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At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users.
Binance is a popular cryptocurrency exchange which was started in China but recently moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. While the company is still fairly new on the market ( it launched last year ), it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, professional attitude and friendly CEO and also due to its low trading fees.
In our review, we will attempt to outline everything that you must know about Binance, including how it works, the crypto pairs that you can exchange, trading fees/limits, security aspects, and customer support.
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How the Exchange Works Contents [Show]
Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be easy to use for complete beginners. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services.
The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history.
3Commas This is what the basic view looks like :
Binance Trading View
The Basic view is nicely designed and well laid out, all the information you need is clearly presented with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is presented on the right so you can quickly see what the latest trade prices were.
And this is what the advanced view looks like:
The advanced view uses a dark theme and makes the trading charts larger and the latest trade prices are displayed on the right with the buy sell boxes underneath.
Which you choose is a matter of preference really, I like the lighter colored basic view and find the layout a little easier to use.
Binance Signup & Login To use the exchange, users will first have to create an account. The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that.
Time for verification can vary depending on how busy the site support staff are, so make sure to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange.
Now, that this is out of the way, users can go ahead and fund their Binance account. While you can choose from a multitude of digital currencies, it is recommended that you stick with either BTC or ETH.
To fund your account visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency you wish to send, then click the “Deposit” button next to it which will then you give you the wallet address. You can then send your funds to this address to begin trading on the platform, depending on which currency you deposit it will take different times to show up as this is reliant on that currencies blockchain. Some currencies like Ethereum are faster than Bitcoin which can take a while.
Now that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens.
At this time, the platform can only be used to generate limit and market orders. This has been considered a disadvantage by some, as many expected trading options that would be more advanced. Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set.
How to Trade on Binance Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before. To get started, make sure you have deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT. Once you have your funds, at the top right menu, select “Exchange” > “Basic” or “Advanced” to load the trading screen. We will be using the Basic view.
Binance Trading View
On the right hand side, of the screen select a tab from BTC, ETH, BNB or USDT this is what you will be trading in. Then choose your desired currency from the list. You can also search here and you can create a favorites list by clicking the star next to any currencies.
Choose currency to buy
Once your desired currency has loaded, take note of the left-hand column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sale price.
Buy and Sell Prices
Now to place a buy order, use the center box underneath the graphs and you will see the buy box is in green on the right. You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have ( in this case BTC ).
Once your order is placed it will be show underneath in the “Open Orders” section until it is filled. At that point your new currency will be available under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice.
Supported Crypto Currencies Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.
Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road.
They currently offer trading pairs in BTC, BNB, ETH and USDT.
Binance ICO & BNB Coin Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
Binance BNB Coin
If you’d like to read more about the BNB Coin, check out our indepth guide.
Binance Fees & Limits At the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time.
Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals:
COIN CODE Fee Unit Binance Coin BNB 1 BNB Bitcoin BTC 0.001 BTC Ethereum ETH 0.01 ETH Litcoin LTC 0.01 LTC Neo NEO Free NEO Qtum QTUM 0.01 QTUM Status SNT 10 SNT Bancor BNT 1.2 BNT Eos EOS 0.7 EOS Bitcoin Cash BCC 0.0005 BCC Gas GAS Free GAS USDT USDT 50 USDT When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.
Binance Competitions A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. Some examples of competitions in the past include Waves and Tron. The waves competition gave away 20,000 Waves to Traders based on how many trades they have made of this currency.
The other competition for Tron (TRX) gave participants the chance to win a Maserati car, Mercedes Benz car, a Macbook Pro or a iPhone X. Again, the winners were the people with the highest trading volume of this currency.
The current rankings show that the person in first place had over 358 BTC volume in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter.
Is Binance Safe? While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture.
Update: In March 2018 Binance suffered a hacking attempt.
The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. They then struck, converting all the victims altcoins to BTC and purchasing Viacoin, pumping the coin to a huge price and then selling their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets. Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity.
As this hack was made possible by people entering their site logins and 2FA details into a fake website, you should always make sure you are on the correct Binance url before logging in. We recommend you bookmark the site and only use that to access it, never click links from emails, Twitter, Telegram etc.
