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Here is why TRX is up by more than 4% today

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The cryptocurrency market has lost nearly 4% of its value in the last 24 hours.

The broader cryptocurrency market has shed the profits it recorded over the weekend. The total cryptocurrency market cap stands at around $1.255 trillion, down from the $1.3 trillion recorded yesterday.

Bitcoin is trading below the $30k resistance level again after losing 3.9% of its value in the last 24 hours. Ether is down by 5% so far today and currently trades at $1,963 per coin.

However, TRX, the native token of the Terra ecosystem, is currently trading in the green. TRX is up by more than 4% over the last 24 hours, making it the best performer amongst the top 20 cryptocurrencies by market cap.

At press time, TRX is the only cryptocurrency amongst the top 20 trading in the green zone. 

The catalyst behind TRX’s ongoing positive performance is the announcement that Fireblocks now supports TRX and TRC20-based tokens. 

Fireblocks is an enterprise-grade platform known for delivering a secure infrastructure for moving, storing, and issuing digital assets. It provides services to institutional investors. 

THE Tron team said Fireblocks had added support for TRX and all TRC20-based tokens of the TRON DAO blockchain on its digital asset platform.

Key levels to watch

The TRX/USDT 4-hour chart is bullish at the moment, thanks to Tron’s ongoing positive performance. TRX is currently one of the best performers in the market over the last seven days.

The MACD line is within the positive zone, indicating bullish momentum. The 14-day relative strength index of 64 shows that TRX could enter the overbought region if the positive momentum is maintained.

At press time, TRX is trading at $0.08082 per coin. If the rally continues, TRX could surge past the first major resistance level at $0.08272 before the end of the day.

In the event of an extended rally, TRX could move past $0.0852 for the second time this month. 

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Serious people will stay in crypto during the contraction period, says CCI’s CEO

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The cryptocurrency market has been in a bearish trend for more than six months but that shouldn’t stop investors from entering the space.

Sheila Warren, CEO of the Crypto Council for Innovation, told Cointelegraph in a recent interview that serious people stay in crypto during the contraction period.

The bear market has been in play since November 2021 when Bitcoin hit an all-time high of $69k. Since then, Bitcoin has lost more than 50% of its value and now trades above the $30k level.

Ether has lost more than 60% of its value during that period. The total cryptocurrency market cap currently stands above $1.2 trillion, down from the $3 trillion recorded six months ago.

However, the bearish market doesn’t stop serious people from entering the market. While talking about the recent collapse of Terra and the general bear market, Warren said;

“Even given recent developments, I feel very positive because I feel like we are seeing, again, a contraction that’s going to mean that very serious people remain in this space. […] We want people that are serious about the opportunity and the potential this technology and innovation hold.”

She pointed out that many people are interested in talking about blockchain technology and cryptocurrencies thanks to the ongoing innovations within the ecosystem. She said;

“I’m finding that old acquaintances — some of the folks that we know from the business side, from the public sector — are just thrilled. And everybody wants to talk about blockchain and crypto.”

Warren also shared her thoughts about the metaverse and its place within the global economy. She pointed out that augmented reality can offer fluidity in moving between digital and real-life experiences.

According to the CCI executive, the metaverse would allow people to have a more seamless identity across different spaces. Despite the positives, she noted that the growth of the metaverse also comes with its own dangers.

Decentralised autonomous organisations (DAOs) have become popular within the cryptocurrency ecosystem. Warren said DAOs can be used to prevent the negative aspects of Web2 and social media, such as harassment and trolling, from entering the Web3 ecosystem.

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Ledger vs Trezor Hardware Wallet: What’s The Difference?

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Investing in crypto is like a roller coaster ride where you will have to face high and low, fast and slow, and all sorts of bumps throughout the process. While this can be rewarding to some brave investors who carry their hearts on their sleeves, others can find it daunting to put their hard-earned at risk in the crypto market. Constantly changing dynamics make the billion-dollar crypto industry a popular yet vulnerable investment space. The only breather in this complex crypto world is the use of Blockchain Technology as the underlying protocol managing the core decentralized ecosystem. With blockchain technology, users can expect high-end security, transparency, and immutability at all transaction levels.

Interestingly, one of the foremost things to understand is that you can securely access your virtual assets using a Crypto Wallet. The assets stored on blockchain have a private key and a public key. The public key works as the wallet address via which you can trade with others. On the other hand, the private key is similar to your ATM Pin, which helps you access and control your holdings. A crypto wallet stores these private and public keys safely. There are two types of digital wallets- hardware and software. Where software wallets exist as computer applications designed to store crypto keys, hardware wallets are tangible physical devices used for the same purpose. Several Bitcoin specialists support hardware wallets owing to the security they offer.

Presently, the crypto market offers a wide range of hardware and software wallet options for users to choose from. However, in this article, we will be learning about the two most popular hardware wallets- Ledger and Trezor. In addition, we will understand the differences between their infrastructure, working paradigms, and other important features. So, let’s start:

A bit about Hardware Wallets

Unlike software wallets, hardware wallets have a physical form. They store private keys in an offline mode and offer unmatched security when interacting with blockchain networks. They are a vital element of the core blockchain infrastructure. Keep your funds safe by using the additional safety layer in-built into hardware wallets irrespective of the security standards of your computer. This extra layer helps protect private keys against malicious attacks from intruders, malware, etc.

A hardware wallet can work effortlessly well with several blockchain ecosystems together. This helps users to trade multiple tokens such as Ethereum, Bitcoin, Altcoins, and others on the same device. All of these assets are supported using a single recovery code. The wallet works as a small, mobile plug-in tool that helps users access their assets securely from anywhere and at any time. They allow cryptocurrency developers to log in to multiple DApps without requiring new accounts easily. Hardware wallets facilitate the safest path to trade virtual assets while helping owners retain the custody of their assets. These cold wallets save time and reduce withdrawal fees as traders trade assets directly from their hardware wallet without depositing them to an exchange wallet first.

Salient Features of Hardware Wallets 

We know that hardware wallets do not store cryptocurrencies but rather secure your private key, which is the most essential part of this ecosystem. The private key helps you access the blockchain network which stores your crypto ensuring exclusive cryptocurrency security.

These wallets provide complete isolation to the private key and restrain from building connections with the Internet or executing complicated apps. This, in turn, protects the private key from getting attacked or hacked by intruders.

Hardware wallets work effortlessly well with multiple interfaces and DApps while offering support to many cryptocurrencies. They also interact smoothly with third-party wallets that thrive as an interface for managing coins.
The more complex the structural design of a device, the higher the chance of it intruding upon. However, hardware wallets come with a simple design. Thus, in turn, making them less prone to online attacks and phishing scams.

How do Hardware Wallets Work?

