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Tether Launches New Gold-Backed Stablecoin on TRON

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Tether

Tether

Tether has launched a new stablecoin backed by physical gold reserves called Tether Gold (XAU₮), according to a press release published on January 23. One coin will be equal to one troy fine ounce of physical gold, currently worth approximately US$1,550. Tether Gold is available as a TRC20 token on the TRON blockchain as well as an ERC-20 token on the Ethereum blockchain.

As per the press release, the funds are said to be “safely held in a Switzerland vault;” however, the institution holding the reserves remains unclear, but Tether has assured investors that they have a “direct control” over the reserves. Tether’s CTO Paolo Ardoino said that the new coin will provide investors with the stability of gold and the speed of digital assets, effectively serving as a substitute for those who want to trade gold but do not have access to such storage facilities.

Tether has also invited crypto exchanges that would like to support the coin to contact the company. Blockchain information for the Ethereum contract shows that there is an outstanding supply of almost 4,000 tokens, which would be equivalent to a $6.2 million market capitalization. Issued by TG Commodities, Tether Gold can be transferred to any on-chain address from the purchasers’ Tether wallet and is the only product among the competition that offers zero custody fees.

The launch of a new gold-backed coin has raised some skepticism in the crypto world given longstanding allegations against Tether, and its sister firm Bitfinex, which claim that both were involved in creating “the largest bubble in human history.” These allegations are centered around claims that Tether essentially printed billions of dollars worth of tokens in order to inflate prices and stimulate increased demand.

>> Ripple Eyes Aggressive Expansion of Payments Network This Year

Multiple lawsuits were brought against Tether, claiming that it played a key role in defrauding the crypto market out of up to US$1.4 trillion. Those cases have now been consolidated into one single suit, which will be heard in the US District Court for the Southern District of New York next month. Both Tether and Bitfinex have consistently denied all allegations; however, it has flip-flopped multiple times on its claims that its coin is pegged 1:1 with the US dollar, with one lawyer saying its coin was only 74% backed by cash or cash equivalents.

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Binance Coin (BNB) Tumbles Amidst Growing Competition

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Binance Coin

Binance Coin

Binance Coin (BNB) is one of the notable losers in the crypto space over the past three months.

The tremendous growth experienced by the cryptocurrency space over the past five years has seen the development of several new tokens related to a wide range of projects. The sheer interest and buzz about the sector led to the development of plenty of new tokens. While many failed, a large percentage of them succeeded and survived.

One of the more interesting projects was the one started by Binance, the giant crypto exchange. It launched its own cryptocurrency known as Binance Coin, and during the crypto rally during the first half of 2019, the token recorded impressive gains.

BNB tumbles 50% in Three Months

Back in June, when the rally was at its height, Binance Coin hit record highs of about $39, up from $6 at the start of the year. However, since then, it has come down significantly and is currently trading at around $20 per token.

The crypto space lost a lot of its momentum since July, and along with Bitcoin, Binance Coin was one of the many altcoins that lost a considerable amount of value. One of the biggest reasons behind the meltdown in the crypto space was the announcement of Facebook’s Libra back in July, and since then, most cryptocurrencies have failed to regain the momentum that took them to record yearly highs.

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The scrutiny from regulators regarding Libra created a lot of uncertainty among crypto traders and investors, which is why many decided to cash in their profits. That being said, Binance is still the biggest crypto exchange in the world by trading volume, and the company continues to make improvements that could see it becoming the world’s preeminent exchange.

Hence, the promise of the project is still there, but the price of the token is a case of wider market sentiments. Recently, Binance announced that it is also going to have an Initial Exchange Offering platform, and it goes without saying that this is another progressive move. It remains to be seen how the price of Binance Coin reacts in the coming months to this news.

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Tether Becomes the Most Used Cryptocurrency in the World

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Tether

Tether

Over the past few years, the fiat-backed stablecoin Tether has become the subject of fevered discussions among those in the crypto sphere as well as those outside of it. It is a crypto token that is used across a range of crypto exchanges in order to facilitate trading, and it goes without saying that the stablecoin has become extremely popular among plenty of crypto traders.

Most Widely Used Cryptocurrency

However, data from Coinwidely using cryptocurrency market cap has now shown that Tether is actually the most widely used cryptocurrency in the world. Many believed that the most widely used token must have been Bitcoin, which is the biggest cryptocurrency in the world by market capitalization. But it seems that this is not the case.

