Yet Another Balancer Attack for ‘Unclaimed’ COMP; DeFi Liquidity Provider to Reimburse Hack Victims

It hasn’t been 24 hours since the news about a $500,000 hack on Balancer came that a new attack has claimed $2,300 worth of the hot Compound tokens (COMP).

Hao, a hacker and engineer at DeBank, a DeFi wallet took to Twitter to share how this time as well, someone used Andreessen-funded dYdX to flash loan and drained, yes again, unclaimed COMP stored in several pools of Balancer, an automatic market maker.

The hacker explained that the contract flash loaned some tokens from dYdX to mint cToken from these funds. Then they Uniswap v2 to flash loaned some COMP.

The contract joined COMP/cBAT/cUSDT pool to trigger Compound to send unclaimed COMP to this balancer pool. After syncing COMP balance, the contract withdrew from the balancer at an advantage and continued to do the same for other pools.

After getting all the extra COMP, it repaid Uniswap and dydx and made an exit and swapped COMP for ETH in a normal Uniswap V2 trade.

However, @FollowTheChain said the “unclaimed COMP” is just a tiny fraction of COMP that has accumulated since the last movement of each cToken that happened a few minutes before.

According to Balancer Labs, this attack wasn’t like the one from yesterday either.

Amidst this came the good news, that Balancer Labs will be reimbursing all the liquidity providers who lost funds in yesterday’s attack.

It will also pay out the “highest bug bounty available” to Hex capital, who alerted about this vulnerability to balancer Labs in May.

“This is a major issue in crypto today – creating bug bounty programs and then ignoring the results + refusing to pay out. We need to do better,” said Hex Capital.

Market Unaffected

Yesterday’s attack involved two pools of the Balancer that contained deflationary tokens STA and STONK, tokens with transfer fees, worth more than $500,000 getting drained by a hacker.

The attack happened in two separate transactions which were 30 minutes apart. And only the pools with a token with transfer fees were affected by the exploit.

DeFi aggregator 1inch in its official report said the attacker was a “very sophisticated smart contract engineer with extensive knowledge and understanding of the leading DeFi protocols.”

Not only was he organized and prepared in advance but also used Tornado Cash, a privacy-focused Ethereum mixer, to get initial funds that hid his source of Ether.

It reported that the attack on one of the Balancer Pools was caused by a complex transaction that the hacker sent to the Ethereum mainnet. Then, with another transaction, the hacker drained another Balancer Pool.

The address with the stolen funds currently has about 601 ETH worth about $133,823.

In its official report on the incident, Balancer Labs reported that it wasn’t aware that “his specific type of attack was possible” which now came to be untrue.

However, they have been warning about the unintended effects of ERC20s with transfer fees in the protocol. As such, STA wasn’t included in the recently put together mining whitelist of BAL.

Now, transfer fee tokens will be added to the blacklist and will continue to audit, the third planned audit is starting soon, and review the protocol.

However, the market seems unaffected for now, as the total value locked in Balancer is $115 million, down from the all-time high of $117 million just a day before, as per DeFi Pulse.

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Author: AnTy

Wirecard Collapses With $3.7 Billion of Debt, Leaving Crypto-Card Holders in Limbo

  • German Payment Processor, Wirecard, Collapses with £3bn worth of debt
  • The news comes as Ernst and Young refused to sign off on its payment records from 2019.

From its Chief Executive being arrested on suspicion of market manipulation to the horrific admission to the regulatory body, Ernst and Young (EY), that £1.7bn of its case “probably did not exist.” The German payment processor and Fintech, Wirecard, has collapsed, leaving many holders of its associated Crypto Card in limbo.

Within Munich’s court, the company stated that it would be filing, citing its “impending insolvency and over-indebtedness.” According to recent statements by both EY and Wirecard, this would lead to the 5,300 employees.

One of the interesting, yet disconcerting features of this collapse is that Ernst and Young, the corporate services and auditor, failed to press Wirecard for its financial history. An activity that took place over three years.

In addition to the collapse of Wirecard, its UK-based subsidiary, Wirecard Card Solutions, has been ordered to cease operations by the Financial Conduct Authority (FCA) the same day. Consequently, all cards issued by Wirecard have been deactivated, including those belonging to crypto services like Crypto.com, and TenX.

