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What to Expect From the Telegram Open Network: A Developer’s Perspective

How TON could disrupt the blockchain landscape.

Recently, new materials surfaced about the lite client for the Telegram Open Network (TON) blockchain, powered by encrypted instant messaging service Telegram. Based on the content of these documents, it is possible to make a lot of assumptions about its future, especially in regard to comparing TON with competitors — such as the Cosmos network, Polkadot and Ethereum 2.0 — as well as the overall impact of the blockchain ecosystem.

Polkadot, Cosmos and TON will definitely compete for users and developers. Moreover, in 2019, every blockchain really needs to have a lot of use cases built on it in order to attract users and potential investors, as the era of the initial coin offering (ICO) and new blockchains may now be over. Requirements for blockchain projects are currently high and about to be even higher after the release of TON. It is important to explain to users which problems are solved by this project. It is possible to compare projects by the amount of potential users. TON is probably the leader because of existing Telegram user base (300M+).

TON lite client CLI

Neither Ethereum nor any other cryptocurrency or blockchain company currently has 300 million users — but Telegram does. One of the largest problems of current blockchain development is handling the scalability for such an amount of users, which is why Polkadot, Ethereum 2.0 and others exist in the first place. These blockchains attempt to address larger volume and faster speed. Currently, Ethereum and Bitcoin can process about 15 and 7 transactions per second (TPS) respectively — much less than Visa’s almost 45,000 TPS. Thus, TON needs to process more than Visa to facilitate its millions of users.

Scalability issues

The main challenge for modern blockchains is being able to scale enough to process such a large amount of transactions that it’s suitable for mass adoption, which would mean it could bear millions or even billions of potential users.

TON claims to be fast in terms of processing transactions between users. However, not a single blockchain project is capable of achieving the goal of processing millions of transactions per second.

Transaction Speed of Various Blockchains

There are different approaches to scaling a blockchain system while having the same security and decentralization as Bitcoin — or at least close to it.

The first way is to use centralized hubs controlled by smart contracts. A user can deposit funds into the smart contract and will retain the same funds on this hub. However, if something unforeseen happens, users can get their funds back from a smart contract without any interaction with the hub. An example of this is Plasma, which was proposed on Aug. 11, 2017 by Ethereum co-founder Vitalik Buterin and Joseph Poon, the creator of Lighting Network, in order to scale Ethereum. During the development, a number of issues appeared that made Plasma quite complicated to implement. The main difficulty was the exit from Plasma. To exit, the user needed to wait seven days. During this period, anybody could provide proof that the user cheated. A smart contract needs to verify that the user has the right to exit. The main challenge is to make the least possible calculations and to have the smallest possible proof size on the Ethereum side, because you need to pay for any calculation or for any data on Ethereum. During Plasma discussions 1 2 3 4 5 6 7 8 9 10 and implementations 1 2 3 4 5 6 7, an issue with the history of exit proofs caused Plasma to become unstable after a couple of months. Because of that problem, there is no fully production-ready Plasma with smart contracts on it right now.

Plasma architecture

The second way to scale blockchain is to use a proof-of-stake (PoS) consensus algorithm instead of proof-of-work (PoW). The main difference between these approaches is that PoS allows for the validation of blocks by one’s stake — the amount of coins that the validator owns. PoS is more efficient than PoW according to its creators’ (Sunny King and Scott Nadal) research. An example of proof-of-stake blockchains right now are Stellar, EOS (which uses a delegated proof-of-stake of DPoS), Binance Chain, Cosmos and Polkadot.

Proof-of-Work & Proof-of-Stake

The third approach to solving scalability problem is sharding.

What is sharding?

Sharding is a way to split the entire state of the network into a bunch of partitions (called shards) that contain their own independent piece of state and transaction history.

The main principle is to execute transactions parallelly and to separate all the data into different small blockchains that can interact with each other.

