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Cryptography and Private keys explained

The world needs Asian stablecoins

Anyone in the Web3 space has noticed that the USD-centric stablecoins have been dominating the blockchain space for many years now. The USDT, USDC and DAI have emerged to be the absolute “bosses” of the crypto industry.

For a while this arrangement was perfectly fine for the majority of Web3 dwellers. However, times are changing (very fast) and the need for stablecoins based on local currencies has never been higher – especially stablecoins pegged to the Indian Rupee. Why exactly?

Currency risk

One of the main advantages of using a Rupee-pegged stablecoin over USDT or USDC is of course the reduced currency risk. Don’t let the difficult financial lingo intimidate you! It’s all quite simple really; The rates of USD vs INR always fluctuates. Some days the INR may go up while other days it may go down (against the USD). That’s all.

Having the freedom of working a stablecoin that’s pegged to local currency completely eliminates this risk. For the first time people have stability and predictability at their fingertips.

Conversion hell

Oftentimes when we work with USD-centric stablecoins, we have to sit through a monstrous conversion rate. Exchanging USDC for INR costs money – and the financial intermediaries happily charge us fees for this privilege – simply because they can!

Again using stablecoins that are pegged to local currencies eliminates this annoyance entirely. No more need to feed the middleman.

Faster transactions

During the times of extreme network congestion (for example when many people are using crypto currencies all at once), large networks such as Ethereum become almost unusable. People end up paying high fees to send their USD-centric stablecoins to the right destination.

Luckily DPINR is currently built on the Tron network (and later will be expanded to newer and even faster networks). Today a whopping 2500 transactions per second are handled by the Tron network without even a cough or a hiccup. This is amazing news, since all your DPINR transactions will be blazing fast and affordable.

Going locally

Finally, some people just don’t like the USD and you know what? This is perfectly ok! There are millions of people who love using their familiar local currency. Again, why should we be FORCED to use USD-centric stablecoins after all?

A few years back, we simply had no other alternatives. USDT, USDC and DAI were the first and that was that. Today’s fast shifting world demands more. The players and Web3 users demand more. This is our motivation. This is why we do what we do!
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DPINR explained

Anyone who’s just dipping their toes into the world of cryptocurrency is immediately confronted with an entirely new world. It’s a world of strange lingo, passionate online communities, dank memes and entire decentralized ecosystems.

It all sounds intimidating and pretty much unapproachable! Let’s unveil this mystery together. You’ll see that the blockchain space is much more simple than you could have expected.

What is DPINR?

Delta Platinum has created DPINR as an ultimate solution for sports and gaming fans – it’s pegged 1:1 to the Indian Rupee and it helps you to solve all the issues native to the traditional banking system and payment providers.

DPINR is a TRC20 token. This simply means it’s deployed on the Tron network (where the native coin $TRX is used to pay for transactions). In further articles, we’ll look at the difference between coins and tokens and see how they work.

Currently, Trust Wallet and TronLink wallets support DPINR. Again, we’ll talk about wallets a bit later.

Today thousands of players from India and overseas use DPINR for sports betting and gaming. It’s cheap to send, easy to use and most importantly, it guarantees you several interesting bonuses and promotions.

Why does DPINR exist?

Let’s face it, the current financial system is not particularly fast, modern and convenient to say the least. Yes, there’s Fintech – a somewhat modern version of the financial system. Yet, when we peel away the layers of “fluff” and “hype”, Fintech is nothing more than a fancy set of new tires on an old battered car.

DPINR is created as a response to the modernization that the Blockchain technology has unleashed onto the world back in 2008. For the first time in human history, people could mathematically prove that;

They are the owner of a digital asset (without having any 3rd party inbetween)
They don’t need anyone’s permission to send and receive digital assets
They can enjoy unrestricted financial mobility – all around the world

DPINR is a no brainer. It’s built to provide maximum freedom and convenience to the players. No matter if you are a Cricket fan or an occasional dabbler in card games – DPINR is here to make your gaming experience infinitely better and much more fun.

Security you can bet on

How many times have you experienced issues with banks and online payment providers? It happens more frequently than people think. In fact, these issues were so frequent that the banks have invented IBAN and other digital systems to help deal with all these issues.

