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For those who keep up on the Binance Smart Chain, it has been a bit of a day; among other events, there has been another large rugpull on the Binance Smart Chain network. A newly released project, PopcornSwap, has performed a liquidity siphon . This was nearly an instant rug-pull upon launch, stealing custody of over 2,000,000 USD in users’ tokens merely three hours after their first Twitter post. The project has now deleted all media and website pages, going ghost.
This must serve as a fair warning of the high-risk nature of De-Fi projects. While smart-contracts give developers the tool to create robust protocols innovating traditional financial services, there are unfortunately inherent risks. These can be defined as smart contract risks; while this code allows users to develop trustless and decentralized protocols, they are not perfect. Malicious developers can leave loopholes in the code to siphon users’ money. This is the case of PopcornSwap, where developers siphoned over 2,000,000 USD. Below is the wallet address which has custody of the stolen funds.
In other instances, developers may not recognize a critical error in their code. This is unavoidable as nothing is ever perfect, which was the case in the Harvest Finance hack. Unnoticed structural integrity in a smart contract can be easily exploited by malicious users who find vulnerabilities in the code and ultimately steal users funds.
Overall, smart contract risk is a prevalent issue in the De-Fi space on both the Ethereum Network and the Binance Smart Chain. At the same time, these are not insanely common occurrences, but they ever too frequent. We have published a few guides on the BSCNews website, authored by The Ape, which help users safeguard against these instances:
How To Spot a Potential RUG — Clear signs something is sketchy
How to Keep Your Funds SAFE — MetaMask Guide
Unfortunately, in the current De-Fi landscape, smart contract risks are very prevalent and should always be considered. As the space continues to mature, we can expect to see better audits, more educational awareness, and a general increase in safety. These tools are quickly developing with a large amount of insurance and audit protocols launching to help safeguard and protect users from these occurrences.
Overall it is vital to proceed with caution when purchasing highly speculative tokens. None of our articles are advice at the end of the day, and all financial decisions should be made on your behalf or from a professional financial advisor.
Cubiex is a tokenized social media platform that aims to incentivize and connect gamers using blockchain technology. The team aims to capture a section of the gaming industry that is projected to reach a market size of $180 billion by the end of 2021. The novel introduction of their blockchain gaming network, Cubiex, is how they plan to take the crypto and gaming markets by storm.
This protocol directly focuses on creating a specialized social networking platform that rewards the average gamer. As the gaming industry continues to see unprecedented growth, there has been an enormous inflow of money in new niches such as esports and scarce digital items. These features are typically cut off to the casual gamer, especially esports. Even further, most gamers cannot make any income, but Cubiex changes this, catering revenue streams to the individual and average gamer.
Cubiexs' vision tackles a ton of current issues in the gaming industry through their decentralized social network and crypto league for esports. The Cubiex platform allows users to connect with hundreds of millions of players worldwide through instant messaging, live streams, P2P marketplaces, and a unique Crypto Battle League. The ultimate goal of Cubiex is to make a permissionless and decentralized gaming network for all games.
--Robust Social Networking Platform
--Cubiex Market
--Cubiex Streaming
--Cubiex P2P Matching
Cubiex's chief mission is to increase social connectivity between gamers. Throughout the Cubiex platform, gamers will be able to meet, game, and easily produce gaming media content. Currently, gamers find issues with this as there is no dedicated platform for connecting with others who have similar interests. Cubiex is the first tokenized social network for eSports and gamers, granting users a robust outlet to share and network their gaming experiences.
Cubiex supports multiple forms of content creation ranging from live streams, P2P matchmaking, a digital item marketplace, and an article/blog system. The Cubiex platform has wrapped its original CBX token 1:1 to the ecosystem's native POWER token. POWER allows access to all of Cubiexs' core features outlined below:
The Cubiex team has introduced an article posting system which incentives people who post blogs on the platform. To ensure security users must complete a Know Your Customer (KYC) verification to participate in content creation. This system combats fraud and scam which other content creation platforms struggle with. Once approved users will be able to post articles and receive incentives weekly. These incentives are dependent on the influence and upvotes the post has so the more interaction, the more rewards, ultimately promoting quality content.
