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Solana: The High-Speed Blockchain Network

January 15, 2023 By cryptoxray Leave a Comment

Introduction to Solana: High-Performance Blockchain Network

Solana is a high-performance blockchain network that aims to enable faster and more scalable decentralized applications. It was launched in 2020, and since then has been gaining traction in the crypto community due to its impressive performance capabilities.

The Unique Consensus Algorithm: Proof of Stake Time (PoST)

One of the key features of Solana is its high throughput, which is made possible by its unique consensus algorithm called “Proof of Stake Time” (PoST). This algorithm allows for faster transaction processing and confirmation times, making it possible for Solana to handle up to 65,000 transactions per second. This is a significant improvement over other blockchain networks such as Ethereum and Bitcoin, which can only handle a fraction of that number.

High Throughput, Low Latency, and Low Fees

In addition to its high throughput, Solana also offers low latency and low fees. Transactions on the network are confirmed in under a second, and fees are typically only a few cents. This makes Solana an attractive option for decentralized applications that require fast and inexpensive transactions, such as gaming, decentralized exchanges, and prediction markets.

Decentralization and Security with Tower BFT

Another advantage of Solana is its use of a new technology called “Tower BFT” which allows it to maintain a high level of decentralization while still achieving high performance. This technology allows Solana to maintain a large number of validators on the network, ensuring that it is more resistant to centralization and 51% attacks.

Solana’s Ecosystem and Partnerships

The Solana team is actively working on the development of the network and its ecosystem, and has already attracted a number of high-profile partners such as Chainlink, Serum, and Band Protocol. The network has also been used in several decentralized finance (DeFi) projects, such as the Serum decentralized exchange.

Use cases: Solana in DeFi and Gaming

Solana’s high throughput and low latency make it ideal for decentralized finance (DeFi) and gaming applications. The network’s fast confirmation times and low fees make it ideal for decentralized exchanges and prediction markets, while its high throughput makes it ideal for gaming applications that require fast and inexpensive transactions.

Conclusion: The Future of Solana

Solana has a bright future ahead. It’s a high-performance blockchain that aims to enable faster and more scalable decentralized applications. Its unique consensus algorithm, high throughput, low latency, and low fees make it an attractive option for various decentralized applications.

Disclaimer: Cryptocurrency market is highly volatile

It is worth noting that the cryptocurrency market is highly volatile and its future is uncertain. It is important to do your own research before making any investments, and never invest more than you can afford to lose.

The Top 10 Cryptocurrencies You Should Know About

January 1, 2023 By cryptoxray Leave a Comment

Cryptocurrency has taken the world by storm in recent years, with more and more people looking to invest in digital assets. With so many different cryptocurrencies available, it can be overwhelming to know where to start. In this article, we will take a look at the top 10 cryptocurrencies you should know about, including their brief overview, market cap, and current price.

Bitcoin

Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It is a decentralized digital currency that operates on a peer-to-peer network, allowing for direct transactions without the need for a central authority. Bitcoin has a market cap of over $1 trillion and a current price of around $40,000 (as of January 1, 2023). It is widely accepted as a form of payment and can be stored in a digital wallet or on a cryptocurrency exchange.

Ethereum

Ethereum is a decentralized, open-source blockchain platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. In addition to being a platform for decentralized applications, Ethereum is also home to its own cryptocurrency, Ether (ETH). Ether is used to pay for transaction fees and services on the Ethereum network. Ethereum has a market cap of over $200 billion and a current price of around $1,500 (as of January 1, 2023). It is the second-largest cryptocurrency by market cap and is widely considered to be a leading player in the cryptocurrency market.

Binance Coin

Binance Coin (BNB) is the native cryptocurrency of the Binance platform, a global cryptocurrency exchange that provides a marketplace for buying and selling various cryptocurrencies. Binance Coin is used to facilitate transactions on the platform and can also be traded on the open market. In addition to its use on the Binance platform, Binance Coin can also be used to pay for various goods and services, such as travel, dining, and entertainment. Binance Coin has a market cap of over $50 billion and a current price of around $300 (as of January 1, 2023). It is a popular choice among cryptocurrency traders and has seen significant growth in recent years.

Dogecoin

Dogecoin is a cryptocurrency that was created as a joke in 2013, based on the popular “Doge” meme featuring a Shiba Inu dog. Despite its origins as a joke, Dogecoin has gained a devoted following and has become a legitimate cryptocurrency with a market cap of over $10 billion and a current price of around $0.50 (as of January 1, 2023). Dogecoin is used as a form of online tipping and has also been used to raise funds for charitable causes. It has gained mainstream attention for its rapid price increases, with some speculating that it could become a major player in the cryptocurrency market.

