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Tag: introducing

  • Introducing the Travel Rule Universal Solution Technology (“TRUST”) | by Coinbase | Feb, 2022

    Introducing the Travel Rule Universal Solution Technology (“TRUST”) | by Coinbase | Feb, 2022

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    Coinbase

    Coinbase is proud to announce the launch of the Travel Rule Universal Solution Technology (TRUST), an industry-driven solution designed to comply with a requirement known as the Travel Rule while protecting the security and privacy of our customers. TRUST is a platform that allows cryptocurrency exchanges to securely send information legally required by the Travel Rule. The solution is named TRUST because that’s what we seek to instill in our customers when they use our products and services.

    The current U.S. TRUST membership includes the following: Anchorage, Avanti, BitGo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital Assetsˢᵐ, Gemini, Kraken, Paxos, Robinhood, Standard Custody & Trust, Symbridge, TradeStation, Zero Hash, and Zodia Custody. And we are soon expanding to other global jurisdictions.

    Why is TRUST necessary?

    The Travel Rule requires financial institutions to share certain basic information about their customers when sending funds over a certain amount to another financial institution. Custodial cryptocurrency exchanges (like other financial institutions) have to satisfy this rule, which was written before crypto even existed. To do this, a leading group of crypto exchanges came together to create a solution in the crypto space, while continuing to protect the security and privacy of our customers’ personal information. This unprecedented effort led to a jointly designed solution, TRUST, which we hope will soon become the industry standard for complying with these requirements.

    What was the goal in designing the TRUST solution, and how was it achieved?

    The core goal in designing TRUST was to achieve top-tier compliance with the Travel Rule, while fully honoring customers’ expectations over how their information is handled. To do this, important safeguards were incorporated as part of the TRUST solution:

    1. No central store of personal data: We never centrally store sensitive customer information where it could be targeted by an attacker or misused by a third party. The required information is only directly sent from one TRUST member to another, through end-to-end encrypted channels, and the receiver is required to safeguard it.

    Now that TRUST has launched, what are the next steps?

    The next step is adding new members, so that TRUST can provide comprehensive compliance across the crypto industry. The Travel Rule’s reach is expanding internationally, and so must the TRUST solution. TRUST is focused on expanding to many other jurisdictions this year.

    The launch of TRUST resoundingly demonstrates that top-tier compliance can go hand-in-hand with a core industry value — robust protection of customer privacy and security.

    To learn more about joining TRUST, click here.

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  • Introducing White Whale’s IDO: THE BOOTSWAP

    Introducing White Whale’s IDO: THE BOOTSWAP

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    Over the last few months, there have been several token launches on Terra. What has been noted, is that there have been two major challenges that continue to occur. First, the initial liquidity pools are just not deep enough. This causes an outrageous manufactured initial price pump, making all the insiders feel really good, but is quite unfortunate for the retail buyer as they are not part of that initial purchase. The second issue is that as soon as the token goes live, all the liquidity at the initial list price is sniped by bots in the first seconds, again forcing the retail buyer to buy in at higher levels.

    White Whale has designed an initial token launch model that addresses both of these issues while at the same time bootstrapping our own protocol owned liquidity efforts… it is called “THE BOOTSWAP”

    So what is a BOOTSWAP?

    Here’s how it works, White Whale is utilizing the latest, freshly audited, open-sourced LBP code graciously provided to the community by the Astroport team. An LBP, or Liquidity Bootstrapping Pool, is a mechanism for launching tokens originally utilized by Balancer that is designed to defer bot activity by starting the token price high and allowing it to float down to price discovery over a pre-set period of time, say 72 hours. LBP’s are also utilized as fundraising tools as the team provides the initial liquidity at a disproportionate ratio, say (98/2 token/stablecoin) and as the tokens are sold the ratio eventually balances out to whatever target ratio is set by the team in the parameters (i.e. 20/80 token/stablecoin), allowing them to claim the stablecoins and so raise capital from the difference.

    This is how it generally works, however at White Whale they are taking a slightly different approach. The team from White Whale has been signaling their intention to pursue Protocol Owned Liquidity for some time now, with that said, unlike most other LBP events, White Whale’s BOOTSWAP event will not be a token sale or fundraiser in any way. Absolutely none of the profits from the event will go to the White Whale team or incubating entities. The team funds will be deposited into the LBP pool (along with WHALE tokens) initially, and at the end of the LBP event, when the liquidity pool balances at our predetermined ratio of 50/50 UST/WHALE, same as your standard LP token… all of that liquidity will migrate straight to TerraSwap and will serve as the perpetual trading liquidity for the UST/WHALE pair. All of the corresponding LP tokens will be deposited into the White Whale War Chest and be owned by the protocol.

