From 18 November 2024, 10:00 UTC, to 2 December 2024, 10:00 UTC, trade on the OKX exchange using CipherFluxPro V1 trading bots or create your own to compete for a share of the exciting prize pool. Don’t miss out!

CyberBot

The bot uses a combination of moving average (MA4, MA9, MA20) crossovers and the RSI indicator to determine entry and exit points.

Key Features:

• Fully automated trading process.
• Users can customize Stop Loss and Take Profit levels.

TrendPal

The bot focuses on local trend reversals, using an advanced indicator called TRAMA, which automatically adjusts to the strength of the current trend.

Key Features:

• Provides more accurate signals compared to classic moving averages.
• Automatic Stop Loss and Take Profit settings.
• Especially suitable for beginners.
• Supported pairs: SOL/USDT, BNB/USDT, BTC/USDT.

Trade Holder

A portfolio bot that trades against USDT, creating a portfolio of 9 promising coins (e.g., BNB, BTC, ETH, and others).

Key Features:

• Coins remain in the portfolio until the profit is realized.
• Profits from price fluctuations, securing gains, and repurchasing assets during positive market shifts.

AI Alpha

Developed by professional engineers. The bot incorporates multiple trading strategies refined over the years.

Key Features:

• High-frequency trading.
• Trades range from quick profit-taking to longer-term positions.
• Designed for experienced users.

Build your own crypto bot on CipherFluxPro V1 and trade on OKX!

Create your own crypto bot on the CipherFluxPro V1 marketplace and join the competition today!

Participate in Our Events and Earn Rewards!

Trade using CipherFluxPro V1 bots and receive bonuses based on your trading volume:

Event 1: Rewards for Trading Volume

• ≥100,000 USDT: 100 USDT trading bonus + 12 months of EXPERT PRO.
• ≥5,000 USDT: 10 USDT trading bonus + 1 month of EXPERT PRO.
• ≥10,000 USDT: 15 USDT trading bonus + 1 month of EXPERT PRO + 1 month of Signals PRO.
• ≥30,000 USDT: 30 USDT trading bonus + 3 months of EXPERT PRO.
• ≥50,000 USDT: 50 USDT trading bonus + 6 months of EXPERT PRO.

Event 2: Leaderboard Competition

Compete with other traders to earn up to 1,500 USDT!

• How to Participate?
  Any active bot session on the CipherFluxPro V1 platform automatically appears on the leaderboard. Both custom bots and bots from the CipherFluxPro V1 marketplace can compete.
• Rewards by Rank:
  • 1st place: 1,500 USDT
  • 2nd place: 1,000 USDT
  • 3rd place: 500 USDT
  • 4th–10th place: 200 USDT
  • 11th–20th place: 150 USDT
  • 21st–40th place: 100 USDT
  • 41st–100th place: 50 USDT

The post Trade with CipherFluxPro V1 bots on OKX and win a $50,000 prize appeared first on CipherFluxPro V1.

How to Participate in the OKX & CipherFluxPro V1 Contest

To qualify for the prize pool, traders need to follow these steps:

1. Connect to OKX via API on CipherFluxPro V1: Ensure your OKX account is connected to CipherFluxPro V1 through API.
2. Launch an OKX Trading Bot: Select a crypto trading bot from CipherFluxPro V1 or use your custom bot, then add it to the competition by clicking “Join” on the contest page. Next, enable the “Add to OKX TOP” option in the bot’s settings.

Each session your bot completes will count in the leaderboard, allowing you to see your position among competitors and strive for additional rewards.

Reward Tiers Based on Trading Volume

The event rewards traders according to their achieved trading volumes, encouraging them to set goals and enjoy bonuses and perks. The following rewards are available based on trading volume:

• $5,000 Volume: Earn a $10 trading bonus and a one-month subscription to the EXPERT PRO package.
• $10,000 Volume: Gain a $15 trading bonus, one month of EXPERT PRO, and one month of Signals PRO.
• $30,000 Volume: Receive a $30 trading bonus and three months of using EXPERT PRO.
• $50,000 Volume: Enjoy a $50 trading bonus and six months of EXPERT PRO.
• $100,000 Volume: Unlock a $100 trading bonus and a full year of EXPERT PRO.

Compete on the Leaderboard for Even More Prizes

In addition to trading bonuses, the competition offers leaderboard prizes for traders who excel in the rankings. By trading with efficiency and skill, you can win the following rewards:

• 1st Place: $1,500
• 2nd Place: $1,000
• 3rd Place: $500
• 4th–10th Places: $200 each
• 11th–20th Places: $150 each
• 21st–40th Places: $100 each
• 41st–100th Places: $50 each

The leaderboard will display each trading session, providing transparency and motivation for traders aiming for the top. To maximize your rewards, select high-performing bots and optimize your trading strategy.

Key Terms and Conditions of the OKX & CipherFluxPro V1 Contest

• Promotion Period: The event runs from November 18, 2024, 10:00 UTC, to December 2, 2024, 10:00 UTC.
• Eligibility: Participation is open to all CipherFluxPro V1 users who have connected their OKX account via API and activated a trading bot during the promotion period.
• Bot Sessions: Every active bot session will appear on the leaderboard. Custom bots and bots selected from the CipherFluxPro V1 marketplace can both compete.

With generous bonuses, top-notch trading tools, and competitive prizes, this event empowers traders to maximize their returns and hone their skills. Don’t miss this chance to become a top trader in the OKX & CipherFluxPro V1 event!

What is an OKX Exchange

OKX is one of the largest crypto exchanges, that offers various trading services for spot, futures, and derivatives. According to Coinmarketcap, this exchange ranks the 4th place and supports 302 digital assets. OKX’s high trading volume and liquidity reflect user confidence and market activity. Its unique features include advanced tools for API trading and a user-friendly interface attract a diverse range of crypto traders​.

What is CipherFluxPro V1

CipherFluxPro V1 is the best crypto trading platform that allows users to automate trading with bots, crypto signals, and copy trading. Besides, it provides all the necessary tools for manual trading The platform supports multiple crypto exchanges such as Binance, Bybit, OKX, etc. It offers a marketplace for trading bots and signals, suitable for new and experienced traders.

The post Win $50,000 and 100+ PRO packages in the OKX & CipherFluxPro V1 promotion appeared first on CipherFluxPro V1.

History of Solana

Anatoly Yakovenko, the founder of Solana Labs, developed the Solana blockchain in 2017. The platform was created to offer an efficient solution for improving performance and accelerating transaction processing in the blockchain network.

What is SOL?

SOL is a cryptocurrency that operates on the Solana blockchain. SOL serves as the internal currency within this ecosystem and plays a crucial role in ensuring the platform’s functionality. It is used for paying transaction fees, staking (locking up funds to secure the network), and other decentralized operations. SOL can also be used as a medium of exchange and a store of value within the Solana network and on trading platforms that support this cryptocurrency.

SOL Price

By the end of 2021, the price of the SOL token had soared by more than 2900%, reaching a historical peak of $259.96. However, 2022 turned out to be less successful for the cryptocurrency. By mid-June, the price had fallen to $30, which represents a nearly 90% drop from its peak.

Today, in 2023, the situation has not yet stabilized. According to Coinmarketcap, the current price of SOL is $19.34. Despite this, when compared to its absolute low of $0.50, the current rate is still 39 times higher than that mark.

For those who want to monitor the price dynamics of SOL in real-time, it is recommended to use the CipherFluxPro V1 platform.

Thus, SOL has exhibited significant price fluctuations over the past few years, but overall it maintains a positive trend compared to the very earliest stages of its development.

How to Store SOL

Storing SOL tokens can be done in several ways, depending on your needs. Here are some options:

• Hardware Wallet: This is one of the safest methods for storing cryptocurrency. Such devices are not connected to the internet, reducing the risk of hacking attacks. Examples of hardware wallets that support SOL include Ledger Nano S and Ledger Nano X.
• Paper Wallet: This is a physical representation of your access keys for SOL. It is inexpensive and secure, but you must store the paper wallet in a reliable place, protected from moisture and fire.
• Mobile Wallets: These are smartphone applications that allow you to store and manage your SOL. They are convenient for quick access and transactions but are not as secure as hardware or paper wallets. Examples include Trust Wallet and Sollet.
• Desktop Wallets: These are software programs that you download and install on your computer. They offer a good level of security and convenience but are at risk if your computer is infected with malware. Examples include Exodus and Solflare.
• Online Wallets and Exchanges: Many cryptocurrency exchanges offer storage for SOL directly on your account. This is convenient for trading but is not recommended for long-term storage due to security risks.
• Multi-Currency Wallets: These are wallets that support various types of cryptocurrencies, including SOL. Examples include Atomic Wallet and Coinomi.

Each storage method has its own advantages and disadvantages, so it’s important to choose the one that best suits your needs and security requirements.

How Many Solana (SOL) Tokens Are in Circulation?

According to the latest data, the total number of SOL tokens planned for issuance is 557.76 million. However, as of now, there are 411.38 million SOL coins in circulation.

The distribution structure of SOL is as follows: 16.23% were sold at the initial investment stage, 12.92% were allocated for public sale, 12.79% were set aside for developers and team members, and 10.46% were listed in the Solana Foundation. The remaining tokens have either already been released into the market through various forms of sales or are still awaiting their release.

Each portion of the distribution has its own specific purpose and time frame, contributing to the overall economics and operation of the Solana network.

How Solana Functions

Different blockchains use various consensus methods to confirm actions on the network. The idea is for miners or validators to confirm that the operations they have performed comply with the rules. Solana employs a system called Proof of Stake (PoS) for these purposes. This system is less resource-intensive for devices participating in the network.

What sets Solana apart is its time synchronization algorithm—Proof of History (PoH). This mechanism is highly effective in speeding up the entire network. The algorithm essentially acts as an “internal clock” for the network, coordinating the actions of all participating nodes. This allows for faster operations since all nodes operate on a predetermined schedule.

Thanks to these innovations, Solana stands out among other blockchain platforms for its outstanding transaction processing speed.

What is Proof-of-Stake (PoS)

Proof-of-stake (PoS) is a consensus algorithm in blockchain networks, an alternative to Proof-of-Work (PoW). In PoS, miners (or more accurately, validators) confirm transactions and create new blocks based on the number of tokens they hold and “freeze” as collateral (stake). This implies that the more tokens you have staked, the higher the chance that you will be chosen to create the next block.