Hardware wallets only sign transactions queued for blockchain entry. So, to execute the transactions and enter them into the channel, one needs to employ another device connected to the Internet. Further, users need to download a separate program to connect with the hardware wallet as they support only some information like data related to transactions.

To start the transaction, users need to provide the pin to the hardware wallet. They should also remember and safeguard the seed phrase, or else any person who knows about it can easily access your crypto assets. A seed phrase is a combination of 12-24 words and is the first step toward using a hardware wallet. Certified Bitcoin experts in trading always advise users to keep their seed phrase and passwords hidden and safe from others.

Introduction of Ledger and Trezor Wallets

Launched in 2013, Trezor is the brainchild of Satoshi Labs, whose firmware and software solutions are accessible as open-source. It is a popular hardware wallet that supports more than 1,200 top-tier crypto tokens. The headquarters of Trezor is in Praha, Czech Republic.

On the other hand, Ledger came out in the marketplace in 2014 as a potent hardware wallet solution for users looking for a secure way to store their crypto. The wallet is built on a powerful operating system called BOLOS which stands for Blockchain Open Ledger Operating System. It supports over 1,100 crypto assets with the Ledger Live application. The headquarter of the platform is in Paris, France. Trezor and Ledger are two of the most prominent names in the crypto space. They offer some of the best services to investors in terms of security, transparency, and ease of usage. In addition, the cold wallets have incorporated crypto exchanges which makes the entire trading experience smooth.

Comparison between Trezor and Ledger

Physical Features

Display 

There is a display screen on Trezor as well as the Ledger hardware wallet. The screen shows the seed phrase. The display screen of Trezor is bigger in size compared to Ledger, which enhances visibility. The Trezor Model T wallet has a catchy color touchscreen.

Material  

The Ledger wallet has a stainless-steel body and looks much like a USB. Trezor, on the other hand, is made of plastic. The use of stainless steel gives Ledger wallet a durable and more stylish look.

Size

Trezor is slightly bigger than the Ledger hardware wallet. This makes the Ledger wallet a more portable option for users.

Keys

Both the wallets have two buttons that help to manage the software. The keys on Trezor are well spaced, which makes it easy to use. The buttons on Ledger are pretty close, which increases the risk of faulty pressing.

Open Source 

The Ledger wallets operate using their native custom operating system called BOLOS. This makes it impossible for users to see the code used in the device or the firmware it uses. The critical specifications are fully open and elaborated. All the cryptographic trades are inevitable, which helps to access the information quickly.

On the contrary, the Trezor wallets employ open-source firmware and software. An open-source comes with its share of pros and cons. Where the feature helps to identify the bugs quickly, it makes it prone to higher risks of getting attacked by malicious players.

Supported Operating System

Interestingly, Trezor and Ledger both are compatible with computers and smartphones. The hardware wallets support various operating systems such as Linux, Android OS, Windows 10, and macOS 10.11. Ledger offers support to Windows 8+, macOS 10.10, and Linux, excluding ARM Processors. In addition, the wallet is seamlessly compatible with Andriod 7+ smartphone versions.

Password Encryption 

Trezor and Ledger wallets come with a password feature. Each unique passcode unlocks an exclusive set of accounts. The users can use several passcodes. The function helps traders to have one main account and multiple secondary or hidden accounts from the same wallet. This is done while keeping the 24 words seed phrase the same. It is essential to know the password for accessing the corresponding wallet.

In the case of Trezor, the passcode enters through a connected device like a laptop which makes it vulnerable to malicious attacks. However, Ledger wallets link the passcode to another PIN inserted using the standard keys. In addition, Trezor offers access to a password manager that works closely with Chrome and cross-chain portals on Windows, Linux, and macOS. The passcode manager of called the Trezor Password Manager Chrome extension or TPM. The users can install the manager and sign in with Google Drive or Dropbox.

The Hardware

The hardware structure of the Ledger wallet is very robust and unique. The cluster consists of its powerful operating system BOLOS and customized chipset called secure element. The Secure Element managed the execution of all the applications of the BOLOS ecosystem. To unleash the potential of the unmatched security potential of the secure elements alongside the management of various peripheral devices, the Security Element comes packed with an STM 32 microcontroller (MCU). The device serves as a router between the Secure Element and other peripheral devices. In addition, the MCU sends a notification to the Secure Element when new data is received.

The hardware of Trezor consists of:
CPU- The processor used by the Trezor wallets is an ARM Cortex-M3 version at 120MHz power. The software, however, is custom.

Screen- The screen helps verify the authenticity of the data entered by users. The Trezor One uses an OLED screen, while the Trezor model T uses an LCD touch-screen.

Buttons- The Trezor One wallet uses two buttons to receive confirmation from users. Physical confirmation helps to safeguard the accounts from intrusions.

Usage 

The two hardware wallets, Trezor and Ledger are easy to set up as they adopt a focused account verification and passcode configuration. Trezor Model T has a higher rating compared to Ledger Nano X when it comes to ease of use and this is because of the presence of the color touchscreen. It is convenient to connect the Ledger Nano S to a smartphone through Bluetooth while the Trezor model uses a USB connection.

Mobile App

The users can download the Ledger Live app for desktop and mobile phones. The application helps to manage accounts, track real-time crypto balance records, and send or receive money. On the other hand, Trezor does not has a app of its own. The users need to download either a Chrome extension or the Trezor Bridge that supports their operating systems. The wallet offers the Trezor Suite as a desktop app that provides access to the portfolio data and the incorporated exchange. Also, both the firms support third-party wallet applications like MyCrypto, MetaMask, etc. However, only Trezor supports Exodus whereas Ledger supports Kyber Network wallet customers.

Conclusion

The hardware wallets designed by Trezor and Ledger are very efficient, user-oriented, and secure for storing cryptocurrencies. With its powerful chain of services, both the hardware wallets support a wide range of coins and tokens. Each wallet solution has its own perks and complexities which make them suitable for a wider class of investors. The users can analyze their requirements and choose their hardware wallet. They can learn crypto trading from Blockchain Council’s certified courses and start investing!!!

If you want to keep up with the trends of blockchain industry, join our communities on Discord, Reddit and Telegram.

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Crypto Derivative Traders Can Access TradingView with Broker Eightcap

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Melbourne, Australia, 24th May, 2022, Chainwire

Australian FX and CFD provider Eightcap has recently announced that it has partnered with TradingView, allowing crypto derivative traders to trade directly from TradingView’s charts into their Eightcap trading accounts. Crypto derivative traders will have access to Eightcap’s full suite of crypto derivatives, including altcoins, crypto-indices, and crypto-crosses. Eightcap’s integration with TradingView is the next step for the award-winning broker as it continues to build a home for crypto traders.

TradingView is a charting platform and social network that attracts over 30 million monthly users and ranks as the number one website for investing. The platform enables crypto traders to identify and analyse trading patterns using TradingView’s customisable charts and allows users to discover hundreds of crypto trade ideas daily by joining TradingView’s community of global traders. The integration also ensures that users never miss a price level with easy-to-setup trading alerts. Users will also be able to test and automate their trading strategy with TradingView’s Pine Script programming language.

