#crypto advice

New year community advice: Check your smart contract approvals

A Reddit user has warned of the potential dangers of unchecked smart contracts, advising the community to revoke approvals on a regular basis.

What Is A Crypto Hack? - Here's How To Keep Your Wallet From Being Hacked - What is Crypto hack? - 6 Common Hacks and Remedies #cryptocurrency #crypto #hack

Today’s post is on Crypto Hacks – a term as old as cryptocurrency itself! Yes…cryptocurrencies might be the talk of the town but that doesn’t mean it’s a smooth path to tread. Believe me, it’s the wild West out there!!! Newbies, as well as professionals in the crypto space, can fall prey to a crypto hack. In this article, I’ll discuss common crypto hacks and how you can secure your wallet…

Exchange tokens started becoming the talk of the town in the mid-2017 as soon as they emerged. The purpose was to give some advantages to the users of these tokens and they were identified as utility tokens. For instance, these tokens can be a way to reward a person who is helping create liquidity in the exchange. More applications of the tokens included lowering of trading fees or give some governance rights to the exchange users. The features varied depending upon the exchange.

Some Great Examples of Exchange Token Success

The attention to exchange tokens increased when they starting achieving success over the years. One such great example is BNB, the exchange token of Binance. The price of BNB has soared over the last few months and is currently trading at a great price. As suggested by the BNB price chart, the token has performed exceptionally and achieved 10 times ROI for the holders. The ROI from the ICO price has increased exponentially to 105 times the original price in just a year.

Following the footsteps of BNB, Huobi Token (HT) is showing a 100 percent increase in the current year. Data suggests that the exchange coins have gained significantly this year and outperformed BTC, which is the usual market trendsetter. While BNB remains the best performer, Kucoin Shares (KCS) has reported a growth of 69 percent.

Understanding the Exchange Token Mechanics

Exchange tokens are designed to benefit their holders in more than one ways. However, the most common advantage of holding tokens is trading fees discount. All the tokens have their own way of offering discounts. While BNB provides its users with a yearly-declining discount, Huobi offers a tiered discount on trading fees for HT. KuCoin exchange, on the other hand, gives 50% of the exchange daily trading fees to the KCS holders as a dividend.

Other advantages enjoyed by the token holders include airdrops and governance rights. ET holders have a right to be involved in the exchange matters like new coin listing. Airdrops given as rewards to the token holders help in increasing liquidity of the new assets and are also useful in increasing the user base. The indirect benefits include the rise in the token price using the buyback and burn programs that decrease the number of tokens in circulation considerably.

Why

Cryptonity

is a Good Choice?

Cryptonity is all set to follow the footsteps of these successful tokens. Since it is built with a community-centric approach, it has tremendous benefits to offer to its users. Along with all the benefits the tokens generally offer, Cryptonity will give its users the following advantages:

Any user with more than 100,000 CNEX tokens can be in a direct partnership with Cryptonity and earn profits.

The top 50 CNEX token holders will share 20% of the total 50% revenue kept for the community and will enjoy a free trading account for a lifetime. They will also get confirmed allocation in the future IEO’s on the Kickstarter platform.

CNEX token prices will be increased using buyback and burn programs until the total supply of tokens is reduced to 200 million.

They will have a say in whether or not the exchange should support fork.

Masternodes Pool and POS Wallets will give added rewards.

The Bottom Line

Cryptonity came into existence with an idea to bring community and cryptocurrency together. The word ‘Cryptonity’ itself is formed from a combination of the words ‘crypto’ and ‘community’. It is an exchange that is inspired by its users’ need for money safety and thrives to emerge as a credible platform that is secure and transparent.

With an aim to develop a cryptocurrency exchange that is perfect for the users, here are a few important features that will make Cryptonity the first choice.

Unmatched Security

The security mechanism on which Cryptonity stands ensures security functions at each step along the way. At the system level, the industry standard encryption protocol is implemented at data transfer layers. This is important to ensure that all user and sensitive data is stored using bank-level encryption. To carry out the sensitive operations like transaction or withdrawal, Cryptonity makes use of the multi-factor dynamic authentication to ensure there is no security breach.

On the operational level, special internal risk control is deployed along with dedicated operation process departments that keep a check on data operation and usage standards. A multi-level review ensures that all the online data is approved and core data is subject to desensitization.

