0
views

How to Use MetaMask

If you’re interested in the Ethereum ecosystem, you need an application like MetaMask. Far more than a simple wallet, it allows you to interact with websites that integrate Ethereum.

Why should I bother reading this?

If you’re interested in the Ethereum ecosystem, you need an application like MetaMask. Far more than a simple wallet, it allows you to interact with websites that integrate Ethereum.

MetaMask will let you connect to decentralized applications from inside your browser (or through a mobile app). You can make trades without intermediaries and play games with fully-transparent code (so you know you aren’t being cheated).

Check out the guide below to get started!

Introduction

With Ethereum came the promise of a distributed Internet – the long-awaited Web 3.0. A level playing field characterized by a lack of central points of failure, true ownership of data, and decentralized applications (or DApps).

Such an infrastructure is steadily coming together with an industry-wide focus on Decentralized Finance (DeFi) and interoperability protocols that aim to bridge the various blockchains. It’s now possible to trustlessly exchange tokens and cryptocurrencies, take out crypto-backed loans, and even use Bitcoin on Ethereum.

For many Ethereum enthusiasts, MetaMask is the go-to wallet. Unlike your regular smartphone or desktop software, it comes packaged as a browser extension, allowing users to directly interact with supporting webpages. In this article, we’ll explain how MetaMask works and walk you through getting started with it yourself.

What is MetaMask?

MetaMask is an open-source Ethereum wallet that supports all kinds of Ethereum-based tokens (such as those following the ERC-20 standard, or non-fungible tokens). On top of that, you can receive them from others, or purchase/swap them with the built-in Coinbase and ShapeShift integrations.

What makes MetaMask so interesting is that it can interface with websites. With other wallets, you’d need to copy-paste payment addresses or scan a QR code on a separate device. With the MetaMask extension, the website simply pings your wallet, and you’re prompted to accept or reject the transaction.

MetaMask can serve as a regular crypto wallet, but its real strength is in seamlessly interfacing with smart contracts and decentralized applications. Let’s now look at how to set it up.

Install MetaMask

The MetaMask wallet can be installed on Google Chrome, Firefox, or the Brave Browser. It’s also available on iOS and Android, but we won’t cover that in too much depth. We’re going to use Firefox throughout this tutorial, but your steps will be more or less identical, irrespective of the platform you’re using.

Head over to the official download page on metamask.io. Select your browser, which will take you to the Chrome web store or the Firefox add-ons site. Click on the button to add the extension to your platform. You may need to grant it some permissions before it’s up and running. Make sure you’re happy with the level of access it has to your browser – if you are, we’re good to go.

Initialize the wallet

You should now see a welcome message.

Metamask intro screen If you’re anything like us, you’ll probably spend a good bit of time trying to make this guy dizzy with your cursor.

Once you’re done pestering the fox on the welcome page, click on Get Started. This is where you’ll be prompted to either import a seed phrase or create a new one. Click on Create a Wallet. The next page asks whether you want to submit anonymized data to help the devs improve the app. Pick whichever option you prefer.

Now we need to create a password. If you’re one of those legendary creatures that actually reads the user agreement for your software, you can view it by clicking on Terms of Use. Otherwise, come up with a strong password, tick the box, and hit Create.

Back up your seed words!

The following point is enough to warrant its own subheading. MetaMask is a non-custodial service, meaning that no one else can access your funds – not even the MetaMask developers. Your tokens exist in a sort of encrypted vault within your browser, protected by your password. That means that if your computer is lost, stolen, or destroyed, nobody can help you recover the wallet. Your private keys will be forever lost in the void of cyberspace.

So, it’s crucial that you write down your backup phrase. This is the only way you can restore your account should something unfortunate happen. As suggested, we recommend that you write the words down and store them in two or three different locations. You don’t need to bury them in a fireproof safe deep in the forest, but hey, it can’t hurt.

Click on the grey box to reveal the phrase. Click on the grey box to reveal the phrase.

When you get to the next page, the program anticipates that you may have been lazy with the previous step, because it asks you to confirm the phrase. If you didn’t the first time, click Back and write it down!

Confirm the phrase, then proceed to the next step. Hit All Done, and you’ll see the wallet interface.

The boring part’s over, let’s get rich on (testnet) ether next.

Fund the wallet

In this tutorial, we’re going to be using the Ropsten testnet. It’s a network that functions almost exactly like the real Ethereum network, but its units have no value. These come in handy when you’re developing contracts and want to make sure that they don’t have vulnerabilities that allow attackers to drain $50m in value. Every step we perform on this network today will be replicable on the real thing (except for the part where they gift us free ether, unfortunately).

To tune into the Ropsten testnet, click on Main Ethereum Network in the top right corner and select Ropsten Test Network.

Ropsten test network There are lots of different testnets on Ethereum. If you’re wondering about the differences, check out this comparison.

We’re going to use a faucet to get some fake money to play with. Click on RopstenETH for receiving (in the image below):

Ropsten testnet

Then click Buy:

Ropsten testnet

Get Ether in front of the Test Faucet:

Ropsten testnet

You will be taken to this page. Click request 1 ether from fauset and wait for 1 ether to arrive at your address.

Usually, Ethereum transactions are confirmed fairly quickly, but it may take some time before 1 ETH reaches your wallet. You can check the receipt of assets by clicking on RopstenETH in the list of Ropsten network tokens.

As soon as the funds are transferred, we can start working with DApps.

How to add another network to Metamask

All networks are added according to one algorithm:

  • expand the wallet (this is for convenience, you can skip it);
  • click on the drop-down list of networks and select add network;
  • enter the network parameters and save it.

Ropsten testnet

Ropsten testnet

To add a network, you need the following information:

  • “Network name” – how the network will be called in your wallet;
  • “New RPC URL” – blockchain address, some blockchains may have more than one.
  • “Chain ID” – numbers that are different for all blockchains;
  • "Currency symbol" - designation of the main token of the network;
  • "Block explorer URL" - site address for browsing transactions and wallets on the network.

