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Bitcoin Price | Price Jumps Above $8K Mark Again

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Bitcoin Price

Bitcoin Price

Back in 2017, Bitcoin was the biggest news story of the year after it went on a jaw-dropping bull run and reached a price of $20,000 per coin. However, from those heady highs, the bitcoin price soon started dropping and throughout the course of 2018, Bitcoin and the crypto market at large were on a bit of a tailspin.

However, 2019 has been a different kind of year for Bitcoin as the price continued to surge from one month to the next and as of Tuesday morning, bitcoin price reached an $8,000 mark. It is the culmination of a brilliant year so far and is the highest price it has reached since July last year.

Solid Rally

Throughout 2019, Bitcoin price jumped at a conservative pace, but by the end of April and the beginning of May, the price started climbing at a breakneck pace as talk of another monstrous bull run started circulating in the crypto space. On Monday Bitcoin price surged to $8000 but one some exchanges it reached higher prices as well. For instance, on Bitstamp, it reached a price of $8,131, which reflects a 24 hours rise of a massive 17%.

However, the reasons for optimism this time are different. There is a big possibility that significant institutional capital could not put into Bitcoin. Fidelity is all set to open its crypto offering in which big institutional investors are going to be able to buy Bitcoin and in addition to that, widespread institutional interest is being shown for the cryptocurrency.

Is the Bitcoin Price Sustainable?

Despite the current optimism surrounding Bitcoin, the big question remains whether this rally is going to sustain and whether the cryptocurrency the same heights that it did before. In that regard, it must be said that experts are not yet sure whether this rally is going to hold and some have even gone on to state that they are not yet sure whether this can even be called a bull run or not.

That being said, some big moves are currently being made by large Bitcoin holders, who are often referred to as ‘whales’. Single transactions worth hundreds of millions of dollars are taking place between large Bitcoin holders and while it may be a sign of an impending bull run, it could also be a case of bitcoin price manipulation.

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Does Bitcoin Breakout Signal More Rallies to Come Later this Year?

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Bitcoin

Bitcoin

When Bitcoin (BTC) went through a disappointing year in 2018, following the astonishing bull run at the end of 2017, many experts all over the world had written off the cryptocurrency. However, in 2019, the coin has come roaring back and went on another incredible bull run that has raised visions of a rally that could be similar, if not better, than the one that took place in 2017.

In 2019 alone, Bitcoin has gained as much as 240%, and there is a belief among crypto experts that it could climb further for the rest of the year.

Wild Moves

Last weekend Bitcoin slumped a bit but was fast to recover. Over the past couple of days, BTC has surged yet again and easily shrugged off the declines that it had experienced prior thanks to issues related to Facebook’s Libra. Technical analysts have stated that the Bitcoin curve is now is at a critical point, from where the coin could either go high or low.

>> Ripple Receives Boost with ECB Change in Leadership

There is a belief among many analysts that a significant piece of news (positive news of any kind) could be all it takes to push the price of Bitcoin up and give it the momentum for its next major breakout. The same action has been seen in many of the instances when Bitcoin really broke out and reached new levels.

The Chief Strategist at Onada Corp in New York, Edward Moya, stated that he believes that because there is now significant interest in Bitcoin from institutional investors, it won’t take much to push BTC over the edge. For example, the establishment of Fidelity’s Bitcoin fund for its institutional investors some months back was looked upon as a major development for the cryptocurrency, and it is believed that more such updates might push the token to new highs.

At the time of writing, Bitcoin is up over 5% and now trading at $12,540, just 9% away from its 52-week high.

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Bitcoin (BTC) Price Continues to Shine: Hits $13K Mark

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Bitcoin

Bitcoin

Bitcoin (BTC) is showing no signs of slowing down after an impressive start to the year. After a 250% plus rally, the flagship cryptocurrency has hit the $13,000 level, capping a 40% plus spike over the past week. Given the strength of the upward momentum, Bitcoin price could be on its way to the $14,000 mark. Investors will no doubt be waiting to see if it will make a run for all-time highs of $21,000 again.

Bitcoin Price Catalysts

The recent rally in Bitcoin price can be attributed to many factors; key among them is the move by Facebook to launch its own cryptocurrency. Facebook venturing into the cryptocurrency sector has once again affirmed crypto mainstream adoption.

The tech giant has unveiled its crypto, dubbed Libra, thus joining other mainstream outlets that have taken note of the crypto spectacle. JP Morgan launching its JPM Coin also continues to fuel crypto’s mainstream adoption push.

