Binance-Owned WazirX Launches India's First NFT Platform

A Continuation For Newcomers: Popular Exchanges And Crypto Credit Cards. Their Pros, Cons, And Product Offerings.

This is a continuation of the fantastic work done by many people in the subreddit, compiled into a comprehensive list by u/GroundbreakingLack78
Please be sure to thank the OPs that put the effort into making such educational content.

Comprehensive List

While within this comprehensive list there is a post that talks about exchanges, it only mentions a few, so I plan to cover more here, in-depth, while providing additional value by touching on cryptocurrency credit cards as well.
Please note, this is a living list, I will work to continually update this list over time, and based on comment suggestions.

Binance

Pros Cons
Fast transactions: 1.4 million orders per second - can also buy Bitcoin on the Brave Home screen
Low fees: Charges a flat 0.1% transactions fees
Customer Service: Overall good customer service - some regard this platform as the best overall platform Many complain about the bugs in the 2-Factor-Authentication, however. Some Reddit users mention having to close accounts because no support was available even when making tickets.
Peer-to-Peer Trading: Trade with other buyers and sellers directly
Can use Credit/Debit Cards: Simplex allows you to buy crypto with a credit/debit card at a 3.5% fee Most credit cards will charge you interested right away if you choose to pay with a credit card
Wire Transfers: No transaction fees, and supports USD, Euros, CAD & AUD US Uses their own Binance.us app, which some have complained a lot about
Spot/Margin/Futures/Derivative Trading
Savings/Staking/Smart Pool: Earn rewards by locking up your crypto or pooling with mining groups to bulk hash power
Binance Visa Card: Spend your cryptocurrency at places that accept fiat visa transactions If you go this route, you will pay taxes on every transaction
Crypto Loans: Loans given for BUSS and USDT - avoiding the event of taxes by using stablecoins These are collateralized loans with BTC or ETH
Liquid Swap: Similar to the market-maker platform Uniswap Unlike Uniswap, this is a centralized network
Nearly 200 Coins Offered
Binance Visa Card: No fees - up to 8% cashback on your purchases. Binance card is available for those customers who live in any of the following countries: Aruba, Austria, Belgium, Bulgaria, Croatia, Curaçao, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Mayotte, Netherlands, Norway, Poland, Portugal, Reunion Romania, Saint-Martin, Sint Maarten, Slovakia, Slovenia, Spain, Sweden.

Coinbase

Pros Cons
Both Coinbase and Coinbase Pro offered: Coinbase Pro is their online trading platform Coinbase Pro is for more advanced users, with cheaper transaction fees, while Coinbase is simple, streamlined, at a premium
Coinbase Wallet: Stores private keys on the user's device and they, the consumer, only have access to those funds Some report having issues with the Coinbase wallet. This is not as secure as a hardware wallet
Merchant Plugins: Shopify, Magento, WooCommerce currently accept this plugin to spend crypto If you go this route, you will pay taxes on every transaction
USA Coin (USDC): A stablecoin built by Coinbase
Can use Wire Transfers - Credit Cards - Debit Cards - Cryptocurrency - Bank Accounts - PayPal: Simple to use and easy to set-up
Transaction Fees: Competitive fees overall Transaction fees are complicated and can be difficult to understand
Offered in over 100+ countries
Customer Service: Supported via email, and phone support People mention having a poor customer support system. It's hard to reach people, and the account can be suspended without notice. BBB D- Rating (Ouch)
Coinbase Visa Card: Up to 4% back in rewards Not much more information regarding the credit card yet
Easy to send coins off Coinbase: Quick transfers to wallets or other exchanges. The transfer usually happen in minutes
Wall Street: Going public on April 14th - will bring in much more cash, could improve the business substantially A lot of money is pouring into Coinbase, so we will see how the IPO goes for Coinbase
Only 27 coins offered

Kraken

Pros Cons
US-based Veteran Owned: Important bit of information for some
24/7 Live Customer Support: However, there is some criticism for their poor customer service when you do reach someone
Spot and Margin Trading: For more experienced traders Not the most user friendly from some of the online reviews
High Volume Trader Benefits (100k+): 1-on-1 services and a dedicated account manager
Dark Pool Books: You can trade anonymously without revealing interests to other users
Currencies accepted: EUR - USD - CAD - AUD - GBP - CHF - JPY - Most deposit within 24 hours Deposits can take up to 5 business days - sometimes a set-up fee is needed for some currencies.
Low Fees: 0-0.36%
Available in all countries except: Afghanistan - Congo - Cuba - Iran - Iraq - Libya - North Korea - Syria - Tajikistan
Only about 40 coins offered

Gemini

Pros Cons
US Owed: Some regard this platform as the most legitimate trading platform
Simple to use the platform: can also buy Bitcoin on the Brave Home screen
Active Trader: For more experienced traders Not the most user friendly from some of the online reviews
Gemini Wallet: Your account also acts as a "hot wallet" Not recommended, hot wallets are not as safe as other options
Gemini Custody: Regulated by a New York State trust company - insured for up to $200 million and provide same-day withdrawals Besides the marketing verbiage on Gemini's website, I cannot find any other information on the "insurance" wording
Gemini Pay: You can spend your crypto at over 30,000 retail stores in the US If you go this route, you will pay taxes on every transaction
Gemini Credit Card: Earn up to 3% rewards on each purchase and no exchange fees on those rewards There is minimal information regarding the specifics here
Mobile App: Supporting USD - SUD - CAD - EUR - BGP - SGD - HKD Few payment methods and few currencies
You can pay with: ACH - Wallet - Debit card - Wire Transfer Only about 45 coins offered and cannot withdraw to a debit card. Most credit cards will charge you interested right away if you choose to pay with a credit card
Gemini Dollar: Have their own stablecoin (GUSD) which is pegged at 1:1
Fees: $1 - $3 or 1.49% Active Trader lowers the fees to 0.35% and 0.25%

Bittrex

Pros Cons
US-Veteran Owed: Important bit of information for some
Security Focused: Multistage wallets are available, and 2-factor-authentication is required for all withdrawals, and API calls
Nice Interface: Fast, easy to use, with margin trading available Only available in 41 states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Missouri, Mississippi, Michigan, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Texas, Utah, Washington State, Washington, D.C., Wisconsin, West Virginia source
US Deposits: With over 400 ALTS available You can only deposit money through wire only
Alt Coins: Bittrex monitors the hard forks and airdrops - many coins have their debut on Bittrex - so you can get a leg-up before other exchanges
Fees: Flat 0.25% applied to all trades
Open to all countries except: North Korea - Iran - Crimean Region - Syria - Cuba
Support: Overall quite poor compared to other exchanges. Frozen accounts for no reason, and bad service when reached

Crypto.com

Pros Cons
Well Known Visa Cards: Argued as the best in the industry. Visa cards give rewards based on the amount of CRO (their coin) you stake. You may not like the fact that you need to stake CRO to get these cards
Own ecosystem: Their CRO token is promising, and can make you money if you use their rewards to state in their wallet - which offers 34% interest in CRO. Known for working with Visa to convince them to accept crypto where Visa is accepted
Nice Interface: Some regard their DeFi Wallet and Crypto.com app as some of the best in the industry
The Syndicate: Users can participate and buy crypto at 50% off when staking CRO Some have found that depositing money is difficult as many banks do not like Crypto.com charging their cards. No bank connection allowed - only debit, credit, and manual wire transfers
Plenty of DeFi: DeFi Swap (Fork of Uniswap) - Non-Custodial DeFi Wallet - DeFi Earn to stake your CRO or other coins
Exchange App: For power users and advanced traders Only available to those with higher staked cards
Open to: USA - Europe - Canada - Australia - Russia - Latin America - Asian and African States Some complain about the Know Your Customer laws with crypto.com as they want to know the most information about you - compared to the other exchanges
Fees: Free to deposit cryptocurrencies - free crypto-to-crypto exchanges, and free transfers to the crypto.com wallet They say "free" but there are very small fees, almost negligible
Trader and Withdrawal fees

eToro

Pros Cons
Social trading platform: You can follow and copy other traders - the platform is painless, easy to use, and straightforward for beginners Some may not like this as anonymity is important
CopyPortfolio: Portfolio management product where you can invest in a mix of assets that are allocated for you - like an index fund - There is also CryptoPortfolio which allows you to invest in a basket of popular cryptos The minimum portfolio is $5,000
eToro Wallet: For iOS and Android Not a true wallet - This does NOT give you full control of your keys, it doesn't give you a seed phrase
eToroX: Cryptocurrency exchange which you can withdrawal from the exchange to your own wallet
Coins Available: Only 14 coins available
Wide range of deposit methods: Credit - Debit - Wire Transfer - PayPal - Skrill - Neteller - Webmoney - Giropay - China Union Pay - Yandex - Locan Online Banking The minimum first-time deposit is $200 - any currency you deposit into eToro are automatically converted to USD
Fees: Range from 0.75% to 4% High fees
Wide range of countries Except for these states: Delaware, Hawaii, Illinois, Minnesota, Nebraska, Nevada, New Hampshire, New York, and Tennessee source
Customer Service: Many negative reviews

KuCoin

Pros Cons
Many coins available: Over 200 coins available for trading
Low Fees: Charges a 0.1% fee per trade - these fees and dip lower for futures trading
Broad Fiat Support: USD - EUR - CNY - GBP - CAD - AUD However, reports seem to suggest that there are no bank deposits available. Could be an issue for some. Most credit cards will charge you higher interest immediately if you buy crypto using it.
P2P Trading: Can also buy with credit or debit cards, FastBuy services
Customer Service: Reported to have 24/7 support via website, email, ticketing
Staking and lending available as well.
Wide range of countries: Translated to many languages as well. Also available in Turkey - India - Japan - Canada - UK - US - Singapore - and more
Know Your Customer: This is an optional service here Limits the amount you can trade the less you reveal of yourself. The standard for these exchanges

Crypto Credit Cards

Card Rewards Availability
TenX Costs: $15 to order $10 annual fee if you spend less than $1,000 per year
Nexo 2% cashback on all purchases (NEXO or BTC rewards) No application - no credit check - no review process - all are accepted - minimum repayments Accepted where MasterCard is accepted
Crypto.com Up to 8% cashback in CRO. Line of credit is determined by the amount of CRO you stake Accepted where Visa is accepted
Monolith Can divide payments amongst your several crypto holdings in their app. Full-featured DEFI account. The company has no access to your funds Accepted where Visa is accepted
Coinbase Up to 4% rewards Only available in the US, EU, and the UK
Gemini Up to 3% rewards - no exchange fees on crypto rewards Looks to only be available in the US
BlockFi People mention a $200 annual fee. Unlimited 1.5% BTC cashback. $250 BTC signup bonus on $3,000 in spend within 3-months. Up to $100 in BTC rewards through 3.5% cashback the first 4-6 months of ownership. Looks to only be available in the US
Fold Different plans: Premium ($150 annual fee) with the option to spin to get 100% BTC cashback. Intro ($0 annual fee) with spins to get 25% BTC cashback. Accepted where Visa is accepted
Binance 8% back on eligible purchases. No fees, strong security - accepted where Visa is accepted. Binance card is available for those customers who live in any of the following countries: Aruba, Austria, Belgium, Bulgaria, Croatia, Curaçao, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Mayotte, Netherlands, Norway, Poland, Portugal, Reunion Romania, Saint-Martin, Sint Maarten, Slovakia, Slovenia, Spain, Sweden.

Edits:

Any ongoing edits will be made here:
  1. Adding Binance Card
  2. Adding USD to Binance - but specifying the Binance.us app
  3. Grammar
  4. Adding some accounts of Binance customer service (negatives)
  5. Adding KuCoin
Thank you for your time, and please contribute to this post in the comments.
submitted by Papa-Lou to CryptoCurrency [link] [comments]

Stop sending coins you don't absolutely *need* to send.

