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Dragonfly Doji – Types of Doji Candlestick

By Krisha Aranha / September 15, 2019

Recall from our post on regular Doji candlesticks, the Open and Close price in a doji are the same. Suggesting a tie between bulls and bears. While this is true for all Doji’s, in some cases a stronger side is prevalent. One such case being the Dragonfly Doji. 

What Is a Dragonfly Doji? – Bullish Doji Candlestick

In a Dragonfly Doji the bulls prevail, making it a bullish candlestick. And when found under certain candlestick patterns (context), the dragonfly doji could signify price reversal. 

Opposite to the Gravestone Doji in our last post, The Dragonfly doji can be spotted as a "T" candlestick on a chart. The price breakdown of the doji suggests a complete Buy-back of a once Red Candlestick (Refer to "Low" in Image). Essentially wiping off any price decline the candlestick may have had (refer to image ).

Labeled Components of a Dragonfly Doji Candlestick

A Dragonfly Doji In Perspective

To put it into perspective, here’s a quick dissection of the Dragonfly Doji. Refer to Image 1 - You’ll notice the candle opened at $5. The bears pushed it down right off the bat to $1. A push to the downside, without as much as a tick to the upside, is quite a feat. The initial bearish momentum clearly dwarfed the bull effort. 

Phase 1 of a Dragonfly Doji

However, as the candle played out, bulls started to buy-back the asset quite heavily (Refer to Image 2). The buying pressure got to a point where the price was back to $5 - back to the Open price. The Bulls managed to support price at $5 until the candle Close (Refer to Image 3). 

Dragonfly Doji upon candle close
Phase 2 of a Dragonfly doji getting bought up

Such price action would render a Dragonfly Doji. Suggesting Bulls are the stronger force, and are in control. 

What must be noted here is that the Bulls, despite being initially dwarfed by tremendous Sell pressure, made a swooping comeback. Not only did the Bulls push price back up to the Open at $5they supported it until candle Close. 

In a dragonfly doji the momentum is with the Bulls (buyers), and price is likely to see continuation to the upside. This simple truth makes the dragonfly doji a bullish candlestick and a great price forecaster. It’s easy to pick the most profitable side of a trade (Bull/Bear), when you know where market momentum lies. 

Dragonfly Doji - A Reversal Candle?

Doji’s with strong Bullish or Bearish implications, like the dragonfly doji, often make for good reversal candles. However, this is only true when found under the right candlestick patterns (context). 

For a Dragonfly Doji to be a reversal candle, there should have been a preceding downtrend. Given the bullish implication of the dragonfly doji, it can only logically “reverse” an ongoing downtrend. 

Note that they make for better reversal candles on Overextended dumps/downtrends. If a dragonfly doji is found during the early stages of a downtrend, it may just signify a short pause, or relief before the trend continues down. 

Trading the Dragonfly Doji

While the dragonfly doji makes for a good reversal candle in a downtrend, it isn’t always found in one. Dragonfly Doji's are also found in periods of price consolidation, as well as uptrends, and are perceived as follows:

  • Bullish Uptrend - Strong sign of possible Continuation to the upside
  • Bearish (overextended) Downtrend - Sign of Possible Reversal. Depending on how overextended the dump/downtrend
  • Market Consolidation (side-ways movement) - Bullish market sentiment, likely continuation to the upside. 

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Gravestone Doji – Types of Doji Candlestick

Recall from our last post – A Doji Candlestick, while informative in structure, is of little significance without context. While this is true, there are a few types of doji candlestick that even without context, pose as great price forecast indicators. One such candlestick is the Bearish Gravestone Doji.  

Gravestone Doji – A Bearish Candlestick

The Gravestone Doji is a bearish doji candlestick and, within the right candlestick patterns, is often viewed as a reversal candle. This type of doji is spotted as an upside "T" candlestick on a chart. The  price breakdown of the gravestone doji suggests a complete sell-off of a once Green candlestick (Refer to the "High" in Image). Essentially wiping off any price gain the candlestick may have had. (refer to image)

Gravestone Doji - Candlestick Open, Close, High, Low

The Gravestone Doji suggests that the bears took the bulls down at the very last moment. Despite having the initial pump (refer to high), the bulls couldn't hold price past the candlestick Open. The gravestone doji is indicative of a massive bear victory.

