRC-10/TRC-20 tokens, and seamlessly engage with TRON DApps, all within the convenience of their browser interface.

To add your TronLink Wallet as a browser extension, simply click on the “Add to Chrome” icon located in the top right corner, as demonstrated below. This step will ensure that your TronLink Wallet becomes seamlessly accessible within your browser.

Once installed and set up, Open the TronLink extension in your browser. You will be prompted to either create a new wallet or import an existing one. If you’re new to TronLink, select the option to create a new wallet and follow the instructions to set up a password.                                 

Tronlink Wallet

It is imperative to back up your wallet to ensure you can recover your funds in case of any unforeseen circumstances. TronLink will provide you with a unique set of recovery phrases during the wallet creation process. Write down and securely store these phrases in a safe place. (Do not store it on your device).

Trading On The TRON Network

The Tron network is capable of supporting various decentralized applications. Tron is often used to transact, as TRX transactions come with very low fees.

In order to engage in trading activities on the TRON network, it is essential to have TRX tokens in your wallet. TRX serves as the native cryptocurrency of the TRON network and is indispensable for executing trades, interacting with decentralized exchanges, and participating in decentralized finance (DeFi) protocols. 

Hence, prior to initiating any trading or transactions on the TRON network, it is crucial to ensure that your wallet is adequately supplied with TRX tokens.

The next step is to fund your wallet. You can add TRX or other TRC-10/TRC-20 tokens to your TronLink wallet. Click on the “Receive” button in your Tronlink wallet to generate a wallet address; tokens will be available in your wallet almost immediately.                                         

Tron Wallet

You can obtain TRX using popular cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) from cryptocurrency exchanges like Binance and transfer it to your TronLink wallet address.

Note that users can also access various DEXs interfaces like SunSwap through their Tronlink wallet by clicking on the “More” button in the same row as the “Receive” button.

How To Buy and Sell Tokens Using SunSwap

SunSwap is a decentralized trading protocol built on the TRON network, with the objective of facilitating automated liquidity provision and establishing an inclusive financial market accessible to all users. By utilizing the decentralized nature of blockchain, SunSwap enables users to participate in liquidity provision by depositing their TRON-based tokens into liquidity pools. 

To protect your wallet from malicious activity, ensure that you are on the correct SunSwap website. To get started, visit the correct SunSwap website and click on the “Connect Wallet” option at the top left corner, as in the image below:

Sunswap Tron

Then, select your preferred wallet (In this case, Tronlink):

Sunswap trading

Once connected, Users can commence trading activities as SunSwap is automatically linked to the TRON networks because it is a TRON-based DEX. 

After accessing the SunSwap interface, the next step is to select the tokens you want to trade. SunSwap operates on a system where you can exchange your TRON-based tokens directly with other tokens.

Click on the “Select token” button to select the trading pair you want to trade against.

For example, if you want to buy USDT using TRX,  select  TRX – USDT, enter the amount, then click on “swap” or “trade now” and then you can go to your Tronlink wallet to confirm the transaction.

Tron wallet

Tracking Token Prices on The TRON Network

Avedex is a powerful on-chain tool for TRON network users, offering comprehensive market insights for specific tokens. It provides valuable information such as price data, contract details, and advanced analytics tools. Traders can analyze price trends, liquidity, and token fundamentals to make informed trading decisions. 

Additionally, Avedex allows for token comparison, user reviews, and rating systems, enhancing the decision-making process. With integration to TRON wallets and notification features, Avedex streamlines the trading experience, enabling users to stay updated and act promptly. 

Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops

Overall, Avedex empowers TRON traders with reliable information and tools to navigate the market effectively and make well-informed trading choices.

Charts

Conclusion

In conclusion, the TRON (TRX) network offers a decentralized blockchain platform that prioritizes the creation of a global digital content ecosystem. With its scalable infrastructure and high transaction processing capacity, TRON enables the swift execution of smart contracts and decentralized applications (DApps) across various sectors. The network’s developer-friendly environment provides essential resources and support for developers to build innovative DApps, fostering a vibrant community within the TRON ecosystem.

To engage with the TRON network, users need a TRON-compatible wallet like TronLink. They can obtain TRX tokens from various popular exchanges, transfer them to their TronLink wallet, and then trade on platforms like SunSwap for decentralized trading.

Overall, the TRON network offers a robust ecosystem for buying, selling, and trading tokens, while its focus on digital content and developer support makes it an attractive platform for creators and users alike.

Posted on

How To Buy, Sell, And Trade Crypto On The Base Network

The foundational infrastructure of the Base Network brings about yet another Ethereum Layer 2 network, distinguished by its scalability and empowerment through the notable association with Coinbase. Coinbase is recognized globally as one of the most trusted cryptocurrency exchanges and companies, Coinbase effectively manages a diverse portfolio of crypto assets, solidifying its status as a cornerstone within the digital currency realm.

