Altcoins

Elrond Launches Maiar DEX Liquidity Reward Program Worth $1.29 Billion

Elrond, a high-throughput blockchain capable of expanding beyond 100,000 transactions per second while maintaining low latency and cheap costs, recently thrilled its community with the huge announcement that It’s debuting a $1 billion liquidity incentive program to help launch its Maiar DEX DeFi platform faster.

According to reports, Elrond’s announcement could be the largest DeFi incentive scheme ever. It’s a big step toward expanding DeFi acceptance beyond the crypto space’s current limitations. Above all, it aspires to make DeFi more widely adopted.

More Details 

The incentives will be priced in MEX,  the Maiar DEX governance, and utility tokens. As a result, Maiar DEX users will receive $1.29 billion in MEX tokens. This will only apply to users who provide liquidity in the EGLD, MEX, and USTC coins. Furthermore, $282 million of the $1.29 billion will be spent in the first month.

The program was slated to commence on November 19, which coincides with the formal launch of the DeFi platform, DEX, which has distributed ownership in the form of payable MEX tokens to over 60,000 accounts.

According to Benjamin Mincu, the CEO of Elrond Network, “By distributing Maiar DEX ownership to the next billion users, we lay the foundation for a truly global financial system that is accessible to everyone, everywhere.”

Maiar DEX has Been Scrutinized

An appealing feature is that the smart contracts created for the Maiar DEX have been rigorously audited and formalized via Runtime Verification. In reality, the platform has been put to the test in several financially rewarded public events, demonstrating its performance and ability to scale even in the most extreme situations.

All of this, when combined with the Maiar App, which allows first-time users to receive a safe crypto wallet in under 1 minute with just contact information, and the Maiar Exchange’s attractive and easy-to-use UX creates a genuinely strong new standard aimed at driving DeFi growth.

More Incentives

Following the launch and anticipated success, more incentives and schemes have been outlined. According to reports, after the first month, efforts to boost usage will be followed up with a follow-up incentive campaign targeted at users of the system’s main DeFi platforms. These users will also be able to claim MEX tokens based on their usage of products like Uniswap, Pancake Swap, and Sushi Swap.

Elrond Plans to Become the Future of Crypto

Elrond is a brand-new blockchain architecture built from the ground up to deliver a 1,000-fold increase in throughput and execution speed. 

Elrond accomplishes this by introducing two major innovations: a unique Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, both of which enable linear scaling while also providing a quick, efficient, and secure consensus process. 

Elrond seeks to become the backbone of a permissionless, borderless, globally accessible internet economy by processing upwards of 10,000 transactions per second (TPS) with 5-second latency and negligible cost.

Uniswap – All You Wanted to Know About the Decentralized Crypto Exchange

Uniswap is a decentralized crypto exchange that operates on the Ethereum blockchain. Let us read on to find out more about the exciting platform. 

If you are a trader or investor, then you would probably know that your crypto trading happens on centralized exchanges. They can be Binance and Coinbase. They are good, safe, and reliable. However, did you know that they are governed by a single authority?

It means that you have your funds in their control. You most likely cannot do anything much if the market goes down. While trading on a centralized platform comes with its own advantages, and there is no denying in that there are few flaws that you may want to know about as well. 

Liquidity is the central issue. When the liquidity is low, then the traders can’t fill their orders. You cannot expect the market to always be active and busy or what is known as a liquid market, and when it is dull, the market is called a narrow market. 

Is there a way out or an alternative? 

Yes, there is. You have Uniswap for doing your trading flawlessly.

What is Uniswap?

Uniswap is a decentralized crypto exchange (DEX). That means traders have more freedom and can make choices of their own. Besides, they are also offering you with a powerful mode where you can trade better. 

The platform was designed in 2018 on ETH blockchain. As most of you know, it is the world’s second-largest cryptocurrency. You can use the platform with all ERC-20 tokens and capitalization with wallet services like MetaMask and MyEtherWallet. 

It is open-source, making it effective to changes and effortless updates. According to data, Uniswap is the 4th largest decentralized finance (DeFi) platform. As of now, it has more than $3 billion in crypto assets stashed away safely in its platform. 

How does Uniswap work?

Its operation is simple. There are two smart contracts called an exchange contract and a factory contract. They are automatic computer programs created to perform particular functions if certain conditions are met. 

The factory smart contract lets you to add new tokens. On the other hand, the exchange contract enables all the token swaps. The ERC20-based token can be interchanged with another on the Uniswap v.2 platform.

