Matic/Polygon Chain
I first heard about Matic Chain on a Twitter like social media, Swirge. Swirge is a blockchain based social media that was built on the Binance smart chain. It was a surprise to read the CEO of Swirge swerve that for quicker site loading, Swirge is going Multichain and it has chosen Matic Chain as it's second chain alongside Binance smart chain.
When Swirge finally implemented the Matic Chain integration to become multi chain, you can easily switch between using Swirge on either Binance or Matic Chain. Using it on Matic Chain, I noticed it's quite faster than using it on Binance chain. This got me curious to learn more about Matic Chain.
**Matic Network**
Matic is a protocol and Framework for building and connecting Ethereum compatible blockchains networks thereby making Ethereum network an Internet of Blockchains. Backed by Binance and Coinbase, Matic Chain is a layer 2 scaling and infrastructural development solution on Ethereum and the first on the Ethereum network.
The core component of Matic Chain is Polygon SDK, a flexible Framework that support building multiple DApps. Matic network transaction per second is about 65,000 on a single side chain and transaction confirmation time of less than 2 seconds. Matic Chain TPS makes it attractive to dApp builders and has attracted over 50 DApps one of which is Swirge.
One feature on Matic network that excites me the most is how you can deploy Matic as ZK Roll-up Chains, Optimistic Roll-up Chains, and as a Stand-Alone Chains. With Matic operating as a Stand-Alone Chain, it can transform the Ethereum network into a full fledged Multichain system.
• ZK(Zero Knowledge) Roll-up: Ethereum layer 2 solution based on driving succinct validity proof that get submitted and verified on Ethereum network periodically;
• Optimistic Roll-up: Ethereum layer 2 solution based on fraud proofs. This is better described as proofs of malicious actions that get submitted and resolved on the Ethereum network; and
• Stand-Alone Chain: Matic is deployed as a blockchain, secured by it’s own set of validators and optionally connected to Ethereum via bridges. In this case, Matic becomes an Ethereum side chain.
**Architecture**
Matic network architecture consists of four (4) abstract, composable layers.
1. Ethereum layer.
2. Security layer.
3. Polygon Network layer.
4. Execution later.
**Ethereum layer:** Matic Chain can use Ethereum to host and execute any mission critical component of their logic. This is implemented using Smarts contracts on Ethereum network to perform functions like;
• Staking
• Dispute resolving
• Message relaying
• Finality/Check Pointing
**Security layer**: This is a specialized, non mandatory layer, managing a set of validators that can periodically check the validity of any Matic Chain for a fee. This layer performs functions like;
• Validators managements
• Matic Chains validation.
**Polygon Network layer:** A constellation of sovereign Blockchain networks. Each of these networks serves the Matic community, maintaining functions like;
• Transaction collation
• Local consensus
• Blocks productions.
**Execution layer:** This is the layer that interprets and execute transactions that are agreed upon and included in Polygon networks blockchains. This layer consists of two sublayers: Execution Environment and Execution logic.
Presently, Matic supports two major types of Ethereum compatible blockchain networks: Stand-Alone network and networks that leverage “Security as a service”. Matic currently supports only Ethereum base chain but plans are underway to make Matic an interoperable Decentralized layer 2 Blockchain platform.
TOKENOMICS
Matic has a circulating supply of 4,991,963,446 MATIC coins and a max. supply of 10,000,000,000 MATIC coins.
The remaining MATIC tokens are distributed as follows:
Team tokens: 16% of the total supply.
Advisors tokens: 4% of the total supply.
Network Operations tokens: 12% of the total supply.
Foundation tokens: 21.86% of the total supply.
Ecosystem tokens: 23.33% of the total supply.
According to the release schedule, all the tokens will be released by December 2022.
For more information, you can check
https://polygon.technology/technology/
DeFi Rug pull/Exit scam
In the world of Decentralized Finance (DeFi), Rug Pull means to have buy support or Decentralized Exchange (DEX) liquidity pool taken away from a market.
Rug Pull in DeFi is the new scam in crypto just like the ICO scam of the 2017 and one reason you should be careful while trading/swapping your coins on DEXes for new coin/projects. Have you checked if the liquidity provided for the coin is locked? If yes, how long was it locked for?
The ease of minting ERC tokens offers scammers opportunities to exploit investors looking for projects that will quickly do 10x, 20x of it's initial price. Once these investors swapped their Ethereum for this new token and the scam project owner has gotten enough Ethereum from the token, the project owner quickly drain the liquidity pool, causing a sell death spiral till the token becomes worthless.
**DeFi Scammers tactics**
Telegram has become the chat social media of choice for most Crypto projects/enthusiasts and these scammers leverage on this by spreading fake Airdrops campaigns where all you need do is interact with a Telegram bot, after joining their Telegram group to get a certain amount of tokens.
This way, they gradually build a community around the project. After this, they move ahead to list on DEX, provide/inject liquidity on DEX of which Uniswap is the most popular. The red flag here is, liquidity provided for their trading pair will not be locked or if locked, it will be for a short period of time. The community around this scam project will then go ahead to spread the buzz on Twitter, Reddit and other social media sites.
With the above mentioned steps, the stage is set for the scam. These scammers will wait for more people to swap their Ethereum for their coin and may even go as far as pump the coin just to get more people out of FOMO. Immediately they reach their targeted amount, they pull the rug and drain the liquidity provided.
Many examples of this scam abounds. In 2020, TRUAMPLE stole 1800 Eth within 3 hours; YMD. finance is another scam around August 2020 that added $40,000 liquidity on Uniswap and withdrew $80,159 barely two hours later doubling his capital within 2 hours.
Rug Pull in DeFi/DEXes is now the biggest Cryptocurrency exit scam. So when you want to trade that much hyped new gem on Uniswap, be careful not to lose your fund. Always check if the liquidity pool is locked and for how long.
Mycointainer wallet
When I joined Floyx and saw withdrawals on Floyx is in OKCash, I searched for OKCash on my Trust wallet and Token pocket but couldn't find the token listed on either. This prompted me to search the internet for best wallets that supports OKCash.
My search led me to coinswitch and according to coinswitch.co/ the list of the top 5 OKCash wallets are;
OKCash Desktop Wallet
Coinomi
OKCash iOS Wallet
Cointopay
OKCash Paper Wallet.
As I didn't have any of these wallets installed, I encouraged myself to continue learning and earning on Floyx that when I have earned the minimum withdrawal amount, I'll decide on which of the wallets to download.
I continued but luckily for me, I stumbled on this post on Floyx before I could make the minimum withdrawal amount;
https://www.floyx.com/article/chriss/how-t-00015c5388 where I was introduced to a wallet where I can store OKCash and other coins and earn passive income from staking called **Mycointainer**.
I retrieved my address from the discord channel as instructed, opened an account on Mycointainer and viola, deposited my first OKCash earnings from Floyx on mycointainer and I've been earning passive income from staking.
As at today, I've withdrawn over $15 from Floyx to my wallets and I've earned more than €0.3 from staking withdrawn coins on mycointainer. For depositing OKCash on mycointainer, I also got certain amount of Rapids, which is the native token of mycointainer wallets.
Other coins you can deposit and stake automatically on mycointainer includes; Kusama Chain with 11.6% yearly returns and 0.58% reward fees, Polkadot with 3.9% yearly returns and 0.2% reward fees, Cardano with 4.8% yearly returns and 0.43% reward fees, Ethereum 2.0 with 15% yearly returns and 0% reward fees, Matic(Polygon) with 11.9% yearly returns and 0.59% reward fees. If you are interested in staking Dash, IOST, Livepeer, Band protocol, Ontology, Qtum, DeFiChain, NEM, Tomochain, you can do so on Mycointainer wallets.
**Power Plan**.
Power Plan on mycointainer is in three different categories and comes in monthly, quarterly, half year, and yearly subscriptions. With Power plans, you enjoy greater incentives that includes zero withdrawal fees, zero staking fees, zero fees on wallet exchange pairs, vip giveaways worth $200 minimum monthly and up to 24% discount on mycointainer token. All you need do is subscribe for the one that best suits your goals. Price range is between €8.3 - €39.9 monthly and goes as low as €7.05 - €33.9 if you are paying for a year subscription. With a purchase of Power Plan, you will not pay the reward fees as stated above.
