ReportWire

Tag: token

  • The end of the line: New York City’s iconic MetroCard is about to go out of service

    [ad_1]

    For more than three decades, lifelong New Yorkers and tourists visiting the Big Apple have shared the experience of a MetroCard swipe gone wrong. Swiping the transit card too fast or too slow, with the stripe facing the wrong side, or having insufficient fare all led to the subsequent, seemingly judgmental thud of the turnstile slamming into you.”It’s embarrassing. You feel like you’re not an authentic New Yorker if you’re not swiping your MetroCard the right way,” said Mike Glenwick, 37, who has lived in the city most of his life and has been collecting limited-edition MetroCards since he was six.Now the days of swiping the blue and yellow plastic cards are numbered. Come January 1, the Metropolitan Transit Authority will no longer sell MetroCards, and riders will be required to use OMNY, a contactless fare payment system. (Existing MetroCards will continue to be accepted at terminals, though MTA said their “final acceptance date will be announced at a later time.”)Bidding farewell to the card has been a journey for New Yorkers and the MTA alike.From tokens to cardsNew York City subway’s iconic tokens were the default form of fare payment before the MetroCard was introduced. When tokens were initially rolled out in 1953, they were about the size of a dime and most had a hollowed-out Y between an engraved N and C, spelling out NYC.Though clunky to carry around, they were easy to use: all transit passengers had to do was drop the tokens into a turnstile or farebox. For the MTA, it overcame the issue of being able to increase fares without having to redesign fare collection systems to accept various kinds of coins.But in 1983 Richard Ravitch, then the commissioner of the MTA, began to envision a different fare payment system. Instead, he floated a magnetic stripe card with a stored value.”His argument was that New York is a very modern cosmopolitan city and there are other modern cosmopolitan cities that are using this as their fare payment system,” said Jodi Shapiro, curator of the FAREwell MetroCard exhibit at the New York Transit Museum. But as his idea gained traction, it quickly became about more than just keeping up with other cities. At one point the MTA considered integrating MetroCards with pay phones so callers didn’t have to use coins (that didn’t end up happening, though).The MTA initially thought the shift to MetroCards would “spell the death knell for fare evasion” since many riders were previously getting away with using various other kinds of coins and tokens, said Noah McClain, a sociology professor who has researched MetroCard technology and fare evasion trends. But that was hardly the case: “Fare evasion certainly endured, albeit often in different forms.”One famous one, “swipers,” as they came to be known, sold bent MetroCards that allowed riders to fraudulently bypass turnstiles. Separately, a group of hackers was able to successfully reverse engineer many parts of the MetroCard.But riders saw benefits, too. One of the biggest selling points for the MetroCard was that users could purchase different, more flexible fares. That included discounts for seniors, disabled people and students, as well as cards that offered unlimited rides throughout the month.Cards also came with a massive perk that tokens didn’t: free transfers. One swipe of a MetroCard on a bus or subway meant riders didn’t have to pay again if they transferred to another bus or subway train.A collector’s itemBut just as New York subway tokens became icons of the city, so did the MetroCard. And that was by design.”MetroCards were made to be collected,” Shapiro said. The year the MTA launched the MetroCard, 1994, was also when it released an inaugural limited edition card. Since then there have been around 400 commemorative MetroCards issued. Some of those have featured advertisements, a major source of revenue for the MTA, while others have commemorated historic events, such as Grand Central’s centennial anniversary and the first game between the Yankees and Mets in 1997, a tradition now known as the “Subway Series.”Other notable cards include the Supreme-branded ones and the David Bowie ones aimed at marketing a museum exhibit timed to the release of cards. New Yorkers reported hours-long lines to purchase these at stations.Glenwick has nearly 100 MetroCards in his collection, and his first featured members of the New York Rangers after the team won the Stanley Cup in 1994 for the first time in 54 years.The idea to collect MetroCards immediately clicked for him: “It was something that was accessible to collect. I didn’t spend extra money because we used the MetroCards anyway,” he said.An art mediumThomas McKean has lost track of how many MetroCards he’s accumulated over the past 25 years. It all started on a subway ride where he forgot to bring a newspaper or a book, something he’d typically do before the age of smartphones.In their absence, to pass the time, he stared at his MetroCard, idly wondering how many words he could wring from its letters. When he got off the subway, he grabbed a fistful of MetroCards lying around on the ground of the station, and once he got home, he started making MetroCards with different words.”And then without even realizing it, I got hooked because I love the material and aesthetic,” McKean told CNN. His designs were initially two-dimensional, using the front and back of MetroCards cut up and pieced together like a mosaic, but eventually he started experimenting with three-dimensional designs, too.McKean’s art has been featured at home goods store Fishs Eddy in Manhattan, as well as on the cover of a Time Out New York magazine. His art will also be featured at an upcoming exhibit at the Transit Museum’s Grand Central gallery. Over the years, he’s taken on several commissions. To his surprise, many of those customers aren’t based in New York and yet they exhibit the same admiration for the MetroCard as lifelong New Yorkers.McKean said he has several thousand untouched MetroCards left in his reserves in addition to all the scraps from prior projects. “I never throw anything away until it’s just too small to use.”A tap-and-go futureThe transit system going forward, OMNY, short for One Metro New York, replaces swipes with taps at turnstiles via smartphones or smartwatches with mobile wallets, credit cards or OMNY cards.For now, riders can still use cash to purchase OMNY cards for $1 at vending machines at subways and at retailers across the city. But many feel as though it’s a matter of time before the MTA stops accepting cash, like many retailers have, which has essentially excluded people who are unbanked and lack a credit or debit card. (The MTA didn’t respond to CNN’s request for comment.)”While there’s no doubt the MetroCard will remain an iconic New York City symbol, tap-and-go fare payment has been a game changer for everyday riders and visitors, saving them the guessing game on what fare package is most cost efficient for their travels and making using NYC’s transit system much easier,” MTA chief customer officer Shanifah Rieara said in a statement in March, when the phaseout of the MetroCard was announced.At the time, the MTA said the change will save the agency $20 million annually “in costs related to MetroCard production and distribution; vending machine repairs; and cash collection and handling.”But for all the benefits that the MTA has advertised OMNY contains, including unlimited rides after your 12th of the week, Glenwick is not ready to make the transition.”I feel like part of my childhood is disappearing… I don’t want to let it go until I have to.”

