We're not here to reinvent the wheel. We're here to make it run smoother for you, and we provide some of the most useful services you'll find on the internet, made in a way that is easy to understand and use on a daily basis. In short, we're a bunch of people that claim to be Crypto Evangelists. We strongly believe in cryptocurrencies, and our main promise is to push them up so more people get involved and take all the advantages they offer.
Back in 2014, the world was taken by storm when Facebook approved the first cryptocurrencies tipping apps. The first was for Dogecoin, and the second was for multiple coins.More info about Blockchain Financial wallet on .
The project was hosted on whitepuma.net, and persisted for almost two years, built up a massive user community and gave a home to Bitcoin, Litecoin, Dogecoin and dozens of other bitcoin-based altcoins.
After very active months, the tipping hype started to fade away. Then, the developers decided to jump into the next stage: bringing not only tipping, but also mining and a widget that could be embedded on websites to allow everyone to accept payments. Sadly, the work was never completed because the project started to require an unsustainable amount of resources. Then, in a painful decision, a shutdown was announced by December 2015.
A couple of months after whitepuma.net was closed, the source code was released by its creator as Open Source on GitHub. But it wasn't maintained.
Now, some of the original members of the dev and admin teams gathered up with a handful of the WhitePuma's elite users, and decided to make something good with the best pieces of the old source code. That, with fresh new ideas and the power of the BardCanvas engine, synthesized the core of Blockchain Financial.
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The InziderX decentralized exchange based on wallet is possible because of two technologies that have recently proved their value. Atomic swap and the Lightning Network.
A decentralized platform based solely on user wallet (Dapp) that allows the exchange of assets between these wallets have an ingenious feature: the atomic swap between blockchain.
An atomic swap is the exchange between two digitals assets without the intervention of a third party.
Previously, in all situations of exchange between two parties, it was necessary to use the services of a third party to establish a relationship of trust between users. None of them wants to send their assets first without the assurance that the other party will fulfill its promise.
Since all users trust the third party in their task of transmitting funds between participants only if all conditions are met, they have no hesitation in trading on their exchange.
However, as discussed earlier, the latest hacks on centralized exchanges have eroded this trust to the point of being non-existent. Using these platforms is putting yourself in a hostage position.
The atomic swap avoids this situation with a process called “time hash lock contract”. This option is activated by basic functions written in the code of Bitcoin and most other altcoins.
In action, if Alice wants to sell 50 LTC for 1 BTC and Bob accepts the transaction, a transaction on each of the blockchains is processed. Bob sends 1 BTC into a mulsignatures address to Alice and Alice sends 50 LTC to Bob into a mulsignatures address.
However, the trick is that Alice can only claim 1 BTC if she reveals a secret code (hash). And it’s the same for Bob, so he can only access Alice’s 50 LTC if he reveals his secret code (hash). In the opposite case, each one recovers his assets after a short time (time-lock).
In this way, Alice and Bob can make a safe transaction between themselves without the intervention of a third party and without having to trust each other. Because even if the transactions are carried out on different blockchains, they are in fact interrelated by mutual conditions.
1-Alice generates a secret code (hash) and initiates the transaction by sending the LTC into a mulsignatures address that can not be claimed without the secret code.
2-Bob generates a secret code (hash) and initiates the transaction by sending the BTC into a mulsignatures address which can not be claimed without the secret code.
3-At this point, Alice can not claim the BTC and Bob can not claim the LTC.
4-In order to cash the BTC, Alice reveals her secret code (hash) and when Bob uses this code, automatically his hash is transmitted to Alice which releases the BTC.
The secret code (hash) is included in the output of a transaction and then requested in the input to release the funds.
The exchange is atomic because it only occurs if the two transactions are processed, otherwise the exchange is canceled.
This is what the atomic swap allows : an exchange without third parties where the parties do not have to trust each other to negotiate between them.
All they are missing is a market place to meet and make known their intention of exchange.
InizderX will be this agora.
Another advantage is the fact that it is possible to negotiate between them any digital assets listed on the exchange. So that users are not limited to the pairs usually listed.