If you love Airdrops, there's a segment of mycointainer where genuine Airdrops are listed and if you participate as instructed, you will get coins airdropped to your account.
On Mycointainer, there's a referral program you can take advantage of. If you refer anyone to use mycointainer wallet, 20% of the rewards generated by the wallet will be given to you.
https://www.mycointainer.com/?partner=x84vN8WB4xIR4nK3R726
If interested, you can sign up on mycointainer wallet using my referral link and I'll welcome you personally to a world of improved earnings.
Torum Community Developers Program
*"Since Torum is meant to belong to the community in the long run, the founding team has decided to give our beloved Landers an opportunity to work alongside Torum's core members. Hence, we are setting up a Torum Community Developer program."*
-**Team Torum**
As you must have known, Torum, a complete Crypto ecosystem Presale is 96.69% subscribed and ends either when it's 100% subscribed or on the 15th March, 2021 after which XTM token will be listed on an exchange. If you are yet to invest in the Presale, you can do so by following this link
https://ieo.torum.com/
In furtherance of continuing with it's roadmap, Torum is moving ahead with it's NFT marketplace and the team lead are trying to involve community members on Torum to complete the design of the NFT marketplace, which according to the core team, the UI design is 90% completed.
Are you a Torum member that is experienced with using React JS for Front-End Framework, and Laravel for Back-End Framework? Are you versed with using Solidity for Smart Contract Language? Other skill set required to qualify includes; Github, Node, DevOps, Docker, Kubernetes, Redis, Elasticsearch and the likes.
If you are not on Torum and will like to be a part of this Torum Community Developer Program, here's your Torum invitation link and you'll surely get 75 XTM for signing up.
https://www.torum.com/signup?referral_code=wumeepope
After signing up, you can message @yfenggo, telling him of your intention to be part of the Community Developers Program with your skill sets and I promise he'll furnish you with more information on it. If you are qualified, you will be added to a discussion group most likely on GitHub to discuss with other community developers.
If this experiment is successful and the NFT Community Developers Program runs smoothly, the Community developed/built NFT marketplace will be deployed on Torum and it will be a first of many other community developmental program on Torum.
What are you waiting for? I'm sure this will be a very rewarding adventure. On Torum, our community do matter and I'm sure as a new member, you will enjoy the ease Torum offers as well as opportunity to learn everything Crypto.
Torum and Crypto themed Murots
I believe you must have used Emojis before as they are ideograms and smileys used in electronic messages and web pages for subtlety passing a message across. With one Emoji, you can easily convey a meaningful message without typing out writing anything else.
Heard of Murots? This is one of Torum many firsts as Murot is synonymous to Torum.
In it's attempt to bring effective communications and expression to the forum, Torum started a better crypto based ideogram for us users to communicate in an effective, yet comical way called Murot. Murot is simply Torum spelt in reverse direction. Murots are emotes, use on Torum, depicting happenings in the cryptospace. These Murots humorously depicts most known crypto figure for who they are or for what they claimed to be. Murots like emojis symbolizes many things and can easily be used to communicate or spice up communication on Torum.
Examples of Cryptocurrency characters depicted using a Murot on Torum include;
**Vgood:**
The famous creator of Ethereum, namely Vitalik Buterin or VGod by members of the crypto space. So when you get this Murot on Torum, be assured you have done a great job.
**Attensun:**
The founder of TRON aka Justin Sun, who is known for his self-publicising personality. Justin Sun is known for announcing an announcements and paying even bots to shill/promote Tron on Twitter.
**Baitconnect:**
Carlos Matos, the investor and former spokesperson for BitConnect, the well packaged Ponzi scheme, develops a habit of fishing in the crypto space. When you see this Murot, it's more of a sign you should be careful not to be baited into crypto scam.
**Elondoubt:**
A doubtful Elon Musk. Elon Musk is a well-known billionaire that has been very positive towards the prospects of cryptocurrencies and blockchain technology but owns zero cryptocurrency, apart from a quarter of a Bitcoin that was gifted by a friend of his.
NB:This Murot was launched before Elon Musk announced he purchased about $1.8 billion.
**Jypocrite:**
A smirking Jamie Dimon. Jamie Dimon is the CEO of JP Morgan Chase & Co., one of the largest banks in the world by total assets. He has been calling Bitcoin a “fraud” years ago. However, as in today, he is pushing JP Morgan Chase headfirst into the crypto space, announcing that his bank is planning to launch its very own digital currency. Well, I believe he now understands better.
**Diknity:**
John McAfee, a Bitcoin Evangelist and a prisoner currently held for multiple offenses, including tax evasion was known for his paid to tweet activities that was synonymous to Pump and Dump. On November 29 2017, he predicted that Bitcoin would reach a price of $1 million by the end of 2020. He even promised to eat his own penis if it doesn’t. When Bitcoin didn't get to $50,000, he tried explain away the meaning of him eating his dick.
**Hacked**:
A mysterious individual with a Guy Fawkes mask. This depicts the image of the anonymous group that hacked a crypto exchange.
**Maximalist:**
This is a short form for Bitcoin maximalist,Only people who believe Bitcoin is the only Crypto in existence until this day. Telling people in this category to invest in any other crypto aside Bitcoin won't go down well with them as all alt coins are SCAM
**PnD**
A scheme that refers to a syndicate intentionally inflating the price of an asset (pump) through deceitful and deceptive information and selling the asset (dump) to make a speedy profit. Pump and Dump is common in some crypto exchanges so much that an exchange announced it will be setting aside certain amount of Bitcoin to pump one out of the numerous exchange owned coins.
The Murot features the famous multi-award winning actor, Leonardo Dicaprio, who portrayed Jordan Belfort in his own biographical film, namely The Wolf of Wall Street. The notorious Jordan Belfort was a real-life pump and dump scheme mastermind across the stock market back in the 90s, making up to $3,000,000,000 for his brokerage house in seven years.
**Gowchoy:**
Representing inexperienced players or newcomers in the world of cryptocurrencies, which is very popular across the Chinese crypto scene. Gow2 Choy3 is romanized from the Cantonese pronunciation of Chinese characters, 韭菜 （jiǔ cài as in Pinyin), which are known as Chives in English.
The term Gow Choy or Chives is created by the Chinese for crypto newbies since they are always the victims who get trapped in a loop of “Buy High, Sell Low” investments and submissively get “harvested” by cryptocurrency whales, as in the context of “how chives are harvested”.
There are many more Murots on Torum that makes expression and interactions in this complete crypto ecosystem fun and interesting.
The good news about Murots on Torum is that, if you believe you have a fresh idea on what can be ideogrammed to a Murot, Torum will be launching a community Murot marketplace soon where you can get to sell your Murots and we can support your dreams to becoming a Cryptocurrency artist in a fun filled environment.
Reference: https://www.torum.com/help/general/murots
NB: Torum Presale is ending on the 15th of March and as we speak, it's about 88% completed.
To participate, you can head to:
https://ieo.torum.com/
Thank you
Coinmarketcap Earn Program
So today, after completing coinmarketcap earn program, I got 10GRT tokens and 1 1INCH token. The current value of what I earned is above $20 and I'm happy with a program like this and the opportunity to earn additional tokens. I was so happy to get these tokens. It's one of the easiest ways to earn and learn about new Cryptocurrencies.
**Coinmarketcap Earn Program.**
Coinmarketcap earn program is designed to acquire crypto assets by learning, watching videos and taking quiz after watching the videos.
It is designed for you to learn about new and emerging Crypto projects, get tested by taking quizzes and if you are successful with the quiz, you earn crypto from the project.
Based on partnership, CoinMarketCap partnered with trusted & emerging projects to offer an easy way to learn about cryptocurrency, earning cryptoassets as a reward. These Cryptocurrencies on offer are already listed on Binance, the biggest Cryptocurrency Exchange. Previous projects on Coinmarketcap earn include; Band protocol(Band), Kava, Terra (Luna), Helium (HNT), Orchid (OXT), The Sandbox (Sand), The Graph(GRT) and 1INCH.