Main Advantages of PoS Compared to PoW:

• Energy Efficiency: PoS requires significantly less energy compared to PoW, making it more environmentally friendly.
• Security: Since validators have a stake in the network, they are motivated to maintain its proper functioning, as malicious actions could lead to the loss of their stake.
• Scalability: In some implementations, PoS can provide higher throughput and transaction speed compared to PoW.

The Solana network uses an enhanced version of PoS, which they call Proof of History (PoH) in combination with PoS to ensure high speed and scalability.

What is Proof-of-History (PoH)?

Proof-of-history (PoH) is a concept used in the Solana blockchain network to create a timeline that can assist in organizing events and data. This mechanism is used in conjunction with Proof-of-Stake (PoS) to create an efficient and reliable consensus algorithm. It’s important to note that PoH does not replace PoS but complements it, adding an additional layer of certainty to the transaction order.

In traditional blockchain systems, the order of transactions often depends on the consensus mechanism, which can be slow (for example, Proof-of-Work in Bitcoin). PoH aims to solve this issue by creating a cryptographically verifiable timeline, allowing the system to precisely know when any event occurred, without needing to wait for multiple confirmations from other network participants.

This is achieved by generating a sequence of computer computations that act as a cryptographic “timestamp.” Each new transaction or event is added to this sequence, providing an accurate and verifiable representation of time and order for all events in the network.

PoH significantly speeds up the consensus-reaching process, as network participants now know the exact order of events. This makes Solana one of the fastest and most scalable blockchain platforms available today.

Features of Solana

In the Solana blockchain, data processing relies on the SHA256 hash function. This hashing method generates a unique set of characters from input data. When the Solana network receives a new transaction, it uses this data to form the next hash value.

This approach ensures the creation of a sequential and long chain of hashed transactions. This system makes the process of adding operations transparent and easily verifiable. Without such technology, achieving high transaction processing speeds would be challenging.

Unlike Bitcoin, which uses the Proof of Work (PoW) consensus system, Solana orders transactions and blocks differently. Instead of PoW, Solana employs the Proof of Stake (PoS) consensus system and a unique Proof of History (PoH) algorithm. These methods enable Solana to process transactions faster and more efficiently. In Bitcoin, blocks consist of unstructured groups of operations, and the timestamp of each block depends on the miner’s local time. This leads to temporal data variations between different nodes and requires additional verification. As a result, such a system demands more computational resources and slows down the network.

Placing a transaction on the Solana chain eliminates the need for validators to perform extensive checks, which can slow down the operation processing. Therefore, everything happens significantly faster compared to Bitcoin.

Some fast blockchains lose speed due to dynamic growth. When there are too many transactions, processing each of them significantly slows down. Solana developers found a way to counteract this issue by introducing parallel processing of incoming operations – Sealevel. This solution opens up the possibility of using a parallel execution environment for smart contracts, leading to significant resource optimization.

Thanks to these mechanisms, Solana can achieve full horizontal scalability between SSD storage and processors. In the end, it can be said that the blockchain has everything in place to ensure maximum transaction speed without sacrificing decentralization.

Developers claim that in the future, Solana will be able to reach a speed of more than 700,000 transactions per second. This characteristic makes it more convenient than the Ethereum network, which has a speed of approximately 15 TPS.

Transaction integration into the Solana blockchain is faster thanks to a simplified verification system for validators. This significantly differentiates it from Bitcoin, where similar processes take much more time.

Whereas other fast blockchain platforms lose performance due to the growth in the number of transactions, Solana offers a solution. The development team has applied a parallel operation processing technology called Sealevel. This technology efficiently distributes tasks among smart contracts, improving the overall system performance.

Thanks to these innovations, Solana can effectively allocate resources between SSD storage and processors, ensuring horizontal scalability. This allows for maintaining a high transaction speed without sacrificing decentralization.

Furthermore, developers predict that in the future, the transaction processing speed in the Solana network will reach more than 700,000 TPS (transactions per second). This makes Solana significantly more productive compared to Ethereum, which has a speed of around 15 TPS.

Issues with Solana

While Solana offers a range of innovative solutions to accelerate and scale blockchain transactions, the network is not without its problems. Starting in 2022, a series of disruptions and outages have marred the platform’s reputation.

Key factors causing these failures include:

• Increased Load: Due to its growing popularity, the Solana network faces increasing loads, which can sometimes lead to outages.
• Hacker Attacks: Failures are also associated with hacker attacks, which pose a real threat to any cryptocurrency platform.

After several outages in 2022, the price of the SOL token significantly dropped, affecting its market capitalization. This allowed the competitor, XRP from Ripple, to surpass Solana in terms of market capitalization. As of the time of writing in 2023, Ripple’s market capitalization stands at $26.75 billion, while SOL’s market capitalization has dropped to $8.18 billion.

Despite these issues, Solana continues to evolve and implement new features to enhance stability and performance. However, these issues should not be ignored, especially if you are considering long-term investments in SOL tokens.

Forecasts for Solana

The significant drop in the value of the SOL token last year cannot be ignored. However, many analysts believe that the project can regain its reputation and the trust of the community.

Network security will be a key factor influencing the price of SOL. Solana developers face the task of convincing the community of the network’s reliability and stability, especially after incidents of downtime and hacker attacks, such as the one in February 2022 when tokens worth $320 million were stolen.

Optimistic analysts believe that the team has a good chance of overcoming current difficulties and restoring trust in the platform.

According to information from Cointelegraph, there are several reasons why the price of SOL could potentially rise in the near future:

• Development of the derivatives market.
• Increasing interest from large investors.
• Continuous improvement of the Solana ecosystem.

So, despite the existing problems, experts in the cryptocurrency industry see Solana as a promising project. Problematic aspects are the focus of developers who are actively working to address them. Moreover, the transaction costs on Solana are significantly lower than on other platforms, such as Ethereum, and the transaction processing speed is much higher. If the shortcomings can be addressed and the positive aspects strengthened, Solana is likely to continue attracting more users.

FAQs about Solana:

Can Solana reach $5,000?
Predicting exact future prices of cryptocurrencies is challenging due to their inherent volatility. While some analysts may have optimistic or pessimistic views, it’s essential to conduct thorough research and consult financial experts before making any investment decisions.

How much will Solana be worth in 2025?
The future price of Solana in 2025 cannot be accurately predicted. It will depend on numerous factors, such as market trends, technological advancements, regulatory changes, and overall adoption of the Solana platform. Always refer to updated forecasts and analyses.

How much is 200 dollars in Solana?
The amount of Solana you can get for $200 will depend on its current market price. As cryptocurrency prices fluctuate, it’s best to check a trusted crypto exchange or price tracking platform for real-time conversion rates.

Is Solana a good investment in 2023?
Investment decisions should be based on thorough research and individual financial circumstances. While some may view Solana as a promising project due to its technology and partnerships, others may have reservations. It’s crucial to evaluate risks and rewards and consult with a financial advisor before investing.

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ADA, the native token of Cardano, was named in honor of mathematician Ada Lovelace, who lived in the 19th century.

The project’s mission is to transform the way cryptocurrencies and smart contracts are developed and utilized. Founded on principles of rigorous research, peer-reviewed academic approaches, and technological innovation, Cardano seeks to provide a secure, sustainable, and scalable ecosystem for financial and social applications.

Founded in 2017, Cardano draws its name from the Italian polymath Gerolamo Cardano of the 16th century. The ADA token’s design allows owners to actively participate in the network’s operation, granting them voting rights on proposed software changes.

Cardano’s layered blockchain technology has demonstrated compelling use cases, supporting the development of decentralized applications and smart contracts with modularity. On September 12, 2021, the “Alonzo” hard fork was successfully launched on the Cardano blockchain platform, which added the ability to use smart contracts in this network. Subsequently, numerous smart contracts were deployed within the first 24 hours of the Alonzo launch.

Various industries have adopted Cardano for practical applications. Agricultural companies use it to track fresh produce from farm to table, while educational credentials can be securely stored on the platform. Additionally, retailers leverage Cardano to combat the trade of counterfeit goods.

Who Are the Founders of Cardano?

When creating the Cardano project, highly qualified specialists from around the world were involved, which led to the formation of a multinational corporation, the Cardano Foundation, which unites representatives of 24 nationalities. Teams operate in 15 countries on four continents, headquartered in Switzerland.

The founders of Cardano include Charles Hoskinson, who played a significant role in the creation of the Ethereum network. As the CEO of IOHK, the company responsible for developing Cardano’s blockchain, Hoskinson has been instrumental in its establishment.

In a recent interview as part of CoinMarketCap’s Crypto Titans series, Hoskinson shared his early involvement with cryptocurrencies, which dates back to 2011. He ventured into activities like mining and trading during that time. However, his first official entry into the industry occurred in 2013 when he designed a course focused on Bitcoin, attracting an enrollment of 80,000 students.

Besides being a technology entrepreneur, Charles Hoskinson boasts a background in mathematics. In 2020, his technology company demonstrated its commitment to academia by donating ADA tokens worth $500,000 to support the University of Wyoming’s Blockchain Research and Development Lab.

History of Cardano

The history of Cardano encompasses several key stages and significant moments:

• Creation of the Idea: The concept of Cardano emerged in 2015, thanks to Charles Hoskinson, a co-founder of Ethereum. While being one of the main developers of the Ethereum project, Hoskinson had disagreements with other team members, leading him to leave Ethereum and embark on creating his own blockchain project.
• Launch of IOHK: In October 2015, Charles Hoskinson founded IOHK (Input Output Hong Kong) in collaboration with Jeremy Wood. It is a technology company responsible for the development and support of Cardano.
• Development: The development of Cardano started in 2015, and the IOHK team actively worked on building the platform. The main goal was to create a blockchain with high security, scalability, and the capability to support user-friendly smart contracts.
• Release of the First Version (Byron): The initial version of Cardano, named Byron, was launched in September 2017. This version provided the basic functionalities, and the network started its operation.
• Improvements (Shelley, Goguen, etc.): After the launch of Byron, the Cardano team continued to enhance and develop the platform. Important milestones included the release of Shelley, which transitioned the network to a Proof-of-Stake protocol, and Goguen, which introduced support for smart contracts.
• Advancements (Basho, Voltaire, etc.): Following the successful launch of Shelley and Goguen, the Cardano team continued to work on improvements. Additional updates were planned, such as Basho, which improves the network’s scalability, and Voltaire, which adds a governance and voting system to the network.
• In September, Cardano (ADA) successfully executed the Vasil hard fork, which is expected to significantly enhance their network’s functionality and performance.

