Euphoria is Back Ahead of ETF Listings: BTC Hits $63k, ETH Nearly $4k as NYSE Certifies “Approval for Listing”

Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing”

OI on Bitcoin futures has hit a new ATH on both Binance and CME, while annualized daily basis on Binance is closing on 13%.

Bitcoin is just inches away from hitting its all-time high of $65,000.

On Friday, the leading cryptocurrency went to hit nearly $63,000 on Coinbase while going as far as $63,100 on Deribit. As of writing, BTC/USD is trading at $60,840, up 41.5% this month.

Much like Bitcoin, Ether is rallying and back to surpassing $4,000. Climbing to $3,970, Ether is less than 10% away from its mid-May ATH of $4,380. The price of ETH had briefly reached $4k in early September. ETH -0.96% Ethereum / USD ETHUSD $ 3,829.41
-$36.76-0.96%
Volume 16.5 b Change -$36.76 Open $3,829.41 Circulating 117.96 m Market Cap 451.7 b
10 h Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing” 1 d Bitcoin Breaks Through $61,000 as Euphoria & ‘Greed’ Brings the Money Back In 1 d Indexed Finance’s NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

While Bitcoin is in the lead, and Ether following, altcoins are lagging behind but still managing to see greens. This has the total crypto market cap making a new all-time high at $2.62 trillion earlier today.

Thanks to positive price active driving greed, the funding rate is also trending up ever since late September when it was negative. BTC’s annualized daily basis on Binance is closing 13%, but there’s still a lot of room to grow as, during the April peak, it went to 41.4%.

Open interest on Bitcoin futures is fast approaching mid-April ATH $27.38 bln, currently sitting at $22.85 billion. On Binance and CME, OI is already at a new high of $5.38 billion and $3.61 billion, respectively, and leading the futures market.

Ether’s OI is rising even at a much faster pace, sitting at $11.04 billion, not far from $11.55 bln high from early May. On CME again, OI on Ether futures is already at a new ATH of $1.01 bln.

Approval for Listing

All of this excitement is due to the Bitcoin Futures ETF finally starting trading next week. The market is extremely confident that the US will finally see a Bitcoin exchange-traded fund listing.

While there is no confirmation, ProShares is ready to roll out its fund, having filed paperwork. The fund will go by the ticker BITO with a 0.95% expense ratio and would only hold Bitcoin futures contracts, having removed the language for investing in Canadian ETFs.

“If anyone needs more evidence that this is happening on Tuesday. Proshares’ 8A just hit which registers the ETF’s shares with the SEC for trading on an exchange,” commented James Seyffart, ETF analyst at Bloomberg Intelligence.

The amended filing from ProShares indicated that the ETF would begin trading next week, which suggests the SEC is unlikely to block the listing at this point. NYSE Arca also certified “its approval for listing,” meaning the exchange will allow investors to trade the funds as allowed under federal law without the interruption of the regulatory agency.

Ten such applications for a Bitcoin futures ETF have been filed ever since SEC chief Gary Gensler first hinted at his support for such a product in August. In the weeks ahead, Valkyrie and Investor could also follow ProShares into the market.

Late on Friday also came the reports that the largest digital asset manager Grayscale Investments plans to file an application to convert its bitcoin fund into a spot ETF next week. GBTC is currently trading at a 15.12% discount.

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Author: AnTy

ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3

ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3

Whenever it looks like non-fungible tokens (NFT) mania is starting to slow down, the trend gains traction and starts moving towards new highs yet again.

This growing interest in NFT has seen their sales surging to $10.7 billion in Q3, representing an outstanding 704% increase from the previous quarter and a 38,060% increase year-over-year, according to a Dapp Radar report.

In the last two months, the NFT market had an explosion with August’s record-breaking trading volume of $5.2 billion.

While renowned celebrities like Snoop Dogg, Shaquille O’Neal, and Steve Aoki and top fashion brands like Gucci, D&G, and Burberry are the latest members of NFT space, blue-chip NFT projects like CryptoPunks or the Bored Ape Yacht Club continue to propel it into the mainstream.

NFT marketplace OpenSea meanwhile continues to be the economic center of this meteoric rise. 3.8 million NFT purchases on OpenSea in Q3 have beaten Q1 and Q2 by a huge margin which recorded 193k and 357k purchases, respectively.