To think of it in a metaphor, imagine Ethereum was split into thousands of pieces. Each piece can function on its own and can have its own features known to each respective piece. If the pieces want to talk to one another, they will have to use some sort of protocol. Sharding creates a way for each shard to maintain individual transaction receipts that are cryptographically secure. They can be brought back together to be a larger piece at any time.

Sharding, together with PoS, is one of the best ways to scale current systems. However, there are a couple of security issues with it that are still unresolved.

TON is a PoS blockchain that actively uses sharding to scale. It has a masterchain and workchains that are also connected, with both having their own shardchains. Thus, the TON description document conclusion reads:

“To achieve the necessary scalability, we proposed the TON Blockchain, a ‘tightly-coupled’ multi-blockchain system […] with bottom-up approach to sharding (cf. 2.8.12 and 2.1.2).”

TON will be scalable because it will combine several approaches, such as sharding and PoS consensus. With sharding, the data is stored in different places so less information is being sent through the network — making it faster. The benefit of PoS is that you don’t need to do a lot of calculations to validate the block. By using both of these, they create much faster transaction validations than proof-of-work.

TON vs. Ethereum 2.0, Polkadot and Cosmos

Polkadot is a blockchain that allows for the connection to other blockchains, which was built by Gavin Wood, a co-founder of Etherium. Cosmos is similar to Polkadot — however, the Cosmos team developed a PoS consensus algorithm that is the leader in speed and security.

TON’s main advantage over its competitors is its user base of 300 million. But there are other parameters that can be compared.

Summary of some notable blockchain projects

Summary of some notable blockchain projects

Developers community:
 Without a developers community, there could be no future for any blockchain systems. Right now, there are still not a lot of use cases of blockchain in the general population. It is obvious that without developers, there would not be any apps based on a given blockchain, so there would not be any users either.

Polkadot and Ethereum are the leaders here. Ethereum has been growing its community for six years. There are many companies and enthusiasts from the best technological universities that have built and continue to build apps on the Ethereum blockchain. The main reason for this is that the Ethereum and Polkadot approach is to develop everything open-source and allow anybody to participate in it by proposing ideas through EIP (Ethereum Improvement Protocols) and getting research grants.

The main problem with TON here is that it is not public: There is no way to participate in the development process. The TON team is well known as a team of talented and smart people, but are very closed off from the public. There is no large, open developer community for TON and, therefore, there might not be many apps and protocols built on TON — at least, not until it operates more publicly. For mass adoption for any blockchain, there needs to be many developers building mass use cases — so, this is an issue for TON’s growth, at least for now.

Smart contract language:


Right now, there is only one language on TON, which allows for smart contracts. However, TON is still under active development, and everything could be significantly different in future. We will analyze only the current situation now.

TON’s smart contract language, called Fift, is quite unusual. It was inspired by the programming language Forth that first appeared about 50 years ago. This language could be unfriendly to new developers. Most JavaScript or Python developers will maybe never understand how to code with it. However, it is somewhat similar to the language Lisp in terms of syntax.

This means that the TON team decided to have dev quality over quantity. Only well-experienced developers can work with Fift, which also means that there will be fewer mistakes in the production of smart contracts. However, that also means there will be fewer developers. It could be a good approach to use Fift, but it is still risky for TON.
TON's Fift language syntax

It is pretty much the opposite approach to Ethereum’s strategy with the Solidity language, which was designed to be similar with JavaScript to allow a lot of new developers and JavaScript developers to start working with Solidity quickly.

Both Polkadot and Ethereum 2.0 allow for developing decentralized applications (DApps) using classical languages like C#, Java, C++, JS, Go, Rust and others. The main idea is to use the WebAssembly virtual machine, which suits perfectly for blockchain systems. WebAssembly was originally designed for web applications. Thus, developers can use one language while completing different tasks with it. Cosmos also allows developers to use classical languages.

