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Ledger Nano X Review 2020 | Is It Worth It?

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Ledger Nano X review

Last Updated: 27-June-2020

What to expect in this article?

  • Types of wallets to use to store your digital assets
  • The need for hardware wallets
  • What makes Ledger Nano X a good choice?
  • What makes Ledger Wallets secure?
  • What are the differences between Ledger Nano X and Ledger Nano S?
  • Can you stake on Ledger wallets?

We hear about hacking all the time in the crypto space. Many crypto exchanges went bankrupt due to hacks taking customers’ investments with them. Storing your digital assets in a secure way to avoid theft or loss becomes your own responsibility.

Safekeeping your digital assets is not a simple affair in the crypto world. Having too many options doesn’t help either.  For instance, you can keep your crypto on exchanges, crypto wallets, apps and so on, however, most of these options are susceptible to hacks or simply shutting down without any notice.

This happened quite a lot over the years, here are the big ones from the past.

Exchange hack list

If you don’t own your private keys to your wallet, your assets can easily be lost, forever. There is a saying in crypto, “Not your keys, Not your crypto.

The wallets that you can use to store your crypto can be broadly categorized into two:

  1. Hot Wallet
  2. Cold Wallet

What are Hot Wallets?

Any wallet that is connected to the internet is called a Hot Wallet. Most of the exchanges like Binance, Kucoin and so on, hold your tokens on their personal server, hence they are hot wallets. 

One should always use the exchanges only to trade and immediately move the tokens to a wallet to which you hold the private keys.

What are Cold Wallets?

The wallets that are kept offline and not connected to the internet are called Cold Wallets.

Paper wallets, Hardware Wallets like Ledger,Trezor are examples of cold wallets.

For the purpose of this article, we will focus on Hardware wallets, specifically Ledger Nano X.

Hardware Wallets

Hardware wallets are the electronic devices which are meant to store your private keys which are encrypted and accessible only with the security pin you set for the device.

Are the Hardware wallets necessary?

Hardware wallets are a more secure method available at the moment than other methods.  We might see new solutions in the future but for now, hardware wallets seem to be working well.  Initial investment on purchasing the hardware wallets seems to be paying off in securing the digital assets. 

Advantages of Hardware Wallets

Hardware Wallets come with extra layers of security and many advanced features.

 -Your tokens are stored on a physical device and not connected to the internet

– Your tokens are safe even when your computer is hacked.

– The wallet is encrypted, so more secure

– Even if you lose the device, you can always restore your tokens on a new device with the mnemonic seed of the lost device.

Can the Hardware Wallets be hacked?

The cases of hardware wallets being hacked are very few to none. Below are the possible ways your hardware wallets can be compromised

  • If the product was tampered during shipping
  • If the mnemonic phrase gets into the wrong hands
  • Buying from an unofficial sellers
  • Buying a used hardware device.

buy ledger nano x

Ledger Intro

Started in 2014 Ledger has come a very long way with some high end security technology to safeguard the digital assets such as bitcoin and other cryptocurrencies for not just the individuals but also for many organizations and institutional investors. It was founded by Éric Larchevêque, Joel Pobeda, Thomas France, Nicolas Bacca.

Ledger Nano Team

Ledger provides two of the most popular hardware wallets in the market 

  • Ledger Nano S
  • Ledger Nano X

Today we’re gonna review Ledger Nano X, one of the best Hardware wallets out there.

What is Ledger Nano X?

Ledger Nano X is a physical secure USB device where you can store your private keys not connected to the internet. It also comes with an enabled bluetooth mechanism, so that you can connect during trading or transfer of your tokens.

Ledger Nano X is the predecessor to Ledger Nano S and allows up to 100 Apps and accepts more variety of cryptocurrency projects .

How/ Where to buy genuine Ledger Nano X?

The first and foremost thing in your journey to safeguard your tokens, you need to make sure if the ledger you bought is genuine, if not your security can be compromised.

Always buy the product from the recommended sellers mentioned on the official site here.

Ledger Nano Official partners

Getting started with Ledger Nano X

Unboxing the Ledger

The ledger box consists of the following:

  1. Hardware device 1No.s
  2. USB Cable 1 No.s
  3. Getting Started Booklet  No.s
  4. Recovery Sheets 2 or 3 No.s
  5. Key Chain 1 No.s
unboxing Ledger Nano X

Source: Ledger

How does Ledger Nano X work? Setting up a ledger Nano X

Setting up a ledger nano x can be tricky, but you can make it easier if you can follow the steps shown here. And make sure you note down the 24 word key phrase safe and far from the internet.

Here is the step by step guide on how to set up your ledger nano X.

Let us set up the ledger Nano X with Bluetooth on our Smartphone.

Ledger supports All Android and IOS devices. In order to set up the ledger, you need to first set up an application called Ledger Live.

