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Guarda Wallet: Seamless User Experience And Superior Security

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[Featured Content]

Guarda was officially registered in the European Union back in 2017 and has been focusing on building an ecosystem of blockchain-related products ever since.

The company has an FIU license under the registration number FVR000109 for virtual currency against fiat currency exchange, and it’s compliant with the regulations of each jurisdiction where it operates.

It has an extensive list of products, and it’s among the well-known companies in the field. Its portfolio includes:

  • Guarda Multi-Currency Web Wallet
  • Guarda Multi-Currency Desktop Wallet App
  • Guarda Multi-Currency Mobile Wallet
  • Light Wallet Applications
  • Browser Extension
  • Token Generator
  • Built-in Web-Based Exchange (partners service)
  • Built-in Web-Based Crypto Purchase (partners service)

Guarda Wallet

The Guarda Wallet is a multi-platform and non-custodial cryptocurrency wallet that supports over 45 networks, including Bitcoin, as well as more than 10,000 tokens on various chains. These include, but are not limited to, ERC-20 tokens, ERC-721, BEP-2, TRC10, TRC20, Omni, EOS, Waves, and so forth.

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The first thing to consider is the fact that Guarda Wallet is non-custodial. This means that the customer owns his private keys. Only the user has access to his funds. You will receive a file with your private keys, encrypted with a password. You should save that file and the password in a safe place. You will be able to access your funds and transaction data using those two later.

There’s a popular saying in the cryptocurrency field that goes, “Your keys, Your bitcoins.” It suggests that you are in full ownership of your BTC, unlike when you store them on an exchange. This is always preferable as you eliminate the risk of the exchange being compromised and your crypto – gone.

According to the CEO of Guarda Wallet, the company focuses on creating a secure wallet for everyone, maintaining the “freedom of privacy and top level of security” mission. You can find more information about their intentions here.

Flexibility Across Platforms

Another thing worth noting is that Guarda Wallet is also available on Web, Desktop (macOS, Windows, Linux), it has its own Chrome Extension and a mobile app for both iOS and Android devices.

Apart from the above, Guarda is also fully-compatible with Ledger. Users can import their accounts and manage hardware-stored funds very easily using Guarda’s interface.

The wallet has also implemented support for multi-signature functionality for Bitcoin and is reportedly the first multi-currency wallet to onboard this particular feature.

In retrospect, Guarda Wallet features:

  • Transaction history and special coin features
  • Wallet backup
  • Importing and exporting private keys
  • Fiat purchases
  • Built-in exchange
  • Secure encryption algorithm
  • Staking (Tezos, Komodo, Callisto, Cosmos, and more.)

Talking about Guarda Wallet platforms, we should also mention the beta release of the new mobile version. It comes with plenty of new features, some of which include:

  • Now users can see the cryptocurrency price and price changes via nice and clear graphics
  • Now users can filter their crypto Wallets easily – they now can hide any wallet, for example, wallets with zero balance.
  • Users can filter their transactions using the transaction type, wallet, or currency as a filter.
  • Users can now find a transaction in the transaction history using the transaction hash.
  • New fiat currency added for buying: RUB, AUD, KRW, AUD, TRY, HKD, and many others.
  • New fiat currencies added for the estimation of cryptocurrency, including USD, EUR, AUD, AED, CAD, CHF, and so forth.
  • Now users can chat with support online
  • A possibility of turning off the Masked balance tool added
  • XTZ staking added
  • NEO gas claim supported

It’s particularly important for users to download the backup file before updating the app, so they have access to the funds. The beta version of the app provides the same reliable protection for your private keys and operations as the main one. However, it’s always recommended that you have a saved backup file. Only it gives access to your funds.

So, before updating, save the backup.

Additionally, there’s a bug bounty which gives an opportunity to earn rewards for those who are interested in testing the Guarda Wallet and the new mobile app. More information can be found here.

Guarda’s Web-Based Exchange By Changenow

This is another interesting functionality that Guarda users can take advantage of. The web-based exchange doesn’t require registration, and it offers a limitless cryptocurrency swap service.