I know, I know, not your keys not your coins, so you want to get them off of the exchange, but the fees right now are ridiculous due to the high volume, and exchanges (as far as I'm aware) don't generally let you set how urgent your transaction is to withdraw to your own wallet, and just set it to high priority (most expensive), to get it into the next block.
Fees right now are running around $6/transaction, even if you're only sending $10, leaving you with $4 at your destination address. There are tons of transactions for low amounts getting sent right now where senders are losing tons of money in fees. Some of these people are potentially agonizing over a half a % difference in prices of bitcoin when they buy, and then turning around and loosing 10%-20% or more of their bitcoin on fees just to get it off of the exchange.
Just stop. It's not that urgent. Don't pay for urgency that you don't need. Your coins are most likely going to be safe on the exchange for a few days/weeks/even months, and spending 20% of their value to get them off the exchange immediately probably isn't worth it.
edit: As TrueNorth49th pointed out, many exchanges absorb the fees on outbound transactions, so that your entire withdrawal reaches your destination address. If that's your case, then, by all means, move your coins. However, the blockchain doesn't lie. Some people are sending lots of low value transactions and paying relatively high fees for them,and I'm sure most of them just don't know any better (yet).
edit 2: case in point. Had nearly $10 in bitcoin. Sent $1 to destination address and paid $9 in fees to do it.
edit 3: to address those saying that exchanges absorb fees for sending to wallets...
submitted by furbertle to Bitcoin [link] [comments]

How to Diversify your Crypto Portfolio

New post on how to diversify https://futureoverload.com/2021/02/22/how-to-diversify-your-crypto-portfolio/ let me know if you think I missed anything
Diversification of Crypto Portfolio
One of the most touted investing strategies in the investing world is the idea of diversification. For those not familiar with the concept, diversification is the act of spreading out your investments to protect yourself against unforeseen market movements but also allows you to capture multiple growth opportunities.
Example 1:
Let us say we have an investor named Tom. Tom invests all his money in Tesla. The following week Tesla drops from $700 to $200, at this point Tom is significantly in the red and if he sells, he will lose most of the money he invested. If Tom is simply very bullish on the EV sector, he should have invested his money across multiple solid EV players like Lucid and Nio to protect himself from one company underperforming. Additionally, there is also sector diversification i.e., Tom should invest outside of EV as well to protect himself from the EV sector unexpectedly tanking.
Example 2:
Now let us say we have an investor named Sarah. Sarah invests all her money into Electric vehicles, during the period of a year the EV sector goes up 15% but in contrast smart phone companies averaged a 100% return and e-commerce giants like Amazon and Shopify had 85% returns. If Sarah had diversified her portfolio, she could have captured the movements from all these sectors instead of capturing a small movement of just one. Now, you can counter this by saying if she put all her money in smart-phone companies she would of saw the biggest returns. Although this would be true for this example, it is impossible to be certain that a particular industry will be the biggest mover as well as banking all your chips on one sector moving up exposes you to the risk outlined in example one.
The main idea of diversification is to not put all your eggs in one basket. By spreading out your investments you can minimize your risk in investing and take advantage of the multiple opportunities that exist within the market. This is common knowledge for those investing in the stock market, but I am not seeing a ton of diversification in the crypto world. This post will outline how you can diversify your portfolio in the crypto market, to take advantage of the individual sectors and minimize your risk.
Defi
Defi is, in a lot of ways, society’s answer to the 2008 financial crisis. The great recession showed a lot of us that our money cannot be trusted in the hands of corrupt banks and government and that the world of decentralization, especially decentralized finance is much needed. Defi is one of the sectors you should keep your eye on for 2021 and the years to follow. It has a promise of revolutionizing the way we do finances; this will be subtle changes in first world countries but elsewhere in the world this will create enormous wealth for the countries involved and for those who have invested.
Defi projects to keep your eye on: Chainlink(LINK), Maker(MKR), Polkadot(DOT), Uniswap(UNI)
NFTs
NFTs or non-fungible tokens are digital collectibles using blockchain technology to verify their individuality. NFTs will shape art distribution, VR, gaming, and collecting in the decades to come. Diversify through NFTs is a great way to invest in the crypto space without having any money tied to specific tokens or crypto eco systems. Even if the NFT you buy does not end up being profitable, it’s still cool to be a pioneer!
Watchlist: Check out NiftyGateway
Exchange Based Tokens
These are probably the most undervalued tokens now despite Binance token’s huge growth as of late. The NYSE was launched in 1792, at the time you could have invested in the hot stocks at the time but imagine fi you had the ability to invest in the exchange itself and capture some of the value accrued through all the investing and trading. This is not a direct comparison, but the point remains. As the crypto space grows, exchange with utility-based tokens will explode in value and rupture other crypto eco systems like Ethereum which is being hindered by its incredible has fees.
Watchlist: Binance, BigONE , Voyager, UniSwap
Economic Based Tokens
This isn’t a common term but one I came up with based on the value I see some of the cryptos creating. Projects like Cardano are looking to enter emerging economies like Africa and enable large populations to prosper. This is a huge opportunity being overlooked in the crypto space. Fortune 500 companies have been trying to enter emerging markets like Africa for decades now but have not been able to easily due to the lack of financial infrastructure that exists within these economies. Solving these issues and then partnering up with largest companies in the world, is a huge opportunity and investing now can potentially lead to astronomical gains in the next 5-10 years.
Watchlist: Cardano is the main one I see right now to be executing this well but Ethereum, Maker and Enigma may be worth looking into as well.
Gold and Silver
This title may seem misleading at first but once you zoom out and look at the crypto space, you begin to realize that certain assets match the former legacy instruments. Crypto is revolutionizing all of finance, defi specifically is looking to revolutionize banking and the transfer of money. Bitcoin represents a store of value, a place to hold your money and to grow it while you are not doing anything with it. In this sense, Bitcoin represents the digital equivalent of investing in gold and will replace gold. The silver of the crypto space is debatable, but my best guess would be Litecoin. Litecoin is a more useful token compared to Bitcoin as it has partnered up with companies like Paypal to infiltrate current legacy payment system. Overall, the main point about this section is to pick assets that are outside the crypto sphere in a sense. Obviously, Bitcoin is still a crypto but its use within the crypto space isn’t utility based but more so as a store of value in a non sovereign asset that isn’t correlated to any governments or stock markets. Despite its volatility, Bticoin is one of the safer crypto investments as its adoption as a store of value by the masses and now corporations make it safer in the long run as it would be highly unlikely it goes to 0 at this point. In contrast, 99% of the altcoins will go to zero like the dotcom bubble, but the ones that survive will 100x at a minimum.
Watchlist: Bitcoin and Litecoin
submitted by degenerate_trader420 to STMX [link] [comments]

How to Diversify your Crypto Portfolio

First post for this reddit page! First off is my post for the day which is how to diversify your crypto portfolio. https://futureoverload.com/2021/02/22/how-to-diversify-your-crypto-portfolio/
Diversifying your crypto portfolio will help mitigate your risk while also exposing yourself to as many potential gainers as possible. Not financial advice!
Diversification of Crypto Portfolio
One of the most touted investing strategies in the investing world is the idea of diversification. For those not familiar with the concept, diversification is the act of spreading out your investments to protect yourself against unforeseen market movements but also allows you to capture multiple growth opportunities.
Example 1:
Let us say we have an investor named Tom. Tom invests all his money in Tesla. The following week Tesla drops from $700 to $200, at this point Tom is significantly in the red and if he sells, he will lose most of the money he invested. If Tom is simply very bullish on the EV sector, he should have invested his money across multiple solid EV players like Lucid and Nio to protect himself from one company underperforming. Additionally, there is also sector diversification i.e., Tom should invest outside of EV as well to protect himself from the EV sector unexpectedly tanking.
Example 2:
Now let us say we have an investor named Sarah. Sarah invests all her money into Electric vehicles, during the period of a year the EV sector goes up 15% but in contrast smart phone companies averaged a 100% return and e-commerce giants like Amazon and Shopify had 85% returns. If Sarah had diversified her portfolio, she could have captured the movements from all these sectors instead of capturing a small movement of just one. Now, you can counter this by saying if she put all her money in smart-phone companies she would of saw the biggest returns. Although this would be true for this example, it is impossible to be certain that a particular industry will be the biggest mover as well as banking all your chips on one sector moving up exposes you to the risk outlined in example one.
The main idea of diversification is to not put all your eggs in one basket. By spreading out your investments you can minimize your risk in investing and take advantage of the multiple opportunities that exist within the market. This is common knowledge for those investing in the stock market, but I am not seeing a ton of diversification in the crypto world. This post will outline how you can diversify your portfolio in the crypto market, to take advantage of the individual sectors and minimize your risk.
Defi
Defi is, in a lot of ways, society’s answer to the 2008 financial crisis. The great recession showed a lot of us that our money cannot be trusted in the hands of corrupt banks and government and that the world of decentralization, especially decentralized finance is much needed. Defi is one of the sectors you should keep your eye on for 2021 and the years to follow. It has a promise of revolutionizing the way we do finances; this will be subtle changes in first world countries but elsewhere in the world this will create enormous wealth for the countries involved and for those who have invested.
Defi projects to keep your eye on: Chainlink(LINK), Maker(MKR), Polkadot(DOT), Uniswap(UNI)
NFTs
NFTs or non-fungible tokens are digital collectibles using blockchain technology to verify their individuality. NFTs will shape art distribution, VR, gaming, and collecting in the decades to come. Diversify through NFTs is a great way to invest in the crypto space without having any money tied to specific tokens or crypto eco systems. Even if the NFT you buy does not end up being profitable, it’s still cool to be a pioneer!
Watchlist: Check out NiftyGateway
Exchange Based Tokens
These are probably the most undervalued tokens now despite Binance token’s huge growth as of late. The NYSE was launched in 1792, at the time you could have invested in the hot stocks at the time but imagine fi you had the ability to invest in the exchange itself and capture some of the value accrued through all the investing and trading. This is not a direct comparison, but the point remains. As the crypto space grows, exchange with utility-based tokens will explode in value and rupture other crypto eco systems like Ethereum which is being hindered by its incredible has fees.
Watchlist: Binance, BigONE , Voyager, UniSwap
Economic Based Tokens
This isn’t a common term but one I came up with based on the value I see some of the cryptos creating. Projects like Cardano are looking to enter emerging economies like Africa and enable large populations to prosper. This is a huge opportunity being overlooked in the crypto space. Fortune 500 companies have been trying to enter emerging markets like Africa for decades now but have not been able to easily due to the lack of financial infrastructure that exists within these economies. Solving these issues and then partnering up with largest companies in the world, is a huge opportunity and investing now can potentially lead to astronomical gains in the next 5-10 years.
Watchlist: Cardano is the main one I see right now to be executing this well but Ethereum, Maker and Enigma may be worth looking into as well.
Gold and Silver
This title may seem misleading at first but once you zoom out and look at the crypto space, you begin to realize that certain assets match the former legacy instruments. Crypto is revolutionizing all of finance, defi specifically is looking to revolutionize banking and the transfer of money. Bitcoin represents a store of value, a place to hold your money and to grow it while you are not doing anything with it. In this sense, Bitcoin represents the digital equivalent of investing in gold and will replace gold. The silver of the crypto space is debatable, but my best guess would be Litecoin. Litecoin is a more useful token compared to Bitcoin as it has partnered up with companies like Paypal to infiltrate current legacy payment system. Overall, the main point about this section is to pick assets that are outside the crypto sphere in a sense. Obviously, Bitcoin is still a crypto but its use within the crypto space isn’t utility based but more so as a store of value in a non sovereign asset that isn’t correlated to any governments or stock markets. Despite its volatility, Bticoin is one of the safer crypto investments as its adoption as a store of value by the masses and now corporations make it safer in the long run as it would be highly unlikely it goes to 0 at this point. In contrast, 99% of the altcoins will go to zero like the dotcom bubble, but the ones that survive will 100x at a minimum.
Watchlist: Bitcoin and Litecoin
submitted by degenerate_trader420 to SpectacleInvesting [link] [comments]

WaykiChain 2020 Review and 2021 New Developments

WaykiChain 2020 Review and 2021 New Developments
In 2020, the global financial market was shaky. The economic development went on pause or even spiraled down. Blockchain finance was affected, too. This was an extraordinary year. In the dull environment, WaykiChain faced the challenges, upgraded the public chain to 3.0 as planned, developed and improved DeFi applications, and continued the expansion of its global consensus.
We review the past to create a more brilliant future. Here is the summary of what WaykiChain achieved in 2020.

https://preview.redd.it/gvy1l81ncb961.png?width=598&format=png&auto=webp&s=85050afbb007dc798e6cdbe8fa043321f8e1465b

1. Public Chain 3.0 Update & a Better DeFi Ecosystem

On April 30, WaykiChain launched WICC Collateral Insurance, the world’s first DeFi insurance. Pledgers can insure their CDPs. If CDP liquidation leads to a loss of WICC standard, WaykiChain compensates the loss. On May 9, a new version of zero risk collateral insurance was launched with an adjusted insurance rate.
On June 17, the top-tier exchange OKEx listed WaykiChain’s governance token WRGT. With 100+ times the subscription minimum, WGRT broke OKEx’s record for 2020. MXC, AEX, CoinTiger, and Gate.io listed the WGRT/USDT pair on July 29, August 21, September 1, and September 10, respectively.
On July 8 through 15, WaykiChain signed strategic partnership agreements with the famous construction company Atlas Mimarlik and the world-renowned hotel chain Vintage Boutique Hotel Alacati from Turkey. The partners use WaykiChain stablecoin WUSD as a payment method and increase the commercial utility of WaykiChain.
On July 20, WaykiChain public chain performed the 3.0 hardfork and WaykiChain entered the Tiger era. The hardfork enabled 7 new features: WASM VM, pBFT, UTXO, higher TPS, cross-chain, CDP+, and DEX+. With the new pBFT algorithm, the final confirmation of each transaction takes only 3 to 6 seconds. TPS increased from an average of 3,500+ to an average of 4,500+, making WaykiChain the №1 public chain by measured TPS globally. On December 5, WaykiChain completed Ethereum cross-chain and added multiple coins in Instant. Users can experience various WaykiChain DeFi apps easily and effectively.

https://preview.redd.it/yuhlf2locb961.png?width=700&format=png&auto=webp&s=ad295fa749d61c8976f0647f02bf3e4a3d99c0a7
On August 28, the total WICC collateral reached 46 million tokens or 24% of the circulation supply. The TVL broke USD 11 million. WUSD loans amounted for USD 2.6 million and were used for investment in Hong Kong stock pre-IPOs, cryptocurrency trading, and overseas payments in W Broker.
On September 25, Phoenix Yield Farming launched. ROG farming became available for WICC and WGRT with no pre-mining, no ICO, and no reserves for the founding team. ROG (Rods of God) is the native token of the decentralized synthetic asset issuance protocol Wayki-X. It is the important support and value endorsement for synths. Wayki-DEX and AEX listed ROG. Up till now, 34 million WICC and 170 million WRGT has been staked and 4.8 million ROG has been farmed.
On September 25, the decentralized synthetic asset issuance protocol Wayki-X launched to upgrade WaykiChain’s derivative product line. With Wayki-X, users can trade assets without having to actually hold them. The available assets are 12 cryptocurrencies, 6 global stock indices, and 130 US stocks. Precious metals and more high-quality US stocks, contract trading, and trading fee optimization are coming next. On December 23 through 30, the First Synths Trading Contest was held. It testified the stable operation of Wayki-X and increased the market share of derivatives.