This event has done a lot to instill confidence around Binance, not only did their automated processes catch the attempted hack before anyone lost any funds, they have since offered a $250,000 bounty to anyone who can help catch the hackers. Throughout this event, Binance acted exemplary and have been praised for their swift action in resolving this.
Binance Customer Support For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team.
Binance Customer Support
Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works.
It should be noted that customer support on Binance has been known to be slow to respond to customer requests. This is a familiar phenomenon with most of large exchanges and is due simply to the volume of users and amount of support staff. The exchanges have grown at an explosive rate this past year and the companies simply haven’t been able to keep up with demand. Binance grew fast especially, going from launch to the largest exchange on the planet in a few short months. Support staff for exchanges have to be carefully vetted and trained due to the technicalities and security requirements involved – unlike other traditional companies where staff can be trained quicker.
Some things to bare in mind are double-checking wallet addresses, make sure you are sending the correct cryptocurrency to it’s corresponding address on the site. Mixups with wallets are one of the biggest mistakes people make when using exchanges. Other things to note are, try a smaller test payment first if you plan to transfer large sums – it may cost you a little more in fees but will be worth it for peace of mind.
If you do need to contact support, make sure you provide them with enough information to be able to help you first time. Include wallet addresses, times of transactions and any other information you think they might need to help speed up the process.
The Move to Malta In March 2018, Japanese Newspaper Nikkei reported that Binance was trading in Japan and not following their official regulations. This caused some turbulence in the markets until Binance made an official announcement that they were going to be moving operations to the crypto-friendly island of Malta in Europe, stating :
After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.
This is good news for the company and they even received a warm welcome from the Prime Minister of Malta on Twitter. Binance also announced that they were in talks with Maltese banks with the goal of providing Fiat transactions, meaning they can offer an on-ramp for fiat to crypto transactions in future along with fiat trading pairs on the exchange.
More good news for Binance, it seems as their profile and reputation within the industry continues to grow.
Launching a Decentralized Exchange More recent news for Binance and what seems like good news BNB holders is the fact that they are planning to launch their own Decentralized Exchange ( DEX ):
“After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.”
The BNB digital asset, now an ERC-20 token, will migrate as the native token of that network and be used for paying the trading fees on the new exchange.
Launching a Decentralized Stock Exchange More good news recently for Binance is that they are partnering with Neufund to build the world’s first Decentralized Stock Exchange. Alongside the Malta Stock Exchange, they are aiming to create a regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets.
According to CapLinked, the market cap of equity tokens alone is projected to reach $1 trillion by 2020 and thanks to the partnership with MSX, a subsidiary of the Malta Stock Exchange and Binance, Neufund will become the first end-to-end primary issuance platform for security tokens, in particular, equity tokens. It will secure ways for secondary trading of equity tokens and enable companies around the world to fundraise on Blockchain in a legal way while offering much-needed liquidity.
This is more positive news for Binance as they aim to consolidate their position as the world’s number one Crypto Exchange.
Binance Jersey Launch – Now Supports Fiat to Crypto As of 16th January 2019, Binance has announced the launch of a new Fiat to Crypto exchange named “Binance Jersey“. The trading platform is live and active and allows you to trade in fiat currencies such as euros and pound sterling, with Europe being their target market.
We have now carried out a full review of Binance Jersey, so take a look for more indepth details about the new platform.
Visit Binance Jersey »
At the time of writing they are only offering four trading pairs with more to follow soon:
BTC / EUR BTC / GBP ETH / EUR ETH / GBP Supported Jurisdictions: Argentina Eswatini (formerly Swaziland) Latvia Romania Armenia Finland Liechtenstein Singapore Australia France Lithuania Slovakia Austria Germany Luxembourg Slovenia Azerbaijan Gibraltar Macau South Africa Belgium Greece Malta South Korea Brazil Hong Kong Mauritius Spain Bulgaria Hungary Mexico Sweden Canada Iceland Monaco Switzerland Chile Ireland Netherlands Turkey Croatia Israel New Zealand United Arab Emirates (UAE) Cyprus Italy Norway United Kingdom (UK) Czech Republic Jamaica Peru Uruguay Denmark Japan Poland Estonia Jersey Portugal Customers who wish to trade in the support fiat currencies will need to carry our KYC procedures by uploading their ID documents such as passport and driving license.
