Content creators on the internet will now be able to accept payments in XRP tokens directly from their users. The tipping-for-content has become possible because of Coil, the brainchild of Stefan Thomas, the former CTO
Content creators on the internet will now be able to accept payments in XRP tokens directly from their users.
The tipping-for-content has become possible because of Coil, the brainchild of Stefan Thomas, the former CTO of Ripple Labs. The San Francisco company has launched the beta version of its browser extension app of the same name, which allows users to tip content creators directly via XRP tokens. While the concept is arguably borrowed from Changetip, a now-defunct bitcoin tipping app, Coil somewhat has established its advancement by posing itself as an alternative to today’s ad-supported web.
“For decades, people have discussed the potential of micropayments to support content creators that would move us away from the broken ad-supported web,” Thomas said. “Others have created subscription services that bundle content. But micropayments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.”
Coil is actually the first when it comes to paying out websites using Web Monetization, an Interledger-powered standard that would enable browsers to pay websites. Towards that goal, Coil will be compatible with some of the biggest names in the web industry, including YouTube, Wikipedia, Twitch, Internet Archive, and Beat, for starters.
The Coil launch packs a lot of possibilities for future adoption, specifically in the case of subscription-based content. Discussions on various online forums are filled with references to websites that offer content for monthly subscriptions. These subscriptions allow users to access unlimited content on the site. However, the fact remains that users seldom utilize the entire package. The only solution proposed to tackle the issue is pay per view.
Coil offers a use case. The browser extension could promise to unleash web content for XRP, be they text, video, sound, or other.
|“Think Spotify, think Uber, think ads on the web – or no more ads on the web,” a Redditor commented while referring to Coil’s additional features, which include paywall bypassing, and lesser ads display. “This is just the beginning of Internet of Value! COIL is big, COIL is huge – Coil deserves as much attention as we are giving Ripple!”|
Coil could lock horns with Brave on micro-payments. The latter is not an extension but a full-featured web browser in itself that somewhat offers the same services as Coil via its BAT tokens. Brave already has an exception user-base of over 4 million active individuals. The browser also provides privacy and ad-blocking to further its attractiveness to an average crypto user. The team behind the project expects to attract over 5 million users by the end of this year.
The crypto market is still young, and there is room for innovation for every project. Coil, despite its celebratory launch, could up its game with future updates. So far, the micropayment browser app could at least boost the bullish potential of XRP tokens, which are already rising high amid a strong buying sentiment phase.
In a supernormal rally that almost lost ethereum its silver spot, ripple (XRP) gained about 100 percent in a week.
The maximum difference in XRP’s market cap between the week’s lowest and highest level turned out to be almost $19.8 billion. That’s nearly a 184 percent jump. True, the valuation dropped after establishing the weekly peak, but the extent of the drop was low. During the uptrend, the market cap of ripple once even went above the market cap of ethereum. For a short period, XRP was the new silver to bitcoin’s gold. However, an imminent sell-off near peak reversed the XRP trend and brought it back to the third position.
But, what were the reasons behind the XRP’s bullish behavior? So far, no technical aspects could explain it, so CCJ dug into the fundamentals instead. And, to begin with, we found several that correlated with the XRP rally.
Ripple Labs’ long-anticipated cryptocurrency service, dubbed xRapid, is heading for a commercial launch as soon as next month. The commercial payment service allows financial institutions to use XRP tokens for conducting cross-border transactions. So far, xRapid has not bagged many major partnerships from mainstream financial institutions, in contrast to RippleNet, Ripple Labs’ XRP-negated blockchain project for enterprises, that has a top-ten US bank lined up for integration.
The news of the xRapid launch surfaced first on CCN on Sept. 17, when XRP was trending sideways against USD. The value began trending upwards just at the beginning of the next day’s session, establishing a new intraday high towards $0.33990-fiat from the low of 0.26627-fiat.
