EOS Suffers “Major Outage” on Coinbase as Network Performance Issues Arise

This month alone Coinbase suffered issues with EOS thrice, the exchange is still investigating the problem. Meanwhile, No blockchain is cartel resistant, but EOS’s the best, commented Block.One CEO on Binance’s research “Decentralisation, governance and EOS – a lost case?”

EOS continues to experience “degraded performance levels” on Coinbase, reported cryptocurrency exchange on Feb. 22. As a result, the exchange has temporarily suspended sending EOS while receiving EOS on the platform will be delayed.

Buys and sells of EOS on Coinbase, meanwhile are “functioning normally.”

It has been the third time this month that EOS had an issue on the exchange. On Feb. 14, Coinbase first announced delayed EOS withdrawal requests but the incident was soon resolved and the exchange stated, “We are actively monitoring this issue.”

The two days after the incident, there was yet again delays encountered in EOS send/receives which has been resolved the same day again. Coinbase wrote at that time,

“We are currently working through a backlog of outgoing EOS transactions. Customers sending EOS from Coinbase to an external address may experience a delay before the transaction appears on the blockchain. Deposits, buys, and sells are unaffected by this incident.”

The most recent one has been on Feb. 19, when the San Francisco-based degraded performance with send and receives to be delayed. The exchange implemented a fix and is currently investigating the issue.

However, out of all the cryptocurrencies, EOS still got the sign of “Major Outage” beside it on the Coinbase website.

No blockchain is cartel resistant, but EOS’s is Best – Brendan Blumer

Amidst this, Binance released a research report on “Decentralisation, governance and EOS – a lost case?”

In its report, Binance shares how the eight largest cryptocurrency by market cap of $3.88 billion, which was also the largest ICO recorded with USD 4.1 billion raised in a year-long ICO that ended in July 2017, has been labeled as “a victim of its governance,” where largest holders have “all the power.”

Taking a look at its governance, the report assesses that it lacks mechanisms to avoid or structure the process of vote trading. The incentive structure actually promotes selfish acts and individual parties have the influence to drastically change votes, states the report. It also found that two-thirds of the block producers (BPs) have the worst performance among the 21 BPs.

Blender Blumer, the CEO of Block.One, the company behind EOS countered this with, “All blockchains are voting machines where votes can be bought, whether by hardware + electricity or token ownership, therefore none are cartel resistant and all have control groups that can change anything. EOS simply better aligns interests between holders and operators.”

Moreover, its problems are aggravated by a number of other issues like changed block rewards, low voter turnouts, little transparency, 1-token-30 votes system, and little resistance to Sybil attacks.

“No blockchain is cartel resistant, but EOS is aligned,” is what Blumer had to say about this.

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Author: AnTy

Shopify Joins Facebook-led Libra Association To Help Build Stablecoin Payment Network

E-commerce platform Shopify has announced that it has joined the Libra Association. This means that the online shopping firm is the latest entrant of the Facebook-led stablecoin project. The entry of Shopify into the association comes barely a month following Vodafone’s pull out with the aim of developing its solo virtual payments platform. This marks the first time the organization is admitting a new member since it was created.

In a blog post, Shopify stated that it aims at working with other members to develop a payment system which can work everywhere in the world.

Libra was released by Facebook last year to work as a worldwide payment system with the Libra stablecoin pegged on various global currencies. A governing council to guide the execution and implementation of the project was formed in October and named the Libra Association in order to decentralize the stablecoin’s leadership albeit on paper. However, Facebook is not a member of the council but Calibra, its subsidiary, is a member.

The Libra Association brings together various firms such as Coinbase, Andreessen Horowitz, Anchorage, Xapo, Bison Trails, Union Square Ventures, Uber, Spotify, PayU, among others.

Other firms like PayPal, Mastercard, eBay, Visa, Booking Holdings, Mercado Pago and Stripe were initially to be members of the organization but withdrew from the project before its official launch, CoinDesk reports. Vodafone has been a member of the council but withdrew last month.

Shopify stated that it is joining the association in order to be active in the development of an infrastructure which empowers the majority of entrepreneurs across the globe. The press release also stated that most of the existing financial infrastructure in the world is not developed to scale in the right manner to meet the needs of online commerce.