Positioned as a pivotal solution to address the persistent challenge of high transaction costs within the Ethereum network, the Base Chain stands quite firmly to revolutionize transaction fees, delivering a cost-effective alternative within the secure Ethereum environment. The assurance of a safe and reliable ecosystem is heightened by the affiliation with Coinbase, an industry titan renowned for its unwavering commitment and 10-year-long track record of great service.

Reasons To Trust The Base Chain

The current centralized phase of the Coinbase company, with its owners and Devs known to the public, establishes a solid foundation for users to place their trust in the Base chain. With over a decade of extensive experience in the cryptocurrency space, Coinbase has consistently demonstrated its expertise by developing and launching numerous successful crypto products.

This wealth of experience instills confidence in the Base Chain as it navigates its initial stages of centralization, with a strategic vision to progressively evolve into a decentralized entity over time.

Base Network

For those embarking on their journey within the Base Chain ecosystem, it is imperative to keep certain key considerations in mind. Firstly, the association with Coinbase serves as a testament to the network’s reliability and credibility. Additionally, users can anticipate ongoing enhancements and decentralization initiatives as the Base Chain matures, aligning with the broader ethos of blockchain technology.

In summary, the Base Network, fortified by its affiliation with Coinbase, emerges as a promising Ethereum Layer 2 solution, poised to alleviate the burden of high transaction costs while providing a secure and gradually decentralized environment.

Key Features To Note About Base Chain

  • Absence of Native Token: Notably, the Base Chain currently operates without a native token. Instead, transaction fees within the ecosystem are conducted using Base ETH. This choice streamlines interactions on the Base Chain and positions it as a unique player within the cryptocurrency landscape on the Ethereum chain. Some chain accepts their native token for gas fees but the Base chain accepts Base ETH.
  • Layer 2 Security Powered by Ethereum: The Base Chain distinguishes itself as a layer 2 chain, constructed upon the robust Ethereum technology. This strategic integration ensures a heightened level of security, leveraging the well-established reputation of Ethereum as one of the most secure technologies in the crypto community. Consequently, the Base Chain is anticipated to offer a security profile close to the Ethereum Layer 1 network.

    Related Reading: How To Buy, Sell, And Trade Tokens On The Avalanche Network

  • Developer Transparency and Coinbase Backing: In contrast to many emerging chains, the Base Chain stands out due to its transparent development process and substantial backing by Coinbase. The association with Coinbase, a leading cryptocurrency exchange, lends credibility and trust. Considering Coinbase’s track record of providing crypto products to over 100 million users and processing $80 billion worth of crypto assets without controversies, users can confidently rely on the expertise of the development team.
  • Anticipated Low Gas Fees: One of the attractive features of the Base Chain is the expectation of significantly lower gas fees compared to the native Ethereum chain. This affordability factor provides users with an opportunity to experience Ethereum Layer 1 compatibility at a fraction of the cost, enhancing the cost-effectiveness of transactions on the Base Chain.
  • Open Source Technology with Optimism Integration: The Base Chain’s Open Source technology is powered by the Optimism Open Source chain. This integration not only supports the overall functionality of the chain but also simplifies the development process for creators. Developers can anticipate a user-friendly environment for building applications on the Base Chain, thanks to the enhanced capabilities and support provided by the Optimism Open Source chain.

Expanding on the diverse utilities and functionalities within the Base Ecosystem

  • Bridging Utility: The Base Ecosystem has a bridging utility, facilitating seamless interoperability with other blockchain networks. This feature enhances the overall connectivity of the Base Chain, allowing for the fluid transfer of assets and data across different blockchain environments.
  • DeFi (Decentralized Finance) Utility: Positioned at the forefront of decentralized finance, the Base Ecosystem provides comprehensive support for DeFi applications. Users can engage in a spectrum of financial services, including lending, borrowing, and trading, all within the secure and efficient framework of the Base Chain.
  • Gaming Utility: Acknowledging the growing significance of blockchain in the gaming industry, the Base Ecosystem integrates a gaming utility. This functionality opens avenues for the development and deployment of blockchain-based games, ensuring a secure and transparent gaming experience for users.
  • Social Utility: Recognizing the social aspect of blockchain technology, the Base Ecosystem incorporates a social utility. This facet enables the creation and deployment of decentralized social applications, fostering interactions, and transactions within a secure and trustless environment.

    Related Reading: How To Buy, Sell, And Trade Tokens on The Polygon Network

  • NFT (Non-Fungible Token) Utility: The Base Ecosystem extends its utility to support Non-Fungible Tokens (NFTs), a rapidly evolving and popular aspect of the blockchain space. Users can create, trade, and interact with NFTs seamlessly, leveraging the secure infrastructure of the Base Chain.
  • Compatibility with EVM-Supported Wallets: The Base Ecosystem ensures widespread accessibility by allowing users to utilize and access its utilities through different Ethereum Virtual Machine (EVM) supported wallets. This compatibility enhances user convenience, as individuals can leverage familiar wallets to engage with the diverse utilities offered by the Base Chain.

