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CryptoGames –An Exquisite Gambling Haven

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The world is now plagued by a pandemic that has altered lives drastically. Almost everyone’s daily lives have been disrupted by this horrendous event, which has superimposed itself on every aspect of life. The pandemic has affected the entertainment industry in particular as people in most countries are unable to leave their homes without compromising the safety of their lives. This has triggered a rapid rise in the number of online gamblers who have chosen online casinos as the new medium for their entertainment. This in turn has created an enormous demand for efficient online casinos which provide desirable services. The exemplary casino known as CryptoGames comes as a savior in this scenario as it has all the tools required to provide gamblers with classy entertainment and sublime services. This casino has it all – enticing games, an attractive UI, unique promotional events, lucrative referral rewards, and much more!

An association called MuchGaming B.V operates the casino. CryptoGames is a betting site under the jurisdiction of the government of Curacao. Through its hard work and its intense dedication to its gamblers, this casino has amassed a huge community of devoted players. The betting site wants to keep up the brilliant nature of its administrations and its obligation to its goliath player base and create an era of flawless services and ecstasy for the betting scene. Moreover, CryptoGames expects to improve the quality of the services offered and thus revolutionize the world of gambling. Below is a summary of the magnificent administrations and benefits gamblers can appreciate in CryptoGames:

Engross yourself in our world class Games

The essence of an online casino lies in its library of games. CryptoGames offers its players a library of enticing games that are highly successful in the gambling world. These games have contributed in CryptoGames attract legions of players to casino through their old school vibe.  Some of these games have dominated the gambling world even before online casinos became prominent. CryptoGames offers 8 of these extravagant games. Though the library contains only 8 of these games, small in number but able to guarantee maximum satisfaction. The limited number of games allows players to focus their entire concentration in the games which would have been impossible in the presence of hundreds and thousands of games. CryptoGames also provides instructional guides and informative tutorials that assist players with learning these games in the best way conceivable and players can therefore master the games at commendable speed.

The Games offered by CryptoGames are-

Dice
The game of Dice is a world-class game that has outcomes that range from 0.000 and 99.999. A set of rules must be strictly followed in order to win this game. Before the game starts, the user must place a fixed amount of bet and the player is to decide whether the dice roll will generate a higher or lower number than the chosen value when rolling. The player correctly guessing the result of the roll will be declared as the game-winner. The players of CryptoGames can enjoy this fabulous game without any issues whatsoever, courtesy of the various features of the platform. Gamblers of CryptoGames can also choose to play the game by using keyboard controls. There are useful functions such as “Auto Bet” that can be used to set a strategy and let the game run in autopilot mode. At the moment, a profit of 4 BTC can be earned through a single bet in Dice.

Slot
The game of Slot has to be played on five spinning reels that are allowed to rotate before it is stopped. Five symbols have to be matched and the winner can claim a payout when their chosen symbols from the paytable line up in the middle of the Slot. Players of the casino enjoy a reduced degree of complexity and earn a lucrative payout with the use of single-line horizontal matching. A single bet in this extravagant game can earn a huge profit of up to 4 BTC. This is a game of true luck.

Roulette
The game of Roulette has huge acclaim in the world of gambling. Players of CryptoGames play the European edition of this famous game as opposed to the American one. This version of the game offers a similar payout table like its American counterpart, however, the house edge is almost halved as there is a single zero present on the 37-number wheel.  Players turn the wheel by pressing the “Spin” button after all wagers have been determined and the payout table is then used to pay gamblers accordingly. This game never fails to produce intense competition between devoted players.

Blackjack
The game of Blackjack has a massive amount of fans in the gambling community. The game if played against the dealer (house). Players have to get a hand with points nearer to 21 than the dealer. Players of CryptoGames are able to play the game without facing any issues because the casino offers an ideal table interface without distracting designs. There are also options of Surrender, Double Down and Split.  There are four decks which are split after each round, and if a player reaches the blackjack, the payout level is 6:5. Split hands are paid in similar fashion.

