5 Best Hardware Bitcoin & Cryptocurrency Wallets (2020)

Gridcoin 5.0.0.0-Mandatory "Fern" Release

https://github.com/gridcoin-community/Gridcoin-Research/releases/tag/5.0.0.0
Finally! After over ten months of development and testing, "Fern" has arrived! This is a whopper. 240 pull requests merged. Essentially a complete rewrite that was started with the scraper (the "neural net" rewrite) in "Denise" has now been completed. Practically the ENTIRE Gridcoin specific codebase resting on top of the vanilla Bitcoin/Peercoin/Blackcoin vanilla PoS code has been rewritten. This removes the team requirement at last (see below), although there are many other important improvements besides that.
Fern was a monumental undertaking. We had to encode all of the old rules active for the v10 block protocol in new code and ensure that the new code was 100% compatible. This had to be done in such a way as to clear out all of the old spaghetti and ring-fence it with tightly controlled class implementations. We then wrote an entirely new, simplified ruleset for research rewards and reengineered contracts (which includes beacon management, polls, and voting) using properly classed code. The fundamentals of Gridcoin with this release are now on a very sound and maintainable footing, and the developers believe the codebase as updated here will serve as the fundamental basis for Gridcoin's future roadmap.
We have been testing this for MONTHS on testnet in various stages. The v10 (legacy) compatibility code has been running on testnet continuously as it was developed to ensure compatibility with existing nodes. During the last few months, we have done two private testnet forks and then the full public testnet testing for v11 code (the new protocol which is what Fern implements). The developers have also been running non-staking "sentinel" nodes on mainnet with this code to verify that the consensus rules are problem-free for the legacy compatibility code on the broader mainnet. We believe this amount of testing is going to result in a smooth rollout.
Given the amount of changes in Fern, I am presenting TWO changelogs below. One is high level, which summarizes the most significant changes in the protocol. The second changelog is the detailed one in the usual format, and gives you an inkling of the size of this release.

Highlights

Protocol

Note that the protocol changes will not become active until we cross the hard-fork transition height to v11, which has been set at 2053000. Given current average block spacing, this should happen around October 4, about one month from now.
Note that to get all of the beacons in the network on the new protocol, we are requiring ALL beacons to be validated. A two week (14 day) grace period is provided by the code, starting at the time of the transition height, for people currently holding a beacon to validate the beacon and prevent it from expiring. That means that EVERY CRUNCHER must advertise and validate their beacon AFTER the v11 transition (around Oct 4th) and BEFORE October 18th (or more precisely, 14 days from the actual date of the v11 transition). If you do not advertise and validate your beacon by this time, your beacon will expire and you will stop earning research rewards until you advertise and validate a new beacon. This process has been made much easier by a brand new beacon "wizard" that helps manage beacon advertisements and renewals. Once a beacon has been validated and is a v11 protocol beacon, the normal 180 day expiration rules apply. Note, however, that the 180 day expiration on research rewards has been removed with the Fern update. This means that while your beacon might expire after 180 days, your earned research rewards will be retained and can be claimed by advertising a beacon with the same CPID and going through the validation process again. In other words, you do not lose any earned research rewards if you do not stake a block within 180 days and keep your beacon up-to-date.
The transition height is also when the team requirement will be relaxed for the network.

GUI

Besides the beacon wizard, there are a number of improvements to the GUI, including new UI transaction types (and icons) for staking the superblock, sidestake sends, beacon advertisement, voting, poll creation, and transactions with a message. The main screen has been revamped with a better summary section, and better status icons. Several changes under the hood have improved GUI performance. And finally, the diagnostics have been revamped.

Blockchain

The wallet sync speed has been DRASTICALLY improved. A decent machine with a good network connection should be able to sync the entire mainnet blockchain in less than 4 hours. A fast machine with a really fast network connection and a good SSD can do it in about 2.5 hours. One of our goals was to reduce or eliminate the reliance on snapshots for mainnet, and I think we have accomplished that goal with the new sync speed. We have also streamlined the in-memory structures for the blockchain which shaves some memory use.
There are so many goodies here it is hard to summarize them all.
I would like to thank all of the contributors to this release, but especially thank @cyrossignol, whose incredible contributions formed the backbone of this release. I would also like to pay special thanks to @barton2526, @caraka, and @Quezacoatl1, who tirelessly helped during the testing and polishing phase on testnet with testing and repeated builds for all architectures.
The developers are proud to present this release to the community and we believe this represents the starting point for a true renaissance for Gridcoin!

Summary Changelog

Accrual

Changed

Most significantly, nodes calculate research rewards directly from the magnitudes in EACH superblock between stakes instead of using a two- or three- point average based on a CPID's current magnitude and the magnitude for the CPID when it last staked. For those long-timers in the community, this has been referred to as "Superblock Windows," and was first done in proof-of-concept form by @denravonska.

Removed

Beacons

Added

Changed

Removed

Unaltered

As a reminder:

Superblocks

Added

Changed

Removed

Voting

Added

Changed

Removed

Detailed Changelog

[5.0.0.0] 2020-09-03, mandatory, "Fern"

Added

Changed

Removed

Fixed

submitted by jamescowens to gridcoin [link] [comments]

Defi Coins List In Detail

A Detail List Of Defi Coin

Lending

Trading

Payments

Wallets

Interfaces

Infrastructure

Analytics

Education

Podcasts

Newsletters

Communities

submitted by jakkkmotivator to Latest_Defi_News [link] [comments]