Eightcap’s integration with TradingView provides its users with a wide range of trading tools to help make better-informed trading decisions and have the capability to trade directly via the TradingView charts. Users will be able to access 12 chart types, including Renko and Point and Figure, rewind the markets, watch the price action unfold, and create custom formulas and timeframes. Furthermore, the TradingView platform comes with over 100 pre-built indicators, over 100,000 community-built indicators, 50 drawing tools, and more.

After depositing, users will also have access to several tools specifically targeting crypto derivative trades. This includes exclusive use of CryptoCrusher, a tool that provides derivative traders with daily crypto trade ideas, indicators to identify crypto trading opportunities, and live crypto-based educational resources. Crypto derivatives traders with Eightcap will also have the chance to automate their crypto trades code-free using Capitalise.ai.

Joel Murphy, Eightcap CEO, said: “Providing our users with unique trading resources is a priority for us as we continue to build a home for our traders. TradingView is used by millions of traders worldwide, and we are excited about this partnership as it allows crypto derivative traders to make the most out of TradingView’s outstanding charting experience.”

Marcus Fetherston, Director of Operations, added, “Our partnership with TradingView is another key milestone for Eightcap. We are committed to providing crypto derivatives traders with an extensive range of tools and resources before they start trading the cryptocurrency market. This is yet another platform to choose from when opening an account with us. Our users will be able to trade directly into their Eightcap trading account via the TradingView charts, but they will also have access to a large community of traders. This opens them up to a world of trade ideas and market analysis and works hand in hand with our competitive spreads across 300+ crypto derivatives.”

This announcement follows the broker’s latest product launch; the rollout of over 300 crypto derivatives, including altcoins, crypto-crosses, and crypto indices, all with ultra-low spreads. Eightcap has also won several awards in the past year. The most recent one is where the broker was named Best Crypto Broker at the annual AtoZ Markets awards. Eightcap has more in the works as it continues into 2022 to provide its clients with an exceptional trading experience.

About Eightcap

Eightcap is an Australian CFD and FX broker founded in 2009 and offers its clients access to over 1000 financial instruments. Since then, the broker has rapidly expanded and offers derivative products worldwide across FX, Indices, Shares, Commodities, and Cryptocurrency CFDs. Eightcap has won several awards over the past couple of years, including Best MT4 Forex Broker Global 2020. The latest addition to the accolades is Best Crypto Broker 2021. The broker is also regulated in multiple jurisdictions, including the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Securities Commission of the Bahamas (SCB). The award-winning support team gives its utmost to clients on a 24/5 basis. SEightcap’s sign-up process requires only three simple steps and requires a minimum deposit of $100. Deposits can be made in AUD, USD, GBP, EUR, NZD, CAD, and SGD, using credit or debit cards such as Visa/Mastercard, POLi, Wire transfer, BPAY, China UnionPay (uPOP), Skrill, Neteller, BTC, Tether, and PayPal.

Eightcap also has an award-winning partner program. Rebates up to $6 USD per lot and CPAs up to $900 USD are a couple of the many rewards that affiliates gain access to through their partnership with Eightcap. TradingView’s integration is set to allow another level of in-depth analysis that can also be utilised for signal sharing. Bringing this option to the table means that more and more clients feel at ease settling down and continuing their trading journey with Eightcap.

Contacts

Communications Manager

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Top places to buy MIR, which gained 85% today

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It would be an understatement to say that MIR, the native token of Mirror Protocol, has exceeded analysts’ expectations. It has gained 85% just today and it seems that’s just the beginning.  

If you want to know what MIR is, can it give you good returns, and the top places to buy MIR, you’ve come to the right place. 

Top places to buy MIR now

As MIR is such a new asset, it’s yet to be listed on major exchanges. You can still purchase MIR using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy MIR right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the Uniswap DEX

Head to Uniswap, and ‘connect’ your wallet to it.

4. You can now swap your ETH for MIR

Now that you’re connected, you’ll be able to swap for 100s of coins including MIR.

What is MIR?

MIR is the token of Mirror Protocol, which has a wide range of uses, among which trading synthetic tokenized assets on the Terra blockchain. 

Real shares like Tesla and Netflix are examples of these tokenized assets that you can trade on Mirror. Crypto holders can also use it to buy gold and other commodities. 

Experts in the cryptocurrency industry expected MIR to plunge together with LUNA and UST because it’s based on Terra’s blockchain. However, MIR is not algorithmically linked to UST like UST is to Terra Luna. This saved it from downfall.  

Should I buy MIR today?

MIR can definitely be worth investing in if your timing is right. Unfortunately, this is often impossible to know in advance. Any investment decision should take your risk tolerance into account. Don’t take any price predictions at face value. 

MIR price prediction

Wallet Investor warns that MIR is a bad investment. Price Prediction is moderately bullish, predicting an average price of $0.61 next year. In 2024, they expect 1 MIR to trade for at least $0.86. 

MIR can be expected to break $1 that year, reaching $1.03. In 2025, the price of 1 MIR is expected to reach a minimum of $1.25. 

MIR on social media

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ANC doubles its value in 24 hours: where to buy ANC now

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ANC, the native token of Anchor Protocol, has been rallying over the past two days. The Terra blockchain-based crypto doubled its value in just 24 hours, adding more than 100%.  

Its rally stems from an announcement made on May 21. Anchor is bridging Terra’s bETH tokens to Ethereum. Users can send their bETH tokens from the Terra protocol to Ethereum, swap them for stETH and earn staking yields of up to 4% APR. 

If you are attracted to unique features and want to learn how and where to buy ANC, this guide is for you. 

Top places to buy ANC now

KuCoin

KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 5 million registered users from 200+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique visit ranks the top 5 globally.


Buy ANC with KuCoin today

BKEX

BKEX is a centralized cryptocurrency exchange located in British Virgin Islands. There are 254 coins and 415 trading pairs on the exchange.


Buy ANC with BKEX today

What is ANC?

Anchor Protocol is a lending and borrowing protocol offering high yields on stablecoin deposits. It was founded in March 2021 by Terraform Labs, which was in turn cofounded by Do Kwon, the creator of Terra.

The protocol uses revenue from the spread between borrowers’ and lenders’ interest rates to earn staking rewards. Its treasury, the Anchor Yield Reserve, covers its expenses when rates have not reached a stable equilibrium. 

Should I buy ANC today?

Considering how hard it is to come up with an accurate cryptocurrency prediction, you should never make any decisions affecting your finances before an in-depth market analysis. Don’t invest more than you can afford to lose. 