After filling and saving, the added network will appear in the drop-down list.

Binance Smart Chain или BSC

Source here, buy BNB here.

Polygon Mainnet

Buy MATIC here.

Avalanche Mainnet

Buy AVAX here.

Optimistic Ethereum

Arbitrum One

Buy ETH on the Arbitrum network here.

Aurora Network

Source - official project website.

BitTorrent Chain Mainnet

Check source here.

Cronos

Cronos testnet network address here.

Harmony Mainnet

Alternative addresses – here, buy ONE here.

Fantom Opera

Page on the official website of the project – здесь, buy FTM here.

Fantom testnet

Source - official project website.

Polis Mainnet

Aquachain

Celo Mainnet

Expanse Network

Metadium Mainnet

Aurora MainNet

PrimusChain Мainnet

TomoChain

Moonriver

Theta Mainnet

Buy TFUEL here.

Callisto Mainnet

Wanchain

Velas EVM Mainnet

Evrice Network

IoTeX Network Mainnet

RSK Mainnet

Check relevance here.

GoodData Mainnet

Newton

Lightstreams Mainnet

Check relevance here.

EOS

Buy EOS here.

xDAI Chain

XinFin Network Mainnet

OKExChain Mainnet

GoChain

Meter Mainnet

ThunderCore Mainnet

Fuse Mainnet

Huobi ECO Chain

Energy Web Chain

Ethereum Testnets in Metamask

How to add the Rinkeby network, the Kovan network and other test networks to Metamask, only the Ethereum Mainnet network is displayed in the wallet by default - this is the main blockchain network, but there are several more besides it, namely:

  • Ropsten Ethereum network;
  • Rinkeby Ethereum network;
  • Goerli Ethereum network;
  • Kovan Ethereum network.

In order to use these networks, you just need to enable their display in the wallet settings.

Ropsten testnet

Ropsten testnet

To do this, go to the wallet settings, then go to the additional settings, scroll to the “Show test networks” item and turn the switch to the “on” position.

Networks that do not work in Metamask

Metamask was originally developed for the Ethereum network, but it also supports other "ether-like" blockchains compatible with the EVM (Ethereum Virtual Machine). Below is a list of networks that do not work in Metamask.

Tron Network (TRX) and TRC20 tokens in Metamask

Despite the fact that the Tron network is almost a complete copy of Ethereum, Tron does not support EVM, which means it cannot be added to Metamask. Accordingly, Metamask does not support TRX coins and all TRC20 standard tokens. But at the same time, you can add the TRX token issued on the BSC network to the metamask, the address of the smart contract is here.

Solana network (SOL) is not supported in Metamask

The SOL coin has its own native blockchain - Solana, it is not compatible with the EVM and is not supported by Metamask, but just like in the case of TRX, you can add SOL (Wrapped Solana) tokens issued in the Ethereum, BSC and Polygon networks to Metamask, addresses all smart contracts here.

Terra network (LUNA) cannot be added to Metamask

Terra is a separate blockchain with its own native coin LUNA, this network is not supported by Metamask. You can add LUNA tokens issued in other blockchains - Ethereum, BSC and Polygon, smart contract addresses here.

Access to decentralized network

Because we're on the testnet, we don't have as many apps to choose from to interact with.

We will use DApp Uniswap. Uniswap – это децентрализованная биржа (DEX), на которой можно размещать сделки, не полагаясь на посредников. Механизмы, лежащие в ее основе, довольно изящны.

You can access Uniswap here. In the top right-hand corner, you should see a prompt to Connect to a wallet. You’ll see this in some form on all MetaMask-compatible sites, as it doesn’t automatically connect for security reasons. Click on it, and you’ll be asked to select which wallet you’re using. In case you haven’t been following, that wallet will be MetaMask.

When a site first attempts to connect, a MetaMask dialog will appear, asking you to confirm the action. You’ll be able to select an account (we only have one, for now, so leave that as is) before verifying what permissions you’re about to grant. In this case, as in many others, the site is requesting information on the wallet address your account controls.

On MetaMask and privacy

It’s important to be mindful of what you’re permitting. If a website knows your address, they can see all of the ether and token transactions to and from it. What’s more, they can correlate it with your IP address.

Some prefer to segregate their addresses to prevent any overlap, while others aren’t concerned with these risks (after all, the blockchain is public). The level of privacy you want to achieve ultimately depends on you. As a general rule, don’t grant access to websites you don’t trust.

Swapping ether for DAI

Time to make our first swap. We’ll be doing it for DAI, an ERC-20 token that serves as a stablecoin. Just like our ether, though, this DAI has no real-world value. Hit Select a token, add the Uniswap Default List, and then click on DAI. Alternatively, you could also pick WETH (wrapped ether).

All that’s left to do is to input the amount of ETH we want to swap. As we do that, we’ll get an estimate of how much DAI we’ll receive. And we’re good to go! Hit Swap.

*Complete the swap with MetaMask.*

You’re once again prompted to take action in MetaMask. In this case, you need to okay the transaction before it’s created. Make sure you’re happy with the fees when you’re doing this on the mainnet, as they can be significant.

After that, we just need to wait for the transaction to confirm!

Where are my tokens?

So, your ether is gone, but new tokens are not displayed in your account. Don't panic - you need to add them manually. In other words, in the Ropsten network (as in any blockchain network) you have one public address to which you transfer the actual ether itself, or tokens from this network. But in order to display the token in the Metamask wallet, you need to add the contract address of this token.

For more popular tokens, you can select Add Token in your wallet and search for the name or ticker. For the less popular ones (or those on the testnet), we need to add the contract address – an identifier that tells MetaMask where to look for our balance.

