Huobi is one of the top cryptocurrency trading platforms with the goal of giving investors a professional, trust worthy and secured platform. Since its inception in 2013, it has been through challenges that threatened to end its prospects. The most noteable among this was the famous Chinese government clampdown on cryptocurrencies. If you are familiar with the exchange, you will know that they have at least three different websites on which they operate, the founders claim that this was their way of surviving the challenges they faced.
From the information on the website, Huobi has offices in Singapore, Hong Kong and Japan. And it has some number of departments that operates in China. Nobody knows the exact team that is running Huobi. Though the public knows that the founder and the CEO of the company is Leo Li, there is little or no information as to the evolution of the company. But this has not in any way hindered the growth of the exchange as it currently operates in a lot of countries.
Huobi provides a trading platform with a wide range of token that is currently totaled at 190. Some of the top cryptos that are being traded are Bitcoin, Ethereum, Litecoin, and Dash. It is a cryp-to-crypto exchange for now, but there are plans set in place to introduce the use of fiat currencies like the Chinese Yen and United States Dollar to the trading.
Creating a New Account
Creating a new account on Huobi is easy. You can carry out some transactions just by registration. This is unlike many other top cryptocurrency exchange platforms that require their users to go through rigorous verification processes; which of course is for a good cause.
Creating a Huobi trading account is easy. The homepage is shown above, at the top right hand side of the page is the ‘Sign Up button. That is where the journey begins. But make sure that the browser that you are using is up to date.
Step 2 – Sign Up
On the sign up tab as shown above, there are two types of registration of which you are allowed to choose just one. You can either sign up with a valid phone number or with your email address. For this post, we are going to make use of the email address because it is safe. There is the ‘Nationality’ field of which will show the country that you are in. If it doesn’t, make sure you select it among the options provided. Other fields include your email and password. Leave the ‘Invitation code’ field empty if you do not have it. Huobi rewards referral from old members, the member is required to give you a particular code assigned to him only, that is why the ‘Invitation code’ field is there.
Step 3 – Email Verification
Once you fill the necessary information and you click on the sign up button, a tab will pop up asking you to enter your one-time authentication code. The code will be sent to your email and it is in the format of what is shown below;
Copy the code and paste it on the appropriate field on the Huobi site.
Step 4 – Depositing Funds
As established earlier, carrying out transactions on Huobi does not necessarily require much verification. When you log in after finishing up the registration process, you will be asked if you would like to fund your account, with options ranging from the use of fiat or digital currencies. The screenshot of this tab is shown below;
As you can see, you can make deposits using bank transfers or using standard blockchain wallet. However, the goal of this article is to get you to verify your identity. So we will have to go with the ‘Buy Now’ option. Click on the box on the ‘How to start with no digital asset?’ option and the tab below will open. Click on the ‘OTC’ (Over the Counter) option.
Using OTC, you you can find a prospective seller that is offering Btcoin or Ethereum for currencies like US dollars and Chinese Yen. Buying these coins is easy, all you have to do is transfer funds with the appropriate payment method. Many of the buyers do not require verification procedures, but for security purposes, I advise that you stick to buyers that require verification procedures. There are many other steps to take to complete your first trading on Huobi, they are however outside the scope of this article.
Etherum’s new fork called Constantinople is upon us. And everyone seems to be looking for what it is all about. How about we take a journey through the Constantinople fork from the root?
WHAT IS A FORK
A fork is when the state of a blockchain platform diverges into a different perspective. It is just like how you update the software your personal computer or the applications on your smart devices. There are two types of fork; soft and hard fork. A soft fork is an upgrade that is backward compatible; that is it can support older version of the blockchain features. However, older versions cannot use the new features. Hard fork on the other hand is not backward compatible. If a user fails to upgrade to the new version, he does not get have any access whatsoever.
Constantinople is the name of Etherum’s hard fork of 2019.
The hard fork is made up of five EIPs. Four of them are aimed at making a short-term improvement in scaling, with the biggest news being the reduction in the rewards that Etherum miners get. The five EIPs are as follows;
EIP1014 – Skinny CREATE2
EIP1014 is expected to improve transactions that occurs between Raiden Network and Etherum’s main-chain. It will create memory spaces in the main chain by executing transactions with side-chains in a completely different memory space. The EIP1014 is the creation og Vitalik Butterin.