An announcement linking XRP with the web’s biggest names, including Wikipedia, Twitch, and YouTube, came on Sept. 20 from Coil. The San Francisco company, headed by former Ripple Labs CTO Stefan Thomas revealed details about their web monetization app that would allow content creators to earn tips via XRP tokens. Overall, the news brought a likely user-adoption case for XRP in limelight, while it was already riding high on previous bullish sentiment.
On Sept. 20, another Ripple-centric news that surfaced on the web was PNC-related. The $380 billion US banking giant joined RippleNet to enable near-instant money transfers with on-demand liquidity and end-to-end tracking on a blockchain. The partnership, however, does not guarantee a boost in XRP adoption. Nevertheless, it positioned XRP’s largest holder, Ripple Labs, as a company with a big future ahead — something that could have excited the traders speculating on XRP.
When an asset keeps breaking its crucial resistance levels one after another, day traders mainly go long on their positions in “fear of missing out” on profits. XRP traders seem to have undergone a bullish transformation after witnessing an impressive rally after weeks of a downward trend. Ripple has brought back the buying sentiment in the market, and all the top coins went green as it mooned.
XRP/USD formed higher highs towards 0.79162-fiat. Since then, the pair has corrected almost 27 percent. Those who entered long anywhere below the current value could attempt to exit their positions on a decent profit, causing a minor sell-off towards 0.54490-fiat, the support level from late May. A breakdown from there could push XRP/USD further down towards 0.45627-fiat, the support from early April that influenced a sharp rally towards 0.96635.
While returning to its bearish sentiment, the pair would need to invalidate the two support levels mentioned above. The launch of xRapid next month, meanwhile, would promise a positive buying scenario overall.
A “Flippening” has once again arrived in the cryptocurrency markets, but — much to the chagrin of ethereum investors — it’s not the one that ETH holders have long anticipated.
Bolstered by a seemingly-parabolic rally not seen since January, ripple (XRP) has managed to unseat ethereum as the second-largest cryptocurrency by market cap.
According to CoinMarketCap, XRP currently has a total valuation of $23.9 billion, placing it more than $400 million ahead of ethereum. The ripple price has risen an astounding 64 percent in the past day, capping off a week-long rally of more than 113 percent.
There’s no clear trigger for the XRP price rally, other than San Francisco-based blockchain startup Ripple’s recent announcement that XRP-based commercial blockchain applications will go live “in the next month or so.”
Commenting on XRP’s recent rally, Matthew Newton, analyst at eToro,stated that “the stars seem to have aligned” for the coin.
|“Despite being one the most polarizing cryptos of them all, eToro customers can’t get enough of XRP at the moment; it has more exposure than any other asset on our platform. As we’ve seen in the past, the price tends to move in short, sharp bursts, picking up a lot of momentum when the hype builds. It remains to be seen how much further it could go.”|
Ed Cooper, head of mobile at crypto-friendly fintech company Revolut, said in an emailed statement that it “remains to be seen” whether the rally will hold.
|“The high transaction values, coupled with market sentiment following the announcement on Monday could indeed be the reason why XRP reached new highs, having gained nearly 50% in the last 24 hours. While this is great news for many crypto enthusiasts and especially for XRP fans, it remains to be seen if the bullish trend will prevail, given the current market conditions that have seen nearly all cryptocurrency losing around a great deal of their value since the beginning of the year.”|
XRP briefly surpassed ethereum’s market cap in December and early January, when investor mania and the “Kimchi Premium” drove its price as high as $3.84 and made ripple the first cryptocurrency after bitcoin to achieve a $100 billion market cap. However, ethereum ultimately regained the silver podium, a position it has held throughout 2018 — until now.
The cryptocurrency markets are nine months into a bear market, but the animal spirits that drove the bitcoin price to nearly $20,000 haven’t disappeared. Rather, it seems that they have found a new outlet — pot stocks.
Long a favorite of retail traders on commission-free stock trading app Robinhood, publicly-listed cannabis stocks have gone bananas in recent weeks, driven in part by the impending legalization of recreational marijuana in Canada on Oct. 17.
Publicly-listed pot stocks have been soaring across the board, but one cannabis producer — Tilray — has found itself flying higher than the rest.