Lotto
Lotto is a game that plays with fate and endurance. Here, you will win everything or will lose it all. This world famous game came from the ancient activity of lottery in which contenders bought the tickets which were subsequently used to pick the victor. Players can use the “Buy Ticket” tab in CryptoGames to purchase tickets. Under that tab, players can also check the quantity of tickets purchased by the player and the probability of winning. Other significant details can be seen on the user interface, for example the time remaining for the round and reward for various winning positions and the total number of tickets bought. CryptoGames holds two draws per week on Wednesdays and Saturdays, where it crowns its winners. The coin collected through ticket revenue is then properly split between the three victors.

Plinko
Plink is a fabulous game where a ball drops down from the highest point of a pyramid. Here, a player needs to pick an amount to bet and a payout is decided after which the ball is allowed to tumble to the lower part of the pyramid. The “Play” button is pressed to permit the ball to fall. This incredible game creates moments of pure ecstasy and ignites rivalries between committed players.

Video Poker
The game known as Video poker is a fun and engaging game that is extremely popular due to its extreme payout ratios. CryptoGames has three variants of this enticing game known as Tens or Better, Jacks or Better, and Bonus poker. Users can toggle between the games by the options located at the top left corner of the interface. If a gambler manages to win via a royal flush, the user will be given a payout multiplier of 500 which will allow a user to earn a maximum of 4 BTC in one single bet depending on the wagered amount!  Here players can also use the “Smart Hold” feature, by which the user can permit the computer to decide which cards to hold. “Smart Hold” prioritizes cards based according to a table that can be found under the “How to play tab”. This means that players might be able to get and hold better cards than what the computer has chosen for them. “Smart Hold” feature also allows gamblers to utilize the “Auto Bet” feature.

Minesweeper
Minesweeper is one of the oldest computer games in the world. This ancient game gained immense popularity even before the web was made. Gamblers from all corners of the world contribute a significant part of their time in this engaging game in CryptoGames and earn huge amounts of Cryptocurrency through it. The game uses a field containing boxes some of which cover mines. Players need to tap on as many boxes as they can before they collide into mines. CryptoGames recognizes bets that have a reward lesser than 4 BTC (highest win per bet), therefore if the current win yields a prize that beats the 4 BTC mark, the player will lose access to any additional fields.

Glance at our amazing referral reward programs and massive jackpots
CryptoGames offers a very lucrative referral reward program to its massive community of users. 15% of the house edge of the wagered sum is given to players for each referral they make. This referral commission will be given to the player without any conditions attached to it, which means the reward will not be affected at all by the outcome of the games played by the referred player. Any users that wish to promote the casino on a large scale can negotiate for a custom referral rate/commission.

Games offered by CryptoGames frequently have impressive jackpots. These jackpots have attracted a huge gathering of gamblers into the casino. These games are always getting analyzed by sharp gamblers who would do anything to claim these plentiful prizes! Currently, rounds of Dice and Roulette have gigantic jackpots and are getting scouted by players who are looking on to ensure their win! The Dice jackpot of Bitcoin is at a striking 3.69 BTC, and will turn into the prize of very lucky and talented player.

Final Words
People have turned towards online casino for entertainment in the midst of a horrific pandemic. It is up online casinos to ensure the services and games offered to clients are world class. CryptoGames excels in this regard as it provides a list of extravagant games and a myriad of impressive services that would thoroughly satisfy any ardent gambler. It also has been making constant improvements and impressive additions to its list of services in order to enrich the gambler’s experience on the site. Through its hard work and dedication to its fantastic community of users, CryptoGames will usher in an era of excellence and quality.

Links of interest

CryptoGames: https://crypto.games/

Facebook: https://www.facebook.com/CryptoGames/

Blog: https://blog.crypto.games/

Twitter: https://twitter.com/Crypto_Games

BitcoinTalk ANN: https://bitcointalk.org/index.php?topic=750760

Discord: https://discord.gg/xassxQr

Comparing Bityard and eToro in 2021

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When it comes to crypto trading, choosing the right trading platform is just as profound as discovering a successful trading strategy. However, with so many trading platforms available on the market, deciding which platform to choose can seem like a nightmare. This article will compare two trading platforms, namely Bityard and eToro. The platforms will be compared on the basis of the most important metrics that users use to decide on which platform to use.

bityard v etoro 1

What is eToro?
Etoro was founded in 2007 as a forex trading platform. It has evolved over the years to include stocks, derivatives, CFDs, and cryptocurrencies. It has a global reach, servicing over 17 million users in 140 countries. It is a multi-national licensed company, with licenses in countries such as Israel, UK, USA, Australia, among others.

eToro web interface

etoro interface

What is Bityard?
Bityard is a contract trading platform with crypto assets and derivatives. It was founded in 2019. So far, it boasts of over 100,000 registered users in over 150 countries across the globe, making it one of the fastest crypto trading platforms in the world. It is headquartered in Singapore, and has multi-national licenses from Estonia, Singapore, USA and Australia.

