Decentralized Storage Network Filecoin to Launch Mainnet on Oct 15th; Raised $200M In 2017

Three years following its successful initial coin offering (ICO) approximated at $205M, Filecoin has finally confirmed that its long awaited mainnet launch is set for mid next month.

In a blog post from the team, the decentralized storage platform stated that the mainnet will be rolled out on Oct.15. The firm also revealed that the network will go live at block 148,888.

The platform is designed as a blockchain rival to Amazon Web Service as well as Cloudflare. The platform conducted one of the most successful ICO’s in history raising $205 million.

Dubbed decentralized dropbox, Filecoin is seeking to end the overreliance on the third-party hosting services used by companies such as Microsoft or Amazon. This will be advantageous to users as their content will not be monitored, like is the case with Dropbox, all information within the Filecoin platform will be encrypted making monitoring impossible.

The upcoming launch will end speculation in regards to years of delay. The firm had forecasted that its testnet would be launched by the end of 2018 while the mainnet was set to go live by 2019. The team then revised its estimation saying that the testnet was to be launched in the spring of last year while the mainnet would be launched by end of last year.

Filecoin was finally able to release its testnet in December last year. At that moment, the firm explained that the mainnet was set to be launched in March this year. Now, almost an year after the launching of the testnet, the firm has announced the mainnet will be launched mid next month.

All signs show that Filecoin is set to meet the expectations. On Aug. 24, the team released an incentivized testnet which is a sign that the platform is at the final stages of its design and development.

However, the team is facing challenges as an infuriated group of miners as well as venture capitalists in China are threatening to fork the platform before it can be officially launched. The group are of the view that they might be underpaid if the mainnet goes live. Protocol Labs, the firm behind Filecoin, had earlier released a paper stating that about 80% of miners could be rendered unprofitable.

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Author: Joseph Kibe

Lithuania’s LBCOIN, The World’s First Collectible Digital Coin, is Sent to the ECB Council

The world’s first collectible digital coin called LBCOIN was sent to the email inbox of European Central Bank policy makers on Monday from one of their colleagues.

The coin came to Governing Council members as a link to an e-wallet with six digital tokens. These tokens feature a portrait of one of the 20 signatories of Liithunai’s 1918 declaration of independence.

“I’m curious how popular this is going to be among Governing Council members,” said Vitas Vasiliauskas, Lithuania’s central bank governor. “I’ve asked for feedback,” he added.

Just last week, ECB President Christine Lagarde said that they would soon discuss whether or not the eurozone should create its very own digital currency.

Currently, finance chiefs of the euro region are working on devising a regime to regulate fiat-backed stablecoins.

Call for a Digital Euro

Before being sent to the colleagues, the LBCOIN was demonstrated at last week’s Governing Council meeting about how it works.

Based on blockchain technology, the project took three years to complete, Vasiliauskas said.

“We’re the first to issue” such a coin, he said. “The whole experience gave us ample possibilities to comprehend the technology.”

The users of the tokens can also trade them among themselves after activating the tokens. The specific set of them can also be exchanged for a credit card-sized physical coin that has a nominal value of 19.18 euros.

The central bank governor believes the LBCOIN experience will help ECB in reaching the decision on a digital euro. According to him, it was the social media giant Facebook’s stablecoin Libra that helped euro-area central banks in recognizing that digitization can revolutionize the financial system.

“We absolutely need to move forward, we see the Chinese are already testing it in practice, launching the CBDC in certain regions,” he said. “Europe shouldn’t sleep through this again.”

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Author: AnTy

Coinbase and Circle Launch Major Upgrade in USDC 2.0; Stablecoin Sees ‘Unprecedented Adoption’

Coinbase and Circle, the members of the Centre Consortium, has announced a major upgrade to the stablecoin USD Coin (USDC) protocol and smart contract.

Launched in September 2018, this regulated stablecoin saw an “unprecedented adoption” during the pandemic, surpassing $1.4 billion, up from about $450 million at the beginning of March, and recording more than $90 billion in on-chain transaction volume.

With the latest upgrade, USDC will become “significantly easier for people to use USDC in payments, commerce, and peer-to-peer transactions,” besides adding additional security to the smart contract.

