MYKEY Lab - Medium

Telegram: https://t.me/mykey_lab

Youtube: MYKEY Laboratory

MYKEY Weekly Report 37 (February 1st~February 7th) was originally published in MYKEY Lab on Medium, where people are continuing the conversation by highlighting and responding to this story.

MYKEY Weekly Report 36 (January 25th~January 31th)

MYKEY — Mon, 01 Feb 2021 08:00:30 GMT

Today is Monday, February 1, 2021. The following is the 36th issue of MYKEY Weekly Report. In the work of last week (January 25th to January 31th), and we list several tips on using MYKEY for your study and reference.

1. What public chains does MYKEY support, and how to enable?
MYKEY supports EOS, ETH, TRON, BTC (the custodial account), and DOT (the custodial account). Enter [Me]>[Account and Security] > [View Account Address] to select the enabled blockchain and click [Enable].

2. Does MYKEY support cross-chain Swap?
Yes, you can swap USDT between Ethereum, TRON, and EOS from [Home] > [Swap Token].

3. How to top up the Network Fee?
Enter [Me] > [Network Fee Balance] > [Top up], select the token and amount to pay. (PS: Network Fee is required when topping up the Network Fee.)

4. What to do if the Network Fee Balance is negative?
If the Network Fee Balance is negative for the available account, you can top up it yourself. If there are no available tokens in the wallet, you can contact customer service to top up for you.

!!! If you encounter any abnormal situation while using MYKEY, remember not to uninstall MYKEY APP, please contact MYKEY Assistant: @mykeytothemoon in Telegram.

!!! Remember to keep the 12-digit recovery phrase properly from [Me] — [Manage Account] — [Export Recovery Phrase] in MYKEY even if your account is not real-named.

About Us

KEY GROUP: https://keygroup.me/

MYKEY Web: https://mykey.org/

Telegram: https://t.me/mykey_lab

Youtube: MYKEY Laboratory

MYKEY Weekly Report 36 (January 25th~January 31th) was originally published in MYKEY Lab on Medium, where people are continuing the conversation by highlighting and responding to this story.

35 MYKEY Weekly Report (January 18th~January 24th)

MYKEY — Mon, 25 Jan 2021 04:00:09 GMT

MYKEY Weekly Report 35 (January 18th~January 24th)

Today is Monday, January 25, 2021. The following is the 35th issue of MYKEY Weekly Report. In the work of last week (January 18th to January 24th), there is nothing to update last week and we list several tips on understanding MYKEY for your study and reference.

1. The recovery phrase is the highest permission of the MYKEY account, which is composed of 12 Chinese or English words. You can manage the account by the recovery phrase.

2. The password needs to be set to operate the regular business of MYKEY, such as transferring, operating dapps, turning on fingerprint payment, syncing the device, and changing the password when users first enable the blockchain feature, which is 8–20 digits with any combination of uppercase and lowercase letters, numbers, and symbols.

3. The emergency contacts are the security guardians of users’ MYKEY accounts. Emergency contacts are required when users lose their recovery phrases or need the security operation of accounts to take effect instantly. Especially when the recovery phrases are obtained by the others, if users have emergency contacts at this time, they can immediately replace the recovery phrases and the accounts will be secure.

4. The network fee is a billing unit in MYKEY. When transferring, using applications, or managing accounts, as long as transactions are sent to the blockchain, fees will be calculated and deducted from users’ network fee balance. The network fee consumption is subject to the actual cost of the blockchain.

!!! If you encounter any abnormal situation while using MYKEY, remember not to uninstall MYKEY APP, please contact MYKEY Assistant: @mykeytothemoon in Telegram.

!!! Remember to keep the 12-digit recovery phrase properly from [Me] — [Manage Account] — [Export Recovery Phrase] in MYKEY even if your account is not real-named.

About Us

KEY GROUP: https://keygroup.me/

MYKEY Web: https://mykey.org/

Telegram: https://t.me/mykey_lab

Youtube: MYKEY Laboratory

35 MYKEY Weekly Report (January 18th~January 24th) was originally published in MYKEY Lab on Medium, where people are continuing the conversation by highlighting and responding to this story.

MYKEY Weekly Report 34 (January 11th~January 17th)

MYKEY — Mon, 18 Jan 2021 03:04:05 GMT

Today is Monday, January 18, 2021. The following is the 34th issue of MYKEY Weekly Report. In the work of last week (January 11th to January 17th), there are mainly 1 update:

1. Two Dapp were listed in MYKEY last week

Simple Market and Delio were listed in MYKEY last week, welcome to search and use.