What is Ledger Live?

Ledger Live is the application with which you can use your ledger device and tokens. It works more as an interface to make it easier for you to manage and transact your cryptocurrencies.

Setting up Ledger Live

Ledger Live App

Install the app and Click Get started.

Ledger live setup step 1

 

Here, you will be asked to choose your wallet type,  choose Ledger Nano X

Ledger live setup step 2

You can either choose to setup a new device or restore your old or lost wallet. For this tutorial we will choose Initialize a new device.

Ledger live setup step 3

Next, set a pin code. You should follow the directions and precautions mentioned for extra security and to make sure your device is brand new and not tampered.

Ledger live setup step 4

Ledger live setup step 5

Here comes the very important phase of setting up your ledger, the 24 word keyphrase which is the heart of your device, without which you cannot restore or access your tokens.

Ledger live setup step 6

Make sure you have written down the 24 words and have them secured. Who ever has access to this keyphrase can able to access your assets, so make sure they dont fall in wrong hands.

Ledger live setup step 7

You will be prompted through some security questions.

Ledger live setup step 8

Ledger live setup step 9

Pair your smartphone with the device.

Ledger live setup step 10

Turn Bluetooth on your smartphone and a pop up appears on your screen displaying the ledger nano X.

Ledger live setup step 11

Click Pair and your mobile is now connected to the Ledger.

Ledger live setup step 12

Ledger live setup step 13

Select the device you want to pair.

Ledger live setup step 14

Here, you will be prompted to setup a new password to make sure that the assets are not visible unless you unlock the app.

Ledger live setup step 15

Ledger live setup step 16

You can choose the reports you like to share with Ledger.

Ledger live setup step 17

Hurray, you have now successfully set up you ledger live and your device is now ready.

Ledger live setup step 18

Ledger live setup step 19

Here are some video tutorials on how to set up Ledger and start using the device to transact and store your cryptocurrencies.

Ledger Nano X: How to start using your device

Learn more about the Ledger Nano X here: http://ow.ly/ptJo30nAz5y Today, we’d like to provide you with a look at what’s to come. In this video, we show how y…

Source: Ledger

Once you have set up your Ledger nano X, you can securely transfer your cryptocurrencies supported to the wallet.

Advantages of Ledger Nano X

  • The safest wallet out there in the crypto market
  • Can install upto 100 applications(Also it depends on the size of the applications)
  • Supports over 1250 coins
  • You can stake while you hold the tokens on a ledger.
  • State-of-the-art security
  • Large screen visibility for easier setup
  • Ease of recovery even if the device is lost or if you want to move to a new device.
  • Comes with the updated firmware
  • Supports 2 Factor authentication

Languages

Ledger Nano X supports various languages, which makes it very easy for those who are not comfortable using the tools in English.

Ledger Nano X Language

Source: Ledger

Conclusion:

Having your crypto on a Ledger is more secure than having them on exchanges. Yes, the device will cost you some hefty bucks, but safeguarding your investments is worth it.

Pro's of Nano XCons of Nano X
The best hardware wallet out there in the marketCost is on the higher side
Supports most of the Cryptocurrencies and Erc 20 tokensNot so user friendly. It is not as simple as just plug and play
Easy to recover the tokens even when the device is lost.
Supports Bluetooth for wireless operations

So here are some FAQ

Can Nano ledger be hacked?

The chances of ledger getting hacked are very rare when compared to other hot wallets / exchanges.

What if I lose my ledger Nano X?

In case if you lose your ledger device, you can simply restore your assets over a new device by putting in the 24 word key phrase which you wrote down previously.

Here is a video on how to restore your ledger

Ledger Nano X – Restore from Recovery Phrase

Find out more about #LedgerNanoX here: http://bit.ly/2skQHmb Learn how to restore your Ledger Nano X to recover, replace or clone any other wallet.

What is the difference between Ledger nano X and Ledger Nano S?

Ledger Nano X vs Ledger Nano S

Ledger Nano X vs Ledger Nano S

Source: ledger

  • Ledger Nano X is an upgrade of Ledger Nano S and supports more applications than its predecessor, Simply put, it has more storage space. Ledger Nano S (160Kb)
  • The battery power(100 Mah) and the chip inside the Nano X (ST33) is more powerful than that of Nano S (ST31)
  • Ledger Nano X comes with a bigger screen for better user experience than that of Ledger nano S
  • Supports Bluetooth connectivity, so you can connect your device to your mobile, laptop or tablet and use it on the go and anywhere.

What are the coins Ledger Nano X support?