Currently, there's a live project, where you can earn Nervos Network CKB token and you can participate by following this link.
https://coinmarketcap.com/earn/project/nervos-network
To participate in coinmarketcap earn, you'll need to register with same email address you used to register on Binance and your Binance Identification number. Once you input these two, you'll have to watch three videos on the site and after watching, you'll take the quiz. Are you on Binance? if no, to participate, you will need a Binance account and you can open one with my referral link here. https://www.binance.com/en/register?ref=I7CFAIC6 and we both can share my 20% commission equally.
After completing this quiz, you can follow Nervos Network on Twitter and also join their Telegram group. I have taken this quiz already and I'm hoping once this campaign ends, I'll be rewarded with some CKB tokens.
XTM Presale coming to an end.
As we've all known, XTM is the native token of Torum, a revolutionary crypto based social media, positioning itself to become a complete crypto ecosystem. For some times now, XTM Presale has been on with the following Presale details;
**XTM Pre-Sale Details**
Price per XTM: 0.05 USDT
Hard Cap: 500,000 USDT
Pre-Sale Allocation: 10,000,000 XTM
Pre-Sale Bonus: 20%
Bulk Purchase Bonus: 10% - 30%
USDT is the only supported cryptocurrency with which you can buy XTM.
The Presale allocation represents 1% of the maximum token supply of 1 billion. The present circulating supply is about 2% of total supply, earned by members on Torum performing daily tasks. The minimum purchase size is $1000 which will give you 20,000 XTM.
Some Torum users, popularly called Landers did complained 1000USDT to participate in the Presale is on the high side. This necessitated the creation of wishing pool for Torum members (another reason to join Torum if you want to participate) where members can contribute the minimum purchase size amongst themselves to buy the Presale.
**Why You need to invest in Torum Presale**
🧑🤝🧑21,000 Crypto Enthusiasts
⛏️8 Months Old Beta Product
🚀Alexa Global Rank at 56,158
Membership on Torum has crossed the 21,000 points since the beta site was launched about 8 months ago. Presently, daily new members registration is also on the increase. The Alexa details shows membership of Torum spread across all continents and different countries of the world, going to Mars.
**XTM use case**.
XTM on Torum ecosystem has numerous usabilities to give holders profits from the site. XTM usability include; token depository, mining simulator which are designed to share profits with members. There's also a buy back and burn mechanism on Torum to incentivize long term holders of XTM. Quarterly, 10% of Torum profits will be burned from the total supply.
Be sure to get yourself a bagload of XTM as there is only 27% of XTM Pre-Sale tokens left for grab. Just yesterday, we have about 33% left and within 24 hours, another 6% of the Presale token has been bought.
**NB**: Torum is presently running a competition on Twitter and you can be among the lucky people to win 50XTM tokens. All you have to do is follow Torum on Twitter, https://twitter.com/torum_official?s=09 retweet the pinned tweet and tag three of your friends.
https://twitter.com/torum_official/status/1366313404491702274?s=19
You must be a member of Torum to get your rewards. If you are not a member yet, you can join Torum with my referral link and aside the 75XTM tokens you'll get for signing up, I'll also welcome you with a gift of 50XTM provided you complete the Twitter task.
https://www.torum.com/signup?referral_code=wumeepope
XTM pre-sale will be closed on 16th March,2021 00:00 hours (UTC+8) after which the exchange on which XTM will be listed announced.
https://ieo.torum.com/
Thank you.
CRYPTOCURRENCY, Protest Currency
There was once a nationwide protest in Nigeria against Police brutality. The protest trended at number 1 on Twitter for long as Nigerian youths demanded an end to Police brutality with hashtag, #EndSARS. During this protest, the CBN, in siding with our oppressors, froze the bank account of people donating funds for foods and other logistics to protesters.
They even planned on suspending some financial services providers in the country by claiming they received proceeds of terrorism funds. Nigeria Government referred to citizens fighting for their rights and donating money as terrorist! This i believe the government thinks will deter us but we are still here standing.
It was recently most of the people the Central Bank directed their accounts be frozen, won in court and access to their accounts fully restored.
Now, the next phase is moving to the currency of protest, CRYPTOCURRENCY. Just the same way WikiLeaks popularised Bitcoin donation in defiance of USA government stopping fiat donations to his site. The protesters embraced Cryptocurrency donations to circumvent depositing cash in banks and it worked well.
I believe the current stance of CBN Governor on crypto can be connected to the EndSARs protest. Emefiele, while briefing Nigeria Senate committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market described operations of crypto as opaque, dangerous and contravene the CBN Act of 2007. CBN Governor claimed Cryptocurrencies are issued by unregulated entities and the secrecy behind Crypto makes it suitable for illegal activities and can be used to finance terrorism. He also claimed: “Cryptocurrency is not legitimate money because it is not created or backed by any Central Bank.
I honestly cannot believe an Harvard trained Emefiele can say things like that as his position isn't well researched. How are sites monitoring Crypto movement doing it if Crypto transactions cannot be traced? I believed the CBN position is in furtherance of their plans to keep controlling people and take away our voices
We are the generations with options. When they stopped their traditional media from covering the protest, we used the power of social media to bring worldwide attention to it. Now that they've stopped banks from processing Cryptocurrency payments, we will also start and popularizes the use of Peer to peer Cryptocurrency transactions, thereby bypassing cryptocurrency exchanges in Nigeria.
I foresee wider penetration of crypto in Nigeria even with this ban. Nigeria Naira is in a free fall and Cryptocurrency is becoming a store of values for most Nigerians as we see Crypto trading as life saver amidst high rate of inflation and unemployment. One reason most of us work hard on Crypto blogging sites like read.cash, Torum, Floyx and other Cryptocurrencies blogging sites.
Nigeria government planning a National position on Crypto
Nigeria government is planning a National position on cryptocurrency. To this end, the country has set up a committee on Cryptocurrency, headed by the National Security Adviser to the President and have members drawn across government regulatory agencies like EFCC, SEC, NFIU, NAICOM and others to deliberate and come up with a National position on Crypto.
Of all Government regulatory agencies mentioned, I believed it's only the Securities and Exchange Commission that's dynamic, realistic and have embraced the future. SEC believed Cryptocurrency is like an air that cannot be caged or regulated based on its majorly decentralized nature.
Timi Agama, speaking on behalf of SEC said Cryptocurrency market is a market of over one trillion dollars and as such cannot be ignored. He believed Nigeria ignoring Cryptocurrency is synonymous to Nigeria choosing stagnation while countries embracing it are moving in the forward direction.
He also believed the rate at which investments is moving into Crypto will negatively affect the investment in stock market.
***“A market that has opportunity for ICOs, derivatives, is not a market we can ignore."***
**-Timi Agama**
SEC is favorably dispose to providing a regulatory framework for Cryptocurrency/digital assets and it's derivatives as against complete ban on its trading/usage in Nigeria.
To put this in perspective, the trading volume on Nigerian Stock Exchange, regulated by SEC is 5.6 Billion Naira while Binance, the biggest centralized Cryptocurrency Exchange in the world that has a Nigeria Naira base pair, Bitcoin/Naira trade is in excess of 13 Billion Naira. This excludes Crypto wallets holdings, other CEXes and DEXes Nigerians trade Cryptocurrency on. We can thus conclude that Crypto trading in Nigeria is three times bigger than the Trading volume on Nigerian Stock Exchange.
In view of this, The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the cryptocurrency market.
***“It is our desire that we do more work, collaborate as regulators and analyse to make sure that we provide a level playing field where Nigerians, international investors & whoever is interested in this space will be comfortable and happy. "***
**-SEC**
Something tells me, knowing the nature of Nigeria government, this collaboration and National policy on Crypto, if it will not birth outright ban on Cryptocurrency in Nigeria, will birth unreasonable Crypto tax.
Over 20,000 members on Torum!!!
Joy in my heart today as Torum crossed 20,000 membership strength. This is a complete Crypto ecosystem that's still in its IEO stage and it's enjoying this rate of adoption even before listing on an exchange!