How To Buy, Sell, And Trade On The Base Network

Select an EVM-Compatible Wallet

To be able to make any transactions on the Base network, you need to have an EVM-Compatible Wallet. Click here to see a list of wallet options you can select from but I would recommend you use MetaMask, it is one of the most popular Ethereum Virtual Machine (EVM)-compatible wallets and also one of the most used wallets for Base Network transactions.

If you are using a PC, install the Metamask wallet extension by clicking on “Add to Chrome” to add the extension to your Chrome browser, as shown below:

Metamask

Once installed, open your MetaMask, set up your account, and make sure to keep your secret phrase very safe, I would advise that you write it down on a shit of paper, away from the internet where it can’t be hacked.

Add The BASE Network To Your MetaMask

To add the Base Network to your MetaMask, search for Chainlist on your browser, open it, connect your MetaMask wallet, search for Base, and add it to MetaMask by clicking on “Add to Metamask”, click on “Approve” and lastly click on “Switch Network” on your Metamask.

Chainlist

Acquire Base ETH

To make any transaction on the Base Network, you need Base ETH. Get your Base ETH from these cryptocurrency exchanges such as Binance, OKX, or KuCoin. Buy ETH on these platforms, go to the withdraw section, making sure to choose the BASE network as your transfer Network, which automatically converts your ETH to Base ETH as it gets to the ETH wallet destination.

Related Reading: How To Buy, Sell, and Trade Tokens On The Arbitrum Network

Alternatively, if you already have native ETH in your Metamask wallet, you can use the BASE bridge to bridge from the Ethereum Mainnet to the Base Network.

Bridging to Base Network ETH From Other Ethereum Layer 2s

If you wish to bridge your ETH to Base ETH from other Ethereum Layer 2 solutions, I would recommend secondary bridging platforms featured on the BASE Bridge platform. These platforms facilitate a smooth transition to the Base Network from various Ethereum Layer 2 environments, as shown below.

Example Of Bridging to Base ETH From Other Ethereum Layer 2s

ACROSS PROTOCOL is the first secondary bridging platform featured on the BASE Bridge platform as shown above, all you need to do is connect your Metamask wallet and select the amount of ETH you want to bridge to Base ETH and Bridge.

Swap

After Acquiring your Base ETH, you need to do your research and know which token you want to buy on the Base Network on Coingecko before heading over to Dexscreener to check for the token,  Dexscreener serves as a valuable tool for checking available tokens on the EVM chain, including the Base Network. 

Charts

By selecting the Base network on Dexscreener, you can access a comprehensive chart of available Base tokens. Note that not all tokens are supported on every DeFi DEX, search for the token you would like to trade and select it. After selecting, look out for the Green Box section selected in the image to identify which DeFi platforms support the token you wish to trade. 

Base charts

Obtaining Token Contract Address

Scroll down on the Dexscreener to find the token contract address or go back to Coingecko and copy the contract address. This address is crucial when trading on DeFi platforms.

Contract

Copy the contract address, and when you enter it in the swap section of a DeFi platform like Uniswap, it will reveal the token. If the token is not available on Uniswap, the Dexscreener will redirect you to another supported DeFi where you can trade the token like KyberSwap.

Kyberswap

Connect your wallet to KyberSwap, click on the denominator token, and paste the contract address of the Base token in the search box. Before initiating any trade on DeFi, confirm that the network on the DeFi is on, in this case, the Base Network, ensuring the token’s availability on the Base Network. If it’s not initially on the Base Network, go to “Select a chain”, and select the Base network to ensure compatibility. 

Base DApps

Choose the desired pair of Base tokens and ETH (or other base pairs), specify the amount you want to swap, and execute the trade.

Related Reading: How To Buy, Sell, And Trade Tokens On The BSC Network

Reverse Trading For Base Network ETH

If you wish to trade from a BASE token to Base ETH, simply reverse the order. Place the Base token at the top and the ETH at the bottom, then proceed with the swap. This allows you to exchange your Base token for ETH within the Base Network.

Reverse ETH Kybeswap

By following these steps, you can confidently navigate the trading process on the Base Network, leveraging the features of DeFi platforms and Dexscreener to make informed decisions and execute trades seamlessly.

Conclusion

The Base Network is another Ethereum Layer 2 network which is also affiliated with Coinbase, which is one of the most trusted cryptocurrency exchanges and companies in the crypto space with over 100 million users and processing $80 billion worth of crypto assets. Base Network has a lot of features which I have pointed out in the article already, although the Base Network does not have its Native token yet, it is still trusted and reliable due to its affiliation with Coinbase.