EIP145 – Bitwise Shift
This is geared towards the reduction of fuel used in running the Etherum network. Recall that the users of Etherum and its developers pay in the form of Ether which is a gas to be on the platform. However, with EIP145, gas cost could be unbelievably cheaper than the current price. This is expected to boost Etherum’s edge over its competitors as it becomes cheaper to use.
EIP1052 – EXTCODEHASH opcode
This users in a new opcode which will help in the verification of codes when two smart contracts interacts with each other. The EIP1053 uses the functionality of has in increasing the speed in which smart contracts are verified.
EIP1234 – Bomb Delay and Block Reward Adjustment
This EIP is called to action is the aspect of the reduction in the mining reward, from 3 ETH to 2 ETH for each block mined. Most developers mistake this EIP to be a step towards PoS protocol but it is actually not, it is rather a means that will ease the implementation of the protocol that Constantinople proposed.
EIP1283 : Net Gas Metering for SSTORE without dirty maps
This EIP deals with the reduction of the cost of gas that is associated with the storage of data. It is arguably the most technical of all the EIPs, and it works hand in hand with the EIP145
EFFECTS OF THE FORK ON ETHERUM HOLDERS
The Constantinople hard fork is a non-contentious type of hard fork. In a non-contentious hard fork, everyone on the network stops running the old software, therefore no new blocks are added to that chain and all the coins on the cold chain are devalued. This on a long run slows the chain, killing it in the process. On the other hand, a contentious fork results into the users of the blockchain using any of the forks. This will keep the two chains alive, making each coin in it valuable. The fact that Constantinople is a non-contentious fork absolves every iota of fear that holders of the coin harbours as a result of them likening this hard fork to that of Bitcoin Cash. So the hard fork will be somewhat beneficial to the entire network. Block time will likely still be 15 seconds and the cost of transactions is expected to decrease. All holdings on crypto exchanges, cold storage wallets and wallets will be unaffected, but one thing that holders of ETH should be weary of is the case of fraud. There are many people parading themselves on the crypto space as representatives of projects forked out of Etherum. This hard fork is no in anyway like the former fork that birthed Etherum Classic.
Stablecoin is one of the waves in the cryptocurrency world right now, and as you know it, it has been getting a whole lot of media focus especially in Q4 of 2018. A Stablecoin in its simplest form is a stable, collateralized asset blockchain which is used in hedging against the constant decline and volatility that is experienced in the cryptocurrency market. It is somewhat a path of investment taken by people in order to escape the volatility of the cryptocurrency market. Stablecoins are backed by real assets, most of which fiat currencies with the US Dollar being the popular one. They simply reflect the value of the asset of which it is backed.
THE STORY SO FAR
The first ever Stablecoin is BitUSD and it was launched in July 2014 on the cryptocurrency trading platform; BitUSD didn’t get much market popularity probably because they didn’t get their price pegging algorithm right. Next was Tether (USDT) which was issued on the 10th month of that same year, but it was initially called Realcoin. Tether was initially assumed to be pegged with the US dollar, especially as nobody knew where the funds were banked, and there was little or no attempt to do an audit for the project. This coupled with a whole lot of other miscalculations coupled with failing to secure a steady bank account made it one of the slowest blockchain startups as it is currently facing a problem of confidence. However, the fact that Tether failed to achieve its objective didn’t deter other cryptocurrency projects, and the past year (2018) showed evidence as stablecoin like Gemini USD (GUSD), USDC, TrueUSD (RUSD) were all issued. Each one of these stablecoins were backed by audited funds, creating somewhat an assurance to investors that every single token of these stablecoins will keep to their pegs. The most popular stablecoin still remains Tether though, with a 1:1 peg to the US dollar. Its market cap currently sits at $1.92 billion but most experts expect Tether to face a competitive year, especially as they are laced with transparency issues.
STABLECOIN AND 2019
The previous years have seen Tether control the 96% stablecoin market share, which recently dropped to 78% by the way. 2019 promises a year of further plummeting of this share price, especially as stablecoin projects like TrueUSD and USDC has been working on what Tether has refused to work o in years. The secrecy path that Tether has decided to take has affected it, and it has in general attracted critics on the whole stablecoin concept. Reecently, Facebook announced that it is going to launch a stablecoin for payment using its WhatsApp platform. If everything goes according to plan, the Japanese yen in march will be pegged with a stablecoin that will be launched by one of the biggest commercial bank in the country; Mizhuo Bank. PwC is not left out of the trend as they have announced the collaboration with Cred, which is a decentralized lending platform in launching a stablecoin that is to be pegged with the US dollar.
