Compound Coin (COMP) is an Ethereum token that lets community governance of the Compound protocol. The protocol involves decentralized interest rate markets, enabling users to borrow and supply Ethereum tokens at interest rates. At the same time, people holding COMP tokens can propose, debate, and even vote on changes to the protocol since they’re considered pivotal members of this quickly growing DeFi ecosystem.
When a user is ready to supply cryptocurrencies to the Compound protocol, Compound Coins or cTokens (the back-end unit of account for the protocol) are used to track the funds they lent and any interest earned. Hence, each time a user adds funds to the Compound protocol’s lending pool, cTokens are issued as a corresponding balance.
Zengo is a crypto wallet that employs face biometrics to solve the real pain points of crypto wallets so that you can remain the owner of your assets without having to remember complex passwords. It’s a flexible keyless wallet that is able to trade, buy, and sell multiple cryptocurrencies without leaving the app.
The threshold signature combined with the top-notch user interface enables the app to be extremely secure yet usable for both pros and beginners.
Zengo wallet seeks to create an accessible crypto-economy for everybody, removing technical frustrations while keeping the highest levels of security.
You can receive coins using the public address and QR codes, send funds securely and pick from a vast range of coins to store.
Below we’ll cover all the ways you can use your Zengo wallet.
Zengo can help you monitor your Compound Coin (COMP) portfolio and your other investments in real-time without a cumbersome portfolio tracker. All you have to do is open your Zengo app. This feature will be especially useful if you typically spend a lot of time checking the markets and comparing your tokens.
Zengo is built for you to send and receive cryptocurrencies with complete control over your portfolio. You can easily send or receive Compound Coins (COMP). Once the Compound Coins are received in your wallet, you will get a notification to let you know so you can start trading right away.
One of the top features that makes Zengo a great mobile wallet choice is its ability to buy a vast range of supported cryptocurrencies directly within the app, increasing user convenience.
Success in the crypto market relies on purchasing the right currency at the right time. To smooth this process, you can use Zengo to purchase Compound Coins with real fiat currency like the US Dollar, Euro, and Pound Sterling.
With the Zengo app, you can purchase a wide choice of cryptocurrencies by using your credit or debit card within the app. You can pay using your Visa or Mastercard, mobile payment apps, SEPA, and Swift transfer. A minimum amount of transfers is applicable when using bank transfers (EU and UK only).
Zengo is foremost a crypto wallet where you can store your Compound Coin and more. Zengo will keep your COMP secure and ready to trade. Because of Zengo’s excellent recovery methods, holding onto your crypto in unexpected times is easier than ever.
Zengo’s saving service enables you to earn compound interest and rewards on your funds. This is done via staking coins on blockchains using proof-of-stake. Keep in mind that for the moment, this only applies to some coins, although new currencies are added regularly.
Compound (COMP) is an Ethereum-based token that enables the community to govern the Compound protocol. Below are the top ten things you should know about COMP.
In short, Compound Coin (COMP), also commonly known as cToken, is a governance token that provides users added value for their loyalty. The coin can be transferred or traded, too. Yet, as mentioned above, they can only be redeemed for the crypto that has been used with the protocol.
Compound (COMP) has been developed to link lenders with borrowers through a mix of robust smart contracts that run directly on the Ethereum blockchain. In other words, Compound is a DeFi lending protocol allowing users to earn interest on their cryptocurrencies by depositing them into designated pools.
The history of Compound (COMP) takes us back to San Francisco, California, in 2017, when the company Compound Labs Inc. was established. The next year, 2018, Compound raised $8.2 million in funding from venture capital firms.
The total supply is capped at 10 million COMP. The number of coins already in circulation is less than one-third of the max supply. Hence, as with many other digital assets, only a fixed amount of COMP tokens will ever come out. Out of the 10 million tokens, the 4.6 million will remain within the Compound Labs and its shareholders.
Compound Coins (COMP) live on the Ethereum blockchain as ERC-20 tokens. Ethereum is a decentralized blockchain platform that establishes a secure peer-to-peer network, which, in turn, executes and verifies application code, known as smart contracts. These smart contracts let users transact without a central authority, such as a bank.