A Gravestone Doji In Perspective

To put it into perspective, here’s a quick dissection of the Gravestone Doji. If you refer to Image 1, you’ll notice the candles opened at $1. The bulls swiftly pushed it up to $5. A push to the upside, without as much as a tick to the downside, is quite a feat. The initial bullish momentum clearly dwarfed the bear effort. 

Gravestone Doji playing out
Gravestone Doji getting sold into

However, as the candle played out (refer to image 2), bears started to sell into the candlestick. The selling pressure got to a point where the price was back to $1 - back to the opening price. The candle got sold into completely until the candle closed.

Note how this candlestick Opened and Closed at the same price, despite the magnitude of the initial bullish effort. Such price action usually renders a Gravestone Doji. 

Gravestone Doji upon candle close

Trading The Gravestone Doji

A gravestone doji could be found under different market contexts. Such as during bull rallies, market consolidations, as well in market dumps. Regardless of context, the Gravestone Doji remains a bearish candlestick.

The Gravestone Doji is analyzed as such when found under the following context:

  1. Bull Rally - It takes conviction from the bulls to sustain a rally. However, a gravestone doji in a bull rally suggests the bears won out. Hence, conviction from the bulls are wearing off. The doji is viewed as a potential reversal candle in this context. 
  1. Bear Dump - Severe price dumps tend to cause panic selling. Wherein, retailers are looking for the next best opportunity to sell their bags. Hence, when price bounces even slightly, traders sell into it. This price action is likely to render a gravestone doji, and is a sign of continuation.

  2. Market Consolidation - This isn’t always common. However when it occurs, it implies strong bearish market sentiment. The gravestone doji is viewed a sign of bearish sentiment and dominance.

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Doji Candlestick – Types of Doji Candlestick Patterns

The first step toward becoming a professional technical trader, irrespective of market (cryptocurrency, forex, traditional etc), is to understand price action through Candlestick Analysis. In particular, the various types of Doji Candlestick. Knowing this would give you an edge on forecasting market reversals and market sentiment like a professional. Additionally, it will keep you on the right side of the market - the profitable side! 

Candlestick Analysis - A Beginners summary

To better grasp the different types of candlesticks, like the doji candlestick, let’s start with the basics:

The Anatomy of a Candlestick - A candlestick has 4 components (refer to Image - Candlestick Components - assume its a 1D candlestick):

  1. The Open: The price at which a crypto/stock starts the day at 
  2. The Close: The price at which  a crypto/stock ends the day at 
  3. The High: The highest price a crypto/stock hits during that day
  4. The Low: The lowest price a crypto/stock his during that day
Candlestick Analysis - How to read a candlestick

The four components of candlestick chart analysis

The Open and Close make up the thick part of the candlestick, known as the Body. Whereas the High and Low make up the thin parts, known as the Shadows (some call it the Wick). Together they form a candlestick.

Each candlestick plays out over a specific time span, depending on what timeframe you’re looking at. Example: A candlestick on the daily chart is the open, close, high and low within the last 24hours. I.e each candlestick represents ALL the price action that took place during a 1 Day time span. 

TradingView Tip: If you're wondering what time each candlestick begins, simply hover your mouse on the candle, and look out for the timestamp on your x-axis.

What is a DOJI Candlestick?

In a “Doji Candlestick”, the Open and Close price are the same (refer to image "Doji Candlestick"). If the difference in the Open and Close price are within a few ticks of each other, the candle may still be identified as a Doji. 

Logically, the doji candlestick is viewed as a tie between the bulls and bears. It's a representation of uncertainty and indecision. Hence, when a doji candlestick is printed in the middle of rally (or dump), it could signify a potential trend reversal. 