Weakness on the greenback is another factor that is having an impact on Bitcoin price, consequently fuelling an upswing in price. The dollar has come under immense pressure in recent weeks amidst expectations that the Federal Reserve will cut rates next month.

Bitcoin Safe-Haven Status

Growing uncertainties about the health of the global economy, as well as soaring geopolitical tension, has seen Bitcoin gain a sort of safe-haven status. Just like gold, people are increasingly betting on Bitcoin as a safe haven asset as focus shifts from other investment assets.

>> JPM Coin: JP Morgan’s Crypto is Ready for Trials with Corporate Clients

In addition, one cannot dispute the fact that the recent price spike could be as a result of aggressive buyers opening big positions. In recent months, institutional activity around the crypto has increased in response to the unveiling of products that makes it possible to invest in cryptocurrencies. Cryptocurrencies have emerged as a strong investment for institutions looking to diversify investment portfolios.

Investors becoming more aware of cryptocurrencies are another factor that should continue to fuel Bitcoin price, as it is the largest and most popular in the sector.

“The growing acceptance of crypto has led experienced traders and other large investors who weren’t yet comfortable with crypto to enter the market,” said CEO of cryptocurrency fund BitBull Capital, Joe DiPasquale.

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China’s Cryptocurrency Rankings | EOS Comes Out on Top

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China's Cryptocurrency Rankings

China's Cryptocurrency Rankings

EOS still maintains the top spot in China’s cryptocurrency rankings list. The superpower updated its list last week, proving that EOS is still the favorite. Bitcoin has climbed up three places and now sits in 12th position.

Considering Bitcoin is up 10% to press time and approaching the $9k mark, its a wonder why it hasn’t ranked higher on the list. Well here’s why:

China’s Cryptocurrency Rankings

The rankings list assesses three criteria: technology, application, and innovation.

The top five were as follows: EOS, TRON, ETHEREUM, STEEM, and ONTOLOGY.

Despite the original cryptocurrency Bitcoin being the leading coin by market cap, it only managed to place in 12th. It scored well for creativity but lacked in basic technology.

The rankings are funded by China’s Ministry for Industry and Information Technology and were released by the Center for Information and Industry Development.

Moving forward, the body plans to update the list once every two months instead of monthly.

Eos has held the top spot since June 2018, while Tron has managed to stay in second place since February 2019.

Crypto’s In Green

The entire cryptomarket is experiencing double-digit gains today. China’s cryptocurrency rankings favorite, EOS is up 17.67% and selling for $7.45 per coin.

As stated, Bitcoin is holding firm above $8k—it is currently selling for $8,863 and up 10.87%.

The original cryptocurrency has been on a continued bull run this month. May has seen it pack on whopping gains of 65%.

Will The Gains Continue?

Recently, Bitcoin enthusiast and crypto fund manager, Brian Kelly, spoke to CNBC’s Fast Money and predicted that Bitcoin price will continue to rise. One reason for this is the approaching “halvening” that will see Bitcoin mining rewards cut in half. The halvening won’t happen until 2020, but until then, miners are expected to hoard BTC and this increasing demand will see Bitcoin price rise as the supply becomes lessened.

>>Is Facebook Launching its GlobalCoin Cryptocurrency Next Year? BBC Says Yes

Of course, Bitcoin remains as volatile as ever. Only one day after the coin passed the $8k mark, it plunged 10% back to $7,200 USD. While it has indeed paired those losses once again, never become too comfortable in this market. Another major dip is easily around the corner, especially if Bitcoin has been on an extended bull run.

What do you think of China’s cryptocurrency rankings list? Is EOS your favorite?

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Bitcoin Continues to Face Hurdles at Higher Level, Altcoins Follow

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Bitcoin

Bitcoin

Bitcoin enjoyed one of the strongest runs since the latter part of 2017 during the first half of this year. During those first six months, the cryptocurrency gained in each of the six months of the year, but the momentum came to an end in July, and the indecisive performance has continued into August. The token has threatened to break out plenty of times during the course of this month, but the rally eventually fizzled out, and the same thing happened again.

Price Movement and Analysis

Over the course of the weekend, Bitcoin managed to break through the $10,500 level and showed some bullish tendencies as it neared $11,000. However, on August 20, the rally completely evaporated as it dived from those levels.