The exchange has an easy-to-use interface, and it makes it very convenient to convert your funds and store them safely in Guarda’s mobile or web wallets afterward. At press time, the service supports more than 45 different altcoins.

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In addition, the platform supports web-based cryptocurrency purchases. Users can use a banking card and take advantage of the easy-to-use purchasing interface for instant orders. The platform supports a range of different fiat currencies and more than 45 blockchains and their tokens.

Browser Extension

The wallet’s browser extension allows for a quick access to decentralized applications (DApps) that work with Bitcoin, Ethereum, and other blockchain networks directly from your Chrome browser.

This extension interacts directly with Guarda’s official website javascript context. It works as a connecting bridge between DApps and the Guarda Wallet.

All in all, Guarda has attempted to create an entire ecosystem around safekeeping and storage of cryptocurrencies, and it appears that, so far, it succeeds. Their services are recognized by some of the leading authorities in the field, including Binance, TRON, Zcash Foundation, Waves Platform, Komodo, Stasis, and so forth.

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Source: https://cryptopotato.com/guarda-wallet-seamless-user-experience-and-superior-security/

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Cardano Gains Momentum as Ethereum 2.0 Release Continues to Stall

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Ethereum co-founder, Vitalik Buterin, recently appeared on the Hashing It Out podcast to discuss the latest developments with Ethereum.

Hosts Corey Petty and Dean Eigenmann quizzed Buterin on his regrets over Ethereum’s initial launch, and how ETH2.0 will gear towards addressing those concerns.

With that, Buterin acknowledged that, when designing Ethereum, many mistakes were made. With the benefit of hindsight, he admits that the Ethereum architecture isn’t as efficient as it could be.

One example he gave related to the use of hexary trees, instead of binary trees, to store contract data.

Guillaume Ballet noted that hexary trees hamper scalability, as this method requires constant recalculation of the hash root.

As well as that, during his explanation, Buterin also expressed regret on how the gas system was setup.

“we really didn’t do a good job in setting those in the beginning.”

It recently emerged that a $130 Ethereum transaction incurred gas fees of $2.6 million. Some theorize that this was an intention game of the gas system as a result of money laundering. But whether or not this is true, it still highlights flaws within Ethereum’s gas system.

While ETH 2.0 intends to address such concerns, as a live blockchain, legacy architecture must be taken into account to deliver Buterin’s vision for the future.

“we definately did underestimate how much time it would take to finish a lot of the things that we didn’t start back in 2015, with proof of stake and sharding probably being two of the biggest things.”

Ethereum 2.0 is Overdue

Delays to the rollout of ETH 2.0 have left the community none the wiser as to when it will launch.

Initially, core developers reportedly scheduled ETH 2.0 to rollout in January 2020. But that date came and went.

More recently, Buterin backtracked on a July launch, claiming that he had misheard a question posed at the Consensus: Distributed conference.

Ethereum 2.0 will not be out in July

Source: twitter.com

Meanwhile, The Shelley mainnet of Cardano is gearing up for launch at the end of this month.

Cardano’s Progress is Starting to Turn Heads

Cardano is a third-generation proof of stake blockchain that reportedly offers 1 million transactions per second via Hydra Sharding.

The start of July saw the price of ADA pump, leading to a new year-to-date high. The move was enough to send it from 10th place to 8th on the CoinMarketCap rankings.

ADA daily chart. (Source: tradingview.com)

While Ethereum boosts the largest community of developers, as well as an advantage in terms of existing dApps on the platform, Cardano is working to level things out.

IOHK recently announced a $20 million development fund for entities wishing to build on the Cardano network.

With that, the momentum gained this past couple of weeks has the crypto community looking at Cardano as a serious contender once more.

Although the term “Ethereum killer” is often bandied about, leading to a loss in its meaning, when it comes to Cardano’s achievements of late, there can be no doubt that Buterin is feeling the heat.