https://preview.redd.it/marv4u7qcb961.png?width=700&format=png&auto=webp&s=080334b3c477ba26b83c5c2a3c11391c72e97cd5

2. Exploring New Limits and Reaching a Broader Global Consensus

From January to March, WaykiChain held offline meetups in Korea, East Java (Indonesia), Istanbul (Turkey) and Michigan (USA). Overseas market team members or ambassadors explained the technological progress, business model, DeFi projects, and development prospects of WaykiChain to the blockchain enthusiasts and WaykiChain fans and provided them with a deeper understanding of and consensus on WaykiChain.
On October 25, WaykiChain and 36Kr jointly held the 2020 DeFi Global Ecosystem Summit and WaykiChain Ecosystem Partner Conference in Shanghai. The guests included Vice President of the China Society for World Trade Organization Studies (CWTO) and former President of the Chinese Academy of International Trade and Economic Cooperation (CAITEC) of the Ministry of Commerce Mr. Huo Jianguo, representatives of traditional financial institutes, ecosystem partners, industry tycoons, and other honored guests. They discussed the hot topics of blockchain decentralized finance. WaykiChain founder & CSO Wayki Sun visited the event together with all co-founders to present the WaykiChain underlying public chain and DeFi ecosystem. The participants had a chance to get a comprehensive understanding of WaykiChain’s technology, business model, and future prospects. The event increased the awareness about WaykiChain and its influence in the public chain and DeFi realms.

https://preview.redd.it/3t2974orcb961.png?width=700&format=png&auto=webp&s=a38bba82fe573c37f1378c4636beb0a9f9f1364e
Besides hosting meetings in China and globally, WaykiChain also communicated with the industry participants to improve its influence and contribute to the industry development.
On September 11, WaykiChain was invited to the second IoT World China & 5G China expo aiming to expand the global consensus and help China build the new infrastructure. WaykiChain co-founder and CEO Gordon Gao, co-founder and CTO Richard Chen actively participate in large-scale blockchain summits introducing WaykiChain’s status and future development plans to the audience, expressing their personal opinions on public chain technology and hot topics of DeFi applications.
In 2020, WaykiChain co-founder and CEO Gordon Gao joined the following important events:
§ May 18: the keynote speech “What DeFi Should Be?” introducing WaykiChain, the governance token WGRT, WaykiChain’s DeFi mechanism, and ecosystem planning at Asia Crypto Summit Japan Stop.
§ August 12: the discussion “Can DeFi Devour Traditional Finance in the Next 10 Years?” together with Primitive Ventures founding partner Dovey Wan, The Force Protocol co-founder Lei Yu, dForce founder Mindao Yang, Huobi Pool Staking Head Ding Yuan at POW’ER 2020 Blockchain Technology and Application Summit.
§ August 14: the discussion “Changing the World: the New Generation of DeFi Consensus” together with OKEx CEO Jay Hao by OKEx invitation.
§ August 28: discussion of the DeFi development prospects, liquidity mining, and future popular directions, presentation of achievements of the WaykiChain integrated DeFi public chain ecosystem at the 2020 New Trend — Fintech and Blockchain Summit.
§ August 29: the prominent American journalist Jane King interviewed WaykiChain CEO Gordon Gao. Bloomberg TV and FOX News aired the interview on September 12 and 14.
§ September 18: WaykiChain partnered with Korea’s biggest cryptocurrency investor community ICO Pantera Group (판테라의 ICO(메인방)). ICO Pantera Group helps WaykiChain establish consensus in Korea.
§ November 7: lectures “DeFi Industry Panoramic Scan” and “DeFi Financial Principles and Commercial Applications” at the Offline Practical Training Camp of Hash Power University, Wuhan Station.
In 2020, WaykiChain co-founder and CTO Richard Chen joined the following important events:
§ April 17: an online stream on the basic blockchain knowledge for students of Shenzhen University WeBank Institute of FinTech (SWIFT)
§ July 13: the Blockchain Knowledge Sharing live broadcast hosted by SZBA (ShenZhen information service Blockchain Association).
§ July 17: the speech “Facing the Tiger Era, How Can WaykiChain 3.0 Break Through the Tight DeFi Market?” at the AEX 7th anniversary interview series.
§ September 6: the Blockchain + Innovative Service and Industrial Application Conference and the China Chamber of International Commerce Blockchain Innovation Service Industry Committee Establishment Conference as a member of the expert group.
§ December 2: the speech “How WaykiChain Uses WASM to Realize the Synths DApp” at the Blockchain Open Source Technology Conference, China, Shenzhen Station co-hosted by jinse.com and Chainfor.
§ December 23: participation in the discussion “How to Tell the Story of a Public Chain in the Shadow of Ethereum 2.0 and Polkadot” together with the BSC (Binance Smart Chain) representative and other honored guests at 2020 Non-Consensus Conference & DeepChain Annual Impact Awards Ceremony hosted by DeepChain (shenliancaijing.com).

3. New Year, New Climate, Innovative Future

In the turbulent 2020, WaykiChain followed the original goals, continued the development of the public chain foundation, product applications, and the community. Among other things, it completed the public chain upgrade to 3.0, introduced the world’s first three token economic model, the synth protocol Wayki-X, and strengthened the global consensus on WaykiChain.
In 2021, we start a new chapter. First, we continue to deepen what we have. Second, we start new developments. We continue the construction of the public chain 4.0, strengthen our foundation, and increase the overall functionality. We build upper-level DeFi applications on the established WASM smart contract engine and go deeper into DeFi. We also continue to host and visit blockchain forums, continuously strengthen our community in China and broaden our global community for a stronger global consensus.
Up till now, WaykiChain has been in stable operation for three years. Our safety, functionality, and performance are battle tested. This has solidified WaykiChain’s place among the third-generation public chains, adds to its influence in the blockchain industry, and attracts the attention of the institutes and investors who are willing to take part in the WaykiChain ecosystem building. To let more prominent global blockchain communities join the ecosystem construction and to make the next step towards decentralized governance, in 2021, WaykiChain launches Super Node Election and comprehensively starts the community-driven construction.
In 2020, we stood through the hardships and wrote our history together. We are both the witnesses and creators of history. 2021 is the year after the storm when we can continue moving forward and embracing the new. At last, WaykiChain wishes a happy New Year, a new vision, and a new future to all!
submitted by official_waykichain to Wayki_Chain [link] [comments]

Fastest and easiest way without a minimum purchase or high fees for customers to obtain NANO? (USA)

Hello Nano community,
Some of you may know me from /nanotrade or elsewhere, I generally am bullish on NANO and try to do my part to help spread adoption and awareness. I also run several e-commerce websites utilizing the open source Zen-Cart as my back end. Lately, and not so lately but in general, I have encountered issues with various payment processors (which actually led me to Nano in the first place, as well as a general interest in Cryptocurrency).
While there are solutions to dealing with the more stringent regulations enforced by payment processing companies, many of these require my customers to download third party apps or sign up for third party services. Not too dissimilar to how Paypal requests a user to be logged in before sending a payment in fact. Anyways, so while setting up my websites again today after losing another payment processor over the weekend, I have come to the decision, why not try and introduce my customer base to Nano and present it less so as a cryptocurrency, but more so as a digital decentralized payment solution? I have tried accepting cryptocurrencies before, however many of my customers, at least for my main e-commerce website are older and not so tech oriented. Just seeing that I accepted "Cryptocurrency" and "Bitcoin" as an option was enough to scare some of these people away. Ironically, I noticed more sales when I completely removed this payment option and all mentions of it from my website. Funny how that works.
Anyways, since I am in the middle of setting up additional payment methods, I figured now would be a good time to attempt the above with Nano, and offer a link on the "Pay with Nano" page during the check-out process for my customers to decide if they would like to try it out. My only concern, many of these people being older and technophobic, is that the process for obtaining the Nano they want to spend may be too much work and not something they would be interested in. Especially if it involves things like scanning IDs or providing more information than a simple credit or debit card number and a name. Ideally, this would be the only information they need to provide, with the ability to purchase any amount (most orders placed are between $25-$100), without paying an outrageous fee (which I will offer an incentive to cover for anyways I think). An instant transfer would also be a prerequisite. Something as fast as it takes to sign up for Cash App for example.
So, am I asking too much? Do such services exist yet in the US?
Quick rundown:
-Low fees
-No minimum or low minimum
-Non-invasive signup process
-No wait
Another thing worth mentioning, and hopefully this can provide the right people with an idea which I think could really help improve Nano adoption if implemented, was that I noticed some competitors of mine are accepting something called "PMC Coin", which is claimed to be a gold backed cryptocurrency. The gold bit is not important I do not think. What is impressive however, is that these vendors are able to provide this crypto as an option during the checkout process, and upon hitting submit, the customer is brought to the PMC Coin website, where they are presented with a form for purchasing this crypto. I have not tried going further than this, but the form contains all the required fields for a credit and debit purchase, as well as the price for the purchase being exactly what the price was for the requested items during the check-out on the forwarding website. It appears that upon purchase, the credit/debit card payment is sent to the PMC Coin sellers, and the PMC Coin in an equivalent amount is sent to the vendor. I assume the fees are offloaded onto the vendor at this point. While I have no interest in this asset in the slightest, I have to commend them on this solution, and I really hope we can see something like this emerge from the Nano community. It could be the killer app we have all been waiting for to spur adoption perhaps.
I will essentially be manually doing something like this for my customers, albeit with links and instructions, however as mentioned, the more streamlined the process is, the better. I am sure they will have an easy enough time with Natrium, and I am excited to introduce some new people into the space. But most of all I just want a simple ability to be able to keep my shop online without having to bow down to the banks and their petty requests as to what products should or should not be sold. None of us should have to deal with the Soup Nazi, be us merchants or consumers.
Thank you for your time and interest, and remember, stay bullish!
::edit::
Spreads I have found so-far:
CoinGate: 100 Nano = $114.76 vs. $97.44 USDT (Binance) [$17.32 fee] [$50 minimum] (Simplex)
Atomic Wallet: 100 Nano = $115 vs. $98.40 USDT (Binance) [$16.60 fee] [$50 minimum] (Simplex)
Crypto.com: Claims 3.5% fee, requires government photo ID, 2-3 day confirmation
Coinswitch.io: 100 Nano = $117 vs. $99.28 USDT (Binance) [$17.72 fee] [$63 minimum] (Simplex)
Coinify.com: 100 Nano = $119 vs. $114 USDT (Binance) [$5 fee] [$63 minimum] KYC is intensive but not too crazy. 2 Minute verification too. Definitely the best option so far. Only problem is the minimum purchase.
Going to try Binance.us next and the Brave browser, which I think uses Binance as a backend anyways.
submitted by ExtraSynaptic to nanocurrency [link] [comments]

[RE] 'Half-Blood Prince' Kratos: Could it become an exchange killer?

Read an article about KuCoin's public chain, thought it would be interesting to share it with more devs. I have myself translated the whole text, hope I didn't get anything wrong from the original version.
https://www.ccvalue.cn/article/450999.html Here I put the link to the original article just in case.
I'm relatively new to the chain area, so looking forward if any of you could share some insights with me, whether KuCoin's chain is worth what it says. Or just, what is says aha.
If anyone would like to have more info around KuCoin's public chain I'll be glad to translate more and have it shared here.
Enjoy reading!


------------------------------------------------------------------------
As the DeFi concept overtakes the market, this three-year-old novelty is showing more and more of its power.
Decentralised stable coins, decentralised lending, decentralised derivatives, decentralised exchanges... DeFi has emerged in every area of financial products and has achieved considerable success.
Between June and August of this year, the staking volume for the entire DeFi application rose from $1 billion to $4 billion. Decentralized lending protocol - Compound - which exploded with liquidity mining, briefly overtook MakerDAO as the most popular DeFi application. And exchanges, where cryptocurrencies are most profitable, have recently begun to feel the bite of DeFi.
Three of the top 10 staking applications in the entire DeFi market are in the decentralized exchange category. Among them, Curve Finance staking amount reached $290 million, $250 million for Balancer, and $120 million for Uniswap. It has become a clear trend for decentralised exchanges to attack centralised ones.
Decentralised exchanges increase liquidity in the market through "liquidity mining" strategy. For now, the trend continues. Centralised exchanges have seen the impact of the concept of decentralised exchanges, with many of the biggest players, including Binance, Huobi and OKEx, developing their own public chains in preparation for technological change. Among all the public chains launched by centralized exchanges, KuChain launched by KuCoin deserves the most attention.