Wei Zhou, Binance’s CFO released this statement about the launch :
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption”.
If you are familiar with trading on Binance, then you will feel at home on their new exchange – it uses the same engine and the trading screen is laid out in the same fashion with the option to choose between Basic and Advanced views:
Binance Jersey Trading Screen
To fund your account in fiat, you will first need to complete the KYC process, once that is done you can then deposit funds directly from your bank account by linking it from the Deposits screen. You can also fund your account with BTC or Ethereum. Once you have your account setup and bank account linked, you can also withdraw funds in fiat currency – this is great news as Binance is now able to offer a way for investors to cash out their cryptocurrencies.
We have upgraded our review scores below and we feel this is a huge improvement to Binance’s Exchange offering, if they manage to roll this out to even more countries ( USA is currently excluded) it could be a game changer as people now have an extra, regulated fiat on and off ramp for their holdings.
Buying Bitcoin with Australian Dollars On March 20, 2019, Binance announced the launch of Binance Lite Australia, the continent’s first fiat gateway to the world of cryptocurrencies which provides a secure, reliable, and easy to use way to buy Bitcoin with cash in Australia.
The cash-to-Bitcoin brokerage service operates via a network of over 1,000 newsagents across Australia, and currently allows anyone to buy Bitcoin using Australian Dollars (AUD), and there are plans to include additional digital currencies and fiat purchasing options in the future.
Users must first undergo account verification on Binance Lite, and after being successfully verified, users can place online orders and deposit cash at their nearest newsagent, in order to receive their pre-ordered Bitcoin.
The Binance Lite brokerage service is operated by InvestbyBit, an independently operated subsidiary of the Binance.com cryptocurrency exchange. The service aims to simplify the process of purchasing cryptocurrencies and make digital assets such as Bitcoin readily accessible across Australia.
Fees A 2.5% transaction fee (50% discount applied) plus GST on the transaction fee for each purchase is currently being charged as an introductory rate. Therefore, for a $50 order, the transaction fee will be $1.22 and the GST will be 10% of the transaction fee, which is $0.12. Limits The system is currently in its Beta phase, and the minimum purchase amount has been lowered to $30 with the maximum purchase amount capped at $1000. These limits may change over time and only multiples of $10 are being accepted, such as orders for $50, $60, $70 etc. Verification First time customers are required to go through a one-time Know Your Customer (KYC) document verification. When using the service, it’s necessary to follow the instruction prompts after the order page and go through the verification.
In order to complete the verification process, it’s necessary to submit 1 or 2 forms of government issued ID documents as a Passport, Driver’s Licence, or Medicare card, in addition to your residential address. Any returning customers, who have already completed KYC verification, will be sent to the order summary page directly after opening a new order.
Each account is linked to a mobile number, and users should ensure to use the mobile number provided when first completing the verification process. Anyone choosing to use a new mobile number will be required to complete the ID verification process once again.
Paying by Debit and Credit Card Binance allows users to make debit and credit card payments for cryptocurrencies via a partnership with Simplex. It’s possible to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP tokens by Visa and MasterCard and the benefits of using a debit or credit card on Binance include:
Swift Transfers: Average 10-30 mins for cryptocurrency to reach your wallet Low Fees: only 3.5% per transaction or 10 USD, whichever is higher Convenient: Visa and MasterCard accepted In order to purchase the supported cryptocurrencies with a debit or credit card, users can first go through the official instructions page and then visit: https://www.binance.com/en/creditcard
Binance Launchpad and Initial Coin Offerings (IEOs) Binance Launchpad is the exchange’s token launch platform that aims to connect blockchain projects with the greater cryptocurrency community and enable projects to raise funds while interacting with Binance’s significant user base. In December 2017, the BREAD and GIFTO projects were able to hold successful token sales on Binance Launchpad and projects such as BitTorrent and Fetch.AI have also held successful launches in 2019. The platform makes use of the exchange’s native BNB token and rewards users for holding the token as well as allowing it to be used to participate in token sales.