More importantly, Centre says USDC 2.0 is introducing “gasless sends.” Transaction on the Ethereum network involves “gas fees” and in order to pay this, most digital wallets are required to purchase and hold a balance of Ether (ETH).

Now, with the latest upgrade, the idea is to remove the barrier to “mainstream adoption and broad usage of digital dollar stablecoins for internet payments.”

The official announcement states USDC 2.0 enables users to delegate the payment of the gas fees to another address, giving the developers the option to either pay the fee on behalf of the customer or deduct the fees in USDC.

As such, customers will be able to send and receive USDC payments on a peer-to-peer basis using only USDC.

“These simplified and improved user experience flows will accelerate the virality of making and receiving payments using USDC on the internet.”

Another thing USDC 2.0 introduces is a new set of on-chain multiple signature contracts which means administrative operations can be managed on-chain, in a result, improving the “security, auditability and in turn resilience.”

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Author: AnTy

Binance Futures to List BTC/USD ‘Inverse’ Perpetual Futures; Leveraged Up to 125x

Binance announces the launch of its Bitcoin perpetual coin margined futures contract expected on Tuesday, August 11, 2020, at 7 AM GMT. According to the published blog post, traders can leverage their positions on the BTC/USD coin margined contracts up to 125x, to increase their rewards.

Remember, a higher leverage position increases your risk by the same proportion; hence be careful while using leverage.

The statement obtained by BEG states the coin margined BTC/USD contracts will be listed on Binance Futures, the exchange’s derivatives wing. BTC/USD coin margined perpetual contracts are similar to standard crypto futures. Still, they do not have an expiration date, and the margin is set in BTC instead of the conventional fiat currency.

Binance Futures’ BTC/USD coin margined contracts are the second in line to use BTC as the base currency following the recent launch of quarterly BTC/USD coin margined products. The exchange has launched the COIN- and USDT- margined products in a bid to promote the use of BTC and altcoins as the currency of settlement.

Changpeng “CZ” Zhao, CEO of Binance, states the ‘inverse’ futures contracts “helps strengthen the digital asset’s industry standing” as they allow long term crypto hodlers to invest with a long term view on the crypto. On the launch of these margined futures products, Aaron Gong, VP of Binance Futures said,

“[Binance] We are the only exchange that offers users flexible control of their margin balance by either spreading it across all their open positions or setting individual limits for each position they own (cross or isolate margin modes), as well as the ability to switch their margin modes at any time.”

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Author: Lujan Odera

Coin Metrics’ Trusted Volume Framework Reveals Only 14 Exchanges Are Reporting Real Trading Data

Coin Metrics, a crypto analyst firm, has released a new framework called ‘Trusted Volume Framework’ to evaluate how trustworthy is the trading volume clams made by various exchanges every year.

The analysts at Coin Metrics found that only a handful of exchanges, among hundreds, managed to cut when it comes to offering trading volume data. The study also found that a majority of the exchanges have been showing 10x the actual volume. Exchanges dwell into wash trading, and many other unethical means to show an inflated number to attract more customers.

Key Takeaways of the study revealed:

  • Fake trading volumes have been a black mark on the industry – it is difficult to find a single metric to easily sift through the reported numbers.
  • We’ve taken a data-driven approach to the problem and are excited to introduce a “trusted volume” metric to help identify the legitimate trading volume.
  • Our framework for measuring the reporting quality of exchange is broken down into three broad categories: volume correlation, web traffic analytics, and qualitative features.

As of June 2020, the passing exchanges for ‘trusted’ spot volume include Binance (and Binance US), Bitbank, Bitfinex, bitFlyer, Bitstamp, Bittrex, CEX.IO, Coinbase, Gate.io, Gemini, itBit, Kraken, and Poloniex.

Jon Geenty, a data scientist at Coin Metrics, commented on the growing trend of showing inflated numbers and said:

“Exchanges are especially notorious for boosting volume numbers to game ranking sites or other nefarious reasons. The industry is full of technical information that can be difficult to understand and, at times, misleading. We are working to create a more transparent environment for those within it and a safer, more trustworthy source for those hoping to learn more.”

How did Coin Metrics Evaluate Fake Volume?