Japan’s biggest cryptocurrency exchange forum – Binance – recently listed two stablecoin pairs which are PAX and TUSD. PAX is issued by Paxos Trust Company and it is to be pegged with the US dollar, however it is expected to pair with BNB and BTC when it starts trading. The United State do not seem to be left out in the 2019 story of stablecoin, word on the net suggests that Texas Department of Banking recently released a statement, suggesting that an instutionalized stablecoin may be considered of monetary value under Money Service Act of the state. Apart from stablecoins backed by fiat currencies, 2019 promises to be a year that will see an increase of stablecoins that are backed by precious metals. Gold and silver are generally known to be assets. The stablecoin projects, backed by assets that we expect in 2019 are Tiberius Coin, Kinesis and Digix.
To conclude, the crypto market with no doubts is volatile, and most coins in the cryptocurrency market are unable to stand the test of time because of this volatility. This is why stablecoins is the future, especially for those who are scared of the cryptocurrency market. One might be tempted to call the concept of stablecoins another Forex market, but it actual sense, it is not.
We have all heard about the Cryptocurrency bubble. In the recent years, it has brought with it an unprecedented boom that will still continue into later years. A simple description of Cryptocurrency would be that it is a currency for the future. Cryptocurrencies have enjoyed the fame for a long period of time now and there have been little recognition given to the importance of Blockchain technology. There are amazing uses of the Blockchain tech. You would be right to assume that cryptocurrency projects need Blockchain in order to function but you would be wrong if you think that it holds no benefit for your startup.
Every person intent on starting up a business, no matter how small or large, should definitely consider the use of Blockchain technology because it holds exquisite benefits. Without further ado, let me show you five dynamic uses of Blockchain.
#1 Blockchain Can Help You With Funding
This is obviously one of the biggest ways that Blockchain can help your business. Funding is one of the most important needs that a business requires in order to begin. At the same way, lack of it can impede its growth and lead to a quick end. Cryptocurrency startups are often able to raised millions of dollars from their Initial Coin Offerings (ICO) due to Blockchain because it allows people from all parts of the world to contribute. Most businesses are currently making use of traditional ways to raise funding and this is mostly restricted to people within the country. With Blockchain technology, you can efficiently pitch your business ideas to people across the globe and get the necessary funds that will allow the business start.
One of the major reasons that will make your business thrive is transparency. Succinctly put, a good business is one that the business process is very transparent. Blockchain technology guarantees this feature in your business as it helps your startup to store data in public ledgers. At all times, every accounting and operational data is immediately kept secure and accessible to everyone. This makes it easier for every stakeholder in your business to view the progress of the company since there is no chance of account manipulation. It would also help you to monitor the activities of employees within the business.
#3 Trace of Transactions
The use of Blockchain technology within your business helps you to easily travel every transaction you have made since the startup point. This solves the issue of lost accounting details and it is a perfect way to help your business catalog every detail of your product so as to facilitate easy recall of information whenever it is needed
#4 Better Security for User Data
Another super incredible way that Blockchain Technology helps your business is the great security for every user data.
There is no getting around the fact that many people want to know if you can be able to protect their information when they give it to you. People do not want anyone intruding on their private data and with the use of Blockchain technology, you can promise them that and stick to your promise. Blockchain technology works in a way that it is independent from the control of governments and large corporations. Prior to its existence, many startups that had online presence had to store their User data on cloud files that were kept in large corporations. The data, at that time, could be subject to hack or government inquiry. With the independence of the Blockchain, all clients would be safe and the details of your business practice can also retain that safety from prying eyes
If startups that are oriented towards Networking such as B2B businesses, Uber etc, the protection of user data is very important as any exposure to hack may reduce the reputation of the business. In order to ensure the strict confidentiality of your User Base, Blockchain Technology provides top security
#5 Excellent Outsourcing of Customer Support
Customer service is an aspect of business that either influences the growth of the business when great, or reduces the patronage when bland and terrible. Every business owner aims to provide the best customer service and that is where Blockchain Technology comes in.
The era of traditional customer service is fast coming to an end and you can save a lot when using Blockchain technology to outsource your customer service to a freelancer that is available every time of the day.
I could go on listing more reasons why Blockchain Technology can prove to be a game changer in your business but what good would words do. That is why you have to start right this minute to incorporate Blockchain tech in your existing business or make plans to use it when you begin your business