Cardano

Cardano is a decentralized, open-source blockchain platform that is focused on providing a secure and scalable infrastructure for the development and execution of smart contracts and decentralized applications. It is the first blockchain platform to be built on the Haskell programming language, which is known for its security and reliability. Cardano also has its own cryptocurrency, Ada (ADA), which is used to facilitate transactions on the platform and can also be traded on the open market. Cardano has a market cap of over $40 billion and a current price of around $1 (as of January 1, 2023). It is considered to be a strong competitor in the smart contract platform space and has a strong following among cryptocurrency enthusiasts.

Polkadot

Polkadot is a decentralized, open-source blockchain platform that is focused on enabling the creation of scalable and interoperable blockchain networks. It is designed to allow different blockchains to communicate and exchange data with each other, allowing for greater interoperability and scalability within the broader blockchain ecosystem. Polkadot has its own cryptocurrency, DOT, which is used to facilitate transactions on the platform and can also be traded on the open market. Polkadot has a market cap of over $20 billion and a current price of around $30 (as of January 1, 2023). It is considered to be a promising project in the blockchain space and has a strong following among cryptocurrency enthusiasts.

XRP

XRP is the native cryptocurrency of the Ripple network, a decentralized payment platform that enables fast, low-cost international transactions. XRP is used to facilitate transactions on the Ripple network and can also be traded on the open market. It has a market cap of over $50 billion and a current price of around $0.50 (as of January 1, 2023). XRP is a popular choice for banks and financial institutions looking to improve their cross-border payment processes, and it has seen widespread adoption in the financial industry. However, it has faced controversy and legal challenges due to its centralization and the actions of its parent company, Ripple Labs.

Uniswap

Uniswap is a decentralized, open-source protocol that allows users to buy and sell various cryptocurrencies on the Ethereum blockchain. It is an automated liquidity protocol that allows users to trade directly from their digital wallets without the need for a centralized exchange. Uniswap has its own native token, UNI, which is used to facilitate transactions on the platform and can also be traded on the open market. UNI has a market cap of over $10 billion and a current price of around $30 (as of January 1, 2023). It has become a popular choice among cryptocurrency traders and has seen significant growth in recent months.

Litecoin

Litecoin is a decentralized, open-source cryptocurrency that is based on the Bitcoin protocol. It was created in 2011 as a fork of Bitcoin and is designed to be a faster and more lightweight version of the leading cryptocurrency. Litecoin has a market cap of over $10 billion and a current price of around $200 (as of January 1, 2023). It is widely accepted as a form of payment and can be stored in a digital wallet or on a cryptocurrency exchange. Litecoin is often referred to as the “silver” to Bitcoin’s “gold” and has a strong following among cryptocurrency enthusiasts.

Bitcoin Cash

Bitcoin Cash is a decentralized, open-source cryptocurrency that was created in 2017 as a fork of Bitcoin. It was created to address the scalability issues faced by the original Bitcoin network and is designed to be able to process a larger number of transactions per second. Bitcoin Cash has a market cap of over $10 billion and a current price of around $500 (as of January 1, 2023). It is widely accepted as a form of payment and can be stored in a digital wallet or on a cryptocurrency exchange. Bitcoin Cash has a strong following among cryptocurrency enthusiasts and is considered to be a leading player in the cryptocurrency market.

Conclusion

In conclusion, the top 10 cryptocurrencies you should know about are Bitcoin, Ethereum, Binance Coin, Dogecoin, Cardano, Polkadot, XRP, Uniswap, Litecoin, and Bitcoin Cash. These cryptocurrencies have all made significant impacts in the market and have varying uses and potentials for growth. It is important for investors and enthusiasts to stay informed about the top cryptocurrencies in order to make informed decisions about their investments. While there are potential benefits and risks to investing in cryptocurrency, it is clear that these digital assets have the potential to shape the future of finance and technology.

Check out our guides on how to purchase and store your crypto assets here Beginners Guide to Buying Cryptocurrency and How to buy Bitcoin in the UK

How to buy Bitcoin in the UK

May 29, 2022 By cryptoxray Leave a Comment

How to buy Bitcoin in the UK

There are various methods to buy bitcoin in the UK, but one of the cheapest and fastest methods is through the SwissBorg app.