It is interesting to note that the stablecoin has a market cap that is a fraction of that of Bitcoin and is, in fact, 1/30th of it at this point in time. However, data from CoinMarketCap has revealed that Tether experiences the highest trading volumes both on a weekly and monthly basis. It is a significant achievement for a stablecoin that is often the subject of extreme debates among members of the crypto community.

The data has revealed that it was back in April this year that the stablecoin managed to surpass Bitcoin by trading volume for the first time in its lifetime and managed to extend the lead since the start of August.

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Its daily trading volume stands at $21 billion per day, according to the data. It is interesting to note that it was back in April that Bitcoin was surpassed. At the time, Bitcoin had been in the middle of its remarkable rally, and so its trading volume was huge.

The monthly trading volume of Tether is higher by as much as 18% compared to that of Bitcoin. In this regard, it is also important to point out that the stablecoin has now become an extremely important part of the whole crypto ecosystem.

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Tether (USDT) Dominance Persists Amidst Mainstream Adoption

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Tether

Tether

Tether (USDT) popularity in the cryptocurrency space is unmatched. Immediate data indicates it is the most widely used stablecoin by virtue of trading volume. In November, for instance, USDT accounted for as much as 79% of Bitcoin trading between fiat or stablecoins. Likewise, a total of 9.69 million Bitcoins were exchanged in favor of the Tether stablecoin.

Popularity

The popularity stems from the fact that Tether is one of the most stable cryptocurrencies, given that it is pegged to the US dollar. USDT popularity and trading volume are expected to continue rising as cryptocurrency mainstream adoption continues to gain traction. Likewise, the stablecoin looks set to benefit from increased usage in derivatives such as crypto exchanges like Okex, which has already unveiled USDT futures.

The stability aspect brought about by stablecoins should continue to benefit the broader cryptocurrency market. Gone are the days when people shunned the market on fear of the high levels of volatility as well as the lack of liquidity. With the likes of USDT being pegged on stable assets such as the US dollar, investors are now able to use stablecoins to hedge against market volatility.

Headwinds

While USDT looks set to continue dominating the stablecoin landscape, it has had to contend with a fair share of challenges. There were ownership concerns in 2017 after it emerged that Bitfinex and Tether Ltd might be backed by the same owners, for example.

>> Bitmain Co-Founder Starts Legal Battle to Regain Control

Tether has also had to contend with supply concerns amidst fears in 2017 that there might have been a large supply of USDT relative to demand.

Uncertainty continues to surround Tether. The Commodity Futures Trading Commission has asked for proof to show if there is sufficient US dollar backing the 2.3 billion Tether coins in circulation. While Tether has provided a financial audit, inconsistencies have cropped up, especially with ties to Tether holdings.

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The HEX Controversy | Bitcoin.com Listing Despite Community Hesitations

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HEX

HEX

The wild growth of the crypto sector has been nothing short of a miracle despite the many pitfalls, but that has also resulted in the emergence of tokens that might not be completely above board, and one of those is HEX.

The token is widely believed to be part of an elaborate scam, and in a new development, it has emerged that the crypto platform Bitcoin.com listed the token in spite of these hesitations from the general crypto community.

Went Live Last Week

Officials have revealed that trading on the token went live on the platform on December 13, and the revelations have led to fresh controversy about this token in the crypto space.

There are very few crypto exchanges in the world that list the HEX token anymore, and Bitcoin.com is now one of the few reliable crypto exchanges that list it at this point. It is particularly startling since the association between the exchange and the crypto project seems to be a new one.

This has come at a time when Richard Heart, the founder of the actual HEX crypto project, has had to fight against allegations of fraud. The coin was launched early in December, but in the little time since its launch, it has already become a controversial subject in the crypto space.

>> Tezos (XTZ) Hits New High for 2019, Market Cap Tops $1.4 Billion

Not a lot of data has yet become available with regards to HEX trading so far. At this point in time, Bitcoin.com is offering two trading pairs to its users. One is HEX/BCH, and the other is HEX/ETH. The former is now down by as much as 65%, while the latter has declined by 59%.

Critics of the HEX project have stated that the founder, Richard Heart, will have control of as much as 45% of the entire supply of the token after one year from the launch. An expert stated that the founder could potentially enrich himself from the built-in HEX protocol.