It proved to be a pretty embarrassing situation for both companies; however, tenuous links to Wirecard might be. For example, TenX and Crypto.com remained silent with the announcement by Wirecard of nearly £3bn in missing assets.

Both companies, however, have been outspoken is in their support of affected customers, however. Crypto.com’s CEO, Kris Marszalek, has since announced that cardholders will be 100% reimbursed by the company within 48 hours.

TenX has since posted that customers will not see their assets affected by the recent collapse of Wirecard; reiterating that existing assets are safe, while also stating that it is currently working on getting their cards up and operational again:

“Please be reassured that all customer funds are safe and remain accessible as the TenX Wallet is unaffected…The TenX team is working to re-enable the affected services as soon as we can. We apologize for the disruption and will continue to provide updates to you whenever we have them.”

With the ongoing developments involving Wirecard, Crypto.com’s Kris Marszalek has further added that it is also seeking alternative card providers to bring its card services up once again. This is according to a blog post the company provided recently.

“Separately, we’re working on transferring the card program to a new provider, so that we can resume the issuing of cards in the UK and Europe and allow existing and new customers to benefit from our card program again.”

However, further requests for comment regarding the collapse or activities of Wirecard have not been met with comment.

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Author: James Fox

Bitcoin to Roar Higher on PayPal Selling BTC? Time to Buy the Rumor

Yesterday, the news of fintech giant PayPal planning to roll out cryptocurrency buying and selling for Paypal and Venmo got the crypto market excited, and bitcoin went up to $9,800.

Reportedly, the company plans to build in wallet functionality for users to store their crypto in the app as well. The service could be rolled out as soon as in the next quarter.

To source liquidity, Coinbase, which has a relationship with PayPal going back to 2016 and Bitstamp, are the likely contenders.

The 300 million users base of PayPal is the reason behind this excitement as the online payments company would immediately broaden the potential investor base of cryptos. Also, Venmo comes with 50 million users, the largest consumer finance application in the US.

PayPal is also the company that froze WikiLeaks accounts, which then went the Bitcoin route. So, “It only took a decade for this to come full circle,” said developer Jimmy Song.

PayPal supporting Bitcoin no doubt will be “amazing for adoption,” but Jesse Powell, CEO of crypto exchange Kraken, warned, “don’t expect PP to change their policies on account closures. They’re still a centralized choke point, and the government will continue to commandeer the financial system for extrajudicial sanctions. Not your keys.”

On being countered by crypto exchanges being the same thing, Powell advised, “don’t leave more coins on Kraken than you need for your activity,” either.

“If we get a legit government order to close your account and hand over the coins, you can say goodbye to your precious savings. Great thing about crypto is you can self custody,” Powell said.

“Buy the Rumor, Buy the News, Sell the Implementation”

For now, the news of PayPal and Venmo looking into selling crypto-assets directly to their customers is based on some industry sources, and there is no knowing if it will be true.

“Still, the headline itself is more than enough to add fuel to this massive risk-on rally. So in the words of Louis Jordan. … Let the Good Times Roll,” wrote analyst Mati Greenspan in his daily newsletter.

Though a rumor currently, speculation around Facebook launching Libra started similarly in February 2019. And when the social media giant announced the launch in June, “the market roared higher,” said economist and trader Alex Kruger.

He also pointed out how several pieces of news paid handsomely in the past two years in the crypto space. In 2017, ETF rejection, China banning bitcoin, CME futures launch, the likes of CFTC sending subpoena Bitfinex and Tether, and fake news of ETF confirmation was such news. Then in 2019, we saw the market reacting to Libra and Chinese President Xi Jinping supporting blockchain technology.

Instead of ‘Buy the Rumor, Sell the News,” the right thing to do is ‘Buy the News’ as well, and ‘Selling the implementation’ is best, he said.

“Crypto going mainstream! This would be massive and should help prices run over those pesky call sellers,” Kruger said.

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Author: AnTy

Forsage: “Decentralized” Ethereum Blockchain Smart Contract Scheme Rises

As a news organization who began covering the crypto landscape in early 2017, there has been one constant that remains to be consistent so far. And that is, multi-level marketing and cryptocurrency-related, blockchain-based business opportunities simply have all ended up in complete failure and loss for the majority of its memberbase.