At one point during premarket trading on Wednesday, Tilray shares went north of $235, representing a cryptocurrency-like 1,282 percent increase since the firm went public at $17 in July. At this level, Tilray had a market cap greater than $22 billion, representing a $91 million valuation for each of its 243 employees.
Equally as astonishing, the company’s market cap is 714 times as large as its most recent revenue figures, which showed that the company posted $28 million in sales. For reference, Amazon’s price-to-sales ratio is currently about 4.6. At this level, Tilray is also nominally more valuable than a large percentage of companies in the S&P 500 index, per Pension Partners, including social media giant Twitter.
Tilray is now worth more than Twitter.
— Charlie Bilello (@charliebilello) September 19, 2018
One theory for Tilray’s parabolic rise is that it managed to execute a short squeeze on short-selling firms including Citron Research, which has been pounding the table on the firm since Aug. 24, when the stock rose 70 percent in a week.
Writing in a report published last week, Citron compared meteoric cannabis stock valuations to the cryptocurrency market boom-and-bust, arguing that this phenomenon is “even more ridiculous than bitcoin.”
“These stock prices are equivalent to bitcoin mania – although it is even more ridiculous than bitcoin. Whereas people liked Bitcoin because it was a blue sky, unregulated, difficult to mine, and had no real competition in crypto currency. Cannabis is highly regulated, can be farmed worldwide for cheap, and has many different players involved. Cannabis has more similarities to tomatoes than bitcoin (not saying we would be long either tomatoes or bitcoin).”
Squeeze or no squeeze, though, Citron continues to hold the line on Tilray, stating in a tweet this morning that the stock’s move is “beyond comprehension.”
As of the time of writing, Tilray shares were trading at $207, down $29 from their intraday (and all-time) high of $236.
On MyCrypto, an open-source wallet that is structurally similar to MyEtherWallet, users can connect hardware wallets like Trezor and other non-custodial wallets such as MetaMask to use their existing wallets on a better interface.
As such, the ETH transaction scheduling feature on MyCrypto can be used by any Ethereum wallet user by simply connecting their existing wallets with MyCrypto.
MyCrypto is the first wallet platform to implement native cryptocurrency transaction scheduling by utilizing Chrono Logic’s debt smart contracts and temporal Ethereum-based innovation.
With it, Ethereum users can now send transactions ahead of time on the Ethereum mainnet, which opens up the possibility of the types of payments that simply did not exist before.
For instance, with the feature, Ethereum users can send funds to an ICO in advance to refrain from being left out of the token sale, send payments to subscriptions ahead of time, and schedule transactions to business partners or suppliers.
“Maybe you want to get into that latest hot ICO but you’ll be away from your computer. Maybe you want an ENS domain name and don’t want to miss the reveal period Maybe you need to pay at a certain time for a subscription. Maybe you want to send yourself a reminder in the future (though there are probably better options for this),” the MyCrypto team said.
In an interview with the Chrono Logic team, Ethereum co-creator Vitalik Buterin stated that scheduling transactions is a feature that is very valuable, as he explained:
“I know there were a lot of interest in it [Ethereum alarm clock] way back when Piper created the alarm clock. It seems like something that would be very valuable.”
Taylor Monahan, the founder and CEO of MyCrypto echoed a similar sentiment as Buterin, stating:
“I think it just opens up the possibility for a lot of things. One of them is multi-step transaction. When you have to complete a step and then you wait for something to happen, whether that is something in the real world or just like with the ENS for example.”
MetaMask software developer Frankie Pangilinan said that alarm clocks are good for subscriptions, while Ledger co-founder Nicolas Bacca said that the team is exploring ways to implement alarm clock into hardware wallets to add the transaction scheduling feature.
“I see how we can collaborate with a hardware wallet to make sure your transaction is scheduled properly, I mean has been scheduled at the right time,” Bacca noted.
