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banking [2019/08/26 06:26]
matej
banking [2020/04/24 07:26] (current)
boot2thrill
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-Deposits ​and Investments ​form the backbone of the Conceal ecosystem, providing users with an egalitarian form of staking that earns interests on locked funds.+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
  
-Click [[https://​github.com/​ConcealNetwork/​conceal-papers/​blob/​master/​Conceal_Banking_Whitepaper_v1.0.docx?​raw=true|here]] to download ​Conceal ​Banking Whitepaper.+Saving money is incredibly importantIt 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 retireMost people who are wealthy got there through a combination of their own hard work and smart savings and investment decisionsYou 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.
  
 ==== What is a Deposit? ==== ==== What is a Deposit? ====
  
-deposit ​allows ​you to lock funds for a specific period and earn interest. ​The minimum ​period ​for a deposit is one week and the maximum is one year (52 weeks)Interest rates increase ​from 0.0698% for a one-week deposit to 4.1% for a one-year (52-week) depositThe longer you lockthe more interest you earn(A week is represented on the blockchain as 5040 blocks).+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 maturesUsers privately choose the length of the staking ​period and the amount of ₡CCX to be stakedIn practical terms, this means that you can begin staking ₡CCX ​from a wallet that can be offlineNo need to keep a computer, mobile phone, or Virtual Private Server running ​for 24/7 wasting energy and moneyYou set up your own terms for the contract privately and anonymously,​ in trustless environment and without any third party involvedYesthat’s itNothing else is required.
  
-==== What is an Investment? ====+**Conceal Deposits v3.0**
  
-Investments provide higher interest returns ​for long-term holders and require ​minimum of 50000 CCXWith rates starting at 1.4545for 1 quarter and as high as 36for 20 quarters. In addition, the more you lock, the higher the interest.+The minimum period ​for a Conceal deposit is one month and the maximum is one year (12 months)The annual interest ​rates vary from 2.9to 6depending 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 receiveOnce 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:
  
-Conceal Network offers CCX Users two ways to invest their CCX and put it to work for them… **CCX Plus** and **CCX Platinum**. Both operate as a traditional bank Certificate of Deposit or CD.+{{ :​deposit_tiers.png |}}
  
-Solike CD’s, you pick a term to “lock up” your CCX and it stays put, earning interest, until it reaches its maturity date. One of the great advantages of using Conceal Network over a traditional bank is **you can earn a substantially higher interest rate than a traditional bank**. Your CCX is also secure thanks to the public ledger.+Now that we have identified the unique deposit tiersthe 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:
  
-Let's take a look at **CCX PLUS** first+{{ :​apr_tier_rates.png |}}
  
-==== CCX PLUS ====+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):
  
-**CCX PLUS** is for users who either have a smaller amount of CCX or may not want to lock their CCX up for a long period of time. The minimum amount you can lock up is 1 CCX. You can lock for 1 day up to 1 year. As far as interest goes, the rate factor is variable but maxes out at 4.16% for a yearly lock.+{{ :​apr_tier_rates.png |}}
  
-The purpose of increasing ​interest ​rates depending upon the time frame of the deposit is to incentivise users to deposit their coins for more than the minimum period, making the duration of the deposit mathematically significant. (As if the rate was constant there would be no incentive to deposit coins for longer than the minimum duration). Deposits are split into weekly intervals, with each additional week adding to the base interest rateUnder the current ​model, the weekly interest rate increases by 0.0002% per week of the deposit. ​+Our compound ​interest ​model developed completely in-house, takes cryptocurrencies’ data analytics, markets, volatility, and shorter ​time-frames ​into accountThe following describes ​the compound ​model specifics:
  
-**EXAMPLES**\\ +{{ :​interest_model_specifics.jpeg |}}
-2M CCX Deposited for 1 year -> **83.200 CCX interests**,​ up to 4.16% p.a.+
  
-But what about users that have a lot of CCX? **CCX Platinum** is for you.+This simple model translates to the following compound interest rates table:
  
-==== CCX PLATINUM ====+{{ :​compound_interest_rates.png |}}
  
-**CCX Platinum** is for users that have more than 50,000 CCX as that is the minimum ​you can lock. There are longer minimum time frames, so you can lock for a minimum of 3 months (1 quarter) up to 5 years (20 quarters). The interest rate, like CCX Plus, is variable, however, ​the maximum rate you can earn is 7.32% per year.+In practical termsif you deposit ​the amounts on these examples ​you will receive ​the following earnings:
  
-**EXAMPLES**\\ +{{ :​example_earnings.png |}}
-2M CCX Invested for 1 year -> **120.689 CCX interests**,​ up to 6.04% p.a.\\ +
-2M CCX Ivested for 5 years -> **732,462 CCX interests**,​ up to 7.32% p.a.+
  
-Conceal Network allows you to establish your own interest rates and terms of deposits/​investments. Funds are completely safe, payments are via smart contracts and secured by the blockchain. ​When you're not using your money, http://​Conceal.Network helps you to generate ​profit.+When you're not using your money, http://​Conceal.Network helps you to generate ​passive income.
  