【01】Centralization exchange pattern: size coexists
In the first and second sections of this paper, we will first analyze the centralized exchange pattern. In this way, we can get a general idea of how the central exchanges will be impacted and which ones could see themselves be replaced first.
Financial trading has one characteristic: obvious network effect, the top tier exchanges take over most of the traffic.
This is because the big exchanges have powerful credit endorsements. Large numbers of customers not only means good liquidity, but also means that the exchange is lucrative enough to afford a hard-core tech team to keep users' assets safe. In addition, they also provided a relatively safe channel for fiat integration, making it the most robust choice for new entrants. As a result, exchanges, which are already the leading players in the industry, can remain on their “thrones” as long as they don't make mistakes, keep normal operations and follow trends.
However, does this mean that the small exchanges do not have the necessary space of survival? In fact it’s totally the contrary. Encrypted asset exchanges have been competing here in China. Small exchanges have become big ones, such as Binance, MXC and KuCoin. Many people attribute the rise of Binance to the opportunity of “4th of September”. Whereas “4th of September” had nearly nothing to do with Binance user increment compared to TRON’s involvement. The real reason for the rise of Binance can be attributed to the wealth effect of intensive alt-coins issuance during that period, which is the key factor for the rapid rise of a platform.
But can an exchange provide a steady stream of wealth effects for its users? That's a tricky question. When exchanges are small, the wealth effect should be taken as the primary consideration; As exchanges grow bigger, the primary issue for platforms shall gradually become compliance. As a long-term consideration, compliance shall lead the big exchanges to shift the focus of their operations from alt-coins to main-coins. This is true of both Binance and MXC.
In other words, the big exchanges will voluntarily cede some of their "alt-coin" markets as their primary objectives shift, which provides a certain space for small exchanges to survive.
It can be argued that the size of the exchanges determines their positions. Large exchanges act as global exchanges in the digital world, while small exchanges act as regional digital asset exchange systems. The big exchanges serve as global, mature digital assets that provide all-coins liquidity 24/7, where traders believe they are "too big to fail" and projects trust their brand endorsements. Small and medium-sized exchanges can only serve as regional digital asset trading venues, serving the long tail projects that big exchanges cannot cover. Indeed, the small exchanges that survive today are also largely supported by community-based projects behind them.
On the other hand, cryptocurrency exchanges have never been purely exchanges, but rather super-hybrid institutions for primary and secondary market transactions. So the exchanges’ customers are not just traders, but also the projects themselves. When there are more traders in an exchange, there is depth of trading, and high-quality projects are willing to get listed; In turn, a good underlying investment within an exchange attracts more traders, which creates a virtuous circle.
As we mentioned earlier, the financial sector has a strong network effect and the winner takes all. However, due to the special circumstances of the industry, the winners are not eating up all the markets now. Which doesn’t make this part of the market going away. Innovative, grassroots projects that can't afford to pay high fees will still find a place to trade. Thus, they have three options: get listed on a small centralised exchange; Set up a small centralised exchange; Get listed on a decentralized exchange.

【02】Dilemma for small exchanges
Community projects need small exchanges, small exchanges need community projects, they both need and support each other. However, as far as the current market is concerned, whether getting listed on a centralized exchange, or a decentralized exchange or having a small exchange of its own, these are helpless moves for projects.
First of all, what kind of exchange would be willing to accept a little-known project without any listing fees? It must be a traffic-starved exchange. In other words, an exchange that lacks liquidity, users and lucrativity. The project is targeting the trading function they provide, while the trading venue is targeting the users in the project’s hands. For the project, such a place would not only bring him no traffic add-on, but would also burden the community members with the risk that the small exchange would somehow go bankrupt.
Since such a small exchange can not bring traffic, but also will expose to the project’s community another layer of risk where centralized institutions go bankrupt, then why does the project not deploy an exchange of its own? After all, the community has chosen to accept the project's token, and a relationship of trust has been established between the two, it is thus natural for the project to list on its own exchange.
However, to start your own exchange is no easy business. Hundreds of thousands dollars capital must be ready with all the technical development and maintenance, as well as design and operational matters. Projects with large communities and numerous users are even willing to pay millions to set up their own exchange. The cost is huge.
If centralised exchanges are such a hassle, what about listing on decentralised exchanges? Here comes some issues again. First, the trading experience on decentralised exchanges is poor. Since all transaction records of a decentralized exchange are linked up, users will feel the transaction speed is slow due to the validation speed of the blockchain itself. Secondly, most of the decentralized exchanges cannot execute high concurrent real-time trading, the volume and depth of trading is not as high as the centralized exchanges, and liquidity is limited. Last but not least: as Ethereum becomes more congested and gas charges soar, using DeFi becomes more expensive, and centralized exchanges are not cost-effective. At present, true DeFi players generally enter the market with more than 50,000 USDT, and retail trading is mostly unprofitable.
In a nutshell, grassroots community projects that have chosen small exchanges face a few situations: centralized exchanges’ bankruptcy risk; deploying their own exchange with at least hundreds of thousands expenses; listing on a decentralized small exchange, but users have poor trading experience. Neither plan is satisfactory.

【03】Kratos:One-click launch of high performance decentralized exchanges
Kratos perfectly solves the major problems that community projects are facing.
As the testnet of KuChain - KuCoin’s public chain - Kratos has its own token and user community, the distribution of tokens is more communitized, so it can be seen as a separate entity from KuChain. It has for mission to explore the path of "DeFi+CeFi". Rather than public chains of Binance, Huobi and OKEx, Kratos's approach is more experimental and more radically reformist toward centralised exchanges.
Kratos is "playing the real game”.
First of all, Kratos is targeting a user base that has a real need, rather than making generalizations about the DeFi concept. This user base is basically community projects that already possess solid competences in terms of traffic, economy and technology, who do not need to rely on the reputation of any exchange, but only need a trading place to realize financial activities. In the first and second sections of this paper, we have pointed out the rigid demands of these projects. The immediate goal of Kratos is to address these practical demands.
In fact, before Kratos, there were other public chains targeting finance oriented and DeFi oriented. But their founding team lacks experience on large exchanges and understanding of the industry's real need for financial oriented public chains, somehow, they failed in terms of application. The main reason is not that their technical ability is not good, the operation team is not strong, but the original intention focused on solving imaginary problems, so the establishment is wrong.
"If a public chain is useless, then it dies." This is the worldview of the designers of the Kratos project.
Secondly, the mechanism and technical design of Kratos are fully in line with the market demand, rather than blindly increasing TPS, or speculating the concept of “decentralization” like "fake projects".
To solve practical problems and make Kratos a "useful" public chain, the designers of Kratos created a four-layer network system.
Layer 0 is the bottom layer of the public chain based on PoS consensus mechanism, mainly ensuring the normal operation of the whole system and the safety of assets. The layer 1 is the Maas Layer (Machine as a service), which provides multi-functional modules, such as MaaS DEX, Maas DeFi, Maas stable coin, etc. These multi-functional modules are called directly by DEX and other DeFi application developers so that they can quickly build their own applications with a minimum input.
These two layers are the basic layers of the Kratos. For any modifications on the basic layer, Kratos community shall proceed to a series of proposals and voting on chain.
The second layer of the network is where DeFi applications are deployed.
Generally public chains stop abruptly at this level, but Kratos is a practical public chain. Since DEX and other applications have a strong demand for liquidity, Kratos then introduces a third layer on its network: this shareable functionality layer is composed of modules - such as the Liquidity Sharing Protocol (LSP) - that can be called by all layer 2 applications.
Through this four-layer network, the DEX developers’ job becomes easier, and the cost of obtaining liquidity for DEX projects is reduced. To exaggerate, the entire chain makes DEX launch possible within "one-click". For those community projects, they don't have to pay a lot to create their own DEX and share liquidity on Kratos.
Third, as a test chain of KuChain, Kratos abandons ideological stubbornness and achieves a deep combination of "DeFi" and "CeFi" from a practical point of view. As the name suggests, DeFi itself means decentralized finance. But is it necessary to decentralise all aspects of the exchange? Is decentralization a means or an end?
Kratos's development team saw decentralisation as a means to keep exchanges open and transparent, while avoiding the risks of centralised exchanges.
However, for traders, a good exchange should not only be open and transparent, but also ensure good liquidity, and make trades as smooth as possible, and reduce trading delays as much as possible.
How does DEX ensure good liquidity? Although Kratos provides liquidity sharing, it is not enough. In a centralised exchange, the classic approach is to introduce market makers. The more market makers there are, the better the trading experience for users. But in a decentralised exchange, a centralised approach to market making does not work. In a centralised exchange, there are no fees to be paid for placing and withdrawing orders, while there are fees to be paid to the exchange when a transaction is completed, so HFT is viable (frequent placing and withdrawing orders). In a fully decentralised exchange, however, both placing and withdrawing orders take place on-chain and require payment of gas fees. It would be unprofitable for market makers to operate as centralised exchanges.
Before Kratos, some DEXs proposed to put the matching process off-chain, that is, to put the order placing, order withdrawing and trading process into the centralized environment, and only put the transaction records on-chain. That would improve efficiency, but it raises a new question: would it guarantee that the exchanges themselves would not do evil?
This is where KuCoin's L3 data push comes in. As a centralized exchange with several years of operation experience and millions of users, KuCoin has profound experience in liquidity, matching, market making, trading depth, user experience and other aspects. In addition, KuCoin is known for its technological prowess and is the only cryptocurrency exchanges in the world with a level 3 data push service with Coinbase. The technical details, which we've covered in a previous article, are simply to make sure that users and exchanges are receiving trading push-data almost at the same time, so that the exchanges can do no harm. This time, they are also using core technology services in KuChain testnet. By fusing the good technology in CeFi with DeFi, users can get an exchange that releases DEX with one click; The private key is in the user's own hands; Trading experience close to a centralized exchange; Market-maker friendly, easy to provide liquidity.
The changes that Kratos has brought to exchanges are revolutionary. At this stage, Kratos does not have the asset issuance capability, but in the next stage, the project will have the opportunity to implement the asset issuance capability on it. When the time comes, maybe there will be new ways to play.

【04】CLL:Forward Looking to Kratos’ future
Kratos builds a possibility, which has only shown one inkling of it, well let’s imagine the trend. Modern society is a world where jobs are increasingly segmented. Take e-commerce, which is closely related to our lives, as an example. In the past, a store needed to purchase, to store and sell goods by itself. Now, the supply chain has been separated from sales, and the store only needs to be responsible for sales. In the highly developed society of the Internet, how do stores take charge of sales? -- by pulling a WeChat group. This is why e-commerce has transformed into Wechat business in recent years.
Now that the store owner's core business can be simplified from stocking, storing and selling to simply running the WeChat group, the most important task for future project owners may not even be development.
Someday in the future, when projects need to realize a function, they can call modules from the ecosystem of a public chain to build applications based on this chain. When they want to get listed on exchanges, they can call DeFi modules on Kratos to form the corresponding decentralized exchange. I don't know if Kratos will introduce a community governance module, a community square module, or even a communication module in the future, but we can imagine a day when Kratos will develop all these functions. At that point, the projects could even realize community autonomy based on Kratos for its community governance. It's all possible.
At that point, the projects’ main task may become community operations, just as it is today. The interaction between people is the key to the product’s success, and the importance of self-development in the product will be constantly weakened.
While we can now see operations taking up a much larger proportion of blockchain projects than other Internet products, this trend is likely to become more pronounced as the number of customised services increases.
Now Kratos has taken that step. It combines centralised and decentralised exchanges, providing customised exchange products for community use. It will bring a new element, whether to a centralised exchange or a decentralised exchange, a community or a project.
submitted by Jessblocking to u/Jessblocking [link] [comments]

RESEARCH REPORT ABOUT KYBER NETWORK

RESEARCH REPORT ABOUT KYBER NETWORK
Author: Gamals Ahmed, CoinEx Business Ambassador

https://preview.redd.it/9k31yy1bdcg51.jpg?width=936&format=pjpg&auto=webp&s=99bcb7c3f50b272b7d97247b369848b5d8cc6053

ABSTRACT

In this research report, we present a study on Kyber Network. Kyber Network is a decentralized, on-chain liquidity protocol designed to make trading tokens simple, efficient, robust and secure.
Kyber design allows any party to contribute to an aggregated pool of liquidity within each blockchain while providing a single endpoint for takers to execute trades using the best rates available. We envision a connected liquidity network that facilitates seamless, decentralized cross-chain token swaps across Kyber based networks on different chains.
Kyber is a fully on-chain liquidity protocol that enables decentralized exchange of cryptocurrencies in any application. Liquidity providers (Reserves) are integrated into one single endpoint for takers and users. When a user requests a trade, the protocol will scan the entire network to find the reserve with the best price and take liquidity from that particular reserve.

1.INTRODUCTION

DeFi applications all need access to good liquidity sources, which is a critical component to provide good services. Currently, decentralized liquidity is comprised of various sources including DEXes (Uniswap, OasisDEX, Bancor), decentralized funds and other financial apps. The more scattered the sources, the harder it becomes for anyone to either find the best rate for their trade or to even find enough liquidity for their need.
Kyber is a blockchain-based liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.
The protocol allows for a wide range of implementation possibilities for liquidity providers, allowing a wide range of entities to contribute liquidity, including end users, decentralized exchanges and other decentralized protocols. On the taker side, end users, cryptocurrency wallets, and smart contracts are able to perform instant and trustless token trades at the best rates available amongst the sources.
The Kyber Network is project based on the Ethereum protocol that seeks to completely decentralize the exchange of crypto currencies and make exchange trustless by keeping everything on the blockchain.
Through the Kyber Network, users should be able to instantly convert or exchange any crypto currency.