To make sure that users’ funds are secure, the majority of funds (98%) are kept locked in a cold wallet and the rest 2% are used for daily liquidity.

Exceptional Speed and Performance

With an order-making peak value of 1miilion+ per second and the order-processing peak value of 500k+ per second, the technology used by Cryptonity to meet the speed and performance requirements guarantees no delay or lag. Fast service with an assured uptime is the need of regular users as well as institutional traders. All this is achieved using the hardware-accelerated and highly-efficient memory matching technology. Therefore, when the market booms, the transactions take place instantaneously.

Multi-Fiat Currency Support

Cryptonity offers support for multiple fiat currencies, the number of which will expand as the user base increases. Currently, the plan is to support the US dollar, Euro, and Yuan. The system will allow you to deposit or withdraw the fiat currencies using SEPA and International SWIFT bank transfer. However, you must note that fiat currency support might vary depending on the legal regulations of certain countries.

Multilingual Support

At the initial release, Cryptonity will support English and Chinese for making user interaction easy. However, as the user base expands, more languages will be added keeping in mind the user comfort.

Incredible Liquidity

For any exchange, liquidity is one of the most important features. Poor liquidity adversely affects the users and professional traders as shallow order book leads to high slippage in trading. Cryptonity exchange is equipped to have the necessary volume right from the beginning due to partnerships with strategic investors and liquidity providers.

Wider Device Coverage

At Cryptonity, the aim is also to provide its users with comfortable trading experience. Therefore, it offers support for web-based trading, Android and iOS clients, Mobile HTML5 native clients, and REST API.

The Ecosystem

The Cryptonity ecosystem strives to reward its customers through a number of ways. It boasts of being a community-centric exchange and therefore, the goal is to emerge as a platform that puts its users’ interests at the top priority.

It is built on a combination of a few frameworks that will serve as the underlying technology. Here is a brief insight into how Cryptonity achieves its targets.

Distributed revenue to ensure community benefit.

To uphold the transparency and community-centric approach, the Cryptonity exchange works on a distributed revenue model. According to this model, 50% of the revenue is redistributed to the community. This revenue is an incentive to the users for holding and accumulating Cryptonity token.

Exchange Partner Program (EPP)

Under the EPP, any user who holds more than 100,000 CNEX tokens fulfills eligibility of being in partnership with Cryptonity directly. Once they become partners, they will have an opportunity to earn profits under our distributed revenue program. The revenue will be shared in these accounts on a pro-rata basis. For example, if there are 1,000 users who hold 100,000 CNEX tokens. So, depending on the present ETH-BTC pair rate of 0.027 on the platform and daily exchange volume of 3,000 BTC, at 0.1% rate from each side, each user will earn a daily bonus of 0.003BTC and 0.0111ETH. Similarly, there are other cryptocurrency pairs as well that work on the previously explained revenue sharing system.

What is in it for the top 50 CNEX token holders?

A list of top 50 holders of CNEX tokens is made after confirming their identity through KYC. 20% of the total 50% revenue kept for the community will be shared among these 50 token holders.

They are entitled to some other benefits like:

A free trading account for a lifetime.

Refund of the fee paid by them for trading.

Confirmed allocation in IEO’s on the Kickstarter platform bypassing the queue.

Quarterly Buyback and Burn Program to reduce token supply and increase the price. A buyback and burn mechanism will be implemented to achieve a price hike and decrease the circulating supply. Every three months, 10% of the revenue collected by Cryptonity will be used to buy back the CNEX tokens, which will later be sent to a publically disclosed addressed and burnt permanently. This process will continue until the total supply comes down to 200 million, which is half the original supply.

POS Wallets and Masternodes Pool to help customers earn rewards.

Cryptonity plans to create a pool system with a minimum number of required coins to benefit from Masternodes. Each user will earn on daily basis on prorate of the coins that he deposits in the pool. Similarly, POS wallets allow users to earn monthly dividends on the amount locked in.

Users have the upper hand with Forks and Airdrops

The users will decide whether Cryptonity will support a fork or not through polls. Cryptonity Exchange is in process of developing a feature that will allow you to participate in airdrop and get the credit directly in Cryptonity Exchange account.

Cryptonity Exchange’s beta version will be soon available on the web platform and by the end of this year, it will be launched in its full capacity.