    For more than three decades, lifelong New Yorkers and tourists visiting the Big Apple have shared the experience of a MetroCard swipe gone wrong. Swiping the transit card too fast or too slow, with the stripe facing the wrong side, or having insufficient fare all led to the subsequent, seemingly judgmental thud of the turnstile slamming into you.

    “It’s embarrassing. You feel like you’re not an authentic New Yorker if you’re not swiping your MetroCard the right way,” said Mike Glenwick, 37, who has lived in the city most of his life and has been collecting limited-edition MetroCards since he was six.

    Now the days of swiping the blue and yellow plastic cards are numbered. Come January 1, the Metropolitan Transit Authority will no longer sell MetroCards, and riders will be required to use OMNY, a contactless fare payment system. (Existing MetroCards will continue to be accepted at terminals, though MTA said their “final acceptance date will be announced at a later time.”)

    Bidding farewell to the card has been a journey for New Yorkers and the MTA alike.

    From tokens to cards

    New York City subway’s iconic tokens were the default form of fare payment before the MetroCard was introduced. When tokens were initially rolled out in 1953, they were about the size of a dime and most had a hollowed-out Y between an engraved N and C, spelling out NYC.

    Though clunky to carry around, they were easy to use: all transit passengers had to do was drop the tokens into a turnstile or farebox. For the MTA, it overcame the issue of being able to increase fares without having to redesign fare collection systems to accept various kinds of coins.

    But in 1983 Richard Ravitch, then the commissioner of the MTA, began to envision a different fare payment system. Instead, he floated a magnetic stripe card with a stored value.

    “His argument was that New York is a very modern cosmopolitan city and there are other modern cosmopolitan cities that are using this as their fare payment system,” said Jodi Shapiro, curator of the FAREwell MetroCard exhibit at the New York Transit Museum. But as his idea gained traction, it quickly became about more than just keeping up with other cities. At one point the MTA considered integrating MetroCards with pay phones so callers didn’t have to use coins (that didn’t end up happening, though).

    The MTA initially thought the shift to MetroCards would “spell the death knell for fare evasion” since many riders were previously getting away with using various other kinds of coins and tokens, said Noah McClain, a sociology professor who has researched MetroCard technology and fare evasion trends. But that was hardly the case: “Fare evasion certainly endured, albeit often in different forms.”

    One famous one, “swipers,” as they came to be known, sold bent MetroCards that allowed riders to fraudulently bypass turnstiles. Separately, a group of hackers was able to successfully reverse engineer many parts of the MetroCard.

    But riders saw benefits, too. One of the biggest selling points for the MetroCard was that users could purchase different, more flexible fares. That included discounts for seniors, disabled people and students, as well as cards that offered unlimited rides throughout the month.

    Cards also came with a massive perk that tokens didn’t: free transfers. One swipe of a MetroCard on a bus or subway meant riders didn’t have to pay again if they transferred to another bus or subway train.

    A collector’s item

    But just as New York subway tokens became icons of the city, so did the MetroCard. And that was by design.

    “MetroCards were made to be collected,” Shapiro said. The year the MTA launched the MetroCard, 1994, was also when it released an inaugural limited edition card. Since then there have been around 400 commemorative MetroCards issued. Some of those have featured advertisements, a major source of revenue for the MTA, while others have commemorated historic events, such as Grand Central’s centennial anniversary and the first game between the Yankees and Mets in 1997, a tradition now known as the “Subway Series.”