Ledger Nano X supports over 1200 coins. Here are some of the top coins supported by the ledger:

  • Bitcoin
  • Ethereum
  • Ripple
  • Stella Lumens
  • Bitcoin Cash
  • Bitcoin Gold
  • Dash
  • Litecoin
  • Ethereum Classic
  • EOS
  • Tezos
  • Chainlink
  • Cardano
  • Monero

And many more…

While quite a lot of other coins like erc 20 tokens can also be connected via My Ether Wallet.

Ledger Nano X or Trezor?

Both these are the most trusted hardware devices across the market. Personally I feel that ledger has a cutting edge over a trezor, in terms of it’s stainless steel make, or additional features such as Bluetooth and Touch Screen.

Discounts / Offers / Promo Codes on Ledger Nano

At the time of this writing Ledger.com is giving away Nano S and Nano X at some discounted prices.

Ledger Nano S at 50% discount with the Promo Code: “WeAreTheBullRun

Ledger Family Pack – Buy 3 Ledger Nano S or 3 Ledger Nano X for 27% less

Note: Key factors to consider while using Ledger

  • Always buy the product from the genuine/official seller.
  • You must write down the mnemonic seed while setting up your wallet, which is your only key to access your wallet anytime, even when it’s lost.

buy ledger nano x

Thank you for reading and sharing this article. Stay safe and healthy!

Don’t forget to subscribe to receive ONE email per week with critical blockchain and crypto updates and occasional freebies. Check all the amazing stuff our subscribers get for FREE.

Cover Pic Source: “IMG_7987” by kndynt2099 is licensed under CC BY-NC 2.0

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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spam your inbox and we only send one email per week
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Devaluation of the US Dollar Could Decimate Savers! Strategies to Hedge Risk

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Devaluation of Currency

Devaluation of the US Dollar

Quiz: Will devaluation of the US dollar impact your financial life?
Vote

What to expect in this article?

  • What is devaluation of currency
  • How devaluation of currency impacts us
  • Strategies to hedge against the currency devaluation

There is an apparent disconnect between Wall Street and Mainstreet.

This divide has not been as apparent and blatant as it has during this COVID crisis.  

As the number of unemployment claims are rising to levels never seen before, Wall Street is rallying at full swing.

In the middle of this disparity and economic unrest, some economists are warning us to brace yet another crisis called Devaluation of Currency.

What is devaluation of currency?

InflationDevaluation of currency is essentially reducing the value of currency.  

This can be done through:

  1. Printing more money:  When supply increases, price falls.  This simple economic principle applies to everything
  2. Policy makers decision:  Policy makers may decide to ‘devalue’ the currency to keep the country’s exports competitive.  The US is a heavy importer, so this strategy, if implemented, could hurt the US more than other countries
  3. Selling off reserves: A country could dispose its reserves that pegs the fiat and then set a new exchange rate for its own currency (the disposal of reserves to buy its own currency either by taking out of circulation or printing more)

Sometimes devaluation of currency is not voluntary.  

Look at countries like Argentina, Venezuela, etc., their currency devalued by multiple folds because their economy was deemed to be unsustainable.

Why devalue the currency?

Countries devalue their currency primarily for following reasons:

  • Exports

Let’s say if I export Saffron from India at 2 bottles per $1.  IF India devalues its currency by 50%, now I can get 4 Saffron bottles for $1.  

This drop in currency value encourages exports.

Countries like China, India and others who rely on exports (of goods and services) can reap greater economic benefit by devaluing its currency.

  • Trade Buffer

When a country notices that its imports far outweigh the exports, it can use the currency devaluation as a buffer measure to balance the trade equation.

Generally speaking, a weak currency encourages people to buy more from the nation (win for exports) and discourages people buying from outside the nation (a loss for imports).

  • Debt

Let’s say you owe me Indian Rupees 75,000, at the time of this writing, that would be around US$1000.  Let’s say, India devalues its currency to 50%.  

This means, I can still pay you back your Rs. 75,000 with $500.

While this strategy might not be great to service ‘outside’ debts that are denominated in foreign currency, it is a strategy used to service obligations within the country.

Devaluation of the USD in the wake of Yuan devaluation

The US is the number one importer in the world.  It ranks number two as an exporter.   

In theory, devaluation of its currency may help increase its export footprint.

However, due to recent devaluation of Chinese Yuan, the devaluation of the US dollar could work against the US, in the short term.

For one, devaluation of the US will simply equalize the impact of Chinese devaluation.  

Two, it will make the imports more expensive thus might encourage demand for home products thus reducing the reliance on Chinese imports in the first place.

In addition, as things become more expensive in dollar denomination consumer demand could see a sharp decline which will further slow down the economic recovery.

Why should I be worried about devaluation?

us dollar under threatAnyone holding their savings in the US dollars might have to pay attention to the possibility of devaluation of the US dollar.

If the US declares that it is devaluing its currency by 30% then your savings lose 30% value overnight.  

