
Information has always been crucial for the normal functioning of human society. While that is true, there are times certain information may not be intended for everyone to have. Within a society, there are different groups of people who have interests that are common to them. Hence, information relating to the interests of a particular group may need to be concealed from other groups of the society.
Cryptography arose as a result of a classification of individuals. The main aim of cryptography is to exchange messages between parties without disclosing the real meaning to other people. Cryptography has since evolved. From being used to conceal messages, it is now being applied in the modern world for identity authentication, digital signatures, and lots more. Let us discuss how cryptography has evolved into becoming what it is today.
Cryptography is the science of writing codes and ciphers for concealing information. Secure information is an essential aspect of the modern world. For instance, in blockchain technology and cryptocurrency, it is vital to keep information safe. According to Wikipedia, cryptography is defined as converting ordinary plain text into unintelligible text and vice-versa.
Cryptography generally refers to any method adopted to transmit information only to intended persons. Cryptography not only hides and protects information, but it can also be used for user authentication. In the early days, cryptography was purely encryption, but its uses have been expanded by the use of computer science and mathematical theories. Modern cryptography is concerned with confidentiality, integrity, non-repudiation, and authentication.
Cryptography, in its primitive form, was present even in ancient times. The earliest form of cryptography is symbol replacement which was used in ancient Mesopotamian and Egyptian writings. This type of cryptography originated about 3900 years ago in ancient Egypt. It was found on the tomb of a prominent Egyptian called Khnumhotep II. However, it was not used to conceal information on the tomb. Instead, symbol replacement was used to improve its linguistic interest.
The first form of symbol replacement used to hide information was used about 3500 years ago in Mesopotamia. A Mesopotamian scribe used the method to hide a formula for making glaze for pottery.
As time passed during those ancient times, cryptography was adopted by the military to conceal very important information, a process that is still existing till today. In Greece, it was used in its city, Sparta, to encrypt messages. These messages were encrypted by inscribing the necessary information on a parchment laid over a cylinder of a particular size. The message cannot be understood until it is wrapped around a similar cylinder by the receiver. In ancient India also, spies were known to have used encrypted messages since the 2nd century BC.
The Romans used the most advanced form of ancient cryptography. The "Caesar cipher" Roman cryptography is a notable example. It was done by shifting the letters of an encrypted message by a specific number of positions down the Latin alphabet. A receiver could decipher this encryption by knowing the number of positions to shift the letter.
Cryptography became very important in the middle ages, and the Caesar cipher was the standard. However, as time went on, the science of writing codes ultimately led to the development of its counterpart science. Cryptanalysis, which is the art of breaking codes, evolved to the point that cryptography almost became useless. Around 800 AD, a notable Arab mathematician, Al-Kindi, developed a method that can be used to decode encryption. His innovative technique was called frequency analysis, and it made substitution ciphers like Caeser cipher easy to decrypt.
With Al-Kindi’s method, many people were able to decipher encryptions, making the advancement of cryptography in the middle ages necessary for it to remain valuable. Then in 1465, a new cipher was created by Leone Alberti called the "Polyalphabetic cipher." The method outsmarted Al-kindi's form of cryptoanalysis. Polyalphabetic cipher is done by encoding a message using two different alphabets. One of the alphabets used is the original alphabet in the actual message, while the other is an entirely different alphabet that represents the first alphabet in the encoded message. Polyalphabetic cipher was combined with traditional substitution ciphers to increase the security of concealed information. Therefore, it could only be encoded when the original alphabet is known. With this, the frequency analysis method of decryption became ineffective.
In 1623, another method of cryptography was developed. Sir Francis Bacon invented the Binary method of encoding messages.
Cryptography continued to advance as centuries passed. In the 17th century, Thomas Jefferson developed a new method of encryption. He called his creation the "Cipher wheel." The moving wheel consisted of 36 rings of letters that could be used for complex encoding. The method was well advanced that it could be used for complex American military encoding, and it was not adopted until the second world war.
In the second world war, another advancement in cryptography known as the "Enigma machine" was developed. Similar to the Cipher wheel, the Enigma machine used rotating wheels for complex encoding. Only another Enigma could be able to decipher the message. The method was eventually broken by early computer technology.