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Stellar (XLM) Soars 18% as 55 Billion Tokens are Burned

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Stellar

Stellar

Over the course of the past few years, many cryptocurrencies have emerged that have demonstrated a definite use case, and one of those is Stellar (XLM). SDF or the Stellar Development Foundation, which looks after the entire ecosystem of the cryptocurrency, made a major announcement today, and it could have far-reaching implications.

Major Boost

The SDF announced a new protocol altogether with regards to its network on Monday and added that it has burned as many as 55 billion XLM (Stellar Lumens). The burning of those many tokens by the company is going to reduce the number of XLM in circulation, and it remains to be seen what sort of effect this will have on the price.

The whole project is apparently trying to become far more efficient in the near future, and the SDF believes that the move to burn 55 billion Stellar tokens will help in streamlining operations considerably. Considering the fact that XLM is now trading for $0.085 each at this point, the cost of the tokens that were burned is pegged at around $4.7 billion. However, the market has reacted positively to the move, and the price of XLM has rallied by as much as 18% at $0.0816 after the news broke.

>> Bitcoin’s 2017 Boom Largely Fueled by a Single Trader

The SDF published a post on Medium in which it explained the rationale behind the move. In the post, it stated that the move is going to make the ecosystem more efficient. It stated, “SDF can be leaner and do the work it was created to do using fewer lumens. Over the years we’ve also seen that giveaways and airdrops have diminishing effects, especially in the outsized amounts our original plan was designed to support.” It went on to state that out of the remaining tokens, the SDF is going to give away as many as 12 billion tokens to make Stellar more popular in the crypto sphere.

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Ethereum Classic (ETC) Suddenly Rockets 30% in a Week But Why?

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Ethereum Classic

Ethereum Classic

While Ethereum has been in the middle of a bit of flux due to the halving and other associated factors, Ethereum Classic has been surging. The coin jumped by as much as 30% over the past week and much of the gains have been due to the slew of positive news that has come about with relation to Ethereum Classic.

The coin started off the past week at $5.50, and today it has climbed to as much as $7.20 as more and more investors piled onto it. Here is a look at some of the reasons why it rose by that much.

Key Drivers

One of the biggest reasons for optimism with regards to Ethereum Classic is the upcoming Atlantis Fork that is going to take place on September 13 next week. It is believed that the fork event is going to improve security considerably on the blockchain, and that has become a source of excitement for many investors. In addition to that, the Atlantis Fork is also expected to lead to better compatibility with Ethereum as well.

Ethereum Classic Labs, which has been a center of research and development, has also made an important announcement. In a new development, it has emerged that North Block Capital, an investment group based out of London, has joined the Studio Program.

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The association with North Block Capital could prove to be a hugely important event since the investment group is going to help sell the token in Asia. As everyone knows, Asia remains one of the most important markets for cryptocurrencies. As far as crypto usage and development are concerned, the continent is lightyears ahead of many other regions.

Last but not least, the Ethereum Classic event is also going to take place in the first week of October, and generally, the price of a token rises when such an event takes place.

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Altcoin Season? Bull Run Continues While Bitcoin Stalls

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Altcoins

Altcoins

All but two of the top 15 cryptocurrencies are trading upwards today as altcoins continue their bull run, while Bitcoin (BTC) is down 0.45%.

Many analysts are predicting that the altcoin bullish run recently indicates the beginning of altcoin season, a period in which traders tend to get overly excited about Bitcoin alternatives so they can increase their Bitcoin holdings in the long run. Unlike the name suggests, altcoin season is not something that happens at the same time every year, as seen by the fact the market for alternative coins had been bleeding for most of the last two years.

With Bitcoin consolidating its price range between $9,000 USD and $12,000 USD in recent weeks, boredom has led traders to turn to altcoins such as Ethereum (ETH) and Ripple (XRP) in an attempt to increase profits. One Twitter analyst expects Bitcoin to continue to stagnate over the next two weeks, paving the way for altcoins to take advantage. Crypto Bitlord, another prominent Twitter analyst with over 100,000 followers, said, “I’m telling you now, this is the bottom for most alts. If you’re not yet “all in” yet, now is the time to do it.”