-==== Creating a Deposit/​Investment ​====+==== Creating a Deposit ====
  
-Deposits ​and Investments ​can only be created from the Desktop Wallet. If you haven'​t already done so, install it, and create a new wallet.+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=== ===Step 1===
  
-Ensure that you have sufficient funds to create a deposit. In the case of an Investment, you will need a minimum of 50000 CCXThen, in the Desktop Wallet, click on Banking from the left-hand menu or, the Deposit button in the centre, or the icon in the Deposits stats box.+Ensure that you have sufficient funds to create a deposit ​based on the specific deposit tiers identified aboveOnce in the Conceal ​Desktop Wallet, click on Banking from the left-hand menu.
  
-{{ :banking-step1.jpg?400 |}}+{{ :banking1a.png?600 |}}
  
 ===Step 2=== ===Step 2===
  
-You are now in the Banking screen of the Desktop Wallet. ​The wallet defaults ​to depositsand you will see options ​for deposits firstIf you want to make an investment, click on the New Investment tab.+You are now in the Banking screen of the Conceal ​Desktop Wallet. ​Enter the amount you would like to depositfollowed by the duration. The Deposit Details ​will update to show your expected interest earnings ​for the values you setClick 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.
  
-{{ :banking-step2.jpg?400 |}}+{{ :banking3a.png? |}}
  
 ===Step 3=== ===Step 3===
  
-Enter the amount ​you would like to deposit/​invest,​ followed by the durationThe graph and the stats will update to show your expected interest earning ​for the values you set. Click Create New Deposit/​Investment once you are ready to proceed. In the example below, I am creating a 10 CCX deposit for 2 weeks.+Once you click Make Deposit ​you will get a prompt asking for confirmationPlease remember that your funds will be locked ​for the duration of the deposit. Click OK to proceed ​or Cancel to change your values.
  
-{{ :banking-step3.jpg?400 |}}+{{ :banking4a.png? |}}
  
 ===Step 4=== ===Step 4===
  
-Once you click you will get a prompt asking for confirmation. Please remember that your funds will be locked for the duration of the deposit/​investment. Click OK to proceed or Cancel to change your values.+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.
  
-{{ :banking-step4.jpg?400 |}}+{{ :banking5a.png? |}}
  
-===Step 5=== +**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.**
- +
-If you proceed with the deposit/​investment,​ assuming there are sufficient funds, you will be taken to the transaction history screen which will show you the transaction. +
- +
-{{ :​banking-step5.jpg?​400 |}} +
- +
-**Important:​ Once you create a deposit ​or an investment, the funds will remain locked for the duration you select. You will only have access to the funds and the interest when the deposit ​(or investment ​unlocks).**+
  
 ===== Conceal Cold Staking vs. Masternodes ===== ===== Conceal Cold Staking vs. Masternodes =====
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 === Conclusion === === 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 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.+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.
  
 {{ :​cold-staking.png |}} {{ :​cold-staking.png |}}
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 === Deposits === === Deposits ===
  
-**Min Deposit:** 1 CCX\\ +**Minimum ​Deposit:** 1 CCX\\ 
-**Max Term:** 262,800 blocks ( 365 days x 720 blocks ) -> 12 months = 1 year\\ +**Minimum ​Term:** 21,900 blocks ( 262,800 blocks / 12 months ) -> 1 month\\ 
-**Min Term:** 21,900 blocks ( 262,800 blocks / 12 months ) -> 1 month\\ +**Maximum Term:** 262,800 blocks ​365 days x 720 blocks ​-> 12 months ​year\\
-**Rate Factor:** Variable Rate\\ +
-**Max Interest Rate:** 4.16% per year (max term) +
- +
-=== Investments === +
- +
-**Min Investment:​** 50,000 CCX\\ +
-**Max Term:** 5 year (20 quarters)\\ +
-**Min Term:** 3 months ​(quarter)\\+
 **Rate Factor:** Variable Rate\\ **Rate Factor:** Variable Rate\\
-**Max Interest Rate:** 36.62% for 5 years or 7.32% per year (max term) 
  
 ==== Current Interest Rates ==== ==== Current Interest Rates ====
  
-4.16for 2M for 52 weeks\\ +**Maximum Interest Rate - Tier 1:** 4.00per year (max term)\\ 
-4.16for 1 CCX for 52 weeks as well\\ +**Maximum Interest Rate - Tier 2:** 5.00per year (max term)\\ 
-36.62% for 2M for 5 years or 7.32% per year+**Maximum Interest Rate - Tier 3:** 6.00% per year (max term)\\