Cred provides USD loans, collateralized by XRP

As per the press release Cred, one of the crypto-backed lending firms would offer USD loans by using XRP as collateral. So all the XRP holders are served with the opportunity to save their XRP long term without the need to sell or incur tax consequences. The announcement also says that all the XRP holders of several countries could borrow as low as single-digit interest rates when they visit www.mycred.io and click “Get Early Access.”

Read more at BusinessWire

Empowering Farmers with Crypto-based loans

Block Commodities, an Agri-tech firm from Africa has launched a pilot project Farmer 3.0  based on crypto loans to empower farmers by providing a transparent and trustworthy ecosystem.

The project started in Uganda with around 1000 farmers, were provided with crypto loans to purchase seeds, agricultural tools, and fertilizers. Innovative technology with intelligent data is helping farmers manage resources and conditions[such as soil fertility, weather conditions] better for production.

Read more at blockcommodities.

 

Types of Crypto Wallets Used by Crypto Enthusiasts

Now that we know the terms used by crypto wallets users let’s dive to know more about the kinds of crypto wallet and their unique features. In case you missed our last post on terms used by crypto wallet users, here is the link.

If you are new to Crypto wallets and interested to know What are crypto wallets and How crypto wallets work, please check our last post here.

Types of Crypto Wallets

Crypto wallets are mainly categorized based on their storage, combination of public and private keys, accessibility, etc. Here are different types of wallets that are quite popular among crypto enthusiasts –

Paper Wallet

A paper wallet is a cold wallet used to store digital currencies. The process of accessing a paper wallet involves the printing of public and private keys on a sheet of paper. The keys are generated via open source wallet generator available like – BitAddress.org, WalletGenerator.net  and BitcoinpaperWallet.com. As experts recommend users generating a paper wallet should unplug their internet and wipe the history after the keys are created to assure security and avoid hacking of your wallet.

Types Of Crypto Wallet - Paper Wallet
Image Courtesy – @fastinvest

 

Desktop Wallet

Any firm dealing with cryptos or digital currencies would launch his Desktop wallet for the convenience of its customers. Desktop Wallet are installable’s that could be installed on your laptop/desktop. As a desktop/laptop is mostly connected to the internet, you would need extra layers of security measures to protect your wallet like antivirus, firewalls, etc. Some of the leading desktop wallets available in the market are – Electrum and  Bitcoin Core.

Mobile Wallet

With a need to access from any time and anywhere, Mobile wallets have gained popularity in the crypto world. The working is similar to the desktop wallet and provides hot storage both for Android and iOS versions. However, before installing a crypto wallet on your phone make get a review on features like Private keys, ease of use, security, back up and most importantly the development community if it’s active or not. Some of the mobile wallet available are – MyCelium, Edge

Online Wallet

The least secured wallet that offers hot storage is Online Wallet as they are always connected to the internet. The private keys are held in your browser and hence prone to DDOS attacks. They could be categorized further to hosted online wallets like Cex.io and coinbase or non-hosted online wallets like Metamask and myetherwallet.

Hardware Wallet

The most secure of the lot that offers cold storage and is a bit technical in terms of usage. As the name suggests, they are the hardware explicitly built to handle public and private keys. You can imagine as a USB drive as your wallet that would go online only when you connect it to a laptop for a transaction, hence secured and in control. Some of the examples of hardware wallets are Ledger Nano S and Trezor.

Did you explore any other crypto wallet? We would love to know about it. Please share your story with us on Twitter [@getnuo].

References

investopedia ; coinsutra; hobowithalaptop; @fastinvest

OKEx introduces new margin trading pairs – XRP/BTC & LTC/BTC

OKEx one of the most trusted digital asset exchange on Tuesday i.e. 06 Nov introduced new margin trading pairs XRP/BTC & LTC/BTC for their valuable customers.  As per the official announcement made on their website and twitter account –

To meet the public demand , we will open the margin trading pairs XRP/BTC、LTC/BTC from 15:00 Nov 6, 2018 (HKT).

They also reiterated that margin trading involves risks and hence need to carefully evaluated before making investments.

Read more here okex support

Terms You Should Know When using a Crypto Wallet

Just today I read the news of Turkish Police arresting 11 suspects in an alleged hack of crypto wallet accounts, where victims reported a loss of $80,000. As a cryptocurrency user, it is crucial for you to know the terms commonly used while registering for a crypto wallet, so let’s get started-

If you are new to Crypto wallets and interested to know What are crypto wallets and How crypto wallets work, please check our last post here.

Terms Used in Crypto Wallets

Hot and Cold wallets

The hot and cold wallets or hot and cold storage simply refers to whether the wallet is connected to the internet and available 24*7 or not. So a hot wallet is available online and connected to the internet, whereas cold storage or cold wallet is only available when you want to make any transaction.  A quick difference

Feature Hot Wallet Cold Wallet
Connected to the Internet All Time Only while performing a transaction
Suitable For Small day to day transactions Long-term holdings
Mode Online Offline
Security Medium High

Public and Private Keys

To understand public and private keys lets take an example from a fiat currency world. A user is inclined to make an online funds transfer, he registers with the bank via their app/website, on registering they ask to set up a password this password in encrypted form gets stored on the server. This could be termed as a public key. Now when the user initiates a funds transfer, he is asked to log in again with the set password, and as an extra measure of security, he is either asked for an OTP [One-time password] or biometrics[fingerprint, face or retina scan] this could be termed as a private key in crypto world.