Remember, price rallies and dumps need conviction to continue, and a doji candlestick is counterintuitive to that.

4 Types Of Doji Candlesticks

There are 4 types of doji candlesticks. All of which have bullish or bearish implications. This depends on whether the doji is found in an uptrend, or downtrend. 

The 4 types of Doji's are as follows: 

  1. The Common Doji –  A Neutral Candle suggesting a tie between bulls and bears ( image 'Doji candlestick')
  2. The Gravestone Doji – A Bearish Doji Candlestick. A good reversal indicator in an overextended uptrend
  3. The Dragonfly Doji   – A Bullish Doji Candlestick. A good reversal indicator in an over-sold Bear dump/downtrend.
  4. Long Legged Doji - A Bullish or Bearish Doji Candlestick, depending on whether its found in an uptrend or downtrend. 

    Note that doji candlesticks are commonly observed as Reversal Candles when found on over extended bull rally, or an oversold downtrend.

Why are Doji's known as Reversal Candles?

Doji candles signify tired trends when found in the middle of an uptrend or downtrend. As mentioned above, rallies and dumps need conviction to continue, and a doji candlestick is counterintuitive to that. They represent a tie between bulls and bears. 

However, a tie (doji) doesn't necessarily have to imply a reversal. It could also imply a short pause in the underlying trend, or a 'soon approaching' reversal. This is where the trader heeds caution, and looks for follow-up price action to come up with an informed hypothesis. 

Usually, doji's make for good reversal indicators when found on overextended rallies, or oversold dumps. When found in the early stages of a trend, the doji candlestick is unlikely to mark a reversal. 

A good example of a Bearish Reversal Doji  was in BTC's overextended Bull Rally. A Bearish doji candlestick was spotted on the Daily BTC/USD chart on Dec 18th, 2017 (refer to image below). This was during BTC's mega bull rally to $20K back in 2017

Doji Candlestick on 1Day BTC/USD chart on December 18th 2017

A (1 Day) Doji Candlestick marking a reversal point on BTC/USD on December 18th 2017

Identifying Candlestick Patterns

Each candlestick, including a doji candlestick, is akin to one piece of a puzzle. It’s only a hint at the bigger picture. To get a better idea of the picture, you’ll need to analyze several candlesticks together. You need to identify a candlestick pattern.

While there are such things as Bullish candlesticks, Bearish candlesticks, Reversal candles etc. Identifying these candles are of no significance without any context.

The context comes from recent price action around such candles. For example, "was there a preceding rally or dump?" and "was it over extended?". Such pieces of information are only derived from analyzing a set of candlesticks together - Analyzing a Candlestick Pattern for bullish or bearish signals.

Identifying a doji candlestick within a candlestick pattern can help solidify price forecast tremendously, and keep you prepared for any adverse price moves in the market. 

For the sake of brevity, we'll discuss the various types of Bullish and Bearish Candlestick patterns, as well as various Bullish and Bearish Doji Candlestick in upcoming posts.

Pieces Of The Candlestick Puzzle 

Candlestick analysis is like solving a puzzle. Identifying a Doji candlestick is like finding a piece of the puzzle that grows more pivotal to the whole picture, the more puzzles you add to it. A Candlestick Pattern is akin to solving a third of the puzzle and getting a good idea of what the end picture holds. 

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Gwei to Ether Conversion – Ethereum Units Explained

By Krisha Aranha / August 25, 2018

Constantly having to covert Gwei to Ether for transaction/gas fees can be frustrating. The irony is that “gwei’ and all other ether units were created to rid user frustration and promote adoption. The intent was definitely well thought out - you can trust Vitalik & team with logical ideation. But perhaps we require a bit more insight on Ethereum’s units and its intent.  It may just alleviate our frustration for all future transactions.

Let’s just say Ethereum’s core team took a history lesson from bitcoin before they brought forth all the Ether Unit monsters.