  • Open your wallet by clicking on the extension.
  • Click on the three dots in the top bar.
  • Select View on Etherscan.
  • Under Overview, click on the Token dropdown and select DAI.
  • Under Profile Summary, you should see a contract address. Hover over it and copy the address.
  • Return to MetaMask and click on Add Token.
  • Click on the Custom Token tab.
  • Paste what you’ve just copied into the Token Contract Address form.
  • The rest should autofill. Click on Next, followed by Add Tokens.
  • Return to the main overview to see your full balance.

Congrats! You’ve just interacted with your first DApp by trustlessly swapping ether for DAI. Everything you’ve learned can now be done in the real world. When you’re ready to play with mainnet applications, remember to switch back from Ropsten to the main network.

What else should I know?

MetaMask has some other neat features that we haven’t covered today. You can also connect a hardware wallet (Trezor and Ledger are both supported), create a contact list, and, of course, receive and send funds as you would in a normal wallet. Check out the settings to customize the extension to suit your needs.

Other than that, the usual security principles apply: MetaMask is a hot wallet, meaning that it runs on an internet-connected device. This exposes you to more risk than a cold wallet, which is kept offline to reduce attack vectors.

Lastly, when using MetaMask, it stands to reason that you should be conscious of what websites you’re granting access to.

The MetaMask app

The MetaMask Android/iPhone app provides a neat solution for interfacing with Web3 apps on the go. Boasting much of the same functionality as the extension, it integrates a DApp browser so you can access various decentralized applications at the touch of a button.

The MetaMask app’s browser. The MetaMask app’s browser.

The workflow of the application is very similar to that of the browser extension. You can make direct transfers of ether or tokens from your wallet, or even interact with Uniswap as we saw above.

Connecting to PoolTogether via a prompt within the app. Connecting to PoolTogether via a prompt within the app.

Closing thoughts

MetaMask is a powerful tool for browsing the decentralized web. If you’ve followed along with the steps in this guide, then you’ve seen the wallet’s potential. Evidently, others have, too: it currently boasts over ten millions users.

As the Ethereum stack develops, applications like MetaMask will undoubtedly become integral components in the bridge between existing technologies and nascent cryptocurrency infrastructure.

0
views

Blockchain Use Cases

Blockchain Use Cases
The ideas behind blockchain were first conceived as early as 1991, but it wasn't until Bitcoin was developed in 2009 that the technology started to receive more attention. Bitcoin was created by a person or group of people under the pseudonym Satoshi Nakamoto. Though it's still unknown exactly who Satoshi Nakamoto is, their technological innovation has already made a huge impact on the way the world creates and uses money.
Show in full...
0
views

Blockchain Use Cases - Supply Chain

Blockchain Use Cases - Supply Chain
A supply chain is a network of people and businesses involved in creating and distributing a particular product or service - all the way from the initial suppliers to the end users and customers. A basic supply chain system often involves the suppliers of food or raw materials, the manufacturers (processing stage), the logistics companies, and the final retailers.
Show in full...
0
views

Blockchain Use Cases - Charity

Blockchain Use Cases - Charity
Charitable organizations often encounter barriers to success due to a lack of transparency, accountability issues, and limits to the ways they can accept donations. Crypto-philanthropy (or the use of blockchain technology to facilitate charitable contributions) offers an alternative solution, with decentralized and direct transactions that may help these organizations receive donations and raise funds more efficiently.
Show in full...
0
views

Blockchain Use Cases - Healthcare

Blockchain Use Cases - Healthcare
While it is more often associated with Bitcoin and other cryptocurrencies, blockchain technology has also been explored for data storage and protection in a range of different industries. Along with charity and supply chain, the healthcare sector is among the most discussed use cases. But what aspects of blockchain make it suitable for healthcare?
Show in full...
0
views

What Are Smart Contracts?

What Are Smart Contracts?
Nick Szabo first described smart contracts in the 1990s. Back then, he defined a smart contract as a tool that formalizes and secures computer networks by combining protocols with user interfaces.
Show in full...
0
views

What Is Ripple(XRP)?

What Is Ripple(XRP)?
Formerly known as OpenCoin, Ripple is a privately held company that is building a payment and exchange network (RippleNet) on top of a distributed ledger database (XRP Ledger). The main goal of Ripple is to connect banks, payment providers and digital asset exchanges, enabling faster and cost-efficient global payments.
Show in full...
0
views

What Is BETH and How to Use It

What Is BETH and How to Use It
BETH is a tokenized version of staked ETH on Binance. It’s a simple way to participate in staking on the Beacon Chain. By holding it, you’re entitled to staking rewards earned by Binance’s ETH 2.0 staking node. But that’s not all; you can also use it in several other ways on the Binance platform and BNB Smart Chain (BSC).
Show in full...
0
views

APY vs APR - What’s the Difference?

APY vs APR - What’s the Difference?
You have likely seen these two similar-sounding terms, APY and APR, when looking into decentralized finance (DeFi) products. APY, or annual percentage yield, incorporates interest compounded quarterly, monthly, weekly, or daily, while APR, or annual percentage rate, doesn’t. This simple distinction can make a significant difference to the calculations for returns over a period of time. It is therefore important to understand how these two metrics are calculated and what it means for the returns that you can earn on your digital funds.
Show in full...
0
views

The Merge Ethereum Upgrade - All You Need To Know

The Merge Ethereum Upgrade - All You Need To Know
The Ethereum mainnet will soon shift from a Proof of Work to a Proof of Stake consensus mechanism in an upgrade called The Merge. The Merge is part of a series of major Ethereum ecosystem upgrades, which also include The Surge, The Verge, The Purge, and The Splurge. The goal of these upgrades is to make Ethereum more scalable and energy efficient. The Merge will combine the Ethereum mainnet with the Proof of Stake Beacon Chain and is expected to happen in September 2022.
Show in full...
0
views