These rewards are disbursed to users as Cubiex POWER tokens, but only 50% become instantaneously available as ERC-20 tokens. The remaining 50% of incentives will be vested for four weeks but they are claimable after the vesting period. Currently this feature is not active on the latest version of the Cubiex platform.
Live streaming has taken the gaming world by storm with platforms like Twitch.Tv and Youtube Live. While these platforms allow an outlet for gamers to stream Cubiex aims to go further through applying blockchain technology and an attractive incentive model. Cubiex integrates a seamless donation system allowing streamers to maximize their gains. Alongside this Cubiex supports tournament organization on their platform such as the ESL ONE COLOGNE.
The donation system integrates Cubiex's POWER token allowing for all income generated to be used anywhere on the platform. Currently Cubiex's streaming service presents a user friendly UI/UX alongside their improved live streaming model.
The virtual item marketplace has rapidly expanded to a $10 billion + market. Cubiex aims to innovate in this sector of gaming and capture a piece of this ever-growing pie. In the Cubiex.Market users can sell and buy virtual items using POWER tokens. This powerful marketplace makes Cubiex a one-stop gaming platform as users can earn POWER through the platform and use it to purchase virtual items. Unlike traditional virtual item marketplaces (i.e Steam) there is no transaction fee.
This marketplace allows for a seamless and secure peer-to-peer marketplace that all gamers can take advantage of. On top of this, Cubiex supports partnerships with brands, marketing agencies, and game developers to deploy in-game items. This creates additional incentives for users in the Cubiex social network. These partnerships consist but not limited to, prize packages for tournaments, league matches, and other gaming events to give away these collector items.
In short, the Cubiex marketplace can decentralize traditional peer two peer virtual marketplaces efficiently. This marketplace innovates on traditional marketplace models, ultimately saving users money.
The Cubiex social network aims to be a one-stop-shop for all gamers, and community matchmaking is essential. Cubiex seeks to create a tokenized P2P matchmaking system using their native POWER token. This MM system allows all Cubiex users to stake tokens against opponents and battle for the prize pool. This community-based MM system allows all gamers to earn income from playing their favorite video games.
Cubiex further brides the elite eSports world to casual users through the Cubiex battle league and career network. Users will be able to play against other teams in return for tokens, which will be recorded on the global Cubiex battle league leaderboard. Here, users will be able to climb the ranks while possibly earning rewards for outperforming others.
Gamers will access this system through the Crypto Battle Challenger, where they can custom tailor their matchmaking needs. This ensures users will be able to select opponents reflecting their specific categories, ranks, and prize pools.
The Cubiex token is an ERC 20 token that has been entirely distributed. CBIX is the initial token in the Cubiex ecosystem of which POWER maintains a 1:1 peg to. The difference between the tokens is that POWER is used for all Cubiex ecosystem services while CBIX is on the Ethereum blockchain. Upon wrapping CBIX tokens for POWER, 50% of them will be vested for four weeks. This system is introduced to combat users buying tokens and instantly dumping them, a sort of protection for long-term holders. Overall, the key takeaway here is the CBIX and POWER will maintain a 1:1 peg. CBIX represents the Cubiex platform on the Ethereum Network, while POWER is used for all social network services.
The Cubiex team has lots of developments planned for the year 2021. The team has outlined their main focuses for the year, and there are some exciting features. Coupling the roadmap with the current backdrop of the bull market, Cubiex is sure to make this an action packed-year, including the following developments:
Most notably, the team is working on developing large-scale eSports partnerships alongside tournaments. These developments can be expected as early as Q2 of this year as the team is currently working with the German CS:GO Cup. It seems the latter half of this year will be jam-packed for the Cubiex team and its users!
The Cubiex team has continued to innovate through the bear market phase of 2018, and they have not slowed innovation. As the team builds its decentralized gaming network, more adoption for cryptocurrency is on its way. This coupled with the rapid growth the gaming industry is witnessing, makes Cubiex primed for future growth. This platform creates a one-stop-shop for all gamers allowing them to game, earn, trade and network all from one platform.