>> LINE’s Crypto Platform Rolls Out for 80 Million Users in Japan

Ethereum, the second-largest coin after Bitcoin, has been leading the charge among altcoins, having just yesterday surpassed the $200 mark. This can be somewhat attributed to Tether’s decision to migrate to ETH, which could lead to its surpassing BTC for daily transactions. Bitpay, a leading crypto payments processing service, also recently announced its intention to start supporting ETH in the near future.

Ripple has been the biggest gainer of the top altcoins so far, currently trading up 8.67%. The surging value of XRP could be put down to fears that a fork of the token was coming being put to bed. Many XRP investors felt that those in charge at Ripple had been dumping the coin by selling it to clients to fund various investments. These fears have been allayed after a change.org petition garnered over 3,600 signatures since its publication last month.

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ICON ($ICX) Charters Course to Blockchain Supremacy

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ICON

ICON

ICON

ICON (#ICONProject), the South Korean blockchain startup, is one of the few blockchain companies that has risen from the ashes of the crypto bubble of 2018. It has demonstrated a strong commitment to leading the charge towards realizing a blockchain-powered future.

ICON has a solid plan, through which it plans to become a central pillar that will support blockchain integration in many facets of society and the economy. However, we must look back a bit to understand the gravity of ICON’s plans and its journey ahead.

1. THE ROAD SO FAR

THE DEVELOPMENT OF BLOCKCHAIN TECHNOLOGY

The concept of blockchain technology was introduced alongside Bitcoin, which was the first cryptocurrency. Back then, the digital currency cast a huge shadow on blockchain and everything else as it scaled the heights of the brave new world. However, later, it started to become clear that blockchain represented a key component in the dawn of the decentralized world. The realization that blockchain would bring about many efficiencies was the foundation on which companies like ICON and many others were born.

BLOCKCHAIN IS NOT JUST A TECHNOLOGY THAT SUPPORTS CRYPTOCURRENCIES

Blockchain technology, otherwise known as decentralized ledger technology, allows cryptocurrencies to exist and to be sent from one crypto wallet to another. One can view it as a highway for digital currency, but it goes beyond that description. It is also a highway for rapid and secure transfer of data, as well as storage. These characteristics are the underpinnings that support the development of solutions that leverage the power of blockchain to achieve unparalleled efficiencies in various sectors. ICON aims to spearhead the development of such solutions that tap into decentralized technology.

ICON’S PURSUIT OF OPPORTUNITIES THAT BLOCKCHAIN HAS TO OFFER

Now that the public eye has shifted towards Bitcoin and identifying the advantages that it has to offer, ICON and other blockchain startups are kicking their developments into high gear so that they can demonstrate the capabilities of the technology.

Most of the opportunities that ICON is pursuing are government projects. Fortunately, the South Korean government is open to exploring blockchain’s potential and so it has vowed to invest heavily in the segment. The Korea Internet and Security Agency (KISA) recently announced that ICT and the Ministry of Science had identified 10 blockchain projects that they will fund in 2020. Each project will receive roughly KRW 600 million, which means that the Korean government plans to invest a total of KRW 6 billion in blockchain projects. This is exciting because it means the South Korean government is confident in blockchain technology.

The 10 blockchain projects include:

  1. The Ministry of Health and Welfare’s welfare management system.
  2. Jeju’s system that will manage the life cycle of electric batteries.
  3. Sejong City’s autonomous vehicle platform.
  4. Busan’s smart quality control system for sewer water.
  5. The National Highway Authority’s mutual trust system.
  6. Gangwon Province’s chronic disease management system.
  7. The Ministry of Food and Drug Safety’s platform for food safety data.
  8. South Gyeongsang Province’s blockchain project for regional public service based on DID.
  9. The Rural Development Authority’s management system for crop production and distribution.
  10. The country’s police force digital management system for handling evidence.

Another indicator that South Korea is going full speed with digital currencies and blockchain is the fact that the country will host a cryptocurrency conference in February 2020. Interestingly, it has not been without controversy because the UN issued a warning claiming that attending the event might be considered an international sanctions violation.

2. PUSHING THE BLOCKCHAIN ADOPTION AGENDA

ICON

ICON has made it clear that it is aggressively pushing forward with its plan to facilitate blockchain adoption. It highlighted some of those plans in the development roadmap update that it released in December 2019. The adoption agenda aims to provide various blockchain-based solutions that can be adopted to bring efficiencies into various sectors.