Read: What is an IEO?
How Token Offerings Work on Binance Launchpad The ability to part in token offerings continues to attract a significant amount of users to Binance and it’s necessary to go through a number of steps in order to get used to the Launchpad platform. Anyone interested in a project should first go to the Binance Launchpad website and click on the project page and thoroughly research any of the projects on offer. If not already done, it’s also necessary to complete your Binance account verification, as token sales are carried out in compliance with the regulatory requirements in supported user jurisdictions.
The Lottery System Binance Launchpad operates a lottery system which sees that the number of lottery tickets you can claim being dependant on the amount of BNB tokens you hold in your Binance account over a 20-day period leading up to the day of the lottery, with a maximum of up to 5 tickets per eligible account.
The 20 days leading up to the lottery draw date is represented by X below, and by example, 100 ≤ X < 200 means that your BNB balance over the entire 20-day period is kept at 100 BNB or more, but does not exceed or reach 200 BNB.
A snapshot at 0:00 AM (UTC) each day records each user’s BNB balance, and should your BNB balance drop below the minimum balance required on any given day during the 20-day period, they will be put into the lower threshold. For example, if User A holds 301 BNB for 19 of the 20 days but their balance drops to 299 BNB on one day. They will move to the lower threshold and only be eligible to claim 2 lottery tickets.
Before the actual lottery date, users are given a 24 hour period to select how many lottery tickets they wish to enter, with the maximum number based upon their BNB holdings over the previous 20 days. Here, if a user submits an entry of 5 tickets and 2 tickets end up winning, they are committed to pay for 2 ticket allocations (in BNB) for the tokens.
Each lottery ticket has a unique number with multiple lottery ticket holders, obtaining tickets with consecutive numbers. For example, when claiming 5 tickets, the tickets may be numbered 100010, 100011, 100012, 100013 and 100014.
Once the 24 hour period ends and all tickets have been fully issued, Binance begins to randomly select multi-digit numbers. These are matched against the tail digits of all issued tickets in order to determine the list of winners. The selection process continues until the maximum number of winners are matched, and the respective BNB is deducted from each winning user’s balance, as soon as they are deemed a winner.
Binance announces the maximum number of potential lottery ticket winners, and the allocation amount corresponding to each winning ticket in advance.
Conclusion Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5. Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese.
Based on everything that has been outlined so far, Binance is undoubtedly the leading Cryptocurrency Exchange and offers great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges.
Update, April 2019: We have continued to update this review since Binance was first launched ( we were one of the first to offer a review of the platform at the time ). And as time has progressed, time and time again Binance have proven to be one of the very best, if not the best, exchanges available. Their CEO Changpeng Zhao (CZ for short) has been part of the cryptocurrency community and shown high standards of integrity. Binance the exchange has continued to innovate, bringing new products to market and new options for purchasing and trading cryptocurrencies to all corners of the globe. Read w/ Proper Formatting & Illustrations
1. Spectrecoin ($XSPEC) – $8.6 Million
What is Spectrecoin?
Utilizing a “range of proven cryptographic techniques” to achieve anonymous, untraceable, and un-linkable transactions, Spectrecoin
is a secure Proof-of-Stake cryptocurrency enabling rapid P2P transactions and network privacy. Specifically, Spectrecoin is pulling out all the stops in order to protect user identity through their integration of:
- Built-in Tor: Derived from the original software project moniker—The Onion Router—Spectrecoin is fully integrated with Tor, protecting real IP addresses at all times through the directing of traffic through a worldwide (and free) overlay network of more than 7,000 relays.
- Anonymous coin creation: Deploying dual key stealth technology (a dual coin system), Spectre authorizes users to generate ‘anonymous coins’ known as SPECTRE for private and anonymous transactions as an alternative to their normal, everyday coin—XSPEC—for traditional transactions (most similar to Bitcoin).
