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Earn NFTs, USDC and imKey hardware wallets for learning about NFTs

Earn NFTs, USDC and imKey hardware wallets for learning about NFTs

imToken Learn and Earn 7 is coming! Learn about NFTs and complete quizzes to win the Bulu Cheerleaders Series NFTs, USDC and imKey hardware wallets.  Let’s Hayya Hayya for the 2022 FIFA World Cup! Activity period: 2022/12/02 15:00 - 2022/12/20 15:00 (SGT) How to participate? Learn about NFTs and complete the quiz, and you can get the Bulu Cheerleaders Series NFTs after scoring 80 points or more. There are a total of 8 quizzes. After passing 8 quizzes and collecting 8 NFTs, you can enter the lottery pool to win USDC and imKey hardware wallets, which is worth a total of 4000 dollars. And 59 lucky participants will be selected to share these prizes. Prize distribution: Only users who pass all quizzes and have 8 NFTs will be eligible to enter the lottery pool The NFT airdrop will go out every Thursday and the winners can claim their NFTs at Galxe (formerly Galaxy). The USDC winner list will be announced at imToken Discord, with the USDC airdrop going out within seven business days after activity ends. Activity link: https://www.campaign.token.im/ If you have any questions, please join imToken Discord to contact us.
2022-12-07
imToken: Build the future of the blockchain world

imToken: Build the future of the blockchain world

imToken is glad to sponsor and participate in ETHVIETNAM, which is one of the largest global blockchain events that aims to empower participants to build a blockchain world together, shape the ecosystem and promote growth. At the conference, imToken gave a keynote speech on "Access to the tokenized world - A wallet for an average person". From the perspective of a wallet provider with a long-standing commitment to building the ecosystem, imToken shared how we understand the concept of token, envisioned a token-based future, and most importantly, shared its latest exploration of What is the next generation wallet RIVO: A payment web service based on DLT (Distributed Ledger Technology) Blockchain, a comprehensive upgrade of the Internet technology The Internet was born in the 1990s. And in 2009, the blockchain technology was invented, and brought transparency, decentralization and data immutability to the Internet. Another important innovation of blockchain technology is that it has established a "consensus" mechanism, such as PoW and PoS, for the Internet. And this innovation has not only upgraded the technical aspects of the Internet, but also changed its business model. Token, an innovative medium in the blockchain network Token is an innovative medium that helps people interact better with the blockchain network. Token can be either a form of digital media that incorporates text, images, videos, animations, etc., or a digital message that revolves around our identity, social and credit. Whether in the real world or the digital world, there are a large number of things that can be transformed into tokens in the blockchain network, through which people can enhance interaction with the network, thus realizing the improvement of the Internet experience - from the "digital world" to the "blockchain world". Blockchain will lead the transformation to the Internet of value There are three forms of innovation in the blockchain world. Take over the native basic value of the digital world, find more potential value, and better ensure the security of the network. Map the real world to the digital world. Bring the digital world into the real world. For example, the personalized "footprint" formed in the digital world can be transformed into "credit" of each person in the real world through technical means. Such innovation can accelerate the integration of the real world and the digital world, making our real life more efficient and intelligent, and our digital life richer and safer. Innovation of the blockchain world infrastructure In the blockchain world, based on decentralization and tamper-proof data, wallets are also innovated. The digital tools that facilitate people to explore the blockchain world usually should meet the following requirements. Key (private key): It represents our ownership. Blockchain technology can effectively safeguard the security of our digital information and assets, and ensure the free extraction of information. Key plays an important role. Account: In the blockchain world, a network is a kind of shared resource. An account is a globalized concept. User accounts and data in the blockchain world are not exclusive to a certain organization or platform, and users do not need the permission of any organization or platform to create accounts. Permissionless access: The decentralization feature of blockchain makes it possible to create permissionless access tools, and users can enjoy various applications in the blockchain world more freely and autonomously. Build the future of the blockchain world We believe that the decentralization feature of blockchain technology can bring a more equal development environment and possibility for the world. We are committed to building a safe, secure and easy-to-use blockchain tool, and we also hope to enable people to enjoy a better digital life more equally and freely. imToken 3.0, our next-generation wallet product, will be more friendly to novice users and help more newcomers enter the blockchain world easily. RIVO, the payment network service based on DLT (Distributed Ledger Technology) incubated by imToken, will also help people to connect traditional payment means and blockchain network more conveniently and promote the integration of real world and blockchain world. At the same time, imToken hopes that more people will participate in the wave of blockchain innovation, promote the improvement and popularization of blockchain technology, and allow more people to access the blockchain world equally and freely.  Join us: https://careers.token.im
2022-12-03
Dear seers! Tell me the winner of the 2022 FIFA World Cup