Cryptography became more advanced as computers were created. Unlike any ancient cryptographic method, 128-bit mathematical encryption is the most potent form of encoding messages. Like the Caesar cipher in the middle ages, this method has become the standard for computer systems and many other sensitive devices.
In 1990, quantum cryptography, a very different form of cryptography, was initiated. The further development of quantum cryptography was stalled by some computer scientists who wanted to increase the level of already known forms of encryption.
Cryptography is the backbone of cryptocurrencies. Hash functions, digital signatures, and key cryptography are some of the several advanced cryptographic techniques used in cryptocurrency. The primary purpose of these techniques is to keep data secured in blockchains and to verify transactions. Elliptical Curve Digital Signature Algorithm (ECDSA), which is a specialized cryptographic technique, is used in Bitcoin and other digital currencies as an extra means of security so that funds can get to its worthy owner.
Cryptography has been in existence for over 4000 years and has steadily evolved to present-day advanced forms. The growing need to protect sensitive data will likely lead to more innovative approaches to cryptography. Blockchain technology, which has data security as a cardinal essence, has leveraged cryptography especially concerning cryptocurrencies.
MDEX is the decentralized exchange (DEX) platform built on Heco, the Huobi exchange blockchain. It is strategically positioned as the optimal choice for Eco-token transactions and the largest DeFi ecosystem with DEX, IMO, and DAO integration.
It is a decentralized exchange based on Automated Market Maker (AMM) technology on the HECO and Binance Smart Chain (BSC) with a tune of over $5 billion in total value locked. They aim to create cross-chain compatibility between leading chains to create a composite DEX ecosystem.
MDEX became the first project to integrate a dual mining mechanisms into its ecosystem. It utilizes a Liquidity and Transaction mining mechanism:
Liquidity Mining: Various liquidity pairs are available on its LP mining platform, including LP and single stakes. Currently, the platform holds one of the largest TVLs on the Heco chain. They offer a wide range of LP tokens available in the Heco ecosystem.
Its APYs are the largest on the Heco chain and quite competitive with other Dexes available in other chains. Users can start accessing the LP mining incentives and APYs by connecting to the pool.
Transaction Mining: MDEX is the first platform to integrate transaction mining which rewards users for transacting on the platform. By trading using the DEX, users get rewarded for all trade actions done on the DEX.
High APY revenue of transaction mining up till 26th Feb 2021 (source: mdex.com)
Decentralized Autonomous Organization (DAO): MDEX runs a DAO structure using its token MDX to achieve governance. MDX holders can propose to initiate a token listing by voting or collateralizing.
Initial Miner Offering (IMO): Similar to the Initial Coin Offering (ICO) on the Ethereum chain and the Initial Dex Offering (IDO) on BSC Dex chains, MDEX will standardize fundraising activities. Fundraising will be facilitated through its IMO platform. The token will help achieve a standard fundraising token based on the HT-IMO, the decentralized fundraising protocol on MDEX.
The platform is active with various incentives mechanism for its numerous LP pools, listings, and pairs. By interacting with its official Medium handle, can stay updated with the new pools, revised reward mechanisms, and new additions and information.
Four days ago, the platform passed its Certik audit, according to the team, “with flying colors.”
The project has a 93/100 score which shows a healthy indication of its codes and its platform features as safe for use.
MDX token distribution
The project is dubbed the “DeFi Golden Shovel” in Chinese cryptocurrency circles. The immediate roadmap plan is on achieving cross-chain interoperability with various chains.
The platform is looking prime to go multichain with the integration of top chains such as BSC and ETH to achieve a multi-chain era in DEX. According to its released Medium post:
“MDEX will gradually support ETH (layer 2 network), BSC, OKExChain, DOT, NEAR, and other public chains so that assets are inter-connected. In this way, we seek to build a pan-eco transaction protocol.”
On January 6, the project went online.
On January 19, liquidity mining & trading mining were open; the liquidity of the day reached US$275 million; and the transaction volume amounted to US$521 million.
On January 24 (18 days after its launch), the single-day transaction volume exceeded US$1 billion.
On February 1 (26 days after its launch), the liquidity exceeded US$ 1 billion.
On February 3, the Boardroom (Board of Directors) mechanism was launched, and the MDEX ecological fund, worth $15 million USD in MDEX was established.