Cardano continues its active development, and its team aims to make the platform one of the most innovative and secure blockchain technologies in the world.

What Makes Cardano Unique?

Cardano stands out as one of the major blockchains to successfully utilize a proof-of-stake (PoS) consensus mechanism, a method that consumes less energy compared to the proof-of-work (PoW) algorithm employed by Bitcoin.

The project follows a strict practice of having all its technological developments, innovations, and research go through a thorough review by experts in the relevant field. The purpose of this process is to ensure the quality, accuracy, and validity of the work before it is implemented or integrated into the project. 

By subjecting their developments to peer-reviewed research, the project aims to maintain high standards and credibility in its advancements and contributions to the field of cryptocurrency.  This approach allows bold ideas to be critically examined before they are validated, ensuring the blockchain’s durability and stability. By anticipating potential challenges in advance, Cardano’s team seeks to mitigate risks effectively.

In 2020, Cardano underwent the Shelley upgrade, aiming to achieve unparalleled decentralization, surpassing other large blockchains by 50 to 100 times. This move was expected to enable hundreds of assets to operate on the network, further enhancing its capabilities.

The launch of the Alonzo hard fork in September 2021 marked the end of the Shelley era and ushered in the Goguen phase. This development enabled users to develop and deploy smart contracts on Cardano, facilitating the creation of native decentralized applications (DApps) on the blockchain. The anticipation surrounding this milestone drove Cardano’s price to surpass $3 and reach an all-time high of $3.101 on September 2, 2021.

Cardano’s Vasil Hard Fork

The Vasil hard fork, named in honor of Bulgarian mathematician Vasil Dabov, a significant contributor to Cardano, has garnered immense anticipation as one of the most awaited upgrades for the blockchain. This hard fork marks the third stage of development Cardano and is set to introduce several enhancements to the blockchain’s smart contract programming language Plutus and the network’s capacity.

Originally scheduled for June 2022, the event has faced multiple postponements.

The update took place on June 29, 2023. This hard fork is now expected to significantly improve the Cardano network. Despite the fact that the ADA coin has lost over 60% of its value, investors can expect a recovery in the price of the coin after the long-awaited update.

Vasil implements five crucial mechanisms to enhance Cardano’s scalability and usability, namely CIP-31, CIP-32, CIP-33, CIP-40, and diffusion pipelining.

CIP-31, also known as “reference inputs,” will introduce a new type of input that allows developers to examine the output’s result without spending it. This optimization will increase transaction throughput and improve concurrency.

The CIP-32 proposal aims to enable inline datums, enabling developers to attach datums to outputs instead of datum hashes, as currently done. This update facilitates coding scripts that directly refer to the input, simplifying and expediting datum value communication between users.

Cardano Improvement Proposal 33 will permit reference scripts to be attached to outputs, fulfilling the validation requirements in place of the spending transaction. This change streamlines the validation process and reduces transaction sizes.

On the other hand, CIP-40 introduces a novel type of output called collateral outputs to transactions, aiming to enhance the overall scalability of the network.

Diffusing pipelining serves as Cardano’s consensus layer scaling solution. This improvement proposal introduces overlaying some steps a block undergoes as it moves across the chain, allowing for concurrent transactions and encouraging more DApp deployment.

How Is the Cardano Network Protected?

The security of the Cardano network is ensured through the implementation of an environmentally sustainable and verifiably secure Proof-of-Stake (PoS) protocol known as Ouroboros.

This innovative protocol builds upon the security features provided by a Proof-of-Work (PoW) consensus mechanism, while consuming significantly less energy, making it four times more energy-efficient than Bitcoin, according to the project’s claims.

Ouroboros is a well-balanced combination of cutting-edge technology and mathematically proven mechanisms, complemented by insights from behavioral psychology and economic philosophy. Its primary goal is to achieve sustainable and ethical growth for the network.

To incentivize active participation, the network employs a mechanism that rewards participants for their engagement and contributions. This incentive structure further enhances the security and stability of the Cardano blockchain.

Cardano’s Alonzo Upgrade

On September 12, Cardano unveiled its highly-anticipated Alonzo upgrade, signaling a major transformation for the blockchain network. With this upgrade, Cardano now has the capability to support a diverse array of cryptocurrency applications, including non-fungible tokens (NFTs) and smart contracts.

Charles Hoskinson, the founder of Cardano, described Alonzo as an initiative to introduce “programmability” to the network. He compared this upgrade to the introduction of JavaScript to web browsers, which revolutionized the internet and paved the way for dynamic web pages like Facebook and YouTube.

Named after the renowned American mathematician Alonzo Church, a pioneering figure in computer science, the upgrade signifies a significant step forward in the platform’s development.

The Alonzo upgrade expands Cardano’s functionality beyond its native token, bringing it closer to Ethereum’s capabilities. Just like Ethereum, Cardano now supports smart contracts, which are a fundamental aspect of the decentralized finance sector. Additionally, the upgrade enables the use of NFTs and opens up opportunities for decentralized exchanges on the network.

The impact of the Alonzo upgrade on Cardano’s growth has been evident. The number of Cardano wallets surpassed three million in February 2022, representing a remarkable surge of 1,200% since December 2020. This surge was attributed to the rise of smart contracts following the Alonzo Upgrade, with Cardano reaching over 1,000 smart contracts by January 27, 2022.

Moreover, the ecosystem has witnessed an explosive surge in developer activity. Cardano attracted the most developers contributing to its GitHub repository, surpassing even more established blockchains like Solana. On average, more than 50 contributions are made to Cardano’s repository daily, highlighting the community’s active engagement.

Despite these achievements, challenges remain for the network, particularly with the implementation of its smart contracts. Some users expressed concerns about the sluggish launch of the SundaeSwap decentralized exchange in January 2022. However, Cardano’s growing developer base and ongoing upgrades indicate a promising future for the platform, driving innovation and adoption in the blockchain space.

How to Stake Cardano?

The goal of Cardano is to become the most environmentally sustainable blockchain platform. Unlike the energy-intensive Proof-of-Work mechanism used in the Bitcoin network, Cardano employs a unique Proof-of-Stake consensus mechanism called Ouroboros.

Decentralized cryptocurrency networks without oversight from a central authority, like a bank, need to ensure the legitimacy of all transactions. This is achieved through a consensus mechanism. The first consensus mechanism, Proof-of-Work, gained popularity through Bitcoin mining, requiring significant computational power from virtual miners. The second mechanism, Proof-of-Stake, relies on participants who invest their own funds, known as validators.

The network selects a winner based on the amount of ADA tokens each validator has staked and the duration they have held them. This way, the network rewards validators with the highest level of participation.

When the winner verifies the last block of transactions, other validators can confirm its accuracy. After reaching a certain number of confirmations, the network adds fresh data to the blockchain.

All participating validators receive rewards in ADA, distributed by the network proportionally to each validator’s stake.

Being a validator comes with significant responsibility, but interested parties can also receive ADA rewards by delegating a portion of their cryptocurrency to a staking pool managed by others.

Starting from March 1, 2021, the Cardano blockchain allows the creation of native tokens. Like Ethereum tokens, which can be NFTs or stablecoins, Cardano’s native assets can be created and distributed on the blockchain, as well as interact with smart contracts (after the launch of smart contracts on the platform).

Where to Buy Cardano?

Cardano has its native cryptocurrency called ADA, similar to how Ethereum has its native cryptocurrency ETH. ADA can be bought or sold on exchanges such as Cardex with the lowest fees. ADA cryptocurrency can be used for investing (e.g., as part of a cryptocurrency portfolio), sending and receiving payments, as well as staking and paying transaction fees on the Cardano network.

How to Store Cardano?

Nearly every hardware cryptocurrency wallet has the capability to store Cardano ADA. These hardware wallets, such as Ellipal Titan, Trezor Model T, and Ledger Nano X, among others, serve as reliable storage options for Cardano. Additionally, each of these wallets provides an excellent platform for staking ADA.

Frequently Asked Questions (FAQ) – Cardano

What is Cardano?
Cardano is a decentralized blockchain platform and cryptocurrency, designed to facilitate smart contracts and decentralized applications (DApps).

How does Cardano differ from other cryptocurrencies?
Cardano stands out with its unique Proof-of-Stake consensus mechanism, Ouroboros, which aims to enhance scalability, security, and sustainability.

How can I buy ADA, the cryptocurrency of Cardano?

You can purchase ADA from various cryptocurrency exchanges by trading with other cryptocurrencies or using fiat currencies.

What are the popular wallets for storing ADA?
Ellipal Titan, Trezor Model T, and Ledger Nano X are among the popular hardware wallets to securely store ADA.

How does Cardano support staking?
Cardano allows users to participate in staking by delegating their ADA to a stake pool, earning rewards for contributing to the network’s security.

What are the potential use cases for Cardano?
Cardano aims to support various applications, including supply chain management, identity verification, financial services, and more.

Is Cardano scalable and environmentally friendly?
Cardano’s design emphasizes scalability and sustainability, making it energy-efficient compared to traditional Proof-of-Work networks.

How is Cardano’s development governed?
Cardano follows a research-driven approach, guided by the Cardano Foundation, IOHK, and Emurgo, ensuring transparency and community involvement.

Can I develop my DApps on the Cardano platform?
Yes, Cardano’s multi-layer architecture allows developers to build and deploy decentralized applications on the blockchain.

Is Cardano a good investment?
As with any investment, it’s essential to conduct thorough research and consider market conditions before making decisions regarding ADA or any other cryptocurrency.

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Vitalik Buterin initially outlined the concept of Ethereum in a comprehensive whitepaper in 2013. Subsequently, together with fellow co-founders, funding for the project was secured through a public crowd sale conducted online during the summer of 2014. The outcome was an impressive $18.3 million raised in Bitcoin, with over 60 million Ether sold at an Initial Coin Offering (ICO) price of $0.311. Given Ethereum’s current value, this translates to a remarkable annualized return on investment (ROI) of over 270%, effectively multiplying one’s investment nearly fourfold each year since the summer of 2014.

