Meet Max — The Algorithmic Crypto Wallet & Monitoring Service
Meet Max — The Algorithmic Crypto Wallet & Monitoring Service
More Than a Digital Pocket
Just so you’re aware, this is my very first time using Max. I’m logged into my portal right now but have yet to click on any of the Dropil project’s algorithmic products.
I typically evaluate a product in advance before sharing its details but thought it’d be fun to have a fresh take, so this one’s meant to be a first-impression experience.
I do however know that Max is one of four bots put together by the Dropil team. Max is the smart wallet that can stash proceeds harvested from arbitraging Arthur, or one of two virtual traders — Jade (currently in waitlist mode) and Dex 3.
Speaking of Dex, that virtual, autopilot algo is why I’m writing this article in the first place. I spent 45 days — which equates to 3 full cycles of 99.99% hands-off trading — putting Dex’s skills to the test. The results? 4.23%.
Now, if you’d like to read about that journey in detail, as well as learn the easy steps needed to fire up an autonomous trading bot of your own, check it out right here:
Did you read the above article before proceeding here? If you answered yes, thanks, I hope you liked it. If not, have a look at this before we dive deeper…
Disclaimer: This is not investment or financial advice. I’m not a financial expert by any stretch of the imagination. Information within this article is primarily speculative opinion. Always conduct your own research before involving yourself with any project, in or out of the cryptosphere.
I may or may not receive compensation for creating this content. That said, I do my best to remain unbiased and fair. I try to avoid all FOMO and FUD and don’t wish to elicit those emotions in my fellow cryptonauts. Did you make it this far? Congrats! You’re in the top 1% and deserve nothing short of a medal.
Now that you’re somewhat familiar with what the Dropil project’s proprietary programs provide let’s get into what Max can do for you.
Max’s Internal Wallet
Since funds deposited here live on the Internet, we can classify them as ‘hot.’ Experience has taught me not to leave significant amounts of crypto on the web.
Online accounts are hackable. Thus, just like crypto exchange accounts, hot wallets are best for trading instead of long-term storage.
On that note, I’ll keep my initial deposit on the lighter side. However, I have a feeling this is the least powerful of Max’s attributes. Plus, 2FA does go a long way towards account protection.
After clicking the oversized, ridiculously easy-to-find ‘ADD ASSET’ button, you’ll need to let Max know which crypto to hold for you:
I counted over 75 stashable coins and tokens inside Max. Quite the selection!
Since I’d rather not interrupt Dex from trading my $DROP tokens, I’m giving Max a few Pundi X tokens.
After selecting a cryptocurrency to stash, call the new wallet whatever you’d like:
After creating your digital purse, you’ll get a deposit address. Although I didn’t make any additional deposits, I did make wallets for several other cryptocurrencies.
And that’s when I realized how detailed the portfolio overview could be:
Max tracks the value of your digital assets in real time. You can quickly evaluate your stash to see which of your cryptocurrencies are performing best — and worst.
Find daily, weekly, and monthly price performance presented in an appealing graph. Easily compare 24H trade volume levels of all the crypto you’ve entrusted to Max.
Initiating additional deposits is very straightforward, and the withdrawal process is very comprehensive.
And, Max gives you the ability to manually adjust the transaction speed, effectively cutting your network fees in half. That cost-saving feature certainly isn’t available in all crypto wallets.
So far, so good! Just like my experience with using Dex, Max’s user interface is very user-friendly. Although Max’s internal wallet is of the hot variety, it does have some cool tricks.
Should you hold any of the 75+ coins and tokens compatible with Max — even if you don’t deposit them — this is an excellent method for tracking their performance.
Brightly colored graphs and percentage callouts make for an engaging, interactive experience.
And now, let’s get into the feature I’m salivating over the most — monitoring
Bounty Hunter’s Delight
Patience is a crucial component to cryptocurrency trading, and the sentiment is doubly true when you’re hunting bounties.
You see, while helping blockchain startups grow their community, most are in a pre-funding phase as you perform various tasks.
Any work you complete is under the assumption that there will be a successful ICO and eventual exchange listing. And hopefully the token lands on an exchange you already use. You may not see payment for weeks or months.
Now, with the sheer volume of projects underway in the cryptoverse, bounty hunters can stay very busy. Too busy to keep daily tabs on deposits into their MetaMask or MEW account.
When you have dozens of projects that may someday issue rewards, it’s hard to keep up. And bounty administrators aren’t always the most communicative when it comes to disbursements.
Max solves the problem of never knowing when specific bounty payouts hit your wallet.
And as we all know, timing is a crucial factor of successful trading. Having tokens ready to trade, but not even knowing they exist, can be a costly oversight. Yes, it’s happened to me personally.
In 2 easy steps, Max makes you a well-informed token recipient:
1) Sync Your ETH Wallet
Once you set Max up to keep his one eye on your wallet, you can choose to receive notifications via email (which requires a subscription upgrade) — or for free on Telegram.
And speaking of Telegram, if you’ve spent any time within a bounty support channel, you know that 95% of hunters begin statements with “when.”
