From NFT-based incentives to tiered reward systems, crypto platforms are pulling out all the stops to create engaging, value-driven experiences for their users.

In this guide we look at the top crypto loyalty programs available currently, and see what sets them apart in terms of innovation, user engagement, rewards, and accessibility.

Whether you’re a daily trader, a long-term hodler, or simply crypto-curious, understanding these programs could help you save money, make money and more.

Let’s take a look….

What are Cryptocurrency Loyalty Programs?

Cryptocurrency loyalty programs are incentive schemes designed by digital asset platforms to reward and retain their users. These programs aim to encourage ongoing engagement, increase platform usage, and foster a sense of community among participants.

Unlike traditional loyalty programs that might offer points or cash back, crypto loyalty programs often leverage blockchain technology and digital assets to provide unique, crypto-centric rewards.

These programs typically feature token rewards, tiered membership systems, and exclusive access to platform features or events. Many offer fee discounts for regular users and incorporate staking mechanisms to earn additional rewards.

Gamification elements are often included to make participation more engaging, while some programs focus on education, rewarding users for learning about cryptocurrencies and blockchain technology.

Increasingly, platforms are integrating NFTs into their loyalty schemes and offering community governance features. Referral bonuses are common, incentivizing users to bring new members to the platform.

For users, these programs provide additional value beyond basic cryptocurrency trading or holding.

For platforms, they help increase user retention, boost trading volumes, and create a more engaged user base. As the cryptocurrency market matures, these loyalty programs continue to evolve, becoming more sophisticated and tailored to user preferences, playing a crucial role in differentiating platforms in a crowded market.

Our Criteria for Choosing

When selecting the best crypto loyalty programs, we looked at four key criteria to ensure we are showcasing the most innovative and user-friendly programs in the market:

1. Innovation and uniqueness: We assessed how each program stands out from the competition and offers unique rewards or benefits to its users.
2. User engagement and community feedback: We considered the level of engagement within the community and how satisfied users are with the program.
3. Rewards and benefits offered: We evaluated the types of rewards and benefits users can earn through the loyalty program.
4. Ease of participation and accessibility: We looked at how easy it is for users to participate in the program and access their rewards.

Top 5 Cryptocurrency Loyalty Programs

1. SwapSpace Invaders Club NFT Loyalty Program

• Innovative feature: SwapSpace offers an enticing loyalty program centered around NFTs. By using the Invader NFT during exchanges, users can easily receive cashback from RevShare. Customizable NFTs allow users to find their Invader’s unique style using scenes, skins, and exclusive accessories from the store.
• User engagement: SwapSpace boasts a dedicated fan base that actively participates in the loyalty program and utilizes the platform’s services. In total, more than 4,300 NFTs were minted. Within two weeks of the launch, over 500 active users are actively participating in the loyalty program.
• Rewards: Users can enjoy up to 50% cashback and level up by making exchanges and completing tasks.
• Accessibility: The Personal Account feature allows users to track their exchange history and request payments at any time with 24/7 support.

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2. Binance Rewards Program

• Innovative feature: Binance offers a tiered loyalty program based on Binance Points.
• User engagement: The Binance community is highly engaged, with users actively participating in trading competitions and other events.
• Rewards: Users can accumulate Points through tasks, campaigns, games, and point-based activities in the Rewards Hub. Points can be redeemed for rewards like Binance Vouchers, Gift Cards, game turns, non-profit donations, and more.
• Accessibility: Participation in the Binance loyalty program is seamless for existing platform users.

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3. Coinbase Earn

• Innovative feature: Earn up to 9% APY (annual percentage yield) on your crypto assets and put them to work to earn rewards.
• User engagement: Coinbase has a large user base, and the Earn program has received positive feedback.
• Rewards: Users get rewarded for helping blockchain networks verify routine transactions in exchange for a small tradeoff in liquidity.
• Accessibility: Participation in Coinbase is open to all exchange users, making it easy for beginners to get started.

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4. Crypto.com Rewards+

• Innovative feature: crypto.com offers a multi-tiered loyalty program, allowing users to get up to 8% back in CRON when using the Crypto.com Visa Card.
• User engagement: crypto.com has a dedicated fan base that actively participates in the loyalty program and uses the platform’s services.
• Rewards: Users can earn up to 10% p.a. on stablecoins, up to 8% back in CRON with Visa Card, and up to a US$200 bonus for each referral, with no limits.
• Accessibility: Participation in the Crypto.com loyalty program is open to all platform users, with clear guidelines on tier progression.

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5. KuCoin Rewards Hub

• Innovative feature: First Trade Reward offers users USDT rewards for completing their first trade in any amount, including spot, futures, margin, and bot trades.
• User engagement: KuCoin has a vibrant community actively providing liquidity to various token pairs.
• Rewards: Completing the Getting Started tasks earns users cryptocurrency rewards and coupons, which can be claimed upon signing up. Cryptocurrency rewards can be withdrawn once all tasks are completed, subject to platform approval and a processing time of 15 business days.
• Accessibility: KuCoin’s user-friendly interface and transparent bonus system have made it popular among active traders and investors.

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Comparative analysis of the programs

Each of the programs on our list offers unique features and benefits to users, catering to a wide range of preferences and interests.

• SwapSpace Invaders Club is distinguished by its focus on rewards and community engagement, providing users with a new way to earn and collect digital assets.
• Binance Rewards program is notable for offering a wide range of benefits, discounts, and privileges to users who own Binance Points, which attracts traders and investors who are looking for incentives to remain loyal to the platform.
• Coinbase Earn program allows users to generate passive income through an Annual Percentage Yield (APY), providing a straightforward way for users to grow their crypto assets over time.
• Crypto.com’s Rewards+ set itself apart by offering exclusive investment opportunities and cashback rewards, appealing to users looking for diverse avenues to earn and expand their crypto holdings.
• KuCoin Rewards Hub is particularly attractive to active traders, thanks to its enticing offerings and bonuses tailored to meet the needs and preferences of this specific user group.

Conclusion

The cryptocurrency landscape in 2024 offers a diverse array of loyalty programs, each with its own unique appeal.

From SwapSpace’s innovative NFT-based rewards to Binance’s comprehensive points system, Coinbase’s  earning approach, Crypto.com’s tiered benefits, and KuCoin’s trader-focused incentives, there’s something for every type of crypto user.

These programs demonstrate the industry’s commitment to user engagement and retention through innovative reward structures. They not only incentivize platform usage but also educate users and foster community growth.

As crypto matures, we can expect these loyalty programs to evolve further as companies battle to gain and retain loyal users.

FAQs

What are cryptocurrency loyalty programs?

Cryptocurrency loyalty programs are incentive schemes offered by crypto platforms to reward users for their engagement, loyalty, and participation in various activities. These programs typically offer benefits such as token rewards, discounted fees, exclusive promotions, and enhanced user experiences.

How do I join a cryptocurrency loyalty program?

Most loyalty programs are automatically available to users of the respective platforms. To join, you typically need to create an account on the platform and start participating in its activities. Some programs may require you to opt-in or meet certain criteria to access higher tiers of rewards.

Are these loyalty programs free to join?

Generally, joining these loyalty programs is free. However, some higher-tier rewards may require maintaining a certain balance or trading volume on the platform.

Can I participate in multiple loyalty programs simultaneously?

Yes, you can participate in multiple loyalty programs across different platforms. There are no restrictions on being a member of various programs at the same time.

How safe are these loyalty programs?

While the programs themselves are generally safe, it’s important to remember that they are tied to cryptocurrency platforms, which carry inherent risks. Always practice good security habits, such as using strong passwords and two-factor authentication.

Do I need to pay taxes on rewards earned from these programs?

Tax implications can vary depending on your country and the specific nature of the rewards. In many jurisdictions, rewards earned may be considered taxable income. It’s advisable to consult with a tax professional for guidance specific to your situation.

Can the rewards earned be withdrawn or transferred to other platforms?

This depends on the specific program and the type of rewards. Some rewards, like tokens or cryptocurrencies, can often be withdrawn or transferred. Others, like platform-specific points or discounts, may only be usable within the platform that issued them.