Dear seers! Tell me the winner of the 2022 FIFA World Cup

Dear seers, The 2022 FIFA World Cup will kick off on Nov.21 00:00 (GMT+8). And it’s time to put your prediction skills to good use! Are you a fan of the FIFA World Cup? Do you want to win the NFTs of your favorite team and player? Top stars at World Cup 2022 Lionel Messi, 35-year-old Cristiano Ronaldo dos Santos Aveiro, 37-year-old Neymar da Silva Santos Júnior, 30-year-old Karim Benzema, 35-year-old Luka Modrić, 37-year-old Sergio Busquets, 34 -year-old Pepe, 39-year-old If your answer is YES!!!  Then we’d love to invite you to a World Cup prediction activity which will last for 27 days and share your predictions with us.  Please check out the activity tasks below.   Task1: Predict the World Cup round of 16 Before Nov.28 21:00 (GMT+8), wallets holding 0.01 ETH (on Ethereum mainnet) or more can participate in the prediction of the World Cup round of 16 by filling out forms. (If the amount of ETH in your wallet is less than 0.01, your prediction will be regarded as invalid.) Want to get more ETH in your imToken wallet? Please check out these tutorials: 1. How to import a wallet into imToken 2. How to send crypto from exchanges to imToken There are eight groups in the group stage: A~H. Each wallet has 8 chances to guess the team that will win in group stage matches, 2 teams per group, 16 teams in total. If your prediction come true, your wallet will be eligible to claim the group stage NFTs on Galxe. Note: Please submit your prediction by the deadline for each group. Task 2: Predict the World Cup winner From Dec.8 23:00 through Dec.17 23:00 (SGT+8), wallets using Tokenlon DEX to swap tokens can participate in the prediction of the World Cup winner. After submitting your prediction, your wallet will be eligible to claim a NFT mystery box on Galxe. (If your wallet is not eligible to participate in the prediction, your prediction will be regarded as invalid.) There are eight teams in the quarter-finals, and you can choose 2 teams that you “foresee” will win the World Cup. If your prediction comes true, you will be eligible to open 3 NFT on Galxe. If your prediction fails, you can open only 1 NFT on Galxe. Note: Please make sure that your wallet used to participate in activity is the same as the one used to claim NFTs. If you have any questions, please come find us in Discord, we’d love to talk to you! Cheer for the 2022 FIFA World Cup! Haven’t got an imToken wallet? Click here to download
2022-12-07
Wallet security letter #8: My wallet was drained but my password was not compromised?

Wallet security letter #8: My wallet was drained but my password was not compromised?

