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Supporting Avalanche on imToken

Supporting Avalanche on imToken

We are happy to announce that imToken is now offering full support for Avalanche via EVM integration. The non-custodial iOS and Android wallet let users experience DApps on Avalanche and handle their assets and DeFi portfolio in one place. The latest version of imToken lets users watch their asset balances, to watch all tokens with prices, to send and receive them just like they are used to from browser wallets. Moreover, Avalanche is launching its #RUSH campaign to empower more DApps in the ecosystem, giving an incentive of mining grant and airdrop program from the Avalanche Foundation that seeks to deploy decentralized finance applications on the Avalanche platform. Thus, users are able to view their DeFi protocol such as Aave and Curve since the program is planning to bring them into Avalanche. And to browse Avalanche DApps, users can simply search the long list of Avalanche DApps right in the wallet and start experiencing new DApp in the ecosystem. About Avalanche Avalanche is one of the fastest smart contracts platforms in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is fast, low cost, and green. That’s why Avalanche promises smart contract-enabled applications to be able to outperform its competitors by deploying on Avalanche.  About imToken imToken is a decentralized digital wallet used to manage and safeguard a wide range of blockchain- and token-based assets, identities and data. Since its founding in 2016, it has helped its users transact and exchange billions of dollars in value across more than 150 countries around the world. imToken allows its users to manage assets on 20+ mainstream blockchains, as well as seamlessly connect with DApps via a decentralized applications browser.
2021-09-26
imToken on security: How to tell if a website or an App is not fake?

imToken on security: How to tell if a website or an App is not fake?

You might have read our recent series on crypto scams - for example part 3 on fake apps.  Today our security team prepared a tutorial on how to spot fake websites and apps. Read on to learn more.   Stay safe in app stores When downloading an app like imToken, you might go to the Google Play Store or Apple App Store. When visiting one of those two app store, simple tips can help you to stay safe: Search for the app name and be careful if you find multiple apps, because usually only one is real and fake apps try to look similar to real ones An app with many reviews and downloads is less likely to be fake, because fake apps will be taken offline before getting many downloads If you don’t download from the two big app stores, be careful, because smaller app stores are - generally speaking - less safe. Why? Because in our security team’s experience, they are less strict in taking down fake apps. If you don’t download from app stores at all, you might use an official website - such as imToken’s https://token.im/ . In this case, here are our recommendations:   Three steps to tell if a website is real and safe Make sure that the domain name you entered in the browser is: https://token.im/Note: Be sure to use HTTPS instead of HTTP. Make sure there is a security icon such as 🔒 or 🛡 in front of the domain name. Click the security icon, the website is real and safe if the pop-up shows “Connection is secure”. Otherwise, the website is fake and you can contact us via support@token.im. We’ll get you the help you need. Before downloading imToken, please make sure you have completed the three steps.    How can I verify the authenticity of an imToken APK file I downloaded? If you downloaded an imToken APK file through a third-party website or a friend, please check the authenticity of the APK by checking its hash before installing it.  The SHA-256 of a file is a kind of digital fingerprint which ensures that data is not modified or tampered with. The simplest way is to get the SHA256 through online tools. Move the APK file to desktop Open the website: https://emn178.github.io/online-tools/sha256_checksum.html Click “Drop File Here” and upload your APK file to get the result Compare the SHA256 of the APK file with that of different versions of imToken listed in the table below. If the result is identical to the SHA256 in the table, it can be said that your APK file is original and safe.If you encounter any problems during the process, please feel free to contact us via support@token.im   Mac users Move the APK file to desktop Open Terminal (default path: Launchpad - Other - Terminal) and enter cd desktop/ Enter shasum -a 256 + the name of the file, and press “Enter” to get the SHA256 of the file. Compare the SHA256 of the APK file with that of different versions of imToken listed in the table below. If the result is identical to the SHA256 in the table, it can be said that your APK file is original and safe.If you encounter any problems during the process, please feel free to contact us via support@token.im Windows users Move the APK file to desktop Open the command line tool(press Win and R, enter CMD, press Enter) and enter cd desktop/, press Enter Enter certUtil -hashfile + the name of the file + SHA256, and press “Enter” to get the SHA256 of the file. Compare the SHA256 of the APK file with that of different versions of imToken listed in the table below. If the result is identical to the SHA256 in the table, it can be said that your APK file is original and safe.If you encounter any problems during the process, please feel free to contact us via support@token.im APK from our official website APK from Google Play 
2021-10-18
How to use Uniswap V3 on imToken?

