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Crypto.com: New features, Opportunity to Earn Up to 100%, BNB Added

Biweekly update 26th July — 9th August

Hi, everyone. Greet our latest update on Crypto.com, the pioneering payments, and the cryptocurrency platform. We feel a strong urge to show you everything we found in the last two weeks. Let’s begin!

First, the development team did a big job. Developers added some extra features as follows: New textual address format for payments — Bech32 Standard, Technical documentation updates — Initial threat model, Tools & tutorials to get you started on Chain development, Transaction accounting model update, Next steps towards Public Testnet. As you can see, Crypto.com is rapidly growing to become the top user-friendly crypto application.

Second, Crypto.com reported on its product “Invest.” According to the latest post, all the Crypto.com Invest Portfolios outperformed the S&P500 index in every recording period. Must admit, the maximum drawdown (% drop from peak to trough) for all strategies (15–24%) is comparable to that of the S&P 500. In our point of view, the results are lovely and amazing. We, as investors, have been shocked when we’ve heard about lower volatility and, at the same time, a high rate of return. We think if you didn’t invest earlier and think about it now, you would look at this product of Crypto.com.

Third, there is news for users who prefer Binance Coin. We are reliably informed that users will now be able to deposit and withdraw BNB. Furthermore, users are available to earn up to 8% p.a. on BNB coin. Considering the increasing popularity of Binance, we much like this idea to get a passive income on BNB.

To conclude, this company shows a great result. In our point, Crypto.com continually published its updates and is keen on its roadmap. Furthermore, as we can see, the team aims at customer engagement and business development.

Development

Crypto.com Chain Dev Update #4

As always, the latest Dev Update is packed with exciting topics, this time including:

  • New textual address format for payments: Bech32 Standard
  • Technical documentation updates
  • Initial threat model
  • Tools & tutorials to get you started on Chain development
  • Transaction accounting model update
  • Next steps towards Public TestNet

New Textual Address Format for Payments: Bech32 Standard

Previously, Crypto.com Chain used hexadecimal formatting. However, during the iteration & continuous improvement of the flow and interface, the developers have discovered some problems with this address format, for example:

  1. Confusion caused by representing different items at the same time (e.g., different types of addresses, transaction identifiers).
  2. Lack of robust error-detection mechanism (e.g., unable to detect cases where someone types or copy-pastes it).
  3. The addresses are too long for the default payment addresses that support threshold multi-signatures (briefly described in dev update #2).

To address these issues, the team evaluated the options and selected representing payment addresses using the Bech32 standard used in Bitcoin, Lightning Network etc. This representation is compact, simple, visually unambiguous and comes with solid error-detection. For the human-readable address part, developers proposed the following prefix conventions:

  1. cro: for addresses on the mainnet
  2. tcro: for addresses on the public testnet
  3. dcro: for addresses in local test executions or on private developer testnets.

For example, this is how an address would like on the mainnet: cro1pe7qg5gshrdl99m9q3ecpzvfr8zuk4h5xxnlp9

(in a local developer test execution, this address would be: dcro1pe7qg5gshrdl99m9q3ecpzvfr8zuk4h5rm547c.)

Technical Documentation Updates

Crypto.com has updated and extended the technical documentation, with a stylish repolishing thanks to the marketing team: https://crypto-com.github.io

Some highlights on what’s new in the technical documentation:

  1. Initial threat model
  2. “Getting started”
  3. Transaction Accounting

Initial Threat Model

As outlined in the Crypto.com Chain Technical Whitepaper, security remains a2 top priority. One of the important stepping stones security foundations, as mentioned in the whitepaper, is threat modelling. It is a systematic approach to identify potential security threats by decomposing and enumerating system components.

In collaboration with the Crypto.com security team, the tech team developed the initial threat model for select core components of Chain. The model is mainly based on the STRIDEframework originally developed at Microsoft. You can read more in the hosted version of the technical documentation: https://crypto-com.github.io/getting-started/threat-model.html.

