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Ethereum Dev Arrested After Speaking at North Korea Crypto Conference

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Ethereum

Ethereum

Virgil Griffith, a developer who currently works with the Ethereum Foundation, has been arrested upon arrival in the US after speaking at the Pyongyang Blockchain and Cryptocurrency Conference in North Korea in April.

The United States Attorney’s Office for the Southern District of New York announced on Friday that Griffith had been arrested at Los Angeles International Airport on Thanksgiving Day. The complaint against the Ethereum developer, which was made by FBI Special Agent Brandon M. Cavanaugh, alleges that he was in violation of the International Emergency Economic Powers Act for traveling to North Korea without authorization and providing knowledge on how the country can utilize blockchain technology to launder money and evade sanctions.

“Despite receiving warnings not to go, Griffith allegedly traveled to one of the United States’ foremost adversaries, North Korea, where he taught his audience how to use blockchain technology to evade sanctions,” John Demers, an assistant attorney general for national security, said in a statement.

Cavanaugh’s complaint alleges, “At the DPRK Cryptocurrency Conference, GRIFFITH and other attendees discussed how blockchain and cryptocurrency technology could be used by the DPRK to launder money and evade sanctions, and how the DPRK could use these technologies to achieve independence from the global banking system.” The Ethereum Association has said that it was not represented in any capacity at the events cited in the complaint against Griffith.

Taking to Twitter, Ethereum cofounder Vitalik Buterin defended his colleague, saying it was “admirable” that he traveled to a country that has been demonized in the US and added that he didn’t believe that Griffith had provided North Korea with “any kind of real help in doing anything bad.”

>> Ripple Releases XRP Worth $225 Million From Escrow

According to Griffith’s LinkedIn page, he has been employed by the Ethereum Foundation since October 2016 as a research scientist. Currently, in residence in Singapore, his most recent work has been focused on assessing whether Etehreum is compliant with Islamic Law.

Meanwhile, Ethereum’s own digital coin has seen its value drop significantly with altcoins in a sea of red in recent weeks.

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Ethereum Futures Already Gaining Significant Support in the Industry

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Ethereum futures

Ethereum futures

Ethereum (ETH) is the second largest virtual currency in terms of market cap, and for quite some time investors have been expecting Ethereum futures that seem to, at last, be happening. However, these expectations have faced interest concerns and regulatory uncertainty regarding the crypto asset.
Ethereum Futures Realized

The expectations for Ethereum futures appear to have been realized with The Block reporting that one of the largest global exchanges, CME Group, was preparing to release a futures product for Ethereum. The Chicago-based CME Group was the institution that launched Bitcoin futures during the cryptocurrency boom in 2017.

What this means according to The Block is that CME is changing Ethereum’s reference rate and Index, which is an indication that Ethereum futures are imminent. According to an industry source, the alterations that are being made are for the “preparation of an Ether” vehicle. However, the source indicates that the cash-settled futures such as the CME’s crypto contracts can be altered and thus need a strong index to help in risk mitigation. The latest changes are seen as a way of boosting the confidence of regulators to accept Ethereum products.
Ethereum Futures Gaining Support

The development comes at a time when Ethereum futures are gaining support from a number of cryptocurrency users in the industry. For instance, Thomas Chippas, the CEO of ErisX, has emphasized the need of having an Ethereum vehicle since ETH has a very vibrant and real community, appropriate institutional involvement, and precise use cases, as well as other good tenets in the industry.

>> Stablecoin Market is Showing Signs of Solid Growth

Early in the year, a CFTC official claimed that government officials at the CFTC were friendly to Ethereum after they claimed that the body was content with the crypto asset. He added that when a derivative exchange wants to launch a derivative that meets the CFTC requirement, they will be certified.

The news of the Ethereum futures comes at a time when various crypto exchange startups have received licenses to begin listing physically-delivered Bitcoin vehicles.

What do you think of the news?

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Ethereum Gets Solid Support from Ernst & Young

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Ethereum

Ethereum

The past few days have been quite difficult for the crypto space due to the continuing poor performance by some of the leading tokens; however, major cryptocurrency Ethereum received some boost today. In a new development, consultancy giant Ernst & Young announced a new source code that could make the ETH blockchain far more efficient and secure.

How Important is This?

The development comes at an interesting time since ETH is all set to upgrade its network in order to control costs significantly and promote efficiency. This is a development that could have a far-reaching effect on the project and eventually on the crypto token.

It needs to be mentioned, though, that despite the significant technical improvements that have been made to the network, Ethereum has not seen positive price movements so far. That is something that should be at the back of the mind of most ETH traders and supporters. However, at the same time, it cannot be denied that the ETH network has slowly but surely made great strides in the real world.

