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Why We Might Wait a While for Coinbase to List Cardano (ADA), XRP and Stellar (XLM)

In a move that has left many crypto enthusiasts scratching their heads, the cryptocurrency exchange of Coinbase has announced that it was exploring listing another set of cryptocurrencies. This new list was announced before completion of the previous list of 5 digital assets. That list still had 2 digital assets yet to be listed on Coinbase: Cardano (ADA) and Stellar (XLM).

The exchange made the announcement via twitter as follows:

Coinbase is exploring the addition of 30+ new digital assets. It’s our goal to offer support for all assets that meet our standards and are compliant with local law.

A Total of 31 Digital Assets

Coinbase went on to announce via Medium.com that it was exploring the following new list of 31 digital assets.

Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL).

The Observation that Coinbase Likes to List ERC20 Tokens First

In the previous list of 5 digital assets that Coinbase was exploring, it was noted that the exchange listed the ERC20 tokens of Ox (ZRX) and Basic Attention Token (BAT) first. This is in line with a March 2018 announcement by the exchange that it was supporting the Ethereum ERC20 technical standard. From a software integration point of view, Coinbase will have an easier time listing ERC20 tokens than listing Cardano (ADA), Stellar (XLM), XRP and any other coin with a different protocol.

25 Tokens In the New List

Out of the 31 digital assets mentioned by Coinbase, 6 are coins on their own networks. They include ADA, EOS, NEO, XLM, XRP and Tezos (XTZ).

This means that the other 25 are tokens that could be listed before the 6 aforementioned coins.

We can also assume that the exchange might choose to list Dai (DAI) next since it is a stablecoin. The past few months of market volatility has created a need for stablecoins for traders to hedge with during times of market turmoil.

The ‘Anomaly’ That was ZCash (ZEC)

The listing of ZEC by Coinbase a few days back caught many traders off guard. No one expected ZEC to be listed before ADA and XLM. This then led us to explore two speculative reasons as to why this was so.

Firstly, we put forth the idea that Coinbase wants to compete with the Gemini exchange by the Winklevoss Twins that already has ZEC. Secondly, we put forth the idea that ZEC was listed due to demand by institutional clients. Coinbase did a similar thing when they opened an OTC trading desk after requests from institutional investors.

The Silver Lining

However, in our attempt to explain how and when Coinbase will list XLM, XRP or ADA, we have missed the obvious: that the future holds the possibility of more digital assets being listed on the platform.

What are your thoughts on Coinbase announcing a new list of 31 digital assets before completing the earlier list of 5 that included ADA and XLM? Please let us know in the comment section below.

[Image courtesy of Shutterstock]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Why We Might Wait a While for Coinbase to List Cardano (ADA), XRP and Stellar (XLM) appeared first on Ethereum World News.

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OmiseGO (OMG) Coin Story, Vision and Latest to Stay Updated

One of the best recoveries in price the last days is OmiseGO’s OMG against the US Dollar as its trading pattern was performing even lower than the leading coins when the bears had their saying. Per time of writing: 3.87% gain in the lat 24-hours reaching $4.86.

OmiseGo OMG

Facilitated on the Ethereum blockchain, OmiseGO is a decentralized way of transferring and exchanging money or any token value.That with no virtual geographical boundaries. Being advised by the man behind the giant Ethereum Vitalik Buterin and the co-founder dr. Gavin Wood and author of Plasma and Lightning Network – Joseph Poon, make the work of the team more hyped about and very promising.

It is like a digital wallet you keep with yourself being stored on your phone and accessible as easy as any social network application you use. Requiring only internet it could be a solution for many that do and do not use a bank for their money transferring. Keeping in mind that in many parts of the world registering for a bank account is almost impossible, as OmiseGO team calls them the unbanked, OMG could possibly save time, energy and money while being very low in fees.

“Look at financial systems today. Look at banks. There are barriers to entry, to just getting an account…. Our view… is that having the ability to transact money easily should be seen as a human right.” – Vansa Chatikavanij, OmiseGO’s managing director

The technology behind OmiseGO makes it a platform supporting multiple applications like white-label software development kit (SDK), digital asset gateway, decentralized exchange and clearinghouse.