Blockchain Use Cases - Governance

Blockchain Use Cases - Governance
Although blockchain technology was initially designed to function as the architecture of Bitcoin, it's now being used in many different fields. One of these fields is that of governance, where distributed systems have the potential to greatly change the public sector.
Show in full...
0
views

Top 7 Technologies that Power the Metaverse

Top 7 Technologies that Power the Metaverse
The metaverse is a concept of a 3D digital world. It consists of virtual spaces that you can explore using an avatar you create. In the metaverse, you can play games, go shopping, hang out with friends at a virtual coffee shop, work with your colleagues in a virtual office, and much more. Some video games and work socialization tools have already implemented certain metaverse elements into their ecosystems.
Show in full...
0
views

Blockchain Use Cases - The Internet of Things (IoT)

Blockchain Use Cases - The Internet of Things (IoT)
Since the early days of the Digital Revolution in the 1950s, a wide range of groundbreaking technology has been created. Despite being initially restricted to just a few individuals, the industry developed very quickly, and most of the novel technologies became increasingly widespread and accessible.
Show in full...
0
views

Web2 vs. Web3 - Which Is Better?

Web2 vs. Web3 - Which Is Better?
While the current version of the Internet, Web2, is used by millions, it is not without its flaws. Issues regarding data ownership, censorship, and security continue to plague the Internet, spurring the conceptualization of a new and improved version called Web3. This future Internet seeks to include technologies like blockchain, artificial intelligence (AI), and augmented reality (AR). At its core, an ideal Web3 should offer benefits such as data ownership and confidentiality. Web3 is touted to be an improved version of Web2 but what exactly is it, and is it better?
Show in full...
0
views

What Is an ICO (Initial Coin Offering)?

What Is an ICO (Initial Coin Offering)?
An Initial Coin Offering (or ICO) is a method for teams to raise funds for a project in the cryptocurrency space. In an ICO, teams generate blockchain-based tokens to sell to early supporters. This serves as a crowdfunding phase – users receive tokens that they can use (either immediately or in the future), and the project receives money to fund development.
Show in full...
0
views

How to Build a Well-Balanced Crypto Portfolio

How to Build a Well-Balanced Crypto Portfolio
Balancing a crypto portfolio is not that different from balancing a traditional portfolio. You can easily reduce your overall risk according to your profile and investment strategy. All it takes to get started is simply diversifying your investments among different cryptocurrencies.
Show in full...
0
views

General Security Principles

General Security Principles
Cryptocurrencies have brought lots of exciting possibilities, but they are also full of risks and dangers for the inexperienced. Follow the three main security principles outlined below to mitigate some risks associated with using, holding, and trading cryptocurrencies.
Show in full...
0
views

What Is Social Engineering?

What Is Social Engineering?
In a broader sense, any kind of manipulation linked to behavioral psychology can be considered social engineering. However, the concept is not always related to criminal or fraudulent activities. In fact, social engineering is being widely used and studied in a variety of contexts, in fields like social sciences, psychology, and marketing.
Show in full...
0
views

Market Makers and Market Takers Explained

Market Makers and Market Takers Explained
Markets are made up of makers and takers. The makers create buying or selling orders that aren’t carried out immediately (e.g., “sell BTC when the price hits $15k”). This creates liquidity, meaning it’s easier for others to instantly buy or sell BTC when the condition is met. The people that buy or sell instantly are called takers. In other words, the takers fill the orders created by the makers.
Show in full...
0
views

Game Theory and Cryptocurrencies

Game Theory and Cryptocurrencies
Game theory is fundamental to the development of cryptocurrencies and is one of the reasons why Bitcoin managed to thrive for over a decade, despite numerous attempts to disrupt the network.
Show in full...
0
views

What Is a Decentralized Exchange (DEX)?

What Is a Decentralized Exchange (DEX)?
You probably know the drill with cryptocurrency exchanges. Sign up with your email, come up with a strong password, verify your account, and start trading cryptocurrency. Decentralized exchanges are like that, minus the hassle of sign-ups. In most cases, there’s no depositing or withdrawing crypto. The trade happens directly between two users’ wallets, with limited (if any!) input from a third-party.
Show in full...
0
views

An Introduction to Confidential Transactions

An Introduction to Confidential Transactions
It’s often considered critical to the functioning of a blockchain that the system is transparent. This means that every node on the network can store a copy and verify that no rules are being broken. For many distributed ledgers, anyone can load up an online block explorer that allows them to search through blocks, transactions, and addresses.
Show in full...
0
views

What Is Shorting in the Financial Markets?

What Is Shorting in the Financial Markets?
There are countless ways to generate profits in the financial markets. Some traders will use technical analysis, while others will invest in companies and projects using fundamental analysis. As such, you, as a trader or investor, also have many different options to create a profitable trading strategy.
Show in full...
0
views

The Wyckoff Method Explained

The Wyckoff Method Explained
Данный торговый метод был разработан Ричардом Вайкоффом в начале 1930-х годов. Он состоит из ряда принципов и стратегий, изначально разработанных для трейдеров и инвесторов. Вайкофф посвятил значительную часть своего жизненного опыта для изучения поведений на рынке, и его работа до сих пор оказывает влияние на большую часть современного технического анализа (ТА). В настоящее время, метод Вайкоффа применяется ко всем видам финансовых рынков, хотя изначально он был ориентирован только на акции.
Show in full...
0
views

An Introduction to The Dow Theory

An Introduction to The Dow Theory
Essentially, the Dow Theory is a framework for technical analysis, which is based on the writings of Charles Dow concerning market theory. Dow was the founder and editor of the Wall Street Journal and the co-founder of Dow Jones & Company. As part of the company, he helped create the first stock index, known as the Dow Jones Transportation Index (DJT), followed by the Dow Jones Industrial Average (DJIA).
Show in full...
0
views