Bityard web interface

bityard interface
  1. Layout and user interface

The Bityard website is easy to navigate, staying true to Bityard’s mantra of designing a platform that simplifies complex trading. Which makes it user-friendly, regardless of the experience level of the trader. Traders have the option of trading via the website or the app version available for both Android and iOS. The website and the app provides similar features. There are many similarities between the eToro and Bityard platforms.

However, the Bityard website has more charts, technical analysis tools and a customizable viewing panel. Similarly, the Bityard app is easier to navigate as most features are easier to find. The eToro platform is loaded with more features such as newsfeeds and market research, which are harder to find for a newbie. A little tutorial might be necessary for a new user to find their way around the eToro platform.

2. Opening an account

Both EToro and Bityard require one to be registered in order to be able to trade on the platform. It takes just a few seconds to open an account. Bityard has the option of opening an account using either an email or phone number, while eToro gives the option of email, Facebook or Google. You will receive a confirmation code that you will use to complete the registration.

Once that is done, your account is ready to use. However, there are limited functionalities for
accounts that have not verified their identity. For both platforms, users who have not completed top tier levels of KYC have limited access to the platform’s features. EToro goes further as to make some features available only to users who have made their first deposit to their account. A minimum deposit of $200 is required on eToro. Bityard offers commission on referrals. On Bityard, a user can earn up to 60% of commissions on trading fees from referrals.

  1. Trading experience
    As already mentioned, Bityard seeks to simplify trading. “Complex contracts simple trade”
    appears on the first page of their website. True to that slogan, the trading experience on Bityard is seamless. There are 33 crypto assets with 19 trading pairs, and many derivatives ranging from stock market indices to precious metals. Although Etoro has only 16 crypto assets, it has hundreds of stocks, ETFs, indices and currency pairs.

Funding a Bityard account can be done through cryptocurrency and fiat. Unfortunately, fiat deposits for Bityard are only available in certain regions at the moment (Vietnam, Indonesia, and China). There are plans to extend the service to more countries. On the other hand, eToro only accepts funding via credit/debit card.

Bityard and eToro both have a demo account which allows a user to try out real trades with fake money. Both platforms also have the CopyTrade feauture which allows users to copy the positions of more experienced users on the platform.

  1. Fees
    Bityard has lower maker/taker fees, charging 0.05% of the transaction. For withdrawing, 2
    USDT is the charge on Bityard. Etoro’s trading fees vary by asset; it ranges from 0.75% – 5%. The minimum deposit that can be done is $200, while the minimum trade amount is $25. Etoro charges trading fees through spreads, which can rise and fall depending on market conditions. The withdrawal fee on eToro is $5.
  2. Security
    Both platforms have put up measures to enhance the security features on the platform. Every new login is authenticated by 2FA. Both platforms have PIN authentication for withdrawals. Bityard stores the crypto assets in cold storage, which protects them from hackers. The Bityard websites also has full SSL encryption, making all connections secure.

Conclusion
In this article, Bityard and eToro have been compared on different aspects. In terms of size, eToro has shown to have a bigger user base and wider selection of non-crypto assets than Bityard. However, Bityard has more crypto assets to trade. Ease of registration is somewhat similar on both platforms, even though it is much easier to register on Bityard because a new user can enjoy the full features of the platform without first making a minimum deposit.

Furthermore, the layout and user interface on Bityard has shown to have more superior features, hence giving a better trading experience. The welcome bonus and higher referral rewards on Bityard also make it a more attractive platform. Bityard’s trading fees are also comparatively lower than eToro’s. When it comes to security, both platforms have demonstrated their high regard for enhanced security, which is amazing.