Its number of unique daily buyers averaged 17.4K in Q3, an 815% increase over the 1.9K unique daily buyers in the previous quarter.

NFT games continued to capture people’s interest and generated $2.3 billion in trading volume, representing 22% of the total NFT volume.

Coming into Q4, Google search interest for “NFT” is slowing down, which could be due to heightened fees on Ethereum “but with Twitter previewing NFT profile verification for its 26 million daily active users, NFTs could see yet another surge in Q4,” states Coin Metrics.

While other blockchains like Solana (SOL) and Tezos (XTZ) are also joining the NFT movement, Ethereum is dominating the space. In Q3, there were a total of 9.88 million transfers of ERC-721 tokens on Ethereum, an increase of 305% over the 2.44 million in Q2. SOL 0.11% Solana / USD SOLUSD $ 154.28
$0.170.11%
Volume 2.58 b Change $0.17 Open $154.28 Circulating 298.12 m Market Cap 46 b
7 h ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3 1 d Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi 2 d Citadel Founder Says Regulating Crypto Will Make It “A Smaller Market” And “That’ll Be Good”
XTZ -2.26% Tezos / USD XTZUSD $ 7.64
-$0.17-2.26%
Volume 707.03 m Change -$0.17 Open $7.64 Circulating 862.31 m Market Cap 6.58 b
7 h ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3 1 d Arab Bank Partners With Tezos (XTZ) for Crypto Custody and Staking 2 d Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market

The success of NFT has been a boon for ETH adoption with the long-anticipated fee burn mechanism implemented to Ethereum amidst the backdrop of JPEG summer. More than 406k ETH worth $1.35 billion were burnt during Q3.

With these ETH burns, daily net ETH issuance has come down, and there have been three such days so far that had negative (deflationary) issuance.

ETH’s annual inflation rate was about 4% in the months just before EIP-1559, with an average of 13.5K issued daily. Since the EIP 1559 launch, the annual inflation halved to about 2%, with daily issuance averaging 6.4K.

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Author: AnTy

AVAX Hits A New ATH as 3AC and Polychain Lead $230M Investment to Accelerate DeFi on Avalanche

AVAX Hits A New ATH as 3AC and Polychain Lead $230M Investment to Accelerate DeFi on Avalanche

“I consider AVAX to be crucial in turbocharging EVM DeFi for both builders and users,” said Su Zhu, CEO of Three Arrows Capital.

Avalanche blockchain has raised $230 million in a private sale, sending the AVAX token surging.

In response, the $14.2 bln market cap coin AVAX hit a new all-time high on Thursday at $68.34 and, as of writing, is trading around $64.5, up 1,650% YTD

The private sale, which was completed in June, was led by Three Arrows Capital and Polychain. Other participants in the investment included CMS Holdings, Dragonfly, R/Crypto Fund, Collab+Currency, Lvna Capital, and a group of angel investors and family offices.

Emin Gün Sirer, founder and CEO of Ava Labs, described this as the “largest investment” into the Avalanche ecosystem to date.

“I’m thrilled to see so many people realizing the power of Avalanche’s technology and community, and the opportunities for exponential growth.”

Su Zhu, co-founder, and CEO of Three Arrows Capital, shared his excitement to co-lead the $230 million investment in Avalanche, saying,

“I consider AVAX to be crucial in turbocharging EVM DeFi for both builders and users, the Ava Labs team to be incredibly innovative and passionate, and the community to be the fastest-growing.”

The Avalanche Foundation, which is behind the Avalanche blockchain, will be using the proceeds from the token sale to support and accelerate the rapid growth of decentralized finance (DeFi), enterprise applications, and other use cases on the public blockchain.

Focused on speed and low transaction cost, this layer 1 blockchain is an Ethereum competitor much like Solana (SOL) and is also EVM (Ethereum Virtual Machine) compatible.

As we reported recently, to allow the transfer of assets from Ethereum (ETH) to the Avalanche blockchain, the team launched a bridge, and $1.3 billion has already been transferred to Avalanche using this.

It also supports several popular blockchains such as Tether (USDT), USDC, SushiSwap (SUSHI), Chainlink (LINK), and The Graph (GRT).

“Just a year after mainnet launch in Sept. 2020, and Avalanche is still just getting started with countless live projects organically flourishing and Avalanche Rush on the way. There’s no signs of slowing down progress toward fast, low-cost, and easy-to-use DeFi applications.”