Об инвестировании, хаосе и аппроксимации рынка

Об инвестировании, хаосе и аппроксимации рынка
Данную статью я решил написать, потому что мне часто пишут в личных сообщениях с вопросами, насколько профессиональна ваша команда управляющих? Владеете ли вы инсайдерской информацией при торговле? Как поведет себя портфель на падающем рынке? и так далее. Ниже я постараюсь прояснить стратегии, и кратко объяснить почему они работают. На просторах Сети полным полно торговых стратегий, материалов, мануалов, готовых решений, сборок, обученных нейросетей и прочего добра, посвященного прогнозированию цен на криптовалютные и традиционные биржевые активы, пахнущего быстрыми и легкими доходами с минимумом усилий. И хоть пишут их разные люди, с разными подходами, на разных платформах и с разными парадигмами, у них всех есть один неизменный общий атрибут — они не работают. Другими словами с их помощью невозможно со стопроцентной вероятностью спрогнозировать куда пойдет график в том или ином отрезке времени в будущем.
Show in full...
0
views

What Is Livepeer (LPT)?

What Is Livepeer (LPT)?
Livepeer is a decentralized video protocol built on the Ethereum blockchain. It was designed for anyone to seamlessly integrate video content into applications in a decentralized manner and at a fraction of the cost of traditional solutions. Decentralization of video processing is accomplished by distributing the transcoding process to a network of node operators. Transcoding is an essential step in ensuring smooth delivery of video content to end users. It involves taking raw video files and converting them to the optimal state for each end user, based on factors such as device screen size or internet connection.
Show in full...
0
views

Что делать с долларом сегодня

Что делать с долларом сегодня
Сегодня в России для россиян доллар становится очень токсичной валютой. То есть им (долларом) тяжело владеть, если ты владеешь им, то на тебя накладывают различные комиссии, вы наверное уже в курсе, что есть комиссия за хранение валюты на брокерских счетах, на банковских счетах, блокируют swift переводы и так далее. В чём главная опасность? И почему банки сейчас так выжимают людей из доллара? Главная опасность в возможной блокировке российских банков, а точнее корреспондентских счетов российских банков в иностранных банках. Что это такое? В чём суть?
Show in full...
0
views

What Are Nodes?

What Are Nodes?
The definition of a node may vary according to the context. When it comes to computer or telecommunication networks, nodes may act either as a redistribution point or as a communication endpoint. Usually, a node consists of a physical network device, but there are some cases where virtual nodes are used.
Show in full...
0
views

Coin Mixing and CoinJoins Explained

Coin Mixing and CoinJoins Explained
Bitcoin is often referred to as digital cash, but this is a questionable comparison. If Alice pays Bob ten dollars in cash, Bob has no idea where the money came from. If he later goes on to give it to Carol, she will be unable to deduce that Alice was once in possession of it. Bitcoin is different because of its inherent public nature. The history of a given coin (more precisely, an unspent transaction output or UTXO) can be trivially observed by anyone. It’s a bit like writing the transaction amount and names of participants on a bill every time it’s used.
Show in full...
0
views

What Is Anti-Money Laundering (AML)?

What Is Anti-Money Laundering (AML)?
AML regulations attempt to stop the illegal laundering of illicit funds. Individual governments and multinational organizations like the FATF legislate against money laundering activities. Money laundering takes “dirty” money and turns it into clean money. This can be done by disguising the origins of the funds, mixing them with legitimate transactions, or investing them into legal assets.
Show in full...
0
views

What Are Crypto Cards and How Do They Work?

What Are Crypto Cards and How Do They Work?
A typical crypto card lets you earn crypto rewards or instantly convert your crypto to fiat currency to pay for goods and services. Both Mastercard and Visa issue crypto cards, meaning you can use your crypto in millions of locations globally. A prepaid crypto card is similar to a debit card in that it has to be pre-loaded with crypto to spend. You can get a crypto card from a licensed issuer such as a crypto exchange or bank. However, crypto cards aren't without risk. Your funds stored on the card can still lose their market value, and any transactions you make with your card are likely to be taxable.
Show in full...
0
views

What Is Play-to-Earn and How to Cash Out?

What Is Play-to-Earn and How to Cash Out?
Play-to-earn games allow users to farm or collect crypto and NFTs that can be sold on the market. By playing the game regularly, each player can earn more items or tokens to sell and generate an income. Some players have even begun to supplement or replace their salaries playing these blockchain games. However, such activity involves risk, as you typically need to put up an initial investment to purchase characters and items to play the game. Blockchain helps guarantee the collectibility of these items and create working digital economies. Blockchain technology and NFTs allowed for the creation of digital items that are impossible to duplicate. This created the concept of digital scarcity.
Show in full...
0
views

What Is Uniswap and How Does It Work?

What Is Uniswap and How Does It Work?
Uniswap is a set of computer programs that run on the Ethereum blockchain and allow for decentralized token swaps. It works with the help of unicorns (as illustrated by their logo). Traders can exchange Ethereum tokens on Uniswap without having to trust anyone with their funds. Meanwhile, anyone can lend their crypto to special reserves called liquidity pools. In exchange for providing money to these pools, they earn fees. How do these magical unicorns convert one token to the other? What do you need to use Uniswap? Let’s read on.
Show in full...
0
views

Mining Pools Explained

Mining Pools Explained
Mining is integral to the security of Proof of Work blockchains. By computing hashes with certain properties, participants are able to secure cryptocurrency networks without the need for a central authority. When Bitcoin first launched in 2009, anyone with a regular PC could compete with other miners to guess a valid hash for the next block. That’s because the mining difficulty was low. There wasn’t much hash rate on the network. As such, you didn’t need specialized hardware to add new blocks to the blockchain.
Show in full...
0
views

Who Is Satoshi Nakamoto?