    Other notable cards include the Supreme-branded ones and the David Bowie ones aimed at marketing a museum exhibit timed to the release of cards. New Yorkers reported hours-long lines to purchase these at stations.

    Glenwick has nearly 100 MetroCards in his collection, and his first featured members of the New York Rangers after the team won the Stanley Cup in 1994 for the first time in 54 years.

    The idea to collect MetroCards immediately clicked for him: “It was something that was accessible to collect. I didn’t spend extra money because we used the MetroCards anyway,” he said.

    An art medium

    Thomas McKean has lost track of how many MetroCards he’s accumulated over the past 25 years. It all started on a subway ride where he forgot to bring a newspaper or a book, something he’d typically do before the age of smartphones.

    In their absence, to pass the time, he stared at his MetroCard, idly wondering how many words he could wring from its letters. When he got off the subway, he grabbed a fistful of MetroCards lying around on the ground of the station, and once he got home, he started making MetroCards with different words.

    “And then without even realizing it, I got hooked because I love the material and aesthetic,” McKean told CNN. His designs were initially two-dimensional, using the front and back of MetroCards cut up and pieced together like a mosaic, but eventually he started experimenting with three-dimensional designs, too.

    McKean’s art has been featured at home goods store Fishs Eddy in Manhattan, as well as on the cover of a Time Out New York magazine. His art will also be featured at an upcoming exhibit at the Transit Museum’s Grand Central gallery. Over the years, he’s taken on several commissions. To his surprise, many of those customers aren’t based in New York and yet they exhibit the same admiration for the MetroCard as lifelong New Yorkers.

    McKean said he has several thousand untouched MetroCards left in his reserves in addition to all the scraps from prior projects. “I never throw anything away until it’s just too small to use.”

    A tap-and-go future

    The transit system going forward, OMNY, short for One Metro New York, replaces swipes with taps at turnstiles via smartphones or smartwatches with mobile wallets, credit cards or OMNY cards.

    For now, riders can still use cash to purchase OMNY cards for $1 at vending machines at subways and at retailers across the city. But many feel as though it’s a matter of time before the MTA stops accepting cash, like many retailers have, which has essentially excluded people who are unbanked and lack a credit or debit card. (The MTA didn’t respond to CNN’s request for comment.)

    “While there’s no doubt the MetroCard will remain an iconic New York City symbol, tap-and-go fare payment has been a game changer for everyday riders and visitors, saving them the guessing game on what fare package is most cost efficient for their travels and making using NYC’s transit system much easier,” MTA chief customer officer Shanifah Rieara said in a statement in March, when the phaseout of the MetroCard was announced.

    At the time, the MTA said the change will save the agency $20 million annually “in costs related to MetroCard production and distribution; vending machine repairs; and cash collection and handling.”

    But for all the benefits that the MTA has advertised OMNY contains, including unlimited rides after your 12th of the week, Glenwick is not ready to make the transition.

    “I feel like part of my childhood is disappearing… I don’t want to let it go until I have to.”

    [ad_2]

    Source link

  • Birdeye refutes airdrop plans in latest announcement

    Birdeye refutes airdrop plans in latest announcement

    [ad_1]

    Crypto trading aggregator Birdeye has unveiled a new feature to customize the data pool, while also addressing speculations surrounding a potential airdrop.

    In an X post on Jan. 27, Birdeye unveiled a tool called “Terminal,” designed to empower users to tailor their data pool for a more personalized trading experience, adding that, as of now, there are no plans for an airdrop. The team behind Birdeye said the Terminal feature allows users to customize notifications related to market movements, token performance, trading events, and technical indicators.

    Birdeye joins other data aggregators, such as CoinMarketCap and CoinGecko, in adopting a cautious approach to token issuance, opting against introducing their tokens. However, there are still platforms, like Arkham Intelligence, that have chosen to incentivize user activity by launching tokens. Arkham, for instance, introduced its ARKM token, rewarding users for contributing valuable intelligence insights.

    Birdeye’s statement regarding an airdrop coincides with a broader craze in the crypto community, where there has been a surge in excitement surrounding multiple token distributions in recent weeks. For example, the Jupiter decentralized exchange, based on the Solana network, is set to distribute 200 JUP tokens to its users starting on Jan. 31. Additionally, Solana’s WEN meme coin has garnered attention, experiencing an impressive 4,000% surge since its launch on Jan. 26, achieving a market capitalization exceeding $50 million within 12 hours of its debut.


    Follow Us on Google News



    [ad_2]

    Denis Omelchenko

    Source link

  • How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

    How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

    [ad_1]

    The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

    Cardano (ADA) The Supposed Ethereum Killer

    It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

    As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

    It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

    Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

    Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

    A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

    Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

    Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

    How Does Cardano (ADA) Work?