How to use Uniswap V3 on imToken?

In November 2018, Hayden Adams, founder of Uniswap, launched its initial version, which only supported users to create ERC20-ETH pools. In May 2020, Uniswap launched v2, featuring the addition of ERC20/ERC20 liquidity pools. In less than a year since its launch, v2 has facilitated over $135 billion in trading volume. A year later, Uniswap, which spearheaded the first AMM era, launched v3 in May of this year with two main changes: concentrated liquidity and multiple fee tiers.   Concentrated liquidity In Uniswap v2, liquidity is distributed evenly along an x*y=k price curve, with assets reserved for all prices between 0 and infinity. For most pools, a majority of this liquidity is never put to use. In Uniswap v3, LP’s can concentrate their capital within custom price ranges, providing greater amounts of liquidity at desired prices. In doing so, LPs construct individualized price curves that reflect their own preferences. Notably, LP positions will be represented by non-fungible tokens (NFTs) in Uniswap v3 due to users’ different preferences for price range.   Multiple fee tiers Uniswap v3 offers LPs three separate fee tiers per pair — 0.05%, 0.30%, and 1.00%.  The team behind Uniswap expects like-kind asset pairs to congregate around the 0.05% fee tier and pairs like ETH/DAI to use 0.30%, while exotic assets might find 1.00% swap fees more appropriate. In doing so, LPs will be appropriately compensated for taking on varying degrees of risk.  Note: The following tutorial takes the Chinese interface as an example, and the English interface is operated in the same way.   How to swap? 1. Search Uniswap on the imToken "Browser" page and open it. 2. Click "ETH" and "Select a token" to select the coins you want to swap. 3. If it’s your first time to trade a certain currency, please authorize that currency first. Take USDT-ETH as an example, click "Allow the Uniswap Protocol to use your USDT" to authorize the transaction, and then click "Next" to confirm. After the authorization transaction is sent, "Pending" will be displayed in the bottom left corner of the page, indicating that the transaction is waiting to be processed. 4. After successful authorization, Uniswap will display "You can now trade USDT". Enter the number of tokens you want to trade, then click "Swap" - "Confirm Swap" and confirm the transaction. 5. After the transaction is complete, you can see the asset update when you return to the imToken asset page.   How to add liquidity? 1. Click "Pool" - "+ New Position", select the token you want to add and select a fee tier, 0.05% for stable pairs, 0.3% for regular pairs and 1% for more exotic pairs. 2. Set a price range and you can earn fees as long as the price stays within that range.  Please note: If market prices move outside your specified price range, your liquidity will be removed from the pool and is no longer earning fees.  In this state, your liquidity is composed entirely of the less valuable of the two assets, until the market price moves back into your specified price range or you decide to update your range to account for current prices. So, it is recommended to set a wider price range. 3. Set the deposit amount. If it’s your first time to deposit a certain currency, you need to authorize that currency first. Take USDT as an example, click "Approve USDT" to authorize, and then click "Add" after the authorization is complete. 4. Click "Add" again and wait for the transaction to be processed. Upon success, you can see your positions on Uniswap's pool page. 5. Click "In range" to see the NFT,i.e. your liquidity credential, which is a dynamic image showing information such as pair, fee tier, ID and price range. 6. Return to the imToken asset page and click "Collectibles", then you can see the NFT obtained by depositing tokens in Uniswap v3: UNI-V3-POS. Please note that you should not sell this NFT, as it is a credential that you will use when you withdraw the deposited tokens. Note: The words "Come soon" in the image on the right do not affect the functionality of the Uniswap v3 NFT.   How to withdraw your deposited tokens? 1. Click "Remove Liquidity" and enter the amount of funds to be withdrawn. If you want to withdraw all the funds, click "Max", and then click "Remove". 2. Click "Remove", then click "Confirm" in the pop-up page. You need to wait for the transaction to be processed after it is sent. Upon success, you will get a notification on the Uniswap pool page. When you return to the imToken asset page, you will also see the updated asset amount. After liquidity is removed, you can still see the NFT representing the position on Uniswap and imToken, but the position will now show up as “Inactive “on Uniswap.   V2 to V3 migration guide Uniswap v3 offers a tool for LPs to seamlessly migrate existing Uniswap v2 and Sushiswap positions. 1. Click “More”-“Migrate”. 2. Select a Uniswap v2 or Sushiswap LP position to migrate. Then select the fee tier, set a price range, approve and add.    References: Introducing Uniswap V3 Liquidity Provider & Migration User Guide
2021-09-24
Ethereum 2.0: A Complete Guide