On February 19, the single-day transaction volume exceeded US$2 billion.
On February 25th, MDEX ranked first in the CoinMarketCap global DEX rankings. It accounted for 53.48% of global DEX trading volume. The daily transaction volume reached a whopping $5 billion USD.
March 10 marked 51 days of MDEX being live. The cumulative transaction volume exceeded $100 billion USD.
On March 12, the total amount of repurchased and burnt MDX exceeded 10 million.
On March 16, MDEX Version 2.0 was released.
On March 18, the 24-hour transaction volume exceeded US$2.2 billion.TVL exceeded US$2.3 billion which builds a new record.
On March 19, in total 143 million MDX are distributed in the form of transaction mining subsidies + liquidity mining rewards, worth US$577 million.
The transaction fees over the first two months were over US$340 million. The platform's 7-day transaction fees rank 3rd, only after Bitcoin and Ethereum.
On Apr 8, Mdex launched on BSC, supporting single currency mining, liquidity mining, trading mining and asset cross-chain.
Within two hours of launch on Binance Smart Chain, the TVL of MDEX exceeded $1.5 billion. The total transaction volume exceeded $268 Million and the TVL on HECO and BSC is now over 5 billion.
The high transaction fees on the Ethereum saw a slice in ETH dominance. Many users in the DeFi sector have gravitated to other blockchain infrastructures like Huobi and Binance Smart Chain.
MDEX integration of other chains like ETH and BSC in the future will make it a multichain DEX service. It will offer unique features like transaction mining and an increase in TVL. Due to the user incentive mechanism of transaction mining and repurchase rewards, MDEX currently has relatively low transaction costs, and users benefit from transactions. Overall, MDEX presents low fees, incentives for transactions, low slippage, and ever-increasing LP pairs will make the platform attractive to users and maintain its dominance as the leading DEX in the ecosystem.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
For those who wish to learn more about MDEX, check out the following resources and media pages:
Lola (AMA HOST): Can the team member of HOLDEFI say hi?
Cengiz: Hi everybody, Glad to be here. I'm from Holdefi project and ready to answer your questions.
Feel free to ask anything about Holdefi ☺️
Lola (AMA HOST): You're welcome Cengiz. Glad to have you with us today.
Hope you're good.
Cengiz:Thanks
Me too😉😊
Lola (AMA HOST): Good👍
Let's move on to the questions.
At the 2nd half, the Community would be dropping their questions and you can pick any 3 questions of your choice.
Shall we start now
Cengiz: OK lets start.
Q1. Can we get to know more about you and your team? What are your roles and past experiences?
Cengiz:We are a +30 person company based in Turkey and have more than four years of experience in the cryptocurrency and blockchain world. We had a lot of success in the local sector, and today we are looking to implement our first global project.
Lola (AMA HOST): Great. What a team! More than team. And How have been your experience with them?
What's your role?
Cengiz: I am content leader of this lovely team.
We have Blockchain Development team, Web development, Marketing, R&D, Content, Graphic Design and management.
Lola (AMA HOST): Ohh. Great.
Q2. A lot of Projects are either on BSC or ETH. Rare to see Multichain Projects. Why did you choose to be on both? Is there anything behind this great move?
Cengiz: We have developed Holdefi on ethereum blockchain from the start. But today it is not hidden to anyone that BSC growth was really amazing and has its own community and fans. So we have decided to launch Holdefi protocol and token also on BSC besides ethereum.
Lola (AMA HOST): That's really good
Q3. Holdefi is an Opensource non-custodial money market protocol that allows users to be depositors or borrower. How can users participate?
Cengiz: Depositors provide liquidity to the market to earn a passive income, and everyone can borrow from this liquidity and repay it after a while. The Borrower must add collateral before borrowing any tokens. The value of the collateral should be greater than the value of the assets they want to borrow. This collateral is, in fact, a guarantee that they will repay the borrowed assets.
Lola(AMA HOST): Okay. Aside from the Collateral, will there be any interest?
Cengiz: No.
Collatoral is only a guarantee for repaying the borrowed assets.
Lola (AMA HOST): Okay. Thanks 😊
Q4. What offer do you have for HLD token holders?