GazeTV launches blockchain-powered social entertainment platform that puts creators first

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 GazeTV, a blockchain-based social entertainment platform recently announced its launch as a solution empowering content consumers to reward creators for their work. The rewards will reportedly be distributed in the form of tokenomic incentives and reward functions. The GazeTV platform was built to empower creators and audiences to interact, support, and grow while bringing each other up. To date, GazeTV has more than 180,000 minutes of content ready for the launch on March 30, 2021.

Nowadays, anyone with a camera or smartphone can curate videos and become a content creator. The main challenge that creators face today is in terms of monetization and transparent economics. Statistics showed that it takes 752 streams on Pandora and more than 1,400 views on Youtube to make just $1. Royalties and copyrights should mean artists are compensated for their work—but this is not always the case. Many entertainment platforms’ monetization policies are vague and ambiguous, leaving creators and consumers in the dark. 

GazeTV leverages blockchain fundamentals with the GAZE token created to tackle this challenge. The GAZE token lets users compensate creators based on their own preferences and tastes. The process eliminates the intermediary that determines creator compensation on traditional platforms, such as YouTube, and fosters a more transparent environment for all involved. Creators can track rewards and viewership, by earning, staking and swapping GAZE tokens, resulting in faster content-revenue distribution. GazeTV converts “users” into a global, engaged community.

The platform also offers an Automated Content Synchronization feature for creators to quickly and easily bring their content from other platforms onto their GazeTV channel. Creators can synchronize their content from Youtube, Facebook, and more than 455 million WordPress websites seamlessly. In addition, unlike existing platforms, GazeTV can also be accessed from China which opens up an entirely new market to creators and influencers.

GazeTV will be one of the few video content platforms available to Western and Chinese audiences. The roll-out of GazeTV is segmented into several phases, each phase adding exciting additional functions and features to the platform. 

Speaking about the launch, CEO Jack Cheng said:

“At GazeTV, we’re repairing everything that is broken with social entertainment platforms. The unfair reward mechanisms, for example, as well as annoying in-stream advertisements and inefficient payout processes, must be fixed. We want creators to build mutually beneficial and sustainable communities with their audiences. We are building an empowered and engaged Gazer community, using different tokenomic models than what exists elsewhere. At GazeTV, we highly treasure creator and audience engagement. This is our mission. Every second counts.”

Here’s Why SecuX Should Be Your Next Crypto Wallet

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The increase in the demand for cryptocurrencies has also elevated the number of platforms in
the industry. With an array of products available in the market, those interested in using them
are always left confused, as to which product to choose. However, choosing a hardware wallet
just got easier with SecuX’s latest range of wallets.

SecuX entered the crypto market in 2018 and has been delivering a wide range of wallets. With
a vision of keeping up and offering answers to the emerging blockchain technology, SecuX has
been giving its competitors like Ledger and Trezor a run for their money.

Getting started with SecuX wallets: Pros

SecuX currently offers three varieties of hardware wallets including V20, W20, and W10.

●Support for multiple assets

These wallets support over 1000 cryptocurrencies with the inclusion of ERC-20 tokens. Users
will be able to find support for prominent cryptocurrencies like BTC, ETH, XRP, BNB, XLM, and
several others.

●Vault-grade protection

SecuX W20 Hardware Wallet Portfolio

Security is the most important aspect with regard to crypto wallets. SecuX offers an Infineon
SLE solid Flash CC EAL5+ Secure Element chip [SE] that aids in securing the PIN as well as
the private key of the users from any potential cyber or physical attack.

●Connectivity

With the V20 and the W20 models, users will be able to connect the device to the
laptop/desktop with a help of a USB and a mobile phone with Bluetooth. Other devices like
Tablets and iPad are also supported by the aforementioned wallets.

●Touch Screen

SecuX W10 Hardware Wallet 1

While there are several wallet providers in the market, SecuX stands out with its large 2.8”
touchscreen. This makes it easier for users to operate on, specifically while making
transactions.

● Compatibility

The W20, as well as V20, are compatible with prominent operating systems like Windows,
Chrome OS, MAC OS, iOS, Android, and Linux. The W10 is, however, not compatible with

Andriod and iOS.

SecuX V20 Hardware Wallet CrossPlatform 1

●Account recoverability

Recovering accounts just got easier as SecuX’s wallets are complaint with BIP32, BIP39 as well
as BIP44.