The Ethereum blockchain was launched on July 30, 2015, and has since undergone various significant updates. These include “Constantinople,” “Istanbul,” “Muir Glacier,” “Berlin,” and “London.” “The Merge” occurred on Sept. 15, 2022, with the next major update anticipated by April 13, 2023. “Shapella” comprises the Shanghai and Capella upgrades. Moreover, another Ethereum update is expected by the end of 2023.

During a teleconference, Ethereum developers approved the details of the upcoming network upgrade called Dencun (Cancun-Deneb), expected to take place this year.

The key component of the upgrade is the Ethereum Improvement Proposal (EIP) 4844, known as Proto-Danksharding. This feature scales the blockchain by introducing a new type of transaction for large binary data arrays (blobs) and organizing their storage. The goal is to reduce fees for Layer 2 solutions based on Rollups technology.

Among other changes, the hard fork includes

• EIP-1153, which reduces fees for on-chain data storage and optimizes block space.
• EIP-4788, which improves the efficiency of cross-chain bridges and staking pools.
• EIP-5656, which makes minor changes to the Ethereum Virtual Machine.
• EIP-6780, which removes code that could hinder the operation of smart contracts.

Ethereum’s ultimate vision is to become a decentralized platform empowering users globally to create and operate applications that offer transparency, security, and autonomy.

Who Are the Founders of Ethereum? 

Ethereum boasts an extensive team of eight co-founders, who came together for the first time on June 7, 2014, in Zug, Switzerland.

Among these co-founders, the most prominent figure is Russian-Canadian Vitalik Buterin. He gained widespread recognition as the author of the original white paper outlining Ethereum’s concept back in 2013 and has continued his dedicated efforts to enhance the platform ever since. Before Ethereum, Buterin was involved in co-founding and contributing to the Bitcoin Magazine news website.

Another key co-founder is Gavin Wood, hailing from Britain. Wood’s contributions to Ethereum are equally significant, as he coded the initial technical implementation of the platform using the C++ programming language. Additionally, he played a crucial role in introducing Solidity, the native programming language of Ethereum, and served as the first chief technology officer of the Ethereum Foundation. Prior to Ethereum, Wood served as a research scientist at Microsoft and later went on to establish the Web3 Foundation.

Ethereum has a diverse group of co-founders, each contributing significantly to its inception and early development. These notable co-founders include:

• Anthony Di Iorio played a crucial role in financially supporting the project during its initial stages of development.
• Charles Hoskinson took on a pivotal role in establishing the Ethereum Foundation based in Switzerland and creating the necessary legal framework for the project.
• Mihai Alisie provided valuable assistance in the establishment of the Ethereum Foundation.
• Joseph Lubin, a Canadian entrepreneur, who, along with Di Iorio, provided essential funding during Ethereum’s early days. Later, Lubin went on to establish ConsenSys, an incubator dedicated to supporting startups built on the Ethereum platform.
• Amir Chetrit contributed to the co-founding of Ethereum but eventually stepped away from the project during its early development phase.

Ether price 

The inception of Ethereum’s native token, ether, took place in August 2014, when it was introduced through an initial coin offering (ICO). During this event, approximately 50 million ETHs were sold at $0.31 per coin, generating substantial funding of over $16 million for the project’s development.

Unlike many other cryptocurrencies, Ethereum’s digital currency boasts an unlimited supply, setting it apart with its continuous potential for circulation.

According to information available on the official project website, the annual inflation rate of ether stands at approximately 4.5%. Throughout Ethereum’s history, there have been two occasions when block rewards were reduced since the mining of the very first Ethereum block, famously known as the Genesis block. Notably, these reductions in block rewards are not hardcoded into Ethereum’s protocol, as is the case with Bitcoin’s halving events. Instead, the Ethereum community actively contributes through proposals known as “Ethereum Improvement Proposals” or EIPs, and the collective community votes to decide whether to incorporate these proposals into Ethereum’s software updates. Here is a breakdown of the issuance schedule for ether up to the present:

• Block 0 to Block 4,369,999: 5 ether
• Block 4,370,000 to 7,280,000: 3 ether (changed via EIP-649)
• Block 7,280,000 to now: 2 Ether (changed via EIP-1234)

The “difficulty bomb” is a feature that significantly impacts the issuance rate on the original Ethereum blockchain (before it transitions to the proof-of-stake Ethereum 2.0 blockchain). This mechanism increases the mining difficulty, leading to longer block discovery times for miners. Consequently, this reduces the amount of ether entering circulation as block rewards, thereby moderating the overall issuance of the cryptocurrency. The “difficulty bomb” has been activated, reset, and delayed multiple times between 2017 and 2020, primarily to allow Ethereum developers more time to focus on essential updates before the transition to Ethereum 2.0.

From its official launch in 2014 until March 2017, the price of ether remained relatively stable, fluctuating between $0.70 and $21. However, with the onset of the bullish cryptocurrency market in May 2017, the price of ETH surged above $100 for the first time. The momentum continued, and in June 2017, ether reached its peak at $414 before experiencing a correction. It took another five months for the bullish trend to regain strength. During this period, the entire crypto market witnessed significant buying pressure, pushing almost every cryptocurrency token to new record highs. By January 2018, ETH’s price reached an all-time high of $1,418, only to experience a sharp decline afterward.

It took nearly three years for the second-largest cryptocurrency (after Bitcoin) to retest its previous all-time high price. Between February and May 2021, the ether price more than tripled, reaching a new all-time high of $4,379.

In the 2022 year, the cost of Ethereum reached $1,599.

ETH’s price is currently $1,849.08.

How does Ethereum work

The Ethereum blockchain stands as a decentralized and open-source platform designed to enable the seamless execution of smart contracts. These smart contracts are self-executing agreements with their terms directly encoded into the blockchain’s code. Ether (ETH) serves as Ethereum’s native cryptocurrency.

The structure of Ethereum’s blockchain consists of a series of interconnected “blocks,” each containing numerous transactions. Each transaction represents a change in the Ethereum network’s status, encompassing activities such as ETH transfers between users or the implementation of smart contracts. In the past, miners were responsible for validating these transactions and grouping them into blocks through the process of mining. However, Ethereum has recently undergone a transition from the proof-of-work mechanism to a proof-of-stake model, where validators are now entrusted with managing this process.

To ensure the integrity and reliability of the Ethereum network, consensus is crucial. This means that a majority of nodes (computers within the Ethereum network) must agree on the current state of the network at any given moment. This consensus mechanism plays a crucial role in preventing double-spending, a potential issue where a user could attempt to spend the same cryptocurrency more than once, thereby safeguarding the network’s overall security.

Ethereum distinguishes itself from Bitcoin through its unique concept of accounts. While Bitcoin operates based on unspent transaction outputs, representing chunks of Bitcoin sent but not yet spent, Ethereum adopts a more conventional accounting system with distinct accounts and balances. There are two types of Ethereum accounts: externally owned accounts, controlled by private keys, and contract accounts, governed by their contract code.

The programmable nature of Ethereum allows developers to create and execute decentralized applications, known as dApps. They are powered by smart contracts, enabling the automatic execution of agreements without the need for intermediaries. This opens the door to a wide range of applications, such as decentralized finance (DeFi), supply chain management, and many others.

Initially, Ethereum operated on a proof-of-work consensus mechanism, similar to Bitcoin. However, with the completion of the Ethereum Merge, it has transitioned to a proof-of-stake mechanism. In this model, validators are chosen based on the amount of ETH they are willing to “stake” as collateral. This shift aims to enhance the scalability and energy efficiency of the Ethereum network.

Validators under the proof-of-stake mechanism must “stake” a minimum of 32 ETH to participate in the block validation process and secure the Ethereum network. These funds are locked into a smart contract. The more ETH a validator stakes, the higher the likelihood of being selected to propose a new block of data transactions for confirmation on the blockchain. Successful validators are rewarded when their proposed block is approved by other validators.

The dynamic Ethereum network remains in a constant state of evolution, driven by the collaborative efforts of its community. Among the recent enhancements is the groundbreaking Shanghai upgrade, which brought forth staked ETH withdrawals and a series of Ethereum Improvement Proposals (EIPs) meticulously crafted to streamline gas fees, ultimately benefiting developers utilizing the platform.

What Makes Ethereum Unique?

Ethereum has been at the forefront of revolutionizing blockchain technology with its pioneering smart contract platform. Smart contracts are automated computer programs that facilitate the execution of agreements between multiple parties over the Internet. By reducing the reliance on trusted intermediaries, they effectively lower transaction costs while enhancing transaction reliability.

Ethereum’s groundbreaking innovation lies in its ability to execute smart contracts using the blockchain, which further enhances the advantages of this technology. Co-founder Gavin Wood envisioned the Ethereum blockchain as “one computer for the entire planet,” enabling any program to gain robustness, censorship resistance, and heightened fraud protection by operating on a globally distributed network of public nodes.

Beyond smart contracts, Ethereum’s blockchain can host a variety of other cryptocurrencies known as “tokens” through its ERC-20 compatibility standard. This functionality has led to an abundance of ERC-20-compliant tokens being launched on the Ethereum platform, with over 280,000 tokens created to date. Indeed, a significant number of these tokens hold positions in the best 100 cryptos based on their market capitalization, with notable examples like USDT, BNB, and LINK. The surge in interest in the ETH to PHP price can be attributed to the growing popularity of Play2Earn games in the ecosystem.

What is Ethereum Name Service?

Ethereum Name Service, or ENS, represents a distributed and highly adaptable naming system built on the Ethereum blockchain. Essentially, it serves as the Web3 equivalent of the traditional DNS (domain name service).

Typically, cryptocurrency addresses are lengthy combinations of numbers and letters, intended for computer interpretation. These addresses might look like “0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E,” leading to confusion and even the potential loss of funds.

ENS effectively resolves this challenge by assigning human-readable names to machine-readable identifiers, including Ethereum addresses, metadata, other cryptocurrency addresses, and content hashes. By utilizing ENS, the complex address mentioned earlier can be converted into something as simple as “Alice.eth,” allowing you to receive various cryptocurrencies or NFTs via your personalized ENS domain.

The foundation of ENS relies on two Ethereum smart contracts. The first contract, known as the ENS registry, records crucial information such as the domain’s owner, the domain’s resolver, and the caching time for all records under the domain. The second contract is the Resolver, which facilitates the translation between human-readable domain names and machine-readable addresses.

Furthermore, it’s worth noting that ENS goes beyond integrating with .eth names. It also extends support to the most widely used DNS names, including .com, .org, .io, .app, and numerous others.