Amazing AMA from Douglas Horn

AMA Recap telos Foundation with Crypto Hunters
On August 02, 2020 at 12:00 WIB Indonesia Time / August 01 2020 at 10:00 PM ( PST ) in the Crypto Hunter Telegram Group, AMA TELOS started with Mr.Douglas as guest speaker and Gus Fahlev from Crypto Hunters as moderator. When campaigning, 10 lucky AMA participants when asking questions on Google forms and AMA sessions will get a total TELOS ( TLOS ) prize of $100.
The following is a summary of AMA questions and answers announced by the moderator and
Segment 1
Question 1: Can you explain us, what is Telos?
Answer: Telos is a blockchain platform for smart contracts. It is a low latency—a new block every half second, high capacity—currently in the top 2 blockchains in transactions per day, according to Blocktivity.info, and no transaction fee blockchain. Telos also has many unique features that allow developers to make better, dapps, such as our Telos Decide governance engine.
Question 2: what ecosystem is used by telos?
Answer: Telos is its own Layer-1 blockchain, not a token on another blockchain. The technology behind Telos is EOSIO, the same technology used by EOS and WAX, for example.
Question 3: I see that Telos uses EOSIO platform, what are the very significant advantages that distinguish Telos from other projects?
Answer: Telos uses the EOSIO platform but we have built several additional tools. Some of these add more security and resiliency to the blockchain, such as testing block producers and removing non-performant ones, but most are related to development. Telos provides attractive development tools that aren’t available elsewhere. Telos Decide is a governance platform that lets any group create self-governance tools easily. These run on Telos at very little cost and can provide all kinds of voting, elections, initiative ballots, committee management and funds allocation. Telos also has Telos EVM, an Ethereum virtual machine that can run Ethereum Solidity contracts at hundreds of times the speed of Ethereum and with no costs. Another Telos technology that is deploying soon is dStor, which is a decentralized cloud storage system associated with Telos so that dapps can store files controlled by blockchain contracts.
Question 4: At what stage is Teloa Road Map now? what are the latest updates currently being realized?
Answer: Telos launched its mainnet in December 2018 and has so far produced over 100,000,000 blocks without ever stopping or rolling back the chain. This is likely a record for a public blockchain. We have an ongoing group Telos Core Developers who build and maintain the code and are paid by our Telos Works funding system that is voted by the Telos token holders. Telos is a leader in blockchain governance and regularly amends its governance rules based on smart contract powered voting called Telos Amend. You can see the current Telos governance rules as stored live on the blockchain at tbnoa.org.
The most recent updates were adding new features to Telos Decide to make it more powerful, implementing EOSIO v2.0 which increased the capacity of Telos about 8-10 times what it previously was, and implementing Telos EVM on our Testnet.
We are currently working on better interfaces for Telos Decide voting, and building more infrastructure around Telos EVM so that it is ready to deploy on our mainnet.
Question 5: Is telos currently available on an exchange? and is it ready to be traded?
Answer: Telos has been trading on exchanges for over a year. The largest exchanges are Probit, CoinTiger, CoinLim, and P2PB2B. Other exchanges include Newdex and Alcor. We expect to be listed on larger exchanges in the near future.
Question 6: Now is the time when defi tokens begin to develop, can telos be categorized as a defi project? and what strategies for this year and in the years to come prepared by telos?
Answer: Telos is a smart contract platform, but it already has many DeFi tools built for it including REX staking rewards with a current yield of ~19% APR, smart contract controlled token swaps (like Bancor) with no counterparty called Telos Swaps, a common liquidity pool/order book shared by multiple DEXs to improve liquidity called EvolutionDEX. Wrapped BTC, ETH, XRP, EOS, and other tokens can be brought to Telos and exchanged or used via smart contracts through Transledger. We have more DeFi tools coming all the time including two new offerings in the next few weeks that will be the first of their kind.
Question 7: Governance is an important topic in blockchain and Telos is considered a leader in this area. Why is that?
Answer: Telos is among the top blockchain projects in terms of how it empowers its users to guide the growth of the chain—along the likes of Tezos or new DeFi tokens that offer governance coins. Telos users continuously elect the validating nodes, called Block Producers, that operate the network based on a set of governance documents such as the Telos Blockchain Network Operating Agreement (TBNOA). These are all stored entirely on-chain (viewable at tbnoa.org) and can be modified by smart contract through blockchain voting using Telos Amend. You can see examples of this at https://chainspector.io/governance/ratify-proposals Telos also has a robust user-voted funding mechanism called Telos Works that has funded many projects and is one of the more successful blockchain incubators around. Voting for all of these can be done in a number of ways including block explorers, wallets like Sqrl (desktop) and Telos Wallet (mobile), telos.net and Chainspector (https://chainspector.io/governance/telos-works). But Telos goes beyond any other chain-level governance by making all of these features and more available to any dapp on Telos through Telos Decide governance engine, making it easy for any dapp or DAO to add robust, highly customized voting.
Segment 2 from google form
Question 1: Defi projects are now trending whether telos will also go to Defi projects, to increase investors or the community?
Answer: Yes, we have several DeFi tools on Telos that can work together:
Telos Swaps is an automated, zero-counterparty token swapping smart contract where you can exchange any Telos tokens you may want at any time.
Telos has DEXs and uses a common order book called EvolutionDEX that's available to any DEX so that a buy order on one can be matched against a sell order on another. This greatly increases liquidity for traders.
We have staking rewards though the Resource EXchange (REX) with rewards currently at about 19% APR.
We also have "wrapped" BTC, ETH, and other tokens that can be traded on Telos or used by its smart contracts at half-second transaction times with no transaction fees. This makes Telos a Bitcoin or Ethereum second layer or state channel that's much faster even than Lightning Network and has no fees once the BTC has been brought to Telos.
Question 2: Telos aim is to build a new global economy could you explain how whole ecosystem works? There are already many centralized competitors so what is decentralization aspect in telos?
Answer: Telos is one of the most decentralized blockchain's in the world. It is operated by 51 validators (block producers) who validate blocks in any month. These are voted for on an ongoing basis by Telos account holders.
Telos is also economically decentralized with no large whales like Bitcoin, Ethereum, XRP or EOS because Telos never performed an ICO and limited the size of genesis accounts to 40,000 TLOS max.
Telos is also geographically decentralized with users and block producers on every continent but Antarctica and in numerous countries. The is a large amount in North America and Western Europe, but also in Asia, Australia, and large contingents in Latin America and Africa. Telos has had a Block Producer in Indonesia since the beginning and some dapps on Telos are based in Indonesia as well, like SEEDS, for example.
Question 3: Most investors focus only on the token price in the short term instead of the real value of the project.
Can #TELOS tell me the benefits for investors holding #TELOS the long term?
Answer: That's true about crypto speculators and traders, certainly. Traders are usually looking for coins with good positive momentuum that they hope will continue. But these are often pump and dumps where a few people get in early, pump the price, and then get out at the expense of new investors. That's very unfortunate. Telos isn't like this. One reason is that there aren't large whales who can easily manipulate the price.
Telos seems to be greatly undervalued compared to its peers. Telos has capacity like EOS and well above XRP, XML, Tron, Ethereum. But its value is miniscule relative to these. Telos is a leader in blockchain governance like Tezos but its marketcap is tiny in comparison. Telos onboarded 100,000 new accounts last month and is appearing in the leading crypto press every week with new dapps or developments. So there's some disconnect between the value of Telos and the price. In my experience, these tend to equalize once more people learn about a project.
Question 4: Eos Problems and How Telos Will Solve Them?
Answer: Telos originally set out to solve problems with EOS. It was successful in this and now Telos stands on it's own and our roadmap is more about empowering users. In short, these are some of the EOS problems we already solved:
RAM speculation - Telos had a plan to reduce RAM speculation through a published guidance price that has been extremely successful. The RAM price is guided by market forces but has remained within 10% of the guidance price since launch.
CPU resources - Telos implemented the Telos Resource Improved Management Plan many months ago which was a 7-point approach to making EIDOS-type resource mining unprofitable on Telos. It has largely been successful and Telos has not experienced any resource shortages.
Exchange Collusion/Voting - Telos governance does not permit Exchanges to vote with user tokens. This prevent voting situations seen on EOS or STEEM.
Block Producer collusion - Telos has minimum requirements for block producers and do not allow anyone to own more than one block producer. Those who are found doing so (there have been about 3 cases so far) have been removed and sanctioned in accordance with the rules of the TBNOA.
Question 5: What ecosystems do telos use? and why telos prefers to use EOS network over BEP2 or ERC20? what layer is used telos, can you please explain?
Answer: uses the EOSIO protocol because it is the fastest and most powerful in the world and it also receives the fastest upgrades and ongoing development compared to other blockchain technologies. EOS and WAX also use the EOSIO protocol but they are completely different chains.
Telos is a Layer 1 protocol, meaning that it is its own blockchain that other dapps and smart contracts deploy upon.
One thing that happens when a blockchain like Telos has much, much higher speed and capacity than others like Bitcoin or Ethereum is that Telos can actually run those other blockchains better on its own platform than they can natively. For example, a number of tokens can come in to Telos as wrapped tokens. BTC, ETH, XRP are all current examples of tokens that can be on Telos as wrapped tokens. Once there, these can all be moved around with half-second transaction times and no transaction fees, so they are a better second layer for Bitcoin or Ethereum than Lightning Network or Loom.
Telos can also emulate other chains, which we are doing using Telos EVM which emulates the Ethereum Virtual Machine at about 300 times faster and with no gas fees or congestion compared to Ethereum native deployment. Telos can run Ethereum (Solidity) smart contracts without any changes required. Telos EVM is already deployed on the Telos Testnet and will move to our mainnet soon. So anyone who wants to run ERC-20 tokens on Telos can do so easily and they will be faster and with much less cost than running the same contract on Ethereum.
Segment 3 free asking
Question: I am happy to see new things created by the Telos team. Like What concept did you build in 2020 to make Telos superior?
Answer: Currently, I think Telos Decide is the most unique and powerful feature we have built. There are all kinds of organizations that need to vote. Apartment buildings, school boards, unions, tribes, youth sports leagues, city councils. Voting is hard, time consuming, and expensive for many. Telos Decide makes voting easy, convenient, and transparent. That will be a major improvement and disrupt old style voting. It also goes for buisnesses and corporate governance. Even before COVID it was important, but now people can't really gather in one place so fraud-proof voting is very important. No one has the tools that Telos has. And if they try to copy us, well, we are already way out ahead working on the next features.
Question: If we look about partnerships, Telos has many partnership ! so what's the importance of that partnership for Telos? And How will you protect the value of Telos to your partners or investors ??
Answer: Many of the partnerships are dapps that have decided to deploy on Telos and receive some level of help from the TCD or Telos Foundation to do so. Once a dapp deploys on a chain, it really is like a long term partnership.
Many dapps will become block producers as well and join in the governance of Telos. I suspect that in a few years, most block producers will be the large dapps on the platform with just a few remaining like my company GoodBlock. Of course, we will have our own apps out as well so I guess we'll be developers too.
Telos is very fiscally responsible for investors. We spend little. There has not been any actual inflation on the chain in almost a year. (The token supply has remained unchanged at about 355M TLOS) we are actively working with dapps to bring more to Telos and exchanges and other services like fiat on- and off-ramps to increase value for users.
Question: In challenging crypto market condition any project is really difficult to survive and we are witnessing that there are many platforms . What is telos project plan for surviving in this long blockchain marathon? In this plan, what motivates long term investors and believers?
Answer: True.
While we currently have a low token price, Telos as a DPOS chain can be maintained and grow without a massive army of miners and still maintain BFT.
But the risk is really not whether Telos can continue. Already there are enough dapps that if the block producers went away somehow (not gonna happen) the dapps would just run the chain themselves.
But with 100,000 new users last month and new dapps all the time, we are looking to join the top 5 dapp platforms on DappRadar soon. Survival as a project is not in question.
One of the big reasons is that we never did any ICO and Telos is not a company. So regulatory risks aren't there and there's no company to go bankrupt or fail. We have already developed a bootstrapped system to pay block producers and core developers. So we aren't like a company that will run out of runway sometime.
Question: Could you explain what is DSTOR? What will it contribute to your ecosystem?
Answer: dStor is a decentralized cloud storage system that will have the performance of AWS or Azure with much lower costs and true decentralization. It's based on a highly modified version of IPFS that we have applied for patents for our implementation. It means that dapps will be able to store data like files, images, sound, etc. in a decentralized way.
Question: Trust and security is very important in any business , what makes investors , customer and users safe secure when working with TELOS??
Answer: Telos is decentralized in a way that's more like bitcoin than other blockchains (but without the whales who can manipulate price). There was never any single company that started Telos, so there's no company whose CEO could make decisions for the network. There are numerous block producers who decide on any operational issue that isn't clearly described in the TBNOA governance documents. And to get to an action, 15 of the 21 currently active BPs need to sign a multisig transaction. So that's a high threshold. But also, the TBNOA speaks to a large number of issues and so the BPs can't just make up their own rules.
Since there are really no whales, no one can vote in any kind of change or bring in their own BPs with their votes. This is also very different from other chains where there are whales. Telos is not located in any one country, so our rules can't be driven by one nation's politics.
All in all, this level of decentralization sets Telos apart from almost any blockchain project in existence. People don't have to trust Telos because the system is designed to make trust unnecessary.
submitted by TelosNetwork to TELOS [link] [comments]

I started working with Ethereum and Bitcoin while pursuing my Bachelors in CS, got into a well-paying job in Samsung as software dev, left it to work on my Crypto security startup, Cypherock, with the aim of eliminating fear of loss of Crypto for mass adoption.

I started working with Ethereum and Bitcoin while pursuing my Bachelors in CS, got into a well-paying job in Samsung as software dev, left it to work on my Crypto security startup, Cypherock, with the aim of eliminating fear of loss of Crypto for mass adoption.
Hello everyone, I am Rohan Agarwal! I heard the word 'Bitcoin' for the first time around 2013-2014 but it didn’t creep up on the top of my mind until 2017.
It was during my college days in 2017 when I was mostly working on android apps and attending hackathons to satisfy the competitive edge in me that I met my friend and CTO of Cypherock - Vipul through a mutual friend. During the same time, I went down the crypto rabbit hole after being bugged by the idea of decentralisation. During the 2017 bull run, I was continuously researching and trading Bitcoin, Ethereum and various cryptocurrencies while conducting workshops, writing blogs about the space.
At the height of the 2017 bull market, I found that one of my friends couldn't recover his recovery phrase kept safe on paper due to an unfortunate house fire. At the same time, another one of the colleagues had kept his 24 word mnemonic phrase as a screenshot on his phone which got lost when the phone was corrupted. That's when I realized the need for a secure hardware wallet + with a recovery solution that caters to both data loss and data theft problems without a single point of failure.
To facilitate mass adoption, it is necessary that -
  1. Regular, non tech savvy people should be able to use and secure crypto without the fear of losing it.
  2. The solution to secure and recover crypto should be a non-custodial solution and the support should be open to all assets.
This was the belief that gave birth to Cypherock. Current hardware wallets secure the crypto but the unencrypted seed phrase on the paper becomes a single point of attack. We believe that seed phrases deserve the same level of security that your private keys have.
So, we used 2 of 4 Shamir Secret Sharing (with the option to change the threshold in future) along with tamper-resistant hardware to secure your private keys. Simply put, it is like Multi-sig but for your wallet recovery phrase. Practically, it’s much easier to use than multi-sig, if implemented correctly. Even Coinbase uses Shamir Secret Sharing to secure their own assets.
More on what we developed
- Each shard will be stored in a EAL6+ tamper resistant secure element chips. As comparison, your iPhone has the same level of security chip for securing fingerprints.
- Nothing will be stored in the X1 Wallet on which the computation will be done.
- Keys can be recovered by tapping any 2 out of the 4 cyCards on the X1 Wallet. Each cyCard can also be protected by a PIN just like your hardware wallet. The recovered keys are stored in a volatile memory on the X1 Wallet which gets wiped out as soon as the operation is done.
- You can store 3 wallet recovery phrases in a single product.
- The cyCards can be distributed around different places to increase security of the funds and protect against $5 wrench attacks.
What this means is without the knowledge of location of atleast 2 cyCards and the PIN, it is impossible for the hackers to steal your assets. We'll be able to support multiple blockchains (read: coins) using this along with other digital assets like your passwords, secrets, non Blockchain private keys etc. You can secure the cards by distributing it among trusted people or keeping it secure in different places that only you know of.
https://preview.redd.it/z259ydi5auj41.png?width=1920&format=png&auto=webp&s=c110361d35ac82647c21da50264fcaee923fbc65
It has been a hell of a ride to provide an optimal solution for the mnemonic phrase/seed phrase recovery issue, without compromising the security of the user or the ownership of the assets.
We recently got backed by Consensys which was a high point for us. It has been a huge journey for us coming from India, where blockchain or the related hardware isn't that big with consumers yet.
The product is in the testing phase and we have started with the pre-orders. You can book one today with >50% off and if you don’t like it, we will give you a full refund, no questions asked.
Small Example to show how it works:
  1. You entegenerate your mnemonic phrase on the device or any other sensitive information like passwords.
  2. You tap four cyCards on the device to make 4 shards of your phrases.You'll need any 2 of them to recover your keys or perform a transaction.
  3. The cyCards can be stored at different locations or kept with different people for security.
  4. It can solve the issue with inheritance too with proper management of keys. (PM or comment to know more on this).
  5. To conduct a transaction, tap 2 cards on the device. The keys will be generated on the X1 Wallet for the transaction in a volatile memory which will be wiped off once the transaction is done (no current generation wallet has this). This allows for the hardware to have similar security as of multi-sig with the possible support of every asset.
Any feedback appreciated.
TLDR: With the dream of making storage of seed phrase an easy solution for everyone, started out with Cypherock and in the process found out a solution for removing single point of failure and a way for easy crypto inheritance. Would love any help from the community to take this further.
If anyone would like to see the device functioning, they can refer to the following videos:
  1. Securing Seed Phrases with Cypherock X1: https://youtu.be/eD3CZMPumCk
  2. Trezor Hack and Transaction Using Cypherock X1: https://www.youtube.com/watch?v=19u2mKaHRoM&t
submitted by rohanagarwal94 to ethereum [link] [comments]