1.1 OVERVIEW ABOUT KYBER NETWORK PROTOCOL

The Kyber Network is a decentralized way to exchange ETH and different ERC20 tokens instantly — no waiting and no registration needed.
Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber’s fully on-chain design allows for full transparency and verifiability in the matching engine, as well as seamless composability with DApps, not all of which are possible with off-chain or hybrid approaches. The integration of a large variety of liquidity providers also makes Kyber uniquely capable of supporting sophisticated schemes and catering to the needs of DeFi DApps and financial institutions. Hence, many developers leverage Kyber’s liquidity pool to build innovative financial applications, and not surprisingly, Kyber is the most used DeFi protocol in the world.
The Kyber Network is quite an established project that is trying to change the way we think of decentralised crypto currency exchange.
The Kyber Network has seen very rapid development. After being announced in May 2017 the testnet for the Kyber Network went live in August 2017. An ICO followed in September 2017, with the company raising 200,000 ETH valued at $60 million in just one day.
The live main net was released in February 2018 to whitelisted participants, and on March 19, 2018, the Kyber Network opened the main net as a public beta. Since then the network has seen increasing growth, with network volumes growing more than 500% in the first half of 2019.
Although there was a modest decrease in August 2019 that can be attributed to the price of ETH dropping by 50%, impacting the overall total volumes being traded and processed globally.
They are developing a decentralised exchange protocol that will allow developers to build payment flows and financial apps. This is indeed quite a competitive market as a number of other such protocols have been launched.
In Brief - Kyber Network is a tool that allows anyone to swap tokens instantly without having to use exchanges. - It allows vendors to accept different types of cryptocurrency while still being paid in their preferred crypto of choice. - It’s built primarily for Ethereum, but any smart-contract based blockchain can incorporate it.
At its core, Kyber is a decentralized way to exchange ETH and different ERC20 tokens instantly–no waiting and no registration needed. To do this Kyber uses a diverse set of liquidity pools, or pools of different crypto assets called “reserves” that any project can tap into or integrate with.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
All this swapping happens directly on the Ethereum blockchain, meaning every transaction is completely transparent.

1.1.1 WHY BUILD THE KYBER NETWORK?

While crypto currencies were built to be decentralized, many of the exchanges for trading crypto currencies have become centralized affairs. This has led to security vulnerabilities, with many exchanges becoming the victims of hacking and theft.
It has also led to increased fees and costs, and the centralized exchanges often come with slow transfer times as well. In some cases, wallets have been locked and users are unable to withdraw their coins.
Decentralized exchanges have popped up recently to address the flaws in the centralized exchanges, but they have their own flaws, most notably a lack of liquidity, and often times high costs to modify trades in their on-chain order books.

Some of the Integrations with Kyber Protocol
The Kyber Network was formed to provide users with a decentralized exchange that keeps everything right on the blockchain, and uses a reserve system rather than an order book to provide high liquidity at all times. This will allow for the exchange and transfer of any cryptocurrency, even cross exchanges, and costs will be kept at a minimum as well.
The Kyber Network has three guiding design philosophies since the start:
  1. To be most useful the network needs to be platform-agnostic, which allows any protocol or application the ability to take advantage of the liquidity provided by the Kyber Network without any impact on innovation.
  2. The network was designed to make real-world commerce and decentralized financial products not only possible but also feasible. It does this by allowing for instant token exchange across a wide range of tokens, and without any settlement risk.
  3. The Kyber Network was created with ease of integration as a priority, which is why everything runs fully on-chain and fully transparent. Kyber is not only developer-friendly, but is also compatible with a wide variety of systems.

1.1.2 WHO INVENTED KYBER?

Kyber’s founders are Loi Luu, Victor Tran, Yaron Velner — CEO, CTO, and advisor to the Kyber Network.

1.1.3 WHAT DISTINGUISHES KYBER?

Kyber’s mission has always been to integrate with other protocols so they’ve focused on being developer-friendly by providing architecture to allow anyone to incorporate the technology onto any smart-contract powered blockchain. As a result, a variety of different dapps, vendors, and wallets use Kyber’s infrastructure including Set Protocol, bZx, InstaDApp, and Coinbase wallet.
Besides, dapps, vendors, and wallets, Kyber also integrates with other exchanges such as Uniswap — sharing liquidity pools between the two protocols.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
Limit orders on Kyber allow users to set a specific price in which they would like to exchange a token instead of accepting whatever price currently exists at the time of trading. However, unlike with other exchanges, users never lose custody of their crypto assets during limit orders on Kyber.
The Kyber protocol works by using pools of crypto funds called “reserves”, which currently support over 70 different ERC20 tokens. Reserves are essentially smart contracts with a pool of funds. Different parties with different prices and levels of funding control all reserves. Instead of using order books to match buyers and sellers to return the best price, the Kyber protocol looks at all the reserves and returns the best price among the different reserves. Reserves make money on the “spread” or differences between the buying and selling prices. The Kyber wants any token holder to easily convert one token to another with a minimum of fuss.

1.2 KYBER PROTOCOL

The protocol smart contracts offer a single interface for the best available token exchange rates to be taken from an aggregated liquidity pool across diverse sources. ● Aggregated liquidity pool. The protocol aggregates various liquidity sources into one liquidity pool, making it easy for takers to find the best rates offered with one function call. ● Diverse sources of liquidity. The protocol allows different types of liquidity sources to be plugged into. Liquidity providers may employ different strategies and different implementations to contribute liquidity to the protocol. ● Permissionless. The protocol is designed to be permissionless where any developer can set up various types of reserves, and any end user can contribute liquidity. Implementations need to take into consideration various security vectors, such as reserve spamming, but can be mitigated through a staking mechanism. We can expect implementations to be permissioned initially until the maintainers are confident about these considerations.
The core feature that the Kyber protocol facilitates is the token swap between taker and liquidity sources. The protocol aims to provide the following properties for token trades: ● Instant Settlement. Takers do not have to wait for their orders to be fulfilled, since trade matching and settlement occurs in a single blockchain transaction. This enables trades to be part of a series of actions happening in a single smart contract function. ● Atomicity. When takers make a trade request, their trade either gets fully executed, or is reverted. This “all or nothing” aspect means that takers are not exposed to the risk of partial trade execution. ● Public rate verification. Anyone can verify the rates that are being offered by reserves and have their trades instantly settled just by querying from the smart contracts. ● Ease of integration. Trustless and atomic token trades can be directly and easily integrated into other smart contracts, thereby enabling multiple trades to be performed in a smart contract function.
How each actor works is specified in Section Network Actors. 1. Takers refer to anyone who can directly call the smart contract functions to trade tokens, such as end-users, DApps, and wallets. 2. Reserves refer to anyone who wishes to provide liquidity. They have to implement the smart contract functions defined in the reserve interface in order to be registered and have their token pairs listed. 3. Registered reserves refer to those that will be cycled through for matching taker requests. 4. Maintainers refer to anyone who has permission to access the functions for the adding/removing of reserves and token pairs, such as a DAO or the team behind the protocol implementation. 5. In all, they comprise of the network, which refers to all the actors involved in any given implementation of the protocol.
The protocol implementation needs to have the following: 1. Functions for takers to check rates and execute the trades 2. Functions for the maintainers to registeremove reserves and token pairs 3. Reserve interface that defines the functions reserves needs to implement
https://preview.redd.it/d2tcxc7wdcg51.png?width=700&format=png&auto=webp&s=b2afde388a77054e6731772b9115ee53f09b6a4a

1.3 KYBER CORE SMART CONTRACTS

Kyber Core smart contracts is an implementation of the protocol that has major protocol functions to allow actors to join and interact with the network. For example, the Kyber Core smart contracts provide functions for the listing and delisting of reserves and trading pairs by having clear interfaces for the reserves to comply to be able to register to the network and adding support for new trading pairs. In addition, the Kyber Core smart contracts also provide a function for takers to query the best rate among all the registered reserves, and perform the trades with the corresponding rate and reserve. A trading pair consists of a quote token and any other token that the reserve wishes to support. The quote token is the token that is either traded from or to for all trades. For example, the Ethereum implementation of the Kyber protocol uses Ether as the quote token.
In order to search for the best rate, all reserves supporting the requested token pair will be iterated through. Hence, the Kyber Core smart contracts need to have this search algorithm implemented.
The key functions implemented in the Kyber Core Smart Contracts are listed in Figure 2 below. We will visit and explain the implementation details and security considerations of each function in the Specification Section.

1.4 HOW KYBER’S ON-CHAIN PROTOCOL WORKS?

Kyber is the liquidity infrastructure for decentralized finance. Kyber aggregates liquidity from diverse sources into a pool, which provides the best rates for takers such as DApps, Wallets, DEXs, and End users.

1.4.1 PROVIDING LIQUIDITY AS A RESERVE

Anyone can operate a Kyber Reserve to market make for profit and make their tokens available for DApps in the ecosystem. Through an open reserve architecture, individuals, token teams and professional market makers can contribute token assets to Kyber’s liquidity pool and earn from the spread in every trade. These tokens become available at the best rates across DApps that tap into the network, making them instantly more liquid and useful.
MAIN RESERVE TYPES Kyber currently has over 45 reserves in its network providing liquidity. There are 3 main types of reserves that allow different liquidity contribution options to suit the unique needs of different providers. 1. Automated Price Reserves (APR) — Allows token teams and users with large token holdings to have an automated yet customized pricing system with low maintenance costs. Synthetix and Melon are examples of teams that run APRs. 2. Fed Price Reserves (FPR) — Operated by professional market makers that require custom and advanced pricing strategies tailored to their specific needs. Kyber alongside reserves such as OneBit, runs FPRs. 3. Bridge Reserves (BR) — These are specialized reserves meant to bring liquidity from other on-chain liquidity providers like Uniswap, Oasis, DutchX, and Bancor into the network.

1.5 KYBER NETWORK ROLES

There Kyber Network functions through coordination between several different roles and functions as explained below: - Users — This entity uses the Kyber Network to send and receive tokens. A user can be an individual, a merchant, and even a smart contract account. - Reserve Entities — This role is used to add liquidity to the platform through the dynamic reserve pool. Some reserve entities are internal to the Kyber Network, but others may be registered third parties. Reserve entities may be public if the public contributes to the reserves they hold, otherwise they are considered private. By allowing third parties as reserve entities the network adds diversity, which prevents monopolization and keeps exchange rates competitive. Allowing third party reserve entities also allows for the listing of less popular coins with lower volumes. - Reserve Contributors — Where reserve entities are classified as public, the reserve contributor is the entity providing reserve funds. Their incentive for doing so is a profit share from the reserve. - The Reserve Manager — Maintains the reserve, calculates exchange rates and enters them into the network. The reserve manager profits from exchange spreads set by them on their reserves. They can also benefit from increasing volume by accessing the entire Kyber Network. - The Kyber Network Operator — Currently the Kyber Network team is filling the role of the network operator, which has a function to adds/remove Reserve Entities as well as controlling the listing of tokens. Eventually, this role will revert to a proper decentralized governance.

1.6 BASIC TOKEN TRADE

A basic token trade is one that has the quote token as either the source or destination token of the trade request. The execution flow of a basic token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for ETH as an example. The trade happens in a single blockchain transaction. 1. Taker sends 1 ETH to the protocol contract, and would like to receive BAT in return. 2. Protocol contract queries the first reserve for its ETH to BAT exchange rate. 3. Reserve 1 offers an exchange rate of 1 ETH for 800 BAT. 4. Protocol contract queries the second reserve for its ETH to BAT exchange rate. 5. Reserve 2 offers an exchange rate of 1 ETH for 820 BAT. 6. This process goes on for the other reserves. After the iteration, reserve 2 is discovered to have offered the best ETH to BAT exchange rate. 7. Protocol contract sends 1 ETH to reserve 2. 8. The reserve sends 820 BAT to the taker.

1.7 TOKEN-TO-TOKEN TRADE

A token-to-token trade is one where the quote token is neither the source nor the destination token of the trade request. The exchange flow of a token to token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for DAI as an example. The trade happens in a single blockchain transaction. 1. Taker sends 50 BAT to the protocol contract, and would like to receive DAI in return. 2. Protocol contract sends 50 BAT to the reserve offering the best BAT to ETH rate. 3. Protocol contract receives 1 ETH in return. 4. Protocol contract sends 1 ETH to the reserve offering the best ETH to DAI rate. 5. Protocol contract receives 30 DAI in return. 6. Protocol contract sends 30 DAI to the user.

2.KYBER NETWORK CRYSTAL (KNC) TOKEN

Kyber Network Crystal (KNC) is an ERC-20 utility token and an integral part of Kyber Network.
KNC is the first deflationary staking token where staking rewards and token burns are generated from actual network usage and growth in DeFi.
The Kyber Network Crystal (KNC) is the backbone of the Kyber Network. It works to connect liquidity providers and those who need liquidity and serves three distinct purposes. The first of these is to collect transaction fees, and a portion of every fee collected is burned, which keeps KNC deflationary. Kyber Network Crystals (KNC), are named after the crystals in Star Wars used to power light sabers.
The KNC also ensures the smooth operation of the reserve system in the Kyber liquidity since entities must use third-party tokens to buy the KNC that pays for their operations in the network.
KNC allows token holders to play a critical role in determining the incentive system, building a wide base of stakeholders, and facilitating economic flow in the network. A small fee is charged each time a token exchange happens on the network, and KNC holders get to vote on this fee model and distribution, as well as other important decisions. Over time, as more trades are executed, additional fees will be generated for staking rewards and reserve rebates, while more KNC will be burned. - Participation rewards — KNC holders can stake KNC in the KyberDAO and vote on key parameters. Voters will earn staking rewards (in ETH) - Burning — Some of the network fees will be burned to reduce KNC supply permanently, providing long-term value accrual from decreasing supply. - Reserve incentives — KNC holders determine the portion of network fees that are used as rebates for selected liquidity providers (reserves) based on their volume performance.

