Last time we talked about a few different blockchains to keep an eye on. Today we’ll go over a few more.
First on our list, and in no particular order is Waves. This project is based in Russia and was once the fastest blockchain on the block. Being a hybrid proof-of-stake protocol, transaction speeds were quick, usually settling within a few seconds.
Waves also helped usher in a wave of DeFi products like stablecoins and staking and yield mechanisms. They held an ICO in 2016 and raised over $16m at the time. Since then they’ve really held their own and continued to push the space in order promote decentralized technologies.
The blockchain has smart contracts, staking opportunities and a growing community of developers building on top it. While a bit of an “OG” in the crypto space, these guys deserve a shout out.
Fantom is permissionless blockchain built to be compatible with the Ethereum Virtual Machine (EVM). It’s a fairly new blockchain however they’ve made inroads into some unique and lucrative markets that should see the network grow over time.
Anyone use to using the Ethereum network will have no issues navigating and sending transactions on Fantom. It’s widely considered as having huge amount of potential in the race of decentralized protocols that cater to consumers needing small transaction costs and quick confirmation times.
Similar to Binance Smart Chain, Fantom has the advantage in that it’s truly decentralized versus BSC. As mentioned in an earlier article, BSC is controlled by a handful of centralized nodes where Fantom’s claim to fame is it’s truly decentralized.
Solana is currently the fastest blockchain in the world with the protocol being able to handle over 50,000 transactions per second. Founded in 2017, Solana is a mixed proof-of-history and proof-of-stake protocol designed for high throughput, or in other words — a lot of transactions.
As a matter of fact, the speed of the blockchain is so fast that it’s been a popular choice among game developers. One such game is called Star Atlas and is set to launch next year. The game will combine various technologies like staking, farming, NFTs and smart contracts and allows players to profit and earn income.
Solana is another great blockchain for people who like fast confirmation times and cheap transactions… but that should be everyone, right?
We’ll continue to see these blockchains take on more bandwidth and network effect as people start to understand the depth of these technologies. Though some of these concepts seem difficult to wrap your head around, they will prove to be extremely valuable as we progress and look to improve on tech.
Anyone who’s been in crypto for any length of time will tell you that security is of the utmost importance. Due to being decentralized, users of cryptocurrencies have to prioritize privacy and security themselves as the traditional support systems we’re used to in centralized systems, like banking and credit cards, don’t exist. We’re responsible for our own wealth within a decentralized system and there’s no customer support center we can call if we get hacked or stolen from. If we don’t properly secure our assets then we’re doing ourselves a major disservice.
In this episode, we’re going to talk about the options available to you as a crypto user in order to properly protect ourselves and secure our assets for the future.
These are one of the first and most common ways people secure their assets. It’s a way to securely store crypto offline. Bitaddress is one such way and for long term storage these paper wallets are great options.
These “cold” wallet options are among the safest however come with their own drawbacks for anyone looking to actively trade on a regular basis. If you’re planning to day trade or spend your crypto then these paper wallets aren’t the best option however if you’re long on crypto and want to just “hodl” then these offline wallet are the way to go.
These hardware wallets have really become the standard within the blockchain space. Companies like Ledger and Trezor are both economical and secure options. These devices store your cryptocurrencies offline while also offering the ability to interact with your assets through third party plugins like MetaMask.
A Ledger comes with a 24 word passphrase and for less than $100 you can have a secure, offline option that still gives you flexibility. These aren’t the only two options that play within the hardware space, there’s more than half a dozen options to choose from.
Online wallets, or mobile apps that secure crypto are convenient for consumers however add extra layers of risk by opening the door for phishing attacks. These can come from texts, social media platforms, emails or third-party messaging platforms. Wallets hosted by providers are considered the option that carries the most risk. You’re essentially letting a private company store your private keys on their servers. This is a big no-no in crypto land and thus should be the last option you choose to store your cryptocurrency.
These options are good for users who are moving smaller amounts of crypto and shouldn’t be considered the best options for long term storage. Apps like Exodus and Mycelium and popular online wallet options.
Backup your passphrase — this is SUPER important but a general rule to security is don’t have a central point of failure. In other words, don’t just have one copy of your passphrase because if you lose it you won’t be able to access your crypto.
Protect your assets for the long term — what happens to your crypto if something happens to you? Do you have a contingency plan so someone can access your assets if need be? Most people don’t think about this but you need to have a solution so that if you memorize your passphrase then die in a freak interpretive-dance routine, someone can still access the crypto.
Avoid sharing the key — this goes against what I said in the previous tip however as a general rule it’s best NOT to share your key. If you do, maybe you want to encrypt it further so that only you and your “backup buddy” know how to access the coins if necessary.
Avoid one central point of failure — don’t take a picture of your passphrase, any digital copy of it puts you at a higher risk of getting hacked. Don’t just keep your passphrase in your house. What if your house burns down? — your passphrase and crypto are as good as gone. Safety deposit boxes or vaults are popular choices for protecting your backed up passphrases.
Whatever you decide to do, make sure you give it some good thought. Only you can properly protect yourself so preparing for different scenarios are going to not only secure your assets but give you peace of mind.
The seasoned advice and tips I received that everyone should get before trading cryptocurrencies. In this article, I’ll cover setting up a wallet and getting your hard-earned Canadian Dollars converted to cryptocurrency. Next week, I’ll get into the fun stuff like staking and farming!
Before May 2021, I hadn’t personally dived into crypto investments. I say “personally” because I have to know a fair amount about crypto, blockchain, and DeFi for my job at EastCode. I could talk the talk and could go punch for punch with the folks we were developing for, but I had never traded crypto. In May 2021, I took the plunge and had a very unfair introduction to the world of trading cryptocurrency.
It was unfair because my colleagues at EastCode walked me through the entire process step-by-step. I ended up with my own multi-chain wallet that wasn’t part of some centralized exchange, paid very little in transaction fees, and was able to start staking and yield farming within a day.
After talking to some of my friends who were trying to start into crypto and ended up on centralized, non-custodial mobiles (e.g. WealthSimple), I wanted to pass on the tools and knowledge imparted to me by people who have been involved in the space for years to give folks more options.
Standard fun legal disclaimer: This article is written for informational purposes only and does not constitute investment or financial advice. Invest at your own risk. Both EastCode and I are not responsible for the consequences of following any advice in this article.
The answer is short but sweet. For most chains, use a wallet called MetaMask for small amounts of crypto. It has a great extension for Chrome and the iOS app is pretty good too. Since we do a lot of work on Solana, I decided to grab a bit of $SOL through Solong Wallet also. For larger amounts, hardware wallets make sense. Our resident hardware wallet expert, Vaughn, is going to write an article about that in the future.
Fair question. I met yet another unfair advantage on this one. My colleagues sold me stablecoins (cryptocurrency pegged to the value of the US Dollar) in exchange for some cash and e-transfers of my hard-earned Canadian Dollars.
The other options that I’d recommend in the great white north are Shakepay and PayTrie. Disclaimer: We haven’t personally tested PayTrie but the next time I need to load more than $100 CAD into my MetaMask wallet, I’ll be going through them because of their low fees and because I can go directly to Binance Smart Chain and avoid the high transaction fees on Ethereum.
Step by Step:
Okay big deal, now I have cryptocurrencies. Yeah, I get it… it’s not super interesting. Free airdrops (free currency), new projects, yield farming, and staking — that’s what gets me excited. I’ll be writing about all that good stuff in a future article! Stay tuned for Part 2!