All Posts By

Aakash Tokas

LITECOIN Halving: “To understand the future, we must go back in time”

litecoin Halving

With Litecoin halving today on August 5th, everyone wants to know ‘when moon’? Let’s go back 4 years to the last halving event to understand what could happen this week, and the months to follow.

Aug 26th, 2015, block height of 840,000, LTC Mining reward dropped from 50 LTC to 25 LTC. At the time Litecoin traded at $3 and the halving, despite many saying had ‘no effect’, had a significant effect on price.

Here’s what went down during the first halving.

  • First, a consolidation phase for a month, trading between $1.35 and $1.50
  • On May 21st, the price started to set in with LTC making double-digit gains every week
  • Within a month it reached an all-time high of $8.73, (a massive 590% gain)
  • It then traded at $2.40 a day before the halving and spent the following months staggering between $2.87 and $3.24

Another important point to consider is that Litecoin halving doesn’t mimic Bitcoin, which seems to organically increase before and after its halving.

Ok, so now that we know what happened last time, can we predict what happens this time?

Well, let us just say it is complicated.

For starters, there hasn’t been any explosion or consolidation before the halving this time. Instead, the silver to Bitcoin’s gold increased its price gradually this time, and despite the drop in price over the past few weeks, LTC is still trading in the $90 to $100 range.

Furthermore, traders have already priced Litecoin’s halving months before the actual event instead of the sudden pump and dump. While a drop in price is expected by many traders in the industry, it seems that the percentage will be less than last time, and recovery might happen gradually over the next few weeks without raising many eyebrows.

So if you’re a trader, make sure you’re ready for some volatility and if you’re an investor then the halving could be one of the best opportunities to scoop that cheap $LTC in your Litecoin Wallet.


Disclaimer: This announcement is not meant to be taken as investment, accounting, tax or legal advice or a recommendation to buy, or sell any security, digital asset or other investment, management product or service or pursue any investment strategy. It is for reference only. It will not help you to “lambo” or “moon” or any other euphemism for unhinged speculation. It should help you to supplement your own analysis of the project’s commercial viability.


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From the CEO’s desk: Second Innings for COSS

CEO newsletter JULY

Thank You

Since we started our new journey for COSS, I realize that we have one of the most active and supportive communities around. And that is our strength. A lot of personal motivating messages over the last couple of months, feedback, criticism of some features, some bugs, some past endeavours, new suggestions, etc. Overall, it is evident that everyone wishes best for COSS and is trying to help in their own unique way. So. Thank You for keeping us motivated and on our toes. Every message and every feedback means a lot to me personally. Obviously, sometimes our hands are tied due to resources or other tasks at hand, but every concern and feedback is noted seriously and prioritised.


Settled In

July was an excellent month for COSS; we delivered beyond what we promised and achieved a whole lot more behind the scenes. The best part is that now that processes are set, and teams are in place, our new hires are settling in well, clarity of goals and tasks is there. Like any new merger, it was a confusing situation in the beginning, but things are all settled now and the pace of delivery should be much quicker from hereon.


August & Rest of 2019

August is on track as well for deliverables that we set for ourselves. Some highlights that we are working on are detailed below. The remainder of 2019 is going to be a defining period for all of us. We are well aware that we need to continue to make amazing progress with the best user experience. We need to continue investing in scalability, flexibility, security, and our ability to learn incredibly fast.

  1. Clarity of short term and long term objectives, which we shall share with you in time. For now, our short term objective is to make a secure and smooth running exchange in the next few months, increase volumes, bring in more users and increase the FSA for everyone
  2. Community first, COS HODLers first. Every product, every design, every new and old feature has to be thought through in a way which focuses on Users and their journey within the ecosystem
  3. Safety & Security is paramount and has to be as secure as humanly possible
  4. Customer data will never be sold or compromised
  1. Fingerprint authentication for COSS Wallet
  2. Improve marketing analytics to fuel decisions
  3. NEO GAS implementation after ZEN node upgrade
  4. Fixing 100% market order once and forever
  5. USDT node update to ERC20
  6. Simplified fee structure

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WETH is now live in COSS Wallet

WETH coin is now live

Hello, everyone.