TON could potentially have a lot of problems with Fift. Polkadot, Cosmos and Ethereum use classical languages and there is no simple solution for TON now about how to compete with this. However, TON Labs is working on optimization the Fift for other coding languages, such as C++, that are more widely used. However, it is possible that other languages will have the possibility to be converted to Fift. Ton Labs is working to do that in future. With support for languages like C++ and C#, Ton will solve all the issues connected with the difficulties of understanding Fift and will have the same level of adoption of developers as Polkadot — or maybe even better. The Telegram team always has had a good API and documentation for its API, such as Telegram Bots.

Architecture: 
Polkadot has one mainchain called the relay chain, with many sidechains connected to it called parachains. Parachains do not have their own consensus, so all the blocks are verified on the relay chain by a group of about 1,000 validators. It is more scalable than most current solutions because blocks in the parachains are executed parallelly.

Polkadot architecture visualization. All chains have shared validators

Cosmos also has one mainchain called Cosmos Hub. Other sidechains are connected to the hub and called zones. Every zone has its own validators, so blocks are executed independently. The problem here is that, with such a small amount of validators (100), zones can be hacked. In Polkadot, all chains have common validators to solve this issue. Cosmos’ approach is to have only useful zones, so there will be enough validators to stay safe. You could have your own blockchain for specific reasons, in this case.

Cosmos abstract architecture. Each zone has its own validators and blocks

TON’s architecture, as detailed in section 2.1 of the TON Description Document, is completely different. Its defining characteristic is that it has a masterchain and a large number of workchains — independent blockchains that can interact with each other and be governed by the masterchain. Every workchain consists of shardchains — small chains responsible for specific data in a blockchain stored in blocks.

Each workchain is subdivided into up to 260 sharded blockchains, having the same rules and block format as the workchain itself but responsible only for a subset of accounts, depending on several (the most significant) bits of the account address.

TON masterchain and workchains abstract visualization

Each shardchain block is a group of cells — the specific type of data in TON. A shardchain block itself can also be described by an algebraic formula and is stored as a “bag of cells,” according to the TON Description Document (section 2.5.6).

Each TON workchain consists of shardchains

The most interesting architectural approach is TON’s sharding. However, there are a lot of issues concerning the implementation and security of that solution right now. Sharding in this case can be insecure and has some exposure to hacking.

Use cases of blockchain and what’s possible now

There are a certain number of use cases that can be implemented on TON and other new generation blockchains.

Telegram bots + blockchain:
 Telegram already has bots. It is one of the best ways to build an app with a human interface directly in messenger. It is much easier to use when you don’t need to install any new app, but can just tap your favorite bot in search. With TON’s API for bots, it could be possible to build simple, user-friendly DApps for users that will be available to them in seconds. There are already some bots on Telegram now that allow you to use bitcoin and ether, and even exchange, buy or sell them. 
With TON payments, Telegram can build its own marketplace of apps directly within the messenger, which could end up being the Apple App Store killer. With the first phone banking beginning in 1983 by the Bank of Scotland, then the first online banking by Stanford Credit Union, followed by banking apps in 2007 and banking bots in 2015, now we see bots becoming commonplace. By 2020, it is estimated that 85% of banking customer service will be done bots. Businesses should find the messenger “home” of their users — Discord for gamers, Telegram for crypto enthusiasts, WeChat for China and Slack for enterprise business — to align with where their target user currently resides.

Micropayments in messenger: Micropayments in messengers are one of the most promising blockchain applications in everyday life.

For example, WeChat payments: one of the main reasons WeChat is unsuccessful in Europe and in the United States is that WeChat is too centralized and affiliated with the Chinese government. The West prefers more slightly agnostic platforms, on which people are free to select services and payments from a variety of options.

DEX:
 A decentralized cryptocurrency exchange (DEX) is another possible use case of the TON blockchain that can also work for Telegram bots. With the potential of TON to process millions of transactions, it is possible to build an exchange to trade.

Bridges between other chains: A bridge is a connection between the blockchains, which is the main goal of Cosmos, Polkadot and TON. Bridges allow sending transactions to another blockchain with one point of failure, as bridges work with validators that could be attacked. When we use a bridge, we need a group of trusted validators who listen to events from one blockchain and will transfer them to another. The main problem is that validators can be attacked or malfunction on their own. To prevent such cases, validators need to stake assets on both chains. They will be punished by losing the staked amount for any malfunction or misconduct. However, that also means that amount of crypto that can be transferred through a bridge must be less than the amount staked by the validators. This is important because bridges could make exchanging more decentralized than just using current exchanges.