I started working with Bitcoin and Crypto while pursuing my Bachelors in CS, got into a well-paying job in Samsung as software dev, left it to work on my Crypto security startup, Cypherock, with the aim of eliminating fear of loss of Crypto for mass adoption.

I started working with Bitcoin and Crypto while pursuing my Bachelors in CS, got into a well-paying job in Samsung as software dev, left it to work on my Crypto security startup, Cypherock, with the aim of eliminating fear of loss of Crypto for mass adoption.
Hello everyone, I am Rohan Agarwal! I heard the word 'Bitcoin' for the first time around 2013-2014 but it didn’t creep up on the top of my mind until 2017.
It was during my college days in 2017 when I was mostly working on android apps and attending hackathons to satisfy the competitive edge in me that I met my friend and CTO of Cypherock - Vipul through a mutual friend. During the same time, I went down the crypto rabbit hole after being bugged by the idea of decentralisation. During the 2017 bull run, I was continuously researching and trading Bitcoin, Ethereum and various cryptocurrencies while conducting workshops, writing blogs about the space.
At the height of the 2017 bull market, I found that one of my friends couldn't recover his recovery phrase kept safe on paper due to an unfortunate house fire. At the same time, another one of the colleagues had kept his 24 word mnemonic phrase as a screenshot on his phone which got lost when the phone was corrupted. That's when I realized the need for a secure hardware wallet + with a recovery solution that caters to both data loss and data theft problems without a single point of failure.
To facilitate mass adoption, it is necessary that -
  1. Regular, non tech savvy people should be able to use and secure crypto without the fear of losing it.
  2. The solution to secure and recover crypto should be a non-custodial solution and the support should be open to all assets.
This was the belief that gave birth to Cypherock. Current hardware wallets secure the crypto but the unencrypted seed phrase on the paper becomes a single point of attack. We believe that seed phrases deserve the same level of security that your private keys have.
So, we used 2 of 4 Shamir Secret Sharing (with the option to change the threshold in future) along with tamper-resistant hardware to secure your private keys. Simply put, it is like Multi-sig but for your wallet recovery phrase. Practically, it’s much easier to use than multi-sig, if implemented correctly. Even Coinbase uses Shamir Secret Sharing to secure their own assets.
More on what we developed
- Each shard will be stored in a EAL6+ tamper resistant secure element chips. As comparison, your iPhone has the same level of security chip for securing fingerprints.
- Nothing will be stored in the X1 Wallet on which the computation will be done.
- Keys can be recovered by tapping any 2 out of the 4 cyCards on the X1 Wallet. Each cyCard can also be protected by a PIN just like your hardware wallet. The recovered keys are stored in a volatile memory on the X1 Wallet which gets wiped out as soon as the operation is done.
- You can store 3 wallet recovery phrases in a single product.
- The cyCards can be distributed around different places to increase security of the funds and protect against $5 wrench attacks.
What this means is without the knowledge of location of atleast 2 cyCards and the PIN, it is impossible for the hackers to steal your assets. We'll be able to support multiple blockchains (read: coins) using this along with other digital assets like your passwords, secrets, non Blockchain private keys etc. You can secure the cards by distributing it among trusted people or keeping it secure in different places that only you know of.
https://preview.redd.it/aqkuuizvfng41.jpg?width=1920&format=pjpg&auto=webp&s=1fc5bb71e79df86fef5ea5855c29d0fe154e5b05
It has been a hell of a ride to provide an optimal solution for the mnemonic phrase/seed phrase recovery issue, without compromising the security of the user or the ownership of the assets.
We recently got backed by Consensys which was a high point for us. It has been a huge journey for us coming from India, where blockchain or the related hardware isn't that big with consumers yet.
The product is in the testing phase and we have started with the pre-orders. You can book one today with >50% off and if you don’t like it, we will give you a full refund, no questions asked.
Small Example to show how it works:
  1. You entegenerate your mnemonic phrase on the device or any other sensitive information like passwords.
  2. You tap four cyCards on the device to make 4 shards of your phrases.You'll need any 2 of them to recover your keys or perform a transaction.
  3. The cyCards can be stored at different locations or kept with different people for security.
  4. It can solve the issue with inheritance too with proper management of keys. (PM or comment to know more on this).
  5. To conduct a transaction, tap 2 cards on the device. The keys will be generated on the X1 Wallet for the transaction in a volatile memory which will be wiped off once the transaction is done (no current generation wallet has this). This allows for the hardware to have similar security as of multi-sig with the possible support of every asset.
Any feedback appreciated.
TLDR: With the dream of making storage of seed phrase an easy solution for everyone, started out with Cypherock and in the process found out a solution for removing single point of failure and a way for easy crypto inheritance. Would love any help from the community to take this further.
If anyone would like to see the device functioning, they can refer to the following videos:
  1. Securing Seed Phrases with Cypherock X1: https://youtu.be/eD3CZMPumCk
  2. Trezor Hack and Transaction Using Cypherock X1: https://www.youtube.com/watch?v=19u2mKaHRoM&t
submitted by rohanagarwal94 to Bitcoin [link] [comments]

Numbers on the screen or how digital payment systems make the market fair?

Numbers on the screen or how digital payment systems make the market fair?

https://preview.redd.it/6m1gp2mvotx41.png?width=1160&format=png&auto=webp&s=a83f0346d8008c17968d6a240cfba8fe3fe4e2aa
Continuing the trend of practicality characteristic of the XXI century, paper money is gradually disappearing from our lives, giving way to more practical digital storage. However, the digitized banking that we now use every day is still far from perfect. For starters, it is completely controlled by third parties. No one owns the numbers they see on the screen — control is entirely owned by third parties, such as banks.
Banks create money out of thin air, and credit is a prime example of this. Money is no longer printed when someone takes out an overdraft or mortgage-it is simply created out of nothing. Moreover, these banks charge disproportionately high fees for the services they provide, and these services are outdated and impractical today.
For example, it is impractical to pay a Commission to spend your money abroad, as it is impractical to wait a few days to verify the transfer of a small amount from You to your relative. All this makes no sense in the interconnected and instantaneous world in which We live today.
Thus, the monetary system has ceased to be practical, it is replaced by a higher form of value storage. In this particular case, it is replaced by a faster and safer system that eliminates expensive operations and gives control to the person.
https://i.redd.it/quc2bgmxotx41.gif
Money that you have in your Bank account can be considered a virtual currency since it does not have a physical form and exists only in the Bank book. If they lose the book, your money will simply disappear. These are just numbers that you see on the screen. The numbers are stored on the hard drives of Bank servers.

https://i.redd.it/4nvhydtzotx41.gif
Do you open a regular app and think you have money? They are just bytes of the computer system. Today’s global payment infrastructure moves money from one payment system to another through a series of internal Deposit transfers between financial institutions. Since these transfers occur in different systems with a low level of coordination, the calculation of funds is slow, often 3–5 days, capturing liquidity.

How do payments work?

When you make a money transfer, for example, from your Bank card to the Bank card of a friend or acquaintance, you see an instant transfer, so to speak, moving numbers from you to the Recipient. For the user, the transfer is carried out instantly, and the exchange of obligations between the participants of the process takes place within 3–7 days, the User does not know about it and hardly ever thinks about it.

https://preview.redd.it/rl4aai81ptx41.png?width=1400&format=png&auto=webp&s=cdfa10f0d68442aac84c14e3bae5a52e92651878
When you make a payment at a supermarket or any other point of sale, at the time of payment, information from the POS-terminal is sent to the acquiring Bank — then the acquiring Bank sends a request that passes through the payment system (Visa or MasterCard) and then transmitted to Your Bank, which confirms the operation. At this point, there is no write-off of funds. The funds are temporarily held, and the actual withdrawal will take place within a few days, the maximum processing time is up to 30 days.
https://i.redd.it/8njxgxq2ptx41.gif

Currency transactions and payments abroad

You may have noticed that after making a transaction in a different currency, such as yen or dirhams, or any other currency that differs from the currency of your account or buying an item abroad, the amount charged may differ from the amount that was reflected immediately after payment.

Why is this happening?

As soon As you have made a transaction with Your Bank card — the local Bank transfers the information to the payment system: Visa or MasterCard — the payment system converts the currency used into the billing currency.
Billing currency — the currency that will be used for payment with the payment system by your Bank that issued the card. For the US, the billing currency is the dollar, in Europe — the Euro.
The billing currency may also differ depending on the issuing Bank — the Bank that issued your debit card. For example, some banks use the billing currency — Euro when making payments with MasterCard cards in the United States, which will lead to additional costs when converting euros into dollars.
If the payment is in other currencies, the payment scheme will become more complicated and, accordingly, its cost will be more expensive. The transfer rate from one settlement currency to another is set by the payment system: Visa and MasterCard.
If the currency of your Bankcard is the same as the currency of the payment system, the payment will take place without additional operations. For example, You have a dollar card, you make a payment in dollars in the United States, and if you make a payment with a dollar card in Europe, your Bank will convert the amount at its exchange rate, which will lead to additional costs. There are exceptions, some European banks can use dollars for settlements, but this is more an exception than a rule.
Also, if, for example, you pay for purchases in China using a Bank card in euros, then double conversion is inevitable.
Thus, payment in dollars is universal all over the world, except for the European Union countries. The dollar is a global currency and is therefore often used for binding in international settlements.
Now we understand that due to differences in the account currency and the differences in the VISA or MasterCard payment system, additional conversions may occur, which will lead to additional bank fees. as a result, the actual payment amount will differ from the amount debited from your card.
In addition to paying for conversion in the payment system and paying for currency conversion in your Bank, some banks charge an additional fee for conducting a cross-border transaction.

