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Periphery Exchanges Have More ERC20 Token Balances

ERC20

Messari, a crypto analytics firm, recently announced one of its
newest products, “Real 10 Volumes”, an index for 10 digital money
exchanges. As a result, it will now limit all of its default calculations on
volume to the numbers given by these trusted exchanges.  These select few include Binance, BitFlyer, BitFinex,
Bitstamp, Coinbase Pro, Bittrex, ItBit, Gemini, Poloniex and Kraken.

In their explanations, Messari
defends its position on the “Real 10” on reports of the exchange’s
“significant and legitimate trading
volumes via their APIs.”
The firm, however, is in the next few months
open to adding more exchanges who have clean book data.

Uneconomic
Trade Volumes in Exchanges

Earlier this year, Bitwise, in their research findings
concluded that at least 95 percent of the volume on most unregulated crypto
exchanges was ‘non-economic.’ They went on to state that “under the hood the
exchanges that report the highest volumes are unrecognizable. The vast majority
of this reported volume is fake and/or non-
economic wash trading,”

As expected, a lot of new crypto
trade platforms have emerged not only to meet the need but to profit from the
expansion currently going on in the digital currency market. It has become
apparent however that some of these newcomers are according to their trading
volume figures, doing way better than the established and community trusted
exchanges. Lbank, CoinBene, BitMax, ZB.com have all reported higher trading
volumes than Binance, BitFinex or Kraken. Such statistics have raised a lot of
eyebrows especially after the Bitwise Asset Management report on the high
levels cooked data prevalent in the crypto market.

This data has further been
reinforced by The Tie, that has asserted that at
least 90 percent of crypto exchanges do report incorrect data. The team behind the
crypto trading platform went on adding:

“If each exchange averaged the volume per visit of CoinBase Pro, Gemini, Poloniex, Binance, and Kraken, we would expect the real trading volume among the largest 100 exchanges to equal $2.1 (billion) per day. Currently, that number is being reported as $15.9 (billion).”

Why
Not Use Blockchain Data?

The beauty of cryptocurrencies
and their data is that it runs on blockchain, the epitome of financial
transactions transparency. ViewBase took advantage of this strength and analyzed Ethereum
wallets on exchanges. They hoped to find reasonable balances proportional to an
exchange’s trading volumes. They like the above two reports found glaring
disparities.

As per their data, the larger
and older exchanges were definitely still on the lead. However, newer
exchanges like KuCoin and Huobi had more ERC20 coin balances
possibly
because they are well known as altcoins exchanges. All things considered, the
top exchanges in trade volumes were Binance, Kraken, Huobi, Bittrex, FCoin, BitFinex,
Kucoin and Poloniex.

While wash trading is a
significant factor when it comes to misleading volume data, algorithmic trading
bots could also cause a misreporting. Thanks to rising fraud it is also
possible that investors no longer want to store funds in an exchange’s
wallet.  Alternatively, high volume data
may be brought on by an exchange’s bid to raise the volume. BitForex, for
instance, practices ‘transaction mining’ that not only gives them better
returns but also ends up pumping their volumes.

However, at the end of the day, false data reporting puts
traders, especially those who move large volumes at high risk. As Changpeng
Zhao CEO Binance said, an exchange will”get new users….BUT at the expense of DESTROYING
CREDIBILITY with pro users.”

History, however, has shown that exchanges that heavily rely on old fashioned credibility and trust will crumble under the deception and secrecy prevalent in the crypto-sphere. Blockchains, however, are inherently transparent through the ability for investors to understand and analyze their data could be a hindrance to the data’s use.  Exchanges, though, should endeavor to report blockchain backed data to ensure healthy trade practices.

The post Periphery Exchanges Have More ERC20 Token Balances appeared first on Ethereum World News.

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Neo 3.0 to Launch on New Blockchain Network, Users Will Need to Swap Tokens

The new mainnet for Neo 3.0 is scheduled to launch in the middle of next year, and a testnet is set to go live in June.

Neo 3.0 is going to be launched as a new blockchain network and users will need to swap their existing tokens for new ones, according to an official announcement shared with Cointelegraph on April 29.

The Chinese platform’s co-founder and core developer Erik Zhang has said the new chain, which is coming from a new genesis block, is necessary because several architectural improvements to Neo’s performance and stability are not compatible with its current blockchain.