The Cubiex ecosystem is just beginning to flourish, and the future roadmap holds tons of excitement. As for gamers, this is something to look forward to. Cubiex offers a decentralized P2P marketplace and matchmaking system alongside their streaming services. The team continues to innovate in gaming, social network, and De-FI space, making it a prime contender for growth in this bull cycle.
For more information, or if you wish to stay up to date on the project, check out project and media pages:
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.
None of our articles are advice at the end of the day, and all financial decisions should be made on your behalf or from a professional financial advisor.
The team at BSCNews urges that users undergo their own independent research or consult a certified investment professional before making decisions regarding finances. We do not accept any responsibility for individual decisions made based on our articles.
Disclaimer: The cost of this article has been funded by the Cubiex Team
Decentralized finance or DeFi, for short, has emerged over the last year, building significant momentum over the year as the Total Volume Locked in the sector has surpassed over $35 billion in comparison to $1 billion in February last year.
Newer platforms like Fusion and Fantom are evolving the DeFi sector with interoperable and scalable solutions such as liquid staking, cross-chain swapping, and more. Fusion’s DCRM technology and the Fantom foundation’s DAG-based smart contract platform are expected to grow the Defi sector tremendously.
Both the networks aim to allow users to execute sophisticated financial functions while solving the scalability and interoperability issues of existing blockchain solutions, making way for the Internet’s new age.
Founded in late 2017, the Fusion project proposed establishing a platform-level public chain where the tokens’ private keys on multiple blockchains can be securely moderated in a distributed fashion using its proprietary DCRM solution.
At the core of the Fusion project’s design is a distributed control rights management system (DCRM), smart contracts creation, and hierarchical hybrid consensus mechanisms (HHCM). The project’s strategy is meant to catalyze the emergence of the Internet of Values.
The Fusion project implements HHCM to ensure unpredictable randomness of book-keeping nodes, hence bolstering the system’s security and functionality.
The HHCM enables the following for the Fusion project.
The Distributed Control Rights Management protocol at the heart of Fusion transfers digital assets control to the network’s decentralized nodes management. The distributed generation and storage of private keys on the Fusion network control the access of private keys. Hence no single node on the network can gain control of the digital assets.
Fusion also utilizes crypto-asset mapping. Crypto-asset mapping actively generates tokens used for bookkeeping on the network for controlled objects. Therefore, tokens on the network can freely interact with mapped assets. Moreover, Fusion has also implemented distributed control with its Lock-in and Lock-out mechanism.
With the lock-in and lock-out process, users can simply validate asset ownership by generating a private key with the distributed sharding algorithm found in the DCRM. Users transfer the control of their assets to the DCRM through a centralized management framework. After the transference of authority is completed, a smart contract will update the user’s account on Fusion.
The Fusion foundation was introduced by DJ Qian, the CEO of a popular blockchain incubator, BitSE. BitSE was nominated as the top fintech startup globally and awarded with the year's most powerful blockchain infrastructure. BitSE has also led to the establishment of VeChain and QTUM.
Most of Fusion’s success can be attributed to its technology and the open-source community behind it. The developer community has actively improved the platform’s protocols and features. Fusion has a group of honest developers called the FOSC. The group comprises some of the best open-source developers, translators, designers, and more.
The DCRM has several use-cases for storing cryptocurrencies. By combining DCRM with the ability to validate asset ownership, Fusion inherits a diverse set of use-cases.
Based on Fusion DCRM technology, Anyswap is a unique, completely decentralized, cross-chain swap protocol that provides users with automated pricing and a sophisticated liquidity system. The Anyswap decentralized application is compatible with notable blockchains such as Fusion, Binance Smart Cain, Ethereum, and Fantom, making it the first true cross-chain DEX.
Anyswap acts like a decentralized cross-chain bridge. Users can deposit any coins into the protocol and mint-wrapped tokens in a decentralized ecosystem. Users can also instantly swap from one coin to another without any risks to anonymity or privacy. Additionally, Anyswap also offers a liquidity provider that adds and withdraws liquidity into swap pairs on the application.