Dante Disparte, the policy head in Libra Association expressed the organization gratitude in welcoming its 21st member. He added that Shopify will bring immense expertise and knowledge to the Libra project, since it is present in more than 175 countries with more than 1 million businesses. He added that Shopify will be crucial in the development of a financial system that will efficiently serve billions of people.

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Author: Joseph Kibe

Blockchain Tech Has Been Key To Helping Fight The Spread of Coronavirus in China

Coronavirus is so far the largest health catastrophe to strike the world in this decade as China continues to suffer the most. It is no wonder the Asian giant has turned to blockchain tech to enhance its existing ecosystems in functions such as health insurance.

A number of blockchain apps have been developed to curb the coronavirus pandemic with most being launched as late as this month. One notable blockchain-oriented insurance platform known as ‘Xiang Hu Bao’ added a coronavirus one-time payout claim under its product range. The cover is designed such that policyholders can receive a lump sum of $14,000 (100,000 Yuan) to look after themselves during these times of uncertainty.

Blockchain Vs Coronavirus

Apart from insurance, blockchain has been instrumental in China’s record and data tracking efforts to prevent the spread of coronavirus. Since Xi Jinping’s directive for government agencies to consider blockchain adoption back in 2019, a good number of patents have been filed with some provinces such as Shaanxi implementing the DLT tech in health services like screening and consultation.

Blockchain has arguably changed the way records are maintained within China’s health system and is expected to play a big role in the wake of coronavirus. The digital ledger platforms are turning out to be efficient avenues for receiving donations or grants from investors.

A cross-border financing platform launched back in March 2019 by China’s foreign trade authorities has helped secure over $15 billion in lending for close to 2,500 businesses. Hubei which is China’s worst-hit capital by coronavirus also joined this platform back in January; some analysts have since speculated that this will save the businesses in Wuhan from collapsing.

These hard times are gradually proving that blockchain will be a norm tech sooner than most would have expected. As it stands, the tech’s use case in health insurance for screening claims has reduced service time and the general cost for processing claims. It is therefore expected that blockchain will come in handy for the coronavirus epidemic as well given its dynamic nature to suit different industries.

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Author: Edwin Munyui

Bitcoin is Gold on Steroids that would Make an All-time High by Halving: Galaxy Digital CEO

Earlier this week, Bitcoin breached $10,000 and since then we have been keeping above this level.

The digital asset is up 40% in 2020 so far and according to Michael Novogratz, the founder, CEO and chairman of Galaxy Digital that invests in cryptocurrency, it could further continue its upward trend and “by the end of the year we certainly take out the old highs.”

Bitcoin started climbing up last year after losing 84% of its value in 2018 from the high of $20,000 hit during the 2017 bull run.

“Right now bitcoin feels a little frenzied,” Novogratz said on CNBC but feels a new high of $20,000 could come as soon as the havening in May 2020.

Bitcoin is a Social Construct

During his interview, he emphasized that Bitcoin is becoming a store-of-value, as compared to other crypto assets. “Coming out of the ashes, bitcoin has really developed its own lane as a store of value.”

He further explained that gold has got three thousand years and ten trillion dollars behind it. Bitcoin he said is probably the best new brand in the last eleven years,

“Two hundred billion dollar market cap for the line of code that came out 11 years ago. It’s a social construct, it’s nothing technical.”

Barrel of Liquidity Driving Stocks, Gold, & Bitcoin

As for what’s driving Bitcoin, the former Goldman Sachs macro trader said it’s the monetary stimulus around the world, particularly in China in response to the deadly coronavirus. Novogratz said,

“The Chinese are about to pull two giant bazookas out and stimulate the heck out of the second-largest economy in the world.”

“That’s going to be good for Chinese stocks at one point, but that stimulus always finds its way around the world.”

And the same “liquidity” is driving Bitcoin, with global rates low and people pumping in money with the Chinese government preparing for round two. This barrel of liquidity is not only driving stocks but crypto and gold as well.

As we reported, analyst Mati Greenspan and analyst PlanB share the same opinion that the government printing money is what’s driving the bitcoin rally.