How token price is determined

In this platform automated market maker system is used. The price of the coin is either decreased or increased depending on the number of coins. The equation for working would be the price of each token is x*y = k, where the token amount one is x and the token amount two is y. K is a constant value.

How to use Uniswap?

It is quite simple actually because you just need to ensure you have an ERC-20 supported wallet setup. A few of them include Coinbase wallet, MetaMask, WalletConnect, Portis, or Fortmatic. When you have acquired any of the mentioned wallets, you have to add ETH. 

By doing that, you can trade on the platform and pay for gas. You can make your gas payment using three modes, which are slow, medium, and fast. Slow is a cheap mode, while fast is quite costly, and medium hovers between them both. 

Uniswap’s UNI token

This is an exciting feature of Uniswap. The UNI token is also called as a governance token. Holders can vote for changes and new developments on the platform. You can decide on how the minted tokens can be distributed; besides, you also get to have a say on the changes in the fee structure.

It was designed in September 2020 to discourage investors from using the rival DEX SushiSwap. SushiSwap allowed users from Uniswap to reallocate their funds sublimely. They were rewarded with many SUSHI tokens. 

Uniswap designed 1 billion UNI tokens and distributed them to traders and investors who planned on using their platform to counter this. Most of the users have received close to 400 UNI tokens, which amounts to more than $1000. 

FAQs on Uniswap 

  • How can Uniswap make money for you?

You have to pay a 0.3% fee on a pool contract for every transaction on the platform. It is divided between the liquidity providers according to the share. When you have 50% of the liquidity, you stand to make 50% of the fee. 

  • Is Uniswap safe to use?

Any platform or system comes with its own share of loopholes. However, Uniswap, for now, is relatively safe because it is a decentralized exchange. In this sense, you can trade between self-custodied wallets, and they do not hold assets. 

  • Does Uniswap come with a KYC?

No, there is no need for the KYC to be implemented on Uniswap. Probably, this is one of the main benefits of using it over other crypto exchanges. Instead of using the KYC, as a trader, you can perform transactions using your wallet. 

  • Can American citizens make use of Uniswap?

Well, Uniswap was launched in 2018 in the United States of America. There is no reason why American nationals cannot use the platform. The automated token exchange is based on ETH investors can trade on it. 

What is Neon Exchange – NEX

The World can’t go digital without taking money along with it. The cryptocurrency market has grown sporadically (and parabolically) over the past 9 years years and almost all trades takes place on centralised exchanges where funds are controlled by the entity facilitating the exchange.

Because this is crypto decentralized exchanges is the blockchain answer for users to trade without giving up control of their funds. In view of that let’s see how well NEX measures up and what makes it different from other DEXs.

What is NEX – Neon Exchange?

NEX, also known as Neon Exchange, is a platform for payment services and decentralized crypto trade. NEX aims to combine the performance of centralized exchanges with the trust and security features of decentralized exchanges.

There are three aspects where NEX stands out:

  1. An off-chain trade matching engine which allows NEX to benefit from the performance characteristics of centralised exchanges, while maintaining a decentralized user account model based on the blockchain
  2. Smart contracts where trades are mediated and executed
  3. A payment service where global assets such as NEO can be converted to tokens that can be transferred directly by smart contracts, making them compatible with the exchange

What makes NEX different from other DEXs?

Crypto enthusiasts are all looking forward to a day when one can have cross-chain transactions. Imagine sending bitcoin tokens to an Ethereum wallet. Well, NEX is bringing  that reality closer by allowing trades between Ethereum networks and tokens based on the NEO platform. On the trading volume side, NEX unique publicly verifiable off-chain matching engine can efficiently handle a large volume of trade.

NEX aims to transcend the user experience of decentralized exchanges by storing user’s encrypted private key-side in user’s browser. This preserves the security guarantees of a decentralized account model while allowing users to login into NEX through a traditional web form that asks for a username and password.

NEX Team

Perhaps the first team to have all five cofounders that are also developers. Fabio Cesar Canesin, NEX CEO, is the founder of City of Zion a blockchain and decentralized  development community focused on the NEO network. Fabio was formerly a research engineer at the Oil mega company Schlumberger. 

Don’t fret, NEX also has a marketing team and a host of other very distinguished developers, specialists like product designers, communications and advisors.

Conclusion

NEX is building on Satoshi’s aim for creating blockchain: providing a decentralized platform for trading digital assets. A cross-chain transaction feature for a blockchain platform is long overdue and we look forward to seeing more cross chain innovation in the space. And someday soon we can look forward to seeing hacks and cyber threats to exchanges as things of the past. 