Because scheduling and execution of transactions are completed with smart contracts, and the code of the smart contracts utilized by the Ethereum Alarm Clock and Chrono Logic are audited, there exists no risk of transactions failing or being sent out at the wrong time.
Announced last week, Lightyear will be re-named to Interstellar concurrent with the merger, a company release states. Chain, that builds enterprise-grade blockchain products backed by financial giants Visa, Nasdaq, and Citigroup, will offer its cloud product, Sequence, to Interstellar’s portfolio, allowing organizations to track assets while moving between private ledgers and the Stellar network, it added.
Jed McCaleb, co-founded of the Stellar Development Foundation and Lightyear, will be CTO of Interstellar. According to him, the merger will “help organizations build on Stellar.” He further said:
“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols.”
At present, Stellar (XLM) ranks as the world’s sixth-largest cryptocurrency with a market cap of $3.6 billion. With the acquisition, Interstellar will receive Chain’s enterprise products and customer base, enabling organizations to issue, exchange, and manage assets on a public network.
Chain had previously raised more than $43 million from a variety of financial institutions including Capital One, Citigroup, as well as tech-focused funds such as Khosla Ventures, Blockchain Capital, and Pantera Capital.
Interstellar will ease enterprises to create financial services and products with the help of the Stellar open network. Chain’s CEO Adam Ludwin will serve as the CEO of new Interstellar. He stated,
“Chain has worked from inside the enterprise while Stellar has focused on the network between organizations. As a single team we will have a complete view and set of capabilities to make value-over-IP a reality.”
With the launch, Interstellar will have its headquarters in San Francisco, with office operations from New York City and Singapore. Initially, the startup aims to employ 60 employees, the report concluded.
Elon Musk, the acclaimed founder and CEO of Tesla and SpaceX, recently reached out to Dogecoin creator and Adobe product lead Jackson Palmer to eliminate Ethereum giveaway scammers on Twitter.
For many months, ETH giveaway scams have plagued Twitter by spamming messages on the feed of public figures in and outside of the crypto sector to lure new users into falling for obvious phishing scams such as: “send one ETH and get 2 ETH back!”
In May, Palmer introduced a script that automatically blocks ETH giveaway scammers which utilize the same profile image of the public figure. The script solves all of the issues with ETH giveaway scammers as it detects the presence of accounts with identical profile images with profile figures and instantaneously block them to eliminate the possibility of the scam accounts to comment on the posts of public figures.
ok, *now* I can finally call it a night. https://t.co/8sTjFCQYk8
— Jackson Palmer (@ummjackson) September 17, 2018
The script developed by Palmer proved to be effective, as it prevented newly made scam accounts and bots from spamming the comment section of public figures in the crypto space that made Twitter nearly unusable.
On September 18, Musk reached out to Palmer, asking for help in integrating the script Palmer developed in May to remove Ethereum giveaway scam bots on Musk’s Twitter posts.
@ummjackson if you can help get rid of the annoying scam spammers, that would be much appreciated
— Elon Musk (@elonmusk) September 17, 2018
In response, Palmer sent the script via Twitter direct message to Musk, assisting the Tesla CEO in successfully implementing the script.
“If you DM me (your DMs aren’t open), I’ll send you the script – it’s short, simple and you just run it with cron somewhere,” Palmer said.
A few minutes later, Palmer stated that Musk obtained the script and discussed the issue of Twitter, specifically the inability of the platform’s development team to automate and fix the issue.
“Update: Elon has the script. We had a good chat on how [Twitter CEO] Jack and the Twitter team should definitely automate and fix this problem on their end though.”
The cryptocurrency community has been outraged at Twitter and its development team’s struggle in solving the Ethereum giveaway scam. As Palmer pointed out, the solution to the giveaway scam bots is quite simple; detect and ban newly created accounts with identical profile images.
Yet, despite Jack stating on multiple occasions that the Twitter development team is working to fix the issue, Ethereum giveaway scam bots are still active on the platform.
— Emin Gün Sirer (@el33th4xor) March 6, 2018
In June, Bleeping Computer reported that Ethereum giveaway scam bots have stolen more than $4.3 million already, adding that Twitter is nowhere close to solving the issue.