Swissborg

SwissBorg launched in 2017 and now covers 115 Countries

Swissborg is very easy to set up. Simply download the app from the link above, then

Open the Swissborg app, and tap Get Started
Enter your mobile, including the correct country code, then tap Next
You will receive an SMS 6-digit code
Enter the code into the app
Agree to the Swissborg Terms of Use and Privacy Policy, then tap Next
Follow the instructions for uploading you identity document
Enter your email address, then tap Next
Follow the links to verify your email address
Enter your address
Answer the investment related questions, then tap Next

You will need to verify your identity before you can use the app, but this is for your benefit as well as Swissborg’s.

Once your app is up and running, you can transfer funds from your regular bank account to your Swissborg account and swap it for many cryptos, such as Bitcoin, Ethereum, Binance Coin, XRP, USDT, Polygon etc. The swap usually takes less than a second.

If Swissborg does not list the token you wish to buy, then you can simply buy Bitcoin, Ethereum, USDT etc and send it to an exchange that does list your token.

Swissborg also have their own token CHSB, which you can earn yield on.

Current daily yield rates at Swissborg

Self Custody of Tokens

If you prefer to take self custody of your tokens, you can simply send them to your hardware wallet or other exchange, which usually takes a few minutes depending on which network you select.

There are no fees for depositing to SwissBorg, but when you send funds out, there is a withdrawal fee. Currently, these fees are

Bitcoin – 0.10%

Ethereum – 0.10%

SwissBorg CHSB – 0.10%. This is the native token for SwissBorg

There are also fees for exchanging crypto pairs, which are based upon which tier of account you opt for. There are currently three account tiers available –

Standard, requiring 0 CHSB staked

Community Premium, requiring 2000 staked CHSB

Generation Premium, requiring 20,000 staked CHSB

At the time of this post 1 x CHSB = $0.27, so Community Premium would cost $540 in staked CHSB and Generation Premium would cost $5400 in staked CHSB

Here is a comparison of the SwissBorg account fees and yield boosts currently available.

To open an account with SwissBorg and claim your reward ticket, please use our link to support the channel.

Open an account with SwissBorg here and earn up to €100 in crypto rewards.

Swan Bitcoin

Another safe method of purchasing Bitcoin is through a company called Swan Bitcoin. Swan Bitcoin charge a one-off fee of 0.99% for purchases of Bitcoin. Swan Bitcoin is located in Los Angeles in the United States, but have worldwide coverage.

For non-US residents, you must meet the following requirements:

Be 18 years of age or older
Possess a valid form of international ID ie Passport or Driving License
Have a valid international smart phone number with texting and camera access for verification purposes
A valid international address
A valid tax number
An international bank account capable of international wires

Once you have set up an account and purchased Bitcoin through Swan, you can withdraw it to your own wallet, which is highly recommended. Remember, not your keys, not your crypto! The minimum Bitcoin purchase that Swan currently accept is $100 worth.

Customers in the US may add a bank account to their Swan account and have regular payments made into Bitcoin, which is called dollar cost averaging. This is one of the best methods of investing into Bitcoin.

For international customers looking to purchase more than $2500 worth of Bitcoin, funds must be wired into their account first.

Ready to embark on your Swan Bitcoin journey and join the future of finance while supporting our channel? Don’t miss out! Click below to sign up using our exclusive referral link, and start enjoying the benefits of investing in Bitcoin today!”

Join the future of finance with Swan Bitcoin now

You can download a FREE Bitcoin Book by Yan Pritzker, Swan’s Chief Technical Officer, called “Inventing Bitcoin” This book is a great introduction on how the Bitcoin network system works.

How to Provide or Migrate Liquidity on Uniswap v3

May 6, 2021 By cryptoxray Leave a Comment

How to Provide or Migrate Liquidity on Uniswap Version 3

There have been some changes made on Uniswap since changing from version 2 to version 3, which can be frustrating to figure out.

The main differences on Uniswap v3, is you have to select your preferred liquidity provider fee and liquidity range.

Here are the steps required to provide liquidity on Uniswap Version 3

Step 1

Head over to https://uniswap.org and select the “Use Uniswap” button in the top right corner of the screen.

Step 2

Select “Pool” from the menu

Step 3

Click on “New Position”

Step 4

Select a pair of tokens that you would like to supply liquidity for from the drop down menus.

Step 5

Select your preferred liquidity fee.

Step 6

Add the price range that you are willing to supply liquidity.

