Passkey, DID (Decentralized Identifiers) and FIDO (Fast Identity Online) are three technologies that together can change the way we approach digital identity and security, especially in the next generation of digital wallet applications.<ol><li>Passkey: Passkey is a secure method of identity proofing, generally referred to as a word identity private key or password. In blockchain or other cryptographic applications, Passkey usually refers to a private key used to prove a user's ownership or control of a digital resource Passkey provides strong security, but the challenge of managing and protecting Passkey is also considerable. 2.</li><li>DID (Decentralized Identifiers): DID is a decentralized identification method. Each DID is unique and does not rely on any central authority to verify identity. DID can run independently of any particular blockchain and is portable, providing a decentralized, autonomous authentication method that helps protect personal privacy and prevent identity theft.</li></ol>FIDO (Fast Identity Online): FIDO is a multi-factor authentication framework that seeks to establish secure and user-friendly authentication methods to replace traditional passwords. Passkey and DID can be combined to provide multiple layers of security.The common goal of all three technologies is to provide a secure, private, convenient and controlled digital identity solution. Using Passkey (private key or password) as the primary identity proofing tool, leveraging the decentralized nature of DID to enhance identity autonomy and portability, and adding biometric or physical device multi-factor authentication through the FIDO framework can greatly enhance the security and user experience of digital identity and digital wallets.<h2>The three key elements of identity verification</h2>To prove that a person is indeed who they claim to be, the following three requirements need to be met, also known as <a href="https://frankvandeven.medium.com/3-way-authentication-something-you-are-own-and-know- 7413c269b622">three-factor authentication</a>:<ol><li>"What you are": This involves personal identity features such as iris, fingerprints, and biometric features such as facial recognition. These biometric features can be verified by fingerprint scanning, iris scanning, or face recognition.</li><li>"What you have": This refers to physical objects or assets, including two-step authentication (2FA) mechanisms such as private keys, tokens, keys, bank cards, physical devices (e.g., Unikey), or cell phone authentication. These physical objects can be used to verify your ownership, such as using a key to enter a specific venue or a bank card to make a transaction.</li><li>“What do you know”: This refers to confidential information that only the user knows, such as passwords, personal identification numbers (PINs), or answers to secret questions. This information can be used as part of identity verification, such as entering the correct password at login.</li></ol>These requirements play an important role in the know-your-customer (KYC) process in areas such as financial institutions. International laws and regulators require financial institutions to collect this necessary and mandatory information to ensure the authenticity of customers' identities and to protect against the risks of terrorists, blacklisted customers and identity theft. Such a verification process also helps financial institutions gain an edge over their competitors by enabling fast and fully digital customer onboarding.The principle of identity verification in KYC is linked to the concept of the private key, which can be seen as a form of "what you own" and serves as proof of ownership of digital assets.<h3>DID: Infrastructure for an Online Democratic Society</h3>In a decentralized world, proof of identity becomes even more important as an infrastructure for our cyber-democratic society:<ol><li>Personal control: DID gives individuals direct control over their identity data. Traditional authentication methods typically rely on centralized organizations that own and manage the identity information of users. DID, however, enables individuals to own and control their own identity data without relying on any central authority. This increased personal control contributes to a more just and equitable society.</li><li>Decentralized Trust: DID does not rely on the authentication of a single central authority, but is built on a decentralized trust mechanism. Through the use of distributed technologies such as blockchain, DID can provide globally verifiable proof of identity without relying on the control and scrutiny of a single entity. This decentralized trust mechanism helps reduce reliance on centralized authority and promotes a fair, transparent and open network environment.</li><li>Security and protection against witch attacks: DID is designed to protect against witch attacks, which are attacks that create multiple false identities to deceive or influence a system. By requiring users to provide real identity information and verify it, DID is able to counteract witch attacks and ensure the authenticity and trustworthiness of accounts. This helps to maintain the security and stability of the network and provides a reliable online environment for users.</li><li>Global Interoperability: DID is a globally verifiable method of identification that is not restricted by geography or industry. This means that individuals can easily share and verify their identity across platforms and services, facilitating global interoperability and the development of the digital economy. the existence of DID helps break down information silos and provides a more convenient and efficient way to manage identities.</li></ol>DID meets the three elements of identity verification: the owner (Who you are?), the knowledge (What you know?), and the possessions (What do you have?). It provides a powerful way to defend against Witch Attacks (a witch attack is an attack technique that deceives or influences the system by creating multiple false identities).Authentication is an effective way to prevent witch attacks by requiring users to provide real identity information and verify it to ensure the authenticity of the account, which prevents attackers from manipulating the system by creating multiple false identities.<h2>From account passwords to passkeys: the evolution of account verification</h2>In the early days of the Internet, people used to create their own account passwords to log in directly. However, as the number of websites increased, their security mechanisms for passwords began to differ. This led us to think about whether different passwords were needed for different sites. As the number of sites grows, each site also requires regular password updates. This made it gradually impossible to rely on the human brain to remember all the passwords. Therefore, we started using password managers to help us manage these passwords.Although password managers have helped us solve some problems, such as not relying on our brains to remember all our passwords, they still don't completely solve all the security risks. Using a password manager means we need to store our passwords in centralized corporate services, and if those companies are hacked, our passwords may be known.Because of this, we need better authentication systems to improve security. That's why public-private key systems and other powerful authentication methods have emerged. These methods use more sophisticated encryption and authentication mechanisms and offer higher security guarantees.For example, Passkey systems use asymmetric encryption to prove "you are you" and each person has his or her own private key.Each person has his or her own private key and stores the public key where it needs to be authenticated. This way, even if someone hacked into a service provider, they wouldn't be able to get our private keys because they only exist on our own devices. This approach provides greater security while reducing reliance on centralized companies.<h3>The evolution of account authentication can be divided into four stages as follows:</h3><ol><li>Initial stage: In the early days of the Internet, people simply created their own accounts and passwords to access various websites and applications.</li><li>Two-factor authentication: As the number of websites increased, they began to implement stronger security mechanisms by introducing two-factor authentication. This means that in addition to using an account password, additional authentication methods such as SMS authentication codes or security keys are required.</li><li>Multi-factor authentication: As security requirements increase, multi-factor authentication becomes a common practice. In addition to account passwords and SMS authentication codes, biometrics (e.g. fingerprints, face recognition) or hardwired authentication devices (e.g. physical devices) can be used to verify identity.</li><li>Asymmetric encryption: Today, public-private key systems are a more secure option. This system uses a pair of keys, including a public key and a private key. The public key is used to encrypt the data, while the private key is used to decrypt and verify the identity. The public-private key system provides higher security and the ability to prevent unauthorized access.</li></ol><h2>Past limitations and present advances</h2>The concept of public-private key pairs has been around for a long time in cryptography, but the popularity of using this concept in everyday account password management (i.e., passwordless login or pass-through keys) has relied on the development of many infrastructures and the development of standards. The support of major technology companies such as Microsoft, Apple and Google, as well as the development and promotion of open authentication standards like FIDO, have all played an important role in driving the popularity of this passwordless login technology.These companies and standards organizations provide the tools and frameworks necessary to make passwordless access easier for developers. In addition, they provide users with convenient interfaces and tools that make it easier for them to manage their keys without having to delve into the details of cryptography.However, with any technological development comes challenges. Passkey, or passwordless login, applies the concept of public and private keys to everyday account passwords. In this case, we must find a balance between security and convenience. Each person has a key, and each identity is a key, and we can define how public and private keys are generated and destroyed depending on the situation and security level. How to ensure the protection of private keys and how to create a good user experience are the issues we need to face.<h2>Conclusion: A vision of the future of wallets</h2>Passkey offers better privacy protection and user control, and a good experience in use, but it also brings some new responsibilities and challenges. In the same way that encrypted wallets manage private keys, when we adopt this technology, the responsibility for the custody of the key reverts back to us.This means that if we lose or forget our key, then we may not be able to access our account or data because no other person or organization can help us recover it. In some cases, this may result in the loss of data that cannot be retrieved. Therefore, as we have more control, we also need to manage our keys more responsibly and ensure that we have proper backup and recovery mechanisms in place.This change may take some time and education to help users understand their new responsibilities and learn how to manage their keys securely and effectively. However, despite these challenges, the benefits of passwordless login technology and encrypted wallets make them a worthwhile technology to adopt, especially today when the need for privacy and security is increasing.We can foresee a future where wallets are composed of DID, as well as emerging technologies such as Abstracted Accounts (AA). Such structures can avoid a return to centralization and allow users to separate addresses from owners, thereby increasing the privacy of transactions. Large technology companies such as Apple, Google may also play an important role. Finally, we need to remember that the future of wallets will be composed of technologies such as Passkey, DID, and FIDO (e.g., <a href="https://www.ledger.com/fido-u2f">Ledger uses the FIDO U2F standard as the authentication device for 2FA</a>), and they will be key to Web 3.0.

Passkey, DID (Decentralized Identifiers) and FIDO (Fast Identity Online) are three technologies that together can change the way we approach digital identity and security, especially in the next generation of digital wallet applications.

Unlock the Future: Passkey + DID + FIDO - Exploring the Next Generation of Digital Wallets and Identities

Hey friends. Welcome back to another biweekly update.It’s been quite a hectic couple of weeks for us. In particular, it has come to the attention of the primary writer of this blog that due to the many projects we have been working on in parallel, as well as significant changes we’re making under the hood (normally invisible to end users), this week it makes more sense to go over some of the high-level goals we’re working towards instead of the usual list of features, improvements, and bug fixes. So without further ado:&nbsp;<ol><li>We are preparing for Stickey Wallet’s imminent launch. Stickey Wallet, for those who missed the memo, is a blockchain game-centric wallet KryptoGO developed in collaboration with YGG Japan, which will be available for pre-registration soon. To that end, we’ve been discussing frequently with YGGJ about the marketing details and giveaway events that accompany the launch. All the excitement makes engaging in the (very) lengthy back and forth with the App Store review team worth it :)</li><li>We have been taking some time from developing new features to do automated, end-to-end, integration testing. This ensures that even with multiple products to develop, ship, and maintain, we can still ensure our products function as expected without exponentially increasing human hours needed for quality assurance.</li><li>We have been developing yet another wallet — Project Absolute — on top of KryptoGO’s Wallet as a Service architecture. Details will be given soon, so stay tuned!</li><li>We have been decoupling style and design themes from our app’s logic. This makes it much easier to have consistent themes across our many (and expanding number of) products while allowing for certain variations like color schemes and texts styles.</li></ol>&nbsp;Have feedback or encountered any issues with any of our products? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.See you in two more!<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

KryptoGO Wallet as a Service is absolutely stickey.

Biweekly Dev Update: May 24th, 2023

Hey friends, and welcome back to another biweekly update. As the saying goes, April showers bring May flowers, and since flowers do have a tendency to attract all kinds of bugs, we’ve been doing our best to debug and improve our apps in ways both big and small :) Let’s get right into it.The big feature for this week is, as hinted in the last update, a first version to support more flexible logins. We’ve started by implementing email login in addition to the original phone login — so yes, new users can now choose to create an account using their email rather than their phone number.<img class="image_resized" style="width:612px;" src="https://miro.medium.com/v2/resize:fit:612/1*gFwF0QBTrbIP53MtfqlIqA.png" alt="" loading="eager">Our wallet now supports email login.We’ll add the ability for existing users to also connect their email in the following weeks.Also, we’ve been spending time extracting the design and style (e.g. color theme and text fonts) from our original codebase, so that all the aesthetics are independent from the functionality. Why, you might ask? KryptoGO plans to provide a base wallet kit for other companies and services who need Web3 / crypto wallet functionality. In fact, there might be something coming real soon 👀<img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:700/1*ihHKYozG9Vkf7mGL10yMkg.png" alt="" loading="lazy">Oooh, a different color theme?And as is custom, here is a list of bug fixes and improvements:KryptoGO Wallet<ul><li>Line graph styling for wallet balance, token market price, and NFT market price has been changed so that they are all consistent. In particular, the candlestick charts for token market prices have been simplified to provide the necessary information but in a much more understandable manner.</li><li>Portfolio balance percentage changes are now updated once every day.</li><li>For NFT transaction notifications, if the name of the NFT is unknown, “Unknown NFT” is shown rather than the name being left blank.</li><li>Users can now directly create a wallet in a specified walelt group, instead of needing to import new wallets via the wallet group’s seed phrase.</li><li>After importing a wallet, the portfolio balance is automatically updated.</li><li>Fixed a bug where the authentication token would expire too often, requiring the user to log in again.</li><li>Fixed a bug where users would not be able to log in, even if entering the correct password.</li></ul>Stickey Wallet<ul><li>Fixed a bug where users were not asked to unlock their wallet even though a PIN code or biometrics had been set up.</li><li>Fixed a bug where Andriod phones would only see PIN code options even though the phone should support biometrics.</li><li>Fixed a bug where non-English language users would get stuck on the Create Account screen.</li><li>Microphone permission has been removed.</li></ul>Browser Extension<ul><li>Fixed a bug where pasting a wallet address would result in an error.</li><li>User can now see the type of request they are asked to sign (e.g. transfer, approval).</li><li>If an API would return a warning during the sending of tokens or signing, the warning would be shown to the user in the form of a popup.</li><li>For Ethereum and Polygon, users can now see the intended results of every transaction they are asked to sign, including but not limited to: the tokens they intend to receive, the tokens they intend to send, and the tokens intended to be approved.</li><li>For potentially malicious sign requests, an automatic warning message will now be shown. This is one step in a long list of precautions we are taking to protect our users’ assets and safety.</li><li>QR codes are changed to a less colorful style to support more QR code scanners.</li></ul>&nbsp;We strive to constantly improve your experience with our wallet. Have feedback or encountered any issues? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.See you in two more!<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

This week, create an account with either your email or phone, a first version to support more flexible login methods.

Biweekly Dev Update: May 10th, 2023

Hey friends, and welcome back to another biweekly update.<hr>We’ve moved some stuff around the user interface for easier and more intuitive navigation. We’ll start with the obvious:The Profile Tab has replaced the Account Tab on the bottom navigation bar.<img src="https://cdn-images-1.medium.com/max/800/1*n7Zg-SUzvffLtzMeuowM1A.png">New Profile&nbsp;TabSettings, account management, wallet management, and many other features have been moved to a side navigation bar. Yep, you heard that right — our app now has an entirely new side bar.<img src="https://cdn-images-1.medium.com/max/800/1*gexqrC0bEQaT7bqL2-Haxw.png">A shiny new&nbsp;sidebar!Open the sidebar by clicking on your avatar. In the sidebar, you’ll find many useful management features including setting your avatar and setting your payment wallets:<img src="https://cdn-images-1.medium.com/max/800/1*viPcUP2S0Ven8tdlwtcpTA.png">Edit your payment wallets, or copy their addresses.We’ve also categorized the Settings page so it’s easier to find what you’re looking for.<img src="https://cdn-images-1.medium.com/max/800/1*SNAw_zXPhMvyIhNO7eJzZA.png">Categorized Settings&nbsp;ScreenAlso, we’ve made some more changes to our wallet management system. Rename your wallets, change their icons, and group them accordingly based on the seed phrase.<img src="https://cdn-images-1.medium.com/max/800/1*kk4s-L6w4UT4rBrZBgp6WA.png">Improved Wallet ManagementThis is not all we’re up to. We’ve been spending considerable effort on ways to support more flexible login and account connection. Related features are still in development, but we’ll share more details with you in the near future!<hr><h4>Other Improvements and&nbsp;Bugfixes</h4><ul><li>Fixed a bug where imported wallets would periodically not show up in the Wallet Tab.</li><li>Fixed a bug where creating a new wallet would freeze the app for up to a minute.</li><li>Improved the presentation of transaction notifications.</li><li>Increased default TRON gas fees (sometimes TRON gas fees were much higher than our original default, which stopped transactions from going through).</li><li>Added a timeout notification if a user initialized a send request from our browser extension but hasn’t accepted within ten minutes.</li><li>Added a timeout for requests initialized by DApps.</li><li>Fixed a bug where the app would freeze when trying to scan a QR code.</li><li>(Stickey Wallet) Improved Japanese localization.</li><li>Fixed a bug where users can’t initiate a transaction request in certain DApps.</li><li>Improved wording for onboarding and wallet management tips.</li><li>Fixed a bug where pressing “reveal seed phrase” would result in a black screen.</li><li>(Stickey Wallet) Now supports gas fees for Send Token transactions (for chains that support gas fees).</li><li>Add a swipe-down-to-refresh for the Profile Tab.</li></ul><hr>We strive to constantly improve your experience with our wallet. Have feedback or encountered any issues? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.See you in two more!<h3>Follow us:</h3><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

A major UI update this week with a brand new sidebar, better wallet management features, and more flexible login in the works.

Biweekly Dev Update: April 26th, 2023

The KryptoGO team, led by CEO Kordan Ou, participated in the ETHGlobal Tokyo Hackathon from April 14 to 16, and launched the GameFi Solution project "Kukupon," won three awards of 1inch, WorldCoin and Polygon, of which 1inch won the greatest prize! KryptoGO's ability to develop GameFi solutions was recognized internationally.As for the winning project, Kordan explained that Kukupon is a wallet designed for blockchain games. Currently, blockchain games or GameFi face many challenges, including promotion difficulties, real-name authentication requirements, difficulty attracting experienced players, high entry barriers for new players, low conversion rate of KOL marketing, performance limitations, etc. There is also a need to build strong communities and ecosystems in the GameFi field.In response to these challenges, Kukupon has come up with a variety of solutions, such as open player or KOL sponsorship, allowing other players to participate for free, and giving game developers the freedom to allocate promotional budgets."It's like a real-world gift card." Kukupon, with its combination of gift cards and blockchain technology, offers users a secure way to enter the GameFi world by using codes to redeem in-game rewards or currency. Game developers can also easily engage players by offering discounts. Kukupon makes it easy to track promotional results and target specific user groups, making it an effective tool for marketing and community building campaigns.In addition, Kukupon utilizes unique technologies such as ERC-4337 for handling private key issues, L2 for speeding up transactions, and Zero-knowledge proof (ZKP) to ensure player identity is verified and to avoid double redemption.Kukupon eliminates the GameFi need for private keys and wallets, allowing users to make transactions without having to have a specific amount of money or any of the memory burdens associated with private key processing, allowing players to access accounts and play games using the same code on different devices.<h1>KryptoGO worked with YGG Japan and IVC to develop the GamiFi industry</h1>"In addition to regtech, WaaS (Wallet as s Service) also is KryptoGO's specialty, helping companies address the issues of onboarding, and scaling in the Web 3 world," said Kordan. Like the winning project, KryptoGO will be actively pursuing GameFi with WaaS services in the future.Kordan points out that the GameFi industry needs to attract more Web2 gamers to switch to Web3 to play blockchain games. However, many mass gamers are not familiar with blockchain, "so our key proposition is, to provide an easy-to-use wallet that allows them to communicate across games and hold all game assets securely." he said.The award also reflects KryptoGO's commitment to the GameFi industry this year, as it has formed a joint venture with YGG Japan, the largest blockchain gaming union, and IVC, one of the largest GameFi Ventures, to develop the GameFi wallet.In this partnership, KryptoGO's role is to optimize the experience of managing game assets across the chain. At GameFi, many game developers prefer to develop their own blockchains, which will raise the barrier to entry for players, and KryptoGO WaaS "multi-chain asset management" and "user-friendly" can solve this problem. Users can manage all their virtual assets with just a phone number, making the transition from Web2 to Web3 games easier; regardless of which blockchain the game is running on, all game assets are accessible and highly secure in KryptoGO WaaS, making it the best choice for cross-game inventory!<hr><h2>[About KryptoGO]</h2>KryptoGO is a one-stop Web3 infrastructure platform that focuses on security and compliance. It uses blockchain, artificial intelligence and regtech to build a secure, reliable and fully transparent decentralized financial virtual asset management platform. Provide reliable virtual asset management functions for enterprises and individual users, and become a solid bridge connecting on-chain assets to offline applications.KryptoGO has WaaS (Wallet as a Service), which can manage all virtual assets of users, support multi-chain management, NFT authentication and DApp connection functions, also provide one-stop identity authentication and risk review solutions in line with government regulations to facilitate enterprise compliance.<h2>[Press contact]</h2>KryptoGO Public Relations Manager Ariel Chang/ <a href="mailto:ariel@kryptogo.com">ariel@kryptogo.com</a> / 0931700861

The KryptoGO team, led by CEO Kordan Ou, participated in the ETHGlobal Tokyo Hackathon from April 14 to 16, and launched the GameFi Solution project "Kukupon," won three awards of 1inch, WorldCoin and Polygon, of which 1inch won the greatest prize! KryptoGO's ability to develop GameFi solutions was recognized internationally.

KryptoGO team wins three ETHGlobal Tokyo Hackathon Awards! Join hands with YGG Japan and IVC to lay out GamiFi industry

Hey friends. Hope y’all are doing well, and in the mood for another biweekly update!&nbsp;<h2 style="margin-left:0px;">NFT Toy Boxes to spread joy</h2>KryptoGO launched a <a href="https://www.kryptogo.com/nft-toy-box/">Children’s Day giveaway in collaboration with 91App</a>. We’ve given away a bunch of free NFT toy boxes that might win you some fun children’s toys, including: Apple Watches, iPhones, AirPods, and PS5s. We hope everyone who participated had fun. For those who unfortunatley missed it, be sure to follow us on our official social media links so you don’t miss out on giveaways and other fun events in the future!<img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:700/1*kHZ9oeW6U4je_C3a6f5OOg.png" alt="" loading="eager">Children’s Day giveaway event, in collaboration with 91App.&nbsp;<h2 style="margin-left:0px;">More flexible ways to import your wallet(s)</h2>We’ve made importing wallet groups and individual wallets easier and more flexible. Here’s how it works:Users can now enter either their seed phrase or their private key.<img class="image_resized" style="width:423px;" src="https://miro.medium.com/v2/resize:fit:423/1*e7d5I9lB3XH4zsSLnqf-UA.png" alt="" loading="eager">Switch to the chain you want to import on by clicking on the correct wallet network.<img class="image_resized" style="width:426px;" src="https://miro.medium.com/v2/resize:fit:426/1*XFIkAEx_Ag572syb4GBjWA.png" alt="" loading="lazy">If you are entering a seed phrase, auto completion for words help making entering dozens of words a breeze.<img class="image_resized" style="width:408px;" src="https://miro.medium.com/v2/resize:fit:408/1*qWMc34EadZ1xmzeZa2WeCA.png" alt="" loading="lazy">Autocompletion for wordsWhen a viable input is detected, you will be prompted to the next step.<img class="image_resized" style="width:409px;" src="https://miro.medium.com/v2/resize:fit:409/1*xoXgpAeLV9E2t7GWKaM8tg.png" alt="" loading="lazy">Viable private key detected.<img class="image_resized" style="width:410px;" src="https://miro.medium.com/v2/resize:fit:410/1*d3yBUiVtWGd9FaAkNb3UPw.png" alt="" loading="lazy">Viable seed phrase detected.If you’ve entered a seed phrase, you can choose which wallets under that seed phrase to import.<img class="image_resized" style="width:417px;" src="https://miro.medium.com/v2/resize:fit:417/1*snLXhjdabx12X88jxyxsEw.png" alt="" loading="lazy">Imported wallets under the same seed phrase are automatically grouped into a Wallet Group that you can operate on later. Super convenient!<img class="image_resized" style="width:414px;" src="https://miro.medium.com/v2/resize:fit:414/1*0KCPW8ff_NAr-wTys4DkEw.png" alt="" loading="lazy">&nbsp;Other Improvements and BugfixesKryptoGO Wallet:<ul><li>Fixed a bug where renaming a wallet after the wallet is imported via a private key would fail.</li><li>Fixed a few interface style issues with Wallet Connect.</li><li>Fixed a bug where the Favorites and History tabs in the DApp browser would be blank.</li><li>Fixed a bug where the wallet balance isn’t timely updated.</li><li>Fixed a bug where the chain icon isn’t updated after switching chains.</li><li>Fixed a bug where scanning a QR code would cause the app to freeze.</li><li>Fixed a few interface style issues with the Contacts Tab.</li><li>Arbitrum is now shown as a default token in its corresponding wallets.</li><li>Fixed a bug where a notification is not marked as read even after reading it.</li><li>Fixed a bug where users would get stuck on the onboarding process.</li></ul>Stickey Wallet:<ul><li>Users can now navigate to a relevant DApp webpage from the NFT detail page.</li><li>Added Japanese localization.</li><li>Added an in-app DAapp Browser.</li><li>Added Wallet Connect V1 support.</li><li>If a Wallet Connect request has been denied, the authorization dialog will reappear upon a new request.</li><li>Fixed a bug where Ronin Chain balance would appear as zero when it shouldn’t.</li><li>Added Secure Wallet options: biometrics / PIN code.</li><li>Users now need to unlock their wallets with biometrics/PIN code when first entering the app.</li><li>Fixed a bug where if a user logs out then logs in with another account on the same device, some information from the previous account would be shown.</li></ul>Browser Extension:<ul><li>Added USD estimates for token values.</li></ul>&nbsp;We strive to constantly improve and enhance your experience with our wallet. Have feedback or encountered any issues? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.See you in two more!<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

This week: toy boxes, and more flexible ways to import your wallets.

Biweekly Dev Update: April 12th, 2023

In addition to using cash or credit cards to buy things at convenience stores or department stores, people are also accustomed to using mobile payment, which is also called “embedded finance”.<h1>What is embedded finance?</h1>Embedded finance refers to the use of financial instruments by non-financial enterprises. It allows any type of company or online store to integrate banking software directly into the company's own website or application without having to divert consumers to a third-party portal. Customers will no longer need to enter their credit card details for every transaction, for example, and will be able to make online installments, get insurance and so on.The benefits of embedded finance include better consumer experience, which enables consumers to carry out related financial transactions while using products or services, reducing the trouble of switching platforms. Because of the convenience, consumers are more likely to linger on the website to buy goods or services, which brings opportunities to increase profits.However, embedded finance is not just more convenient. It also brings financial services closer to consumers' daily lives, broadening the reach and popularity of services, and it is also a tool for better understanding of consumers and their spending habits and needs, data that can later be used to drive richer business development.Under the general trend of embedded finance, and because of the increasing popularity of virtual currency and virtual assets, WaaS (Wallet-as-a-Service), a combination of the two, will be the next business opportunity in the field of fintech!<h1>What is a wallet?</h1>In the world of Web3, a wallet is a digital wallet that can be used to store and manage digital assets, such as cryptocurrencies, NFT, etc. Virtual assets are not actually stored in digital wallets, but are recorded in the blockchain, and users use a private key to prove that the virtual asset on the blockchain belongs to "you" or "this address". One form of wallet is an application that allows users to securely store and receive digital assets.In principle, a wallet is a "container" that can generate a virtual currency address, manage all available currencies, and perform any transaction through the wallet. Just as in the real world there is a bank account that holds your money, from which you withdraw and deposit money, in the virtual world a wallet plays a similar role, only it holds virtual assets. The virtual wallet will have an address and private key, which also corresponds to the bank account number and password.In short, the wallet can be likened to: a tool to connect to the Web3 world, but also a Web3 identity card.<h1>What is WaaS?</h1>So what is Wallet-as-a-Service in the Web3 world? WaaS is a cloud-based financial service that provides a virtual wallet that enables users to securely store, manage and use digital currencies and assets over the network. Usually provided by a third-party provider, users can use it anytime and anywhere. It can be used to deposit and withdraw digital currencies, trade cryptocurrencies, manage digital asset management, etc. WaaS allows consumers or enterprises to build an online platform for users to store and manage digital assets without the need for blockchain technology capabilities. The associated service provider, which typically provides wallet security and encrypts private keys, provides a user-friendly interface for users to manage their assets.<h2>Help enterprises painless access Web3: KryptoGO WaaS wallet as a Service</h2>Wallet as a Service（WaaS） provided by KryptoGO is a one-stop service based on the Web3 infrastructure platform. KryptoGO's WaaS solution can help enterprise customers enter Web3 painlessly and assist enterprises with on-chain services. Its solution has several main features.<ol style="list-style-type:decimal;"><li>Enterprise customers do not need to build their own systems, they only need to focus on their own best field, not need to have a blockchain engineering team, reducing development and education costs, easy introduction and speed up the online time.</li><li>Very accessible : Users can access the Web3 world directly with a mobile phone number that everyone has. Through the concatenation API, enterprise users can embed Web3 functions in their apps, so that their consumers can follow them into the Web3 world painlessly.</li><li>Built-in security verification &amp; compliance: We have a strong KYC verification function, and the internal team members have passed the anti-money laundering master license, good relationship between government and business, our technology has also passed ISO 27001, ISO 27701 security and individual international standards.</li></ol>KryptoGO's WaaS can meet customers' compliance, asset management and personalization needs, including KYABC, on-chain asset storage, NFT, DeFi, Token, DEX and other features. KryptoGO's wallet service helps business customers who want to quickly set up a wallet without having to build their own system, reducing development and education costs and speeding up rollout times.In addition, KryptoGO also provides a service for the generation of NFT, so that enterprise customers can easily access the NFT pass, membership, and enabling system.This service is suitable for enterprises who want to enter the world of web3 to transform their image and deepen brand innovation through new technologies; Enhance customer retention through innovative marketing tools, new members, or deeper engagement. In addition, enterprises that want to import Web3 business in their official website and App are very suitable to use our WaaS service.With the development of digital assets and Web3 technology, wallets will become the core of digital asset management. KryptoGO provides a one-stop service to meet the diverse needs of its clients, facilitating and supporting their digital asset management. Overall, KryptoGO allows Web2 services to enter the Web3 world painlessly. Help Web3 companies provide whatever on-chain services they need.

In addition to using cash or credit cards to buy things at convenience stores or department stores, people are also accustomed to using mobile payment, which is also called “embedded finance”.

Help enterprises enter the Web3 world painlessly! What is WaaS?

Hey friends, and welcome back to another biweekly update.It’s another one of those lower-profile weeks, with consistent product bug fixes aimed to improve user experience rather than implementing new features. Here is a list of fixes and improvements that we’ve made across our products.<h2 style="margin-left:0px;">KryptoGO Wallet</h2><ul><li>Notifications will now show pertinent information based on category.</li><li>Fixed a bug where users could not send tokens after manually adjusting Tron gas fees.</li><li>The DApp Browser bubble now hides itself when users are already in the browser (smart!)</li><li>Added a new widget for switching chains on the Home Page.</li></ul><img class="image_resized" style="width:203px;" src="https://miro.medium.com/v2/resize:fit:203/1*CsaXEHp7YvrvGQjLkvDWmA.png" alt="" loading="lazy">The new chain switcher widget<ul><li>Improved how wallets are shown on the Home Page.</li></ul><img class="image_resized" style="width:425px;" src="https://miro.medium.com/v2/resize:fit:425/1*DLZzpL9TG2enTeCeT04FRQ.png" alt="" loading="lazy">New and improved wallet view on the Home Page.<ul><li>Wallets can now be renamed.</li><li>Fixed a bug where the QR code scanner would not disappear even after Wallet Connect was successful.</li></ul>Some fixes specifically for Android users:<ul><li>Fixed a bug where Android users were not able to connect to Quickswap with the DApp Browser.</li><li>Fixed a bug where Android users were not able to chose biometric options for their authentication.</li></ul>On the higher level, we’re currently focusing on making managing multiple wallet groups, wallets, private keys, and seed phrases even easier than before. We promise to have a more comprehensive update soon.<h2 style="margin-left:0px;">Stickey Wallet (YGG Japan Collab GameFi Wallet)</h2><ul><li>Added Notification Center.</li><li>Added simple Wallet Connect functionality.</li><li>Added biometric and pincode authentication options for securing one’s wallets.</li><li>Fixed a few navigation issues with the Account Screen.</li><li>Added the ability to edit one’s profile, including username, user avatar, and user background.</li><li>Added more details to the NFT Detail screen.</li><li>Fixed a bug where the incorrect wallet balance was shown for certain tokens.</li><li>Fixed a bug where the Send Screen showed the incorrect amount to send.</li><li>Added the ability to delete one’s account.</li></ul><h2 style="margin-left:0px;">Browser Wallet Extension</h2><ul><li>Fixed a bug where approving a swap would cause an error.</li></ul>&nbsp;We strive to constantly improve and enhance your experience with our wallet. Have feedback or encountered any issues? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.See you in two more!<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

Shiny new Wallet view, button to change chains, and the consistent bug fixes across our products.