Getting-Started Tools & Tutorials

To help you get started and stay up to speed on the rapid development of Crypto.com Chain, the team has updated the documentation for beginners & developer tools.

In the latest update, the Crypto team has simplified the initial developer workflow and added the “init everything” command that helps to bootstrap the environment needed for developing Crypto.com Chain. You can read more about it in the latest main READMEfile, as well as in the tutorial on the main technical documentation page.

Transaction Accounting

In Dev Update #2, the team mentioned that Crypto.com Chain would be using the UTXO transaction accounting model, which functions well for payment operations.

Considering that certain network operations (e.g., staking) function better in the account-based model, developers have decided to support both the UTXO & account-based models in the style of chimeric ledgers, where one could transition between either model using special transaction types. You can read more about the motivation behind this design and how it works in the technical documentation.

Next Steps Towards Public Testnet

As the team prepares for the launch of the first version of the Public testnet, the team would like to share more information about its implementation and actions taken towards its launch:

  • Crypto.com Chain will run on the current Testnet prototype code;
  • The sample UI web implementation of the Chain wallet backend will be released, so that developers can start working with these on the testnet;
  • Crypto.com Security Bug Bounty programme will be enhanced to include potential Crypto.com Chain vulnerabilities in its scope;
  • The team will start engaging third parties for architecture and code security audits;
  • The infrastructure, including various web services, will likely be operated by Crypto.com at this stage, though the team is in discussions with several industry partners to host Council Nodes for the next phases of the Public Testnet and beyond;
  • The technical whitepaper will be updated in accordance with some of the details described in the technical documentation.

The tech team plans to iterate on the Public Testnet in several phases to run a more complete (the team has several exciting features still in the backlog to implement) and more robust code that will make it easier for third parties to participate in the network operations.

Social encounters

Crypto.com is pleased to share that it has officially on-boarded the first batch of Crypto.com Ambassadors. You will be able to identify them through their social media and/or community handles as follows:

  1. CryptoAdvocateTwitter | Telegram | Reddit | Discord: CryptoAdvocate#4799
  2. DonotpetTwitter | Telegram | Reddit | Discord: donotpet#7687
  3. Emilio F. CastilloTwitter | Telegram
  4. EnquanTelegram | Reddit
  5. FlorentTwitter | Telegram | Reddit | Discord: Florent#3409
  6. GRXTwitter | Telegram | Reddit | Discord: GRX#0201
  7. Lennon 🇳🇱Twitter | Telegram | Reddit
  8. Mr. CointasticTwitter | Telegram | Reddit | Discord: Cointastic#1284
  9. Perry — MCO FanaticTwitter | Telegram | Discord: Perry#3364
  10. SmithappensTwitter | Telegram | Reddit | Discord: smithappens
  11. StainedjTwitter | Telegram | Reddit | Discord: Stainedj#7648
  12. StanryTwitter | Telegram
  13. TJTwitter | Telegram | Reddit | Discord: tj🇳🇱#2003
  14. Tomato(here4theTech)w/.a.Twitter | Telegram | Reddit | Discord: Tomato(here4theTech)w/.a.k.#7717
  15. Tommy SmithTwitter | Telegram | Reddit | Discord: T0mmySm1th#0331
  16. TristanTwitter | Telegram | Reddit | Discord: Z1PPZ315#3621
  17. Xavier M.D. (Will never PM you first)Telegram

As the first step into the program, Crypto’s ambassadors will have (more) presence in the social media platforms and/or community channels, and you will see/hear from them even more in the time to come.

The team is really excited to accelerate the world’s transition to cryptocurrency, together with the Ambassadors and valued community members.

The Crypto team also anticipates to onboard the next batch of Crypto.com Ambassadors soon to measure up with the growing platform and community.

Finance

Source: EtherScan
Source: CoinMarketCap

Growth Portfolio outperforms benchmark returning +109% YTD and +74% since inception

Please find below the first performance report of Crypto Invest covering returns (in USD) from inception through the end of June 2019.