But, John Backus, a co-founder of Bloom, stated that the problem is more difficult when it comes to hacked verified accounts initiating Ethereum giveaway scams.
“Still a hard problem. I’ve seen a handful of giveaway scams where the scammer used a hacked Verified account so, when they change the profile pic to match the OP, it’s MORE believable because of the blue check,” Backus said.
In my latest couple of articles I’ve been kind of focused on Bitcoin and its underlying technology, the blockchain. I discussed the lightning network, why I see Bitcoin as the King of Kings and, of course, why so many people mistake blockchain for DLTs.
It’s time to take these articles one step further and look into different technologies and projects.
I’m also going to completely ignore price for a while, as I’m not a professional trader (nor investor), and I know technology and price rarely come hand-to-hand.
Also, I’m going to assume a great deal of you have lost during the last couple of months, so I’m going to give you my rather positive outlook for the medium-term and why this technology is unstoppable; meaning, if you hodl your crypto, you’ll eventually see some profits.
Unless you mistakenly invested in absolutely shitty ICOs.
If that’s the case, just do like a proper ship captain would: accept the outcome and go down with it. It’s pointless to sell an asset that’s +90% devalued. If you disagree, repeat after me:
I tend to see market cycles as mini-bubbles, constantly growing and then exploding, which gives me enough confidence to understand the reality of things is rather generous: if you do follow the above rules, independently of the moment in time you have invested in, there’s a high chance you can still profit from your bags. Just hang on to them a little longer. Some expert crypto-traders agree there could be a rally during October, which could potentially last until the end of the year. Will this be the case? Prices’ history does not repeat itself, but we can surely learn valuable lessons from it.
Now, to the good part.
As I’ve previously pointed out, some main concerns of people involved in crypto-trading and investing seem to be about scalability and user adoption. Of course, as the two issues remind us of the chicken and egg problem, we could argue: either some major cryptocurrency like Bitcoin or Ethereum scales due to a technological breakthrough, like the Lightning Network, PoS and sharding, or it goes the other way around and people adopt cryptocurrencies due to a number of different reasons, such as the actual need to use a decentralized, peer-to-peer, digital currency – think of Venezuela, Argentina, soon Brazil? – or the fact people like to speculate on highly unregulated markets (as it sort of allows anyone to do major manipulations and just gamble money away).
Both remain my top 2 choices, for the time being.
The first real bitcoin contender, as so many of you like to put it.
The playground of ICOs. The magic land of assets tokenization, where anything is possible.
I remember at some point people talking about the flippening, when Ethereum would surpass Bitcoin’s market valuation.
(and then you want me to think we behave rationally? Good lord)
Ethereum was the project that really drove my curiosity about cryptocurrencies. The first paper I actually digested was Ethereum’s; and, oh boy, did I like it!
The concept of tokenizing, virtually anything, made my feeble little brain explode with ideas. And I wasn’t alone, as the more I felt down the rabbit whole, the more projects I would find taking advantage of a new way to create value.
If you’ve been here long enough, you’ve heard about a million master-gurus saying something like:
Although I do enjoy thinking how wonderful it would be to have a decentralized world where all materials, products and things in general could be registered into a blockchain, I wonder “how useful would that really be?”.
I do not doubt there are projects in ethereum like Modum or Wabi, which aim at actually making a significant impact on how supply-chain management and distribution businesses operate (in terms of transparency, that is). Is it working? How far have they gotten? Is there a real need for these types of applications?
There are quite a few mixed opinions on the matter, but the truth is, success depends greatly on adoption; and adoption depends on either speculation or rewards.
A quick visit to WaBi’s website, for example, shows a business that registers milk-products onto an immutable and transparent ledger, so that citizens in China can feel safe about buying milk for their babies. This is actually a huge deal.
But, what about user rewards? Loyalty points, insurance schemes and other partnerships don’t seem the right way to go, according to some opinions. You might even ask if a blockchain is needed for that sort of rewards distribution. Does this company really need a token in their ecosystem?
