We are very sure that you must have heard about Honey Badger who looks a little bit like a mongoose, a nonchalant animal who eats snakes, beetles and steals honey without fearing the stings of honey bees.
But why are we suddenly talking about that animal? It is because he is fearless, so is our Crypto Honey Badger, it is the biggest crypto network that is known to facilitate bitcoin through its ATM locations and it also is known as the cryptocurrency vending machine which acts as a medium for buying and selling the cryptocurrency at an instant. If you are interested in bitcoin trading check bitcoins carbon footprint .
What is Honey Badger?
Honey Badger is a Canada based bitcoin kiosk network that was established in August 2016, the starting of Honey Badger started with the investment of one kiosk in regions of Vancouver and it expanded its roots from one Kiosk to one fifty-plus kiosk across Canada.
It is also claimed that Honey Badger is Canada’s largest bitcoin ATM network and has also started to deliver the LITECOIN and Ethereum under their kiosks, starting from a tiny investment now Honey Badger has started to offer private exchange services for large trade volumes.
Honey Badger provides reasons with their legacy and services by quoting the following qualities for their credibility and working:
· Human Account representative
· Largest Bitcoin Network
· Federal regulation of Money services
· Well finance and Capitalized institutional backing
Honey Badger is the first asynchronous approach towards financial transactions and doesn’t rely on network timing expectations. It has taken the responsibility to have aliveness without any time factor.
How Does Honey Badger Work?
Honey Badger works through asynchronous consensus protocol which has permitted its active nodes through a distributed network to allow a set of agreeable transactions using an encrypted algorithm and decrypted algorithms of transactions.
It takes threshold values like example n and the groups with t + 1 threshold values are allowed to congregate with decrypt messages and digital signatures, there are lots of active nodes which are combined to prevent individual nodes from disturbing or tampering with the consensus mechanism.
The Honey Badger system has so many safety criteria that it provides distributed digital signatures, private keys and the circulation of entire key shares which are secretive and help in keeping the system decentralized.
What are the services given by the Honey Badger?
Honey Badger has threshold encryption which is used to secure messages within the crypto protocol, the nodes of a Honey Badger network have a set of transactions that are later on included in a new block and this proposed set of transactions are called Contribution.
During the contribution process, the entire contribution remains encrypted, therefore it navigates with a scale of services and a provision of administration eliminates the censorship possibilities
The two main services provided by the Honey Badger are:
· Crypto Kiosks
· Crypto-backed lending program
We have fully explored the information about Crypto Kiosks, So here we will be focusing on the Crypto-backed lending program where Bitcoin is used as the digital collateral and Canadian dollars are borrowed in exchange for Bitcoin,
But the one surely exciting thing is, it doesn’t sell your bitcoin, you simply have to stake it up.
Honey Badger has a simplified fee structure that directly depends upon the trading volume-based fee charges, like the volume is divided into tiers and rates are analysed over the website called Bitcoin Average Price Index.
Honey Badger has claimed to support currently three types of cryptocurrencies like Bitcoin, Litecoin and Ethereum.
The Bottom line
Honey Badger uses the threshold cryptocurrency for facilitating the transactions and also its Binary Agreement is used to create the random numbers during a coin flip situation, Honey Badger is a legally registered entity and is classified as a Money Services Business (MSB).
Honey Badger also provides an opportunity to scan the identification by choosing the identification card on the bar scanner or you can upload your identification card photo on their website If you want to have their Crypto Kiosk service.