Finally, the KNC token is the connection between the Kyber Network and the exchanges, wallets, and dApps that leverage the liquidity network. This is a virtuous system since entities are rewarded with referral fees for directing more users to the Kyber Network, which helps increase adoption for Kyber and for the entities using the Network.
And of course there will soon be a fourth and fifth uses for the KNC, which will be as a staking token used to generate passive income, as well as a governance token used to vote on key parameters of the network.
The Kyber Network Crystal (KNC) was released in a September 2017 ICO at a price around $1. There were 226,000,000 KNC minted for the ICO, with 61% sold to the public. The remaining 39% are controlled 50/50 by the company and the founders/advisors, with a 1 year lockup period and 2 year vesting period.
Currently, just over 180 million coins are in circulation, and the total supply has been reduced to 210.94 million after the company burned 1 millionth KNC token in May 2019 and then its second millionth KNC token just three months later.
That means that while it took 15 months to burn the first million KNC, it took just 10 weeks to burn the second million KNC. That shows how rapidly adoption has been growing recently for Kyber, with July 2019 USD trading volumes on the Kyber Network nearly reaching $60 million. This volume has continued growing, and on march 13, 2020 the network experienced its highest daily trading activity of $33.7 million in a 24-hour period.
Currently KNC is required by Reserve Managers to operate on the network, which ensures a minimum amount of demand for the token. Combined with future plans for burning coins, price is expected to maintain an upward bias, although it has suffered along with the broader market in 2018 and more recently during the summer of 2019.
It was unfortunate in 2020 that a beginning rally was cut short by the coronavirus pandemic, although the token has stabilized as of April 2020, and there are hopes the rally could resume in the summer of 2020.

2.1 HOW ARE KNC TOKENS PRODUCED?

The native token of Kyber is called Kyber Network Crystals (KNC). All reserves are required to pay fees in KNC for the right to manage reserves. The KNC collected as fees are either burned and taken out of the total supply or awarded to integrated dapps as an incentive to help them grow.

2.2 HOW DO YOU GET HOLD OF KNC TOKENS?

Kyber Swap can be used to buy ETH directly using a credit card, which can then be used to swap for KNC. Besides Kyber itself, exchanges such as Binance, Huobi, and OKex trade KNC.

2.3 WHAT CAN YOU DO WITH KYBER?

The most direct and basic function of Kyber is for instantly swapping tokens without registering an account, which anyone can do using an Etheruem wallet such as MetaMask. Users can also create their own reserves and contribute funds to a reserve, but that process is still fairly technical one–something Kyber is working on making easier for users in the future.

2.4 THE GOAL OF KYBER THE FUTURE

The goal of Kyber in the coming years is to solidify its position as a one-stop solution for powering liquidity and token swapping on Ethereum. Kyber plans on a major protocol upgrade called Katalyst, which will create new incentives and growth opportunities for all stakeholders in their ecosystem, especially KNC holders. The upgrade will mean more use cases for KNC including to use KNC to vote on governance decisions through a decentralized organization (DAO) called the KyberDAO.
With our upcoming Katalyst protocol upgrade and new KNC model, Kyber will provide even more benefits for stakeholders. For instance, reserves will no longer need to hold a KNC balance for fees, removing a major friction point, and there will be rebates for top performing reserves. KNC holders can also stake their KNC to participate in governance and receive rewards.

2.5 BUYING & STORING KNC

Those interested in buying KNC tokens can do so at a number of exchanges. Perhaps your best bet between the complete list is the likes of Coinbase Pro and Binance. The former is based in the USA whereas the latter is an offshore exchange.
The trading volume is well spread out at these exchanges, which means that the liquidity is not concentrated and dependent on any one exchange. You also have decent liquidity on each of the exchange books. For example, the Binance BTC / KNC books are wide and there is decent turnover. This means easier order execution.
KNC is an ERC20 token and can be stored in any wallet with ERC20 support, such as MyEtherWallet or MetaMask. One interesting alternative is the KyberSwap Android mobile app that was released in August 2019.
It allows for instant swapping of tokens and has support for over 70 different altcoins. It also allows users to set price alerts and limit orders and works as a full-featured Ethereum wallet.

2.6 KYBER KATALYST UPGRADE

Kyber has announced their intention to become the de facto liquidity layer for the Decentralized Finance space, aiming to have Kyber as the single on-chain endpoint used by the majority of liquidity providers and dApp developers. In order to achieve this goal the Kyber Network team is looking to create an open ecosystem that garners trust from the decentralized finance space. They believe this is the path that will lead the majority of projects, developers, and users to choose Kyber for liquidity needs. With that in mind they have recently announced the launch of a protocol upgrade to Kyber which is being called Katalyst.
The Katalyst upgrade will create a stronger ecosystem by creating strong alignments towards a common goal, while also strengthening the incentives for stakeholders to participate in the ecosystem.
The primary beneficiaries of the Katalyst upgrade will be the three major Kyber stakeholders: 1. Reserve managers who provide network liquidity; 2. dApps that connect takers to Kyber; 3. KNC holders.
These stakeholders can expect to see benefits as highlighted below: Reserve Managers will see two new benefits to providing liquidity for the network. The first of these benefits will be incentives for providing reserves. Once Katalyst is implemented part of the fees collected will go to the reserve managers as an incentive for providing liquidity.
This mechanism is similar to rebates in traditional finance, and is expected to drive the creation of additional reserves and market making, which in turn will lead to greater liquidity and platform reach.
Katalyst will also do away with the need for reserve managers to maintain a KNC balance for use as network fees. Instead fees will be automatically collected and used as incentives or burned as appropriate. This should remove a great deal of friction for reserves to connect with Kyber without affecting the competitive exchange rates that takers in the system enjoy. dApp Integrators will now be able to set their own spread, which will give them full control over their own business model. This means the current fee sharing program that shares 30% of the 0.25% fee with dApp developers will go away and developers will determine their own spread. It’s believed this will increase dApp development within Kyber as developers will now be in control of fees.
KNC Holders, often thought of as the core of the Kyber Network, will be able to take advantage of a new staking mechanism that will allow them to receive a portion of network fees by staking their KNC and participating in the KyberDAO.

2.7 COMING KYBERDAO

With the implementation of the Katalyst protocol the KNC holders will be put right at the heart of Kyber. Holders of KNC tokens will now have a critical role to play in determining the future economic flow of the network, including its incentive systems.
The primary way this will be achieved is through KyberDAO, a way in which on-chain and off-chain governance will align to streamline cooperation between the Kyber team, KNC holders, and market participants.
The Kyber Network team has identified 3 key areas of consideration for the KyberDAO: 1. Broad representation, transparent governance and network stability 2. Strong incentives for KNC holders to maintain their stake and be highly involved in governance 3. Maximizing participation with a wide range of options for voting delegation
Interaction between KNC Holders & Kyber
This means KNC holders have been empowered to determine the network fee and how to allocate the fees to ensure maximum network growth. KNC holders will now have three fee allocation options to vote on: - Voting Rewards: Immediate value creation. Holders who stake and participate in the KyberDAO get their share of the fees designated for rewards. - Burning: Long term value accrual. The decreasing supply of KNC will improve the token appreciation over time and benefit those who did not participate. - Reserve Incentives:Value creation via network growth. By rewarding Kyber reserve managers based on their performance, it helps to drive greater volume, value, and network fees.

2.8 TRANSPARENCY AND STABILITY

The design of the KyberDAO is meant to allow for the greatest network stability, as well as maximum transparency and the ability to quickly recover in emergency situations. Initally the Kyber team will remain as maintainers of the KyberDAO. The system is being developed to be as verifiable as possible, while still maintaining maximum transparency regarding the role of the maintainer in the DAO.
Part of this transparency means that all data and processes are stored on-chain if feasible. Voting regarding network fees and allocations will be done on-chain and will be immutable. In situations where on-chain storage or execution is not feasible there will be a set of off-chain governance processes developed to ensure all decisions are followed through on.

2.9 KNC STAKING AND DELEGATION

Staking will be a new addition and both staking and voting will be done in fixed periods of times called “epochs”. These epochs will be measured in Ethereum block times, and each KyberDAO epoch will last roughly 2 weeks.
This is a relatively rapid epoch and it is beneficial in that it gives more rapid DAO conclusion and decision-making, while also conferring faster reward distribution. On the downside it means there needs to be a new voting campaign every two weeks, which requires more frequent participation from KNC stakeholders, as well as more work from the Kyber team.
Delegation will be part of the protocol, allowing stakers to delegate their voting rights to third-party pools or other entities. The pools receiving the delegation rights will be free to determine their own fee structure and voting decisions. Because the pools will share in rewards, and because their voting decisions will be clearly visible on-chain, it is expected that they will continue to work to the benefit of the network.

3. TRADING

After the September 2017 ICO, KNC settled into a trading price that hovered around $1.00 (decreasing in BTC value) until December. The token has followed the trend of most other altcoins — rising in price through December and sharply declining toward the beginning of January 2018.
The KNC price fell throughout all of 2018 with one exception during April. From April 6th to April 28th, the price rose over 200 percent. This run-up coincided with a blog post outlining plans to bring Bitcoin to the Ethereum blockchain. Since then, however, the price has steadily fallen, currently resting on what looks like a $0.15 (~0.000045 BTC) floor.
With the number of partners using the Kyber Network, the price may rise as they begin to fully use the network. The development team has consistently hit the milestones they’ve set out to achieve, so make note of any release announcements on the horizon.

4. COMPETITION

The 0x project is the biggest competitor to Kyber Network. Both teams are attempting to enter the decentralized exchange market. The primary difference between the two is that Kyber performs the entire exchange process on-chain while 0x keeps the order book and matching off-chain.
As a crypto swap exchange, the platform also competes with ShapeShift and Changelly.

5.KYBER MILESTONES

• June 2020: Digifox, an all-in-one finance application by popular crypto trader and Youtuber Nicholas Merten a.k.a DataDash (340K subs), integrated Kyber to enable users to easily swap between cryptocurrencies without having to leave the application. • June 2020: Stake Capital partnered with Kyber to provide convenient KNC staking and delegation services, and also took a KNC position to participate in governance. • June 2020: Outlined the benefits of the Fed Price Reserve (FPR) for professional market makers and advanced developers. • May 2020: Kyber crossed US$1 Billion in total trading volume and 1 Million transactions, performed entirely on-chain on Ethereum. • May 2020: StakeWith.Us partnered Kyber Network as a KyberDAO Pool Master. • May 2020: 2Key, a popular blockchain referral solution using smart links, integrated Kyber’s on-chain liquidity protocol for seamless token swaps • May 2020: Blockchain game League of Kingdoms integrated Kyber to accept Token Payments for Land NFTs. • May 2020: Joined the Zcash Developer Alliance , an invite-only working group to advance Zcash development and interoperability. • May 2020: Joined the Chicago DeFi Alliance to help accelerate on-chain market making for professionals and developers. • March 2020: Set a new record of USD $33.7M in 24H fully on-chain trading volume, and $190M in 30 day on-chain trading volume. • March 2020: Integrated by Rarible, Bullionix, and Unstoppable Domains, with the KyberWidget deployed on IPFS, which allows anyone to swap tokens through Kyber without being blocked. • February 2020: Popular Ethereum blockchain game Axie Infinity integrated Kyber to accept ERC20 payments for NFT game items. • February 2020: Kyber’s protocol was integrated by Gelato Finance, Idle Finance, rTrees, Sablier, and 0x API for their liquidity needs. • January 2020: Kyber Network was found to be the most used protocol in the whole decentralized finance (DeFi) space in 2019, according to a DeFi research report by Binance. • December 2019: Switcheo integrated Kyber’s protocol for enhanced liquidity on their own DEX. • December 2019: DeFi Wallet Eidoo integrated Kyber for seamless in-wallet token swaps. • December 2019: Announced the development of the Katalyst Protocol Upgrade and new KNC token model. • July 2019: Developed the Waterloo Bridge , a Decentralized Practical Cross-chain Bridge between EOS and Ethereum, successfully demonstrating a token swap between Ethereum to EOS. • July 2019: Trust Wallet, the official Binance wallet, integrated Kyber as part of its decentralized token exchange service, allowing even more seamless in-wallet token swaps for thousands of users around the world. • May 2019: HTC, the large consumer electronics company with more than 20 years of innovation, integrated Kyber into its Zion Vault Wallet on EXODUS 1 , the first native web 3.0 blockchain phone, allowing users to easily swap between cryptocurrencies in a decentralized manner without leaving the wallet. • January 2019: Introduced the Automated Price Reserve (APR) , a capital efficient way for token teams and individuals to market make with low slippage. • January 2019: The popular Enjin Wallet, a default blockchain DApp on the Samsung S10 and S20 mobile phones, integrated Kyber to enable in-wallet token swaps. • October 2018: Kyber was a founding member of the WBTC (Wrapped Bitcoin) Initiative and DAO. • October 2018: Developed the KyberWidget for ERC20 token swaps on any website, with CoinGecko being the first major project to use it on their popular site.

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ARPA Monthly Report | May Progress Review

ARPA Monthly Report | May Progress Review
Dear ARPA community,
To make sure that fellows of ARPA community are well informed of the latest developments of the team, we will update the project dynamics and progress in ARPA community in our monthly report. Thank you all for your support!
This is May in the rearview. Enjoy!