**What stand Torum out from other Crypto based social media?**
There are lots of crypto based social media out there and I'm a member of few but Torum is unique as it intends to be a Cryptocurrency enthusiast one stop shop for all their crypto needs from learning Crypto basics, trading, Airdrops and well researched crypto trading signal.
On Torum, every member have equal earning opportunities as earnings is based on daily, weekly and lifetime task. You have equal opportunity to earn 10 XTM from daily task by writing post, threads, liking other users posts/threads, commenting on users posts/threads, spreading posts/threads and daily sign in to Torum website. The equal opportunity available for all members on Torum is one of its strength.
Staking, DeFi are the buzz words in Crypto now but people are beginning to notice enormous opportunities available in Non Fungible Tokens (NFT) as it relates to Crypto arts. On Torum, you can get to trade your NFT arts as the site has almost complete it's NFT marketplace. NFT is one thing that attracted me to Torum Crypto ecosystem. When this launch, I'm sure the traffic will be very high.
Torum members are quite appreciative of great posts and they show this by gifting members with quality posts/threads different crypto based gifts that comes with shards for increased rating on the site. If you accumulate 20 of any of these gifts, you get non tradeable gift card of same gift.
What are you still waiting for? Why not come to Torum as you will still be an early adopter of this great initiative and Forum with great use case for its tokens beyond using your tokens to boost your posts/threads.
https://www.torum.com/signup?referral_code=wumeepope
The big player versus the small player; Avoiding Future issues on Torum.
I've heard several times the need for cryptocurrency enthusiast to push for further adoption but I'm beginning to see the adoption most of these guys are pushing for is big corporations adoption. One major cryptocurrency I see pushing for mass adoption is BCH with different monetized forum.
Ethereum blockchain housed most crypto projects as it accounts for over 50% of tokens/coins presently tradeable on exchanges. Ethereum gas fee is absurd and designed to favor the big players and discourage small bag holders. The fee is discouraging many people as gas fee is not just taking away profits but also reducing trading capital.
How can you explain paying gas fee of almost $40 for a trade that's less than $30? What's the point? Conventional banks Crypto is meant to be better than won't charge you that much. The higher the price of Ethereum, the higher the gas fee.
Most low price/high volume ERC 20 tokens are the most affected by this issue of gas fee. Uptrennd, a blogging site took it's minimum withdrawal from 200 to 3000 1UP tokens and yet, it takes months before you get your tokens in your wallet. Why? The site in a bid to avoid paying high gas fee delays payment till when fee is favorable.
Recently bought Polygon(Matic) on Binance with $100, when I wanted to withdraw this coin to mycointainer wallet, I was charged $16.36 (100 Matic coin) on Ethereum chain and $0.29289 (1.79) Matic to withdraw on Binance chain. Choosing Binance chain over Ethereum network will save me close to $15 in gas fee!
This brings me to the main point of my post; Torum is my home, an emerging Crypto based ecosystem and more people are beginning to see Torum for what it represents as a Cryptocurrency enthusiast one stop shop. The native token of Torum, XTM is an ERC-20 token and looking at the present situation of Ethereum gas fee, what will Torum do to overcome this debacle?
How about giving people options on Torum by going Multichain just like Polygon? Is this possible on a Crypto forum? Yes, as I've seen it work on Swirge. Swirge is both BEP and ERC based tokens and you can convert between these chains with a smart contract. I believe as a dynamic and futuristic ecosystem we are, it's time we start planning on how gas fee will not affect XTM trading and discourage people from trading it.
With the present adoption rate even before listing on any exchange, I believe the success of Torum and XTM is guaranteed as I ask myself what the adoption rate will be when XTM trading starts.
Quoting Alwinnn, **Co-founder, Project Manager and UI/UX Designer at TORUM**, he said;
***"Nuff said. Users are more likely to lean towards UX (User Experience) instead of decentralized, blockchain applications.***
***We still have a long way to go as the current tech isn't mature enough to provide such convenience for users.***
***Imagine using Torum today and we require Landers to sign for every single action, or even pay gas fees when sending #Gifts. I don't think the platform will survive in the long run".***
Torum with a mission of furthering mass adoption as a matter of urgency must start planning on how to overcome the issue of gas fee so members withdrawals will not be delayed and we can have a better user experience with Torum and XTM trading .
Are you interested in joining Torum? I'll advise you come have a wonderful experience on Torum. You can sign up with my link and we both share 150XTM
https://www.torum.com/signup?referral_code=wumeepope
Come Enjoy Freedom on Torum
Life on Torum has been extremely fun-filled and fulfilling all the way and I never regret the day I clicked that referral link shared on Uptrennd. I must admit, Torum is fully governed by it's terms and conditions, when it comes to freedom of speech. Even as an Ambassador on Torum, I cannot accuse anyone of plagiarism without a concrete evidence as I know plagiarism is a great offence. On Torum, unlike what's obtainable on Uptrennd, knowing words have consequences, we don't accuse people wrongly.
When I saw JaiChai letter to Jeff on Hive about him being called a plagiarist on Uptrennd for sharing his original post on the platform, I was like, Uptrennd again? This made me recall my experience on the same platform where I was labeled an intellectual thief for sharing my own post on their platform.
When Busola, one of their guardians on Uptrennd asked if I owned same post on read. cash, I told her I'm same person that posted on both platforms. She claimed the authorship didn't have the same name and at first said a link will do. I asked if the authors are different based on her suggestion, how will a link from read.cash proves I wrote the post.
After so much back and forth, I asked her to do whatever she wants believing as a supposed guardian, she won't go against Uptrennd terms and conditions as regards Conducts but alas, I was wrong; Guardian Busola is bigger than Uptrennd Terms or Uptrennd terms is thrash. She deleted my post on Uptrennd. My offence? Plagiarism.
I hit the telegram support group to complain about this but it seems Busola is the boss there too as none of their support staff can tell her what plagiarism means.
***"Plagiarism is defined as the representation of another author's language, thoughts, ideas, or expressions as one's own original work."***
If the above definition of plagiarism is true and universal, it exempt Uptrennd as they defines their plagiarism in a different way. At some point, I called out all the guardians in the telegram support group but just like cult following, none could say the truth even after putting it to them I didn't break any Uptrennd terms as regards Conducts. I quoted their terms to them but they all want Busola to feel good about herself. As regards posts, Conducts under Uptrennd terms expressly stated that, Uptrennd is against;
17. Posting content that is not your sole legal ownership.
18. Posting content that belongs to another person, corporation or entity.
Till date, none of the so called guardians can tell me the law I broke on Uptrennd. Even when a supposed customer service officer in their support group claimed I was ranting! I have all the screenshot of our discussions that day and the comments of other two guardians in the support group.
I was forced to think maybe because Uptrennd is not a blockchain forum is why their guardians do not respect members of the forum but then I remember Torum, a complete crypto ecosystem isn't on blockchain too, yet members are treated like equal partners with everyone in the forum having the ability to gift any content he enjoyed.
Yes, if you want to experience freedom of expression of your thought process as against writing just for upvotes, wants to learn more and take advantage of this bull market, I'll advise you join Torum. On Torum, there are dedicated Clans where you get to read about any alt coins technical and metrics analysis.
AIRDROPS? I can proudly confirmed two of the Airdrops I partook in on Torum paid and this is aside referral to coinmarketcap earn program where I'm learning and earning crypto too.
On Torum, you are responsible for what you earn as all members have same task. The time it takes to complete your task is only the difference. You can get to express yourself freely and trust me, people with similar mindset can gift you any of Torum crypto themed gifts.
On Torum, no person, entity or group is bigger than our terms and conditions. Torum terms and conditions is well spelt out and that's the basis of our governance as against a person opinion. That indeed is true freedom. If you are interested in experiencing freedom and growth, come to Torum. I got referred to sites by Torum ambassadors where I get to make at least extra $50 monthly aside other crypto sites I work on.