How often do these loyalty programs update their offerings?

Cryptocurrency platforms frequently update their loyalty programs to remain competitive and attractive to users. It’s a good idea to regularly check the terms and conditions of the programs you’re participating in to stay informed about any changes or new opportunities.

The post Best Cryptocurrency Loyalty Programs: Top 5 Options for 2024 appeared first on Blockonomi.

Understanding QuickNode Functions

At its core, QuickNode Functions is a serverless computing platform specifically designed for Web3 applications. It allows developers to deploy lightweight, scalable code without the need to manage complex infrastructure.

This innovative approach brings the benefits of serverless architecture to the blockchain space, enabling developers to focus on writing code rather than worrying about server management and scaling issues.

Key Features and Benefits

1. Blockchain Optimization: Functions is built from the ground up with Web3 in mind. It comes with built-in access to popular blockchain development packages like ethers.js, web3.js, and the QuickNode SDK. This integration ensures that developers have the tools they need right at their fingertips.
2. Seamless Integration: Functions works in harmony with other QuickNode products like Streams and Key-Value Store. This integration allows for the creation of powerful blockchain ETL (Extract, Transform, Load) pipelines, enhancing data processing capabilities.
3. API-Ready: Every function deployed on the platform is automatically exposed as an API. This feature makes it incredibly easy to call functions from front-end applications or other services, streamlining the development process.
4. Global Performance: QuickNode’s infrastructure is globally balanced and auto-scaling, ensuring smooth operation even during peak loads. This robust backend support allows developers to build applications that can handle high traffic without worrying about server crashes or slowdowns.
5. Flexible Storage: Functions can seamlessly access and manage data stored in QuickNode’s Key-Value Store, providing a convenient solution for data persistence and retrieval.
6. Cost-Effective: With a pay-as-you-go model, QuickNode Functions offers a cost-effective solution for developers. Users only pay for the computing resources they actually use, with no upfront costs or long-term commitments.

Getting Started with Functions

Creating and deploying a function on QuickNode is a straightforward process. Developers can write their code directly in the Functions UI or upload it as a zip file.

At launch, Functions supports Node.js and Python, with plans to add support for other languages like Go, PHP, Ruby, Swift, Java, and even Docker containers in the future.

The platform provides a user-friendly interface where developers can set various parameters for their functions, including timeout limits, concurrency limits, and memory allocation.

Once deployed, functions can be activated manually through the QuickNode Developer Portal, set as a destination for a Stream, or called via API.

Functions Library: A Treasure Trove of Templates

One of the most exciting aspects of QuickNode Functions is the Functions Library. This growing collection of pre-built templates allows developers to quickly implement common Web3 functionalities with just a few clicks. Some notable examples include:

1. Estimate Gas Price: A function that provides real-time estimates of gas prices across multiple chains.
2. Compute Block Metrics: This template fetches comprehensive block analytics data, including active addresses, transaction counts, and more.

As the community grows, developers will have the opportunity to publish, share, and even monetize their own function templates, fostering a collaborative ecosystem of Web3 solutions.

Use Cases and Applications

The versatility of QuickNode Functions opens up a wide range of possibilities for blockchain developers. Some potential use cases include:

1. Real-time data processing and analysis
2. Custom API endpoints for dApps
3. Automated smart contract interactions
4. Token balance monitoring across multiple chains
5. Gas price optimization for transactions
6. Event-driven workflows triggered by blockchain activities

Pricing and Accessibility

QuickNode has structured its pricing model to be competitive and predictable. All QuickNode plans come with an included amount of GB-seconds, allowing users to start using Functions for free. For higher-tier plans (Discover+ and above), additional usage is billed at $0.0000159 per GB-second of compute.

QUICKNODE PLAN	DISCOVER	DISCOVER+	BUILD	SCALE	ENTERPRISE
Included GB-sec	300	500	1,000	3,000	Custom, tiered pricing*
Price per GB-sec	n/a	$0.0000159	$0.0000159	$0.0000159	Custom, tiered pricing*
API Datasets	Blocks, Transactions, Logs, and Receipts	Blocks, Transactions, Logs, and Receipts	Blocks, Transactions, Logs, and Receipts	+ Traces and all-in-one datasets	Custom datasets
Activate via Streams
Activate via API

This pricing structure ensures that Functions remains accessible to developers at all levels, from hobbyists to enterprise-scale operations. The pay-for-what-you-use model optimizes resource allocation and eliminates waste, making it a highly cost-effective solution for blockchain development.

The Future of Web3 Development

QuickNode Functions represents a significant step forward in the evolution of Web3 development tools. By abstracting away the complexities of server management and providing a blockchain-optimized environment, Functions allows developers to focus on what truly matters: building innovative decentralized applications.

As the Web3 ecosystem continues to grow and mature, tools like QuickNode Functions will play a crucial role in lowering the barriers to entry and accelerating the pace of innovation. The platform’s focus on ease of use, performance, and cost-effectiveness positions it as a potential game-changer in the blockchain development landscape.

Conclusion

QuickNode Functions is poised to revolutionize how developers approach Web3 projects. By combining the power of serverless computing with blockchain-specific optimizations, QuickNode has created a platform that addresses many of the pain points traditionally associated with decentralized application development.

The ability to rapidly deploy, scale, and iterate on Web3 projects without getting bogged down in infrastructure management will undoubtedly lead to faster development cycles and more robust decentralized solutions.

For developers looking to stay at the forefront of Web3 technology, QuickNode Functions offers an exciting opportunity to streamline their workflow and push the boundaries of what’s possible in the world of blockchain development.

As the platform continues to evolve and expand its capabilities, it may very well become an indispensable tool in the Web3 developer’s toolkit.

The post QuickNode Functions: Revolutionizing Web3 Development with Serverless Computing appeared first on Blockonomi.

However, predictions require information. You typically get them from widely disparate sources like news, social media, or Google. It can be a pretty harrowing experience. Except, prediction markets can save the day.

They present a unified source of high-signal probabilities for current events. Moreover, you can monetize your beliefs or convictions.

There’s substantial demand for this value proposition. So much so, that the sector doubled its TVL in the past year, crossing $59 million in June 2024. But Web3’s existing prediction platforms only serve a portion of the total addressable market.

Polymarket, for example, doesn’t support user-generated events. You can only bet on or provide liquidity to listed markets. Creating custom pools isn’t possible. This excludes the world’s 200+ million creators and fails to tap into an economy that’s projected to cross $600 billion by 2036.

PredX bridges this gap using cutting-edge AI innovation and other emerging technologies like blockchain. Here you can create and promote events that appeal to you or your community. Web3 prediction markets thus get an additional incentive layer that’ll help obtain a critical mass in 2024.

Incentivizing creators, solving event supply

Platforms like Polymarket have gone a long way in solving some of the persistent pain points of legacy prediction markets. Settling trades on-chain enhances transparency, for example. You can verify whether the money flowing in and out of the market was according to pre-defined terms, etc.

However, they lack the provision for decentralized, community-oriented event creation. Instead, topics are selected and posted through a centralized governance system. Although these pools might be generating decent engagement due to the current hype and recency bias, they’re prone to limited supply and liquidity.

You’ll mostly find broad, global topics in Polymarket’s trending section — like the U.S. Presidential Election or French Open or Bitcoin’s price. Niche topics with targeted engagement are either missing completely or lying on the sidelines. Because it’s unfeasible (if not impossible) to create good markets, profitable niche markets without involving grassroots creators.

PredX, on the contrary, has a healthy mix of global and local topics. It thus supports both macro and micro prediction markets,  which ensures a sustained supply despite fluctuations in global interests.

Unlike Polymarket, PredX doesn’t utilize blockchain tech to merely settle trades/transactions. It combines the Web3 stack with AI instead, giving creators access to novel intent-centric assets.

As a creator on PredX, you can generate events tailored to your community’s intent, needs, and goals. This fosters organic support and engagement. Rather than producing content merely from personal judgments, you can tap into the community’s real-time feedback and value signaling.