What is an Ethereum Killer?

Throughout its existence, Ethereum has consistently held its position as the second-largest cryptocurrency by market capitalization. However, like any other blockchain network, Ethereum is not without its imperfections. Notably, the legacy blockchain suffers from high gas fees and relatively low throughput, processing only 15 to 30 transactions per second.

Although Ethereum has plans to address these shortcomings through various upgrades, its competitors have taken advantage of this opportunity to offer crypto users cheaper and faster transactions.

The concept of “Ethereum Killer” first gained traction during the 2016/2017 period with the emergence of alternative blockchains like Cardano in the cryptocurrency market. In 2018, EOS garnered significant attention as the next potential “Ethereum killer,” raising a staggering $4.1 billion from investors, the highest amount ever generated by an ICO. Since then, other contenders like Tezos, Solana, Fantom, Avalanche, and Binance Smart Chain have also emerged as possible threats to Ethereum’s dominance.

Each of these rival blockchains employs different consensus models to address Ethereum’s limitations caused by proof-of-work (PoW). For instance, Solana utilizes proof-of-history (PoH), while Binance Smart Chain employs a combination of proof-of-authority (PoA) and delegated proof-of-stake (DPoS).

Despite the emergence of these alternatives, none of them managed to deprive Ethereum of its status as the largest cryptocurrency by market capitalization. Additionally, Ethereum maintains its position as the leading blockchain for NFT trading activities.

What Is EIP-1559?

The EIP-1559 upgrade brings about a revolutionary change in the estimation of gas fees on the Ethereum blockchain. Prior to this upgrade, users had to engage in an open auction, known as a “first-price auction,” where the highest bidder would have their transaction prioritized by a miner.

With EIP-1559, this process is automated through a bidding system, and a fixed “base fee” is established for transactions to be included in the next block. The base fee dynamically adjusts depending on the network’s congestion level. Additionally, users who desire faster transaction processing can offer a “priority fee” to incentivize miners.

Moreover, EIP-1559 introduces a fee-burning mechanism. A portion of every transaction fee (the base fee) is burned and permanently removed from circulation. This measure aims to reduce the circulating supply of Ether, potentially leading to an increase in the token’s value over time.

Notably, in less than two months since the implementation of the London upgrade, the Ethereum network has managed to burn over $1 billion worth of Ether, highlighting the importance of this fee-burning mechanism.

How Many Ethereum (ETH) Coins Are There In Circulation?

As of July 2023, there are 120,194,013 Ethereum (ETH) coins in circulation. This figure represents the total amount of existing coins that can be bought, sold, or used in transactions on the Ethereum network. It is an important metric for investors and cryptocurrency market participants as it reflects the current available liquidity and the proportion of coins already in circulation in the market.

How Is the Ethereum Network Secured?

In 2022, Ethereum underwent a significant upgrade by transitioning from a proof-of-work (PoW) system to a proof-of-stake (PoS) system to secure its network. This change made the platform more secure.

Before the transition, Ethereum, like Bitcoin, relied on the PoW consensus mechanism, where miners competed to solve complex mathematical puzzles to validate transactions and create new blocks. While PoW has proven effective in securing networks, it has some drawbacks, including high energy consumption and the potential for centralization of mining power.

With the implementation of the proof-of-stake model through the Ethereum 2.0 upgrade, the network’s security approach shifted. Instead of miners, the new system involves validators who are chosen to create new blocks and validate transactions based on the amount of Ether (ETH) they “stake” as collateral.

In the PoS model, validators are incentivized to act honestly, as they can lose their staked Ether in case of malicious behavior. This consensus mechanism promotes decentralization and is more energy-efficient compared to PoW, as it does not require the same level of computational power for mining.

The transition to proof-of-stake significantly enhances the security of the Ethereum network and ensures a robust and resilient system for executing smart contracts and processing transactions. Validators play a crucial role in maintaining the network’s integrity, and the shift to PoS has been a major milestone in Ethereum’s ongoing evolution as a leading blockchain platform.

Where Can You Buy Ethereum (ETH)?

As the second-largest cryptocurrency, Ethereum enjoys widespread accessibility, making it easily purchasable and available as ETH trading pairs on numerous major crypto exchanges. Some of the most prominent markets facilitating Ethereum transactions are:

• Binance
• Bybit
• OKХ
• Kraken
• KuCoin
• Bitfinex
• Huobi Global, etc.

A variety of popular ETH price pairs can be found on these exchanges, including ETH/AUD, ETH/GBP, ETH/USD, and ETH/JPY, providing traders and investors with diverse options for trading and investing in Ethereum.

Ether and gas

Ether (ETH) and gas are two essential concepts in the Ethereum blockchain ecosystem.

Ether (ETH):

Ether is the native cryptocurrency of the Ethereum blockchain. It serves as the primary means of value transfer within the network. Users can hold, send, and receive Ether, similar to how Bitcoin functions in the Bitcoin blockchain.

Beyond its use as a digital currency, Ether plays a more significant role in the Ethereum ecosystem. It acts as the “fuel” or currency required to perform various operations on the platform.

Gas:

Gas is a unit of measurement used to quantify the computational work required to execute specific actions on the Ethereum network.

In Ethereum, every operation, such as executing a transaction, deploying a smart contract, or interacting with a decentralized application, requires a certain amount of computational resources to be processed.

These computational resources are represented in gas units, and each operation has an associated gas cost, which indicates how much gas is required to complete that particular task.

Gas is crucial for preventing abuse and ensuring that the Ethereum network remains secure and efficient. It acts as a pricing mechanism, incentivizing users to prioritize essential transactions by attaching higher gas fees and discouraging spam or resource-intensive operations.

When users perform actions on the Ethereum blockchain, such as sending transactions, creating smart contracts, or interacting with dApps, they need to pay for the computational resources utilized during the process. This payment is made in the form of gas, and the cost of the operation is determined by the gas consumed (gas cost) and the price of gas in terms of Ether (gas price).

In summary, Ether is the native cryptocurrency of the Ethereum blockchain, while gas is the unit of measurement used to calculate the computational resources required to execute actions on the network. Gas is paid in Ether and acts as a critical mechanism to ensure the efficient and secure operation of the Ethereum ecosystem.

Smart contracts

Smart contracts can be coded using various high-level programming languages like C++ and JavaScript, but the most widely adopted one is “Solidity,” developed by Gavin Wood, a co-founder of Ethereum and the project’s first chief technology officer.

Once written in high-level languages, these contracts must be converted into low-level languages understandable by machines. This conversion is necessary because smart contracts are deployed and executed within the “Ethereum Virtual Machine” (EVM). The EVM is integrated into every full Ethereum node and is capable of executing over 140 different operation codes (opcodes). These opcodes are essentially machine-level instructions that can be combined to accomplish nearly any task, making the EVM “Turing-complete.”

The introduction of smart contracts has paved the way for the emergence of decentralized autonomous organizations (DAOs) and a comprehensive decentralized finance ecosystem, known as “DeFi.” In this ecosystem, traditional financial services like lending and insurance provision are accessible through peer-to-peer powered decentralized applications (dapps).

Ethereum token standards

Ethereum token standards are protocols or specifications that define the rules and functionalities for creating and interacting with tokens on the Ethereum blockchain. These standards ensure that all tokens developed on Ethereum adhere to a common set of rules, making them compatible with various applications, wallets, and exchanges within the Ethereum ecosystem. Some of the most popular Ethereum token standards are:

• ERC-20 (Ethereum Request for Comments 20): This is the most widely adopted token standard on the Ethereum blockchain. ERC-20 defines a set of standard functions that all tokens must implement, including functions for transferring tokens, getting token balances, and approving token spending.
• ERC-721 (Ethereum Request for Comments 721): This standard is used for NFTs. In contrast to ERC-20 tokens, every ERC-721 token possesses exclusivity, symbolizing a one-of-a-kind asset or item. NFTs have gained significant popularity for representing ownership of digital art, collectibles, virtual real estate, and more.
• ERC-1155 (Ethereum Request for Comments 1155): This standard allows for the creation of both fungible and non-fungible tokens within the same contract. It offers greater flexibility and efficiency in managing multiple token types and is widely used in gaming and decentralized finance (DeFi) applications.
• ERC-777 (Ethereum Request for Comments 777): This proposed standard improves upon ERC-20 by adding more advanced features, including the ability to send tokens with a callback function, making token transactions more secure and efficient.
• ERC-223 (Ethereum Request for Comments 223): Similar to ERC-777, ERC-223 aims to enhance ERC-20 by addressing some of its vulnerabilities, such as unintentional token losses during transactions.
• ERC-621 (Ethereum Request for Comments 621): This standard allows for the increase or decrease of a token’s total supply, making it useful for projects that may need to adjust token supply based on changing requirements.

These token standards provide developers with a set of guidelines and best practices for creating tokens on the Ethereum blockchain, enabling interoperability and ease of integration across various decentralized applications and services.

Ethereum 2.0

Ethereum 2.0, also known as “Serenity,” represents a significant upgrade with the ambitious goal of enhancing the speed, efficiency, and scalability of the world’s second-largest cryptocurrency network. This upgrade involves transitioning from a proof-of-work (PoW) to a proof-of-stake (PoS) system.

Termed “Casper,” Ethereum’s new PoS mechanism requires network participants to lock up their coins, becoming contributors to the network, instead of relying on resource-intensive mining equipment. Stakers are required to lock up 32 ethers individually or can opt to join staking pools, combining their ether with others to collectively participate in creating new blocks on the Ethereum PoS blockchain.

The Ethereum 2.0 upgrade is being executed in several phases, each contributing to the overall transformation of the network:

Phase 0 involves the launch of the Beacon chain and the activation of the proof-of-stake mechanism.

Phase 1 aims to merge the old and new Ethereum blockchains, streamlining the network and its functionalities.

Phase 2 introduces “shard” chains and roll-up technology, further boosting scalability and performance.

Phase 3 focuses on implementing security improvements, ensuring the network’s resilience and protection against potential threats.

Through these progressive phases, Ethereum 2.0 seeks to revolutionize the Ethereum network, providing a more sustainable, secure, and efficient platform for its ever-growing user base.

Phase 0 of Ethereum 2.0 was launched in December 2020, introducing the Beacon chain as a separate Ethereum blockchain that implemented a proof-of-stake (PoS) system. The Beacon chain’s responsibilities encompass new block creation, transaction verification, staking rewards distribution, and the management of new Ethereum blockchains known as “shard chains.”