!!! If you encounter any abnormal situation while using MYKEY, remember not to uninstall MYKEY APP, please contact MYKEY Assistant: @mykeytothemoon in Telegram.

!!! Remember to keep the 12-digit recovery phrase properly from [Me] — [Manage Account] — [Export Recovery Phrase] in MYKEY even if your account is not real-named.

About Us

KEY GROUP: https://keygroup.me/

MYKEY Web: https://mykey.org/

Telegram: https://t.me/mykey_lab

Youtube: MYKEY Laboratory

MYKEY Weekly Report 34 (January 11th~January 17th) was originally published in MYKEY Lab on Medium, where people are continuing the conversation by highlighting and responding to this story.

MYKEY Weekly Report 33(January 4th~January 10th)

MYKEY — Mon, 11 Jan 2021 03:01:53 GMT

Today is Monday, January 11, 2021. The following is the 33rd issue of MYKEY Weekly Report. In the work of last week (January 4th to January 10th), there are mainly 2 updates:

1. MYKEY officially supported the DOT token

MYKEY officially supported the DOT token through third-party custody, and the custody service is provided by Hashkey Hub, click to read: https://bit.ly/3oo3BIh

2. The twenty-third MYKEY Crypto Stablecoin Report was published

We release MYKEY Crypto Stablecoin Report every week to share our interpretation of the development status of stablecoins and analysis of their development trends to help the participants in the crypto market stay updated on the development status of stablecoin. The twenty-third Crypto Stablecoin Report was published on January 7th, click to read: https://bit.ly/3s27Knr

!!! If you encounter any abnormal situation while using MYKEY, remember not to uninstall MYKEY APP, please contact MYKEY Assistant: @mykeytothemoon in Telegram.

!!! Remember to keep the 12-digit recovery phrase properly from [Me] — [Manage Account] — [Export Recovery Phrase] in MYKEY even if your account is not real-named.

About Us

KEY GROUP: https://keygroup.me/

MYKEY Web: https://mykey.org/

Telegram: https://t.me/mykey_lab

Youtube: MYKEY Laboratory

MYKEY Weekly Report 33(January 4th~January 10th) was originally published in MYKEY Lab on Medium, where people are continuing the conversation by highlighting and responding to this story.

Tips on Network Fees for Ethereum Accounts

MYKEY — Thu, 07 Jan 2021 10:00:24 GMT

Hi everyone,

The high ETH Gas increases the cost of recovering accounts for Ethereum users. It is necessary to remind you to reduce unnecessary costs and better to use MYKEY. The following are tips for you:

Network Fee is required for you who have the recovery phrase to recover the account
It is dear for you who have enabled the Ethereum feature to recover the accounts with the current Ethereum network. It is recommended to use an idle phone to backup your accounts to prevent losing.
If you don’t have the extra phone, you can use the camera to save the photos of the synchronized QR code.

How to Back Up the Account: https://bit.ly/38lrhXY

MYKEY Lab will keep improving to provide you with a better product experience.

About Us

KEY GROUP: https://keygroup.me/

MYKEY Web: https://mykey.org/

Telegram: https://t.me/mykey_lab

Crypto Stablecoin Report 18: The market capitalization of stablecoins increased to $18.53 billion, The rise of CBDC

Youtube: MYKEY Laboratory

Tips on Network Fees for Ethereum Accounts was originally published in MYKEY Lab on Medium, where people are continuing the conversation by highlighting and responding to this story.

Uncertainty remains under the continuous growth of Stablecoins, Regulatory restrictions and the…

MYKEY — Thu, 07 Jan 2021 04:00:53 GMT

Uncertainty remains under the continuous growth of Stablecoins, Regulatory restrictions and the open letter of Circle

Original link: https://bihu.com/article/1999493307

Original publish time: January 6, 2021

Original author: Xiang Yao, researcher of MYKEY Lab

We released MYKEY Crypto Stablecoin Report to share our interpretation of the development status of stablecoins and analysis of their development trends to help the participants in the crypto market stay updated on the development status of stablecoin, looking forward to maintaining communication with the industry and exploring the development prospects of stablecoin together, please feel free to leave suggestions.

Quick Preview

The market capitalization of major stablecoins has increased by $24.66 billion to $28.25 billion, a monthly average increase of 11.5%.
Last month, the circulation of USDT, USDC, DAI, and BUSD increased by 1.850 billion, 940 million, 110 million, and 293 million, the circulation of the remaining stablecoins decreased slightly.
The circulation of USDT exceeded $20 billion, the circulation of USDC reached $4 billion, the circulation of BUSD approached $1 billion.
Members of Congress proposed the STABLE Act, which is intended to regulate stablecoin-related behaviors, which has caused strong controversy.