Performance Highlights:

  1. Each of the portfolios outperformed the S&P 500 in every reporting period. Growth +109%, Balanced +75%, Conservative +47% Year to Date (YTD) and +74%, +49%, +35% since inception (7 Oct 2018) respectively.
  2. Against the Eureka Hedge Crypto Hedge Fund Index — an index of the most prominent institutional funds in crypto — the Growth portfolio outperforms in every period. +109% vs +93% YTD and +74% vs 40% since inception. Better than institutional performance starting with as little $20 USD. That’s democratizing quant trading!
  1. Volatility: The maximum drawdown (% drop from peak to trough) for all strategies (15–24%) are comparable to that of S&P 500 and significantly less than the Crypto HF Index (39%).
  2. Risk-Adjusted Return: Compared with S&P 500 and Crypto HF Index, all three strategies deliver higher Calmar & Sharpe ratios, which are indicators of stronger returns at a comparable risk level.

Calmar Ratio: The lower the Calmar ratio, the worse the investment performed on a risk-adjusted basis over the specified time period; the higher the Calmar ratio, the better it performed.

Sharpe Ratio: Generally, the greater the value of the Sharpe ratio, the more attractive the risk-adjusted return.

Note: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio.

Roadmap

Partnerships and team members

On August 6, 2019, Crypto.com announced today that it has completed the Binance Chain integration and is adding BNB to Crypto Earn.

Deposit at least $100 USD of BNB into Crypto Earn for 3 months (paying 8% p.a. in BNB) and get $20 USD in CRO as a bonus at the end of term. Limited to 5000 new users. First come, first served! Promo applies to new Crypto.com accounts created on or after Aug 6, 2019.

Effective today: (Crypto.com App Version 3.30)

  1. BNB BEP2 Deposits: Users will now be able to deposit and withdraw BNB Mainnet Native Token (BEP2 format) on the Crypto.com App.
  2. BNB in Crypto Earn: BNB will also have additional utility as it is now supported by Crypto Earn, allowing eligible Crypto.com App users to enjoy up to 8% p.a. on their BNB deposits, paid in BNB.
  3. BNB ERC-20 Holdings: Starting from Aug 6, 3:00PM HKT, users holding BNB (ERC-20) tokens on the Crypto.com App will have them automatically converted BNB (BEP2). All BNB (ERC-20) tokens will be swapped to BNB (BEP2) tokens on a 1:1 ratio.
  4. BNB ERC-20 Deposits: Crypto.com will continue to enable BNB (ERC-20) deposits to support the swap until further notice. Users interested in making BNB (ERC-20) deposits to Crypto.com after Aug 6, 3:00 PM HKT can only do so to their Crypto.com ETH Wallet Address ONLY.* Users can check their ETH wallet address by going to Wallet -> Ethereum -> Deposit on their Crypto.com App.

About Binance Chain

Binance Chain is a blockchain software system initially developed by Binance and the community. Binance Chain is a community-driven development project with many developers and contributors from all over the world. Its native Binance Coin (BNB) powers the Binance Ecosystem, and has multiple use cases including fueling transactions on the Chain, paying for transaction fees on the Binance Exchange, and making in-store payments. For more information, please visit: www.binance.org.

Ecosystem

You’ve seen it from users in the U.S. and now you’ll be seeing them in the Lion City too!

The new design of the MCO Visa Card will begin to ship in Singapore, starting from Ruby Steel.

Singapore users who have reserved the Ruby Steel MCO Visa Card will now be getting them in the new design.

As the team begins to issue the new cards, beginning from Ruby Steel, it may be expecting an extended card shipping period in Singapore as the Crypto.com team proceed with the new card design transition and shipping processes.

The new design for Midnight Blue, Royal Indigo, Jade Green, and Obsidian Black will be rolling out gradually.

Social media metrics

Social media activity:

Social media dynamics:

The graph above shows the dynamics of changes in the number of Crypto.com Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.

This is not financial advice.

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