Welcome to Torum, welcome to the land of the Free
https://www.torum.com/signup?referral_code=wumeepope
I chose Bitcoincash over Bitcoin
Bitcoin is the first cryptocurrency and still remain the market leader but I'm sure you'll agree it's present use case is different from the popular Satoshi Whitepaper. Based on this, we can agree Bitcoin, in all its hype has been hijacked.
The rate big corporations are investing in Bitcoin shows there's a bigger plan to further control crypto space for selfish gains. A particular trend occurred recently when Elon Musk, who was rumored to have bought over 25% of Dogecoin circulating supply tweeted other major Dogecoin holders sells and even promised to pay Dollars in cash. This same man recently purchased $1.5 billion worth of Bitcoin.
Beyond the FOMO and the noise, if you pay closer attention, you will see the emerging trend and the majority of people speaking against this are the Bitcoincash community. Bitcoincash community knows better and are pushing back on this propaganda and grand deception. Have you ever thought of the reason majority of people backing Bitcoincash are vilified on social media?
From statistics, mining on Bitcoincash blockchain is almost 4% more profitable than Bitcoin blockchain. Checking transaction fees too, according to Coin Dance statistics, transaction fees on Bitcoincash network is 489x cheaper compared to Bitcoin network.
Transfer/Transaction time on Bitcoincash blockchain is faster and more transactions can be handled in this chain compared to Bitcoin Blockchain. So in essence, Bitcoincash is cheaper, faster and more scalable than Bitcoin.
Why are people still so much invested in Bitcoin when there's a better version; Bitcoincash? Do you still believed it's about use case? I'm of the opinion there's a grand plot against Bitcoincash as these Bitcoin maximalist sees it as a threat but we will continue pushing for it's adoption. I believe both Bitcoin and Bitcoincash can coexist side by side.
With the recent price upsurge, I'm happy Bitcoincash is back to top ten cryptocurrency by market capitalization and this gladdens my heart.
Elon Musk, Dogecoin, and Dogecoin Whales
Dogecoin since its inception was created as a meme coin and differs from other Cryptocurrencies created at that time in that it was meant to have infinite supply. This, according to founders was to make Dogecoin anti inflationary crypto coin. With this infinite numbers though, Doge holders have successfully pulled off series of pump and dump over the years so much so Dogecoin once flipped Bitcoin and other cryptocurrencies combined based on trading volume sometimes in January, 2014.
**Dogecoin Pump and Dump**
On 6-7th July 2020, based on a tiktok campaign pump to get Dogecoin to $1, Dogecoin price also spiked about 1900%. Based on tweets from Elon Musk and the Robinhood $GME stock debacle, Dogecoin appreciated by over 800% within 24 hours which led to Dogecoin setting it's all time high price after further encouragement from celebrities like Gene Simmons and Snoop Dogg and the subreddit group Wall Street bets.
I was surprised to see Elon Musk tweets this morning complaining about centralization of Dogecoin holdings in the hands of a very few whales. This he believed is one reason more people are not embracing Dogecoin and have little faith in the meme coin.
As one of the lucky few that made something substantial from my Coinpot Dogecoin faucet claims, I tried to dig deeper after Elon tweets and realised that 16 addresses holds about 49% of the total Dogecoin in circulation (source; IntoTheBlock). This, according to CEO of Binance, Changpeng Zhao shows Dogecoin distribution is very concentrated and centralized in the hands of few with 1 wallet address holding 27% of Dogecoin total supply, and top 20 wallets accounting for over 50% of the total circulating Doge.
The question is, imagine if these wallet holders decides to dump on the market? This will cause major Dogecoin price correction and that's exactly what Elon Musk is hoping for so Dogecoin can become the currency of the internet.
On Dogecoin subreddit group, a user claimed what these whales want is profit and as such will not dump on the market. He believes greed propel Whales to seek for more profits same way there are Bitcoin wallets that are inactive, these Whales can chose to be inactive for long. The question is, what happen the day they choose to be active?
For me, I believe Dogecoin is a meme coin with no real use case and as such can be held for occasional pump and dump but then again, I imagined if the man that paid Bitcoin for Pizza never did, are we all going to be here today talking about crypto trading? In essence, people gives value to crypto projects and it's one reason Crypto projects prioritize community building. So I'm waiting for the price correction, that may likely be in the region of 70% of present price to buy Dogecoin.
Banks Crackdown on Crypto traders in Nigeria
Nigerian commercial banks, as if they orchestrated the clampdown on crypto trading in the country are wasting no time to carry out the Nigeria CBN directives on Crypto trading ban in Nigeria by closing down accounts that have traded Cryptocurrency before.
I believe this is vendetta carried too far even after the Senate of the country invited the CBN to come explain reason for the crypto ban. The banks are beginning to feel the heat of most Nigerians becoming their own bank by embracing cryptocurrency.
In Nigeria, keeping your money in a savings deposit account will yield no interest as banks have devised various ways to debit customers accounts with different charges so much so instead of your accounts accruing interests, your money will be reducing.
Again, the ease of accessing forex for trades in Nigeria is as hard as a camel passing through the needle eyes. These commercial banks will exploit you with various charges and keeps you like forever on waiting list to access forex.
These commercial banks sees crypto as a spoiler as most people in Nigeria now rely on Crypto as a banks to source for their forex needs thereby freeing them from Nigerian banks shenanigans.
When CBN announced crypto ban in Nigeria, claiming it supports terrorism, I laughed at I believed it's a way of these commercial banks fighting back, using one of their own who heads the Nigerian apex bank.
In a nation where unemployment is on the rise and some of us, as against getting involved in crime or criminal activities to get money, the government is trying to take away our source of livelihood. The minimum wage in Nigeria is less than $100 and I believed with great engagements on different crypto sites with good contents, this is easily achievable.
I as an individual has chosen to defy this order as the government is more interested in keeping citizens below the poverty line. The money made from crypto blogging sites for most Nigerians like me is a source of livelihood.
This fight is personal as I reject government plans to keep me below the poverty line. I embraced crypto and I embrace freedom. What about you?
Torum now Mobile Phone Compatible
Today, Torum in furtherance of sticking and abiding to is Whitepaper and roadmap enabled mobile phones access to it's site.
With this development, you won't be needing to switch your browser to 'desktop site' mode to access the site and enjoy a world of seamless crypto related interactions while stacking up XTM at the same time.
The Mobile app will drop this first quarter according to the roadmap and will include all the functionality of the mobile site including the soon to be launched NFT Marketplace.
One thing about Torum though is the fact the team behind this project are fully committed to Torum and are not using Torum as a Launchpad to the mainstream Crypto world. Their level of engagements in the forum is simply amazing for me and the speed with which the team moves to fix any bug is quite commendable too.
On Torum, you are not just an ordinary statistics but equal partners as you can get to create your own Clan for further engagements with your followers and if you have any Crypto related company, you can easily create your own company and manage the Clan/Company using your full discretion. The only thing frowned at on Torum is impersonating a company for your own personal gains.
What are you still waiting for? Lemme shill you my referral link, join and let us continue with the fun on Torum. We get to share 150XTM into two equal halves
https://www.torum.com/signup?referral_code=wumeepope
Post appears on Uptrennd too.
Coingecko vs Coinmarketcap
It's been a very long time I checked Coinmarketcap simply because, after it was acquired by Binance, I have issues with it's credibility to effectively aggregate crypto prices and exchange volumes. This was first evident with their exchange trust scores that changed after the acquisition.
There's no better evidence to prove its flawed price aggregation and trust scores than what happened when I saw 1UP price trading at $0.1 on 1INCH DEX as reported by coinmarketcap . I was happy, hoping it's time to dump my bag and move on for good from 1UP tokens. Then I checked Coingecko and saw the price there didn't correlate with price on Trust wallet. Alas, I'll be holding my bags longer! I checked 1INCH DEX the price was quoted as $0.1, connected my wallet, tried to exchange and noticed the price was same as Coingecko price.
Coinmarketcap later reported this as a glitch! I believe these price aggregators sites have mechanism to filter Exchanges reported volume and the actual volume. I don't get the glitch. Overtime, Coingecko has been more consistent as data aggregation site and more people are beginning to trust them over coinmarketcap. It's normal to try check the site and get the notification the site is filled to capacity and you'll have to wait.