1. Overview of Stablecoin Data

First, let’s review the changes in the basic information of the various stablecoins in the past month(December 1, 2020, ~ December 31, 2020, same below).

Market Circulation

Source: MYKEY, CoinMarketCap, Coin Metrics

At present, the market capitalization of major stablecoins has increased by $2.99 billion to $28.25 billion. The average daily market capitalization in December was $26.63 billion, an increase of $2.758 billion from the past month. The figure below shows the monthly average change of the circulation of the stablecoin, that is, the daily average circulation in December minus the daily average in November.

Source: MYKEY, Coin Metrics

Among them, the main growth comes from Tether. Tether has additionally issued a total of 1.850 billion, specifically 1.0 billion on Ethereum and 850 million on TRON. The circulation of USDC increased by 940 million, reaching $4 billion on December 31, 2020 (from the Circle official website), of which 3.913 billion was on Ethereum, and the rest was on Solana and Algorand. It needs to be emphasized that most media, including Forbes, only count data on Ethereum, which is not accurate. The market capitalization of the remaining stablecoins has not changed much.

The Number of Active Addresses

Source: MYKEY, Coin Metrics

Last month, the average daily active addresses of major stablecoins were 227,000, an increase of 0.12% from the past month.

The Number of 24-hour Transactions on the Public Blockchains

Source: MYKEY, Coin Metrics

Compared with the previous month, the number of daily transactions of major stablecoins increased by an average of 2.50%. Among them, the growth rate of DAI is remarkable, from an average of 14,000 daily transactions to 48,300, an increase of 45.2%.

The Number of 24-hour Volume of Transactions on the Public Blockchains

Source: MYKEY, Coin Metrics

The daily volume of transactions of major stablecoins increased by $903 million, an increase of 18.32%.

2. The boundaries of stablecoins continue to expand

The entire stablecoin and the ecology are still booming. The amount of funds has steadily increased, and the monthly supply of major stablecoins has increased to $3 billion, of which USDC has increased by $1 billion in one month, the total supply has reached $4 billion, and the total supply of BUSD has also approached $1 billion. The main body and platform are more abundant, the euro stablecoin EURB is launched on Stellar, and HUSD announced that it would be deployed on Nervos.

The supply of major stablecoins increased by $3 billion monthly

In December 2020, the supply of major stablecoins increased by $3 billion per month, of which the main contribution came from USDT and USDC ($18.50 and $940 million). The total supply of stablecoins reached $28.2 billion, doubling in 5 months.

The Euro stablecoin EURB is launched on Stellar

On December 9, 2020, the Stellar official website announced that the euro stablecoin EURB is launched. This is the first stablecoin directly issued by a banking institution on Stellar and the first issuance of this type of stablecoin in the market. The specific issuance method of EURB is that the blockchain technology service provider Bitbond provides operations such as the issuance and redemption of EURB on Stellar, while the euro is hosted by Bank von der Heydt. Philipp Doppelhammer, a member of BVDH, said that EURB would be integrated into DTransfer, a payment service based on Stellar provided by SatoshiPay.

Bitbond issued a Security Token approved by the BaFin in 2019.

HUSD will be deployed on Nervos

On December 8, 2020, according to the official blog of Nervos, the compliant stablecoin HUSD will be deployed on Nervos, becoming the first stablecoin collateralized by legal currency on Nervos, and Nervos will also become the first non-access blockchain deployed by HUSD outside of Ethereum.
HUSD Token is a compliant stablecoin issued by the financial technology startup Stable Universal in cooperation with Paxos Trust. It is anchored 1:1 with the U.S. dollar. The U.S. dollar assets are hosted by Paxos Trust and audited and certified by a top American audit company.

3. The stablecoin bill caused controversy

Regulatory issues for stablecoins continue to heat up. On December 4, American Congressmen proposed the ‘STABLE Act’ to regulate the issuance of stablecoins, ‘protect consumers from risks brought by emerging digital payment tools’ and prevent the emergence and growth of abusive, opaque, and stablecoin-based shadow banking systems. The bill is pending approval, and there is no doubt that this proposal has caused a strong controversy in the cryptocurrency community.