ANC price prediction

Digital Coin Price is quite bullish on ANC: 

  • 2022: from $0.57 to $0.66
  • 2023: from $0.62 to $0.75
  • 2024: from $0.57 to $0.85
  • 2025: from $0.80 to $0.99 

ANC on social media

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Blockchain Layer 1 Vs. Layer 2: A Detailed Comparison

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When cryptocurrencies came into the industrial mainstream hub, there was always a skeptical eye on the sector, penetrating deep enough to find the pros and cons of the not-so-conventional technological solution. The central pillar of a crypto network, Blockchain Technology, emerged as the buzzing topic of discussion for bright minds.

These rigorous expeditions helped experts discover the potential and limitations of blockchain technology as a new technological asset. High-end security, transparency, and immutability became the positives while low scalability raised concerns for its wide scale proliferation. Scalability is becoming more critical as blockchain use continues to rise. Once improved, the system throughput rate of blockchain networks can support new applications and a more significant amount of transactions. While discussing the issue of blockchain scalability, the issue of layer 1 vs. layer 2 often garners attention from industry users.

With a constant urge to promote the widespread use of cryptocurrencies, tech experts introduced multiple blockchain layers. Blockchain development helped increase network security and enhance the core recordkeeping process for the users. Interestingly, a third-party solution is often implemented on top of layer 1 to provide additional functionality for scaling. The different layers might be a technical aspect of a blockchain ecosystem, but understanding them can help you understand the DLT channel in a better way. So, let’s try to penetrate deeper into Layer 1 and Layer 2 infrastructures of blockchains and learn more about their characteristics, features, and more critical resources standing distinct from each other.

 What makes scalability essential?

Improved security, record-keeping, and frictionless transactions are just some of the advantages of blockchain technology. However, scalability remains a challenge for industry experts, where blockchain makes strides across many industrial domains. DLT helps streamline the payment networks and transaction chains by adopting a fully decentralized infrastructure. The scalability of a blockchain channel is that platform’s capability to support the increasing load of transactions and the number of nodes on the decentralized network.

In a typical blockchain process, multiple processes take place chronologically and systematically. These transactions require a significant amount of computing power, energy, and rigorous mathematical calculations by miners. While a blockchain network strives to undertake several transactions simultaneously, they still lack a significant margin from the traditional payment channels. However, the blockchain fails to work efficiently when this transaction load increases. Therefore, to manage the growing load on a blockchain network, increasing scalability has become a vital necessity as it can help decide the future of blockchain ecosystems.

What Causes Scalability Issues in Blockchain Networks?

Before determining the difference between layer 1 and layer 2 scaling solutions, it is vital to understand the fundamental cause of the issue. What’s the point of having to deal with this?

A blockchain transaction’s processing power and execution time broadly impact transactions’ authenticity and integrity. The transactions must be accepted, mined, distributed, and authenticated on a node network for a successful streak. Decentralization and security take up so much computing power and time that a Blockchain Development network can’t keep pace with the overflowing demand. As a result, a blockchain with several levels is introduced by the tech experts.

 Layer 1 and Layer 2 Solutions

Several Layer 1 solutions focus on enhancing the network’s capacity to easily manage and process an enormous volume of transactions without getting bogged down. Layer 2 solutions, on the other hand, concentrate on integrating the mainnet of the blockchain network with third parties. Furthermore, in contrast to layer 1 solutions, layer 2 solutions focus on supporting the base protocol with off-chain solutions and protocols.

Layer 1 and Layer 2 blockchains are uniquely distinct in more than one aspect, and so one must understand the two in-depth to understand the contrast. Scalability solutions for layer 1 and layer 2 of the blockchain may be better compared if you have a thorough grasp of them through Blockchain technology courses.

About Blockchain Layer 1

Layer 1 blockchain network, as its name suggests, is about the blockchain’s core protocol. It hints at a base network like Bitcoin, BNB Chain, and Ethereum along with their decentralized infrastructures. The Layer 1 solutions can verify, validate, and finalize trades without any dependence on another network. These protocols have their native crypto coins which help to reimburse the transaction fees. In order to increase scalability, layer 1 scaling solutions strive to enhance the blockchain protocol’s infrastructural foundation.

Using layer 1 solutions, you may learn about a plethora of techniques for directly improving the scalability of blockchain networks. The ability to directly alter protocol rules to increase transaction volume and speed may be achieved through layer 1 solutions. Layer 1 scaling solutions have the potential to accommodate more data and users. They often involve increasing the block size or decreasing the time it takes to create new blocks of transactions.
However, the dispute over layer 1 vs. layer 2 would take into account the two most significant layer 1 scaling methods. Layer 1 scalability in blockchain networks can only be achieved by modifying the consensus mechanism and implementing sharding.

Some consensus techniques, like as Proof of Stake, may be more efficient than Proof of Work blockchain protocols in terms of executing transactions. It also helps distribute the network’s burden over a defined number of datasets, known as “nodes,” which are referred to as shards.

About Layer 2 Scaling Solutions

The main idea of creating a Layer 2 protocol revolves around the fact that the world of blockchain is full of potential and unprecedented development. Layer 2 solutions are secondary frameworks that are designed on top of an existing blockchain ecosystem. The main objective of these solutions is to enhance the speed of execution for transactions and reduce the scaling complexities prevailing within the sector.

Transferring the transaction load from the blockchain protocol to an off-chain infrastructure is what layer 2 scaling solutions do. Once the transaction is complete, the off-chain architecture would report it to the main blockchain. To put it another way, layer 2 scaling solutions make it easier to delegate data processing responsibilities to supporting infrastructure. As a consequence, there is no congestion in the core blockchain technology, which allows for greater scaling.
The Lightning Network is a popular example of a layer 2 scaling method, which is used to scale Bitcoin. The Lightning Network has the potential to speed up and simplify Bitcoin blockchain transactions. In addition, there are numerous different ways to assist layer 2 scalabilities in the dispute between layer 1 and layer 2 blockchains. Nested blockchains, sidechains, and state channels are all good instances of layer 2 scaling solutions.

Difference between Layer 1 and Layer 2 Blockchain

Layer 1 and layer 2 scaling solutions may be distinguished on the basis of their fundamental outline. Here are a few of the noteworthy differences between layer 1 and layer 2 blockchain scaling options.

Definition

The term “layer 1 scaling solutions” refers to the changes that may be made to the blockchain protocol’s foundation layer in order to achieve desired benefits. The block size may be increased to accommodate more transactions, or the consensus mechanism changed to improve performance.

Off-chain methods for layer 2 scaling share the weight of the primary blockchain protocol, the other side of the “Is Layer-1 or Layer-2 better?” argument. An application or network at layer 2 receives and processes transactions on behalf of the blockchain protocol’s mainnet. It is the responsibility of off-chain protocols and solutions to fulfill the assigned work and report back to the primary blockchain.