Coin Metrics’ Trusted Volume Framework
Source: Coin Metrics

Analysts at Coin metrics did not collect data from top exchanges; instead, they collected trading volume data from trusted spot exchanges which included:

The Coin Metrics subjected these exchanges to three litmus tests, which included comparing the price feed for the exchange against the trusted exchanges. Any exchange with a 60% correlation with the trusted exchange ‘passed’ the test.

The second test assesses the exchange’s volume against the web traffic of the platform, so if an exchange is inflating its volume, then the ratio will be higher as well.

And for the third test, Coin Metrics checks qualitative measures taken by the exchange, like whether the exchange is un/regulated, whether the platform boasts KYC features and others.

Among the most popular exchanges which could not pass the test had only one contender in OKEx, which failed on all the tests.

It was revealed that, in the last 24 hours, the overall volume of the crypto market was $13.25 billion, while the exchanges combined showed a total trading volume of $113 billion.

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Author: James W

The Curious Case of the New Bubble in the ‘DeFi’ Town of Crypto

As in 2017, Initial Coin Offerings (ICO) was the craze in the crypto industry, in 2020, it’s decentralized finance (DeFi) that is rocking the world of crypto enthusiasts.

This year, DeFi has grown at a fast pace, with a record $3.5 billion value locked in this sector. Also, 4 million ETH are locked in these protocols.

Many argue that DeFi space is highly risky, which as we saw with numerous DeFi hacks this year, holds true. But at the same time, it is in its early stages, with innovations taking place every day. It is actually up to the community if it will be the start of something truly decentralized.

When it comes to decentralization, amidst the DeFi frenzy has emerged a new bubble “YFI” — a “completely valueless 0 supply token.”

The latest DeFi token that boasts of 1,000% yield as a result of a rapid spike in demand, but still yEarn has previously delivered annual returns of about 10% constantly for its lending pool.

The most interesting thing about this token by yEarn protocol (previously called iEarn) is that it started with $0 value but overnight skyrocketed to $2,500, driving $150 million of deposits, as ‘farming it’ yielded a whopping 1,000% annual returns for some traders.

Yearn Finance Chart
Source: CoinGecko

“Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of one of the most fairly distributed project launched since BTC,” said analyst CL.

A yield aggregator, yEarn, redirects users’ deposits to lending markets with the best rates.

Unlike other projects where teams keep the majority of the token and in result voting power, the entirety of this protocol is in the hands of the community even though yEarn founder Andre Cronje shared In its official announcement that they want to give up control over its governance token “mostly because we are lazy.”

Yet another interesting aspect of this token is its supply, which the community is voting to cap at 30,000. These YFI tokens are distributed to those who deposit funds to yEarn pools, which soared by $150 million in just three days after the distribution first started.

The flow of money into its liquidity pool on the Curve DEX had the volume of yCurve surpassing $100 million.

Interestingly, yEarn’s unconventional approach has led the community to propose relocating tokens back to the founder. “If this proposal passes then it would be the one of the most legendary stories in crypto,” said analyst Qiao Wang.

Even the control of YFI has been put in a multi-signature wallet, which requires 6 out of 9 participants to agree on changes, and the founder Cronje is not a member of it.

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Author: AnTy

Binance Records Largest BNB Burn; CZ Says, “More Certain About The Future Of Crypto Than Ever”

Today, Binance announced the twelfth quarterly burn of its native token Binance Coin (BNB) which was the largest ever yet, reducing about 3.4 billion BNB from the circulation.

Not only was this the largest ever burn in terms of BNB supply but also in USD value at $60.5 million.

The leading spot crypto exchange first started burning the tokens in Q3 of 2017. At that time, the company was using 20% of Binance’s profits to buy those tokens and burn them. But last year in April, the company quietly removed the clause from the whitepaper.

This was to clarify that the exchange doesn’t actually repurchase BNB, but just burns it. Reportedly, because profits tend to be associated with securities, the changes were made. Now, the company burns the tokens based on trading volumes.

“The amount of BNB coins to be burned is based on the number of trades performed on the exchange within a 3-months period. So after each quarter, Binance burns BNB according to the overall trading volume.”

Given its record coin burn, the exchange saw a spike in volume. But while futures volume reportedly grew 68% compared to last quarter, spot trading volume saw a small decline of 4%.