In the subsequent significant phase of development, the Beacon chain will be integrated with the main Ethereum network, effectively replacing the current energy-intensive proof-of-work (PoW) system with the more sustainable proof-of-stake model. Validators, the network stakeholders, will take on the role of producing blocks, verifying transactions, and ensuring the blockchain’s security, replacing the traditional miners.

Following the merger of Ethereum and ETH 2.0, additional smaller upgrades will be necessary. The focus will shift towards enabling sharding, which involves creating multiple mini-blockchains called shards. Each shard will independently verify its set of transactions, relieving the entire network from the burden of verifying every single transaction. The Beacon chain will act as the central coordinator, randomly assigning validators to each shard.

With both PoS and sharding in place, the Ethereum developers anticipate making further adjustments to bolster the network’s security. This includes implementing anonymity features to obscure validator identities behind block proposals. Additionally, they plan to leverage cutting-edge technologies such as the Verifiable Delay Function (VDF) to enhance the randomness of validator assignments, making it more challenging for malicious actors to disrupt the network. These advancements aim to fortify Ethereum’s infrastructure, ensuring a more resilient and efficient blockchain for its users.

The Ethereum Merge

In 2022, Ethereum made a significant shift in its consensus mechanism from proof-of-work to proof-of-stake, renaming the transition from Ethereum 2.0 to The Merge. The Merge was successfully implemented on Sept. 15, 2022, following the successful merge of the Goerli testnet on Aug. 11, 2022.

This transition brings about several critical changes to Ethereum. Firstly, it merges the existing proof-of-work Ethereum mainnet with the Beacon Chain, a proof-of-stake chain. The combined chains form the new proof-of-stake Ethereum, consisting of a consensus layer and an execution layer. The consensus layer synchronizes the chain state across the network, while the execution layer handles transactions and block production.

One major impact of The Merge is a substantial reduction in ETH issuance, often referred to as the “triple halving” in reference to the Bitcoin halving. This reduction amounts to 90% of ETH issuance. With over 14 million ETH already staked, the transition could potentially make ETH deflationary. Stakers are projected to earn between 8% and 12% APR. However, staked ETH will not be immediately withdrawable after The Merge; withdrawal is expected to be enabled after the Shanghai upgrade, estimated to take place 6 to 12 months later.

Despite the transition to proof-of-stake, The Merge does not result in an increase in transaction throughput or a reduction in gas fees, as the block production rate remains roughly the same. Additionally, on-chain governance is not enabled, and protocol changes are still discussed and decided off-chain through stakeholders.

One significant benefit of the transition to PoS is the expected reduction in Ethereum’s annual energy consumption. It is estimated to drop from 112 TWh/yr to just 0.01 TWh/yr, representing a 99.9% decrease. This “greener” Ethereum is anticipated to attract institutional investors. However, Ethereum miners, representing a $19 billion industry, are advocating for ETHPoW, a potential hard fork that would retain proof-of-work. 

Ethereum Shanghai Upgrade

The Shanghai Upgrade considered the most significant Ethereum upgrade after The Merge, introduces a major feature allowing ETH stakers to unstake their ETH and withdraw their ETH rewards from the Beacon Chain. In The Merge, the Ethereum proof-of-work chain merged with the proof-of-stake Beacon Chain, where validators stake 32 ETH to secure the network. However, stakers faced limitations in unstaking and withdrawing their funds until the Shanghai Upgrade was introduced.

The Shanghai/Capella (“Shapella”) Upgrade is a hard fork implementing five EIPs, with the most eagerly anticipated one being EIP-4895, enabling withdrawals. Shanghai and Capella refer to the names of the upgrade on the execution layer and consensus layer, respectively.

Withdrawals were enabled on the Zhejiang testnet on Feb. 7, 2023, and on Feb. 28, the Sepolia testnet successfully executed the hard fork upgrade. On March 15, 2023, the hard fork was executed on the Goerli testnet, serving as the final test run before the mainnet upgrade, expected to occur sometime in March 2023. With the mainnet upgrade, over 17.5 million ETH will become available for withdrawals, marking a significant milestone in Ethereum’s evolution.

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But there are some restrictions for residents of some countries that prevent them from accessing the services of the exchange, including deposits in cryptocurrencies, entering transactions, and withdrawing funds.

To avoid restrictions, crypto exchange users can create a Binance sub-account on the CipherFluxPro V1 trading platform. Let’s figure out how to create a sub-account and start trading on Binance without restrictions.

What Is a Binance Sub-Account? 

CipherFluxPro V1 has recently implemented an additional feature that allows you to create a sub-account for trading cryptocurrency on the Binance exchange.

Sub-accounts on the Binance exchange are a support feature for traders that allows them to diversify their risks, implement different trading strategies on each sub-account, bypass restrictions in different countries, and have full control over their funds. Users can create up to 2 sub-accounts on the Binance and Binance Futures exchanges. Profit, loss, and balance are displayed for each sub-account separately.

Let’s take a closer look at what opportunities sub-accounts have on the Binance exchange.

Binance Sub-Account Features

Sub-Accounts allow users to:

• Easily and quickly create an account on the Binance exchange without restrictions.
• Create accounts in countries where there are problems with avoiding restrictions and accessing popular functions for cryptocurrency trading.
• Create a sub-account if you have a main account to split the balance for different trading instruments.
• Use various features of the Binance exchange and the CipherFluxPro V1 platform to trade cryptocurrencies.
• Deposit and withdraw money from crypto wallets.
• Track the history of all logins to sub-accounts.

What CipherFluxPro V1 Features Are Available for a Binance Sub-Account?

The CipherFluxPro V1 trading platform provides various tools for trading cryptocurrencies on Binance. Let’s look at them in more detail.

Cryptocurrency trading bots. Cryptocurrency trading bots are software designed to buy and sell digital assets. The purpose of this tool is to maximize profits and minimize risks and losses. CipherFluxPro V1 allows its users to use five types of bots to trade crypto using a sub-account on the Binance and Binance Futures exchanges:

• Optimus, Cyberbot, and The One bot (Binance).
• Crypto Future, Channeler AI (Binance Futures).

Crypto signals. Crypto signals are an algorithmic tool used to detect according to the analytics prediction, which is implemented on the data obtained during the analysis. The essence of the tool is that the analyst gives the trader information about possible profitable transactions on cryptocurrency exchanges. All orders are executed automatically according to the parameters set by the analyst.

Copytrading. Copytrading is an algorithmic trading tool that allows platform users to copy the trades of experienced traders. Using this feature, trading beginners do not just blindly copy trades but receive a ready-made profitable strategy from a professional trader.

Autofollowing. Autofollowing is a fully automatic feature that works with the help of a bot. The bot receives signals from analysts and then processes them. After the bot processes the received signal, it starts to enter the trade. Autofollowing allows traders to earn passive income and is suitable for both experienced and newcomers to trading.

OCOs, or smart orders. This order type includes Stop Loss, Take Profit, and Trailing. This feature is designed to minimize the risks and loss of traders’ funds, as well as increase profits.

Ladder smart order. Ladder smart orders are a feature that is designed to execute orders in the form of a ladder. This type of order allows you to place additional buy/sell limit orders in the book order. And instead of buying or selling a coin at a single price, a trader buys a coin when the price falls and sells it when the price rises. This is done with the aim of entering a trade at the average (more profitable) value of the asset, and then exiting it in parts (by placing several Take Profits).

Advantages

• Fast registration on the Binance exchange.
• Access to various trading instruments without restrictions.
• Ability to implement various trading strategies.
• Carrying out fast and uninterrupted transactions.
• Security. Only the owner of the sub-account has access to the deposit and withdrawal of all digital assets.

How to Start Trading on Binance Without Restrictions?

To create a sub-account and start trading cryptocurrency on Binance without restrictions, the user needs to follow these steps:

• Go to the CipherFluxPro V1 platform.
• Complete the registration process (if the user does not have an account on the platform yet).

A Binance sub-account can be accessed through an account created by a user on the CipherFluxPro V1 platform.

• Go to the “Account” tab.
• Click on the “Add Binance Sub-Account” button.

Then API keys are automatically generated and added to the Binance exchange.

To add API keys for Binance Futures, the user needs to switch the corresponding slider and set the name of the sub-account. After reading the rules, click on the “Create a subaccount” button.

• Replenish the personal crypto wallet of the sub-account.

After completing the above steps, Binance Sub-Accounts will be available in the Exchange Accounts section for the Binance and Binance Futures exchanges.

How to Fund a Spot Wallet of Binance Sub-Account on the Cryptrobotics Platform?

To fund their main (spot) wallet, the user must return to the Binance sub-accounts tab and click on the “Deposit” button.

• Choose cryptocurrency and crypto wallet.
• Then you need to click on the “Get an address” button.

Next, you need to transfer funds to the wallet address.

How to Fund the Futures Wallet of a Binance Sub-Account on the Cryptrobotics Platform? 

To replenish the future wallet, the user needs to transfer money from the spot wallet. To fund a futures wallet, the user must follow these steps:

• Go to the Binance Sub-Accounts tab.
• Click on the “Transfer” button.

• Select the accounts between which you plan to transfer funds.
• Next, you need to select the cryptocurrency and the amount that the user is going to transfer.
• After reading the terms of use, you must click on the “Send a transfer” button.

How Much Does It Cost to Support a Binance Sub-Account?

Creating and using Binance sub-accounts is free on the CipherFluxPro V1 trading platform.

Conclusion

Binance sub-account is a simple and important tool on the Cryptorbotics trading platform that helps crypto-asset owners and traders to register on the Binance exchange without restrictions, implement various trading strategies, use various functions, and deposit and withdraw their funds on crypto wallets without restrictions. In addition, the use of this feature is free for users of the platform.

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What is an Impermanent Loss?

At the moment, many DeFi projects are experiencing a period of explosive growth. We are talking, for example, about such projects as Uniswap, SushiSwap, or PancakeSwap. With their help, anyone who has the funds can become a market maker and earn commissions by locking their assets into the liquidity pool. It does not require any specific knowledge, special equipment, or even large sums of money. However, this process has some advantages and disadvantages. One of them is impermanent losses.

