Karina Altaevna

Wasabi Wallet

Wasabi Wallet is an open-source, non-custodial, privacy-focused Bitcoin wallet for Desktop, that implements trustless CoinJoin. The CoinJoin coordinator (run by zkSNACKs Ltd., the company that is sponsoring the development of Wasabi) cannot steal from, nor breach the privacy of the participants.

The package includes built-in Tor and, by default, all traffic between the clients and the server goes through it, so IP addresses are hidden and privacy of the users is respected. Under normal conditions, Wasabi Wallet never leaves Tor onion network and it never uses Tor exit relays, significantly decreasing the network attack surface.

Wasabi also includes all standard privacy tech like a Hierarchical Deterministic wallet and address reuse avoidance, as well as mandatory coin control and labeling. The wallet uses BIP-158 Client-side block filtering to obtain its own transaction history in a private way and it has a one-click partial full node integration as it ships with Bitcoin Knots. If the user already has a Bitcoin full node on a local or remote device, then it is possible to specify the IP address and port, or the Tor onion service, and Wasabi will use it to verify and enforce rules of Bitcoin.

In addition to this, it has advanced cutting-edges features like:

Opt-in PayJoin

Dust attack protections

Custom change address

Anti wallet fingerprinting

Wasabi also has a complete and detailed documentation containing explanations on the architecture of the program, on its functioning and tutorials on how to use it.

Contents

1 Wasabi Wallet installation

2 Run Wasabi Wallet

3 Send and Receive bitcoin via Wasabi Wallet

4 CoinJoin via Wasabi Wallet

Wasabi Wallet installation

WasabiWallet.io homepage

Wasabi Wallet is easy to install. First, you have to go to https://wasabiwallet.io or http://wasabiukrxmkdgve5kynjztuovbg43uxcbcxn6y2okcrsg7gb6jdmbad.onion (for the onion service) and download the version for your own operating system. Wasabi is available in most operative systems with 64-bit architecture.

The officially supported OS are Linux, Windows and macOS, for the complete compatibility list you check the Wasabi Compatibility document. It is also possible to manually verify the PGP signatures and the deterministic builds.

For a step-by-step tutorial on the installation and PGP verification, you can follow the relevant chapter in the documentation.

Once the software is installed, icons will be created on the desktop and on the menu, you can click on them to open the program. If you have downloaded the .tar.gz version, then first extract it and then run the ./wassabee command.

Run Wasabi Wallet

When you run Wasabi for the first time, you will be proposed to generate a new wallet. Choose a unique name for the wallet so that you remember what it is about. Next choose a very secure password, as this encrypts the secrets and protects your wallet. You will always need the password in order to spend your bitcoins or do CoinJoins, so remember to back it up properly. At worst, Wasabi has a Password Finder tool, designed for helping those who made a mistake typing the password during the wallet creation process. The Password Finder will try to find the password that decrypts the encrypted secret key stored in a given wallet file.

After that, Wasabi will show your 12 recovery words. Remember to backup those (together with the password), as they are needed to recover your wallet in the future.

Send and Receive bitcoin via Wasabi Wallet

As explained above, Wasabi has mandatory coin control and labeling. This means that, in order to send bitcoin, you have to manually choose UTXO specify a custom Known by label which will allow you to always have under control which entities you transact with and which addresses in your possession they are aware of.

The same applies to receiving bitcoin. First, you need to generate an address in the Receive tab and label it with the names of any observers who know that this address is yours. For example, if Alice pays you back for last nights pizza, then the label is Alice. This is one of the most important features in Wasabi Wallet and it will help in managing better your privacy.

CoinJoin via Wasabi Wallet

Wasabi CoinJoin tab

CoinJoins are probably the most important feature of Wasabi. Thanks to Schnorr blind signatures, (which is similar to the cryptography used in chaumian blind signatures and blinded bearer certificates) it is possible to run trustless (meaning nobody can steal) and private (meaning even the coordinator cannot spy) CoinJoins where anyone does not learn the linkage between the mixed transaction inputs and outputs.