- Ring signatures: Through the execution and implementation of ring signatures, Spectrecoin user transaction history is wiped altogether, allowing users to exchange and transfer public coins, XSPEC, and SPECTRE.
At its core, Spectre’s dual coin system sanctions four fundamental types of privacy and anonymity transactions
, XSPEC > XSPEC, XSPEC > SPECTRE, SPECTRE > SPECTRE, and SPECTRE > XSPEC, providing a plethora of transaction options for every type of user.
And finally, if you’re looking for the TLDR (too long, didn’t read), Spectrecoin notes the best way to understand SPECTRE is to think of Bitcoin + Proof-of-Stake.v3 + anonymous transactions (similar to Monero
) + Tor (for IP obfuscation).
Why You Should Keep an Eye On XSPEC
Unlike several other privacy coins
which merely provide a Tor proxy—availing users to potential malicious exit nodes—Spectrecoin is fully integrated with Tor, a reliable and tested network providing one of the largest pools of IP addresses for confidentiality and untraceability.
Coupled with staking, set at a 5% minimum per year, Spectrecoin offers a unique proposition (the only one in blockchain) for users looking to earn rewards while remaining anonymous by staking anonymous coins while generating more, fresh anonymous ones.
Furthermore, for those looking for affirmation of Spectrecoin’s commitment to anonymity, not even the developers know each other’s real names—something that would have made walking away from a lacklustre ICO (which only raised 16 BTC at $600/700 per BTC) all too easy.
Spectre has emphasized organic growth without an excessive and aggressive marketing push, opting instead for a working product and timely improvements to meet the ever-changing privacy arms race. And, with their funding gap set around £19,000, users can take solace in knowing the project isn’t an outright cash grab asking for millions to further tenuous goodwill—like far too many projects in the cryptosphere.
At time of writing, XSPEC is listed on CoinMarketcap
at US$0.41 or 5,970 Satoshis.
Finally, if you’re wondering how Spectrecoin stacks up to other privacy coins, such as Monero, PIVX, and Zcash, check out this comparison chart
2. FundRequest ($FND) – $1 Million
What is FundRequest?
In an age where open source software is an integral component for institutional, government, and nonprofit function and growth, there unfortunately remains a hindering factor—a cohesive, transparent, and styled request and transaction flow.
Cue FundRequest, a decentralized marketplace for open source collaboration
and catalyst for global open source sharing and circulation, empowering organizations, government, and other entities to:
Need to brush up on what exactly ‘open source’ means?
- Trustlessly transact via the blockchain and smart contracts to ensure all contracts created are self-resolving, tracked, and validated in a fair manner,
- Incentivize organizations and developers to act in good faith through governance protocols and crypto economics,
- Lower costs for upkeep, while reducing friction for large-scale usage and adoption of open source technology,
- Boost transparency for organizations looking to better understand average development and issue costs (ultimately resulting in a more efficient market), and
- Integrate with third-party platforms (and vice versa), who are looking to benefit from already completed works.
The Open Source Initiative
describes the concept of ‘open source’ as a tool which “enables a development method for software that harnesses the power of distributed peer review and transparency of process.”
For example, a requesting organization (referred to as the funder) will allot set funds—stored in a smart contract (i.e., escrow)—in order to tackle an open source issue, which is then picked up and solved by a developer (the solver). In order to eliminate malicious behavior, FundRequest requires solvers to “have skin in the game,” by staking proportional valued funds, all released and claimed once the issue is solved.
Simply put, FundRequest is the go-to facilitating and incentivization platform (similar to Airbnb and Uber) for funding, claiming, and rewarding open source commits and contributions, leading to an enriched and more collaborative open source ecosystem.
Why You Should Keep an Eye On FND
With an estimated US$60 billion-plus in savings
per year for organizations and institutions, thanks to open-source software and technology adoption, FundRequest is set to act as the glue which connects all dispersed and integral parts and actors. Traditional software, prohibitive costs, and predatory vendor practices are proving not to be conducive towards maximal technological growth and development, as most people and organizations just simply can’t afford or maintain it.