Influence on the blockchain landscape

The TON team’s strategy differs quite a bit from the main strategy of current leaders like Polkadot, Ethereum and Cosmos. The current way TON is being developed is much more complicated for developers than the aforementioned blockchains. However, if the TON team finds out how to attract developers, this could completely change the way developers work with all blockchains. TON could illustrate that it’s possible to release a product without any public discussions and still attract a robust community. TON could attract professional, well-experienced C++ developers instead of JavaScript developers, which can definitely change the quality of DApps. This could impact customers who hire developers in a positive way by eliminating lower-quality developers in outsourcing organizations.

TON could become a powerhouse blockchain — as upon its release, 300 million people will instantly possess gram wallets, which will make it the world’s most adopted cryptocurrency. In seconds it’s very probable that TON will move to the forefront as being the most-used blockchain within the whole ecosystem, with the best developers in the world building on it.

The team behind TON declares that it will maintain its own infrastructure, and the company will have a voting capacity twice as powerful as the rest of the community. The question is why it would advocate for such a centralized system. It claims to make a distributed blockchain system, but in fact, it is not distributed, but centralized. Other than the fact that it has a public ledger, it is no different from other processing systems. It has created some services on the blockchain, but so far it is unclear how it will work and what it needs (DHT, proxies, DNS).

If we consider the network, blockchain, services and payment — then this results in a completely centralized system that will be serviced by the organization (TON). Technically, it has a very detailed and well-implemented white paper. The understandable purpose of the services, the clear connection between them, and that there are no technological issues all make for a potentially great platform that can withstand a large load.

With all due respect to world-class technology, it could cause one to ponder: Why be agnostic and private if you’re in fact really just centralized? Perhaps it’s a message for both centralized and decentralized systems to maintain the integrity that was so meticulously built.

The article is co-authored by Nick Kozlov and Dmitry Gorilovsky.

Nick Kozlov is software developer, nominated as Microsoft MVP in blockchain, winner of 10+ international hackathons, CTO of Button Wallet.

Dmitry Gorilovsky is a product creator and innovator with a proven track of record in hardware/software development, 10+ years of experience in IoT product and business development, six+ years in blockchain industry, the creator of YotaPhone, the founder and CEO of Woodenshark — the company behind multiple IoT and hardware products — and the founder and CEO of Moeco — a global connectivity platform.

Related reading: Exclusive: New Report Reveals Details of Telegram’s TON Blockchain

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Top 5 Crypto Performers: ATOM, LTC, BSV, BNB, XRP

Most major cryptocurrencies are taking a break after the recent upwards move.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

For the past few days, cryptocurrencies have managed to hold onto a large part of their gains. This is a positive sign, as it shows that the bulls are not in a hurry to book profits. It is also comforting to see that the gains have come on the back of increasing volumes. Bitcoin’s (BTC) trading volume on Coinbase recently hit its highest level since Feb. 4 of last year, which shows that the price is rising higher backed by strong demand.

However, the positive sentiment supported by improving fundamentals has led to a number of analysts projecting a vertical rally in bitcoin, similar to the one seen in 2017. Some of the targets currently talked about are $25,000 and $40,000, both within a short span of time. While anything is possible in the crypto markets, we believe that these calls are a little more aggressive. The current rally is likely to face a number of bumps en route to new highs and will test the patience of the bulls. Therefore, we suggest traders wait for dips to buy instead of chasing the price higher.

ATOM/USD

Cosmos (ATOM) was the best performer among the top 20 major cryptocurrencies in the past seven days. The platform surged to second position on Github with 4,245 events in the past 30 days, ending June 4, which is a positive sign. What does the chart project?