The STABLE Act attempted to restrict stablecoins

According to documents on the official website of the US Congress and reports from Forbes, the ‘STABLE Act’ contains the following content. First, the issuers of stablecoins need to comply with state laws or currency transfer laws; second, they must fully comply with existing banking regulations; besides, the issuers of stablecoins may not issue stablecoins until six months after obtaining approval from the Federal Reserve and the FDIC; finally, the issuers of stablecoins need to obtain FDIC insurance or directly deposit reserves with the Federal Reserve. The approach of the current issuers is to cooperate with FDIC-covered financial institutions.

The proposal is pending approval, and another report of Forbes explains it. The article believes that the current stablecoin ecosystem has two major risks. One is KYC/AML. Users holding stablecoins cannot belong to a forbidden set and should be associated with their identities to report to the tax system; the other is an equivalent Exchange relationship between stablecoins and the US dollar, which needs to be achieved through full reserves. This may be the motivation for congressmen to sponsor the bill.

Controversy continues in the cryptocurrency community

Although the bill has not yet been approved, it has undoubtedly caused controversy in the cryptocurrency community, especially from issuers of stablecoin. Circle CEO Jeremy Allaire said on his personal Twitter that the bill is a huge step backward in the innovation of digital currency in the United States and restricts the development of the blockchain and financial technology industries. He believes that the cryptocurrency industry is providing solutions that fundamentally improve the speed, availability, cost reduction, and efficiency of the U.S. and global payment and banking services and that Congress should support open innovation rather than forcing non-bank fintech companies to bear the huge regulatory burden from the Federal Reserve and FDIC. The technology and governance standards of stablecoins should be negotiated and new forms of regulatory regulations should be considered. Circle looks forward to constructive cooperation with federal agencies and the private sector will continue to innovate in this area. Besides, Jeremy Allaire also sent an open letter to the U.S. Department of the Treasury, stating the development status of USDC and offering a response to FinCEN’s proposed non-custodial wallet transaction reporting rules.

According to the collation of CoinTelegraph, other opinion leaders also expressed opposition. Meltem Demirors, chief strategy officer of CoinShares, said that ‘cryptographic currency reduces the cost of providing services to people who have historically been excluded from the banking sector. If the bill is introduced, service costs will increase, compliance will become more difficult, and will, in turn, put the cart before the horse’. Tyler Lindholm, a member of the House of Representatives of Wyoming believes that the bill violates the basic spirit of a decentralized system. The cryptocurrency industry has provided financial services for people without bank accounts, and centralized power is not suitable for a decentralized world. Shapeshift CEO Erik Voorhees also believes that the bill is doomed to fail and cannot be forced to make the crypto industry operate as a bank.

Tips

This is what we’re sharing in this MYKEY Crypto Stablecoin Report, welcome to stay tuned for follow-up crypto stablecoin reports. We will provide you with more analysis of the development status, trends, and international impact of stablecoins to help readers stay updated on the development status of stablecoin.

PS: MYKEY Lab has the final right to interpret the content of the article, please indicate the source for the quotation. Welcome to follow our official account — MYKEY Lab: MYKEY Smart Wallet.

Past Review

Crypto Stablecoin Report 19: The market capitalization of stablecoins reached $19.86 billion, The latest development of several decentralized stablecoin protocols

Crypto Stablecoin Report 20: The market capitalization of stablecoins reached $20.62 billion, Stablecoin regulatory policy of the United States

Crypto Stablecoin Report 21: Stablecoin stepped out of Ethereum, Global stablecoins triggered the regulatory awakening

Crypto Stablecoin Report 22: The Supply of DAI Exceeded 1 billion, USDC was Used to Aid Venezuela

About Us

KEY GROUP: https://keygroup.me/

MYKEY Web: https://mykey.org/

Telegram: https://t.me/mykey_lab

Youtube: MYKEY Laboratory

Uncertainty remains under the continuous growth of Stablecoins, Regulatory restrictions and the… was originally published in MYKEY Lab on Medium, where people are continuing the conversation by highlighting and responding to this story.

MYKEY officially Supported the DOT Token

MYKEY — Tue, 05 Jan 2021 04:00:28 GMT

Hi everyone,

MYKEY, the multi-chain smart wallet, officially supported the DOT token through third-party custody, and the custody service is provided by Hashkey Hub. To ensure the security of users’ assets, KYC authentication is required(PS: users who have enabled BTC feature no longer need it).

DOT is the token of Polkadot. Polkadot is an open-source sharding multi-chain protocol that can facilitate the cross-chain transmission of any type of data or asset (not only tokens) so that various blockchains can interoperate.