For example, on a centralized exchange, if the pair BTC / ETH and XRP / BTC are listed, it is not certain that it’s possible to trade the ETH / XPR pair if the centralized exchange does not offer it.
On a decentralized exchange with atomic swap, it is possible to negotiate all the digital assets listed on the exchange between them.
Considering that the InziderX exchange intends to list the twenty digital assets with the most large caps, this makes 180 pairs of digital assets available for trading.
The Lightning Network is a two-way payment protocol that operates separately from the blockchain, in parallel.
This payment channel allows :
Instant payments on the blockchain without having to worry about block confirmation times.
Security is enforced by smart contracts without creating a blockchain transaction for individual payments.
Capable of millions to billions of transactions per second across the network.
Cheap transactions. By performing transactions separately from the blockchain (off-chain), the Lightning network allows exceptionally low fees, allowing instant micropayments.
The transfer between blockchains. Cross-atomic exchanges can occur off-line instantly with heterogeneous blockchains consensus rules.
As long as blockchains can support the same cryptographic hash function, it is possible to perform transactions on a blockchains without having to trust a third party.
With the functions CheckSequenceVerify (CSV), that blocks the assets for a specific number of blocks and the one of the secret hash, the cryptographic aspect, that atomic exchange, all this is possible.
The advantage of this technology for the InziderX exchange is the liquidity it provides.
The exchange InziderX proposes to create is a marketplace where all other exchanges can connect.
With BIP65 and BOLT, which standardizes the protocols used by network users, all this is possible and will be the reality of tomorrow.
In a way, there will only be one market left. A market connected to markets. Wallets will be just an exchange window to access them.
That’s the vision of InziderX!
Create a wallet that is by itself an exchange that is connected to all exchanges using the same protocols and create a “world order book”.
A relay that integrates the Lightning Network and allows everyone to participate and form a decentralized network of liquidity.
In this way, any liquidity provider, whether it’s another exchange or a private institution that has a market maker program, will be able to connect to our exchange.
The benefits for these liquidity providers are obvious : a new clientele.
The standardization of the protocols used by the users of the networks will allow this ingenious technological advance and will guarantee an unparalleled liquidity to our exchange.
InziderX will be in touch at the opening of its exchange with private liquidity providers and will offer them plans for reduced transaction fees for a defined period that can be renewed if
necessary. We will also establish relays with centralized exchanges whose volume is the largest.
Other network participants who want to connect to our exchange and use the same protocols will have the possibility to add their volume to the order book.
Market Maker Program
The InziderX exchange will establish from its launch a program that favors market makers.
Limit orders are orders that provide volume to the order book and will be processed with a reduced transaction fee. For example 0.1% instead of 0.02%.
These transaction fees will also be reduced according to the volume of transactions of the user.
Here is an example :
Volume in last 30 days
$ 0 and up 0.1%
$ 100,000 and up 0.08%
$ 250,000 and up 0.07%
$ 500,000 and up 0.06%
$ 1,000,000 and over 0.05%
$ 2,000,000 and over 0.04%
$ 5,000,000 and up 0.0175%
$ 7,000,000 and over 0.00%
Taking the example of the stock market where high-frequency traders receive a premium for placing orders, a portion of the transaction fees charged to all users will be redistributed through a reward program to traders who have the largest volume of transactions.
For example, an institution that maintains a volume of more than $ 10,000,000 of volume executed in the last 60 days will receive a return of 0.01% on placed orders.
This will be a strong motivation for liquidity providers to maintain a volume on our exchange.
Arbitrage is the purchase of an asset at a lower price on an exchange and the sale of the same asset at a higher price on another exchange.
Previously, in order to take advantage of these price differences between centralized exchanges, it was necessary to maintain a portfolio in each of those exchanges and to have twice the negotiated power.
For example, if the price of the BTC is $ 8000 on exchange A and $ 8,500 on exchange B, the trader buys 1BTC in his account on exchange A and sells 1 BTC in his account on exchange B in order to enjoy a gain of $ 500.
With the new technology and protocol standardization, it will be possible for a trader to buy on an exchange and instantly transfer it to another exchange for sale. You do not need to have twice the exchange value.
This will result in a terribly efficient marketplace with tight spreads and reduced slippage.