Cengiz: HLD has many use cases include but are not limited to: Protocol governance, Burning, Liquidity mining, staking, Revenue sharing.
I will also share some links at last for reading more about the details.
Lola (AMA HOST): Okay. That would be nice.
Q5. Is there any requirements to join in the HLD IDO? And what should participants expect?
Cengiz: Our IDO has been finished. Now HLD is being traded on PancakeSwap and UniSwap. HLD also being added to centralized exchanges in the near future.
Lola (AMA HOST): All right. Thanks for the Update.
Q6. Can you also tell the Community about the revenue sharing and Liquidity mining?
Cengiz: Liquidity mining in summary means when people provide liquidity to Holdefi protocol they can earn/mine HLD token.
Revenue sharing also means Holdefi protocol revenue from the fees will be shared with the token holders.
Q7. What's the Future plans of this HOLDEFI?
Cengiz: Staking, competitions, Holdefi-V2, and many many plans are coming. We have a whole long-term plan that I do not want to spoil now😉, but our path is very long and certainly, those who joined us from the beginning could be very lucky.
Lola (AMA HOST): Wow! That's quite impressive. Then we are ready to journey with you to the Future. ☺️
Q8. Can you explain to the community about HLD pools?
Cengiz: If you mean HLD pools on UniSwap and PancakeSwap, Liquidity provided tokens by the team are going to be locked for years.
Lola (AMA HOST): Can you give exact period? Like for how many years?
Cengiz: We did not make final decision yet but I think at least 4 years. Maybe we will do that with the third party like TrustSwap. We will announce to the community when we made it.
Q9. Can you tell the Community what makes your Project different from others?
Cengiz: I can mention some of them here.
At Holdefi we have a feature called Promotion that we can do it on different markets which is Increase interest rates.
This feature helps us to increase the liquidity of our pools quickly and grow fast.
or on the otherside, we can decrease the borrow rate for borrowers to attract them to the platform
We seperate the market and collateral pools so that users can withdraw their money at any time. it is what other platforms do not have right now!
This pic also can describe promotion feature better.
Again community can find more details in our documents. I will share the links in the end of our conversation.
Lola (AMA HOST): All right.
Q10. Do share with us all the links that the readers can find out more and also follow the development of the project.
Cengiz: Holdefi website:
Lola (AMA HOST): Thanks Cengiz.
Can we also have the roadmap or is there a lite paper link we can check through too?
Cengiz:Yes you can find our whitepaper and other details at https://docs.holdefi.com/
Lola (AMA HOST): Okay. That's great.
Q11. Lastly, our favourite question in BSC News, do you have any alpha or juicy news that you can share with us today?
Cengiz:
We are in the last phases of Holdefi codes audit and tests, So Holdefi mainnet will be launched at the end of April early May.😊
Lola (AMA HOST): Great. Can't wait for it!
Cengiz: 🙈
Lola (AMA HOST): Thanks for this wonderful AMA, short and Precised. 😊
Cengiz: Thank you for inviting me here for this AMA.
Secure transmission of information is essential in almost every sector of human endeavor. Cryptography, which is the art of securely coding information, has developed over the years and has found practical application in blockchain.
Information has always been crucial for the normal functioning of human society. While that is true, there are times certain information may not be intended for everyone to have. Within a society, there are different groups of people who have interests that are common to them. Hence, information relating to the interests of a particular group may need to be concealed from other groups of the society.
Cryptography arose as a result of a classification of individuals. The main aim of cryptography is to exchange messages between parties without disclosing the real meaning to other people. Cryptography has since evolved. From being used to conceal messages, it is now being applied in the modern world for identity authentication, digital signatures, and lots more. Let us discuss how cryptography has evolved into becoming what it is today.
Cryptography is the science of writing codes and ciphers for concealing information. Secure information is an essential aspect of the modern world. For instance, in blockchain technology and cryptocurrency, it is vital to keep information safe. According to Wikipedia, cryptography is defined as converting ordinary plain text into unintelligible text and vice-versa.
Cryptography generally refers to any method adopted to transmit information only to intended persons. Cryptography not only hides and protects information, but it can also be used for user authentication. In the early days, cryptography was purely encryption, but its uses have been expanded by the use of computer science and mathematical theories. Modern cryptography is concerned with confidentiality, integrity, non-repudiation, and authentication.