●Battery Life

With a 600mAh battery, the wallets last up to 7 hours with every charge. While Ledger offers
only 100mAh on its Nano X. An offline balance check is also found in these wallets.

Cons

●Size

When compared to the wallets offered by Ledger, which are USB sized, the dimensions of
SecuX wallets are bigger and easier to use.

●Number of coins supported

1000 Crypto Coins Tokens Support

While Ledger offers support for over 1100 crypto assets, Trezor supports more than 1090 coins.
SecuX, however, supports only 1000+ coins.

Setting up your wallet

SecuX wallets can be found on Amazon as well as Webshop. The V20 Flagshop is priced at
$139, W20 Fantasy for $119, and W10 Lite at $69 on SecuX Webshop. The SecuX mobile
application can be found on the App Store and Google Play for Andriod users. ​
​
SecuX Hardware Wallet is available for purchase on their website. Those interested in buying
right away can get up to 15% discounts on the purchase.

SecuX V20 and W20 wallets – 15% off with coupon code “ tronweekly ”
SecuX W10 wallet – 10% off with coupon code “ tronweeklyw10 ”

A simple and practical Guide to copy trading on Bityard

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Copy Trading is the latest innovation on the cryptocurrency market. An entirely unique trading method, that allows users to benefit from the experience of expert traders and make profit from their knowledge.

The copy trading option is designed for beginners who have not learnt how to trade. In the copy trading option, you do not need to be an expert on cryptocurrencies to make profit on them, in fact you do not need to know much about Cryptocurrency trading to make money, all you need do is follow expert traders with an amount of capital and make money off their trades.

The copy Trading option also provides beginners interested in cryptocurrency trading, with an opportunity to learn, as they are able to observe the trades made by experts they follow, and this gives them a chance to analyse successful trades and incorporate the expert’s trading style.

Bityard a fully licensed and regulated exchange is one of the very few elite Cryptocurrency-exchanges that have pioneered the copy trading option and is the best pick for beginners who want to start copy trading.

A Step by step guide to the copy trading process

Registration:

The first step is to register on Bityard this is a very simple process and will not take more than a minute. To register, click here to input your email after which a verification code will be sent to your email.

Next you put a password of your choice, preferably a combination of letters and alphabets and one with good security. You click register and that’s it, your account is ready. Follow this Link to register.

Deposit:

The next step after registration is to fund your account.                                The bityard trading platform supports deposit via different Cryptocurrencies. 

For mobile users, to deposit into your account, look at the bottom right corner of the page, you will see an icon labelled assets

 click on it, then go the top left corner of the page that is opened, you will see an option of account and assets, click on the assets option, this will bring out the asset management page, there you will see a deposit option. 

Click on the deposit option, this opens a page with a list of Cryptocurrencies you can deposit, pick your desired Cryptocurrencies, copy the wallet address. Deposit into the wallet address and you’re set to go

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Note: The minimum deposit is 15USDT.

For PC users  after you login, at the top of the page you will see an asset option, click on it and it will bring a Dropbox with the deposit option, click on deposit, select a cryptocurrency of your choice, copy the address and deposit into the address.

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Pc web version deposit page

Choosing a Trader:

After you have deposited funds into your account, you can now choose a trader of your choice

Simply click on the Icon for the copy trade option. This opens the page for the list of traders. Each trader has statistics that show a trader’s performance and helps you better understand the trader’s trading style or pattern.

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Here I will explain what each Stat means and what it signify.

Win/rate 30D : shows the number of positive completed trades in the past 30days, that is the number of trades that end as the trader predicted. A higher win rate signifies that most of the trades, made end successfully.

30D Total trades: Shows the number of trades a trader has made in the last 30 days. A higher number signifies the trader is a frequent trader, a lower number shows the trader trades seldom

P/L ratio 30D: shows the percentage of profit as opposed to loss made by a trader. A positive percentage signifies that a Trader has made profit overall in the last 30 days, a negative percentage signifies that overall in the last 30 days the trader has made loss. 

Profit Rate: shows the percentage profit on the capital. A higher percentage signifies a trader makes a high profit on average.

Accuum followers: The number of people who copy a particular trader. A higher number shows a lot of people are comfortable with the trader and might reflect good trading skills

Profit share: The percentage of the profit the trader takes as his trading fee, when you copy him/her.