Breaking onto the crypto scene in April 2020, Forsage is a fairly new network marketing company, but it proposed an interesting concept – joining their blockchain smart contract setup with a multilevel marketing company for users to earn cryptocurrency rewards by referring and participating in the matrix that is flooded with buzzwords “decentralized”. Found at Forsage.io, with a smart contract-based membership, investors are invited to join the Ethereum Blockchain Matrix Project.

forsage-trends

But is Forsage the real thing, or is there more to this brand than what meets the eye? How will its’ fate be any different than the biggest crypto-industry scams like BitConnect, USI Tech, OneCoin, PlusToken or CloudToken? The list goes on regarding cryptocurrency scams as the graveyard continues to collect HYIPs, coin multipliers, trading bots, recyclers, referral matrixs, mining pools and pyramid schemes alike.

Let’s unravel this mystery together and review some of the inner workings regarding Forsage to see if it is truly 100% decentralized and not prone to hacks or scam tactics because it has no admin or owner.

What is Forsage?

The big selling point of the Forsage multilevel marketing scheme is that they have developed the first 100% decentralized smart contract. This “revolutionary” smart contract technology is based on the Ethereum blockchain, which they originally started up in February this year.

More specifically, the official Forsage website states that they’ve “deployed a self-executing smart contract on the Ethereum Blockchain that exists in perpetuity and cannot be modified by any entity.” The smart contract “facilitates peer-to-peer commission payments between its program participants.”

Also described as the Ethereum Blockchain Matrix Project, this smart contract is supposed to offer any participants “the ability to directly engage in personal and business transactions.” The website itself is vague (at best), attempting to entice other individuals in the cryptocurrency space with known terms for this digital asset and blockchain technology. More or less, it looks like the company is trying to seem more knowledgeable than what their usage of these terms implies.

Anyone that has done their research on this industry or even smart contracts specifically knows that Forsage didn’t actually create the first decentralized smart contract in the world, despite their claims. Before blockchain technology was even developed, smart contracts were proposed in the 1990s, and Ethereum’s launch in 2015 came with their support for decentralized smart contracts. In fact, these types of smart contracts have already been used in use cases outside of crypto.

So, the idea behind the Forsage MLM affiliate marketing and referral program is for people to buy into the compensation plan and pass up sales to sponsors and uplines like a traditional commission structure found in network marketing business opportunities.

Decentralization and Forsage: How Does It Work?

Decentralized? We talking decentralization or just a mild form of it that is all but the same as centralization, just based on a blockchain? Much like any other MLM plan or pyramid scheme, the entire program is fairly straightforward in the commitment that consumers have when they join – pay the membership fee.

The way that anyone makes money through a pyramid structure can vary, but most of that fee goes through the pyramid of other members before them who get a fraction of the fee as commission. Once an investment is paid, the only way that new members will be able to make money themselves is when they recruit someone else and up the chain the commissions go depending on how many levels you are qualified for given your investment risk and tolerance.

forsage-compensation-plan

The membership payment is 0.5 ETH, which is presently $99.36 as of May 15th, 2020. After the new participant pays this fee, they are asked to send on the link to join to their friends. For every person that uses their link to sign up, the member will get 0.025 Eth commission, paid directly from the new member’s entry fee. The remaining free is sent to higher levels in the pyramid, funneling most of the percentage of the fee to the creators of Forsage.

The rewards plan is a bit confusing but is presented like this visual shows:

forsage-commission-structure

All members recruited will go into what’s called an X3 or X4 matrix used by Forsage. The slot fees go to the ETH wallet of the referrer, and the fee to joint goes up to the top of the pyramid. Ultimately, the only sustainably profitable level to be at is as the owner, and the people profiting the last will be the ones at the bottom of the pyramid.

And as the story goes, those who got in earlier and got qualified will now reap the benefits of the newest members who register, get signed up and join Forsage by paying their multi-tiered level pyramid.

The Forsage Smart Contract: Revolutionary or Radical?

The official website at Forsage.io says that all data is is stored on the blockchain and publicly accessible via etherscan.io (or any blockchain explorer). It goes on to mention about its self-executing smart contract: “Forsage Decentralized Matrix Project’s Smart Contract is publicly and perpetually available to view”.