Cryptography, in its primitive form, was present even in ancient times. The earliest form of cryptography is symbol replacement which was used in ancient Mesopotamian and Egyptian writings. This type of cryptography originated about 3900 years ago in ancient Egypt. It was found on the tomb of a prominent Egyptian called Khnumhotep II. However, it was not used to conceal information on the tomb. Instead, symbol replacement was used to improve its linguistic interest.
The first form of symbol replacement used to hide information was used about 3500 years ago in Mesopotamia. A Mesopotamian scribe used the method to hide a formula for making glaze for pottery.
As time passed during those ancient times, cryptography was adopted by the military to conceal very important information, a process that is still existing till today. In Greece, it was used in its city, Sparta, to encrypt messages. These messages were encrypted by inscribing the necessary information on a parchment laid over a cylinder of a particular size. The message cannot be understood until it is wrapped around a similar cylinder by the receiver. In ancient India also, spies were known to have used encrypted messages since the 2nd century BC.
The Romans used the most advanced form of ancient cryptography. The "Caesar cipher" Roman cryptography is a notable example. It was done by shifting the letters of an encrypted message by a specific number of positions down the Latin alphabet. A receiver could decipher this encryption by knowing the number of positions to shift the letter.
Cryptography became very important in the middle ages, and the Caesar cipher was the standard. However, as time went on, the science of writing codes ultimately led to the development of its counterpart science. Cryptanalysis, which is the art of breaking codes, evolved to the point that cryptography almost became useless. Around 800 AD, a notable Arab mathematician, Al-Kindi, developed a method that can be used to decode encryption. His innovative technique was called frequency analysis, and it made substitution ciphers like Caeser cipher easy to decrypt.
With Al-Kindi’s method, many people were able to decipher encryptions, making the advancement of cryptography in the middle ages necessary for it to remain valuable. Then in 1465, a new cipher was created by Leone Alberti called the "Polyalphabetic cipher." The method outsmarted Al-kindi's form of cryptoanalysis. Polyalphabetic cipher is done by encoding a message using two different alphabets. One of the alphabets used is the original alphabet in the actual message, while the other is an entirely different alphabet that represents the first alphabet in the encoded message. Polyalphabetic cipher was combined with traditional substitution ciphers to increase the security of concealed information. Therefore, it could only be encoded when the original alphabet is known. With this, the frequency analysis method of decryption became ineffective.
In 1623, another method of cryptography was developed. Sir Francis Bacon invented the Binary method of encoding messages.
Cryptography continued to advance as centuries passed. In the 17th century, Thomas Jefferson developed a new method of encryption. He called his creation the "Cipher wheel." The moving wheel consisted of 36 rings of letters that could be used for complex encoding. The method was well advanced that it could be used for complex American military encoding, and it was not adopted until the second world war.
In the second world war, another advancement in cryptography known as the "Enigma machine" was developed. Similar to the Cipher wheel, the Enigma machine used rotating wheels for complex encoding. Only another Enigma could be able to decipher the message. The method was eventually broken by early computer technology.
Cryptography became more advanced as computers were created. Unlike any ancient cryptographic method, 128-bit mathematical encryption is the most potent form of encoding messages. Like the Caesar cipher in the middle ages, this method has become the standard for computer systems and many other sensitive devices.
In 1990, quantum cryptography, a very different form of cryptography, was initiated. The further development of quantum cryptography was stalled by some computer scientists who wanted to increase the level of already known forms of encryption.
Cryptography is the backbone of cryptocurrencies. Hash functions, digital signatures, and key cryptography are some of the several advanced cryptographic techniques used in cryptocurrency. The primary purpose of these techniques is to keep data secured in blockchains and to verify transactions. Elliptical Curve Digital Signature Algorithm (ECDSA), which is a specialized cryptographic technique, is used in Bitcoin and other digital currencies as an extra means of security so that funds can get to its worthy owner.
Cryptography has been in existence for over 4000 years and has steadily evolved to present-day advanced forms. The growing need to protect sensitive data will likely lead to more innovative approaches to cryptography. Blockchain technology, which has data security as a cardinal essence, has leveraged cryptography especially concerning cryptocurrencies.