Posted on

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

[toc]

The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

Cardano (ADA) The Supposed Ethereum Killer

It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

How Does Cardano (ADA) Work?

The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

The Cardano Computational Layer (CCL):

The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

The Cardano Settlement Layer (CSL):

The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

Blockchain Industry Issues Cardano Aims To Solve

  • To create a secure voting mechanism for token holders. 
  • To Separate accounting and computation layers. 
  • To create an infinitely scalable consensus mechanism. 
  • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

Benefits And Advantages of Cardano (ADA) Blockchain

Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

Cardano

To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

How To Install, Set Up, and Use DAEDALUS Wallet

Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

Daedalus wallet

Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

Download Daedalus

Please note that the blockchain must be completely synced before you can use your wallet.

Syncing crypto

To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

Cardano crypto wallet

After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

Recovery phrase

Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

Cardano Daedalus

Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

setup crypto

How To Use The Wallet Function On Minswap Instead Of Daedalus

Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

Minswap

The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

Connect wallet

You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

Minswap Cardano wallet

How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

fund wallet

How To Trade Crypto Tokens On MinSwap

To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

Crypto wallet Cardano

Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

Checking Prices Of Cardano-Based Tokens

Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

TapTools

Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

TapTools Sundae

Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

Swap crypto Cardano

TapTools Swap

Conclusion 

Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

Posted on

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

[toc]

The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

Cardano (ADA) The Supposed Ethereum Killer

It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

How Does Cardano (ADA) Work?

The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

The Cardano Computational Layer (CCL):

The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

The Cardano Settlement Layer (CSL):

The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

Blockchain Industry Issues Cardano Aims To Solve

  • To create a secure voting mechanism for token holders. 
  • To Separate accounting and computation layers. 
  • To create an infinitely scalable consensus mechanism. 
  • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

Benefits And Advantages of Cardano (ADA) Blockchain

Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

Cardano

To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

How To Install, Set Up, and Use DAEDALUS Wallet

Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

Daedalus wallet

Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

Download Daedalus

Please note that the blockchain must be completely synced before you can use your wallet.

Syncing crypto

To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

Cardano crypto wallet

After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

Recovery phrase

Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

Cardano Daedalus

Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

setup crypto

How To Use The Wallet Function On Minswap Instead Of Daedalus

Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

Minswap

The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

Connect wallet

You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

Minswap Cardano wallet

How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

fund wallet

How To Trade Crypto Tokens On MinSwap

To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

Crypto wallet Cardano

Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

Checking Prices Of Cardano-Based Tokens

Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

TapTools

Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

TapTools Sundae

Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

Swap crypto Cardano

TapTools Swap

Conclusion 

Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

Posted on

How to Buy, Sell, and Trade ERC-20 Tokens on the Ethereum Network

[toc]

The Ethereum network stands as a revolutionary innovation in the realm of blockchain technology. It serves as a robust platform for building and deploying decentralized applications (dApps), fueling the growth of decentralized finance (DeFi) and transforming the way we interact with financial services. However, with its widespread adoption and increasing popularity, Ethereum has faced challenges of scalability and high transaction fees, leading to the development of Layer 2 scaling solutions to enhance its capabilities.

The Ethereum blockchain hums with innovation, birthing a new breed of digital assets known as ERC-20 tokens. These versatile gems unlock a treasure trove of possibilities, from voting rights in decentralized communities to fueling innovative applications and even representing virtual currencies. 

ERC-20 tokens are standardized building blocks on the Ethereum network. They adhere to a specific set of rules, ensuring seamless interaction and divisibility, making them perfect for trading and diverse applications. Think of them as digital coins, each with its unique identity and purpose, ready to be exchanged, used, and explored.

Whether you’re a seasoned crypto trader or a curious newcomer, navigating the thrilling world of ERC-20 trading can be challenging. This comprehensive guide will equip you with the knowledge and tools to confidently buy, sell, and trade these digital assets on the Ethereum network. 

Some of the major and popular ERC-20 Tokens are Tether (USDT), Polygon (MATIC), Chainlink (LINK), Uniswap (UNI), Lido DAO (LIDO), Maker DAO (MKR), amongst many others. 

Features of Ethereum Network

Ethereum’s innovative design sets it apart from other networks, paving the way for a decentralized future of finance, applications, and beyond. Distinguished by its unique features and capabilities, it stands as one of the pioneers of Blockchain Technologies with standout features like: 

The Power of Smart Contracts

The Ethereum Virtual Machine (EVM) serves as the core engine that drives the execution of smart contracts on the Ethereum network. These smart contracts are self-executing code that automates various actions and agreements, forming the foundation of dApps and DeFi protocols. EVM compatibility is crucial for deploying and interacting with ERC-20 tokens, the most common token standard on Ethereum.

Unlike static databases, Ethereum boasts the groundbreaking ability to execute self-enforcing agreements through smart contracts. These programmable pieces of code automate a wide range of tasks, enabling trustless interactions and the creation of innovative applications in diverse sectors.