    The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

    The Cardano Computational Layer (CCL):

    The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

    The Cardano Settlement Layer (CSL):

    The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

    Blockchain Industry Issues Cardano Aims To Solve

    • To create a secure voting mechanism for token holders. 
    • To Separate accounting and computation layers. 
    • To create an infinitely scalable consensus mechanism. 
    • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

    Benefits And Advantages of Cardano (ADA) Blockchain

    Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

    High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

    Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

    Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

    Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

    Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

    How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

    To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

    To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

    How To Install, Set Up, and Use DAEDALUS Wallet

    Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

    Daedalus wallet

    Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

    Download Daedalus

    Please note that the blockchain must be completely synced before you can use your wallet.

    Syncing crypto

    To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

    Cardano crypto wallet

    After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

    Recovery phrase

    Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

    Cardano Daedalus

    Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

    setup crypto

    How To Use The Wallet Function On Minswap Instead Of Daedalus

    Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

    Minswap

    The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

    Connect wallet

    You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

    Minswap Cardano wallet

    How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

    You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

    Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

    fund wallet

    How To Trade Crypto Tokens On MinSwap

    To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

    Crypto wallet Cardano

    Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

    Checking Prices Of Cardano-Based Tokens

    Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

    Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

    TapTools

    Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

    TapTools Sundae

    Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

    Swap crypto Cardano

    TapTools Swap

    Conclusion 

    Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

    Featured image from Bitcoinsensus

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    [ad_2]

    Scott Matherson

    Source link

  • How To Buy, Sell, And Trade Tokens On The BSC Network

    How To Buy, Sell, And Trade Tokens On The BSC Network

    [ad_1]

    The captivating Binance Smart Chain (BSC) Network has morphed into a powerful force within the blockchain ecosystem, offering various benefits and opportunities for users and developers alike. Introduced by Binance, a top player in the global cryptocurrency exchange realm, BSC provides a robust and efficient infrastructure for decentralized applications (dApps) and digital asset transactions.

    The key advantage of the BSC network is its high-speed and low-cost transactions. With its standout consensus mechanism, BSC achieves fast block confirmations, enabling quick and seamless transfers of digital assets. This scalability advantage makes BSC an attractive choice for users who value speed and efficiency in their transactions.

    Advantages Of The Binance Smart Chain (BSC) Network

    The Binance Smart Chain (BSC) offers several advantages that have contributed to its popularity and growth within the blockchain ecosystem. Here are some key advantages of the BSC network:

    High Speed and Low Transaction Fees: BSC is known for its fast block confirmations, which result in quick transaction processing times. This speed is achieved through its unique consensus mechanism. Additionally, BSC’s low transaction fees have made it a preferred platform for developers and users.


    Compared to other popular blockchain networks, BSC offers significantly lower transaction costs, making it more accessible for individuals and businesses of all sizes. This cost-effective system has aided the exponential growth of decentralized finance (DeFi) applications on the BSC network by providing a wide range of financial services to users around the world.

    Scalability: BSC has been designed to handle high transaction volumes, allowing for the smooth and efficient execution of decentralized applications (dApps). This advantage enables BSC to accommodate the growing demands of users and developers without compromising performance.

    Compatibility with Ethereum: The compatibility of BSC with the Ethereum Virtual Machine (EVM) has made it easy for developers to port their existing Ethereum-based projects to BSC, expanding the pool of available applications.


    This opens up a world of possibilities, as it expands the range of applications available on BSC, offering users a greater selection of innovative and diverse decentralized applications to choose from. This interoperability has fostered innovation and attracted a diverse range of projects, including decentralized exchanges, yield farming platforms, and NFT marketplaces.

    The close integration between BSC and the Binance exchange also creates a host of advantages for users. The seamless connection between these two platforms facilitates effortless token swaps and transfers.

    Trading On The BSC Network

    Decentralized exchanges (DEXs) on the Binance Smart Chain (BSC) network provide traders with a range of features and opportunities to enhance their trading experience. Here’s an elaboration on the features of DEXs on BSC:

    Automated Market Makers (AMM): DEXs on BSC leverage AMM protocols to enable token swaps. AMM algorithms automatically set token prices based on supply and demand dynamics within liquidity pools. This feature eliminates the need for traditional order books and enables continuous liquidity, allowing traders to execute swift and efficient trades.

    Yield Farming: Yield farming is a popular practice in the decentralized finance (DeFi) space, and many BSC DEXs offer yield farming opportunities where traders provide liquidity to specific token pairs by depositing their assets into smart contract-based liquidity pools. In return, they receive liquidity provider (LP) tokens, which represent their share of the pool.

    Traders can then stake these LP tokens in yield farming programs to earn additional tokens or rewards. Yield farming enables traders to earn passive income by utilizing their idle assets effectively.

    Liquidity Pools: These are fundamental components of DEXs on BSC which consist of pairs of tokens that are used for trading. Traders can contribute their assets to these pools and become liquidity providers.