But bitcoin didn’t react to this liquidity every time central banks pumped money in the market during the last eleven years because the market is maturing. Additionally, the likes of Bakkt from Nasdaq’s parent company ICE and Fidelity are adding plumbing through crypto custody solutions to allow people to feel more comfortable holding Bitcoin.

Belief in Store of Value

Some may believe in the monetary theory but Novogratz says gold’s movement shows, not everyone does. As we have seen “with stocks at an all-time high gold shouldn’t be trading as well as it does,” but the precious metal has been trending up as well.

Gold climbed to its peak in late 2011 at just above $1,800 per ounce to drop to $1,064 in Dec. 2015 has been on the rise ever since, currently at seven-year highs at $1,583 per ounce.

And Bitcoin is a version of gold, “it’s just on steroids because it’s an early adoption.” That’s why Novogratz feels Bitcoin’s new high could come as soon as in the next few months.

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Author: AnTy

Binance Coin (BNB) Price Analysis (February 15)

Key Highlights

  • BNB/USD trade operations have somewhat been on an increase.
  • The US dollar, at this point, has to place the crypto’s price under slow-moving forces around $24 market point.
  • The BNB/USD market bulls may not be having it further smoother against the bears in the movement pathway to the north.

Major supply zones: $32, $36, $40
Major demand zones: $16, $12, $8

Binance Coin (BNB) Price Analysis

BNB/USD trade operations have somewhat been on an increase in valuation for quite a while. Around January 14, until the present, the market worth of BNB has continued to trade through the buy signal trend-line of its smaller SMA indicator.

On February 6, the crypto successfully broke through a supply zone at $20 mark to set a sustainable stance in the market, to now trade closer to a high value at $28 point. The US dollar, at this point, has to place the crypto’s price under slow-moving forces around $24 market point.

Binance Coin (BNB) Technical Indicators Reading

The 14-day SMA trading indicator has over time being on top of the 50-day SMA to supply the crypto with the bullish signal needed in the north direction. The 50-day SMA trend-line maintains a point over $16 mark to solidify its sitting of the major demand zone at that line.

The SMA trading indicators yet point northward to signify the possibility of not seeing a quick downturn in the BNB/USD market. The Stochastic Oscillators are now moving in a consolidation mode within the overbought region. That suggests that the BNB/USD market is now facing an indecision trading situation.

Conclusion

After a long and relative up rises in the BNB/USD market operations, the bulls have to stably push past $28 mark to the north to gain a stance for more ups against a falling price movement from that line. It is equally envisaged that the bulls may not be having smoother against the bears in the movement pathway to the north.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Ripple Records Largest Daily Active Address Creation for the First Time Ever

In Ripple’s six years plus history, this is the first time, it is seeing the current level of single day daily active creation. Crypto data provider Santiment noted,

Upswings in the daily active address created has been seen in July last year when the XRP price was declining. In December, the price bottomed out and started surging in 2020 and soon after addresses started picking up as well.

This month two such spikes have been seen, each one making a new record. XRP community and investors are surely getting ready for a bull market.

This past week, XRP price has surged nearly 16% while so far in 2020 it is up 70% trading at $0.325. The performance of the third largest digital asset was “only overshadowed” due to the rise in ETH price which is up a whopping 109% on a year-to-date basis.

Going forward, experts are still bullish on this cryptocurrency with trader Crypto Michaël expecting another over a 100% move.

Having broken the two year-old-downtrend and a retest, “Breaking above 3000 satoshis and likely continuation towards 3700 / 4400 and maybe even 6700 satoshis,” said the trader.

Meanwhile, trader Scott Melker has just two words for XRP, “Blast off.”

XRP bull Magic Poop Cannon made his appearance on Crypto Twitter after a long time, and only to share that “this could be the real deal.”

The XRP price chart, the analyst said looks identical to that of 2017, a bull rally of which XRP was the top performer, before the “massive rally.” Moreover, the resistance has also been “thoroughly destroyed” by the asset.

Now, it’s to be seen what will be the local top of this rally and wait for a new all-time high.