Layer 1 and Layer 2: Addressing Scalability

The Ethereum mainnet functions as a Layer 1 blockchain, the base layer where all transactions are ultimately settled. To address the scalability bottlenecks on this primary layer, Layer 2 solutions have emerged as a promising approach. These solutions aim to offload a significant portion of transaction processing off-chain, resulting in increased throughput, faster confirmation times, and significantly reduced transaction costs.

A Platform For Innovation

Ethereum isn’t just a cryptocurrency platform; it’s a fertile ground for developers to build revolutionary decentralized applications (dApps). From DeFi protocols automating financial transactions to NFTs unlocking new ownership models, the possibilities are endless.

Gas and Gas Fees: Fueling Transactions

Within the Ethereum network, gas refers to the computational power required to execute transactions and smart contracts. Users pay gas fees to compensate miners for processing their transactions. Gas fees are denominated in ETH, Ethereum’s native cryptocurrency.

Fueling Decentralized Finance (DeFi)

As a breeding ground for DeFi protocols, Ethereum empowers users to take control of their finances. Borrow, lend, invest, and trade without dependence on intermediaries, fostering a more open and inclusive financial system.

Ecosystem And Adoption

Unlike centralized projects, Ethereum thrives on a vibrant and passionate community. Developers, miners, and users participate in its governance and evolution, ensuring its development remains transparent and aligned with the community’s needs. This growing ecosystem includes decentralized exchanges (DEXs), gaming applications, and more. 

Exploring Layer 2 Scaling Solutions

Layer 2 scaling solutions offer a promising pathway to address the scalability challenges faced by the Ethereum mainnet. They operate as secondary layers built on top of the main blockchain, providing alternative mechanisms for transaction processing and data storage.

Here are some common types of Layer 2 solutions:

  • Sidechains: Independent blockchains that run in parallel with Ethereum, enabling faster and cheaper transactions.
  • Plasma Chains: Blockchains that leverage Ethereum for security and finality, offering scalability benefits through data offloading.
  • Optimistic Rollups: The technology employed by the Ethereum network for token transactions, which bundles multiple transactions off-chain and submits a summary to the mainnet for verification.

Beyond Features: What Truly Sets Ethereum Apart?

Ethereum’s uniqueness extends beyond its specific features, encompassing its fundamental characteristics and impact on the blockchain landscape.

Network Effect and Ecosystem: Through its early adoption and widespread implementation, Ethereum has established a robust network effect. Developers, projects, and users gravitate towards it, creating a flourishing ecosystem that strengthens its overall value and resilience.

Security and Trust: Built on a Proof-of-Work (PoW) consensus mechanism, Ethereum offers a high level of security and protection against malicious attacks. Its distributed nature further bolsters trust and transparency, minimizing the risk of centralized control.

Flexibility and Adaptability: Ethereum’s design prioritizes flexibility and adaptability. Upgradeability mechanisms allow it to evolve and adopt new features to remain relevant and address emerging challenges in the blockchain space.

Global Impact and Pioneering Spirit: Ethereum has gone beyond being a mere technological advancement; it has ignited a global conversation about decentralization, ownership, and financial autonomy. Its pioneering spirit continues to inspire innovation and shape the future of our digital world.

How To Get Started  on the Ethereum Network for ERC-20 Tokens.

To buy/sell ERC-20 Tokens, you’ll need a crypto wallet. There are several crypto wallets to choose from within the Ethereum network and, popular options include software wallets like MetaMask, Trust Wallet, Coinbase Wallet, Binance WAllet, etc. 

If you are using a desktop computer, you can download Google Chrome and install the MetaMask Wallet Chrome extension. If you prefer using your mobile phone, you can download MetaMask wallet via Google Play or the iOS App Store. 

Just make sure that you are downloading the official Chrome extension and mobile app by visiting MetaMask Wallet’s website.

Metamask

Once you’ve registered and set up your wallet via the Google Chrome Extension or via the mobile app you downloaded, MetaMask wallet allows users to manage their cryptocurrency wallets and interact with decentralized applications (DApps) to execute transactions on supported blockchain networks directly from their browsers. (Write down your seed phrase on a piece of paper and keep it in a safe place!). 

Now, you’ll need to connect and add Ethereum to your MetaMask wallet. You may refer to MetaMask support page for reference on their website. 

Trading ERC-20 Tokens on the Ethereum Network.

In order to ERC-20 token trades on the Ethereum network, you will need to buy ETH as your base currency. You can buy ETH on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the ETH from Binance to your Metamask wallet. 

You can also purchase ETH directly within the Metamask wallet using traditional payment methods such as credit or debit cards, etc.