When token, when exchange, when moon???
Using Max means never having to ask the first part of that impatient question. Tokens will arrive precisely when Max tells you they’re available.
Whether funds are coming or going from your linked accounts, you’ll be one of the first people to know.
2) Connect Your Telegram Profile
Navigate over to the ‘TELEGRAM’ tab on the lefthand side of your main Dropil portal.
Follow along with the easy instructions.
Once your bot is connected, go into your Telegram account and search for one of them — “@Max_Dropil_Bot” is easy to locate.
And when you discover one, you’ve found them all — every active bot interconnects with all the other Dropil assistants on Telegram.
Now, before I could give a valid endorsement for the notification service, I had to try it out for myself. After sending a batch of tokens from the address Max is monitoring, I received notification immediately:
And Max’s dashboard keeps a record as well:
Now, it’s important to note that Max isn’t quite yet a catch-all for ERC20 tokens. Pricing feeds come via CMC, so for now, Max can only keep a watchful eye on those projects.
Future product releases intend to include the ability to track coins outside of CMC. If you don’t see a coin or token you’d like to follow within Max’s dashboard — and CMC lists it — feel free to reach out to the Dropil team and ask if they’ll add it.
I did that, just today. How do you think $BNTY tokens suddenly became live within Max? Thanks, team!🤝
Max isn’t the only hot wallet in the land of crypto. Let’s see how some of the others stack up.
Perhaps the hottest crypto hot wallet of them all. Unlike Max, you can link your bank account and make fiat-to-crypto purchases from within your account.
Now, the Dropil portal does have a fiat onramp, but it’s limited by geographic region (sorry, USA) and only applies to $DROP tokens.
- Insured deposits
While Max also offers 2FA, Coinbase accounts carry insurance. And that alone makes me comfortable with leaving more significant amounts of crypto with them.
- Limited number of coins available
At the time of writing, the Coinbase hot wallet (standard, non-“Pro” version) holds USD as well as 11 cryptocurrencies — $BAT, $BCH, $BTC, $ETC, $ETH, $LTC, $USDC, $XLM, $XRP, $ZEC and $ZRX.
And though Coinbase email alerts are free, they don’t provide the same level of privacy on offer via Telegram.
Yet another hot wallet competitor with fiat onramps. And while fiat-crypto trading is nice, it’s often expensive. High fees for buying and selling are the norm with bank-linked crypto accounts.
And technically, highly popular exchanges like Binance have fiat onramps as well. But those are linked to credit cards and come with a 25% premium on purchases.
- In-wallet trading
Similar to ShapeShift — but with a vastly smaller selection, the Blockchain wallet lets you trade one crypto for another without using an external exchange.
- Hardware wallet integration
Cold storage wallets are considered the safest. The Blockchain wallet can connect to a hardware wallet for account login.
- Severely limited selection
Only four cryptos are available for storage — $BCH, $BTC, $ETH, and $XLM. Even by Coinbase standards, that’s truly minimal.
- Cumbersome login
If you’re not using a hardware wallet to log in, the process is counterintuitive. There’s lots of clicking and opening emails — far from seamless.
No, thanks. Can I just log in from the same tab that’s already open?
I’ll admit hesitancy to try out yet another crypto wallet. After all, there are hundreds of them out there. And though Max is a wallet by definition, the monitoring aspect makes it so much more than a digital pocket.
Max has a slick, premium feel. The Dropil project’s mission to make crypto easy for everyone is on full display in this bot. From deposits to notification setup, everything is well laid out and easy to understand.
And, over time, Max is set to improve. The ‘recurring transactions’ feature is still under development. Upon completion, smart wallet users can send coins at pre-defined intervals — super helpful for projects that pay employees in crypto.
Now, Max is not without flaws. I spotted typos in a few areas as well as some textual overlap within the portfolio overview graphs. But these minor details are to be expected with programs still ironing out the kinks.
Max’s best attribute — account monitoring — works flawlessly. While I’m not a fan of keeping too much crypto in hot wallets, address activity notifications are enough to keep Max in my everyday crypto toolbox.
Is Max the only crypto wallet I’ll ever use? No way. The feature set isn’t versatile enough for my needs. But truth be told, no crypto wallet is perfect.
My ideal wallet has inexpensive fiat onramps and offramps, insurance, hot and cold storage, colorful pricing displays, Telegram notifications, staking rewards, trade indicators, arbitrage signals and holds every coin in the cryptosphere.
But as I wait for that mythological kangaroo to make an appearance, I’ll continue to use Max and a handful of others as storage solutions for digital assets.
Disclaimer — The author may receive a small allocation of $DROP tokens for creating this content.
By the way…
If you enjoyed what you just read and would like help getting your crypto message to the masses, I’d love to hear about your project.
Even if you only want to chat about crypto or your favorite blockchain innovations, you can find me here: blockchainauthor at Gmail
And, you can always reach out on Crypto Twitter.
Meet Max — The Algorithmic Crypto Wallet & Monitoring Service was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.