Thanks to the technologies behind Wasabi, it is therefore possible make CoinJoin between Wasabi users without any liquidity provider middlemen. Users' wallets connect to a server which coordinates the CoinJoin, that is run by the zkSNACKs Ltd. company. The company sponsors the development of Wasabi Wallet and makes its income by taking a fee (0.003% * anonymity set) from each CoinJoin transaction. The anonymity set is essentially the size of the group you are coinjoining in. If 3 people take part in a CoinJoin (with equal size inputs) and there are 3 outputs then each of those output coins has an anonymity set of 3.

Wasabi allows you to make CoinJoins up to 100 peers. This means that a maximum of 100 anonsets can be earned per CoinJoin round. Of course, you can do multiple rounds, greatly increasing your total anonset (and, consequently, your privacy).

eToro is a brokerage firm which allows their users to trade on a variety of instruments including forex, stocks, cryptocurrencies and more. It features an online investment platform so traders can access a full range of asset classes.

It was founded in 2007 and since then, it has diversified and has been providing financial and copy trading services to millions of users worldwide.

Note: The content below discusses everything about this broker based facts and its features. If you're looking for an eToro review then be sure to check out our separate article which is based on the actual tests that were done by our traders. But if you're looking to know more about eToro in detail then you may continue reading below.

Traders

eToro has over 27 million users in more than 140 countries and millions of trades are executed on average each month.

Their online investment network is comprised of users with varying skills, experiences and market preferences. Those who have the knowledge in the financial markets can be part of their Popular Investor program so their profiles can be followed and their positions can be copied by other eToro traders.

Account

The entire process of opening an account will only take a few minutes and can be done straight from their website or via their mobile apps for Android and iOS devices.

The digital registration form will require a username, email address and password but they also allow registrations via Facebook, Google or Apple ID.

Accounts have different club tiers (Bronze, Silver, Gold, Platinum, Platinum Plus and Diamond) and this will be based on the realized equity and not the amount deposited.

When it comes to account types, they offer the standard live account, the free demo account and Islamic accounts.

eToro account settings can be accessed by clicking on Settings from the menu and then Account via the web-based platform or the app.

Demo Account

All registered members can use the demo account to practice their trading skills or explore the platform without risking real money.

To begin with:

The demo account is labelled as "Virtual Portfolio" and this already comes with free $100,000 virtual money.

Since the account is in virtual mode, users can experience the live trading environment and see real-time market prices of stocks, forex, commodities, indices and other instruments with no risks.

How can you actually use this?

If you are a beginner, you can use this feature for testing the interface or learning how to trade via this broker.

On the other hand, if you are an experienced trader, you can take advantage of the demo to improve your skills or experiment on different strategies.

It is important to remember:

Using the eToro demo account will not generate any real profits or losses. You will need to switch to the "Real Portfolio" or live account in order to trade real money.

Islamic Account

As a special service for Muslim traders, an Islamic or swap-free account is available for those who strictly the follow the teachings of Quran that are related to finance restrictions.

Under this halal account, any trades that have been left open overnight or for more than 24 hours are not going to be charged with weekend commissions or rollover fees so for the entire duration of the contract, technically, there is no "Riba" in any form.

A real account with a minimum first time deposit of $1000 is required before you can request for the eToro Islamic account from their customer service team.

Logging In

Logging in to eToro requires an existing account with this online brokerage firm.

Clients that have an active account will have the following login credentials:

1. Username or email address
2. Password

These are the two essential details that users will need to provide in order to sign-in to their eToro accounts.

Other sign-in options are also available and this can be done via the following:

• Apple
• Facebook
• Google

Here's the deal:

These methods can only be used if the account was linked or associated with any of these external services.

For any questions or information about signing in to this broker then be sure to check out this detailed article that covers everything about eToro login concerns, common issues and the possible solutions.

The main page of the eToro app/platform provides access to most commands and menu options including the following:

• Watchlist
• Portfolio
• Discover
• Withdraw Funds
• Settings
• Help
• Logout
• Deposit Funds
• Switch to Virtual

The eToro app has a uniform interface across all of their platforms so it basically looks the same on a desktop, laptop, tablet or smartphone. The only difference is the screen size since this will be dependent on the device that you are using.