    By providing liquidity, traders help ensure that there is sufficient liquidity available for trading. In return for their contribution, liquidity providers earn a portion of the trading fees generated by the DEX. This incentivizes traders to provide liquidity, as they can earn fees from the trading activity in the pool.

    Token Trading: DEXs on BSC offer traders the ability to trade a wide range of tokens. These tokens can include native tokens of projects built on the BSC network, as well as tokens that have been bridged from other blockchains, including Ethereum.

    Traders have access to various trading pairs, allowing them to buy and sell tokens directly from their wallets. The availability of diverse tokens and trading pairs provides traders with abundant opportunities to explore various markets and investment opportunities.

    Additionally, the  Binance Smart Chain (BSC) is a modified Ethereum fork which simply means that it is compatible with the Ethereum network. Both of these blockchain networks have similar infrastructure, which is why they have the same address in your wallet.

    This is to ensure that your funds are not permanently lost when you send them via the wrong network. Simply put, if you send a token to your ETH via the BSC network, the funds will still be on the blockchain and you’ll be able to retrieve them.

    How To Get Started On The BSC Network

    To buy and sell tokens on the Binance Smart Chain (BSC) network, you will first need to get a Metamask wallet and fund it with BNB tokens. MetaMask is a popular browser extension wallet commonly used for interacting with blockchain networks like Ethereum and Binance Smart Chain (BSC). It is available as a browser extension for popular browsers such as Google Chrome.

    Ensure your Metamask Wallet has been added to your browser as an extension by clicking on the “Add to Chrome” icon on the top right as shown below:

    Once installed and set up, MetaMask allows users to manage their cryptocurrency wallets, interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks directly from their browsers. (Make sure to write down your seed phrase on a piece of paper and keep it safe. Do not store it online).

    Next, add the BSC network to your Metamask wallet by following the instructions provided on the Metemask website here.

    Getting BNB Tokens To Trade On The BSC Network

    Once that is done, you need to fund your wallet with BNB before you can begin trading on the BSC network. You can buy BNB on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the BNB from Binance to your Metamask wallet. 

    You can also purchase BNB directly within the Metamask wallet using traditional payment methods such as credit or debit cards, PayPal, bank transfer, CashApp, etc.

    Just click on the “Buy/Sell” button within Metamask which will open up the interface. Here, you can put how much BNB you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

    Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

    Metamask buy BNB

    It’ll only take a couple of minutes at most for your BNB to arrive in your wallet. Once the BNB arrives, you are all set to begin trading tokens on the BSC network. So head over to Pancakeswap to get started on your trading journey.

    How To Trade Tokens On The BSC Network Using PancakeSwap

    PancakeSwap is the leading decentralized exchange on the BSC network. Here, users are able to buy and sell a large range of tokens, and it is a straightforward process.

    Make sure you are on the correct Pancakeswap website to prevent your wallet from being drained. The next step is clicking on the “Connect Wallet” option on Pancakeswap at the top right corner as illustrated below:

    Pancakeswap

    Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

    BSC network

    Once connected, switch Metamask to the BSC network. (If you’re already on the BSC network, you do not need to switch):

    switch network

    With MetaMask connected to the BSC network, go to PancakeSwap, then you can start trading on the BSC network using PancakeSwap. Search for the token you want to purchase using the name or the contract address. 

    Set slippage to auto to avoid having to manually set it with each swap. Once done, pick how much BNB (at the top) you want to convert to the new token (at the bottom), click on “Swap,” and confirm the transaction in your Metamask wallet.

    Once the transaction is confirmed, the tokens will be sent to your wallet. To convert your tokens back into BNB, repeat this process by putting the new token at the top and picking BNB at the bottom. Click Swap and BNB will be sent to your wallet.

    Tokens

    Buying And Selling Tokens With The Metamask Wallet

    BSC Network users can also buy and sell tokens using the Metamask extension wallet already connected to the BSC network. 

    To do this, make sure you’re connected to the BSC network and have BNB to swap and pay for gas fees. Then navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

    Metamask wallet

    Here, you can also search for tokens using the name or the contract address, just like on Pancakeswap. Input the amount of BNB you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

    Tracking Token Prices On The BSC Network

    BSC network users can leverage on-chain tools such as Dextools to access detailed market insights about a particular token such as price and contract information to enable them to make informed trading decisions.

    Charts

     Dextools offers a range of features that are particularly beneficial for users on the BSC network. One notable feature is the ability to check charts, providing real-time and historical price data for various tokens. These charts enable users to analyze price trends, trading volumes, and other relevant metrics, helping them identify potential entry or exit points for their trades, as shown below:

    Dextools BSC network

    In addition to charting capabilities, Dextools provides a “Contract Audit” feature that is especially valuable for BSC users. This feature allows users to check the audit score of a smart contract before investing in a token. Audits assess the security and reliability of a contract’s code, highlighting potential vulnerabilities or risks. 