Neon Exchange WhitepaperNEX Website; NEX Twitter; NEX LinkedIn

Remember folks, Crypto is comin!

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The Raven’s Dispatch – August 16, 2018 – Why Peter Schiff is Wrong About Bitcoin

Why the beef, Peter?

Peter Schiff is pretty OG. He’s involved in everything from stocks, commentator, CEO, and radio personality. The dude even ran for US Senate. He’s ambitious. He’s also an outspoken critic of Bitcoin. With such a large pulpit, what he says carries weight.

An apearnace on Joe Roggans podcast showed fundamental misunderstandings of Bitcoin and cryptocurrency. From claiming Bitcoin is a tlip bubble, that Bitcoin has no inherrent value, lack of adoption by retailers, and the list goes on. And we are here to set the record straight. Read the full rebuttal on Why Peter Schiff is Wrong About Bitcoin here.

There been lots of chatter about how much marketcap we’re losing during this recent sell off, but let’s not forget the crypto marketcap year over year we are still up 58% ($135m Aug 2017, $214m Aug 2018).  So yes we are struggling with price now, but the market continues to grow and bring in new investors. The overall cryptocurrency market played nice the past week moving from $224bln to $209bln representing a 6% decline, but it was ETH that stole the show with an incredible sell off.

Livecoinwatch.comBitcoin (BTC): The past three weeks have been brutal. There’s no other way to spin it. Week to week price action was very volatile topping off at $6,600 and reaching lows of $5,985. Bitcoins has settled at $6,340 representing a slight gain of 2% the past week.

Ethereum (ETH): What.A.Beating. I don’t think anyone expected to see this sell off. Let’s take a look at the month to give us some perspective. In July ETH reached highs of $500 while also experiencing an $11m spike in volume. Check back today and we are sitting at $290 representing a crushing 42% decline in the past 30 days. Are ICOs to blame?

Monero (XMR): Monero is the top dawg amongst the privacy coins. Monero is a private, anonymous, fungible coin with a number of appealing advantages over pseudonymous coins like Bitcoin. It’s not possible to trace a person’s spending of Monero with their public key. In fact, Monero uses a completely different system with multiple keys and signatures to ensure this.

Monero has many other features such as stealth addresses, ring signatures (to protect senders), is ASIC resistant, and dynamically scalable. Of the privacy coins, and cryptocurrency in general, Monero is one to keep a close eye on.

If you want to know more check out our guide What is Monero.

WHAT’S NEW AT CRYPTO IS COMING

Why Peter Schiff is Wrong About Bitcoin – Euro Pacific Capital CEO Peter Schiff is a businessman, former US Sentate canditate, an outspoken critic of Bitcoin – and he’s completely wrong.

How Market Volatility, Illiquidity Can Be Quite Profitable for Bitcoin Traders – We examine some identifiable factors for the profitability of Bitcoin trading. Join us and learn.

Bank of China To Increase Investment in Blockchain Technology – At a press conference on August 9, the Bank of China announced it would increase its investment in innovation, research, and development. Holding 11 blockchain patents, the bank ranks first in the domestic banking industry.

Estimating Bitcoin Annual Carbon Footprint – With fresh new research available we take another look at whether the massive cost of the Bitcoin network to the environment justified the project itself.

Northern Bitcoin Enters New Phase of Growth – As a pioneer in the world of cryptocurrency, Northern Bitcoin, based out of Frankfurt, Germany, specializes in the eco-friendly Bitcoin mining.

Financial Conduct Authority Issues warning on “clone” companies in the UK – The United Kingdom financial regulator FCA has issued a warning to investors about clone firms of that operate under the guise they are registered by the FCA.

Indian Government may Launch Crypto Tokens for Financial Transactions in the Country – The government in Indian may launch crypto tokens for financial transactions in the country. This is happening at a time when cryptocurrencies had been ban in the country sometime back.

Ukraine Plans on Recognizing Cryptocurrencies as Financial Instruments – A government official stated crypto assets are not currencies, but more similar to stocks or bonds. This decision comes after an initial announcement regarding regulation of crypto trading.

CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET

– CoinShares, a digital asset management firm domiciled in the Channel Island of Jersey, has announced a bitcoin exchange-traded note (ETN) product that Americans can now get their hands on more easily

The SEC Will Decide on 9 Bitcoin ETFs in the Next 2 Months – The U.S. Securities and Exchange Commission (SEC) is set to make final decisions on nine proposed bitcoin exchange-traded funds (ETFs) in the next two months.