Aside from the numerous eToro reviews that are available online which are mostly positive, the company being regulated is among the primary factors why they have a good reputation. They comply with specific regulatory framework and these guidelines are different per financial authority. This basically means that the available services, products and coverage may differ according to the operating entity that you are dealing with.

To find out which specific eToro regulation your trading account is under, this can be determined via the Terms and Conditions that you agreed upon during the registration process or by simply accessing your profile settings.

A layer-1 network is another name for a base blockchain. BNB Smart Chain (BNB), Ethereum (ETH), Bitcoin (BTC), and Solana are all layer-1 protocols. We refer to them as layer-1 because these are the main networks within their ecosystem. In contrast to layer-1, we have off-chains and other layer-2 solutions that are built on top of the main chains.

In other words, a protocol is layer 1 when it processes and finalizes transactions on its own blockchain. They also have their own native token, used to pay for transaction fees.

Layer 1 scaling

A common problem with layer-1 networks is their inability to scale. Bitcoin and other big blockchains have been struggling to process transactions in times of increased demand. Bitcoin uses the Proof of Work (PoW) consensus mechanism, which requires a lot of computational resources.

While PoW ensures decentralization and security, PoW networks also tend to slow down when the volume of transactions is too high. This increases transaction confirmation times and makes fees more expensive.

Blockchain developers have been working on scalability solutions for many years, but there is still a lot of discussion going on regarding the best alternatives. For layer-1 scaling, some options include:

1. Increasing block size, allowing more transactions to be processed in each block.

2. Changing the consensus mechanism used, such as with the upcoming Ethereum 2.0 update.

3. Implementing sharding. A form of database partitioning.

Layer 1 improvements require significant work to implement. In many cases, not all the network users will agree to the change. This can lead to community splits or even a hard fork, as happened with Bitcoin and Bitcoin Cash in 2017.

SegWit

One example of a layer-1 solution for scaling is Bitcoin's SegWit (segregated witness). This increased Bitcoin's throughput by changing the way block data is organized (digital signatures are no longer part of the transaction input). The change freed up more space for transactions per block without affecting the network's security. SegWit was implemented via a backward-compatible soft fork. This means that even the Bitcoin nodes that are not yet updated to include SegWit are still able to process transactions.

What is layer-1 sharding?

Sharding is a popular layer-1 scaling solution used to increase transaction throughput. The technique is a form of database partitioning that can be applied to blockchain distributed ledgers. A network and its nodes are divided into different shards to spread the workload and improve transaction speed. Each shard manages a subset of the whole network's activity, meaning it has its own transactions, nodes, and separate blocks.

With sharding, there is no need for each node to maintain a full copy of the entire blockchain. Instead, each node reports back the work completed to the main chain to share the state of their local data, including addresses’ balance and other key metrics.

Layer 1 vs. Layer 2

When it comes to improvements, not everything is solvable on layer 1. Due to technological constraints, certain changes are difficult or almost impossible to do on the main blockchain network. Ethereum, for example, is upgrading to Proof of Stake (PoS), but this process has taken years to develop.

Some use-cases simply cannot work with layer 1 due to scalability issues. A blockchain game could not realistically use the Bitcoin network due to the lengthy transaction times. However, the game may still want to use layer 1's security and decentralization. The best option is to build on top of the network with a layer-2 solution.

Lightning Network

Layer-2 solutions build on layer 1 and rely on it to finalize its transactions. One famous example is the Lightning Network. The Bitcoin network under heavy traffic can take hours to process transactions. The Lightning Network lets users make speedy payments with their Bitcoin off the main chain, and the final balance is reported back to the main chain later. This essentially bundles everyone's transactions into one final record, saving time and resources.

Layer 1 blockchain examples

Now that we know what layer 1 is, let's look at some examples. There's a huge variety of layer-1 blockchains, and many support unique use cases. It's not all Bitcoin and Ethereum, and each network has different solutions to the blockchain technology trilemma of decentralization, security, and scalability.

Elrond

Elrond is a layer-1 network founded in 2018 that uses sharding to improve its performance and scalability. The Elrond blockchain can process over 100,000 transactions per second (TPS). Its two unique main features are its Secure Proof of Stake (SPoS) consensus protocol and Adaptive State Sharding.