Biweekly Dev Update: March 22th, 2023

Blockchain technology has been a hot topic and has forced major financial institutions to invest resources to take advantage of it. All business verticals are now devoting resources to the blockchain, and the technology has gained tremendous momentum in the past few months.From startups to enterprises and even the Fortune 500, investment in blockchain technology has exceeded expectations, making cryptocurrency wallet application development one of the most booming industries today.The global cryptocurrency wallet market is reportedly worth $252 million in 2021 and is expected to grow to approximately $686 million by 2028.<h2>Global Blockchain Wallet User Base</h2>This chart shows the number of global blockchain wallet users from November 2011 to August 2022.<figure class="image"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/E427_A470_DCF_4_4_D8_C_A6_A0_E6_EBF_4_C30893_b62fb00f5f/E427_A470_DCF_4_4_D8_C_A6_A0_E6_EBF_4_C30893_b62fb00f5f.png"></figure>As the demand for cryptocurrency wallets rises, more and more fintech-inspired businesses are making cryptocurrency wallets part of their revenue and business models.The cost to develop such a cryptocurrency wallet application can range from approximately $25,000 to $200,000 depending on many factors such as feature list, UI/UX design, overall complexity, the time required for development, and location of the development agency hired.Before considering developing a cryptocurrency wallet, read <a href="https://www.kryptogo.com/blog/a-guide-to-different-types-of-crypto-wallets">this guide to learn about the different types of wallets to determine the type of blockchain wallet needed.</a><h2>Understanding the Development Costs of Cryptocurrency Wallets</h2>The development cost of a cryptocurrency wallet application varies depending on the complexity of the application, and on average ranges from about $25,000 to $200,000.For example, a simple application with a basic list of features can cost between $25,000 and $60,000, while a full-fledged application with an extensive list of features can cost around $200,000. In addition to complexity, the average hourly wage of a developer is also a factor in cost.Based on the complexity of the application and the time frame required for development, the estimated cost range is as follows.<figure class="table"><table><thead><tr><th>Complexity</th><th>Cost</th><th>Time</th></tr></thead><tbody><tr><td>Simple</td><td>$25,000 to $60,000</td><td>3 to 6 months</td></tr><tr><td>Moderate</td><td>$60,000 to $100,000</td><td>6 to 8 months</td></tr><tr><td>Highly complex</td><td>$100,000 to $200,000</td><td>9+ months</td></tr></tbody></table></figure>The development process of a cryptocurrency wallet application includes steps such as requirements analysis, prototyping, development, testing, deployment, and maintenance.Therefore, the skill level and experience of the developer also affect the development cost. Understanding the different types and list of features of cryptocurrency wallets, as well as the complexity of the application, is an important factor in determining the development cost.<h2>Elements that determine cryptocurrency wallet development costs</h2>The complexity of developing a cryptocurrency wallet application is influenced by a number of factors. One of the important factors is the feature set of the application, as well as the technology stack and design elements that support it.The size of the application is also another factor that affects the overall cost. The larger the number of features integrated with a blockchain, token, NFT, or DApp, the larger the application and therefore the higher the development cost.In order to control the cost, developing a MVP (Minimum Viable Product) version is a more cost-effective approach. The initial release focuses only on the core functionality to provide the best customer experience. Later, the development of a mature cryptocurrency wallet application can continue to be iterative, supporting a wider range of features.Design is also an important factor. A non-complex and attractive design is critical to the success of a cryptocurrency wallet. UI/UX design plans will cost more to develop, but the investment will be worth it in the long run.Team size is another important factor that affects development costs. Choosing a full team of project managers, designers, and developers will cost more overall than hiring a freelancer. However, a professional team can help you develop a strong product and provide a unique user experience for your customer base.A standard cryptocurrency wallet application development team typically includes a project manager, two back-end developers, two iOS/Android developers, a designer, and one or two quality assurance testers.The choice of technology stack also affects development costs. Modern technology stacks can further place your mobile application at the forefront of digital innovation. Here are the technology stacks we use to develop cryptocurrency wallets.The features added to a cryptocurrency wallet application can further impact its overall cost. A simple cryptocurrency wallet application with a basic feature list costs about $25,000 to $40,000. On the other hand, a mobile wallet application with a multifaceted list of features, including chat room trading, KYC verification, OTC trading, etc., is bound to cost around $200,000 or more.<h2>Basic functions necessary for cryptocurrency wallets</h2>As technology evolves, it is no longer like the early days of cryptocurrency, when the experience of wallets was usually very poor.The standards for cryptocurrency wallets are getting higher and higher, and today, a cryptocurrency wallet application needs to include at least the following basic features.<figure class="image"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/Wallet_Features_001_21083d9d59/Wallet_Features_001_21083d9d59.jpeg"></figure><ol><li>Accounting: provides users with the ability to register a new wallet or restore an existing one.</li><li>Cryptocurrency - Buy: which allows users to buy cryptocurrency in their wallet with FIAT currency</li><li>Cryptocurrency - Swap: which allows users to trade different tokens across chains within a wallet and update the currency value in real-time</li><li>Address Book: which provides a model for managing the addresses users frequently use for digital currency transactions to facilitate quick transactions.</li><li>Push Notification: which keep users informed of wallet activity, such as changes in digital currency prices, successful or unsuccessful transactions, etc.</li><li>Key Management (Import / Export): which allows users to scan paper bitcoin wallets with QR codes and add the key to the wallet for transactions.</li><li>Trading (Send / Receive): which provides users with the ability to send and receive digital currency within a wallet, which must be secure against hacking and have fast performance.</li><li>Digital Collectibles (NFT Gallery): which provides the function of displaying NFT pictures.</li><li>Token Display: In addition to blockchain native tokens, other derivative tokens, such as ERC20, can be automatically discovered and manipulated.</li><li>QR Code Scan: which provides QR code scanning function to facilitate users to view blockchain addresses, DApp links or conduct cryptocurrency transactions.</li></ol>The most important technical threshold for cryptocurrency wallet development is security, in addition to the basic functionality required.Building a secure cryptocurrency wallet application with all the features requires the support of a technology stack that is developed and assembled in a way that will provide a fast, scalable, and hacker-proof solution. The choice of technology stack plays a leading role in determining the development cost of a cryptocurrency wallet application.There must be a proper and well-tested security protocol in the development process and code review mechanism, because once the private key is compromised, the company, brand, and product cannot be trusted by the user again. In applications, it is necessary to ensure that every aspect of the user's use is hacker-proof. For example, adding security mechanisms such as two-step verification or multiple signatures can add multiple layers of security to a wallet application.<h2>Cost breakdown of cryptocurrency wallets</h2>Taking into account all the features, technology overlap, and resource investment to develop a basic functional cryptocurrency wallet application, the development cost is estimated as follows.<figure class="table"><table><thead><tr><th>Function</th><th>Cost</th></tr></thead><tbody><tr><td>Backend</td><td>$10,000 - $15,000</td></tr><tr><td>Android</td><td>$27,000 - $32,000</td></tr><tr><td>iOS</td><td>$20,000 - $28,000</td></tr><tr><td>Web/Desktop</td><td>$7,000 - $10,000</td></tr><tr><td>Design</td><td>$8,000 - $10,000</td></tr><tr><td>QA/PM</td><td>$5,000 - $8,000</td></tr></tbody></table></figure>Total: $90,000- $100,000.This cost estimate is for reference only and the actual cost will vary depending on the requirements and implementation method.As the demand for cryptocurrency and the standards for the experience continues to rise, some online merchants have offered the option to "pay with cryptocurrency" on their apps and websites.This integration has become an alternative to cryptocurrency wallets for businesses that want to have a partial blockchain experience without investing resources in developing it from scratch. Some third-party providers offer this option to embed a wallets SDK in existing applications to enable cryptocurrency payments. Embedded wallets require less than half the development cost than developing a full wallet application yourself.<h2>How do I build a cryptocurrency wallet application?</h2>Let us provide you with clearer and more specific advice on how to build a cryptocurrency wallet application.<ol><li>Understanding Blockchain and Cryptocurrency: In order to build a successful cryptocurrency wallet application, you need to have a basic understanding of blockchain technology and cryptocurrency. Blockchain is a decentralized database capable of securely storing data, as well as executing secure and reliable transactions. Understanding these basic concepts will help you better design and develop your wallet application. 2.</li><li>Use a software development kit (SDK): This can help you simplify your development process. These kits can provide support for data storage, security, blockchain integration, transactions, and more. For example, the BitcoinJ SDK and Coinbase SDK are two free toolkits that can help you quickly develop cryptocurrency wallet applications.</li><li>Use feature-rich APIs: APIs can help you better integrate your cryptocurrency wallet applications. Coinbase, Bitcore, SimpleSwap, and Factom are some of the popular APIs that can help you develop your wallet application faster.</li><li>Choose the right cloud platform: The right cloud platform can help you manage your application more efficiently. If you want to develop a web platform, PaaS may be a good choice. If you want to develop a mobile application, BaaS may be a better choice. Amazon, Azure, and Microsoft offer BaaS providers that can help you develop your wallet applications faster. 5.</li><li>Choose the right technology stack: Choosing a mobile app powered by the latest technology can help you stay ahead of the competition. For native Android apps, you can build them in Java or Kotlin; for iOS apps, Swift or Objective-C is the preferred choice.</li><li>Secure the application: Cryptocurrency wallets must adhere to all necessary security parameters to protect data at all times. Adding additional security layers such as Face ID, data encryption, two-factor authentication, etc. are some of the ways to ensure that your wallet application meets every security specification.</li><li>Application Development: Before entering the development phase, a thorough competitive analysis must be conducted to determine the list of required features. The entire development process includes application design, code writing, and extensive application testing to ensure that the developed cryptocurrency wallet application meets expectations.</li></ol><h2>How dos KryptoGO help with crypto wallet development?</h2>The cost criteria for building a blockchain application depends on a variety of factors such as the open-source tools used, the development team, vertical domain analysis, and functional integration. These factors together orientate to depict the scope of blockchain application development, so building any blockchain application requires a strong project evaluation to determine the cost required.While outsourcing development to an experienced software development company is a cost-effective way to go, security becomes extremely important in the cryptocurrency wallet space. Neglecting security due to cost considerations can lead to significant security breaches.KryptoGO has the blockchain expertise to provide a variety of services, including on-the-ground compliance and asset management, to a wide range of influential organizations and companies. By using our Compliance and Wallet as a Service, you can not only enjoy the affordability of outsourced development, but you can also get to market faster. In the cryptocurrency world, time is always of the essence.If you are a VASP looking for compliance and cryptocurrency custody solutions (wallet), please contact our team today for a detailed conversation: <code>contact@kryptogo.com</code>.<h2>Frequently Asked Questions</h2><blockquote>Q: How long does it take to build a cryptocurrency wallet application?</blockquote>A: For a simple cryptocurrency wallet application with basic functionality, the development time is usually between 3 and 6 months. On the other hand, a highly complex application can take about 9-12 months to complete development.Using KryptoGO Wallet as a Service, you can reduce the outsourcing development time to less than a month.<blockquote>Q: How do I build a cryptocurrency wallet application?</blockquote>A: The development of a cryptocurrency wallet application is a complex process. Therefore, it is wise to have a dedicated cryptocurrency wallet application development company develop the MVP. After getting initial user feedback, you can move on to developing a full-fledged application with a lot of integrated features.With KryptoGO Wallet as a Service, you can choose to go to market quickly with a cloud-based solution and then painlessly upgrade to an enterprise-managed solution at the right time when the application matures, providing maximum flexibility and freedom.<blockquote>Q: How much does it cost to develop a cryptocurrency wallet application?</blockquote>A: The cost of developing a cryptocurrency wallet application deepens the overall complexity of the application. For a simple application, the cost can range from $25,000 to $60,000, but for a highly complex structure, the price can even be as high as $200,000.With KryptoGO Wallet as a Service, we will take care of all the design, development, and maintenance for a single fee, focusing on the application layer and leaving the wallet-related work to us.

Discover the essential elements and costs involved in developing a cryptocurrency wallet on blockchain. Learn about the basic functions and cost breakdown of these wallets, as well as the factors that determine their development costs. Find out how to build your own cryptocurrency wallet application and how KryptoGO can assist you in the process. Explore our frequently asked questions section to gain a deeper understanding of the global blockchain wallet user base.

How Much Does It Cost to Develop a Cryptocurrency Wallet on Blockchain?

The digital currency frenzy continues to grow as more individuals and industries adopt Bitcoin and altcoins. While buying and selling virtual currency is pretty straightforward, there is still much ambiguity about cryptocurrency wallets. A number of questions abound - what is a blockchain wallet, are cryptocurrency wallets safe, are they anonymous, which cryptocurrency wallet is the best, and so on?This blog will act as your one-stop guide to blockchain wallets, where you will get a no-jargon account of cryptocurrency wallets, their benefits, and much more.<h2>What is a Blockchain Wallet?</h2>A blockchain wallet is one of three pillars of the blockchain industry that holds the private and public keys of all bitcoins in your possession. They are not physical pocket wallets, and they don’t hold any real coins or currency. They are software programs that hold the unique address of your digital currency. They not only store your cryptocurrency but also transact them using blockchain transactions. It allows you to interface with various blockchains in the system and holds your bitcoin balance. It’s almost like a Cash wallet, except it doesn’t hold any physical currency. If you wish to purchase or spend Bitcoins, you need a Bitcoin or multi-currency wallet of some type.Now that we’ve explained what cryptocurrency wallets are, let’s move on to the next part of this guide and look into how they work.<h2>How do Blockchain Wallets Work?</h2>Cryptocurrency wallets reflect your account balance - your Bitcoins, your ICO tokens, and any other digital assets you own. These wallets for cryptocurrency work like a bank locker. We don’t share our locker with others and we keep our locker keys safe. We follow the same principles in crypto wallets. When you create a crypto wallet, a private key is generated. This should be safeguarded and not shared with untrusted entities. A public key is also generated. This has to be shared with people who wish to transfer your crypto. When a person sends you crypto, they will include the private key of their Bitcoins and the public key of your wallet. Thereafter, transactions can be completed, and new Bitcoins can reach your account. When you spend some Bitcoins from your wallet, you are essentially signing off their ownership to the other person. For doing this, the private key of your Bitcoins must match the public address of the receiver. Then only, Bitcoins are transferred and your wallet balance reduces. The whole transaction is encrypted and added to the relevant blockchain, and wallet balances of the two involved parties show changes.Now that we understand how blockchain wallets work, let’s look at the benefits of using them.<h2>Benefits of Blockchain Wallets</h2><ul><li>Cryptocurrency wallets never run out of space. You can store a vast number of cryptocurrencies at one place.</li><li>These digital wallets let you hold and operate with multiple currencies in an organized manner.</li><li>They have a balance checker that tells you instantly how much balance is available, where and when the last transaction occurred, etc.</li><li>These wallets even have a notes accessory where you can jot down any special remarks about a particular transaction or Bitcoin to help you recall later. So, blockchain wallets are not just currency keepers, they are auditors and trackers too.</li></ul><h3>Uses of Cryptocurrency Wallets in the Business World</h3>Bitcoin and blockchain technology are more than just trends; they find wide use and benefit in major industry segments such as Fintech, Healthcare, Education, Supply Chain, Economics, IoT, and Security. Investing in blockchain app development can provide exponential returns and wide visibility in this expanding domain. For any blockchain or Bitcoin transaction to take place, cryptocurrency wallet setup is a must. Therefore, understanding the different types of wallets available in the marketplace is crucial before hiring a reputed blockchain app development company to create a cryptocurrency wallet app.<h2>Understanding the Different Types of Cryptocurrency Wallets</h2>Cryptocurrency wallets come in various types, including desktop, mobile, online, hardware, paper, brain, and multi-sig wallets. Knowing the differences between each type is crucial in selecting the best wallet for one’s needs.In general, crypto wallets can be categorized into three types: software, hardware, and paper. Software wallets can be designed for desktop or mobile use and are downloadable through web browsers. Hardware wallets, on the other hand, are physical devices that can be purchased from computer accessory stores. Lastly, paper wallets can be written out or printed and contain a public key in QR form.Here is a more detailed breakdown of each type of cryptocurrency wallet:Desktop WalletsDesktop wallets are software programs that can be downloaded onto a laptop or PC. They can operate even when not connected to the internet, and various types are available for different operating systems.Online Web WalletsOnline web wallets are maintained on the cloud by third parties and require internet connectivity to function. Since private keys of these wallets are accessible via the cloud, they are the least secure option. However, large institutions that have multiple co-signatories for a wallet prefer these types of wallets.Paper WalletsPaper wallets store the private key and public address in QR form. They are safe and can be printed out and sealed for greater security. However, they are often prone to humidity and fire hazards.Hardware / Cold WalletsHardware wallets resemble tiny flash drives and are safe and easy to use. These cold storage devices are ideal for transferring private keys and can withstand hazards, unlike paper wallets. Popular hardware wallets include Trezor and Ledger.Software / Hot WalletsAll wallets can be classified as either cold wallets or hot wallets. Cold wallets are offline and very secure, making them ideal for large Bitcoin holdings.They are usually not hackable and can be used without an internet connection. Hot wallets, on the other hand, are online and can be used only when internet access is present. They are less secure than cold wallets but useful for frequent transactions.Since mobile devices are popular, there are mobile wallets available that are compatible with handheld devices. They are portable and have QR code compatibility, making instant digital payments effortless. Blockchain and <a href="https://www.kryptogo.com/products/wallet">KryptoGO</a> are reliable mobile wallets designed for both iOS and Android users.<h2>Conclusion</h2>Cryptocurrency wallets offer numerous benefits and are becoming increasingly important in the business world. By understanding the various types of wallets available, businesses can select the best option for their needs and take advantage of the benefits that cryptocurrency wallets offer.The type of crypto wallet that is right for you depends on the type of crypto assets you wish to store and the level of security you desire.As explained, hardware or paper wallets make more sense for occasional Bitcoin users, while online or software wallets are more practical for users with large crypto accounts and frequent transactions. Remember, whichever type of cryptocurrency wallet you choose, its safety and security lie in your hands. A moment of carelessness can make you lose digital assets worth a lot, and they cannot be recovered, no matter what.

The digital currency frenzy continues to grow as more individuals and industries adopt Bitcoin and altcoins. While buying and selling virtual currency is pretty straightforward, there is still much ambiguity about cryptocurrency wallets. A number of questions abound - what is a blockchain wallet, are cryptocurrency wallets safe, are they anonymous, which cryptocurrency wallet is the best, and so on? 

How to Navigate the Metaverse: A Guide to 7 Different Types of Crypto Wallets

Crypto currency transactions are becoming increasingly prevalent nowadays. Their decentralized characteristics have advantages such as open data, secret transactions, and no need for third-party intervention. However, they also have disadvantages such as unregulated and irrevocable transactions, which are accompanied by potential transaction risks such as fraud and money laundering.In particular, after the bankruptcy of FTX, global attention on the legal compliance of crypto currencies and virtual assets has gradually emerged.<h1>As regulations of virtual assets become stricter, a one-stop eKYC/AML solution can be a "life saver."&nbsp;</h1>For example, in Taiwan, the Financial Supervisory Commission officially included "crypto currency platforms and transaction businesses" into the scope of money laundering prevention from July 2021, and implemented real-name transactions for "virtual currency investments." This includes exchanges or other VASPs confirming the identity of their customers. So far, a total of 26 operators have completed the declaration and implemented the real-name system, and more are said to be in the pipeline.In a New Year press conference on January 12, Huang Tianmu, the chairman of the Financial Supervisory Commission, also said that cryptocurrency companies will have money flow with banks, so the current focus of regulation is to recover customer information through banks' KYC, which can have an anti-money laundering effect.In response to the implementation of the Money Laundering Control Act, major virtual currency exchanges in Taiwan have introduced real-name authentication. ACE requires users to have at least an A-level security authentication, which includes a verified ID card and facial recognition, in order to receive, transmit, and buy and sell virtual assets. Oursong also requires users to carry out real-name authentication if they want to convert OSD nodes into other currencies for withdrawal, top-up, and sell NFTs over 2000 OSD, in order to ensure the security of the platform. Binance, the world's largest cryptocurrency trading platform, also said it would follow KYC standards and provide users with more secure and high-quality services.In other words, under the regulations of anti-money laundering, the requirements of real-name authentication (KYC) or digital real-name authentication (eKYC) are needed, strengthening the KYC of enterprises, which plays a role as a "life saver." And for the end user, it can also improve the security of the transaction, making the user experience more comfortable and leading them to utilize all the functions of the exchange more effectively.<h1>ACE leverages one-stop eKYC/AML solutions to improve the cryptocurrency exchange user registration experience</h1>ACE Exchange is the legal and compliant exchange in Taiwan that provides the largest number of financial products. Mainstream crypto currencies such as Bitcoin (BTC), Ether (ETH) and USDT (Tedt) can be bought and sold easily within 24 hours at any time. In addition, ACE also offers a variety of financial tools, including dollar cost averaging and grid trading, which is popular among investors. Plus, ACE is equipped with robots that can&nbsp; automatically buy low and sell high, which makes it convenient to invest without constantly staring at the market and seize any profit opportunities.&nbsp;ACE uses KryptoGO Compliance under eKYC/AML regulations, optimizes the user registration experience, and makes follow-up audits less time-consuming.1 Improve user registration experienceTraditionally real-name authentication, the user needs to manually fill in the name, ID number and other ID card information, then enterprise internal will check the personal data manually, determine whether the identity certificate is true, compare the identity certificate and the applicant is the same person, not only time consuming, also can not rule out the possibility of human negligence.KryptoGO Compliance anti-money laundering solution works with Jumio, an international AI identity verification service provider, to provide comprehensive face recognition technology, identity identification, living body detection, OCR text recognition, automated account opening process for users. Improve the past cumbersome user registration experience, but also avoid the possibility of manual errors.2 Quickly identify illegal customers and reduce time costAfter identity verification, KryptoGO Compliance gives risk advice based on AI cross-referencing and identifying keywords, allowing companies to quickly filter their customer lists to find those that need further scrutiny.When an enterprise decides to conduct background checks on its customers. Traditionally, news content relevant to users is reviewed one by one by censors, printed out, and saved as a paper file. KryptoGO Compliance anti-money laundering solution combines crawling technology with artificial intelligence and NLP language processing to quickly identify and flag the key person of an article, avoiding irrelevant names such as journalists, police officers or other interviewees; In addition, KryptoGO Compliance can automatically set negative news keywords, such as embezzlement, insider trading, sentencing, money laundering, terrorist financing, etc., so that the system can automatically highlight the keywords.3 One-stop search information, blacklist no hidingKryptoGO Compliance is not only linked to the world's largest commercial database: Dow Jones also links more than 15 data sources in one stop, so that you don't have to open your browser one by one to search for different external information, whether it is business registration, legal data retrieval system, Wikipedia, highly sensitive list, etc., you can find all the content you want to save cut out and label. The blacklist has no hiding place in the KryptoGO Compliance solution!In addition, KryptoGO Compliance provides risk advice based on AI identification, allowing companies to quickly filter their client lists to find those that need further scrutiny.4 Record review track and generate review compliance reports with one click, never afraid of the government suddenly finding trouble!KryptoGO Compliance team has expertise in finance, supervision, and technology, two internationally recognized anti-money laundering professionals, regular meetings with the Financial Management Board, customer feedback, and the provision of "customer potential risk scores" as a reference for review.In addition, the KryptoGO Compliance will record every audit trail, and can generate an audit compliance report just one-click and save it in the system, or as PDF, so that you will not be afraid of trouble in the future when the authorities check!Through the KryptoGO Compliance one-stop anti-money Laundering solution system, ACE’s identity verification process is fully automated, and the staff only need to make final confirmation. For high-risk lists, KryptoGO Compliance AI technology can automate the audit process, which can reduce the operation time by 83%, and generate a one-click risk review report that meets the requirements of the authorities, greatly improving the efficiency of account opening and examination.<h1>KY-A-B-C, KryptoGO Compliance is the first financial regulatory investigative engine</h1>KryptoGO developed the world's first automated financial supervision investigation engine, which uses natural language processing (NLP) and AI learning models to create a one-stop eKYC &amp; AML solution. AI technology automates the customer review process and generates a one-click risk review report that meets the requirements of the authorities.&nbsp;<h2>What KryptoGO Compliance can do:</h2>KYA (Blockchain Wallet Address Risk Analysis) , regulates blockchain wallet transactions through KryptoGO's address tagging and classification technology.KYB (Corporate Customer Due Diligence) , covers hundreds of third-party databases for regulatory review, easily complying with local regulations in over 200 countries.KYC (Natural Person Due Diligence) , verifies 3,500 ID documents from more than 200 countries online, with 95 percent accuracy through AI automatic name check.KryptoGO used the Google Compute Engine (GCP) cloud computing service provided by Gaia Information to help solve some of the problems that occurred on the K8s platform. In addition, we reduced overall R&amp;D platform costs by at least 5% using the services of Gaia Information. These improvements, when expressed in numbers, may include fewer failures and downtime, as well as higher system efficiency and better cost effectiveness.KryptoGO and Gaia are working together to promote the Web3 industry, from cloud computing infrastructure to our wallet and compliance services, to help more companies build Web3 DApp applications, provide effective support, and work together to face the challenges and grasp the big business opportunities in the development of the meta-universe.To learn more about how to import KryptoGO Compliance and help you optimize your KYC process, please write to us with your requirements and our team will advise you on the most appropriate system setup.&nbsp;[Press contact]&nbsp;KryptoGO Public Relations Manager Ariel Chang / <a href="mailto:ariel@kryptogo.com">ariel@kryptogo.com</a> / +886 931-700-861 &nbsp;

Crypto currency transactions are becoming increasingly prevalent nowadays. Their decentralized characteristics have advantages such as open data, secret transactions, and no need for third-party intervention. However, they also have disadvantages such as unregulated and irrevocable transactions, which are accompanied by potential transaction risks such as fraud and money laundering.

Virtual asset transaction service KYC, AML demand increased! KryptoGO Compliance work with Gaia Information  pioneered regulatory investigation engine

Hey friends, and welcome back to another biweekly update. With our suite of services and tools growing, it is inevitable that some weeks, we need to focus on the groundwork and bug fixes instead of implementing shiny new features. As such, here is a list of fixes and improvements that we’ve made across our products.&nbsp;<h2 style="margin-left:0px;">KryptoGO Wallet</h2><ul><li>Fixed some consistency issues with the Ronin chain. More specifically, some screens (e.g., Manage Wallet Group, Manage EVM Wallet, Set Payment Wallet) were missing the corresponding option for Ronin.</li><li>Fixed a bug where user NFTs were sometimes not showing up correctly.</li><li>Fixed a bug where transaction notifications were sometimes not showing up correctly.</li><li>Fixed a bug where the wallet balance did not update timely after receiving an incoming transaction notification.</li><li>Fixed a bug where the NFT collection did not update timely after receiving an incoming NFT notification.</li><li>Fixed a bug where allowing camera permissions on Android (for the QR code scanner) also required the user the open his/her album, an unwanted side effect.</li><li>NFTs with close to no market value will no longer have their floor price displayed.</li><li>Added support for manually adjusting Tron gas fees.</li><li>Fixed a bug where new users will encounter the same popups mutliple times during the onboarding process.</li></ul><h2 style="margin-left:0px;">Stickey Wallet (YGG Japan Collab GameFi Wallet)</h2><ul><li>Fixed a bug where users already with an account still sees the Create Account screen when they log in.</li><li>Fixed a screen navigation error in Manage Account and Settings.</li></ul>We’ve released the Closed Beta Version of Stickey Wallet for YGG Japan to do internal testing. Keep your eyes peeled for new announcements coming soon.<h2 style="margin-left:0px;">Browser Wallet Extension</h2><ul><li>Fixed a bug where an error message would show when trying to approve a token.</li><li>Fixed a bug where nothing would show up when trying to approve a token.</li><li>Added support for multiple languages.</li><li>Fixed a bug where if Chinese is used as the default language, the transaction history would show up as empty.</li><li>Added a tooltip for users with no NFT collectibles, instead of just showing a blank screen.</li><li>The relevant wallet addresses are now displayed in the transaction screen.</li><li>The first screen users see after logging in is now always the Home Screen.</li><li>Added a timeout for sending tokens to prevent unwanted accidental transactions.</li></ul>&nbsp;We strive to constantly improve and enhance your experience with our wallet. Have feedback or encountered any issues? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.See you in two more!<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

Take a gander at the cool list of bug fixes and improvements across our suite of tools and applications.

Biweekly Dev Update: March 8th, 2023

This article attempts to provide a brief overview of the current regulatory environment for DeFi, highlighting the key obstacles that the community should address. The blockchain for DeFi in this article includes any blockchain that supports a specific type of script or code that can be used to develop DeFi applications and platforms.

DeFi and KYC: Conflict or Coexistence?

Hi friends, and welcome back to another biweekly update. It’s going to be a short week for reasons that will soon become clear, so let us just jump right in.Following our update from last week, we’ve been putting most of our effort in the design, development, and testing ofBlockchain gaming wallet collab with YGG Japan, and our Chrome browser wallet extension. For those in need of a gentle reminder, here’s what these projects are about.Game Wallet We’re dipping our toes in GameFi and have actively started development of a blockchain game-first wallet that optimizes the experience for blockchain gamers. This wallet presents on-chain assets from a gamer’s perspective.Extension Users are able to connect to Dapps in their browser using the extension. Of course, users will also be able to perform all the necessary wallet operations, including sending and receiving assets. Token swapping is currently in the works, and we’ll be back with more updates in the future about our browser extension.YGG Japan is set to do closed beta testing by the end of February. Although we can’t wait to share the news with you guys, it’s their announcement to make so we’re keeping our lips sealed until they do so first.On the other hand, we’ve done a lot of work for the browser extension, but we still need some time before it’s in a polished enough state that we feel comfortable sharing more information.In the spirit of transparency and open communication, biweekly updates are still published timey even with the relative lack of news. Back to work we go, and we’ll come back soon to share more updates.We strive to constantly improve and enhance your experience with our wallet. Have feedback or encountered any issues? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.See you in two more!Follow us: Discord | Facebook | Twitter | Instagram | LinkedIn | Telegram

Just saying hi :) And back to work we go...

Biweekly Dev Update: February 22nd, 2023

Dear KG Family members, it's great to be with you again! During this time, we have made numerous updates and developments to our KryptoGO Wallet, including long-awaited new features and optimizations.Firstly, starting from the end of 2022, we have simultaneously developed several new features that have yet to be released, such as user KYC verification and token purchasing, Browser Extension Wallet, Stickey Wallet, and more. These features will provide our users with a simpler and more convenient trading experience, which is a testament to the continuous improvement of KryptoGO Wallet.In addition, during the Lunar New Year holiday, we held the "2023 Lucky Bag NFT - New Year Scratch-off Lottery" event, giving users the chance to win unique Lucky Bag NFTs and draw a total prize of 1000U through a scratch-off game. This is our way of giving back to our users, as well as our commitment to providing users with a richer and more diverse blockchain application experience. We appreciate the participation and feedback from users in this event, and we will use this event as a learning experience and the remaining prize money for the next event, hoping to provide you with an even better experience in the future.At the same time, we have continued to launch new features and optimizations. From 2.2.0 to 2.4.0, we have added support for Ronin chain, personal chain file upload, support for Wallet Connect 2.0 (iOS), and many other features. We have also optimized the transfer, wallet management, and NFT empowerment exchange experience, as well as fixed issues. KryptoGO hopes to provide users with an even better experience, and to lay the foundation for our important updates in 2023. Here are the details of the updates in these versions:<h1>Support for Ronin chain</h1>You can send and receive tokens and NFTs on the Ronin chain through the KryptoGO Wallet, and view transaction history.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/20230216_en_v2_4_cb35fd6b8c/20230216_en_v2_4_cb35fd6b8c.png" alt="20230216-en-v2.4.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_20230216_en_v2_4_cb35fd6b8c/thumbnail_20230216_en_v2_4_cb35fd6b8c.png 156w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_20230216_en_v2_4_cb35fd6b8c/small_20230216_en_v2_4_cb35fd6b8c.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_20230216_en_v2_4_cb35fd6b8c/medium_20230216_en_v2_4_cb35fd6b8c.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_20230216_en_v2_4_cb35fd6b8c/large_20230216_en_v2_4_cb35fd6b8c.png 1000w," sizes="100vw"><h1>Personal On-chain Profile</h1>You can view your or your contacts' chain assets and NFT collections in your personal profile (only assets in your "default payment wallet" will be displayed).<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/20230216_en_v2_3_7b8ff6c57e/20230216_en_v2_3_7b8ff6c57e.png" alt="20230216-en-v2.3.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_20230216_en_v2_3_7b8ff6c57e/thumbnail_20230216_en_v2_3_7b8ff6c57e.png 156w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_20230216_en_v2_3_7b8ff6c57e/small_20230216_en_v2_3_7b8ff6c57e.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_20230216_en_v2_3_7b8ff6c57e/medium_20230216_en_v2_3_7b8ff6c57e.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_20230216_en_v2_3_7b8ff6c57e/large_20230216_en_v2_3_7b8ff6c57e.png 1000w," sizes="100vw"><h1>Support for Wallet Connect 2.0 (iOS)</h1>We now support Wallet Connect 2.0 on iOS, in line with the official Wallet Connect update, allowing you to use it with DApps that support version 2.0.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/20230216_en_v2_2_0_bfb7d8a71a/20230216_en_v2_2_0_bfb7d8a71a.png" alt="20230216-en-v2.2.0.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_20230216_en_v2_2_0_bfb7d8a71a/thumbnail_20230216_en_v2_2_0_bfb7d8a71a.png 156w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_20230216_en_v2_2_0_bfb7d8a71a/small_20230216_en_v2_2_0_bfb7d8a71a.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_20230216_en_v2_2_0_bfb7d8a71a/medium_20230216_en_v2_2_0_bfb7d8a71a.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_20230216_en_v2_2_0_bfb7d8a71a/large_20230216_en_v2_2_0_bfb7d8a71a.png 1000w," sizes="100vw"><h1>Faster viewing of available rewards in NFT page</h1>In the NFT detail page, you can directly see how many rewards are available and quickly go to redeem them.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/20230216_en_v2_3_1_44f58257bb/20230216_en_v2_3_1_44f58257bb.png" alt="20230216-en-v2.3-1.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_20230216_en_v2_3_1_44f58257bb/thumbnail_20230216_en_v2_3_1_44f58257bb.png 156w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_20230216_en_v2_3_1_44f58257bb/small_20230216_en_v2_3_1_44f58257bb.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_20230216_en_v2_3_1_44f58257bb/medium_20230216_en_v2_3_1_44f58257bb.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_20230216_en_v2_3_1_44f58257bb/large_20230216_en_v2_3_1_44f58257bb.png 1000w," sizes="100vw"><h1>Multi-language DApp Explore page</h1>The classification buttons and DApp descriptions on our "Explore" page now support more languages, making it easier for users to explore web3 applications.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/20230216_en_v2_2_1_dff5a57c3a/20230216_en_v2_2_1_dff5a57c3a.png" alt="20230216-en-v2.2.1.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_20230216_en_v2_2_1_dff5a57c3a/thumbnail_20230216_en_v2_2_1_dff5a57c3a.png 156w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_20230216_en_v2_2_1_dff5a57c3a/small_20230216_en_v2_2_1_dff5a57c3a.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_20230216_en_v2_2_1_dff5a57c3a/medium_20230216_en_v2_2_1_dff5a57c3a.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_20230216_en_v2_2_1_dff5a57c3a/large_20230216_en_v2_2_1_dff5a57c3a.png 1000w," sizes="100vw"><h1>Ability to customize Wallet Group names</h1>You can update your wallet group names freely by clicking the edit button on the "Wallet Groups" page in the "Manage Wallets" section.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/20230216_en_v2_2_1_1_894dea798c/20230216_en_v2_2_1_1_894dea798c.png" alt="20230216-en-v2.2.1-1.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_20230216_en_v2_2_1_1_894dea798c/thumbnail_20230216_en_v2_2_1_1_894dea798c.png 156w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_20230216_en_v2_2_1_1_894dea798c/small_20230216_en_v2_2_1_1_894dea798c.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_20230216_en_v2_2_1_1_894dea798c/medium_20230216_en_v2_2_1_1_894dea798c.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_20230216_en_v2_2_1_1_894dea798c/large_20230216_en_v2_2_1_1_894dea798c.png 1000w," sizes="100vw">&nbsp;<h1>Fixed the following issues in v2.1.0~v2.4:</h1>Fixed transfer issues:<ul><li>Some users unable to make transfers</li><li>Correct display of the default receiving wallet address during transfers</li><li>Ability to view owned tokens when selecting tokens</li></ul>Fixed issues for Android users:<ul><li>Unable to scan Wallet Connect connections</li><li>Some crashes</li></ul>Others:<ul><li>Fixed issue with some users' asset balances displaying incorrectly</li><li>Fixed issue with wallet creation or import during registration</li><li>Fixed unexpected logout issues.</li></ul>&nbsp;<h1 style="margin-left:auto;">Download App</h1><ul><li><a href="https://play.google.com/store/apps/details?id=com.kryptogo.walletapp">Android → Google Play</a></li><li><a href="https://apps.apple.com/tw/app/kryptogo-%E6%AF%94%E7%89%B9%E5%B9%A3-nft%E7%9A%84%E5%8A%A0%E5%AF%86%E9%8C%A2%E5%8C%85/id1593830910">iOS → App Store</a></li></ul><h3 style="margin-left:auto;">&nbsp;</h3><h1 style="margin-left:auto;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a>&nbsp;|&nbsp;<a href="https://www.facebook.com/kryptogo">Facebook</a>&nbsp;|&nbsp;<a href="https://twitter.com/kryptogo_">Twitter</a>&nbsp;|&nbsp;<a href="https://instagram.com/kryptogo_">Instagram</a>&nbsp;|&nbsp;<a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a>&nbsp;|&nbsp;<a href="https://t.me/kryptogocom">Telegram</a>&nbsp;

From 2.2.0 to 2.4.0, we have added support for Ronin chain, personal chain file upload, support for Wallet Connect 2.0 (iOS), and many other features. We have also optimized the transfer, wallet management, and NFT empowerment exchange experience, as well as fixed issues.