After going through the list of traders and finding one whose statistics are favorable to you, the next step you take is following the trader.

Following a Trader:

After choosing a trader and clicking on the follow option, a page showing the trading settings pops up. 

Amount: Allows you to set the amount that is to be used for each trade copied from the master trader. When setting the amount, you consider your general principal/investment and you set an amount that will allow you copy the trader even if he/she opens multiple trades at once.

Note: Maximum copy amount per trade is 400USDT

Daily margin: Allows you set a limit for daily trades. Once the trader makes those amounts of trades in a day, you automatically stop copying for the day

Stop loss ratio: Allows you to set a percentage of loss that is allowable in a trade once a trade reaches that amount it automatically closes. If this is set to unlimited then the trade closes whenever the master trader decides to close the trade.

Note: all trades automatically close at a 90percent loss rate.

After all these have been set, you click copy and start making money.

You can always choose to unfollow/stop copying a trader at anytime you choose.

You can also follow more than one trader, but when following multiple traders, you do so with respect to the amount of capital you have, to ensure a smooth and successful trading process.

Click this Link to register and Copy trade on Bityard.

After Mary Hard Fork, Cardano Is Now A Multi-Asset Blockchain

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Cardano has tremendous development over the past several months and it shows no signs of slowing down.

Input Output Hong Kong [IOHK], the developer company behind the Cardano blockchain revealed that the long-anticipated Mary protocol update was successfully applied to the mainnet via a managed hard fork combinator event.

A key milestone in its ongoing rollout as revealed by IOHK is that introduces core Goguen features. This involves native token functionality and multi-asset support.

Moreover, the latest update is touted as a crucial “building block” and the foundations for several new use cases for the blockchain.

Cardano’s Mary Update

Mary hard fork is a milestone or the ecosystem primarily because it opens a wide array of possibilities to developers and businesses looking to build on or migrate to the blockchain.

Most importantly, Cardano’s decentralized blockchain has now transformed into a multi-asset blockchain. Following this, the network will now be able to host services and solutions such as decentralized finance [DeFi], non-fungible tokens [NFT], stablecoins, and others, and paves the way for a flourishing decentralized crypto economy

How Does This Impact ADA?

Currently, Ethereum is home to a vast majority of DeFi and DApp platforms. The high transaction fees needs no introduction. As for alternatives, there are handful which have gained prominence.

Hence, Cardano has emerged as yet another promising alternative that with low transaction fees and massively secured smart contracts.

According to a blog post by Emurgo, Cardano was designed to be of low cost, and that will not change with tokens launched on the network.

The Mary hard fork and the Goguen era’s imminent full deployment is expected to onboard more third-party developers to the ecosystem. This, in turn, is likely to increase its overall network effects. And finally, it is this migration to the network that would essentially generate increased self-sustaining demand for its native token, ADA.

Emurgo also revealed,

“ADA will be fully tradable with native tokens from the start, unlocking the power and huge interest worldwide in DeFi applications. In Cardano, transactions between native tokens do not generate high fees, making DeFi applications even more affordable.”

Here’s How XSL Labs Aims To Revolutionize Digital Identity

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Personal data has been a subject of manipulation for years. In the last three decades, specifically, one of the major concerns that have driven users up the wall was the loss of control. In this day and age, data gathering and privacy protection in the online realm are ubiquitous and none of the two can be compromised. 

Corporate giants and free apps have taken over individual identities. The main concern that has given these entities the power over an individual’s personal data is the lack of awareness about the use of the information in question.

Enter, the ambitious French blockchain project called ‘XSL Labs’

In a bid to hand the ownership of personal data back to the people, XSL Labs has pioneered to create an ecosystem that guarantees online trust through the means of a decentralized solution called SDI (Secure Digital Identity) that leverages blockchain technology.

Headed by CEO George Tresignies aka “Slash Coin”, the team of XSL Labs essentially consists of 16 people working on the development of the project. The French startup has come a long way since its official launch.  

The two things that XSL Labs plans to tackle are:

  • Low security 
  • Dispersion of personal data online

Secure Digital Identity (SDI) solution

The Secure Digital Identity (SDI) solution is a set of data managed exclusively by each user to permit digital identification that is being developed by the XSL Labs team. Based on blockchain technology, SDI will be able to act as a trusted digital passport in the days to come.