Where do we lose money when making debit card payments?


https://i.redd.it/tykhrd56ptx41.gif
  1. Currency conversion by the payment system;
  2. Euro-Dollar, or in the case of processing payment via MasterCard in Turkey, Turkish lira-Euro and additional conversion on the side of the issuing Bank (your Bank) Euro — Dollar.
  3. Currency conversion by an acquiring bank;
  4. The difference between the exchange rate on the purchase date and the write-off date. We purchased at a rate of 0.91 euros per dollar, and the write-off occurred at a rate of 0.94 euros per dollar.
  5. A large number of currency conversions.
  6. The greater the number of them, the more we will lose when buying. For example, when paying in the UAE or China, buying a product for the local currency, we understand that the number of conversions increases several times.
If we touch on the topic of international translations, we will encounter additional nuances:
  • This is the payment processing time. International payments can be processed within 3–5 days, as mentioned above, which in our dynamic time — it interferes with the comfortable use of the system.
  • Restrictions on the amounts;
  • Possible requirements for certain documentation for payment confirmation;
  • Additional fees and commissions, sometimes hidden fees.
It is not always possible to make a transfer quickly and when necessary due to these restrictions. All this confirms the complexity of the operations and additional commissions that the user pays.

Сryptocurrency exchanges

And now back to the numbers on the screen, this topic affects not only banks but also centralized cryptocurrency exchanges:
  • You top up your Deposit on the exchange in cryptocurrency-then you use numbers inside the exchange, and real funds are most often stored on “cold storage” for which administrators or other responsible persons are responsible.
  • Only when you make a withdrawal from the exchange to your wallet-you are sent real funds (tokens or cryptocurrency).
The same applies to centralized applications and online services that deal with cryptocurrencies:
There are many services, both online and apps, that are centralized, regardless of what they will be called: Bitcoin wallet or bitcoin exchange. This means that when you add funds to an account in such a wallet, the funds are stored on the developecompany’s side. In simple words, all your funds are stored in the wallets of the system’s creators.
If you use a centralized app, you have a risk of losing funds. Although the application is called cryptocurrency, it does not affect its main principles — it is decentralization.
In other words, using systems where there is a Central authority, especially in the cryptocurrency market — the risk increases, so we recommend using decentralized systems for storing currency to reduce risks to a minimum.
Decentralization is the process of redistributing, dispersing functions, forces, power, people, or things from a Central location or governing body. Centralization is a condition in which the right to make the most important decisions remains with the highest levels of management.

Peer-to-peer payment systems

The opposite and standard of security and independence are peer-to-peer payment systems. Using the application-level network Protocol, clients running on multiple computers connect to form a peer-to-peer network.

https://preview.redd.it/ojcg4fz7ptx41.png?width=601&format=png&auto=webp&s=6cc81d1617b0cb64a3f5c7cc6d06a78354386f8c
There are no dedicated servers in such a network, and each node is both a client and performs server functions. In contrast to the client-server architecture, this organization allows you to maintain the network operability with any number and any combination of available nodes. All nodes are members of the network.

https://preview.redd.it/npttc3a9ptx41.png?width=1000&format=png&auto=webp&s=0f2dee1e5b19436a847dca96e2b3b7f22b801b57
Tkeycoin is a decentralized peer-to-peer payment system based on p2p principles and the concept of electronic cash. P2P technology is a fairer means of mutual settlements between users and companies around the world. Modern payment systems are imperfect and may depend on the will of high-ranking officials.
The main goal of Tkeycoin is to create universal products that will make financial transactions more accessible, profitable and secure.

https://i.redd.it/gk6j0m9bptx41.gif

What do decentralized systems protect against?

Using decentralized tools, for example, a local Tkeycoin wallet or a Multi-currency blockchain tkeyspace wallet — Your funds belong only to You and only You can use them, which eliminates the risks of third-party bankruptcy, and such a decentralized architecture can also protect against natural disasters. Given that there is no central server that can be damaged in a natural disaster, the system can work even if there are 2 nodes.

https://i.redd.it/sb6i2ladptx41.gif
In addition to force majeure situations, you protect your funds from theft and any sanctions from third parties-in our time, this is very important. The owner of Tkeycoin does not need Bank branches, does not need additional verifications, and does not need permission to use, transfer, or even transport Tkeycoin. You can easily carry $1 million worth of Tkeycoin in your pocket and even in theory not know any troubles.

https://preview.redd.it/uvw9vfyeptx41.png?width=1400&format=png&auto=webp&s=14b89acca3568fdc5eb82d986aaa2710219ced91
Besides, it is extremely convenient and safe to store even multibillion-dollar capital in Tkeycoin. Imagine that you have a lot, a lot of money, and you need a safe place to store it. Where do you apply? Of course, the Swiss Bank, Yes, but it can easily freeze your accounts and you can easily lose your savings. In recent years, many banks are actively fighting against gray non-cash funds (including offshore ones), and every month more and more legal proceedings are organized on this basis.

https://preview.redd.it/vodiuq5gptx41.png?width=1400&format=png&auto=webp&s=31ab44da4431b0159ef1213db7e37c6fd92d5b0a
The fact is that serious money, for the most part, has a gray tinge, and only a tiny fraction of billions and millions are clean for the law. That is why their owners are often called to court, subjected to pressure, forced to leave the country, and so on. If your money is stored in Tkeycoin, you will not be subjected to such pressure and will avoid the lion’s share of troubles that usually accompany accounts with many zeros.
Using peer-to-peer systems — you will not be called by a Bank Manager and require documents or a fraudster who asks for Your card number and SMS for confirmation. This is simply not the case, wallets are encrypted, and using different addresses guarantees privacy.
As for fees for transfers, there are no Visa or Mastercard payment systems, as well as additional fees that we discussed above.

How are payments made in the Tkeycoin peer-to-peer payment system?


https://i.redd.it/9ftct10iptx41.gif
As soon as you sign a transaction, it is sent to the blockchain and the miners are engaged in its confirmation, for which they take a symbolic Commission. Let’s look at an example, the key rate is $1, the transfer fee will be 0.00001970 TKEY or 0.00000174 TKEY.
0.00001970 TKEY=$0.00001970 0.00000174 TKEY=$0.00000174
Accordingly, commissions are almost zero. In Europe, on average, you will pay $15–20 for a small Bank transfer.
For example, now sending 1 million dollars to BTC, You will pay a Commission in the area of ≈3–8 dollars. Just think, 1 million dollars, without restrictions, risks, and sanctions, and most importantly, the transaction will be the available day today, and you paid an average of ≈5 dollars for the transfer.

Transactions in the Tkeycoin blockchain

Now let’s touch on the topic of how a transaction in the blockchain goes. Once you have sent a transaction, it will be available to the Recipient. The transaction takes place instantly and the User sees not” numbers on the screen”, but real funds-cryptocurrency. This is very convenient when you make any transactions and the Recipient needs to make sure that the payment came.
In the full node-there is a choice of confirmation blocks — this is the amount after which you can use the received cryptocurrency. When sending, you can select the number of confirmations:
• 2 blocks≈10 minutes • 4 block≈40 minutes • 6 blocks≈60 minutes • 12 blocks≈120 minutes • 24 blocks≈4 hours • 48 blocks≈8 hours • 144 blocks≈24 hours • 504 blocks≈3 days • 1008 blocks≈7 days
As we can see, you can also set a weekly confirmation if necessary. The minimum recommended number is 3 blocks. by default, the full node (local wallet) has 6 blocks installed. The presence of this number of confirmations ensures that Your block will not be forged and will be accepted by the network.
Each new transaction that receives network approval is sent to mempool, where it waits for miners to confirm it. When a miner takes a transaction to include it in the next block, it automatically receives the first confirmation.

Generating blocks in the TKEY network

A block in the TKEY network is generated within 6–10 minutes. the network automatically corrects the complexity and time of block formation. Thousands of transactions or a single transaction can be placed in a block.

https://i.redd.it/f9d17k8uptx41.gif
Transactions work faster in the TKEYSPACE app because we have already enabled new algorithms and this is now the fastest and most convenient way to exchange various digital currencies.

https://preview.redd.it/nnz5krdvptx41.png?width=1400&format=png&auto=webp&s=fee452ae6389c8f46d97357777193ed2b10bc4bc
Anyway, using the full node is also one of the safest ways to store and send Tkeycoin cryptocurrency, and most importantly, the full node stores a full copy of the entire blockchain, which benefits the network and provides protection from information forgery.
The more popular the project becomes, the more load is placed on the network itself. For example, 10,000 transactions passed in one block that was processed quickly, while the other 10–20 transactions in another block hung for a longer time, so temporary “pits” may appear. To deal with them, we are working on implementing additional chains-separate chains that are created for cross-transactions, which ensures fast payments under heavy load.
For the global system — we get a shipment around the world in 6–10 minutes, in cross-chains in 10 seconds. In comparison with the global payment system, which processes cross — border payments within 3–5 days, this is a huge advantage. If we add liquidity to this, we will get a perfect payment system.
https://preview.redd.it/2d0uu4gxptx41.png?width=1200&format=png&auto=webp&s=ae5f2f0bc8b7c7dedd1814eb32e97092a6330c3a
Also, you should not forget that if you did not sync with the network and sent a transaction, the transaction may hang in its memory pool and you will have to perform several actions to solve this situation. Here we must understand that syncing with the network is an important point because if you have a connection failure in the Internet Bank, the payment will also not be processed. After all, it will not be sent to a specialist for confirmation.
If you are currently experiencing any delays with transactions, this is due to the transition of CPU mining to GPU, as soon as miners switch to new mining methods, the confirmation of blocks will be consistently fast.
In conclusion: blockchain is a new technology and many terms, concepts and how it all works are still difficult for many to understand and this is normal from innovation.
In many countries, the word cryptocurrency and blockchain are synonymous and no one wants to understand the reality, most people believe that if the blockchain, it means it is related to trading on the cryptocurrency exchange. No one thinks about the real usefulness of certain solutions that will become commonplace for Us in the future.
For example, the Internet banking system dates back to the ’80s of the last century, when the Home Banking system was created in the United States. This system allowed depositors to check their accounts by connecting to the Bank’s computer via their phone. In the future, as the Internet and Internet technologies develop, banks are beginning to introduce systems that allow depositors to get information about their accounts via the Internet. For the first time, the service of transferring funds from accounts was introduced in 1994 in the United States by the Stanford Federal Credit Union, and in 1995 the first virtual Bank was created — Security First Network Bank. But, to the disappointment of the founders of the project, it failed because of strong distrust from potential customers, who, at that time, did not trust such an innovation.
Only in 2001, Bank of America became the first among all banks that provide e-banking services, the whole user base for this service exceeded 2 million customers. At that time, this figure was about 20 % of all Bank customers. And in October of the same year, 2001, and the same Bank of America took the bar in 3 million money transfers made using online banking services for a total amount of more than 1 billion US dollars. Currently, in Western Europe and America, more than 50% of the entire adult population uses e-banking services, and this figure reaches 90% among adult Internet users.
Life changes, and in the bustle of everyday work — we do not even notice how quickly all processes change.
We are experiencing a technological revolution that is inevitable.

https://i.redd.it/afcfj3rzptx41.gif
submitted by tkeycoin to Tkeycoin_Official [link] [comments]

HUOBI EXCHANGE REVIEW

ABOUT HUOBI :
Huobi is a cryptocurrency exchange founded in China in 2013. Currently, Huobi is based in Singapore because this country has friendlier cryptocurrency regulations. The company is registered in Seychelles. Before leaving China due to a cryptocurrency ban, the exchange was responsible for 90% of Bitcoin trading volume in this country. Now Huobi is an international platform with offices located in Singapore, Hong Kong, the United States, Japan, and Korea. In China, the company provides blockchain consulting services. Huobi has sub-exchanges: Huobi Korea, Huobi US, etc. Huobi Global is the biggest Huobi exchange. In November 2019 Huobi Global had to shut down all the accounts belonging to the US customers due to strict cryptocurrency regulations of the USA. This exchange is one of the top 50 cryptocurrency exchanges by trade volume. On the Coingecko chart of exchanges, Huobi Global occupies the third position. The exchange has more than 500 markets and supports over 220 cryptocurrencies. As Huobi provides an option to buy cryptocurrency with fiat money, this exchange is a gateway for people who enter the cryptocurrency world .