KryptoGO Wallet Updates: Supports Ronin chain, Personal Profile, Wallet Connect 2.0

Hey guys! We’re back after New Year’s break, feeling rested, refreshed, and ready to do some awesome work. We hope ya’ll also had a wonderful break, and were lucky enough to win some USDC from KryptoGO’s 2023 New Year Lucky Scratchcard event.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*NTG6KiNnl1CUc559cTeYUg.png" alt="" loading="lazy">For those of you that unfortunately didn’t get the memo, be sure to follow us on <a href="https://discord.gg/kryptogo">Discord</a>, <a href="https://www.facebook.com/kryptogo">Facebook</a>, or <a href="https://twitter.com/kryptogo_">Twitter</a>, or simply download KryptoGO Wallet and check the notifications periodically. There are many opportunities for exciting events in the future!With that said, let’s give ya’ll the biweekly update.&nbsp;<h1 style="margin-left:0px;">New supported chain: Ronin</h1>Ronin is an Ethereum side chain that is used to run, among many other applications, <a href="https://axieinfinity.com/">Axie Infinity</a>, currently one of the largest titles in blockchain gaming. For those of you that recall our last update, Blockchain Game Guild YGG Japan announced an exclusive partnership with us, and their mission is to spread blockchain games and the new era of gaming culture. Adding Ronin to our list of supported chains is one of KryptoGO’s first steps to show our commitment to optimize the experience of managing on-chain game assets.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*5x2lMxBwC9X3cCuM2WxO4A.png" alt="" loading="eager">Ronin is now supported! Ronin NFT support to come in the future.<h1 style="margin-left:0px;">A wallet for blockchain gaming, enabled by KryptoGO’s account model</h1>With our collaboration with YGG Japan, we’re dipping our toes in GameFi and have actively started development of a blockchain game-first wallet that optimizes the experience for blockchain gamers. This wallet presents on-chain assets from a gamer’s perspective: ideally listing NFT collections grouped by games and listing all the information that a gamer would need to know. Last week, we’ve mentioned that we’re experimenting with some new software architecture as we build out this partnership wallet from scratch. The entire wallet is enabled by KryptoGO Wallet’s current account models. It’s too early for details, but look out for related news coming as soon as late February / early March.<h1 style="margin-left:0px;">Browser Extension</h1>Remember that we also hinted at a browser extension? Well, it’s time for sneak peek:<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*3L_J5is_C6BxT3YR-u9B2g.png" alt="" loading="lazy">chrome extensionSimply add the KryptoGO wallet extension from the Chrome web store. The extension will then prompt the user the open the KryptoGO Wallet app and scan the provided QR code using the in-app QR code scanner.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*5vtitLf2qJ8RgzRnx9t01Q.png" alt="" loading="lazy">Logging into the extensionOnce scanned, the extension will show an interface much like the one in the wallet app. Users can see their portfolio balance, token assets, NFTs, notifications, and more.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*93KxQck61pLIRwC3yH7jNQ.png" alt="" loading="lazy">Users are able to connect to dapps in their browser using this extension. Of course, users will also be able to perform all the necessary wallet operations, including sending and receiving assets. Token swapping is currently in the works, and we’ll be back with more updates in the future about our browser extension.&nbsp;And as always, a list of bugfixes and improvements for our wallet.<h2 style="margin-left:0px;">Bugfixes 🪲</h2><ul><li>Fixed a bug where the users are unable to import a seed phrase, or create and replace their wallet during the onboarding process.</li><li>Fixed a bug where the in-app QR code scanner would open the same browser tab many times.</li><li>Fixed a bug where Bitcoin transfers were not correctly executed.</li><li>Fixed a bug where the number of wallets a user has is incorrectly calculated.</li></ul><h2 style="margin-left:0px;">Improvements 🔨</h2><ul><li>UX improvements for the Send NFT Screen.</li><li>For send transactions on chains that have gas fees whose fees uses a non-native token, both the token to be sent and the token used as gas fees are displayed, for clarity.</li></ul>&nbsp;We strive to constantly improve and enhance your experience with our wallet. Have feedback or encountered any issues? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.And that’s it for this week. See you in two more!<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

This week, we support a new chain, have started development of a blockchain game wallet, and give you a sneak peek of our browser extension.

Biweekly Dev Update: February 8th, 2023

<hr>Hey friends. While the festivities of Chinese New Year looms invitingly in the near future (just a couple of days, to be exact), let us take this week’s biweekly update post as an opportunity to do something a bit different. There’s still the list of constant improvements and bug fixes near the end of this post, but before that, let’s talk just a little bit about our initial goals for the first few months of 2023.<h4>Extending wallet app functionality</h4>Last week, we very briefly covered how we integrated our own KryptoGO Compliance due diligence/identity verification system to our wallet to perform user verification. Verified users are able to place a purchase order for cryptocurrency using just their credit card, and purchased tokens are sent straight to the user’s non-custodial KryptoGO Wallet, where the user and only the user controls his or her assets.We’ve been brainstorming, experimenting, and testing several new features to come. Most of them are still too early for details to be revealed, but expect some new features regarding user profile, connectivity, and perhaps even GameFi coming in 2023.<h4>Extending wallet features to web&nbsp;browsers</h4>We’ll be extending our wallet features, quite literally, with a Chrome extension that allows users to do all sorts of wallet-y things.&nbsp;<ul><li>Connect to a DApp via browser? Wallet-y, check.</li><li>See your on-chain portfolio, including tokens and NFTs, from your browser extension? Wallet-y, check.&nbsp;</li><li>Send, receive, or swap tokens to your heart’s content? Very wallet-y, check.</li></ul>And much more, coming soon to an extension near you. We’ll post more about it once we finalize testing and fine tune some details.<h4>Helping onboard businesses to Web 3.0, with KryptoGO’s propriety wallet&nbsp;model</h4>Last September, Blockchain Game Guild YGG Japan announced an exclusive partnership with none other than yours truly. YGG Japan’s mission is to spread blockchain games and the new era of gaming culture, and KryptoGO’s role in this partnership focuses on optimizing the experience of managing on-chain game assets. Our existing propriety wallet and account model greatly reduces the barrier to entry, abstracting away more complicated blockchain concepts such as multiple seed phrases and multiple chains. We’re experimenting with some new software architecture as we build out this partnership wallet from scratch, and hopefully simultaneously simplify and clean up our existing codebase for easier maintenance and faster future development. Long term, KryptoGO aims to help even more businesses onboard to Web 3.0 using our increasingly extensive and powerful suite of tools and services.<h4>And yes, here is the list of bugfixes and improvements, as&nbsp;promised</h4><ul><li>Fixed a bug where the filter for tokens in the Send screen would filter out some tokens by mistake.</li><li>Fixed a bug where contacts would take longer-than-acceptable to load.</li><li>Fixed a bug where the wrong number of user wallets was shown.</li><li>Fixed a bug where Android phones could not take photos needed for identity verification.</li><li>Tron gas fees can now be manually adjusted.</li><li>Links that automatically open a certain DApp using the DApp browser in KryptoGO Wallet can now be generated.</li></ul><hr>We strive to constantly improve and enhance your experience with our wallet. Have feedback or encountered any issues? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.And that’s it for this week. Happy Chinese New Year!<h3>Follow us:</h3><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>&nbsp;

This week, let us talk just a little bit about our initial goals for the first few months of 2023.

Biweekly Dev Update: January 18th, 2023

<h1 style="margin-left:0cm;">Regulation of the Cryptocurrency Market in the U.S. Being Increasingly Strict&nbsp;</h1>&nbsp;Coinbase, one of the largest cryptocurrency exchanges in the United States by volume, has agreed to pay $100 million as a condition of a settlement with New York regulators. The New York regulators accused the company of violating anti-money laundering laws by allowing users to open accounts without adequate background checks –– the latest example of the stricter scrutiny facing the emerging cryptocurrency industry.&nbsp;<h1 style="margin-left:0cm;">The main cause of the incident</h1>Coinbase's business was growing too quickly, resulting in a lack of compliance capacity and therefore a lack of proper KYC and AML process, which led to some of the crimes that resulted in a $100 million fine and a deadline for improvement. Coinbase has committed to invest more resources in the establishment of Compliance to ensure the stability and security of virtual currency transactions.<h1 style="margin-left:0cm;">Taiwan government has a precedent, VASP operators need to be cautious</h1>&nbsp;Looking back at the regulation in Taiwan, most of it is based on U.S. standards as a precedent. In addition, with the strict policies of the FSC in Taiwan, there is a need for complete and compliant vendors and systems in Taiwan to help VASPs build a regulatory compliant environment to avoid becoming a hotbed of crime.&nbsp;However, AML has thorough rules and standards and relies on money laundering prevention expertise that should not be taken lightly. There are three particular points to note.First, the status of each customer can change at any time and needs to be monitored regularly and addressed in a timely manner when an incident occurs.Secondly, you need to make sure that you do a customer review and keep records to avoid surprise checks that are not available.Thirdly, we cannot rely on simple KYC, but we also need to use information such as face and ID recognition, international sanction lists, and international negative news in order to have a comprehensive understanding of customer identity and information.&nbsp;KryptoGO has partnered with Dow Jones and Jumio in the U.S. to build a complete database of international lists. Moreover, we also build eKYC with ID and face recognition to help strengthen KYC barriers.In addition to VASP, we are also working with a more regulated bank that has experienced a similar crisis and has been able to improve efficiency and reduce costs with the KryptoGO Compliance system. All we have to do is to work together for compliance and regulation so that the Crypto world can be more positive and develop good applications.&nbsp;Contact：cookielo@kryptogo.com

After FTX incident, governments put more efforts on increasing financial management, U.S. regulation are coming.

Coinbase, the most compliant exchange, has been fined $100 million by the government and given a deadline to fix it.

Hey friends! How’s 2023 treating y’all so far?Jump starting the new year, we’re announcing limited early access of some cool new features to select users. We’ve briefly touched upon our plan to integrate KryptoGO Compliance within KryptoGO Wallet in an update back in November. Following identity verification, successfully verified users can now purchase cryptocurrency, in-app, with just their credit card.&nbsp;Identity VerificationUnverified users can head to Account &gt; Verification and submit the required documents to get their identities verified. Once verified, users can purchase cryptocurrency directly within KryptoGO Wallet.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*adwc03kxRK3_cSy57JFW3w.png" alt="" loading="eager">Account &gt; Verification (unverified)<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*rCWA1Y2sNuZ0G2iLLWqCRw.png" alt="" loading="eager">Account &gt; Verification (verified)Purchase CryptocurrencyWe are limiting the feature to purchase cryptocurrency to select users while we make sure credit card payments and the transference of funds all work as we intended. We’ll be opening up this feature to the broader user base as well as providing more token options for purchase as time goes on and as more comprehensive testing is undergone.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*5nZvBfLRFqKnlVfZbmjlDw.png" alt="" loading="lazy">Verified users can buy crypto directly in the app.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*F4IMOHkkCZCjhfFJ1RJs9A.png" alt="" loading="lazy">Name Your Wallets!Yep, more wallet personalization! Name your wallet however you see fit.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*bysSkUP-3ImjQaTrXH1arg.png" alt="" loading="lazy">Rename your wallets! To a good year…Other bug fixes and improvements:<ul><li>Decreased the amount of reading needed for onboarding 🤓</li><li>Reward redemption codes that count as used after they are shown will now warn the user before it is shown.</li><li>App default setting changed: all tokens will be shown in the user portfolio, even those with low market cap.</li><li>Fixed a bug where the default payment wallets of contacts weren’t getting updated.</li><li>Removed the bottom navigation bar for screens that should not have it.</li></ul>&nbsp;We strive to constantly improve and enhance your experience with our wallet. Have feedback or encountered any issues? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

Jump starting the new year by giving select users access to new features: Identity verification and purchase cryptocurrency in-app.

Biweekly Dev Update: January 4th, 2023

Hey friends, and welcome back to another biweekly update. We’ve come a long way this year, and we have some big features in the works that we hope to be able to showcase early in 2023. Our chief technology officer told us to keep our lips shut, but let’s just say we expect to provide some verified, extended functionality.This week, we’ll simply do a brief rundown of the most significant changes so that everyone can go back home and celebrate Christmas with their families as early as possible🎄&nbsp;Japanese Language SupportNani?! Yep, you saw right — we now support a fourth language: Japanese. We do hope Omae Wa Mou Shindeiru doesn’t apply to you before you see this cool new localization.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*rB0_D1iOtcBUF9XX7U067g.png" alt="" loading="eager">Japanese language supportImproved NFT NotificationsReceiving way too many NFTs on a daily basis? Fret not. We now have a improved NFT notification system that’ll let you swipe new NFT acquisitions like you’re swiping on Tinder. Go get ’em, tiger. Rawr.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*y5hJeyXEhLdIfC847_MP8w.png" alt="" loading="lazy">Swiping NFT acquisitionsSeed Phrase Word SuggestionsYeah, we get it. Who has the time to enter twelve whole freaking words for a seed phrase? Fortunately, suggested words now pop up right after you enter just the first few letters of a word. Suggested words come from the BIP32 word list, so you can be sure that the words you select are actually used in seed phrases.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*ke6jLvl42Sv2IFoI-VBPig.png" alt="" loading="lazy">Word suggestions for seed phrasesRewards, now on the Home screenGiven the current state of the Defi market (yuck), we have replaced the Earn button with the Rewards button on the Home screen. Earn can still be found in the Account Screen, for those who never back down from a bear market.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*p7AeVVg0PrmhDja6kdg5Mw.png" alt="" loading="lazy">Rewards now on the Home screenWallet Connect Version 2 SupportWallet Connect v2 is still very new, but we’ve started implementing the corresponding SDKs and now support basic EVM chains. Users can now connect to Wallet Connect v2 DApps with our built in QR code scanner. Of course, the scanner is backwards comaptible and will work with Wallet Collect v1 as well.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/1*nVuok3RavvXvbXf5ZyXz6w.png" alt="" loading="lazy">Wallet Connect Version 2 SupportOther Bugfixes and improvements<ul><li>Fixed some styles inconsistencies across Apple and Android phones.</li><li>Fixed a bug where users would be logged out, randomly, on occasion😣</li><li>Fixed a bug where the Request Payment screen would overflow on smaller phone sizes.</li><li>Added additional error messages for phone authentication failure.</li></ul>&nbsp;We hope these improvements enhance your experience with our app. If you have any feedback or encounter any issues, please don’t hesitate to contact us, via Discord, or any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

All hail the last biweekly update of 2022 — a short one so we can go back to our families and celebrate Christmas early :)

Biweekly Dev Update: December 21, 2022

Hey friends, and welcome back to another biweekly dev update. It’s almost the end of the year, and we’ve got some exciting, bigger new features ready to show you… soon. As of this week, these bigger features are still in development or testing. That said, we still have a list of smaller changes to show you this week.Here is a rundown of some of the changes:Upon launching the app, a screen now pops up that lists all new NFTs that the user has received in the past week.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*R1o-Z8Pg5h2AHOqjyvZXUQ.png" alt="" loading="lazy">Popup that shows all new NFTs received.Users can now see NFT descriptions (or the description of the collection that contains the NFT) in the NFT detail screen. Additionally, if any information regarding the NFT such as the title, image, or description has been updated, users can now manually request a metadata refresh. This also works for NFT reveals.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*3asPm4GK9m0dWOyne9oWBQ.png" alt="" loading="lazy">NFT description in Nft details<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*_aUeVRlj28pWN5Yr3HlGcQ.png" alt="" loading="lazy">Option to manually refresh metadata, found in the three dots on the top right cornerAirdrop under the Collectibles Tab was causing confusion, since it encompasses more utility than just airdropped NFTs to your wallet. We have therefore renamed it to Rewards.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*AhOi4e0KHvBTFi81VAl_oQ.png" alt="" loading="lazy">Airdrops renamed to RewardsLast but not least, we have brand new icons for different transaction categories in the Home Tab &gt; Activity.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*5yhkwNeTjFFBTPYx1UqdQA.png" alt="" loading="lazy">New icons for transactions! Yay.<h2 style="margin-left:0px;">Other Improvements and Bugfixes</h2><ul><li>Fixed a problem where certain Receive transactions were incorrectly labelled as Mint for Bitcoin and Solana.</li><li>Fixed a problem where token icons were missing for the BNB Chain.</li><li>Improved the image resolution of rewards found in Collectibles Tab &gt; Rewards</li><li>Fixed a bug where the request payment form (Home Tab &gt; Receive &gt; Request Payment) would overflow the screen.</li><li>Fixed a bug where NFT receive notifications would show NFTs that were received more than a week ago (default settings set to show NFTs received within the week)</li><li>Fixed a bug where transactions (Home Tab &gt; Activity) would temporarily disappear after refreshing.</li><li>Mint transactions now show more pertinent information than before.</li><li>Added a description to the Rewards screen (Collectibles Tab &gt; Rewards) in the case of no rewards, instead of it just being blank.</li><li>Added infinite scrolling to token selection in the Send screen.</li></ul>&nbsp;We hope these improvements enhance your experience with our app. If you have any feedback or encounter any issues, please don’t hesitate to contact us, via Discord, or any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

A rundown of the changes we’ve made this week, and getting ready for some bigger exciting updates.

Biweekly Dev Update: December 7th, 2022

Hey friends. We’re back from Meet Taipei, one of the largest startup gatherings in Asia, and we’ve been pretty busy with the event. We’ve even made this super dope personality quiz that predicts <a href="https://www.kryptogo.com/money-fortune">Which Web 3.0 Identity Are You?</a> Anyone who completes the quiz gets a free NFT corresponding to their results airdropped to their wallet, so be sure to check it out!<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*XA_gyM7VHRqL5XE9RH6WRg.png" alt="" loading="lazy">Meet Taipei event aside, our product must continue to improve, so without further ado, here are some of the bigger changes we’ve made this week.&nbsp;<h1 style="margin-left:0px;">Collections View, in the Collectibles Tab</h1>We’ve added a new way for users to browse their magnificent NFT collection! In the Collectibles Tab, users now have the option to either view NFTs by item or by collection. The Collections View, as its name suggests, bundles NFTs into their respective collections. Users can toggle between the two views at any time using the button located on the top right.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*yIcuYK5L-vDN4F_6MQl7fg.png" alt="" loading="eager">Use the toggle on the top right to switch from Item View to Collections View<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*jzJQWS2IvpMjcEVbjgPeFg.png" alt="" loading="eager">Collections View<h1 style="margin-left:0px;">The Password Dilemma</h1>When we originally designed our wallet, we made it so that passwords were optional –– users can decide for themselves whether they would 1) simply memorize their seed phrase and reimport their wallet every time they needed to authenticate their identity, or 2) provide a password to encrypt their seed phrase, and use their password to access their wallet. While KryptoGO is fully decentralized and does not store seed phrases nor users’ passwords (the only thing we store is the encrypted copy of the seed phrase, given that a password is provided), we have since realized that users less savvy or familiar with Web 3.0 are at a higher-than-we-expected risk of losing access to their wallets if we do not offer them any way to recover their wallet through a password mechanism. We have had users complain to us that their authentication token has expired due to their app being inactive for months, and thus, they no longer have access to their wallets. They do not remember their seed phrase nor did they back up their wallets with a password, and unfortunately, KryptoGO has no way of helping them.To solve this pain point for beginners only just entering the crypto landscape, we now require all new users to back up their wallets with a password during the registration process. For those concerned about data privacy, rest assured that we still do not store your private keys, nor any data that could allow anyone to acquire your private keys, to our own servers. This means even by the off chance that hackers get access to our servers, your on-chain assets are still fully protected. The team at KryptoGO is keenly aware about recent events that unfolded at FTX, one of the largest cryptocurrency exchanges in the world, and we believe that the only person that should have control over a wallet is the owner of said wallet. For now, we will be monitoring the consequences of this change, and will make further adjustments if need be.<h1 style="margin-left:0px;">Other Improvements and Bugfixes</h1><ul><li>Fixed a bug where users who have not yet set up Wallet Lock were shown certain options in Settings that should only be visible to those who had.</li><li>Fixed a bug where users did not have to unlock their wallets in order to view their seed phrase (They still needed to enter their passwords).</li><li>Fixed a bug where the user interface weren’t updating instantly when a new wallet is set as the default payment wallet.</li><li>Fixed a bug where user assets weren’t timely updating in the Send Screen, causing users to be unable to send assets that they do possess.</li><li>Fixed a bug where send transactions would fail if users entered the Send Screen from a specific entry point in Wallet View.</li><li>Fixed a bug where the DApp Browser wasn’t correctly redirecting to Discord or Twitter.</li><li>Added alert messages for Wallet Connect failures.</li><li>Fixed a bug where the app would behave strangely when logging in immediately after logging out.</li><li>Fixed a bug where MATIC tokens weren’t showing up correctly.</li><li>Improved English localization for NFT Airdrop notifications.</li></ul>&nbsp;As always, let us know what you think via Discord, or any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

We’re back from Meet Taipei 2022, one of the largest startup gatherings in Asia. And we’ve got a cool quiz to show you.

Biweekly Dev Update: November 23rd, 2022

<blockquote>Not your key, not your coin.</blockquote>This is a common phrase in the crypto world, which means that if you don't own the private key, then all the virtual assets such as currency and tokens will not really belong to you.<h1 style="margin-left:0cm;">What is "My Key"?</h1>Similar to a bank account, cryptocurrency is sent to a recipient address. The technical term for that address is <a href="https://www.ledger.com/academy/blockchain/what-are-public-keys-and-private-keys">public key</a>. When someone sends you some bitcoin, they send it to your public key. It is called public because you can send it to anyone without damaging your cryptocurrency.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_46e0f96cf3/image_46e0f96cf3.png">Source:&nbsp;<a href="https://www.mycryptopedia.com/public-key-private-key-explained/">https://www.mycryptopedia.com/public-key-private-key-explained/</a>However, there is another key associated with your public key, and that is the <a href="https://www.ledger.com/academy/blockchain/what-are-public-keys-and-private-keys">private key</a>. This key is absolutely critical. Anyone with access to the private key can access the funds on the public key to which it is linked. In short, a private key is similar to a password - a way to identify you as the real owner. When it comes to "not your keys, not your money. it refers to your private key.<h1 style="margin-left:0cm;">The difference between accessing and actually owning assets</h1>By viewing your account balance when logging into an exchange, the process is the same as the actual internet banking experience, making it seem like you actually own the assets in your account - after all, you do need to log in to see that information, right?In reality, this is wrong. You appear to be in full control of your assets until you violate the platform rules (e.g., less than $100) and you learn that the real purpose of the exchange is to earn the transaction fees involved, including deposits and withdrawals. Because you don't own the private key to the crypto assets in your account, the actual holder is the exchange, and they can easily control the account as well as the transactions.This phenomenon is not limited to exchanges: it applies to any wallet provider that does not allow you to own the relevant private key yourself. If you do not own the private key, then you are not the true owner of the funds and you are effectively entrusting a third party with your assets. This means they can essentially do whatever they want with the cryptocurrency on your account.<h1 style="margin-left:0cm;">Why is it important to have "my key"?</h1>There are many reasons for the importance of owning your keys rather than handing them over to a third party for safekeeping, provided you can trust them with your funds, which you may never see again if you accidentally trust a malicious third party with your funds. Thankfully, this is unlikely for established companies. Even so, you'll never have full control over your money. As mentioned earlier, they can set certain limits, such as maximum withdrawal limits or fees associated with the use of their services. They can decide what you can do with your hard-earned money.Furthermore, if there are any technical issues with their platform, you are basically locked out of your cryptocurrency. In short: as long as you don't have your own keys, you won't have financial freedom and your money will remain at the mercy of others.Most importantly, you also have no control over the security of the platform system - you are outsourcing the security of your cryptocurrency to them. Unfortunately, over the years, there have been about $2 billion in <a href="https://www.ledger.com/academy/crypto/crypto-hacks">major hacking incidents</a>.If you own your own private key, in the opposite, you can set your own rules. Nobody will tell you what you can or cannot do with your own cryptocurrency. By having your own key, you have full ownership of your own coins and can enjoy financial freedom.However, having your own key does come with an important responsibility: you have to make sure that you will be the only one holding those private keys. If someone else manages to get them, they can access and take your cryptocurrency.<h1 style="margin-left:0cm;">Your Key, Your Coin</h1>KryptoGO was originally designed to provide everyone with access to financial freedom and to provide the best compromise between ease of use and security for everyone's private keys and coins, thus providing security for your cryptocurrency and giving you the highest level of control over your assets.(In plain English, even if KryptoGO goes bankrupt, your assets in the Wallet will still be readily available for withdrawal.)KryptoGO Wallet stores your private keys without exposing them to devices other than your phone (we interact with browser wallets through a custom protocol), and for users who don't want to keep their own seed phrases, we offer additional encryption so you can keep your private keys in an encrypted backup in the cloud.Just like in Web2, we securely store our account passwords through a password manager (e.g. 1Password) to surf the Internet; in Web3 you can use KryptoGO as your keychain to import and securely store your private keys and helpers to surf various blockchain DApp applications.For more information, please refer to our previous article.1 <a href="https://www.kryptogo.com/tw/blog/web3-seed-phrase-mnemonic">The Key to Bringing Down the Wall of Traditional Applications - Web3's Seed Phrase / Mnemonic - KryptoGO Blog</a>2 <a href="https://www.kryptogo.com/tw/blog/things-you-should-know-about-financial-security-in-the-web3-era">Essential Financial Security in the Web 3 Era: Suffixes / Private Keys / Wallets (Accounts) - KryptoGO Blog</a>3 <a href="https://www.kryptogo.com/tw/blog/wallet-security-kryptogo-wallet">Security Check Points for Using Wallet - KryptoGO Wallet as an Example - KryptoGO Blog</a>

Not your key, not your coin.
This is a common phrase in the crypto world, which means that if you don't own the private key, then all the virtual assets such as currency and tokens will not really belong to you.

Why can't you get your crypto assets back when the FTX exchange collapses? – Not Your Key, Not Your Coin

Happy November, friends, and welcome back to another biweekly update. This week, we’ve done a significant amount of backend development, most of which is related to our latest feature: we’re integrating our own KryptoGO Compliance system with KryptoGO Wallet, which allows the user to verify their identity in order to purchase cryptocurrency using just a credit card.Of course, KryptoGO Wallet remains fully decentralized, and only you are in control of your own assets.Let us get right into how verification works!&nbsp;<h2 style="margin-left:0px;">User Identity Verification</h2>Under the Account Tab, there is now an additional Verification option. Unverified users see the grey unverified tag next to the option.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*Yq5wYGbSYbZwm5tBAAB9fg.png" alt="" loading="eager">Click on Verification, and click on Verify Now in order to unlock purchasing cryptocurrency using a credit card.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*0DAJmzVyRJQx2zoBUahWrA.png" alt="" loading="lazy">Next, simply follow the instructions on screen to complete verification.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*VG-H2RCkBVs6-ZD3jCA1Hw.png" alt="" loading="lazy"><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*Qw7CQITe8jIiOSxrxlnVNw.png" alt="" loading="lazy">The verification process will open up in a separate browser window, and will prompt you to upload the necessary documents. Verification takes a few days. Once verified, you will receive a notification, as well as see a green verified tag next to your Verification option.Identity verification is the next step toward building a safe, secure product, while still maintaining all the benefits of privacy, anonymity, and control of a decentralized wallet. Identity verification will help our product move forward as we develop new monetary trading and social features.&nbsp;Here are some bug fixes and improvements for the week:<ul><li>Fixed a bug where tokens on the BNB Chain weren’t showing up properly.</li><li>Fixed a bug where the equivalent USD value of tokens weren’t being calculated correctly if the user has no assets.</li><li>Previously, user sessions would time out if the app is left inactive for long periods of time, potentially locking out the user. The user will now see a helpful popup if the user session has expired or is close to expiring, reminding the user to memorize their seed phrase in order to recover their wallet.</li><li>Banner pictures are now shown in Notifications Center.</li></ul>&nbsp;As always, let us know what you think via Discord, or any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

We’re integrating our own KryptoGO Compliance system with KryptoGO Wallet, which allows the user to verify their identity.

Biweekly Dev Update: November 9th, 2022

Hey friends! Another week, and another biweekly update. Halloween is imminent, and while us developers at KryptoGO are not scared of witches, skeletons, nor zombies, we are scared of bugs. So we’ve squashed a few more of them to make the world a safer, happier place&nbsp;:)Here’s a list of bug fixes and quality-of-life improvements (Android users in particular should be very happy):<ul><li>Fixed a bug where a few DApp logos weren’t showing up properly in our DApp browser.</li><li>If you have received any NFTs between now and the last time you opened KryptoGO Wallet, the next time you open the app, a notification will pop up.</li></ul><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/20221026_2_4dfa5da22c/20221026_2_4dfa5da22c.png" alt="20221026-2.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_20221026_2_4dfa5da22c/thumbnail_20221026_2_4dfa5da22c.png 176w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_20221026_2_4dfa5da22c/small_20221026_2_4dfa5da22c.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_20221026_2_4dfa5da22c/medium_20221026_2_4dfa5da22c.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_20221026_2_4dfa5da22c/large_20221026_2_4dfa5da22c.png 1000w," sizes="100vw"><ul><li>Fixed a bug where if you open the app via tapping on a phone notification, the app gets stuck on the splash screen.</li><li>Fixed a bug where users who already received their KryptoGO Yacht Club NFT would still see the option to receive another one.</li><li>Fixed a bug where NFTs on Polygon weren’t updating correctly.</li><li>Fixed a bug where users couldn’t connect to certain DApps on Android phones.</li><li>Fixed a bug where Android users weren’t able to refresh their NFT collection in the Collectibles Tab.</li><li>Fixed a bug where the bottom navigation bar would sometimes disappear on Android phones.</li><li>Fixed a bug where certain emojis used for transactions wouldn’t show up on certain Android phones.</li><li>Fixed a bug where gas fees were being incorrectly calculated for Send operations.</li></ul>Also, in compliance with ISO27701 personal data and privacy regulations, we’ve added a popup dialog that details our privacy policy. Users need to agree with our privacy policy in order to continue using the wallet (of course, like we said numerous times before, security is our top priority.)<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/20221026_1_74659020dd/20221026_1_74659020dd.png" alt="20221026-1.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_20221026_1_74659020dd/thumbnail_20221026_1_74659020dd.png 176w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_20221026_1_74659020dd/small_20221026_1_74659020dd.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_20221026_1_74659020dd/medium_20221026_1_74659020dd.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_20221026_1_74659020dd/large_20221026_1_74659020dd.png 1000w," sizes="100vw"><hr>We’re in the process of working on some bigger changes that we will share with you once the time is right. As always, let us know what you think via Discord, or any of our other social media links listed below.<h3>Follow us:</h3><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>&nbsp;

Hey friends! Another week, and another biweekly update. Halloween is imminent, and while us developers at KryptoGO are not scared of witches, skeletons, nor zombies, we are scared of bugs. So we’ve squashed a few more of them to make the world a safer, happier place :)

Biweekly Dev Update: October 26th, 2022

Hey friends, and welcome back to another biweekly update.This week, we’re reimagining how wallet data can be shown. Based on our internal discussions as well as feedback collected from our users, we’ve decided to shuffle the tabs around in a way which makes navigation more intuitive.<img class="image_resized" style="width:448px;" src="https://miro.medium.com/max/448/1*p013LlfJ2Cs5H1nlz-y2Gw.png" alt="" loading="lazy">Tabs are shuffled!Let us waste no time and start shuffling!<h1 style="margin-left:0px;">We’re Shufflin’ the Tabs</h1>When the Multiple Multi-Wallet Update was introduced at the end of August, the Home Tab was designed to be a comprehensive, consolidated portfolio which told users what assets they had on all supported chains at a glance. They’d also be able to see their most valuable assets listed in order of monetary value (floor price, in the case of NFTs), as well as an asset distribution analysis of their account.The Wallet Tab, on the other hand, would list all the different wallets that belonged under the user’s phone number, as well as assets for every wallet. While both the Home Tab and the Wallet Tab served their purposes, we’ve since discovered that having two tabs display information that was quite similar introduced a bit more redundancy than we liked. Users reported that they got confused why there was a balance discrepancy between the Home Tab and the Wallet Tab, or why certain assets appeared only in the one tab and not the other.In addition, with the Airdrop Center introduced in September, and with our plan to emphasize NFT utility and their real world applications, nesting NFTs three layers deep under Wallet Tab &gt; Wallet &gt; NFTs didn’t make a whole lot of sense in terms of usability. Based on our internal discussions and user feedback, we’ve reimagined how wallet data can be shown in the app, hoping to provide a better user experience and more intuitive navigation for all our users.Here are the major changes:<ul><li>Home Tab and Wallet Tab have been merged together, into a new and improved Home Tab. This means no more confusion on where to go to see your comprehensive portfolio and all your assets. We’ve also moved asset distribution analysis, transactions, wallet management, the gas tracker, and other related features to corresponding sub tabs under the Home Tab.</li></ul><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*8AA11RvtCkCqJltYVCRooQ.jpeg" alt="" loading="lazy">The new and improved Home Tab, with Assets, Wallets, and Activity sub tabs<ul><li>New Collectibles Tab. The Collectibles Tab show all your NFTs in one place. Putting NFTs in a tab of its own gives us more phone screen estate to show off your favorite artwork and PFPs. We’ve also moved the Airdrop Center to the Collectibles Tab, allowing users to view their NFT utility with a quick swipe of the finger.</li></ul><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*Eow8W5ZdkZM4e4eEf3-ofg.jpeg" alt="" loading="lazy">The new Collectibles Tab houses all your NFTs, as well as the Airdrop Center.<ul><li>There’s also a hidden bonus feature that allows you to see your NFTs as if they’re on NFT Instagram (heh). Just long press on Collections in the Collectibles Tab.</li></ul><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*aF5729Txiq-PXGwlI9nBtA.jpeg" alt="" loading="lazy">NFT Instagram, right in KryptoGO WalletQoL Improvements:<ul><li>Transactions show relevant wallet addresses instead of the transaction hash. For instance, send and receive transactions show the wallet address to and from which the funds were sent. The transaction hash can still be found on the detailed transaction screen.</li></ul><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*4hCGIF3hZt6ZLcm7TXV9gg.jpeg" alt="" loading="lazy">Transactions now show relevant wallet addresses instead of transaction hash.<ul><li>Wrap, unwrap, approve, and revoke transaction type support for EVM chains other than Ethereum.</li><li>More precision for token amounts: now truncates numbers to the thousandths instead of rounding to the nearest hundredths, e.g., 1.0155 USDC now shows up us 1.015 USDC instead of 1.02 USDC.</li><li>MP3 and MP4 multimedia NFTs will now show up correctly and can be played back.</li><li>Users with no NFTs can receive a KryptoGO Yacht Club NFT, on the house! Just click on the Collectibles Tab and follow the instructions :)</li></ul><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/700/1*GEkGS7iut3FjBxvbZzli_w.jpeg" alt="" loading="lazy">receive a KryptoGO Yacht Club NFT, on the house!<ul><li>Swipe to reveal the QR code on the backside of NFTs, rather than tapping.</li></ul>Bugfixes:<ul><li>fixed a bug where the NFT list wasn’t refreshing.</li><li>fixed a bug where users logging in to KryptoGO Wallet with a new device would see the native system’s permission popup (asking for notification permissions) before KryptoGO’s own permission popup.</li></ul>&nbsp;As always, let us know what you think via Discord, or any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

This week, a redesign of how wallet data in shown in the app. It’s time to start shuffling!

