What is a blockchain?

A blockchain is a digital registry that records transactions across a network, making them secure, transparent, and tamper-proof.
The traditional alternative to blockchain for recording and managing transactions was a centralized & controlled system where a single authority maintained a private ledger. The difference with blockchain technology is that it offers a decentralized and more transparent alternative.

There are various blockchain networks, with various purposes:

The first and most well-known cryptocurrency is Bitcoin, designed for peer-to-peer digital payments and decentralized financial transactions.

The second largest cryptocurrency, Ethereum, a blockchain platform that supports smart contracts and decentralized applications (DApps) beyond just cryptocurrency. It also contains the largest stake in Decentralized Finance (DeFi). Another blockchain with similar use cases to this is the BNB Smart Chain, providing the same use but with faster & cheaper transactions. 

There are plenty of other blockchains, similar to the above, some with more specific or alternative solutions. Some worthy mentions are: Solana, mainly known for NFTs (Non-Fungible Tokens), Polygon and Arbitrum. It is worth mentioning that all of these blockchains are listed on the StrikeX Wallet. 

How do blockchains work?

When someone wants to add a transaction, like sending cryptocurrency, the network's computers, which are either validators or miners, verify it for validity.
Valid transactions are grouped into a "block" which is then linked to the previous block, creating a chain of blocks, leading to the name "blockchain."

What's the difference between Validators & Miners?

They are both key actors in their own respective blockchain system, and the roles vary depending on the blockchain's consensus mechanism.

Validators are common in PoS (Proof of Stake) blockchains, which is a consensus mechanism where validators are willing to stake (deposit) the native coin of the cryptocurrency. In return they are chosen with the blockchain's established mechanism to create new blocks & verify transactions., which are then rewards for their work with transaction fees. 
Miners
Bitcoin is the largest PoW (Proof of Work) blockchain, which is a mechanism where miners compete to solve complex math problems to create new blocks and validate transaction. This is similar to a puzzle, where it is designed to be computationally challenging, requiring extensive hardware power. Once an equation of the pending transaction, the block is broadcasted to the network for validation, other nodes in the network verify the proposed block and is then rewarded with the transaction fees in return.   

PoS is seen as a more energy-efficient and environmentally friendly alternative to PoW. It's widely used in many blockchain networks, including Ethereum's recent transition from PoW to PoS.

What do you need to perform transactions on a blockchain?

To perform transactions on a blockchain, you need two things: a digital wallet, such as the StrikeX Wallet and the gas token of the blockchain you'll be using, this is often the native coin of the blockchain. Your digital wallet is like a digital version of your bank account. It holds your assets (cryptocurrency) and has a unique address.

When you want to send money to someone, you use your wallet to create a transaction. You'll enter the recipient's address, which coin or token, and how much you want to send. 

Make sure you have the right cryptocurrency for the blockchain you're using. Different blockchains have their own currencies. For instance, if you're on the BNB Smart Chain you need $BNB (BEP-20), even if you are trying to purchase another token on the blockchain. Without it you will not be able to perform any transaction, as that is what is used to pay for the transaction fee, also known as gas.

It’s always important to remind ourselves of the fundamentals of crypto security. Today, we take a look at the top 10 tips on how to keep yourself from losing your assets or getting scammed.

1. NEVER give your wallet’s seed phrase, password or private keys to anyone.
   No legitimate project or business would ever require these details. Much like your bank card’s pin number; they are for your eyes only!
   
   
2. Keep your seed phrase safe.
   When creating a defi wallet, write down your seed phrase (never store It digitally in text nor screenshot) & keep it in a safe place where you and only you can access it.
   - Create your own cypher to encrypt your seed phrase & store the key separately
   - Make two copies in case one copy is lost or damaged
   - Store in a fireproof wallet or on metal plates
   - Use a safety security box
   
   
3. Use a cold wallet (ledger).
   Use a ledger or other storage device to hold your cryptocurrencies that have no connection to the internet.
   
   
4. Disconnect your wallet after use.
   When using your wallet; be it for connecting to Defi exchanges, NFT marketplaces, or any other web3 injected sites, you will be prompted to connect your wallet to the site before use. Most sites do not automatically disconnect your wallet after use; therefore, it is imperative to disconnect your own wallet. Leaving your wallet connected leaves you susceptible to potential vulnerabilities within the site.
   
   
5. Fake Tech Support.
   NEVER trust anyone claiming to be from technical support. The internet is awash with fake tech support accounts that target unsuspecting crypto holders looking for help online for crypto-related technical issues. If you have a technical issue, contact the provider directly using the contact information on their official website.
   
   
6. Clone Exchanges.
   Watch out for clone exchanges. Before connecting to an exchange or other web3 site, make sure it has the correct URL. Clone exchanges are identical to their legitimate counterparts but often have a single character of the URL different to the original. Connecting to a clone exchange can give scammers access to the funds in your wallet.
   Note, just because the exchange you are searching for might appear at the top of a search engine, this does not mean it can be trusted. Often scammers using clones will pay to push their clone site up the search engine results to appear credible.
   