If we are to live in a non-authoritarian system, then I see not one single currency, but a plurality of cryptocurrencies, behaving differently according to its proposed intentions. You can have assets, some behaving like stock (paying dividends and such), others giving its users the power to vote within a given community, or even allowing people to register information (land? deeds? In-game items?) representing a physical or virtual asset. Whatever end-result you want to achieve if you can do it through decentralization, by giving a proper incentive to your user base, isn’t that what matters?
It’s a win-win scenario. The more companies compete to provide better incentives, the merrier. There are more twists and turns around the proper application of rewards and their ultimate effectiveness, yet, the underlying hypothesis of decentralization and community-driven collaboration is on the assumption the more you give, the more you receive: it has been discovered, apparently, we are not single-minded beings focusing simply on our well-being and maximizing our utility; at least not one hundred percent of the time. Nor we base our decision-making process on rational thoughts.
If by using some application (like sharing resources) I can now easily receive rewards, loyalty points in the form of tokens, and I can also trade those assets for one another who’s to dictate what the real value of anything is?
To answer the question of Ethereum’s real value (and utility), as a medium to create and exchange value, we need to first understand the goal of its currency.
Recently, an article arised around the usefulness of Ether. The gist of the whole thing was that the Ethereum network should allow for different tokens to be accepted to pay for gas, which would undermine the need for a native currency.
I admit, at first i saw it as nonsense. Why would anyone want to accept erc20 tokens? They’re just a mask on top of ether, using its core functionalities. In my mind I’ve always seen Ethereum as a framework, or a toolkit, allowing developers to create products on top of a decentralized network. Of course we’re still in its infancy, and due to the “lack” of perceived progress, people tend to come out with strong-minded arguments on the value of things. I remember the exact same line of argumentation when the colored bitcoin update was being discussed.
Still, isn’t the author’s critique valid? What is the value of Ether, if there isn’t a need to pay fees with the network’s appointed currency?
If we all choose to not use Ether and instead some ERC20/223/etc token, while at the same time miners also accept those tokens as a payment for including a certain transaction into a block, then there is no purpose for Ether (except if people still want to use it).
As Vitalik puts it:
In Ethereum as it presently exists, this is absolutely true, and in fact, if Ethereum were not to change, all parts of the author’s argument (except the part about proof of stake, which would not even apply to Ethereum as it is today) would be correct.
Ether’s current value is to secure the network. In the long-term, when Casper, sharding and atomic swaps are all in place, then I see no reason for people to be subjugated to using Ether to pay for gas fees. Let them use whatever cryptocurrency they want.
The purpose of Ether is to pay block creators for helping us reach consensus. Hence, even if we allow users to pay fees with tokens, miners will receive block rewards in eth. Which they will need to sell to convert into btc, usd, etc. If there are no buyers, then what happens to the price?
It goes down the sink. And no miner/staker (when PoS arrives) wants to hold a devalued asset. We would then have to allow for multiple tokens to be awarded to miners for creating blocks, as well.
This whole idea seems way too troublesome, to be honest. Why wasting time complicating everything? If there is pressure from both the user and miner communities to allow for other tokens to be paid as gas, then the development team should probably heed the call. Even though my gut tells me the likelihood of said proposal having a devious intent would be great, in fact.
Until then, why bother?
At the end, what do you do with that kind of information? I mean, if that happens to Ether because people prefer to use tokens, then so be it.
Isn’t that the purpose of decentralization? To allow people to chose?
At the same time, I would argue there are few too users who actually care about tokens or dapps.
A mandatory metric for success, as we’ve seen above, is user adoption.
That’s not the case for Dapps, at least during the time of writing.
Just by looking at dappradar, a website focused on showing statistics about decentralized applications, we clearly see there isn’t much adoption yet.
Meaning, although I absolutely agree with the author’s concern, it seems a tiny bit too soon to jump into any sort of conclusions.