Going a step further, PredX gives you access to advanced ‘AI Agents’ that become your co-pilot. They help you discover events with high engagement potential based on your community’s interactions. Plus you can use them to create in-depth information bases for your events.

The information aspect is especially critical and also unique. Events on Polymarket, etc., have very limited information. So users who do their research before betting on a certain topic — and rightly so — still have to sift through all the noise on the web and other channels. Not on PredX.

Besides empowering creators to optimize event and information supply, PredX also aligns incentives via a solid, Web3-native tokenomics design. You get rewards for not only creating events but also for promoting them and inviting others to the platform. And there are time-based campaigns as well.

100 creators — First come, first serve

PredX’s ongoing campaign will offer a special reward to 100 creators on a first come, first serve basis. All you have to do is apply using the official form and start creating events on the platform.

Campaign participants will get a 50% commission on their event’s trading volume. Plus 5% of the market cap of the lost side. Rewards and commissions are paid in USDC, so you’re not locked into the underlying chain’s native coin.

While Polymarket and others brought the initial eyeballs to prediction markets, PredX is implementing the actual ‘Web3’ aspect. Going beyond empty speculation, it creates a space for intent-driven asset creation and trading.

Prediction markets will become more relevant to the average user thanks to PredX. Its incentive model and community-oriented framework will ensure the network effect the ecosystem needs to grow beyond its nascency.

When creators have good reason to use and contribute to new-age prediction markets, the platforms and the concept around which they’re built will reach their full potential.

You can reap the maximum benefits by joining this journey early. Creating your first event on PredX is the way to start.

The post Serving the Underserved — How PredX Incentivizes the Web3 Creator Economy Using AI appeared first on Blockonomi.

Launched in 2017, COTI is a Web3 infrastructure development company that has a cost-effective and robust crypto infrastructure which puts privacy first.

COTI has built one of the most unique and feature-rich payment networks in the industry, including a DAG-based base protocol and infrastructure that is scalable, fast, inclusive, low cost, and optimized for finance.

What Is COTI?

COTI deployed Garbled Circuits in collaboration with its partner Soda Labs to create a mechanism that allows multiple parties to perform a transaction requiring private information without disclosing who sent any of the data. In other words – a private transaction.

COTI V2, developed by the COTI Foundation, is a privacy network operating as a Layer 2 on Ethereum. COTI V2 leveraged advanced technology and launched privacy protection to provide fast, scalable privacy on an L2 together with the security and liquidity of Ethereum.

The heart of this protection is a cryptographic technology, also known as Garbled Circuits, which allows users to process transactions without exposing their sensitive information. This technology will not only make COTI’s infrastructure ten times faster and lighter than other existing solutions, but also will open up use cases in various fields such as finance, healthcare, social media, and others.

What Makes COTI Unique in the Blockchain Industry?

Today, the blockchain industry is no longer hamstrung by problems like congestion and scalability, which are a thing of the past after technologies like L2s and Side Chains are operational.

Ethereum will continue to dominate the Web3 space as it enjoys more liquidity than any other blockchain in the industry. Now, with ETH ETFs, ETH will be used by larger institutions.

Unfortunately, the inherently transparent nature of a blockchain has also become an obstacle to its own growth. In fact, Ethereum still has the same problem as all public blockchains, making every transaction, asset, and wallet address easy for the world to see.

Privacy for Layer 2 is seen by many as the next frontier in Web3. It not only involves many aspects that go beyond just concealing information, but it also includes protection, preserving sovereignty, and the ability to decide which data, or with whom you are willing to disclose your information.

COTI created the Web3 infrastructure to solve challenges, particularly handling data on Ethereum. With these tools, blockchain is private, and data is safe.

In addition to allowing some amazing potential benefits to the existing COTI ecosystem, COTI V2 also introduces a novel approach that ensures performance without affecting privacy, using privacy-preserving technologies (PETs) with the main ingredient Garbling Protocols.

Garbling Protocols protect the privacy of each input while still supporting fast computation. Therefore, this makes them useful in scenarios where confidential data needs to be computed but cannot be shared.

In the COTI ecosystem, garbling protocols allow transactions and smart contract executions while the details such as the amount of funds transferred, or the specific conditions of the contract, are kept private between the involved parties.

For decentralized finance applications where transaction confidentiality can be as critical as transaction integrity, this technology becomes particularly important.

In addition, when compared to other existing solutions, COTI V2’s use of garbling protocols takes a completely novel approach, which is up to ten times lighter and performs ten times faster than Zero-knowledge-based solutions without negatively impacting the user experience.

As a result, the technology can run on almost any device and expand the range of potential use cases in the future.

Use Cases For COTI V2

COTI V2 unlocks not only confidential payments but also exploit-free DeFi in addition to other applications. The technology paves the way for a lot of new applications, particularly those requiring high levels of privacy, trust, and secure data computation.

Here are some of the ways it can be used:

• DEXs: COTI keeps users’ transaction histories private. In addition, encrypted transaction data also helps to minimize loss from MEV attacks.
• Artificial Intelligence: dApps built on the COTI ecosystem can help businesses process and analyze encrypted data in order to collect insights, but does not expose the data to the dApp service providers.
• Real-World Asset Management: COTI dApps also allow users to tokenize and trade real-world assets, like real estate, but still keep the identities of buyers and sellers confidential. Not only that, privacy-preserving dApps for supply chains will also allow businesses to verify the authenticity and schedule of products but not reveal any sensitive business relationship or logistics to their competitors.
• Gaming, GameFi, and GambleFi: With on-chain gaming, users can take advantage of the features provided by COTI V2.
• Decentralized Social Networks and Messaging Apps: COTI helps to deliver censorship-resistant social media platforms, and surveillance-proof instant messaging while protecting freedom of speech.
• Bridging: As COTI V2 allows users to store their private keys on various chains, the complexity of bridging in this case can be reduced.
• Marketplaces: Marketplaces comply with GDPR. They also offer auctions, where bid amounts are kept hidden, and privacy measures for NFT ownership and transfer. As such, collectors can hold and trade digital assets without exposing their investment strategies or tastes.
• Governance: There are decentralized and anonymous voting applications where the privacy of voter choices is paramount to prevent coercion and to maintain the integrity of the electoral process. Additionally, they also can ensure the confidentiality of DAO members and their voting patterns to protect against undue influence as well as maintain the focus on the merit of proposals.
• Identity dApps: Users can identify themselves without the need to provide sensitive data and import digital identities from trusted organizations. Eventually, on-chain dApps may even help users prove creditworthiness without disclosing personal financial details, so it may help them access loans without compromising privacy.
• Healthcare and Legal: COTI offers secure and private storage of healthcare records, allowing patients to have control over who can access their data and can grant permissions without exposing all of their health. Also, smart contracts in this case execute the terms of legal agreements without making the details public to maintain the confidentiality of the parties involved.
• Central Bank Digital Currencies: CBDCs will comply with anti-money laundering (AML) provisions, anti-terror financing regulations, and systems to counter tax evasion. In contrast, privacy-enhancing digital currencies remove these controls, and are free from social credit implications.

The $COTI Token

The $COTI token holds a central role within the ecosystem to facilitate transactions, secure the network, incentivize nodes, and provide the means to access and utilize the advanced privacy features of COTI V2.

Ecosystem Fund

COTI is supported by the COTI Foundation and its Ecosystem Fund.

The Ecosystem Fund works to incentivize developers, groups, and projects to create groundbreaking and impactful solutions on COTI V2 through a combination of research, experimentation, and the development of new and innovative use cases.

Meanwhile, the Foundation uses the Ecosystem Fund to expand COTI’s ecosystem, strengthen community ties, and enhance outreach.

Currently, the COTI foundation has granted the ABC Growth Fund for ambassadors, builders, and creators, seeking applications from innovative builders, developers, and researchers interested in testing the limits of the COTI ecosystem’s capacity.