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Author: AnTy

Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH

Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH

Solana (SOL) has finally hit three digits to make a new all-time high while the rest of the crypto market is slow to move, with NFTs dominating the limelight and FOMO.

Late on Sunday, SOL surged past $100 to be worth more than $29 billion in market capitalization to become the 8th largest cryptocurrency, trumping USDC and Polkadot (DOT). DOT -3.39% Polkadot / USD DOTUSD $ 24.80
-$0.84-3.39%
Volume 960.74 m Change -$0.84 Open $24.80 Circulating 987.58 m Market Cap 24.49 b
10 h Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH 2 d Risky Assets Rejoice: Bitcoin & Gold Spike and Stocks Hit Record High while Dollar Weakens on Powell’s Dovish Speech 6 d Bitcoin Unable to Attract Funds, Altcoins Recording Inflows with Ether’s Competitor Seeing the Largest

As of writing, SOL is trading at $100.71, up 5,222% YTD and nearly 200x from the May 2020 low of $0.5.

Amidst this SOL summer, the Ether competitor started trending on CoinGecko, becoming the 2nd highest trending asset on the crypto data site and also the 2nd most trending asset on the financial communications platform Stocktwits this weekend.

Solana is also the 52nd most held crypto asset on cryptocurrency exchange Coinbase.

In line with the price, the total value locked (TVL) in the Solana ecosystem is also reaching new all-time highs at $3.05 billion, up from just a billion dollars in May.

Other coins in the Solana ecosystem are also enjoying an uptrend. In the past week, APEX, SOLPAD, and RAY rallied between 60% to 100%.

With Etherem’s recent network update in the form of a London upgrade with EIP 1559 done earlier this month, speculators are turning their attention toward rival blockchains and their tokens, said Avi Felman co-portfolio manager at BlockTower Capital, in an interview.

The faster and cheaper alternative to Ethereum, Solana, isn’t the only one pumping right now. Compared to Ether’s 336% YTD gains, Cardano (ADA) is up 1,505% and Avalanche (AVAX) 1,157%. ETH -0.15% Ethereum / USD ETHUSD $ 3,184.95
-$4.78-0.15%
Volume 13.04 b Change -$4.78 Open $3,184.95 Circulating 117.32 m Market Cap 373.65 b
9 h Canada’s Security Regulator Prohibits Regulated Crypto Exchanges from Trading in Tether (USDT) 10 h Historically September Records Losses, But Will This Time Be Any Different? 10 h Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
ADA -2.27% Cardano / USD ADAUSD $ 2.81
-$0.06-2.27%
Volume 4.84 b Change -$0.06 Open $2.81 Circulating 32.15 b Market Cap 90.18 b
10 h Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH 4 d Crypto Accounts for 73% of eToro’s Total Trading Commission in Q2, “Strong Interest from Retail” 4 d Cardano Foundation Ramps Up Drive for Regulatory Compliance With Coinfirm Partnership
ADAX 19.38% ADAX / USD ADAXUSD $ 2.11
$0.4119.38%
Volume 38.24 m Change $0.41 Open $2.11 Circulating 0 Market Cap 0

Besides Solana summer, other coins trending up include Tezos, which jumped 50% in the last 7-days. Fantom, SafeMoon, Horizen, LUNA, and Decentraland are also up 20% to 50%.

Arweave (AR) is also up 50% during this period and 285% in August. This storage solution that offers data permanence among all the centralized and decentralized storage solutions is “the most feasible solution to make decentralised data storage gain wider adoption,” wrote Molly of eGirl Capital, which is invested in the cryptocurrency.

The VC firm’s website post further states that Arweave currently only accounts for 0.1% of the total decentralized storage and only 8% of its market value. However, they believe with its superior technology and design, “there is still a lot of room for Arweave to grow in the future.”

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Author: AnTy

Total Value of Zcash Shielded Pools Hits A New ATH Above 850k ZEC

Total Value of Zcash Shielded Pools Hits A New ATH Above 850k ZEC

Zcash users are increasingly storing more and more of their ZEC tokens in shielded pools.

Surpassing the all-time high from earlier this year from just over 700k, the total value of the shielded pool has now reached a new high above 850k ZEC. After experiencing a pullback in the year’s first half, it started trending back up in July.