ATOM/USD

Due to a short trading history, we shall use the daily chart for analysis. The ATOM/USD pair has been consolidating roughly between $5.660 and $6.603. Attempts to breakout of this range failed on June 3 and 4, which shows a lack of demand at higher levels. However, the dips to $5.660 were purchased on June 5 and 6, which shows buyers willing to get in at support.

Consolidation near the highs is a positive sign: it is usually followed by a breakout and continuation of the upward move.

A breakout and close (UTC time frame) above $6.603 will resume the uptrend that can carry the price to $7.905. If this level is crossed, the upwards move can extend to $8.794. Our bullish view will be invalidated if the pair plummets below the 20-week EMA, and the next lower support is at $4.8.

LTC/USD

Litecoin (LTC) is the second-best performer of the past seven days. The upcoming halvening is acting as a bullish factor that has kept the price close to its recent highs. Traders anticipate that reduced supply will result in higher prices. The litecoin hashrate has also been making new highs consistently, which is a positive sign. Can the price continue higher or has it hit a hurdle?

LTC/USD

The LTC/USD pair is facing selling at the resistance line of the ascending channel. However, the attempts by the bears to sink it have been unsuccessful. Buyers have been stepping in close to $100 and pushing the price right back up, which is a positive sign.

If the bulls push the price above the resistance line of the ascending channel, the pair will rally to $158.91. This is the target objective following the breakout from the cup and handle pattern. Above this, we anticipate a move to $184.7940, which is likely to act as a stiff resistance.

If, however, the cryptocurrency fails to break out of the channel, the bears will again try to sink it below the breakout level of $91. A breakdown of this and the support line of the channel will indicate a change in trend.

BSV/USD

This is the third successive week that bitcoin sv (BSV) has been among the top five performers. The surge in price following the news about Craig Wright’s filing for copyright claims on the bitcoin white paper has held up quite well. What is in store in the next few weeks? Can the uptrend resume or will it dump? Let us analyze the chart.

BSV/USD

The BSV/USD pair has formed an inside week candlestick pattern and is finding support close to a 38.2% Fibonacci retracement of the recent rally, while it is facing resistance near the high of $254. This points to a consolidation in the next few weeks, and a range formation after such a sharp move is a positive sign. After the boundaries of the range are defined, traders can buy closer to the support and sell near the resistance. Currently, we do not find any reliable pattern that offers a good risk to reward ratio.

The uptrend will weaken if the pair breaks down of $176.083 and drops to $152.015, which is a 50% retracement level of the recent upwards move. If this level also breaks, the trend will turn down. Conversely, a breakout and close (UTC time frame) above $254 will resume the uptrend and launch the cryptocurrency to $307.789 and above it to $340.248.

BNB/USD

The website for the Binance decentralized exchange (DEX) plans to block users in 29 countries from accessing the DEX. The exchange has also released its official Trust Wallet for the Binance DEX users, and also plans to issue its own stablecoin within the next two months, which will be 100% pegged to the British pound and will be called “Binance GBP.” Subsequently, the exchange plans to release stablecoins backed by other currencies, barring the U.S. dollar. In other Binance news, a former executive at Dell and the NBA will join Binance as theIR new official strategy officer. Backed by fundamental news, can binance coin (BNB) extend its upwards move or is the rally tiring out? Let’s analyze.

BNB/USD

In a strong uptrend, the pullbacks are shallow and the price quickly bounces off strong supports because traders jump in to buy on any dip. Backed by momentum, the price quickly rallies to make a new high. The BNB/USD pair has been making a series of new highs after breaking out of the previous high of $26.4732350 in mid-May, which confirms that the pair is in a new uptrend. The first target to watch is $40, followed by a rally to $46.1645899. If the momentum picks up, the upwards move can even extend to $56.0786952.

On the contrary, if the bulls struggle to propel the price above the resistance line, a few weeks of consolidation is possible. The trend will turn negative only after the higher highs and higher lows sequence is violated. Until then, the uptrend remains in force.