Furthermore, Anyswap exchanges different pairs on each of its supported blockchains. The newer version of Anyswap will offer direct pairings in addition to pairings with base coins of Fusion, Ethereum, Fantom, Huobi Eco Chain, or Binance Smart Chain.
Note that Anyswap users have to pay the gas fee for the respective blockchains they deal with. Also, users have to pay 0.4% of the sum they transfer, where 0.3% is assigned to liquidity providers, and 0.1% goes to Anyswap.
Based on Fusion’s DCRM technology, Chainge offers instant coded financial services that span multiple blockchains such as Ethereum and Binance Smart Chain. With zero investment required, users can freely leverage power-coded finance services by using the free tokens provided to them for joining the early adopter’s waiting lists. No upfront investment is required to leverage the power of coded financial services as users can utilize free tokens provided for joining an early-adopters waiting list.
Interestingly, users can seamlessly access services like margin trading, loan acquisitions and easily trigger digital financial instruments' liquidation. Additionally, users can access a myriad of wealth management features like self-customized crowdfunding or value distribution formulas through Chainge’s sophisticated yet user-friendly interface.
Users can also provide financial services as a coded bank by providing loans, escrow and protect their friend’s account’s security with multi-sig services. Chainge simply banks the unbanked and allows users to build their own digital bank.
It should be noted that Chainge is invite-only at the moment based on POIP, but you shouldn’t worry because you can click on this link and use my referral in order to get some Chainge tokens, (thank you).
Fusion’s technology is easily one of the most sophisticated systems existing in the cryptocurrency market. The FSN token is an excellent investment based on its use-cases, its solution to interoperability, scalability, and usability. By investing in FSN, you are investing in its adoption.
Although the token is ranked at 430 by Market Capitalization, the token has gone up in value at the time of writing, priced at $0.75. Fusion token accumulates a market cap of over $36.8 million with a trading volume of almost $16.5 million.
Moreover, the token has taken a bullish run after breaking the resistance level at $0.6 after 3.5 months. It’s plausible that the token will go through price corrections. For a project of this level and activity, the price is considerably low. However, paired with the ideal tools, you can make this investment the right decision.
https://coinmarketcap.com/currencies/fusion/
Fantom strives to stand out from the conventional block ledger-based storage infrastructure by employing a sophisticated DAG-based protocol called the Lachesis Protocol.
The Lachesis protocol operates on the Fantom Opera chain. It intends to enable applications built on top of the blockchain to experience instant transactions and negligible transaction costs for users across the board. The Lachesis protocol allows Fantom’s mission to deliver an interoperable and scalable solution to the world.
Fantom has proven to achieve a transaction time of under two seconds. Moreover, Fantom can process thousands of transactions per second to scale to hundreds of nodes on the network.
Fantom delivers the first DeFi stack built on top of an aBFT consensus mechanism, making it the fastest, cheapest, most reliable, and most secure platform in the ecosystem. Users can use their FTM to mint fUSD and access DeFi tools, use their fUSD to trade synthetic assets, or lend it to earn interest and borrow synthetic tokens. Let us discuss some of the core features of the Fantom ecosystem.
fUSD is a stablecoin on the Fantom network that serves as the gateway to Fantom’s Defi Platform. Users on the Fantom network can easily mint fUSD by locking up their FTM. Moreover, fMint also allows users to use fUSD as collateral to mint synthetic assets.
Users can instantly buy synthetic assets from the ease of their Fantom wallets. Users can use their FTM or fUSD to trade over 170 different assets and tokens, including fBTC, fETH, and other notable assets.
Users can seamlessly lend FTM and fUSD to the liquidity pool and earn passive interest on their capital. Moreover, users can use fUSD to lend synthetic assets and trade on fSwap from their Fantom wallets’ ease.