Plus, with a clear push by both private and public sectors to leverage community-based software for development and distribution over the last decade, it’s expanding at rapid pace. In 2018, it’s approximated over 50% of European and North American companies
utilize open source software for “crucial applications,” along with over 50% of American government organizations.
This is no small industry.
GitHub alone boasts over 24 million users
(more than 8 times their user base five years ago), and it’s estimated that in the EU and United States combined, there’s over 160 million persons working as freelancers and independent contractors in what’s known as the “gig economy.” And that’s just the tip of the iceberg, with over 60% of online gig economy workers accounted for in Asia.
As of August 1st, FND’s price
sits at right around US$0.03 or 472 Satoshis.
Finally, for open source projects and ERC-20 token projects looking to increase development capacity, consider checking out FundRequest for potential partnerships
. Already in their short tenure, FundRequest has partnered with:
- Request Network – a popular decentralized payment platform,
- SingularityNET – a decentralized marketplace for creation, monetization, and sharing of AI services, and
- TrustWallet – Ethereum wallet providing a fully audited and secure system for purchasing and storing ERC-20 tokens.
3. COSS ($COSS) – $7.7 Million
What is COSS?
Redefining convenience, simplicity, and compatibility, and short for the “Crypto One-Stop Solution’
exchange and platform, COSS is the native token and liquidity attraction tool of the Singapore-based exchange, boasting some of the most popular altcoins on the market while enabling users to receive weekly payouts in “dust
” for all traded tokens.
Specifically, COSS is looking to provide more than just a simple, fast, and secure cryptocurrency trading exchange—they’re building a borderless, digital economical system to bring cryptocurrencies to the masses via:
- Merchant payment gateway: a tool assisting merchants in the integration of cryptocurrency into their online shops (taking less than one development hour total).
- Incentivized rewards systems: generating weekly payouts and passive income for holders of the COSS token.
- Digital wallet with integrated cash flow: allowing users to seamlessly transfer and store crypto funds between the exchange and wallet within a single application.
- ICO platform: enabling projects to fund and their ICO on the COSS exchange to increase popularity, volume, and trading value.
Ultimately, COSS is looking to shake up the cryptocurrency exchange ecosystem through improved user experience, heightened product and feature functions, and a comprehensive foundation for employers, startups, companies, and traders to build towards a more accessible and mainstream cooperative blockchain community.
Why You Should Keep an Eye on COSS
With the rapid and gargantuan successes enjoyed by both Kucoin and Binance in 2018, crypto exchanges employing user-friendly token incentivization models are becoming a go-to for users looking to generate passive income while diversifying their crypto portfolio.
However, unlike other cryptocurrency exchanges which have lowered their daily fee splits to nominal amounts, COSS has stayed true towards user rewards, keeping their daily percentage at 50%—paying out the respective dividends via a decentralized autonomous organization, ultimately guaranteeing an immutable percentage.
In order to stay competitive in the present-day blockchain ecosystem, COSS’s whitepaper notes a minimum of 3-5 new features implemented per quarter
. In the past several months, below are just several of their most notable achievements:
- Partnership with Blockchain Terminal (BCT): Easing the transition for institutional investors to trade and transact on crypto exchanges.
- NEO Listing: Trading pairs for NEO/BTC, NEO/ETH, NEO/USD, and NEO/COSS.
- Upgraded KYC features: Ensuring the platform and exchange are compliant with several core regulatory bodies.
- Preparation for COSS 2.0: The hiring of a team of over thirty developers in preparation of COSS 2.0, which is set to roll out dynamic withdrawal fees, sophisticated trading tools, dust conversion, public and private APIs, new wallet, institutional accounts, and more.
And, if you’re looking to know what COSS’s endgame here is, their goal is to shift completely towards a decentralized autonomous organization (DAO) in the future, where governance and decision making is outlined in code and run by a peer-to-peer network.
Currently, COSS’s price is listed at US$0.06
or 935 Satoshis on Coinmarketcap.
Finally, if you’re curious about COSS’s fee sharing, check out the COSS fee share calculator
, which provides an accurate picture of your monthly exchange fee earnings relative to the amount of COSS owned. One Reddit user recently posted
, and provided a screenshot, showing the COSS annual dividends to be at nearly 10% per year.