The adoption agenda has already started attracting key players. For example, the ICONLOOP’s practical solution called BROOF, which is a certificate issuance service, has already been adopted by the Pohang University of Science and Technology to facilitate the issuance of diplomas. This solution will digitize the diploma issuance process and allow easy certificate searches by employers. It will also discourage the existence of fraudulent certificates. It is one of the use cases that demonstrate how blockchain-based solutions can be integrated into society.

ICONLOOP also revealed recently that it secured anti-spam deals with the Korea Internet and Security Agency, Financial Supervisory Service (FSS), and 15 banks. The deal will allow the partners to use an ICONLOOP blockchain solution called Chain Sign as well as a Cyberdigm.

Chain Sign, just like its name suggests, is a platform for contract signing, while Cyberdigm is aimed at contract management. These developments leverage smart contracts technology, and they are aimed at bringing blockchain-based digital contracts into the mainstream. ICON is not limiting itself as far as its blockchain expansion pursuits are concerned. It has a lot planned out for various segments or industries, as seen below.

ICON

3. WHAT HAS BEEN HOLDING BACK THE MARKET?

THE SPECULATIVE TRENDS

Blockchain technology has been heavily associated with cryptocurrencies, and people did not recognize or were not aware of its capacity outside the scope of digital currencies during its early stages of the technology. Unfortunately, this also meant that the technology was overshadowed by cryptocurrencies, which were primarily driven by speculation. It stood in the way of progress as industries and critical market influencers held back the technology.

CAUTIOUS OUTLOOK

The speculation in the market hurt blockchain since it promoted caution in the market. It was also still a relatively new technology, and that meant that industries were not willing to invest in a technology that might affect their performance. Industries prefer to invest in technologies that are tested and proven.

ICON’S TIMING

All good projects must get the timing right; otherwise, they fail. ICON was waiting for the right time to execute its strategy. Now that the world has started to understand what blockchain is and its potentially positive impact, there has been an increased uptake of blockchain projects. It means that the atmosphere is changing in favor of the technology and so it is now the right time to make moves.

4. SURVIVING OR THRIVING AFTER THE CRYPTO BUBBLE POPPED

HOW THE CRYPTO BUBBLE WOULD HELP SEPARATE THE JOKERS FROM REAL INDUSTRY CHANGERS

There were many blockchain projects and startups that promised to be the next big thing at around the same time that the cryptocurrency market was booming. However, most of them seem to have failed along when the crypto bubble popped. This means that most of the projects that were not serious were automatically pushed out, and only those that had robust strategies remained. ICON is among those that are still going strong.

COMPARISON TO THE DOT-COM ERA

The cryptocurrency bubble has been compared with the dot-com era because of the boom that came with the dawn of the internet age. Many startups were launched back then, each attracting investors with their enticing growth plans. However, some did not make it as the proverbial bubble popped, but it did not end there. The internet has now developed into something that is far from what was initially imagined. And most of all, it is quite a lucrative technology. Blockchain is also seen as such, and it has also demonstrated similar trends to the initial years of the dot-com era.

5. ICON’S APPROACH TO THE MARKET AND WHY IT WILL LIKELY SUCCEED

ICON’S DEVELOPMENTS

ICONbet is one of the most notable developments from ICON. It is a DApp that is designed for the gaming industry, and it is based on ICON’s protocol. The blockchain startup expressed excitement over the growth of ICONbet, especially due to its fast-paced growth in terms of transaction volumes. It has become the leading DApp on the blockchain startup’s network. It gives a glimpse of a possible future where decentralized applications might be the norm, and that is where ICON wants to steer towards.

ICON’S INTEGRATION INTO THE SOCIAL AND ECONOMIC FABRICS

ICON’s strategy seems to be focused on segments that directly touch on societal trends. For example, its partnership with POSTECH enables the issuance of certificates and diplomas digitally and is a direct advantage to society. ICONbet also highlights how digital contracts can be used to improve aspects that are already deeply rooted in society, such as gambling. ICON aims to lead the migration towards digital contracts, which will offer a lot of efficiencies while saving resources such as time and money since contracts will be executed in a matter of minutes, if not seconds. This expedited and secure approach will provide efficiency. ICON can integrate this technology into different areas, and this is something that it plans to pursue.