In reality, the fear might set into the market and crash the valuation even further.

For example, if you were planning to retire with your $100,000 savings and the government devalues the currency by 30%, all of a sudden your $100,000 will only buy you goods and services worth $70,000.

That is a huge blow for people who have meticulously planned the mileage of their savings.

Can the US devalue its currency?

In theory, yes.

The United States has adopted a Strong Dollar policy for over 3 decades now and this gives it the status of global reserve.

If President Trump were to shock the markets to make a mark in global trade, he could order to devalue the US dollar.

If we know anything about Trump, he is all about shocking the world.  So the realms of possibility of devaluing the US dollar are not out of the question.

Strategies to hedge against devaluation of currency

Lot of financial gurus and speculators are expecting the US government to use devaluation as a strategy to make good on its debt.

If this were to happen, you don’t want all of your life savings held up in the US dollar which could see a drop in its purchasing power.

Following assets have come to act as ‘hedge’ against any potential volatility in the US dollar value.

Real Estate

Real Estate cryptoWhile the market is currently hyped up in real estate, it still could offer a safe haven in the event of devaluation of USD.

For instance, if you bought a property for $200,000 today with a fixed interest rate, in the event the US dollar is devalued to say 30%, then someone coming into the market will have to pay $260,000. 

And because you have picked up the property for fixed interest, in theory, you could be paying lower interest compared to the rental costs in the post devaluation world.

This strategy may not work if the US undergoes a long recession as a result of devaluation and then falls into deflation (which will reverse the above strategy). 

Bitcoin

bitcoinMany financial veterans are turning to Bitcoin because of its deflationary supply and potential to change the financial markets forever.

Obviously, being a relatively new asset class, it is not a guaranteed safe-haven.  Although many believe Bitcoin to be Gold 2.0.

A small stake in Bitcoin could turn into ZERO or a 10x of investment.  No one knows which side the tide will turn.

Economic models based on demand and supply (and stock to flow ratio) suggest that Bitcoin has only one way to go: UP.   

Bitcoin has a history of proving economic models wrong and shocking the world. Will it go upward into millions or crash and burn into oblivion?  

Only time will tell.

Gold & Metals

Gold vs BitcoinWhile Bitcoin is considered money of the people and Gold has been regarded as the god’s money by Robert Kiyosaki. 

Silver is considered an underdog at this point.  

Between gold & silver, the metal duo has been long acting as a safe-haven for market volatilities.

Obviously, you cannot compare Gold and Silver trajectory to that of stock markets or bitcoin since these metals are designed to act as ‘hedge’ not as wealth multipliers.

Stocks

MarketIf looked at the stock market from a macro level, it has been on an upward trajectory, generally speaking.  

Even with the occasional recessions and rare depressions, Stock market has in general kept an upward trend from a macro perspective.

Within the stock market, there are some up and coming industries where the returns could be extraordinarily high, like for example:

Blockchain industry: Companies involved with blockchain space could see a great momentum in the coming decade.

Cannabis industry: Cannabis industry is slowly spreading its claws and becoming 

mainstream in the similar fashion how Liqor once did.

5G: Beyond the conspiracies surrounding 5G, we know that this is the next phase of the 

internet evolution and

BioTech: Whether it is advancing surgeries, or reversing age with stemcell inventions or 

simply decoding the DNA to make medicine more personal, BioTech is a place where the next level of innovation will take place. 

Artificial Intelligence: We are clubbing Augmented Reality, Artificial Intelligence into one basket and I think this space could hand out handsome returns.

Just because we do not invest in stocks doesn’t mean they are not a viable investment vehicle.  DYOR and see if you can find some gems.

Few things to remember

Do not over-correct

You do not want to find yourself in a situation where you invest 100% into any one type of asset and that asset tanks in value.

For instance, if you invest 100% of your fiat into Bitcoin, what happens if Bitcoin crashes?

If you invest 100% in real estate, what if we face deflation instead of inflation and the price tanks or paying mortgages becomes too expensive?  

You will then be forced to service a loan that might be higher than the rent you receive.

Point is, you want to hedge into different asset classes so that you are not putting all of your life savings in one type.

Safety net

Whether we face extreme inflation or deflation, we all need cash on hand to meet our daily needs.

You cannot easily sell your gold or real estate if you need cash flow. Bitcoin’s volatility makes it a bad choice to be looking to liquidate in the time of emergency.

You always want to keep a certain amount of money in liquid fiat to meet your immediate needs while you secure your financial future with an appropriate hedging model.

In conclusion

The topic of devaluation of currency is one that we all need to be at least aware of.  

Having an hedging plan to withstand any surprises introduced by market volatility is important so that you are not wiped away, financially speaking.

The above hedging tactics are based on what we are looking to do personally. We cannot tell you what to do.  

