Welups Official

2022-12-14 05:21:23 Open / Comment

2022-12-12 12:01:22 𝑾𝒉𝒂𝒕 𝒊𝒔 𝑷𝒓𝒐𝒐𝒇 𝒐𝒇 𝑹𝒆𝒔𝒆𝒓𝒗𝒆𝒔? 𝑫𝒐𝒆𝒔 𝑷𝒓𝒐𝒐𝒇 𝒐𝒇 𝑹𝒆𝒔𝒆𝒓𝒗𝒆𝒔 𝒎𝒂𝒌𝒆 𝒄𝒓𝒚𝒑𝒕𝒐 𝒕𝒓𝒂𝒏𝒔𝒑𝒂𝒓𝒆𝒏𝒕?
CEX exchanges are offering customers a way to verify the status of assets held on their platforms. Through this, customers, and users can determine with certainty that the institution holds these assets with equal or excess reserves to guarantee deposits and the customer will always be able to withdraw their money. This process is done through the Proof of Reserves (PoR) system.

𝙋𝙤𝙍 𝙘𝙤𝙣𝙨𝙞𝙨𝙩𝙨 𝙤𝙛 𝙩𝙬𝙤 𝙥𝙖𝙧𝙩𝙨:
A current record of customer token deposits (known as liabilities)
A group of tokens held in a set of exchange addresses (also known as assets).
As a custodial financial institution, centralized exchanges (CEX exchanges) are not allowed to use customer funds for other purposes, so both assets and liabilities must match.

𝙒𝙝𝙮 𝙞𝙨 𝙋𝙧𝙤𝙤𝙛 𝙤𝙛 𝙍𝙚𝙨𝙚𝙧𝙫𝙚𝙨 𝙞𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩?
Changpeng Zhao, CEO of Binance pointed out the status of the second-largest cryptocurrency exchange – FTX. After the fall of FTX, many Proof of Reserves tools quickly emerged, each providing crypto investors with a way to track their assets or financial activity on exchanges. Through this, users can be sure that exchanges hold assets with equal or excess reserves to guarantee deposits and customers will always be able to withdraw their holdings.

𝘼𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣 𝙤𝙛 𝙋𝙧𝙤𝙤𝙛 𝙤𝙛 𝙍𝙚𝙨𝙚𝙧𝙫𝙚𝙨
For users:
- Provide a means to verify the user's assets
- Allows conducting due diligence on custody platforms
- Actively check transaction activity
For institutions or exchanges
Provide a means of maintaining and regaining users' trust
The opacity discovered in recent events is increasing the fear index for investors using custodial institutions for trading or other financial activities. Reputable institutions can regain this lost trust by developing good Proof of Reserves and making them available to their clients.

Read more:
https://outsidetheblock.com/proof-of-reserves-la-gi.html

- 1 knowledge a day with Welups -

#PoR #CZ #CEX #Blockchain #transparency #Welups #Layer1

Facebook Twitter Linkedin Telegram Open / Comment

2022-12-12 12:00:27 Open / Comment

2022-12-09 13:36:19 Vitalik Buterin's message to the crypto community: Focus on technology, not price
The co-founder of Ethereum has recommended depressed crypto investors stay away from price tracking and focus instead on the technology.
The crypto industry has been bombarded with bad news since the collapse of FTX and its aftermath. After all, the value that a project brings is the value of technology, the solutions that the technology of the project brings will solve what problems of users.
Withstand winter and market volatility, we will be stronger.
Welups with you to overcome this downtrend season. Open / Comment

2022-12-08 12:47:21 𝐇𝐨𝐰 𝐖𝐞𝐛𝟑 𝐒𝐨𝐥𝐯𝐞𝐬 𝐁𝐚𝐬𝐢𝐜 𝐏𝐫𝐨𝐛𝐥𝐞𝐦𝐬 𝐢𝐧 𝐖𝐞𝐛𝟐

1. 𝑯𝒐𝒘 𝒊𝒔 𝑾𝒆𝒃3 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕 𝒇𝒓𝒐𝒎 𝑾𝒆𝒃2?
Web3 is a decentralized ecosystem that helps transfer control from centralized to decentralized. Make the data belong to the users themselves
Web2 is when data is mainly collected and controlled by companies like Google, Microsoft and others.
Web3 is aimed at the next generation of decentralized Internet, which sets it apart from Web2, a centralized ecosystem based on a client-server model. In Web2, applications are deployed on a server that is hosted by Google Cloud or Amazon Web Services (AWS). This system centralizes power, can block anyone's access or exchange important user data for money.
Web3 was born to remove this undue advantage of Big Tech and increase transparency, facilitate innovation, and empower users to control data and online interactions. In Web3, there is no server or client. Instead, have peer-to-peer file sharing thanks to the Interplanetary File System (IPFS)

2. 𝑪𝒂𝒏 𝑾𝒆𝒃3 𝒔𝒐𝒍𝒗𝒆 𝑾𝒆𝒃2'𝒔 𝒑𝒓𝒐𝒃𝒍𝒆𝒎𝒔?
Web3 returns content rights to authors, enhances security, eliminates unfair censorship, opens up transparency, automates software operations, and facilitates the economy of creators.
Thanks to the features of Web3, businesses can take advantage of opportunities to increase revenue.
Some salient features of web 3 are as follows:
- Data ownership
- Data security
- Unfair censorship
- Financial freedom
Web3 promotes financial freedom. Decentralized finance (DeFi), where anyone can freely participate in financial activities, is a good example of the independence that participants enjoy.
Compliance with KYC and Anti-Money Laundering (AML) regulations will open the decentralized economy (defi) to new user groups and popular adoption.
- Transparent
- Automation by smart contract
- The Economy for Content Creators
NFT - a component of the Web3 ecosystem, has added another dimension to the web economy. In Web3, NFTs can act as metadata assets, game assets, certificates, and more, opening up endless possibilities and empowering content creators to monetize in an unprecedented way.
Thanks to NFT, creators can now turn their community members into investors and provide them with some tangible value from the interaction.
Facebook Twitter Linkedin Telegram Open / Comment