Zcash transactions over time are also uptrending, with the 24-hour transaction count ranking in the top 15, according to Zcash Metrics. Shielded Zcash transactions have been steadily increasing as well, since 2019. In Q2, more than 520k of total transactions were recorded on the blockchain.

The privacy-focused cryptocurrency provides anonymous value transfer using zero-knowledge zk-SNARKs cryptography. It further provides the option for transactions to be either shielded, which makes them completely anonymous, or transparent, so that they will be visible on the Zcash blockchain.

Its token ZEC is currently trading at $163, up 187% YTD down 95% from its all-time high from 5 years back, according to CoinGecko.

Zcash pays out a portion of its block rewards to fund protocol development as “Founder’s Reward.” Currently, it allocates the Founder’s Reward to the Electric Coin Company and the Zcash Foundation, who develop and stewards the protocol.

As we reported, Electric Coin Company CEO and Zcash founder Zooko Wilcox proposed making a shift to a proof-of-stake (PoS) consensus mechanism, less energy-intensive than proof-of-work (PoW), like Ethereum. ETH -4.42% Ethereum / USD ETHUSD $ 3,172.46
-$140.22-4.42%
Volume 20.13 b Change -$140.22 Open $3,172.46 Circulating 117.24 m Market Cap 371.95 b
9 h Total Value of Zcash Shielded Pools Hits A New ATH Above 850k ZEC 10 h NFT Summer: Art Blocks Leads the NFT Mania This Week while an EtherRock Is Now Worth Over $1 Million 11 h Bitcoin Unable to Attract Funds, Altcoins Recording Inflows with Ether’s Competitor Seeing the Largest

“While there are many who prefer PoW, I believe that PoS would make ZEC more valuable to more people! The benefits are great, and they far outweigh the drawbacks and risks,” he said at the time.

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Author: AnTy

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

Rather, this continued interest from institutional investors is coming not only from crypto native firms but also from traditional finance institutions. Meanwhile, in the US, DeFi is on regulators’ radar where with no intermediary, the question is, “who do we put this on?”

Britain’s Financial Conduct Authority (FCA) said that crypto broker CoinBurp is not fully authorized to have its initial token offering and the launch of its BURP token planned for Monday.

However, the company can start a business under its temporary registration, the FCA added, as long as it has the controls in place.

Last week, the project raised $6 million to build a non-fungible tokens (NFTs) marketplace. Last week, in a press statement, CoinBurp claimed to be a “regulated broker” and said that all the NFTs listed on its market could be sold to investors.

Although CoinBurp is listed on the watchdog’s temporary registration register, this status only allows them to trade. The watchdog said the company isn’t yet assessed as “fit and proper” or entitled to claim to be authorized by the FCA as the regular has yet to determine their application for the money laundering regulations. The UK regulator said in its statement,

“The firm does not yet hold full FCA registration under the money laundering, terrorist financing, and transfer of funds (information on the payer) regulations … but has submitted an application for the FCA for registration.”

For some time now, FCA’s crackdown has been going on with Binance, which has no headquarters, particularly bearing the brunt of it. This has resulted in several big UK banks such as Barclays, Santander, and NatWest banning retail customers from sending money to the exchange.

Due to this, several hedge funds, according to the Financial Times, have also curbed trading on Binance as a regulatory crackdown on it continues to grow.

However, Binance told FTX that it has “not seen a slowdown in institutional activity. On the contrary, we have seen continued interest in our institutional offering from not only crypto native firms but also traditional financial institutions that have entered the crypto space.”

Amidst this, on Monday, Binance reduced the leverage from previously 125x to now 20x.

Meanwhile, DeFi is on US regulators’ radar, with CFTC Commissioner Dan Berkovitz saying in an interview,

“I’m very concerned there’s none of the reporting, none of the normal pricing and regulatory limits. The bottom line is there’s no free lunch anywhere in the economic system.”

As we saw last week, Uniswap Labs delisted several tokens from the exchange. With no intermediaries in decentralized finance, which has grown to become $110 billion in total value locked (TVL) and $85 billion in total market cap, the question is, “who do we put this on?” said Alabama Securities Commission Director Joseph Borg.