Impermanent Loss (IL) is a temporary loss of funds sometimes experienced by liquidity providers for AMM due to the volatility of a trading pair. This indicator is expressed in dollars and shows the loss relative to the amount of the actual withdrawal, compared to the fact that the investor simply holds his assets.

Many people often interpret IL incorrectly, adding fees, spreads, and slippage to this value. But in fact, none of this affects IL. The impermanent loss is calculated using a well-defined formula and does not include incremental costs.

What is AMM?

AMM is an autonomous decentralized exchange managed by software. The prices of assets held in AMM liquidity pools are controlled by an underlying algorithm. Liquidity is provided by liquidity providers (LPs), who usually contribute equal amounts of two assets to the pool. For example, it is ETH and DAI.

AMM was first described on Reddit by the founder of the Ethereum platform, Vitalik Buterin, as a way to simplify the creation of a market on smart contracts. In 2017, the first AMM Bancor appeared, and a year later, Uniswap appeared, which is currently considered the market leader.

Using automated exchanges, investors can deposit their coins into liquidity pools and in return receive rewards (in the form of fees charged from traders), which are calculated in proportion to the shares of the investment. Usually, LPs are also awarded project tokens, which give them the right to vote on decisions to make key changes to the protocol and act as a kind of project shares.

Thus, liquidity providers are interested in placing their assets in AMM, as they receive remuneration in the form of a commission from traders and project tokens. However, they may encounter Impermanent Loss, which poses a significant risk to their income.

Why does Impermanent Loss occur?

The AMM protocols are managed by a mathematical algorithm that automatically balances the 50:50 asset ratio in the pool and thus determines their value. The formula X x Y = K is used as a pricing mechanism, where X and Y are different digital coins, and K is a constant value that should not change before and after the transaction.

This algorithm of operation allows the market to function autonomously, creates an opportunity for arbitrage, but also causes Impermanent Loss in DeFi. The key reason for the occurrence of an Impermanent Loss can be called the discrepancy between the value of coins in the liquidity pool of the real market situation.

How to prevent Impermanent Loss?

One of the simplest and most effective ways to mitigate Impermanent Losses is to maintain liquidity in low volatility pairs. First of all, preference should be given to older and larger projects that already have their own formed price and are less subject to volatility. These include cryptocurrencies from the TOP-20 rating by capitalization.

Secondly, you need to choose pairs where the value of one asset relative to another remains relatively stable. For example, it can be paired with stablecoins. Another thing is that this option for investing is limited in terms of potential price growth.

Some special tools and platforms allow liquidity providers to mitigate Impermanent Losses. For example, the AMM Balancer protocol allows you to set individual proportions for liquidity pools with different pairs. Thus, liquidity providers can try to anticipate market movements and mitigate their potential Impermanent Losses if asset values ​​change.

It is better to start investing in AMM in small amounts. Especially if you are just getting to know the market or trading pair. Small investments will help, with minimal risks, to assess in which direction the value can move and what real losses can be incurred.

Be sure to find a reliable and proven AMM platform. The DeFi space is now at its peak and anyone can fork an existing project, adding only minor changes to it. This can cause errors in the operation of the protocol and lead not to temporary, but to quite real losses.

Conclusion

Impermanent Loss is one of the main terms that liquidity providers should be familiar with. Many of the most popular AMMs, such as Uniswap, PancakeSwap, and others, have focused on ease of use without providing any mechanism to prevent Impermanent Losses. Therefore, investors should have a good understanding of what LP is, how losses are formed and how they can be prevented.

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Following large companies, investors also began to pay more attention to the compliance of digital coins with “green” standards.

We decided to find out which coins are the least harmful to the environment and compiled a list of the most environmentally friendly cryptocurrencies.

How to determine the environmental friendliness of a cryptocurrency?

The safety of digital coins for the environment depends on the algorithm.

From a technical point of view, all digital assets are divided into two types:

1. Proof-of-work.
2. Proof-of-stake.

Proof-of-work (PoW) is designed to solve complex mathematical problems using the technical equipment of the miner. Miners are rewarded in the form of cryptocurrency for adding each verified block (information about completed transactions) to the general chain, which is called the blockchain. This process is complex and requires significant computing power. The more powerful the miner’s equipment, the more he can make a profit.

Mining is the extraction of cryptocurrency with the help of special equipment. The essence of mining is to add blocks (newly completed transactions) to the blockchain. 

Miners are people who do this work and get rewarded for it.

Unfortunately, mining equipment consumes a lot of electricity, the production of which hurts the environment. Also, the production of equipment harms the environment.

At the same time, PoW involves a gradual increase in the complexity of cryptocurrency mining. The process provokes market participants to periodically increase the amount of computing power connected to the network. As a result, electricity consumption is growing, which increases the negative impact of mining on the environment.

Proof-of-stake (PoS) is similar to PoW and is used for staking. However, unlike PoW, the essence of how PoS works does not depend on the equipment’s computing power, but on the amount of cryptocurrency investment. 

In other words, the goal of proof-of-stake is to lock up as many digital assets as possible in the liquidity pool in order to increase your income level.

PoS does not require powerful computing hardware. Thus, this system is not so energy-consuming and harmful to the environment.

Let’s move on to the list of the most eco-friendly cryptocurrencies that an investor needs to pay attention to.

Rating of the most environmentally friendly cryptocurrencies

This list contains the most environmentally friendly digital coins. Let’s take a closer look at each of them.

Nano (NANO)

This green cryptocurrency operates on the basis of the Open Representative Voting (ORV) algorithm. Thus, the Nano platform is based on a voting system instead of using energy-consuming hardware to confirm transactions. This means that platform users must vote on transactions. The project developers position their product as an eco-friendly alternative to PoW.

ORV makes the Nano extremely energy efficient. Thanks to this algorithm, the digital coin managed to top the ranking of the safest cryptocurrencies for the environment.

Cardano (ADA)

Cardano (ADA) is an eco-friendly cryptocurrency that runs on a PoS algorithm called Ouroboros. The Cardano network processes about 1,000 transactions per second. This is significantly more than many PoW competitors. For example, Bitcoin processes 7 transactions per second. This network transmission capacity of the Cardano makes ADA one of the safest coins for the environment.

Stellar (XLM)

Stellar is a fork of the popular Ripple project. The Stellar technology actually has the same capabilities as the Ripple network. Initially, the Stellar platform functioned on the same protocol as Ripple, but in 2015 it switched to using its own code while retaining all the functionality of Ripple.

The main difference with Stellar is that anyone can run their own node to keep the network running. This approach allowed the developers to speed up the system and make it energy efficient.

The high speed of the systems and low energy consumption made the project in demand. Today, many large companies (such as IBM and Deloitte) use Stellar developments.

IOTA (MIOTA)

IOTA is a green cryptocurrency that differs from other rating digital coins in that it does not operate on a blockchain but on a special distributed ledger technology. This approach has helped developers move away from energy-intensive consensus algorithms in favor of more energy-efficient tools. The IOTA team plans to continue working on reducing energy costs when working with MIOTA. Such prospects make the project one of the most environmentally friendly in the market.

EOS (EOS)

The project developers are working on speeding up transactions on the EOS network so that the system can process a million transactions per second. The project operates based on the PoS subtype—Delegated Proof of Stake (DPoS). This technology, unlike proof-of-stake, allows for a high level of platform decentralization. Also, DPoS makes the project environmentally friendly. Therefore, EOS is among the most environmentally friendly cryptocurrencies today.

Ripple (XRP)

XRP is a cryptocurrency whose network is supported by a limited number of validators and does not require mining. Among the list of validators, we can distinguish companies such as Ripple Labs and other nodes approved by it, which crypto exchanges, banks, and other financial partners own.

Due to the limited number of validators and the absence of mining, the Ripple network can process more than 1500 operations per second, which makes it the greenest cryptocurrency.

Algorand (ALGO)

The project works based on the PoS algorithm. According to the project’s official website, the Algorand team wants to make it the first carbon-neutral blockchain network. Algorand developers plan to achieve results through cooperation with the ClimateTrade eco-project.

How much do cryptocurrency transactions consume electricity?

It is also necessary to pay attention to the cost of conducting operations with cryptocurrencies. According to this indicator, you can also determine the level of their environmental friendliness. The lower the electricity consumption, the safer the cryptocurrency for the environment.

For comparison, the transaction cost of the largest cryptocurrency by capitalization – bitcoin – is 1.544 kWh.

Conclusion

The level of security of a cryptocurrency for the environment is determined not by its popularity, but by the peculiarities of the mechanisms of the network of digital assets.

There are already eco-friendly cryptocurrencies in the market. Also in the crypto industry, there is a trend to increase the environmental friendliness of not the greenest cryptocurrency. A striking example of this was the transition of Ethereum to the PoS algorithm.

The post Overview of the most eco-friendly cryptocurrency for investment appeared first on CipherFluxPro V1.

In addition, most cryptocurrency exchanges allow their users to use advanced features through which traders can quickly and efficiently enter and exit trades as well as store their assets in a secure crypto wallet. Therefore, an important step in crypto trading is the choice of a cryptocurrency exchange. We have selected for you the top 3 best crypto wallets.

Best crypto exchanges

Each cryptocurrency exchange in this list has its own characteristics, and we will try to give each of them a detailed description so that users can choose the most suitable option for themselves. Let’s find out which of these exchanges is best for you.

Binance

Binance is the world’s leading centralized cryptocurrency trading platform founded in 2017 by Changpeng Zhao, who has experience in developing solutions for the Tokyo Stock Exchange. The mission of the Binance cryptocurrency exchange is to provide infrastructure services for the ecosystem. And they are successfully fulfilling their mission by allowing traders to trade hundreds of popular digital coins on Binance, including Bitcoin, Litecoin, and Ethereum. It is worth noting that users do not have the opportunity to trade with regular money, they can only work with cryptocurrencies on Binance.

Binance has gained huge popularity due to its low commissions, high liquidity functions, airdrops, and a number of discounts that can be used when using the exchange’s internal cryptocurrency – BNB (Binance Coin).

Binance processes approximately 1.4 million orders per second and has over 15 million users worldwide. Therefore, in the short time, the exchange has existed, it has become a leader among other cryptocurrency exchanges.

Like any other exchange, Binance provides its users with 24/7 cryptocurrency trading, fundraising, listing, and deposit/withdrawal services. In order to trade, the user must first go through the required registration and verification process, after which, the user will be able to access his account. If users have difficulty registering on the exchange, they can create a Binance sub-account on the CipherFluxPro V1 platform and access all the services of the exchange.