2022-12-08 12:47:05 Open / Comment

2022-12-07 14:15:03 𝑳𝒆𝒅𝒈𝒆𝒓 𝒍𝒂𝒖𝒏𝒄𝒉𝒆𝒔 𝒏𝒆𝒘 𝒉𝒂𝒓𝒅𝒘𝒂𝒓𝒆 𝒘𝒂𝒍𝒍𝒆𝒕 "𝑺𝒕𝒂𝒙" 𝒘𝒊𝒕𝒉 𝒆𝒚𝒆-𝒄𝒂𝒕𝒄𝒉𝒊𝒏𝒈 𝒅𝒆𝒔𝒊𝒈𝒏

Hardware wallet company Ledger has launched Ledger Stax, the latest line of hardware wallets with an extremely modern and intuitive design.
Notably, Ledger Stax was designed by Tony Fadell, inventor of the iPod and iPhone.
As a result, this hardware wallet has an extremely eye-catching appearance with an edge-to-edge E Ink touch screen
With Ledger Stax, the company wants to attract more technology users thanks to its modern design and more versatile functions such as:
+ Cryptocurrency storage,
+ Store the NFT and project it on the screen.
+ Connect Ledger Stax to computer via USB-C . port
+ Connect to smartphone by bluetooth
+ Connect to multiple dApps via Ledger Connect.
The timing of Ledger's Stax launch is thought to be very appropriate as demand for hardware wallets to store assets skyrockets following the recent chain crash in the cryptocurrency market. Crypto users have massively withdrawn from exchanges to store on hardware wallets.
Protect your assets on hardware wallet, do you already own a hardware wallet?
- 𝘓𝘦𝘢𝘳𝘯 𝘮𝘰𝘳𝘦 𝘶𝘴𝘦𝘧𝘶𝘭 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘦𝘷𝘦𝘳𝘺 𝘥𝘢𝘺 𝘸𝘪𝘵𝘩 𝘞𝘦𝘭𝘶𝘱𝘴 -
Facebook Twitter Linkedin Telegram Open / Comment

2022-12-07 14:14:57 Open / Comment

2022-12-06 12:29:20 𝐂𝐫𝐲𝐩𝐭𝐨 𝐂𝐚𝐫𝐝 - 𝐀 𝐬𝐭𝐞𝐩 𝐜𝐥𝐨𝐬𝐞𝐫 𝐭𝐨 𝐭𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐟𝐢𝐧𝐚𝐧𝐜𝐞
Is it difficult to use Btc, Eth or Welups for daily expenses?
There are currently very few stores that accept digital currency. There are several reasons such as:
- Retailers can worry about daily rates
- Technology is hard to understand
- Considers the need for crypto trading to be low and unnecessary.
But over time, we are starting to see new products emerge to solve all these problems.
So what is this solution? It's a crypto debit card
Just like a regular debit or credit card, a crypto debit card allows you to pay for your daily transactions with BTC, ETH, Welups, and several other coins.
No need to worry about whether your card is accepted by the merchant. Because they can be used in millions of locations.
Simply top up your crypto debit card with the digital currency you have – usually through a mobile app or website.

𝙏𝙝𝙚 𝙙𝙞𝙛𝙛𝙚𝙧𝙚𝙣𝙘𝙚 𝙛𝙧𝙤𝙢 𝙪𝙨𝙞𝙣𝙜 𝙖 𝙧𝙚𝙜𝙪𝙡𝙖𝙧 𝙑𝙞𝙨𝙖 𝙘𝙖𝙧𝙙
The benefits of a crypto debit card
- With a regular Visa debit card, you can often expect to pay exorbitant conversion fees when traveling abroad. Because the fee to convert from VND to dollars, pounds or euros is quite high.
With a crypto debit card, your Bitcoin acts as a bridge to other fiat currencies, which will save you money.
- If you do not often go abroad and do not need to convert to other currencies. So what are the benefits of a crypto debit card now?
Traditional credit cards have a lot of extra fees. You may have to pay an annual membership fee or whatever you do for domestic and international transactions.
Crypto debit card:
+ Save some significant fees.
+ Transaction limit is higher than traditional card
+ ATM withdrawals – and many tools on the market also support such as Apple Pay, Google Pay and Samsung Pay. Some cards offer cool rewards, like some airport lounge access or cashback on transactions.
+ Can be set up without cumbersome bank accounts.
+ Some products also offer digital cards instead of physical cards, making it easy to make purchases online through PayPal and other e-commerce platforms.
The reverse side of a crypto debit card
- There is an issue that needs to be taken care of, which is the price volatility of Bitcoin.
The amount of BTC you use to buy a $1,000 vacation on your crypto debit card now could be worth double or triple in the years to come.
- Reputation of Blockchain brands that offer crypto debit cards.
- In some countries, it is required to comply with regulations (KYC): including ID card verification, face verification, etc.
In the future, will crypto debit cards be popular?
Currently, parties like Binance, Coinbase, Crypto.com and Blockcard offer their own Visa debit cards. Funding your account is easy, and you won't be charged fees for transferring funds from your crypto exchange account to your card.
With PayPal entering the crypto space and crypto awareness steadily increasing, these products are likely to become much more popular in the near future.
Facebook Twitter Linkedin Telegram Open / Comment

2022-12-06 12:28:50 Open / Comment