In early October, scammers were buying Ad spots and bidding for Ad rank in search engines. By doing so, they lured users to download fake wallet Apps on fraudulent websites. This led to users’ assets being stolen. Some victims who couldn’t figure out the reason reached out to us, saying “My wallet was drained but my password was not compromised” Many novice users of decentralized wallets will meet problems about the relationship between their password and digital asset security. They mistakenly believe that their assets are safe as long as their password is not compromised. In fact, mnemonic is the key to keeping digital assets secure. Once it is known to others, they can drain your wallet without  knowing your password. Here is an example showing the relationship among your mnemonic, password, and digital assets. A decentralized wallet created by you is like a bank under your control. Your mnemonic or private key is the key to unlock the vault of that bank. This shows how important the key is. In this sense, it should be kept in a safe place such as a strongbox. The password for that strongbox is the one you created for your wallet. The process of making transactions with a decentralized wallet is similar to getting money out of the vault of a bank. To finish that process, we need to open the strongbox with our password to get the mnemonic or private key, which is required for unlocking the vault. Through the above example, could you come to the conclusion that your mnemonic or private key is crucial to the asset security of your decentralized wallet? On the blockchain, mnemonic represents asset ownership. Given that, with your mnemonic, others can steal your assets away without knowing your password. Information including the mnemonic and private key of a user is secretly uploaded by fake wallet Apps to scammers. That is why his assets will be stolen after he downloads those fake Apps. However, the real wallet does not store this information about the user. Only users themselves know the mnemonic or private key of their wallet. That's why it's important to download a genuine imToken! Check out the two articles below to know the right way to download imToken: How to check if a website is legit? How to download imToken safely? imToken is always protecting your asset security Upgraded Authorization Notification Authorization scams are a typical kind of fraud. Scammers lure users to authorize a personal address and then steal users’ assets. To tackle those scams, imToken has enhanced the authorization risk warning to resolve the address in advance. In this way, users can tell whether it is a personal address or a contract address. During the authorization of a personal address, the warning page will pop up, strongly suggesting users to cancel the authorization.  Address book Recently, scams involving addresses with the same last characters are quite rampant. To avoid those scams, in addition to checking the receiver’s address before transferring to it,  we recommend you to use the address book to keep the frequently used addresses. In this way, you can avoid transferring to a wrong address. How to use the address book? Set up your address book Open imToken and click “My Profile” - “Address Book”. Then, click the “+” icon at the top right corner to add addresses. Note: please check whether the added addresses are correct or not before clicking “save”. Make transactions with the address book Here is an example to transfer USDT with the TRX wallet. First, choose USDT and click “Send” to enter the transfer page. Then, click the icon on the right side to enter the address book where you can find the address. After entering the amount and checking the transfer details, you can click “Next” and enter your password to complete the transfer. Risk Control In October, 22 tokens, 393 DApps and 756 addresses were marked by the imToken security team as risky. If you recognize any risky DApps or tokens, please report to us via [email protected] to help more users avoid being deceived. End Given recent market fluctuations, more people choose to use decentralized wallets. And it is necessary for newcomers to stay alert with security knowledge.
2022-11-28
Wallet security letter #7: How random is the randomness of your private key?

Wallet security letter #7: How random is the randomness of your private key?

Crypto market maker Wintermute lost 160 million US dollars in a hack on September 20th, 2022. Reportedly, the hacked address was a vanity address generated by the Profanity tool. Security researchers found a vulnerability in the randomness of private keys generated by that tool back in January 2022. According to a third-party security company, hackers took advantage of the vulnerability which they were able to utilize to crack down Wintermute’s private key and drain the wallet. Please note that you should transfer your assets to a secure wallet as soon as possible if they are stored in an address generated by the Profanity tool. Why does randomness matter? To be exact, a private key is a set of 256 random numbers of 0 and 1. If you flip a coin with the front side marked as 1 and the back side as 0, you can get a private key after flipping the coin 256 times. There are  2^1 possible outcomes (0 or 1) if you flip it once. That number will change to  2^2 (00, 01, 10 or 11) if you flip it twice. It will become 2^256 if the coin is flipped 256 times. 2^256 is a nearly infinite number. Therefore, it is almost impossible to find a private key through a brutal-force attack even with hundreds of powerful computers. However, a private key may not be random enough if there is a flaw in the tool, like Profanity mentioned above. In this case, through brutal-force attack, hackers can have a higher chance to crack a private key with its randomness being greatly reduced. That poses a serious threat to asset security. Whether a private key is random enough is very important when you manage your digital assets.  How does imToken ensure high-quality randomness? To ensure high-quality randomness, the random number generator of the Android and the iOS system is applied in imToken. For example, entropy sources of the iOS system are based on event statistics during a period in the system. Since the kernel state of the system is constantly changing, the randomness of the private key is fully guaranteed. Asset guard Blocking scam domain tokens It was reported by some users that they received domain tokens such as 365haxi.com in their TRX wallet in early September. Scammers airdropped these domain tokens to users to lure them to visit phishing websites and gained access to the user's token allowance through malicious authorization, thus stealing the user's assets. imToken has teamed with the risk control department of Tronscan to block these scam tokens and 370 tokens have been blocked. On the one hand, it cleans the TRX wallet page, and on the other hand, it prevents users from visiting the phishing websites. Scam Alert | Addresses with the same last characters Some users have a habit of copying the recipient address in their transaction history when transferring funds.  Scammers take advantage of this and generate fraud addresses with the same last characters. For example, in the picture below: the address that the user often transfer money to is "TWKWPn...krvgWS", and the fraud address is "TANWTY...grvgWS". They have the same last characters "rvgWS". By transferring a small amount of money to the user, the fraud address will appear in his transaction history. When the user wants to start a transaction and copies the address from the history, he can easily make a mistake and transfer money to the fraud address if he only checks the last characters, resulting in loss of assets. PSA: Information stored on blockchain is non-temperable. So once your transfer is successful, it cannot be canceled or changed. Please be sure to check the address carefully before transferring! Risk Control In September, imToken marked 25 tokens and 600 addresses as risky and banned 445 DApp websites. End If you recognize any risky DApps or tokens, please report to us via [email protected] to help more users avoid being deceived.  
2022-10-29
imToken supports the upcoming Ethereum merge