Method of working

Layer 1 vs. layer 2 blockchain comparisons would also include the fundamental functioning technique or strategy. Changes to the underlying protocol are the primary mechanism for scaling layer 1 blockchain networks. Layer 1 scaling solutions need significant modifications to blockchain systems. It’s not possible to rapidly reduce the amount of adjustments if transaction volume dramatically decreases.

Layer 2 scaling solutions, on the other hand, are off-chain solutions that do not rely on the primary blockchain protocol for operation. They only provide the final findings required by the primary blockchain protocol in off-chain protocols, networks, or solutions. A layer 2 blockchain scaling solution works by distributing the transaction load among many blockchains.

Distinct Implementation Approaches

Layer 1 and layer 2 blockchains differ in terms of the sorts of solutions users may derive post their execution. This is the second most significant criterion for reaching our core question. Consensus protocol enhancement and sharding are two significant sorts of layer 1 blockchain solutions to be found. Modifications to block size or creation speed are also included in Layer 1 scaling to ensure required functions. These crucial processes are easily managed by a Blockchain Engineer who possesses deep knowledge about blockchain layers and infrastructure.

When it comes to scaling solutions for blockchain layer 2, the options are nearly endless. Off-chain layer 2 solutions for blockchain networks may be provided by any protocol, network, or application. Scaling solutions at the layer 2 level, such as nested and sidechains, and state channels must be considered.

Qualities

Layer 1 networks are the ultimate arbiters of transaction outcomes since they are the only ones who have access to the source of truth. On layer 1 networks, you’ll discover a native token that allows you to access the network’s resources. Layer 1 blockchain networks also include innovation in the design of consensus processes, which is an essential characteristic.

With the inclusion of certain extra characteristics, layer 2 scaling solutions and networks provide the same functionality as layer 1 blockchains. Layer 2 solutions, for example, boost network speed and programmability while lowering transaction prices. Layer 2 solutions. In order to translate transactions back to the underlying base layer, each layer 2 solution uses a different approach.

Limitations of Layers 1 and 2

Blockchain stacking has a number of advantages. For example, If you consider Layer 1 solutions, the key benefit of using them is that developers do not have to make any modifications to the current architecture since just the base layer is modified.

The Layer 2 scaling methods, on the other hand, do not interfere with the base layer protocol. Furthermore, these methods enable users to make several microtransactions without having to pay exorbitant transaction fees or spend time waiting for miner verification to be completed. Both of these blockchain layers, on the other hand, have limits that must be taken into account while using them.

Protocols that are being added to the existing ones

The most difficult aspect of implementing blockchain layers is integrating them into current protocols. Both Bitcoin and Ethereum have market capitalizations in the billions of dollars. Every day, users trade millions of dollars worth of goods and services. Consequently, it is not required to complicate the process with needless coding and experimenting, since this would result in a significant amount of money being spent.

The Scalability Dilemma

Blockchain balance three inherent properties-

  • Security
  • Scalability
  • Decentralization

It is said that any blockchain system can only have two qualities at a time, and never all three at the same time. As a result, the existing blockchain technology will always be forced to make a trade-off on one of the key characteristics. Bitcoin is a fantastic illustration of this concept. While its blockchain has been successful in optimizing decentralization and security, it has had to make a trade-off in terms of scalability — and this is entirely due to no fault of its own.

Is there a significant cost difference between the first and second layers of blockchains?

Ethereum Layer 1 blockchain mining and transfers fluctuate from day to day, but they’re often between $50 and $125 on average (USD). Polygon Layer 2 transactions cost roughly $0.05, a factor of 2,000 times less than their Layer 1 counterparts. This suggests that Layer 2 blockchains are more cost-effective than Layer 1, which is due to their more efficient architectures.

What Is the Future of Layer 1 and Layer 2?

Scalability is one of the factors contributing to the inability of the blockchain sector to achieve widespread crypto acceptance at this time. As the demand for cryptocurrencies continues to rise, the requirement to scale blockchain platforms will also grow. Because both blockchain levels have significant restrictions, the answer for the scalability trilemma in the future will be to develop a protocol that can overcome these constraints.

Conclusion

It’s clear that both layers of the blockchain are focused on increasing scalability. The original blockchain technology is tweaked to make it more scalable at the Layer 1 level. To increase the scalability of the blockchain, layer 2 scaling relies on third-party technologies, networks, or protocols. Scalability is simpler to accomplish with the support of off-chain solutions that share the blockchain network’s burden.

It’s clear that each one represents a step forward in the evolution of the blockchain protocol when you look at them both attentively. New solutions like DeFi and NFTs have been attracting more and more consumers to the blockchain ecosystem. As a result, scalability is essential to the long-term viability of blockchains. Learn about blockchain technology and scalability along with their implications to help sail through the dynamics of the sector. The thriving industry leverages access to unprecedented opportunities for investors looking for easy rewards.

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Top 20 NFT Collections You Should Know About

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The humongous scale of growth in interest around NFTs has been one of the prominent reasons for focusing on them. Non-fungible tokens, or NFTs, revised the conventional notions regarding ownership of digital assets and representation of assets, digital or physical, on blockchain networks. As a result, the search for top NFT collections has been gaining momentum constantly over the period of the last 12 months. While many people don’t know about NFTs, and some don’t like them at all, they have undoubtedly emerged as a notable highlight in the world of technology. 

You can notice new projects emerging every day in the NFT space, along with massive trading volumes in NFTs alone. As a result, it is more important than ever to go through the best NFT collections to discover top choices. The following discussion offers you a brief overview of some of the popular NFT collections you must watch out for. 

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What is an NFT Collection?

As the name implies, the NFT collection is basically a unique collection of NFTs. The concept of an NFT collection or project overshadows the value propositions of NFT artwork. For example, NFT artworks are generally created on a smaller scale with the involvement of concerned content creators or digital artists. In addition, you would also notice that individual NFT artworks are available for sale on different NFT marketplaces

On the other hand, you would find some of the most popular NFT collections available for trading on their respective platforms. Furthermore, NFT data aggregators have pointed out how some of the most popular blue-chip NFT collections have registered multimillion-dollar sales in recent times. For example, the top NFT collections successfully raked in more than $500 million worth of transactions, with around 19,500 unique buyers only within seven days. 

The continuously growing interest in NFTs alongside the inclusion of the ‘utility’ element in best-selling NFT collections has been driving the demand for NFT projects. Even with the limited number of buyers, NFT collections have been registering some massive sales prices.

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Top NFT Collections

The obvious highlight in a discussion on “What are the most popular NFT collections?” would point the attention towards the best entries among NFT collections in present times. How can you recognize the popular NFT collections from the rest? Here is an outline of the popular NFT collections you should watch out for. 

1. Dribblie

One of the first entries among NFT collections to invest in would draw the mention of Dribblie into the equation. It is practically the first entry among play-to-earn NFTs. Dribblie is basically a football manager game where players can earn rewards through staking, ownership, and renting NFTs. 