What is Gwei? And All Other Ether Units …

In order to grasp the concept of ‘gwei’, lets begin with something we’re all familiar with:

The money in our wallets!
(or if you’re anything like me - the money in the deepest corner of your jeans pocket)

The money in our wallets, regardless of currency, likely also comes in denominations. But for the purpose of this explainer, lets focus on the US Dollar. 1 US Dollar has four denominations: Cents (1 cent), Nickles (5 cents), Dimes (10 cents), and Quarters (25 cents).

Like the US Dollar, Ether too has denominations.
Remember, "Ether" is the currency used within the Ethereum Blockchain. Not ‘Eth’, Not ‘Ethereum’. .... "Ether"

Ether has three primary denominations, namely (lowest to highest): 

  • Wei       
  • Gwei       
  • Finney    

In essence, ‘Gwei’ is simply a denomination of Ether - So when converting Gwei to Ether’ for gas, remember that ‘Gwei’ is Ether - Just a fraction of it. Similar to a regular economy, there are many microtransactions taking place on the Ethereum Blockchain that require payments in fractions.

Just like how a vendor wouldn’t ask you to pay “1/10th of a dollar” for a plastic bag (let’s be realistic - that’s all you’ll get), the ethereum blockchain wouldn’t ask you pay "0.0000021 ether" for transaction fees. It’s just a difficult price to convey.

Instead, you’d be asked to pay 10 cents for the plastic bag, and 2100 gwei for transaction fees. Sounds much better, doesn’t it?

When dealing with currency, fractions are difficult to convey, tedious to convert, and aren’t very user friendly. Hence, the introduction of user friendly denominations, like Gwei.

Gwei to Ether and More - A Future-Proof Ethereum

When considering all three ether units: Wei, Gwei & Finney, you can’t help but wonder - ' why couldn’t Ethereum decide on one denomination? Gwei to ether and vice versa? '
Note: There are actually 10 different ether units, 3 wasn’t too bad a compromise.

It appears that Vitalik was looking to future proof Ethereum so that people could always have an open dialogue about ether in varying quantities regardless of ether price.

the goal of specifying suggestions for all of them was to have some schelling point on what to use for smaller denominations so that people could easily talk about varying quantities of ether regardless of whether the ETH price was $0.01, $10 or $100,000 - Vitalik Buterin

All suggested ethereum units were meant to be a schelling point (an anchor term like cents) depending on various use cases. For now, the three primary ether denominations were meant for the following ether:

  • Finney = for micropayments
  • Gwei = for gas prices
  • Wei = for discussion around APIs and other use cases

If ether’s value skyrockets like that of bitcoin, we’d likely see a rise in ‘finney’ in various ether uses and discussions.

Top Ether Transaction Fee Calculators & Converters 

Menu

ETH Gas Station - Tx Fee Calculator

  • Ether transaction fee prediction based on your set Gas limit & Gwei price

  • Gwei price/Gas price recommendations based on ethereum network conditions
  • Ethereum transaction confirmation time estimator
  • Real-time network ether transcation fee & network stats

Gwei to Ether Unit Converter

  • Easy 'one-input' conversions for all 10 Ether units

  • 3 Primary Ether units: Ether to Gwei; Ether to Finney; Ether to Wei 

  • 2 Ether-Fiat conversions: Ether to USD, Ether to Eur

EtherScan Gas Tracker

  • Safe-low Gwei Price Estimator

  • Proposed Gwei/Gas Price

  • Ethereum network block count

  • Transaction Confirmation Duration Estimate 

Gwei to USD Converter

  • Gwei to fiat conversions: USD, CAD, EUR, GBP and more

  • Gwei to Ether conversion

  • Supports all 10 ethereum unit conversions + fiat conversions

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Blockchain Types: Public vs Permissioned Blockchains

In this post, Krisha explains the 2 Types of Blockchains - Public vs Permissioned Blockchains

We have witnessed the term “blockchain” evolve from something dark and unknown, to the hottest topic on the block. While many are drawn to the ‘Investment’ opportunities that the technology presents, others have latched onto the efficiencies that blockchain promises.