XRP/USD

Ripple, the company behind crypto asset XRP, has said that it will take a more conservative approach in reporting XRP sales this quarter. This is being done to allay the fears among institutions and consumers on fake reporting of trading volume in the crypto markets. Thailand’s largest commercial bank, Siam Commercial Bank, has denied that it plans to use Ripple’s XRP token, just days after a tweet that hinted the bank’s plans to do so. Also this week, hackers stole about $10 million worth of XRP from nearly 100 XRP ledger wallets on wallet service GateHub.  

XRP/USD

The XRP/USD pair has formed a flag following the rise from the lows. A breakout of the flag will point to a resumption of the up move that can carry the price to $0.66413 and above it to $0.76440.

Conversely, a breakdown of the flag will be a negative sign, as it shows a lack of demand at higher levels. The pair has support at $0.37835 and below it at $0.355660. The 50-week SMA and 20-week EMA are also close to these horizontal supports. Therefore, we expect buyers to defend this zone, failing which, the trend will turn negative. The next couple of weeks are critical as it will set the direction for the next leg of the move.

The market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Top 5 Crypto Performers: BSV, TRX, ATOM, MIOTA, ETC, NEXO*

Even after the recovery from the lows, major cryptocurrencies continue to surge. Can the top five performers extend their upwards move?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Public trust towards establishments and large corporations has been on a decline. Sheila Warren, head of Blockchain and Distributed Ledger Technology at the World Economic Forum, said that if used properly, blockchain technology has the ability to solve this problem.

Wealthier nations trade more cryptocurrencies compared to poorer countries, according to research by crypto news outlet The Block. The United States generates 24.5% of the total traffic directed to cryptocurrency exchanges globally, with 10% to Japan in second place and 6.5% to South Korea in third.

Unlike previous occasions, every dip is presently being viewed as a buying opportunity, which confirms that a new uptrend has started. Cryptocurrencies backed by a positive news flow are skyrocketing higher, which shows a strong bullish sentiment. What do the charts of the top five performers of the past week project? Let’s find out.

BSV/USD

Bitcoin sv (BSV) was the best performer once again as it ended with gains of over 100% in the past seven days. The massive spike in price was attributed to the fake news circulating in Chinese media about Craig Wright having transferred 50,000 bitcoin from the biggest Bitcoin wallet to Binance. As a result, the fake news reports said that Binance CEO Changpeng Zhao would publicly apologize and re-list BSV.

While most of the BSV news was taken up by the fake news, in another development, Australian firm Tokenized launched a protocol on the BSV blockchain that can help businesses create tokens for real-world assets. Can the cryptocurrency maintain its upwards move, or will it give up its gains? Let’s find out.

BSV/USD

During the week, the BSV/USD pair witnessed huge volatility. It rallied to a high of $254 and then flash crashed to a low of $44.765 on crypto exchange Bitfinex. However, it quickly recovered from the lows and has been trading between $175 and $200 since then. After the sharp rise, we expect the digital currency to become range-bound and consolidate its gains for a few weeks.

On the downside, the cryptocurrency might find support close to $152.015, which is the 50% retracement level of the rally from the recent lows. If this support level cracks, the next zone to watch out for is between $134.360 and $127.947.

On the upside, if the bulls propel the price to new lifetime highs, it can move up to $307.789 and above it to $340.248. However, we give it a low probability of occurring unless we see another leg of a news-based rally.

TRX/USD

Tron (TRX) had slipped out of the top 10 rankings on CoinMarketCap during the week. But a tweet by founder Justin Sun about a forthcoming major announcement propelled the prices higher. As a result, the digital currency reclaimed its spot in the top 10. Earlier, Tron announced the development of a decentralized file system that will “allow users to receive and host storage on their computers with other individuals and businesses.”

TRX/USD

The TRX/USD pair was stuck inside a range for over nine months. After numerous failed breakouts, it has finally sustained the current upwards move. This new uptrend has started after a long stay inside the range. Hence, we expect it to surprise on the upside. The first target to watch out for is $0.052818328, and above this, the pair is likely to pick up momentum.