The deflationary mechanism of Dribblie ensures promising appreciation in the value of remaining assets over the course of time. The distinct burning and staking mechanisms help in achieving deflation, which in turn serves as a core driver for the game as well as supply chain.

2. Flyfish Club

Flyfish Club

The Flyfish Club is one of the unique NFT collection ideas you can find today. As a matter of fact, the Flyfish Club established the first private dining club for NFT members. The club members can enjoy access to a private dining room in New York City spanning an area of over 10,000 square feet. The standard membership NFT allows reservations for one table with up to 8 non-token guests. On the other hand, the premium Flyfish Omakase offers the benefit of bringing a guest to a VIP Omakase room. 

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3. Lucky Block NFTs

Lucky Block NFTs

The Lucky Block NFTs are the most valuable NFT collections right now, with a solid command of market popularity. The Lucky Block Platinum Rollers Club NFTs are one of the best crypto assets for anyone to invest in. Lucky Block NFTs feature flexibility for some innovative use cases alongside ensuring the desired tokenomics

Interestingly, the Lucky Block NFTs also bring in more value for owners other than the intrinsic value of the NFTs. Each Lucky Block NFT can work as a ticket for the daily NFT draws on the platform. With a rapidly growing community, Lucky Block NFTs have everything you need to try out a new type of asset. 

4. Azuki

Azuki

The next big name in top NFT collections for this list would draw references to Azuki. Also renowned as self-proclaimed skaters in the virtual world, switching between the physical and digital worlds, the NFT collection has been drawing many enthusiastic investors. 

The project is basically an assortment of 10,000 unique avatars which come with the value of exclusive access to “The Garden.” Azuki NFT collection leverages characters and partnerships to encourage streetwear collaborations alongside new NFT drops. On top of it, Azuki continues introducing new precedents in NFT collection boundaries with their new offerings.

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5. Bored Ape Yacht Club

Bored Ape Yacht Club

If anyone asks you about the most popular NFT collections in the market right now, you would obviously come across Bored Ape Yacht Club or BAYC at some point. BAYC is an interesting and stylish NFT project developed by Yuga Labs. The collection features unique avatars based on the Ethereum blockchain with their distinct highlights. Basically featuring the template of an animated ape, the BAYC NFTs have different designs for each character. The unique designs of the digital apes validate their rarity, thereby boosting their value. 

Most important of all, BAYC qualifies as one of the best NFT collections largely on the grounds of the love it enjoys from celebrities. Thanks to celebrities such as Paris Hilton and Jimmy Fallon flaunting their bored apes on different digital platforms, the trading volume of BAYC collection has doubled unconditionally. As of March 2022, the overall trading volume of BAYC amounted to almost $1.4 billion, thereby showcasing a promising future. 

6. NBA Top Shot 

NBA Top Shot

Another notable entry among the best selling NFT collections would draw the limelight on NBA Top Shot. The NFT collection is a project where basketball fans can grab some unique collectibles to celebrate their passion for the game. NBA Top Shot offers collectibles known as ‘NBA Moments’ in the form of NFTs. The NBA Moments are a collection of NBA highlight clips, which you can use as trading cards. One of the interesting aspects of NBA Top Shot is the recreation of the tangible experience of collecting game souvenirs. 

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7. CryptoPunks

cryptopunks

The discussion on popular NFT collections is practically invalid without the mention of CryptoPunks. It is the trendiest NFT project and the earliest one that grabbed the attention of NFT enthusiasts. The CryptoPunks NFT collection includes 10,000 unique 8-bit characters based on a punk theme. All the NFTs in the CryptoPunks collection feature some unique highlights, which help in determining their value. With the advantage of favorable selling processes, CryptoPunks is currently the most expensive NFT collection in existence. 

8. Mutant Ape Yacht Club

Mutant Ape Yacht Club

Mutant Ape Yacht Club or MAYC is another interesting take on NFT collection ideas with subtle improvements over BAYC NFTs. You can think of MAYC as a derivative of the Bored Ape Yacht Club or BAYC NFT project with a unique difference. While the BAYC NFT collection features 10,000 avatar collections, MAYC features around 20,000 NFTs. The MAYC is more like a gift of gratitude to BAYC NFT collectors with the facility of Mutat Serum. BAYC NFT holders can use the Mutat Serum for changing the BAYC NFTs into new MAYC NFTs. 

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9. Meebits

Meebits

Meebits is the second popular entry in NFT collections to invest in from the team, which brought CryptoPunks. Larva Labs developed the new NFT collection, Meebits, after the success of CryptoPunks. The collection includes around 20,000 unique 3D characters designed after popular video game characters you notice in Minecraft and Roblox. 

The NFT collection sold around 9000 Meebits within only 8 hours of its launch. Another promising highlight about Meebits as an NFT collection points out the fact that it can provide functionalities for use as avatars in virtual reality experiences, games, or the metaverse

10. Crypto Baristas

Crypto Baristas

The name Crypto Baristas is an obvious addition to the best selling NFT collections in recent times. Launched by Coffee Bros., Crypto Barista is the world’s first NFT-funded café. In the first phase, the collection has launched almost 60 caffeine-loving characters. 

The ownership of the NFT characters helps in the conceptualization and operation of the first NFT-funded café. Owners can enjoy the caffeinated perks at different café spaces and websites in the future. The Crypto Barista project is also an innovative intervention for resolving three crucial issues in different NFT projects. Crypto Baristas resolves the problems of ownership, governance, and community management effectively. 

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11. Kibatsu Mecha

Kibatsu Mecha

The name Kibatsu Mecha is also a staple addition in answers to “What are the most popular NFT collections?” for the unique highlights of the collection. Developed by Jerry Liu, an artist, and animator, Kibatsu Mecha is a collection of 2,222 unique NFTs. The NFTs represent the hand-drawn and completely animated characters with unique traits. You can explore the variations in a rarity for Kibatsu Mecha NFTs with 7 unique traits. Collections of Kibatsu Mecha NFTs can help you achieve ‘mega rare’ NFTs, which would be considerably different from other characters. 

12. Moonbirds

Moonbirds

The list of most popular NFT collections would be incomplete without adding Moonbirds to the equation. Moonbirds is an NFT collection based on Ethereum, which is a PFP or profile-picture project. The collection includes 10,000 unique profile pictures where NFT holders can obtain access to the PROOF community. The most interesting highlight about the Moonbirds project is that it is more than just an NFT collection. Moonbirds developers plan on introducing the nesting mechanism which can help NFT owners earn through staking their Moonbirds NFTs.