We are expanding our list of supported assets by incorporating one more token this week.

Today, we have integrated WETH Wrapped Ethereum in the COSS Wallet app allowing users to store, send, receive, spend and exchange the cryptocurrency from one single wallet.

About WETH
Ethereum is famously known for being the proto-token of all the Ethereum Alt tokens. However, it also implies that ETH came into existence before the formation of ERC-20 standards.

WETH tokens which stands for wrapped Ethereum tokens, were created to facilitate the trade of ETH for other ERC-20 tokens on decentralized platforms like Radar Relay. It is because Ethereum based decentralized platforms employ smart contracts to facilitate smooth trading between users. These smart contracts require the same standardized format for every token that is used by users to trade. It is so to ensure avoiding losing of tokens during translation.

About COSS Wallet
COSS Wallet allows you to securely store, send/receive crypto via GPS using Near-by feature. It gives you complete control over your crypto and enables access to all your crypto private keys with one master password. We now support 33 cryptocurrencies, across 9 blockchains.

COSS Wallet offers various in-app services:

  • COSS Star Rating – Earn COSS Plus reward points on every next star rating you achieve.
  • Address Book feature – Save your wallet addresses just as you save your contacts. 
  • Mobile bill payments & Recharges – Make prepaid mobile recharges and pay postpaid mobile bills using supported cryptocurrency across 160+ countries
  • Instant cryptocurrency conversions – COSS Wallet allows you to convert your cryptocurrency instantly
  • Send and Recieve crypto with an industry-first GPS-based “Near-By” feature – Now transfer cryptocurrencies instantly nearby without any hassle via GPS.

We are making every effort to bring the best services to our users and expand our partnerships.

Team COSS

Join the COSS community at our various channels

 

Breaking Down Facebook’s New Cryptocurrency – Libra

Facebook libra currency

Facebook, the biggest social network worldwide with 2.38 Billion monthly active users in just the first quarter of 2019, has finally entered into the crypto space with the announcement of its ambitious new cryptocurrency, called “Libra”.

With 28 founding members including Visa, Mastercard, PayPal, Uber, Lyft, Coinbase and others, Libra’s goal is to bank the 1.7 Billion global unbanked citizens.

Is Libra Really a Cryptocurrency?

Facebook released Libra’s whitepaper on June 18, 2019, detailing the future plans for the Libra project. Libra is intended as a stable coin, backed by a basket of fiat currencies or digital reserve currencies. Unlike Bitcoin, Libra doesn’t feature mining; meaning there’ll be no mining for Libra.

With this new crypto token, Facebook aims to position Libra as a new global currency standard, and is slated for launch in the second half of 2020.

According to the whitepaper, Libra will be developed on its own blockchain called Libra blockchain and the coin will be stored in its own wallet called Calibra. There will also be a Libra Association, an independent non-profit organization which will be governed by multiple private players.

This non-profit organization will decide on the final design of the Libra and they’ll look out for banks that agree to hold the money used to back up the currency. The company that desires to accept Libra must have its digital wallet setup and has to be approved by the Libra association.

Users who want to hold or pay with Libra can do so by using the messaging app — Whatsapp, Messenger, and Facebook’s own stand-alone app. This works with Facebook’s digital wallet “Calibra” which will be integrated with Whatsapp and Messenger to govern the transaction and financial history of the users. Any Facebook user can set up a Libra wallet by verifying their identity using government documents– very similar to Paytm or Paypal. A user’s bank account will be directly linked to Calibra and whenever users want to spend Libra, they simply use the QR code or send a message adding the respective amount, thereby completing the transaction. Merchants will then receive the user’s payments in their Calibra wallet.

Facebook also intends to expand Libra’s use-case in the payments domain, for example, for payment of services like advertisements by any of their 60 Million active business partners, or as a near-free, instant remittance solution by anyone across the world.