In cryptosphere this private key is of utmost importance for you to move your amount and also needs to be secured as once a hacker knows your private key, he can easily access your wallet.

 

Multi-Sig and Multi-Currency Wallet

Multi-Sig wallet or Multi Signature wallet usually refers to a wallet that needs inputs from multiple parties to complete a transaction. Just for example a joint savings account that allows money transfer only when all the parties involved agree to it.

On the other hand, usually a crypto wallet is allowed to store only one type of digital currency say a Bitcoin wallet or Litecoin wallet, but some wallets allow users to store multiple currencies in one wallet that is referred as a Multi-currency wallet.

Our next post would talk about types of crypto wallets and their security features. Stay Tuned.

Bloqboard- New Kid in the Crypto lending Space

Bloqboard Co-founded by Alex Bazhanau and Bahachuk, allows users to share their cryptos. The firm is offering a lending platform enabling peer-to-peer cryptocurrency lending via smart contracts. The firm lets you share your ERC20 tokens with your buddies, and, in theory, they have to pay you back. The firm recently raised $1.2 million from POlychain Capital to launch a lending system powered by decentralized lending protocols.

Read more at techcrunch

Ledn, First in Canada to Offer Crypto-backed loans.

Ledn created by Mauricio Di Bartolomeo will offer credit to businesses and consumers in Canada where about 5% of people use Bitcoin. The platform has four easy steps to avail the loan. The customer will send the application via Ledn and BTC as collateral. On successful verification , the customer is eligible for the loan and the firm sends the to customers in fiat.

The borrower needs to make monthly payments of interest on the loan until they are through. After that, they can pay the principal and Ledn will give them back their BTC. Ledn is funding these loans based on money it got from several funding rounds. The plan is to raise $50 million according to the founder.

Read more at bitcoinexchangeguide

Swiss Crypto Tokens issue Crypto Bond

Switzerland taking steps to help blockchain start-ups and  investors has launched a new bond to escape the volatility of cryptocurrencies. The bond issued by Swiss Crypto Tokens is a representation of the safe haven currency on the blockchain. As reported by swissinfo the first 10 million units of the bond, with each being worth of Swiss franc are sold out. The bond is pegged to the Swiss currency and had been issued on Thursday, i.e., 01-Nov.

Read more at swissinfo

What are Crypto Wallets and How Crypto Wallets Work?

Wallets or le porte-monnaie in French and la cartera in Spanish are an essential part of human civilization, while the name and utility remain the same the form has evolved innovatively. Isn’t? Wallets no longer need a pocket or  a handbag; they exist on the digital world with an IP address in electronic form storing money and helping in all form of transactions. Commonly known as Mobile wallet or digital wallet are slowly making their way in an individuals life. Another electronic form of wallet that stores digital currency or cryptocurrency is a crypto wallet and today’s post is to know about this tiny piece of storage that plays a crucial role in cryptocurrency owners and traders.

Let’s get started –

What are Crypto Wallets?

Crypto Wallets are the software programs that store the private and public keys of the transactions happening on a blockchain network. So, for example, you bought 10 BTC from your friend A, now your friend A is basically signing off the ownership of 10 BTC to your wallet’s address. Now for you to access that 10 BTC you would need your private key stored in your wallet to match the public key available on the ledger, when your friend signed off from 10 BTC. Once the two keys match, there is credit that happens, and your account balance is increased. These private keys stored in your wallet are long hexadecimal codes, known only to your wallet and you.

The cryptocurrency wallets can store multiple coins or tokens at once, however most of the wallets available in the market support only a limited number of cryptocurrency.

Why You Need a Cryptocurrency Wallet?

If you are traveling from London to New York, would you be able to transact in GBP? Not necessarily unless you get your GBP exchanged to USD. Similarly digital currency or cryptocurrency is another form of currency that does not have a physical state, i.e., notes, coins etc. that you can keep in your pocket, and so to use it in crypto world you need a crypto wallet that could let you exchange your fiat currency to Ethereum or help you in trading bitcoins over an exchange.

How do Crypto Wallets work?

Crypto wallets never store your money unlike physical wallets or mobile wallets available for your fiat currency. They only store public and private keys that could be termed analogous to your pin number for your debit/credit card or bank accounts. Now let’s take a case when you are withdrawing some money from an ATM, you insert your card and pin, and in fact, the pin provided by you matches the one stored in the bank database transaction is successful, and cash is handed over to you. Similar is the case with a crypto wallet, taking the example of you buying a coffee with your crypto wallet. Say 1 BTC is the value of one cup coffee, you send the Bitcoin, i.e., you are sending the VALUE in the form of transaction or putting simply transferring the ownership of 1BTC to the coffee shop owner. Now, this sign off reflects in your crypto wallet and would decrease the account balance, but for the recipient, he has to match his private keys with the public address to which you sent the Bitcoins to, to get an increase in the balance.

This transfer of ownership of private keys provides individuals with total control over the funds associated with equivalent public keys. Hence it is crucial for each individual to keep your private key safe and secured just like you keep your PIN number safe.

Have you used a crypto wallet? How was the experience? Do share your story with us @getnuo our twitter handle.

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