The whole smart contract that Forsage has developed is built on the Ethereum blockchain, further supporting the fact that they are far from the first company to offer a decentralized smart contract.

forsage-smart-contract-blockchain

A smart contract, which is essentially a computer-programmed code with a strict set of metrics that must be met in order for a transaction to be approved. Within the smart contract, the multilevel marketing layout functioning wholly. The fee goes to the smart contract, which sends the money up the pyramid, and the new member becomes a part of the levels. Any new recruit receives a slot under them.

Though there is 0 ETH presently held in the smart contract, it holds over 100,000 transactions, and it can be found at Etherscan.

Also, the keyword decentralization – but questions remain about who setup the website, pays the hosting bill, organized the compensation plan, made the marketing videos and so on. However, due to its popularity within the crypto MLM space, let’s review Forsage’s marketed benefits and highlight the features as to why so many are seemingly interested if not joining.

Features and Benefits of Forsage

All of the features and benefits of Forsage are fairly vague in their description, mostly attempting to appeal to more knowledgeable individuals in the crypto space.

forsage-benefits

For instance, the company says that there are “zero risk factors” involved with the scheme, since anyone can view the public smart contract on the Ethereum blockchain. It also states that that the smart contract is immutable, which is exactly the same as any other decentralized smart contract on Ethereum.

In an effort to seem more transparent about their actions, Forsage points out that anyone can view the smart contract’s activity online, showing the exact address (as mentioned above). Furthermore, consumers don’t have to actually reveal their identity to get involved, as the company allows users to sign up with just their Ethereum wallet.

However, the zero-risk factors claim should be examined because the whole crux of this pyramid scheme is paying in so it pays up and then rinse and repeating the cycle.

What Kind of Profits Does Forsage Promise?

According to the claims made online, Forsage manages to make a profit of $1.2 million per week (in ETH), which makes the fact that they have nothing on their smart contract even more curious. Overall, the company says that it has earned a total profit of about $3.9 million.

forsage-profit-claims

forsage-ethereum-earnings

As far as members go, the company states that they have already added nearly 10,000 new people this week, with a total of about 1,500 each day. In the entire network, there are about 32,000 participants claimed to be involved.

The dilemma or primary problem with this is the early adopters seem to all get in quick enough where the make profits because it is new and buzzing, post those results, and then share it as a hook to lure the next investors into the opportunity. This works, until it doesn’t. Whether the website gets yanked down, goes offline, or the marketing firepower dies down, all of these all but eliminate the zero-risk nature of a ticking-time bomb business model. So far, as mentioned in the opening, cryptoasset-related network marketing models have never panned out over the course of years, if not months.

The Creators Of Forsage

Though there are many claims of what Forsage can do and how they can help others, the company is noticeably silent about who may be behind the company. At the top of each “matrix” (which is the same as being the top of the pyramid), there are admins who profit the greatest. The only way consumers can even reach out to the company is through their Telegram channel, which is @smartpeoplechat.

Their website – Forsage.io – was only just registered on February 9, 2020. Obviously, this is all done as a nod to the “decentralization” keywords being showed front and center. The story seems to be painted as Bitcoin didn’t need Satoshi to succeed, so Forsage doesn’t need to mention the select few who kickstarted the whole shebang.

The Bottom Line About Forsage Blockchain MLM

All Forsage appears to be is a pyramid scheme with no product, no service, and no way of making a profit beyond a membership to the program. While it may be a glorified way of growing user adoption when it comes to using smart contracts based on blockchain distributed ledger technology, this appears to be a running-strong today, when will it collapse tomorrow scheme that many are classifying it as an Ethereum-based cash gifting model.

The only way to make money is to bring more people in, and the only attachment to cryptocurrency seems to be the fat that the membership fee is paid in ETH. The website is lacking significantly in information about the people behind Forsage or the way that the brand works, even though they claim to make over a million dollars each week.

While MLMs are legal in some areas of the world, pyramid schemes are broadly illegal in most places, including the United States. Considering the lack of products or services available, it looks like Forsage is just a pyramid scheme with anonymous people to lead it.

While the results of today may look enticing from those enjoying the current success inside Forsage, it may be shortsighted to promote an opportunity in which transparency and value added are ripe to pick at and given the nature of making a successful network marketing business to work with a cryptocurrency payment system has yet to come alive after over eleven years since blockchain has been up and running.