Ethereum network

Just click on the “Buy/Sell” button within Metamask to open the interface. Here, you can put how much ETH (or any other token) you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

It’ll only take a couple of minutes at most for your ETH to arrive in your wallet. Once the ETH arrives, you are all set to begin trading ERC-20 tokens on the Ethereum network. So, head over to UniSwap to get started on your trading journey.

How To Trade ERC-20 Tokens On The Ethereum Network Using UniSwap

Uniswap is a decentralized exchange (DEX) protocol built on the Ethereum blockchain. It allows users to trade Ethereum-based tokens directly from their wallets without the need for intermediaries or traditional order books. 

Uniswap offers users a simple and straightforward way to buy and sell a wide variety of tokens. Be sure you’re on the  Uniswap website to protect your wallet.

The first step is clicking on the “Launch App” button at the top right corner, as shown in the image below:

Uniswap

The next step is clicking on the connect wallet option on Uniswap at the top right corner, as shown in the image below:

Uniswap Ethereum

Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

Swap

Once connected, switch Metamask to the Ethereum network. (If you’re already on the Ethereum network, you do not need to switch):

Ethereum swap

After connecting MetaMask to the Ethereum network, go to Uniswap, and then you can start your ERC-20 Tokens on the Ethereum network using UniSwap.

Trading Ethereum Tokens On Uniswap

The next step is to select your preferred tokens on the UnsSwap interface and since Uniswap operates on a token to token trading model, click on the “select token” button to select the trading pair you want to trade against. 

For example, if you want to buy USDT using ETH,  select ETH – USDT, enter the amount, then click on “swap” or “trade now” and confirm the transaction in your Metamask wallet. You can view the tokens in your wallet’s asset list.

Uniswap

Buying and Selling ERC-20 Tokens with the Metamask Wallet

Ethereum Network users can also buy and sell tokens using the Metamask extension wallet already connected to the Ethereum network. To do this, make sure you’re connected to the Ethereum network and have ETH to swap and pay for gas fees. Then, navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

metamask swap

Using the image above as a guide, you can also search for tokens using the name or the contract address, just like on UniSwap. Input the amount of ETH you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

Tracking ERC-20 Token Prices on The Ethereum Network

ERC-20 token holders and traders can take advantage of on-chain tools like DeFiLama to gain access to comprehensive market insights for specific tokens. These insights include price data and contract information, empowering users to make well-informed trading decisions based on reliable and up-to-date information.

Dextools is a comprehensive analytic resource for managing digital assets traded on ERC-20 Decentralized Exchanges. It’s a vibrant analytical cryptocurrency resource that provides statistical information on all leading blockchains and crypto projects. 

Dextools

Among these features, an exceptional one is the charting functionality, which delivers both real-time and historical price data for a wide range of tokens. 

By utilizing these charts, users gain valuable insights into price trends, trading volumes, and other pertinent metrics. This enables them to pinpoint potential entry or exit points for their trades with precision and confidence. For example, let’s assume you’re $ETH for $LIDO, your trading pair is ETH/LIDO.

Note, Trading pairs serve as bridges between currencies. For example, the ETH/LIDOpair allows you to acquire $LIDO tokens using Ethereum (ETH).

Choose the pair that fits your funding situation and trading strategy. Consider using ETH if you already hold it, or fiat currencies if you’re venturing in fresh. 

Let’s track the $LIDO token on Dextools, here’s what we have:

Charts

Conclusion

Buying, selling, and trading ERC-20 tokens on the Ethereum network can be a thrilling adventure, opening doors to exciting investment opportunities and unlocking the potential of decentralized finance. However,  it demands knowledge, caution, and a well-defined strategy. 

This guide serves as your map and compass, but the ultimate treasure lies in your own learning and exploration. Navigate with confidence, trade responsibly, and remember that the most valuable asset in this journey is your knowledge.

Posted on

How to Buy, Sell, and Trade ERC-20 Tokens on the Ethereum Network

[toc]

The Ethereum network stands as a revolutionary innovation in the realm of blockchain technology. It serves as a robust platform for building and deploying decentralized applications (dApps), fueling the growth of decentralized finance (DeFi) and transforming the way we interact with financial services. However, with its widespread adoption and increasing popularity, Ethereum has faced challenges of scalability and high transaction fees, leading to the development of Layer 2 scaling solutions to enhance its capabilities.

The Ethereum blockchain hums with innovation, birthing a new breed of digital assets known as ERC-20 tokens. These versatile gems unlock a treasure trove of possibilities, from voting rights in decentralized communities to fueling innovative applications and even representing virtual currencies. 

ERC-20 tokens are standardized building blocks on the Ethereum network. They adhere to a specific set of rules, ensuring seamless interaction and divisibility, making them perfect for trading and diverse applications. Think of them as digital coins, each with its unique identity and purpose, ready to be exchanged, used, and explored.