Latest

Stanford University computer scientists, the Ethereum Foundation, Protocol Labs, the Interchain Foundation, OmiseGO, DFINITY Stiftung and PolyChain Capital, have unveiled the Center for Blockchain Research, an ingenuity fashioned to enhancing blockchain technology research in a bid to fortify the mode of financial dealings over the internet.

A release by Stanford University indicated that the research center is led by Dan Boneh, a Professor of Computer science in the School of Engineering and an expert on cryptography and computer security, and David Mazières, who is also a Professor of Computer science.

OmiseGO’s team is preparing to commence its own network called Tesuji Plasma which is being tested right now. GitHub’s repository made it available for download to interested crypto enthusiasts. However, the incomplete nature of this milestone limits the users from applications in the real world as of now.

The idea on which the team is working hard is that the new network will handle and support the management of coins in general making sure that the OMG tokens and deposits are transfers/made safely and with no issues.

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Google Releases Tools For Ethereum Blockchain Analysis

Internet giant Google has expanded its big data analytics with the inclusion of tools to explore the Ethereum blockchain.

Just a few months after releasing Bitcoin support for its BigQuery database tool, Google has announced a new plugin for analyzing the Ethereum platform. In a blog post last week the tech giant stated;

“Ethereum and other cryptocurrencies have captured the imagination of technologists, financiers, and economists. Digital currencies are only one application of the underlying blockchain technology. Earlier this year, we made the Bitcoin dataset publicly available for analysis in Google BigQuery. Today we’re making the Ethereum dataset available.”

The post elaborates to explain the primary differences between the Ethereum blockchain and Bitcoin’s. These include a token based smart contract principle, precise and direct Ether value transfer resembling accounting ledger debits and credits, and the virtual machine that can execute arbitrary code. It added that Ethereum blockchain data was now available for viewing with BitQuery, Google’s web service that enables interactive analysis of massively large datasets working in conjunction with Google Storage.

Chrome users are now capable of accessing and reading all of the data stored on Ethereum’s blockchain. Google elaborated on the development stating;

“A visualization like this (and the underpinning database query) is useful for making business decisions, such as prioritizing improvements to the Ethereum architecture itself (is the system running close to capacity and due for an upgrade?) to balance sheet adjustments (how quickly can a wallet be rebalanced?).”

A software system has been built on Google Cloud that ‘synchronizes the Ethereum blockchain to computers running Parity in Google Cloud, performs a daily extraction of data from the Ethereum blockchain ledger, including the results of smart contract transactions, such as token transfers, and de-normalizes and stores date-partitioned data to BigQuery for easy and cost-effective exploration.’

Google then demonstrated a few examples of how this data could be put to use. The first of which was a list of the most popular smart contracts by transaction count. The most popular ERC721 (collectible) smart contract by transaction count is the main contract for Cryptokitties unsurprisingly. This data can then be probed deeper to find out more information on the evolution of these digital moggies in the form of some fancy charts.

Another example was a look at the top ten most popular ERC20 contracts and some statistics from number five, OmiseGO, with evidence of airdrops showing a high number of OMG receivers but no increase in senders.

Girl in a jacket

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Ethereum (ETH) Price Analysis: On the Lookout for a Breakout

Ethereum is consolidating in a symmetrical triangle and might be to break out soon.

After the strong moves in the previous month, Ethereum is now consolidating inside a symmetrical triangle pattern as bulls and bears wait for catalysts. Price is approaching the peak of the formation so a breakout might be due soon.

The 100 SMA is above the longer-term 200 SMA to hint that the path of least resistance is to the upside. In other words, an upside break might be more likely to happen than a downside break. The chart pattern is around $80 tall so the resulting move could be of the same size.

RSI appears to be slowly making its way down, indicating that sellers have the upper hand. This could lead to a break below the $290 triangle bottom, which is also around the 200 SMA dynamic inflection point. Stochastic was on its way up to show the presence of buying pressure but seems to be turning down also.