    So what does this mean?

    1. From its inception, White Whale should own the lion’s share of its own liquidity. That’s right… POL right from the start, and
    2. It means that because this is not a sale or raise and all of the funds are going straight into the community-owned treasury, there will be no KYC requirements or trading restrictions for this event!

    Questions that are commonly asked are: how does this benefit the regular retail buyer if the price already starts high? What if it stays high and never comes down? White Whale has thought this through and developed a solution for this scenario. Their goal is to distribute WHALE tokens at fair and honest levels to retail buyers. In order to do so, rather than being another project who under-fills the initial pools to manufacture a pump, the plan is to overshoot demand with our initial pool size. They will be depositing 100 million WHALE tokens into the LBP to start. Their reason for this is arguably refreshing – “Because F#&% The Bots, that’s why. They believe this will give everyone who wants to buy liquid WHALE tokens on the first days of trading an opportunity to do so at good levels without all the juicy initial liquidity being stolen by the bots. The starting price will be $1.00, so if bots want to snipe, that’s the price they will be sniping at. It will then float down to price discovery over a period of 72 hours, or until the target ratio is met

     

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  • Introducing Monaco Planet, a next-generation SocialFi NFT platform | by Bit Media Buzz | Nov, 2021

    Introducing Monaco Planet, a next-generation SocialFi NFT platform | by Bit Media Buzz | Nov, 2021

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    Bit Media Buzz

    As a rainbow galaxy of nonfungible tokens (NFT) goes supernova across the crypto and blockchain space, GameFi appears to be powering the new unstoppable wave of adoption. But smart players look even further down the road and ask, “what’s next?” and aim to be first to cash in on future opportunities and upside.

    Today, a lot of that smart money, including from branded investors such as Three Arrows Capital, is on SocialFi. As a fusion of social and finance, SocialFi aims to deliver benefits and rewards to users through the financialization and tokenization of social influence.

    Beyond that, SocialFi could be the answer to the question millions of crypto holders around the world are asking: “If we have massive native communities with economic power, interlinking relationships and seamless communication potential, why don’t we have our own social media?”

    Monaco Planet, a next-generation SocialFi platform, aims to be the first to deliver just that with its NFT drop on Nov. 11 and full platform launch on Nov. 28. Having successfully completed its first round of multi-million-dollar financing with Three Arrows Capital and IMO Ventures, the future looks bright on Monaco Planet.

    While the SocialFi space initially kicked off in 2017, it lacked the technology, market environment and user volume to be truly sustainable. But this has all changed now, and Monaco Planet is betting big that the time now is ripe. But why now, and what makes Monaco Planet special?

    When people talk about their “crypto journey,” it is usually full of wonder and discovery as they plow into the philosophy of decentralization and the benefits of disruptive technology. But for crypto noobs, it can be bewildering and even dangerous with scammers and spammers abound. So, how can new adopters be sure they’re getting accurate information and not getting played?

    At the same time, for individuals and project teams who wish to become opinion leaders on their own social accounts, it is hard to attract lots of fans or to stand out in a crowd of thousands of communities.

    A truly native crypto and NFT-dedicated social media platform with a high density of fans has not yet been born. And while there are over 100 million wallet addresses in the world and the number of crypto and NFT enthusiasts keeps growing every day, why isn’t there a dedicated public opinion forum and social media platform for crypto communities? As the sun rises on Monaco Planet, this could all change.

    Monaco Planet attacks the problem of spammers and scammers by requiring login through wallets like MetaMask. As users showcase their NFT collections on their personal profile page, true influencers can be identified by their level of engagement and dedication. Users who publish and show their own activities can follow verified key opinion leaders (KOL) throughout the community. The platform can also rank users by net worth and influence of their NFTs, fostering organic connections between KOLs and users.

    As a SocialFi platform, the ownership and governance of Monaco Planet are determined by the users themselves. By introducing the concept of “write-to-earn,” content creation itself serves as a form of mining. Active content creators and discussion participants on Monaco Planet continuously reap the benefits in the form of the native tokens. The vast majority of native tokens will be distributed to users who generate content, creating a form of mining that is sustainable, inclusive and genuinely productive. Those who want to advertise on the platform can burn tokens to push their posts to the top or broadcast messages to all users.