FEATURES :
Huobi Global has a really wide range of functions. First off, this exchange provides an opportunity to buy cryptocurrencies with fiat money using a credit card and other payment means. This option is delivered in the over-the-counter trading section (OTC). There is a menu line in the upper part of the website. It begins with "But Crypto". That's where one can see the OTC offerings provided by Huobi. One can buy or sell the following currencies: Bitcoin (BTC), Ether (ETH), Tether (USDT), EOS, XRP, Litecoin (LTC), Huobi Token (HT), Huobi stablecoin (HUSD), and Bitcoin Cash (BCH). Please note, that there are not so many offerings especially for certain currencies. Normally there are many options for buying BTC or USDT. The prices and payment methods vary from one trader to another. You can pay with a credit card, some traders accept payments via Western Union, AliPay, and other services.
There is a cryptocurrency exchange with hundreds of crypto-to-crypto pairs. The exchange supports market, limit and stop-limit orders. It gives traders some control over the situation and helps to secure the assets from trading in loss to some extent. In general, the exchange interface of Huobi is quite generic.
Those who have experience of trading on several other exchanges will find the interface familiar. It has a trading view with a candlestick chart on the left and the list of orders updating in real-time on the right. Under the charts, there is an order history. Under the list of market trades, there is a section where users can place orders. The candlestick chart is powered with numerous analysis tools and indicators.
What makes Huobi Global more attractive for traders is the support of margin trading. In all margin trading pairs the currencies are traded against Tether (USDT). There are 6 cryptocurrencies that can be traded with x3 leverage: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), XRP, Ether (ETH), and EOS.
Huobi Global is aimed to provide service both to small investors and institutional traders. That's the reason why the platform offers institutional accounts with special opportunities for corporate customers. Among these features, there are colocation options and other tools that provide the opportunity of seamless high-frequency trading. Additionally, institutional accounts can get special OTC loans.
One more feature is trading derivatives. Huobi provides two separate interfaces for that purpose: Swap trading and Futures trading platforms on Huobi DM. Moreover, it is possible to participate in IEO trading via the Huobi exchange. This feature requires the use of the Huobi Token.

ASSETS AND INSTRUMENTS:
As mentioned, there are two types of instruments that you can trade on the Huobi derivatives platform. These are your traditional futures as well as the perpetual swaps or futures.
With these instruments, you are trading crypto on margin. This means that they are leveraged and your exposure is often many multiples of the amount that you have put down as collateral.
Now that we have a brief understanding of leverage, let’s take a look at the instruments on offer at the Huobi exchange.
Futures are instruments that allow the holder to buy or sell some asset in the future. Essentially, you are trading some future price of the instrument on the chose delivery date. In terms of expiry dates, they have weekly, bi-weekly and Quarterly which settle every Friday. In terms of expiry dates, they have weekly, bi-weekly and Quarterly which settle every Friday. When it comes to the specifics of the contract, they differ according to which asset is being traded. You should also take a look into the contract specifics in the Huobi docs. This includes such information as the index reference for the prices as well as your last trading price. The latter can only be done up till 10 minutes before the expiry.
Perpetual swaps are leveraged instruments that do not have have a delivery date. They are marked to market everyday and settle 3 times a day. They are sometimes also called “perpetual futures” at other exchanges.
The reason that they are called “Swaps” at Huobi Derivatives is because you are swapping the returns of one asset for the returns of another. Here, you are swapping crypto returns for returns on the US dollar.
At Huobi DM, the Perpetual swaps have leverage up to 125x and they are written on 5 different assets. These are Bitcoin and Ethereum with other coins to be added soon.

HUOBI APPS:
Huobi mobile app for iOS and Android are available. Similarly, the Huobi mobile app features most of the functionalities available on the web platform also. You can even complete tasks like account registration and verification directly via the app. In Google Play, the Huobi Global app has an average rating of 4.1 stars out of 3,730 reviews. However, in December 2018 and January 2019, some users have said that the Android app won’t let them login due to an error with Captcha. On the Apple App Store, Huobi boasts an average rating of 4.9 stars out of over 4,800 reviews.

API :
For those of you who are programmers, you will be happy to learn that Huobi global API can be used on the Futures and Swap markets.
There is both a websocket as well as a REST version available. It is suggested that you use the REST for one off operation to trade and withdraw. You should use the websocket for market data & order updates. You should also note that you can be a market maker on through the API.
If you want to start using the API then you will to get yourself an API key. This can easily be done in the API management of your account dashboard. Here you can select whether you would like it to be a read-only, Withdraw or Trade. You can also bind an IP address to this API so you can ensure than no other person will use your account even if compromised.

HUOBI FEES :
Huobi has a 0.2 % fee that applies to both market makers and takers for amounts between $0 and $5,000,000 over the course of a 30-day period. In comparison, other top exchanges like Binance have 0.1 percent fees. Actually, it has a fair trading fees structure and easy to remember also. Meanwhile, GDAX has 0.3 percent fees.
In January 2019, Huobi Global launched a tiered fee structure that significantly reduces fees for higher-volume traders. This is relatively competitive when compared to other exchanges. Users also have the option to reduce trading fees on Huobi by becoming a VIP member. This involves paying a monthly payment of HT, which varies depending on the membership level (1-5).
Like most exchanges, Huobi has no fees on deposits. However, Huobi does have withdrawal fees minimums that vary from coin-to-coin. For example, withdrawing Bitcoin (BTC) costs 0.001 BTC, with a minimum withdrawal amount of 0.01 BTC. For Tether (USDT), the flat fee is 5 USDT. And the minimum withdrawal amount is 20 USDT. Overall, the meaning- Huobi fees are generally higher than most exchanges for lower withdrawal amounts. A few exceptions exist. For example, TUSD has a withdrawal minimum of $20 but a withdrawal fee of only $2.

IS IT TRUSTWORTHY?
In contrast to other exchanges, Huobi receives a favorable score. First of all, it is incorporated and operated from Singapore. As we all know crypto regulations are advanced there. And promote blockchain startups always. Second, Huobi does provide users with multiple ways to safeguard their accounts. Although it is not enough. Essentially, 2-factor authentication is available using both SMS and authenticator apps. The platform does not require any special confirmation if the account is logged into from an unfamiliar IP address or location. There is no option to whitelist addresses for asset withdrawal, allowing funds to be sent to any address input. Furthermore, Huobi was never hacked. Even though they do present a lucrative target for attackers. Meaning, Huobi has adopted a decentralized exchange structure, which helps to resist DDOS attacks. And we believe the exchange takes these threats seriously and does everything in their power to protect the exchange from hackers. Also, Huobi does store user funds in cold storage to restrict access to them. Actually, the exchange stores around 98 percent of funds in cold wallets.

SUPPORT :
Something else that is crucial to the entire trading experience is the level of support that the exchange provides. There is nothing more frustrating than having to wait hours for response from support.
When it comes to Huobi, there are actually quite a few options to reach their customer support. Perhaps the quickest and most effective way is through their live chat function. Firstly, they will try to help you with the available resources. If that does not work then you can reach out to a live agent.

CONCLUSION:
So, in summary. We really liked the Huobi futures products. It is not only highly functional but is also secure and leverags the expertise that the team have at the main Huobi exchange.
For the futures instruments, there is a decent range of assets and leverage. Markets are also pretty liquid and these are all traded on a simplistic yet technically able trading platform. It’s also great that you can trade on PC programs and mobile apps as well.
When it comes to security, they have taken all of the same precautions that are used on the main exchange. Their 20,000 BTC strong insurance fund keeps them well protected and they have not had a single clawback of trader funds since their inception.
Yes, there are areas for improvement but the exchanges is still evolving and building out functionality. One can only hope that they take trader suggestions into account.
So then, is it worth considering?
Well, if you are looking for a highly functional and secure futures exchange that is backed by one of the biggest names in the business, then it is well worth a try.

Huobi Website: https://www.huobi.com/en-us/topic/invited/?invite_code=czdh5
UID: 138138177
Huobi Indian Community: https://t.me/huobiglobalindia
Huobi Global Community: https://t.me/huobiglobalofficial
submitted by sreenthepotato to u/sreenthepotato [link] [comments]

