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August 2008

Tether Introduces New Yuan-Linked Stablecoin, CNHT

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Tether

Tether

The cryptocurrency space has had its fair share of controversies throughout the course of its short existence, and one of the biggest ones to date is the one related to stablecoins. There are plenty of stablecoins in circulation these days, but the most controversial one so far is Tether, and it is simply due to the fact that is it is the most popular one within this particular group of digital assets.

Key Analysis

The reason why many in the crypto space are suspicious of Tether and other stablecoins is because most of them are backed 100% by the United States dollar (or another fiat currency). However, it goes without saying that for many traders, Tether has its own uses, and it has become quite popular over the years.

The controversies surrounding Tether are not going to stop it from growing further, and today the stablecoin issuer announced that it has launched another stablecoin, only this one is going to be backed by the Chinese Yuan. The one backed by the US Dollar is known as the USDT, and the newly launched token is going to be called the CNHT. It should be noted that the Tether platform has also produced the EURT, which is backed 100% by the Euro. Due to the launch of this new digital asset, Tether has stated that the world’s main fiat currencies can now be put to proper digital use.

>> Facebook Libra to Be Pegged to Multiple Currencies as Stablecoin

Tether has had a controversial history so far and is subject to lawsuits related to security laws violations. In addition to that, it has also been alleged that Tether has been used by rogue traders to artificially prop up the price of Bitcoin and other cryptocurrencies. It is a problematic allegation since such actions might point to a pump and dump scheme by way of which gullible investors might end up losing a lot of money. It remains to be seen how the latest digital asset is welcomed by the crypto space.

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Unveils Platform for Minting Enterprise

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Blockchain Tokens

Blockchain Tokens

It goes without saying that the blockchain industry has come a long way over the last decade, and it is no wonder that an idea like that of blockchain tokens is finally taking concrete shape. In a new development that is going to cause waves in the crypto sphere, tech behemoth Microsoft announced that it is going to create a platform that is going to help create crypto tokens with ease.

Microsoft has stated that creating crypto tokens is going to be made far easier through this platform, and it is apparently going to be as easy as using an actual printer.

Major Development

Moreover, these tokens are going to be ready for use by enterprises, and that opens up another massive market for the company. On Monday, the principal architect at Microsoft, Marley Gray, made the announcement with regards to the company’s Azure Blockchain Tokens platform. During the announcement, Gray stated that tokens that are ready for use by enterprises are now a time-consuming process, but the new platform will ensure that that whole thing becomes far easier. He likened it to how printers are now a lot easier to connect to a computer than it used to be in the past.

>> Telegram Releases Test Gram Wallet Despite Pending SEC Suit

Gray spoke about the potential ease of using this platform with CoinDesk. He stated, “You can go and buy a printer or any type of device [now] and just plug it in and it works. It’s the same analogy here for tokens and that is what we are building in Azure.”

Azure is Microsoft’s very own cloud computing service, and over the past few years, it has emerged as the only real challenger to Amazon’s Amazon Web Services. If Microsoft can get more clients interested in blockchain tokens, then this platform could end up becoming one of the most important product launches from the company.

Featured image: DepositPhotos © perig76

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How Cryptocurrency Traders Benefit from Blockchain Technology

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blockchain technology

blockchain technology

Blockchain technology is a critical infrastructure for the existence of cryptocurrency and arguably one of the reasons why cryptocurrencies exist. The two are different, but they are essentially part of the same system.

Blockchain technology, therefore, affects traders directly but there are other ways that cryptocurrency traders benefit from the technology. It not only supports the existence of digital currencies but also facilitates the transfer and storage of funds, therefore making it easy for crypto investors to trade.

Blockchain’s Impact on Cryptocurrency Value

The value a cryptocurrency also seems to be related to the popularity of the blockchain on which it is operated. Technically, the value of a cryptocurrency will be higher the more its blockchain is used. Introducing a blockchain technology to a consumer base is also an important step towards introducing an associated cryptocurrency.

A popular blockchain thus helps generate more value for cryptocurrency investors. This is a good reason for digital currency investors to support blockchain development so that in the long-term they will benefit from the value the technology will add to the involved cryptocurrency.

>> China’s NDRC Wants to Ban Crypto Mining: Another Clamp Down

Blockchain Applications

Many industries are also looking at blockchain technology that has the potential to simplify their operations. It is also flexible because its developers can customize blockchain applications to perform intended purpose while at the same time delivering all the advantages of the technology, such as reducing fraud and making online data handling easier. This approach increases the likelihood of wide adoption for blockchain and subsequently more cryptocurrency adoption.

Blockchain technology provides a direct influence on the price of the involved cryptocurrencies. It is a somewhat symbiotic relationship because the popularity of cryptocurrencies leads to more awareness of blockchain and then blockchain popularity also influences the value of a cryptocurrency. Cryptocurrency investors should thus consider taking up more interest in blockchain systems.

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Libra Exec Boasts Project’s Benefits Over Bitcoin at CES 2020

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Libra

Libra

The vice-chairman of the Libra Association has been touting the benefits of the project over Bitcoin at the Consumer Electronics Show (CES) in Las Vegas.

Dante Disparte, the vice-chairman of the non-profit organization overseeing the proposed digital currency led by Facebook (NASDAQ:FB), was speaking at the Digital Money Forum of the CES, where he emphasized Libra’s advantages over Bitcoin, the largest cryptocurrency in the world. “Bitcoin as an asset class has proven that mathematical scarcity can support an incredibly exciting asset,” said Disparte, before adding, “It’s not a means of payment. It just isn’t.”

He also pointed out that the most basic expression of economic mobility was the payments process, something that cryptocurrencies are yet to cut into, but which is reportedly one of the significant advantages of Libra over other digital coins. However, Disparte’s claims were met with resistance by other members of the panel.

Akin Sawyerr, a strategy lead on the Decred project, said, “I’m not convinced that a council of self-interested companies can do money better than a decentralized system. The only way to really get there is to empower the individuals to have some base-level sovereignty.”

Libra will be overseen by a consortium of 21 major companies who signed the founding charter to establish The Libra Association in Geneva in October. The association was originally intended to be comprised of 27 members, but due to the intense scrutiny leveled at the project, six firms, including Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA) all withdraw from the project. It is interesting to note that all three of these firms are focused on payment services.

>> Bitcoin (BTC) Soars Above $8K Mark on Geopolitical Concerns

As resistance to Libra continues to mount, a solid launch date is yet to be confirmed, but Mark Zuckerberg previously said he hopes to see the project launch by mid-2020. Should it ever come to fruition, Libra, unlike Bitcoin, will be a stablecoin backed by a basket of currencies including the US dollar (50%), the euro (18%), the yen (14%), the British pound (11%), and the Singapore dollar (7%).

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