imToken supports the upcoming Ethereum merge

The Ethereum mainnet is estimated to merge with the Beacon Chain on September 15th, 2022 and move from PoW to PoS. The actual merge time will slightly change due to network conditions. Check The Merge countdown: https://wenmerge.com/  What imToken Users Need to Do? imToken will support The Merge. Users don’t need to do anything. At the same time, to ensure the safety of users' assets, imToken will briefly pause the transfer and staking functions for ETH wallets during The Merge, and resume the related functions after Ethereum is successfully upgraded to PoS. The Merge The Merge refers to the integration of the current Ethereum mainnet (launched in 2015, also known as the execution layer) with the Beacon Chain (launched in 2020, also known as the consensus layer). Through The Merge, PoW-based Ethereum will be transformed into a PoS-powered network. After this upgrade, miners in the PoW mechanism will be replaced by validators who stake 32 ETH to run validator nodes for maintaining network security. The upgrade is also a new milestone for Ethereum since it signals the end of proof-of-work. The economic model of Ethereum will be significantly changed after The Merge. For example, the inflation speed of ETH will greatly decrease. The token can even be deflationary.  The Merge is expected to be seamless from a user perspective, and users don’t need to do anything.  Terminology Beacon ChainThe Beacon Chain (also known as the consensus layer of Ethereum) is a network based on PoS  PoWPoW, or Proof of Work, is a consensus mechanism under which miners compete to solve a mathematical puzzle through mining rigs (computing power). This is how they can prove their work to get block rewards. PoSPoS, or Proof of Stake, is a consensus mechanism under which users stake tokens to become validators and get rewards for block production.  imToken & Ethereum As one of the early Ethereum wallets, imToken has been committed to building the Ethereum ecosystem and strives for building a secure and easy-to-use wallet. Sharding (the next milestone after The Merge) and Layer2 have been the focus of our work. Both of them play significant roles in reducing thresholds for better user experience. imToken is supportive of The Merge and sharding in the future as deeply as its engagement in the Layer2 ecosystem. Support for ETH Staking ETH staking has been available in imToken since the early stage of the Beacon Chain launch. In imToken, users can find suitable staking solutions to earn yields as validators, regardless of the ETH amount they hold. After The Merge, imToken users can continue to stake ETH on the Ethereum PoS chain. Related articles:  How to Participate in Non-Custodial ETH Staking in imToken? How to Participate in Custodial ETH Staking in imToken? PoW Fork Some miners state that they will continue to mine on the legacy PoW chain through forking the Ethereum mainnet after The Merge. A smooth transition to PoS is crucial to the Ethereum ecosystem and the sound development of the network in the long run. Thus, imToken will not support the potential PoW fork . FAQs Will there be a forked PoW chain after The Merge?The community has reached a consensus and all support the Ethereum PoS chain. However, some miners may fork the Ethereum mainnet to continue to mine on the legacy PoW chain. Will imToken support the potential forked PoW chain after The Merge?No. A stable transition to PoS is very important to the Ethereum ecosystem and its sustainable development. So imToken will only support the Ethereum PoS chain. Can imToken users claim ETHPoW and other forked tokens after The Merge?Yes. If there are forked tokens after The Merge, imToken will provide tutorials to help users claim these tokens. Security Tips Please be aware of any potential scams during The Merge. Don’t share your mnemonic with others. imToken users don’t need to do anything for The Merge. Please email us through [email protected] if you have any questions.
2022-11-07
Layer 2 is the future, and here is why

