Conceal Wiki

Banking

Conceal.Network is an open source private cryptocurrency (a peer-to-peer digital cash system). Deposits form the backbone of the Conceal.Network ecosystem, providing users with a decentralized and egalitarian form of Cold Staking ₡CCX, the native coin of Conceal.Network.

Saving money is incredibly important. It gives you peace of mind, expands your options for decisions that have a major effect on your quality of life, and eventually gives you the option to retire. Most people who are wealthy got there through a combination of their own hard work and smart savings and investment decisions. You can become one of those people, too.

With the Conceal Desktop wallet, and very soon with the Cloud and Mobile wallets too, you can choose to lock any amount of your ₡CCX holdings as a deposit in the blockchain and earn interest on it.

Click here to download Conceal Banking Whitepaper.

What is a Deposit?

Conceal deposits are based in Cold Staking and privacy-protected Hashed-Timelock-Contracts (HTLC) technologies. Cold Staking is a timed deposit you earn compounding interest on when the locked deposit matures. Users privately choose the length of the staking period and the amount of ₡CCX to be staked. In practical terms, this means that you can begin staking ₡CCX from a wallet that can be offline. No need to keep a computer, mobile phone, or Virtual Private Server running for 24/7 wasting energy and money. You set up your own terms for the contract privately and anonymously, in a trustless environment and without any third party involved. Yes, that’s it. Nothing else is required.

Conceal Deposits v3.0

The minimum period for a Conceal deposit is one month and the maximum is one year (12 months). The annual interest rates vary from 2.9% to 6% depending on how long you choose to lock your deposit and the amount locked. The bigger the amount and longer your deposit is locked, the higher the annual effective interest rate you will receive. Once you have made a deposit on the blockchain for a certain amount of time, it is locked in until that time and you can’t access your savings. It is a time-locked contract. Totally private, encrypted and secured by the blockchain. The following table details the three deposit tiers available:

Now that we have identified the unique deposit tiers, the following table details the Annual Percentage Rates (APR) for each of the three tiers based in our initial banking model and without affecting the emission curve:

Taking our custom compounding model into account, being careful with any potential derivation from low inflation, and trying to have a decentralized and egalitarian reward system for everyone, we have created the following Effective Annual Rates (EAR):

Our compound interest model developed completely in-house, takes cryptocurrencies’ data analytics, markets, volatility, and shorter time-frames into account. The following describes the compound model specifics:

This simple model translates to the following compound interest rates table:

In practical terms, if you deposit the amounts on these examples you will receive the following earnings:

When you're not using your money, http://Conceal.Network helps you to generate passive income.

Creating a Deposit

Deposits can only be created from the Conceal Desktop Wallet. If you haven't already done so, install it, and create a new wallet.

Step 1

Ensure that you have sufficient funds to create a deposit based on the specific deposit tiers identified above. Once in the Conceal Desktop Wallet, click on Banking from the left-hand menu.

Step 2

You are now in the Banking screen of the Conceal Desktop Wallet. Enter the amount you would like to deposit, followed by the duration. The Deposit Details will update to show your expected interest earnings for the values you set. Click Make Deposit once you are ready to proceed. You will be asked to verify with your password. In the example below, we are creating a 10 ₡CCX deposit for 1 month.

Step 3

Once you click Make Deposit you will get a prompt asking for confirmation. Please remember that your funds will be locked for the duration of the deposit. Click OK to proceed or Cancel to change your values.

Step 4

If you proceed with the deposit, assuming there are sufficient funds, you will be taken to the transaction history screen which will show you the transaction.

Important: Once you create a deposit, the funds will remain locked for the duration you select. You will only have access to the funds and the interest when the deposit unlocks.

Conceal Cold Staking vs. Masternodes

Conceal Cold staking

  • Not necessary to run a node to engage in cold staking;
  • No minimum staking amount;
  • No hardware investment;
  • No electrical bills;
  • No need for advanced technical skills;
  • Extended security because wallet stays offline and encrypted;
  • Stake and reward never leave your wallet;
  • Shorter staking periods;
  • Governed by simple smart contracts;
  • More inclusive;
  • Seamless.

Masternodes

  • High minimum deposit amount;
  • Additional hardware investment requires a dedicated IP address;
  • Staker must configure and run a node;
  • High risk of suffering an attack because wallets are left online and unencrypted;
  • Hosting or electrical bills to run a server/node;
  • Typically longer staking periods;
  • Rewards distributed to node wallet automatically;
  • Serve as a utility to the network that most users don’t understand;
  • More exclusive.

Conclusion

It should be fairly evident that Cold Staking is cheaper, offers more flexibility and lower risk than running a masternode. Additionally, it engages all users of the Conceal crypto community willing to participate and doesn’t exclude anyone based on their ability to run specific hardware or stake higher amounts. Conceal Cold Staking is a game changer in crypto and provides an appealing incentive to hold your coins and eliminates the barriers to entry that are inherent in masternodes.

Conceal Banking Terms

Deposits

Minimum Deposit: 1 ₡CCX
Minimum Term: 21,900 blocks ( 262,800 blocks / 12 months ) → 1 month
Maximum Term: 262,800 blocks ( 365 days x 720 blocks ) → 12 months = 1 year
Rate Factor: Variable Rate

Current Interest Rates

Maximum Interest Rate - Tier 1: 4.00% per year (max term)
Maximum Interest Rate - Tier 2: 5.00% per year (max term)
Maximum Interest Rate - Tier 3: 6.00% per year (max term)