Yes! You can consider Coinsquad to be your personal cryptocurrency and blockchain assistant. We know that the world of crypto is very confusing to the uninitiated, but we don’t think that should be a reason to be shut out of the many investment and income opportunities developing in this space. Coinsquad team members have years of experience helping individuals and businesses invest in cryptocurrency, set up their businesses to accept cryptocurrency, and troubleshoot issues surrounding wallets, ledgers, and blockchain applications. We are continually updating our knowledge base and expertise as new crypto-backed and blockchain products hit the market so you can be sure that if you have questions, Coinsquad has the answers!
Want to Learn More About Blockchain and Cryptocurrency?
These FAQ's Can Get You Started
Coinsquad Facts
Absolutely. Coinsquad is on the leading edge of cryptocurrency and we use our expertise to help our clients navigate the confusing, yet potentially lucrative emerging new world of Distributed Finance (DeFi) products including crypto savings accounts, insurance, lending and more.
Yes, we can. Coinsquad helps businesses with the following crypto-tech support:
- Cold and Hot Wallet Storage (Ledger/Trezor)
- Exchange Migration and Transfers
- Proxy Staking and Staking Support
- Cryptocurrency Minting and Mining
- Dapp (Decentralized Application) Wallet Development & Deployment
- Smart Contract Development & Deployment
- IEO (Initial Exchange Offering) Launching and Listing
- AWS/Azure Support
Decentralized Autonomous Organizations are gaining popularity as an alternative to more traditional management structures. The Coinsquad team can help with forms, smart contracts, DAO investing, and more.
Hedera Hashgraph is a highly secure, hyper-efficient distributed ledger platform that produces ultra-fast transactions without the intensive energy and bandwidth requirements of Ethereum, Bitcoin or other blockchain-enabled transaction platforms.
Hedera Hashgraph is governed by some of the most influential companies in the world including Google, IBM, Boeing, LG and Avery Dennison. Hedera Hashgraph is considered the next step in the evolution of distributed ledgers on account of its speed, security and reliability. It differs from blockchain in that its blocks are stored as graphs rather than chains (they are communicated to the various nodes in a non-linear format) and can be mined in parallel rather than consecutively.
Cryptocurrency 101
Cryptocurrency is digital money that exists outside the regulation of any government. Cryptocurrency can be transferred or used to pay for all types of assets without any kind of involvement from a bank or traditional credit institution. Cryptocurrency is not insured or backed by any government and its value is not based on any physical commodity; rather, its value is based on supply and demand. Some popular types of cryptocurrency are Bitcoin (BTC), Ether (ETH), Ripple (XRP), and Litecoin (LTE).
Cryptocurrency mining is the process of earning cryptocurrency through proving the validity of blocks in a blockchain sequence. It is a way to obtain cryptocurrency without buying it. Minting is the actual creation of new coins that occurs when a block is proven for the first time.
A node is a computer in a blockchain network that stores and/or proves a block.
By design, in order to ensure transparency, all transactions hosted on blockchain are public. But in the world of institutional and large volume investing and trading, making orders public can sway markets. In order to make large scale investing possible in the cryptocurrency space, there has to be a way to hide the institutional-sized trade orders from the public and from the actual computers proving the transaction. Platforms such as RenEx have been developed to make this possible. These types of decentralized ledgers are commonly referred to as “decentralized dark pools,” and they allow for a transaction to take place while hiding the actual details of the order. The computers or “nodes” that prove these orders are referred to as “dark nodes.”
A hot wallet stores your cryptocurrency on a platform that is connected to the internet, while a cold wallet stores your cryptocurrency on a platform that is not connected to the internet. The cryptocurrency that is stored in a hot wallet is typically instantly available for spending or trading. On the other hand, funds in a cold wallet are not as readily accessible, however, they are more secure. Deciding whether to use a hot or cold wallet involves choosing between immediate liquidity and heightened security.
Blockchain Basics
Blockchain is a transaction record that is stored using “distributed ledger technology (DLT).” DLT is an information storage method in which all the pieces of the record are stored in different places throughout the world on thousands of computer servers (also known as “nodes”). Blockchain records are open source and public ensuring full transparency.
A block is a recording of information. Types of information in blocks include digital signatures, the verification of a cryptocurrency transfer, or the initiation of a real estate transaction. Each block has a hash code stored within it, as well as the hash code of the preceding block. The blocks representing the history and progression of a transaction are connected together by these matching codes to make a chain (hence the name, “blockchain”). If someone tries to go in and fraudulently change the information contained within a block, the change will trigger a new hash code, which then won’t match the code connecting it to the other blocks in the chain. This will break the chain, and indicate that some kind of manipulation has occurred.
The validity of a block is proven or a block is added to the chain by a “miner” or computer node that solves the complex math problem attached to the block (which is, essentially, coming up with the correct hash code – a number that is around one in 13 trillion). When a miner successfully adds a block, the process releases a preset amount of cryptocurrency which is paid to the miner for their work. Miners compete against each other to be the first to solve for the hash code using highly sophisticated, energy-intensive computer systems.
Currency transactions are the reason blockchain was invented, but the distributed ledger technology is useful well beyond this original application. Blockchain can be used for the secure transfer of any kind of data from election votes to weapons transfers to health history. It can be used to track inventory movement through a supply chain, as well as be the foundation for land and other physical asset transfers. Basically, blockchain can be utilized any time there is a need for the transparent and secure transfer of information, commodities or money.
Decentralized Finance (DeFi) Library
Decentralized finance (DeFi), also known as decentralized banking takes the traditional products found at centrally-regulated, government-backed banking institutions (e.g. savings accounts, retirement investment accounts, financing products such as mortgage and auto loans, and business loans, payment processing, derivatives and margin trading, insurance, etc.), and puts them on a decentralized ledger platform.
DeFi allows for complete transactional transparency and a higher level of security. It also opens lending products up to businesses and individuals who may otherwise be shut out in a traditional lending setting. Literally anyone in the world can tap into these lending products as long as they have an Internet connection and a connected device. There is no credit check, forms to fill out and the work is completed by the application rather than a person, eliminating the possibility of human error.
Rather than being set by a central bank, DeFi interest rates are determined based on supply and demand. Programs that enable these types of transactions are called “smart contracts,” or decentralized applications (daaps), and they are built mainly on the Ethereum blockchain network.
Still, Confused? That’s OK