   
7. Dusting attacks.
   Often you will find cryptocurrencies in your wallet that you do not recall purchasing. This is not a friendly gift; often, scammers will airdrop worthless tokens to victims’ wallets in the hope that people interact with the tokens. Interacting with such tokens allows the scammers to build a profile of your wallet and gain crucial information, making you more susceptible to a scam. So, if you don’t recognise a cryptocurrency in your wallet… just ignore it!
   
   
8. Clone social media accounts.
   Often legitimate projects have their social media accounts impersonated. They aren’t always easy to spot & sometimes have even more followers than the page they are imitating. These scam pages often post fake competitions, often ones that seem too good to be true, designed to steal your crypto. Make sure you are following the official social media page for a project by only following links provided by the coin’s coinmarketcap.com page.
   
   
9. Remain anonymous.
   Whilst you might be proud of your crypto portfolio, you should never share how much you hold with others, be it online or in the real world. Putting your identity next to a wallet increases your chances of falling foul to criminals looking to steal your hard-earned gains.
   
   
10. Secure device, secure internet connection.
    Ensure your device is password protected and has the latest anti-virus software updates. Make sure you use a secure internet connection when using your wallet to connect to any sites or make a transaction. Always avoid using public Wi-Fi.
    
    

For those of you wanting to dig into a bit more detail, here’s a video version from the StrikeX Lounge:

You can now swiftly swap tokens without leaving your StrikeX Wallet!

Catering to multiple chains including: Ethereum, BNB Smart Chain, Arbitrum, Polygon & Base. Stay tuned on our socials, as new blockchains will be integrated into the StrikeX Wallet, they will also be supported for swaps.

Utilizing our partner 1inch, the largest DEX aggregator ensuring you get the most optimal trade. Incorporating it's algorithm to find the best paths across 60+ liquidity sources on Ethereum and 30+ sources on other blockchains such as the BNB Smart Chain. 

You have the flexibility to swap all tokens found within these liquidity pools, providing you with the freedom to swap the cryptocurrencies that best suit your preferences.

How to swap tokens:

1) Head over to the StrikeX Wallet, and click the second icon found in the bottom left of the navigation.

2) Search for the token you'd like to swap at the top, entering the amount you'd like to swap.

3) Underneath select the token you'd like to receive in return at the bottom. The receiving token amount will automatically be calculated for you.

4) If this is the first time you are interacting with a new token, you may need to first approve the transaction. Do this by pressing 'Give permission to Swap'.

After approving, select 'Continue', review the swap details and select 'Swap' to complete the process.


You can adjust your swap settings by selecting the cog icon in the top left of the swap page.

Creating a New Wallet

1) Click the 'Create a new Wallet' button if you do not have a wallet. 

2) Afterwards, make sure to carefully read the following text on the screen. The seedphrase is the only way to recover your crypto wallet if you lose it and it is for your eyes ONLY. 

3) Click 'Continue' and you will be shown your 12-word Recovery Phrase. We recommend you do not store it digitally and write it on a piece of paper where you can store it in a safe place. 

4) After writing down the seed phrase, click the next arrow button and select your seed phrase words in order. 

5) After you have done the mnemonics successfully, name your wallet and setup your 4 pin code (and turn on biometrics if available) which will be used whenever you enter into the application.

Importing an existing Wallet

1) If you have a wallet, and would like to import it click the 'I already have a wallet' button.

2) Enter your 12 word recovery phrase, make sure that it has been entered the words in the correct order & spelling, and just like that your wallet has been imported!

Note: You should be able get your seed phrase from the Wallet application that was previously used, usually found in settings.

3) After you have done the mnemonics successfully, name your wallet and setup your 4 pin code(and turn on biometrics if available) which will be used whenever you enter into the application.

Before starting, make sure you have downloaded the StrikeX Wallet & Created/Imported a wallet. 

How to buy Crypto with Fiat (USD/EUR/GBP & Others)

1. Click the credit card icon found on the bottom left of the navigation.  

2. Click the cryptocurrency you would like to purchase.

3. Choose your preferred Payment Gateway. (This will only display when more than one providers are available.)

4. Input the amount you'd like to buy, and the information of how much of a cryptocurrency you will receive & fees will display.

5. Enter your information requested by the Payment Provider, in most cases KYC is required for the very first time only. 

6. After purchasing, you should receive your crypto within a few minutes after the payment settles on your end! 

How to sell Crypto to Fiat (USD/EUR/GBP)

1. Click the credit card icon found on the bottom left of the navigation.

2. Choose the cryptocurrency you would like to sell. If selling a specific token directly is not available, you will need to swap to a token that can be withdrawn, for example: $BNB / $BUSD / $ETH / $SOL / $BTC

3. Choose your preferred Payment Gateway. (This will only display when more than one providers are available.)

4. Input the amount of the cryptocurrency you'd like to sell, and the information of how much fiat you will receive & fees will display.

5. Enter your information requested by the Payment Provider, in most cases KYC is required if not done already. 

6. Follow the instructions given by the gateway provider.

7. After this is complete, you should receive your fiat directly into your bank account within a few hours.