For those that visit Forsage.io to take a look around, please consider all of the inherent risks before joining any top-heavy pyramid structured scheme that has no sustainability baked into it aside from the continual promotion of its bottom up feeding model. Some may proclaim Forsage to be better than all the other crypto MLM scams to disrupt the industry, but at the end of the day, there are sharks in the digital waters who are always preying on new adopters coming into the space – just make sure you don’t take the bait unless you’re fully ready to swim with the sharks.

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Author: Krystle M

Someone, Not Satoshi, Moves 50 Bitcoin Minted in 2009, Last Time Happened in August 2017

50 BTC were moved from a wallet today.

Well, that’s not the big news but the fact that these are among the original coins and were stored in a wallet that has been dormant since 2009 is what got the crypto community’s attention.

These coins were mined on block 3654, just one month into bitcoin’s creation, on February 9, 2009.

40 of these coins amounting to $391,055 were sent to one address and 9.99 are being separated into small pieces to be sent to other addresses.

The last time an account moved decade old coins was during the last bull run, in August 2017.

Some speculated that this wallet belongs to the pseudo-anonymous bitcoin creator Satoshi Nakamoto.

This speculation led the BTC price to take a dive from $9,800 to $9,100. But now, the price is now recovering and is currently trading at $9,500.

“You trying to buy cheap coins or something?” responded Jameson Lopp, co-founder and CTO of Casa to Twitter user Bitcoin who speculated about the wallet belonging to Satoshi. This twitter account has 1 million users.

However, despite Satoshi speculation, the price dropped by only about 7%.

“It does nudge me towards thinking if Satoshi coins ever DID move, it would be short-medium term bearish for the price,” said Brad Mills.

Early non-Satoshi mined coins being moved isn’t particularly a surprise either, they are “periodically awakened, just not frequently,” noted Nic Carter, co-founder of Coin Metrics. He further explained that,

“it’s basically impossible to prove that Satoshi _didn’t_ mine these coins, but the best research we have suggests that Satoshi mined a specific set of blocks, of which this is not one.”

These are blocks that are believed to be mined by a single big early miner with more than 1 million BTC. Carter added,

“There’s actually a lot more debate about the Satoshi coins than people are generally aware of. The way it’s reported in the press, you’d think there was a single gigantic wallet ascribed to Satoshi. In practice there’s significantly more uncertainty over the addresses.”

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Author: AnTy

Is Reddit Adding Blockchain-based Tipping And User Wallets, Real Feature or Clever Mockup?

American social news aggregation and discussion website, Reddit, might finally be integrating a blockchain based system aiming to allow users to tip using crypto. The reports arise from a posted video earlier on April 9 on the platform by Redditor, MagoCrypto.

Reddit is implementing a points system on the blockchain! (Official Reddit app on Android) from CryptoCurrency

Reddit recent reports to switching to the blockchain system, is a big switch from the once crypto-unfriendly social media site. The app apparently banned cryptocurrency ads on its platform back in 2016. However, the recent news gives hope to users as a video emerged of experimentation using blockchain or a cryptocurrency-related to rewarding posts.

Reddit is trying to roll out a blockchain-based points system where like most cryptocurrencies the points will have value. Each user through their accounts will be able to see their points. If Reddit can successfully incorporate blockchain onto its ecosystem, needless to say that would be a giant step towards its mainstream adoption generally.

It’s not yet fully clear though on the authenticity of the posted video since Reddit hasn’t yet officially commented on the same. To add on top of this, no clarity has been issued on which blockchain they are using. One of the top comments on their platform simply asked “Which blockchain?” but none could clarify on the same which invites a lot of uncertainty.

As reported, the points will have value and apparently can be sent to other Redditors as cryptocurrency. Redditors out there are still in the dark however on whether these points can be sent outside the Reddit app. Regardless of all lingering questions and those that may arise sooner, the points might bring on board other different functionalities on the Reddit scheme. Reddit’s development as a website will highly be contributed by the speed in which all these uncertain questions will be brought to light.

With r/Bitcoin boasting 1.4million members and r/Cryptocurrency at 994,000, its evident that Reddit has for a considerable amount of time been a popular source of viable information for cryptocurrency projects. Though we might have to wait and see, it is the hope of all crypto-loving Redditors that the new blockchain-based system will come good.