Biweekly Dev Update: October 12th, 2022

<hr>Hey friends. Welcome back to another biweekly dev update.We’ve spent the past two dev updates talking about our Multiple Multi-wallet update and the bug fixes associated with it. It’s a significant architectural change, and we’re glad to have received feedback that many of you find the extended flexibility of having multiple wallets useful.Of course, architectural and account model changes might be too low-level than most users care about, so this week, I think it’s worth zooming out a bit to talk about KryptoGO’s vision, and how our constant product updates, whether it be new features, upgrades of existing features, or even bug fixes, align with said vision.<hr><h4>Your Crypto Portfolio, as comprehensive as can&nbsp;be</h4>KryptoGO Wallet, starting from version 2.0.0, supports multiple wallets from multiple blockchains. Yes, it’s great and all, but let’s face the elephant in the room: It’s not enough.Since the beginning, one thing that KryptoGO has always wanted to do for our users was to make a comprehensive portfolio that made it easy for everyone to keep track and manage their on-chain assets, ideally for as many chains as needed. If you think about it, this is the very definition of a wallet. You look at your wallet, and you are able to see your assets.However, in the world of cryptocurrency, where new blockchains, tokens, DeFi investments, and NFTs pop up like bamboo shoots after a refreshing spring rain (that’s a real Chinese idiom), even meeting the bare minimum of a wallet is hard. That’s why a lot of wallets on the market either focus on supporting a single chain (e.g., an Ethereum wallet like Rainbow or Metamask), or they focus on supporting a single asset class (e.g., an NFT wallet like Floor).However, this kind of design philosophy poses problems for both crypto veterans and beginners alike. Veterans likely have assets across many chains, in many asset classes, which means they need more than one wallet in order to keep track of everything. If you think someone who carries ten physical wallets when they go shopping at Target is wack, then wait till you find out how many crypto wallets a crypto veteran at KryptoGO had before KryptoGO Wallet was released (hint: it’s more than 10).For crypto newbies, even without any assets, they face a problem immediately. Out of the hundreds of wallets on the market, which one do they choose? This problem is compounded when the user lacks the knowledge of blockchains and different on-chain asset classes. If a user doesn’t know that Bitcoin and Ethereum run on different chains, how are they to choose the wallet that is right for them?Therefore, the product team at KryptoGO believes that the multiple multi-wallet update only just fulfilled the fundamentals that any decent wallet should have. We’ve significantly lowered the barrier for entry. Crypto beginners can start using our wallet immediately and be assured that we support many mainstream blockchains. Our proprietary “phone number as account identity identification” model makes this even easier: Registration is super fast, and users do not need to memorize or even know what a private key is to start using our wallet. On the other hand, crypto veterans finally have a wallet that can effectively consolidate all their on-chain assets in one comprehensive portfolio. The multiple multi-wallet update provided a base on which to build new and exciting features, and now a single question lingers. What do we currently want to build?<hr><h4>Interact with the world as your Web 3.0 Identity, using KryptoGO&nbsp;Wallet</h4>Now that we’ve established this phone number 👉 multiple wallets 👉 comprehensive on-chain portfolio model, we want to make KryptoGO the go-to gateway whenever you want to connect a wallet of yours with some other service or utility, or more broadly, when you want to interact with the world, either online or offline, as your Web 3.0 identity. Our built-in DApp browser and Wallet Connect already help with this when you want to connect to any decentralized application. We’re currently focusing on offline interaction, so a big feature that we added this week focuses on NFT collections and NFT utility.Introducing…<h4>✈️ The Airdrop Center!&nbsp;✈️</h4><img src="https://cdn-images-1.medium.com/max/800/1*19T7scvA3aBn382CEjeHRA.png">The brand new ✈️ Airdrop&nbsp;Center✈️We’re betting that NFTs are going to be widely used in the future in all sorts of fun ways: coupons, membership cards, vouchers, admission tickets… you name it! So, we are introducing our in-app Airdrop Center, which works together with KryptoGO Dashboard for project teams and event creators to afford customizable utility to air-droppable NFTs!Here’s how it works: if you have any NFTs that received utility via KryptoGO (e.g., you might have an NFT that allows you to redeem a delicious free meal), you’ll see all these NFTs as well as their corresponding utility and redeemable rewards listed in the Airdrop Center, located on the Home Tab. You can see the details of the redeemable rewards, as well as any rewards that you have redeemed in the past.<img src="https://cdn-images-1.medium.com/max/800/1*QVqNlo5hof4zA5jlqJtX4A.png">The Airdrop Center lists all your NFT with utility (e.g. redeemable rewards)To redeem a reward, simply select the corresponding NFT, and choose Redeem Now. A QR code will be generated upon request. Have the event personnel (in the case of a free meal, maybe ask who’s responsible for NFT rewards at the restaurant?) open our in-app QR code scanner to scan your code. Once verification is complete and we made sure you are the owner of the NFT, you get your reward!<img src="https://cdn-images-1.medium.com/max/800/1*bKDITBWRuA1NI_-mrD65lQ.png">Redeeming a reward via QR&nbsp;codeWe hope to make it really easy to utilize on-chain assets in offline applications via our line of products, while giving users the smoothest experience as possible. We already have some collaborations in the works that we will reveal once the time is right, so stay tuned&nbsp;:)<hr><h4>Other new&nbsp;features</h4><ul><li>Payment Requests: You can now create a payment request that contains all the details of a payment (e.g., wallet address, token, amount) in a QR code. Send the QR code to whoever should pay you and they automatically get all the details they need. Super convenient!</li></ul><img src="https://cdn-images-1.medium.com/max/800/1*Mg1DLzqX1wVrXp2a0m-W_Q.png">Request a payment from someone else simply by generating a QR&nbsp;code.<ul><li>You may now sort your NFT collection via acquired date. This makes it easy to see your freshly minted and airdropped NFTs!</li><li>Updated Notifications Center: We’ve added infinite scrolling to our in-app Notifications Center for a better user experience.</li><li>New Support Page: Under the account tab, you will now find a new Support option. If you need help, contact us via email or submit a ticket on our Discord.</li></ul><img src="https://cdn-images-1.medium.com/max/800/1*FbaBLCAzEHdLxyYWneM4bg.png">new support page under the Account&nbsp;Tab<ul><li>ENS support for EVM chains: You may now send or receive funds using Ethereum Name Service instead of your wallet address.</li><li>More precise categories for on-chain transactions: We added “Wrap” and “Unwrap” as transaction categories (in addition to the existing “Received”, “Sent”, “Trade”, and “Contract Execution”)</li><li>Select users may see a survey pop up asking about your experience with our wallet. We appreciate all the feedback that you guys give us 🥰</li></ul><img src="https://cdn-images-1.medium.com/max/800/1*JdLyLLkw5n9sNlmN0SfZaQ.png">survey that might pop up&nbsp;:)<hr>As always, let us know what you think via Discord, or any of our other social media links listed below.<h3>Follow us:</h3><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

This week, we zoom out to talk about our high-level vision and goals, and introduce our latest feature: The brand new Airdrop Center.

Biweekly Dev Update: September 28th, 2022

There are countless cryptocurrency wallets, and the key difference between them is how the private key is kept. This article focuses on the private key management mechanism and technology used in decentralized wallets like KryptoGO Wallet.<h1 style="margin-left:0cm;">Non-Deterministic Wallets</h1>Generate a random number string as the private key. (by cryptographically secure pseudo-random number generator) The public key has nothing to do with the private key, but when there are multiple private keys, they must be backed up, exported, and imported one by one, which is extremely cumbersome.In practice, this type of wallet is relatively rare.<h1 style="margin-left:0cm;">Hierarchical Deterministic Wallets (HD Wallet)</h1>The opposite concept of non-deterministic wallet. The HD wallet derives multiple public and private key pairs from the original seed phrase, so it only requires easily written seed phrases when backing up and importing the wallet. The concept was proposed by BIP32 (Bitcoin Improvement Proposals), BIP39 solves the problem of the difficulty to transcribe and memorize seed phrases, and BIP44 standardizes the path specification of each coin to reach industry consensus.The combination of BIP32, BIP39, and BIP44 is the current industry mainstream decentralized hierarchical wallet approach. This feature is suitable for collection services, such as store collection, creating a public key for each user to receive payments, and also allowing users to give other users airdrops, etc.<h2 style="margin-left:0cm;">BIP39: Making the seed phrase readable</h2>The main description of seed phrase code and the implementation of seed phrase. It consists of two parts:<ol style="list-style-type:decimal;"><li>Generate a seed phrase and convert it into a binary seed.</li><li>Seeds can later be used to generate deterministic wallets using BIP-032 or similar methods.</li></ol>Seed phrases are more friendly for human compared to processing the original binary or hexadecimal numbers of the wallet seeds. It can be written down or even be memorized by people with good memory. BIP39 generates numbers by transcoding irregular strings of numbers that are difficult to remember, splitting them, and mapping them in a single word list to generate seed phrases that can be read by humans to transfer computer-generated randomness.<h2 style="margin-left:0cm;">BIP32: The Foundational Standard for Hierarchical wallets</h2>Wallets can be partially or fully shared with other systems, with every system is able to send and receive independently. The purpose of this specification is to set a hierarchical wallet standard that can be exchanged between non-customers. Any pair of private keys can be derived through a common seed, and the private key derivation uses an irreversible algorithm that can only be derived from higher levels to lower levels. HD wallet can generate a large number of public keys using elliptic curve cryptography without the need for private keys.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/0_Re2k73x_P9bc_Q_Xm6_K_e59c148df2/0_Re2k73x_P9bc_Q_Xm6_K_e59c148df2.png" alt="0*Re2k73xP9bcQXm6K.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_0_Re2k73x_P9bc_Q_Xm6_K_e59c148df2/thumbnail_0_Re2k73x_P9bc_Q_Xm6_K_e59c148df2.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_0_Re2k73x_P9bc_Q_Xm6_K_e59c148df2/small_0_Re2k73x_P9bc_Q_Xm6_K_e59c148df2.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_0_Re2k73x_P9bc_Q_Xm6_K_e59c148df2/medium_0_Re2k73x_P9bc_Q_Xm6_K_e59c148df2.png 750w," sizes="100vw"><a href="https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki">https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki</a><h2 style="margin-left:0cm;">BIP44: Indexing Method for Defining Derived Addresses</h2>The secret key derived through this hierarchy (tree structure) is usually expressed by the route, with slash (/) between each level, and the start of the private key derived from the primary private key is prefixed with an “m”.m / purpose'/ coin_type'/ account'/ change / address_index<ol style="list-style-type:decimal;"><li>purpose: BIP number, “44” for BIP44</li><li>coin_type: coin type, 60 for Ethereum</li><li>account: index of the account, starting from 0</li><li>change: 0 for external chains, 1 for internal chains</li><li>address_index: address index, starting from 0</li></ol><h1 style="margin-left:0cm;">External Wallet Address Generation Process</h1>Take the following seed phrases for example, the process of generating from seed phrases to the final wallet address that users see is as follows:&nbsp;rose rocket invest real refuse margin festival danger anger border idle brown<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975/1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975.png" alt="1*Z1rsRKUgD_mvtK_Ltb-9Kw.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975/thumbnail_1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975/small_1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975/medium_1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975/large_1_Z1rs_RK_Ug_D_mvt_K_Ltb_9_Kw_393311f975.png 1000w," sizes="100vw">From seed phrases to wallet addressThe efficacy test could be done by<a href="https://iancoleman.io/bip39/#english"> Mnemonic Code Converter</a>:<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d/1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d.png" alt="1*cehZ5jx7yMUv_-vLoZ4rJg.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d/thumbnail_1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d/small_1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d/medium_1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d/large_1_ceh_Z5jx7y_M_Uv_v_Lo_Z4r_Jg_07b171628d.png 1000w," sizes="100vw">Account Model for KryptoGO WalletOur unique account model is a one-to-one matching of phone numbers and seed phrases, and derives multiple chains of wallet addresses. Therefore, it allows us to check who the transferer is and where the funds source is from, providing the best gatekeeper for the user’s assets.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_4_T_Kf_Q_Qgw2_S0t_R_Yf3_Tx1eaw_9ab77f7832/1_4_T_Kf_Q_Qgw2_S0t_R_Yf3_Tx1eaw_9ab77f7832.png" alt="1*4TKfQQgw2S0tRYf3Tx1eaw.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_4_T_Kf_Q_Qgw2_S0t_R_Yf3_Tx1eaw_9ab77f7832/thumbnail_1_4_T_Kf_Q_Qgw2_S0t_R_Yf3_Tx1eaw_9ab77f7832.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_4_T_Kf_Q_Qgw2_S0t_R_Yf3_Tx1eaw_9ab77f7832/small_1_4_T_Kf_Q_Qgw2_S0t_R_Yf3_Tx1eaw_9ab77f7832.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_4_T_Kf_Q_Qgw2_S0t_R_Yf3_Tx1eaw_9ab77f7832/medium_1_4_T_Kf_Q_Qgw2_S0t_R_Yf3_Tx1eaw_9ab77f7832.png 750w," sizes="100vw">KryptoGO Wallet’s Account Model

There are countless cryptocurrency wallets, and the key difference between them is how the private key is kept. This article focuses on the private key management mechanism and technology used in decentralized wallets like KryptoGO Wallet.

Things you should know about financial security in the Web3 era: How does token, private key, and wallet (account) work?

Blockchain game guild "YGG Japan", which has an exclusive partnership with ForN Co., Ltd. (ForN, Minato-ku, Tokyo,CEO Tetsuya Fujiwara), announced today that KryptoGO Co., Ltd (KryptoGO) and Infinity Ventures Crypto (IVC) to jointly develop a wallet dedicated to GameFi users.Users wishing to enjoy blockchain games today have to download, install, and configure browser extensions and mobile wallets (Non-Custodial wallets) on their smartphones to prepare tokens and coins to be used in games. Many of these existing wallets are generic products designed for use with DeFi and Decentralized Exchange (DEX), and there are no wallets specific to blockchain games and for blockchain game users. The barriers to getting started with blockchain gaming are high, therefore, BCG are not accessible to everyone.YGGJ, which aims to create a world where games are part of everyday life through "Play and Earn", believes that in order for more users to experience the fun of blockchain games, it is imperative to lower the barriers to starting a game as much as and as easy as possible. Under this mission, it is quite logical conclusion to form a join venture among YGGJ, a regional subDAO of the world's largest blockchain game guild YGG, KryptoGO, a multi-chain, non-custodial wallet developer, and IVC investing pioneering startups in GameFi, DeFi and Web3, to address this challenge and bring the BCG to the next level.<figure class="image"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/2022_Tokyo_Game_Show_1_35f22713ec/2022_Tokyo_Game_Show_1_35f22713ec.jpg"><figcaption>2022 Tokyo Game Show</figcaption></figure>Comment from Tetsuya Fujiwara, YGG JapanCurrently, only highly literate users are accessible to and enjoy blockchain games and web3 world in Japan. YGG Japan's mission is to spread blockchain games and the new era of gaming culture, and to bring this new experience to as many users as possible. We are looking forward to collaborating with KryptoGO and IVC who share our philosophy, and we are very happy to have partners who can accomplish this mission together.Comment from Kordan Ou, CEO of KryptoGO Co., Ltd.In the collaboration with YGGJ and IVC, KryptoGO's role is to optimize the experience of managing on-chain game assets. In GameFi, many game producers are inclined to develop their own blockchain, which raises the bar for gamers entering the space. KryptoGO and their propriety wallet and account model solves this by placing great emphases on "asset management for multiple chains" and "usability and user-friendliness." Users can manage all their virtual assets with just a phone number, making the transition from Web2 to Web3 gaming much easier. Regardless of which blockchain a game runs on, all game assets with be accessible and highly secure in KryptoGO Wallet, making it the best choice as a cross-game inventory!Comment from Akio Tanaka, Infinity Ventures CryptoThrough our experience in launching and investing in social games in the Japanese market, we see great potential for the explosion of blockchain games in Japan, and we are very pleased to participate with KryptoGO in the development and delivery of the wallet, an important first step in YGGJ's mission to bring a new era of gaming culture and user experience to Japan.

Blockchain game guild "YGG Japan", which has an exclusive partnership with ForN Co., Ltd. (ForN, Minato-ku, Tokyo,CEO Tetsuya Fujiwara), announced today that KryptoGO Co., Ltd (KryptoGO) and Infinity Ventures Crypto (IVC) to jointly develop a wallet dedicated to GameFi users.

Users wishing to enjoy blockchain games today have to download, install, and configure browser extensions and mobile wallets (Non-Custodial wallets) on their smartphones to prepare tokens and coins to be used in games. Many of these existing wallets are generic products designed for use with DeFi and Decentralized Exchange (DEX), and there are no wallets specific to blockchain games and for blockchain game users. The barriers to getting started with blockchain gaming are high, therefore, BCG are not accessible to everyone.

YGGJ, which aims to create a world where games are part of everyday life through "Play and Earn", believes that in order for more users to experience the fun of blockchain games, it is imperative to lower the barriers to starting a game as much as and as easy as possible. Under this mission, it is quite logical conclusion to form a join venture among YGGJ, a regional subDAO of the world's largest blockchain game guild YGG, KryptoGO, a multi-chain, non-custodial wallet developer, and IVC investing pioneering startups in GameFi, DeFi and Web3, to address this challenge and bring the BCG to the next level.

Collaboration for Web3 Game Wallets: YGG Japan, KryptoGO, and IVC Join Forces

Hey friends! We hope you’ve all been finding our latest multiple multi-wallet update useful.After a big update, the following weeks may seem less glamorous, consisting of various bug fixes and smaller improvements, but these fixes are essential for creating a better user experience and hence, we will not overlook them.Here is a list of bugs that we caught and squished 😠<ul><li>Fixed a bug where the QR codes on the flip side of NFTs weren’t functioning properly.</li><li>Users who imported a seed phrase to create their wallet group (as opposed to creating a wallet group via KryptoGO’s wallet-generation procedure) are now able to reveal their seed phrase in the settings page.</li><li>Assets now correctly refresh after a wallet is removed.</li><li>Fixed a bug where the line chart data on the home screen had an 8-hour discrepancy with actual data.</li><li>Fixed a bug where the user would sometimes encounter a blank screen due to erroneous wallet routing.</li><li>Fixed a bug where the user avatar shows up as empty despite the user having set an NFT as their avatar.</li><li>Fixed a bug where low-cap tokens would show up in EVM wallets in a wallet group even though they shouldn’t.</li><li>On the flip side, fixed a bug where certain low-cap tokens weren’t showing up even though they should.</li><li>Fixed a bug where custom gas fees values weren’t being used correctly.</li><li>Fixed a bug where Wallet Connect fails when switching chains.</li><li>Fixed a bug where wallets weren’t syncing between multiple devices.</li></ul>We’ve also been testing out some new functionality specifically for affording NFTs utility and making the distribution of NFTs (think: airdrops, or NFT rewards) much easier for both project teams and users. We’ll reveal more details when the time is right, but meanwhile, we are launching KryptoGO Yacht Club (KGYC), a free NFT for y’all that also allows us to test out infrastructure. Check out the event website <a href="https://wallet.kryptogo.com/events/kryptogo-yacht-club">here</a> and get your free NFT!&nbsp;It is worth noting that the Ethereum “Merge” is coming soon! In a few days time, Ethereum is undergoing The Merge, a long-awaited upgrade transitioning the consensus protocol from proof-of-work (POW) to proof-of-stake (POS).It’s a pretty big deal. However, you won’t need to do anything! Your ETH will transfer over after The Merge, and you’ll still be able to see the full amount in your wallets following the upgrade. Sit back, and watch as the most significant upgrade of Ethereum unfolds.&nbsp;As always, let us know what you think via Discord, or any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

This week, bug fixes and improvements following our latest big update, as well as testing our infrastructure for affording utility to NFTs.

Biweekly Dev Update: September 14th, 2022

<blockquote>NFT shouldn’t be complicated and difficult to receive. The most ideal process is that consumers receive NFT automatically without doing anything.</blockquote>The NFT craze in Taiwan has given rise to a number of refreshing branded NFT distribution activities, such as the <a href="https://mazudao.io/">Mazu NFT</a> campaign launched by Dajia Chenglan Temple, the <a href="https://www.bnext.com.tw/article/70844/carrefour2022">Yuan Pu Tu</a> campaign by Carrefour and so on. What’s more, <a href="https://www.bnext.com.tw/article/71345/toyota-nft">the Garage 86 activity&nbsp;</a>held by Hotai Motor allows NTF holders to not only get more airdrops but also have the opportunity to draw for new sports car test drives through multi-level task design.However, although these NFT marketing events seem to be glamorous, it appears to be difficult to attract people from non-traditional currency circles to participate in. An author has asked friends outside the currency circle that few people really own NFT.What are the obstacles to the NFT issuance? Why is NFT, which has the advantage of liquidity compared to traditional coupons, not yet popular? Is there an unknown cost of NFT issuance? Let's break down the real-life case study and understand the process in five minutes.<figure class="image"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_afa17f377f/image_afa17f377f.png"><figcaption>-Taiwan's NFT activities are on the rise, but have not yet truly reached the mass market | Source: Major Official websites –</figcaption></figure>Why is NFT not yet a marketing tool? The key is " How to deliver it"Buying and participating in events is all about experience. If the overall process experience is excellent, users will flock to the event; on the other hand, if the experience is poor, users will be discouraged even if they love the IP/brand.Let's take the above marketing campaigns as examples to see how they "deliver" NFT to consumers.Hot wallet paradox: I come to the driving class because I don’t know how, and you still ask me to drive here?The activities at <a href="https://mazudao.io/">Chenglan Temple</a> are very dazzling, and buyers can have the exclusive votive candle, priority participation in the pilgrimage, and other empowerments that are said to be awesome benefits for believers, but why haven't we seen any grandpas and grandmas displaying or using it?Let's take a look at its NFT "delivery" process to get a glimpse.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_187a75b887/image_187a75b887.png">Did you find out where the problem is?<blockquote>Exactly, If Chenglan Temple wants to “issue NFT”, the buyers must’ve already registered a hot wallet.</blockquote>For newbies in the crypto currency experiences, this can be very strenuous. He was only intended to buy a NFT to support Mazu but end up suffering from registering Metamask, memorizing seed phrases, keeping the private key, and so on. This is just as ridiculous as you wanted to buy a scooter, but somehow got educated how to see the stock K line by the shopkeeper.<blockquote>Then, what will happen if the consumer doesn’t know how to use hot wallet and find a vender to build one for them?</blockquote>This is even worse. The vender would possess the seed phrase and private key of your wallet, both of which will allow anyone can access the assets in the wallet anywhere, and both of which cannot be changed. For example, you rented a safe at the post office and then gave the spare key to a teller he didn’t know well, which is a stupid way to do so as nobody can guarantee that the teller will not be short of money one day and steal it all.<blockquote>Finally, the NFT is not even displayed automatically!</blockquote>Although Metamask is the most popular wallet on the market, it has a fatal flaw, that is, it cannot display NFT automatically, it needs to <a href="https://metamask.zendesk.com/hc/en-us/articles/360015489331-How-to-import-an-account">manually import information</a> to make it display correctly. This is like buying an electric cooker, but had to assemble all the parts from scratch to use, how inconvenient!<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_2ca3a3df41/image_2ca3a3df41.png">This situation also happened in <a href="https://www.bnext.com.tw/article/71345/toyota-nft">TOYOTA's Garage 86 NFT</a> event and <a href="https://www.bnext.com.tw/article/68381/asmeir-nft?">A-mei's ASMR concert</a>, where users had to have a wallet before they could participate in the event and receive NFTs. This requirement is almost mission impossible for newbies. (A-mei's NFTs will only be released to the corresponding wallets in 1-2 weeks after fans apply for them, so they cannot be delivered in time)Even though some manufacturers will temporarily respond with customer service staff, but what if there are thousands or even tens of thousands of consumers? Should customer service centers be disbanded in place? Of course not, but this would mean that the distribution costs of the NFT marketing campaign would skyrocket.You can find out the paradox within the below meme.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_54b39eb531/image_54b39eb531.png">Terrible experience and inability to expand are the pain points of NFT distributionLet's take a look at the characteristics of existing NFT releases, which are limited to existing members and not used to expand the unfamiliar customer base.A-mei's ASMR NFT is designed to reward "fans" who come to concerts, while the NFT created at Chenglan Temple is designed to empower "believers," which does not reach people beyond loyal fans, thus limiting the effectiveness of NFT marketing. For example, the business community may not be interested in the Mazu NFT at the Chenglan Temple, even if the brand has worked extremely hard to create popularity.NFT should not just be a niche pleasure, as it is something that can become a medium which everyone is accustomed to.Imagine if Chenglan Temple made its Mazu NFT in to a QR-Code and put it on the Taiwan Railroad, passenger transportation, and even the MRT system for exposure, all passengers can get the NFT as soon as they scan the code.Then, instead of only earning one-time income, Chenglan Temple can continuously put empowerment and advertisement to these holders, such as Chenglan Temple's related gifts and blessing objects, so that they can get to know Chenglan Temple and even visit it, which could further lead to donations and peripheral consumption. Then, the combined economic potential will become much greater, so that the single issuance cost can leverage greater benefits.What features should a truly outstanding NFT Solution have?From the above, we can see that if a brand wants to issue NFT, the only solution is to make the "arrival process" of NFT simple and easy to use by deeply managing members and even reaching out to unfamiliar customers. Otherwise, even for those who are more motivated to learn may be discouraged by the high threshold.Good NFT distribution methods should possess the following two major points.<ul><li>Easy-to-use delivery process (automated, low threshold, no teaching costs, deliver in time preferably)</li><li>Reach out to unfamiliar customers (to expand business and bring more efficiency)</li></ul><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_cb733027d9/image_cb733027d9.png">KryptoGO's first "phone number airdrop" makes receiving NFTs even easier than drawing toilet paper!So, is there a simple, easy-to-use and effective NFT distribution solution that meets the two points above?Sure! <a href="https://www.kryptogo.com/tw/products/wallet">KryptoGO</a> is the first of its kind, pioneering the concept of "Phone Keychain", using familiar phone numbers as a medium to help brands/users easily enter Web3.With a cell phone number, KryptoGO can help you with the followings:<ul><li>Users can get a hot wallet in 10 seconds (Metamask takes at least 1~3 minutes and the process is complicated)</li><li>Helps brands to easily drop/collect NFTs without the need to register and download wallets in advance!</li></ul>&nbsp;Actual Case BreakdownLet's take the example of <a href="https://mazudao.io/">Chenglan Temple’s MaZu NFT</a> again and compare the difference between the existing process and the process after importing KryptoGO.<ul><li>Eliminate the barrier of entry:&nbsp;users do not need to prepare a hot wallet in advance, manufacturers do not need to build on their behalf.</li><li>Immediate automatic dispatch: NFTs are dispatched immediately and airdropped via phone number, collecting wallet addresses Is no longer needed.</li><li>Automatic NFT display: the NFT will be displayed automatically without any kind of operational knowledge.</li></ul>KryptoGO wallet also has a built-in empowerment redemption system, so holders don't have to jump to other websites or tools, they can make it all happen in one single app. KryptoGO also allows brands to manage their own empowerment items/expiration dates/redeem times, etc.In other words, KryptoGO optimizes the "delivery process", "product usage" and "inventory management" of NFT in the meantime. It can be said that KryptoGO is the best NFT solution for both brands and consumers.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_546c3756b0/image_546c3756b0.png">Action speaks louder than words: scan the code and experience the phone number airdrop at light speed!Whether you're a brand or a user looking for an easy-to-use NFT carrier, you can scan the QR-Code below to pick up KryptoGO's phone airdrop NFT "KryptoGO Yacht Club" and experience the power of NFT in 30 seconds!<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_7453b020a1/image_7453b020a1.png">After receiving the NFT, you must have already felt how KryptoGO can simplify and optimize your brand/user's NFT experience. Still searching for the best solution for NFT distribution/enabling item management/enhancing user's Web3 experience?Contact <a href="https://www.kryptogo.com/tw/contact/sales">KryptoGO&nbsp;</a>and turn your Web3 business around with NFT!&nbsp;#NFT #Issuance Costs #Issuance Process #Easy to Get

NFT shouldn’t be complicated and difficult to receive. The most ideal process is that consumers receive NFT automatically without doing anything.

Wanting to issue NFT but is complained about the difficult procedure? —Find out what the marketing pain points are from the “distribution process”

This week, we're delivering some big architectural changes. Introducing: The Multiple Multi-wallet Update.

Biweekly Dev Update: August 31th, 2022

<blockquote>Not Your Keys, Not Your Coins. It’s That Simple.</blockquote>Never share your private key!When the private key isn’t yours, then the coin will no longer be yours. This is the most important concept before possessing crypto assets.<h1 style="margin-left:0cm;">What does “wallet” refer to?</h1>A wallet is what makes your private key (the password that gives you access to your cryptocurrency) secure and accessible.Unlike regular wallets that hold actual cash, we usually refer wallets in blockchain as “crypto wallets”. This wallet doesn’t store crypto assets directly, but rather access crypto assets that exist on the blockchain through a private key. The private key is what proves that you own the corresponding cryptocurrency and allows transactions to take place. If you lose your private key, you will not be able to access your funds, which is why it is so important to know how to keep your private key safe.Wallets allow us to send and receive cryptocurrency in a variety of forms, from hardware wallets like Ledger (which looks like a USB) to applications like KryptoGO Wallet, as follows:1 Paper: The secret key is written on a physical medium such as paper and stored in a secure location.2 Hardware (card, USB): The private key is stored in the hardware and connected to the computer and network only when sending or receiving cryptocurrency.3 Software: The private key is stored in an APP or browser plug-in.<blockquote>Deciding how to store encrypted assets is an important decision. Therefore, understanding the type of wallets is necessary for choosing which wallet works best for us. (these 3 forms above are usually non-custodial wallet presentations.)</blockquote><h1 style="margin-left:0cm;">Non-Custodial Wallet</h1>Using a non-custodial wallet means you are fully responsible for the private key, seed phrase, and funds. Because a third party trust is not needed in non-custodial wallets, you must protect your private key and find a strong password after creating a wallet.Most non-custodial wallets are browser-based or mobile apps like KryptoGO Wallet, a type of wallet also known as a hot wallet. On the other hand, there are cold wallets like the Ledger Nano, which are USB-like wallets that store your private keys offline.The downside to non-custodial wallets is that if you lose your seed phrase, forget your password, or somehow can't access your wallet, you won't be able to recover your wallet and therefore can't access your funds anymore.Non-custodial wallets play an indispensable role in enabling a completely decentralized world, but can be difficult for the newbies. Therefore, when using a non-custodial wallet, make sure you have multiple backups of your seed phrases and passwords, and that no one but yourself knows about them.<h1 style="margin-left:0cm;">Custodial Wallet</h1>If you have previously been to a centralized exchange, this means that you have used a custodian wallet. In this case, the centralized exchange acts as a custodian and holds your funds, private keys, and seed phrases. However, this also means that the exchange can do whatever it wants with the funds (you must choose your exchange carefully), and the concentration of funds is often vulnerable to hacking attacks. In addition, centralized exchanges also offer escrow services for institutional clients, such as Coinbase Custody.<h1 style="margin-left:0cm;">Conclusion</h1>Non-custodial wallets give you full responsibility for private keys, seed phrases, and funds. Custodial wallets, on the other hand, hold funds, private keys, and seed phrases for you.When you use a custodial wallet, you must trust the third party. Conversely, when using a non-custodial wallet, you must protect your key, seed phrase, and password.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/noncustodial_vs_custodial_fdf081a0ad/noncustodial_vs_custodial_fdf081a0ad.png" alt="noncustodial vs custodial.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_noncustodial_vs_custodial_fdf081a0ad/thumbnail_noncustodial_vs_custodial_fdf081a0ad.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_noncustodial_vs_custodial_fdf081a0ad/small_noncustodial_vs_custodial_fdf081a0ad.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_noncustodial_vs_custodial_fdf081a0ad/medium_noncustodial_vs_custodial_fdf081a0ad.png 750w," sizes="100vw">The comparison table of non-custodial &amp; custodial wallet

Deciding how to store encrypted assets is an important decision. Therefore, understanding the type of wallets is necessary for choosing which wallet works best for us. 