Ethereum 2.0: A Complete Guide

What's Ethereum 2.0 Eth2 refers to a set of interconnected upgrades that will make Ethereum more scalable, more secure, and more sustainable. With this upgrade, Ethereum will 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. Eth2 will be phased in, and the Beacon Chain, the first major upgrade to Eth2, went live on December 1, 2020. You can read the official Ethereum 2.0 introduction to learn more about Eth2. Eth2 Roadmap   Recommended Readings ETH2 for Dummies Beyond the Beacon Chain: what's next for Eth2? What to Expect When ETH’s Expecting The State of Eth2, Jan 2021 [AMA] We are the EF's Eth 2.0 Research Team   Beacon Chain Launch date: December 1, 2020 We are currently in the Beacon Chain (formerly Phase 0). As the basis of the PoS consensus, 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 Eth2 merges with Eth1.   Recommended Readings The Beacon Chain Ethereum 2.0 explainer you need to read first ETH2.0 Phase 0: basics for new contributors The pros and cons of different Eth2 staking solutions   Merge Estimate: 2021 When ready, Ethereum mainnet will "merge" with the Beacon Chain, becoming its own shard which uses proof-of-stake instead of proof-of-work. This will signal the end of proof-of-work for Ethereum and start the era of a more sustainable, eco-friendly Ethereum.   Recommended Readings A Proof of Stake Design Philosophy   Sharding Estimate: 2022 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”.   Recommended Readings How to Scale Ethereum: Sharding Explained   imToken & Ethereum 2.0 The following are the 4 common staking solutions currently available to participate in Eth2 staking:  Self-run node: Users take full self-control for running the client of  Eth1 and Eth2 to maintain their own node and receive the staking rewards. Full custody:  A trusted custodian controls your funds, but it allows users to stake small amounts  (less than 32 ETH) on it.  Custodial staking pool: It offers custodial staking pool and token to reward users who are staking. Solution of Custodial staking pool  provides the liquidity for ETH staking pool, which is based on the solution of full custody. Staking-as-a-Service custody:  Users keep their asset of ETH and control of staking reward to jointly manage and verify nodes with service providers through  2 private 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 and you don’t always need to run your own instance. So if you don’t want to be bogged down in endless technical manuals, you can use the imToken Eth2 staking service. imToken 2.9.1 now has full support for Eth2 key generation 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 Readings Become an Ethereum validator with imToken Eth2 staking   Alternatives in imToken Eth2 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   Recommended Readings How to stake ETH on imToken   Tools Staking Rewards Calculator https://ethereumprice.org/eth-2-calculator/ https://beaconscan.com/staking-calculator Eth2 Upgrades 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 at least 4.9% 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 transferrable until the Ethereum mainnet is merged with the Beacon Chain, which means they will potentially be locked and non-redeemable for 1 year or longer. 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. Is Eth2 a separate blockchain? Think of Eth2 as a set of upgrades being added to improve the Ethereum we use today. These upgrades include the creation of a new chain called the beacon chain and up to 64 chains known as shards. In a nutshell, Eth2 is the next generation of Ethereum, which aims to improve the scalability, security and programmability of Ethereum while maintaining decentralization.   3. How does the Ethereum mainnet relate to Eth2? The current Ethereum mainnet, Eth1, will merge with Eth2 and move from PoW to PoS.   4. How do I prepare for Eth2? 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 support@token.im.
2021-10-17
DApps and Their Risks