This disparity in interests has prompted questions on the multiple types of blockchains available. Questions like, 'Which type of blockchain would best serve an individual's or company’s interests?"

However, when broken down simply, you’ll realize that there’s only one pivotal difference between each of these blockchain types: 

The need for Permission to participate in each of them.

In essence, every blockchain can be categorized under one of these 2 types:
Public (Permissionless) Blockchain
Permissioned Blockchain

Blockchain Consensus Rules All

A Blockchain's Consensus Mechanism allows participants to come to agreement on a truth that the network was intended to acertain.

The context of permission in blockchain lies within this Consensus mechanism.

Depending on the type of blockchain, an individual or entity may or may not require permission to participate in the consensus process.

  • In Public (Open) Blockchains, no permission is required whatsoever. Anyone can participate in the consensus process.

  • In Permissioned Blockchains, an individual will require permission to participate in the consensus process.

A Little Perspective - The blockchain consensus mechanism is akin to a jury in a case trial. A jury reaches consensus on the final verdict - they agree on the truth. Consensus is as crucial a function to blockchain, as it is to a case trial.

​​​​Public vs Permissioned Blockchains


In Public Blockchains, anyone can participate in the consensus process. The network is open for Public use in every capacity. Public blockchains are “permissionless blockchains”, and are considered as “fully decentralized”

An individual/entity does not require permission to …

  • Send/ receive transactions on the network
  • Read the transactions on the chain
  • Secure the integrity of the network by validating transactions and participating in the consensus process (i.e - being a node).

In Permissioned Blockchains however, the consensus process is either controlled by a group of known entities, or a single entity.

The network requires permission for one or all of the following:


  • Send/ receive transactions on the network - Write permissions
  • Read the transactions/events on the chain - Read permissions

A Permissioned Blockchain controlled by a single entity can be deemed a 'Private Blockchain' - A subset of permissioned blockchains

 Private vs Permissioned Blockchains

Permissioned vs Private Blockchain

Note that The lower the number of entities participating in the consensus process, the more centralized the network. 

Permissioned Blockchains? For What?

At this point you’re probably wondering: “Don’t permissioned blockchains defeat the idea of a ‘decentralized’ network’?”

Simple Answer: 
Yes, it does. But permissioned blockchains are more than willing to make that trade-off. 
Confused?? Think back to the blockchain trilemma

The blockchain trilemma states that one sacrifice will have to be made among the three: SecurityScalability and Decentralization

Permissioned blockchains choose to sacrifice Decentralization for Security and Scalability

The sacrifice of decentralization in favour for security and scalability is particularly attractive to large entities. It enables them to leverage blockchain’s cryptographic security measures, and still ensure scalability to meet the needs of a growing customer base.

As of now, permissioned blockchains are the only viable solution for large entities looking to implement blockchain technology. This may change in the future if public blockchains break the trilemma, and learn to scale.

Wrapping Up

The difference between public and permissioned blockchains ultimately boils down to, " who gets to participate in the consensus process ? " - Every network participant? Few known, trusted entities? Or one single entity?

Between Scalability, Security and Decentralization – a tradeoff needs to made. As things stand, Public blockchains have sacrificed scalability, while Permissioned blockchains sacrificed decentralization.

Both, Public and Permissioned Blockchains have their pros and cons. Depending on who you ask, and where their interests lie, one will always be more beneficial than the other.

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What Is Blockchain Immutability? – A Secure Tamper Proof Database

Krisha breaks down the concept of blockchain immutability. In addition, she also explains the importance of a blockchain being tamper-proof to claim 'Immutability' , and 'why' being immutable is important to many.

It was the devastating effects of the 2008 financial crisis that gave way to the rise of blockchain technology, in particular, the bitcoin blockchain.