Adaptive State Sharding happens via shard splits and merges as the network loses or gains users. The network's whole architecture is sharded, including its state and transactions. Validators also move between shards, reducing the chance of a malicious takeover of a shard.

Elrond's native token EGLD is used for transaction fees, deploying DApps, and rewarding users that participate in the network's validation mechanism. Also, the Elrond network is certified Carbon Negative, as it offsets more CO2 than its PoS mechanism is accountable for.

Harmony

Harmony is an Effective Proof of Stake (EPoS), layer-1 network with sharding support. The blockchain's mainnet has four shards, each creating and verifying new blocks in parallel. A shard can do this at its own speed, meaning they can all have different block heights.

Harmony currently uses a "Cross-Chain Finance" strategy to attract developers and users. Trustless bridges to Ethereum (ETH) and Bitcoin play a key role, allowing users to exchange their tokens without the usual custodial risks seen with bridges. Harmony’s main vision for scaling Web3 relies on Decentralized Autonomous Organizations (DAOs) and zero-knowledge proofs.

The future of DeFi (Decentralized Finance) seems set on multi-chain and cross-chain opportunities, making Harmony's bridging services attractive to users. NFT infrastructure, DAO tooling, and inter-protocol bridges are the major areas of focus.

Its native token, ONE, is used to pay network transaction fees. It can also be staked to participate in Harmony's consensus mechanism and governance. This provides successful validators with block rewards and transaction fees.

Celo

Celo is a layer 1 network forked from Go Ethereum (Geth) in 2017. It has, however, made some significant changes, including implementing PoS and a unique address system. The Celo Web3 ecosystem includes DeFi, NFTs, and payment solutions, with more than 100 million transactions confirmed. On Celo, anyone can use a phone number or email address as a public key. The blockchain is easily run with standard computers and doesn't require special hardware.

Celo’s main token is CELO, a standard utility token for transactions, security, and rewards. The Celo network also has cUSD, cEUR, and cREAL as stablecoins. These are generated by users, and their pegs are maintained by a mechanism similar to MakerDAO’s DAI. Also, transactions made with Celo stablecoins can be paid with any other Celo asset.

CELO’s address system and stablecoin aim to make crypto more accessible and improve adoption. The volatility of the crypto market and difficulty for newcomers can be discouraging to many.

THORChain

THORChain is a cross-chain permissionless decentralized exchange (DEX). It’s a layer-1 network built using the Cosmos SDK. It also uses the Tendermint consensus mechanism for validating transactions. The main goal of THORChain is to allow for decentralized cross-chain liquidity without the need to peg or wrap assets. For multi-chain investors, pegging and wrapping add additional risk to the process.

In effect, THORChain acts as a vault manager that monitors deposits and withdrawals. This helps create decentralized liquidity and removes centralized intermediaries. RUNE is THORChain's native token, used for paying transaction fees and also in governance, security, and validation.

THORChain's Automated Market Maker (AMM) model uses RUNE acting as the base pair, meaning you can swap RUNE for any other supported asset. In a way, the project works like a cross-chain Uniswap, with RUNE being a settlement and security asset for liquidity pools.

Kava

Kava is a layer-1 blockchain that combines the speed and interoperability of Cosmos with the developer support of Ethereum. Using a “co-chain” architecture, the Kava Network features a distinct blockchain for both the EVM and Cosmos SDK development environments. Coupled with IBC support on the Cosmos co-chain, this enables developers to deploy decentralized applications that interoperate seamlessly between the Cosmos and Ethereum ecosystems.

Kava uses the Tendermint PoS consensus mechanism, providing powerful scalability to the applications on the EVM co-chain. Funded by the KavaDAO, the Kava Network also features open, on-chain developer incentives designed to reward the top 100 projects on each co-chain based on usage.

Kava has a native utility and governance token, KAVA, and a US-dollar pegged stablecoin, USDX. KAVA is used to pay for transaction fees and is staked by validators to generate network consensus. Users can delegate their staked KAVA to validators to earn a share of KAVA emissions. Stakers and validators can also vote on governance proposals that dictate the parameters of the network.