DApps and Their Risks

What is a DApp? A DApp, or decentralized application, is a software application that runs on a distributed network. It’s hosted on a peer-to-peer decentralised network, rather than on a centralized server. Currently, a lot of DApp are based on Ethereum and TRON. What are high-risk DApps?  High-risk DApps such as Forsage or Etherchain are those which have the bearing of a pyramid or Ponzi-scheme. Notable warning signs include the following: A guaranteed promise of high returns with little risk Claim to be decentralized and fully transparent, while they are not A consistent flow of returns regardless of market conditions Claim they are cooperating with well-known wallets, exchanges, while they are not  Face difficulties when removing their tokens  Get “rewards” with tokens every time someone joins under you Here’s a list of top 5 high-risk DApps running on Ethereum: Top High Risk DApps, Data from dappradar.com Crypto is full of opportunities, while there are always certain risks behind that. A high-risk DApp can run for a long time without many cracks. You may even have no idea who’s the real person behind it.  Please do your own research before investing in any DApp project. And more importantly, never investing more value into DApps than you can afford to lose.  What is the relationship between imToken DApp browser and those DApps?  When using the imToken DApp browser, some users assume that all these links are safe and they trust these DApp naturally. They even assume these DApps have a partnership with imToken. While it’s not necessarily true.  imToken DApp explorer is like Google search but in a decentralised way. You can enter any links at this explorer and you’ll be able to visit under normal circumstances. And you are responsible for using these third party DApps individually. Users have to pay attention to the DApp they are joining and contact them directly whenever you encounter problems. To protect our users, we add warm signs or block some DApps since they are high risks and running a Ponzi scheme. If you have found any similar DApps, please report them to imToken at hack@token.im.
2021-09-24
4 Tips to Keep Your Crypto Assets Safe

4 Tips to Keep Your Crypto Assets Safe

As we all know, imToken is a decentralized wallet. What does it mean? It means that the mnemonic phrase and private key are controlled by you completely - you are the only owner of the wallet. We have several tips to help you keep the asset safe.  1. Download The imToken Fans Group channel on Telegram is not an official imToken chat room. Some users have reported that there are scammers trying to reach them privately and send malicious download links. Please remember that imToken team will never contact you via pm, nor request your confidential information. For imToken support, always email: support@token.im To download imToken, always visit: https://token.im/ 2. Backup  By talking to 200,000+ users, we found that most people lost their coins due to the following reasons:  Forget to back up Back up the wrong mnemonic/ private key Save the mnemonic/ private key in iCloud, or any other cloud service Share it with friends or others  Here are some of the recommendations:  After creating a wallet, please backup your wallet offline in time Back up the wallet by handwriting, or use a mnemonic key box to save the backup Double check if the mnemonic phrase and private key are accurate Do not save the mnemonic phrase through cloud, Facebook, emails, etc Do not share the private key with others 3. Transfer  Due to the nature of the blockchain, you can never reverse a transaction once it’s successful.  When you try to send tokens, please double check if the address you copied is the right one, controlled by an individual or a contract. If the recipient is the token contract itself, those tokens may be lost forever! imToken will warn you when sending tokens to a contract address. 4. DApp - Ponzi Scheme  Another situation involving wallet security is the Ponzi scheme. Such projects often use high returns as the bait. The initiator recruits other ‘investors’ who in turn recruit other investors and so on. Behind the high return is always a high risk. Please be aware! Common Ponzi schemes include: Forsage, Etherchain, etc.  Smart contracts are autonomous, and effectively indestructible. If you find a suspicious dApp, please contact us at hack@token.im, our security team will check and add alerts whenever necessary. Although it’s good to be informed, we hope that you’ll never experience the unpleasant experience in the above.
2021-09-24
imToken on Security: 10 Steps to Secure Your Computer

