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Kamran Iqbal
July 18, 2022
The first rule of crypto is: Never share your wallet seed phrase with anyone. Ever.
Wallet Security: Three Types of ‘Secret’
Most companies in the traditional technology world require users to create an account before they can use a service. The sign-up process typically involves entering your personal details online or on a smartphone app. This data is then usually stored on a server that belongs to the company.
However, through the advent of blockchain technology, there is now a new way to secure user data.
A typical cryptocurrency wallet does not require any user information. Instead, it simply relies on three types of “secret” to keep the wallet and the associated accounts private, safe and secure.
These include: the seed phrase, the password, and the private keys.
Keep reading to find out more.
The Seed Phrase
When researching the world of cryptocurrency, you are bound to come across a term known as the seed phrase.
A seed phrase is a random group of words that is generated by a crypto wallet during the initial setup. These words and the specific order in which they appear represent the code needed to access a wallet.
Occasionally, the seed phrase will be referred to by a different name but will serve the same exact function.
For example, MetaMask, which is one of the most popular wallets in the world, refers to this as the Secret Recovery Phrase (SRP).
The seed phrase is cryptographically generated when the wallet is set up and no one but the user has access to this code. This means that not even the company is able to control the wallet.
Wallets that give users access to the seed phrase are known as non-custodial wallets since only the user has access to this code.
Whoever has the seed phrase has full control of the wallet to which it belongs. For that reason, it should be kept very safe.
You can write down your seed phrase on a piece of paper and store it somewhere secure, away from unwanted eyes.
NOTE: Do not reveal your Secret Recovery Phrase to anyone under any circumstance. If someone asks for it, they are likely trying to steal your funds.
Here is MetaMask reminding their users not to share their SRP with anyone, even in a customer service scenario.
The Password
The password is a lot less technical than the seed phrase. That’s because it is simply used to secure the wallet application itself.
You will be prompted to enter your password when you open the app on your in-browser extension or smartphone.
It adds an extra layer of security to your crypto assets.
The Private Keys
A private key is a string of letters and numbers that provides access to crypto assets stored within a wallet.
Some wallets, such as MetaMask, enable users to create multiple different accounts within the same wallet. Notably, each account contains its own private key.
While the seed phrase is used to restore an entire wallet along with all the associated accounts, a private key can be used to import one specific account.
The private keys should be kept safe in the same way as the seed phrase.
When browsing the internet, you will likely come across scammers who will attempt to steal your private keys from you.
REMEMBER: Never share your private keys with anyone.
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Follow us on Twitter and Instagram!
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This is a paid Ask Me Anything (AMA), 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. The project team has purchased this advertisement AMA for $2000 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 AMA.
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. The project team has purchased this advertisement article for $2500. 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.
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. The project team has purchased this advertisement article for $2500. 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.
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. The project team has purchased this advertisement article for $2000. 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.
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. The project team has purchased this advertisement article for $2000. 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.
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August 8, 2022
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Weekly Analysis of Binance Ecosystem (July 29 - Aug. 4)
A look into BNB Chain performance and Binance ecosystem updates from July 29 to Aug. 4
BNB Chain Key Data Highlights
Here are some key metrics of BNB Chain’s performance between July 29 and Aug. 4:
- Weekly Active Users: Between July 29 and Aug. 4, Weekly Active Users (WAU) on BNB Chain grew by 3.8% from 2.86 million active users to 2.97 million active users.
- Weekly Transactions: In the period under review, a total of 23.1 million transactions were completed on BNB Chain. This represented a 5% uptick from the 21.9 million recorded in transactions the week before.
- Average Daily Transactions: BNB Chain logged 3.31 million average daily transactions between July 29 and Aug. 4. This metric grew 5.8% from the 3.13 million recorded in the week before.
- Average Gas Fee: For all transactions executed on BNB chain between July 29 and Aug. 4, the average gas fee was pegged at 0.00079 BNB, a 3.7% decline from the 0.00082 BNB recorded the week before.
BNB Chain and Binance Ecosystem Update
Between July 29 and Aug. 5, many significant developments occurred on BNB Chain and within the Binance ecosystem. These include the announcement of the Binance Account Bound (BAB) token, adding the BOND coin as a borrowable asset on the Binance Loans platform, adding $ETC, $ETH, $LDO and $OP to Locked Savings, the Binance Card supporting $XRP, $SHIB and $AVAX, and more.
Binance Account Bound (BAB) token
On Aug. 1, Binance confirmed to its users that it was set to launch the first Soulbound Token (SBTs) built on BNB Chain in the form of Binance Account Bound (BAB). BAB will essentially be used to certify that a user has been verified on Binance. As such, users of the Binance trading application whose identity has been confirmed will be able to mint the BAB tokens directly into their Binance wallets.
BOND Now a Borrowable Asset
On Aug. 2, Binance announced the addition of BOND token as a borrowable asset on its Binance Loans platform. This comes a week after the platform announced the addition of APE tokens to its list of borrowable assets.
ETC, ETH, LDO and OP to Locked Savings
Ahead of the Ethereum Merger, Binance, on Aug. 3, announced the inclusion of $ETC, $ETH, $LDO and $OP tokens to its list of supported assets on Locked Savings.