According to the platform, all data and transaction records will migrate to Neo 3.0, and concurrent development branches will be in place before the mainnet’s launch. Neo added that plans are in place for the transition for decentralized apps (DApps), and developers should be able to continue building Dapps because most new features are backwards compatible.

Zhang said the upgrade will increase Neo’s speed and stability by orders of magnitude and make it suitable for large-scale commercial use. The new chain is scheduled to be completed by the second quarter of 2020 and a testnet is due to launch by June, with new features deployed for testing as they are completed. He added:

“When we talk about Neo 3.0 being ready for large-scale commercial use, we mean it provides the possibility to run large-scale applications with blockchain technology. In the future, we’d like to see applications such as YouTube, Alipay, and gaming giants like Tencent and Blizzard run on blockchain, and Neo 3.0 will allow these big organizations to do that.”

In February, Cointelegraph reported that Neo was opening a new office in Seattle, with former Microsoft executive John deVadoss at the helm.

On April 18, Binance launched its mainnet Binance Chain. Work is now under way to convert binance coin (BNB) from the old ether-compatible ERC-20 technical standard to a native BEP-2 Binance Chain standard.

Decentralized social media platform Mithril (MITH) was reportedly the first to adopt the Binance Chain, with MITH token migrating from ERC-20 to BEP2.

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Charles Hoskinson-Backed Prediction Service Launches, Offers ERC-20 Token Price Insights

Endor’s new protocol leverages artificial intelligence and targets ERC-20 tokens as one of its use cases.

Predictive analytics firm Endor has launched a blockchain-powered tool allowing businesses and cryptocurrency holders to ask and answer questions based on big data. The company confirmed the launch in a press release provided to Cointelegraph on April 4.

Endor, founded by two MIT researchers, has offered enterprise prediction solutions since 2014. Today’s announcement reports on the newly added Endor Protocol, which will leverage artificial intelligence (AI) to analyze data sets.

In addition to business strategy, the protocol will also be able to offer insights into areas such as ERC-20 token performance, executives say, including likely price and volume behavior.

The protocol has its own token, EDR, which has circulated since June 2018, several months after Endor completed its initial coin offering (ICO).

Endor’s product has the ability to analyze encrypted data without decrypting it, a feature the company says helps bolster user data security.

In February, Endor hired Ethereum (ETH) co-founder Charles Hoskinson as an advisor prior to the rollout.

“This is an important step towards democratizing access to AI and Data Science, as such advanced technologies were previously available only to large companies with deep pockets,” he said about the protocol launch.

At the end of March, fellow predictive startup Numerai announced that they raised $11 million in an ICO, which will go towards hiring engineers for their decentralized unit Erasure. Erasure will operate by enabling users to sell their predictions to any investment fund in the public network.

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BitGo Launches Custody for Blockchain Capital’s Security Token BCAP

BitGo clients will be able to hold their BCAP assets using qualified and regulated custody service BitGo Trust Company.

Blockchain security firm and wallet service BitGo has announced support for Blockchain Capital’s ERC-20 token, according to a press release shared with Cointelegraph on March 19.

Blockchain Capital’s BCAP token is a security token based on the Ethereum (ETH) blockchain that was launched in a $10 million initial coin offering (ICO) back in April 2017. BCAP represents an indirect economic interest to the limited partnership interest in the tokenized investment fund, and is the world’s first security token that was sold in an ICO.

According to the recent BitGo announcement, BitGo users will now be able to hold their BCAP assets using BitGo Trust Company, a qualified and regulated custodian that provides compliant custody for security tokens. As a part of the announcement, BitGo has also introduced its multi-signature wallet security.

Ben Chan, BitGo’s chief technology officer, said that qualified custodial services that are compliant with securities regulations are critical for users of the platform.

Recently, Estonian Nasdaq-powered digital trading platform DX.Exchange announced the launch of its own security token trading and security token offering (STOs) listings. The platform reportedly allows investors to buy security tokens using both fiat and crypto such as Bitcoin (BTC), Ethereum, Tether (USDT) and Ripple (XRP).

Previously, insurance giant AXA XL launched an insurance product that covers equity crowdfunding and STOs, and purportedly protects new online capital formation techniques, aiming to increase trust, confidence and security to potential investors guaranteeing that the issuer is insured.

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Crypto Exchange Huobi Adds Support for Ethereum-Based Tether

Major crypto exchange Huobi Global has launched support for the Ethereum blockchain-based version of stablecoin Tether.