    Contract checking

    By accessing the audit score through Dextools, users can evaluate the level of trustworthiness and credibility of a token’s underlying smart contract, minimizing the chances of falling victim to scams or vulnerabilities.

    Conclusion

    The BSC network has become popular within the blockchain ecosystem due to its advantages and has attracted a diverse range of projects and users. BSC’s compatibility with Ethereum facilitates seamless token transfers between the two networks, enhances diversification of development and usage, and promotes collaboration within the broader blockchain ecosystem. 

    Additionally, it offers interoperability, allowing developers to easily port existing Ethereum-based applications and assets to BSC. This compatibility grants access to the extensive Ethereum ecosystem, enabling users to leverage the infrastructure and liquidity of Ethereum while benefiting from BSC’s faster transactions and lower fees. 

    BSC’s combination of interoperability, accessibility to liquidity, and enhanced transaction efficiency makes the BSC network a compelling choice for both developers and users, solidifying its position as a prominent player in the evolving blockchain landscape.

    Featured image from Medium

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    [ad_2]

    Scott Matherson

    Source link

  • How next-generation retail payments solutions lower operating efforts for merchants and corporates – Banking blog

    How next-generation retail payments solutions lower operating efforts for merchants and corporates – Banking blog

    [ad_1]

    Customers today expect a seamless omni-channel shopping experience with directly integrated payment options. Recently technical progress and the tokenisation of retail payment transactions have enabled omni-channel use cases. In this article we explain how omni-channel payments work in practice and how merchants and corporates are able to benefit from this modern payment solution.

    Automatic Tokenisation and Omni-Channel Payments

    Modern payments solutions tokenise all transactions to reuse the processed information in future transactions, whether through the same sales channel or others.

    Tokenisation describes the encrypting process by which unique identifier replacement numbers are assigned to transactions. If a payment system recognises a token, it decrypts it using the right decryption key to process the data.

    Use case 1: A customer buys a product (or service) in a store and pays by card. The payments system tokenizes the transaction based on the transaction reference number. If the customer is not satisfied with the product, returns it a few days later and wants a refund, the merchant or corporate can simply trigger the refund payment to the customer at the push of a button after entering the token. The payments system recognizes the encrypted token and the underlying transaction data.

    Use Case 2, click & reserve: A customer selects a product online, triggering a reservation. The customer is satisfied with the look and feel of the product and pays for it in-store. The payment system recognises the underlying transaction data assigned to the token created during the online selection and uses it automatically to process the payment.

    Other relevant omni-channel use cases for merchants and corporates include ‘queue busting’, click & collect’, ‘buy instore & pay at home’, ‘instore e-commerce’ and ‘endless aisle’.

    Retail payment 1_

    As omni-channel use cases rise, corporates and merchants are bound to implement them. Retail payments today are customer-centric and require a modern payments solution.

    Due to the seamlessly integrated payment functions within the different distribution/sales channels, retailers and corporates hardly miss out on any sales as their customers have the freedom to shop across channels and to choose how to pay. Additionally, purchase cancellations and time-consuming manual refunds can be avoided.

    Automation of accounting and reconciliation to reduce manual processes

    Modern retail payments solutions enable merchants and corporates to further automate accounting and reconciliation. This has the following benefits for merchants and corporates:

    • reduced manual effort
    • reduced sources of error
    • cost savings
    • more time for fundamental business activities.

    If modern retail payments solutions are used, all transactions are automatically tokenised. This ensures that omni-channel transactions are consistently correctly flagged and recognised at all times in the reconciliation process and booked directly in the accounting system if they match.

    This means significantly less manual search and correction effort for the parties involved, resulting in direct cost savings. Today, some payment providers and acquirers include automated reconciliation solutions to integrate added value.

    Retail payment 2_

    From simple terminal to future-proof multitalented smart POS device

    ‘All in one’ or ‘one device strategy’ are increasingly important for merchants with physical points of sale (POS).

    Simple terminals to accept cashless payments are being replaced by a new generation of android-based smart devices. These devices enable value added services and deliver an enriched in-store customer experience.

    Using modern smart POS devices to accept cashless payments in stores offers the following advantages for merchants and corporates:

    real-time software updates through cloud integration. The days when a terminal had to be returned to the payments provider for a software update are over. Thanks to integration, payment providers are always able to automatically provide merchants with the latest terminal software. New features can continuously be added and the internationally valid PCI DSS security certification covers all the security aspects of smart POS devices.

    manage Smart POS devices yourself.

    Thanks to the Android-based operating system, merchants can manage their smart POS devices themselves and activate and/or change new payment methods, FX currency conversion and other functions, and much more.

    use additional applications on the smart POS device, simply.

    Additional connectivity to applications such as the POS system for cashing, the warehouse system for querying inventories or the customer relationship management (CRM) system for viewing customer data can be conveniently activated on the smart POS device. This works via an app store, where the corresponding apps can be downloaded to the smart POS device and linked to the main system for use, turning the smart POS device into a mobile control centre and giving the merchant further flexibility.

    new instore shopping experience.