Who Is Satoshi Nakamoto?
Satoshi Nakamoto is the pseudonym behind the development of Bitcoin and the authorship of the original Bitcoin whitepaper. The question “who is Satoshi Nakamoto?” has led to speculation of their true identity as well as people falsely claiming they are Satoshi Nakamoto. The creator of Bitcoin has been clouded in mystery for more than a decade. However, it’s clear that Satoshi still owns bitcoins since their public keys were traced from the genesis block, which Satoshi mined.
Show in full...
0
views

What Is Cryptocurrency Mining?

What Is Cryptocurrency Mining?
Cryptocurrency mining refers to the process of verifying and validating blockchain transactions. It’s also the process that creates new units of cryptocurrencies. The work done by miners requires intensive computational resources, but it’s what keeps a blockchain network secure. Honest and successful miners are rewarded for their work with newly created cryptocurrencies plus transaction fees.
Show in full...
0
views

A Quick Guide to Binance Dual Investment

A Quick Guide to Binance Dual Investment
We all know that to get a return on an investment, we need to buy low and sell high. Investing in cryptocurrency is no different. Binance Dual Investment provides a great way to seize Buy Low and Sell High opportunities while also providing you with additional returns. Let’s dive into how it works and exactly how you can get started.
Show in full...
0
views

Hybrid PoW/PoS Consensus Explained

Hybrid PoW/PoS Consensus Explained
A blockchain’s consensus mechanism serves to ensure that there is agreement among participants on the current state of the blockchain. The consensus mechanism determines who is able to add new blocks of transactions, and one of its primary aims is to ensure that the chain is not re-written.
Show in full...
0
views

Your Guide to Binance Earn

Your Guide to Binance Earn
Not interested in trading but still looking to increase your crypto holdings? Is the 0.05% interest your local bank offers on your savings account not exciting enough? Well, you’ll find alternative choices within the Binance Earn product suite. Binance Earn is your crypto savings account. Here, you’ll find a great variety of options for earning passive income with your crypto holdings.
Show in full...
0
views

Delegated Proof of Stake Explained

Delegated Proof of Stake Explained
The Delegated Proof of Stake (DPoS) consensus algorithm is considered by many as a more efficient and democratic version of the preceding PoS mechanism. Both PoS and DPoS are used as an alternative to the Proof of Work consensus algorithm, since a PoW system requires, by design, lots of external resources. The Proof of Work algorithm makes use of a large amount of computational work in order to secure an immutable, decentralized and transparent distributed ledger. Contrarily, PoS and DPoS require fewer resources and are, by design, more sustainable and eco-friendly. To understand how Delegated Proof of Stake works, one must first grasp the basics of the Proof of Work and Proof of Stake algorithms that preceded it.
Show in full...
0
views

Proof of Burn Explained

Proof of Burn Explained
While most blockchain systems either make use of a Proof of Work (PoW) or a Proof of Stake (PoS) consensus algorithm, the Proof of Burn (PoB) is being tested as a possible alternative to those.
Show in full...
0
views

Proof of Authority Explained

Proof of Authority Explained
The cryptocurrency space has changed a lot since the first blockchain transaction on the Bitcoin network. Along with the well-known Proof of Work and Proof of Stake algorithms, other consensus mechanisms were proposed, with alternative methods for reaching consensus within a blockchain system.
Show in full...
0
views

What Is a DoS Attack?

What Is a DoS Attack?
In short, a DoS attack (or Denial-of-Service attack) is a method used to disrupt legitimate users' access to a target network or web resource. Typically, this is accomplished by overloading the target (often a web server) with a massive amount of traffic - or by sending malicious requests that cause the target resource to malfunction or crash entirely.
Show in full...
0
views

What Is a 51% Attack?

What Is a 51% Attack?
Before diving into the 51% attack, it is crucial to have a good understanding of mining and blockchain-based systems. One of the key strengths of Bitcoin and its underlying blockchain technology is the distributed nature of building and verifying data. The decentralized work of the nodes ensures that the protocol rules are being followed and that all network participants agree on the current state of the blockchain. This means that the majority of nodes need to regularly reach consensus in regards to the process of mining, to the version of the software being used, to the validity of transactions, and so forth.
Show in full...
0
views

Delayed Proof of Work Explained

Delayed Proof of Work Explained
Delayed Proof of Work (dPoW) is a security mechanism designed by the Komodo project. It is basically a modified version of the Proof of Work (PoW) consensus algorithm that makes use of Bitcoin blockchain’s hashpower as a way to enhance network security. By using dPoW, Komodo developers are able to secure not only their own network but also any third-party chain that ends up joining the Komodo ecosystem in the future. In fact, dPoW can be implemented for any project that develops an independent blockchain using a UTXO model.
Show in full...
0
views

What Is a Blockchain Consensus Algorithm?

What Is a Blockchain Consensus Algorithm?
A consensus algorithm is a mechanism that allows users or machines to coordinate in a distributed setting. It needs to ensure that all agents in the system can agree on a single source of truth, even if some agents fail. In other words, the system must be fault-tolerant (see also - Byzantine Fault Tolerance Explained). In a centralized setup, a single entity has power over the system. In most cases, they can make changes as they please – there isn’t some complex governance system for reaching consensus amongst many administrators.
Show in full...
0
views

5 BSC Metaverse Projects You Should Know

5 BSC Metaverse Projects You Should Know
The metaverse is an online, immersive space where users can work, play, and socialize in a 3D environment. The metaverse is still developing, but blockchain technology already plays a significant role. BNB Smart Chain (BSC) is the home to many metaverse projects experimenting with play-to-earn blockchain games and community sandboxes.decentral.games lets users play and run their own casino through governance mechanisms. Cyber Dragon and Alien Worlds both provide an RPG-like experience where players have their own character, missions, and loot. TopGoal is also gaming-related but focuses on the collectability of Non-Fungible Tokens (NFTs) to represent sports stars like trading cards.
Show in full...
0
views

A Beginner's Guide to Earning Passive Income With Crypto

A Beginner's Guide to Earning Passive Income With Crypto
Trading or investing in projects is one way to make money in the blockchain industry. However, that typically requires detailed research and a substantial investment of time – but it still won’t guarantee a reliable source of income. Even the best investors can experience prolonged periods of loss, and one of the ways to survive them is to have alternative sources of income.
Show in full...
0
views

What Is Crypto Lending and How Does It Work?