Ethereum has been struggling to hold its ground since breaking below the $300 key psychological level. Buyers would need to be strong enough to push price past this level to draw more bullish energy and sustain any rallies.

The recent drop is being pinned on the cashing of ICOs as most tokens chalk up consecutive declines. And since ERC-20 tokens were mostly used for the creation of ICOs for funding purposes, the profit-taking activity has consequently led to selling of Ethereum.

A pickup in cryptocurrency prices could then be needed to restore demand for Ethereum, as well as improvement in risk taking. Traders are keeping tabs on Turkey and potential contagion, as this might also lift demand for alternative assets like digital currencies. This has been the case when capital controls were imposed on Greece a few years back as people looked for a better store of value or medium of exchange than a rapidly dropping currency.

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Artist Ai Weiwei Uses Ethereum to Make Art About 'Value'

Chinese artist and activist Ai Weiwei has partnered on a new art project that utilizes a pair of newly-minted ethereum-based tokens.

Motherboard reported Friday that Ai – well-known for his criticism of China’s Communist government as well as his art installations and photos – is working with Irish conceptual artist Kevin Abosch.

Together, Ai and Abosch have created two new tokens, freely distributable, in an effort to (as they describe it) illustrate how worth is perceived and imbued within modern society. And it’s an area that Abosch has already been working in – bridging the worlds of art and cryptocurrency through his work – as the New York Times previously reported.

The project, dubbed PRICELESS (ticker symbol: PRCLS), involves twin tokens, one of which is made publicly available to the extent that, in theory, every person on the planet could own a fraction. The other token, according to Motherboard, is locked away and inaccessible to anyone.

“It’s not about a potential for creating art, but, rather, to question the existing system and the potential to create a new system outside of the established one,” Ai told Motherboard.

As Abosch said to the publication:

“From the moment we’re born, people try to ascribe value to us — ‘Oh, that boy is so full of potential, or oh, that girl is worthless’ — it’s something society does to us and it’s something we do to ourselves … Our project is just another thing to engage people in the hope that they will spend a little bit more time reflecting on the perversity of how most of us ascribe value to things.”

Wallet addresses holding nominal amounts of the PRCLS token have already been printed on paper and sold to buyers, with each wallet address representing different “priceless moments” shared between Ai and Abosch, illustrating how the token can represent value.

Ai revealed in an interview with Motherboard that, for him, blockchain represents “an opportunity to set up a new system that could dismantle the old system, or at least offer a new possibility for communication.”

Ai Weiwei image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Prime Trust Enters Crypto Custody Race, Will Hold 'Any' Ethereum Token

Prime Trust, a small U.S. financial institution that’s played a behind-the-scenes role in several dollar-backed cryptocurrencies, is entering the hotly competitive crypto custody business.

Revealed exclusively to CoinDesk, the Nevada trust company quietly began offering cold storage for bitcoin in mid-July, and will announce next week that it can also handle custody for ether and any token issued on the ethereum blockchain under the ERC-20 standard. 

Such services are in demand among institutional investors, who despite the bear market find crypto’s returns alluring, but don’t want the bother of protecting the private keys to a digital wallet and/or are required by law to use a qualified custodian. In cold storage, these cryptographic keys, which are like a long password and can be used to drain the money from a wallet, are kept offline, on a hardware device or a piece of paper that’s typically locked away in a safe. 

However, several big names in financial services are entering this niche as well, with Northern Trust, Goldman Sachs and Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, all looking to offer institutional-friendly solutions. Crypto startups like Coinbase, BitGo and Ledger have also been courting this market.

But Prime Trust says that as a startup launched two years ago with all-new technology, it can outmaneuver the big boys. Referring to Northern Trust’s testing period and the uncertainty over when Goldman will come out of the bushes with a custody product, Scott Purcell, Prime Trust’s CEO, told CoinDesk,

“They are trillion-dollar Fortune 100 entities, and they are just not going to move that fast.”

Back-office breakthrough

Previously, Prime Trust was known in the crypto space for its back-office role in the so-called stablecoin announced last month by IBM and startup Stronghold. The token, issued on the Stellar blockchain, is backed one-for-one with U.S. dollars that Prime Trust deposits at federally insured banks where it has relationships. Purcell said it’s also providing this service to 10 similar projects.