With DPINR things become much more streamlined – you send and receive transactions the way you want, to whom you want and when you want. In fact, players can even send transactions to each other in a matter of seconds. Again no more 3rd parties (banks and payment providers) needed. The system just works!

Conclusion

It took decades until the people adopted the credit card. It took years to adopt digital bank accounts and now it takes just days to adopt new, decentralized forms of payment. Some day blockchain technology will be used by everyone in the world. With DPINR you instantly become an early adopter and you stand to reap the benefits.
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Get started with DPINR

As you remember, DPINR is a blockchain-based token that currently lives on the Tron network. Getting started is very easy, so let’s take a moment to see what needs to be done.

Any cryptocurrency (coin or token) is stored and managed by a wallet. A wallet is nothing more than a program that lives on your phone or pc. It manages your cryptocurrency and allows you to send, receive and even stake coins and tokens.

Before you set up your wallet, it’s very important to mention wallet security. This information will help you avoid many expensive mistakes during your crypto journey.

Crypto Wallet Security

Every crypto wallet works in pretty much the same way.

You create a new wallet and the app generates a set of private keys. These are long strings of letters and numbers that look something like this;

D0e3e5d606a71ccc530c38c60a2860c2088ab2d3b3d8a27cec50e79b452b3eb2

Your wallet encrypts your private keys and generates a “recovery phrase”. It consists of 12 or 24 random words. In case your pc or phone stops working, you can always use this recovery phrase to fully restore your wallet and your funds.

!!! IMPORTANT !!! Always write down this recovery phrase on 2 separate pieces of paper or into a password book. Never store your recovery phrase in digital format and never send or give this recovery phrase to anyone. If anyone has access to your recovery phrase, they will have access to your wallet.

The wallet will ask you to create a password or a pin code in order to protect itself from unauthorized access. Again, it’s very important to physically write down this password and pin code – same as your recovery phrase.

In case bad actors like scammers or hackers will try to gain access to your wallet, they will always try to acquire your recovery phrase and password. It’s self explanatory that you must never give this information to anyone – EVER!

Crypto wallet setup

Congrats! Now you are one step closer to being a crypto OG, you’re ready to set up your wallet. Use these links to set up your wallets and prepare them for using DPINR.

Trust Wallet

TronLink Wallet

Again it’s very important to remember – always backup your wallet recovery phrase and your passwords on at least 2 pieces of paper and never let anyone access this information! Moving on…

DPINR and TRX

If we compare DPINR to the digital Rupee, then $TRX (Tron coin) is the electricity that allows your Rupee transaction to be sent digitally. In other words, one cannot work without the other.

This is where crypto exchanges come into play. Using WazirX, Mudrex, Zebpay or BitBNS you can easily purchase a little bit of $TRX and send it to your wallet. All exchanges have the same basic principle. Here is how the process looks like;

Open your wallet and find $TRX
Click “receive”
Copy your address (check if the first and last 5 digits of your address are correct)
Go to your exchange and hit “withdrawal”
Paste your wallet address
Hit “withdraw”

In a few minutes you will receive your TRX coins. Congratulations! Your very first on-chain crypto transaction has been successfully made. Of course this is just a short explanation of the process – the user interface on centralized crypto exchanges can look a bit different from one another. If you’re in doubt, it’s always wise to consult the live chat support of your exchange to help guide you through your withdrawal process.

Now that you have your TRX standing by, you can safely navigate through your Dafabet Cashier to withdraw your DPINR. You’ll be happy to know that the principle is the same. Again if you run into difficulties or you require assistance, Dafabet live chat will support you every step of the way.
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What is cryptocurrency

Using DPINR is amazing! From the moment you try it, you immediately understand the value of working on-chain. Let’s take a moment to learn what cryptocurrency is and why it exists. We’ll use clear and easy to understand language. This article is something you definitely don’t want to miss.

The year is 2008 and the world has just been dragged through the Great Financial Crisis. Global economies are in ruins. Governments have switched on the money printers to save the banks (that were responsible for this crisis in the first place). Naturally this arrangement didn’t go well with millions of people. Why?

Because their tax money was about to be used to bail out the banks. As you may imagine, people took to the streets in protest. We saw the rise of the “Occupy Wall Street” movement and all across the world a quiet revolution was brewing – online.