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Author: Lujan Odera

Tron Launches A New TIP While BTFS Prepares to Deliver Next-Gen Decentralized Storage

  • Sprinkle of good news: TPS to add new features to TVM, number of accounts on Tron Network exceed 4.7 million, partnership with Steemit, and BTFS mainnet launch
  • Deluge of bad news: Community upset Justin Sun gets involved in SR election and Tron-based $300 million USDT migrating back to Ethereum

A new TRON Improvement Proposal (TIP) number 32 has been launched on Friday, announced Tron CEO Justin Sun on Twitter.

If approved, this proposal will introduce three new features in Tron Virtual Machine (TVM). These features will include support for parallel signature verification, multiple signature verification, and judging whether the address is the contract address. Justin Sun said,

“After the proposal is approved, it will further enrich the application scenarios of smart contracts.”

Sprinkle of Good News

While a new proposal has been put forward to add more functionality to TVM, the total number of accounts on Tron Network surpassed 4.7 million, as per Tron Scan.

With the total number of accounts now reached 4,713,075, “the TRON ecosystem is growing at a steady pace,” and welcoming more developers and users to join their community.

Amidst the ever growing Tron network, it recently also partnered with Steemit and in less than five days, it would launch the BTFS mainnet v1.0.2 in Beta, before which it supported prod upload payment, fixed crash bugs, implemented offline signing javascript sdk, and added documentation on opening static ports on Linux, Mac, and Windows. BitTorrent Inc. wrote.

“With this revolutionary upgrade, BTFS will deliver a next-gen decentralized storage service to countless users.”

Deluge of Bad News

The Tron community has many milestones and partnerships to be excited about, but earlier this week, Sun voting in the Super Representative (SR) election left the community angry.

The election was to be “100 community driven” when the Tron-Ace and Tron-Bet received favoritism from the main guy, Sun himself. The Zion addresses, that is the same one that received 99 billion TRX during the network’s mainnet launch, voted 200 million and 310 million to Tron-Bet and Tron-Ace respectively.

Naturally, the community demanded an explanation as despite the Tron documentation clearly stating that Justin Sun or Tron Foundation, both not to be engaged in community voting, there was involvement.

As we already know, Binance is already the top Tron SR controlling majority, over 50% of the network.

In yet another news, Tether took a shot at Tron by choosing Ethereum over it. The company announced the conversion of $300 million dollars worth of USDT back to the Ethereum network.

USDT first joined Tron last year and the issuance of USDT-TRX grew rapidly to the point of reaching $1 billion. But now, Tether is migrating a third of Tron-based USDT back to Ethereum that already dominates with more than half of $4.6 billion USDT.

For now, there’s no clarity on what prompted this change, neither from Tether or always active Tron’s side.

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Author: AnTy

Bitcoin SV Price Falls Hard After Craig Wright’s Lawyer Reveals He Has No Private Keys

BitcoinSV, (BSV)’s value took a drastic plummet by 17% yesterday evening after the news broke that Craig Wright was unable to show proof that he has the keys for the $9 billion dollars worth of Bitcoin that he claims to own, Cointelegraph reports.

According to market data from Coin360, BSV owners had a challenging 24 hours after weeks of gains. This came after latest details emerged in Craig Wright’s court process.

Craig Wright was unable to prove that he was the real Satoshi Nakamoto as he failed to provide the keys to the Bitcoin linked to Nakamoto. Wright had claimed that BSV’s BTC’s hard fork, was the ‘real’ Bitcoin. The claim by Wright caused BSV’s value to rise to an all-time high at $436.

During Wright’s ongoing multimillion-dollar court battle, to determine his identity, the evidence provided did not show the courts proof of ownership of the private keys. Wright’s lawyer Andres Rivero confirmed that the documents handed over to him by Wright had no private keys, as reported by Decrypt media outlet.

Prior to this information being made public, BSV price had already started its downward fall from its highest value to $262, at press time, which is a 40% fall from its peak that occurred on Jan.15.

Although Bitcoin’s price has surged in recent days, the value of BSV now appears not to be tied to Bitcoin’s, but seems more to react from claims by Wright.

The court details led to a frenzy on social media commentators with some posting memes to show fake Bitcoin transactions being shared in different platform.

Following this newest development, BSV is no longer listed as the 4th largest per market cap, which it had overtaken from Bitcoin Cash(BCH), a fellow Bitcoin hard fork. In the last 24 hours, Bitcoin Cash compared to USD has gained about 7%.