Additionally, Facebook aims to expand the use-case of Libra for payment of services like advertisements on Facebook in the near future. The currency is intended to be remitted to anyone, anywhere across the world instantly with almost no fees.

Isn’t it a Decentralized Currency? Who Governs Libra?

The social media giant is launching this cryptocurrency with private market players from diverse industries — including payment, technology, online marketplaces, venture capital, and nonprofits as its founding members.

Facebook has on-boarded 28 partners for Libra, including VISA, Uber, Mastercard, Andreessen Horowitz, PayPal, eBay, Spotify, Vodafone, Xapo, Coinbase, Women’s World Banking and more. Moreover, Facebook is aiming to have up to 100 founding members/partners by the upcoming year.

David Marcus, Libra’s Project Lead and CEO of Libra’s Calibra Wallet has clarified that Libra is not as open as Bitcoin. Bitcoin is decentralized and built on open/permissionless blockchain technology whereas Libra will be built on its own permissioned blockchain, and users would need permission to enter into the blockchain network. However, Marcus clarified that Libra will eventually transition to a permissionless blockchain in the near future.

Are Global Regulators Approving Libra?

When it comes to cryptocurrency, criticisms, and debate abound. Since the launch announcement of Libra, Facebook has faced considerable opposition from global regulators and financial leaders.

The US Congressional Committee, a major regulator who has expressed skepticism about Libra has recently sent a letter to Facebook CEO, Calibra CEO and Facebook COO to halt the development of Libra until further hearings. Facebook’s officials are positively responding to the regulator’s queries on the use cases of Libra. In fact, they are seeking to collaborate with global financial institutions and policymakers.

The co-founder of EthHub, Anthony Sassano points out in his tweet that a government-issued ID needs to be mandatory to sign up for Calibra in order to ensure that the cryptocurrency “comply with laws and prevent fraud”.

Binance founder and CEO, Changpeng Zhao is of the view that after the launch of Libra, Facebook’s access won’t be limited to its user names, Identifications, addresses, phone numbers, family members, friends, and real-time and historic locations. It will also extend to their financial data through Calibra.

Even Donald Trump, President of the United States, expressed his concerns on Facebook’s ambition of becoming a global bank.

Ahead of Libra launch, the social media giant is actively responding to negative remarks and stating that it is looking forward to discussions on any point that has ruffled the feathers of regulators/fintech players.

Final Words

Libra, Calibra and Libra Association has become quite a hot topic in the current crypto scene. Although the launch is not scheduled for anytime soon, Facebook is all set to rule the global financial system with its Libra currency.

We are still in anticipation to see how the world would react when Facebook actually makes Libra available to people almost anywhere in the world.


Join the COSS community at our various channels

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SALT is now live in COSS Wallet

Salt is now live in COSS

Hello, everyone.

We are expanding our list of supported assets by incorporating one more token this week.

Today, we have integrated SALT Lending token SALT in the COSS Wallet app allowing users to store, send, receive, spend and exchange the cryptocurrency from one single wallet.

About SALT

SALT is the native token of SALT lending platform which makes access to Blockchain-Backed Loans possible. It stands for Secure Automated Lending Platform which is a Blockchain-based platform created to allow keeping your crypto as collateral when applying for a cash loan. This enables you to utilise the value of your Blockchain assets in case of an emergency without actually selling them off.

SALT Tokens are ERC20 based tokens which are used as membership tokens. A user utilises these tokens to become a member of the SALT lending platform. Additionally, he can also leverage these tokens to pay off loan interest, be benefitted by better rates on loans and buy products and services from SALT’s online store.

About COSS Wallet

COSS Wallet allows you to securely store, send/receive crypto via GPS using Near-by feature. It gives you complete control over your crypto and enables access to all your crypto private keys with one master password. We now support 33 cryptocurrencies, across 9 blockchains.