Rise of Bitcoin

In 2008 an individual (or a collective of people) published the very first Bitcoin Whitepaper. For the first time in human history a digital system designed to be used peer to peer (from one person to another) has been invented. The concept was brilliant in its simplicity. It presented us with:

Solution for the “double spend problem”; This simply means that people could only spend the coins they had in their wallet and never more than that. In other words, bad actors like hackers could not magically “create” more coins than they had in their possession.
Eliminating the need for 3rd parties. When you go to the market and you buy 1kg of apples, you hand the seller some bank notes, while they give you your apples. In this simple transaction there are just 2 parties; you and the seller. Now imagine that you pay using your bank app. Here a 3rd party enters the scene – your bank and the bank app itself. Bitcoin was designed to work without these 3rd parties. People simply send and receive coins directly to each other.

Censorship resistance: The banks are here to serve us. However, back in 2021 during the global protests (started by Canadian Truckers and Dutch Farmers) many people suddenly discovered that their bank account was “frozen” due to their political views. Today it happens more than you can imagine. Again Bitcoin was designed to resist this type of overreach by working in a fully decentralized way. No matter who you want to send cryptocurrency to, it will always arrive safely.

Open system of accounting: Although it sounds complicated, the concept is very easy to understand. Now that you successfully bought your 1kg of apples, 2 things will happen. The seller will add the amount you pay to his income statement, while you will subtract this amount from your expense statement (this doesn’t always need to be registered on paper).

It’s called the double accounting system and it’s been with us for thousands of years. Bitcoin’s open ledger of all transactions makes sure that all the transactions on the network are verifiable by anyone. This means your address and the seller’s address will have a permanent proof that your transaction took place and it is in fact valid.

Now think about it, if this type of triple accounting system would be implemented globally, it would literally mean the end of corruption and nefarious activity. For the first time in human history Bitcoin has solved this problem once and for all.

Mathematical proof of ownership. How do you know if the cash in your bank app or the stocks you may own are really yours? Again we’re bumping into the same problem – trusting 3rd parties (such as your bank or stock broker). In 2008 the world understood that these 3rd parties cannot always be trusted. With cryptocurrency you use a system called private key cryptography.

Sounds difficult, but the concept is very simple: using a private key (a long string of letters and numbers that your wallet generates), you can prove to anyone in the world that you are the one and true owner of the coins and tokens that you hold in your wallet. Not only does this eliminate the 3rd party trust, but it also allows anyone in the world to take their coins and tokens with them wherever they go.

Conclusion

Cryptocurrency is an open, digital and decentralized form of transferring value between people. It’s an entire accounting system and last but not least, it’s a decentralized, censorship resistant network of computers (scattered all over the world) that allows it to be antifragile. In other words, this system simply works and it’s open to anyone with a digital device (such as a phone or pc) with an internet connection.

Bitcoin was the first. It showed us what’s possible and over the years it demonstrated what can be done when like minded people come together to solve real world problems. Today there are much faster and cheaper cryptocurrency networks that do infinitely more than even the Bitcoin developers thought was possible.

Now you understand what cryptocurrency is – this puts you into an elite 8% of the global population. This is not an exaggeration. Now you are a crypto OG!
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Cryptography and Private keys explained

In the previous article we unveiled the mystery of cryptocurrency and why it’s so important in today’s highly connected world. Let’s take a moment to dive a bit deeper into the tech and see how exactly cryptocurrency works. Again, don’t panic! We won’t use any difficult jargon here.

It all starts with cryptography

Remember the old WW2 movies where the German army used the infamous Enigma machine? This was one of the best examples of cryptography in action. Scrambled messages could be sent from high command to the entire army – nobody except the sender and receiver could read the original message.

In this example the message can be encrypted (scrambled) and decrypted (unscrambled) in order to read it. Let’s see how this works in the blockchain world!

This site allows you to use the standard hashing algorithm (SHA256) to encrypt any data. Go ahead and type anything you want. You’ll see that the result would be an encrypted message that reads something like:

7040030c613ff3cd509e3c0fe4ab48f9636ffca59d19e33fc26e1a466c963495

It looks like gibberish, however this is exactly how cryptocurrency works. Notice how the entire output (string of letters and numbers) changes if you change just one character.