Nowadays, we find the recent cryptocurrency affection among millennials. But here the question arises within crypto newbies, ‘Is it ethically correct to invest in the crypto world?’ Actually, you may call it gambling because you may gain huge money with cryptocurrencies that you may lose within the twinkle of an eye. The crypto market ascended in late 2017 while the market declined throughout 2018. So, many overnight millennials of 2017 lost all of the money in 2018. Here are a few hacks for beginners of the crypto market.

Understand the Blockchain Technology before Investing

In order to understand the blockchain technology, start reading articles, blogs and checking online discussions regarding cryptocurrency. You would realize why Blockchain technology and cryptocurrencies are posing threat to the existence of banks, why corporations and government are trying to incorporate it to their systems. Cryptocurrencies aim at empowering everybody with ownership of money. Trusting any third-parties with your funds is totally discouraged at the crypto world.

Invest That Amount Which You Are Ready To Lose

A very important rule of the crypto-market: invest only that amount, which you are ready to lose. Why? The reason is the crypto marked is fuelled by bullish sentiments and hype, not by fundamental elements. The market is unstable and therefore risky. If you mortgage your house to invest in the crypto market, then you are at stake.

Short-Term trading Is Disastrous in Volatile Crypto Market

If you do not have technical skills or any trading expertise, do not think of pursuing short-term profit. Your every decision needs carefulness and patience. Focus on the long-run because the technologies of cryptocurrencies are at an infant stage and many more technologies and several innovations are ready for adoption within the cryptocurrency system.

Diversification Is Essential to Reduce Overall Risk

While investing in cryptocurrencies, bear in mind that you should not put all your eggs in the same basket. Don’t select the only Bitcoin and your investment in the crypto world should be spread proportionally among 1,600 different coins. Though Bitcoin and Ethereum represent the base currency and are comparatively more stable than other coins, make the investment in other coins also to reduce overall risk.

Limit Using Mobile Wallets and Open Trading By Email Account

Hackers always pose a threat to cryptocurrency investors. If you open a separate email-account for crypto trading, you will be able to reduce the risk. This email-account must have two-layer authentication. Password and username, chosen by investors, must not contain the name of the owner of email account.  On the other hand, limit using mobile wallets, which may be vulnerable to electronic tampering.

Bitcoin is continuously increasing with the current bullish developments on the technical charts and could gain height above the resistance of $6,000. The cryptocurrency printed a high of $5,970 on Bitstamp (seen on November) crossing the resistance of $5,780. On April 23, Bitcoin’s resistance turned-support was $5,627. Bitcoin soon recovered from levels below $5,627 coupled with a level above resistance at $5,780 (seen on June 2018). It proves a strong bullish sentiment. Bitcoin is showing 43% rise from the low level of $4,120 (seen on 2nd April) up to $5,920 on Bitstamp. The rally confirms a change in the trend from bearish to bullish in the weeks. It comes in the lead to Blockchain week in New York. In 2017, Bitcoin increased from $1,233 to $1,207 followed by the conclusion of Consensus on 24th May. Again, prices rose 21% following the blockchain week in September 2015 and 3% following the blockchain week in May 2016. In 2018, prices fell from $8,700 to $5,780 in five weeks following the blockchain week in mid-May. It proved that market sentiment is a greater driving force.

4-Hours Chart

April’s bullish sentiment suggested that BTC is set to break the psychological resistance of $6,000 and may increase up to $6,200 in the next few days. The bullish sentiment is supported by a diamond break out on the 4-hour charts. Cryptocurrency has failed three times to secure a UTC close in the last four days. Therefore, we should now focus on UTC close. The sustained rise to $6,200 will be strong if the price closes above $5,780 (on 7th May). If UTC close is below $5,686, there will be a pullback of $5,000 in the short term. It will prove bearish reversal. Thus, the BTC (Bitcoin) price above $6,000 may be short-lived with the long duration chart. Here the question arises of the sustainability of the current gains.

Prospect

Bitcoin’s quick recovery proves fairly strong bully sentiment. Its rise from $5,627 to above the resistance of $5,780 indicates that the bullish sentiment is really strong. The bullish sentiment is supported by a diamond break out on the 4-hour chart. According to April’s bullish close, BTC crosses the resistance of $6,000 and may increase up to $6,200 in the next few days. Be cautious of the bullish sentiment as a pullback to $5,000 will be stronger if the price dropped below $5,686 in next 24 hours. Be cautious of the bullish sentiment because the 3-day chart proves a bearish divergence of trading volumes.