COSS Wallet offers various in-app services:

  • COSS Star Rating — Earn COSS Plus reward points on every next star rating you achieve.
  • Address Book feature — Save your wallet addresses just like you save your contacts in the phone.
  • Mobile bill payments & Recharges — Make prepaid mobile recharges and pay postpaid mobile bills using supported cryptocurrency across 160+ countries.
  • Instant cryptocurrency conversions — COSS Wallet allows you to convert your cryptocurrency instantly.
  • Send and Recieve crypto with an industry-first GPS-based “Near-By” feature — Now transfer cryptocurrencies instantly nearby without any hassle via GPS.

We are making every effort to bring the best services to our users and expand our partnerships.


Join the community at our various channels
 :

Team COSS

SNT is now live in COSS Wallet

Status is now live in COSS

Hello, everyone.

We are expanding our list of supported assets by incorporating one more token this week.

Today, we have integrated Status Network Token SNT in the COSS Wallet app allowing users to store, send, receive, spend and exchange the cryptocurrency from one single wallet.

About SNT

Status is an open-source messaging platform and mobile interface to interact with decentralized applications that run on the Ethereum Network. It was launched in 2017 aiming to overcome what have become common problems today, faced by users, like loss of control over personal data and over-reliance on existing centralised financial and banking systems.

Status Network Token SNT, is the native token of Status which is used to fuel the Status Network. Status aims to be a hub for any type of Ethereum-related activity — it can be managing investment portfolios, paying in physical stores or verifying identity. It plans to act as a service provider for all the 1800+ tokens on Ethereum blockchain.


About COSS Wallet

COSS Wallet (previously Arax) supported 12 cryptocurrencies across multiple blockchains at the time of launch. Staying true to our word, we have now successfully integrated 20 new assets over a short period of time. We now support 32 cryptocurrencies, across 9 blockchains.

COSS Wallet also offers various in-app services including mobile bill payments & recharges via cryptocurrencies. We also offer instant cryptocurrency conversions and a unique feature to send crypto with a industry-first GPS-based “Near-By” feature. It is a single storage app for multiple digital assets that gives each user true immutable ownership, and we are currently building to add several financial services to the product.

We are making every effort to bring the best services to our users and expand our partnerships.

Join the community at our various channels :

Telegram Announcement Channel: https://t.me/COSSchat

Telegram General Discussion group: https://t.me/myCOSS

Telegram API/Bot Discussion group: https://t.me/COSSAPI

Chinese Telegram General Discussion group: https://t.me/myCOSSchinese

DACH Telegram General Discussion group: https://t.me/myCOSSdach

COSS Info channel (Community managed): https://t.me/COSSinfo2

Facebook: https://www.facebook.com/COSScrypto/

Twitter : https://twitter.com/COSScrypto & https://twitter.com/COSSwallet

Reddit: https://www.reddit.com/r/CossIO/

YouTube: https://goo.gl/hd6tBg

Team COSS

IT’S TIME TO EARN SOME REWARDS! WITH THE ALL-NEW COSS (Previously Arax) WALLET

COSS WALLET star rating

Several nights of surviving on caffeine, multiple canceled vacation plans, having small treats of meeting tight deadlines, a few grumpy family members and a happy boss. The development team of Arax Crypto Wallet has finally taken a breath of relief after having gone through it all, with the rebranded and updated COSS Wallet finally making its way to the app stores.

All of us remember the big merger of LALA World and COSS.io that created the COSS Group — a larger Crypto One Stop Solution ecosystem. With a new name of the parent company, we decided to rename our beloved crypto wallet to make everything unanimous.

Our developments are not just limited to giving the Arax Wallet a new name but also extends to the addition of two new features in the wallet.

Note: For existing Arax Crypto Wallet user, you will see an update notification on your screens so you just need to simply update your App to enjoy the new features. For new users- first of all, welcome to the family secondly, click on the links below to download the COSS Wallet and leverage the benefits provided by it.