Thank you for reading and sharing this article. We appreciate you.

Thank you for reading and sharing this article. Stay safe and healthy!

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Is Elrond better than Ethereum? Should I invest?

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Elrond Token review

Elrond(ERD) Token Review

Would the modern magic of internet work if we were still using dial ups? If you are from the generation that doesn’t know what a dial up means, it looks like this:

AOL Dial Up Internet Connection Sound + You’ve Got Mail (America Online) 90’s

Take a walk down memory lane and listen to the AOL (America Online) Dial-up internet connection sound and the famous You’ve Got Mail. Subscribe to Adventures…

Essentially, it would take you 30 seconds to 3 minutes to connect to the internet and open a text email.

If you were to load the YouTube website at the 56kbps speeds (considered good in those early internet days), it would take you probably 20 minutes.

We tried to load YouTube at 56 kbps speeds and after 7 minutes we were still waiting for the page to load. Compare that to the broadband that loads YouTube in a split second.

You can test what it feels to browse at 56kbps here.

While it is quite an extreme and dramatic example, I think that is the closest you can come when you try to explain what Elrond is in comparison to Ethereum.

At its current state, Ethereum processes 15 transactions. Compare that to Elrond which processed 35000 transactions during the test net run.

Obviously, the test environment is different compared to the real world.

Ethereum 2.0 could solve some of Ethereum 1.0’s flaws with claims of 100,000 to Million TPS. That is something we have to wait and see.

OK, what is Elrond?

There have been at least 100 Ethereum killers on the market since the birth of Ethereum.  Ethereum (Classic) couldn’t kill Ethereum, so we are not sure others will.

What is Elrond

Ethereum currently has serious scalability and TPS issues. Listen to this clip where Vitalik admits that Ethereum 1.0 cannot scale.

No Title

ICO prospectus: “Build scalable apps on Ethereum.” Mod: “Youre saying the concept of launching something that doesn’t scale then rebuilding it as something thats scalable was part of initial the plan.”Lubin: “We knew it wasn’t going to be scalable for sure.”Vitalik: *nods* pic.twitter.com/MBSFkQeugj

Ethereum 2.0 could be a whole another story.  However, it is not a reality at the time of this writing.

Elrond on the other hand already delivers on what Ethereum 2.0 is ‘aiming’ to.

In a somewhat hyped elevator pitch, Beniamin Mincu, CEO of Elrond, said that Elrond is a 1000x improvement over other protocols in the blockchain space.

In a nutshell, Elrond offers a high throughput blockchain ecosystem that makes use of sharding that ‘scales’ (adapts) with the demand put on the network.

This adaptive sharding helps Elrond to be efficient, secure, scalable and provide a high rate of TPS.

This is why Elrond boasts itself as A highly scalable, fast, and secure blockchain platform built for internet scale.”

ERD Scaling

What makes Elrond Special?

The strength of Elrond, in our opinion, is not in its novel or groundbreaking innovation.

It is in the simplicity of picking the ‘best’ of all the blockchain protocols that preceded and only solve the issues that these protocols failed to solve.

For instance, Elrond picks sharding from Zilliqa but makes it ‘adaptive’.  It picks interoperability from Cosmos and implements it at Virtual Machine level.   

Elrond says it as much in its whitepaper: “Elrond was designed upon and inspired by the ideas from Ethereum, Omniledger, Zilliqa, Algorand and ChainSpace.”

If we are to compare blockchain revolution to the internet, we have to assume that many companies will be replaced by newer solutions. 

Whether Elrond is that ‘next generation’ blockchain or if it will be eaten away by another project is something we have to wait and see.

For now, let’s focus on what Elrond promises that makes it special.

“1000x improvement” over its predecessors

“Elrond is a new blockchain architecture that can bring 1000x cumulative improvement in scalability, throughput, transaction speed and transaction cost,” that is how Beniamin Mincu, CEO of Elrond, explains the project.  

Scaling

Elrond promises to be able to ‘adapt’ to the scaling needs of the network.  The project uses what is called ‘adaptive sharding’.

For the technically inclined, here an excerpt from the whitepaper:

“Elrond proposes a dynamically adaptive sharding mechanism that enables shard computation and reorganizing based on necessity and the number of active network nodes. The reassignment of nodes in the shards at the beginning of each epoch is progressive and nondeterministic, inducing no temporary liveness penalties.”

Sharding is the process of breaking down a big problem into small ones to solve it faster.

Security

Elrond uses a modified version of Algorand’s Secured Proof of Stake concept.

Secure Proof of Stake randomizes the ‘selection of a node’ so that security is not compromised through 51% brute force.

Elrond goes one step further on this sPoS model where it introduces ‘stake and rating’ criteria to be even eligible to be randomly picked as a node.

Adaptive sharding is the ability to scale up or down the number of shards depending on the transaction at hand.