Recap of AMA with Zac on July 3 and Q2 report

Dear Pundians,
Thank you for participating in the AMA session with Pundi X co-founder and CEO Zac Cheah.
For those of you who may have missed it, the live recording of the AMA session held on July 3 at 10:00 am GMT+8, tackling Q2 progress and addressing questions and concerns by the community members, can be viewed here. A side note that today’s AMA video quality and setting was not ideal. We acknowledge this situation and will make improvement for our next AMA session.
You may also find a summary of the Q2 progress presentation as well as all the detail Q&A below.
## Pundi X Q2 2019 Highlights
* Pundi X has integrated more public chains into our products. In Q2, we completed integration of Binance Chain. NEM chain is in the work. As of today we’ve launched BNB, the Binance Chain native Coin and XEM, NEM native coin on Pundi X payment platform. We will integrate at least one more public chain in Q3.
* The transactions on XPOS for Q2 is 15.5 million in USD, which is close to 300% quarterly growth. The number of transactions is 29,367, which leads to a 11% growth QoQ.
* XPOS has successfully received FCC and KC certifications. A new certification for Latin American market is on the way. * To expand XPOS footprint, Pundi X’s integration with a new leading mainstream point-of-sales device is in the work. Stay tuned for the announcement.
* Pundi X Open Platform was launched in May, 2019, which now supports ERC20 and BEP2 token listing. Moving forward, we will continue to support tokens from other public chains.
* A 3,000 XPASS order from DigiX, a gold-based token, and a 10,000 XPASS order from BitCobie this quarter.
* XPOS is spread in use in over 30 countries. We’ve published a map of XPOS location of self-report XPOS merchant directory. You can find a list of selected XPOS merchants at [https://www.pundix.com/products\](https://www.pundix.com/products). * The QoQ growth of XWallet is tremendous at 43%. In the previous quarter, we have less than 20k users, whereas in Q2 we have hit 297k XWallet users.
More updates on XWallet:
* Supported BNB and NEM tokens; 2FA, face ID, and optimized SMS serviceAvailable on iOS, Android as well as in Samsung Galaxy Store
New features coming up in Q3:- DApp integration - Decentralized wallet- In-app crypto payments - Chat service, which will be compatible with a commonly used chat app- f(x) testnet features to be rolled out first in XWallet
## Other notices coming up in Q3 2019
* The Q2 token removal will take place on July 14, 2019, which will involve in total 34 billion of NPXS and NPXSXEM (22 million worth in USD) removal. In the past 365 days, we’ve removed a total of 36.1 million US dollar worth of NPXS and NPXSXEM.
Before Q2 removal, the total supply of NPXS ERC20 is 266,962,422,906.53 and NPXSXEM is 95,816,218,929. [See Q1 removal here.](/pundix/recap-of-ama-with-zac-on-july-3-and-q2-report-a23de165dd28)
* [NPXSXEM will be ported to Binance Chain from July 20](/pundix/npxsxem-will-be-on-binance-chain-c6485f17726b). * XPhone pre-order will start in late July with a new product name. Stay tuned. Check out the teaser video that we are releasing it across our communication channels. ## Q&A
## On XPOS
* **Where are we on official global location of XPOS?**
Zac: We have made a map on our official website that merchants can self report and feature their locations. It’s at [https://www.pundix.com/product\](https://www.pundix.com/product). We’ll be increasing and updating the map once we have permission form the merchants to update their locations.
* **The marketing from pundi has shifted from 100,000–700,000 xpos units by 2021 to 100,000. I understand the bear market has affected this but please share the strategy moving forward to hit your goal. How do you feel about hitting this goal?**
Zac: The 100K XPOS target has always been the initial goal and it’s stated in our whitepaper. And we are still working on achieving the goal by the end of 2021. Part of our growth strategy is to also explore the possibility to port our platform to traditional POS manufacturers to increase the adoption, which is ongoing at the moment.
* **1 year ago you sent 5000 XPOS somewhere. When, at least half of them, will be working? 3 year target was 100,000 by 2021. Now we have only 150 units, how do you expect to reach this goal?**
Zac: Yes, we have shipped thousands of XPOS to over 30 countries in the world. The 150 you’ve mentioned are the featured merchants which are published on the map. The active XPOS devices are deployed over 33 countries and we are actively talking to B2B partners to have higher wholesale and big deployments.
* **How many XPOS are live and used?**
Zac: We have gone through a very serious bear market, and some of the initial inbound requests for XPOS are not delivered. However, we are working slowly but surely with our Business Development team to not just roll-out into individual buyers, such as what we did on Pizza Day, but also to B2B partners. With the certifications approved, that will also help us to officially roll out to some of the key markets.
Individual merchants can use XWallet collection feature to accept crypto payment with QR code. For the merchants who have physical offline storefronts, they can use XPOS to enable the instant crypto transaction seamlessly. Moreover, as mentioned previously, we are exploring the integration on leading traditional POS terminal so that their distributors have option to enable crypto transaction feature. As for the challenge to adopt XPOS, it is the regulatory compliance in different countries. For this, our legal team think ahead and encourage our merchants to complete KYC.
I must be very honest to say the activation takes longer time than we expect but it will be worth at the end.
* **What’s the average number of transactions per xpos in use?**
Zac: The transaction number has increased very well. The number of each XPOS differs, due to the frequency of using crypto currency to purchase item or crypto assets. There’s no standard answer to this, but overall we see the transaction number and volume are going up.
* **How do you plan to reach the target of 100,000 by 2021?**
Zac: One of the challenges that we have is regulatory compliances in different countries. There are certain markets that do not allow crypto currencies and some require a clear approval for us to deploy XPOS. We are working on both challenges by talking to governments and applying for certifications. So how we plan to reach 100,000 XPOS user by 2021 is to work with distributors, B2B partners on a government / business level, and with existing POS companies to integrate our software solution into the system.
* **We understand as there was bear market and hence Xpos usage demand was low. Are you guys seeing growth of Xpos usage with current market conditions. Can you guys put some statistics comparison like last 30 days Xpos usage vs any month from bear market usage?**
Zac: It is very clear that as we moved out from the bear market, the demand for XPOS has been increasing. As we’ve shared just now both the transaction number and volume of Q2 have beaten Q1. We’ll be able to share more transaction numbers once we receive approval from our XPOS merchants.
One exciting thing is that, with the listing of different tokens, we also see users using these tokens as a way to transact on XPOS, which means we will be having more ways to transact and this is a growth point for XPOS.
* **When will there be more details for XPHONE and XPOS HANDY?**
Zac: For XPOS handy, we have finished production and it will be released in Q3
* **When will the iOS version of XWallet and XPOS be fully translated to other languages?**
Zac: Right now, the XWallet has Traditional Chinese, Korean, Spanish, German and English. With the latest version update, it now includes Portuguese. XPOS also comes with many languages and we hope to finish with more language, either working with professionals or volunteers. If you’re interested in volunteering, please contact us.
* **When will the Merchant back office have Product Registration and SKU id ability and also integrate with other POS software?** * **When will the top-up feature go away for XPOS to allow liquidity for XPOS**
Zac: We constantly update features in XPOS and merchant backend to make it easier for distributors and merchants to use. We understand that one of the ways for mass adoption is to enhance our distributor management system. With that, the distributors can manage manay XPOS at one time with different merchants.
Please stay tuned as we announce more and more functions of this feature.
## On Dubai
* **When will we see the deployment of the XPOS in Dubai?** * **Can we spend NPXS on the Dubai XPOS?**
Zac: As with all big projects there are a lot of moving parts, that includes working very closely with the local government, in Dubai’s case, the Credit Bureau of the Finance Ministry. Things are progressing for the Dubai project but due to confidentiality agreements with the parties involved, we cannot reveal much. All we can say is that we and our Dubai partners are working hard to have XPOS roll-out in the Dubai market and the UAE.
We are also discussing aggressively with Dubai partners whether to include crypto assets in the XPOS in Dubai. That clearly will involve local compliance and legal for that to happen.
* **Your system upgrades expect merchants to have downtime on their XPOS terminals, can you explain if you plan to run a business why this would be considered feasible (specially at the rate you have been doing your upgrades)?**
Zac: Yes, the benefit / strength of the XPOS is that most of the updates can be done on the fly. For example, when we have a token update on our XPOS where developers submit their tokens on Open Platform, the updates of this token are on the fly, which means that once we approve the token on our Open Platform, it will automatically appear on XPOS without any software updates.
The great thing that we believe about XPOS is not just the support of crypto assets, but also the ability to update most things on the fly, which means that whenever we have a good feature or a new token, the updates will be done instantaneously.
* **Can you guys arrange at least a community voting which is the next blockchain we would like to see next in XPOS? Voting will help to prioritize to chose the projects.**
Zac: One of the reasons why BNB is being listed on the XPOS is simply because of its popularity and also our user demand, in a way that we are already answering to our community’s request.
Right now, our main focus is getting all the tokens submitted on Open Platform to be listed on the XPOS. The submission process includes legal and compliance valid, so our legal and compliance teams are working hard to make sure that we have more tokens to roll out onto Open Platform, which means that they will be on XPOS, XWallet, and XPASS.
As to a specific voting mechanism, we’d like to consider that and hopefully we’ll be able to run a specific voting for the chain which users would like to see.
* **While comparing Xpos handy to Square POS devices at least with mobile it’s very cheap like under $30 and easy to use. When can we expect such light weight and cheaper version for XPOS? Is team working on such devices ?**
Zac: There are different POS companies around the globe and pour focus is to work with these POS companies with our software, so that a crypto sales feature will be part of the existing POS system. The more support of crypto asset usage using our software on existing POS, the better it is for global adoption.
We actually strongly believe that the pricing of our POS system is competitive in the market. And one of the great features of the XPOS is that the merchants will not need not to pay a certain percentage to existing acquirer but to be able to earn certain percentage from each transaction. That is the key differentiator for merchant to want to adopt this.
* **From the website with some of the key Countries for XPOS adoption looks great. However, the concern is for Venezuela, there is no reference link like the others have. Can you guys add the link with details to clear the ambiguity?**
Zac: Let’s give a little bit more patience so that we can actually release more information about our Venezuelan partnership. The good news is that we expect concrete news from Venezuela in the coming 2 weeks. So stay up-to-date about our Venezuelan roll out on XPOS, the best way is to subscribe to our telegram group for Venezuela.
## On Partnerships
* **Are there some major partnership in the works? I’m also interested in how you do immediate transactions? Do you anticipate scaling issues?**
Zac: The way XPOS is being designed is that when you use your crypto assets to purchase, it will have instantaneous confirmation because the action is an off-chain process. An on-chain action happens when a user who owns crypto assets in our system transferring the assets out of the Pundi X ecosystem to their own wallets; or to transfer crypto assets in Pundi X from an off-chain to a private wallet, which we will have very soon on XWallet itself.
That is why we are able to handle scaling. When a person wants to use crypto currency to buy a coffee, the transaction will happen instantaneously.
For specific partnership, especially with B2B partnership, we oblige to the NDA that we have signed. But if you follow us closely, you’ll know that we go to different parts of the world, talking to major companies to try to land more deals so that NPXS usage will increase dramatically.
* **Any big partnerships for making xphone or using the software for xBlockchain?**
Zac: These partnerships are also subjected to NDA, so please be patient for us to release more news.
* **When will XPOS have approval to process Visa and MasterCard payments?**
Zac: We have met representatives from these players including some of the key management people. They are obviously looking into crypto currency attentively, and we hope that there’s something we can do with MasterCard and/or Visa.
This is something that the community has suggested and we agree fully. Please allow us with some time to work on this. We have also showcased XPOS to the CEO of MasterCard. For what or when will anything happen, please wait for our official announcement.
* **What’s the status on Quantum fund and their contribution or involvement with Pundi’s project?**
Zac: We announced last year that we are creating a fund to invest in projects beneficial to our ecosystem. We’ve identified some interesting projects, and we have invested in at least 1 project. The reason why we’re investing in that project is because of the services that it will bring onto the Pindi X ecosystem. So the purpose of the investment of the companies is that these companies in turn will benefit on our ecosystem. This is our key consideration.
The team has evaluated the projects that will benefit the Pundi X / Function X ecosystem. Vic and his team will be able to reveal more details on the companies we have invested in and how they will contribute to our ecosystem in Q3.
* **Recent update on NPXSXEM is highly ambiguous as mentioned that it will be now BEP token and later once FX goes live it will get back to Fx platform. Why you guys had so rush to use Binance chain only for few months? Isn’t you guys switching to much in a short time span?**
Zac: Liquidity and utility have been an issue for NPXSXEM. Due to the design philosophy and the limit of token that can be created on NEM’s smart contract, we are only able to create a small number of tokens on NPXSXEM. By moving into the Binance chain for NPXSXEM, the BEP2 token version will be able to support all the NPXSXEM tokens, which means that we’ll migrate and also be able to make sure all the NPXSXEM tokens are under the same contract address.