imToken on Security: 10 Steps to Secure Your Computer

Did you also hear of friends and other crypto users who lost tokens because their device was hacked? Staying secure sometimes feels hard or even impossible, but 20 minutes of understanding the basics can already help to prevent most of the issues our imToken security team sees on a weekly basis. To get started and understand the very basics, read our basic security tips first. Today, we will get more into depth and show you how to defend your computer in 10 easy steps.    Ways to defend yourself and keep your computer safer First, learn the basics of staying safe in our earlier post. The probably most obvious way to lose crypto on your computer is by entering a private key / Mnemonic / secret phrase on a scammer’s website. Scammers love to get your private key, because knowing it means owning the wallet and all assets in it. You might think that you are smart enough not to give away your private key. But always be careful. Because it just takes one tiny little moment, 10 seconds of not being careful. Just like this person - who miraculously got some funds back - explains:  https://www.reddit.com/r/CryptoCurrency/comments/oip4mi/if_you_want_to_join_me_in_watching_metamask/  But there are way more advanced hacks than that.  So, let’s look into 10 steps to help you stay safe.   1. Keep your software and computer operating system up to date One major reason why the software or computer operating system has been updated by their company is that they will fix the bugs or vulnerabilities in their code.  Those bugs and vulnerabilities may be hacked or attacked in one day! Please update the software routinely and keep your computer operating system current.    2. Review your software and limit unnecessary software Most people use crypto on a computer that they would also use for gaming, work and casual web browsing. The more software you have installed, the higher the risk of exposing your crypto or private information. To help, first limit software that starts on launch. Then, remove unnecessary software completely. Do not ever install remote desktop viewer apps like Teamviewer. Those are notorious for getting people into trouble as you can see here; https://www.reddit.com/r/Bitcoin/comments/2oyf9y/updated_info_from_the_40_btc_hack_using_teamviewer/ With another scam, a fake customer support will try to get you to share your screen showing a private key. Here is one such case by an NFT fan: https://twitter.com/sohrobf/status/1430478533306982408    3. Never plug in any USB drives, SD cards and other devices Simple USB sticks can be equipped with harmful software. We know that some scammers use usb sticks with a software that steals your MetaMask key store as well as installs a keylogger virus on your computer.  But even charging cables can have chips hidden inside that perform exactly the same function. And charging your phone on public USB hubs, such as in an airport, can download a virus to your device too. Read how an iPhone charging cable might get you hacked: https://techcrunch.com/2019/08/12/iphone-charging-cable-hack-computer-def-con/    4. Never use Public Wi-Fi (without VPN) Open wifi networks such as in hotels, restaurants or airports allow all people on the same wifi to read everything you do on the internet, show you fake websites or even directly send you viruses.  A scammer could, for example, read all internet traffic going through the wifi network and filter out any information that looks like a bank account password, a private key and so on. Ironically, some would even mine crypto on your computer: https://twitter.com/Tinolle/status/948974878249705473    5. Never leave your laptop, keys, USBs, phones unattended, even for a moment If you leave your computer unattended and unlocked for just a few seconds, people can plug in a malicious usb stick. And without doing more than that, your computer would already be infected with a virus that reads all the text you type in - including passwords - and sends them to the attacker. Similarly, the software would steal your MetaMask keystore in a matter of seconds. This is likely how this NFT fan got hacked, a story worth reading:  https://twitter.com/philipplgh/status/1418154921782910978    6. Never download random files There has been a wave of NFT artists and collectors receiving suspicious emails that look as if sent from friends or acquaintances. Attached to the email would be a file. Just clicking on the file will start a program that will scan your computer for crypto keys and steal anything possible. It most likely will also install a software that reads your passwords as you type them on your keyboard and send those to the hacker too. See one such example below: https://twitter.com/arielbeckerart/status/1403104091857985537    7. Remove dangerous apps: clipboard manager, auto-upload apps, remote viewers Clipboard managers give random websites the ability to read your clipboard history. Malicious clipboard managers recognize an crypto address and insert the scammer’s address before you click send. There are many ways clipboard manager software can get you into trouble. You can see one such case here: https://coinjournal.net/pc-malware-steals-funds-modifying-ethereum-addresses/  Therefore, better not use clipboard tools on the same computer as your crypto.   8. Review your browser extensions in Chrome, Firefox, Brave Just like other computer software, browser extensions are built by people you probably don’t know. This gives you unnecessary risk, especially considering that many of those extensions are being able to read any information you enter on websites. Just like scammers upload fake apps on app stores, they also add browser extensions to add-on stores. You can find one case here: https://medium.com/mycrypto/discovering-fake-browser-extensions-that-target-users-of-ledger-trezor-mew-metamask-and-more-e281a2b80ff9  Therefore, limit the amount of browser extensions you use. And don’t enter personal information or secrets when browser extensions are active. If you use browser wallets, make sure to download the legit ones just like you do with your mobile apps.   9. Use a password manager Never store passwords in a word document. Because all it takes is 1 second of access to your computer to automatically scan your system for passwords, personal information and crypto. Instead, install a password manager and use its auto-generated passwords. The password manager not only stores your passwords in a safe way, but also lets you use different passwords for each account. Which means if a company leaks your account and password, hackers won’t be able to use it on any of your other accounts.   10. Disable cloud software Never use cloud software that automatically uploads your screenshots to your online account. Although It is convenient to save all information in the Cloud, your data might get leaked. And all it takes is one person to access your photos one single time. With any sensitive data stored online, you would be an easy victim.   Those 10 steps are a beginning. Follow us to learn more about how to encrypt your computer and all drives. Because encryption secures your data even when stolen. How to secure all your accounts. Because every account might give an attacker access to another account with your crypto. Follow for more in the coming weeks:  Twitter | Support | token.im Download imToken: Google Play | Apple App Store
2021-09-28
Partnering with NFTGO