The Lachesis Protocol at the core of Fantom is an aBFT consensus algorithm proposed by the Fantom team. The aBFT consensus algorithm enables the following features:
The Lachesis Protocol essentially stores a Local Acyclic Directed Graph that comprises event blocks, each composed of transactions on the network. The DAG then monitors the happen-before relation between transactions and computes the exact final order of independent transactions on each node.
Additionally, The Lachesis Protocol dramatically saves time by making validators on the network periodically exchange the monitored transaction and events with nodes. Interestingly, Fantom also employs the proof of stake consensus protocol to secure the network from potential Sybil attacks with a minimum requirement of 3,175,000 FTM from validators.
Founded in 2018, Fantom operated from Seoul, South Korea, as a blockchain developer team striving to develop a new consensus algorithm. The Fantom Foundation team, led by their CEO, Michael Kong, comprises engineers, scientists, researchers, designers, and entrepreneurs.
With the emergence of various viruses and illnesses worldwide, Fantom has been expanding as a smart medicine solution to showcase Fantom Technology and Blockchain technology's numerous use-cases.
Fantom has a surpassed $385 million market cap with a trading volume of $65.6 million, priced at $0.15 per FTM at the time of writing. Considering the numerous use-cases Fantom has to offer and the features it is built on, Fantom is undoubtedly a fantastic investment. It provides speed, security, and ample room for growth. Moreover, the coin is ranked in the top 100 coins, therefore making Fantom an excellent investment.
https://coinmarketcap.com/currencies/fantom
The DeFi space is growing tremendously since its inception, and platforms like Fusion and Fantom are proving to be the catalyst in this ever-growing niche. As we have discussed, these platforms are more oriented towards solving core problems, namely scalability, and interoperability.
With these scalable, efficient, and interoperable platforms, the DeFi sector could achieve mass adoption and remove some of the core bottlenecks. The price and every growing upward trend indicate that the audience is showing significant interest in encouraging growth and adoption.
A special thanks to
A newly released project, PopcornSwap, has performed a liquidity siphon scam. This was nearly an instant rug-pull upon launch, stealing custody of over 2,000,000 USD in users’ tokens
For those who keep up on the Binance Smart Chain, it has been a bit of a day; among other events, there has been another large rugpull on the Binance Smart Chain network. A newly released project, PopcornSwap, has performed a liquidity siphon . This was nearly an instant rug-pull upon launch, stealing custody of over 2,000,000 USD in users’ tokens merely three hours after their first Twitter post. The project has now deleted all media and website pages, going ghost.
This must serve as a fair warning of the high-risk nature of De-Fi projects. While smart-contracts give developers the tool to create robust protocols innovating traditional financial services, there are unfortunately inherent risks. These can be defined as smart contract risks; while this code allows users to develop trustless and decentralized protocols, they are not perfect. Malicious developers can leave loopholes in the code to siphon users’ money. This is the case of PopcornSwap, where developers siphoned over 2,000,000 USD. Below is the wallet address which has custody of the stolen funds.
In other instances, developers may not recognize a critical error in their code. This is unavoidable as nothing is ever perfect, which was the case in the Harvest Finance hack. Unnoticed structural integrity in a smart contract can be easily exploited by malicious users who find vulnerabilities in the code and ultimately steal users funds.
Overall, smart contract risk is a prevalent issue in the De-Fi space on both the Ethereum Network and the Binance Smart Chain. At the same time, these are not insanely common occurrences, but they ever too frequent. We have published a few guides on the BSCNews website, authored by The Ape, which help users safeguard against these instances:
How To Spot a Potential RUG — Clear signs something is sketchy
How to Keep Your Funds SAFE — MetaMask Guide
Unfortunately, in the current De-Fi landscape, smart contract risks are very prevalent and should always be considered. As the space continues to mature, we can expect to see better audits, more educational awareness, and a general increase in safety. These tools are quickly developing with a large amount of insurance and audit protocols launching to help safeguard and protect users from these occurrences.
Overall it is vital to proceed with caution when purchasing highly speculative tokens. None of our articles are advice at the end of the day, and all financial decisions should be made on your behalf or from a professional financial advisor.