It is constructed in a way so that it contains a private and a public key and the combination of these two keys is what guarantees its holder to remain in full control of his/her identity. Furthermore, all the personal data that is integrated into the SDI solution is secured by a cryptographic encryption which is then stored in a distributed decentralized blockchain-type ledger. 

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SDI also enables the user to decide at any time to close his/her SDI making the data inoperative and inaccessible unless a third party has an unrestricted right of access to the data contained therein.

The solution is generated by “smart contracts” that shape the entire life cycle of each SDI, from Creation, Modification to user rights agreements. In other words, smart contracts will basically guarantee the non-use of personal data without the user’s consent. In addition to that, it will

allow the SDI holder to prohibit or authorize the reading of the data making up his/her identity.

With this, the third party entities will not be able to edit the SDI and will only have temporary reading rights of the data it contains. Furthermore, they will only be able to read the data specifically authorized by the user. 

SYL Token:

This is where the SYL token comes into the picture. The SYL will be used as gas, which will be isolated at the moment of creation or modification of the smart contract. 

The first phase of the ICO for the token was a success which made it possible for the platform to distribute 1 billion SYL. As it finalizes its ICO phase that began last year, the SYL token is set to be issued by the first quarter of 2021.

Some of the SYL use cases are: The monetization of personal data. Given the intrinsic properties of data as economic goods, and with the ever-mounting scrutiny on data privacy, monetization seems like a distant dream. But monetization of personal data is one of the main use cases of the SYL token which will act as the vehicle of exchange, purchase of services, and execution of smart contracts in the SYL Ecosystem. 

Apart from being a means of transfer of value, ie., a utility token, SYL will enable the purchases of services from the XSL Labs ecosystem and of DApps available on the SYL Library. It will allow the purchases of services on the XSL Labs ecosystem, and in the creation and management of smart contracts as well as the remuneration of the verifiable credential emitters.

0.25 SYL (250,000 syloshis) per creation of SDI (these SYL will come from the escrow of XSL Labs)

Zooming out, SDI solution aims to limit the dispersion of a person’s online data while simultaneously increasing the security aspects. All this while also allowing individuals to regain control over their personal data.

SDI – A decentralized identifier 

To dive deeper, it is imperative to understand that DID (Decentralized IDentifier) is a unique address that allows access to a document, called the “DID Document”. The DID used in the XSL Labs project is the Secure Digital Identity (SDI). In short, the SDI is a decentralized identifier used to obtain a “DID Document”.

FinCEN’s Rule Can Spell The End of Financial Privacy for Users; Argues Advocacy Group

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The crypto wallet proposal by the U.S. Financial Crimes Enforcement Network [FinCEN] has received severe backlash from the community. The Chamber of Digital Commerce advocacy group became the latest to respond to the controversial notice.

The proposed rule in question essentially requires crypto exchanges to collect personal information, including names and home addresses, from users seeking to transfer cryptocurrencies into their own wallets. Many industry players have deemed this proposal as poorly defined which could have widespread repercussions.

Chamber of Digital Commerce, for one, said that giving the government the ability to track every financial transaction made by users make was a “shocking invasion of privacy”. While acknowledging there are good reasons to report certain transactions, especially if suspicious or illegal activity is detected. Enabling such “granular tracking” of individuals’ transactions could be considered lawful, however, monitoring daily financial activities are beyond common principles of government oversight, stated the blockchain trade association.

The Chamber further stressed that FinCEN’s proposed rule could also enable a counterparty to a transaction, who never had an account relationship with the bank or MSB, will have users’ entire wallet history and future transactions exposed to both that financial institution and the government.

“The proposed rule could spell the end of financial privacy for CVC and LTDA users (including CBDCs) [..] Quite simply, this action would open the door to unprecedented personal data collection, individual monitoring, and a tremendous loss of privacy for millions of investors, businesses, and consumers.”

Apart from emphasizing the extraordinary expansion of information provided to third parties about non-customers, the advocacy group also questioned the rushed affair by FinCEN for the comment period. Considering the significant impact of the proposed rule, the Chamber also stated that the NPRM’s 12-day/6 business day comment period was “wholly inadequate” and that it raises serious process concerns under the APA.