Crypto Wallets: Custodial vs. Non-Custodial Wallets

Since virtual currency can exchange value with physical commodity and financial markets, a lot of discussions and applications have been developed. However, the technology behind blockchain and cryptocurrency has a higher entry threshold than the value exchange system evolved in human history in the past. Under the premise that it’s hard for most people to understand, there are endless cases of cryptocurrency being illegally used by intentional people. For example, recently, an American oil company was demanded to pay bitcoin ransom by hackers, or the Ponzi scheme of virtual currency (requiring investors to pay fees and get paid by recruiting new distributors), obliterating well-intentioned supporters and legitimate service provision.As virtual assets are difficult to recognize but easily adopted by criminal organizations, FATF has issued relevant norms and guidelines requiring countries to include virtual assets in anti-money laundering supervision of financial systems since June 2020, and has then officially implemented its audit against member countries.<h1>Taiwan issues corresponding laws and regulations on FATF norms</h1>Although Taiwan is a non-member country with the hundreds rest of other countries, not abiding by the same regulations would mean taking risks of being rejected in the international financial system. Therefore, on May 25 this year, the FSC announced the draft "Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Enterprises Handling Virtual Currency Platform or Transaction", which requires five major types of virtual trading businesses to be regulated by the Anti-Money Laundering Act starting from July 1, 2021.In accordance with Article 154(1) of the Administrative Procedures Act and Article 5(2) of the Anti-Money Laundering Act, the provisions of Article 6(3), Article 7(4), Article 8(3), Article 9(3), Article 10(3) and Article 7(5) of the Anti-Information Terrorism Act, the FSC invited relevant ministries and industry representatives to discuss the draft and issued&nbsp;<a href="https://www.fsc.gov.tw/ch/home.jsp?id=133&amp;parentpath=0,3&amp;mcustomize=lawnotice_view.jsp&amp;dataserno=202106020001&amp;dtable=NoticeLaw">a notice of the draft&nbsp;</a>on 2021/06/02 coinciding with the effective date of the Executive Yuan's designation of the virtual trading platform and trading business scope. The full report can be&nbsp;<a href="https://www.fatf-gafi.org/publications/mutualevaluations/documents/4th-round-procedures.html">downloaded here.</a><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/2022_08_23_10_49_35_4e5ab9f784/2022_08_23_10_49_35_4e5ab9f784.png" alt="截圖 2022-08-23 上午10.49.35.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_2022_08_23_10_49_35_4e5ab9f784/thumbnail_2022_08_23_10_49_35_4e5ab9f784.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_2022_08_23_10_49_35_4e5ab9f784/small_2022_08_23_10_49_35_4e5ab9f784.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_2022_08_23_10_49_35_4e5ab9f784/medium_2022_08_23_10_49_35_4e5ab9f784.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_2022_08_23_10_49_35_4e5ab9f784/large_2022_08_23_10_49_35_4e5ab9f784.png 1000w," sizes="100vw">According to the Executive Yuan's declaration dated April 6 this year, the "Virtual Exchange Platform and Trading Business" (VASP) includes:1&nbsp;The exchange of virtual currency between TWD, foreign currencies and currencies issued in Mainland China, Hong Kong or Macau.2 Exchanges of virtual currency.3 Transfers of virtual currency.4 Maintaining, managing or providing management tools for virtual currency.5 Participate in and provide financial services related to the issuance or sale of virtual currency.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/sdasaw_0748f02ae2/sdasaw_0748f02ae2.png" alt="sdasaw.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_sdasaw_0748f02ae2/thumbnail_sdasaw_0748f02ae2.png 239w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_sdasaw_0748f02ae2/small_sdasaw_0748f02ae2.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_sdasaw_0748f02ae2/medium_sdasaw_0748f02ae2.png 750w," sizes="100vw">Among the 18 draft articles of the FATF, all should be complied starting from July 1st&nbsp;except for Article 7, which has been delayed due to difficulties in implementing the real-name system for cross-border platforms. Regulatory restrictions should be enforced on the establishment of an internal control and audit system for money laundering prevention, customer identification, transaction record keeping, reporting of transactions over a certain amount, and reporting of suspected money laundering or information terrorism transactions, etc.<h1>Coverage and Impact of the Act</h1>In addition to the common fiat and virtual currency exchanges and crypto exchanges, the regulation will also cover certain service providers that assist in the transfer of virtual assets or virtual currency mixer, as well as software and hardware providers that provide virtual asset-related custody services or tools, or financial service providers related to ICOs and IEOs. The amount of manpower and time consumption troubles financial institutions every year in meeting the CDD and AML regualtions, not to mention the great challenges for most VASPs to meet the requirement. As of now, some service providers are known to be ending some of their services on June 30, but it remains to be seen whether this will be temporary or permanent. However, it is obvious that the implementation of laws and regulations will have an impact on some operators.<h1>How KryptoGO Helps VASPs Meet Regulations</h1>In continuous pursuant on efficient and cost-effective compliance solution for financial institutions, KryptoGO has an one-stop search engine for customer due diligence. While KryptoGO has focused its product development on the needs of traditional financial institutions, they now offer a KYABC (Know your Address, Business, and Customer) solution to address the tight schedule in compliance with VASPs. The solution utilizes rtificial intelligence in machine learning to match customer information, eliminating 95% of virtual asset traders without criminal risk.In the past, enterprises had to search through multiple databases and then cross-match the search results manually to determine whether they were the target of scrutiny, which was a tedious and time-consuming process. Through the customer due diligence search engine, enterprises inputs basic information of customers, and the system automatically scans a large database of international sanctions lists, negative news, etc., and generates risk reports for further risk assessment and decision making. The automated solutions has proven to save over 80% of operational costs, and effectively filters out up to 95% of irrelevant risk information on the target.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/sfdadgre_da5683a589/sfdadgre_da5683a589.png" alt="sfdadgre.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_sfdadgre_da5683a589/thumbnail_sfdadgre_da5683a589.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_sfdadgre_da5683a589/small_sfdadgre_da5683a589.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_sfdadgre_da5683a589/medium_sfdadgre_da5683a589.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_sfdadgre_da5683a589/large_sfdadgre_da5683a589.png 1000w," sizes="100vw">KryptoGO understands the difficulties faced by the virtual assets service industry under the upcoming regulations. In the area of customer screening, the due diligence search engine performs 99.9% of the screening, but the final step is still required to be performed by enterprises to confirm the customer's identity according to the international money laundering control laws.<h2>Why are we reliable?</h2>In 2020, KryptoGO won awards in the "2020 International Supervision Technology Hackathon" competition co-directed by the FSC, FSA, and CPSC, under the themes of eKYC and Real-time Market Supervision, as well as POC (Proof of Concept) awards from three financial institutions, making it the most awarded national startup in the competition. More important than the awards, however, was the fact that KryptoGO's product solution passed the regulatory compliance checkpoint set by the organizers during the competition: 1. proving the compliance of the application itself and achieving market validation; 2. confirming the accuracy of the solution to address potential customer pain points.At this point in time, the KryptoGO Compliance solution has been adopted by 25 branches of MegaBank in 12 countries around the world, and vigorously seeks for implementation in financial institutions. In the face of increasingly stringent financial regulatory, KryptoGO is ready to be the number one gatekeeper for organizations.<h1>Common Questions about the “VASP Anti-Money Laundering and Anti-Financing Measures” issued by the FSC</h1><h2>What is VASP?</h2>The full name of VASP is “Virtual Asset Service Provider”, which is a new industry category of FATF for virtual currency.<h2>Do we need KYC even if we have no contact with fiat currency?</h2>According to the Money Laundering Control Act, those who exchanges fiat currency for another person is classified as a virtual platform and trading business and is required to take appropriate anti-money laundering measures, including Know Your Customer (KYC).<a href="https://www.kryptogo.com/blog/always-being-a-concern-in-the-bank-get-to-know-kyc-in-5-minutes">Always being a concern in the bank? Get to know “KYC” in 5 minutes - KryptoGO Blog</a><h2>What do I need to do to comply with the Virtual Money Laundering Regulation on July 1st ?</h2>According to the draft on June 2nd , operators are required to at least perform customer identification, ongoing review, record keeping, ongoing monitoring of transactions, suspicious transaction reporting, implement internal controls and audits, and conduct periodic money laundering risk assessments.<h2>Does the draft need to be fully compliant by 07/01?</h2>Considering article 7 of the Travel Rule on virtual transfer of goods is subject to international implementation, and the competent authority will set another implementation date.In consideration of Article 7 in the Travel Rules concerning the transfer of virtual currency, It should be subject to the international implementation situation, then the competent authority shall determine another implementation date.Except for the Travel Rule, all of them will be implemented from 07/01.<a href="https://www.kryptogo.com/blog/top-3-challenges-in-regulatory-implementation-for-the-travel-rule">Top 3 Challenges in Regulatory Implementation for the Travel Rule - KryptoGO Blog</a><h2>How will the regulatory authorities check? Are there any standards that can be followed?</h2>We may conduct audits on a risk-based basis at any time, including on-site and off-site audits, and may designate or request the industry to appoint specialized professional and technical personnel to conduct audits of the industry's anti-money laundering and anti-counterfeiting activities and submit reports to us at the expense of the subject of the audits. We may order the industry to provide us with books, documents, electronic data files or other information related to anti-money laundering and anti-counterfeiting activities for the purpose of such audits. The foregoing information shall be stored in any form, whether in paper, electronic files, e-mail or any other form, and shall not avoid, deny or hinder access for any reasons.The audit may be conducted at any time, using a "risk-based approach" with no SOPs or quantitative standards.<h2>What information do I need to collect in order to confirm the customer’s identity?</h2>There is no certain standard. The more comprehensive the KYC information with the customer, the better, such as: full name, address, citizenship, date of birth, government issued photo ID, social security number, tax ID, bank statements, utility bills and bank card photos. Not only does this ensure compliance with BSA and FATF Recommendation 16, but it is also critical for law enforcement agencies investigating crimes such as money laundering, terrorist financing, drug trafficking and distribution of child abuse materials.Balancing between user experience and compliance is an art.<h2>How do we determine if we need an advanced program?</h2>There is no limit to the number of uses of the standard solution, but there is no API and the scope of data is limited to Taiwan. Therefore, if you are considering to interface with an internal system and have a customer base that is not limited to Taiwan, an advanced solution is recommended.<h2>If there is no API, do we need to hire someone to review it?</h2>Article 7 of the <a href="https://law.banking.gov.tw/Chi/FLAW/FLAWDAT01.aspx?lsid=FL085298">Anti-Money Laundering Measures for Financial Institutions</a>: Financial institutions should conduct their own customer identification operations. If a financial institution is required by law or by our association to rely on a third party to identify and verify the identity of the customer, the identity of the agent, the identity of the beneficial owner, or the purpose and nature of the business relationship, the financial institution relying on the third party should still be ultimately responsible for confirming the identity of the customer.KryptoGO does its best to complete 99.9% of the customer screening process, but regardless of whether there is an API or not, a final step to confirm the identity of the customer is required. The international anti-money laundering control laws stipulate that there is no way to transfer criminal responsibility to a third party.<h2>After buying the system, can you comply? Do I need to do anything else?</h2>Our due diligence engine will provide objective and neutral due diligence results based on publicly available information, and quickly provide search results with high accuracy and low false positive rate under the sufficiently wide data coverage. As for the acceptance of clients, it depends on internal processes and regulations, which can refer to our anti-money laundering consulting services.<h2>What is the KYABC scenario? Can you give me an example?</h2>We understand the pain points of VASPs and offer a one-stop regulatory solution that can be applied to the review of virtual money transfers as well as the name matching functionality of the traditional AML process, including the Travel Rule real name transfer regulation.<h2>How much does it cost to upgrade during the subscription period of the standard solution?</h2>We charge the cost of the advanced plan minus the amount corresponding to the remaining standard plan subscription period, without any upgrade or migration process.<h2>Are there any special offers for VASP?</h2>For VASP we offer a one-year, $100,000 total solution "System + Service" that includes 20 hours of CAMS consulting and one year of unlimited online consulting. The CAMS Anti-Money Laundering Firm will ensure full compliance. You will receive an one month unlimited online counseling if you pay by July 1st. (The service includes CAMS' assistance in setting up internal KYC/AML management processes, staff training, and assisting companies to thoroughly implement money laundering prevention and counter-terrorism from the inside out.)<h1>Read more…</h1><ul><li><a href="https://www.kryptogo.com/blog/always-being-a-concern-in-the-bank-get-to-know-kyc-in-5-minutes">Always being a concern in the bank? Get to know “KYC” in 5 minutes</a></li><li><a href="https://www.kryptogo.com/blog/the-difference-between-kyc-and-aml">The difference between KYC &amp; AML?&nbsp;</a></li><li><a href="https://www.kryptogo.com/blog/fiat-to-virtual-currency-a-focus-on-transaction-monitoring">Different transaction monitoring mechanism between Fiat and Crypto</a></li><li><a href="https://www.kryptogo.com/blog/fatf-methodology-with-the-rapid-development-of-virtual-assets">FATF Methodology with the Rapid Development of Virtual Assets</a></li><li><a href="https://www.kryptogo.com/blog/how-to-regulate-virtual-assets-about-fatf-travel-rule-recommendations">How to regulate virtual assets? –about FATF Travel Rule recommendations</a></li><li><a href="https://www.kryptogo.com/blog/top-3-challenges-in-regulatory-implementation-for-the-travel-rule">Top 3 Challenges in Regulatory Implementation for the Travel Rule</a></li></ul>

As virtual assets are difficult to recognize but easily adopted by criminal organizations, FATF has issued relevant norms and guidelines requiring countries to include virtual assets in anti-money laundering supervision of financial systems since June 2020, and has then officially implemented its audit against member countries.

All You Need to Know About VASP FATF

Hey guys! We’ll keep this week super short, for most of the work we’ve been tirelessly doing are under the hood, including:<ul><li>app architecture changes,</li><li>backend development,</li><li>database migration and maintenance,</li><li>making sure data syncs between local devices and the cloud, and</li><li>improved error logging so we can catch bugs and solve your problems quicker and more efficiently.</li></ul>We won’t bore you with the technical details (developer and engineer talk, yada yada). It sounds like less exciting work, perhaps, but it paves the way for robust and secure software, and at KryptoGO, protecting your on chain assets is our top priority.Two other things that deserves a mention:<ol><li>It is now possible to redirect to the wallet’s DApp Broswer from another browser (e.g. Safari, Chrome). Just click “Share Link”, and choose KryptoGO Wallet.</li><li>Our one-click DeFi functionality is currently under maintenance. We will get it back online soon, but meanwhile, you can manage (stake/unstake) your DeFi assets by navigating to <a href="https://pancakeswap.finance/">PancakeSwap</a> in the DApp Browser.</li></ol><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*g70FEodW9AmP5tTTHWTKnQ.jpeg" alt="" loading="lazy">We’ll be back in a couple of weeks time to announce the big update we’ve been preparing for. Here’s a hint: What’s better than having a multi-chain wallet? In the meantime, let us know what you think via Discord, or any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

We'll keep this week short, for most of the work we've been doing are under the hood in preparation for our next big update.

Biweekly Dev Update: August 17th, 2022

<blockquote>The Taiwan-based financial technology startup will use the funds to boost its product development, expand its team and enter new markets</blockquote>Taiwan-based regulatory technology (RegTech) developer and non-custodian (DeFi/NFT) wallet provider KryptoGO has raised a total of US$3 million in its recently concluded seed funding round.&nbsp;Taiwan's National Development Fund (NDF) participated in the funding round, alongside global venture capital firms including Hive Ventures, Red Building Capital, AVA Angels, New Economy Ventures, Hao Fong Investment, and Pegatron Venture Capital. The involvement of Taiwan's NDF highlights their confidence in KryptoGO and emphasizes Taiwan's support for blockchain and related emerging technologies. The funds raised will be used to expand KryptoGO's market presence in the United States, strengthen the team, and launch new product features later this year.Founded in 2019, KryptoGO aims to empower financial institutions and individuals by establishing a more secure and transparent environment for managing crypto assets and decentralized applications (DApps) operating in the Web3 ecosystem. The company uses natural language processing technology equipped with a comprehensive global anti-money laundering database and artificial intelligence (AI) systems that enable cross-comparison of anti-money laundering data and other risky behavior.The company also recently launched its flagship KryptoGO Wallet, a decentralized cross-chain wallet with financial identity verification and DeFi asset management functionality. Leveraging the company’s unique cross-chain technology, the KryptoGO wallet ensures that its users can integrate and manage cross-chain assets on a single platform and identify favorable DeFi investment opportunities across a multitude of chains in DeFi, all while ensuring data security.The launch of the KryptoGO Wallet exemplifies the company’s commitment to raising data sharing capabilities among its users. As blockchains are created in protected ecosystems — with their own set of rules and consensus protocols — direct communication or token transaction between blockchains could <a href="https://101blockchains.com/blockchain-interoperability/">prove to be difficult</a>. However, the cross-chain technology present in the KryptoGO Wallet enables crypto tokens and information to be seamlessly shared across different blockchains, addressing any scaling limitations in the process.“Decentralised finance is gaining strong momentum in today’s financial ecosystem, but its digital complexities and growing ecosystem of chains and DApps have also shone a light on the need for a simple, unified and trusted gateway into the world of Web3 for Institutional and entry-level users alike,” said Kordan, CEO of KryptoGO. “This is where we come in. With secure, compliance-based technologies that are trusted by financial institutions, our users will enjoy a conducive environment where they can obtain, manage and grow their crypto portfolio, all while being in compliance with traditional and DeFi needs.”The KryptoGO wallet supports several lucrative cryptocurrency tokens such as Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), TRON, MATIC and more. Additionally, the wallet is embedded with quality security features that include Secure Enclave with Advanced Encryption Standard (AES) encryption as well as biometric and passcode identification mechanisms. This means that users can employ facial or touch recognition in accessing their wallets, providing a personalized user experience with optimal data protection. All multi-chain assets are managed simply by the phone number and are securely stored in the hardware storage <a href="https://support.apple.com/zh-tw/guide/security/sec59b0b31ff/web">guarded by the systems on chip (SoCs)</a>.Just in 2021, <a href="https://blog.chainalysis.com/reports/2022-defi-hacks/">approximately US$3.2 billion</a> worth of cryptocurrency was stolen by hackers, resulting in the emphasis on data security skyrocketing. To address these vulnerabilities, KryptoGO has implemented proactive and active approaches to user data security through its flagship mobile wallet and compliance-based platform.<blockquote>“In today’s digital world, it is critical that businesses and individuals find more efficient ways to access, track and secure their assets. In the realm of decentralized finance, this is even more pertinent as such financial assets have soared in monetary value over recent years. With informational transparency and data security being placed at the forefront of its technologies, we are impressed by KryptoGO’s exemplary track record in its flagship solutions, and we look forward to seeing their future developments within the RegTech and DeFi spaces,” said Yan Lee, Founding Partner, Hive Ventures.</blockquote>Hive Ventures’ funding into KryptoGO is the first investment in the blockchain space and the latest in a series of investments made by the venture capital firm, with many future investments to come. This aligns with the company’s mission to help early-stage businesses build a smart hyperconnected world through data and technology. To date, Hive Ventures has led the funding rounds of startups such as <a href="https://technode.global/2022/01/17/us-live-streaming-technology-firm-viewabo-raises-1-77m-in-seed-round-led-by-hive-ventures/">Viewabo</a> and <a href="https://e27.co/taiwan-roundup-canner-raises-us3-5m-pre-series-a-cooby-nets-us2-9m-funding-20220308/">Canner Data</a> which have contributed to the companies’ accelerated growth respectively.As the first blockchain company to receive both ISO/IEC 27001 and 27701 information certifications, KryptoGO also builds itself on maximized user security against financial data breaches. The company further emphasizes user-centricity in its products and solutions, primarily by providing users with the native experience of using a comprehensive mobile wallet to avoid the complexities of using multiple individual decentralized applications (DApp) browsers when addressing their DeFi needs.In addition to its current partnership efforts that saw <a href="https://finance.yahoo.com/news/worlds-1st-redeemable-nft-kryptogo-130000191.html">the launch of the NFT Lucky Bag</a> earlier this year, KryptoGO plans to expand its robust partnership and customer base to the United States, Japan and Southeast Asia through collaborations with ecosystem partners in these regions. Partners will range from NFT collections to GameFi projects and DeFi platforms — all with the aim of fostering greater socialization and a sense of community among KryptoGO wallet users.The company also aims to embed such social elements into the KryptoGO wallet’s features, potentially enabling users to interact and share information based on their crypto investments and NFT collectibles. Currently, the company is on its way to launching its first NFT GEM pass that will grant users access to premium features in the KryptoGO Wallet later this year.- END -<blockquote>About KryptoGO Inc.</blockquote><blockquote>KryptoGO is a regulatory technology (RegTech) company that helps virtual asset service providers (VASP) quickly identify high money-laundering risks with its due diligence engine built on top of AI and blockchain. By providing a one-stop compliance solution, the institutions can elevate the efficiency and accuracy of their KYC and risk screening processes. In the Global RegTech Challenge 2020, KryptoGO won five awards in total from 67 teams and 18 countries, and was selected by worldwide accelerators such as 500startups, PlugAndPlay, Microsoft Accelerator, UC Berkeley Xcelerator, Draper University and more. The company’s compliance solution is adopted by several financial institutions such as the Mega International Commercial Bank and serves in 13 countries and 25 oversea branches.</blockquote><blockquote>For more information, visit <a href="http://www.kryptogo.com">kryptogo.com</a></blockquote><blockquote>About Hive Ventures</blockquote><blockquote>Hive Ventures is a global venture capital firm committed to accelerating technological advancements from Taiwan to build a smarter, hyperconnected world. Led by a team of entrepreneurs with deep expertise in AI and big data, the firm invests in early-stage companies developing the building blocks of AI, SaaS, Blockchain and other future technologies, making it Taiwan’s leading fund focused on startups in these industries.</blockquote><blockquote>With an extensive global network and a strong entrepreneurial and technological background, Hive Ventures aims to raise the profile of Taiwanese-led startups and drive Made in Taiwan 2.0 internationally. It has a track record of backing companies that break data silos, accelerate development and enterprise collaborations/processes, and enhance Taiwan’s brand as the leading market in AI and SaaS innovations, including successful co-investments with other leading strategic and financial investors in the region.</blockquote><blockquote>For more information, visit <a href="http://www.hiveventures.io">www.hiveventures.io</a></blockquote>

Taiwan-based RegTech developer and DeFi/NFT wallet provider, KryptoGO, raised US$3 million in its seed funding round. Taiwan's NDF and global VCs, including Hive Ventures, Red Building Capital, AVA Angels, New Economy Ventures, Hao Fong Investment, and Pegatron Venture Capital participated in the funding round. The funds will be used to expand KryptoGO's US market presence, strengthen the team, and launch new product features later this year. Taiwan's NDF highlights their confidence in KryptoGO and Taiwan's support for blockchain and related emerging technologies.

Taiwan-based KryptoGO Secures US$3M in Seed Funding

Hey friends. We’re back with another biweekly update, detailing the most important changes that happened in the past couple of weeks.August! The summer heat brings with it its fair share of insectile activity, but in the meantime, we’re doing our best to keep those bugs out of our wallet.<ul><li>Fixed a bug where certain NFTs were unable to be listed for sale on Opensea through our DApp Browser.</li><li>Fixed a bug where certain NFTs, though listed for sale, were shown in the wallet as not.</li><li>Fixed a bug where certain NFT images were not showing up correctly.</li><li>Fixed a bug where users would see an alert saying wallet connection failed, where in reality it succeeded (e.g., when connecting to the <a href="https://x2y2.io/">X2Y2 Marketplace</a>).</li><li>Fixed a bug where some Android users were unable to connect their wallet in the DApp Browser.</li><li>Tentatively fixed a bug where users on the Android 9 operating system may see a blank screen instead of the Home screen. If this still occurs, please let us know!</li><li>Removed the “Back to previous screen” button for certain screens that should not allow the option.</li><li>The wallet address can now be copied to the clipboard in the Send screen by clicking on the address field.</li></ul>As per our promise to respect users’ data privacy as well as adhere to App Store regulations, users now have the option to delete their KryptoGO Wallet account and any data associated with it in the app. You can find the option in Account &gt; Settings &gt; Manage Account &gt; Delete My Account. Be advised that if you delete your account, KryptoGO will have no way to recover your account nor the wallets associated with it. All your on-chain assets will only be accessible if you know your seed phrases and/or private keys to your wallets.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*N4JHPu8n0lPZivBt8utj1Q.jpeg" alt="" loading="lazy">Account &gt; Settings &gt; Manage Account &gt; Delete My AccountOf course, we hope that very few people (or none at all) will be deleting their accounts 🥺, and we will always strive to listen to your feedback and make our product better. We’ll keep it short for this week, but hang on tight for some bigger changes coming Very Soon™:) As always, let us know what you think via Discord, or any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

What's new this week? Keeping bugs out of our wallet despite the summer heat, and the option to delete your account, among other things.

Biweekly Dev Update: August 3rd, 2022

The Financial Action Task Force (FATF) was established in 1989 by Group of Seven (G-7) and is the global authority regulating Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).Blockchain, bitcoin, crypto assets, virtual currencies ...&nbsp;a whole new vocabulary describing innovative technology to swiftly transfer value around the world. The fast-evolving blockchain and distributed ledger technologies have the potential to radically change the financial landscape. But, their speed, global reach and above all anonymity also attract those who want to escape authorities’ scrutiny.&nbsp;Blockchain originated just over 10 years ago. Since then, virtual assets have become widely available and have started to be used as payment products. However, without established regulation and oversight, the sector is often still referred to as the “wild west” of the finance industry.<h1>How can criminals misuse virtual assets?</h1>In 2017, the “Wannacry” ransomware attack held thousands of computer systems hostage until the victims paid hackers a ransom in bitcoin. This attack resulted in an estimated USD 8 billion in damages to hospitals, banks and businesses all around the world. Other ransomware attacks have happened since and appear to be on the rise.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1234_3288393aa2/1234_3288393aa2.png" alt="1234.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1234_3288393aa2/thumbnail_1234_3288393aa2.png 226w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1234_3288393aa2/small_1234_3288393aa2.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1234_3288393aa2/medium_1234_3288393aa2.png 750w," sizes="100vw">Source：<a href="https://www.fatf-gafi.org/publications/virtualassets/documents/virtual-assets.html?hf=10&amp;b=0&amp;s=desc(fatf_releasedate)">https://www.fatf-gafi.org/publications/virtualassets/documents/virtual-assets.html?hf=10&amp;b=0&amp;s=desc(fatf_releasedate)</a><h1>FATF Focus on Virtual Assets since 2019</h1>Virtual assets have many potential benefits. They could make payments easier, faster, and cheaper; and provide alternative methods for those without access to regular financial products.Nevertheless, without proper regulation, they would risk becoming a virtual safe haven for the financial transactions of criminals and terrorists. The FATF has been closely monitoring the developments in the crypto space and in recent years has seen the first countries start to regulate the virtual asset sector, while others have prohibited virtual assets altogether. However, as yet, the majority of countries have not taken any action. These gaps in the global regulatory system have created significant loopholes for criminals and terrorists to abuse.With support from the G20, the FATF has issued global, binding standards to prevent the misuse of virtual assets for money laundering and terrorist financing. The term “virtual asset” above refers to any digital representation of value that can be digitally traded, transferred or used for payment. It does not include the digital representation of fiat currencies.<blockquote>“While crypto-assets do not pose a threat to global financial stability at this point, we are closely monitoring developments and remain vigilant to existing and emerging risks.”&nbsp;</blockquote>—G20 learders, in the Osaka Summit in June 9th, 2019Effective implementation of these standards globally in all countries will ensure that virtual asset technologies and businesses can continue to develop and innovate in a responsible manner, and will create a level playing field.<h1>Where does the supervision take place?</h1>Traditional banks that have physical headquarters and client bases near their offices.Virtual asset service providers often have a global presence and customer base.So where do these standards apply and who should be regulating them?Regardless of where the server is located and where it operates, the country/region in which the virtual asset service provider is registered as a company is its primary regulator.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/234_1d2aebd957/234_1d2aebd957.png" alt="234.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_234_1d2aebd957/thumbnail_234_1d2aebd957.png 205w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_234_1d2aebd957/small_234_1d2aebd957.png 500w," sizes="100vw"><h1>Building a Partnership of regulating</h1>Regulating virtual assets service providers is challenging for everyone. National authorities need to develop skills to understand the technology involved, while the virtual asset service providers have to learn about the financial rules that now apply to their sector.&nbsp;It is up to the sector itself to develop the technology to meet the FATF’s requirements, particularly when it comes to securely collecting and transmitting originator and beneficiary information.&nbsp;To help governments and the industry itself, the FATF has developed a risk-based approach guidance with significant input from the sector itself. The guidance explains how to understand the risks, how to license and register the sector, and what the sectors needs to do to know who their customers are, store this information securely and detect and report suspicious transactions.<ul><li><a href="https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html">FATF Guidance for a Risk-Based Virtual Assets and Virtual Asset Service Providers</a></li></ul>The FATF has engaged intensively with the virtual asset service provider sector to build a partnership between governments and the sector and better understand the issues and risks involved, including by hosting annual fintech/regtech forums since 2017.&nbsp;Through its Contact Group, the FATF continues to further explain the FATF’s requirements to the industry and to monitor developments and understand how the industry is meeting the various challenges.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/12345_e76f556e10/12345_e76f556e10.png" alt="12345.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_12345_e76f556e10/thumbnail_12345_e76f556e10.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_12345_e76f556e10/small_12345_e76f556e10.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_12345_e76f556e10/medium_12345_e76f556e10.png 750w," sizes="100vw"><h2>Countries need to:</h2><ul><li>Understand the risk confronting money laundering and terrorist financing in the sector.</li><li>Register and license virtual asset service providers.</li><li>Regulate the sector, just as they do other financial institutions.</li></ul><h2>Virtual asset service providers need to:</h2><ul><li>Implement the same precautions as financial institutions, including customer due diligence, recordkeeping, and suspicious transaction reporting.</li><li>Access and hold the information with securely transmitting originator and beneficiary during the transaction.</li></ul><h1>Looking ahead and taking effectual action</h1>The technology behind virtual assets is developing rapidly. Future developments should not create loopholes that terrorists and criminals can exploit. Countries should implement the FATF measures as soon as possible to ensure the transparency of virtual assets transactions and keep funds associated with crime and terrorism out of the crypto space.Today, many virtual asset service providers are considered “risky businesses” and are denied access to bank accounts and other regular financial services. While the implementation of the FATF requirements is challenging for the sectors, it will ultimately increase trust in blockchain technology as it is the backbone behind a powerful and viable means of value transfer.The FATF has revised its assessment methodology, which sets out how it will determine whether countries have successfully implemented the FATF recommendations and oversee the virtual asset service provider sector.<ul><li><a href="https://www.fatf-gafi.org/publications/mutualevaluations/documents/fatfissuesnewmechanismtostrengthenmoneylaunderingandterroristfinancingcompliance.html">FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems</a></li></ul>The FATF standard ensures virtual assets being treated fairly and taking the same protections as financial sectors. The regulations of the FATF apply to the conversion of virtual assets into legal tender and the transfer of virtual assets from one type of virtual asset to another.<ul><li><a href="https://www.fatf-gafi.org/publications/methodsandtrends/documents/virtual-assets-red-flag-indicators.html">Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing [September 2020]</a></li><li><a href="https://www.fatf-gafi.org/publications/fatfrecommendations/documents/12-month-review-virtual-assets-vasps.html">12 Month Review of Revised FATF Standards – Virtual Assets and VASPs [July 2020]</a></li><li><a href="https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html">Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers [June 2019]</a></li><li>T<a href="http://www.fatf-gafi.org/publications/fatfrecommendations/documents/fatf-recommendations.html">he FATF Standards: FATF Recommendations [revised&nbsp;June 2019]</a></li><li><a href="https://www.fatf-gafi.org/media/fatf/documents/recommendations/Virtual-Assets-FATF-Report-G20-So-Called-Stablecoins.pdf">FATF Report to the G20 Finance Ministers and Central Bank Governors on So-called Stablecoins [June 2020]</a></li><li><a href="https://www.fatf-gafi.org/publications/fatfgeneral/documents/statement-virtual-assets-global-stablecoins.html">Money laundering risks from “stablecoins” and other emerging assets</a></li></ul><blockquote>With KryptoGO’s one-stop KYABC (Know Your Address/Business/Customer), your compliance work is done in KryptoGO and automated due diligence can be done with minimal effort.</blockquote>

Blockchain, bitcoin, crypto assets, virtual currencies ... a whole new vocabulary describing innovative technology to swiftly transfer value around the world. The fast-evolving blockchain and distributed ledger technologies have the potential to radically change the financial landscape. But, their speed, global reach and above all anonymity also attract those who want to escape authorities’ scrutiny. 

FATF Methodology with the Rapid Development of Virtual Assets 

<a href="https://medium.com/goaver/the-travel-rule-and-cryptocurrency-meet-24464a6d6863">https://medium.com/goaver/the-travel-rule-and-cryptocurrency-meet-24464a6d6863</a>The Financial Action Task Force (FATF) was established in 1989 by Group of Seven (G-7) as a global authority to regulate Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). FATF consists of<a href="https://www.fatf-gafi.org/about/membersandobservers/"> 39 member countries</a> who currently preside over more than 200 countries and almost every major global financial center. FATF also works closely with 8 regional associate members and 30 observer countries and organizations (e.g., IMF, UN, World Bank).In June 2019, the <a href="https://kyc-chain.com/what-is-the-financial-action-task-force-fatf/">FATF</a> revised their <a href="https://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-VA-VASPs.pdf">Recommendation 16 (Travel Rule)</a>, which fundamentally changes the original crypto world that we are familiar with. With the revision, the proposal has been extended to Virtual Asset Service Providers (VASPs) such as virtual assets and exchanges, with huge implications. The FATF publishes non-compliant countries and periodically publishes reports on member countries' compliance with the FATF recommendations. <a href="https://cointelegraph.com/news/fatf-aml-regulation-can-the-crypto-industry-adapt-to-the-travel-rule">The due date of Travel Rule compliance is June 2020.</a><h1>What is Travel Rule?</h1><a href="https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html">Recommendation 16</a> is commonly referred to as the “Travel Rule,” and was designed to regulate the potential risk for money laundering or terrorist financing in wire transfers. The Travel Rule was previously limited to banks only, and closely mimics the Bank Secrecy Act (BSA) in the United States which requires financial institutions to share information about their customers and assume responsibility for reporting suspicious activity.Prior to the implementation of the FATF, the cryptocurrency industry was largely self-regulated. <a href="https://kyc-chain.com/cryptocurrency-regulations-around-the-world/">Each country created its own rules</a> to prevent money laundering and terrorist financing, but there was a lot of confusion and no overarching international standard, To keep up with the evolving world of cryptocurrencies, Recommendation 16 was expanded to include virtual assets and exchanges in June 2019.Expanded to include VASPsUnder the Travel Rule, VASPs are required to share the identities of users involved with any virtual asset transfers valuing $1000 USD or more.Countries should ensure that originating VASPs obtain and hold required and accurate originator information and required beneficiary information on virtual asset transfers, submit the above information to beneficiary VASPs and counterparts (if any), and make it available on request to appropriate authorities.VASPs will now need to obtain and verify customer identification with one another. The originator’s VASP should share the data listed blow with the beneficiary’s VASP during transactions:1 Name of the originator and beneficiary2 Account number used for transaction processing3 Identifiable information, such as physical address, ID number or place and date of birth.4 Share &nbsp;blacklists with other VASP and related parties.In addition, VASP should also be licensed or registered in the jurisdictions and have ongoing monitoring of transactions.We can examine whether a VASP should comply with the FATF regulations by questioning the following conditions:1 Whether it is a centralized virtual currency exchange.2 Whether it is a centralized virtual currency hosting service.3 Whether it allows for the transfer of virtual currency.4 Whether it provides custodian, investor, or issuer related services.If the answer to any of these questions is “yes,” then VASP should consider a risk-based, proactive approach to compliance:<ul><li>Develop a risk-based program tailored to the specific business</li><li>Implement Know Your Customer (KYC) and Enhanced Due Diligence (EDD) processes</li><li>Implement transaction monitoring and customer risk scoring</li><li>Implement dynamic systems to ensure compliance with sanctions laws</li><li>Establish clear communication with clients regarding prohibited activities</li><li>Record detailed suspicious transaction reports (STRs) where possible</li></ul>Relationship between Travel Rule and KYCThe main difference between Travel Rule and KYC is that the data collected during KYC is only used by the organization that collected the data, whereas under Travel Rule, KYC information needs to be shared between VASPs and/or relevant authorities. Moreover, KYC is an internal process, while Travel Rule is an external process.<h1>Opportunities and Challenges</h1>The Travel Rule will bring both positive and negative effects, with one major benefit being the reduction of financial crime in the cryptocurrency industry. Under the Travel Rule, financial crimes will be more difficult to commit and regulators will have a better understanding of how criminals use cryptocurrency.Another benefit is that the Travel Rule will lead to stronger KYC policies and practices, which in turn will increase customer confidence in VASPs. As a result, the implementation of Travel Rule may actually attract to new users to the crypto world who believe that the industry is now better regulated and therefore safer.However, with Travel Rule, cryptocurrency will be no longer anonymous, which is part of the reason it became so popular in the first place. It is possible that the use of VASP has declined due to the impact of Travel Rule. Although many people have heard of cryptocurrencies, <a href="https://cointelegraph.com/news/19-of-world-population-bought-crypto-before-2019-kaspersky-report">only 10% of people</a> actually fully understand <a href="https://cointelegraph.com/news/19-of-world-population-bought-crypto-before-2019-kaspersky-report">how they work.</a>&nbsp;On top of that, not all cryptocurrencies and VASPs use the same blockchain or even the same technology. For example, the two most popular cryptocurrencies, Bitcoin and Ethereum, run on <a href="https://www.investopedia.com/articles/investing/031416/bitcoin-vs-ethereum-driven-different-purposes.asp">completely different block chains</a>, which poses a huge problem for interoperability. It is conjectured that compliance with the Travel Rule would require overall uniformity of certain types in the crypto world, which would lead us to another problem.&nbsp;Furthermore, the government needs to develop regulations related to the registration of VASPs and the submission of Travel Rule reports. After all, cryptocurrency is not tied to any government, country, or legal tender.Then there are the interoperability issues involving cultural, language, and regional barriers. The need for a global solution means that VASPs in the US and VASPs in Japan must be able to use the same system. VASPs from all over the world will need to come together, work towards a common goal, and agree on a solution. When you consider it difficult for all countries around the world to reach consensus on anything, you will see a huge obstacle for VASPs.Compliance with the Travel Rule also requires compliance with existing personal data privacy laws, such as the <a href="https://kyc-chain.com/are-you-gdpr-compliant-heres-what-to-do/">GDPR</a> and <a href="https://kyc-chain.com/what-is-the-california-consumer-privacy-act/">CCPA</a>, which presents a further set of challenges.<a href="https://cointelegraph.com/news/not-everyone-is-happy-but-we-have-to-move-on-some-challenges-to-the-fatfs-new-guidance">In interviews during the V20 event in June 2019,</a> VASPs proposed some problems and challenges which both originators’ and beneficiaries’ VASP will have to find a way to share data with counterparties while not violating privacy laws or creating unreliable data through tampering.Travel Rule represents a major change in virtual currency that will fundamentally alter the way VASPs operate in the future. Besides, cooperation between VASPs will be a key part of day-to-day operations. It will be crucial for the virtual currency ecosystem and community to come together and do their best to comply with regulations.References<ul><li><a href="https://complyadvantage.com/knowledgebase/fatf-recommendations/">FATF Recommendations — What You Need To Know</a></li><li><a href="https://complyadvantage.com/knowledgebase/fatf-travel-rule/">FATF Travel Rule: What You Need To Know| ComplyAdvantage</a></li><li><a href="https://www.sygna.io/zh-hant/blog/what-is-fatf-recommendation-16-for-vasps/">What is the FATF Recommendation 16 Travel Rule for VASPs? — Sygna</a></li><li><a href="https://blog.chainalysis.com/reports/fatf-regulatory-guidance-is-here">Chainalysis Blog | FATF Regulatory Guidance Is Here. Now What?</a></li></ul>

The Financial Action Task Force (FATF) was established in 1989 by Group of Seven (G-7) as a global authority to regulate Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). FATF consists of 39 members who currently preside over more than 200 countries and almost every major global financial center. FATF also works closely with 8 regional associate members and 30 observer countries and organizations (e.g., IMF, UN, World Bank).