Some of the biggest names in the world, including Ernst & Young use the network for a variety of purposes. The ultimate aim is to make life easier for the biggest companies, and E&Y is also looking at the way to introduce the usage of ETH for big businesses.

Earlier on this year, E&Y had released a minor update in Ethereum technology that was supposed to enable ETH transactions in privacy. The firm made a small update to the technology that is known as Nightfall. However, according to the latest development, the consultancy firm has upgraded the scope of the tweak and now allows as many as 20 transactions at one go with zero knowledge.

>> Poloniex Delists DigiByte (DGB) After the Founder Criticizes TRON

The announcement stated, “This includes both batching and a new tool for reducing Merkle tree updates called (appropriately) Timber developed by the EY Blockchain research team.”

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Ethereum (ETH) Soars 35% in a Month

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Ethereum

Ethereum

Ethereum (ETH) continues to gather pace after an impressive start to the year. The second-largest cryptocurrency by market cap has already risen to a two-month high of $165 after a 13% rally this week. Over the past month, the cryptocurrency has rallied by more than 35% and is showing no signs of slowing down.

Ethereum Price Gain

Price gains have coincided with an uptick in trading volume, affirming renewed investor interest in crypto after a roller coaster 2019. Trading volumes have more than doubled to highs of $17.9 million over the past month.  Ethereum is not the only one experiencing gains in the market. Many other altcoins have also rallied by an average of 5% as bullish sentiments continue to boost the sector.

When it comes to ETH price action, the $155 area is its immediate support level. The bulls, on the other hand, will have to break the $165 resistance zone, if the cryptocurrency is to continue powering high. Above $165, the next hurdle is at the $170–$172 level.

Ethereum Price Catalysts

Gains in trading volume and price stem from a number of factors that continue to work in favor of Ethereum. Growing economic uncertainty in Venezuela has once again continued to fuel demand for cryptocurrencies. Likewise, reports that a cryptocurrency bull run is on the horizon has seen investors start jostling for positions.

>> Bitwise Withdraws Bitcoin ETF Application with SEC

The launch of Ethereum 2.0, often referred to as Serenity, is another development likely to shape Ethereum sentiments and prospects in the market this year. Set to be rolled out in phases, Ethereum 2.0 should bring about Shading, proof of stake, and a new virtual machine, among other things.

Ethereum 2.0 will trigger the proof of work consensus algorithm, which Bitcoin has already integrated. Likewise, the upgrade will bring about Beacon Chain, shard Chains, and State Execution. Ethereum co-founder Vitalik Buterin has already released a block explorer that will support Beacon Chain and track a testnet version.

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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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Ethereum (ETH) Almost Doubled This Year

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Ethereum

Ethereum

When Bitcoin was in the middle of its stunning rally last year, Ethereum failed to catch any of this, but things have been quite different this year. It is the second-biggest cryptocurrency in the world by market cap, and over the last few weeks, it has left most of the wider market in the dust.

While the rally must come as a welcome boost for ETH holders, it is perhaps also important to figure out the reasons behind the near 100% rise since January. Here is a closer look at some of the factors that were responsible for the surge.

Key Bullish News

One of the important factors behind the growth of Ethereum this year has been the rise in popularity of decentralized finance or DeFi. It is a movement that seeks to use the power of crypto platforms to replace traditional solutions that are currently in vogue in finance.

Recently, the entire value of DeFi applications reached as much as $1 billion, and traders believe that it could eventually lead to further use of the ETH blockchain. On the other hand, the pure dynamics of the market could also be in play in this case.

Demand is now clearly high for ETH, but the supply in the market is going down progressively. This is primarily due to the fact that the majority of fickle investors have already sold off their holdings, meaning the token is not as easily available anymore. In such a situation, ETH could indeed prove to be a long-term investment, and at the end of the day, scarcity can often drive such a rally of an in-demand asset.

>> Ripple Signs Major Agreement with Major National Bank

Last but not the least, many traders are currently covering their risky short positions after having been burned, and that could be another major reason behind the continuing Ethereum rally. Investors could keep an eye on the price action in the coming hours.

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Microsoft Partners with Ethereum to Create New Digital Assets

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Ethereum

Ethereum

The world of cryptocurrencies has developed at a breakneck pace over the past few years, and now it has emerged that tech behemoth Microsoft (NASDAQ:MSFT) is going to work with Ethereum to create new digital assets. Until a few years ago, it was almost unthinkable that one of the biggest companies in the world was going to enter the crypto space—but now, things have certainly changed.

Major Details

Microsoft is apparently working with ETH in order to find a way to audit newly created crypto tokens accurately.

In addition to that, the company also noted that the Azure Blockchain Tokens are going to be put into use in this particular project. Azure is the company’s very own cloud service, and over the years it has grown into a multibillion-dollar business. Azure Blockchain Tokens are operated through the Ethereum blockchain, and this is where the world’s second-biggest cryptocurrency comes into the picture. Now that the two have come together for this project, great things are sure to come to the crypto space—legitimacy, standard procedures, and who knows what else.