While Sen. Elizabeth Warren is urging regulators to rein in DeFi activities, Borg said, SEC and CFTC would have to come together to assess the potential possibilities and potential risks. OCC spokesperson Bryan Hubbard said,

“While DeFi, by definition, is decentralized and does not necessarily rely on the banking system, there are linkages, which are part of our review through the lens of responsible innovation, cognizant of the potential benefits of new technologies while focused on understanding the potential risks and use cases.”

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Author: AnTy

Lightning Network Hits 1,500 BTC Capacity For the First Time as it Gains Traction in El Salvador

Lightning Network Hits 1,500 BTC Capacity For the First Time as it Gains Traction in El Salvador

Bitcoin layer 2 payments solution Lightning Network that enables faster and cheaper transactions has grown to surpass the capacity of 1,500 BTC for the first time.

Between the period of March 2019 and May 2020, the Lightning network capacity has been pretty stagnant, keeping between 800 and 1,100 BTC.

But about a year back, it started seeing growth which started to record a serious uptrend only this year. In January, LN capacity remained above 1,000 BTC only to hit 1,200 BTC for the first time in April this year.

image1

Besides network capacity, the number of channels is close to hitting 50,000, another new all-time high, which started to increase in August last year.

The number of nodes with and without channels is also on the same path, ready to hit 21,500 for the first time. Lightning nodes basically open payment channels with each other that are funded with BTC. When transactions are made across those channels, the channel balance is reflected without having it to be broadcasted on-chain creating a second layer on top of the bitcoin network and expanding its capabilities.

This growth can be attributed to El Salvador, which recently declared Bitcoin legal tender. Currently, Lightning-enabled wallets, Strike and Bitcoin Beach are the top free financial apps in the country followed by Binance and Crypto.com.

Interestingly, last week, Jack Dorsey hinted that Twitter will be integrating the payments network.

Lightning Network integration into Twitter or BlueSky is “only a matter of time,” said Dorsey in response to someone asking about the same after the Twitter founder appreciated Lightning Network-powered messaging app Sphinx Chat.

The long-term Bitcoin proponent recently also shared that his payments company Square is considering making a Bitcoin hardware wallet.

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Author: AnTy

Contentious EIP-1559 Seeking Community Consensus as Ethereum Miner Revenue Hits an ATH

Contentious EIP-1559 Seeking Community Consensus as Ethereum Miner Revenue Hits an ATH

Ethereum fees are the talk of the town; everyone from small users to even big players feels the brunt of it.

Even some projects have fallen victim to the high fees, which are yet again on the rise. The average transaction fee in USD is back near ATH above $23; in ETH terms, it is at 0.013, and gas prices are nearing 200 Gwei again.

Last month, Ethereum miners raked in nearly $830 million in revenue, over $325 million of which was from transaction fees. In February so far, the revenue has reached $678 million, with fees accounting for more than half of it ($357 million).

And here comes Ethereum Improvement Proposal (EIP) 1559, which will bring the largest change to how the users will bid for blockspace. The proposal targets to decrease network fees by increasing block size.

First proposed in March 2019 by Ethereum co-founder Vitalik Buterin, the EIP 1559 aims to offer better UX and security while preventing economic abstraction, which is the ability to pay fees in an asset besides Ether.

As we reported, the world’s largest asset manager, Grayscale, praised the proposal, which it said may also serve as a deflationary mechanism and creating a “positive feedback loop for Ether’s price.”

While many are in support of it like F2Pool, not everyone is in favor.

Bitfly, one of the largest Ether mining pools, is one of those who are against the proposal and believes the update would put Ethereum’s future at risk. In January they said,

“We have been supporting Ethereum with its perfect imperfections since genesis and would like to encourage the developers to look into solutions that do not rely on fee burning in order to get the buy in of the miner community for EIP-1559.”

Flexpool, which is a tiny mining pool, has been against the proposal and gaining some support from other pools.

As such, a community call will be held next week to share their opinion on the update that is supposed to burn the majority of the transaction fee instead of offering it to the network miners.

The call will bring all the stakeholders together to understand the “pressing need of the proposal and address any concerns in hopes of coming to a community consensus.”

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Author: AnTy

eToro Social Trading Platform Hits A Record $600 Million In Revenue in 2020

eToro Social Trading Platform Hits A Record $600 Million In Revenue in 2020

  • eToro, the social trading platform, registered a record-breaking gross revenue of $600 million across 2020.
  • Over $1.5 trillion was traded on the platform as demand for cryptocurrencies surged in the year’s latter stages.
  • The app allows users to copy trade strategies across several assets, including cryptocurrencies, precious metals, and equities.