On the downside, the first support is at $0.02815521. If the cryptocurrency rebounds from this level during the next pullback, it will confirm the breakout as valid and will act as a higher floor on any declines. But if the next correction breaks down from $0.02815521, it will indicate weakness and might extend the stay in the range.

ATOM/USD

Cosmos (ATOM) was the third-best performer of the week as it surged on May 30. During the week, Atomic wallet announced that it will add the ATOM token to its new public release. What does the chart project?

ATOM/USD

As the ATOM/USD pair has a short trading history, we shall use the daily charts to analyze it. The pair broke out of a symmetrical triangle on May 30 and made a new lifetime high at $6.603: this is a bullish sign. The pattern target of the breakout from the triangle is $7.905.

Currently, the digital currency has been finding support close to the previous highs of $5.660, which shows demand at the first support level. After a few days of consolidation, we anticipate the bulls to resume the upwards move towards its target objective. The cryptocurrency will lose momentum if it slips and sustains below the support at $5.660: a fall below $4.8 will invalidate the current breakout and indicate weakness.

MIOTA/USD

Iota (MIOTA), with its release of a new tool dubbed “Coordicide,” has taken a major step towards decentralization of its transaction validation. MIOTA can now be traded over-the-counter on the Cumberland exchange, a DRW company. Can this news help it trade higher over the next few days?

MIOTA/USD

Two weeks ago, the MIOTA/USD pair broke out of the overhead resistance of $0.385033. It thereafter held the retest of the breakout levels from the week before, which is a bullish sign as it confirms $0.385033 as the new floor.

During the week, the cryptocurrency easily scaled above our first target objective of $0.50, but faced some profit booking at higher levels. Its next target objective is a rally to $0.80. However, it is unlikely to be a straight dash towards the target; the pair might face some supply close to $0.60, where it might consolidate for a few days before resuming its recovery. Our bullish view will be invalidated if the bears sink the cryptocurrency back below the critical support of $0.385033.

ETC/USD

The developers and contributors at ethereum classic (ETC) could not arrive at a consensus to implement the hard fork, dubbed “Atlantis.” There was some objection regarding one of the 10 proposals, as a result of which the upgrade will go back to the drawing board. In another development, in response to the 51% attack faced in January of this year,  the Astor-Network testnet based on ECIP-1059 was implemented. This is likely to safeguard the network from future attacks.

ETC/USD

The ETC/USD pair is looking strong. It has resumed its recovery after a week of consolidation and can now move up to $10.040-$11.880 resistance zone, which might act as a stiff hurdle for a few days.

A breakout from the resistance zone can push the price towards $15, and above it to $20. With both the moving averages flattening out, the advantage is gradually shifting from the bears to the bulls.

Our bullish view will be invalidated if the price reverses direction from the overhead resistance zone and plummets below $5.22403.

NEXO/USDT

Nexo (NEXO) claims to be the world’s first instant crypto credit line provider. The firm is present in more than 200 jurisdictions and offers loans in over 45 fiat currencies. Having processed $500 million for more than 200,000 Nexo users, the company will soon launch a Nexo Card, starting with Europe. The card will allow its clients to use the credit limit to buy anything, similar to any other card but with better terms.

Though most of the past year was spent in a crushing bear phase, the company had successfully paid a dividend of $912,071.00 to the NEXO token holders in December 2018. It will announce the ex-dividend date for its next dividend pay-out in June. The month also has other exciting announcements in store for the NEXO token holders. First will be the launch of the NEXO mobile app for both Android and iOS users with its next update. Next, the TRON foundation’s TRX token will be added as a collateral option on the demand of the community.

Nexo is laying the groundwork to retain and build on its leadership position in the forthcoming cryptocurrency boom. It is currently ranked 104 as per CoinMarketCap. While the fundamentals look positive, let’s see what the chart projects.