Conclusion

COTI is evolving into the future of Web3 to create a rich, developer-friendly ecosystem with a truly revolutionary way of privacy. For anyone or any group, data privacy matters. With the rise of ETH on the global stage, COTI’s tools are a must use in the industry.

With the wallet address, usage history, spending habits, DAO votes and other data points kept private, the world of blockchain is a whole lot safer.

The post COTI: Keeping Blockchain Data Private on Ethereum appeared first on Blockonomi.

Transak empowers dApp developers to create frictionless user experiences by handling the intricacies of KYC regulations, compliance, fiat payment methods, and crypto coverage.

With support for a wide range of fiat currencies and payment options, Transak ensures that users from diverse geographical regions can easily participate in the decentralized economy.

The Problem

Cryptocurrency is now bigger than ever before. While the total market capitalization is still under the all-time high of 2021, the ecosystem is now reaching maturity. Blockchain and cryptocurrency technologies are now available in every industry, region of the world, and possible use case.

However, mass adoption remains a major challenge, a reality that cryptocurrency companies like Transak are actively changing. With great tools and an easy to use platform for developers, the company is changing the crypto game.

Anyone who has ever used cryptocurrency is familiar with the struggle that comes with getting into it. Operations as essential as buying and selling crypto can be incredibly difficult for new users to do.

The device being used, geographic location, technical savviness, cryptocurrency of choice, etc, often limit how these operations are performed. To many new users, this first challenge will result in them choosing not to bother with crypto at all.

The complexity is paradoxical for a technology that could make finance easy for people all over the world. As such, making cryptocurrency truly accessible has become a priority for the industry over the past years, especially for companies like Transak.

Offering on/off-ramp and NFT checkout services, Transak has developed all of its products with accessibility in mind. If cryptos are going to take over the world, they have to be easy to use.

Transak Features

• On-Ramp: Allows users to buy cryptocurrencies directly within dApps using fiat currencies and various payment methods.
• Off-Ramp: Enables users to sell their cryptocurrencies and withdraw funds to their local fiat currency.
• Transak One: Facilitates direct fiat-to-smart contract interactions, enabling users to interact with dApps without the need for prior crypto holdings.
• NFT Checkout: Allows users to purchase or mint NFTs with fiat currency in a single step, simplifying the NFT acquisition process.
• Wide Range of Supported Currencies: Supports a vast array of fiat currencies and cryptocurrencies, ensuring global accessibility.
• Multiple Payment Options: Offers various payment methods, including credit cards, bank transfers, and local payment solutions.
• KYC and Compliance: Handles the complexities of Know Your Customer (KYC) regulations and compliance requirements.
• Easy Integration: Provides a simple and straightforward integration process for developers, with comprehensive documentation and support.
• Customizable Widget: Offers a customizable widget that can be seamlessly integrated into dApps, ensuring a consistent brand experience.
• Cross-Platform Compatibility: Supports integration across multiple platforms, including web, mobile, and desktop applications.
• Secure and Reliable: Employs industry-standard security measures to ensure the safety of user funds and personal information.
• Analytics and Reporting: Provides detailed analytics and reporting tools to help developers track user onboarding and transaction volumes.
• Dedicated Support: Offers dedicated technical support to assist developers throughout the integration process and beyond.
• Competitive Pricing: Provides competitive pricing models, allowing developers to choose the best fit for their dApp’s needs.
• Continuous Innovation: Constantly improves and expands its offerings to meet the evolving needs of the decentralized application ecosystem.

Making Cryptocurrency  Accessible

Taking the complexity of cryptocurrency away is not an easy task. However, Transak has managed to do it to such a degree that it is now one of the biggest names in the industry. Thanks to it, millions of users have now accessed crypto, NFTs, and web3 without a hitch or even realizing they were doing it, just what any technology needs to become truly mainstream.

Transak was originally born to offer on/off-ramp services to the cryptocurrency ecosystem in a similar way to services like Moonpay and Banxa.

However, unlike these companies, Transak’s whole platform was designed around the idea of user-friendliness and simplicity. This meant a high transaction success rate, no technical mumbo jumbo, strong optimization, an intuitive interface, and widespread availability.

This ethos is reflected by Transak’s support of more than 170 coins, 75 blockchains, and 350 dApps, as well as user interface, customer support, and more.

Unlike many of its competitors, Transak currently operates in more than 169 countries, offering many local methods for people to easily access crypto. This vast range makes Transak the perfect choice not only for new crypto users but also for experienced users and developers.

Transak’s on/off-ramp service is available both as a standalone web platform and as an integrated solution. This means that users can acquire cryptocurrency directly from the platform or through third parties very easily. This vast support represents an unquestionable advantage and one of the keys to crypto mass adoption.

When people can get in and out of crypto with ease – they will love using them.

Unlike traditional cryptocurrency exchanges, ramps, or P2P services, operating with Transak for the first time is a breeze. The registration, KYC, and Fiat/Crypto transaction process take a matter of minutes. To developers and crypto-friendly businesses, this is a game-changer as it means that no window of opportunity is lost due to long delays.

Simple Fee Structure

Most cryptocurrency services make use of complex transaction fee structures that can be overwhelming to new and experienced users alike.

For this reason, most companies choose not to show such information to their customers, leading to hidden costs that catch users by surprise. Transak, however, is completely transparent about its fees and makes it easy for their users to understand.

Transak’s platform presents users with a clear and upfront breakdown of all applicable fees before initiating a transaction. Not only does this translate to no unpleasant surprises after the purchase but also to no wasted time for its users. While this doesn’t mean there is no complex math in the background (there is), it means all of it is simplified for the user and shown clearly.

People will like the platform, and love how inexpensive it is to use.

The other important aspect of Transak’s fees is that these depend on the payment or withdrawal method. As the platforms offer multiple options (many of them local) instead of only one, it is easy for users to find the best deal for their specific needs. All of these factors make operating with Transak as easy as operating with traditional payment methods but with the added benefits of cryptocurrency.

Leveling the Field for NFTs

While the NFT hype has cooled down over the past years, they remain incredibly popular both in and out of the crypto world. Now that the technology has matured as speculation decreased, its integration into the digital world has grown. This integration and popularity are the reason why Transak introduced NFT Checkout in late 2023.

NFT Checkout is a payment gateway specifically designed for the NFT space but offers the same benefits as Transak’s ramps. Unlike with other providers, there is no limit to how many NFTs can be bought by a user in a single transaction. This saves money and time, both essential resources when it comes to getting a must-have NFT.

In addition to this, the platform also offers users the chance to mint their own NFTs just as easily as when they buy them. With the same support for over 170 cryptocurrencies and 75 blockchains, NFT Checkout is as accessible as it gets.

Through NFT Checkout, users can buy and mint NFTs using their preferred payment method in an easy and intuitive way. The service offers 100% chargeback protection with a 5815 MCC code and 95% approval rate.

NFTs are not in a bubble any more, but they are still a great place to be. People will use them more as time goes on – which makes this feature a winner.

Conclusion

Transak is changing the way users interact with decentralized applications by providing a seamless and user-friendly fiat-to-crypto onboarding experience.

With its comprehensive suite of tools, including On-Ramp, Off-Ramp, Transak One, and NFT Checkout, Transak is empowering dApp developers to create applications that are accessible to a wider audience, regardless of their technical expertise or geographical location.

By addressing the challenges associated with KYC regulations, compliance, and fiat payment methods, Transak is breaking down the barriers to entry and enabling more people to participate in the decentralized economy.

The ability to seamlessly convert fiat currencies into cryptocurrencies directly within dApps is a game-changer, as it eliminates the need for users to navigate complex exchanges or wallet setups.

Transak’s offerings are not limited to simple onboarding solutions. With Transak One, developers can enable direct fiat-to-smart contract interactions, opening up a world of possibilities for dApps across various sectors, including DeFi, gaming, and NFTs.

The NFT Checkout feature is particularly groundbreaking, as it allows users to purchase or mint NFTs with fiat currency in just a single step, further democratizing access to this exciting new asset class.