How to regulate virtual assets? –about FATF Travel Rule recommendations

Transaction monitoring is a type of technology that helps detect and analyze unusual transactions.<h1>Fiat Transaction monitoring</h1>Commonly, transaction monitoring include the assessment of the transaction’s type, size, nature, consistency with the customer’s risk profile, and previous transaction history.<ul><li>Basic KYC of the customer.&nbsp;PEPs, blocklist, and watchlist screening.</li><li>Identification of the client.&nbsp;The name of the sender is always written on the receipt, so that you can match it with the name stated in your agreement.</li><li>Transaction analysis. Monitor previous and future transactions to identify the unusually large, frequent or uncommon transactions.</li><li>Risk assignment. Determine the risk level of the a transaction based on the business policy.</li><li>Suspicious Activity Report (SAR). Regulators require that reports be kept for a minimum of five years and must be available at all times.</li></ul><h1>Crypto Transaction monitoring</h1>In the cryptocurrency world, transaction monitoring is a little different and more complex. Due to the anonymity of transactions, cryptocurrency transactions are always considered high-risk and are approached with strict due diligence measures.<ul><li>Address cluster detection. Identification of the cluster owner. The blockchain address itself is anonymous, so it can only be analyzed and risk based on the owner of the cluster that the address belongs to.</li><li>Transaction analysis. Screening of connections between the address and other addresses in the blockchain. Analyze the transactions up until the final determined address (wallet) entity or cluster, and calculate the possible risk score.</li><li>Suspicious Activity Report (SAR). Given the high risk associated with anonymous transactions in cryptocurrency, filing and keeping reports is even more important.</li></ul>&nbsp;<blockquote>With KryptoGO’s one-stop KYABC (Know Your Address/Business/Customer), your compliance work is done in KryptoGO and automated due diligence can be done with minimal effort.</blockquote>

In the cryptocurrency world, transaction monitoring is a little different and more complex. Due to the anonymity of transactions, cryptocurrency transactions are often considered high-risk and approached with strict due diligence measures.

Different transaction monitoring mechanism between Fiat and Crypto

Hey friends. We’re back with another biweekly update, detailing the most important changes that happened in the past couple of weeks.A few weeks ago, we added an option in Settings that allows you to choose whether to factor in your NFTs when calculating your total balance in the Wallet Tab. That functionality has now been extended to the Home Tab, and users can now freely choose whether NFTs are part of their asset overview. In other words, users can now control if NFTs show up in the list view, pie graph, and line chart on the Home screen. The toggle can be found in Account &gt; Settings &gt; Include NFTs in Home Overview.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*zm-HNj8OKdm76gpkakbKWw.png" alt="" loading="lazy">Due to the high price volatility of this class of asset, we use floor prices to estimate the value of NFTs. Note that even with the option toggled to include NFTs, NFTs under a certain transaction volume are automatically filtered, preventing items with high artificial prices but low liquidity from falsely inflating your portfolio balance.We’ve also streamlined the process of redeeming multiple NFT rewards. Instead of repeating the same process numerous times, we added a field in which users can enter the amount of rewards they want to redeem simultaneously.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*H7J-3PWG2pAJi4FsEs4L1A.png" alt="" loading="lazy">Last but not least, for users who use KryptoGO Wallet with multiple devices, you may now notice a screen pop up during login that tells you that your account has already been signed in with a different device. This is in part a security upgrade, making sure users are aware that another device may have access to their wallet and making sure data stays consistent across all devices, and in part preparing for our account model overhaul that increases both the flexibility and ease-of-use of our wallet. We’re very excited to share more details with you once we are ready.<img class="image_resized" style="width:391px;" src="https://miro.medium.com/max/782/1*ZR6Y0xLsjUNlMCpN3bk69A.png" alt="" loading="lazy">As always, we’ve been continuously spotting and squashing bugs to provide the best possible user experience. Very briefly, here are some of the pesky bugs we’ve eliminated as well as small quality-of-life changes:<ul><li>Fixed a bug where gas fees were being incorrectly calculated during signing.</li><li>Fixed a bug where some external links in the DApp browser should open in other applications (e.g., Discord, Twitter, Telegram) but weren’t doing so.</li><li>Fixed a bug where (candlestick) price charts weren’t showing up for certain tokens.</li><li>The pie chart and the line graph in the Home Tab can now be refreshed via slightly dragging down on them.</li><li>Some in-wallet text clarity changes.</li><li>Binance Smart Chain is now correctly renamed to BNB chain.</li></ul><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*hQ4e_D2Uzs0-sCfvlih1_Q.png" alt="" loading="lazy">&nbsp;<h2 style="margin-left:0px;">Adding a dash of awesome…</h2>We don’t usually cover updates for products other than the wallet in these updates, but this one definitely deserves a mention: KryptoGO Dashboard version 1.0 is now available for all project teams who use KryptoGO to distribute or airdrop their NFTs. These NFTs can be given utility via the dashboard––for instance, allowing holders to redeem rewards––and users can easily check out the afforded utility using KryptoGO Wallet. Our different products integrate with one another and together aims to make it super easy (and safe) for teams and users alike to be part of a fun and exciting Web 3.0 experience, whether it be creating one or participating in one.&nbsp;That’s it for this week! As always, let us know what you think via Discord, or any of our other social media links listed below.<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

What's new July 20th? Home page asset list customization, streamlined reward redemption, and KryptoGO Dashboard version 1.0, among other things.

Biweekly Dev Update: July 20th, 2022

&nbsp;Under the regulation of FATF (Financial Action Task Force), countries and international organizations all over the world have the corresponding anti-money laundering (AML) standards to supervise the financial industry and some non-financial industries (such as jewelry shops and silverware shops).&nbsp;The steps to implement a successful anti-money laundering program include a key process: "Know Your Customer" (KYC). Usually, “KYC and AML” will be mentioned together and used interchangeably, which they seem to be regarded as the same thing. However, that is not the case, because the meanings of KYC and AML have a large difference, especially in the regulatory environment and legal norms.&nbsp;In order to successfully comply with anti-money laundering regulations, companies must know what KYC and AML are, their differences and how they are related to each other in the regulatory process.<h1>What is “Know Your Customer (KYC)”?</h1>Know Your Customer (KYC) is a fundamental process of any financial institution's anti-money laundering program. It is defined as the process by which these agencies collect information about their customers and verify their identities. This greatly helps them fully assess the risks associated with each client. For example, all investors must be verified before participating in any ICO or crowdfunding campaign. Fintech companies are mandated to collect vast amounts of verifiable information about their customers and their identities in order to determine their legitimacy before starting any business activity.<h1>What is AML?</h1>Anti-Money Laundering (AML) refers to the overall and broader measures and processes used by financial institutions and governments to prevent and combat financial crimes (especially for money laundering and terrorist financing). Anti-money laundering regulations are decided by global institutions such as UNODC and FATF on money laundering, regional institutions such as FINRA, and local governments and institutions.The anti-money laundering policy is part of a broader and more complete anti-money laundering compliance plan of financial institutions.<h1>The difference between AML and KYC</h1>The difference between AML and KYC is that, on the one hand, AML (anti-money laundering) is the general term of all regulatory procedures that enterprises must implement in order to carry out legitimate business. On the other hand, KYC (know your customers) is a smaller portion of AML, and it consists of companies that aim to verify the identity of their customers. This is just one step in a larger process.Many financial institutions often feel confused when it comes between KYC and AML. They blurred the boundary between the two processes, which lead to being disciplined by regulatory authorities. Depending on the seriousness of the error, they may be fined or even sentenced to imprisonment.Indeed, AML and KYC are different and cannot be used interchangeably. Having said that, KYC and AML are closely related and interrelated.Customer due diligence (CDD) is the basic process of customer identification program, while enhanced due diligence (EDD) is a more advanced KYC process which is mainly used for high-risk customers that cannot be excluded through simple CDD steps. These customers are usually more likely to be involved in financial crimes including money laundering and terrorist financing, so they need more thorough verification.KYC is the first step in implementing AML procedures or policies. It is the process of verifying the identity of customers. The purpose is to have a deeper understanding of customers and their financial transactions, so as to effectively manage risks. KYC is the process that AML follows and starts. As mentioned above, AML is a larger and broader concept, including customer due diligence, risk-based anti-money laundering policy, continuous risk assessment and ongoing monitoring, employee anti money laundering compliance training program, internal control and internal audit.&nbsp;<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/difference_form_41e2f7c7e5/difference_form_41e2f7c7e5.png" alt="difference form.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_difference_form_41e2f7c7e5/thumbnail_difference_form_41e2f7c7e5.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_difference_form_41e2f7c7e5/small_difference_form_41e2f7c7e5.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_difference_form_41e2f7c7e5/medium_difference_form_41e2f7c7e5.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_difference_form_41e2f7c7e5/large_difference_form_41e2f7c7e5.png 1000w," sizes="100vw">The difference between KYC &amp; AML<h1>Why would company mix up AML and KYC?</h1>KYC is the compliance process, which constitutes the first step in the broader AML framework. However, it is common to see financial institutions and companies confuse the two. Most companies use KYC system as a tool to detect fraud, and anti-money laundering compliance is a more complex and detailed process.Preventing and implementing anti-money laundering requires an in-depth understanding of many factors. From the internal operation of the financial industry to the understanding of local, regional, national and international anti-money laundering regulations and rules, successful anti-money laundering professionals must have skills beyond KYC. In addition, they must keep up to date with the latest technologies and AML software on the market.It is not difficult to imagine why companies often confuse KYC and AML. After all, they all play an indispensable role in finance. Most importantly, they are risk-based approaches. They also have some common functions, such as customer identification and risk management. But it is important to always remember that these processes are different and have multiple functions.<h1>The most critical differentiation</h1><ul><li>KYC: It’s more about the identification process and method used prior to customer acceptance, and the regular due diligence after acceptance.</li><li>AML: Usually discusses the post-acceptance measure, especially transaction and behavioral controls.</li></ul>This will help you find the right professional and team to complete each task (AML or KYC) and comply with the regulations.We hope this article has helped you understand the definitions of KYC and AML. While these two processes are different, they are complementary and interconnected, and they work together to combat financial crimes. AML and KYC must be followed by all financial institutions that want to conduct legal transactions and avoid breaking the law.&nbsp;<blockquote>About KryptoGOKryptoGO is the most advanced financial monitoring and investigation engine to help financial institutions quickly identify high money laundering risks. Through AI technology to help automate the regulatory process, combined with DLT technology to exchange and share industry data, the search covers a list of mainstream financial industry sanctions (for 200+ countries) and instantly analyzes digital footprints on the Internet to quickly understand all the background information of the target, analyze the context to read relevant sensitive words, sentiment, money laundering risks, and use the features that appear in the context to save up to 80% of the time spent on due diligence.</blockquote>

Under the regulation of FATF (Financial Action Task Force), countries and international organizations all over the world have the corresponding anti-money laundering (AML) standards to supervise the financial industry and some non-financial industries (such as jewelry shops and silverware shops). 

The difference between KYC & AML?

&nbsp;Those who has been to a bank to open an account must have gone through a series of questions asking:“Where is your resident address?”“Why did you choose to open an account at Xinyi branch”“You opened an account at&nbsp;XXXX branch 3 months ago, why do you need to open another account now?”Wait a second, before you get annoyed by all those questions, why don’t you ask yourself the reasons these questions are necessary since the bank clerk has nothing to do with you.KYC is the abbreviation of “Know Your Customer.” We can dully understand the purpose of KYC’s implementation in the literal meaning: confirm the identity of customers through a series of processes and understand the risks that will be brought by providing services, so as to ensure that he will not affect the business and social stability of financial institutions for money laundering, raising funds for terrorists, drug lords and other criminals.The current KYC scheme all over the world comes from the “40 Recommendations for Combating Money Laundering and Terrorist Financing” formulated by the United Nations Financial Action Task Force on Money Laundering (hereinafter referred to as FATF). Since the 911 incident in the United States, FATF has revised the original KYC framework to include the policy of combating terrorist financing, and requires member states to keep the system consistent with the 40 core recommendations.&nbsp;Although Taiwan is not a member of FATF, we still follow the 40 recommendations on anti-money laundering. Therefore, it is meaningful for people living in Taiwan to understand KYC under FATF.<h1>KYC Process</h1>&nbsp;<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1111_0aae21acb3/1111_0aae21acb3.png" alt="1111.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1111_0aae21acb3/thumbnail_1111_0aae21acb3.png 234w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1111_0aae21acb3/small_1111_0aae21acb3.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1111_0aae21acb3/medium_1111_0aae21acb3.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1111_0aae21acb3/large_1111_0aae21acb3.png 1000w," sizes="100vw">The KYC process can be roughly divided into five steps: collecting customer documents, checking sanctions lists, checking high-risk backgrounds, due diligence, and risk assessment. In short, it is a knockout game with five levels to help banks understand customers and the sources of funds.1. &nbsp;Collecting customer documentsCollecting customer documents is the most familiar segment for ordinary people: when you go to the bank to open an account, you must prepare double documents (an ID card and a NHI card) and a personal seal. As soon as you sit down in front of the counter, the bank clerk will bring out all kinds of dense documents for you to sign. When you are trying to understand what the documents are for, the bank clerk will take copies of your documents and file them, and cross examine all kinds of questions to confirm that you are indeed the person on your ID card, Make sure you are the only one among the 32000 "John".2. &nbsp;Sanctions list (blacklist) checkWhen the financial institution confirms that it has collected all the necessary documents, it will enter the step of checking sanctions list. FATF will produce a global sanctions list, and the names appearing on this sanctions list will definitely be rejected by financial institutions. People whose name will appear on this list include: important figures in terrorist organizations, drug lords, financial money laundering criminals. In addition, each country will also have a list of sanctions that adapt to local conditions and laws of each country. For example, the Hong Kong National Security Law of imposing sanctions on those who "attempt to split the country" and prohibiting financial institutions from serving them just passed in the middle of this year.&nbsp;3. &nbsp;High-risk background checkAfter removing those on the blacklist, the financial institution will then decide whether to conduct enhanced due diligence on the customer. Generally speaking, the following situations will be used to determine whether the customer is a high-risk customer influential.FiguresInfluential politicians and their relativesIndustryBanking, accountants, real estate brokers, trusts, securities, gem jewelers, silverware shop, etc.Those from countries/regions that have not implemented FATF guidelinesMost of the countries are with serious civil wars like Africa, North Korea, Albania and so on.Negative newsRetrieve the relevant news of the customer based on search databases (such as Google, Baidu, etc.) and observe whether there is any negative news such as crimes.4. &nbsp;Due diligenceAfter confirming who belongs to a high-risk group, it is extremely essential to take necessary measures to start a business relationship. Therefore, financial institutions should have a better understanding of the customer's transaction purpose and the relevant beneficiaries of the transaction, and require the customer to fill out the “enhanced due diligence questionnaire.”5. &nbsp;Issue a risk assessment report for high-risk groups and file all relevant documents together.<h1>When do we need to do KYC?</h1>&nbsp;<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/2222_225f2b3561/2222_225f2b3561.jpg" alt="2222.jpg" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_2222_225f2b3561/thumbnail_2222_225f2b3561.jpg 234w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_2222_225f2b3561/small_2222_225f2b3561.jpg 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_2222_225f2b3561/medium_2222_225f2b3561.jpg 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_2222_225f2b3561/large_2222_225f2b3561.jpg 1000w," sizes="100vw">When starting a business relationship with a customerJust like when we first meet someone, we are always curious about the person’s background. When financial institutions are about to start a business with customers, they also want to know the background of this person clearly. Therefore, KYC is required for account opening, fund subscription and trust handling.Regular review in accordance with regulationsWe must keep in touch with a person at all times and understand his recent changes, just like updating messages with friends regularly. According to the guidelines on Combating Money Laundering and Terrorist Financing, financial institutions must recheck high-risk customers every three years, while low-risk customers have to do it at least once every five years.<h1>What are the important elements needed to implement KYC?</h1><h2>Manpower or tools responsible for paper collection and risk assessment</h2>Currently, the overall KYC work is a well-known labor-intensive industry within financial institutions which relies on a large number of legal compliance personnel and the work of paper collection, archiving and implementation of risk assessment. According to Thomson Reuters, in-depth investigation of a customer takes at least 24 hours, at most a week. Moreover, they need to not only establish business relations, but also do regular investigations and even doing it while having drastic changes in risk. Therefore, KYC has always been a headache matter for the first-line personnel of financial institutions.With the innovation of money laundering methods in recent years, the strict compliance standards have made financial institutions invest more in labor costs, making technology sourcing in KYC process a trend. In the field of RegTech, many companies are committed to providing digital KYC services, hoping to improve the efficiency of financial institutions on the premise of compliance, ending the previous situation of consuming a large number of paper and manpower, and struggling under compliance standards.<h2>Perfect database</h2>KYC relies on large databases to provide lists with less noise figure, so that legal compliance personnel can take the first step to filter information in the era of information explosion. The world's famous databases include Dow Jones (which is also the system in Taiwan at present) and World Check of Refinitiv.<h1>Conclusion</h1>KYC, which is rooted in FATF law, is a set of methods to know customers in order to reduce the risk of financial institutions assisting in money laundering and terrorist fund-raising. If financial institutions do not conduct KYC appropriately, they should not be providing services to customers. Now KYC relies more on manpower and paper. On the one hand, the procedures are more complex so it can be well-integrated. On the other hand, the fault-tolerant rate of manpower review is high, leaving financial institutions the opportunity to "turn a blind eye." For example, in the 2012 HSBC scandal, HSBC created the illusion of due diligence with a large number of manpower. In fact, they selectively ignored the information found in the database and secretly helped high-risk individuals to conduct money transactions.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/0000_8da03e58c8/0000_8da03e58c8.jpeg" alt="0000.jpeg" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_0000_8da03e58c8/thumbnail_0000_8da03e58c8.jpeg 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_0000_8da03e58c8/small_0000_8da03e58c8.jpeg 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_0000_8da03e58c8/medium_0000_8da03e58c8.jpeg 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_0000_8da03e58c8/large_0000_8da03e58c8.jpeg 1000w," sizes="100vw">

KYC is the abbreviation of “Know Your Customer.” We can dully understand the purpose of KYC’s implementation in the literal meaning: confirm the identity of customers through a series of processes and understand the risks that will be brought by providing services, so as to ensure that he will not affect the business and social stability of financial institutions for money laundering, raising funds for terrorists, drug lords and other criminals.

Always being a concern in the bank? Get to know “KYC” in 5 minutes

<hr>Hey friends. We’re back with another biweekly update, detailing the most important changes that happened in the past couple of weeks. Or should I say, the most important “chain-ges”?Aside from being a bad pun, it’s also what we’ve been working hard on 🤓Want a tl;dr video version? <a href="https://youtu.be/OWXI-ikdz3A">Here it is.</a><h4>Support for New&nbsp;Chains</h4><img src="https://cdn-images-1.medium.com/max/1600/1*CSMpos_y9LwtkDruO7u-PA.png">Wallet &gt; Chain Slider &gt; Arbitrum, or KuCoin Community ChainIn our continuous effort to provide our users the best wallet for the ever-growing crypto landscape and to consolidate more of your on-chain assets, we now support two new chains –– The KuCoin Community Chain (KCC) and Arbitrum (ARB). You can find these chains using the slider in the Wallet Tab, and the DApp browser connects to them automatically as well.KuCoin Community Chain is a layer-one, EVM compatible blockchain that focuses on performance, while Arbitrum is a layer-two solution that aims to improve Ethereum’s scalability and security using a technology called optimistic rollup. Going into the details here digresses from our main topic, so if you want to learn more about these new chains that we now support, their official websites can be found <a href="https://www.kcc.io/">here</a> and <a href="https://arbitrum.io/">here</a>:<ul><li>KuCoin Community Chain: <a href="https://www.kcc.io/">https://www.kcc.io/</a></li><li>Arbitrum: <a href="https://arbitrum.io/">https://arbitrum.io/</a></li></ul>For those who are wondering how we prioritize and choose between the plethora of different chains to implement, we 1) listen to user feedback, and 2) pay attention to events and trends happening in crypto. For instance, Arbitrum is added as part of the Arbitrum Odyssey initiative, the details of which can be found <a href="https://galaxy.eco/arbitrum/campaign/GCCNzUtQiW/">here</a>.Though temporarily paused, according to the official twitter account, Odyssey is set to resume after Arbitrum implements its Nitro upgrade, and with this update our wallet will be prepped to handle all types of interactions with the chain. Once Odyssey is resumed, we’ll notify users using the in-app notification center, as well as the new banners that can now be found in the Explorer Tab. In the meantime, choose the Odyssey tag in the Explorer Tab to see the relevant links!<img src="https://cdn-images-1.medium.com/max/1600/1*QjzAtAOoFAcQ3m60fVqi6w.png">new banners in the Explorer Tab (left) | see links using the “Odyssey” tag&nbsp;(right)<h4>Advanced Gas&nbsp;Controls</h4><img src="https://cdn-images-1.medium.com/max/1600/1*qemB-bpwG3iaX8Qja2ErJA.png">advanced gas support for Polygon and Binance&nbsp;ChainWe’ve added advanced gas support for Ethereum a few updates ago, and now, that functionality has been extended for Polygon and Binance Chain. Choose how much you want to pay for each transaction, and be the boss of your own gas fees 😎<h4>Update Phone&nbsp;Number</h4><img src="https://cdn-images-1.medium.com/max/1600/1*CBM5b1j-S7Qhf7J8qINgow.png">Account &gt; Settings &gt; Security &gt; Update Phone&nbsp;NumberCurrent users of our wallet already know that KryptoGO Wallet ties user identity and authentication with their phone numbers. This allows for easy registration and vastly simplifies the process of creating a multi-chain crypto wallet for crypto newbies.However, if you lost access to your old phone number or changed to a new phone number, you had to make a new KryptoGO account. Although you could reimport your wallet using your seed phrase, that requires the oh-so-intimidating process of having memorized a sequence of words like being forced to participate in a primary school spelling test. You’d also lose all your account information, including your preferred settings, and the contacts that you’ve imported or added manually.In this update, we’ve added the option to update the phone number that is associated with your current account. For security reasons, we require you to have access to your current phone and new phone. Of course, the new number must not already be associated with another KryptoGO account. Once the phone number associated with your account is successfully updated, you can log in like you otherwise would using your new phone number, and you keep all your account information.As a side note, we have something huge in the works that would revamp how your phone number is linked to your KryptoGO account, which is then in turn, linked to your multi-chain wallet. The goal is to make the account model both more functional and flexible. Being able to change your associated phone number is but a first step to this bigger change, the details of which will be revealed in the months to come!<hr>That’s it for this week! As always, let us know what you think via Discord, or any of our other social media links listed below.<h3>Follow us:</h3><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a><hr>(July 6th, 11:30am update):Our latest update is not yet live on the Apple App Store because they say our app, quote, “offers cryptocurrency transactions in non-embedded software within the app, which is not appropriate for the App Store.” We’re currently actively communicating with Apple to see how this problem can be resolved and will push these updates as soon as we are able to.

We’re back with another biweekly update, detailing the most important changes that happened in the past couple of weeks. Or should I say, the most important “chain-ges”?

Biweekly Dev Update: July 6th, 2022

Hey — we’re back again with another dev update. Over the past two weeks, we have been focusing on improving the user experience.Under the hood, we did a bunch of performance optimizations that improve responsiveness and reduce power usage. In particular, you should notice smoother user interface scrolling, and faster NFT and token data load times.We also cleaned up some of our internal code regarding the Explorer. The DApp browser now launches automatically every time you are redirected to a webpage. Want to clear your browsing data? You now have the option to clear all cookies in the DApp browser.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*OeSWUHNcWdF3lV3YeMdtYg.png" alt="" loading="lazy">&nbsp;We continue to add customizable options to our app so you can use it the way that best suits you. In Settings, you can now choose whether you want to keep the floating browser bubble. Also in Settings, you can now choose whether to factor in your NFTs when calculating your total balance. Note that even when enabled, NFTs under a certain transaction volume are automatically filtered, preventing items with high artificial prices but low liquidity from falsely inflating your portfolio balance.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*nFCmadLNsd6C1sbgc7DzWg.png" alt="" loading="lazy">▲ Choose whether to factor in your NFTs when calculating your total balance, in Settings&nbsp;We want to hear what you think about the user experience of our app. KryptoGO is currently conducting a survey seeking your feedback on different use cases and your experience with using our product. Our product developers will read all your feedback and design accordingly as we move forward, so we encourage everyone to fill out the survey for your opinions to be heard!Let us know what you think. Here is the link to the survey: <a href="https://kryptogo.page.link/rJPt">https://kryptogo.page.link/rJPt</a><h2>Follow us:</h2><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>&nbsp;&nbsp;

Hey — we’re back again with another dev update. Over the past two weeks, we have been focusing on improving the user experience.

Biweekly Dev Update — 20220622

This week, we released version 1.0.0 of our app, and you know what that means — some major upgrades coming your way! Let’s take a more detailed look at the update:<h1 style="margin-left:0px;">In-app Explorer: Your Gateway to the World of Crypto</h1><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*JJg8o5GmpqsfdtkhZBegLA.png" alt="" loading="lazy">First, we’ve moved stuff around a bit for a smoother navigation experience:<ul><li>The Earn Tab originally on the bottom navigation bar is now accessed via a button found on the Home Screen.</li><li>Everyone’s favorite DApp browser can now be accessed via the Explorer Tab, found at the center of the bottom navigation bar.</li></ul>We’ve elected to put the Explorer right in the middle since it is the gateway to the fun, expansive world of crypto. We also carefully curated a selection of the most popular and interesting decentralized applications to put on the main Explorer page that you can––you’ve guessed it––explore as you make your way through the novel playground of Web 3.0.Found opening and closing the browser unintuitive and somewhat inconvenient in the previous version? Well, worry no longer, for now, we have a floating browser bubble that persists across all relevant screens that allows you to jump in and out of DApps super easily. Imagine this: you’re browsing using the Explorer, and you need to send your friend a token, but you want to return to the same browser page as soon as the operation is finished. With the floating bubble, this sequence of actions can now be done effortlessly.This update includes a number of quality of life updates as well:<ul><li>When returning to a browser webpage from outside the browser, the page no longer has to reload every time.</li><li>The browser maintains a complete history of your visited DApps</li><li>A dedicated Favorites Tab that keeps track of your favorite DApps</li></ul><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*jkZ4XOrns5jiZxtYMMm6jA.png" alt="" loading="lazy">To disable the floating browser bubble, drag it to the bottom of the screen and press the ‘X’ that appears. You can also turn it off in the settings.<h1 style="margin-left:0px;">The Notification Center</h1><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*GxZ6CdEwzvLwUQG5Rt2zkQ.png" alt="" loading="lazy">In version 1.0.0, we added a notification center that consolidates all official announcements, and transaction notifications. You can find the notification center as a bell icon on the top right corner of the Home Tab.The new notification center supports the following functionality:<ul><li>No more disappearing or missing notifications! The number of unread notifications is indicated on the Notification Center icon.</li><li>All historical notifications are saved. Revisit them whenever you want.</li><li>Clicking on push notifications redirects you to the relevant screen. For instance, if you click on a transaction notification, you are redirected to the Transactions Tab of the relevant chain.</li></ul>We welcome your feedback as always and strive to keep improving the user experience of KryptoGO Wallet. If you have any suggestions for DApps to include on the Explorer main screen, DeFi pools you’d like to see on the Earn page, or requests for new features, kindly let us know at <a href="https://roadmap.kryptogo.com/b/feature-requests/">https://roadmap.kryptogo.com/b/feature-requests/</a><h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

This week, we released version 1.0.0 of our app, and you know what that means — some major upgrades coming your way! Let’s take a more detailed look at the update.

Biweekly Dev Update — 20220608

<h1 style="margin-left:0px;">Transparent app development</h1>In the spirit of facilitating community participation and discussions, as well as making our app development progress more transparent, we will be posting a biweekly dev update every two weeks starting from today! 🥳<h1 style="margin-left:0px;">Let’s get you up to speed.</h1>Curious about what we’ve been up to after launching the 2022 New Year Lucky Bag NFT event? We spend a lot of effort polishing each of our products. Here’s a brief summary of major changes:<ul><li>The brand new official KryptoGO website</li><li>An integrated DApp browser in the KryptoGO Wallet</li><li>Instant transaction push notifications</li><li>A more streamlined and better NFT experience - View NFT details, including traits and rarity - List an NFT for sale on the NFT Details Screen - View an NFT’s price history and track its floor price - Choose an NFT as your avatar with built-in verification - Track NFT price changes - Pin your favorite NFTs to the top of the page and hide unwanted collections - NFT redemption is now faster</li><li>Faster synchronization of contacts. Use your favorite NFT as your avatar for all your contacts to see.</li><li>Other optimizations and bugfixes</li></ul>Below, we go into detail on the most recent update:<h1 style="margin-left:0px;">Redirect to your wallet from your native browser.</h1><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*TiBdLccixhGXJv7oek40UQ.png" alt="">KryptoGO Wallet is now available on the Wallet Connect Registry.After clicking on Wallet Connect, choose KryptoGO to jump directly from your native browser to your wallet. You do not need to scan a QR code.<h1 style="margin-left:0px;">Security is our top priority.</h1><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*rG-f9gjpQFD5eV9bdG133Q.png" alt="">At KryptoGO, nothing is more important to us than ensuring the safety of user assets. In order to prevent social attacks, the app now automatically locks if idle for a certain period of time.We encourage users to lock their screens whenever they can for maximum security.<h1 style="margin-left:0px;">We continuously monitor DeFi pools.</h1><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*cxVDmCweJxPmb-ma-RRJCA.png" alt="">Many people have asked us to add more investment options. We heard you.On the Earn page, even inexperienced users can easily invest with just a single click. For experienced users, our integrated DApp browser allows them to access a variety of investment options. We are cautious about adding new pools in order to keep thing simple and friendly for all users.In DeFi, it is not uncommon that the handling fee alone will eat up all the profits especially with relatively small investments. While we’re still deciding on what Defi pools we want to include in our app, one thing we promise is to protect your assets. If we list a Defi pool, we will do our due diligence and continuously monitor the pool.We want to hear what you think. Feel free to recommend your favorite pool to us on <a href="https://discord.gg/kryptogo">Discord</a>.<h1 style="margin-left:0px;">For advanced NFT flippers and DEX traders out there…</h1><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*7r-TEXZ9CXQJaAivetlG3g.png" alt="">You asked for this functionality, and we delivered!Users can now customize the gas fee themselves for all transactions. Mint NFTs and trade in the most cost-effective way.<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*GuX1CsaMzict3mFcDdwikw.png" alt="">A real-time gas tracker can now be accessed from the Wallet page. We support EIP-1559: you can set your preferred gas setting as the default.<h1 style="margin-left:0px;">Tracking your portfolio is easier than ever.</h1><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/1*u9Waj2zwRtM5JV6WLHYPkQ.png" alt="">On the Home Page, there is now an aggregated list of assets that displays your Defi positions, NFTs, and tokens from highest to lowest value. Toggle between the list view, pie chart view, or line graph view. View the details of each asset simply by clicking on them. Interested in KryptoGO?<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a> &nbsp;

In order to allow the community to participate more in our discussions and to make our development progress transparent, we will share our development progress every two weeks starting from this week.

Biweekly Dev Update — 20220525

NFT has become all the rage since the second half of 2021. Lots of celebrities and brands such as Lindsay Lohan, Adidas and Gucci entered into the fray and issued their own NFTs, which getting many crypto newbies' attention and luring them to participate NFT projects.&nbsp;&nbsp;Having multiple NFTs in one wallet becomes a common thing but it also makes managing NFT assets harder and harder no matter you want to track values or stay on top of the trending. Currently the common way of knowing the rise and fall of NFTs you own is go to your profile on OpenSea, click each NFT and check its floor price everyday; therefore, you’ll know if this is a timing for sell.&nbsp;However, when you have more and more NFTs, clicking them one by one will be not feasible. Hence, if there is a tool or an app like Blockfolio (currently is FTX) for NFT which allows users to review all the details such as rarity, amount of increase, history floor price and attributes will save us a lot of time. If you’re looking for tools to manage NFT assets, here are some you may find useful:TraitSniper TraitSniper is a browser extension which allows you to see the rarity ranking of each NFT directly through OpenSea; at the same time, it also displays the current floor price.Therefore, with TraitSniper, every day you can simply check out your profile on OpenSea, and see if any NFT is listed at a price lower than current floor price. This gives you a signal to adjust selling prices.&nbsp;<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/traitsnipper_9b1787a0ea/traitsnipper_9b1787a0ea.jpg" alt="traitsnipper.jpg" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_traitsnipper_9b1787a0ea/thumbnail_traitsnipper_9b1787a0ea.jpg 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_traitsnipper_9b1787a0ea/small_traitsnipper_9b1787a0ea.jpg 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_traitsnipper_9b1787a0ea/medium_traitsnipper_9b1787a0ea.jpg 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_traitsnipper_9b1787a0ea/large_traitsnipper_9b1787a0ea.jpg 1000w," sizes="100vw">&nbsp;One more advantage of this extension is you can directly go to the NFT projects or accounts that you would like to track and know which NFT is actually listed at a cheaper price compared to the floor price right away; then it helps you make a quick call of buying it instead of spending time on rarity.tools and look up the rarity back and forth.&nbsp;Pros: totally free and easy to use as an extension which doesn’t acquire any behavior change of webpage browsing.&nbsp;Cons: It only provides the information of rarity and floor price. If you want to dig into more details, you’ll have to go back to the project pages.&nbsp;KryptoGO Wallet KryptoGO Wallet]link is a non-custodian wallet which focuses on cross-chain assets management. Lately, it added many NFT details as key features such as floor price, history transactions and attributes. Users can simply review all the information even contract addresses on Etherscan and OpenSea pages. With this one wallet, you can check out the performance of not only NFT collections but also cryptocurrency assets.&nbsp;<figure class="image"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/kryptogo_wallet_35ca48499b/kryptogo_wallet_35ca48499b.jpg" alt="kryptogo_wallet.jpg" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_kryptogo_wallet_35ca48499b/thumbnail_kryptogo_wallet_35ca48499b.jpg 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_kryptogo_wallet_35ca48499b/small_kryptogo_wallet_35ca48499b.jpg 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_kryptogo_wallet_35ca48499b/medium_kryptogo_wallet_35ca48499b.jpg 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_kryptogo_wallet_35ca48499b/large_kryptogo_wallet_35ca48499b.jpg 1000w," sizes="100vw"></figure>One strength of KryptoGO Wallet is besides consolidating NFT details, it supports the overview of crypto assets across chains including BTC, ETH, BSC, SOL, Tron and Polygon, which allowing users to track their assets in one place and purchase &amp; swap cryptocurrency through the dApp browser directly. Basically this is a tool that can fulfill your basic needs regarding crypto asset management.&nbsp;Pros: totally free and user friendly interface. You can check details of NFTs once they’re in the wallet.&nbsp;Cons: currently it only supports NFTs on ETH and Polygon.&nbsp;Floor Floor is dedicated to consolidating all the information of NFT in one app. With the great user interface, you’ll be able to track the rise and fall of your NFTs on the Home page. When you click each NFT, it displays many details such as floor price, average price during different time periods and attributes. In the upcoming future, it will also include the transaction activity.&nbsp;&nbsp;<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/floor_0f30617a20/floor_0f30617a20.png" alt="floor.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_floor_0f30617a20/thumbnail_floor_0f30617a20.png 221w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_floor_0f30617a20/small_floor_0f30617a20.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_floor_0f30617a20/medium_floor_0f30617a20.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_floor_0f30617a20/large_floor_0f30617a20.png 1000w," sizes="100vw">&nbsp;Pros: clear and easy-to-use interface. It’ll provide transaction history very soon.&nbsp;Cons: It requires users to mint an access token (0.2 ETH) first and then grant access to these features.&nbsp;To sum up, TraitSnipper is good for someone who need the rarity information to make the purchase decision. It’s not just free for use but also doesn't require additional leaning. If you just need one place to review all your crypto assets and purchase coins directly through dApps, KryptoGO Wallet will be a good choice. Currently, it doesn’t charge any fee for using features. Finally, if you have some budget and are looking for a tool that can consolidate all the information of NFT, then Floor is the one for you. Hope what we share today can help you manage NFTs more efficiently. If you know some other useful tools, you’re welcome to share with us anytime.