ICON TO INTEGRATE WITH CHAINLINK

ICON also plans to widen its scope through high-profile collaborations such as its recent partnership with Chainlink, which is one of the top oracle solutions. Oracles facilitate interactions between smart contracts and data, as well as systems that are not in the native blockchain. In other words, Chainlink makes it possible for developers to create custom communications between smart contracts and off-chain systems.

If you are wondering why the partnership is essential, it is because it provides a real-world working scenario of cross-blockchain operations. For example, it will enable the use of the ICON app to access data from different blockchains. One can make a payment on one blockchain after a transaction goes through on a separate blockchain. The partnership will make it easier to develop ICON DApp-based financial products, with ICX in the middle of it all.

ICON’S APPROACH TO INTEROPERABILITY

Interoperability has been a recurrent subject in the blockchain community. There are many blockchain projects out there, and existing in a fragmented state would present other issues, especially to users. Fortunately, developers came up with the idea of interoperability to facilitate communication between different blockchains and blockchain-based solutions. ICON developed an interoperability solution called blockchain transmission protocol (BTP).

BTP VERSION 1.0

ICON revealed in its Roadmap update that it would release its BTP version 1.0 plans soon, probably at around the same time as the launch of the BTP version 0.5. ICON plans to commercialize BTP technology within the first half of 2020. The technology will facilitate interoperability between public and private blockchains. The blockchain startup is pleased with its progress so far.

The blockchain startup released a block structure upgrade at the end of 2019, and this added BTP capabilities. Some of those capabilities include allowing heterogeneous chains to facilitate cross-chain communication. The company has been working on bringing more stability to the feature. It had even halted the feature briefly after it was affected by a leader node initializing bug, but that problem was quickly resolved.

MOBILE STAKING

ICON’s October Roadmap update revealed that the blockchain startup had already completed development work that will enable mobile staking on its network. The update, however, announced that the developed features had not been released because they were going through quality assurance. ICON also noted that it planned to release the features in a matter of weeks, and sure enough, they were released by December.

ICONLOOP LAUNCHES MYID WITH PARTNERS IN MAJOR ECONOMIC SEGMENTS

2020 is shaping up to be an exciting year not only for ICON but also for the parent that is responsible for its developments, ICONLOOP. The latter plans to launch MyID, its blockchain identification service sometime this year. It already launched MyID Alliance in November 2019, which attracted more than 39 partners from different economic segments, including the manufacturing industry, e-commerce, securities, and finance, among others.

The partners will use MyID to incorporate a trusted decentralized ID into their ecosystems. ICONLOOP has three primary mission targets that it hopes to achieve together with MyID partners.

  • Business-focused: to facilitate business expansion through trust and financial sector authentication.
  • User-focused: to solve inconveniences suffered by users and also to develop use cases.
  • Globalization-focused: MyID aims to achieve globalization through its business model, which aims to connect and bring the IDs of countries and also to help them expand.

ICONLOOP’s Chief Financial Officer Jay Kim is the current business director in charge of MyID. He pointed out in a statement that ICONLOOP was excited about the launch of MyID because it is a step forward towards achieving a digital ID ecosystem that is based on blockchain technology. Mr. Kim also added that the partnership features both industries in the financial sector and those that are not of the financial sector.

ICON

The firms that have partnered with the project have joined because MyID Alliance is the first consortium that is ready to push digital ID into the mainstream. It makes a lot of sense that financial institutions, insurance firms, and security companies would jump on board since MyID is highly secure. It also offers a superior solution for authentication. It is so safe that Korea’s Financial Services Commission deemed it the only identification verification system that can be applied across the financial sector in South Korea.

MYID’S FUTURE LOOKS BRIGHT

So far, things are looking good for MyID, considering that it has already attracted several partners. However, ICONLOOP hopes that more firms will jump on board in the future. The blockchain startup estimates that it will have more than 100 partners by the end of the year and over 250 partners by 2022.

ICONLOOP hopes that MyID will attract significant companies such as Samsung. This is not a far-fetched scenario, considering that the authentication platform is quite robust. Major companies will likely want a piece of the pie. The involvement of significant firms would be a massive deal for ICONLOOP because it would help boost MyID’s popularity and contribute towards the agenda of doing it a global service.

ICONLOOP would get a leg-up if significant companies such as Samsung were to become MyID partners. Such a move would encourage investors to jump on board, thus providing more resources not only for MyID but for ICONLOOP’s other blockchain-based projects. Hopefully, this would lead to a ripple effect where those projects would also get global recognition.