What Is Crypto Lending and How Does It Work?
Crypto lending lets users borrow and lend cryptocurrencies for a fee or interest. You can instantly get a loan and start investing just by providing some collateral. This could be through a DeFi lending DApp or a cryptocurrency exchange. When your collateral falls below a certain value, you will need to top it up to the required level to avoid liquidation. When you return your loan plus a fee, your capital is unlocked.
Show in full...
0
views

A Beginner's Guide to Decentralized Finance (DeFi)

A Beginner's Guide to Decentralized Finance (DeFi)
DeFi lets users access crypto financial services with just no more than a wallet with some crypto. A range of DApps facilitates lending, liquidity provision, swaps, staking, and more across many blockchains. While Ethereum was DeFi's original home, most blockchains with smart contract capabilities now host DeFi DApps. Smart contracts are essential to the services DeFi offers, which include staking, investing, lending, harvesting, and more.
Show in full...
0
views

5 NFT Projects You Should Know

5 NFT Projects You Should Know
The interest in NFTs has exploded. While many NFT projects had a small community of enthusiasts since their early existence, 2021 has brought forth a bit of an NFT bubble. Many thought DeFi would bring mainstream adoption to the crypto space. However, it seems like the value proposition of NFTs is much easier to grasp for people not involved with blockchain technology. As such, some NFT projects have even entered the mainstream. But which ones are they?
Show in full...
0
views

Top 3 NFT Projects on Binance Smart Chain

Top 3 NFT Projects on Binance Smart Chain
The demand for non-fungible tokens (NFTs) keeps growing on Binance Smart Chain (BSC). The blockchain’s speed and low transaction fees make it very attractive for both users and developers. On BSC, Battle Pets, PancakeSwap, and BakerySwap have all pushed further the limits of what an NFT can do. Both Battle Pets and BakerySwap combine collectibles with Decentralized Finance (DeFi) staking for their tokens. PancakeSwap is also experimenting with NFTs that merge collectability, financial utility, and gamification.
Show in full...
0
views

Top 7 NFT Use Cases

Top 7 NFT Use Cases
Massive interest in non-fungible tokens has led to a boom in crypto-collectibles and NFT art. These are two of the most prominent use cases in the DeFi ecosystem, but they aren’t the only applications. Scarcity and uniqueness make non-fungible tokens a good match for real-world assets, logistics, music royalties, and more. As NFTs mature, we can expect to see further adoption of more experimental use cases.
Show in full...
0
views

What Are NFT Games and How Do They Work?

What Are NFT Games and How Do They Work?
NFTs are unique digital collectibles on the blockchain. This feature makes them suitable to use in games as representations as characters, consumables, and other tradeable items. NFT games have become popular in the Game-fi world as a way to earn income. You can sell your in-game NFTs to other collectors and players and even earn tokens with play-to-earn models.
Show in full...
0
views

What Is the Metaverse?

What Is the Metaverse?
The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.
Show in full...
0
views

What Are CryptoPunks?

What Are CryptoPunks?
CryptoPunks are collectible pieces of crypto art, represented by NFTs on the Ethereum blockchain. There are 10,000 small, 8-bit-style punks, all with unique features. As one of the first famous NFT projects, they inspired a lot of crypto artists and even the development of the ERC-721 token standard for digital collectibles. The project became more popular in 2021 after some CryptoPunks were sold for millions of dollars, making them some of the most expensive NFTs.
Show in full...
0
views

What Is an Automated Market Maker (AMM)?

What Is an Automated Market Maker (AMM)?
You could think of an automated market maker as a robot that’s always willing to quote you a price between two assets. Some use a simple formula like Uniswap, while Curve, Balancer and others use more complicated ones.
Show in full...
0
views

A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs)

A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs)
The creation of Bitcoin introduced the concept of trustless, digital scarcity. Before it, the cost of digitally copying something was next to nothing. With the advent of blockchain technology, programmable digital scarcity has become possible – letting us map the digital world to the real world. Non-fungible tokens (NFTs), often referred to as crypto collectibles, expand this idea. Unlike cryptocurrencies, where each token is equal, non-fungible tokens are unique and limited in quantity.
Show in full...
0
views

Decentralized Autonomous Organizations (DAOs) Explained

Decentralized Autonomous Organizations (DAOs) Explained
Blockchains are already radically transforming our financial system. However, properties such as trustlessness and immutability aren’t only useful in monetary applications. Another potential candidate ripe for disruption by this technology is governance. Blockchains could enable entirely new types of organizations that can run autonomously without the need for coordination by a central entity. This article will give an introduction to what these organizations might look like.
Show in full...
0
views

A Beginner's Introduction to Cryptoeconomics

A Beginner's Introduction to Cryptoeconomics
In simple terms, cryptoeconomics provides a way to coordinate the behavior of network participants by combining cryptography with economics. More specifically, cryptoeconomics is an area of computer science that attempts to solve participant coordination problems in digital ecosystems through cryptography and economic incentives.
Show in full...
0
views

Pyramid and Ponzi Schemes

Pyramid and Ponzi Schemes
Most individuals that invest in Bitcoin – or that participate in Initial Coin Offering (ICO) events – are usually concerned about two things. First, the Return of Investment (ROI), which represents the profits they will eventually make from the initial investment. Then, there is a second concern, which is related to the amount of risk involved with the investment. When the risks are too high, investors are more likely to lose their initial investment (in parts or completely), which would result in a negative ROI.
Show in full...
0
views

What is Public Key Cryptography?