Among the top twenty cryptocurrencies, it is only Dash which has lost as much as 15% like BSV after a sudden surge in January.

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Author: Joseph Kibe

Chinese Tech Giant Baidu Has Rolls Out Its Open-Sourced XuperChain Blockchain Network

Internet giant Baidu has just released its own cryptocurrency called Xuperchain. The news comes as China is preparing for launching the Yuan digital currency.

According to finance.ifeng.com, Baidu’s Xuperchain has just been launched on January 6 with the Open Network, which is designed to empower SMEs and developers. The Open Network is a blockchain basic service network built on Baidu’s completely self-developed open source technology. It consists of masternodes distributed throughout the country and complies with Chinese standards. More than this, it provides users the proper environment for rapid deployment and operation of blockchain applications, and for computing.

Masternodes Indicate a Decentralized Network

Operating on masternodes, the Open Network is decentralized and can be included in the high-performance blockchains category. The network’s whitepaper says it can support over 10,000 transactions per second and that Baidu has developed 50 blockchain platform patents for it. The Xuperchain blockchain’s underlying code is available on GitHub, as it has been made open source back in May 2019. Besides, there’s also a Xuperchain block explorer, so the transactions made on the network can be seen by anyone.

Xuperchain Platform to Modernize China’s Governance Capacity

The Xuperchain platform is especially designed for blockchain-based apps like Ethereum. Its whitepaper says it’s meant to modernize the governance capacity of China by helping the country bring other nations into the process of developing blockchain technologies. The whitepaper also discusses to the 13th 5-Year National Informatization Plan, which talks about blockchain-based tech and has been elaborated in 2016.

Xuperchain is Flexible and Has a Low Threshold

Based on Baidu ’s completely self-developed and open-source XuperChain technology, XuperChain meets the Chinese blockchain standards requirements. It’s flexible and convenient as it has a low threshold. Besides, it offers reduced costs for flexible payments. With flexible payment capabilities for computing and storage resources, easier billing can be achieved on demand and by volume.

The Xuperchain blockchain has been launched rather soon after President Xi Jinping has held a speech in which it encourages blockchain development and expresses his hopes that China will be part of it.

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Author: Oana Ularu

Bank of America Merrill Lynch Calls Bitcoin (BTC) The Best Asset Class In The Last 10 Years

This may not be news for anyone following cryptocurrencies in the last couple of years, but Bitcoin is now considered the best asset class in the last ten years. This is according to a list from the banking giant Bank of America Merrill Lynch (BAML) in which it included some of the best and worst asset classes of the decade.

Bitcoin Became One Of The Best Asset Classes In The Last Decade

According to BAML, an investor who would have paid $1 for a Bitcoin in 2010 would now have a $90,026 investment today. This is a large difference compared to an investment in U.S. equities that would have turned $1 in 2010 to $3.46 today.

At the same time, the worst investment would have been Myanmar, the Burmese Kyat, that today would be worth $0.004. This shows Bitcoin registered a massive increase in price since it was launched back in 2008 by Satoshi Nakamoto.

Nowadays, the cryptocurrency is being stagnant trading in the range of $7100 to $7,250 with a market capitalization of $131.56 billion. Although this is a massive price compared to the early days of the cryptocurrency, enthusiasts are waiting for new all-time highs. Bitcoin hit $20,000 in 2017 and quickly started to decline afterward. Experiencing one of the worst bear markets in crypto history. While the BTC price did hit just shy of $14,000 earlier this year, investors are waiting on the digital currency to reach new highs again. And that may happen in the next 6 months if the Bitcoin reward halving in May 2020 will push the price towards an all-time high.

Bitcoin can be used to make international transfers in just a few minutes and it can also be used as a speculative asset. Many investors bet that Bitcoin would skyrocket to new all-time highs in the future. Indeed, some analysts suggest Bitcoin could be a once-in-a-lifetime opportunity for enthusiasts.

It is not possible to predict what can happen to Bitcoin in the next ten years and whether it will remain as the best performing asset class. However, larger investors such as institutions could enter the market and push its price even higher. If governments decide to adopt it, this cryptocurrency could eventually be considered the best performing asset in the next decade as well.

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Author: Carl T