Partnering with NFTGO

We are delighted to be partnering with NFTGO to support their dashboard to help our users explore the NFT market in depth and manage NFT assets with ease. The collaboration will be focused on NFT data and technical integrations. With a shared vision of growth in the NFT ecosystem, the integration of NFTGO and imToken will mutually benefit both platforms. NFTGO will partner with imToken on technical integration, and support imToken with NFT data, including data interface, NFT industry report, data service imToken will integrate NFTGO into its resource list and support all NFTGO users with links to imToken wallets, improving the presence, management and investment of NF T assets NFTGO and imToken will be hosting an AMA Event in imtoken.fans. Users can participate in the event to get more information about NFT data and a specially designed poap! Besides, you can have a chance to win NFTGO NFTs. The event will begin at 11:30 UTC on September 20. We also believe that this cross-promotion and cross-collaboration between the two projects will bring more benefits to both communities.   About imToken imToken is a decentralized digital wallet used to manage and safeguard a wide range of blockchain- and token-based assets, identities, and data. Since its founding in 2016, it has helped its users transact and exchange billions of dollars in value across more than 150 countries around the world. imToken allows its users to manage assets on 12 mainstream blockchains, as well as seamlessly connect with DApps via a decentralized applications browser. Download imToken: Google Play | Apple App Store Follow us: Twitter | Support | token.im   About NFTGO NFTGO is a data aggregator where users can find information about NFT, including market data, transaction data, coin data, and much more! Users may also airdrop and distribute NFTs. NFTGO has developed a high-performance NFT cross-chain data acquisition engine, using real-time monitoring on blockchain and multi-level solutions, which can automatically parse the NFT metadata based on mainstream standards, and solve the problem of on-chain data parsing, stable performance and the problem of poor liquidity.
2021-09-24
A complete guide to Arbitrum