Compound enables users to deposit cryptocurrency into lending pools that borrowers can then access. As a result, lenders earn interest on the assets they have deposited. Additionally, COMP token holders or the persons they have delegated can debate, propose, and vote on changes to the Compound protocol.
COMP is not mined, unlike Bitcoins, so traditional cryptocurrency mining is out of the window for the Compound Coin. To multiply your COMP tokens and receive awards, you must borrow and lend cryptocurrencies via the Compound protocol.
Compound supports the lending and borrowing of specific cryptocurrencies. So far, these are Dai (DAI), Ether (ETH), Ox (ZRX), Tether (USDT), USD Coin (USDC), and, of course, Compound Coin (COMP), among others. This way, crypto owners can lend and borrow crypto without spending time and money dealing with traditional financial intermediaries.
Zengo glows in terms of UX and security. It also has outstanding customer 24/7 support that you can contact via email, social media, or live chat in the app.
The Zengo app is intuitive, enabling you to buy, sell and trade cryptocurrency with simplicity. Zengo believes that your wallet should be accessible and flexible so that you don’t have to pay hefty transaction fees to trade on the go. Hence, they allow you to trade anytime, anywhere, even from your mobile phone, without paying too much for a transaction.
The Zengo wallet eliminates passwords, private keys, and seed phrases, thus providing investors increased control over their funds and quick access to their cryptocurrency. Security is divided between your device and the Zengo servers, meaning hackers can’t get hold of your funds. In addition, everything is encrypted utilizing a 3D biometric scan of your face.
With Zengo, you can track your investments at a glance with its user-friendly interface that allows you to trade, buy, send, and receive cryptocurrency in a few taps. This way, you don’t have to be in front of a computer monitor or have to go home to exchange cryptos. On the contrary, you can do everything on the go.
Zengo also has a fantastic support team that is available 24/7. They can be easily reached directly from your app.
Let’s dive into some of the most frequently asked questions about Compound Coin (COMP).
Zengo is the simplest way to get your Compound Coin (COMP) Wallet. To start, you have first to download the wallet. From there, you will verify your details, and once you complete all the steps, you can begin purchasing Compound Coins right from the home screen.
Zengo platform allows you to store your cryptos and guarantees access to your wallet. At the same time, Zengo lets you earn rewards and interest. So, use it to keep your tokens safe until you’re about to trade again.
A Compound Coin (COMP) Wallet holds the cryptographic info needed to access your Compound Coin addresses instead of keeping physical currency. Your Compound Coin (COMP) Wallet guarantees you are the real owner of your COMP coins.
The setup process for your Compound Coin (COMP) wallet is simple and straightforward:
A Compound Coin (COMP) Wallet Address is a digital address that consists of a string of letters and numbers that you’ll need to send and receive COMP. This address, similar to an email address, will be automatically generated once you set up your Zengo account. Just click on the asset of your choice under the home screen and swipe right.
The person you are trying to give Compound Coins to must have a COMP wallet. You have the option of sending them a referral code that they can use when downloading the Zengo app. Once they have finished the account setup process, you can gift them Compound Coin (COMP).
If you want to send crypto from your Zengo wallet, you must locate the “My Assets” screen and just tap or swipe an asset (such as Compound Coin). Then you enter your payee’s address and hit the “Send” button. You can send crypto to another individual’s wallet, an exchange, or any other address.
Receiving funds is very easy. Start by tapping or swiping on an asset and clicking on the “Receive” button. Share the obtained QR code or send your public address to the sender. Once the transfer has been done, you will receive a notification request. Next, go onto your Zengo app, swipe to the left of your screen, and press the receive button.
Well, no. They can be used interchangeably. When someone’s referring to Compound Coins, they mean cTokens, and vice versa. cTokens are used to interact with the Compound protocol. So, when someone redeems, lends, borrows, or mints cryptocurrencies, they will do it using cTokens and a cToken, or a Compound Coin if you prefer, contract. Currently, there are two types of cTokens: CEther and CERc20.