Obviously, that is a dumbed down English explanation of it, as we understood it.

This makes selection of nodes ‘random’ while taking meritocracy into consideration.

The rating is dynamic and is recalculated at the end of each execution.

ERD Token

Many investors in the crypto space don’t care what the project does if the tokenomics are weak.

  • Transaction fees

Elrond’s utility is acting as the ‘native’ token on the network to pay for the transactions. The more transactions that take place on the network the more Elrond will gain in demand.

  • Staking

Elrond offers crazy returns on staking. This means, there is a probability that many tokens will be locked out of circulation which could boast the price.

  • DApp Deployment

Like any other blockchain network, Elrond token acts as the ‘utility’ on the DApps deployed on the network.

  • Validator reward

Validators are rewarded for their work and Elrond token is used in disbursing these rewards.

Team

Crypto space is excited about the team that is involved in the Elrond project.

Just looking at the profiles of CEO, COO and CIO showcases that you are not dealing with a group of wannabes.

Elrond Team

The team brings in the right mix of technical prowess and business acumen.

Many blockchain projects either lack a strong technical forte or suck at running the business.  Elrond may not have that problem due its ‘experience mix’.

Partnerships and Integrations

This is one project that is making a lot of buzz in the past two months, with continuous updates and partnerships. Here are a few:

ERD and Indacoin

ERD and Indacoin

Indacoin is a fiat gateway with over 500K users which allows users to buy crypto with Visa or Mastercard using USD, GBP, EUR and many other currencies.

ERD and dfinance

elrond and dfinance

Elrond will work together with dfinance to enable users to build Elrond native assets as well as allow Elrond users to access DeFi platforms on dfinance.

ERD and LDV

Elrond and EDV

ERD tokens are now available on LDV, a Romanian crypto exchange and a fiat gateway. ERD/EURO and RON/ERD pairs will be available on the platform.

ERD and Crypto.com

elrond and crypto.com

Users of Crypto.com can now buy ERD token on their app. Crypto.com is considered one of the easiest modes of buying and selling crypto. With deposits and withdrawals of erd token enabled on crypto.com, the token is now available for over 3 million users of crypto.com

ERD and Utrust

Elrond integrated with one of the leading payment gateway for ecommerce, Utrust.

ERD and Swipe

Swipe partnership elrond

ERD is partnered and now available on swipe, a multi currency digital wallet. Swipe has over 500K users.

The other partnerships and integrations include Stateless Money, Staked, Moonpay, FinNexus, and many others.

Elrond is gaining traction fast and furious. Will it amass enough steam to surpass other blockchain protocols?  

We have to let the time answer that question.

ERD Token Metrics

ERD Token Metrics

Source: Elrond

*These token metrics are about to change after the EGLD swap.

Some pump and dump chat

You will notice that Elrond is showcased on the Samsung official video introducing Samsung Blockchain.

Samsung Blockchain wallet elrond

First and foremost thing everyone is excited about is its mainnet launch. 

We believe the rise in price is not just because of its mainnet launch, but also the high staking rewards that are expected to yield after the mainnet launch. 

With over 5 Billion ERD tokens already staked during the testnet, it is possible that more users will stake their tokens for passive income.

Risk factors

Late to the party, not to the town!

There are a lot of blockchain platforms in the blockchain space. Many promise sun and the moon with 100K to a million transactions per second.  

Most of these promises are just that as of now, promises.

Elrond is late to this TPS race, however, it could do what others have failed: Actually live up to its claims on the Main net.

In this sense, Elrond is late to the TPS party but it is not late to ‘make a mark’ for itself in the blockchain town.

More advanced projects in the space

What happens when Ethereum addresses its TPS issues, scalability aspects and makes it incredibly easy for people to launch DApps?

Ethereum already has a massive penetration in the space that it could leverage.

Beyond Ethereum, there are other projects like Zilliqa that could pose stiff competition to projects like Elrond.

And, do not forget Cardano, a project that is preparing its arsenal for a hostile takeover of the crypto space.

What is a head in Elrond’s Roadmap

Elrond Roadmap

Source: Elrond

Elrond Swap

ERD to eGLD

With the launch of Elrond Mainnet, Elrond token (ERD) will be swapped for Elrond Gold (EGLD), at a 1000:1 ratio. Simply put if you hold 10,000 ERD tokens, it will be swapped into 10 EGLD. In terms of price, if the current price of one ERD is $0.024, the price of 1 EGLD (*1000ERD) will be $24.
Elrond has garnered quite a lot of buzz before the mainnet, now it all comes to how the project is going to progress beyond mainnet.