    Smart POS devices enable a wide range of new use cases, from self-service to close interaction with sellers, Web in-store, Gamification and others.

    Retail payment 3_

    And now?

    The entire retail payments infrastructure is being transformed, creating a multitude of new opportunities to offer cashless payment solutions in the future.

    Merchants and corporates are advised to upgrade their payments infrastructure to benefit from optimised operations and reduced manual effort, resulting in overall cost reductions.

    Due to the growth in retail payments, the cost structure for merchants has become more important than before. This is therefore the best time for merchants to consider the future Interchange++ cost structure of retail payments.

    Read our previous retail payments transformation blog here

    Sergio cruz blog

    Sergio Cruz, Partner, Consulting

    Sergio is the lead Partner of Deloitte’s Business Operations practice in Zurich and has more than 25 year of experience in Consulting. He focuses on large scale front-to-back digitalisation programs in financial services and has worked on several large assignments both in Switzerland and abroad, covering the implementation of regulatory requirements and the definition as well as implementation of target operating models and process optimisations.

    Email | LinkedIn

    David frei

    David Frei, Director, Consulting

    David is Deloitte Switzerland’s Payments Lead and a Director in the Business Operations Consulting practice in Zurich, with global experience gained in Consultancy and the Banking industry. He has vast experience and a macro view across retail and banking payments, financial service products, consumer, payments costs, regulations and systems as well as detailed knowledge of key processes in Acquiring, PSP and omni-channel/e-commerce payments. He has advised large clients through impactful payments transformation and digital payments projects in Switzerland and Europe.

    Email| LinkedIn 

    [ad_2]

    Lena Woodward

    Source link

  • Neoware Inc. Assists Users With Stopping Infringement and Securing Online Property

    Neoware Inc. Assists Users With Stopping Infringement and Securing Online Property

    [ad_1]

    Press Release



    updated: Feb 20, 2019

     Past and present Digital Rights Management systems have repeatedly failed consumers, content creators, and distributors. In the face of these struggles, the need for such systems has never been more necessary. Emerging technologies, such as Spatial Computing, rely on the creation of high-value digital assets in order to support the booming demand in Augmented Reality. Unfortunately, modern technology had not presented the tools required to protect and facilitate the transfer of such content…until now.

    NeoWare Inc. is creating a decentralized and democratized platform for digital content management and distribution via public blockchain networks. The blockchain will be optimized specifically for the secure ownership and access management of any digital asset using a non-fungible based token, giving users and content creators methods to securely initiate, store, and manage access permissions to their content and IP.

    “With Web 3.0 on the horizon, blockchain technology has the ability to cure the symptoms that have plagued the current iteration of the Internet: the absence of security and rapidly disappearing privacy. Data is quickly becoming the most abundant resource on the planet and our DCM tools will empower every user to protect and control their digital assets.”

    -Caesar Medel, CEO

    Components of the NeoWare DCM System include major advances and improvements on present-day technology. The ZIP file standard was conceived in 1991 to provide a standard method of packaging files and directories into a single file primarily for distribution over the Internet. NeoPak will build upon this functionality by introducing blockchain supported secure Public Key Encryption, Identity Management, Digital Rights Management, and Zero Knowledge Proof support. These capabilities are important for support of a decentralized web (Web 3.0) where user information and proprietary data is directly controlled by the user.

    NeoWare Inc. specializes in the creation of Spatial Computing software and Digital Content Management systems. White labeled applications utilizing augmented reality facilitate the creation of 3D-digital assets that serve as the initial use case for all blockchain-based content management systems. These Custom AR-Applications drive engagement, build brand loyalty, and boost consumer education through immersive augmented reality interactions.

    Source: NeoWare, Inc.

    [ad_2]

    Source link

  • Fintech Start-Up fidentiaX Introduces World’s 1st Marketplace for Tradable Insurance Policies

    Fintech Start-Up fidentiaX Introduces World’s 1st Marketplace for Tradable Insurance Policies

    [ad_1]

    fidentiaX is building the World’s First Marketplace for tradable insurance policies by leveraging on blockchain technology

    Press Release



    updated: Oct 15, 2017

    Fintech start-up fidentiaX is in the developmental phase of creating the world’s first marketplace for tradable insurance policies by disrupting the status quo by empowering policyholders to monetise policies on the blockchain. fidentiaX will also be setting up fidentiaX Open Source Foundation (fSOF) to proliferate the embracing of blockchain technology for the insurance industry.

    In 2016 alone, the total market size for insurance premiums in the 40 OECD reporting countries was estimated to be in the north of $3.86 trillion dollars and Asia is projected to the be fastest-growing market for life insurance with an estimated real annual compounded growth rate of 10.2%.