Some takeaways from an amazing data scientist are:
Even my project’s website, Bityond, gets more hits per day than some of these dapps. Why are we so hasty to pass on judgement?
I would think if users are rewarded their incentive would be to participate in as many networks as possible. Hence, crypto-projects might not necessarily be competing for users; there’s loads of room for Ethereum, EOS, IOTA, NEO and others to grow without trying to slam down competition.
There should be little room for maximalism of any kind, as it defeats the purpose of innovation.
Be classy, ladies and gentleman. We’re all on the same boat whether you like it or not. Don’t bash each other’s projects. That adds little value to the community.
I know price action is the major roadblock for adoption; but the underlying values Ethereum holds and the constant development being done on its EVM, keep me quite optimistic about this protocol.
This is how cycles behave. When smart-money comes back again and the rest of the herd follows, then we’ll see projects releasing better updates and more positive news coming around. Let us be patient and wait for the bearish cycle to end.
Projects that have no purpose will most likely go away and investors learn two important lesson:
A) companies take time to build and,
B) You’re likely to make some bad choices in your lifetime.
If you still need convincing about the seriousness of this protocol, and you happen to be a big data lover, check out this tool released by our dear friend google, which let’s you run big-data queries on the ethereum ledger. It’s absolutely awesome.
The purpose of making the Ethereum blockchain data accessible on Google Cloud is to make all data stored on the blockchain easily accessible. While Ethereum’s software contains APIs for functions that can be accessed randomly, such as checking wallet balances, the API endpoints are not easily accessible for all data stored on the blockchain.While API endpoints do not enable viewing blockchain data in aggregate, BigQuery’s OLAP features enable such analysis. The blog displayed a chart showing Ether transfers and transaction costs year to date, aggregated by day. Such visualization supports tasks like prioritizing changes in the Ethereum architecture, should an upgrade be needed.
I had to throw Stellar into the mix, as I really like how it works. Not only because I’ve played around with stellar labs and the documentation was incredibly detailed, but also because I think it’s a serious contender to Ethereum and Bitcoin – although it is more centralized from a governance’s perspective.
Not that stellar replaces any, as it clearly doesn’t, but it can be used as an alternative by institutions and corporations to access the power of blockchain and trade amongst themselves; at least for the time being.
The way the stellar blockchain works is that it reaches consensus through slightly different mechanics than proof-of-work – called Stellar Consensus Protocol. It simply builds on the Federated Byzantine agreement which brings open membership and decentralized control to Byzantine agreement = Anyone can join and vote for the Federated nodes.
FBA determines quorums, or groups of nodes sufficient to reach agreement, in a distributed way. Each node decides which others to trust. Different nodes don’t need to rely on the same combination of trusted participants to reach consensus.
In FBA, each participant knows of others it considers important. It waits for the vast majority of those others to agree on any transaction before considering the transaction settled. In turn, those important participants do not agree to the transaction until the participants they consider important agree as well, and so on. Eventually, enough of the network accepts a transaction that it becomes infeasible for an attacker to roll it back. Only then do any participants consider the transaction settled. FBA’s consensus can ensure the integrity of a financial network. Its decentralized control can spur organic growth.”
Parties who have nodes need to be identifiable, not users, and you chose which line of trust you want to enable. It’s not as decentralized as one would hope, but then again we can’t have it all. Rather, i still prefer Stellar’s openness and transparency to NEO’s – especially as the later is not censorship resistant.
As Stellar is a blockchain it needs a cryptocurrency; the Lumens (xlm),allow users to write transactions onto Stellar’s blockchain. These transactions also work as smart-contracts, in a sense you can create trust-lines to crowdfund a new asset (token) or release company shares, create bonds, or any many other types of financial instruments.
Stellar, as mentioned above, is nowhere close to being similar to Ethereum, or even bitcoin for that matter; a former fork from Ripple with a nicely tweaked consensus protocol and a set of huge corporations backing it up.