What is Public Key Cryptography?
Public key cryptography (PKC), also known as asymmetric cryptography, is a framework that uses both a private and a public key, as opposed to the single key used in symmetric cryptography. The use of key pairs gives PKC a unique set of characteristics and capabilities that can be utilized to solve challenges inherent in other cryptographic techniques. This form of cryptography has become an important element of modern computer security, as well as a critical component of the growing cryptocurrency ecosystem.
Show in full...
0
views

History of Cryptography

History of Cryptography
Cryptography, the science of writing codes and ciphers for secure communication, is one of the most important elements that goes into making modern cryptocurrencies and blockchains possible. The cryptographic techniques used today, however, are the result of an incredibly long history of development. Since ancient times, people have used cryptography to transmit information in a secure manner. Following is the fascinating history of cryptography that has led up to the advanced and sophisticated methods used for modern digital encryption.
Show in full...
0
views

What Is Axie Infinity (AXS)?

What Is Axie Infinity (AXS)?
It’s 2021, and that means you can earn money by playing games and breeding virtual pets. An easy way to think of Axie Infinity is to imagine a blockchain game that combines Pokémon, CryptoKitties, and card game elements.
Show in full...
0
views

Is Bitcoin a Store of Value?

When you think of a safe-haven asset, precious metals like gold or silver probably come to mind. They’re investments that individuals flock to as hedges against turmoil in traditional markets. The debate over whether Bitcoin follows in the footsteps of these assets rages on. In this article, we’ll look at some of the main arguments for and against Bitcoin being a store of value.
When you think of a safe-haven asset, precious metals like gold or silver probably come to mind. They’re investments that individuals flock to as hedges against turmoil in traditional markets. The debate over whether Bitcoin follows in the footsteps of these assets rages on. In this article, we’ll look at some of the main arguments for and against Bitcoin being a store of value.
Show in full...
0
views

Приготовьтесь! Биткойн будут сливать, но это не точно

Приготовьтесь! Биткойн будут сливать, но это не точно
Только что в Twitter наткнулся на пост от Jacob Canfield, якобы есть инсайдерская информация, о том что Bitcoin планируют сливать, дабы выбить некоторых конкурентов, потом обратно откупить, подняв стоимость до $70к.
Show in full...
0
views

What Is The Sandbox (SAND)?

What Is The Sandbox (SAND)?
The Sandbox is a play-to-earn game that combines blockchain technology, DeFi, and NFTs in a 3D metaverse. Its virtual world allows players to create and customize their games and digital assets with free design tools. The virtual goods created can then be monetized as NFTs and sold for SAND tokens on The Sandbox Marketplace.
Show in full...
0
views

What Is VeChain (VET)?

What Is VeChain (VET)?
VeChain provides blockchain solutions for businesses around the globe. With plenty of existing industry blockchain applications from supply chain management to anti-counterfeiting and carbon credits, their systems have been proven in the real world. VET is the coin that underpins VeChain, where VTHO is the gas token that’s used for transactions on the VeChainThor blockchain (like Ethereum’s gas).
Show in full...
0
views

More about the Crypto Fans club

More about the Crypto Fans club
Now I will tell you what our club is, how it works and what advantages it has. A minimum of water, a maximum of specifics. The club is a kind of trust fund, which consists of a team of Asset Managers, on the one hand, who invest in the crypto market, and Investors, on the other. I will not describe in this article what cryptocurrency is, why it is growing, and what are its advantages, this topic is worthy of a separate article. You can google all this, or go to coinmarketcap.com and see how the value of a particular cryptocurrency has grown at least this year, and doubts about investing in cryptocurrency should disappear.
Show in full...
0
views

What Is Tether (USDT)?

What Is Tether (USDT)?
Tether (USDT) is one of the most popular stablecoins out there. It was designed to hold a one-to-one value with the US dollar. The coin exists on many different blockchains and has experienced rising trading volumes and improved liquidity over the past few years.
Show in full...
0
views

What Is Solana (SOL)?

What Is Solana (SOL)?
Solana is a blockchain network focused on fast transactions and high throughput. It uses a unique method of ordering transactions to improve its speed. Users can pay their transaction fees and interact with smart contracts with SOL, the network’s native cryptocurrency.
Show in full...
0
views

What Is Ethereum 2.0 And Why Does It Matter?

What Is Ethereum 2.0 And Why Does It Matter?
Ethereum 2.0 is a long-awaited upgrade to the Ethereum (ETH) network that’s promised significant improvements to the functionality and experience of the network as a whole. Some of the more notable upgrades include a shift to Proof of Stake (PoS), shard chains, and a new blockchain at the core called the beacon chain. All of this and more is expected to be phased in through a carefully planned roadmap.
Show in full...
0
views

What Is Polkadot (DOT)?

What Is Polkadot (DOT)?
Polkadot positions itself as the next-generation blockchain protocol, capable of connecting multiple specialized chains into one universal network. With a strong focus on building infrastructure for Web 3.0 – and founded by the Web3 Foundation – Polkadot aims to disrupt Internet monopolies and empower individual users.
Show in full...
0
views

What Is Harmony (ONE)?

What Is Harmony (ONE)?
Harmony is a layer-1 blockchain using sharding and Effective Proof of Stake to achieve scalability, security, and decentralization. The network was launched in 2019 and features trustless cross-chain bridges and four shards, which process transactions in parallel. Effective Proof of Stake encourages decentralization of validators, and sharding shares the network's load among validators, delegators, and users.
Show in full...