The difference between the MYKEY DOT token and the DOT of other wallets

1. Implementation method: MYKEY uses a decentralized account to authorize centralized custody, and all operations can only be performed after the user’s signature, ensuring the security of the user’s DOT assets to the greatest extent.

2. Cost of Transfers: DOT transfers between MYKEY users can be made in a fast way and free fee (the Network Fee).

3. Asset Retrievable: Based on the recovery mechanism of the KEY ID protocol, even if the MYKEY account/device is lost, users can retrieve the DOT assets.

4. The compliance Agency: HashKey Hub is a product of HashKey Group, committed to providing users with one-stop digital asset management services in a simple, easy-to-use, safe, and compliant manner. An App realizing the safe storage, gain, and trade of digital assets. Free transfers amongst Hashkey platform users, and steady income based on regular financial products in mainstream tokens.

How to add the DOT token

Enter MYKEY and update to the newest version 3.4.0. Click [Assets] > [Token] > [+] > [DOT] and add it.

Note:

1. The single transfer amount of the user to MYKEY DOT account is at least 1.5 DOT. If a single transfer is less than 1.5 DOT, the tokens will be lost.

2. Because the custodian needs to be responsible for users as much as possible and ensure the security of BTC assets, KYC authentication is required to create an account. Please upload the ID card and handhold a note with Hashkey and the application date and your ID. Users who have enabled the BTC feature no longer need it.

FAQ

1. How long does the KYC audit take? What if the submission fails?

Generally, it takes 1–2 working days for the audit, if the application fails to be submitted, please contact the MYKEY Customer Service: @mykeytothemoon in Telegram.

2. How much Network Fee is required for transfer?

There is no Network Fee for internal transfer, and it will arrive quickly. $0.2 Network Fee per transaction is required for external transfer.

About Us

KEY GROUP: https://keygroup.me/

MYKEY Web: https://mykey.org/

Telegram: https://t.me/mykey_lab

Youtube: MYKEY Laboratory

MYKEY officially Supported the DOT Token was originally published in MYKEY Lab on Medium, where people are continuing the conversation by highlighting and responding to this story.

MYKEY Weekly Report 32 (December 28th~January 3rd)

MYKEY — Mon, 04 Jan 2021 02:06:19 GMT

Today is Monday, January 4 2021. The following is the 32nd issue of MYKEY Weekly Report. In the work of last week (December 28th to January 3rd), there are mainly 1 update:

1. We are carrying out a topic activity with rewards: ‘新年要有新气象’ in http://bihu.com until January 6

For details, click to view: https://bit.ly/3hA2DpK.

!!! If you encounter any abnormal situation while using MYKEY, remember not to uninstall MYKEY APP, please contact MYKEY Assistant: @mykeytothemoon in Telegram.

!!! Remember to keep the 12-digit recovery phrase properly from [Me] — [Manage Account] — [Export Recovery Phrase] in MYKEY even if your account is not real-named.

About Us

KEY GROUP: https://keygroup.me/

MYKEY Web: https://mykey.org/

Telegram: https://t.me/mykey_lab

Youtube: MYKEY Laboratory

MYKEY Weekly Report 32 (December 28th~January 3rd) was originally published in MYKEY Lab on Medium, where people are continuing the conversation by highlighting and responding to this story.

MYKEY Weekly Report 31 (December 21st~December 27th)

MYKEY — Mon, 28 Dec 2020 03:36:13 GMT

Today is Monday, December 28, 2020. The following is the 31st issue of MYKEY Weekly Report. In the work of last week (December 21st to December 27th), there are mainly 2 updates:

1. We are carrying out a topic activity with rewards: ‘区块链要出圈’ in http://bihu.com until December 29

For details, click to view: https://bit.ly/3rp6EBR.

2. HashKey Hub&MYKEY launched the new period of BTC financial products

MYKEY and the third-party partner HashKey Hub launched a new period of 5% BTC 30-day regular financial products on December 22, 2020. Both parties will further deepen cooperation and jointly explore the development of digital currency financial products.

!!! If you encounter any abnormal situation while using MYKEY, remember not to uninstall MYKEY APP, please contact MYKEY Assistant: @mykeytothemoon in Telegram.

!!! Remember to keep the 12-digit recovery phrase properly from [Me] — [Manage Account] — [Export Recovery Phrase] in MYKEY even if your account is not real-named.

About Us

KEY GROUP: https://keygroup.me/

MYKEY Web: https://mykey.org/

Telegram: https://t.me/mykey_lab