Main features

• Binance Pool
• Staking
• Farming
• Binance Crypto Loans

Fees on the Binance cryptocurrency exchange

As we have already said, Binance differs from other exchanges with low fees and tempting offers. The fees on the Binance cryptocurrency exchange depend on whether the user is a maker or a taker, the status of the user (regular user or VIP user), and the type of trading (margin, futures, or spot).

So, for example, the fixed rate of an ordinary user is 0.1%, and this is certainly attractive for any trader. If you use the Binance Futures platform, you will receive even lower fees. They start at 0.02% for makers and 0.04% for takers, which is very beneficial especially if the trader is making large trades.

Withdrawal fees are updated frequently, and you can find new fee information here.

Pros

• Wide range of services and features
• Impeccable reputation among users
• Wide range of cryptocurrencies
• Low fees

Cons

• Complicated registration process
• Need to improve customer support
• Limited access in the USA

Kraken

Kraken is one of the largest cryptocurrency exchanges, which appeared two years after the launch of bitcoin as a means of payment. This platform was founded in 2011 by Jesse Powell, who has been working in the crypto industry since 2001. Kraken is known for its low transaction fees, user-friendly user interface, variety of features, high liquidity, 24/7 trading, and advanced security measures.

The company claims that 100% of user funds are held securely in reserves and that they conduct audits to verify that all funds are stored correctly from a cryptographic point of view. After Mt.Gox was hacked causing the well-known exchange to lose nearly a million bitcoins, Kraken helped resolve the dispute. The exchange is currently available in the USA (except New York), Canada, the European Union, and Japan.

The main mission of Kraken is to do everything possible to promote and adopt cryptocurrencies, and all users can benefit financially from it.

Main Features

• Advanced features for trading
• Dark Pools (order book)
• OTC 
• Staking
• Cryptowatch

Fees on the Kraken exchange

One of the main advantages of the Kraken exchange is the lack of fees that other platforms have.

However, the user will still have to pay for some services. Below is a table with the services and fees of the crypto exchange.

Pros

• Intuitive user interface
• Safety
• Wide range of features
• Ability to trade cryptocurrencies and fiat money
• Small fees

Cons

• No access for New York traders.
• It does not accept payments via debit, credit cards, and PayPal.

CEX.io

CEX.io is a cryptocurrency exchange that has been in the market for a long time. The exchange was founded in London in 2013 and was originally not just a crypto exchange, but also a cloud mining service provider. At that time, this exchange was called Ghash.io and managed 42% of the power in the mining network. The company stopped providing mining services in January 2015 and began to develop as a cryptocurrency trading platform. Currently, CEX.io only works as an exchange. The company is registered with FINCEN and requires users to pass standard KYC procedures. This means that users will need to verify their identity to use the services of this exchange. CEX.io is definitely one of the most demanded cryptocurrency exchanges among users. Currently, the exchange is a global cryptocurrency platform that operates from almost anywhere in the world. The platform has over 3 million registered users. This is not surprising since the platform offers various types of digital assets and features for crypto trading.

Main Features

• Loans
• CEXbroker
• CEX direct
• Saving
• Staking

Fees on the CEX.io exchange

The fee on the exchange depends on the monthly trading volume. At the initial stage, the fee for the taker will be 0.25%, and for the maker – 0.16%. At the last stage, for the taker – 0.10%, and for the maker – 0%.

In order to replenish the balance or withdraw funds, the user needs to pay the following fee:

Pros

• Reliability
• Convenient and easy-to-use interface
• A wide selection of digital coins
• Availability of various trading functions
• Safety

Cons

• Very high fees
• The withdrawal fee is also high

How to choose a crypto exchange?

Before choosing a cryptocurrency exchange, an investor needs to research the platform and pay attention to the following points:

• Project reputation

The reputation of a project is the most important factor in the cryptocurrency area, which a user can easily check by looking at individual user reviews on forums such as Reddit or BitcoinTalk.

• Fees

Since investors use cryptocurrency exchanges to make money, they need to pay attention to the fees that the exchange charges. Thus, investors will be able to understand how profitable it is for them to use this exchange.

• Payment Methods

Another equally important factor to pay attention to is the payment method that the exchange accepts. The user needs to understand whether he can pay with a credit card or PayPal, make a regular bank transfer, or exchange allows only cryptocurrency deposits. In addition, users need to pay attention to whether it is possible to trade fiat pairs on the exchange, such as the dollar or the euro.

• KYC verification

Despite everything, some platforms allow their users to register without verifying their identity and thus remain anonymous. However, most crypto exchanges require verification during registration. Such security measures are necessary to prevent fraud.

• Regions where the crypto exchange is available

In some countries, access to cryptocurrency exchanges may be prohibited.

How to start trading on Binance, Kraken, and CEX.io through the CipherFluxPro V1 platform?

CipherFluxPro V1 is one of the best cryptocurrency trading platforms with a wide range of features and top 16 crypto exchanges including Binance, Kraken, and CEX.io. To start trading on one of these exchanges through the CipherFluxPro V1 platform, the user needs to follow these steps:

• Follow this link.
• Complete the registration process.
• Create an account on Binance, Kraken, and CEX.io.
• Link your exchange account to the CipherFluxPro V1 trading platform using API keys.
• Select the instruments with which the user will trade.
• Then customize them.
• Start trading on the chosen crypto exchange.

The post Top 3 Crypto Exchanges for 2024 appeared first on CipherFluxPro V1.

What is staking crypto?

Staking is the process of locking a certain number of digital coins in a cryptocurrency wallet in order to ensure the operation of the blockchain in exchange for receiving a reward. 

In many cases, this process depends on the users who take part in the transactions on the blockchain using a personal cryptocurrency wallet. The staking process uses the Proof of Stake (PoS) algorithm – proof of ownership. This method of confirming transactions is used in various blockchains running on PoS or one of its variants.

The main feature of staking is that it is considered a complete replacement for mining. Staking allows investors to earn on cryptocurrency without the need to purchase specialized equipment.

Staking vs. mining

Mining is the process of processing transactions on a blockchain using the Proof of Work (PoW) algorithm, designed to keep the network running. In turn, the miners are participants in this process. They generate the blocks needed to store account and transaction data. In order to get a new block, the user needs to perform certain calculations and find a secret combination of symbols. Let’s see what is the difference between staking and mining.

Types of staking

The principle of operation of staking is similar to a bank deposit – the user transfers funds to the account, stores them, and receives passive income for this. The more funds are deposited into the account, the more income the user will receive.

In addition to the basic principle of how staking works, each individual blockchain system may have its own terms and conditions.

Today there are three types of staking: locked, flexible, and DeFi staking. Let’s take a closer look at each of them.

Locked Staking

Locked staking is for users who want to make big profits. It specifies in advance how long the funds will be frozen. That is, investors themselves can choose the period of storage of their tokens.

It can be a week, a month, or a year. Please note that funds will not be available for trading or withdrawal during the selected time. Naturally, the investor can buy them back without waiting for the end of the period, but in this case, he will be able to return only his invested funds, without additional interest. It is also worth noting that the percentage of income for fixed contracts is higher than for other types of staking.

Flexible Staking

Unlike locked staking, flexible staking does not have an end date for storing coins and the investor can stop participating in the validation process at will. As a rule, interest begins to accrue within 24 hours after the funds are deposited, and rewards are paid every 30 days. It should be noted that interest will be accrued until the user withdraws the coins.

Flexible staking is suitable for those who are not ready to freeze their funds for a long time. Coins are stored in a spot wallet, where investors are rewarded for holding their funds.

DeFi staking

DeFi (decentralized finance) is a set of services that operate on the basis of the blockchain. They include features such as lending, insurance, forecasting, and more.

DeFi projects are based on the use of smart contracts. Their advantage lies in the fact that they provide automatic execution of transactions in compliance with predetermined conditions for their conduct.

DeFi staking differs from conventional staking in that third parties are involved in the process. For example, it can be organizations or individual users who take cryptocurrency from another user on credit.

The system is designed to control the execution of transactions. But in any case, it is necessary to check the level of efficiency of an individual smart contract, because theoretically, it can have vulnerabilities.

DeFi staking is considered one of the attractive types of investment for several reasons:

• The ability to immediately withdraw earned interest during the day.
• The income can be 100% per annum and higher (depending on the chosen coin and the period of its storage). Working with conventional blockchains that use PoS, it is difficult to get more than 10% per year.
• Users are protected from fraud by smart contracts.

Staking risks

• The possible drop in the value of a digital coin. The lower the coin rate, the lower the reward amount (in fiat). Therefore, it is necessary to choose tokens with a low level of volatility, which demonstrate dynamic or stable growth. Investing in digital coins that have a high level of volatility can lead to loss of funds, especially with fixed staking. In the event of a strong drop in the value of the coin, the user will not be able to sell it.

• The risk of losing an account in online service or on a crypto exchange. Therefore, all passwords and logins should be stored in a safe place.
• Fraud risk. If the validator asks to send him money, this is a clear sign of fraud. Such requests must be ignored.

How to choose a coin to stake?

When choosing a cryptocurrency, it is necessary to take into account the volatility of the coin and the minimum amount that can be stored in the contract. For example, if we talk about Ethereum 2.0, then not every user can afford to freeze 32 ETH.

You also need to pay attention to the trading volume, the higher it is, the more demanding the digital coin. In addition, it is recommended to reallocate your portfolio at least once every 3 months.

Cryptocurrency market experts highlight several interesting tokens at once that can bring profit to investors:

• PancakeSwap (CAKE)
• SushiSwap (SUSHI)
• ApeSwap Finance (BANANA)
• Cardano (ADA)
• Tezos (XTZ)
• Polygon (MATIC)
• Theta (THETA)
• Algorand (ALGO)
• Cosmos (ATOM)
• Polkadot (DOT)
• Avalanche (AVAX)

Conclusion 

Staking continues to be one of the most sought-after types of earnings, as it allows users to receive high profits with minimal risks. If we talk about income in general, then it is determined by the choice of the coin, the period of its storage, and the type of staking. For different users, the received percentage can vary greatly. But in any case, investors will receive their reward, since staking is a more reliable type of investment in the cryptocurrency market. Some projects pay a percentage only to those users who are selected as validators. But to become a validator, the user must have a large amount in the account.

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