Source: https://www.newsbtc.com/2020/07/06/cardano-gains-momentum-as-ethereum-2-0-release-continues-to-stall/?utm_source=rss&utm_medium=rss&utm_campaign=cardano-gains-momentum-as-ethereum-2-0-release-continues-to-stall

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Cash shortage leads to increased demand for crypto in Cuba.

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The COVID-19 pandemic has had a devastating impact on the economies across countries as people continue to remain cautious of going out. Cuba has also suffered from this ongoing pandemic as the socialist country now reports food and cash shortages. Cuba has stopped receiving aid from the South American country Venezuela amid the pandemic, which has created a food shortage in the country. The Cuban Communist Party has told all Cubans to start growing food in every empty space they own. 

The demand for crypto increases in Cuba 

In the midst of all these crises, Cubans have also been seeing a shortage of “mules.” “Mules,” otherwise known as “Mulas,” are not delivering much-needed goods and cash to the citizens. Mules account for close to half of the cash remittances in the socialist country. In order to lessen the impact of the economic turmoil, a number of Cubans are resorting to bitcoin and other cryptocurrencies. For instance, there are traders on the peer-to-peer Localbitcoins stemming from Havana and Holguín. A number of reports have suggested that many Cubans have been seeking out cryptocurrency solutions over the last two years.

Cubans evade US sanctions using cryptocurrencies. 

The US sanctions on Cuba have had a disastrous impact on the economy of the socialist country of Cuba. Cuba has a history of sending doctors to other countries when required, and earlier this year, the country sent its doctors to many countries, including Italy, to help fight the COVID-19 pandemic. Later last year, Reuters reported that many Cubans are evading the US sanctions by flocking to cryptocurrency, in order to shop online and send funds. There is also a popular Telegram channel with thousands of Cubans called “Cubacripto,” where they gather to trade or discuss cryptocurrencies. Several other countries, including Venezuela and North Korea, have also been accused of using crypto to evade the sanctions put on by the United States. 

Source: https://coinnounce.com/cash-shortage-leads-to-increased-demand-for-crypto-in-cuba/

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Synthetix Full Guide and Review: Making Money Staking SNX

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Synthetix is one of the most unique and wildly successful DeFi projects in crypto. It consists of a decentralized exchange and an asset issuance platform built on Ethereum.

Synthetix allows users to issue and trade these so-called synthetic assets, which are representations of real assets such as cryptocurrencies, fiat currencies, stocks, commodities, and virtually anything that has value. As part of keeping the system together, the platform also has a money-making scheme (staking) in place.

In this guide, we are gonna go indepth on how the system works and relates with one another without dabbling into jargons ‘normal’ crypto people couldn’t understand. And of course, no DeFi guide is complete without showing the steps to monetize the platform. SNX staking is one of DeFi’s hottest passive income-generating strategies today.

Table of Contents

Background

Kain Warwick, Founder of Synthetix

Synthetix was originally created as Havven back in 2017. It was founded by Kain Warwick, who happens to also be the creator of Australia’s largest crypto payment platform. Havven was able to raise about $30 million via an ICO held in March 2018, amidst the crash of the market.

Among the executive team is CTO Justin Moses, who was the Director of Engineering at MongoDB, as well as Senior architect Clinton Ennis, who has 18 years experience as a software engineer and was the former Architect Lead at JPMorgan Chase.

What is Synthethix?

Synthethix is a DeFi ecosystem consisting of a decentralized exchange and asset issuance platform maintained by a staking-based incentive mechanism. It allows users to speculate on cryptocurrencies and just about any real world assets like stocks, fiat currencies, precious metals, etc. Like most DeFi projects, Synthetix is built on Ethereum.

The main goal of the project is to keep the exchange running and maintain its decentralized structure through an incentive mechanism based on a combination of staking, collateral, fees, and inflation. Basically, it allows anyone to create synthetic assets that can track the price of its real-world counterpart. This can be done by locking up the platform’s native asset SNX into the protocol.