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Author: AnTy

Ripple CTO Proposes ‘Deletable Accounts’ On The XRP Ledger (XRPL) Via An Amendment Process

A new feature was proposed by Ripple’s CTO David Schwartz in the amendment process of deletable accounts. This feature will allow XRPL accounts to be removed from the ledger and recovers most of the reserve locked in the account to prevent spam.

In the past deleting accounts was impossible as an account always existed, said software engineer Nik Bougalis who is leading the C++ team at Ripple and drafted the spec for deletable accounts. But now, someone that is able to sign a transaction on the account can now delete that.

Amendment Process to Introducing New Features

Schwartz in his latest article, “Amendments: Ensuring Sensible Evolution of the XRP Ledger,” talks about one of the key governance mechanisms that XRPL uses, the amendment process.

Purposely designed and built for broad participation, the amendment system provides a means of “introducing new features to the decentralized XRP Ledger network without causing disruptions.” The system utilizes the core consensus process of the network to approve any changes. Schwartz said,

“The activation of any changes to the XRP Ledger protocol are coordinated by the community through this process.”

The Power to Coordinate Activation of Amendments

Amendments are now assigned to a feature discussed by the community to be introduced to the XRP Ledger (XRPL) which needs 80% support to enable it. The community is then given two weeks to voice their opinion on the amendment and if enabled, those who did not agree to will become ‘amendment blocked‘ —

“a security feature designed to protect applications that depend on XRP Ledger data.”

XRPL, Shwartz explained, is to provide a robust feature for the foundation of the digital asset XRP, in addition, to exchange digital token ad settling payments. Schwartz explained,

“The purpose of this amendment process is to empower the community to coordinate activation of amendments that do have broad support with minimal disruption and to avoid an accidental fork if servers do not agree on network rules.”

Validators can’t activate amendments that don’t have broad support. Previously, support for multi-signing, ledger’s on-chain escrow and payments channel features were enabled by amendments.

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Author: AnTy

Bitcoin On-Chain Fundamentals Strong, Addresses being Created at Pace Not Seen Since April Rally

Bitcoin price has been staying strong above $9,000 ever since this level was broken on Jan. 28. It’s been nearly two weeks that BTC price has been slowly making its way to $10,000 as it currently trades above $9,800. To date in 2020, the bitcoin price is up about 33.50%.

But it’s not only the price that is surging, on-chain fundamentals of the network are also just as strong.

The adjusted transaction value has surged to $6,548 up over 85% from last month and a whopping 103% YTD. Transaction count has also gone up to 324,343, an increase of 10.39% from last week’s 293,822.

Active Addresses Back above 400k

Another fundamental on the incline is active addresses. In 2020, these active addresses have increased by 21.61% to 779,243.

Interestingly, new Bitcoin addresses are currently being created at rates that haven’t been seen since the rally recorded in April, which took us to yearly high in June at $13,900. On June 28, new addresses topped at 449,591. In the subsequent months, it dropped to nearly 331k addresses.

According to Glassnode, the number of unique addresses are those that appeared for the first time in a transaction of the Bitcoin in the network.

Now, we are back on the rise and currently, these non-zero assets are at about 400k. The last time these high levels were seen was between the bull rally of May – July 2019. The trend no doubt is looking bullish but this on-chain metric is also easily manipulatable as one entity could have a number of addresses.

Crypto ATM Numbers Rising Fast

Explosive growth can also be seen in the crypto ATMs. From just above 6,300 at the beginning of the year, we are now moving closer to surpass 7,000, currently at 6,731, as per Coinatmradar.

Genesis Coin is the leading manufacturer with a 33.5% share of the market followed by General Bytes at 31.9%. All the other manufacturers have less than 10% share of the Bitcoin and altcoins ATM market.

When it comes to operators, the top 10 runs 43% (2,894) of the crypto ATMs while 538 other operators run 57% of the ATMs.

The United States meanwhile is still leading the race with a 68% share, having 4,576 ATMs. Any other country doesn’t come even close to the US but it is followed by Canada (10.2%), then the UK (4.1%), and Austria (2.5%).

A few countries like Greece, Spain, and Switzerland have just above 1% while the rest have less than 1% of the world’s crypto ATM share.