6. HOW CAN INVESTORS LEVERAGE ICON’S GROWTH?

ICON’s aggressive growth has been paying off nicely. For example, the blockchain startup reported 5 percent weekly growth after decentralization compared to just 0.75 percent growth before decentralization. The startup’s network has been gaining more traction and currently has more than 80 validators. Meanwhile, ICX is recognized by 31 exchanges and cryptocurrency wallets. This data gives a glimpse of the growth opportunities now in the market.

To understand how to leverage these opportunities, we must first dive deeper into some of the platform’s operations. ICON uses a reward system and staking to power its Incentives Scoring System (IISS) ecosystem. The latter encourages activities and new developments on the network. ICON believes that it currently has the best Delegated Proof-of-Stake (DPOS) blockchain.

The reward system and the growth that ICON has been enjoying have been generating value for ICX, which the platform’s native token is. For example, it has a 9.7 percent yield rate, making it an ideal cryptocurrency to stake. Investors should consider investing in ICX, especially since the developments provide organic growth. JH. Kim, the CEO of ICONLoop, is optimistic about future growth, especially as decentralization continues to spread far and wide. So, investors should act now if they wish to enjoy the benefits of the anticipated growth well into the future.

7. SUMMARY

ICON’s roadmap and developments, as well as ICONLOOP’s other blockchain projects, highlight the steps that the blockchain startup has been making to lay the foundations of a blockchain-based future. ICONLOOP is slowly carving a name for itself as one of the most influential blockchain startups thanks to its world-class solutions, and soon enough, its popularity will be global. So far, the groundwork has focused heavily on developing the infrastructure as the solutions that can be adopted by multiple industries. ICONLOOP is carefully arranging the pieces of the blockchain supremacy puzzle together, and the picture is rapidly coming together.

Featured image: ICON

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Weiss Cryptocurrency Ratings Places XRP, EOS, BTC, and BNB on Top

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Weiss Cryptocurrency Ratings

Weiss Cryptocurrency Ratings

Weiss Cryptocurrency Ratings released its March 2019 “Weiss Cryptocurrency Outlook” report, with Ripple (XRP), EOS, Bitcoin (BTC), and Binance Coin (BNB) receiving the top four spots on the list of 122 cryptocurrencies. Weiss Ratings is the world’s only financial rating agency that provides grades on cryptocurrencies.

The report, which is called “Dark Shadows with a Bright Future,” examines the cryptocurrencies available on the market using two factors—the tech/adoption grade for long-term investors and the risk/reward grade based on short-term factors.

Of the 122 cryptocurrencies examined in the report, XRP, EOS, Bitcoin, and Binance Coin were given an overall B- rating, while none received an A rating, which is considered excellent.

Remarkable Growth in the Cryptocurrency Space

Authors Martin Weiss and chief cryptocurrency analyst, Juan Villaverde, start the report by noting that despite a sharp decline in the price of cryptocurrencies, “the industry’s network capacity and security have improved dramatically and underlying technology has evolved with new, more efficient ways to create digital assets.”

What’s more, leading cryptocurrencies are seeing three times more volume in user (on-chain) transactions than they did in early 2018. These improved fundamentals and lower prices offer new opportunities for investors, although this is dependent on whether or not they can “afford the risk, avoid the worst and invest in the best.”

Cryptocurrency Market Still Risky

Despite improvements to cryptocurrency fundamentals, the Weiss Cryptocurrency Ratings report authors still advise investors who cannot afford to lose money to be wary in the near term.

“Investors who cannot afford to lose money, the recent market declines and doldrums imply high risk and uncertain rewards. Crypto market liquidity is very thin. Trading comes in spurts. Relatively small infusions of new buying cause sudden price rallies. Equally small bouts of selling cause unexpected market crashes,” said the report.

>> Wuabit Service Means Users Can Send Crypto through WhatsApp

Cryptocurrency Trends to Watch

In the report, Weiss and Villaverde identified trends in the cryptocurrency space that investors should keep in mind. These trends include changes to the way cryptocurrencies are secured and some cryptocurrencies moving away from blockchain entirely, as well as killer dApps like decentralized, crypto-based social media, peer-to-peer lending, and fair and secure elections playing the biggest role in determining the future winners.

What do you think will happen in the cryptocurrency space moving forward? Which cryptocurrency do you have your eye on?

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