Layer 2 is the future, and here is why

Ethereum fees are high because people are using it? “Layer 2” seems to be the magic word for solving all these problems. But are Layer 2s actually already here yet? Are they able to keep their promise of lowering fees for everybody? Let’s take a look at Layer 2 today! Why are Ethereum fees high, and what does scalability really mean?  Blockchains are limited. Ethereum for example chooses to be very decentralized while still being secure and scalable.  Decentralized means that everybody can join.  Secure means it’s very expensive for an attacker to double spend.  And scalable means throughput and speed are big enough for many applications and users to use Ethereum The problem is that blockchain developers have to choose two out of three options. For example, you can’t build a blockchain that’s super fast while still running on the laptops of everyday users. And, you can’t build a super fast and secure blockchain that is expected not to go offline once a power outage hits the 10 servers that run it. Ok, Ethereum tries to be decentralized and secure first, and scalable second. But why are fees high? Low scalability just means that users are competing for less space in a given block. Today, 200-300 transactions are included in an average Ethereum block. If you want your transaction to be part of it, you have to pay a fee. Otherwise miners don’t mine. And with more people wanting to be included, the fee you have to pay increases. A “fee market”. Now, the Ethereum community does have a plan on how to increase scalability. The switch to POS with Eth2 is a major part of that, but today we will look at the second part: Layer 2. So let’s dig in! What is Layer 2?  Layer 1 is the Ethereum mainnet. If you used Ethereum before, that’s the blockchain that you used. Layer 2s are a scaling solution. Most current scaling solutions fall into this category. But others you might come across are: Sidechains, state-channels, and actually scaling solutions for layer 1 such as sharding. Layer 2s, however, are a special kind of scaling solution. They are blockchains that derive security from Layer 1. Because today most Layer 2 solutions refer to zk-rollups and optimistic rollups, let’s continue with taking a look at those while ignoring Plasma (which has more information here). Click here to check out Layer2 solutions. How do rollups work anyways? Compared to Layer 1, rollups (i.e. zk-rollups and optimistic rollups) keep a big chunk of information off-chain. Since only a small portion of the information needs to be confirmed on the expensive Layer 1, each Layer 2 transaction is comparatively cheap. The bare minimum of information a rollup publishes is a so-called “state root”. A hash over all recent transactions that proves consistency and their outcome, e.g. “Max received 10 ETH from Alice, and Bob received 5 ETH from Charlie”. Now rollups only need to prove that those transactions are correct, they actually happened. And the two major rollup types have two different approaches. Optimistic rollups give users the option to use “fraud proofs”, to show a smart contract on Layer 1 that the recent transactions batch should be reverted.  Zk-rollups do the opposite. They use a cryptographic proof (e.g. called a ZK-SNARK), which mathematically proves a state root to be correct. At the same time, rollups still support all the kinds of computation that Layer 1 does, too. Which means all of DeFi and so on works on Layer 2. Is it worth using a Layer 2 already? We are somewhere at the beginning of the Layer 2 era. On one hand, you need to use bridges - compare gas - or try exchanges or layerswap.io, to get your tokens from Layer 1 to Layer 2. DApps are still somewhat limited on Layer 2, and there are risks involved: https://l2beat.com/?view=risk  On the other hand, using Layer 2 is already a lot cheaper than using Ethereum mainnet. https://l2fees.info/ $5.83 B TVL shows that people are using it.  We suggest checking out imToken’s DApp listings, or jumping to Arbitrum or Optimism’s DApp lists, with over 70 DApps. Get started using Layer 2 on imToken imToken holds the same vision of enabling everyone to have free and equal access to their digital life through blockchain as Layer 2. That’s why it has been deeply committed to the Layer 2 ecosystem. Since the beginning of 2021, new Layer 2 functions have been available in the wallet with multiple leading DApps using different Layer 2 solutions. You need to first download and install imToken to experience the ecosystem. Here is the download link: https://token.im  How to experience zkSync in the wallet? zkSync is a Layer 2 scaling solution for Ethereum based on zkRollup. It is designed to support efficient payment with low costs in the network where users’ asset security can be protected by zero-knowledge proof and on-chain data availability. To enable your zkSync wallet, open imToken and click “My Profile” at the right bottom corner, and click “Explore”. Click “Deposit” to enter the deposit page, then deposit the assets in your Ethereum mainnet address into the zkSync network. After receiving the deposited assets, you can enjoy efficient and low-cost payment in it. Step-by-step tutorial: How to use the zkSync wallet on imToken? How to Use imToken’s Custom Network Function?  The custom network function of imToken allows you to rapidly switch between different Layer 2 networks, including Arbitrum, Optimism, and Polygon. At the same time, features such as the automated token discovery and the display of prices and assets in DeFi protocols in the Layer 2 network are accessible in the wallet. With these features, Layer 2 users can better manage their assets.   Let’s Take Arbitrum as an Example. Deposit It is recommended that you should first deposit before using the Arbitrum wallet so that transferring and using the DApp will be easier for you. You can deposit in the following two ways: Withdraw your assets from exchanges that support the Arbitrum network, such as Binance and FTX, to your Arbitrum address, which is the same as your Ethereum one. Use bridges to deposit the tokens in your Ethereum wallet into your Arbitrum address. Switch the network Open your ETH wallet then click “Ethereum” at the top. Choose “Arbitrum” in the pop-up to switch to the Arbitrum network. Experience Layer 2 DApps Swipe the function bar to the left, click “DApp” then you can see the most popular DApps in the Arbitrum ecosystem. Step-by-step tutorial: How to use Arbitrum on imToken? Use Layer 2 bridges on imToken Users can get access to leading Layer 2 Bridge DApps in imToken. If you are a frequent user of different Layer 2 networks, you can use those DApps, including cBridge, Multichain, and Hop Protocol by searching them on the “Browser” page. In this way, you can effortlessly move your assets among those networks. Ready to test your knowledge? Click here to go to Learn and Earn
2022-11-23
Wallet security letter #3: Crypto wallet scams: Fake Apps, texts and Mnemonics