Google Play Store (v.1.1.4): http://bit.ly/cosswalletplaystore

Apple App Store(v.1.0.7): http://bit.ly/cosswalletappstore

 

What to expect from COSS Wallet.

  1. Address Book Feature

One of the innovative thinkers in our team came up with an idea which was purely born from the womb of his laziness. He thought, why to copy and paste the wallet address of people every time you want to transact cryptocurrencies. Instead, it’ll be a great idea to save them just like we save contacts on the phone. Voila! We have an address book feature in our wallet that allows you to do just that.

How to access it

Open COSS Wallet>Click on Account icon>Go to profile>Click on Address Book.

You will find a list of all your saved contacts divided into two categories, COSS and Non-COSS. To add a new contact,

Click on (+) icon> select COSS/Non-COSS user> enter the details>click on save.

It’s that simple!

2. COSS Star Rating

The Star Rating of the COSS Wallet users is a very significant feature as these ratings will determine your eligibility to avail various wallet services. The number of Stars assigned to you will reflect the level of completion of your profile.

Not just that, COSS Plus reward points are awarded to you for receiving every next star rating. These reward points can be redeemed to make mobile top-ups or can be exchanged for COS tokens (1 COSS Plus = 0.1 COS).

How to earn Star Rating

Receiving each star rating is very simple and rewarding. Here is all you need to do:

  • 1 Star Rating — Getting your first star is the easiest. All you need to do is successfully verify your email which is also the first step required to create your wallet. Easy points!
  • 2 Star Rating — When you receive the second star, you will be rewarded with 25 COSS Plus points and unlocks the mobile recharge services. All you need to do is create a COSS id and verify your mobile number.

COSS Wallet supports mobile recharges in 160+ countries and for 900+ operators allowing you to recharge mobiles of anyone, anywhere, and anytime.

  • 3 Star Rating — Things become a bit serious here. Just kidding, all you need to do for this star is complete your KYC process. Completion of this step will reward you with 50 COSS Plus points and will unlock the upcoming crypto lending and fiat to crypto services.

There are five simple steps to complete your KYC process.

  • Identity: Upload either your passport, national id or driving license. Make sure that your ID is not expired, the photo should be in color and clear with all the text and four corners of the Id visible.
  • Personal: Fill in your full name, date of birth, citizenship, and gender under this category.
  • Selfie: As the name suggests, upload your selfie clicked in good lighting conditions.
  • In-person: Here you need to upload a video with your face clearly visible. You need to speak your name thrice and the date of video recording. It shouldn’t be more than 10 seconds and 100MB in size.
  • Address: To verify your address, upload a picture of the front and back of either of the three documents- passport, national ID and driving license.
  • 4 Star Rating — After you receive your 4th star, you will be entitled to receive 100 COSS Plus points. This step is necessary to be an active participant of all the ongoing social media campaigns of COSS and earn rewards.
    For this, you need to link your social media accounts including Google, Facebook, Twitter, LinkedIn, and Telegram with your wallet account.
  • 5 Star Rating* — Coming soon
    COSS Wallet will be introduced with Biometric and Facial recognition in the near future which you will have to complete to get the 5th star. Also, you will be rewarded with assured COSS Plus points after the completion of this step as well.

What to expect in the future?

The entire team is working tirelessly to come up with rewarding marketing campaigns and new features. We will soon be integrating these reward systems and features across all COSS platforms.

Have a suggestion or found a bug?

If you have a suggestion for us or encountered any problem during your experience with COSS Wallet then please send us an email detailing your problem/suggestion along with screenshots (wherever applicable) at support@cosswallet.com.

Disclaimer: These awards may be subjected to alterations based on the discretion of the company. The company holds all the rights to make any changes in the rewards allocation at any time it deems fit.

COSS 12th June 2019 Update

COSS LALA token swap

Dear members of the community, users and token holders –

This announcement will highlight two important things:

(i) Our brand and what we stand for

(ii) Much anticipated details of the token merger and swap process

Our brand

After a lot of internal deliberation and feedback from the community, we have decided to keep ONE BRAND IDENTITY — COSS — ‘Crypto One Stop Solution’.