As the adoption of decentralized technologies continues to grow, the importance of user-friendly onboarding solutions cannot be overstated. Transak is at the forefront of this movement, providing the tools and infrastructure needed to bridge the gap between traditional finance and the decentralized world.

The post Transak: Bridging the Gap Between Fiat and Crypto for Decentralized Apps appeared first on Blockonomi.

Enter Synternet, a groundbreaking blockchain that is set to revolutionize the way we interact with and utilize data across multiple chains. Just as the Internet connected isolated computers in the late 20th century, Synternet aims to bridge the gap between disparate blockchains, creating a unified and synchronized ecosystem that tears down the barriers of walled gardens.

At the heart of Synternet lies the Data Layer, a protocol that serves as a customizable execution layer between all major blockchains.

This innovative architecture enables developers, organizations, and users to access and execute on cross-chain data seamlessly, without the limitations imposed by centralized services.

By providing swift and secure access to both real-time and historical on-chain data, Synternet empowers the creation of truly decentralized applications that can leverage the collective power of multiple blockchains.

With over 580 million cryptocurrency global users alone, blockchain has become one of the dominant technologies of our times. The benefits of decentralization have now proven too big for giant conglomerates like IBM, Walmart, Microsoft, JP Morgan, and Alphabet to resist using the tech.

While the rapid growth of blockchain is certainly beneficial to its users, it also comes with some problems. Most blockchain networks are efficient when it comes to data storage.

To fulfill its mission of rethinking how blockchain data is accessed, the Synternet blockchain effectively operates as a blockchain oracle specifically designed to improve access to decentralized data. Whereas most blockchain oracles like Chainlink focus on providing networks access to off-chain data, Synternet is designed to operate with on-chain data.

For instance, it is estimated that the entirety of the Bitcoin network’s data requires about 570 GB of storage. While this means that all of Bitcoin’s data could be stored by the average consumer-grade computer, the issue this data represents is of an entirely different nature.

With Bitcoin and Ethereum no longer being the sole viable players in the blockchain space, data has become increasingly segmented across networks and protocols. As each of these operates as its own separate database, sometimes even segmenting themselves, data silos have started to become more common.

This is the issue that many blockchain developers, analysts, and users have to deal with when trying to create multi-chain solutions, aggregate data, or operate across multiple protocols.

Fortunately, Synternet has developed a solution to this problem by connecting isolated blockchain networks and making it easy to access multi-chain data.

What is Synternet?

Collaborative Data Infrastructure for a Truly Decentralized World

Synternet’s On-Chain Streaming Oracle allows anyone to quickly and easily access both real-time and historical on-chain data.

This data is aggregated using the network’s Data Layer, which relies on publishers, subscribers, brokers, and observers to ensure its decentralization.

• Publishers are users who stream data to Synternet’s broker network, creating a market in which free competition ensures the quality of the data provided. As there is no limit to the number of “messages” a Publisher can submit, the network’s data availability is constantly growing.
• The data offered by Publishers is available to Subscribers looking to use it. These users pay a fee to the Publishers for the data after reaching an on-chain agreement. As this agreement is backed by smart contracts, the network operates autonomously and trustlessly.
• Once an agreement is made, Brokers deliver the information to the subscribers after doing the necessary validations. For this service, Brokers receive a part of the network fee as a reward once the Proof of Delivery (PoD) is submitted. This incentivizes Brokers to deliver the highest amount of messages in the most efficient way possible.
• Observers ensure that every transaction in the network can be trusted by auditing every data stream between Publishers, Subscribers, and Brokers. They also receive part of the network fees as a reward for providing these logistical services.

It is important to note that both Brokers and Observers are required to credit NOIA tokens before providing their services.

This ensures that no user can take advantage of the network by accessing data as a freeloader or any other way. As a result of this collaborative effort, the network is also highly scalable, stable, and secure.

NOIA Token

The Synternet network is powered by the NOIA token, which is used to power transactions, incentivize users, secure the network, and manage governance.

The token was designed with scalability, sustainability, community governance, and stable value in mind. For this reason, NOIA offers various features that include staking, delegation, slashing, proof challenging, and voting features.

With a circulating supply of over 72.9%, most of the token’s supply is already available to Synternet’s users looking to participate on the network.

A dedicated pool of tokens is also in place for the reward pool, which provides incentives for chain security and the data layer, as well as the community pool.

Synternet users can participate in the governance of the network by using the standard model of on-chain governance used by the Cosmos ecosystem. This means that proposals can be submitted by any user willing to deposit a required amount of NOIA.

While the deposit is recovered if the proposal is rejected or no quorum is met, it will be burned if the proposal is vetoed. This approach ensures all users act with the network’s best interest in mind.

The Team Behind the Data Revolution

Any blockchain project is only as strong as the team behind it, and Synternet boasts an impressive lineup of talent and experience. The company began as a tech startup in Lithuania after its co-founders joined forces to revolutionize the internet infrastructure. This mission progressively evolved until it became all about the blockchain and web3 ecosystems.

• Jonas Simanavicius, Synternet’s co-founder and current Chief Technology Officer (CTO), brought valuable experience from his prior roles at major financial institutions like J.P. Morgan and the Royal Bank of Scotland.
• Daniel Haudenschild, Synternet’s current CEO, is a former Ernst & Young partner who also held leadership roles in companies such as HCL-Axon, Swisscom, Sibex, and the Crypto Valley Association.

Just like Jonas and Daniel, Synternet’s core team is full of talented individuals with plenty of experience in the technology, financial services, blockchain, and data science ecosystems. They are backed by prominent investors such as CMCC Global, Faculty Group, Moonrock Capital, Wave Capital, and Polygon Ventures.

Conclusion

By powering modular, interoperable data infrastructure across all major chains, Synternet aims to revolutionize the way we interact with and utilize blockchain data.

As the blockchain landscape continues to evolve, the need for seamless interoperability and efficient data access will only become more pressing. Synternet’s modular approach to data infrastructure, coupled with its commitment to decentralization, security, and efficiency, positions it as a key player in shaping the future of decentralized applications.

The post Synternet: The Future of Interoperable Blockchain Data Infrastructure appeared first on Blockonomi.

Namada is a proof-of-stake Layer 1 blockchain that aims to revolutionize the way users transact and interact with digital assets across multiple networks.

By leveraging cutting-edge cryptographic techniques and innovative architecture, Namada enables users to transfer various digital assets, both fungible and non-fungible, with unparalleled privacy and security.

The importance of privacy in the blockchain ecosystem cannot be overstated. While traditional blockchains offer a degree of pseudonymity, transactions are still visible on public ledgers, potentially exposing users’ financial activities to prying eyes.

Namada seeks to solve this problem by providing a robust privacy framework that allows users to transact freely without compromising their confidentiality.

What is Namada?

Namada is a privacy-focused Layer 1 blockchain protocol that enables users to transact with various digital assets across multiple networks while maintaining a high level of confidentiality.

At its core, Namada is designed to provide users with a secure and private environment for conducting transactions and interacting with decentralized applications (dApps).

It achieves this by employing advanced cryptographic techniques, such as zero-knowledge proofs and multi-asset shielded pools, which allow users to transfer assets without revealing sensitive information on the blockchain.

Key characteristics of Namada include:

1. Asset-agnostic privacy: Namada enables users to transact with any supported digital asset, both fungible and non-fungible, while maintaining the same level of privacy across all assets.
2. Interoperability: By leveraging Inter-Blockchain Communication (IBC) protocol and a trustless Ethereum bridge, Namada allows users to securely transfer assets across different blockchains.
3. Scalability: Namada’s architecture is designed to support high transaction throughput and low latency, ensuring a seamless user experience as the network grows.
4. Decentralization: Namada operates on a proof-of-stake consensus mechanism called Cubic Proof-of-Stake (CPoS), which promotes decentralization and security within the network.

How Namada Works

Namada’s architecture is designed to provide users with a private, secure, and interoperable environment for conducting transactions and interacting with decentralized applications (dApps).

Here’s a closer look at the key components and technologies that make Namada work.