We believe with the strong liquidity, we will be able to give our NPXSXEM token holders a good reason of what the token holders have been waiting for. We hope to bring NPXSXEM to match the level of NPXS.
* **When #XRP?**
Zac: Our OpenPlatform is a currency agnostic platform, which means that we will work on integrating public chain as well as tokens that are most requested by the users. We’ll also be looking into the listing of different tokens that are being mentioned by the community.
As said, we will have at least one more public chain integration in Q3, perhaps even more.
* **Are you as a company going to try and connect with libra? If they have said they want to be a payment remittance service, have Square, PayPal, Visa on board I as an investor would prefer you try to join them rather than beat such large competitors**
Zac: Of course, we’ll be delighted to work with Facebook and also the Libra coin. Pundi X and XPOS is a currency agnostic / currency neutral platform, if there’s opportunity to list Libra coin or work with Facebook in different ways to promote crypto currency adoption, we’ll certainly look into that and work on reaching out to them.
## On Trading
* **Can you confirm during AMA, Pundi team is not involved with any trading with their own token like selling over time to manage the fund to run the company.**
Zac: All the wallet addresses of the team holdings are disclosed and transparent. This is one of the first things that we did after ICO. Hence, our token holdings are transparent and everyone can monitor our fund transactions. Also, we have strict internal financial regulation and compliance, shows that we are here to build a long-term project.
The best way to make NPXS or the NPXSXEM to rise is real daily life use case.
* **When will you stop manipulating NPXS chart?**
Zac: Our focus has always been and will be building great products. The more product usage, the demands for NPXS and NPXSXEM will increase. Let’s address again that, Pundi X the company is NOT involved in any manipulation of the NPXS price.
There are trading teams, market makers, financial institutions that profit from the drop and rise of token prices in the crypto market. The good thing about NPXS is that we have managed to create a high liquidity by listing on 40+ exchanges and having global trades and demand from all over the world. We hope this and coupled with the fact that we are a solid product and roll out the use cases, the demand of NPXS will only continue to rise and will be able to deter any of the traders or speculators there is for NPXS.
These traders gain profit from manipulating tokens whether BTC or other tokens. In fact, the traditional financial markets have similar challenges as well. What I want to stress is that, we at Pundi X, do NOT speculate or manipulate the price. We work very hard to create demands for NPXS and as a company, it is only beneficial for us to see the prices of NPXS and NPXSXEM rise.
* **Can we please address the elephant in the room which is the Binance bot with huge sell walls and buy walls causing huge distress and concern among users?**
Zac: First, I cannot confirm nor deny that whether Binance has a bot. I think this is something that you need to ask Binance. We need to work with Binance because Binance has one of the biggest liquidities, if not the greatest liquidity, for NPXS. The best way to counter manipulators is to create more use case, more demand and more acceptance of our tokens.
* **Why on almost all exchanges do you not offer a USDT trading pair?**
Zac: We have USDT trading pairs on Bittrex, Bittrue, and more. In addition, we have fiat pairs in Korean Won, IDR, INR, and Turkish liras. We will continue to work on adding trading pairs for NPXS to make it more liquidate.
* **Why don’t you offer a stable coin sell and purchase on the xpos to help with adoption? Places in Africa with volatile currencies would go crazy for this.**
Zac: It’s a great observation. This is a request that’s been asked from many users. We’re working on stable coin listing on XPOS and hopefully it’ll come soon. Stable coin requires a greater compliance and legal validate, which we have been working on since months ago and we hope to have the stable coin up in XPOS soon.
* **When will you add an active tracker for coin burn, whether its measured in usd, NPXS or whatever you choose. The community has been asking for this on twitter, reddit and telegram for this entire year.**
Zac: It will be hard for us to have a daily tracker of the coin burn, but what we might be able to work on is a tracker which have shown all of the tokens that have been removed from the usage. Thank you for giving us this great suggestion and we will work on it in some form.
Zac: Our token supply has always been specified in our white paper, and as promised in our white paper, we will continue to remove tokens through usage and use cases, which we’re working on all the time.
* **Price movement. When will NPXS go to which price?**
Zac: We cannot comment on the change of the price. Our focus is on building products. We hope by doing that the NPXS value will go up. Again, there’s no way that we can comment on the price.
**I believe that burning tokens every 14 weeks keeps the price suppressed and will only lead to huge pumps and dumps. Imo, If the burns were more frequent, the price would move organically.**
Zac: We continue removing tokens quarterly per advised by our legal and compliance team.
**Is it mandatory npxs swap? What happens for token we have in binance?**
Zac: No it’s not a mandatory NPXS swap for FX.
**How many NPXS or NPXSXEM was converted?**
Zac: In Q2, we will remove 29B NPXSXEM and 9B NPXS.
## On XWallet
* **Why not put in XWallet like the place where we can buy and sell like restaurants and shops?**
Zac: You are correct. In fact, if you look at XWallet, there is a merchant feature, whereby you can register as a merchant. By becoming a merchant, you will be able to print out your QR code and stick it on your restaurant. People are able to make payment through this QR code. This will act like a mini-XPOS.
* **In addition to that having multiple different blockchain in XWallet will increase the XWallet adoption. Hence, we would like to see aggressive game plan and execution from the team and would like to hear that**
Zac: That’s a great suggestion. Every day we want to increase use cases for XWallet. In fact, our XWallet update is one of the most frequent in the market. Within 5 months, we have over 10 updates on iOS and Google Play. This does not include soft update which happens every several days. In my view, the effort is very tremendous.
* **Is there any plan to add Swap option within XWallet so that people can trade the coins within XWallet?**
Zac: Yes, there’s such plan and in fact there is an upcoming feature that people will be able to use coins in XWallet to exchange into other things. The exact form and format have not been reviewed. We hope to share more when we have concrete example. But what you suggested is what we are planning for months ago.
* **When will XPOS and XWallet have fiat on ramps?**
Zac: This is a good question. It’s not only involved with regulatory compliance but also involved the technical part. This is also something we are planning for months. Once approved, hopefully we are able to support fiat currency on ramps and off ramps on XWallet.
**On Others*\*
* **How is the internal organization doing? Currently how many employees work for Pundi? Currently how many job positions are open?**
Zac: Pundi X has grown tremendously. We are now having over seven offices around the globe. I’m sitting in the Singapore office. We have office in Jakarta, Taiwan, Tokyo, Shenzhen, São Paulo and London. These are the places we have physical offices and house approximately 100 full time employees of Pundi X.
The positions open from Pundi X are legal associate in Singapore and other offices. We are looking for more R&D people, especially in Taiwan. We are looking at marketing and PR people in different parts of the world. And we are looking for POS distributors. As a POS distributor, you will work with our business development team and also our technical team to roll out many XPOS which you have a network to control in your local market.
* **Would you consider removing the KYC to allow u.s. holder to stake and be rewarded?**
Zac: We would love to have more users, including US. However, our compliance and legal advisors have not allowed us to accept US holders to stake and be rewarded.
I’m sorry to say that but this is after serious consideration to make such a decision. In fact, it is a very hard decision because we have healthy user base in the US.
will continue to monitor the situation in the different markets and be compliant. There are also ways to be rewarded when using XWallet service without KYC. We are looking into to explore more on this and launch new features. Hopefully we are able to bring the beta version for you to test this week or next.
**On XPhone*\*
* **Where are we on pre-sale announcement of Xphone? It was highlights of Q2 goal. If we are getting delay, that’s ok. But at least community will have some clarification why it’s getting late and when approximately it coming?**
Zac: Pre-sale order will start this month. It’s likely the end of July. Pre-sale will take place in different channel including the official website and XWallet. Apart of our own channel, the pre-sale will go live on a 3rd party channel. People will be able to pre-order crypto either in crypto or in fiat.
* **Can you discuss in AMA, is participants can pay with Crypto or Credit/debit card or in both ways?**
Zac: As a crypto company, we prefer payment in crypto, but fiat, Visa, MasterCard, and other traditional payment methods will be accepted on different pre-order channels. Stay tuned for pre-order which will happen in late July.
* **Will the Xphone be open to purchase in all regions of the world?**
Zac: Yes, pre-orders will be able to be done on-line, and products will be shipped from our offices to users in different parts of the world.
* **Will the blockchain mode on the Xphone be operable during the testnet or will this function not work until mainnet?**
Zac: XWallet and XPhone are the first channel and avenue for Function X testnet, so once the testnet is operateble, we will start to engage certain services on XWallet and XPhone into Function X testnet, and ultimately into mainnet. Slowly but surely.
* **Does Xphone have hard protective cover,extra Sim slot, also is it enhanced with ip68 water rating?**
Zac: XPhone will not be waterproof, so please do not submerge XPhone into water. XPhone will definitely be eavesdrop-proof because we’re using a blockchain mode, only you and you control your own conversation.
* **Which country accept the Xphone?** * **Will I also be able to use the SIM-card?** * **The blockchain modus will work in every country (what in the absense of nodes)?** * **Will the XPhone I buy now support updates in the future?**
Zac: People from any country will be able to buy XPhone on-line. You will be able to use a SIM for we have built a SIM slot. Wherever you are, the XPhone can be turned on to become a node.
Will XPhone support future updates? Yes, of course. Just like the XPOS, we support silent update. It will be like how we support XPOS, many updates. The updates will always be supported on XPhone.
**On Function X*\*
* **When is the detail white paper coming for FunctionX? Why the team is very resistive to have well documented white paper? We need scientific approach and well documentation on FunctionX to have developers to be more involved.**
Zac: Yes, developer involvement is a key criterion of the growth of Function X. We have done 2 things, one is that we have set up Function X Foundation which is led by David Ben Kay and will involve third party adviser and board members. Second, we have set up a developer relations team led by one of our own members as well. This team will work on creating developer documents, developer demos and sample, so that excellent developers can tap into working with Function X resources.
The first version of developer documentation is ready in English and Chinese. We are still polishing up the documents and hopefully to release them soon.
We are also working with third party developers, and are engaging at least 2 third party developer companies, so that we can help create their services on Function X and also XWallet.
We are hoping to showcase a smooth and usable service to the audience, we think this is the key criterion of the Function X growth.
Thank you for this suggestion. We need to update more often on github developer documentation as well.
As for the white paper, we did not have one per se because Function X did not do an ICO. But we will continue to update our white paper and include not only technical details, but also details on the chain and how we can get more developers and users so that the future hardware will be added as a node and you will be rewarded financially, at least through our ecosystem genesis fund. Please stay tuned and there are a lot of things going on in the company. Each and one of us is working hard.
* **Why does the FX ecosystem need a decentralized OS?**
Zac: The mantra of Function X is decentralization and having private control of your data. A full private control of your data comes with a decentralized system not just in transmission of your data, but with the operating system built fully for decentralization , which includes a transmission protocol replacing http. The apps uploaded into Function X will be decentralized as well as the data that is stored on the app, which means that how BitCoin or crypto assets are verified on different nodes will also be part of the way we store data and content.
The decentralized OS is key to fulfilling a decentralized environment for a more private and free usage.
* **What about FX are you most excited about?**
Zac: We are actually creating a shift of how people view of blockchain and how decentralization is not just about transacting commercial commodity, but also data, including your identity, are all decentralized. That is what we are most excited about.
The only way for us to achieve this is to have developer support, for we need the developers to build on the foundation we have to offer those exciting services.
* **We understand that developing a new blockchain is time consuming. As a community we are in a dark space to understand where exactly the development of FX right now.**
Zac: We are working hard on creating the testnet and eventually the mainnet. For the latest updates of Function X, what I can encourage you to do is to go on and subscribe to the Function X telegram group where discussions are made. We have formed the Function X Foundation and created the developer relations team, so that the Function X progress will go smoother and with more partnership from outside, whether it’s developers, third party companies, teleco, etc.
* **When FX goes live on the mainnet, will FX coin be used to stake and earn NPXS? how will staking work on that new mainnet?**
Zac: The NPXS/NPXSXEM staking will last till March 9, 2020 as announced. What we are committed is to create more use cases. For FX tokens, the use cases will be focusing on the Function X Chain and the use cases on Function X that include DApp on Function X and different hardware/software services.
* **When fx testnet will be available?**
Zac: First I would like to thank you for your constant support. In Q3, we plan to open Function X testnet so that we will be migrating and creating certain use cases that can be used on Function X testnet, starting with our own XWallet. Which means, the XWallet will migrate some features into Function X testnet, and slowly followed by our other Pundi X products, including XPhones, XPASS, Open Platform and Function X own developer related products from third parties.
submitted by crypt0hodl1 to PundiX [link] [comments]