01 ARPA Development Dynamics & Technology Progress

Pooled Mining on Mainnet
  1. Formally launched pooled mining on mainnet
  2. Fixed known bugs in the frontend of mainnet
  3. Completed unit test, integrated test, and user acceptance test in the backend of MPC pooled mining
  4. Optimized the reward distribution logic of MPC pooled mining and fixed minor backend bugs
MPC
  1. Smart contract development ramp-up
  2. Conducted internaltraining on smart contract development
  3. Compiled the architecture document for the secure MPC platform
  4. Compiled the API document for the secure MPC platform
DeFi
  1. Refined the DeFi architectural design down to different components
  2. Determined the backend technical stack, including the serverless framework and language selection
  3. Planned the protocol-layer design and development process
  4. Finalized the iteration plan for the frontend- backend development and test
  5. Explored the development toolings
  6. Completed DeFi formula definition and logic document compilation
  7. Performed initial design of DeFi governance mode
  8. Optimized DeFi Dapp UX/UI design
  9. Selected the interaction method between smart contract and Web3
  10. Debugged smart contract and selected the test solution
Privacy Computing
  1. Compared applications and overhead of privacy computing technologies
  2. Compared security of trusted execution environment solutions
  3. Surveyed the trusted establishment protocol on non-interactive zero-knowledge proof
Selection and Architecture Planning of DeFi Backend Technical Stacks

02 Community, Marketing & Listings

ARPA Mainnet Mining Pool Launched
ARPA’s pre-alpha mainnet mining pool is now live and accepting staking. Users can choose a mining pool, stake their ARPA tokens and start earning computation rewards.
ARPA mainnet mining pool is designed to lower the threshold for users to participate in the ARPA mainnet secure multi-party computation. By staking no less than 50,000 ARPA to the designated mining pool, users can participate in multi-party computation(MPC). With successful completion of each task, users will receive mainnet mining reward.
Mining pool Live time: May 8, 2020
Annualized Mining Reward: 15% ~25%
Minimum Staking Amount: 50,000 ARPA
Staking Cap per pool: 3,000,000 ARPA
Current total cap: 15,000,000 ARPA
Mining pool: mainnet.arpachain.io
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ARPA Celebrated Second Anniversary
ARPA team turned 2 years old this past month. ARPA community had a week-long celebration for its second-anniversary.
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Birthday Wishes from Around the World
Click the URL to read the letter from ARPA’s co-founder & CEO:
On ARPA’s 2nd Anniversary — A Letter from CEO
Dear friends and partners,medium.com
ARPA Listed on Bithumb, the Largest Exchange in Korea
Korea’s largest exchange, Bithumb, listed ARPA on its main trading platform and its global site, Bithumb Global.
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The listing on Bithumb Korea marks yet another milestone that ARPA has achieved in not only Korean market, but also in regulated exchanges listings.
Till this date, ARPA has been listed on Korea’s regulated exchanges Coinone and Hanbitco, as well as Vietnam’s Bvnex.
Official announcement of Bithumb:
Bithumb 카페
글로벌 대표 가상자산 거래소 빗썸입니다. 빗썸이 알파체인(ARPA)을 신규 상장할 예정입니다. 알파체인은 다자간 연산 기술을 통해 개인 정보를 보호하고 데이터를 효율적으로 관리, 공유하기 위해 구축된 블록체인…cafe.bithumb.com
ARPA was Invited to Block 101 by Binance
On May 6, Felix Xu, Co-founder & CEO of ARPA, was invited to Block 101 by Binance. He had a dialog with Sisi from Binance and shared his opinion on crypto and privacy-preserving computation. Around 50,000 audience watched the program online throughout the livestream.
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ARPA was interviewed by MTN of Korea
Felix Xu, Co-founder & CEO of ARPA, was interviewed by Money Today Network (MTN), one of the three major financial television stations of Korea. The interview was played in the MTN X-File program on April 10.
MTN is a renowned financial television station in Korea, covering more than 30 million users in Korea and owning 300 thousand subscribers on YouTube.
Felix introduced the data privacy problems in financial and medical fields, the privacy protection policies launched by different countries, and ARPA’s MPC application in the preceding fields. The interview also involved how to use MPC to track patients’ traces and help control spread of COVID-19 while protecting patients’ privacy. As a leading privacy computing enterprise in the industry, ARPA makes all efforts to push landing of secure MPC applications and works with several large-sized enterprises in conceptual verification.
Click to view the ARPA interview video, starting at 4 minutes and 30 seconds:
https://youtu.be/KkuBMUNOJWc
ARPA and MXC Celebrated Anniversary Together and Offered ETF Awards to New Users
On May 14, ARPA and MXC celebrated their anniversary together and offered ETF awards up to 200 USDT, with a total amount of 40,000 USD. All the first 200 seats can get the award.
ARPA x JD Digital AMA
On May 22, Co-founder and CEO Felix Xu of ARPA was invited to livestream withJD Digital, a subsidiary of JD.com, which is one of the largest e-commerce platform in China. He introduced the current phase of the data industry, privacy-preservingcomputation technology, and ARPA’ and JD Digital’s joint effort in the financial data field.
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ARPA Invited to Borderless Online Summit
On May 27, Co-founder and CEO Felix Xu of ARPA was invited to Borderless Online Summit and shared his view on the topic of “Has the Moment Come for Privacy-preserving Computation?”.
https://preview.redd.it/zfqjrzwoy8351.jpg?width=1000&format=pjpg&auto=webp&s=83f1bb808581052fa62d4b478b0a869e9683b9c9
Felix shared his opinions on the current situation of the data industry, privacy computing technology, and the implementation scenarios of ARPA’s MPC. He also pointed out that, risk control and blacklist sharing of financial institutions have an urgent need for privacy-preserving computation and will therefore have an organic adoption for MPC.
ARPA Foundation Burnt 10mil ARPA Tokens
On May 27, ARPA foundation conducted a new round of monthly token burn. 10,000,000 ARPA tokens were burnt from its reserve. This is worth about $110,000 at the time of burn. The amount burnt has been sent to the black hole address shown below.
Black hole address:
0x168115cf806009f8984f47c90033e9a9705b4f65
TXID:
0x1a2297af747a14982709c0faf111ae24c51ec92a06c6a1f3e147b1fb14da20f9
Browser address:
https://cn.etherscan.com/tx/0x1a2297af747a14982709c0faf111ae24c51ec92a06c6a1f3e147b1fb14da20f9
https://preview.redd.it/yqnsvlkqy8351.png?width=700&format=png&auto=webp&s=8893be2b99e14f4c175985d679e242b6780b45f1
ARPA Listed on HBTC
On May 28, ARPA was Listed on HBTC and launched three promotions. A limited amount of ARPA tokens were offered at 25% to 50% discount, and 2.2 million ARPA tokens were sold out within 36 seconds.
https://preview.redd.it/6iyktsusy8351.jpg?width=5000&format=pjpg&auto=webp&s=d365f69b7e222642dd5170169310dec0eeac829a
For more information about the promotions, click the link below:
Hold HBC & Subscribe to ARPA and Enjoy 25%-50% Discount
Dear users, To celebrate the launch of the ARPA project, HBTC will launch event called Hold HBC & Subscribe to ARPA and…hbtc.zendesk.com
ARPA & HBTC Conducted Online Live Streaming
On May 28, Felix Xu, Co-founder and CEO of ARPA and Global Business Vice-president of HBTC Elsa conducted two online AMA live-streaming programs.
https://preview.redd.it/2ylnvlduy8351.jpg?width=1200&format=pjpg&auto=webp&s=dc9f84d499477df3b59b5bef0270ff0bc2b426fd

About ARPA

ARPA is a blockchain-based solution for privacy-preserving computation, enabled by Multi-Party Computation (“MPC”). Founded in April 2018, the goal of ARPA is to separate data utility from ownership, and enable data renting. ARPA’s MPC protocol creates ways for multiple entities to collaboratively analyze data and extract data synergies, while keeping each party’s data input private and secure. ARPA allows secret sharing of private data, and the correctness of computation is verifiable using information-theoretic Message Authentication Code (MAC).
Developers can build privacy-preserving dApps on blockchains compatible with ARPA. Some immediate use cases include: credit anti-fraud, secure data wallet, precision marketing, joint AI model training, key management systems, etc. For example, banks using the ARPA network can share their credit blacklist with each other for risk management purposes without exposing their customer data or privacy.
Team members have worked at leading institutions such as Google, Amazon, Huawei, Fosun, Tsinghua University, Fidelity Investments. ARPA is currently assisting the China Academy of Information and Communications Technology in setting the national standard for secure multi-party computation. ARPA is a corporate member of MPC Alliance and IEEE and is in partnership with fortune 500 companies to implement proof-of-concepts and MPC products. In 2019, ARPA was named as the Top 10 most innovative blockchain companies in China by China Enterprise News and China Software Industry Association.
For more information about ARPA, or to join our team, please contact us at [email protected].
Learn about ARPA’s recent official news:
Telegram (English): https://t.me/arpa_community
Telegram (Việt Nam): https://t.me/ARPAVietnam
Telegram (Russian): https://t.me/arpa_community_ru
Telegram (Indonesian): https://t.me/Arpa_Indonesia
Telegram (Thai): https://t.me/Arpa_Thai
Telegram (Philippines):https://t.me/ARPA_Philippines
Telegram (Turkish): https://t.me/Arpa_Turkey
Telegram(Sri Lanka):https://t.me/arpa_srilanka
Korean Chats: https://open.kakao.com/o/giExbhmb (Kakao) & https://t.me/arpakoreanofficial (Telegram, new)
Medium: https://medium.com/@arpa
Twitter: u/arpaofficial
Reddit: https://www.reddit.com/arpachain/
Facebook: https://www.facebook.com/ARPA-317434982266680/54
submitted by arpaofficial to u/arpaofficial [link] [comments]

The History, The Current State And The Future Of NavCoin

The History, The Current State And The Future Of NavCoin

This is it. If you're interested to see what NAV is all about, this is the ultimate guide for you. You will learn about the history of NavCoin and how it evolved. You will learn about the current state and features of NavCoin and you will learn about the exciting new features that are planned and coming up in the (near) future.
So buckle up, this is going to be a long ride!

Table Of Content


Introduction - What is NavCoin?


The History

Introduction
The following chapter will summarize and break down the history of NavCoin in a few sentences. NAV started a long time ago, went through rebrandings and changes of the core team before it became what it is today.

SummerCoin
NavCoin was initially first introduced under the name SummerCoin on April 23 in 2014. SummerCoin was a fork of the Bitcoin blockchain. It used to have a PoW/PoS hybrid algorithm with a block time of 45 seconds.

SummerCoinV2 /NavajoCoin
Soon after the initial launch of SummerCoin, the original developer left and SoopY (soopy452000 on bitcointalk) took over as the main developer and rebranded the project to SummerCoinV2 respectively NavajoCoin and introduced new features.
The name NavajoCoin was chosen in honor of the Navajo Code Talker. The unbreakable Navajo code was used to encrypt highly classified military information and commands and decrypt the same in WW II.
SoopY introduced a technology which allowed sending transactions anonymously and private. This technology was called "Navajo Anonymous Technology". SoopY also released a new wallet and set the Proof of Stake rewards at 10% for the first year, 5% for the second year and 2% for every year after.

NavCoin
On August 12, 2014, Craig (current lead core developer, pakage on bitcointalk) started to get involved with NAV by helping to set up a website [10].
It was officially announced that Craig joined the core team as a "Wallet & Web Developer" on November 06, 2014.
The last tokenswap and restart of the blockchain of NAV happened on May 12, 2016.
Soon later, SoopY stopped showing up and Craig stepped into the role of the lead core developer. Since then, Craig has assembled a strong team with which he built NavCoin into what it is today.
Currently, Craig and the NavCoin Core team is located in New Zealand and they are actively developing many ground-braking features which differentiate NAV from other cryptocurrencies. You will read more about that later in this article.

The Current State

Introduction
The year 2018 has been a thriving year for the NavCoin ecosystem. Despite the USD price of NAV not reflecting it, in 2018 the core team has developed a whole bunch of new features. Also the core content creators published the first official guidelines that function as an orientation guide for community content creators. This chapter will give you an overview of the current team, the features, the prior mentioned guidelines and the community of NavCoin.

Core Team [1]
Last year, the core team has grown alot. It contains of developers, content creators and interns. The core team are employees of Encrypt S, the New Zealand's leading blockchain R&D lab. Encrypt S is developing blockchain solutions since 2014 and values building open-source software highly.

Craig MacGregor - Chief Executive Officer
Craig is the CEO of Encrypt S and the founder of NavCoin. He is one of the world's most experienced blockchain developers. Craig founded NavCoin in 2014 and is developing software for it since then. He has assembled a strong team of like-minded people. Craig also speaks at seminars and conferenced. Some of the companies and conferences he did blockchain education sessions at are Oracle, Xero, Air New Zealand, Blok Tex and trademe. Together with the team, he is also doing a education series on YouTube where he explains upcoming features in-depth for the community.

Alex Vazquez - Chief Technical Officer
Alex is the CTO of Encrypt S and the most active contributor to the NavCoin core Github. He has incredible knowledge of blockchains and proposes and implements solutions for challenges and features. He supports community developers frequently and answers any questions of the community thoroughly. Like Craig, Alex is developing software for the NavCoin ecosystem for a very long time. Alex speaks at universities at times and educates students about the blockchain technology.

