On April 16 EOS price soared to a new high at $8.49 and the current market structure for the altcoin suggests there is room for further upside.
EOS initially made headlines during the ICO craze of 2018 when its parent company Block.one raised a record $4 billion in funding to create the EOSIO software and in the past three months, the altcoin has nearly tripled in value.
Data from Cointelegraph Markets and TradingView shows that since trading at a low of $2.43 on Jan. 27, the price of EOS has climbed 245% to set a multi-year high of $8.47 on April 16.
EOS/USDT 4-hour chart. Source:TradingView
Three reasons for the rally in the price of EOS since late January include the launch of the new EOS PowerUp model, the release of the new EOSIO testnet by Block.one and the announcement of a collaboration with Google Cloud to advance the integration of distributed ledger technology with cloud computing and storage.
Protocol improvements power up’ price momentum
Momentum for the EOS token began to pick up in earnest in January as approached reaching consensus on integrating the new EOS PowerUp Model which is designed to improve resource allocation.
Congratulations #EOS. Consensus has been reached and the new PowerUp model is live, improving resource allocation. Let’s continue to make EOS stronger. https://t.co/sVkcg2XsfE
— block.one (@block_one_) February 24, 2021
The PowerUp Model is the EOS network’s solution to the issue of transaction fees, which is currently one of the major issues facing the Ethereum (ETH) network.
Under the new model, users have the choice of paying a small fee to power up their account for 24 hours with CPU and NET bandwidth that can be used to fulfill transaction needs or they can deposit their unused tokens to receive a percentage of the power up fees generated by the EOS public blockchain.
As network congestion increases as global adoption rises, networks that offer acceptable solutions to high transaction costs and latency concerns are likely to attract more users looking for a smooth user experience.
New testnet ignites the rally
One of the most significant sources of momentum for EOS and its community came on April 1 when Block.one announced the release of its official EOSIO Testnet.
Ready to test your #EOSIOHackathon project? Experiment in a sandbox running the latest stable release of #EOSIO with our Testnet. #EOSIOTools https://t.co/9exrJOGtNm
— block.one (@block_one_) April 1, 2021
According to the project’s website, some of the features included in the new testnet include a multi-node distributed network, one-click blockchain account creation, an embedded EOSIO explorer and the inclusion of snapshots that enable the quick syncing of EOSIO testnet nodes to ensure high uptime.
The new testnet release is one of the most significant releases to come out of Block.one since the protocol was originally launched in 2018 and provided a boost of confidence for community members who were concerned about the January 2021 departure of Block.one chief technical officer and EOS creator Dan Larimer.
Momentum for the protocol was percolating during the month of March due to an ongoing hackathon that led up to the surprise release of the testnet on April 1 and ignited a significant price rally over the next two weeks.
Google Cloud collaboration adds rocket fuel to the rally
EOS got an added boost to price momentum on April 2 when Google Cloud posted an article discussing its collaboration with EOSIO and how it’s helping revolutionize the integration of distributed ledger technology with confidential cloud computing.
We’re helping @Block_one_ develop and operate their distributed ledger tech with the scalability and reliability of our network, innovation in Confidential Computing, and leadership in #AI / #ML and data analytics. Learn more ⬇️ https://t.co/hfJd5BbpmM
— Google Cloud (@googlecloud) April 2, 2021
Google Cloud was also one of the main partners in the aforementioned hackathon and had the goal of helping “build applications that redefine the future of blockchain and cloud-based systems” which helps to combine the transparent nature of blockchain with the speed and security offered by cloud solutions.
Having such an active relationship with a platform under the Google umbrella has given EOSIO increased validity and the filing of an EOS Grayscale trust in late January means that institutional investors now have an easier way to gain access to this growing ecosystem.
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 entire crypto market could increase in size by 50,000%, according to macro investor and Bitcoin advocate Raoul Pal.
In a new interview on the Gestalt University podcast, The Real Vision Finance founder says that the public is generally unprepared for the ways in which digital assets could transform the current financial landscape.
“There is a parallel financial universe being built in front of our eyes and people are slowly migrating across. People have no comprehension yet of how big this is. They’re still bickering over whether Bitcoin is an investment vehicle without realizing the magnitude of what is actually going on.”
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Pal remarks that as blockchain technology and the digital asset sector slowly reshape the financial system, the market is set to capture hundreds of trillions of dollars of value.
“This is a multi-quadrillion dollar world that’s being developed in terms of flow. In terms of the stock market, the bond market, the equities markets – all of these things are two, three, four hundred trillion dollar markets each…
Currently the digital asset sector is [$2.26 trillion], so what is it going to be worth? At least 100x from here still, probably 200x maybe even 500x.”
Pal predicts that the digital asset sector will offer Millennials an opportunity to access wealth building opportunities that would otherwise be out of their reach.