How to swap ERD

As per their official Telegram channel, exchanges are making preparations to support Elrond swap to Elrond Gold.  The tokens will be swapped in about 30-60 days and the ERD(ERC20, BEP2) will be replace with eGLD. Check with your exchange and look out for communication about the swap support. Till then, ERD trading will run as it is over the exchanges.

Pros of Elrond Token Swap

The swap is expected to reduce the current total volume of 21 Billion ERD tokens to 20 million eGLD and to 30 million over the next ten years which in theory should make the coins dearer.  How this will work in reality is something we have to wait and see. Case in point but in reverse is VeChain, which was trading at $9 before the swap at the ratio of 1:100 and the price dropped so low that it has not yet recovered.

Cons of Elrond Token Swap

In our opinion, it is easy for a coin to jump from 1 cent to 2 cents and 2 cents to 4 cents, however, there is a psychological barrier from investors to let a coin trading at $20 to move to $60. However, if you see from a percentage, the underlying gains are the same. 1 cent to 4 cents is a 400% jump, however, it will take a lot for a $20 to jump to $80. If Elrond proves its value in the blockchain space then the project may pump in spite of the denomination.
Thank you for reading and sharing this article. Stay safe and healthy!

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V-ID is bringing real world use case to Blockchain, can it succeed?

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Vidt Token review

VIDT Review, use cases, future prediction

What follows is the byproduct of our research on whether or not V-ID is a good project.  

We have a tendency to FOMO, so read everything with a grain of salt and always DYOR.

What is V-ID?

Anything digital can be altered. How then can you be confident about the authenticity of the digital files you are dealing with?

“V-ID is a blockchain powered document certification service. The VIDT API enables organisations to certify and secure their digital data against fraud and manipulation.”

You can tag digital files using V-ID and anyone around the world can verify its authenticity by simply using V-IDs free checker.

If any information is changed within the file, V-ID flags it.

This technology has an immediate use case in the real world to fight digital frauds. Especially in dealing with:

  • Invoices
  • Scientific papers
  • Contracts
  • Official documents
  • Diplomas/certificates
  • Data from Internet of Things

Watch this quick video to learn about V-ID.

Introduction to VIDT V-ID Blockchain Powered Validation

The V-ID validation service uses blockchain technology to end all document fraud. Our client base, with customers like Airbus Space & Defence, operates in va…

Take a simple example of purported crypto ‘recommendation reports’ that float on the internet. How do you know they are what subscribers were given?

How can you be sure that the document is not manipulated by someone to ‘alter the buy up to and sell at’ prices?

In this simple situation, using V-ID, one could verify the authenticity of the document.

In a world of Deep Fakes, a solution like V-ID can be a lifesaver.

How big is the problem that V-ID solves? 

According to the Javelin Strategy report, Identity fraud cost $16.8 Billion dollars in 2019 alone.  

Obviously this includes credit card and account takeover frauds. However, when a solution like V-ID becomes integrated, there is an opportunity to curb these identity thefts as well.

Fraud Detection and Prevention which was valued at $17.33 billion is expected to grow at an 18% (CAGR) rate from 2019 to 2025.

The more diverse our technology becomes with the advent of Internet of Things, Artificial Intelligence, Cloud Computing, Augmented Reality and reliance on smart mobile devices, the more we grow vulnerable to fraud.

In our opinion, the fraud space is only going to grow bigger and faster.  

V-ID has an opportunity to place itself as a reliable solution by leveraging the blockchain’s resilience.

VIDT Technology

Source: V-ID

Using V-ID

Any solution’s success will depend on its ‘ease-of-use’. We tested the V-ID ‘certification’ to get a taste of the platform.

When we scanned the QR code of the document, it took us straight to the document where we could easily verify that it was indeed ‘authentic’.

The ease at which you can verify someone’s credentials, certifications, diplomas, etc., is simply awesome.

Users can verify the authenticity of other documents through their free online checker. Obviously, the company has to be signed up with V-ID for the documents to be ‘stamped’ on blockchain.

V-ID promises verification in 5 seconds.  Here is a video that shows how the verification works.

VIDT V-ID verification live demo

The V-ID validation service uses blockchain technology to end all document fraud. Our client base, with customers like Airbus Space & Defence, operates in va…

All in all, the concept behind V-ID is quite simple and easy to use.  

This ease of use accompanied by an amazing use case is what forms the basis for blockchain’s adoption.  The tool makes you forget about the blockchain altogether.

Does V-ID need Blockchain?

Yes. We think V-ID has a blockchain use case.

When it comes to providing a hack-resistant environment and resiliency to the underlying system, blockchain really shines.

The V-ID makes use of blockchain the backend without inundating the end users with the intricacies of ‘how blockchain works’ is quite admirable.

“Currently V-ID offers anchoring in Ethereum, Bitcoin, IBM Hyperledger, Fantom, LTO Network, Digibyte and Binance Chain.” 