Paul Sanderson - Lead Software Engineer
Paul is the Lead Software Engineer at Encrypt S. He has a flair for technology. His technical and management skills are perfectly suited for consultancy and investment advising. He also frequently contributes to the NavCoin core source code.

Rowan Savage - Senior Software Engineer
Rowan is a full stack software engineer with more than a decade experience in developing complex front-end web applications. He joined Encrypt S in February 2018 and has since been involved in the Valence Plattform, the Kauri Wallet and NavCoin Core. You will read more about these feature/projects later.

Carter Xiao - Lead UX/UI Designer
Carter specializes in user-centric design and is also very talented with 3D animation, motion graphics and programming. One of NavCoins core principle is "Simplifying Crypto" and UX/UI is a very important part of that.

Matt Paul - Software Engineer
Like Rowan, Matt is a full stack Software Engineer. He joined the core team in Mai 2017 and has since worked on NavPay, NavPi, the Kauri Wallet and NavCoin Core. Kieren Hyland - Chief Strategy Officer Kieren is one of the employees that are working for Encrypt S for a very long time. He is the CSO and is a digital strategist and growth hacker with a passion for new technology and has a lot of experience in online marketing. Laura Harris - Creative Director Laura has a combination of commercial and creative flair. She manages the social media accounts for NavCoin and ensures, that NavCoins' message is always powerful, relevant and distinctive. John Darby - Content Creator John is an internationally awarded Technology and Financial sector marketing communications specialist. He is one of the Core Content Creators for NavCoin.

Features of NavCoin [2]
The following features are currently available and have been developed in the last months and years. It is sorted from newest to oldest.

Static Block Reward
The soft-fork for the enabling of static block rewards have been accepted and became active recently at 5th January 2019. This means, that the block reward was changed from a percentage based reward to a static reward. This will incentivize the stakers to have their node online 24/7 which increased the security of the network. It also aligns NavCoin with the PoSv3 specification. With this implementation, the yearly inflation will be 3.6% currently and will exponentionally decrease because of the static value of the rewards. Every staked block will now give the staker 2 NAV. Depending on how many people are staking, the yearly percentage varies. With the network weight currently being around 20'000'000 NAV, stakers earn around 10% rewards from staking 24/7.

Cold staking
To provide extra security to participants in the staking process in the NavCoin network, the core team decided to implement cold staking. This allows to store NAV offline and still be able to sign staking inputs. Looking forward, a possible integration into the Ledger Nano S would mean, that one can stake NAV securely from a offline hardware wallet. How cool is that?

OpenAlias
One of the core principle of NAV is to simplify cryptocurrencies. Many non-technical people are deterred from the long, cryptic addresses used in wallets. When sending funds, you have to make sure that every single letter and digit is correct which is nerve-wracking for the average person. NavCoin has implemented OpenAlias, which allows to transform the wallet address into a email-like form. Everyone can register a name like "[[email protected]](mailto:[email protected])". Funds can then be sent to this name, which makes sending crypto much easier and less error-prone.

Community Fund
This is the one big feature I was most excited about. NavCoin core has implemented the first fully decentralized community fund. Acceptance of proposals and release of funds is all approved by the decentralized network. No central authority has access to the fund. The community fund enables everyone to propose their ideas to the NavCoin community and to get paid to implement these ideas. Everyone can propose whatever they like (of course there is a higher rate of success if the proposal contributes to the NavCoin ecosystem ;-)). In fact, this article was sponsored by the NAV-Community by voting "yes" for my proposal. The fund works like this:
For a fee of 50 NAV, everyone can create and present his idea/proposal to the entire NavCoin network. The fee is here to help prevent spam attacks. Proposals can literally be anything - be it development, marketing or anything else you can some up with.
After creating the proposal, everyone contributing to the NavCoin network can then decide if they like the proposal of not. They vote with "Yes" or "No" for the acceptance of the proposal. Voting happens via staking. Every transaction that gets validated by you gives you one vote. This means that the more NAV you are staking, the higher your voting weight is.
The proposal stays in the state "Pending" until it is accepted or rejected. To be accepted, a proposal has to have a participation of at least 50% of all staked blocks and at least 75% of these votes have to be "Yes"-votes. Like-wise to be rejected a proposal need 50% participation of the network and 75% of these votes have to be "No"-votes. Additionally, if a proposal didn't pass after 6 voting cycles (about 6 weeks) it is also rejected.
After a proposal has been accepted, the creator of the proposal can start his work. When the work is finished, or at in the proposal defined checkpoints, the proposal creator can create a payment request for the full or part of the requested funds.
The NavCoin network can then again decide, if the work is what the creator promised to do and vote for the funds or reject the payment request because it was not what he promised. This mechanism ensures, that the funds are only release if the creator of the proposal did what he promised. The NavCoin network decides everything, there is no central authority which makes the community fund 100% decentralized.
The community fund is quite new but there have already been some proposals that were accepted like paying for the development & hosting of NAV block explorer, the creation and distribution of NAV car stickers to the community for free (or paid by the community fund), the funding of interns for NavCoin Core, translation of the website into other languages and YouTube videos. What ideas could you come up with? By the way: this article was also sponsored by the community fund :-)

Proof of Stake
Like said before, NavCoin uses the Proof of Stake algorithm to create and validate blocks. Participants of the NavCoin network can earn rewards by putting their coins to stake and thus validating blocks and securing the network. The reward used to be 4% fixed but recently changed with the implementation of PoSv3. Currently, rewards for stakers that are staking 24/7 is about 10% but it is dependent on how many people are staking. If more nodes come online, this reward will go down. If 90% of all NAVs would be at stake, stakers would still earn 4%.

Tutorials And Guidelines [3]
The NavCoin Core team pushes the community to contribute to the NavCoin ecosystem constantly. They emphasize that NavCoin is an open source project and everyone can contribute. The team tries to make it as easy as possible for the average person to contribute and thus created different tutorials and guidelines.

Tutorials To Contribute To The Website
The whole website is open source. Everyone can contribute to the website. The team created different guides for people to follow [4].

The NavCoin Developer Manifesto
The content creator core team has build a developer manifesto. It defines the values that should be uphold like for example that they will always operate in the best interest of the network. If defines the principles, purposes, scope of involvement and operational requirements [5].

The NavCoin Content Creation Manifesto
Similar to the developer manifesto, there is also a content creation manifesto. Again it defines the principles for creating content, the purpose, the scope of involvement and the operational requirements [6].

NavCoin Brand Guidelines
In addition to the content creation manifesto, there is also a brand guideline booklet. This should help content creators to create images, videos, articles etc. in the same style as the core team. It defines the NAV brand. The brand guidelines contain definitions, the language to use (words to use, words not to use), the tone of voice, what the community aspires to be and what we discourage to be. It also contains the logo pack which can be used in graphics etc. It describes correct logo spacing, logo placement, the colors of NAV and different web assets. It gives tips about gradients and overlays, the typefaces (with a font pack) and many more. Check it out yourself [7].

NavCoin Educational Series
The core team has decided to actively involve the community in the creation of new features. For this reason and to allow users to ask questions, they created the NavCoin Educational Series. The core team schedules an online live meetup which can be joined by everyone. On YouTube they do live-streams and explain upcoming features. Examples of these series are explanations for cold staking, static rewards (PoSv3) and the community fund. The community can ask questions live and the core team will answer them immediately.

Community
During the last year there have been an influx of software developers from the community starting to create features for NAV.

navexplorer.com
An examples is navexplorer.com which is programmed by community developer prodpeak and is a block explorer for NavCoin. Additionally, it functions as a interface to see what is going on in the community fund. It shows pending proposals and payment requests.

NEXT Wallet
The NEXT Wallet is an alternative wallet for NAV and other cryptocurrencies. It has a beautiful user interface and is additionally the easiest interface to interact with the community fund (create proposals, create payment requests and vote for proposals and payment requests). It is programmed by community developer sakdeniz who put hundreds of hours into it during last year.

There were also some marketing activities starting to emerge with the release of the community fund. Some of these were for example free stickers for everyone in the NAV community to stick to their car / shop / window etc. or YouTube videos of CryptoCandor and Cryptomoonie that explained the details of NAV. I am sure, that with the 500'000 NAV available in the community fund per year there will be an influx of gread ideas - development as well as marketing activities - that will be funded.

The Future

Introduction
These features are planned for the future. Many of the following features are part of the 2019 roadmap. Some will not be described in great detail because not much is known about them yet. I've still listed them as they are part of what is yet to come.

Features
Rimu - Improved Privacy Solution
NavCoin used to be a optional privacy coin. That means, that you could choose to send a transaction in private. NavCoin was criticized for the way it handles private payments because it relied on a few servers which didn't make it that decentralized. The technology was called "NavTech" and was a secondary blockchain that obscured the transaction and the amount that was sent. NavCoin Core is currently developing a new improved privacy solution that will make the private payment system completely trustless and districuted and runs at a protocol level. Alex of the NavCoin Core team has published a paper that describes this new privacy solution. It's called Zero Confidential Transactions and can be found here: https://www.researchgate.net/publication/330366788_ZeroCT_Improving_Zerocoin_with_Confidential_Transactions_and_more. What I want to highlight is the collaboration between Alex as the proposer of the solution and the Veil team, a Bitcoin Core developer and Moneros main cryptographer as reviewers. When the best work together, it will be interesting to see what the outcome is!

Valence Plattform [8]
Valence is an applied Blockchain platform that can help businesses realise the tangible benefits of blockchain. You can think of Valence as a platform with which you can build Anonymous Distributed Applications (aDapps) with. But Valence is a different kind of platform that enables developers to create new types of blockchain applications. The problem with current (turing complete) dApp platforms are their complexity and rigid nature. Security holes in smart contracts and scaling issues happen frequently [9].
Valence provides transitional pathways that let businesses migrate only part of their activities to the blockchain without having to restructure their entire business model [9].
Valence will provide a spectrum of blockchain application solutions which sit along the decentralized spectrum, offering businesses simple ways to dip their toes into the blockchain at minimal risk or complexity [9].
Thanks to the proof of stake nature of the Valence blockchain, more of a node's resources can be used for processing and routing application data which makes the platform faster and scalable.
Valence aims to make building blockchain applications as accessible to the general public as WordPress or Squarespace has made building websites.
The developers NavCoin and Valence aim to make Valence extremely easy to work with:
A Valence application could be an open source mobile or web application that submits unencrypted or encrypted data directly to the blockchain. The only configuration necessary for the app developer would be setting up the data structure. Once they've done that they can start writing to the blockchain immediately.
The Valence blockchain interface is language agnostic, meaning developers are free to build applications in whichever language they're familiar with, which greatly reduces the barrier to entry.
As the platform progresses, Valence will introduce more and more smart contract templates in collaboration with the development community. These will be like plugins that users can simply select and configure for their application, without having to reinvent the wheel and risk contract errors or spend countless hours of research to program them.

NavShopper
The following information is taken from the latest weekly news: NavShopper is a new project which will allow people to spend NavCoin on a growing list of retailers and service providers. NavShopper sits between traditional retailers accepting fiat and NavCoin users and purchases products on behalf of the user by managing the crypt-fiat conversion, payment and shipping. This project will unlock many more ways for people to spend NAV on existing websites/marketplaces without requiring each site to individually accept cryptocurrencies. Some of the prototypes we are working on include crediting your Uber account, buying products on Amazon and donating to charities.

Kauri Wallet
The Kauri Wallet aims to be an open-source, multi-currency wallet which functions as a foundation for other features.

Kauri Enhanced
Enhancements to the Kauri Wallet will allow multiple accounts, pin numbers, recurring payments and more.

Kauri DAEx
The Kauri DAEx is a Decentralised Atomic Exchange that utilises the features of the Kauri Wallet and enables users to create safe peer to peer atomic exchanges for any currency supported by the Kauri Wallet. NavDelta NavDelta will be a payment gateway that allows users to spend NAV at any business which accepts currencies supported by the Kauri Wallet. NavMorph NavMorph is a fusion of Rimu and Kauri DAEx and will allow to privately send every cryptocurrency supported by the Kauri Wallet.

Outro

If you have made it this far: Congratulations! You have learned about how NAV evolved, what its current state is and what the future will bring. To sum all up: NavCoin has made incredible progress during last year and released many long awaited features despite the bear market. Many more exciting features are yet to come and it's going to be very interesting to see where we will stand on this day next year.

Giveaway

Unfortunately, the giveaway was not possible in the cryptocurrency-subreddit because of their rules, so I'm doing it here :-) As a surprise, in the next 2 hours I am going to send some NAV to everyone who wants to try out the awesome features and NavPay you read about above.
To get your NAVs, all you have to do is the following:
If you liked the experience, I'd be happy to hear back from you :)

References

[1] https://encrypt-s.com/company/
[2] https://navcoin.org/en/roadmap/
[3] https://navhub.org/get-involved/
[4] https://navhub.org/how-to-guide/
[5] https://navhub.org/assets/NavCoinDeveloperManifesto.pdf
[6] https://navhub.org/assets/NavCoinContentManifesto.pdf
[7] https://navhub.org/assets/NavCoinBrandGuidelines.pdf
[8] https://valenceplatform.org/
[9] https://valenceplatform.org/learn/business-on-the-blockchain-made-easy/
[10] https://bitcointalk.org/index.php?topic=679791.msg8320228#msg8320228
submitted by crypto_sIF to NavCoin [link] [comments]

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