Whether you’re a seasoned crypto trader or a curious newcomer, navigating the thrilling world of ERC-20 trading can be challenging. This comprehensive guide will equip you with the knowledge and tools to confidently buy, sell, and trade these digital assets on the Ethereum network. 

Some of the major and popular ERC-20 Tokens are Tether (USDT), Polygon (MATIC), Chainlink (LINK), Uniswap (UNI), Lido DAO (LIDO), Maker DAO (MKR), amongst many others. 

Features of Ethereum Network

Ethereum’s innovative design sets it apart from other networks, paving the way for a decentralized future of finance, applications, and beyond. Distinguished by its unique features and capabilities, it stands as one of the pioneers of Blockchain Technologies with standout features like: 

The Power of Smart Contracts

The Ethereum Virtual Machine (EVM) serves as the core engine that drives the execution of smart contracts on the Ethereum network. These smart contracts are self-executing code that automates various actions and agreements, forming the foundation of dApps and DeFi protocols. EVM compatibility is crucial for deploying and interacting with ERC-20 tokens, the most common token standard on Ethereum.

Unlike static databases, Ethereum boasts the groundbreaking ability to execute self-enforcing agreements through smart contracts. These programmable pieces of code automate a wide range of tasks, enabling trustless interactions and the creation of innovative applications in diverse sectors.

Layer 1 and Layer 2: Addressing Scalability

The Ethereum mainnet functions as a Layer 1 blockchain, the base layer where all transactions are ultimately settled. To address the scalability bottlenecks on this primary layer, Layer 2 solutions have emerged as a promising approach. These solutions aim to offload a significant portion of transaction processing off-chain, resulting in increased throughput, faster confirmation times, and significantly reduced transaction costs.

A Platform For Innovation

Ethereum isn’t just a cryptocurrency platform; it’s a fertile ground for developers to build revolutionary decentralized applications (dApps). From DeFi protocols automating financial transactions to NFTs unlocking new ownership models, the possibilities are endless.

Gas and Gas Fees: Fueling Transactions

Within the Ethereum network, gas refers to the computational power required to execute transactions and smart contracts. Users pay gas fees to compensate miners for processing their transactions. Gas fees are denominated in ETH, Ethereum’s native cryptocurrency.

Fueling Decentralized Finance (DeFi)

As a breeding ground for DeFi protocols, Ethereum empowers users to take control of their finances. Borrow, lend, invest, and trade without dependence on intermediaries, fostering a more open and inclusive financial system.

Ecosystem And Adoption

Unlike centralized projects, Ethereum thrives on a vibrant and passionate community. Developers, miners, and users participate in its governance and evolution, ensuring its development remains transparent and aligned with the community’s needs. This growing ecosystem includes decentralized exchanges (DEXs), gaming applications, and more. 

Exploring Layer 2 Scaling Solutions

Layer 2 scaling solutions offer a promising pathway to address the scalability challenges faced by the Ethereum mainnet. They operate as secondary layers built on top of the main blockchain, providing alternative mechanisms for transaction processing and data storage.

Here are some common types of Layer 2 solutions:

  • Sidechains: Independent blockchains that run in parallel with Ethereum, enabling faster and cheaper transactions.
  • Plasma Chains: Blockchains that leverage Ethereum for security and finality, offering scalability benefits through data offloading.
  • Optimistic Rollups: The technology employed by the Ethereum network for token transactions, which bundles multiple transactions off-chain and submits a summary to the mainnet for verification.

Beyond Features: What Truly Sets Ethereum Apart?

Ethereum’s uniqueness extends beyond its specific features, encompassing its fundamental characteristics and impact on the blockchain landscape.

Network Effect and Ecosystem: Through its early adoption and widespread implementation, Ethereum has established a robust network effect. Developers, projects, and users gravitate towards it, creating a flourishing ecosystem that strengthens its overall value and resilience.

Security and Trust: Built on a Proof-of-Work (PoW) consensus mechanism, Ethereum offers a high level of security and protection against malicious attacks. Its distributed nature further bolsters trust and transparency, minimizing the risk of centralized control.

Flexibility and Adaptability: Ethereum’s design prioritizes flexibility and adaptability. Upgradeability mechanisms allow it to evolve and adopt new features to remain relevant and address emerging challenges in the blockchain space.

Global Impact and Pioneering Spirit: Ethereum has gone beyond being a mere technological advancement; it has ignited a global conversation about decentralization, ownership, and financial autonomy. Its pioneering spirit continues to inspire innovation and shape the future of our digital world.

How To Get Started  on the Ethereum Network for ERC-20 Tokens.

To buy/sell ERC-20 Tokens, you’ll need a crypto wallet. There are several crypto wallets to choose from within the Ethereum network and, popular options include software wallets like MetaMask, Trust Wallet, Coinbase Wallet, Binance WAllet, etc. 