He claimed his company will be the first to offer custody for any ERC-20 tokens, which he described as no small feat.

Purcell said his team solved a “massive technical problem” after partner company Polymath hosted a conference in Barbados. There, his engineers were able to spend quality time with some of the authors of the ERC-20 standard, which allows the creation of different tokens representing various kinds of assets on the same blockchain.

“We had had an engineering breakthrough which now enables us to easily cold-storage any ERC-20 token (along with BTC and ETH, of course),” said Purcell.

Doing so is “great in theory, impossible in practice due to various tweaks/nuances in each different token. That’s why nobody does this – nobody until now.”

Racetrack image via Shutterstock.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Markets Tech Firm to Launch Crypto Derivatives Exchange

Interactive financial markets technology platform LevelTradingField is launching a cryptocurrency derivatives exchange using the ethereum blockchain.

Dubbed CADE, the exchange is set to go live this September. It will list ERC-20 tokens which track bitcoin, ether, litecoin, bitcoin cash, ripple and monero, with more to be considered on a rolling basis, according to a press release published Friday.

These tokens will allow traders to reap the economic benefits of investment in crypto without actually owning any of the digital goods.

All derivative tokens on CADE are to be priced in LUSD, a stablecoin pegged to the U.S. dollar and guaranteed for by the company.

The press release notes that this type exchange could be used in a variety of beneficial ways, not just for cryptocurrency traders, also but miners and long-term investors.

On the other hand, the release also notes that CADE will only accept participants who have successfully passed through a “robust compliance framework” in order to ensure that know-your-customer and anti-money-laundering standards are upheld.

Last year the company launched a Bitcoin Market Predictor attracting participants to bet on the future price movements of bitcoin in a game of skill akin to fantasy sports betting. More recently, LevelTradingField also announced a new partnership with global connectivity provider, NetXpress, to feature a cryptocurrency feed for users consolidating data from major cryptocurrency exchanges.

Exchange display image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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92.4 Billion ERC20 tokens Burnt By the Tron (TRX) Foundation. Is it time to accept TRX is a coin?

The Tron (TRX) Foundation had initially issued 100 Billion TRX tokens during the ICO phase of the project. These tokens were offered via the popular ERC20 protocol on the Ethereum platform. Following the launch of the Tron Mainnet on the 31st of May and the launch of the Genesis Block on the 25th of June, the Tron Foundation has been dedicated towards total token migration to the new Tron Mainnet.

The Project had enlisted the help of approximately 52 cryptocurrency exchanges. Of these 52, approximately 20 have completed the process of token migration and users of these platforms can now withdraw as well as deposit their new TRX digital assets.

The 20 exchanges include: Binance, Bitfinex, Bitforex, Bitpie, Bittrex, Bit-Z, Bjex, Cobo, CoinEgg, Coinfalcon, Coinnest, Cryptopia, Gate.io, Hitbtc, Huobi, Liqui, Max Exchange, OKEx, Tokenomy and Upbit.

This is where the Tron Foundation is sourcing the old ERC20 tokens that they have burnt in three batches that can also be tracked via Etherescan. The total number of tokens burnt currently stands at 92,424,664,154.355837 TRX tokens. This accounts for 92.42% of the aforementioned 100 Billion that were initially issued.

It is therefore with this figures of 92.42% of the original ERC20 TRX tokens burnt, that it is safe to conclude that TRX is no longer a token, but rather a coin on its own Mainnet Blockchain of Tron. TRX no longer functions on the Ethereum platform. The Tron Foundation already declared independence from the Ethereum platform with the launch of the Genesis block on the 25th of June. TRX is officially a coin.

Further evidence of this can be seen on coinmarketcap.com when you select to view only coins on the online price tracking platform.

TRX is officially a coin on coinmarketcap.com

Current market analysis indicate that the new Tron (TRX) coin is currently trading at $0.0368 and up 1.95% in the last 24 hours. The current Bitcoin (BTC) rally has helped pump some much needed volume in the crypto markets. The total capitalization of the crypto markets stands at $271.25 Billion which is $21.25 Billion higher than it was on Sunday, July 15th.