We are branding all our products as — Crypto One Stop Solution or, as the world popularly knows us already, COSS. The name encapsulates our vision perfectly and that is what we will continue to work towards.

Here are the specifics:

  • The new merged token will have the ticker COS
  • The COSS Group website will be accessible at COSSgroup.com and will become our primary website
  • COSS.io will continue to be the home of our exchange
  • Arax Wallet will be rebranded as COSS Wallet
  • COSS Wallet will have a dedicated website on COSSwallet.com

A brand identity is an important aspect of a company. It encompasses our mission, reflects our drive to succeed, and helps us develop a unified brand image and marketing strategy. We wanted something that gives a nod to our combined legacies and yet points the way to a new future ahead. This is a process that requires careful design and thinking, and our new brand identity will be unveiled in the very near future.

The Token Swap Process

All COSS and LALA tokens will be swapped for your new COS token only onCOSS.io exchange. The swap commences on 25th June 2019 at 14:00 GMT+8.

The new ticker is COS to avoid confusion with existing COSS token contracts. The same will be listed on portfolio tracking apps, Etherscan, market tracking websites and everywhere else.

The swap ratios remain unchanged. You will receive:

  • Swap Ratio of COSS : COS = 1:1
  • Swap Ratio of LALA : COS = 10:1

Token Swap Details:

  • The swap will be done ONLY on COSS.io exchange
  • COSS and LALA tokens from other exchanges and external wallets MUST be deposited to COSS.io to swap the tokens to COS
  • Trading on COSS and LALA pairs will be halted on 24th June 2019. We will announce, in advance, the time when trading will halt and all open orders canceled
  • Withdrawals of COSS and LALA tokens will be disabled on 24th June 2019. The time will be announced. Deposits will remain unaffected.
  • FSA will be disabled from 25th June 14:00 GMT+8 to 01st July 2019, 14:00 GMT+8
  • COSS and LALA tokens in FSA wallets will be converted to COS tokens during the week commencing 01st of July, 2019
  • The swap will continue on COSS.io for at least 3 months from 25th June 2019. We shall announce if any further extensions to this window are to be made.

After you have swapped your COSS and LALA tokens to the new COS token, you can safely withdraw your COS token to an external wallet if you like or receive trading discounts on COSS as before by keeping it on COSS exchange. You will be able to accrue the Fee Split Allocation (FSA) by setting up your unique identifier on the external wallet as before. You will have to set up a new external identifier. The tutorial on our website will also be updated to walk you through the process.

Step by step swap instructions:

  1. Log in to COSS.io and go to COS Swap in the side panel
  2. Your COSS and LALA balances will be displayed, along with the total COStoken you will receive after the swap

3. Click on “Convert to COS” — a window will pop up with terms and conditions of the swap. Please check the box and confirm by accepting

4. You will now be able to see your new COS tokens in your COSS.io wallet

All done!

Your new COS tokens will have the following existing as well as additional utilities going forward:

  1. Fee Split Allocation (FSA) — all COS token holders receive a 50% split of the total trading fees COSS collects on a daily basis, based on their holdings.
  2. Trading Fee Discounts — traders can pay trading fees on COSS.io using the COS token to get a discount on the usual trading fee.
  3. COSS Wallet features, utilities, promotions and discounts — you will be able to utilise your COS and other balances on the COSS Wallet app to make GPS-based transfers, mobile credit top-ups, earn reward points and access a host of other features which are being built into it.

The new COS token combines the utility of what were previously two separate products with their own set of features into one super-token powering one ecosystem — the Crypto One Stop Solution ecosystem. We believe the COS token surpasses all existing exchange tokens in the market in terms of utility.

We would like to thank all of you for your feedback, support, and participation. The start of the COS swap marks the start of new initiatives and continued efforts to build and improve. Look forward to more new developments coming from us!

We will be in touch again soon.