“You’re democratizing access to all assets which is a huge game changer. If you are a Millennial, a thirty-year-old now versus the thirty-year-old baby boomer back in 1980, the baby boomer got 7.5 Pe ratio in the equity market, 18% interest on fixed income and the cheapest property in inflation adjusted terms since the war, right… So then the same thirty-year-old now, they’ve come out in debt from university so they’re on the back foot as opposed to their parents who actually ended up in debt…
Suddenly the digital asset world walks onto the scene. Now, I’m talking about a 500x growth potentially over the next 20 or 40 years where they can participate… This is game-changing, it levels the playing field. It’s democratization on mass.”
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Pal also addresses the Bitcoin market and suggests that BTC supplies are virtually non-existent, which may cause the asset to rise further than investors expect during the current bull cycle.
“There is no [BTC] supply. The only supply actually in the market to be thruthful is a couple of big funds that rebalance at month end and quarter end because that’s what institutions do, and that’s new for the space, and basically day traders beings topped out or being cleared out of inventory. Because there’s no actual supply…
There is a risk, and I don’t know what the probability is, but it’s higher than most people expect, that we don’t stop at $200,000 at this cycle… but we actually go batshit crazy because of this and we get to half a million or maybe even a million.”
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Canada has approved three Ethereum ETFs, and the funds will start trading early next week.
The ETFs applications were filed by Purpose Investments, Evolve ETFs, and CI Global Asset Management.
Canada earlier this year approved the first Bitcoin ETFs in North America.
It took years for regulated cryptocurrency investment products to hit the mainstream. But in Canada, things are heating up fast. Fresh off the launch of three Bitcoin exchange-traded funds (ETFs) earlier this year, Canada has now approved three more funds: this time,Ethereum ETFs.
The ETFs, which will be available on Toronto’s stock exchange (TSX), will give investors exposure to the second biggest cryptocurrency by market cap, Ethereum—or Ether.
The companies behind the three separate ETFs are Evolve ETFs, Purpose Investments, and CI Global Asset Management (which is working with Galaxy Digital on its product.) Purpose and Evolve already have Bitcoin ETFs trading on the TSX.
All three Ethereum ETFs will be available next Tuesday.
ETFs are products that allow investors to buy shares that represent a certain asset—in this case, Ethereum. Investors can trade them continually throughout the day but don’t have to worry about the tricky stuff that comes with holding crypto, like storage.
A Bitcoin ETF in the US is long-awaited. There is currently along-listof high-profile companies applying to the Securities and Exchange Commission for Bitcoin ETF approval; eight firms—including Galaxy Digital—are awaiting approval.
But the SEC has repeatedly rejectedapplications from companies that want to set one up. The SEC claims that the Bitcoinmarket can still be easily manipulated, and in its rejection of a Bitcoin ETF application from Bitwise in October 2019 casted doubt that a “real” Bitcoin marketeven exists.
Regulators in Canada evidently disagree. The country is now a hotspot for cryptocurrency ETFs. Earlier this year, three Bitcoin ETFs wereapprovedin the north American country. Twobroke recordswith their trading volumes: Purpose trading $80 million in its first hour and Evolve raised $421 million in just two days.
Analysts say it’s likely the Ethereum products will also be popular.BloombergETF research analyst James Seyffart toldDecrypt: “There are a lot of people who are anti-crypto ETF but there are a lot of benefits. ETFs allow people to invest in the cryptocurrency ecosystem while staying on the financial guardrails—the traditional financial ecosystem,” he said.
“Ironically, some cryptos are trying to break that but no matter how you look at it, there are tens of trillions of dollars in these traditional financial ecosystems and if you want to get access to crypto, the easiest way to do it is invest in these funds,” said Seyffart.
“I think they will be a success because there is obviously a demand for these crypto assets within the traditional financial ecosystem and the ETF is a much more efficient structure than the Closed End funds and Trusts that currently trade in the US and Canada.”
Purpose today announced its new product in a statement. It said that it will sell three classes of shares on Toronto’s stock exchange (TSX):Canadian dollar currency hedged units (ETHH), Canadian dollar non-currency hedged units (ETHH.B), and US dollar units with ticker units (ETHH.U).
“While Bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society,” Purpose’s founder and CEO, Som Seif, said in a statement.
While head of asset management at Galaxy Digital, Steve Kurz, said: “The CI Galaxy Ethereum ETF gives investors a simplified path to benefit from the explosion of decentralized applications being built on Ethereum.”
CI and Galaxy’s stocks will be listed as ETHX.B in Canadian dollars (unhedged) and ETHX.U in US dollars.
Evolve’s ETF will trade on the TSX as ETHR. The company said that “similar to Bitcoin, investors will now be able to trade Ether as simple as buying shares through their bank or brokerage.”