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Here Is How Tron (TRX) Adoption Is Already Underway

Many crypto-enthusiasts know that crypto adoption begins with you and I: the user. If the community that supports a certain crypto or a project does not use the digital asset for transactions, then the coin/token and project have no purpose in this crypto-verse. It is therefore not surprising that Tron (TRX) fans and believers are the first to let the community know that TRX transactions on the new Mainnet, are one of the fastest and cheapest (outside of XRP).

In a Tweet that was retweeted by Justin Sun, Twitter user @Kev_TRX_4_Life was quick to showcase his experience with TRX withdrawals from Binance complete with transaction speeds and cost. In the tweet, he states the following.

#trx – transfer speed.

Sending #trx from @binance to my tron wallet (after confirming my email) – about 3 1/2 mins

Cost: 1

trx Sending #trx from tron wallet back to @Binance – just under 2 mins!!!

Cost: 0.1 trx

That is uhmmm… FAST!!!!!! And CHEAP!!!

Buh bye #ethereum!

Similar sentiments were echoed by TRX fans who replied to the tweet. Some were quick to remind us of the promised transactional coin-burn.

Looking back at some of the qualities of the Tron MainNet, we find out that the said coin burn will be worth 0.1 TRX when creating a new account on the platform through DApps and 0.001 TRX for each transfer of funds. This then means that the more TRX holders and fans use the digital asset, the more transactional coin- burns will occur. Doing the math, this means that with time and as the Tron platform becomes more popular to DApp developers, we will see a reduction of the circulating supply of TRX as users keep transacting on the platform. Also to note, is that the Tron Foundation has locked up 33.25 Billion TRX till January 2020, further guaranteeing the circulating supply.

It is only natural that the price of TRX will gradually rise in the coming months.

In conclusion, the above example of a TRX user expressing his excitement while transacting on the new TRON Mainnet is not only a sign of TRX adoption, but of the general progress of cryptocurrencies as accepted mediums of exchange. We have been advised that total global crypto adoption might take up-to 10 years. But this is a short time period if you believe in the crypto-verse.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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The Augur (REP) Prediction Platform Is Finally Live after 2 Years

The Augur Prediction platform is finally live after 2 years in development. The Beta version of the platform has been available for almost a year now. Augur was initially built on the Ethereum platform and its ICO managed to raise $5 Million back in 2015 when crypto and ICOs were not as common as they are right now.

The new Augur Prediction protocol is still on the Ethereum platform but on a new smart contract different from the previous one. The announcement of the release was made by the team at Augur via medium.com and they had this to say about the launch:

The REP migration has been successfully completed. New production REP has been minted to all 56,338 unique accounts that held REP at the time of 11:01AM PT on July 9th, 2018.

The team at Augur also provided the transaction that froze the old REP contract indefinitely. The transaction can be found on Etherscan.

Binance, has also announced that they have finished deploying the updated smart contract address on the Ethereum Mainnet. The team at Binance has also notified its users that it has resumed deposits and withdrawal of the REP token on the exchange.

However, the market response to the release of the final version of the platform cannot be gauged with the entire crypto market in the red. The total market capitalization has dropped from $273 Billion to current levels of $254 Billion. BTC has also dropped 6% in the last 24 hours and is currently trading at $6,400. REP has consequently been affected by the market decline and is currently trading at $31.45 and down 8% in the last 24 hours.

What exactly is Augur?

Augur is an open-source platform available on Github that allows users to create and make bets on anything from elections, sports, even weather. What distinguishes Augur from the traditional betting markets is that no single entity controls the bets. The project’s whitepaper states that any user can create a market about any event and any user can participate in any open market on the platform.

A community member has already created a website called Prediction.Global which allows users to view the current markets on the Augur platform.

The 2 year delay has allowed the team at Augur to test their code to avoid any issues. There is also a bug bounty program worth $200,000 for any critical bugs that any developer finds on its platform.

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