With new success comes new responsibilities and I believe Coingecko should increase the bandwidth of their website to accommodate more visitors.
As for me, I prefer Coingecko as the go to site for price and metric analysis and I'm hoping the site keep improving.
Which one do you prefer? Coingecko or Coinmarketcap?
Patiently stacking up XTM token
A friend of mine recently made a fortune trading Dogecoin he collected for a very long time from Coinpot and other Dogecoin faucet. The man was able to stack up over 30,000 Dogecoin by swapping other Coinpot faucets to Dogecoin, including Coinpot tokens. My friend made about $1800 selling his Coinpot earnings he stacked up for about two years.
This reminds me of gradually stacking up 10XTM daily on Torum and another 40XTM weekly pending the time XTM finally lists on an exchange. My stack of XTM is more than 2000 now by doing tasks and getting gifts from members. You also get gifts with interesting names like Satoshi Blessing, Pile of Kimchi, Hodl, smolclap and others.
**Why you need to Stack XTM.**
XTM is the native token of Torum, an ecosystem fully dedicated to everything cryptocurrency. The token is presently at IEO stage and once the IEO ends, it will be listed on an exchange. One thing though, before XTM is listed on any exchange, there will be enough use case for the token.
Unlike some Cryptocurrency projects that releases and list their coins on Exchanges before developing use cases for their crypto coin, Torum came prepared to develop ways to utilize XTM tokens in Torum ecosystem.
Torum will launch it's NFT marketplace where you can buy and sell NFTs, launch it's mining simulator program, where you can perform In-game purchases before the token will be listed on any exchange. On getting to an exchange, There's already plans for liquidity providers mining of the token provided your token is staked over 15 months period on Uniswap and Balancer DEX.
The total supply of XTM is 1 billion and over time, through buyback and burn mechanism, the total supply of XTM will be reduced by 20%.
If you are interested in joining Torum, you can follow my referral link and we both share 150XTM equally.
https://www.torum.com/signup?referral_code=wumeepope
Header Image source: Uptrennd.com
Cryptocurrency ban in Nigeria
The Nigerian Central Bank yesterday issued a circular mandating Deposit money banks, non bank financial institution, and other financial institutions from dealing in Cryptocurrencies transactions, and promising severe punishments for any who didn't comply and close any bank account associated with Cryptocurrencies trading.
The move was seen by many Nigerians as the country moving in backward direction. For the sake of clarifications, Nigeria rank third in global Crypto trading behind USA and Russia with a trading volume of $400.1 Million as majority of young, unemployed Nigerians see Cryptocurrency trading as means of escaping unemployment and poverty in the land.
To put this in perspective, the trading volume on Nigerian Stock Exchange is 5.6 Billion Naira while Binance, the biggest centralized Cryptocurrency Exchange in the world that has a Nigeria Naira base pair, Bitcoin/Naira trade is in excess of 13 Billion Naira.
One truth though, Cryptocurrency is highly volatile and so is Cryptocurrency trading. You are always advised to trade crypto with what you can afford to lose. The CBN could have conducted town hall meetings around the country, listen to different opinions but instead of doing this, they came out with a draconian law and place all crypto traders in same basket with criminals. It's obvious they don't understand what Cryptocurrency entails and in their characteristic ways chose to ban it.
One thing the government failed to realise is, Cryptocurrency trading cannot be banned and people will find ways to remit Crypto trading profits to fiat in Nigeria even if it involves round tripping.
On a lighter note, there's a thread on Twitter I cannot help but screenshot. A pastor was tweeted in support of Bitcoin ban simply because it's virtual and cannot be seen. A reply under the tweet got me rolling on the floor with laughter.
Darwinia Network Genepaper review. Race to solve blockchain interoperability problem
With blockchain network becoming specialized and layered Darwinian built a cross chain network protocol to join the different blockchains with layered networks, cross-chain interactions, application oriented design, user experience as it's key design features and principles.
Darwinia Network seeks to solve problems it identified while using blockchain technology to create dApps. Few of the problems is as listed below;
Current blockchain infrastructure falls short of great users experience as high gas fee for transaction, even more than conventional banks charges, private key backup and the inability to retrieve tokens once password/seed phrase is forgotten. I once had a discussion with a friend on this who asked what happened to a wallet in the case of sudden death and no relative knows password?
Most traditional vendors lacks blockchain experience.
The need for interoperability as different dApps operates on different blockchain. dApps developers has to develop same dApp for each public chain.
Darwinia Network intends solving the issues raised above by deploying the most advanced blockchain technology and framework, with Web3 infrastructure to construct an open network and application suite to solve the problems.
**Design**
Darwinia Network is a blockchain based on substrate technology and part of the Polkadot ecosystem but also different from Polkadot as Darwinia Network focuses on cross-chain interoperability. To break this down, darwinia seeks to enable seamless transfer of tokens, NFTs between Ethereum, EOS, and Tron chains, play games simultaneously across two public chains using Darwinia Network.
Of all infrastructure on Darwinia Network, Darwinia Bridge Chain is the most important and it's also the bridge between other public chains like Ethereum, Tron, EOS and Polkadot ecosystem. Darwinia chain can thus function as a solo chain on it's own and also as a Polkadot parachain.
**Appchain SDK**
In order to encourage developers to develop blockchain networks/dApps that meet application level requirements without little or no knowledge of blockchain technology, Darwinia developed a framework known as Appchain SDK. It's design goal is to simplify blockchain technology for everyday use. The Appchain SDK is said to be a set of blockchain development kit that can be tailored to the needs of application developers for different blockchain networks.
**NFT Identifiability**
Darwinia Network designed an inter stellar product coding standard that enables different public chain and different products to have a single ID on Darwinia network and thus enable inter blockchain transfer of NFTs with ease.
Darwinia Network ecosystem native token is Ring and it's a Proof of Stake (POS) token. Ring is traded in Uniswap, Huobi Global, BKEX, and other exchanges. The circulating supply is 450 million and maximum supply of 10 billion Ring token. Previously, before the Mainnet launch of Darwinia Network, Ring initial supply was 2 billion but with the launch, the total hard cap was moved to 10 billion as the maximum supply. Presently, Ring is trading at $0.093318, and it's up 17.5% against Bitcoin according to information from Coingecko.
*"Darwinia Network is a decentralized cross-chain bridge network building on Substrate, which is the "Golden Gate Bridge" of the cross-chain ecology. It provides the safest general bridge solution, connecting Polkadot, Ethereum, TRON and other heterogeneous chains by cross-chain assets transfer and general remote chain call. Also, its main application areas include Defi, cross-chain NFT trading market, games, etc."*
-Coinmarketcap.
Promoting Bitcoincash adoption in Nigeria
I saw a post in this forum asking for ways to push for Bitcoincash adoption in Africa, particularly in Nigeria and I'm impressed to see Bitcoincash striving to penetrate the African market.
Bitcoincash was once popular in Nigeria when it was newly forked off Bitcoin Core chain but subsequent fighting over hash powers among major players, fork of Bitcoincash chain, Real Satoshi claim that degenerated into major centralized exchanges delisting Bitcoincash SV made people avoid Bitcoincash and it's derivatives like a plague as they cannot easily differentiate between the two Bitcoincash.
**PROMOTING BITCOINCASH in NIGERIA**.
Crypto social media sites like read.cash, promoting earning in Bitcoincash is an innovative approach to monetizing your content in crypto. For further Adoption in Nigeria, I'll love where this is taken a step further to mirror a Crypto based social blogging site that promoted Bitcoin Core adoption; Cryptotalk.
Cryptotalk is a social media site, promoted by Yobit exchange that pays maximum of 30000 Satoshi of BTC daily for engagements in the forum. You are paid for maximum of 30 posts/comments at the rate of 1000Sats per posts/comments. This way, you are encouraged to learn about Crypto and also write an informed comments as any spam comment/post in the forum will be deleted and your account debited. Till you make up the comments differential, you will not get paid. That way, with quality posts and comments, you can easily make 0.009BTC monthly on Crypto talk which is about $305 today.