Furthermore, it requested a 90-day extension of the comment period to permit the ecosystem to fully address the concerns by FinCEN. SF-based cryptocurrency exchange, Coinbase had previously questioned FinCEN’s expedited timeline and urged for an extension of the comment period.

Besides, Jerry Brito, the executive director of the non-profit crypto policy advocate group Coin Center, had also urged the community members to comment against the agencies’ proposed crypto regulations.

Stablecoin Can Now Be Used For Bank Payments, Says US Treasury

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2021 has already been touted as the year for Bitcoin. But on a more positive note for the collective industry, in an interpretive letter, a federal banking regulator on Monday stated that the U.S. financial institutions are allowed to use stablecoins for payment activities, and can also participate as nodes in a blockchain.

According to the official release, the Office of the Comptroller of the Currency [OCC] which happens to be the US Treasury’s independent bureau, published a letter in which it clarified that the banks will be able to use stablecoins to execute transactions given that it conforms with the law and sound banking practices.

While acknowledging that if independent node verification networks [INVNs] and related stablecoins represent new technological means of performing bank-permissible payment activities., the interpretive letter issued by the OCC concluded,

“..that a bank may validate, store, and record payments transactions by serving as a node on an INVN. Likewise, a bank may use INVNs and related stablecoins to carry out other permissible payment activities. A bank must conduct these activities consistent with applicable law and safe and sound banking practices.”

The latest news comes nearly two weeks after top U.S. financial regulators reportedly warned firms behind the stablecoin market to tighten protections against money laundering.

Stablecoins have been mired in controversy ever since social media giant, Facebook’s Libra came into the picture.

Hence, the latest move was crucial to the ecosystem as aims to offer blockchain networks a level playing with traditional counterparts such as SWIFT, ACH, and FedWire. This step was further crucial because it can potentially the lobbyist group The Blockchain Association said in a tweet, calling it “a giant advance for crypto because it lay the foundation for these networks to be a formal part of the country’s financial infrastructure.

Jeremy Allaire, CEO of Circle went on to say that this was a huge win for the stablecoin sector. The exec also stated that this was a crucial step that could essentially set the stage for the use of leading dollar digital currencies such as USDC as a mainstream payment medium for all forms of payments and settlement. He went on to add,

“.. [The move] helps put the US in a leadership position in embracing the power of public blockchains. Beyond payments and settlement, and unlike legacy settlement mediums, public chains combine transactions and compute, enabling radically new modes of financial and commerce apps to be built.”

Japan geared up to launch native CBDC as it takes cues from steps taken by China

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The concept of cryptocurrencies started as a nascent idea but has now spread into a global phenomenon. It is not just the mainstream cryptocurrencies like Bitcoin and Ethereuym that are doing the rounds but rather centralized cryptocurrencies launched by state governments.

China was the first country to take centrally backed cryptocurrencies seriously, especially with the creation of the digital renminbi. Looking at the steps taken by the red dragon, other countries such as Japan were coming to the forefront to voice their contributions using Central Bank Digital Currencies [CBDCs].  

CDBCs are generally used for cashless payments through a smart device such as a mobile phone or tablet. The main intention of a digital currency is to eliminate the overheads and wastage related to physical fiat currency. Former Bank of Japan officials stated that China’s efforts in the ecosystem inspired other regions to follow suit.

The People’s Bank of China has been the pioneer in terms of building a digital trading ecosystem with officials also responsible for releasing coherent updates. Hiromi Yamaoka, an ex-official at the Bank of Japan commented:

“China has prompted moves toward digital currency (around the world). t (has done so at) surprising speed, as central banks tend to take a cautious stance. The design of a CBDC is very tricky and delicate. In advanced countries, a CBDC could conflict with existing payment and banking systems.”

Banking officials in Japan were confident that introducing native digital currencies in a major way would only uplift the financial situation of the country. The proposed method is to give the Japanese population a trading limit access of 50,000 yen per person. This would result in a total trading volume of 5 trillion yen, a figure that would account for just 5 percent of the total Japanese capital circulation.

Digital Currency Forum, a popular advocate of digital currencies in Japan revealed that there were plans to create “some form” of digital currency by 2023. Banking officials were of the opinion that if Japan does not launch a CBDC soon, it may lag behind other major countries in the race towards a streamlined digital economy.