Managing NFT assets is getting harder and harder. Here are 3 tools helping you manage NFT more efficiently. Some of them are even free for use.

3 NFT Tools Help You Manage NFT Assets More Efficiently

In the last article, we explained the importance of mnemonics for Web3, and our mnemonics will definitely need to be placed in the wallet. At this time, the security of the wallet is very critical.&nbsp;<a href="https://blog.kryptogo.com/web-3-%E6%99%82%E4%BB%A3%E5%BF%85%E5%82%99%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E5%AE%89%E5%B8%B8%E8%AD%98-%E5%8A%A9%E8%A8%98%E8%A9%9E-%E7%A7%81%E9%91%B0-%E9%8C%A2%E5%8C%85-%E5%B8%B3%E8%99%9F-de8a0dc77d89">Financial Security in the Web 3 Era: Tokens/Private Keys/Wallets (Accounts) - KryptoGO</a>Unlike banks, there is no anti-fraud detection system like banks in the blockchain, and there is no customer support to immediately cancel or restore transactions when problems occur. Compared to the same banking APP on the mobile phone, the security of encryption wallets is more vulnerable to quick theft and transfer if a problem occurs.&nbsp;Encrypted wallet security is tricky, and all the hard-to-discover vulnerabilities and potential problems usually exist at the intersection of multiple flaws: cryptography, access to local storage, lack of application authentication, and lack of input validation. Each problem point is relatively small in real time, but when combined, they can expose more unexpected&nbsp;<a href="https://zh.wikipedia.org/zh-tw/%E6%94%BB%E5%87%BB%E8%A1%A8%E9%9D%A2">attackable surfaces</a>.<h1 style="margin-left:0cm;">Check the security of encrypted wallet APP</h1>If we differentiate by software and hardware wallets, the choice of hardware wallets is relatively simple, basically choosing the first market share is usually no problem, but the development of software wallets is quite fast, especially in this era of multiple chains, there are all kinds of software wallets for us to choose from.Software wallets include browser wallets and cell phone wallets, browser wallets are usually open source and are audited by multiple people, and most are currently monopolized by a few wallets manufacturers.<h1 style="margin-left:0cm;">1. Ownership of Assets</h1><a href="https://blog.kryptogo.com/%E9%8C%A2%E5%8C%85%E7%9A%84%E5%85%A9%E5%A4%A7%E9%A1%9E%E5%9E%8B-%E8%A8%97%E7%AE%A1%E8%88%87%E9%9D%9E%E8%A8%97%E7%AE%A1-%E6%B2%92%E6%9C%89%E7%A7%81%E9%91%B0%E5%B0%B1%E4%B8%8D%E7%AE%97%E7%9C%9F%E6%AD%A3%E6%93%81%E6%9C%89%E5%8A%A0%E5%AF%86%E8%B3%87%E7%94%A2-d4e43c02e207">There are two main types of wallets: custodial and non-custodial – Without a private key, you don't really own a crypto asset - KryptoGO</a>The first and most important step in using a wallet is to check if it is really a custodial wallet or not. The way to check is simple: when you send any transaction, go directly to the blockchain browser by Tx ID to see if the address of your wallet is unique or shared like the entire exchange.If it is a custodial wallet, it means that the assets are not available for your own use. All you can do is to trust the company and do due diligence on the company and the team behind it: whether the team members have a bad track record, past industry experience, company credit, team technical capabilities, whether they have obtained relevant certification standards, etc.Because custodial wallets are more about the company and the team's credit. Of course, the basic technical skills must still be there, if not, the following common low-level errors may occur.1 Poor key management: storing encryption key and data together in plaintext; lack of key rotation, revocation, expiration; using encryption key for different purposes.2&nbsp;Poor memory management: Tampering with sensitive data in application code instead of limiting its lifecycle on memory, hard disk, and UI.3 Even storing sensitive data in plaintext that will be used by wallets.<h2 style="margin-left:0cm;">KryptoGO Wallet is a non-custodial encrypted wallet</h2>Founded in 2019, KryptoGO was recognized by Etherscan as a recommended vendor for smart contract auditing and information security back in 2019. The team has many years of blockchain experience and has been recognized by governments, banks, and international authority accreditation for its technical capabilities.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_56fb0c2260/image_56fb0c2260.png"><a href="https://etherscan.io/directory/Smart_Contracts/Smart_Contracts_Audit_And_Security?q=KryptoGO">Ethereum Directory for Smart Contracts — Smart Contracts Audit And Security | Etherscan</a><h1 style="margin-left:0cm;">2. The security mechanism of the encrypted wallet application</h1>Encrypted wallets need to be protected in many ways, such as: checking if the device is trusted, if it is Rooted or jailbroken, if potentially harmful applications are installed, or reverse engineering tools. (Now there are <a href="https://en.wikipedia.org/wiki/Pegasus_(spyware)">malicious APPs</a> that can be used to steal user's credentials, mnemonic phrase or private keys). This part can be protected by reverse engineering and tampering as recommended by <a href="https://github.com/OWASP/owasp-masvs/blob/master/Document/0x03-Using_the_MASVS.md#masvs-r-resiliency-against-reverse-engineering-and-tampering">OWASP MASVS L2</a>.Mobile platforms (iOS, Android) provide many hardware-level security controls, and requiring users to set passwords is a relatively easy feature to implement. This kind of protection creates an additional layer of the obstruction for the attacker. If a password is not installed, anyone can unlock the phone and steal the wallet data, or even access the keychain/keystore.It's also a good idea to encrypt sensitive data before putting it into the Keychain/Keystore, so that even if the phone is attacked and an attacker can access the Keychain/Keystore, all he or she will get is the encrypted data.<h2 style="margin-left:0cm;">KryptoGO Wallet protects all aspects</h2>1 No old devices or legacy versions with security risks are supported. The operating system's native secure storage is being adopted to limit the lifecycle of sensitive data, thus reducing the risk of successful attacks and data leakage.2 Keep all sensitive data in the secure storage provided by the native system.3 Do a complete code review during the development phase, with each person submitting a merge request to be reviewed by at least a second person.4 Protect the developer's equipment and work environment from social attacks.5 Do a thorough penetration test before submitting for review to ensure there are no vulnerabilities caused by code logic.6 We consider various scenarios in the Wallet App usage process, including losing your phone, changing your number, or temporarily lending your phone to someone else, and we make sure that every aspect of usage is accounted for.<h1 style="margin-left:0cm;">3. Local Storage for Non-Custodial Wallets</h1>Since non-custodial wallets require local storage of mnemonic phrase, seeds and private keys, it is important to understand how local storage works and the common attacks against it.Here are some things developers can check.<ul><li>What kind of storage should be used to provide the best security?</li><li>Can the storage be accessed as a file? Can it be accessed by other applications?</li><li>Can you verify the authenticity of this storage? Is it possible to "steal" storage space from one wallet and put it in another wallet without problems?</li><li>Are there any integrity checks? Or can anyone change the data in the storage and the encrypted wallet won't notice anything.</li><li>Does the storage provide other encryption (e.g., hardware-supported encryption), or is the data stored in plaintext?</li><li>Should application-level encryption be used to encrypt data before it is placed in storage? If so, where will the encryption key be stored and how will the private key be derived?</li></ul><h2 style="margin-left:0cm;">KryptoGO uses the native operating system security zone to protect the helpers</h2>We use <a href="https://developer.apple.com/documentation/security/keychain_services#//apple_ref/doc/uid/TP30000897-CH203-TP1">iOS Keychain</a> and <a href="https://developer.android.com/training/articles/keystore">Android Keystore</a> to encrypt and store AES encrypted data.The AES encryption algorithm is an advanced encryption standard in cryptography that uses a symmetric grouping cipher system with a minimum key length of 128, 192, 256 and a group length of 128 bits. This encryption algorithm is the block encryption standard adopted by the U.S. federal government, and the AES standard is used to replace the original DES, which has been analyzed by many parties and is widely used worldwide.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_Kmosu_U_Nt6h6_ZLQ_7_U_Gb_G_Mag_4a1c4435bd/1_Kmosu_U_Nt6h6_ZLQ_7_U_Gb_G_Mag_4a1c4435bd.gif" alt="1*KmosuUNt6h6ZLQ7UGbGMag.gif">How AES worksThe following is the way we encrypt the mnemonic phrase. From this formula you can see how we encrypt the mnemonic phrase (not all of them are public, so as to avoid exposing unnecessary attack surfaces), all transmission links are ciphertext instead of plaintext:<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_3ii_Kwv_O_Oij_R5_Mhj_Lp_Xc9w_ad27057304/1_3ii_Kwv_O_Oij_R5_Mhj_Lp_Xc9w_ad27057304.png" alt="1*3iiKwvOOij_R5MhjLpXc9w.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_3ii_Kwv_O_Oij_R5_Mhj_Lp_Xc9w_ad27057304/thumbnail_1_3ii_Kwv_O_Oij_R5_Mhj_Lp_Xc9w_ad27057304.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_3ii_Kwv_O_Oij_R5_Mhj_Lp_Xc9w_ad27057304/small_1_3ii_Kwv_O_Oij_R5_Mhj_Lp_Xc9w_ad27057304.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_3ii_Kwv_O_Oij_R5_Mhj_Lp_Xc9w_ad27057304/medium_1_3ii_Kwv_O_Oij_R5_Mhj_Lp_Xc9w_ad27057304.png 750w," sizes="100vw">KryptoGO Wallet's encryption protection for mnemonics<h1 style="margin-left:0cm;">Frequently Asked Questions</h1>Q1: Why do we need to fill in our phone number if it is a non-custodial wallet?The phone number is to simplify the process of creating wallets.We've observed that most wallets today are not intuitive and friendly to the average person, and that logging in with a Google or Facebook account password is one way to do this, but it doesn't fit in with Web3. It's like using Clubhouse, you don't need to register for an account password, you can retrieve all your blockchain wallets each time with a verification code and a password that only you know for your wallet.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd/1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd.png" alt="1_sEU9lSdNnMUUrwY1qoF_1g.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd/thumbnail_1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd.png 235w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd/small_1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd/medium_1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd/large_1_s_EU_9l_Sd_Nn_MU_Urw_Y1qo_F_1g_9fcf9e27fd.png 1000w," sizes="100vw">The KryptoGO Wallet is designed with various aspects in mind and can be used without our escrow key.Using our custodial mnemonic phrase is an option, and if you are unsure about using it for the first time, you may not choose to import it and create a brand new wallet. The same is true for other wallets. The power of the Wallet App is very large, so you must be very careful when using it to avoid phishing attacks. You can create a wallet first or use watch mode to observe the logic of that wallet and the protection mechanism of the APP, and then put in the mnemonic phrase if the wallet is trustworthy.Q2: Will our wallets be open source?Open source is a double-edged sword. From an attacker's point of view, if the encrypted wallet code is open source, it is not difficult to combine 3-4 vulnerabilities and hackers can read the implementation details and try to find the program vulnerability and use it to attack.Therefore, we prefer not to open source for the time being, but we will do <a href="https://www.guru99.com/black-box-testing.html">black-box and gray-box penetration testing</a>. At the same time, we will prevent security vulnerabilities by proper security design, improving the security level of developers, writing programs in the best suitable cryptographic primitives, using proven modules and libraries and integrating them properly.In addition, we have invested heavily in following the Secure Software Development Life Cycle (SSDLC) and are one of the few blockchain companies in the world to have achieved dual ISO certification (Information Security &amp; Personal Privacy). (See: <a href="https://blog.kryptogo.com/%E8%B3%87%E8%A8%8A%E5%AE%89%E5%85%A8%E8%88%87%E5%80%8B%E8%B3%87%E9%9A%B1%E7%A7%81%E7%9A%84%E8%AA%8D%E8%AD%89-iso-27001-%E8%88%87-iso-27701-%E4%BB%8B%E7%B4%B9-217b5a881178">Information Security and Personal Privacy Certification - ISO 27001 and ISO 27701 Introduction - KryptoGO</a>)<h2 style="margin-left:0cm;">Extended Reading</h2><a href="https://www.cossacklabs.com/blog/crypto-wallets-security/#local-data-storage">Crypto wallets security as seen by security engineers — Cossack Labs</a><a href="https://www.infoq.com/articles/ale-software-architects/">Application Level Encryption for Software Architects</a>

In the last article, we explained the importance of mnemonics for Web3, and our mnemonics will definitely need to be placed in the wallet. At this time, the security of the wallet is very critical. 

Checking the Security of a Crypto Wallet - Taking KryptoGO Wallet as an example

With Facebook officially entering the MetaVerse, people from all walks of life getting involved in the issuance and promotion of NFT, and the booming decentralized finance in 2021, more and more people are entering the cryptocurrency market.The abstraction, usability, and security of accounts are completely different for cryptocurrencies compared to the way people interact with traditional financial institutions.<h1 style="margin-left:0cm;">Web 3.0: For the first time, we will truly own our assets</h1>In the past, with all the Internet services we used, data storage and control were held centrally. On top of the blockchain infrastructure, everyone can have an identical copy of our data, which is synchronized by consensus between network nodes, so that as long as the blockchain nodes exist, we can ensure the availability of our data, which is accessed using our public and private keys on top of the blockchain, rather than through traditional centralized accounts. We have a direct relationship with the underlying protocol, which relieves us of the dependency of accessing a centralized database through an intermediate node.This means that we will actually own that data, and unless there is a 51% attack on the network or a vulnerability in the protocol layer, which hasn't happened yet, no one can revoke or interfere with our relationship with these crypto assets.This is both incredible and terrifying (and we will be responsible for it), and that's the beauty of Web 3.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png" alt="1_rPO_JUrG1D5XRe0sPwjVng.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/thumbnail_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/small_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/medium_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/large_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png 1000w," sizes="100vw">Ref: <a href="https://docs.finema.co/">Introduction to SSI — Finema Documentation</a><h1 style="margin-left:0cm;">Seed phrase gave us FREEDOM on the internet</h1>Since the birth of Bitcoin in 2008, we've heard a lot about the early days when people kept their private keys on a hard drive that was damaged or forgot the name of the folder, or maybe it was copied on a piece of paper and forgotten where to put it over time all because of the lack of awareness and understanding for the importance of private keys. According to research, the ratio of bitcoins that will never be used again because of forgotten private keys could be as high as 20% of the total volume.In 2022, seed phrase, which is responsible for deriving private keys, brings greater portability and mobility to our entire Web3 application, your assets move with your wallet, and the walls between web applications come down.Times have changed, and now more people are beginning to understand the importance of private keys, and people are becoming concerned about the best way to protect them.<h1 style="margin-left:0cm;">The fundamental differences of Web 3: How to protect your seed phrase?</h1>Seed phrase has helped us to get back the autonomy of the internet, but at the same time, there are still many problems caused by the difficulty of managing the seed phrase. However, it seems inevitable that the vast majority of people don't want to take these steps or understand the principles, don't want to think too much about security rights, and want to leave it to third-party services to help. This is the paradox of Web 3, can we really go completely decentralized?True freedom comes from knowledge, and when we want to have our own autonomy, we have to really acquire that knowledge and consider our rights to our assets, even if we entrust them to third-party services, we have to take the time to understand how those services are going to help me keep my assets, how they are going to help me retrieve them if I forget the seed phrase, and how secure the whole thing is.Read More: <a href="https://www.kryptogo.com/blog/things-you-should-know-about-financial-security-in-the-web3-era">Things you should know about financial security in the Web3 era: How does token, private key, and wallet (account) work?</a><h1 style="margin-left:0cm;">Even if the underlying protocol is secure, you can still be scammed</h1>Directly setting up a malicious node for a trading attack has never happened in history, but it is possible to get the funds in your wallet through deception or social engineering. Just as few people actually break into a bank and remove the money from the vault, most funds are lost by accidentally providing personal information to or transferring money to a fraudulent company.When you encounter customer service that claims to be from an exchange or wallet, ask for official verification through the contact information on the website or app. Don't give out seed phrase or private keys to anyone! Anyone who induces you to reveal such information is a scammer.Almost all blockchain applications that involve private keys have such statements because crypto assets are managed in a completely different way than traditional account passwords, so many people can be scammed in the absence of knowledge.Read More: <a href="https://consumer.ftc.gov/articles/what-know-about-cryptocurrency-and-scams">What To Know About Cryptocurrency and Scams</a><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png" alt="1*YE7Z8XuxjCZUzdqoPUyEcQ.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/thumbnail_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png 147w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/small_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png 472w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/medium_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png 708w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/large_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png 945w," sizes="100vw">Ref: <a href="https://www.programmersought.com/article/21031311244/">https://www.programmersought.com/article/21031311244/</a>If we recreate a Metamask wallet, we will be asked to keep this seed phrase, and after it is created we can create more blockchain addresses under this account, each corresponding to a pair of public and private keys.Do not use screenshots or photos to save the helper, and do not save it on a networked device or cloud server.1 Use a cold wallet to ensure that the seed phrase is stored only on a hardware device2 Use write it on a piece of paper and store in a safe place3 Use tools such as waterproof, fireproof and anti-corrosive <a href="https://shop.ledger.com/products/cryptosteel-capsule-solo?r=4d5e1fbbec0a&amp;tracker=csdn">seed phrase capsule</a> to physically store the words4 Use your own known encryption method to synchronize in the cloud5 Split the fragment and put it in a different cloud to reduce the chance of exposureOther Referential Methods: <a href="https://github.com/slowmist/cryptocurrency-security/blob/main/en/Asset-Ownership-Backup-Security-Solution.md">Asset Ownership Backup Security Solution</a>You should never give your seed phrase or private key to anyone, there is no reason to do so.<h1 style="margin-left:0cm;">Conclusion</h1>Just like in Twitter where you have a username and an email, you can change the email and keep the username, or change the username and keep the email. That's because there's a unique ID in the system behind it.Seed phrase helps us to create such a system so that if people lose their keys, they don't lose the web links, transactions, or assets they've created in the past.Even if in the end most people still choose to trust a particular organization or third party, the helper still gives us a choice: to keep control of things in your own hands, and that is the most desirable about Web3.(This article is mainly inspired by a16z Podcast, this episode is strongly recommended: <a href="https://www.listennotes.com/de/podcasts/a16z-podcast/crypto-security-and-the-new-f6Inq7lCbO2/">https://www.listennotes.com/de/podcasts/a16z-podcast/crypto-security-and-the-new-f6Inq7lCbO2/</a>)

With Facebook officially entering the MetaVerse, people from all walks of life getting involved in the issuance and promotion of NFT, and the booming decentralized finance in 2021, more and more people are entering the cryptocurrency market.
The abstraction, usability, and security of accounts are completely different for cryptocurrencies compared to the way people interact with traditional financial institutions.

The key to bringing down the traditional application wall - Web3's Seed Phrase / Mnemonic

<a href="https://www.kryptogo.com/blog/how-to-regulate-virtual-assets-about-fatf-travel-rule-recommendations">How to regulate virtual assets? –about FATF Travel Rule recommendations</a><a href="https://www.kryptogo.com/blog/how-to-regulate-virtual-assets-about-fatf-travel-rule-recommendations">In June 2019, the FATF revised their Recommendation 16 (Travel Rule), which fundamentally changes the original crypto world that we are familiar with. With the revision, the proposal has been extended to Virtual Asset Service Providers (VASPs)</a><a href="https://www.kryptogo.com/blog/how-to-regulate-virtual-assets-about-fatf-travel-rule-recommendations">blog.kryptogo.com</a>The Travel Rule is a new regulatory requirement regarding counterparty risks. As we mentioned in our previous article, it is relevant to almost all cryptocurrency industries operating under the jurisdiction of the FATF. The Travel Rule requires that a VASP (Virtual Asset Service Provider), such as an exchange, must identify the originator and beneficiary of cryptocurrency transactions over a certain scale initiated by their users. If the counterparty to those transactions is also a VASP, then the original VASP must transmit the user’s information to the second VASP<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_Fy_Oay4_Z4_MP_Wtex7_Vvnn_GQ_3d8751016d/1_Fy_Oay4_Z4_MP_Wtex7_Vvnn_GQ_3d8751016d.jpeg" alt="1_FyOay4Z4MP-Wtex7VvnnGQ.jpeg" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_Fy_Oay4_Z4_MP_Wtex7_Vvnn_GQ_3d8751016d/thumbnail_1_Fy_Oay4_Z4_MP_Wtex7_Vvnn_GQ_3d8751016d.jpeg 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_Fy_Oay4_Z4_MP_Wtex7_Vvnn_GQ_3d8751016d/small_1_Fy_Oay4_Z4_MP_Wtex7_Vvnn_GQ_3d8751016d.jpeg 500w," sizes="100vw">The regulatory decree corresponding to the actual amount is shown in the figure above.The Travel Rule aims to help cryptocurrency enterprises reduce counterparty risk and establish a source of funds for cryptocurrency received by the users. Although some jurisdictions have implemented different rules, <a href="http://www.fatf-gafi.org/publications/fatfrecommendations/documents/regulation-virtual-assets-interpretive-note.html">the versions in FATF</a> states that VASPs must exchange counterparty information with each other for cryptocurrency transactions valued at more than USD 1,000 or EUR 1,000. Specifically, the originator and beneficiary VASPs must provide the following information to each other:<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/eng_b650f5aae5/eng_b650f5aae5.png" alt="eng.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_eng_b650f5aae5/thumbnail_eng_b650f5aae5.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_eng_b650f5aae5/small_eng_b650f5aae5.png 500w," sizes="100vw">Information content to be exchanged in a transactionAt first glance, Travel Rule appears to be a simple matter transferring counterparty information between two VASPs. However, the Travel Rule actually requires end-to-end changes to the existing compliance process, as VASPs must identify and take action on all transactions that meet the rule’s thresholds in real time. This brings significant technical challenges especially for large-scale implementation, as blockchain analysis shows that approximately 12% of all VASP transactions in February 2021 (approximately 2 million transactions in total) meet the current FATF proposed USD 1,000 threshold. The technical challenges introduced by the Travel Rule is listed below:<h1>Challenge 1: Identifying Travel Rule Transactions</h1>When a customer initiates a transaction, the originating VASP needs to automatically determine if the transaction meets the Travel Rule requirements. This means they must :<ul><li>Determine if the transaction amount meets the Travel Rule thresholds of the relevant jurisdiction.</li><li>Determine if the counterparty’s wallet is held by another VASP.</li><li>Collect any missing counterparty information.</li></ul>All of this needs to happen immediately.<h1>Challenge 2: Conducting Due Diligence on Counterparty VASPs</h1>Once the originator VASO determined that a transaction meets the requirements of the Travel Rules, it must:<ul><li>Identify counterparty VASPs</li><li>Assess the counterparty VASP’s risk level to determine if the shared user’s personally identifiable information (PII) is secure</li></ul>During the assessment of counterparty risk, the originator VASP must consider the reputation of the counterparty VASP, the quality of the compliance program, the level of information security, and the scope of the company’s own exposure.<h1>Challenge 3: Initiating and completing a Travel Rule transfer</h1>Finally, the originator VASP must have an appropriate communication channels or protocols for secure data transmission with the counterpart VASP. Both VASPs must have a secure way to store the data they receive in order to protect the privacy of customers and prevent internal abuse of that data.But in fact, there is no standard protocol to follow at present. There are more than eight protocols for Travel Rule alone - OpenVASP, TRISA, USTRWG, TRP, SYGNA, Shyft, NETKI, Notabene. For VASP industry, which is inherently weak regional and decentralized, interoperability has become a major obstacle to compliance with regulations.<figure class="image"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_9_M2yt_Sd_Qult_LN_3_Fn_PU_km_A_7648c4046a/1_9_M2yt_Sd_Qult_LN_3_Fn_PU_km_A_7648c4046a.jpeg" alt="1_9M2ytSdQultLN3FnPU-kmA.jpeg" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_9_M2yt_Sd_Qult_LN_3_Fn_PU_km_A_7648c4046a/thumbnail_1_9_M2yt_Sd_Qult_LN_3_Fn_PU_km_A_7648c4046a.jpeg 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_9_M2yt_Sd_Qult_LN_3_Fn_PU_km_A_7648c4046a/small_1_9_M2yt_Sd_Qult_LN_3_Fn_PU_km_A_7648c4046a.jpeg 500w," sizes="100vw"></figure><h1>KryptoGO Helps VASP Reduce Regulatory Friction</h1>Starting to comply with travel rules early and send signals to regulators to state that the cryptocurrency business is taking regulations seriously. This helps VASPs obtain licenses on time without disrupting the plans which bring their products and services to market.However, in order to comply with the rules, VASP needs to identify transactions that meet the requirements of the rules, extract KYC information from users, and send it to VASP counterparties when the transaction is completed. All of this needs to happen immediately to avoid affecting the user experience, which is not easy for cryptocurrency businesses that process thousands of transactions per day. These three challenges bring us two problems:1 Can all of these challenges be addressed on a large scale with minimal impact on the transaction flow?2&nbsp;How can VASP comply without creating unnecessary friction for users?KryptoGO's KYABC includes checks for natural persons, corporate entities, and blockchain funds.<ul><li>Know Your Address: Check the blockchain addresses of our identified counterparties, including wallet type, transaction information, corresponding services or entities, and risk scores.</li><li>Know Your Business: Review the reputation of the counterparty VASP to ensure that the transaction and information exchange is safe and secure.</li><li>Know Your Customer: Review the identity of originators and beneficiaries for compliance with anti-money laundering regulations.</li></ul>Moreover, through KryptoGO's relay API, cryptocurrency businesses can automatically transact with trusted counterparties while providing them with the data needed to detect suspicious activity and meet regulatory requirements, and complete transactions in different Travel Rule protocols,&nbsp;so as to help our customers meet all the challenges required for large-scale Travel Rule compliance.

The Travel Rule is a new regulatory requirement regarding counterparty risks. As we mentioned in our previous article, it is relevant to almost all cryptocurrency industries operating under the jurisdiction of the FATF. The Travel Rule requires that a VASP (Virtual Asset Service Provider), such as an exchange, must identify the originator and beneficiary of cryptocurrency transactions over a certain scale initiated by their users. If the counterparty to those transactions is also a VASP, then the original VASP must transmit the user’s information to the second VASP.

Top 3 Challenges in Regulatory Implementation for the Travel Rule

In the Multiple Multi-wallet released by KryptoGO Wallet v2.0.0, users can add an empty wallet to their original Wallet Group, or import assets from other wallets through private keysBefore adding or importing wallets, you need to select which chain or chains your wallet is on. If you don't know which chain to choose, this article may help you.<h1>What chain can I choose?</h1>Currently KryptoGO Wallet supports 8 public chains, and it will continue to increase,&nbsp;<ol><li>Ethereum (EVM Compatible)</li><li>Bitcoin</li><li>Solana</li><li>Tron</li><li>BNB Chain (EVM Compatible)</li><li>Polygon (EVM Compatible)</li><li>Arbitrum (EVM Compatible)</li><li>Kucoin Community Chain(EVM Compatible)</li></ol>…and more chains &nbsp;SOON&nbsp;EVM-compatible chains use the same address, so in the interface for adding a wallet, you can choose one of these options:<ol><li>EVM：including Ethereum、BNB、Chain、Polygon、Arbitrum、KCC…&nbsp;</li><li>Bitcoin</li><li>Solana</li><li>Tron</li></ol><figure class="image image_resized" style="width:920px;"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_dd8a037597/image_dd8a037597.png"></figure>&nbsp;<h1>Create a new wallet in wallet group</h1>It will generate a new wallet private key under the original mnemonic in the Wallet Group, and you will find the new wallet in Wallet Tab &gt; Wallet Group &gt; select wallet.<figure class="image image_resized" style="width:920px;"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_cc330cbb66/image_cc330cbb66.png"></figure><h1>Import wallet via private key</h1>You can import the private keys of other decentralized wallets (DeFi Wallet) into KryptoGO Wallet to manage your all virtual assets, as long as we have support for the chain, you can import! (If you are using a centralized exchange or a centralized GameFi Wallet, you cannot import the private key because &nbsp;you do not keep the private key by yourself)<ul><li>Common wallets like：Metamask、Trust Wallet、Zerion、Rainbow…</li><li>Solana wallets like：Phantom、Slope</li></ul><figure class="image image_resized" style="width:920px;"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_bb24974fe9/image_bb24974fe9.png"></figure><h3>&gt; Why import wallets into KryptoGO Wallet?</h3>KryptoGO Wallet is a decentralized wallet that can manage multi-chain assets. It is safe and has powerful functions. As long as you import the wallets of each chain, you do not need to jump between various wallet apps/extensions.&nbsp;<figure class="image"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_6365518311/image_6365518311.png"></figure>&nbsp;Also welcome to Discord to make a wish on which chains you would like to use in KryptoGO Wallet!<h1>Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

Before adding or importing wallets, you need to select which chain or chains your wallet is on. If you don't know which chain to choose, this article may help you.

How do I know what chain to create my wallet on when using KryptoGO Wallet? 

The cover photo of The Economist in September: DeFi is like a rabbit hole, mysterious but full of opportunities to become rich, making people both curious and scared.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/2_2b4453aaae/2_2b4453aaae.png" alt="圖片 2.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_2_2b4453aaae/thumbnail_2_2b4453aaae.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_2_2b4453aaae/small_2_2b4453aaae.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_2_2b4453aaae/medium_2_2b4453aaae.png 750w," sizes="100vw">Last year, the trading volume of decentralized exchanges has grown eight times more than centralized exchanges. What’s even more exciting is that according to the data on the chain, the number of DeFi users are only 2 % of Crypto users, and we can expect that there will still be a huge potential in the future.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/3_89617e6819/3_89617e6819.png" alt="圖片 3.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_3_89617e6819/thumbnail_3_89617e6819.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_3_89617e6819/small_3_89617e6819.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_3_89617e6819/medium_3_89617e6819.png 750w," sizes="100vw">In June this year, the trading volume of Uniswap once surpassed Coinbase.The reason why there are only few DeFi users is that DeFi has a huge fragmentation problem due to many assets and public chains. This fragmentation will lead to many problems. For example, we can’t track the performance o DeFi effectively. If we display our single asset allocation on different wallets, we may get completely different performance and asset balances.&nbsp;Even though performance management is difficult, funds are still pouring in. Bitcoin has grown sixfold this year, and DeFi is a hot spot among hot spots, and we’ve seen a thousandfold growth in the past 18 months.&nbsp;DeFi has shown an irreversible trend: the era of Web 3 is coming.&nbsp;However, before DeFi becomes popular, the biggest challenge is to face regulatory problems. After all, anonymous finance is a hotbed of crime.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/4_6906a8e85e/4_6906a8e85e.png" alt="圖片 4.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_4_6906a8e85e/thumbnail_4_6906a8e85e.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_4_6906a8e85e/small_4_6906a8e85e.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_4_6906a8e85e/medium_4_6906a8e85e.png 750w," sizes="100vw">Uniswap Labs were under investigation and “DEX” were on the US SEC’s radar.KryptoGO believes that compliance is the best way to bring out trust. As a manufacturer of Compliance as a Service, we allow our customers to focus on product development and leave the compliance headaches to us. In practice, all you need to do is submit a customer review request via API to our financial monitoring and investigation engine, and we will do the most complete due diligence from the aggregated data, identify features from these information, cross-check out non-compliant information, and automatically generate the risk assessment report. Customers can complete the complete customer identification (KYC-CDD) only by paying attention to the final review results.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/5_5cb24b957f/5_5cb24b957f.png" alt="圖片 5.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_5_5cb24b957f/thumbnail_5_5cb24b957f.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_5_5cb24b957f/small_5_5cb24b957f.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_5_5cb24b957f/medium_5_5cb24b957f.png 750w," sizes="100vw">Compliance as a ServiceIn the past, we helped banks comply with the highest standards through our DD engine, serving 25 overseas branches in 13 countries in the past six months.As you can see from the regulatory guidelines issued by FATAF last month, the reason why we have been advocating our own KYABC program in the past is because it is possible to meet the latest regulatory requirements by conducting due diligence on funds, natural persons and legal entities through our technology.&nbsp;Now, we are taking our technology one step further and bringing it to the virtual currency asset management platform, where we are addressing both the buy-side and sell-side issues. The Buy-side can easily find safe and trustworthy investment targets through the APP without any cryptocurrency basics; Sell-side can efficiently handle asset custody, investment subscription &amp; redemption, KYC/AML, automatic reconciliation, NAV calculation, compliance/regulatory reporting, and performance charts through our management backend. The management back office makes it easy to communicate with subscribed investors.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/6_7b8dcddcf1/6_7b8dcddcf1.png" alt="圖片 6.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_6_7b8dcddcf1/thumbnail_6_7b8dcddcf1.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_6_7b8dcddcf1/small_6_7b8dcddcf1.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_6_7b8dcddcf1/medium_6_7b8dcddcf1.png 750w," sizes="100vw">Help the seller set up and manage the Crypto Fund and expand the fund scale in compliance; Help buyers to help them explore reliable investment opportunities.There are a variety of complex programs on DeFi, which can be greatly simplified in our wallet.Our goal is to make DeFi easier, so that people can focus on investment and performance tracking, rather than just buying, selling and saving coins.You will no longer need to focus on which blockchain asset is being used as we can invest in the corresponding underlying and present the corresponding virtual pass-through asset.Virtual currency asset management will play a crucial role in the future of DeFi. Our wallet focuses on the investment in DeFi to help the seller quickly accept customers. We help the seller painlessly manage any assets, all you need to do is download our wallet and we will handle these things for you.Many people ask, “Why do we need to make a wallet now when so many exchange wallets are working so sell now?” Exchange wallets do not directly participate in defi, and most of the performance is paid to the platform. There may be dozens of wallets on your phone, but none of them can meet the demand for simple DeFi investment. This is a huge vacancy in the market now: you can easily participate in DeFi investments across chains with just one wallet.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/7_d8618806bf/7_d8618806bf.png" alt="圖片 7.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_7_d8618806bf/thumbnail_7_d8618806bf.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_7_d8618806bf/small_7_d8618806bf.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_7_d8618806bf/medium_7_d8618806bf.png 750w," sizes="100vw">Future virtual currency asset managementWe plan to invest more in wallets and asset management. The wallets for investors will be available on APP Store and Google Play next month, and the first compliant virtual funds will be available.We will combine KryptoGO's experience in traditional and virtual finance to create a Web 3.0 financial passport in a meta-universe, which I believe is a zero-trust society where the financial experience we used to be familiar with will be reinvented.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/8_c39d068b38/8_c39d068b38.png" alt="圖片 8.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_8_c39d068b38/thumbnail_8_c39d068b38.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_8_c39d068b38/small_8_c39d068b38.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_8_c39d068b38/medium_8_c39d068b38.png 750w," sizes="100vw">We are looking for partners who share same goals to unlock the mystery of DeFi, feel free to contact us.