The bitcoin blockchain is revolutionary because it enables the world to transact without the need of a middleman. This elimination of the centuries old middleman was partly due to one inherent property of the bitcoin blockchain - Immutability

Lets breakdown the term: Immutable

  • Immutable in the dictionary is - “Unchanging over time or unable to be changed

  • Immutable in blockchain is - "The inability of a block to be deleted or modified once it is in the blockchain" - An immutable ledger

​​​​You’re probably wondering: 
" Why is blockchain immutability so important in knocking off the middleman anyways? "

It is the property of  immutability  in the Bitcoin blockchain that gives users the assurance that their wealth and information cannot be tampered with. Such an “assurance” is normally given to us by middlemen - Banks, Schools etc. And we often take them up on that assurance, and bestow our trust upon them.

Unlike middlemen, you don’t have to trust the bitcoin blockchain to be sure your wealth and information will be protected - It is a trustless system. And an Immutable blockchain allows for that. In fact, it is one of the key pillar stones of the Bitcoin blockchain.

Immutable Blockchain: Tamper Proof vs Tamper Evident

Blockchain Immutability is often misunderstood – even among industry enthusiasts. To truly understand the essence of blockchain immutability, we need to clear out the confusion between Tamper Evident & Tamper Proof.

  • Tamper Evident - An object cannot be tampered with, without it going unnoticed

  • Tamper Proof - An object cannot be tampered with

To be truly Immutable, you need to be Tamper PROOF. Being Tamper Evident is not enough. Several Blockchains falsely claim immutability when they are merely Tamper Evident.

If you were tasked to come up with a list of things that cannot be changed, and is indeed Tamper Proof, you probably wouldn’t get very far (Go ahead! Give it a shot). Almost everything is susceptible to change, and things that are susceptible to change cannot be Tamper Proof.

Blockchain Immutability Is Relative

To put into perspective, lets go over a few rudimentary things we deal with on an everyday basis:

Toothpaste
Try squeezing out all the toothpaste from a tube, and putting it back in. It’d be difficult, tedious, and evident that it has been tampered with - It would be Tamper Evident

Emails
Emails that have been sent out cannot be “un-sent”. Although, through an individual perspective, emails can be quite “immutable”. However, you can always persuade the recipient of the email, or the person running the mail server to delete it. Once again, difficult, and not without risk of detection - This too, is Tamper Evident


Notice how even the most immutable things on an individual perspective can be changed someway or the other. The only difference is that somethings are harder to change than others - Immutability is relative.

Everything can be changed. To say something can never be changed, is us discounting the progress of technology.

How Is A Blockchain Immutable? - The Maximum Degree Of Difficulty

At this point you’re probably wondering, “Alright, if everything CAN be changed, how exactly is the bitcoin blockchain immutable?

Since almost everything can be changed, we define "Immutability" in practical terms:
" The maximum degree of difficulty to change something "

  • Essentially, How difficult is it to edit the bitcoin blockchain? 

  • Hard?
  • Super Hard?
  • The hardest thing to change in the world?

The Bitcoin Blockchain lies at that maximum degree of difficulty - It is, currently, one of the most difficult things to change in the world. Making it the highest standard of security achieved thus far.

Most people, when asked, cite “the blockchain” as the reason behind Bitcoin's Immutable nature. However, it isn’t the "blockchain" that makes bitcoin immutable, but its Proof of Work consensus method. 

The Proof Of Work that backs the Bitcoin Network is what makes it’s blockchain “the hardest thing to change in the world”. The "Work", aka electricity/hashpower, earned bitcoin its badge of Maximum Immutability. (So to speak - will discuss this more in a separate post).

  • For now, it’s important to note that Blockchains are inherently Tamper Evident due to the underlying data structure, but not all blockchains are Tamper Proof.​​ Only a tamper-proof blockchain can be immutable.


Bitcoin Blockchain - The Immutable, Tamper Proof Ledger

Immutability is relative depending on how difficult it is to change something. The scale of immutability can be measured from  "0" -- to -- “The most difficult thing to change in the world”.