>> Bakkt Futures Monthly Trading Volume Starts to Pick Up Pace

The founder of Ethereum, Vitalik Buterin, has stated that the arrival of new tokens has been particularly disruptive for the blockchain space and has created extreme congestions. By extension, it should be a problem for Azure as well, due to its presence on the network.

The principal architect at Microsoft stated what exactly Azure is going to bring to the table. He said, “We’re bringing the kind of efficiency you see in Amazon Fresh and Amazon Now everywhere… because you’re closing the gap between parties collaborating together and working through business processes.”

What do you think about Microsoft’s plans with Ethereum? Do you think this will bring good things to the crypto market?

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Ethereum-Built Soccer Game Pens Deal With Italian Giants Juventus

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Ethereum

Ethereum

Sorare, a global fantasy football platform built on the Ethereum blockchain, has inked an exclusive licensing agreement with Italian soccer giants Juventus to launch a digital collectibles range of its star players.

Ethereum-Based Fantasy Football

Paris-based Sorare provides a soccer management game with digital cards representing players that fans can collect and trade. The cards represent non-fungible tokens (NFTs) based on Ethereum’s ERC-721 standard. For each player, Sorare issues 1 “Unique” card, 10 “Super Rare” cards, and 100 “Rare” cards in a manner similar to FIFA’s Ultimate Team game mode. The Juventus cards, which will feature five-time Ballon d’Or winner Cristiano Ronaldo, will go live on February 11, with some cards expected to fetch fees in excess of US$2,000.

“We are very proud to have signed this agreement with such an Italian heavyweight,” said Sorare CEO Nicolas Julia. “We see this as a new key step in our vision to onboard the best soccer clubs from around the world and bring blockchain-gaming to football fans around the world.” Juventus is not the first European giant to reach a deal with the Ethereum-based platform; Atletico Madrid, Porto, and AS Roma also signed similar agreements.

Top Clubs Embracing Crypto

Crypto promotion is becoming an increasingly popular trend in the soccer world. Several Premier League teams have signed sponsorship agreements with crypto firms, including Wolves’ shirt sponsor CoinDeal, while eToro also has deals in place with six teams, including Tottenham Hotspur, Crystal Palace, Leicester City, and Southampton. Further afield, Portuguese champions Benfica announced last year that its merchandise would be available for purchase with cryptocurrency. Benfica accepts Bitcoin (BTC) and Ethereum (ETH), as well as UTRUST token (UTK).

>> Bitcoin Suddenly Crashes 8% as Momentum Fades After the Recent Rally

However, Juventus has arguably the biggest fan base out of all the clubs mentioned, thanks to an overflowing trophy cabinet and several high-profile players, including Ronaldo, Paulo Dybala, and Matthijs De Ligt. The 35-time Italian champions currently sit one point clear of Lazio in Serie A.

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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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Ethereum to Maintain Uptrend | Analysts Predict $300

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Ethereum

Ethereum

Following Bitcoin’s rally in recent weeks, there has been a tremendous upward momentum for major cryptocurrencies such as Ethereum that have gained significantly from their yearly lows to the current prices.

Ethereum Headed to $300

Analysts indicate that Ethereum is likely to maintain the current momentum and thus extending its rally towards $300 mark in the near term.

Currently, Ethereum is up about 2% from its $245 daily low and it trading at $251. When considering Ethereum’s price action over time the digital currency has significantly gained from its lows in 2018 of just below $90 and further up the 90-day lows of about $130.  The recent momentum of Ethereum is a result of Bitcoin’s recent rally that saw the price of Bitcoin surge to almost $8400 from lows of around $3000.

The upward surge of Ethereum has allowed it to establish some kind of bullish technical formations which will enable it to surge even higher in the future. The most remarkable formation being sought-after is “golden cross” which will lead to Ethereum surging even further.

In a tweet, Etherdamus confirmed to his over 10,000 followers that Ethereum’s golden cross had been confirmed and in the near future it is expected to show some bullish signs.

Analysts believe Ethereum will maintain upward momentum

Ethereum is thus destined for great highs following this momentum and one analyst holds that there is a potential of the cryptocurrency testing $270 and a break above this mark likely to lead to significant new highs.

Another popular analyst on Twitter, The Cryptomist set a price target of around $269 in the near term from the current support region of $249.

The upward movement of Ethereum and other Altcoins in the near term depends on whether BTC will continue rallying to new highs or it finds resistance and consolidates at its present price levels. A pullback is likely to effects the current market momentum of cryptocurrencies.

Analysts and traders will soon understand where Bitcoin and crypto markets are headed next.

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