IoTeX

IoTeX is a layer 1 network founded in 2017 with a focus on combining blockchain with the Internet of Things. This gives users control over the data their devices generate, allowing for “machine-backed DApps, assets, and services”. Your personal information has value and managing it via blockchain guarantees secure ownership.

IoTeX’s combination of hardware and software provides a new solution for people to control their privacy and data without sacrificing user experience. The system that enables users to earn digital assets from their real-world data is called MachineFi.

IoTeX released two notable hardware products known as Ucam and Pebble Tracker. Ucam is an advanced home security camera that allows users to monitor their homes from anywhere and with complete privacy. Pebble Tracker is a smart GPS with 4G support and track-and-trace capabilities. It not only tracks GPS data, but also environmental data in real time, including temperature, humidity, and air quality.

In terms of blockchain architecture, IoTeX has a number of layer 2 protocols built on top of it. The blockchain provides tools to create customized networks that use IoTeX for finalization. These chains can also interact with one another and share information via IoTeX. Developers can then easily create a new sub-chain to meet the specific needs of their IoT device. IoTeX’s coin, IOTX, is used for transaction fees, staking, governance, and network validation.

Closing thoughts

Today’s blockchain ecosystem has several layer-1 networks and layer-2 protocols. It’s easy to get confused, but as soon as you grasp the basic concepts, it becomes easier to understand the overall structure and architecture. This knowledge can be useful when studying new blockchain projects, especially when they focus on network interoperability and cross-chain solutions.

At its core, Poloniex is a digital asset exchange. It provides a platform for trading cryptocurrencies, non-fungible tokens, and crypto futures if your country allows access. However, it is slowly becoming more than an exchange, expanding its footprint in the digital space to become involved in the development of the metaverse and all things decentralized finance.

Learn more about Poloniex and how it is positioning itself to take a significant role in the digital future.

KEY TAKEAWAYS

Poloniex was one of the major cryptocurrency exchanges in the world at one time.

After being purchased by Circle in 2018 and spun out on its own in 2019, its trading volume declined significantly.

Poloniex shut down access to U.S.-based users in December 2019.

Poloniex has come under fire by regulators from the U.S. and Canada for illegal securities practices.

Understanding Poloniex

Poloniex is a cryptocurrency exchange that allows you to buy or sell digital assets, such as Bitcoin (BTC), Ethereum (ETH), TRON (TRX), and other altcoins. The exchange guarantees that users will experience safety and security while conducting transactions.

History of Poloniex

Poliniex has had a succesful but somewhat turbulent history. It was founded in 2013, then purchased by Circle, a digital asset and financial service company, in February 2018. In November 2019, Circle spun out Poloniex into a new company.1

The current Poloniex exchange is now owned by the entity Polo Digital Assets, Ltd., which is backed by an Asian investment agency. As part of the spin-out, Poloniex stopped supporting U.S.-based users, giving them until Dec. 15, 2019, to move their funds from the platform.

Poloniex offers trading in the cryptocurrency spot and futures markets, non-fungible tokens purchasing and trading, and buying or selling cryptocurrency.

In May of 2021, Poloniex was charged by the Ontario Securities Commission for violating Ontario securities law.2 In August of 2021, Poloniex settled charges with the U.S. Securities and Exchange Commission (SEC) that it was operating as an unregistered national exchange and offered products considered securities under the Howey test. Poloniex paid $10 million in fines to the SEC.3

In January 2022, Poloniex ceased all trading in Ontario, announcing that the territory had become a restricted jurisdiction.4 On March 9, 2022, the exchange began shutting down its margin and lending products as it worked to build a better trading experience for its users.5

How Is Poloniex Different From Coinbase?

Poloniex and Coinbase are both cryptocurrency exchanges. However, Coinbase is much larger based on market cap than Poloniex, with a $2.5 billion 24-hour trading volume. Poloniex has about $65 million in 24-hour trading volume.6

Coinbase is registered with the SEC to operate in the U.S., while Poloniex no longer does. Poloniex lists 16 cryptocurrencies, which is the main reason its trading volume is so much lower than Coinbase and many other exchanges.