Wallet security letter #3: Crypto wallet scams: Fake Apps, texts and Mnemonics

Stay alert! In part 3 of our series, we explore more scams: Fake wallets, scam text messages and more. Let’s learn from others and stay safe out there! If you have any questions, our support team is always here to help.   Fake wallet scam In imToken Wallet Security Newsletter #1, we disclosed that scammers had purchased search terms and Ad space on Baidu. When users searched for imToken, the results would show scam sites where fake wallet Apps would be downloaded. This time we look at another channel, found by our users. The scammers contacted Feixiaohao, a small Chinese app store, disguised as imToken officials and replaced the official website URL on Feixiaohao with a fake one.  imToken security team found out about that and immediately contacted Feixiaohao to take down the fake URL, while continuously collecting evidence to help the police block these fake websites and arrest the scammers. ⚠️Warning: Scammers replaced the imToken download link on Feixiaohao with a fake URL between May 16 and August 8, 2021. Users who have downloaded imToken via Feixiaohao during this period are at risk of losing their assets. What should you do if you have downloaded a fake App? Addresses created via fake Apps or addresses that have been imported into fake Apps are at risk. Stop using these risky addresses ASAP Download imToken from our official website: https://token.im and create a new wallet address Transfer assets from the fake App to the new wallet address ASAP So, what is the most important factor in wallet security? My answer is to bookmark imToken's official website address https://token.im. If you download imToken from the Apple App Store, Please confirm that the developer of imToken is IMTOKEN PTE.LTD., and all others are fake Apps. Likewise, when you use other wallets such as MathWallet, TokenPocket or MetaMask, please make sure to download them from official websites or Google Play and Apple app stores.   SMS Scam Recently, some users received SMS claiming that their imToken accounts were suspected of black money trading, and they needed to click a URL for verification, otherwise their funds would be frozen. If you click the link in the SMS, you will be taken to a fake AML/imToken website which will lure you to download a fake imToken App resulting in asset loss. Please note that imToken does not collect users’ personal information. The imToken security team believes that scammers obtain information through social engineering and then send SMS to users pretending to be imToken officials to commit fraud. ⚠️Note imToken is a self-custodial wallet, so it is impossible for us to freeze your assets. It is strongly suggested to bookmark our official website: https://token.im After downloading the genuine imToken, the next step is to correctly back up the mnemonic, as mnemonic leak can result in a loss of assets. So what happens if someone intentionally makes their mnemonic public?   Mnemonic Scam ”I'm liquidated. I have enough of this and I wanna quit crypto. This is my mnemonic, and there are still some UNI in my wallet, just take it as you like. “ Is there a free lunch? No! There is no such thing as a free lunch. It’s a mnemonic scam! The scammer claimed that he wanted to quit the crypto because he got liquidated, he made his mnemonic(12 English words) public, and wanted to give away the tokens in his wallet. After importing the mnemonic into the wallet, you’d find that the address does have some tokens such as UNI but no ETH. So if you want to transfer UNI to your own wallet, you need to transfer ETH to the scammer’s address first to pay the miner fees. However, once you transfer ETH into that wallet, your ETH will be stolen immediately. Mnemonic Scam ⚠️Warning: There is no such thing as a free lunch! Is the safety of your assets assured once you have properly backed up your mnemonic? No.  You also have to be wary of authorization scams.   Authorization Scam Recently, scammers have been airdropping UniH to RUNE holders. If you receive UniH and authorize a DApp such as Uniswap to manage the token on your behalf, then the scammer will exploit vulnerabilities in the RUNE contract to carry out attacks and steal RUNE from your wallet. ⚠️ Note: imToken has marked UniH as a risky token. Be wary of airdrop tokens and do not approve it for swapping.   End  In July, 12 tokens, 50 DApps and 130 addresses were marked by the imToken security team as risky. If you recognize any risky DApps or tokens, please report to us via [email protected] to help more users avoid being deceived.
2022-12-06
What are The Merge and future Ethereum upgrades?