    And as the number of users grows, from tens of thousands to millions and more, the advertising value and consumption increase in kind. Once consumption of native tokens outpaces their output, real deflation is realized.

    A true SocialFi platform belongs to its users. Holders of native tokens enjoy the currency appreciation brought by the platform’s growing economic activity. And as the vast majority of currency is distributed to users as rewards for content creation, Monaco Planet functions as a true decentralized autonomous organization, governed by all native token holders who can send in proposals and vote.

    In order to seed user growth and cultivation, Monaco Planet is issuing 10,000 Yacht NFTs for the first time at monaconft.io.

    Unlike other avatar-based NFTs, Yacht NFTs are the first NFTs supported by their own native platform. This is the result of the experience and acumen of the entire team, which hails from TikTok, Facebook, Twitter and HSBC’s technical marketing, as well as the in-depth participation of institutions, such as Three Arrow Capital. And as more talent and capital flow into Planet Monaco, the planet expands, growing bigger and stronger.

    As early users of Monaco Planet’s SocialFi platform, NFT holders will be the initial beneficiaries of “content mining.” They will enjoy the first batch of airdrops and act as “mining leads” during the first month of “invitation-only” membership. NFT holders will have exclusive quotas and whitelists for participating in popular projects and the privilege of increased visibility of posts, broadcasting and building groups.

    As an exclusive platform page, Monaco Planet KOL100 will feature the “Genesis” KOLs who participate in the platform founding. Whether they’re NFT KOLs, large crypto holders, crypto and NFT project teams or celebrities new to the space, everyone has a home in Monaco.

    The minting of Monaco Yacht NFTs will be divided into two segments. The first part features specially designed Yacht models for KOL100 with individually unique perks. They’ll be given directly from the whitelist, one-to-one on opening day. And the founding KOLs will be forever recorded on the Monaco Planet KOL100 platform’s Wall of Fame. In the following few days, Yacht NFTs will open for public minting.

    Everyone is welcome to participate in the Monaco KOL 100 project or to actively subscribe to Monaco Yacht NFTs as the first wave of seed users.

    Life is full of challenges, but for the citizens of the Planet Monaco metaverse, life could be a dream with your own private yacht to sail off into the sunset.

    To follow Monaco Planet news and developments, please visit:

    Website: https://monaconft.io

    Twitter: https://twitter.com/MonacoPlanet

    Discord: https://discord.gg/J2m3AXzr



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  • Continuing our commitment to customers: introducing phone support for ATOs

    Continuing our commitment to customers: introducing phone support for ATOs

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    By Casper Sorensen, Vice President, Customer Experience

    At Coinbase, our goal is to be the most trusted crypto platform. Our security team significantly invests to protect our 68+ million users.

    We take many steps to protect our customers from account takeovers (ATOs), which are often caused by phishing campaigns, SIM swaps, or support scams.

    • First, every customer is opted in to two-factor authentication by default. This level of security is not the default for many traditional financial institutions and other technology platforms. But at Coinbase, we believe this extra helps provide important baseline protection for our customers.
    • Second, we require device verification for all customers when they log in from a new, unrecognized device. This provides yet another line of defense against potential attacks.
    • Finally, we encourage customers to use the most advanced hardware security keys available, such as Yubikeys. Yubikeys provide the most powerful two-factor authentication available on the market today.

    As a result of these protection efforts, only a small number (less than .01%) of customers have been impacted by account takeovers. In the rare event that a customer notices a potential account takeover, we provide multiple channels for customers to quickly and easily lock their account so no further unauthorized activity can take place.

    Today, we’re beginning to roll out phone support for ATOs, to provide customers with a live agent to kick off an investigation. If you believe you’re a victim of an ATO, please call +1 888 908–7930 or visit our support page to protect your account and get help.

    Since January, we have improved our customer support by increasing our support staff headcount by 5x, providing self-service messaging prompts within the product itself to guide our customers through challenging transactions, and we’re scheduled to roll out live messaging as a new support channel later this year to provide real time support for our customers.

    Our goal is to protect our customers as they participate in the cryptoeconomy while also providing them the best user experience possible. That said, we recognize that our work is never done when it comes to security and support — and they remain a top priority for Coinbase.

    Continuing our commitment to customers: introducing phone support for ATOs was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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