Multi-Asset Shielded Pool (MASP) Circuit:

• Namada utilizes an upgraded version of the Multi-Asset Shielded Pool (MASP) circuit, which enables all assets (fungible and non-fungible) to share a common shielded pool.
• The MASP circuit allows users to transfer any supported asset, such as cryptocurrencies, tokens, or NFTs, while maintaining complete privacy.
• Transactions involving different assets are indistinguishable from one another, providing a high level of confidentiality.

Zero-Knowledge Proofs

• Namada employs advanced zero-knowledge proof techniques, such as zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge), to validate transactions without revealing sensitive information.
• Zero-knowledge proofs allow users to prove the validity of a transaction without disclosing the sender, receiver, or the amount being transferred.
• This technology ensures that user privacy is maintained while still allowing for secure and verifiable transactions.

Rust Implementation

• The reference implementation of the Namada protocol is built using the Rust programming language.
• Rust is known for its focus on safety, concurrency, and memory efficiency, making it well-suited for building secure and scalable blockchain systems.
• The development of Namada is led by Heliax, one of the development organizations within the Anoma ecosystem.

Consensus Mechanism

• Namada operates on a proof-of-stake consensus mechanism called Cubic Proof-of-Stake (CPoS).
• CPoS is designed to promote decentralization, security, and fairness within the network.
• Validators and delegators participate in the consensus process by staking their tokens, and they are rewarded for their contributions to the network’s security.

Interoperability

• Namada is built to be interoperable with other blockchains, allowing for seamless cross-chain transactions.
• It leverages the Inter-Blockchain Communication (IBC) protocol to enable communication and asset transfers with other IBC-compatible blockchains
• Namada features a trustless Ethereum bridge, which allows for secure and private interactions with the Ethereum network and its associated dApps.

Governance

• Namada incorporates a governance mechanism that allows stakeholders to propose and vote on protocol upgrades and changes.
• The governance process is designed to be transparent, inclusive, and community-driven, ensuring that the network evolves in line with the needs and desires of its users.

Cubic Proof-of-Stake (CPoS) Mechanism

Namada’s Cubic Proof-of-Stake (CPoS) is an innovative consensus mechanism that enhances security, decentralization, and fairness within the network. CPoS offers several advantages over traditional PoS systems:

1. Automatic compounding of staking rewards, eliminating the need for manual claiming and re-staking.
2. Cubic Slashing, which penalizes malicious or negligent behavior by validators, encouraging diverse and independent setups.
3. Enhanced security guarantees through automatic detection of accounts responsible for infractions.
4. Flexible transaction fees payable in multiple tokens, not just the native token.

These features create a more secure, efficient, and user-friendly staking environment for both validators and delegators. Validators benefit from streamlined rewards and incentives for maintaining secure setups, while delegators can have confidence in the network’s security and the deterrents against malicious behavior.

Earn Rewards for Shielding Your Assets

Namada has a feature called Shielded Rewards, which incentivizes users to contribute to the overall privacy and security of the network. By keeping your assets in Namada’s shielded set, you not only protect your own transactions but also help strengthen the data protection guarantees for the entire multichain ecosystem.

• Users who hold their assets in Namada’s shielded set are eligible to earn passive rewards in the form of NAM tokens, Namada’s native cryptocurrency.
• Rewards are distributed to users for each epoch (a predetermined period) that their incentivized assets remain in the shielded set.
• The amount of NAM rewarded for a specific asset is proportional to the quantity of that asset in the shielded pool.
• Each asset has a unique “reward rate,” which is determined by Namada’s governance mechanism. This reward rate sets the constant of proportionality for that particular asset.

Benefits of Participating in Shielded Rewards:

• Earn passive income: By simply holding your assets in Namada’s shielded set, you can earn NAM tokens without any active involvement or additional effort.
• Contribute to network security: Your participation in the shielded set helps enhance the overall privacy and security of the Namada network, making it more resilient against potential attacks or data leaks.
• Support the multichain ecosystem: Namada’s shielded set is designed to work seamlessly across multiple blockchains, fostering a more private and secure environment for cross-chain transactions and interactions.

By offering shielded rewards, Namada not only incentivizes user participation but also creates a virtuous cycle of privacy and security enhancements. As more users join the shielded set, the network becomes increasingly robust, attracting even more participants and driving the adoption of privacy-focused blockchain solutions.

Use Cases and Applications

Namada’s privacy, interoperability, and scalability features enable a wide range of use cases and applications, including:

Private Decentralized Finance (DeFi)

• Confidential lending, borrowing, and trading.
• Attracting users who value privacy and security.

Confidential Asset Transfers

• Secure and private transfer of fungible and non-fungible tokens across blockchains.
• Useful for high-net-worth individuals, institutional investors, and cross-border payments.

Private Voting and Governance

• Secure and confidential voting systems for DAOs, corporate governance, and public elections.
• Promotes fairness, transparency, and inclusivity in decision-making processes.

Confidential Supply Chain Management

• Tracking and verifying goods movement while maintaining data confidentiality.
• Protects trade secrets and ensures product integrity.

Privacy-Preserving Identity and Credentials

• Selective disclosure of personal information and credentials to trusted parties.
• Streamlines user authentication, background checks, and compliance verification.

Conclusion

Namada is a blockchain protocol designed to provide privacy, interoperability, and scalability. By utilizing advanced cryptographic techniques, such as zero-knowledge proofs and multi-asset shielded pools, Namada aims to offer a solution for users and developers seeking to leverage blockchain technology while maintaining privacy.

Namada’s features include asset-agnostic shielded transfers, shared shielded pools, fast ZKP generation on edge devices, and low transaction fees. These features enable various applications, such as private DeFi, confidential asset transfers, secure voting systems, and privacy-preserving identity solutions.

Namada’s focus on interoperability, through its compatibility with IBC and the trustless Ethereum bridge, allows for cross-chain interactions and aims to contribute to the growth of the interconnected blockchain ecosystem.

As privacy continues to be a concern in the blockchain space, solutions like Namada may play a role in addressing these issues. The success of Namada will depend on its ability to deliver on its promised features, foster a strong community, and drive adoption.

For those interested in learning more about Namada, there are several resources available, including the official website, blog, community channels, and opportunities to participate in the testnet or contribute to the codebase.

The post What is Namada? Beginner’s Guide to the Privacy-Focused Blockchain Protocol appeared first on Blockonomi.

Enter Merlin Chain, a Layer 2 solution designed to address these challenges and unlock the full potential of the Bitcoin ecosystem.

By leveraging advanced technologies such as Zero-Knowledge Rollups (ZK-Rollups), decentralized oracle networks, and on-chain fraud proof modules, Merlin Chain aims to provide a scalable, secure, and cost-effective solution for Bitcoin users and developers.

Bitcoin’s Scalability Challenges

As the number of users and transactions on the Bitcoin network has grown, its inherent limitations have become more evident. The two main challenges facing Bitcoin are slow transaction speeds and high fees.

Transaction Speed

Bitcoin’s blockchain is designed to create a new block every 10 minutes, which means that transactions can take a significant amount of time to be confirmed. This delay can be frustrating for users who expect fast and instant transactions, especially when compared to traditional payment methods like credit cards.

High Fees

Bitcoin users also face the issue of high transaction fees. When the network is congested, miners prioritize transactions with higher fees, as they are more profitable to include in a block. This leads to a bidding war among users, driving up the average transaction fees.

The Need for Layer 2 Solutions

To address these scalability challenges, developers have been working on various solutions. One promising approach is the development of Layer 2 solutions. Layer 2 refers to a secondary framework that is built on top of an existing blockchain (in this case, Bitcoin), enabling faster and cheaper transactions without compromising the security and decentralization of the base layer.

Layer 2 solutions aim to offload some of the transaction processing from the main Bitcoin blockchain, reducing congestion and fees while maintaining the same level of security.

This is where Merlin Chain comes in. As a Layer 2 solution designed specifically for Bitcoin, Merlin Chain leverages advanced technologies to provide fast, low-cost transactions while benefiting from the security and immutability of the Bitcoin blockchain.

What is Merlin Chain?