The InziderX exchange API with its clear and varied controls will automatically manage this type of trades. So that a negotiator will be able to automate all this process from predefined actions in his code and make an instant exchange between them.
The wallet is one of the important elements of a decentralized exchange because it is the tool on which the exchange is based.
It is also the first window that the novice user will have on the world of digital assets. It must be easy to use and intuitive in its design.
Beyond these considerations, it must include the basic and advanced options necessary to support the exchange.
- Send / receive / contact list
- Estimation and adjustment of transfer fees
- Segwit2 Technology
Account value history
A section will display the value of the account according to a given history. It will be possible to establish a chart by selecting the set of digital assets in the portfolio if not one or some. This will be handy for assessing which assets should be prioritized for diversification.
An interesting option in this portfolio is stacking. It allows you to make margin financing and thus make your funds work to accumulate a passive return. The funds are still safe in the wallet.
In addition to the “stacking” it will be possible to mine directly in the portfolio the digital asset INX that supports our exchange. A miner pool will be created and it will be possible to allocate a mining power from your computer to this task.
HD wallets Integration
With the latest advanced blockchain technology revolution such as atomic swap and Lightning Network, it is possible to perform instant transfers that are without risk for both parties.
It is therefore possible to integrate in our exchange other portfolios that use the same technologies. We are therefore studying the possibility of integrating portfolios such as LedgerNano S and Metamask into our exchange.
For those who know the security level of a Nano S key, this is another layer of security to our exchange. So in addition to being decentralized, the user can use a technology that prevents his private keys are held directly on his computer and rather in cold storage with air gap.
This wallet, which includes several modules, will be available in Native — Full node mode or in Electrum mode — light node version which does not oblige the user to download all the transaction history of the assets they wish to negotiate.
Instant and Untraceable Encrypted Message
The wallet includes an anonymous and untraceable encrypted email system based on the blockchain. Knowledge groups can be formed to share real-time insights into the price action of a particular asset.
https://inziderx.io/docs/InziderX.io-Economics.pdf — #InziderX #Exchange #ico
https://preview.redd.it/1p6lysgipsb11.png?width=1446&format=png&auto=webp&s=97da621d9612c8e941f9b7b71564416102762d0fsubmitted by InziderX to u/InziderX [link] [comments]
The purpose of this article is to expose the reasons, concepts and vision of the InziderX Exchange and how they take root in the same principle: autarky.
The ReasonsThe reasons the InziderX team is developing a decentralized exchange may be obvious to many, but not all. Initially, decentralized exchanges have the advantage of being protected against huge hacks as we have seen since 2014 — more than $ 1.2 billion all together.
Moreover, a true peer-to-peer system has the advantage of being anonym. There is no server so it can not be closed. There is no verification or restriction to transfer funds because it is initially a simple wallet.
These two factors are the main advantages of decentralized exchanges: security and anonymity.
There are some good examples of decentralized exchanges and the first question that comes to mind is why another one? Liquidity is an easy answer. As detailed in our whitepaper, a $ 200 spread on BTC / USD and a slippage of a 2% on entry is simply unacceptable for an active trader.
Filled with “ERC20 token created in 5 minutes” some exchange really don’t help by diluting an already thin volume.
Relying on someone else’s blockchain also have some risk when we look past hard fork. The centralization of the master nodes called witnesses is another factor of consideration.
There is currently no good decentralized trading option for active traders.
Even in centralized exchanges, where we can find liquidity, there are so many missing tools! All users of the trading platform on the Forex market will ask the same questions: why there is no complex order type (Entry + SL + TP) and why orders are aggregated at an average price?!
Even more when we talk about algorithm trading, it can not be covered in a short article.
InziderX Exchange seeks to fill these current gaps: security, liquidity, Forex Pro-Trading tools and API Algorithm.
The ConceptsThere are many concepts of “decentralized” exchange and all have advantages and disadvantages: some use limited master nodes or proof-of-stake instead of proof of work.
The main advantage of these two approaches is scaling. The disadvantages are the centralization of the consensual process and the supply necessary to secure the system.
Is there common ground ?! As often, this seems to be the answer.