As it stands, the most difficult thing to change in the world is the Bitcoin blockchain. It is the highest standard of security that has been achieved thus far. Remember, the Proof of Work is what makes the bitcoin blockchain tamper proof - it is what makes the blockchain immutable.

If another, superior technology, were to break the scale of immutability - the scale would reset, and a new standard of immutability will be defined.

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How To Stake Your WINGS Tokens

By Krisha Aranha / January 18, 2018

Mango Research will be looking into various coins/tokens that allows its holders to earn dividends/rewards by simply staking their coins, or participating on platform events. One such token is the WINGS Token

Wings is a blockchain based, ICO crowdfunding platform. It allows individuals and organization to submit new proposals to the WINGS community (Wings token holders) to forecast on. Both, proposal submitters, and the WINGS community can earn rewards for the creation and forecasting on new proposals. Proposals could vary from a projects ability to raise funds, or meet certain milestones. The more accurate your forecast, the more rewards you stand to gain.

This incentive-based model was designed to encourage participation in filtering out unworthy blockchain projects from high potential/quality blockchain projects.

The WINGS Staking Process

Do not perform these tasks on public/shared computers

Step 1: Sign-up for an account on WINGS.ai

  • Forecasting on a project on the WINGS platform will require you have an account
  • To sign-up for an account, click the "Login" button on the top right hand corner of the WINGS home page, and navigate to the "Create new account" tab
  • This account will generate a wings token address, to which you send your wings tokens. Your WINGS token address can be found under your profile info (top right-hand corner of the WINGS home page)
  • The WINGS tokens in this wallet are the tokens that will be locked in during each forecast (Number of tokens locked in will be the number that you specify during the forecast)

WINGS Token address generated upon account creation

WINGS Token address found under user profile tab

Step 2: Identify & research projects on the WINGS platform

  • Navigate to the WINGS home page to discover live forecasting projects. The forecasting status of the project can be found on the upper right corner of the project thumbnail
  • Since the WINGS reward distribution depends on the accuracy of your forecast, it is beneficial to research the project to make an educated forecast
  • To lead your research efforts, click the project thumbnail to find additional information on the project, the forecast reward, and the forecast start and end dates

Research Tip
Don’t lose sight of the project proposal you’re forecasting on (Ex: If the objective is to forecast the amount of funds that will be raised by a project, check to see if there’s a hard-cap)

Step 3: Sending Funds & Checking Balances

  • In addition to WINGS token, users will be required to have ETH on their account to forecast - 0.01 ETH should be more than enough
  • Since Ethereum smart contracts are executed during forecasting, you will need some Ethereum on your account for transaction costs - aka GAS Costs
  • Users can check their token/crypto balances under the send tab on the user profile. Use the drop down menu to select the token/crypto you want the balance of

This WINGS address can be used for both,  ETH and WINGS

Use the drop-down menu to select token/crypto

Step 4: Forecast Away!  

After completing your due-diligence (whether it is following the herd, or digging into the project), you can start forecasting by clicking the “Start review & valuation” under the project thumbnail

Navigate to the “Valuation & Feedback” tab, and scroll down to enter your forecast values:

  1. Depending on the "Forecast Question", your project valuation will be in terms of Ethereum (ETH) or USD
  2. Explain how you came up with the forecast in the opinion/feedback box 
  3. Specify the number of wings tokens you would like to lock-in for the forecast (Reminder: it will be locked-in until the forecast period has ended)

Recommended: Go with the pre-defined Gas limit & Gas price

Forecasting WINGS - A bet you can't lose

The WINGS forecasting process is like a bet you can’t lose. Here’s how:

  • If your forecast is was not quite accurate, you get back your locked-in WINGS tokens + a small reward
  • If you're one of many people who forecasted accurately, you get back your WINGS tokens + a part of the reward (reward is divided between # of people that forecasted accurately)
  • ​​​​If you're one of few, or the only one who forecasted accurately, you get back your WINGS tokens + a heavy reward

    So no matter what – you get your Wings token back + a potential reward!

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