Binance Card Supports XRP, SHIB and AVAX
On Aug. 56, Binance announced the addition of XRP, SHIB and AVAX tokens to the list of supported cryptocurrencies on Binance Card. This brings the number of tokens supported by Binance Card to a total of 14 cryptocurrencies: ADA, AVAX, BNB, BTC, BUSD, DOT, ETH, LAZIO, PORTO, SANTOS, SHIB, SXP, USDT and XRP.
Price Performance
According to data from Santiment, the price of $BNB rallied by 5% between July 29 and Aug. 4. Also, the coin’s market capitalization rose from $47 billion to $50 billion. However, despite the price uptick, the coin’s trading volume declined from 2.96 billion to 1.92 billion within a similar window period.
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August 7, 2022
Axie Infinity Holds Summer Loving Art Contest
The prize pool consists of 1,700 $AXS, 1 Mystic Axie, 6 Origin Axies, Summer Axies, and a mystery prize.
Artists Challenge
Axie Infinity, a PlayAndEarn blockchain game built on Ethereum sidechain Ronin, announced an art contest related to its ongoing summer event.
In a tweet on Aug. 4, Axie Infinity called on artists within its community to showcase their skills and get rewarded for it. The top 100 entries will win at least 1 $AXS from a pool totalling 1,700 $AXS, 1 Mystic Axie, 6 Origin Axies, Summer Axies, and mystery prizes.
The event comes at a time when battlers are in the offseason, and breeders are taking center stage to breed rare summer parts for their Axies.
xKerod, an Axie Esports player and content creator from GTI guild, decided to answer the call and enter the contest.
“I was really happy, I really love contests like these,” xKerod said. “I'm a competitor. I want to win, but share my art with everybody [at the same time]. I really want to do something unconventional, I don't really know what I will do, but it's gonna be insane with my art.”
Those who wish to join xKerod in the contest must submit a piece of art that relates to the parts of either one of the two Axies on the image above, or any six-part summer Axie. Submissions can be drawings, paintings, music, sculptures, 3D printing, or animations. Submit entries through Twitter with the hashtag #AxieSummer. Contestants then just fill an online form to finalize their entry.
Check out Axie Infinity’s Substack post for more details.
What Is Axie Infinity:
Axie Infinity is a PlayAndEarn blockchain game where players breed, collect, and play with digital pets called Axies and earn from the interactions. It’s built on Ronin, an Ethereum-based side-chain developed by Vietnamese-based gaming studio Sky Mavis. The protocol put eyes on the PlayAndEarn gaming industry back in 2021. In addition, the team is building a digital nation where each community member comes together to play, earn, and live in Lunacia.
Where to find Axie Infinity:
Website | Twitter | Medium | Whitepaper
Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!
Follow us on Twitter and Instagram!
Looking for a job in crypto? Check out the CryptoJobsNow!
Explained: Seed Phrase, Password, and Private Keys
The first rule of crypto is: Never share your wallet seed phrase with anyone. Ever.
Wallet Security: Three Types of ‘Secret’
Most companies in the traditional technology world require users to create an account before they can use a service. The sign-up process typically involves entering your personal details online or on a smartphone app. This data is then usually stored on a server that belongs to the company.
However, through the advent of blockchain technology, there is now a new way to secure user data.
A typical cryptocurrency wallet does not require any user information. Instead, it simply relies on three types of “secret” to keep the wallet and the associated accounts private, safe and secure.
These include: the seed phrase, the password, and the private keys.
Keep reading to find out more.
The Seed Phrase
When researching the world of cryptocurrency, you are bound to come across a term known as the seed phrase.
A seed phrase is a random group of words that is generated by a crypto wallet during the initial setup. These words and the specific order in which they appear represent the code needed to access a wallet.
Occasionally, the seed phrase will be referred to by a different name but will serve the same exact function.
For example, MetaMask, which is one of the most popular wallets in the world, refers to this as the Secret Recovery Phrase (SRP).
The seed phrase is cryptographically generated when the wallet is set up and no one but the user has access to this code. This means that not even the company is able to control the wallet.
Wallets that give users access to the seed phrase are known as non-custodial wallets since only the user has access to this code.
Whoever has the seed phrase has full control of the wallet to which it belongs. For that reason, it should be kept very safe.
You can write down your seed phrase on a piece of paper and store it somewhere secure, away from unwanted eyes.
NOTE: Do not reveal your Secret Recovery Phrase to anyone under any circumstance. If someone asks for it, they are likely trying to steal your funds.
Here is MetaMask reminding their users not to share their SRP with anyone, even in a customer service scenario.
The Password
The password is a lot less technical than the seed phrase. That’s because it is simply used to secure the wallet application itself.
You will be prompted to enter your password when you open the app on your in-browser extension or smartphone.
It adds an extra layer of security to your crypto assets.
The Private Keys
A private key is a string of letters and numbers that provides access to crypto assets stored within a wallet.
Some wallets, such as MetaMask, enable users to create multiple different accounts within the same wallet. Notably, each account contains its own private key.
While the seed phrase is used to restore an entire wallet along with all the associated accounts, a private key can be used to import one specific account.
The private keys should be kept safe in the same way as the seed phrase.
When browsing the internet, you will likely come across scammers who will attempt to steal your private keys from you.
REMEMBER: Never share your private keys with anyone.
Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!
Follow us on Twitter and Instagram!
Looking for a job in crypto? Check out the CryptoJobsNow!