I believe creating an ecosystem like this around Bitcoincash in Nigeria will help push for mass adoption and provide opportunity for further learning. When you know the worth of your comments, you will not spam the forum.
What if this is mirrored and 0.0001BCH is paid by comment/post? It will surely encourage more people to adopt Bitcoincash in Nigeria.
GasGain Whitepaper review (Cashback on your Ethereum gas fee)
It's a known fact that one of the major drawback of trading ERC-20 tokens on DEXes is the issue of gas fees. It's so big a problem it once rocked Uptrennd, a crypto based social media that withdrawals of 1UP token from the site was frozen for some time. This problem equally permeates the DeFi space as most DeFi projects are built on Ethereum blockchain. It is said that, to make substantial profits from yield farming and DeFi in general, you will need to invest a minimum of $1000 so as to make substantial profits and offset the cost of Ethereum gas fee. The gas fee payable on transactions has also increased with increase in Ethereum price.
GasGain is one project that was created to solve this problem and give 100% cashback on Ethereum gas fees. Unlike their competitors in the market, there's no withdrawal fees and the daily cashback amount is not capped but maximum cashback capped at 75% monthly if you stake with minimum requirement of $1000 of GasGain token. 5% tax is collected on every transaction to ensure long term sustainability of the reward pool. The comparative analysis of GasGain and other similar tokens like Ethanol is given below.
**TOKENOMICS**
GasGain is an ERC-20 token with no mint feature. By this, it's total supply of 1000000 tokens will not increase. The token distribution is as shown below with 162,000 token allocated for Uniswap liquidity and 82,500 for airdrops.
For the sake of security and to forestall the issue of "Rug Pulls", GasGain will conduct full external audit and ensure team tokens are locked with a time release (I believe they may need Trustswap by Jeff Kirdekis). Reward reserves will also secured in a smart contract.
To be eligible for GasGain cashback reward, you'll have to choose the numbers of token you'll lock into the Reward Plan with minimum plan being $1000 with of GasGain over 30 days period. After the 30 days, your tokens will be released and you can choose to enter the cashback plan for another 30 days or Hodl/Sell your tokens.
If your interest is just in holding GasGain token like myself, there's a provision for Vault where you can lock your GasGain token for a specific period of time and earn rewards. For 50 days vault lock, you earn 50% returns, 100 days, 100% returns while a 1 year vault lock will give you 400% returns.
The major features of GasGain are;
Payouts Will Be Distributed Every 2 days;
No Daily Cap on Rewards! 75% Monthly Cap;
No Withdrawal Fee; and
Vaults Available at Launch.
**SUSTAINABILITY**
Users will have to initiate a Plan to get cashback rewards so as to avoid the issue of wasted rewards sent to wallets that may not know about this feature. This will help guide against lost tokens.
**MARKETING PLANS**
GasGain intend taking part in many AMAs, partner with influencers and projects.
DeFiChain review (DeFi on Bitcoin)
The traditional finance has failed and still failing many people due to many reasons that include; Compound cost due to activities of middle men, slow transactions, delay in cross border transactions and inaccessibility of financial institutions to majority of rural dwellers. In my State in Nigeria, aside the State capital, you can only see banking institutions in three other communities. To this end, people are beginning to embrace Cryptocurrencies and are seeking more ways to profit from it aside trading it.
DeFi seeks to enable fiat like investments in Cryptocurrencies. Capital, either fiat or crypto should provide returns on investments. Today, people seeks the possibility to lend, invest, borrow and receive interest on investments. DeFi platform is bringing this much needed innovation into crypto space.
Most of the DeFi projects are on Ethereum network and it's believed this network host other dApps that can negatively affect the execution speed of DeFi on the network. Example was when Cryptokitties almost grounded Ethereum network completely due to size of the dApp. This is one reason is believed that for a serious financial dApp, it is important to host it in a network solely dedicated to Decentralised Finance to avoid network clogging.
**DeFiChain**
The DeFi foundation is developing DeFiChain, a blockchain solely dedicated to decentralized financial applications and built on Bitcoin chain. Focusing on the functionalities of the blockchain, and dedicating it solely to DeFi, DeFiChain provides unparallel high transaction throughput, reduced risk of errors and intelligent feature development specifically for the fulfillment of financial services on the blockchain. To this end, DeFiChain fork of Bitcoin chain will include the following improvements; block time of 30 seconds and a block size of 16MB.
DeFiChain claimed it's mission is to give people seamless access to DeFi services. It also pride itself in the fact it's not a general purpose blockchain but one solely dedicated to DeFi. DeFiChain is optimized specifically for DeFi applications and it was designed intentionally to be non-turing-complete and does not support any function, other than those needed for DeFi so that the blockchain can provide higher throughput and better functionality specifically for finance related dApps. Non-Turing-Complete command set helps minimize the potentials of coding errors as seen on Ethereum Smart Contract (DAO and Parity locked fund hack) so much so smart contracts auditing is becoming a big industry around Ethereum Smart Contracts.
The function sets of DeFiChain include: Decentralized lending, Decentralized wrapping of tokens, Decentralized pricing oracles, Decentralized Exchange, Transferable debts and receivables, Decentralized non-collateralized debt, asset tokenization and distribution of dividends amongst others.
Building a DeFi blockchain on top of Bitcoin chain will bring the best out of both based on Bitcoin chain stability and immutability as well as DeFiChain scalability and functionality. To this end, the most recent Merkle tree from DeFiChain will be saved to the Bitcoin blockchain. Overtime, DeFiChain intends to space out the anchor at larger intervals to ensure provably immutable records while still keeping DeFiChain consensus mechanism and function sets not available on the bitcoin network.
**Tokenomics**
The total supply of $DFI tokens is 1.2 billion. The DeFi foundation promised the token will not exceed this amount as the DFI token is deflationary. 49% of the total supply will be issued to the DeFi Foundation at the start with the rest issued to Masternodes holders over time. If this 49% initially issued,49% of it will be kept by DeFi Foundation. This simply means the 49% of 1.2 billion tokens. Which is about 588 million token will be held by the Foundation. Of this 588 million, 49% of it will be held by the Foundation and 51% distributed to the public.
There will be no public sale of DFI tokens but tokens can be gotten from;
• Staking platforms;
• Airdrops to users of DeFiChain; and
• DeFi Foundation grant to developers willing to develop dApps on DeFiChain.
DeFiChain is available on Kucoin, Bittrex, and Latoken.
Aave DeFi Token
It is no longer news that on September 26th, 20, Aave launched the mainnet of its governance platform and subsequently unveiled its very first Aave Improvement Proposals {AIP} for voting.
Majority overwhemingly voted for Lend tokens to be fully converted to Aave and upon approval, Lend was converted to Aave on a ratio of 100 Lend to 1 Aave.
Stani Kulechov in 2017 started EthLend platform with its native token as Lend. In 2018, Ethlend was renamed Aave which means Ghost.
Today, Aave has emerged as one of the DeFi projects to reckon with as a decentralized lending platform. My prior experience borrowing and lending crypto on Kucoin Exchange attracted me to Aave as you get to Lend, borrow, and earn crypto assets in a fully decentralized way without the influence of a middleman. Remember, not your keys, not your coins.
About
Aave is built on ethereum blockchain and it is run on series of smart contracts that formed the basis of decentralization as these smart contracts executes automatically.
Tokens on Aave platform is called Atokens. The Atokens are tokens supported by the aave ecosystem for lending and borrowing and are currently 22 Atokens that include; DAI, USDT, TUSD, USDC, SUSD, BUSD, GUSD, AAVE, UNI, YFI, BAT, REN, ENJ, KNC, LINK, MANA, ZRX, CRV, MKR, SNX, Wrapped Bitcoin and Wrapped Ethereum. The Total Value Locked as at 25th January is $3.8 Billion
Loans on Aave platform are collaterized loans and the collateral must be greater than or equal to the amount you wish to borrow. For example, you intend to borrow MKR, you can collaterize this loan with equal amount of YFI.