A great example of Stellar’s use-case is the partnership with Veridium Labs, in order to sell carbon offset tokens on the Stellar blockchain. Each company has a role here with Veridium setting up the structure and determining the value formula. Stellar acts as the digital ledger for the transactions and IBM will handle the nuts and bolts of the trade activity of buying, selling and managing the tokens.
Hope you’ve enjoyed this little piece on two of my preferred projects.
The 160,000 Ethereum tokens sold over the past few days amount to $33 million, according to the price index at press time. Per TrustNodes, ICO projects sold 82,000 ETH on September 4, which was followed by a sharp decline in crypto markets.
Average daily ETH sales from ICOs varied from 1,000 to 5,000 coins in August, with occasional sales around 10,000 ETH. In contrast, the same amount of 10,000 ETH became a far more common daily sales volume in September.
According to TrustNodes, the total amount of Ethereum sold by ICOs over the past 30 days now amounts to 283,000 ETH, which is almost $60 million at press time.
Citing crypto data provider Santiment, TrustNodes states that the highest share of ETH sales from ICOs is attributable to the Digix ICO project. Digix’s paper value Ethereum holdings amounted to $150,000 million, which is significantly higher than the current total market capitalization of DigixDAO coin, which is $69 million at press time, according to Coinmarketcap.
Earlier this week, Cointelegraph reported that funding for ICOs have seen its hardest decline in 16 months. In August, ICO startups raised $326 million, the smallest amount since May 2017.
Ethereum-based ICOs have been outlined as the main factor for the recent ETH price decline, as some projects withdraw their funds in order to cover costs amid concerns over a bearish market. Today, Ethereum skyrocketed almost 20 percent with an intraday high of $214.18, after plungingbelow $170 earlier this week, its lowest point in 2018.
Also today, Sonny Singh, the CCO of global crypto payment processor Bitpay, argued that altcoins “will never come back” to their previous levels. Singh said that institutions adding financial products like crypto ETFs will be the main drivers of a bullish trend in the market and they are “not going to launch altcoin products, they’re going to launch Bitcoin products.”
The cryptocurrency market capitalization on Thursday recovered by almost 6.8 percent after establishing its yearly low just yesterday.
All the top coins recorded decent bullish corrections, with Ethereum and Monero leading the charts with maximum gains. of 17 percent each. Dash, Cardano, IOTA, Tron, and Litecoin closely followed with a double-digit percentage rise in their respective values. Bitcoin, on the other hand, surged comparatively lower than its peers – around 3 percent.
The upsurge has added $12.7 billion back to the cryptocurrency industry since its bottom formation around $186 billion. There are no fundamental factors behind the impressive upside correction – not at the time of this writing. That clearly indicates that the price action could be a result of day traders attempting to make intraday profits.
That said, the market continues to stay inside a bearish bias until the top coins attempt to invalidate their respective giant descending triangles to the upside. Let’s have a look at our top performers to understand it in depth:
The ETH/USD appreciated more than 23 percent from its intraday low near 167-fiat – and is still counting the gains. The impressive price action, however, should not be confused with a return-of-the-bulls bugle. The pair has lost more than 80 percent already to the reports of ICO failures. Fundamentally, the ETH/USD is on an accurate downtrend that could attempt a substantial pullback only after the market’s bad actors exit. The descending trendline technically represents the trend in the chart above that needs breaking up to confirm at least a medium-term bull bias.
That said, a fundamentally weak Ethereum will likely resume its downtrend until the descending trendline is broken to the upside.
Monero, on the other hand, is backed by the support of underground markets – that arguably makes the best use case for cryptocurrencies. Let’s have a look:
Technically, Monero has already broken above its descending trendline and is looking more comfortable towards its bullish perspectives. The XMR/USD has appreciated more than 52 percent since August 15 low near 76-fiat but is currently undergoing a correction phase on a pullback from is September 4 high near 142-fiat. That amounts to 18 percent drop on shorter timeframes.
The XMR/USD would need to restest its September high for a breakout to establish a smoother medium-term bull bias. A bear pole formation from here could put the pair on a free fall towards 76-fiat – the completion of a Head and Should pattern.
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