But some argue, because they are just burning the premined tokens, it is basically “useless.”

“The BNB burning events are scheduled to take place every quarter until 100,000,000 BNB are finally destroyed, which represents 50% of the total BNB ever issued (200,000,000 BNB),” states Binance.

The 10th largest cryptocurrency by market cap of $2.6 billion, BNB is currently trading $17.16, up 23.19% YTD. According to Messari, it’s liquid supply is just over $108 million.

In its official announcement, on the prospect of crypto’s future, Binance CEO, Changpeng Zhao said, “I see the short-term future to be highly volatile.”

“Massive amounts of wealth are taken away from people and redistributed to a few selected groups by quantitative easing. Given the amount of printing for fiat, fiat currencies around the world will devalue against most hard assets. And for crypto currencies with limited supply, your guess is as good as mine as to what will happen to their adoption and price,” CZ said.

But even in these volatile times, he is “more certain about the future of crypto than ever.”

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Author: AnTy

Binance & Huobi to Let Traders Short Dogecoin’s Delirious Gains, Bitfinex Jumps on Board Too

This week, the coin that ignited the altcoin rally is Dogecoin, which has jumped 130% in less than four days.

The 27th largest cryptocurrency soared to $0.0053 today, a level last seen in October 2018. Currently, DOGE is trading at $0.0045, still up 26% in the past 24 hours, but has started to turn red by 3.17% in the past hour.

DOGE, however, is still off 75% from its all-time high of $0.00182 hit in early January 2018.

These gains came after zoomers made it their mission to pump the coin with a target of $1. The zoomers went on Tik Tok, a popular video-sharing social networking application, to advertise DOGE.

The semi-viral videos on the platform pushed the young investors who use Robinhood to jump into the cryptocurrency. There have been millions, over eight million “Dogecoin” tags, and more than 300k posts about the “Dogecoin challenge” on the app.

“Let’s all get rich. Dogecoin is practically worthless. There are 800 million TikTok users. Once it hits $1, you’ll have $10,000. Tell everyone you know,” one such Tik Tok user James Galante told his followers.

These gains have put Dogecoin and, by extension, the crypto market in the limelight with the mainstream media covering this wild swing just like it happened during the 2017 crypto rally.

Making the Best of this Frenzy!

Now, cryptocurrency exchanges want more than a share of this pie. They are here to make the most of this frenzy by allowing people to be long or short this “joke currency.”

The leading spot cryptocurrency exchange Binance announced that it will launch DOGE/USDT perpetual contract with up to 50x leverage. It was only a year back that Binance listed Dogecoin, which was created in December 2013.

The trading for this contract will open tomorrow at 2020/07/10 09:00 AM (UTC). But this isn’t going well with the crypto community.

“They are launching to steal your money. Run, Doge holders run,” wrote one user.

Another exchange is Huobi that is planning to launch the Dogecoin futures, but no date is announced yet.

“Huobi Futures will only list quality cryptocurrency that has a high-level market cap to ensure user’s safety. Our community always comes first. #dogecoin,” announced Ciara Sun, Head of Global Business and Markets and Vice President at Huobi.

Meanwhile, Bitfinex is taking this opportunity to list Dogecoin as MDOGE (MegaDogecoin) with a conversion rate of 1 million, 1 MDOGE = 1000000 Dogecoin. Three trading pairs will go live: MDOGE will be traded with US Dollars (DOG/USD), Tether (DOG/UST), and bitcoin (DOG/BTC).

The deposits for the crypto will open tomorrow at 7:30 AM UTC, and trading and withdrawals at 8:30 AM UTC the same day.

With altcoins going into a rally mode, no one wants to miss the opportunity to make some profits, and for crypto exchanges no matter the price goes up or down, the user gains or losses, it will only help them rake in big fat revenue.

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Author: AnTy

Crypto Derivatives Platform, Delta Exchange, Rolls Out BNB and LINK Options Trading

  • Crypto exchange Delta has introduced options trading for the Binance Coin and Chainlink’s LINK.
  • The CEO has revealed that this was due to demand from the traders denoting that the two were the most active digital assets on their platform.