Launching Native Tokens With Just One Click? Every one can issue native token that has the same function as ETH

Launching Native Tokens With Just One Click? Every one can issue native token that has the same function as ETH

https://preview.redd.it/yetb5638qol41.png?width=1600&format=png&auto=webp&s=75b4bd8fef0aa716a8d2624e3e8c91ffa2e3fc18
Native token refers to tokens that are directly issued by the blockchain infrastructure for maintaining normal operations. These tokens are used for realizing equity and for implementing fixed functions of the blockchain systems. Prime examples are Bitcoin, Ethereum, and QKC. On the basis of application protocols, tokens that are built on top of existing blockchain systems and are used for deploying smart contracts are known as smart contract tokens. It is widely adopted on the dApps of different public chains, of which ERC20 protocol is the most famous.
The ERC20 protocol that runs on Ethereum stands out as the common standard for the digital token market thanks to its versatility and convenience. The ERC20 tokens that are issued by such contracts became a credible proof of assets that help smart and medium scale projects to raise funds. In particular, during 2017, thousands of projects issued ERC20 tokens for financing, which became a propelling force for the bull market of cryptocurrencies to flourish that year.
However, the ERC-20 contract is crippled by its functions and relevance: it only has two main usages: approval and exchange, which significantly impact the room of applications and usages. Many public chains have issued dynamic tokens using the ERC20 standard. If one can add more functionalities to the ERC20 contract, such that the tokens issued can realize functionalities that resemble that of Ethereum’s native token ETH, it can result in multiple benefits. Not only can it can lower users’ costs and benefits more developers, it would also stimulate more developers to build applications on the platform. In addition, the convenience of multinative tokens will significantly lower the frequency of token exchanges within DeFi applications, which in turn streamline the operations and thus lower cost of processing fees, all of which makes DeFi easier to use.

A. The functional value of smart contract tokens (such as ERC-20) as an financial instrument:

The ERC20 standard that was launched in 2015 has transformed the landscape of the cryptocurrency industry. The ERC20 standard requires a smart token contract to specify six parameters and realize a number of credible, widely-adopted basic functionalities.
  1. Functions that assign the initial distribution of tokens:
The totalSupply function sets up the initial distribution of tokens, which limits the maximum supply of a certain token. This smart contract will stop issuing tokens when the maximum is reached.
The balanceOf function provides the number of tokens held by a given address.
2. Functions that realize token transfer:
The transfer function transfers a number of tokens directly from the message sender to another address.
The transferFrom function allows a user (or contract) to delegate another user (or contract) to transfer owner funds to a third party address.
3. Functions that execute approval of delegation:
The approve function allows the approval of a delegation. It approves the delegator to use transformFrom to transfer tokens for the delegatee with uplimit allowance, which provides the maximum number of tokens allowed to be transferred from a given address by another given address.
By this design, different participants are able to make barrier-free transactions based on the same protocol. Also, the code of different exchanges and wallets can be consistent and is compatible with any token based on ERC20, which allows ERC20 tokens to enjoy ultimate liquidity. Moreover, the transaction fee needed for paying for frequent transactions pushes the demand for the native token, which in turn helps Ethereum rank second by market capitalization and applications.

B. Bottleneck of Massive Adoption Faced By Smart Contract Tokens Such as ERC20:

There exists some weaknesses in ERC20 other than its financing function. These deficiencies create a certain degree of inconvenience and in some cases, even irreversible loss of assets.
  1. Loss of tokens
When a user wants to transfer tokens to a particular smart contract and deploy such smart contract such as for borrowing purpose, an intuitive way is to transfer ETH or ERC 20 token to the target contract address. ETH can be transferred in this manner easily whilst ERC20 can be transferred yet the transferred ERC20 tokens will enter into an forever-inoperable state, which is the same as if the tokens have disappeared.
2. Gas fees require to be paid using native tokens and heightens the hurdles for new users to enter
When using ERC20 tokens for transactions, in order to process the transaction, one would need to pay transaction fees using ETH native tokens since ERC20 tokens do not carry such functional value; such constraint exists due to the positioning of the original design of ERC20. Within such design, during buying and selling of securities, one would need to prepare an extra type of currency to pay for the transactions, a type of currency that only serves for that particular purpose and for nothing else. In comparison, while buying or selling stocks in real life, one can simply deduct the cost of transactions by deducting the equivalent monetary amount of security with no additional cash. ERC20 transactions are different from that since users need to acquire Ethereum to pay for ERC20 transactions and to painstakingly study the reasons for which ETH is necessary for paying transactions fees; this extra step becomes daunting for novice who are new to cryptocurrencies and blockchains.
3. Other supplementary contracts are not compatible to the original ERC20 contract, necessitating forking or reissuance of new tokens
ERC20 resembles a “second-class citizen” on the Ethereum blockchain. When it carries out contract-related interactions, it is not allowed to directly use the default functions to execute. Instead, it would require going through multiple cumbersome procedures and increase the level of difficulty of creating dApps. Adding to the disadvantages against existing internet competitors are the longer execution time of dApps and higher transaction fees compared to its Internet counterparts. Therefore, for some developers, in order to develop dApps more freely, free of the limitations of ERC20 tokens imposed by the Ethereum ecosystems, they choose to develop their own public chains and have their own say in the infrastructure, which at the end lowers the efficiency of writing dApps.
Looking at the landscape of public chains in general, some public chains that are modeled after Ethereum have also adopted a similar design where its smart contract tokens also bear similar deficiencies. While the industry is growing over time, such deficiencies have plagued the entire industry.

C. QuarkChain’s multi-native token provides upgrades for smart contract token

To overcome this limitation in functionality, QuarkChain is now launching a unique multi-native token contract (referencing QCEP-5, QCEP-6), which attempts to resolve the problems appeared in smart contract tokens such as those appearing in ERC20. The tokens living on QuarkChain’s ecosystem have the same rights as those enjoyed by native tokens QKC and can take up more functional values such as contract deployment and payment of transaction fees than merely as an financial instrument. Developers and users no longer need to face the quagmire of two-tokens-with-different-rights and forsake developing and using smart contract tokens. QuarkChain’s multi-native token will lower the cost of development and learning, enabling more industry applications to appear.
The Advantages of Multi-native Tokens
On the QuarkChain mainnet, multinative tokens have the same status as that of QKC within the QuarkChain system; it can deploy contracts, cross chains, and pay for transaction fees if certain criteria are satisfied. Other than not being able to participate in governing the QKC network, native tokens can realize all functions of QKC, including cross-chain transfer of fees; it will also overcome the problem of inconvenience encountered by most of the DeFi. In future contracts, we will improve the functions of multinative tokens to be identical as that of QKC and eliminate the last barrier of applications of multinative token.
How to Launch Native Tokens
  1. At the beginning phase of project development, we will host regular auctions on the chain (weekly or monthly, TBD). Participants will need to bid using QKC and only one winning bidder will obtain the rights to mint tokens from this round of auction.
  2. Once a token name has been taken by a winning bidder, it cannot be auctioned again. The only way to get the token name is to have its ownership transferred from the existing token owner.
  3. At the end of the auction, if any participants in the community need to use the newly minted native tokens to pay for transaction fees, they can deposit a certain quantity of QKC as the reserve for transaction fees. When executing the transaction, the network will look up the transaction fee and the exchange rate between issuing amount and transaction fees and deduct the corresponding amount from the QKC reserve. The token economics will be determined by the winning bidder. If one would like to keep the total number of tokens constant over time, after issuing the tokens, the winning bidder can pass the right to token issuance to a system address.
The Design of Transactions Fees for Multi-native Token
QCEP-6 contracts will be configured on each shard. The participants within the token community can choose to equip the token with the ability to pay for transaction fees. To enable this feature, community participants will need to provide QKC to be saved on system contracts whereby the system will convert QKC automatically for exchanging tokens. This conversion is analogous to exchanging foreign currencies from a bank. After conversion, the converted QKC will become the transaction fees for the miners.
In terms of exchange rate, the QuarkChain mainnet allows users to specify the exchange rate between the multinative token and QKC. Any user can interact with the “universal native token manager” smart contract to propose exchange rate. The agreed exchange rate will convert multinative token into corresponding amount in QKC to pay for transaction fees. In this way, normal users would not require buying extra QKC to pay for transaction fees, making this process more convenient for all.

Estimated Time of Announcement

The first Multinative token will be announced soon. As for the time for Multinative token auction, please pay attention to our official channels for latest announcements.
For more details:
Thanks for reading this. QuarkChain always appreciates your support and company.
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Top 5 Best #Cryptocurrency Wallets - YouTube Cloning Hardware Wallets. Same Seed on Multiple Devices (Trezor, Ledger, Keepkey, Coldcard, SafePal) Comparing the Bitcoin Chart with the Nasdaq 2018.03.17 Best Bitcoin Wallet 2020: Safest Cryptocurrency Hardware ... Comparing Crypto Hardware Wallets... Understand the differences and features to Secure your Crypto.

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Top 5 Best #Cryptocurrency Wallets - YouTube

Best Bitcoin Wallet? This guide is about one of the safest hardware crypto wallet currently on the market that is not a Ledger wallet or Trezor wallet. BC Va... The Coldcard Wallet enables Bitcoin users to have true cold storage and can be utilized with Wasabi Wallet and Electrum. This tutorial goes through setup, using the device with Wasabi wallet, and ... CONTENT DISCLAIMER: I am not a financial advisor nor do I have a CMT certificate or anything of the like. Any decisions you make on in your investing is always based on the risk and reward you ... A short video that looks at what happens when you restore the same seed phrase onto multiple hardware wallets. (Trezor, Ledger, Keepkey, Coldcard, SafePal) A great demo of why it doesn't matter if ... In this Video Dr. Vivek Bindra discusses about Bitcoin. Dr Vivek Bindra shares in detail whether you should invest in Bitcoin or not. Dr Vivek Bindra shares ...

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