One of the key selling points of the Synthetix project is that it can funnel some of the trillions of dollars of assets from traditional financial markets to the Ethereum network. And it does this through decentralized and permissionless means.

Imagine having everyone in the world given the ability to gain exposure to traditional markets like Tesla stocks, high premium bonds from foreign nations, real estate, etc. without having to deal with tedious financial regulations and requirements.

On the seller side, individuals can easily mint whatever synthetic assets they want or can access to, and earn passive income from the fees generated from people buying the synthetic assets. With that in mind, the Synthetix team and community envisions a world where anyone can create or be exposed to any asset they want and trade them in a global permissionless network.

Synthetix Exchange

The Synthetix Exchange is a decentralized exchange (DEX) built on the Synthetix protocol that launched in 2018. It currently lists 19 assets and has 31 trading pairs available. As of July 4, it’s last trading volume is reported to be at roughly $13.7 million, averaging between $13.5 to $14 million per day.

As a permissionless exchange, it has no border restrictions and grants anyone in the world access to its market. To trade on the exchange, simply go to Synthetix.exchange and connect using any web3 wallet such as MetaMask.

Interface

Synthetix Exchange interface

As you can see from above, the exchange interface is simple and easy on the eyes (it has light mode too). The only drawback is that it’s trading view uses a line chart instead of a candle chart, which most traders use. We’re not sure why Synthetix decided to remove their candle chart.

Fees

The DEX charges users with 0.30% for both maker and taker fees for every trade. This is quite high compared to the industry standard for exchanges, which is 0.15%-0.25%. Some new exchanges are even charging as low $0.10% or don’t charge at all.

For what it’s worth, the fees will be used to reward the stakers who are constantly providing tokens and liquidity to the exchange. Furthermore, there are no withdrawal fees since trading is executed directly from wallet to wallet.

And remember, you still have to pay extra fees for gas since you’re technically using the Ethereum blockchain for your trading. Gas costs generally depend on the number of users using Ethereum.

Exchange security

Hacks are commonplace in the DeFi space. And Synthetix, unfortunately, has its own incident back in June 2019 when cybercriminals were able to loot 37 million synthetic Ether (sETH). And there is no guarantee that something like this won’t happen to Synthetix again.

However, DeFi platforms like Synthetix are expected to become more secure and better over time as they develop more robust and secure protocol upgrades, as well as become more ‘tested’ in the treacherous waters we call the cryptosphere.

Native Assets

The Synthetix platform has two different types of tokens:

  1. SNX tokens
  2. Synths

SNX Token

SNX is the main token of the platform and is used to create synthetic assets (Synths). SNX stakers can buy SNX tokens from any crypto marketplace and lock them in a compatible wallet.

Once the SNX token are locked up, they can be used to mint new Synths.

The SNX monetary supply was deflationary up until March 2019, when Synthetix implemented an inflationary monetary policy to incentivize stakers to create more Synths. The total amount of SNX issued was changed from the initial 100 million tokens to 250 million tokens by 2025.

After the implementation, the network saw a huge spike in user participation, as well as an accompanying jump in the value of SNX.

Although SNX was not created as an investment tool per se, the token has seen a massive surge in price very recently. It went from $0.79 at the start of June to about $2.54 in July.

Synth

Synth tokens are the synthetic assets created when locking up SNX tokens. They are technically representations of real world assets in the form of Ethereum-based tokens.

Types of synths

  1. Fiat Synths: sUSD, sEUR, sKRW, etc.
  2. Crypto Synths: sBTC, sETH, sBNB, etc.
  3. Stock Synths: sTSLA (synthetic Tesla), sAAPL (synthetic Apple), etc.
  4. Commoditity Synths: sAu (synthetic gold), sAg (synthetic silver), etc.
  5. Index Synths: sDEFI, sCEX
  6. The sky is the limit.

Stakers incur debt when minting Synths. As a consequence, they have to pay back the same value in Synths before they can retrieve the locked-up SNX. The value of a Synth is subject to change over time.