According to experts who watch Bitcoin price action closely, the cryptocurrency’s current resistance level is at $11,000 and at this point in time, it is lingering below that level as it tries to breakthrough. On Monday, it jumped up from the levels of $10,700, but today it is still displaying a struggle to reach its resistance level. The gains over the course of the previous 24 hours stand at 1%, while on a weekly basis, Bitcoin has delivered a loss of 6%.

>> Deloitte Launches Demonstrational “Blockchain in a Box” Platform

While Bitcoin has been experiencing this current bout of weakness, the same has been the case with regards to many altcoins. Like Bitcoin, most of the main altcoins generated gains in the beginning of this year, but over the course of the past 24 hours, they have given up most of those gains.

Litecoin dropped by as much as 2.3%, and XRP nosedived by an alarming 5%. The biggest altcoin in the crypto sphere, Ethereum, gave up 1.6% during the same period. The next 24 hours are critical for both Bitcoin as well as altcoins and the performances over that period will set the tone for the rest of the week.

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Bitcoin Price to Hit $7,200 After Demonstrating Bullish Signs?

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bitcoin price

bitcoin price

Yesterday crypto markets dropped following reports that leading cryptocurrency exchange Binance had been hacked. However, the impact of the developments is minimal, and Bitcoin price managed to hold steady at more than $5,800, continuing the upwards trend towards the $6,000 mark.

BTC Holds Above $5,800

A popular analyst has projected that if BTC continues with the upward momentum, its price could soon hit $7,000—a definitive sign that the bullish run has already begun. Currently, Bitcoin price is up marginally at $5,980 after the daily low of $5,800 occurred moments before the Binance hack news was announced.

Because the hack was limited and Binance quickly reimbursed all accounts affected, Bitcoin price didn’t suffer too much from the news of the hack. In the past week, BTC has been on an upward momentum from lows of $5,400, and it only dropped slightly following the news from its weekly high of $6,000 that was set yesterday.

Analysts consider the muted reaction of Bitcoin price to the Binance hacking news and the recent Bitfinex and Tether fiasco as a bullish sign, sentiments that are equally shared by many investors and traders.

>> Joseph Stiglitz Thinks We Should Ban Cryptocurrencies

Bitcoin Continues to Show Bullish Signs

In a tweet, popular cryptocurrency analyst, UB, indicated that he expects Bitcoin price to continue increasing because it has managed to maintain its position at $5,850 despite dropping yesterday. He explained that this drop occurred just before setting new highs and the sooner $5,850 is reclaimed, the better.

Analysts seem to be decisive with the bullish run demonstrated by Bitcoin over the short-term, but it is equally expected to continue in the long-run. One analyst believes that the break of BTC above its 100-week moving average is a sign that Bitcoin price is likely to jump to $7,200 in the near future.

Bitcoin price is expected to continue establishing its foothold in the upper $5,000 region, and it’s only a matter of time before the next bull run.

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Bitcoin Hovers Around 10K After the Recent Correction

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Bitcoin

Bitcoin

The first half of the year saw Bitcoin go on an incredible rally as the cryptocurrency ended up at higher levels at the end of each month and eventually threatened to replicate the bull run from 2017. However, the month of July brought its fair share of turbulence into the market, and it has been the same in August so far as well. The cryptocurrency has been extremely volatile over the past few weeks, but in a new development, it seems to have stabilized recently and has been trading within a narrow range.

Stable Move Now

While in the past, the cryptocurrency often fluctuated wildly in ranges from $9,000 to $13,000, over the past hours it has been trading between $9,900 and $10,200. It is a significant development for Bitcoin traders, who can now trade with a bit more freedom. The latest drop in the price of Bitcoin has apparently been brought about by the optimism in the markets about a resolution in the trade war between the United States and China. United States President Donald Trump did not impose the extra tariffs as promised and, naturally, it has created optimism. Bitcoin was one of the digital assets that investors had put their money in, in the event of a declining trade war situation, and hence, the price of the crypto has now dropped.

>> Coinbase Strengthens Crypto Custodian Empire with XapoBusiness Acquisition

If the uncertainties of the global economy get somewhat eased, then there is bound to be pressure on the price of Bitcoin. Last week, certain experts had stated that Bitcoin was being looked upon as a hedge against global risks by many investors. The drop in the price of Bitcoin had an impact on the wider crypto market as well, since all of Litecoin, Ethereum, and XRP nosedived significantly after the drop. It remains to be seen how the crypto market plays out over the course of the weekend.