What are The Merge and future Ethereum upgrades?

What Are Ethereum Upgrades Ethereum upgrades (formerly ETH 2.0 or Serenity) refers to a set of interconnected upgrades that will make Ethereum more scalable, more secure, and more sustainable. Why Does the Upgrades Matter With the upgrades, Ethereum can move from PoW to PoS, and introduce sharding. The Ethereum network will significantly reduce energy requirements, allow more transactions to be processed simultaneously, and improve network security. Scalability The Ethereum mainnet (Layer 1) can only process about 15 transactions per second, while more than 1,000,000 transactions occur on the chain every day, leading to clogged networks and increased gas fees. By introducing sharding, Ethereum spreads data storage requirements across the network. Validators will no longer need to store all data, allowing the Layer 2 scaling solution based on Rollup technology to be most effective and achieve exponential improvements in TPS. Security After the shift from PoW to PoS, validators who maintain the security of the network are required to stake a large amount of ETH to the protocol. If they maliciously attack the network, their staked ETH will be automatically destroyed by the protocol. With this penalty mechanism, Ethereum could reduce the threats of coordinated attacks, such as the 51% attack, thus improving security. Sustainability The energy consumption of Ethereum secured by PoW was about 112 TWh/year, and the annual CO2 emission was comparable to that of Singapore. After switching on PoS, the total energy consumption of Ethereum was reduced by 99.95%. Three Phases of the Ethereum Upgrades The Ethereum upgrades are divided into three phases: The Beacon Chain, The Merge and Sharding. Ethereum Upgrades Roadmap The Beacon Chain Launch date: December 1, 2020 As the consensus layer, the Beacon Chain provides a consensus foundation for the entire Ethereum network and paves the way for subsequent sharding upgrades. Users can stake ETH now. However, it should be noted that staking ETH in the deposit contract of the Beacon Chain is one-way. Once deposited, the staked ETH and accumulated rewards can only be retrieved after the Beacon Chain enables the withdrawal function in Shanghai upgrade, which means your staked ETH will remain locked for at least 6-12 months following The Merge. The Merge Launch date: September 15, 2022 On September 15, 2022, the Ethereum mainnet merged with the Beacon Chain, becoming its own shard which uses proof-of-stake instead of proof-of-work. The Merge signalled the end of proof-of-work for Ethereum and started the era of a more sustainable, eco-friendly Ethereum. Sharding Estimate: 2023~2024 Shard chains spread the network's load across 64 new chains. Sharding will reduce network congestion and increase transactions per second by creating new chains, known as “shards”. imToken & ETH Staking The following are the 4 common staking solutions currently available to participate in ETH staking:  Self-run node: You run and manage clients of the execution layer (formerly Eth1) and the consensus layer (formerly Eth2) by yourself Full custody:  A trusted custodian controls your funds, but allows you to stake less than 32 ETH Staking pool: It offers tokens which represent your staked ETH and allows you to redeem ETH anytime. Staking-as-a-Service custody: You keep control over your staked ETH and staking rewards, and co-manage nodes with service providers through 2 sets of keys Having At Least 32 ETH If you have at least 32 ETH and excellent technical skills, a self-run node will fit you. However, running your own node can be difficult. So