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13. Rich Cats Nation

Rich Cats Nation

The Rich Cats Nation collection is also another entry among the best NFT collections you should watch out for. It features more than 1000 NFTs hosted across a Binance blockchain network with ownership of a unique NFT. The specialized traits of the Rich Cat NFT help in determining the rarity of each cat. You can use the Rich Cats Nation NFT and qualify for an exclusive membership to the Rich Cat Nation. The Rich Cat Nation club can offer some distinct privileges such as airdrops, royalties, in-person events, and branded Rich Cat clothing, among others. 

14. Nouns

Nouns

The Nouns NFT project is another top entry among promising NFT collection ideas in recent times. Nouns project aims to bring a common solution to community, identity, governance, and a treasury. The community can rely on the treasury for creating projects with long-term value and opportunities for expansion. The project would work by minting at least one Noun NFT every day for eternity, with their own DAO treasury. The treasury remains under the control and governance of Noun NFT holders, and the community members determine future direction of the company. 

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15. Claylings

Claylings

Claylings is the next top entry among the best selling NFT collections with a promising value in terms of overall trading volume. It is one of the most sought-after projects, with almost $6.42 million worth of total trading volume. The basic objective of the project revolves around representation of clay animation on blockchain. As of writing, the project aims at introducing 4,040 different characters. The project may very well lead to the foundations of sponsoring your NFT’s appearance in an animation movie. 

16. MekaVerse

MekaVerse

The MekaVerse is also one of the interesting NFT collection ideas inspired by Japanese Mecha universes. The collection includes 8,888 unique generative digital Mekas featuring multiple elements which separate them from each other. One of the most significant highlights of the MekaVerse project would point to the possibility of introducing high-quality, 3D-printed toys. As of now, the MekaVerse community continues growing with the involvement of community members and founders.

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17. Art Blocks

Art Blocks

The discussions on top NFT collections will also focus on some choices, such as Art Blocks. It is an Ethereum-based NFT project which can ensure access to unique, programmable NFT art with flexibility for customization. Art Blocks helps artists use blockchain technology for compiling the digital components required in NFT artworks. The NFT project leverages the NFT drop mechanism, where users have to work on minting NFTs, albeit without any idea regarding the type of NFTs they can receive. 

18. CloneX

CloneX

The next big surprise in the list of the popular NFT collections to invest in would refer to CloneX. It is a reliable NFT collection featuring around 20,000 unique 3D avatars, much like the unique NFTs in BAYC. Subsequently, the CloneX avatars can work in films, social media, games, and other content requirements. The best thing about CloneX is the fact that it brings the genius of Japanese artist Takashi Murakami. The vivid colors and distinct style in the different collections set a unique mark for CloneX avatars. You can notice hints of Murakami attributes and realistic elements. 

Want to know about the key processes of NFTs? Check this presentation: How NFT Works

19. Silks

Silks

The assortment of most popular NFT collections you should look out for would also include Silks, another play-to-earn NFT collection. The new NFT collection is a blockchain-based metaverse where users can trade, own, or even earn rewards on racing horses. Silks NFTs are representatives of lands you can use for housing and grooming horses. In addition, Silks can ensure the legitimacy of data by allowing incentives to miners for data validation through the governance token

20. Cryptoon Goonz

Cryptoon Goonz

The final addition among the popular NFT collections would bring Cryptoon Goonz into the picture. It is a 6969 generative rubber hose-style characters project. You can find a lot of similarities between the Cryptoon Goonz and early Mickey Mouse-style projects. Interestingly, every NFT in the collection comes with a unique set of traits along with prominent highlights of pop culture and streetwear, and hip-hop references. With a thriving community of more than 10,000 members, this NFT collection might have a promising future ahead. 

Curious to know the role of NFT in the Metaverse? Read the detailed guide on NFTs and their role in the Metaverse

Final Words 

The final overview regarding the best NFT collections till now has a clear indication of the value of NFT collections. They are more than the individual NFT artwork pieces and have the scope for creating their ecosystems. However, the highlights of different NFT collections show that they are tailored for distinct purposes. 

You can perceive the value of NFTs in the collections based on their rarity and combination of traits. However, the utility of NFT collections would play a huge role in driving their future prospects. For example, BAYC NFTs are gaining popularity as profile-picture NFTs. Start learning more about NFT collections and how you can make the most of them right now.

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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

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A Comprehensive Guide on Cloud Mining and How Does it Work?

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New income-generating options have emerged as a result of the bitcoin industry’s growth. Cryptocurrency mining is one of them. As the participants engage their time, processing power, and money in protecting and verifying their preferred crypto network, they are elevated to the position of stakeholders on numerous blockchains.

A cloud mining operation is a cryptocurrency mining alternative to traditional mining. Cloud mining is often considered to be a more advantageous technique of generating digital money for individuals who are not technically savvy, as well as those who do not want to run and maintain their own hardware and software. In this post, we are going to understand the concept of cloud mining and how it works.

What Is Cloud Mining?

Cloud mining is a method of producing cryptocurrency by renting processing resources from a service provider (cloud mining service provider). To become a member of a mining farm, the miner needs to purchase a certain amount of “hash power” from the service provider. In exchange, the provider rewards the miners with incentives based on the amount of hashing power they obtain.

Because mining is done in the cloud, miners do not have to worry about noise, temperature, resource management, or energy costs. After locating a reputable cloud mining service provider miners merely need to pick the contract that best meets their expectations. They must make a deposit in digital or fiat currency, after which the provider will provide them with everything they want for the proper functioning of the resources.

Miners may generally choose from contracts ranging from 500 to 1,000 Giga hashes per second, with contracts ranging from one to twelve months. 1 GH/s (Giga hashes per second) is the mathematical equivalent of 1 billion hashes per second. Some cloud mining firms, on the other hand, may provide 6-month or even 24-month cloud mining contracts.

The cloud mining service provider should have invested in high-end mining infrastructure and, ideally, established its farm in a region with lower power costs and a more pleasant climate. The farm’s overhead expenses are kept to a minimum using this method.

This is an excellent option for those who do not want to become engaged in the technical side of bitcoin mining. Members can watch their hash rate and cloud mining money using their telephones the bulk of the time. For the time being, certain cloud mining setups may automatically change the generated hash power to the most profitable mineable currency.

Understanding Bitcoin Cloud Mining

Bitcoin mining takes a long time and needs expensive mining equipment, all for a small payoff. Bitcoin cloud mining services allow anybody to start mining bitcoin without needing to purchase expensive equipment or possess technical knowledge.
The concept is straightforward, similar to that of any other kind of cloud mining, involving a remote data center with pooled computing power – hashing power. While the return on investment (ROI) of bitcoin cloud mining is unquestionably favorable.

However, it all relies on the initial fees as well as the current value of bitcoin. Because you’re basically renting processing capacity from a cloud mining service provider, the price per gh/s or th/s, as well as service fees, can have a big impact on your genuine ROI.