4. Lamden ($TAU) – $6.9 Million
What is Lamden?
Named after the Sherpa language word meaning “to guide,” Lamden is staying true to its name by easing the creation and deployment of dapps and custom blockchains
At its core, Lamden is providing a suite of developer tools mimicking “modern development processes in such tech stacks as Node.js or Python.” Simply put, Lamden is supplying the building blocks for experienced and amateur blockchain developers alike, enabling organizations and enterprise to skirt the energy and time costs of hiring and training expensive blockchain developers—ultimately speeding up efficiency and reducing overhead costs.
Lamden is broken up into three fundamental sections, which all are in furtherance of project depth and the deployment of hyperfast blockchains for developers to not only experiment with, but test and deploy across other blockchain systems and platforms:
- Saffron: a general tool sanctioning the deployment of private chains on an internal network, partitioning blockchains into individual use cases (e.g., an enterprise having their own web app), and bringing them together to interact when needed. Lamden CEO Stuart Farmer noted that from blockchain generation, to installment, all the way to deployment, an entire deployment cycle can be completed within a frame of just ten minutes!
- Flora: a central repository for smart contract templates and packages, blockchain discovery tool, and private chain naming services, where developers are able to engage with one another, feed off one another’s innovations, and rapidly deploy and distribute smart contracts.
- Clove: a payment network trustlessly facilitating communication between blockchain apps while handling payment channel swap processes, avoiding blockchain bloat and acting similarly to a telephone network.
Furthermore, Lamden supports the Ethereum network and Bitcoin-based blockchains at present, and boasts zero transaction fees and free chain-to-chain payments in exchange for chain allocation a specific amount of bandwidth for confirming payment channel transactions—meaning that its users are able to transact for free as a result of corporate entities bearing the network load and processing.
Why You Should Keep an Eye On TAU
Having released their ‘Cilantro’ testnet alpha in February 2018, Lamden has since hit the ground running, rolling out their first version of Clove
soon after and tackling the necessary tune-ups and improvements in preparation of their mainnet launch in Q4 2018. Lamden’s mainnet is set to utilize a unique combination of Delegated Proof-of-Stake
(DPoS) and the BFT Protocol
, and will scale to process nearly 10,000 transactions per second.
Moreover, in April 2018, Lamden announced the creation of LamDEX, their own decentralized cryptocurrency exchange and platform, where users will be able to stake their TAU—the native token of the Lamden platform—to act as a market maker, allowing for a cohesive back and forth across the TAU pair at prices faintly above and below market cost, ultimately generating rewards.
With a rather daunting and tedious task ahead for anyone looking to utilize and incorporate existing smart contracts—which involves the manual searching for such on GitHub (a general repository website)—Lamden is truly adding value to blockchain and application development through their smart contract repository. Unlike GitHub, Lamden supports dependencies, versioning, and security, all essential elements for a quality package manager.
Doing so adds not only convenience, but practicality to smart contract packages and implementation, and stands to save enterprise and organizations both exorbitant developer costs and time.
If you’d like to learn more about Lamden’s developer tool suite, check out this complete overview
from their blog.
At the time of writing, Lamden’s price according to Coinmarketcap
is US$0.04 or 699 Satoshis.
To get a better picture of Lamden and their blockchain development tools ecosystem, check out this explanatory YouTube video
from their channel.
Final Thoughts Risk is inevitable
when investing in crypto and blockchain projects. However, as long as you are cognizantly defining parameters for absorbing such risk, then diversifying your portfolio with smaller capped projects can be an effective way to realize value.
Whether you’re looking for a user-friendly exchange to purchase crypto directly with fiat from (and earn dividends for loyalty) or wanting to execute anonymous and secure transactions with a P2P coin, the aforementioned projects are all bringing value to the crypto sphere through their overhaul of ineffective traditional mechanisms and institutions.
Make sure to stay calm and collected during this bear market, associate yourself with quality projects that you think are bringing actual value to severely flawed industries, and remember, having a little gamble in you never hurts (as long as it’s properly accounted for).