If you are using a desktop computer, you can download Google Chrome and install the MetaMask Wallet Chrome extension. If you prefer using your mobile phone, you can download MetaMask wallet via Google Play or the iOS App Store. 

Just make sure that you are downloading the official Chrome extension and mobile app by visiting MetaMask Wallet’s website.

Metamask

Once you’ve registered and set up your wallet via the Google Chrome Extension or via the mobile app you downloaded, MetaMask wallet allows users to manage their cryptocurrency wallets and interact with decentralized applications (DApps) to execute transactions on supported blockchain networks directly from their browsers. (Write down your seed phrase on a piece of paper and keep it in a safe place!). 

Now, you’ll need to connect and add Ethereum to your MetaMask wallet. You may refer to MetaMask support page for reference on their website. 

Trading ERC-20 Tokens on the Ethereum Network.

In order to ERC-20 token trades on the Ethereum network, you will need to buy ETH as your base currency. You can buy ETH on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the ETH from Binance to your Metamask wallet. 

You can also purchase ETH directly within the Metamask wallet using traditional payment methods such as credit or debit cards, etc.

Ethereum network

Just click on the “Buy/Sell” button within Metamask to open the interface. Here, you can put how much ETH (or any other token) you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

It’ll only take a couple of minutes at most for your ETH to arrive in your wallet. Once the ETH arrives, you are all set to begin trading ERC-20 tokens on the Ethereum network. So, head over to UniSwap to get started on your trading journey.

How To Trade ERC-20 Tokens On The Ethereum Network Using UniSwap

Uniswap is a decentralized exchange (DEX) protocol built on the Ethereum blockchain. It allows users to trade Ethereum-based tokens directly from their wallets without the need for intermediaries or traditional order books. 

Uniswap offers users a simple and straightforward way to buy and sell a wide variety of tokens. Be sure you’re on the  Uniswap website to protect your wallet.

The first step is clicking on the “Launch App” button at the top right corner, as shown in the image below:

Uniswap

The next step is clicking on the connect wallet option on Uniswap at the top right corner, as shown in the image below:

Uniswap Ethereum

Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

Swap

Once connected, switch Metamask to the Ethereum network. (If you’re already on the Ethereum network, you do not need to switch):

Ethereum swap

After connecting MetaMask to the Ethereum network, go to Uniswap, and then you can start your ERC-20 Tokens on the Ethereum network using UniSwap.

Trading Ethereum Tokens On Uniswap

The next step is to select your preferred tokens on the UnsSwap interface and since Uniswap operates on a token to token trading model, click on the “select token” button to select the trading pair you want to trade against. 

For example, if you want to buy USDT using ETH,  select ETH – USDT, enter the amount, then click on “swap” or “trade now” and confirm the transaction in your Metamask wallet. You can view the tokens in your wallet’s asset list.

Uniswap

Buying and Selling ERC-20 Tokens with the Metamask Wallet

Ethereum Network users can also buy and sell tokens using the Metamask extension wallet already connected to the Ethereum network. To do this, make sure you’re connected to the Ethereum network and have ETH to swap and pay for gas fees. Then, navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

metamask swap

Using the image above as a guide, you can also search for tokens using the name or the contract address, just like on UniSwap. Input the amount of ETH you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

Tracking ERC-20 Token Prices on The Ethereum Network

ERC-20 token holders and traders can take advantage of on-chain tools like DeFiLama to gain access to comprehensive market insights for specific tokens. These insights include price data and contract information, empowering users to make well-informed trading decisions based on reliable and up-to-date information.

Dextools is a comprehensive analytic resource for managing digital assets traded on ERC-20 Decentralized Exchanges. It’s a vibrant analytical cryptocurrency resource that provides statistical information on all leading blockchains and crypto projects. 

Dextools

Among these features, an exceptional one is the charting functionality, which delivers both real-time and historical price data for a wide range of tokens. 

By utilizing these charts, users gain valuable insights into price trends, trading volumes, and other pertinent metrics. This enables them to pinpoint potential entry or exit points for their trades with precision and confidence. For example, let’s assume you’re $ETH for $LIDO, your trading pair is ETH/LIDO.

Note, Trading pairs serve as bridges between currencies. For example, the ETH/LIDOpair allows you to acquire $LIDO tokens using Ethereum (ETH).

Choose the pair that fits your funding situation and trading strategy. Consider using ETH if you already hold it, or fiat currencies if you’re venturing in fresh. 

Let’s track the $LIDO token on Dextools, here’s what we have:

Charts

Conclusion

Buying, selling, and trading ERC-20 tokens on the Ethereum network can be a thrilling adventure, opening doors to exciting investment opportunities and unlocking the potential of decentralized finance. However,  it demands knowledge, caution, and a well-defined strategy. 

This guide serves as your map and compass, but the ultimate treasure lies in your own learning and exploration. Navigate with confidence, trade responsibly, and remember that the most valuable asset in this journey is your knowledge.