Cloud mining may save you a lot of money on power costs, noise, and heat when compared to a GPU mining equipment, which can cost anywhere from $2,000 to $8,000 for a high-end device. All you have to do now is purchase the amount of hash power you want and set an investment period before sitting back and watching the money roll in. Like any other type of investment, cloud mining has its own set of risks and uncertainties.

How Does Cloud Mining Work?

Cloud mining models may be divided into two categories:

  • Host Mining

Host mining refers to the purchase or lease of rigs on mining farms. In this case, you may have to pay for the rig’s maintenance and installation. This technology has the advantage of lowering expenses by harnessing adequate electricity. You also have more control over your hired rig(s) and may transfer the hash power generated to mining pools to boost your chances of discovering a new block. Finally, you have total control over the obtained money because you just have to pay the cloud mining service for maintenance and setup charges.

A bitcoin mining rig is a computer setup that mines bitcoins. The rig might be a dedicated miner, meaning it was purchased, constructed, and run especially for mining, or it could be a computer that serves other purposes, like as gaming, and is only used to mine part-time.

  • Rental Hash Power 

Unlike hosting mining, leasing hash power is renting a portion of a mining farm’s hash power. You won’t have to pay any maintenance or setup costs here. To obtain a percentage of the farm’s profits, you only need to subscribe to a plan. When the farm discovers a new block and receives cryptocurrency as a reward, the money is split among users based on their share of hash power.

What are Mining Pools and How Do They Work?

Members of a mining pool group their processing power in order to increase the chances of producing a block in a cryptocurrency’s blockchain, which requires solving difficult cryptographic puzzles. Participants that successfully finish the work are rewarded, usually, in the form of the bitcoin they mined. They get money in accordance to the amount of processing power or work they put into the pool as a whole.

  • Mining Reward Distribution

Each mining pool has its own difficulty level, which typically runs from one to the difficulty of the currency being mined. A miner is called a “share” if he or she creates a block with a difficulty level that falls between that of the mining pool and that of the coin. The majority of mining pools use the Pay-per-Share (PPS) approach to distribute mining profits to participants.

Pay rates per share may also be limited by pools. Models like Shared Maximum Pay per Share, and Equalized Shared Maximum Pay per Share are used in these pools.

  • Merits and Demerits of cloud mining

Cloud mining is a wonderful alternative for people who want to benefit from the economic benefits of mining without having to deal with all of the technological and mechanical requirements described earlier in this article. Cloud mining may also be able to assist in lowering the costs of running a mining machine.

However, there are several disadvantages to cloud mining that you should be aware of before deciding to use it. The first is the high rate of cloud mining-related scams. The sector has evolved over time into a perfect environment for deception. It may be difficult for the investors to verify the promises given by the cloud mining service because they may not have the opportunity to see mining farms in person.

Some cloud mining firms even use pyramidal plans, in which early investors are rewarded with new deposits. Exit scams are eventually perpetrated by suppliers who realize this is unsustainable. As a consequence, it’s up to you to do your homework before deciding on a cloud mining service. You should study reviews, research the platform’s trustworthiness on crypto forums, consider withdrawal restrictions, and reject offers that appear too good to be true.

Another thing to keep an eye on is the possible profitability of the service. If the cost of leasing, purchasing, or operating cloud-based devices does not match the amount of hash power available, you may lose money. Consider the mining capital and potential revenues before agreeing to a cloud mining arrangement.

Finally, avoiding cloud computing providers with complete control over your income is a good idea. It’s best advisable to use a crypto wallet that allows you to have some control over your funds.

Is investing in cloud mining risky?

Cloud mining is unsafe since you’re depending on someone else to mine cryptocurrencies without first ensuring they have the requisite hardware to mine bitcoin or whatever coin you select.

Many deceptive cloud mining firms pretend to be mining bitcoin on your behalf but actually take your money. USD miner is just one of several. They sometimes operate in complete secrecy, making it difficult to establish who controls the platform, and they regularly promise astronomically huge returns in a short amount of time.

Is cloud mining a good investment?

Yes, it is possible. You’ll have to spend some bucks to rent these miners, and mining pools will hold a share of your revenues. It can be profitable, but some analysts believe that buying bitcoin is a better option.

Your profits will be determined by the market value and power of the miners used by the pools. In other words, as compared to older models, newer models will have better specs and will likely generate higher yields. For example, if you keep your bitcoin instead of selling it for ordinary money like the US dollar, you’ll be subject to bitcoin’s price fluctuations.

Conclusion

Many experts feel that cloud mining is the future of crypto mining because of its benefits and prospects. However, with the spread of frauds and scams, it remains a problematic area for the time being. That implies that before investing in a company’s technology, miners must conduct a considerable study.

If you want to gain professional knowledge in the cryptocurrency and blockchain domain, then Blockchain Council’s best certification courses are available for you. Blockchain council believes in providing in-field training along with theoretical knowledge. These courses are according to the industry demand and light on your pockets.

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Top 3 centralized exchange tokens to buy the dip in

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Cryptocurrency companies have also suffered from the ongoing winter in the digital currencies industry continues. This explains why the Coinbase stock price has crashed by over 84% from its all-time high. Similarly, centralized exchange tokens (CET) have all retreated sharply in the past few months. Here are some of the best CET cryptocurrencies to buy.

FTX Token (FTT)

FTX is one of the biggest cryptocurrency exchanges in the world. It operates an international brand and a US-focused company. Combined, the two have been valued at over $30 billion by private investors. This makes it more valuable than Coinbase, which has a market cap of over $15 billion. 

The FTX Token is the biggest centralized exchange token globally with a market cap of over $4 billion. The FTT token price has crashed by 64% from its highest level in 2021. With the company expanding to stocks trading, there is a possibility that the token will bounce back in the near term. This rebound will mostly happen when other cryptocurrencies start recovering.

OKB (OKB)

OKX is a large company that provides a platform where people can buy and sell digital currencies. Like FTX, it most focuses on cryptocurrency derivatives, which have become even bigger than spot currencies. According to CoinMarketCap, it handles over $10 billion of cryptocurrencies every day. OKX also has features that let people buy and sell non-fungible tokens (NFT) and other DeFi platforms.

The OKB price has been in a strong bearish trend in the past few months as demand for cryptocurrencies has declined. Similarly, the overall volume of derivatives traded in the ecosystem has been in a downward trend. OKB is a good buy because of the overall market share of the company.

KuCoin Token (KCS)

KuCoin is another large cryptocurrency exchange that handles billions of dollars every day. Its KCS token has a market cap of more than $1.6 billion. Unlike other centralized exchange tokens, KCS has done relatively well in the past few days. It has risen by more than 45% from its lowest level in February. 

The most recent catalyst for the KCS price was the large $150 million fund that the developers raised this month. They plan to use the funds to expand the ecosystem in areas like DeFi and the metaverse.

In addition to these three, the other top centralized exchange tokens are Huobi Token, Swissborg, and Gate.

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