For this example, we set the range roughly 100 USD either side of the current price ie 2533.78. The price moved as we completed the form, so our range is from 2430.9 USD to 2628.1 USD.

Providing the liquidity range selected is the same either side of the current price, then the liquidity provided will be a 50:50 split. ie in this example the ETH and USDT value in USD will be the same.

Step 7

Connect your Metamask wallet to Uniswap and enter your deposit amounts – entering one value will cause the other value to autocomplete based on the current market prices.

To supply standard 50:50 liquidity, make sure you have similar USD values of each token in your Metamask wallet.

Follow the Metamask instructions and accept the fees.

Tip

A useful tip is to switch the pair toggle button if necessary to view the current market prices of either token.

Taking the pair UNI/ETH as an example, you can select either the ETH/UNI or UNI/ETH values, as shown below

WARNING

Be very careful if you wish to provide liquidity for rebase tokens such as Ampleforth AMPL because they are not supported on Uniswap V3. Some people have deposited funds but cannot remove them from the liquidity pool. Both Uniswap and Ampleforth do not seem concerned about people losing their funds in this way and neither have done anything at the time of writing to address this issue.

FTX Cryptocurrency Exchange Review

April 23, 2021 By cryptoxray Leave a Comment

On November 11th 2022, FTX faced a liquidity problem and filed for bankruptcy. The following content was written prior to this fiasco – sympathies to anyone who had funds there.

FTX Exchange (FTT token) is a one of the largest leveraged crypto trading exchange platforms in the world and has partnered with THE largest exchange in the world, Binance.

FTX offers derivative trading and was built for traders by Alameda Research, one of the largest trading companies and liquidity providers in cryptocurrency.

Key Features

Currently the tradeable assets include futures, spot, stocks, leveraged tokens, options, fiat currencies and crypto index futures – referred to as Shitcoin index
Lending is also possible, where you can specify the APR that you are prepared to lend at for the purpose of margin trading – a matching borrower seals the deal.
Trading Fee discounts for holding the native FTT token
Long or short 3x leveraged tokens – not recommended unless you are a seasoned pro.

Competitive tiered trading fees:

Discount for FTT holders

In addition to the low standard fees, there are further discounts on trading fees if the user holds the native FTT token.

Here you can see below the tiered discounts currently on offer.

Trading Fees

For leveraged tokens there is a creation and redemption charge of 0.10% and daily management fees of 0.03%.

For all markets except BTC and ETH perps, using leverage of 50X increases trading fees by 0.02%. 100X leverage and above increases trading fees by 0.03%. There are no additional fees for leverage on the BTC and ETH perps.

Funding Your FTX Account

You can fund your FTX account using a bank transfer or credit card.

The following currencies are accepted for funding accounts:

Please note that there is a fee for withdrawing fiat under $10,000 of $75.

How Can I Get 5% Off All Trading Fees?

To open an account with FTX and receive a 5% discount on all trading fees please help to support this channel by clicking through our affiliate link here or below – much appreciated!

CLICK BELOW TO RECEIVE 5% OFF ALL YOUR TRADING FEES WITH FTX!!

Is There A Requirement For KYC?

KYC (Know your customer – in other words verify your ID) is required for fiat deposits and withdrawals and there are three tiers shown below.

The process of KYC is very simple and quick to complete.

Verification of KYC from FTX is usually completed within a couple of hours.

Is There A Mobile Trading App?

FTX has a mobile trading app available on both Android and IOS to enable users to trade from anywhere in the world that a signal or wifi connection is available. The app’s functionality is similar to the desktop version. Traders can enter or exit trades, check market information or fund their accounts. FTX also acquired Blockfolio in August 2020, which is an app for tracking and monitoring your crypto holdings.

What About Help and Assistance?

Support is available by submitting a support ticket, contact by email, telegram communities or Twitter. Many different languages are supported.

Does FTX Offer Referral Rewards?

When you sign up for an account with FTX, you will be assigned a unique URL through which you will receive 25% of a new user’s trading fees, plus the new user will receive 5% discount on all their trades.

If you stake the native FTT, you can increase the fraction of trading fees that you receive.

Can You Trade With FTX From Anywhere In The World?

Currently FTX does NOT provide or accommodate corporate or personal accounts from the following countries:

United States of America
Cuba
Crimea
Sevastopol
Iran
Syria
North Korea
Antigua
Barbuda

Residents of the United States of America may use the American version of FTX here https://ftx.us/

At the time of writing all the information presented here is up to date, however you should visit the site here to get more up to date information.