Merlin Chain is a Layer 2 solution designed to enhance the capabilities of the Bitcoin blockchain. It is built on top of Bitcoin, leveraging the security and immutability of the base layer while offering faster, cheaper, and more efficient transactions.

• Bitcoin-native: Merlin Chain is designed to work seamlessly with Bitcoin, focusing on improving the functionality and usability of the Bitcoin ecosystem.
• Layer 2 scaling: By operating as a Layer 2 solution, Merlin Chain helps alleviate the scalability issues faced by the Bitcoin blockchain, such as slow transaction speeds and high fees.
• Empowering Bitcoin’s potential: Merlin Chain aims to unlock the full potential of Bitcoin by enabling the creation and use of native assets, protocols, and products within the Bitcoin ecosystem.
• Decentralization: Merlin Chain maintains the decentralized nature of Bitcoin, ensuring that no single entity has control over the network.
• Security: By leveraging Bitcoin’s underlying security, Merlin Chain offers a secure environment for transactions and asset storage.

Merlin Chain’s mission is to “Make Bitcoin Fun Again” by providing a platform that is accessible, user-friendly, and enables the development of innovative applications and use cases.

How Merlin Chain Works

Merlin Chain employs a combination of technologies to enhance the performance and functionality of the Bitcoin blockchain…

1. ZK-Rollup Network

• Zero-Knowledge Rollups (ZK-Rollups) are a Layer 2 scaling solution that helps reduce the amount of data stored on the main Bitcoin blockchain.
• ZK-Rollups work by bundling multiple transactions together off-chain and generating a cryptographic proof, known as a SNARK (Succinct Non-Interactive Argument of Knowledge).
• This proof is then submitted to the main Bitcoin blockchain, verifying the validity of all transactions within the rollup without revealing the specific details of each transaction.
• By reducing the data size, ZK-Rollups help minimize transaction costs and improve scalability while maintaining the security and integrity of the Bitcoin network.

2. Decentralized Oracle Network

• Oracles are entities that provide external data to blockchain networks, enabling smart contracts to interact with real-world information.
• Merlin Chain utilizes a decentralized oracle network to ensure the reliability and trustworthiness of the data fed into the system.
• The decentralized nature of the oracle network prevents any single point of failure and ensures that the data provided is accurate and tamper-proof.
• This allows Merlin Chain to securely integrate real-world data into its ecosystem, enabling a wide range of applications and use cases.

3. Data Availability

• Data availability is crucial for the proper functioning of any blockchain network, as it ensures that all participants have access to the necessary information to validate transactions.
• Merlin Chain prioritizes data availability by ensuring that all transaction data is readily accessible to network participants.
• By maintaining high data availability, Merlin Chain enables faster transaction confirmations and reduces the risk of network congestion.

4. On-chain BTC Fraud Proof Modules

• Fraud proofs are a mechanism that allows network participants to challenge the validity of transactions and prevent malicious actors from compromising the system.
• Merlin Chain incorporates on-chain BTC fraud proof modules, which enable users to submit evidence of fraudulent activity directly to the Bitcoin blockchain.
• If a fraudulent transaction is detected, the fraud proof module will alert the network, and the offending transaction will be rejected.
• This additional layer of security helps maintain the integrity of the Merlin Chain network and protects users from potential fraud.

By combining these technologies, Merlin Chain creates a fast, secure, and scalable Layer 2 solution that enhances the capabilities of the Bitcoin blockchain.

Find out more about Merlin Chain in their official docs.

The MERL Token

Merlin Chain has its own native cryptocurrency called the MERL token, which plays a vital role in the ecosystem.

The MERL token is designed to facilitate various functions within the Merlin Chain network, providing users with a means of interaction and participation.

1. Governance

• MERL token holders have the right to participate in the governance of the Merlin Chain network.
• They can vote on important decisions, such as protocol upgrades, parameter changes, and resource allocation.
• This decentralized governance model ensures that the network remains community-driven and aligned with the interests of its users.

2. Staking

• MERL tokens can be staked by users to support the security and operation of the Merlin Chain network.
• By staking their tokens, users can earn rewards in the form of additional MERL tokens, creating an incentive for long-term holding and participation.
• Staking helps to ensure the stability and reliability of the network, as it encourages users to act in the best interests of the ecosystem.

3. Network Fees

• MERL tokens are used to pay for transaction fees on the Merlin Chain network.
• When users want to execute a transaction or interact with a smart contract, they must pay a small fee in MERL tokens.
• These fees help to prevent spam and ensure that the network remains sustainable and secure.

4. Liquidity and Collateral

• MERL tokens can be used as liquidity and collateral within the Merlin Chain ecosystem.
• They can be paired with other assets to create liquidity pools on decentralized exchanges, enabling users to trade efficiently and with minimal slippage.
• MERL tokens can also be used as collateral for lending and borrowing protocols, allowing users to access financial services without relying on traditional institutions.

MERL Token Distribution and Supply

• The total supply of MERL tokens is 2,100,000,000.
• The distribution of MERL tokens is designed to be fair and decentralized, with a significant portion allocated to the community through various mechanisms such as staking rewards, liquidity mining, and ecosystem grants.
• A portion of the MERL token supply is also allocated to the development team and early investors to support the long-term growth and sustainability of the project.

The MERL token is an essential component of the Merlin Chain ecosystem, providing a means of participation, incentivization, and value transfer. By aligning the interests of users, developers, and stakeholders, the MERL token helps to create a sustainable ecosystem.

Conclusion

Merlin Chain represents a step forward in the evolution of the Bitcoin ecosystem. By providing a Layer 2 solution that addresses the scalability, efficiency, and cost challenges faced by the Bitcoin network, Merlin Chain unlocks new possibilities for users, developers, and businesses alike.

Through its use of ZK-Rollups, decentralized oracles, data availability, and fraud proof modules, Merlin Chain creates a fast, secure, and functional environment for Bitcoin-native assets, protocols, and products.

This technological foundation enables Merlin Chain to process transactions quickly and cheaply while maintaining the security and decentralization that make Bitcoin so valuable.

As the demand for scalable, efficient, and user-friendly blockchain solutions continues to grow, Merlin Chain is well-positioned to play a leading role in the future of the Bitcoin ecosystem.

Its focus on empowering Bitcoin’s native capabilities, rather than simply replicating those of other blockchains, sets it apart from many other Layer 2 solutions and underscores its commitment to the strengths and values of the Bitcoin network.

The post What is Merlin Chain? Complete Guide to The Bitcoin Layer 2 Protocol appeared first on Blockonomi.

You’ve got this great idea for a new protocol, exchange, NFT project, or product in the Web3 space. You gather an awesome development team. You architect a system with security front of mind. You launch tentatively into the cryptoverse…and are met with, well, skepticism.

It’s hard out there for an upstart crypto founder! But at this point who could blame the users. With stories of hacking, rug pulls, and other mainstream scandals popping up by the day, people in the crypto space and beyond have become very wary of new projects – and who could blame them?

So how do you get your project to stand out from the pack and appear legit and trustworthy? This article will explore a few tried and tested methods for doing just that. Let’s dive in.

Get the Word Out Through Press Releases

By this point, most people are familiar with the typical crypto marketing tactics that businesses employ. We’re talking about the hype building strategies across social media and forums that are intended to shill tokenomics and encourage speculation. But people can quickly see through these cheap efforts these days.

Instead, when big events or milestones occur in your business – let’s say you launch your testnet, get that funding round closed, or your first flagship product ships – it calls for something more than low effort hype building – a well-crafted press release.

Crypto newswire services can help you spread your messages far and wide by putting your newsworthy content in reach of some of the top journalists across the Web3 space.

Getting published across leading publications such as Blockonomi, CoinDesk and CoinTelegraph will go a very long way towards building trust and credibility.

Not only does this act as a seal of approval from the journalist and publications that cover your story, but it also increases brand awareness and that ever-important social proof that you need to establish legitimacy.