A complete guide to Arbitrum

Prerequisites:  To better understand this blog, you should master the basic concepts of Ethereum first.   What is Arbitrum? Due to limitations on transaction throughput on the Ethereum Mainnet (i.e. layer 1), developers proposed layer 2 protocols to handle transactions off layer 1 so as to improve Ethereum’s performance and user experience. Arbitrum is a layer 2 solution created by Offchain Labs. The team solves Ethereum scalability with multi-round interactive Optimistic Rollup (i.e. one of the mainstream layer 2 solutions). How does Arbitrum’s solution work? Arbitrum is a L2 protocol which guarantees that the data posted to layer 1 is valid through multiple-round interactive Optimistic Rollup. Rollup: One of the layer 2 solutions that perform transaction execution outside the main Ethereum chain (layer 1), but post transaction data on layer 1. Optimistic Rollup: One type of Rollups which optimistically believes that the data posted to the Ethereum mainnet is correct, and if anyone observes that the data is wrong (i.e., there is fraud), they can issue a challenge during a period. Therefore Optimistic Rollup is also called fraud proof. In this way, it is guaranteed that the data finally posted to the Ethereum mainnet is valid. Multi-round interactive Optimistic Rollup: The validator on layer 2 posts the bundled data to layer 1 and locks a bond in the smart contact. If someone thinks the transaction data is wrong, he has to issue a challenge in a time window and lock a bond in the smart contract too. The validator and the challenger continuously split the disputed part in a dichotomous way off-chain until the the dispute is narrowed down to a specific part, and then go to layer 1 to resolve it. By using a multi-round interactive design, Arbitrum can efficiently resolve disputes on layer 1 at a low cost. Main features Extremely low transaction fees Trustless protocol EVM-compatible Funds are as cryptographically secure, as in the Ethereum mainnet Users are always in control of their funds No requirement for operational activity to keep the funds safe Arbitrum wallet Take imToken for example, first download and install imToken (https://token.im/ ) and create/import an identity wallet. Note: Check the website security certificate before downloading Deposit Before doing transactions on the Arbitrum mainnet, you need to deposit the token into your Arbitrum wallet first. Go to “Browser”,  enter “Arbitrum Bridge” into the search bar and click the DApp. Select the type of token you want to deposit and enter the amount in the deposit box. After confirming all the information is correct, click "deposit" and pay the miner fee. Switching to the Arbitrum Network  Enter the asset page of the ETH wallet, click “Ethereum Mainnet” - “Arbitrum” to switch to the Arbitrum network.  Now you can see the deposited tokens in the Arbitrum wallet. You can also check the most popular DApps in the Arbitrum ecosystem by clicking on "Ecosystem DApps" on the asset page. Withdrawal If you want to withdraw the assets from the Arbitrum wallet to your ETH wallet, you can click "Ecosystem DApps" - "Arbitrum Bridge" on the asset page. Enter the withdrawal amount, confirm all the information is correct, then click "withdraw" and pay the miner fee. Study  Layer 2 In order to scale Ethereum to accommodate a growing number of users, developers have proposed 2 solutions, namely, layer 2 and sharding (a layer 1 scaling solution).  Layer 1 refers to the Ethereum blockchain itself, and layer 2 is a network or technology that operates on top of Ethereum to improve its scalability and efficiency. Mainstream layer 2 solutions include ZK Rollup, Optimistic Rollup, Plasma, State Channels, Validium, etc. Optimistic Rollup Rollup is a collective term for solutions designed to improve the performance of the Ethereum mainnet by handling transactions off-chain while keeping part of the data of each transaction on-chain. There are two main types of Rollup solutions: ZK Rollup and Optimistic Rollup.  ZK Rollup is a layer 2 solution that uses zero-knowledge proof, but it is not EVM-compatible and takes a long time to generate zero-knowledge proof. So Optimistic Rollup was proposed in June 2019. In this scheme, zero-knowledge proof is removed, however, a penalty mechanism is added to ensure data security (slightly lower than ZK Rollup) while supporting general smart contracts more easily. Optimistic Rollup executes smart contracts through OVM (Optimistic Virtual Machine), which is full-featured and EVM-compatible. This means that developers can migrate DApps to layer 2 with just a few lines of code. Offchain Labs Offchain Labs, the development team behind Arbitrum, is a blockchain startup focused on enterprise applications and based in New York City. It‘s co-founder Ed Felten is a professor of computer science at Princeton University and former Chief Technologist of the Obama Administration. He founded Offchain Labs with three other co-founders in the fall of 2018. Arbitrum block explorer Arbitrum block explorer is an open source web tool that stays synchronous with the Arbitrum network and allows you to view information about blocks, transactions, addresses on Arbitrum. Arbitrum Explorer Arbiscan Arbitrum ecosystem Aave Balancer Chainlink DeBank Curve Etherscan imToken Infura DODO Celer Bridge…... Learn more Arbitrum website:https://arbitrum.io/ Offchain Labs website:https://offchainlabs.com/
2021-10-08

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