For V-ID, in our opinion, Blockchain is not just a fancy jargon to allure people to the project but rather it is a smart technology choice to meet the business objectives.

Team

Vidt Team

Source: VIDT

Marnix van den Berg, Founder & CEO, has over 17 years of experience.  He is supported by 3 other Founders on the project.

Pim Voets is the Founder and Lead Concept Design, Ceciel van Helden is the Founder and Lead Programmer, Wico van Helden is one of the Founder.  

The teams section of the website shows about 9 team members and 6 advisors, including Chris Robinson, Ex-CTO of American Express.  

Just between the 4 founding members have a combined experience of over 70 years. Wico van Helden has hands-on experience in taking a company IPO.

Progress, Case-studies and traction

V-ID has been associated with many brands.  They showcase few case studies on their website:

VIDT Case study

AMSPEC is using the V-ID technology to verify the authenticity of their inspection reports

How AmSpec protects data integrity with V-ID

Amspec has started to utilise V-ID blockchain validation technology to protect the authenticity of their inspection reports. This means that recipients of a …

V-ID made history by bringing 17th Century Rembrandt to the blockchain.  This verification was made possible with CMS Law acting as notary, collaboration with Duowes Fine Arts and V-ID.  

VIDT Rembrandt on chain – V-ID collaboration with Douwes Fine Art and CMS

For the first time, V-ID’s validation platform, known for securing digital files against manipulation, extends its activities into the physical world, by val…

V-ID is bringing certificates and diplomas onto the blockchain.  To this end V-ID has collaborated with NYENRODE and HBO Drechtsteden.

V-ID successfully installed the first IBM Watson-connected IOE sensor with V-ID data anchoring.  

IBM & V-ID install first IoE sensor on IBM NL headquarters’ roof

www.internetofenvironments.org

V-ID partners with Caltrix Consultancy to offer a tailored solution for any financial organisation to comply with KYC/AML challenges. 

LTO Network and V-ID entered into a partnership by rolling out an immediately applicable, GDPR-compliant blockchain solution for companies and governments. 

This alliance allows for any party to verify the authenticity of the diamond using the certificate, and the authenticity of the certificate using the V-ID service.

The brands with which V-ID has worked with and the diversity of the projects they have been involved in bring a lot of confidence in this project, in our opinion.

Price – Revenue Model

Companies need cash flow to sustain and grow. It is important to have a revenue plan for the company to thrive.

V-ID offers 3 different pricing options that you can see below.

VIDT Price chart

Euro 2 per file may seem like a big deal but companies have the option to use the verification only for sensitive documents.

For example, on invoices or contracts, to ensure authenticity.  

Challenges to consider

Icon Latest UpdatesOne of our favorite projects, ICON, also rolled out the Broof concept which helps organizations verify certification.

Blockchain projects, like ICON, with existing capabilities could potentially ‘extend’ their solutions in the verification arena.  This could pose stiff competition.

The verification problem is so big that it can accommodate more than one player, however, the more players you have the more it dilutes the upside potential.

What Blockchain identity verification will not solve!

Demand for counterfeits

When all is said and done, counterfeits exist because they have market demand.  Without demand a product doesn’t sustain long.

There are millions of people who want to experience luxury on budget, by choice or because of lack of choice.

The projects like V-ID cannot solve the counterfeit market for those who specifically seek them out.  

However, the project does solve the ‘authenticity assurance’ demand for people who are paying the full price for the genuine product.

Market for ‘copies’

Digital products have an amazing advantage which is its major flaw and that is: it can be replicated without much effort.

If someone is deliberately seeking out for a pirated copy of something, there is so little you can do.

VIDT, Coinmarketcap and where to buy and sell?

V-ID Blockchain has its own native crypto with ticker symbol: VIDT.

We have to specify this because there is another project on coinmarketcap with VID symbol and we had few folks who seemed to be confused.

At the time of this writing, VIDT was ranked at 224.

At this time, you can buy and sell VIDT at KuCoin.

In conclusion

Blockchain finds a great ‘real-life’ business use case in V-ID.  

The association of the project, even if indirectly, with big brands like IBM, AirBus and more is just a testament to the viability of this solution.

While it may be possible for other projects to try and emulate the V-ID solution, the focus and dedication of the V-ID team could put up a mighty fight, in our opinion.

Ultimately, the problem of fraud is quite big and could easily accommodate success of multiple players.

In the end, we are coming to the same opinion about V-ID that Chris Robinson, ex-CTO of American Express, did and that is “V-ID is a rare combination of 3 things — A great idea in a large and almost green space market. A company with a proven track record and real-world customers. And, finally, an exceptionally high quality team and advisors.

Thank you for reading and sharing this article. Stay safe and healthy!

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with updates, news, eBooks, tax updates, and more!
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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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