In an exclusive report on Finance Magnates this Tuesday, top social trading app, eToro, released its 2020 report, which shows a surging interest in cryptocurrency products on the platform. Over the past year, eToro registered a record gross revenue of $600 million as the interest in commission-free trading grows worldwide.

The social trading app started as an app that allows novice users to copy trade the strategies of experienced traders and has since added a host of other services. Speaking of the impressive revenue growth, eToro Co-founder and CEO Yoni Assia explained that the company is experiencing a rapid growth rate in the number of clients.

Over the past year, the company has experienced tremendous growth in its client base, growing over 30% in the last three-quarters of 2020 to 17 million customers. Additionally, the traders completed over $1.5 trillion in trading volumes across 2020, representing a 400% influx from 2019 records.

Crypto is Gradually Taking Over

According to a statement from Assia, the stock market remains the largest contributor to trading volumes on the platform with electric vehicles leading the charge. Tesla and Nio, a Chinese electric car company, led the rankings in trading volumes, closely followed by big tech companies such as Apple, Microsoft, and Alibaba.

However, cryptocurrencies seem to be gradually overtaking the interest in stock markets on eToro, Assia believes. This year, the company suspended its buy order functionality, citing increased demand for Bitcoin on the platform.

“2020 was a big year for stocks [but] 2021 to date has been dominated by crypto headlines,” he said. “So far this year, we have seen crypto trading volumes of more than 25X the same period of time last year.”

eToro has completed some big plays in the crypto industry in the past few months showing its commitment to growing space adoption. The firm introduced Visa-enabled crypto debit cards in the UK, launched its own stablecoin, GoodDollar, and rolled out its staking services to users.

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Author: Lujan Odera

Dfinity Project Hits Mercury Milestone, Launching Its ‘Internet Computer’ Mainnet

Dfinity Project Hits Mercury Milestone, Launching Its ‘Internet Computer’ Mainnet

Dfinity, a startup that has been building the ‘Internet Computer’, launched its Mainnet quietly on Dec. 18 according to a blog post update from the company’s founder Dominic Williams. The firm which was valued at around $10 billion last year enjoys the backing of heavyweight VCs such as Polychain Capital and Andreessen Horowitz.

Dfinity’s internet computer is an advanced computing system built on blockchain technology; it is set to compete with the likes of Amazon Web services. This new internet computer leverages Chain Key technology which basically reduces the computing workload by splitting smart contracts into two; query calls and update calls. The former can be executed in milliseconds while the latter can take between one and two seconds, depending on the rate of block production.

According to the 18,000-word blog post, Dfinity’s purpose is to extend the functionality of the public internet through blockchain technology, hence eliminating the need for legacy techs such as firewalls, databases, and cloud services. The blog goes on to highlight that,

“Ultimately, the Internet Computer allows entrepreneurs and developers to reimagine both how and what they build — a paradigm shift that will change everything.”

While Mainnet had met its release date target of Q4 2020, Dfinity had yet to go mainstream on this milestone. According to Williams, this release is more of an Alpha version given that the project is still on its path ‘Genesis’. Some of the required metrics for the Genesis version to be met include network stress testing as it grows, the release of documentation, and significant amounts of the source code.

Currently, the internet computer is decentralized and runs on nodes located in 7 independent data centers spanning Switzerland, Germany, and the U.S.A. However, the project has issued only a fraction of its 469 million governance tokens; these were allocated to the Dfinity team, early investors, and other stakeholders who will be obligated to vote once the Genesis is met.

The update, which also outlines a 20-year plan is fundamentally bullish on the prospects of an internet computer in the coming decades. It outlines that,

“The Open Internet will finally be significantly bigger than Big Tech’s closed proprietary ecosystem, which will now be in terminal decline, but will take forever to disappear for similar reasons COBOL code is still running.”

Dfinity believes that open versions of existing applications like TikTok, Uber, and Google Photos can be built on its advanced blockchain-based computing ecosystem. In fact, the firm has previously built a TikTok ‘replica’ which it dubbed CanCan to demonstrate the feasibility of its tech. Per the blog, Dfinity anticipates unlocking the Genesis version of its Mainnet within the next 2-3 months, after which the network will transition to beta.

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Author: Edwin Munyui