Singapore-based crypto derivatives platform Delta Exchange has now launched trading options for the Binance coin (BNB) and LINK, a brainchild of enterprise oracle solutions Chainlink. The June 19th announcement highlighted that the BNB and LINK would be corresponding to contracts they have with Tezos (XTZ), Atomic Coin (ATOM), XRP, and Litecoin (LTC).

According to the CEO, Pankaj Balani has insisted that they released the products due to demand from traders. He remarked at the popularity of the two altcoins on their exchange.

“A lot of inbound interest from traders”

The crypto derivatives platform has been offering Bitcoin and Ethereum options for a while now wrapped in lucrative contracts dubbed Move. Unlike legacy contracts that extend traders the option to acquire or trade at a specified price, the move contracts enable the traders to focus specifically on the volatility of the crypto asset.

“When trading these contracts, a trader is betting on the absolute value of the price movement of a coin rather than the coin going up or down”

This was likened by the CEO in combining the call and put options into one. This way, the amateur traders would be awarded an extra edge due to its simplicity—the Move contracts currently attracting a 0.05% transactional fee. According to the executive, the contracts have recorded at least $4 Million and $2 Million daily for the BTC and ETH move contracts, respectively.

BTC Options Popular choice for Crypto Derivative Platforms

Similarly, other crypto exchanges have jumped at the opportunity of offering options trading for an array of crypto assets with OKEX, Binance, and FTX, all unleashing parallel products. Notably, the Chicago Mercantile Exchange (CME) has experienced exponential upsurge (20x) since the introduction of the CME BTC options making up for nearly 25% of the global IO on BTC options surpassing OKEx and LedgerX markets.

With CME, bitcoin options open interest soared from $13 million to an all-time high recorded this June 10th of close to $373 million.

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Author: Lujan Odera

Despite Its Recent Controversy, This is the Latest Altcoin Ready to Moon

The signs of an altcoin rally could be seen in the cryptocurrency market as every other day, a new coin rallies while bitcoin keeps steady under $10,000.

The likes of Cardano, Kyber Network, Zilliqa, and THETA have been already recording significant gains and now it’s time for yet another altcoin to enjoy the greens.

It is none other than the 31st largest cryptocurrency by market cap which recently faced a lot of criticism for blowing up the whole reason it exists in the first place.

BAT has been showing some signs of decoupling from bitcoin and the increase in its daily active addresses is a big reason for that. Not to forget, it had a recent spike in its social dominance.

“As DAA rises sharply, price gains generally follow,” pointed out Santiment.

Currently, BAT is trading at $0.251, up 17.24% the past week, and recording 37.96% gains YTD. According to analyst Benjamin Blunts, BAT has the potential to jump to $0.4425.

“I am so damn bullish on bat its not funny. Not only does bat/btc look like theta did before it mooned but bat/usd looks exactly like ada which is already mooning,” said the analyst who has added $BAT term and the bat emoji to his twitter name.

“BAT/BTC looks to me exactly like THETA did before it went on a 1000% run, just sayin,” he added.

Brave Browser in the Limelight

Earlier this month, Brave Browser announced that it has now surpassed 15 million monthly active users and 5 million daily active users, representing a 2.25x MAU growth in the past year.

Over 1,500 ad campaigns were delivered since Brave Ads launched one year ago. But over the weekend, they got into a big blunder after it became public that Brave has been redirecting URLs from its partner Binance and others to affiliate links that Brave profits from.

An open-browser, Brave was designed to prioritize privacy by blocking third-party ads and trackers.

Brave co-founder Branden Eich then took to Twitter to apologize and share that they are “removing provide completions to Brave’s address bar type-in.”

Many users weren’t satisfied with Eich’s apology while some have taken to never using the browser again.

Recently, Brave that made a name for itself by putting user privacy first received much exposure after podcaster Joe Rogan who signed a major deal with streaming service Spotify revealed that he uses Chrome rival Brave to avoid internet ads.

“There’s so much value in knowing what you’re up to; knowing where you’re going, what you’re buying, what you’re saying,” said Rogan.

There are also reports of the crypto-powered browser collaborating with popular Korean pop group BTS and Japanese e-sports team Rush gaming.

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Author: AnTy