South Korea Budgets $4.4 Billion For Blockchain And Other Technologies – The government of South Korea has announced the budget for 2019, of which $4.4 billion (5 trillion South Korean won) will be spent to develop innovative technologies.

China’s Communist Party published a guide to blockchain – The publisher of the Communist Party-affiliated newspaper, People’s Daily, has published a blockchain guide called Blockchain—a Guide for Officials

Bitmain Holds Nearly 6% of Bitcoin Cash Supply, Accused of Price Manipulation for IPO – Surfaced documents suggest that Bitmain has accumulated nearly $1 billion worth of Bitcoin Cash, raising eyebrows over the cryptocurrency’s role in a prospective $18 billion initial public offering (IPO).

Crypto firm Pantera Capital is looking to raise up to $175 million for a new venture fund – Pantera Capital, a San Francisco firm that has made its mark in recent years by investing early and often in a wide variety of digital assets, is looking to raise up to $175 million for its third venture fund

Dead Coin Walking: BitConnect Set to Be Delisted from Last Crypto Exchange – Seriosuly, what took so long?

Volumes Surge on Turkey’s Crypto Exchanges as Lira Tanks – Trading volume on Turkey’s cryptocurrency exchanges surged Friday as the country’s fiat currency plunged to record lows on economic jitters. And they say crypto has no inherent value.

Binance CEO teases demo of its new decentralized exchange desk – Binance has been working on a new decentralized version of its platform , and it appears CEO Changpeng Zhao is finally ready to share a glimpse into the upcoming project.

Could Cryptocurrencies Eradicate Corruption In The Beautiful Game? – Gibraltar United who play in the Gibraltar Football League’s Premier Division has announced that they will give their players the opportunity to be paid in cryptocurrency over the upcoming season.

ICOs Being Blamed For Ethereum (ETH) Sinking Price – The massive number of ICOs being built on the Ethereum blockchain was the primary catalyst for Ether’s price gain, now the very same usability is leading to price decline that is outpacing Bitcoin

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Vitalik Buterin Says Centralized Exchanges Can Burn In Hell

Outspoken Ethereum co-founder, Vitalik Buterin, has hit out at centralized exchanges, saying that he hopes they “burn in hell as much as possible” while speaking to John Evans of TechCrunch. He has mirrored the opinions of divisive self-proclaimed voice of cryptocurrency, John McAfee.

Centralized King Makers

Buterik took aim at the king-making power that exchanges have, at the exorbitant $10m to $20m listing prices they demand, and the fact that their entire setup flied against the decentralized nature of cryptocurrency and blockchain technology.

Improved Verification For Greater Mass Adoption

He also said that it will be difficult to reach mainstream adoption if existing user authentication models fail, and suggested that Ethereum are looking at ways to remedy this problem. Buterin said, speaking during last week’s TechCrunch Sessions, suggested that something like WeChat, which asks for names from your list of social contacts as a means of verifying your identity, could be a better option than the current keys and password system.

Exorbitant Fees

He went on to take a swipe at centralized exchanges. He said that there was really no reason why some tokens are forced to pay $10m to $15m listing fees and said that it gives exchanges the power to be king-makers. However, he was pragmatic in his responses, suggesting that it is still early days and that exchanges exist to bridge the gap between fiat and crypto, but that fiat exchanges will come, allowing users to register with nothing but an email address.

Social Media Scam Accounts

Last week, Buterin posted a list of all of his active social media accounts, in a bid to try and help his followers differentiate between his genuine accounts and the proliferation of scam accounts; a phenomenon that any cryptotwitter user observes on a daily basis. A lot of influencers have been forced to add “not giving away ETH” to their account names, but despite Twitter claiming to try and combat the problem, it still surfaces on almost every influencer account.

*With today’s Bancor hack, it was revealed that the Bancor team had the ability to freeze funds.  How many other so called decentralized” DApps have a built-in kill switch that’s centrally controlled? According to Jackson Palmer, a ton…including Kyber, MakerDAO, Enigma and Augur. So much for decentralization. click tweet to see thread.

https://twitter.com/ummjackson/status/1016457850145550336

stay safe out there in the crypto streets.

Interested in other cool crypto posts….check out Mining Wars: Bitmain vs Dragonmint and The Price of Bitcoin vs Cost of Mining.

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