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August 2020

Libra Association Sets Up Five Member Oversight Committee

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Libra

Libra

The Libra Association, the non-profit organization overseeing Libra, has established a five-member Technical Steering Committee (TSC) to oversee and coordinate the technical design and development of the Libra network.

The responsibilities of the TSC are to direct the technical roadmap of the Libra network, form working groups to fast track research into specific issues, guide codebase development, and build a healthy and engaged community of developers. The association has said that the establishment of the oversight committee is an important step forward in realizing its vision of a self-governing and independent network.

A statement from The Libra Association yesterday said, “As a project rooted in technological innovation, technical stewardship is a significant component of self-governance for the Libra project. In Q1 2020, the TSC will publish its technical governance framework and associated documents. This will include the process by which the open source community can propose technical changes to the network and a transparent process for evaluating those proposals.”

The five members making up the TSC include Joe Lallouz, CEO and founder of industry-leading blockchain infrastructure Bison Trails; Nick Grossman, a partner at venture capital firm Union Square Ventures; and Diogo Monica, co-founder and President of digital asset custodian Anchorage. They will be joined by the Libra core product lead at Calibra, George Cabrera, who oversaw the technical integration of both Instagram and WhatsApp into Facebook (NASDAQ:FB). Ric Shreeves is the final member, who currently serves as Director of Emerging Technology at Mercy Corps.

>> Gemini Launches Crypto Insurance Company with $200 Million Coverage

Libra was first announced last June as an effort to bank the unbanked and provide low-fee money transfers across the globe. However, the project was met with heavy resistance from regulators on both sides of the Atlantic, most of whom opposed Facebook’s leading of the project, given the social media giant’s poor record of data breaches and mishandling of user information. Many also viewed Libra as a potential threat to the economic sovereignty of nations. That resistance has led to Libra’s launch date being delayed indefinitely.

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Ripple Launching XRP Third Party Developer Platform

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Ripple

Ripple

Ripple has announced it is launching a new platform that will allow developers to integrate both fiat and cryptocurrency into any app.

The platform is being developed by Ripple’s Xpring division, the investment branch of the company, and will provide developers access to a range of services such as an Xpring software development kit that allows for the integration of XRP apps in multiple programming languages. Xpring was launched in 2018 with the intention of enabling the Internet of Value, an online ecosystem allowing for the seamless movement of money.

Xpring’s senior vice president Ethan Beard said, “Xpring SDK allows you the developer to use the XRP ledger simply and in any programming language you want. What takes a developer today a 100 lines of code to do a transaction on XRP ledger, using Xpring SDK cuts that down by 80 percent.” Beard said that this platform will function like Amazon’s Web services in that developers can download the code and run it themselves, or go to Xpring and plug into the service.

On top of today’s announcement, Ripple has also unveiled a new partnership with BitPay to enable businesses to accept XRP as payment by the end of the year. BitPay is a leading cryptocurrency payments service that had, until recently, only accepted Bitcoin but in recent weeks has added Ethereum and now Ripple’s XRP. With BitPay onboard, users can now make payments to companies such as Microsoft and AT&T using XRP.

>> Bitcoin Tanks from Highs, But Still Up Significantly YTD

Last month, Ripple announced that Xpring had acquired payment platform Logos Network to help develop decentralized financial products. The acquisition brings Xpring’s team to 32 with the addition of nine new engineers, a substantial increase from just two team members back in May. Logos Network founder and CEO Michael Zochowski will join Xpring as the Head of DeFi products.

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Binance US to Include NEO and ATOM for Trading

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Binance

Binance

One of the biggest reasons behind the remarkable growth of the cryptocurrency space is due to the establishment of big-ticket exchanges, and in that regard, Binance US could end up becoming one of the most influential. It is the world’s biggest crypto exchange by trading volume, and its entry into the United States is a major event.

Key Details

It emerged that the American arm of Binance is going to add support for both Cosmos (ATOM) and Neo (NEO). The company made the announcement on October 30 and went on to add that users will be able to trade in both those tokens from October 31.

It is a significant step and is certainly going to help Binance US in attracting more customers. Both ATOM and NEO are among the biggest cryptocurrencies in the world at the moment by market capitalization. According to a leading crypto analysis website, both are within the top 20 in the world at this point, and hence, the listing should eventually raise the volume of trading in the platform.

At the end of the day, the United States remains one of the biggest markets for crypto platforms, and the more options the exchange provides, the greater the chance of driving volume.

>> Ripple Invests in Cybersecurity Startup Funding Round

Dogecoin Listing

However, the latest update is not all. Binance has been adding new tokens rapidly to its American platform, and last week, it announced the listing of Dogecoin on the platform. Although it is not among the biggest tokens in the crypto space, it should be remembered that it has a great recall value and is well known among crypto traders all across the world as well as in the United States.

Dogecoin enjoys modest volumes, and one crypto analysis firm reported last week that it had a 24-hour volume of $7.85 million on Thursday. That being said, the latest listings by Binance US could have an important effect on the future of the exchange.

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Ethereum (ETH) Posts Significant Gains on Value Buying

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Ethereum

Ethereum

Ethereum has been leading the crypto rally over the past week after the slump in the first half of 2019.

Over the past few years, Bitcoin has firmly established itself as the biggest cryptocurrency in the world by market cap, and it is the only coin that can actually move markets one way or another. Over the past few years, the second-biggest cryptocurrency in the world, Ethereum, was regarded as the only viable challenger to Bitcoin.

Ethereum Leads

Although Ethereum never overtook Bitcoin, as some believed it might, it is important to note that ETH is now gaining significant ground and has done so since Friday of last week. On Tuesday, Ethereum managed to have a better day than Bitcoin, and it goes without saying that it is a significant event.

Throughout the course of Bitcoin’s remarkable rally this year, Ethereum remained a disappointment, but it seems it is now making a serious move. According to the latest report by Delphi Digital, Ethereum managed to gain 11% on Tuesday, and that came at a time when Bitcoin had been generally tepid in its performance.

It needs to be kept in mind that most altcoins are now having a bit of a surge this week and among those, the gains made by Ethereum has been noticed the most.

>> Bitcoin Mutual Fund will Help Asian Investors to Trade Cryptos

Although it is true that altcoins have enjoyed a good run over recent days and seem to have turned a corner after having been beaten down for some time, it does not necessarily indicate that these tokens are set to go on a rally. Both 2018 and 2019 so far have been forgettable years for most altcoins.

Ethereum was one of the worst performers of the year so far but the gains made by the coin over the past few days have given rise to a lot of optimism among its investors. Many believe that Ethereum could touch $240 soon.

What do you think?

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