Therefore, a user might have to pay a different amount of Synth when they withdraw compared to the time the Synth was newly minted. Uniquely, issuers are not required to pay the same type of Synth that they have initially minted. The system accepts any type of Synth to repay a debt as long as it has the same market value as the Synths they ought to pay.

Another requirement for issuing Synths in the system is a collateralization rate of 750%. For instance, if you want to mint 100 sUSD, you need to lock up $750 worth of SNX tokens. This large collateralization requirement is necessary to cushion the platform against sudden and/or extreme market movements.

If the ratio drops below 750%, the fee rewards become unclaimable unless the ratio is brought back to 750% and above. This mechanism is meant to keep the price of Synths stable.

It needs to be noted that holding a Synth is not the same as actually holding an asset. For instance, a sTSLA token has the same price as a Tesla share, but without the dividends a Tesla shareholder might receive.

How To Make Money Staking SNX

Before you dive into the walkthrough, make sure you are aware of the risks involved in staking. While their risks may not be as high as investing in an ICO, staking rewards don’t come for free either.

By minting Synths, you claim a fraction of the system’s debt pool. This debt pool accounts for the total value of all Synths in the system. Furthermore, this debt can rise and fall independent of the original value of your minted Synths, since it is based on the exchange rates and supply of Synths.

Let’s take an extreme scenario. Say, the majority of Synth holders are holding sBTC, then the price of BTC doubles. In that case, the size of the debt pool will increase drastically, which means the debt of each staker would also increase proportionally to the amount of increase in total debt of the system.

If you’re all good with that, then let’s begin your staking journey. First of all, you must acquire SNX tokens first. You can buy them from several exchanges in the space.

After you have acquired SNX, be sure to transfer them to a web3 wallet; either MetaMask, Trezor, Ledger, WalletConnect, or Coinbase wallet.

Once you have your SNX in a web3 wallet, visit Mintr. Mintr is a dApp that providers users with an intuitive interface for minting Synths, managing SNX, and simply participating in the Synthetix ecosystem in general.

Connect your web3 wallet to Mintr, and you will be directed to the homepage. The wallet details are displayed on the left-side while the functionality options are placed on the right.

If you want to mint sUSD for instance, you’re gonna have to input the amount of sUSD you want. And remember, the collateralization requirement is 750%. As of the time of writing, $750 is worth 318.03 SNX, so that’s the amount I need to pay in order get 100 sUSD.

As you can see from below, I do not have the required balance since this wallet is for demo purposes only. But when you’re working with the real thing, all you gotta do is click ‘MINT NOW’ after you’ve input the right amount of sUSD or whatever token you choose.

After clicking ‘MINT NOW’, you need to confirm the transaction in your web3 wallet. Once confirmed, your SNX becomes automatically staked and you will receive a proportional amount of sUSD or whichever synthetic asset you created.

You can then begin trading your synthetic assets on the Synthetix exchange, as well as other exchanges that have synthetic asset trading pairs.

So how will you make money? There are two types of rewards you’ll get here:

  1. sUSD fee rewards generated from Synthetix exchange fees
  2. SNX inflation rewards

These rewards need to be manually claimed regularly (each fee period is typically once a week) or they will be returned to the Synthetix pool and given to other stakers. And remember, the collateralization ratio must be kept at 750% and above otherwise you can’t claim your reward.

Conclusion

Synthetix has become one of the leading projects in the DeFi space (currently the fourth largest in market cap) by offering derivatives and other synthetic assets to anyone in the world. DeFi has thrived in the last couple of years and is now considered one of the hottest subsectors in crypto.

Considering the trillions of dollars flowing in centralized finance (CeFi), DeFi platform like Synthetix have enormous room for growth in the next few years. And judging by Synthetix’s performance, it is likely to stay in the long run.

The question is, will it remain on top? It is currently competing with multiple equally-amazing projects that are offering similar solutions.

Source: https://www.asiacryptotoday.com/synthetix-guide-snx-staking/

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