But the juggling with master nodes, spread across several countries, still shows the weakness of this type of approach.
And some will say that only a proof-of-work system can secure a $ 800 billion market. It’s a strong affirmation worth consideration!
In addition, not everyone wants to transfer their funds into the exchange. “Another wallet and a private key ?!”
The InziderX trading concept is based on wallets. The point here is to have wallets communicate between blockchain — interoperability.
Most wallets are a modified version of Bitcoin Core wallet, a C ++ program. They mainly use request to trigger commands such as sending funds and securing transactions.
By making these wallets communicating via a hub that links them with a P2P system, it is possible to create a fully distributed exchange without centralization. Atomic swap securing transactions with multisigned addresses and the timelock / hash system.
This is the only way to achieve interoperability and avoid some sort of centralization.
Initially, InziderX will create a multi-currency wallet that will hold the assets traded on its exchange.
In a second step, it will allow the direct connection of the external wallets with complete or light node (ie: electrum). In this way, the multi-currency wallet will be convenient, but the standalone wallet will still be available if preferred.
This would also allow the use of physical wallets like Trezor, Leger Nano S or simply online wallet like Metamask.
Scaling is still a problem for the POW system. The 10-minutes confirmations are not well suited to active trading. Part of the process that does not involve a final settlement doesn’t need be on-chain and this is where the POS is a useful tool.
The Lightning Network is actually a kind of proof-of-stake system. The owner of the transactional channel must have the same asset value that he intends to transfer via his channel as security for the users.
The combination of these two technologies at different levels of importance in the transaction process is the path that InziderX Exchange intends to take.
The VisionThe vision of InziderX Exchange is about community. The community is the KEY.
This is why the independence of any external entity is avoided — no server, no master node for the final settlement, no dolly blockchain. It is about empowering the community by giving them a tool that is independent of any outside influence.
This model also has its advantages. Fully developed, it will allow the integration of any participant by shared protocols. Markets and technologies tend to consolidate around some ingenious ideas. BIP, BOLT and other acronym.
InziderX Exchange seeks to create a single market where participants can build a liquidity relay.
A world of markets, the world market.
ConclusionWhat about autarky? At all stages of the development of the exchange, autarky is a respected principle.
The reasons for this exchange is to release (!) hostages users of centralized exchange.
The concepts of our exchange, its technology also value the full independence of users.
The vision of InziderX Exchange, the creation of an agora where everyone can join and who does not depend on any external entity, gives power to users and communities.
For a watchful eye of today’s digital asset markets, it is clear that centralized exchanges, as long as they has been an useful option, are now somewhat the problem. InziderX Exchange is the solution.
Become an Inzider
Get you INX!
#InziderX #Exchange #ico https://inziderx.io/
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I am the CEO of InziderX and I intend in future articles to explain in detail the characteristics of our exchange by dividing the white paper into sections with comments.
I'm in pain accepting bitcoin payments through woocommerce, using your cool secure wallet.. I'd like to better understand what the recommended approach is, because merchant services are still recommending using Electrum and changing the gap limit. I imagine that's hard on Electrum servers, so if there's a better way, I'd like to know it. Increase gap limit: Electrum allows to set custom gap limit. Warning: This can break compatibility when you attempt to recover your funds; Manually send funds to fill gap limit: For this you can use tools like hd-wallet-address that will show you addresses according to derivation path. You can send small amount fund like 0.00001 BTC at location In the Electrum console window enter: wallet.storage.put('gap_limit',100) You can also edit the wallet file manually but above is the preferred method. Not sure if maybe you need to close and re-open the wallet. The gap limit is the lookahead window that Electrum uses when searching for transactions relevant to your wallet. If you changed the gap limit of your wallet before you may have to do it again. To change the gap limit go to view menu > show console, switch to console tab, type in the following and press enter: wallet.change_gap_limit( 50 The Gap Limit has been hidden from the UI as it was unnecessarily complicated for normal users, and it is not a good method for merchants. If you need to change the gap limit, enter this in the Console tab and restart the client (Tested with Electrum 3.0): wallet.change_gap_limit(10) wallet.storage.write()
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