Last year, the trading volume of decentralized exchanges has grown eight times more than centralized exchanges. What’s even more exciting is that according to the data on the chain, the number of DeFi users are only 2 % of Crypto users, and we can expect that there will still be a huge potential in the future.

Why did we choose to develop KryptoGO wallet?

The "NFT non-fungible token" has been gaining attention at the beginning of this year and launched many derivative products with the characteristics of blockchain and virtual currency. In addition, Facebook recently announced that its name is changing into “Meta” to symbolize its entry into the metaverse, which affected many industries like fashion, music, sports, leisure and other fields to think about the layout of the metaverse. Companies that include Coca-Cola, Adidas, Gucci and many other brands.<h1>NFT: The pass to enter the metaverse</h1>We can imagine that the reliance of human beings on the virtual world in the future world will only increase day by day from the layout of each large company or the new technology of Web3, and this expected virtual world is also called – Metaverse.The transaction amount of the non-fungible token (NFT) market increased 261 times yearly to nearly $25 billion last year, and Profile Picture (PFP) projects: CryptoPunk and&nbsp;<a href="https://www.fox5ny.com/news/sotehbys-auction-digital-nft-bored-ape">Bored Ape have even auctioned off for more than $10 million at Sotheby.</a> Blockchain technology can be used to distribute NFTs for digital projects ranging from images to videos and even virtual world lands, and the boom last year made it easy for some publishers to make huge profits.Behind each different NFT avatar, there is a value of personal preference and belief. Because different NFT projects have different floor prices, these factors indirectly shape different consensus forms of "communities" in the metaverse. Twitter even launched a new&nbsp;<a href="https://finance.yahoo.com/news/twitter-enables-ownership-verification-profile-201811254.html">paid NFT authentication service</a> because of the craze of NFT avatars, which opened the future digital identity market.<img src="https://lh4.googleusercontent.com/LVgqd8UFdJJ3ORgMJcn7ovMH3pXs1irBpfQWRYA7-3ZMm_wcdlTUDxUZLDC2pzJ9wHdh8bm6l1ErikxBgTPsOvrgCxB-QXZ9juueWhrLA5h907ZO4Q3Tx8NG94B-x1tiVf6q2ZZ-0Uo_lOGrZYRJV2Musq-gansBSpZDUnyOy1xtDsrM0hZC2ULdUAhNjaIiTNowIwfNxg"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_N_Wx_Lvx_F0_Ja_Y_Lnm3h4v8_Mq_Q_ec91d62534/1_N_Wx_Lvx_F0_Ja_Y_Lnm3h4v8_Mq_Q_ec91d62534.jpeg" alt="1*NWxLvxF0JaYLnm3h4v8MqQ.jpeg" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_N_Wx_Lvx_F0_Ja_Y_Lnm3h4v8_Mq_Q_ec91d62534/thumbnail_1_N_Wx_Lvx_F0_Ja_Y_Lnm3h4v8_Mq_Q_ec91d62534.jpeg 190w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_N_Wx_Lvx_F0_Ja_Y_Lnm3h4v8_Mq_Q_ec91d62534/small_1_N_Wx_Lvx_F0_Ja_Y_Lnm3h4v8_Mq_Q_ec91d62534.jpeg 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_N_Wx_Lvx_F0_Ja_Y_Lnm3h4v8_Mq_Q_ec91d62534/medium_1_N_Wx_Lvx_F0_Ja_Y_Lnm3h4v8_Mq_Q_ec91d62534.jpeg 750w," sizes="100vw">Bored Ape Yacht Club (BAYC), source: Bloomberg.com<h1>NFT is changing the face of community marketing</h1>The biggest difference from the real world is that through blockchain technology, every transaction and behavior in the metaverse will be recorded. These trajectories and experiences are largely representative of each person's style and persona in the virtual world. Just as we use our favorite brands in real life, different NFTs can represent the values we believe in, the time we spend in the group, the amount of money we spend, and even create another unique brand on the NFT because of the actions of the owner.NFT provides a different perspective on the online community, helping each individual to build a personalized experience in the meta-universe through their own preferences and feelings together with the rest of their peers.In the future online world, we can foresee that users will use NFT virtual art creation as a medium to participate in virtual and real activities at the same time in a new way, just like the digital tickets and VIP passes we used in the past.The interesting thing about NFT, as opposed to traditional tickets and passes, is that each work has more and more benefits due to the participation of the community. The work can be extended to a variety of activities and products because of the community's participation, which in turn attracts more and more people. In the metaverse, each individual can express his or her preferences, beliefs and choices through his or her NFT collection, and this determines how he or she appears in the metaverse.NFT empowers the traditional model by creating commemorative value, secondary market mobility, and community consensus. We can clearly find the corresponding target audience through NFT projects or strengthen the community through the distribution of NFT projects.Community-oriented NFT teams often unveil their universes through the release of 10K avatars, such as DemiVerse, which is made up of Demi-Human, a fictional worldview with two races: mummies and humans.<h1>It is very difficult to prove that "you" are having the "original" NFT</h1>However, as more and more NFTs become available, pure images no longer attract people to buy them, so projects are planning different roadmaps to emphasize their applications on NFTs, whether it's GameFi, DeFi or various virtual and actual events that are held regularly to enhance the value of NFTs themselves and to bring the community together.This makes NFT artifacts into highly versatile tickets or passes, and NFT holders can enjoy the rights to participate in various activities. For example, only NFT holders can attend this offline party, NFT holders can enter Discord private chat rooms with specific identity requirements, NFT holders are eligible for airdrops, etc.Here's the problem: the current NFT encrypted wallet cannot support the complex online &lt;-&gt; offline scenario.Restricting that only NFT holders can join the offline parties becomes a headache during their entry: because<ol style="list-style-type:decimal;"><li>The real owner of the NFT is the blockchain address, and there is no way to know the relationship to the person in front of you, because the seed phrase is imported into multiple wallets, and the NFT can be present in multiple wallets at once. There is no way to know who holds it.</li><li>You can't tell if it's an NFT just by looking at the picture, or you see the picture and you’re sure it's an NFT, but you can't tell if it's the correct issuer.</li><li>If the wallet screen is a screenshot, then it creates a double-splash attack, and you can use this screenshot to repeat the entry at no cost. In this way there is no way to know if NFT rewards are being redeemed by the same NFT.</li><li>The cost of empty entry tickets for NFT holders is too high, so online questionnaires are often used to help, and this method is inefficient.</li></ol><h1>KryptoGO Wallet Perfectly Integrates Real and Virtual</h1>The scenario of integrating real and virtual will be very important for future NFT. If NFT is our pass in the metaverse, then this pass must be checked for ownership, just as we prove we have NFT in Discord chat rooms through Collab, and there is the same need in the real world.It is critical to have a good experience with the wallet to help verify ownership at both ends without conversion costs, and this is the unique verification mechanism of the KryptoGO Wallet, where flipping the NFT image in the wallet displays the corresponding QR code and this QR code signed these (listed below) by the individual's private key:<ul><li>Blockchain protocol issued by NFT</li><li>Blockchain address of the NFT collection</li><li>NFT Token ID</li><li>NFT owner address</li><li>Timestamp</li></ul>Only a scan allows you to redeem the corresponding benefits (e.g., an admission ticket), and we will also check that the above five messages are signed by the correct wallet holder to avoid forgery or double spend attacks.<h1>The First Lucky Bag NFT in the Metaverse</h1>In order to put our technology into practical application, we have jointly launched "The First Lucky Bag NFT in the metaverse" with Demi-Human, the largest NFT community project in Taiwan. A total of 6,666 Lucky Bag NFTs will be given away for free during the Spring Festival!Unlike other NFTs, KryptoGO Wallet has created the first "NFT exchange function" by opening the lucky bag NFT in the wallet and clicking on it, then presenting the QR code on the reverse side to the store for scanning to complete the exchange. The NFT empowerment can be truly realized in your life, from now on NFT is your VIP pass.The grand prize includes more than 20,000 items (total value more than one million), including Hanbilou 1-Park 2-Eat vouchers, Demi-Human NFT, RAW restaurant, iPad mini, Blackwall coffee 168 cups exclusive voucher, and Kaidon Yakiniku 24 exclusive vouchers for one year, etc., which will be up for grabs every night from New Year's Eve (1/31) to New Year's Day (02/03) at 21:00 (GMT+8).<img src="https://lh4.googleusercontent.com/VGaGlqwBFmzAHXF8nEwcBU0U_hnURpbLtOZmMAaVoylLb967lvqEtv0ECYSMdFLpsoAPnJV1va2FW5iHPc-ChzhvEX9tEoDr5UwEyE0Ozm663_HDAtzGzVxRECCda_Li-5C2-1ByJoz0led4HAjnRVd7CXdUrJoFHXc2tr_lLBO5W9porC0mpVYMWqMWp9dqqYZdqEglaA"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e/1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e.png" alt="1_6eoLY-ehvllxE0Oy-18fQw.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e/thumbnail_1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e.png 216w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e/small_1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e/medium_1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e/large_1_6eo_LY_ehvllx_E0_Oy_18f_Qw_2421896d5e.png 1000w," sizes="100vw">For more details:&nbsp;<a href="https://wallet.kryptogo.com/events/lucky-bag-2022">https://wallet.kryptogo.com/events/lucky-bag-2022</a>

The "NFT non-fungible token" has been gaining attention at the beginning of this year and launched many derivative products with the characteristics of blockchain and virtual currency. In addition, Facebook recently announced that its name is changing into “Meta” to symbolize its entry into the metaverse, which affected many industries like fashion, music, sports, leisure and other fields to think about the layout of the metaverse. Companies that include Coca-Cola, Adidas, Gucci and many other brands.

From Metaverse to Your Real Life: Let’s talk about NFT identity and ownership verification

<blockquote>Why isn’t there any DeFi Wallet that offers the same experience as FTX (Blockfolio)?</blockquote>FTX (Blockfolio) is a great centralized wallet that integrates currency trading, trading, custody, and asset performance tracking to price alerts quite well.However, it’s still a centralized wallet after all. In DeFi, It's no secret that DeFi portfolios are almost impossible to be accurately tracked down. The DeFi ecosystem is in its infancy and the various public chains and protocols make our DeFi highly fragmented. Different wallets show completely different balances and asset allocations for even the same portfolio. It has become an almost impossible dream to get accurate data.<img src="https://lh3.googleusercontent.com/ddi-A0YAkRHo_3Xu5XArBsbwi-Rpi32FB9Q7MPk_uwFNlUE2WCoqLszxG3riev__w6FeF0Ovi4tt9J4Zi_f-rfxyL_em2RbbK6entq5zwJo1ytJAxbhsDfbrck0g--K_FNJTiePObshJgTxgRX75nRgCkNa2iHEfy7SQiCVKGDuQumzz0ScQIB_UNPBptjBgvDVE4OLcDg"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d/1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d.png" alt="1_-j6lSjm61hwkwGFsuSZVEw.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d/thumbnail_1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d/small_1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d/medium_1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d/large_1_j6l_Sjm61hwkw_G_Fsu_SZV_Ew_912b479f7d.png 1000w," sizes="100vw">Different wallets show completely different balances and asset allocations for even the same portfolio (From left to right: Trust Wallet, MetaMask, Ape Board, Zepper)<h1>The return on a liquidity pool depends on three factors</h1>The most common investment at DeFi is to participate in Yield farming, and the return you get from investing in a liquidity pool depends on three factors:<ol><li>Asset prices at the time of supply and withdrawal</li><li>The size of the liquidity pool and the volume of transactions</li><li>The incentives and bonuses offered by the liquidity pool</li></ol>Compared to the two assets that provide equal value in the liquidity pool, investors may end up withdrawing a different percentage of assets than they originally pledged as the trading activity can change the price and volume of assets in the pool. Large price changes between the supply and withdrawal of either asset can result in losses compared to simply holding each asset individually in a 50:50 portfolio. This is the "impermanent loss" that has the greatest impact on investment returns when the movements of two assets are significantly unpegged.<h1>Tracking performance on a dollar basis can be distorted</h1>Let's start with a simple way to evaluate the return on an investment:saIn the financial world, the cost basis is the purchase price of an asset and is often used to calculate capital gains (the difference between the cost basis and the current market value). For DeFi assets, calculating the true ROI in this way is not necessarily the best option in a bull market.For example, what happens if you invest 10 ETH in the liquidity pool at the beginning of 2021 at $1,000 per ETH and then withdraw your investment at the end of 2021 at $4,000 per ETH? You should receive $40,000 plus the transaction fees you earned, assuming $2,000.The cost basis of your investment is $10,000, and the capital gain is $42,000 - 10,000 = $32,000.Now, if we're looking to determine whether or not the underlying is worth investing in, looking at capital gains may not be the best way to look at it.In another scenario, what happens if the price of ETH drops to $900 and you only earn $450 a year in trading fees?The value of your entire investment is $9,450 and your capital loss is $10,000 - $9,450 = $550.If we calculate the capital gain in USD, then obviously this is a bad investment when ETH goes down, but in fact, if we take the return in ETH, you get exactly the same in both cases: 0.5 ETH.<h1>When the price of your holdings rises sharply, your investments lose money</h1>Before we go on to explain the difficulties of tracking DeFi performance, let's start with the simplest example of a DeFi investment:Conditional Assumptions:<ul><li>When investing $10,000 USD, ETH = 4412.3 USD and Stud ETH can be bought for 2.27 ETH</li><li>We choose a group of LPs and invest half in ETH-USDC for yield farming</li><li>The bull market started after we invested the money, and when it was time to redeem ETH went up by 111.9% (9350.85USD)</li></ul>We entered the conditions mentioned above in this <a href="https://defiyield.app/advanced-impermanent-loss-calculator">calculator</a>:<img src="https://lh4.googleusercontent.com/oLlHnU472dJt18htWHW73SeeKZDz3f_K8gCx4WvIi2GLn0ugau2J5FQxvaQs38-c6zarIuLMt4Y9HbLl3TCMkGtm0fRBGZCUiFugQMLi3NnKfN9wmx2ED_q4euLfj9X7oqOA6X7CIIMzOoZRri5jG_9ccxtVaSRZY1O7WD-Lhcpiqgb4KSmqva1hrKTy_o678Dd_bzv59Q"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/frog_bb42509b94/frog_bb42509b94.png" alt="frog.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_frog_bb42509b94/thumbnail_frog_bb42509b94.png 198w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_frog_bb42509b94/small_frog_bb42509b94.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_frog_bb42509b94/medium_frog_bb42509b94.png 750w," sizes="100vw"><a href="https://defiyield.app/advanced-impermanent-loss-calculator">https://defiyield.app/advanced-impermanent-loss-calculator</a>The result:<img src="https://lh4.googleusercontent.com/0NHc9eHcU18EnX1LW7bcTvPbs_GjjSHbbGTUMJAySeOpi0EADKKQ7hHUkpwtfb9XupoZfUI69Da5bLTMF0R1kwDfj_4ED1N6wzwCfjsGwe1pomf3p2T4pMD4I4P_HZ7TRefjOStb9Mz3kz0EKirr4bQix6cw9N0a1d43V4aQF95kBjuhLiUJyXQ0WHOPRes43kCr4Iq-9g"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/form_9dba7299f1/form_9dba7299f1.png" alt="form.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_form_9dba7299f1/thumbnail_form_9dba7299f1.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_form_9dba7299f1/small_form_9dba7299f1.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_form_9dba7299f1/medium_form_9dba7299f1.png 750w," sizes="100vw">When ETH went up 111.9%From the table, we can see that due to the yield farming, the assets originally invested in each half are heavily tilted to USDC, and if we unlock the LP Token, we can only receive 0.8 ETH and 7119.42 USDC.If we immediately liquidate to USDC at this point, we can get9350.85*0.8 + 7119.42 = 14600 USD(Because the above table ignores the last two decimal places, so the specific figures are somewhat inaccurate, but this does not affect the final comparison)If we didn't participate in DeFi investment at the beginning, then by directly realizing 2.27 ETH, we can get9350.85*2.27 = 21226 USDIf we choose to exchange half of ETH and half of USDC but forget the LP Token, we can still get9350.85*1.135 + 5000 = 15613 USDIf we choose to exchange half of ETH and half of USDC but forget the LP Token, we can still get9350.85*1.135 + 5000 = 15613 USDAlthough it is true that we get a high annualized return of 46% from the APY perspective, we usually ignore the performance return we can get through the HODL holding strategy alone.The difference in performance between these two strategies is 21226-14600 = 6626 USD, which is about two-thirds of the principal amount.<h2>When evaluating your DeFi portfolio there are only a few concerns about the return on your investment.</h2><ul><li>Capital gains don't show you the return on the base currency: Capital gains only tell you how much you've made or lost, but they don't tell you how much you've gained by simply holding how many tokens you've won or lost (known in the coin world as HODL).</li><li>Different base currencies lead to different conclusions:&nbsp;In the example above, you can see that if we were to simply calculate the return on ETH, we would in fact get the same result whether it was up or down. Even if the cryptocurrency market suffers a loss in dollar value, you will still have the same amount of ETH to reinvest in other assets.</li></ul>It's important to decouple investment performance from the overall price movement of the market, as these small differences can greatly influence investor decisions and investment performance.<h1>Conclusion: Technical difficulties in tracking DeFi's performance</h1>The above scenario is relatively straightforward, as one of the assets is a stable currency. In reality, the liquidity pool can have many different variations, including multi-currency pledges and even single-currency pledges.Therefore, keeping strict track of the price changes of the invested assets, calculating the constant losses and judging the changes in the invested assets and the chain fees is the biggest key that really affects our final returns, and here's the hard part.<ul><li>There are multiple tokens, protocols, public chains, and commodities on DeFi. It makes DeFi more fragmented than CeFi, especially the platform coins. Because of the incompatibility of blockchain protocols, there may only be corresponding official wallets, and the assets are scattered everywhere. Once there is one missed, the account balance will be distorted.</li><li>The potential investment cost and miner's fee. Especially for the group LP Token, which is a waste with the current expensive handling fee. Without actuarial calculations and not enough investment capital, it is likely that the handling fee alone will eat up all the increase and reward.</li><li>Because most of DeFi's targets are token-based, some pledges or awards are given to&nbsp;Tokens or Wrapped Tokens that are not quite liquid enough in the open market, and&nbsp;the prices of these assets are often difficult to track.</li><li>If you use the APY provided by the project directly without considering the Boost condition and that&nbsp;these reward tokens do not necessarily have a valid price in the open market, then no matter how you calculate the number in the book, it will not be the same as the APY provided by the project. Also, the bonus tokens are not stable coins, so the APY will fluctuate constantly.</li><li>DeFi commodities are becoming more and more complex (e.g. DeFi 2.0). In many cases, we can't just look at the pledged revenue.&nbsp;Accurate calculation depends on how well you understand the commodity. For example, if you pledge ETH and CRV, the economic model behind it is completely different.</li><li>The mining, withdrawal, and selling of reward tokens (e.g., governance tokens): If the same pool is repeatedly reinvested at different times without monitoring the historical changes of the assets in the pool, it is almost impossible to calculate the overall performance return trend because the final total value can only be calculated from the price of the assets held in the wallet.</li></ul>"You want others’ interest; they want your principal amount.""If you don't know where your mining revenue is coming from, you're probably the mine.<img src="https://lh4.googleusercontent.com/-16mok2tPjGPRO95PjoESNHhwk-XIFUraSCBUKBpmNKd1uGvfy15SAEch9dvKUsIBg1NYa-chfGH3AWuLq7b9T4T4iXfcsnCcFihdJxHj0vhjR8pVvs-dJbeUcIOc1hBkNquC0dI2Yk3MrrEtHvbw8CkyCbvqE9JoQhsvJ5RKMieMeRXRS4gjbLFQlW0vU_YWmKoEG204w"><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/spsbnblp_caad4d68fa/spsbnblp_caad4d68fa.png" alt="spsbnblp.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_spsbnblp_caad4d68fa/thumbnail_spsbnblp_caad4d68fa.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_spsbnblp_caad4d68fa/small_spsbnblp_caad4d68fa.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_spsbnblp_caad4d68fa/medium_spsbnblp_caad4d68fa.png 750w," sizes="100vw">53090% annualized return rateIf we are to effectively calculate investment returns, we cannot simply look at the APY provided by the project's liquidity pool, whose formula may not be transparent and is often overly optimistic in its APY figures, and in some cases even gives an annualized rate of return which you can only see it but can’t reach it to lure those suppressed people to get on board.

In DeFi, It's no secret that DeFi portfolios are almost impossible to be accurately tracked down. The DeFi ecosystem is in its infancy and the various public chains and protocols make our DeFi highly fragmented. Different wallets show completely different balances and asset allocations for even the same portfolio. It has become an almost impossible dream to get accurate data.

Mistracking undercounts revenue by 60%…  Why is it so hard to track DeFi's performance returns?

(This post is translated from <a href="https://medium.com/kryptogo/%E4%B8%80%E5%A0%B4%E5%B0%8D%E6%96%BC%E5%8D%80%E5%A1%8A%E9%8F%88%E7%9A%84%E6%80%9D%E8%BE%A8-66a77e241011">here</a>.)<img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/0*yRiu5KD-MaTrj0hk.jpg" alt="" loading="lazy">In KryptoGO’s TGIF meeting last week, we talked about judging faith in Blockchain. An internal debate for nearly five hours arose on the origin of belief in Blockchain. Do people put faith in blockchain because of the technology or is it all market speculation?Let’s say it’s because of the technology, then what is it about the technology that we believe in? During the debate, I was able to look at Blockchain through different perspectives. In the end, I wish to reflect on the reasons why I chose to start a Blockchain-based business through this article.<h1 style="margin-left:0px;">What exactly is Blockchain capable of?</h1>Let’s start with the fundamentals of Blockchain; How did Blockchain come to be? Blockchain is the crucial infrastructure supporting the Bitcoin network, we can think of it as an immutable and public distributed ledger. Blockchain and cryptocurrency are inseparable, which brings us several benefits:<ul><li>No Middlemen: Two parties can easily complete a peer-to-peer transaction without a need for intermediaries and third parties</li><li>Increased efficiency: Cryptocurrency has no borders, international transactions are much faster than SWIFT.</li><li>Safe escrow: Unless the private key for your cryptocurrency wallet is stolen or lost, assets will be safely stored on the Blockchain.</li><li>Transparency: All transaction records are fully recorded on the Blockchain ledger.</li><li>Difficult to arbitrarily inflate: Most cryptocurrencies have controlled supply (such as Bitcoin), and even if the supply is increased, it would be regulated and publically reviewed.</li><li>Low entry barrier: Compared to opening an account at a bank, there are almost no restrictions for creating a virtual currency wallet.</li><li>Privacy: Although all transactions are recorded on the ledger, the addresses are anonymous, and you can choose from a variety of cryptocurrencies to fit your needs.</li><li>Decentralization: There is no single organization, company, or government behind the Blockchain network to control it alone.</li></ul>It is impractical to discuss Blockchain and crypto separately. One of the most valuable parts of the Blockchain is that it utilizes economic incentives to solve the “Byzantine’s General Problem”.Solving the “Byzantine General’s Problem” in itself is an unprecedented achievement in computer science. One must possess knowledge in multiple fields such as mathematics, computer networks, cryptography, operating systems, compilers, economics, psychology, and even politics and law. That is why a number of people suspect that the founder of Bitcoin, Satoshi Nakamoto, is a group or an organization rather than a single person.<blockquote>The “Byzantine General’s Problem”: A group of Byzantine generals each leads an army to attack a city. The city is strong enough to defend itself against multiple armies, but not strong enough to defend against all of the armies at the same time. So the generals must vote to reach a consensus strategy, that is, all troops either attack together or all troops withdraw together. Because the generals are in different directions surrounding the city, they can only communicate with each other through messengers. During the voting process, each general will vote to either attack or retreat, information is sent through a messenger to notify all other generals. This way, each general may take action based on his own vote and the information sent by the other generals.This situation involves multiple parties that must agree on a single strategy in order to avoid complete failure, but where some of the involved parties are corrupt and may put out false information.</blockquote>There are also Blockchains that don’t have associated Cryptocurrencies. Usually, we refer to this technology as DLT (Distributed Ledger Technology). Corda and Hyperledger are classic examples of this.<h1 style="margin-left:0px;">Do we really need Blockchain?</h1>If we put aside irrational arguments and look at this from a scientific point of view. We should first consider the probability of the Byzantine General Problem occurring, if it has a very low chance, then Blockchain is not needed. In the past, decentralized databases and BFT fault-tolerant consensus algorithms are already great solutions to this problem.<h1 style="margin-left:0px;">When is Blockchain irreplaceable?</h1>After much debate, people often conclude with this question「If you say that Blockchain is suitable for a certain application. Why is that? And why can’t centralized technology solve this problem?」The answer to this is: No technology is absolutely necessary, just like no one forces us to use the TCP/IP protocol, and no one says that Git can do things that SVN cannot do (for example SVN + rsync). But people still use these services because of widespread adoption and the convenience and advantages that these technologies bring to the table.We can build technologies on top of existing centralized frameworks that may be similar to Blockchain. In fact, this has already been implemented by other companies such as Tencent. This enables us to build on existing communication protocols and explore different alternatives. In the end, for the sake of simplicity, this technology is likely going to be generalized to the Blockchain field.These are all general terms that may ultimately refer to technologies that: allows parties to participate in the verification process and browse the history of transactions that are on the shared ledger.<h1 style="margin-left:0px;">What is it about Blockchain exactly that we embrace? — The spirit of Open Source</h1><img class="image_resized" style="width:692px;" src="https://miro.medium.com/max/1400/0*58Y7l-z3TirD0B2j.jpg" alt="" loading="lazy">Photo Credit: <a href="https://en.wikipedia.org/wiki/Raising_the_Flag_on_Iwo_Jima#/media/File:Raising_the_Flag_on_Iwo_Jima,_larger_-_edit1.jpg">Raising the Flag on Iwo Jima — Wikipedia</a>This extends the question to “Where does the value of Blockchain come from?”. If “Blockchain” is not what we’re embracing, what is?This debate helped me think more clearly. The Blockchain that we highly admire and debate about, is actually a representation of the spirit of open source. If the Internet is thought of as a country, then the Blockchain would be the revolution that will lead us from monarchy to a democratic system. We can use this technology to realize the sovereignty of an open economy and retrieve digital data that is rightfully ours.Personally, if a website does not give me the choice of exporting personal data, it would seriously affect my willingness to use it, because once I start relying on this service or application, then I would be bound. It would be no different than being held hostage. The reason why Blockchain has the opportunity to become the cornerstone of the next-generation Internet is that, through it, transactions would be able to execute on a trusted infrastructure thus reducing the friction of value transfer.Maybe there will be a technology that is more advanced than Blockchain in the future. Even if this technology isn’t called Blockchain, (let’s call it Interchain for example), then Interchain would be the technology that I would value. The reason why Blockchain is so popular right now is simply that Blockchain is a relatively low-cost solution that creates a basis of trust for business transactions(the cost which has been amortized in the past ten years).I like the example that Blocktrend brings up in their Podcast. If a person’s schedule changes, we can easily transfer high-speed rail tickets, but for digital high-speed rail tickets, there is no way to do that unless the High-speed rail company is willing to implement this function into their APP. The biggest reason is due to the imperfect digital infrastructure. In the next generation of the Internet constructed by the Blockchain, theoretically, we should be able to truly own the tickets that we purchase.<h1 style="margin-left:0px;">Blockchain is also redefining the relation of production</h1>In today’s world, the relation of production is highly centralized. From governments to companies, labor and incentive models are hierarchical. In the Blockchain-based economic system, the incentive models are decentralized. For example, no central authority in the Blockchain network demands miners to act as auditors, but under a free market mechanism, people will be incentivized to audit the transactions as they are paid for their contribution by the network. The true value of Blockchain lies in its ability to disrupt the traditional hierarchical structure model, allowing everyone to reach consensus through code, rather than abiding by the rules set by a centralized authority.<h1 style="margin-left:0px;">Today the internet is much more like Disneyland</h1>Chris Dixon, of a16z venture capital firm, shares in <a href="https://breakermag.com/why-venture-capitalist-chris-dixon-is-betting-on-a-decentralized-internet/">this article</a> why they are focusing on Blockchain technology. “If I’m building a restaurant in Disneyland and Disneyland thinks I’m making too much money, they may raise the rent or change the rules.”(Note: Disneyland is a metaphor for centralized platforms/monopoly markets such as Facebook, Google or Apple.)In this era, building an internet startup is becoming more and more difficult. The obvious problems are already solved by the Internet Giants (platform companies), or they simply acquire startups that are relevant, giving businesses no chance to survive. Of course, it’s a different story for startups that are breaking technological advances. In the 21 century, it has become a competition for talents, and it’s getting harder for small companies to find good talents, although startups could look for funding to solve this problem, in the end, it becomes the chicken and egg problem.Blockchain technology can make it easier for start-ups to gain trust from the public and potential business partners. It also makes it easier for companies that are at the tip of the long tail to unite, relying on the strength of the masses to put pressure on these Internet Giants.Start-ups need to rely on Blockchain to breakthrough, but I don’t think anyone will specifically mention that they are a “Blockchain” company in the future, just like no one will say that they are a cloud computing company just because they do cloud computing. Or companies that use Excel calling itself a Big Data company, or using if-else functions and saying it’s AI.<h1 style="margin-left:0px;">So what exactly is a Blockchain company?</h1>The core technology of the Blockchain lies in the ability to design and develop the underlying Blockchain, exchanges, and wallets. Developing the underlying Blockchain represents that the company has a comprehensive understanding of the design of the Blockchain and has the ability to design a consensus mechanism for different scenarios to meet the needs. And as mentioned at the beginning of the article, if the Blockchain and Cryptocurrency are inseparable, the preservation of the assets on the chain (wallet) and transactions (exchanges) are indispensable.<h1 style="margin-left:0px;">What is the technology that’s going to disrupt the Internet Giants?</h1>The rising companies of the future are definitely not ones that build on an industry already existing on the Internet. It is like the digital encyclopedia, everyone imagined that at first, it was to scan and upload the traditional encyclopedia page by page and then index through OCR . Google wanted to do content search in books, but in the end, because the technology was impossible at the time, Google decided to start with a simple web page.Under existing conditions, the Internet Giant companies can instantly drive traffic. The integration of Blockchain technology would be a piece of cake. They wouldn’t have to do everything from scratch. They can directly integrate open source technology or directly connect to the Blockchain.The opportunities that lie in the future depends on whether we are willing or able to think of solutions that big companies aren’t capable of, or simply don’t have the flexibility to do. In the end, it’s a game of speed and the battle between David and Goliath.<h1 style="margin-left:0px;">If the price of Cryptocurrencies become regulated (or even drops to zero), would there be any interest left in Cryptocurrencies (Blockchain)?</h1>The reason why Blockchain has helped us build trust and reduce friction, is due to the accumulated trust Bitcoin has created over the past ten years. The value of Bitcoin is generally believed to come from transactions from the Dark Web. If this assumption is true, I don’t think that the value of Bitcoin will go to zero unless a devastating vulnerability is suddenly exposed. In addition, under the above-mentioned inferences, Blockchain will continue to be embraced by startups, thereby forming a force coming from companies that are on the Long Tail, also increasing applications of the Blockchain.Even if we only take governments and financial institutions into consideration. They have discovered that the Blockchain is a very efficient infrastructure for data exchange/transactions. Regardless of whether the Blockchain is centralized, the Blockchain can still solve the problem of trust and data exchange between multiple nodes. It can quickly construct a heterogeneous distributed network and speed up the exchange of information with each other. Banks will be able to make cross-branch and cross-border transfers quicker through the Blockchain, and the government can speed up the flow of data between departments. Therefore, if the Chinese government can implement this technology from the top down, I think it will greatly increase administrative efficiency of the public sector.<h1 style="margin-left:0px;">Twenty years ago, selling on the internet was illegal</h1>Marc Andreessen was an early participant in the Internet era and the creator of Netscape. In the Podcast, he shared his belief that the current state of Blockchain is comparable to the Internet from 1992 to 1993. Now youngsters under 30 may find it difficult to imagine this situation: In the early days, the Internet was used by a small number of people in the academic circle. The government and schools invested major resources for maintenance. According to the terms of use agreement, the Internet can only be used for personal, non-commercial use. If you violate this, you may be imprisoned. But what’s for sure is that administrators have the authority to kick you out from the network. Being banned from the internet — to people nowadays, it’s no different from being locked into jail.<h1 style="margin-left:0px;">The Internet was very difficult to use in the past, it was even considered as a mere playground!</h1>The mainstream public tends to believe that Blockchain is hard to access and difficult to understand. But we have to realize that the Internet was hard to access in the early days (even for those who are good at computers). It was 1996 when I first started to access the Internet. At that time, I relied on a modem to dial in to the Internet, but in earlier years, connecting to the Internet may be more complicated than buying Cryptocurrency!At that time, the steps to connect to the Internet were as follows:1. Go to a bookstore and buy a book about how to use the Internet: At the time, the internet was a trendy topic, so bookstores were filled with books about the internet.2. There is a floppy disk in each book, you must load the floppy disk to your computer, and then the floppy disk will take you through a very tedious series of instructions.3. You had to dynamically rebuild the entire computer’s operating system to add a network. If you accidentally make a mistake, you would run the risk of ruining your computer.4. Purchase modems, modem and computer configuration to cooperate with each other: this is about a 38 step process, you must be very careful.5. Register Internet Service Provider ( ISP ): But at that time you couldn’t Google on the Internet to see where to find the ISP. You had to get out a phone book, find an ISP in the yellow page , and then call him.From this article we can see that everyone was ridiculing the Internet at that time, but in 1994, the network traffic skyrocketed and the Internet began to become mainstream.<h1 style="margin-left:0px;">The world won’t end if Blockchain seized to exist, but it would be better off otherwise</h1>The ICO, IEO, and STO booms are indeed being dismissed by the regulators, as is the Cryptocurrency prices and the overall industry. But this does not affect the value of the Blockchain itself. From a technical point of view, regulation can never stop Bitcoin. A market cooldown is not a bad thing. When the tide recedes, we will know who are the ones swimming naked, who are true supporters of the Blockchain and who are just following the hype to get rich quick. The industry will move on when the bad actors leave the ecosystem.<h1 style="margin-left:0px;">A Better Internet ( Blockchain could make the Internet better )</h1>Just through the advertising industry, the Internet has produced high-speed economic growth. But what would happen if we embedded these real economic models and economic operations in the browser from the beginning?The revolution that is going to disrupt the industry won’t just happen in a few short years. Looking back at the past ten years of <a href="https://consensys.net/blog/news/the-decade-in-blockchain-2010-to-2020-in-review/">Bitcoin development</a> and the<a href="https://a16z.com/2019/05/07/seven-trends-in-blockchain-computing/"> seven major trends</a> in the future. I believe that this day will come as people become more conscious of democracy. &nbsp;

In KryptoGO’s TGIF meeting last week, we talked about judging faith in Blockchain. An internal debate for nearly five hours arose on the origin of belief in Blockchain. Do people put faith in blockchain because of the technology or is it all market speculation?