Lock Down Your Security

You already know that operating in the crypto universe demands security above all else. One vulnerability and one exploit can spell disaster for a project, especially those that are in their early days. Yet, there are still an alarming number of projects that skimp on the basic safety procedures and ignore the fundamentals so that they can reallocate resources elsewhere.

To help put users and investors’ minds at ease, you need to run your protocol, exchange, or whichever product it is that you are offering through rigorous penetration testing.

On top of this, you can hire reputable auditing firms within the crypto space to help uncover holes in your code and discover any flaws in your architecture. If any gaps are discovered, you need to plug them immediately.

At the same time, it will never hurt to share the results or summaries of your audit findings so that you can reassure everyone that you’re taking these vulnerability precautions seriously. This is the best way to demonstrate your commitment to the safety and security of your users and their data.

Keep Your Promises and Establish a Track Record

In the blockchain world, you don’t have to look too far to find the project that is continually over promising and under delivering. If you are a user, investor, or simply a fan of a project, there is nothing more frustrating than to see this happen time and time again.

For example, let’s say that some slick team rolls out a product roadmap with quarterly deliverable targets. Awesome. The only issue is they totally blew the deadline for a promised feature launch by months. Not awesome. Nothing erodes community faith faster than these unmet expectations and broken delivery timetables.

Yes, you may have valid delays, but transparency is key. Keep users in the loop with clear roadmap update posts. Share what milestones you do accomplish on time as proof-of-work for your execution capabilities. There will always be hiccups, but consistent reliability builds bonds between builders and users.

Talk With Your Community

By now, most founders know the importance of community building. There are coins out there with minimal innovation and almost zero new tech, but they find themselves prompted up by staunch believers and an incredibly engaged community of supporters.

With that said, a lot of crypto businesses put in the hard work building a community, only to neglect it and forget to nurture it as time goes on.

The thing is, the people that make up your community are human beings. They need to feel as though they’re always kept in the loop, that they are respected, and that they are continuously engaged with what’s going on around the project. As such, don’t just shill announcements to your community – get them involved.

Host AMAs for product questions. Jump into Discord conversations. Run polls on feature priorities. Provide feedback mechanisms like email forms. Opening channels for dialogue that go beyond hype broadcasts makes people feel valued, giving them “skin in the game”.

Don’t forget, even responsiveness to criticism is huge for trust-building. No one expects you to be omniscient, but showing you listen and care cements loyalty just as much as anything else.

Share Who’s On Your Team

A lot of the time, crypto projects can seem like faceless organizations. While decentralization and anonymity are part of the culture, people ideally want to see who the humans are behind the projects they invest in.

With this in mind, don’t keep your team hidden behind the curtain. Feature bios of your founders, core dev team members, and advisors on your website. Let visitors get to know the brains behind the operation.

Highlight any past achievements, relevant expertise, and credentials. Getting splashed by the reflected glory of ace engineers or business geniuses on your team inspires confidence in what you can accomplish, and it helps to build that all important credibility. Having well-known crypto advisors and investors lending their brand also boosts credibility. Let folks know about the VIPs betting on your success!

Final Word

Never pass up a chance to reinforce reliability through promotions done right, airtight security, roadmap accountability, responsive user interactions, and by showcasing the stellar talent you have on your team. At each stage of your journey, operate with radical transparency to build public confidence over time.

Adopt that community-centric commitment, even if you’re still a small fish in a big pond. The idea is to plant the seeds with early supporters that will eventually blossom into reciprocal success as you grow.

The post Building Trust in Crypto: How to Establish Your Project as a Reliable Source appeared first on Blockonomi.

If you’re a crypto business owner, this presents a big opportunity for you to get your name out there and attract some new users. But to do so, you’re going to have to find a way to stand out from the crowd. When there’s so much noise and activity happening in the space, how do you make sure your voice gets heard?

Well, you’re going to need a thoughtful marketing plan that employs different strategies to capture attention amongst your key audiences. You need expert level crypto branding that positions you as a market leader and showcases why your project is worth getting excited about. Stuck for ideas on how to do that? That guide will bring you a few different marketing strategies that can help you ride the bull run with finesse.

Fueling the FOMO Fire

The fear of missing out, otherwise known as FOMO, has long been one of the most powerful psychological forces driving the crypto markets. For many people, they simply can’t stand the idea of missing out on the next hot thing or the next project that’s due to break out and achieve massive success. This is heightened during bull runs, when people are especially optimistic about the future.

Now this doesn’t mean that you have to manipulate or deliberately misguide your audience. Instead, savvy markets can harness this energy to create a genuine sense of excitement and urgency around their offerings.

Creating a Sense of Exclusivity

One thing you can do is to offer first supporters some rewards such as exclusive NFTs, sneak peeks at new features through private channels, or branded merch. It’s a nice way to show appreciation to supporters, and it also builds a tight-knit community that will make others want to join.

Showcasing Growth to Attract Newcomers

As you start seeing some progress, shout it out loud and proud all over your platforms. Share the details when you get listed on a new exchange, rollout new features, or just keep growing your community. Let your actual users share their own experiences too. When people catch wind that your project is going places, they’ll be itching to get in on the action.

Education as Empowerment: Onboarding the New Wave

As crypto piques curiosity during this bull run, meeting newcomers eager to learn with warmth and clarity is going to be vital. After all, crypto can be a daunting place for beginners, so marketing strategies that focus on educational content can help it seem less confusing and more accessible.

Demystifying Crypto for Newbies

Break down complex topics into digestible nuggets for the uninitiated. Use things like infographics, videos, and blog posts to explain blockchain, different currencies, basic investing terminology, and real-life applications in straightforward terms – minus the jargon and insider lingo. Make it relatable for everyone.

Building Trust through Transparency

Let’s face it, crypto still has a bad reputation for many people. With this in mind, you need to do everything you can to come across as sincere, transparent, open and honest. Share your  vision, roadmap, and team – and show how dedicated you are to your values and the communities you serve.

Creating a Supportive Learning Environment

Cultivate an open community where newcomers feel safe to ask questions and chat with knowledgeable members. AMAs, educational seminars, forums – these types of supportive spaces empower people to navigate crypto with growing confidence while connecting with veterans and experts excited to help them flourish.

Bridging the Gap: Partnerships Beyond the Blockchain

The only real difference when it comes to marketing in a bull run is that you’re likely going to be speaking to a lot of people who are unfamiliar with the technology and the space as a whole. They may not know who the established players are, and they may not be able to recognise the brands that crypto-natives have come to cherish over the years.

Thinking along these lines, one of the best ways that you can build trust quickly with new audiences is to strike up partnerships with traditional brands that non-crypto audiences are already familiar with. This is going to bring exposure and boost credibility in a big way.

The Power of Allying with Trusted Brands

If someone already perceives a mainstream brand to be trustworthy and they see your crypto project alongside it, they are automatically going to have more faith and trust from the get-go. This “seal of approval” style of marketing is far from a new concept, but it is especially useful for crypto brands attempting to win over traditional Web2 audiences during a bull run.

Finding Synergistic Collaborations

When looking beyond the crypto space for partnerships, try and look for a company that holds similar values to your own. That way the collaboration will feel authentic and not forced. The goal is to find win-win scenarios that provide value to both partners and excite their respective audiences. This helps open doors to a like minded audience that will be more likely to consider trying out your product or service.

Final Word

Making the most of the crypto bull run means having a thoughtful, multi-layered marketing strategy. You need to think about how to get your key target audiences excited and also showcase why your project should be seen as an industry leader.

Tactics that tap into FOMO, like highlighting exclusivity or rapid growth, can work well. But it’s also crucial you make newcomers feel welcome by teaching the basics and building an open, trustworthy image.

If people see crypto as confusing and high-risk, they’ll likely be turned off. The goal is to attract not just crypto die-hards, but a wider marketplace of users who will stick around for the long term. So craft messaging that speaks to both audiences by balancing that insider feel with an accessible, educational tone. Do this, and you’ll put yourself in a great position to ride the next big bull wave.

The post Capitalizing On Crypto Bull Runs: Marketing Strategies to Fuel Your Success appeared first on Blockonomi.