    The tradable insurance market is faced with inefficiencies such as:

    Lack of awareness – Policyholders are unaware that policies are tradable assets which could be sold in the open market for a higher value. In 2015, out of the US$112 billion worth of policies surrendered in the U.S., US$57 billion (estimated 250,000 policies) could be resold.

    No Recognizable Marketplace – The lack of a recognizable marketplace makes it challenging for sellers and buyers to connect.

    Dependency on 3rd party – In the rare occasion where seller and buyer actually connects, parties need to place trust on a 3rd party to effect the transaction.

    fidentiaX’s marketplace will be a membership-based ecosystem focusing on the key stakeholders and providing the following services:

    Policy ledger – Break traditional reliance on intermediaries by creating a digital ledger for policyholders.

    Trustless Marketplace – Provides a platform for buyers and sellers to connect and trade policies via the blockchain.

    fidentiaX will focus on building its operations within Asia before executing its global expansion strategy. Key countries within Asia are Hong Kong, Japan, Korea, Malaysia and Singapore.

    To learn more, please visit fidentiaX’s official website at https://www.fidentiax.com and stay updated on their Crowd Token Contribution launch announcement by subscribing to their mailing list. Stay connected through their social channels:

    Join us on Telegram Channel at https://t.me/fidentiaX
    Follow us on Facebook – https://www.facebook.com/fidentiaX
    Follow us on Twitter – https://twitter.com/fidentiaX

    Media Contact:
    Name: Alvin Ang
    Email: Alvin.A@fidentiaX.com
    City and Country Location: Singapore

    fidentiaX is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

    Source: FidentiaX

    [ad_2]

    Source link

  • СarTaxi’s ICO is Starting: Pre-Sale Investors Have Already Received Bonuses

    СarTaxi’s ICO is Starting: Pre-Sale Investors Have Already Received Bonuses

    [ad_1]

    The September 29 ICO for CarTaxi will go towards funding the already-functioning business, which has seen rapid growth in the real economy.

    Press Release



    updated: Sep 26, 2017

    Following the greatly successful pre-sale — meeting the goal of raising 3,000 ETH — the CarTaxi Ethereum-based ICO is scheduled to start on Sept. 29. During the first day of the sale, investors can claim a 15 percent discount on the tokens. Investors that bought tokens during the presale have already received the first bonuses.

    CarTaxi is the first logistics platform for automation of car towing services. It combines all towing services in one mobile application. For drivers, it is a convenient and quick way to call for help on the road in your city or while traveling. In the media, CarTaxi is called “Uber” for car towing. This is partly true: the application uses an Uber-like interface. However, from off-site services, the platform is distinguished by the introduction of blockchain technology.

    Projects on the blockchain in the real sector of the economy, according to the creator of Ethereum, Vitalik Buterin, cannot be underestimated. CarTaxi is one of those key projects.

    For cryptocurrency investors, CarTaxi tokens (CTX) is a source of passive income. According to the company’s plans, 25 percent of their profit is distributed in dividend payments to tokenholders. Another 25 percent goes towards repurchasing CTX tokens on exchanges to increase their market value.

    According to CarTaxi’s financial analysts, the company’s tokens for the first month after placement on the exchanges will grow at least two-fold. By 2021, the value is expected to grow by 30 times. The main factors of the projected growth are the development and expansion of the business, as well as the timely payment of dividends and the planned redemption of tokens.

    In addition to the above benefits, CTX tokens after the ICO can be used to pay for platform services.

    Funds raised from the ICO will go towards expanding the CarTaxi service to the American and Chinese markets. The company has chosen these countries because of analyst reports that confirm the service’s relevance and potential success in those areas.

    In the region where CarTaxi launched, more than 40 cities have become connected to the service — that number increases every week. According to CarTaxi analysts, the global automotive market for the entire 2017 will increase by more than 3 percent and will continue growing in the following years. Motorization is the main factor behind the rise in demand for car towing, and the growing success of CarTaxi.

    CarTaxi CEO Taras Semenov said ICOs are an innovative and effective way to attract investment for developing and operating business. But any new phenomenon that shows a wide range of opportunities, there can be both positive and negative examples of implementation.

    “The ICO market is now oversaturated with scam projects that pull investments through fantastic promises, turning out for tokenholders as empty investments,” – Taras Semenov.

    Therefore, to date, our task is to inform investors that CarTaxi works within a real infrastructure, with real income, allowing us to pay bonuses to investors already.

    Our goal is to extend the service coverage on a global scale in order to make the CarTaxi service extremely universal and beneficial for users and partners. And together with investors, we are changing the growing market for car towing in the same way that Uber changed the taxi market.

    To learn more, visit – https://cartaxi.io

    Media Contact

    Contact Name: Japheth Zoogah
    Contact Email: japheth@cartaxi.io
    Location: St. Petersburg, Russia

    CarTaxi is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only.

    Source: CarTaxi

    [ad_2]

    Source link