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Cryptocurrency Mainstream Adoption | Is Ebay the Answer?

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Mainstream adoption

Mainstream adoption

Are we on the verge of mainstream adoption for digital currencies? The list of companies accepting payment in Bitcoin is steadily growing and now one of the biggest e-commerce sites is hinting at joining that list. Global e-retailing giant, Ebay, has stirred rumors via its latest promotional adverts.

Let’s check this out.

Mainstream Adoption – Ebay to Support Digital Assets?

At the Consensus conference in New York, Ebay’s banners suggested the company is about to enter the cryptocurrency space.

In a photo leaked on Telegram channel @PatronsOfTheMoon, the two banners read the following:

“Virtual Currency. it’s happening on Ebay”.

And:

“Reach 179 million active buyers in the world’s largest marketplace”

The photos have caused a stir, because if eBay is readying support for virtual currencies then it would be a major breakthrough for mainstream adoption. Bitcoin would be opened up to a network of potentially 180 million buyers.

Captured by @PatronsOfTheMoon

But don’t get too excited just yet. The company has yet to confirm that the posters are legitimate and hasn’t made any official statement regarding its cryptocurrency plans.

Other Mainstream Adoption

Ebay isn’t the only major brand hinting at mainstream adoption. Elsewhere, a new initiative is aiming to make big name retailers such as Crate and Barrel, Nordstrom, and Amazon’s Whole Foods, accept Bitcoin and three other types of digital currency.

The initiative comes from a partnership between payments startup, Flexa, and Gemini crypto-exchange. The pair have created a cryptocurrency payments app called Spedn.

The app is already active and works by “piggy-backing on the digital scanners that many big retailers use to accept phone-based payments from their apps and from digital wallets like Apple Pay”.

>>uBUCK Technologies Announces Strategic Partnership With U.S. Prepaid Platform PreWay

The partnership has asked various major retailers to “configure their scanners to recognize payments” from the Spedn app. Then a customer simply pays with the app and the merchant will receive a real-time payment in the form of the customers choosing—either cryptocurreny of dollars.

The app holds support for Bitcoin, Bitcoin Cash, Ethereum and, the Gemini Dollar stablecoin. Currently, the app is still under experiment by the retailers that are using it. As such, it remains to be seen if it will be a success.

The volatility of Bitcoin and the risk of hacking, has always been a major issue that has culled mainstream involvement. But might Spedn work? What do you think? Is mainstream adoption on the horizon?

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Bitcoin Price is in the Green but EOS is Today’s Real Winner

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Bitcoin price

Bitcoin price

The cryptocurrency top ten are in the green! Well, eight of them are at least. According to CoinMarketCap, the total cryptocurrency market cap today is $182,807,737,820.

As usual, when Bitcoin price is in the green, the rest of the market tends to be too. At the time of writing, Bitcoin is showing gains of a respectable 1.13%—a continued increase from a bull run now lasting over a week. Further down the chart, EOS is running away with a 6.84% increase.

What has Bitcoin in the green as of late? The entire market is bullish so let’s check out why this is.

Bitcoin Price

At the time of writing, Bitcoin price is $5,285.08 USD, up 1.29% at the time of writing. Bitcoin has been on a bull run since April 2nd and not only has maintained the high but has continued to steadily increase.

Over the course of a few hours on April 2nd, Bitcoin jumped from approximately $4,110 to $4,800. Now it has hit a current high of over $5,285. The rally has extended throughout the market with other coins also showing massive growth. For example, Litecoin gained over 50% and Bitcoin Cash roughly 80% in the same period.

Bitcoin Price: Why the Jump?

Two theories have emerged as to what caused Bitcoin to suddenly jump. The first is that $100 million worth of BTC was bought across exchanges Coinbase, Kraken, and Bitstamp by one person. A sudden pump of money into the market spurred on further bullish sentiment, and the gains have continued.

>> How Cryptocurrency Traders Benefit from Blockchain Technology

Another theory is that because Bitcoin mining rewards will “half” in May of 2020, interest to buy BTC has sparked. The idea is to accumulate it now for the future when Bitcoin will be harder to mine and therefore become more scarce. As with any product, when it becomes more scarce, it becomes even more valuable. When mining rewards do halve in 2020, Bitcoin price can be expected to jump.

So far in Bitcoin’s history ‘Halving’ has occurred twice–once in 2012 and once in 2016.

What do you think? Do you have you a theory for the recent bull run?

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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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