NEXO/USDT

The NEXO/USD pair has largely been trading inside $0.1029813 and $0.0628250 for the past few months. The attempt by the bears to breakdown found buyers at $0.0502510. This week, the bulls propelled the price above the overhead resistance, but are struggling to sustain it. If the price closes (UTC time frame) above $0.1029813, it might signal the start of a new uptrend that has a target objective of $0.1431376, and above it to $0.1557116.

However, if the price fails to sustain above $0.1029813, it might extend its stay inside the range for a few more weeks. The pair will weaken on a breakdown of the support zone of $0.0628250-$0.0502510.

The market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

*Disclaimer: NEXO  is a featured cryptocurrency from one of Cointelegraph’s sponsors, and its inclusion did not affect this price analysis.

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Consensus Algorithm Tendermint Raises $9 Mln in Series A Investment Round

Tendermint has raised $9 million in a Series A investment round led by cryptocurrency investment company Paradigm.

Blockchain consensus algorithm and peer-to-peer (P2P) networking protocol Tendermint has raised $9 million in a Series A investment round, according to a blog post published on March 14.

Tendermint has raised $9 million in the Series A investment round led by cryptocurrency investment company Paradigm, with contribution from Bain Capital and 1confirmation among other investors.

Part of the funds will purportedly be allocated to support of further development of the Cosmos Network and its ecosystem. The company also plans to spend the funds on the building staff and creating a sustainable business model.

The round closing follows the Cosmos Hub mainnet launch — so called “The Internet of Blockchains,” developed by Tendermint — on  March 13. The developers believe that Cosmos may contribute to solving blockchain’s scalability and interoperability problems.

Salil Deshpande of Bain Capital reportedly said that “we envision a future where multiple blockchains serve specific use-cases  —  store of value, privacy, general purpose smart contract platforms, and many others. In this future, interoperability solutions provide a crucial alchemy that could lead to an explosion of blockchain applications, as well as boosting usage on existing chains.”

Cosmos Hub will further pass two more phases, as the recent launch was reportedly the first in a series of proof-of-stake chains developed by Tendermint.

Tendermint reportedly supports leading cryptocurrency exchange Binance’s decentralized digital currency exchange. Binance CEO Changpeng Zhao reportedly said that Binance Chain is based on the Tendermint protocol and runs on a Delegated-Proof-of-Stake (DPoS) consensus algorithm.

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Cross-Platform Blockchain Project Cosmos Launches First Hub After $17 Million ICO

Tendermint has launched the Cosmos Network — the first blockchain in a series of proof-of-stake chains aimed to increase interoperability.

Blockchain platform Cosmos, which is set to work as a mediator between different blockchains, has officially launched the first hub of its ecosystem on Wednesday, Mar. 13. The Cosmos initial coin offering (ICO), held in April 2017, raised a little more than $17 million.

The Cosmos Network, which describes itself as “The Internet of Blockchains,” was developed by California-based startup Tendermint Inc — a software development company that was appointed by Swiss non-profit Interchain Foundation to develop the cross-blockchain ecosystem.

The mainnet launch, which was announced on Cosmos Twitter, was also streamed live on Youtube, mimicking the launch of a rocket with Christine C., the community architect at Tendermint, dressed as an astronaut. The first block was mined at 11 p.m. UTC (7 p.m. EST) on March 13.

According to the Cosmos Network website, the company developed the scalable ecosystem, which allows different decentralized applications to interoperate on a single platform, for three years. The developers believe that Cosmos may contribute to solving some of the main problems in blockchain, such as scalability and interoperability.

The recent launch is reportedly the first in a series of proof-of-stake chains developed by Tendermint. As per a recent blog post, Cosmos Hub will further pass two more phases.

As Cointelegraph previously reported, a group of developers at crypto startup TenX in late 2018 successfully tested the use of its cross-blockchain interoperability protocol to transfer ERC20 tokens for Bitcoin (BTC) using the Lightning Network.

More recently, a report to the European Union made recommendations on how to better develop blockchain technology, including the introduction of interoperability and scalability standards. The paper, dubbed “Scalability, Interoperability And Sustainability of Blockchains,” was prepared by blockchain tech firm ConsenSys.