Pecks of hodling Aave and using it as a collateral as a borrower include discount on fees payable on loans, you get to borrow slightly higher than others, you also get to see loans before they are released to the pulic and you can get an uncollaterized loan called flash loan {I don't know how this works}. As a lender on Aave, there's nothing to be afraid of as the total value locked on Aave is not affected by loans taken.
One good reason to hold Aave is the fact 80% of fees collected on the platform are used to burn Aave with 20% paid to lenders. i believed with supply of Aave reducing, price will continue to grow. All you need to lend your tokens on Aave is a good web 3.0 wallet as a browser extension of which I'll recommend MetaMask.
Not Your Keys, Not Your Coins. My Experience.
It's no longer news that the exchange Altilly was hacked and traders fund stolen. The exchange claimed it cannot ascertained neither verify users balance and primarily depends on screenshot from users trying to claim their coins.
I was a victim of this hack as over 20,000 1UP of mine was stolen in the hack. Remembered when Trust wallet (Unreliable Trust) showed the price of 1UP as $0.1? I woke up that day to see the new price and quickly moved my 1UP to Altilly (I have my Altilly deposit address for 1UP saved on my phone) to convert to Ethereum.
I realised the price of 1UP didn't change substantially on Altilly but instead of withdrawing my 1UP back to my wallet, I left it on Altilly and forgot it there. It was sometimes after the new year festivities, while trying to check 1UP price on Coingecko that I realised Altilly was hacked and my 1UP stolen.
Altilly claimed the theft of 1UP on their exchange was complete and as such, with no 100% guarantee, I'll have to wait for at least 6 months before I can get my 1UP back.
Whenever you hear **if it's not your keys, it's not your coin**s, it's so true and I'm a witness to that fact now as I'm not even sure I'll get my coins back. My carelessness cost me on Altilly and one reason I detest Coinmarketcap so much now.
**NB. I believe Altilly is directly affiliated to Reddit. If Altilly can be this easily hacked and Data stolen, I believe you should be conscious of private data you share on Reddit.**
Coinmarketcap and it's issues with Tracking prices
Remembered when we woke up to see 1UP price fictitiously at it's all time high on coinmarketcap? Well, it seems the problem is now a recurrent tradition on this cryptocurrency price aggregation site.
coinmarketcap in it's erroneous price tracking today showed a coin that dislodged Ethereum briefly as the number two ranked crypto based on market capitalization.
What in the world is Incent? Today, according to coinmarketcap, Incent overtook ethereum as the second crypto after Bitcoin based on market cap when it was erroneously reported the coin price reached $1706 on Folgory exchange. I actually heard the name of that exchange for the first time today!
On a second thought, I decided to check Coingecko to ascertain this but I didn't even see Incent among the top 50 coins based on Coingecko. Coingecko reported it's high-res price as $1.14 over a 90 day period. This price represents the coin all time high price on Coingecko.
Incent was built in the Waves blockchain and according to Coingecko, *Incent’s Ingage app allows mainstream digital content creators to seamlessly earn crypto by rewarding their viewers, instantly and in-content, for their attention, regardless of which mainstream distribution platform(s) host their content. Ingage’s reward fuel is the INCNT cryptocurrency. INCNT has a current supply of 46,016,598 and there are 46,016,573 in circulation.*
One thing I believed though, since Binance bought Coinmarketcap, the site has become so unreliable with tracking price and the reputation of Coingecko is growing tremendously daily as a more reliable site for tracking Cryptocurrency prices.
Community Power on Torum
Behind any cryptocurrency success, far above the analysis, is a community of firm believer in the project. Without the community, the project will end up abandoned. It is noteworthy to mention the Issues behind Steemit elected witnesses and Justin Sun during Steemit takeover, where it was alleged Justin Sun used Steem coins on Exchanges (Binance and Poloniex) to fight back electors influence and the subsequent birth of Hive.
I believe any Crypto based social media must take it's community very serious as they will become the face of the project.
I was very impressed while going over Torum White paper 2.0 today to check if Torum is living up to it's white paper and discovered Torum was built with it's community in mind.
It is no longer news the White paper presented different token use case for XTM such as Crypto themed gifts, buying and selling in NFT marketplace, staking, bidding and adverts, etc, what is new to me is the part the paper read XTM utilities is also subjected to community preferences.
Torum gave ways the ecosystem token can be utilized by the community based on community governance so on Torum, your opinion do matter and you are not just another statistics on Torum provided you are adding values.
Have you ever thought about the use case of Shards you are accumulating on Torum? It will soon make sense.
Torum replacing Faucets
As a Nigerian getting into crypto, I was introduced to the world of faucets. I was claiming these Bitcoin and other alt coins faucets religiously hoping I can someday accumulate 1 Bitcoin. I outgrew the fantasy of earning 1 Bitcoin from fauceting but it became an hobby sort of for me to collect cryptos from faucets.
Of all the faucets I worked, one stood out for me till date and that's Coinpot and it's Moon faucets. The faucets are; Bitcoin, Bitcoin cash, Dash, Litecoin and Dogecoin. I get to convert my faucets claim and consolidate it to one coin depending on the market. I'm forever indebted to these faucets as I remembered I once traded my claims on the site for over 0.01Btc at a time Dogecoin got to 100Sats.
When I logged in recently to check my Coinpot account, I was so surprised to see the notification the site and it's associated faucets are shutting down. Faucets provides easy entry for newbies who wants to earn crypto by working for it.
For newbies wanting to earn crypto, working on a Crypto based social media forum becomes more important and these crypto based forum should make it easier for newbies to learn and earn.
This for me is where Torum stood out from other Crypto social media sites in that, they make it easier for newbies to earn and learn without having to spam. You can also earn by staying active in the forum daily and by following great content creators in the forum and at the same time learning crypto basics. There's daily and weekly earning opportunities.
From my personal experiences, working crypto based social medias like Read.cash, Uptrennd, Lbry, Steemit, Hive, etc, Torum remains the best forum for crypto newbies to learn and earn without necessarily spamming.
Omowumi is my Name
Hello peeps, I'm Omowumi from Nigeria, a crypto enthusiast and a blogger. I am also an ambassador on Torum, a new crypto forum focused on cryptocurrency. I was introduced to the world of crypto blogging on Uptrennd during the lockdown and I must say, it's the best decision of my life.
I'm a dog lover and I have a Caucasian as a pet. I also have a rabbit of the angora breed as a Pet too
I work with the government of Nigeria as an environmental scientist and conservationist.
Over the years, the rate of cryptocurrency adoption in Nigeria motivated me to joining this platform and the quest to learn more about it. I will love to learn from well grounded cryptocurrency guru here, reading and learning.
I'm hoping to make a big success of my adventure here on read.cash
Cryptocurrency in Nigeria
When I heard the News Nigeria is the second largest country with Bitcoin adoption, at first, I wonder with the high rate of unbanked and rural dwellers in the country with little or no access to mobile telephony.
On a second thought, I was happy Nigerians are embracing the financial freedom cryptocurrency affords them. Why won't Nigerians embrace cryptocurrency? A nation where minimum wage is less than $100 and over 70% of the populace lives below the poverty line by world bank estimates, crypto offers a getaway from government flip flop economic policies.
Keeping your fiat currency in Nigeria bank is headache as banks, instead of paying you interest on your deposits are looking for every available means to steal from you and the interest paid is way below the inflation rate in the country.
It isn't far fetched reasons Nigerians are preferring cryptocurrency over fiat currency. The exchange rate is another anomaly with black market rates higher than official rate by over 100 Naira.
The simple analysis is imagining putting $7000 in Bitcoin 10 months ago and keeping same amount in your bank account. Today, your $7000 is worth $40,000 and Nigeria banks will pay you interest rate of about 8% per annum. Crypto is now a safe haven for savvy Nigerians and I'm excited with the prospects Torum offers in reaching more people in my country Nigeria. I'm sure, they'll see Torum beyond the XTM it offers and embrace the quality education/information available on Torum.
I'm excited with the soon to be launch mobile app and Torum roadmap enabling mobile phones this first quarter without having to change to desktop mode.
Image source: https://pixabay.com/illustrations/bitcoin-blockchain-cryptocurrency-3374479/