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Author: AnTy

Bitcoin Now Following A Trend That Previously Kicked Off The Start Of A New Bull Market

  • 40% of all BTC has not been moved for at least 2 years, the last time this happened, a new bull market started
  • Top riches 7 entities are all exchanges that collectively hold 13% of Bitcoin’s circulating supply
  • A healthy and consistent adoption of Bitcoin over the past 10 years as only 21 days in its history was negative growth

Bitcoin’s price is looking strong and enjoying good greens. Today, we jumped above $9,500, making yet another new high of 2020 and a level last hit in early November.

But interestingly, this surge in price has no effect on the HODLers.

According to the on-chain analytics firm, Glassnode, HODLed Bitcoin has been rather increasing “sharply” as we move into 2020. This could be because of the upcoming reward halving in May, which has been a historically bullish event of which investors have bullish expectations. Glassnode notes:

“Currently, over 40% of all BTC have not been moved for at least 2 years. Previously, we’ve seen this behaviour kick off new bull markets by restricting circulating supply and increasing demand.”

About 23 million entities own BTC

In another of its analysis, Glassnode found that 1910 entities hold more than or equal to 1,000 BTC while 75 entities hold equal to or more than 10,000 BTC.

The richest ones out there are 7 entities that hold equal to or more than 100,000 BTC which are all exchanges with Coinbase leading the pack, holding about 983 BTC. Coinbase is then followed by Huobi (369,100 BTC), Binance (240,700 BTC), Bitfinex (214,600 BTC), Bitstamp (165,400 BTC), Kraken (132,100 BTC), and Bittrex (118,100 BTC).

Together these exchanges control over 2,35,000 BTC, approximately 13% of the circulating supply of Bitcoin. Overall,

“as of January 2020 the number of entities holding Bitcoin is ~23.1 million. This is 18.5% less than the current number of non–zero addresses (~28.4 million).”

Instead of going with addresses, Glassnode chose entities because as it points out Bitcoin addresses can hold funds for more than one individual such as exchange addresses and a single entity can also own and control multiple addresses holding BTC.

The daily net growth of entities has also been a positive and strong one because there have been only 21 days so far in Bitcoin history in which the net entity growth was negative.

“This is a clear indication of a healthy and consistent adoption of Bitcoin over the past 10 years,” states Glassnode.

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Author: AnTy

Crypto Trading Platform Uphold Drops Fees Across The Board To Entice Traders

The famous cryptocurrency trading platform Uphold is no longer charging its users a commission, this was announced on Tuesday by the company.

Ever since TD Ameritrade and Schwab have begun to stop charging their traditional markets customers commissions for trading, it’s very likely other companies in the same category, including Uphold, have seriously thought of doing the same.

The Move Was Made After More Liquidity Providers Have Been Gained

JP Thieriot, the CEO of Uphold says the move was made because Uphold is now able to net trade at lower costs, after it has gained more liquidity providers. These are Thieriot’s exact words:

“In the old paradigm you charged a spread and a fee. Now, the fee part has gone away, there’s a spread on anything that’s traded. We’ve gotten to a level of precision in the way the platform functions to be able to operate on spread and have a lower spread overall.”

Supported Assets to Be Traded in Real-Time on the Platform

Fees for the Uphold customers who are funding their Uphold accounts with debit or credit cards are going to be eliminated too. Aside from removing the fees, the company has also announced the launch of a new feature that allows customers to trade supported assets in real-time on its platform, so the need for a bridge currency like the US dollar for converting between assets is eliminated. Uphold has simplified the trading interface on its platform soon after completing the integration with the ledgers holding the currencies that it supports, also the native pre-currency of the same ledgers.

Uphold Supports 27 Cryptocurrencies

Known in the past as Bitreserve, Uphold rebranded itself back in 2015. It provides international remittances and exchange services in Bitcoin (BTC) and fiat currencies. At the same time, it offers efficient e-commerce services. The Uphold platform works in 182 countries and has support for 27 cryptocurrencies and 29 fiat ones. Back in January 2018, the chief risk officer at Ripple, Greg Kidd, made a $57.5 million in the company, in order to create its research and development arm, Uphold Labs.

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Author: Oana Ularu