if you don’t want to be bogged down in endless technical manuals, you can use the imToken ETH staking service. imToken 2.9.1 now has full support for ETH staking and staking-as-a-service custody with InfStones, which guarantees the ownership and control of your assets through transparent node information. Meanwhile, you can rest assured about node operation, node validation and maintenance services. Recommended Reading: Become an Ethereum validator with imToken ETH staking Alternatives in imToken ETH Staking category Staked InfStones HashQuark Stake.fish RocketPool Having Less Than 32 ETH It is recommended to choose a staking pool if you have less than 32 ETH, or aren’t willing to stake that much. Factors such as the service provider's brand, token mechanism and ETH discount should all be taken into account when choosing. Staking pools: Bifrost.finance RocketPool Lido  Stkr StakeWise Recommended Reading:How to stake ETH on imToken Tools Staking Rewards Calculator https://ethereumprice.org/eth-2-calculator/ https://beaconscan.com/staking-calculator Staking Launchpad https://launchpad.ethereum.org/ Explorers https://beaconscan.com/ https://beaconcha.in/ https://eth2stats.io/ Clients Lighthouse Nimbus Prysm Teku FAQ 1. What are the benefits and risks of staking on the Beacon Chain? Benefits: You can earn around 4% APR.  Risks: The staked ETH may be slashed due to the misbehavior of the validator. Meanwhile, the deposited 32 ETH and accumulated rewards will not be transferable until the Beacon Chain enables the withdrawal function in Shanghai upgrade, which means your staked ETH will remain locked for at least 6-12 months following The Merge. Some staking pools may provide a solution for illiquidity, then the safety of the assets will depend on the trustworthiness of the staking pool. 2. Why don't we use ETH 2.0 or Eth2 anymore? The term Eth1 and Eth2 can easily confuse ordinary users into thinking that Eth1 comes before Eth2 or that Eth1 disappears when Eth2 exists. In addition, some scammers trick users into swapping their ETH for so-called ETH 2 tokens before the Merge, stealing their assets. Therefore, the Ethereum community decided to stop using the terms Eth1, Eth2 and ETH 2.0, and renamed Eth1 as the execution layer, Eth2 as the consensus layer and ETH 2.0 as the Ethereum upgrades. 3. How do I prepare for the Ethereum upgrades? imToken will support the following Ethereum upgrades. You certainly don't need to do anything. Your ETH will not need changing or upgrading. There's almost certain to be scams telling you otherwise, so be careful. If you have any questions, you can contact us by sending an email to [email protected] What Will Happen After The Merge Ethereum is just “55% complete after The Merge”, said Vitalik Buterin. And in December 2021, he discussed that the upgrades of Ethereum would consist of five phases: The Merge, The Surge, The Verge, The Purge, and The Splurge. The Merge: The integration of the Ethereum mainnet with the Beacon Chain. It started the era of a more sustainable, eco-friendly Ethereum. The Surge: Introduce sharding to improve the scalability of the network The Verge: Optimize the storage situation of Ethereum and reduce the node size. The Purge: Reduce the amount of hard disk space required by validators, simplify storage, and reduce network congestion. The Splurge: Ensure that the Ethereum network remains stable after achieving the other four goals. The Merge, Surge, Verge, Purge, and Splurge of the Ethereum blockchain.  Hint: roadmap is not top-to-bottom, but a simultaneous left-to-right.
2022-12-07

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