Coinbase, on the other hand, lists 174 tradable cryptocurrencies—which is less than half of the coins trading on Binance.6 In other words, Poloniex is much smaller than many other popular exchanges. However, the exchange is setting goals other than just facilitating cryptocurrency trading.

Poloniex also offers ApeCoin perpetual futures trading. Perpetual futures are futures contracts without expiration dates.7

Goals of Poloniex

Poloniex strives to become one of the most used cryptocurrency exchanges and evolve into an agent of influence and change for the cryptocurrency and digital space. Banking on its experience and longevity in the cryptocurrency arena, Poloniex has positioned itself to act as a mentor and partner in the industry as well as an active exchange.8

For example, in May 2022, it announced a partnership with APENFT, a popular NFT marketplace. This partnership signifies the outlook Poloniex has on the future, which is to be a driving force behind the metaverse, cryptocurrency, GameFi, and NFTs.9

In March 2022, Poloniex partnered with the Fantom Foundation, a dApp-focused blockchain, to help it develop its highly scalable ecosystem that supports smart contracts. Additionally, the exchange began publishing its Polopedia, a "knowledge base for the crypto-verse" that aims to inform users and interested parties about everything from cryptocurrency basics to trading crypto using a candlestick chart.10

What Does the Future Look Like?

While cryptocurrencies are popular and there is a need to facilitate transactions, there is much more going on in the digital landscape than investing and trading. Companies that embrace emerging advancements using blockchain technology will be at the forefront of future developments across many industries.

Because cryptocurrency prices and popularity are uncertain, an exchange that assists or takes part in the development of digital advancements is much more likely to endure than one that only focuses on the money to be made by facilitating cryptocurrency trading. Poloniex appears to have realized this and is taking steps to remain relevant in a rapidly changing and volatile digital environment.

Is Poloniex Available in the US?

Poloniex is not available for consumers and investors located in the U.S.

Who Is the Owner of Poloniex?

Poloniex is owned by Polo Digital Assets, Ltd. and operates out of Eden Island, Seychelles.

Why Is Poloniex Shutting Down?

Poloniex is still operating and expanding, but it is no longer available to those in the U.S.

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

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Shiba Inu developer Shitoshi Kusama has announced a partnership with an Italian fast food restaurant called Welly's.

Welly's has already carried out a complete rebranding, making Shiba Inu its new mascot and adopting a new slogan referring to the anonymous creator of the coin-the Ryoshi meme. In addition, the menu and marketing strategy were adjusted.

Of course, the SHIB cryptocurrency will be accepted as a means of payment, another possible option may be a competing Dogecoin .

Kusama claims that the little-known restaurant is known for "extremely high-quality food." The restaurant will offer a variety of healthy food options:

Welly's is a burger joint, but we understand the importance of having vegetarian, vegan and "healthy" fast food options. After the opening of our flagship store, we will provide more opportunities to meet these needs.

Currently, there is only one point in Naples, but the team plans to go global, abandoning the idea of partnership with "huge centralized conglomerates."

The developers also put forward the idea of implementing food tracking on the blockchain using the yet-to-be-launched Shibarium Level 2 solution.

In fact, on the official Welly website it is now written in large letters:

"The first decentralized fast food company starting with NFT is moving to SHIB."

Shitoshi Kusama writes that the choice of this partnership is justified by the fact that they do not want to enter into partnership with huge centralized conglomerates that are known to sell harmful, bad and possibly poisonous food.

Welly, a shiba inu-style fast food restaurant

Therefore, they were looking for a team of restaurateurs ready to completely rename their brand to match the spirit and technology of SHIB.

Therefore, Welly's restaurant was chosen, offering vegetarian, vegan and healthy fast food.

Welly's has carried out a complete rebranding of its store, including a mascot, a menu and the creation of a new eco-friendly packaging.

Advantages of SHIB with Welly

As part of the Welly business model, the SHIB community can also participate in the opening of new stores by voting in Doggy Dao, shopping at NFT for exclusive benefits, or simply enjoying buying their products.

Shitoshi Kusama also promises that there will be new important news at the end of this month, considering this deal as a snack for upcoming announcements.