Huobi Global crypto exchange has launched support for the Ethereum (ETH) blockchain-based version of USD-pegged stablecoin, Tether (USDT), according to a press release published on Feb. 27.

Starting today, Huobi will offer deposit and withdrawal services for major stablecoin Tether in both its original Bitcoin (BTC)-based Omni Layer Protocol and its more recently launched ERC-20 token form, which is built on the Ethereum blockchain.

Launched in 2014, Tether aims to allow users to trade and transact traditional fiat currencies on the blockchain. Tether has two tokens, USDT and EURT, purportedly pegged 1:1 to fiat currencies, USD and the euro, respectively.

Tether announced support of the Ethereum blockchain in January 2018, enabling users to operate USDT and EURT tokens compatible with the ERC20 standard.

According to Huobi’s press release, ERC20 Tether “has a much smoother and faster deposit/withdrawal process, […] which is an advantage for institutional traders and others who prized speed.”

The Ethereum-based token also enables interoperability within Ethereum-based protocols and decentralized applications, while also reducing transaction fees and confirmation time. According to official data from Tether’s blog, the ERC20 version of Tether operates 15-30 seconds faster than the version running on the Bitcoin-based Omni Protocol.

Huobi CEO Livio Weng said that the launch of ERC20 Tether on the platform intends to simplify the trading experience for both retail and institutional traders.

Created in 2012, the Omni Layer was formerly known as Mastercoin, a digital currency and communications protocol based on the Bitcoin blockchain.

Recently, the Enterprise Ethereum Alliance (EEA), a global blockchain community with over 500 members, announced the launch of a token task force, aiming to contribute to entreprise tokenization focusing on support for ERC20 and ERC721 tokens.

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DDEX To Fork the Ox Protocol, Remove ZRX and Name their New Protocol Hydro

After much deliberation, the team at the DDEX decentralized exchange has decided to fork the Ox protocol that is the backbone of the exchange. Tian Li, CEO of DDEX, made the announcement two days ago via a Medium post.

Mr. Li praised the efforts of the Ox team in delivering a high quality, useful code with smart contracts that DDEX has used to become one of the largest decentralized exchanges on the Ethereum network. But due to diverging future plans, the team at DDEX has decided to rewrite a major part of the codebase as part of their ‘fork’.

Tian Li went on to further explain their recent move to fork the Ox protocol and remove ZRX to create Hydro.

Although we were thrilled to see 0x tackle such a wide range of important issues, our perspective of what’s most urgent diverged. Being on the front-lines, it is painfully apparent that most DEXs today still are plagued by rudimentary problems such as order collision, front-running, and poor liquidity.

After much deliberation, we’ve decided to fork the 0x protocol.

Although we are using the term “fork” to give proper credit, we rewrote a large portion of the codebase. We plan to ship a new order schema, an engine capable of true matching, robust market orders, and a fundamentally different liquidity sharing model. The ZRX token will be removed as well, because fee-based tokens create unnecessary friction.

We are calling this new protocol Hydro, to emphasize that liquidity matters above everything else.

Do or Die for DDEX

According to DDEX’s website, the decentralized exchange is currently in the process of migrating to Hydro. In the medium post, the CEO of DDEX, acknowledged that if the new hydro protocol does not deliver, DDEX will be outclassed and quickly become irrelevant.

About the Ox Protocol

The Ox protocol facilitates the exchange of ERC20 tokens, game items and other digital assets on the Ethereum network. The protocol enables developers to focus on building while Ox handles the exchange. By sharing a standard API, relayers can aggregate liquidity pools, creating network effects around liquidity that compound as more relayers come online.

Use case of Ox include:

  • Gaming and collectibles
  • Prediction markets
  • Order Books
  • Decentralized loans
  • Stable tokens

Relayers is a name used to refer to exchanges using the protocol. This name is preferred rather than the common term of ‘exchanges’. Current relayers using the Ox protocol and their 24 hour trade volume can be found below.

  1. DDEX – $274,353 in 24 hour trade volume
  2. Radar Relay – $61,290 in 24 hour trade volume
  3.  STAR BIT – $3,704
  4. Token Jar – $307
  5. Paradex – $305
  6. The Ocean – $26

What are your thoughts on DDEX forking the Ox protocol, removing ZRX and creating Hydro? Please let us know in the comment section below. 

The post DDEX To Fork the Ox Protocol, Remove ZRX and Name their New Protocol Hydro appeared first on Ethereum World News.

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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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