When you type the word “hello”, the encrypted message is;

2cf24dba5fb0a30e26e83b2ac5b9e29e1b161e5c1fa7425e73043362938b9824

However, when we type “Hello” (with a capital letter), the output is completely different;

185f8db32271fe25f561a6fc938b2e264306ec304eda518007d1764826381969

Notice how the entire output looks different when we change just one letter ( from “h” to “H” ). Pretty awesome, right? But that’s not all. Let’s try doing something different: Let’s try to decrypt (unscramble) this message, shall we?

Try to paste your hash (2cf24dba5fb0a30e26e83b2ac5b9e29e1b161e5c1fa7425e73043362938b9824) into the input box and see what happens!

The message does NOT unscramble on its own. In fact, we receive another encrypted hash as a result. You see, this SHA256 algorithm works in just one direction. You can encrypt a message (or a piece of data), but you can’t decrypt it. The SHA256 algorithm is so powerful, that there are almost infinite amounts of combinations (even more than the stars in space).

The best part is that nobody (not even the fastest supercomputer) can decrypt these seemingly random letters and numbers. And this is exactly how blockchain technology works in a safe and secure way. We’ll revisit this part when you know more about private keys.

Private key

It all starts with the private key. It looks like the same random string of letters and numbers as we saw above and this key is randomly generated by your wallet.

This private key is literally a Swiss Bank in your pocket. Sounds far fetched?! Here’s what you can do with your private key;

Generate an almost infinite number of public addresses (like a bank would create bank accounts for its clients). These public addresses can be shared freely with anyone who wants to send you coins or tokens. After all, when you expect to be paid on your bank account, you do share this account with others.

Sign transactions. Any time you send your coins and tokens, you need to “authorize” this transaction using your private key. Your wallet does it all automatically when you hit “Send”.

Manage your digital assets. Using your private key, you can mathematically prove to anyone in the world that you own a certain amount of coins and tokens. Furthermore, using this key your wallet literally “scans” the entire blockchain to look for digital assets that only you control. The balance that you see on the screen is just a sum of all the small bits and pieces of coins and tokens that your wallet found.

Transfer ownership. When you decide to give your private key to your wife or children, they become the owners of all your coins and tokens. It’s important to mention that scammers would do whatever it takes to get their hands on your private key. This is why it’s self explanatory that you need to keep these private keys secret at all times.

Now you see that when you install a cryptocurrency wallet on your phone or pc, you literally gain access to the entire financial system that’s working on the blockchain. You did it all without proving your identity or jumping through bureaucratic hoops. All you needed was a digital device and internet access. Now that you understand how powerful it all is, let’s jump onto the encrypted data highway!

Blockchain

Any time you use your wallet to send or receive a transaction, there’s an invisible digital orchestra taking place in the background.

Your private key signs the transaction
Your wallet sends the transaction to the blockchain network
The transaction is validated by millions of computers and proven to be “true”
The transaction data is bundled into a “block” of data
The “block” is hashed (using the algorithm that we saw above) and “attached” to a long string of previous transaction data

You may have guessed that this string of previous transaction data is indeed called the “Blockchain”. Easy, right?

You may think “what would happen if a bad actor tries to modify the data in this blockchain. For example when someone would add 2 or 3 zero’s behind their DPINR balance. Here’s where the magic of cryptography comes into play. Remember the example above? Even when we change a single character (from “h” to “H”) the entire output immediately changes.

In this case, millions of decentralized computers around the world would get a “good whiff” of this nefarious activity and promptly ask the nefarious actor to “leave the scene” by simply throwing out their transaction. Thanks to cryptography a single attempt of altering the past data on the blockchain would result in the corruption of the entire data – and that is something nobody will allow!

There’s of course much more at play. The world of Blockchain is infinitely fascinating as it is complex. Today the technology has come so far that it’s actually possible to run entire decentralized applications (Dapps) directly on the blockchain. People use these Dapp for dabbling in something called DeFi (Decentralized Finance).

For now, let’s stop here and let all this new knowledge sink in. We have seen how the Blockchain technology functions in a beautiful, secure and reliable way. In fact, it’s so secure that it would give even the largest banks a run for their money.

Today banks, governments and large organizations are looking at blockchain technology with great interest. In a few years all of us will be familiar with the Blockchain in the same way we use email and mobile devices. This is the future and guess what, now you know how it all works.
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