We’re launching! Evolves Ether ETF will be trading Tuesday, April 20th! Stay tuned for more information and review our press release here. https://t.co/JfWLamgU9w
— Evolve ETFs (@EvolveETFs) April 16, 2021
All three claim to be the “world’s first” Ethereum ETF—but that isn’t entirely true. In Switzerland, there are two Ethereum ETFs, CoinShares Physical Ethereum and 21Shares. Both are referred to as ETPs but essentially do the same thing as the ETFs in Canada, according to analysts who spoke to Decrypt.
So, with Canada seemingly in a rush to approve crypto ETFs, will the US be next?
“I think we’re going to see a US Bitcoin ETF this year, for sure,” added Seyffart. “That’s my personal opinion and the consensus opinion right now.”
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Dogecoin’s (DOGE) massive rally to $0.45 propelled it to a market capitalization of over $54 billion to make it the fifth most valuable cryptocurrency by market cap.
This lofty market cap comes as a surprise to many since the project has no active developers and is only a meme coin, thus the current rally brings back memories of the excesses seen during the ICO boom in 2017.
Rallies like the one seen in Dogecoin indicate that several traders have entered the fray and are looking to get rich overnight. The only positive sign is that the mania has not spread to other coins. If it does, then the crypto markets are likely to witness a sharp correction in order to shake out the weak hands.
CNBC host Jim Cramer has become one of the first well-known people to reveal that he closed half of his Bitcoin (BTC) position. While Cramer’s selling is an isolated event, it does warn that not all professional investors who have recently turned Bitcoin believers are going to be long-term HODLers.
If the institutional investors rush to the exit, it could cause a huge correction in several cryptocurrencies. Traders should be mindful of irrational exuberance and avoid being sucked into FOMO-driven trades as it’s better to stick to a trading plan and think long-term rather than dream of overnight riches.
Let’s study the charts of the top-10 cryptocurrencies to identify the critical support levels and outline various bullish and bearish scenarios.
BTC/USDT
The bulls could not capitalize and build upon the breakout of the overhead resistance zone at $60,000 to $61,825.84 on April 13. Bitcoin price turned down on April 14 after hitting an all-time high at $64,849.27 and the bulls are currently attempting to flip the $60,000 level to support.
BTC/USDT daily chart. Source:TradingView
If they manage to do that, the BTC/USDT pair may make one more attempt to resume the uptrend. A breakout of $64,849.27, could start the next leg of the uptrend that could reach $69,540 and then $79,566.
However, the negative divergence on the relative strength index (RSI) is warning of a possible correction. Interestingly, the price reversed direction when the RSI had reached close to the downtrend line.
If the price dips below the 20-day exponential moving average ($59,427), it will be the first sign that buyers may be losing their grip. The break below the 50-day simple moving average ($55,814) will further cement the view that a deeper correction is likely.
The bulls may attempt to arrest the decline near $50,460.02 but if this level cracks, the pair could drop to the critical support at $43,006.77.
ETH/USDT
Ether (ETH) extended its uptrend and hit an all-time high at $2,545.80 today. Profit-booking by traders pulled the price down to $2,300 but the long tail on the day’s candlestick suggests that bulls continue to buy on dips.
ETH/USDT daily chart. Source:TradingView
If the price recovers and the bulls push the price above $2,545.8, the ETH/USDT pair could start the next leg of the uptrend. The next target objective on the upside is $2,745 and then the psychological level at $3,000.
The upsloping 20-day EMA ($2,131) and the RSI near the overbought territory suggest the path of least resistance is to the upside. This bullish view will be invalidated if the price turns down and breaks below the 20-day EMA. Such a move could pull the price down to $1,925.10.
BNB/USDT
Binance Coin (BNB) formed a Doji candlestick pattern on April 14 and that was followed by an inside day candlestick pattern on April 15. Both these setups indicate indecision among the bulls and the bears. This uncertainty resolved to the downside today.
BNB/USDT daily chart. Source:TradingView
However, a minor positive is that the bulls are defending the 38.2% Fibonacci retracement level at $483.95, as seen from the long tail on the day’s candlestick. The bulls will now try to push the BNB/USDT pair above the all-time high at $638.56 and resume the uptrend.
Conversely, a break below $483.95 could pull the price down to the 20-day EMA ($437). A break below this support will suggest that the traders are rushing to the exit and that could result in a drop to the breakout level at $348.69.
XRP/USDT
XRP is currently correcting the sharp rally. The bulls are attempting to defend the first support at the 38.2% Fibonacci retracement level at $1.48, as seen from the long tail on the day’s candlestick.
XRP/USDT daily chart. Source:TradingView
The XRP/USDT pair may now consolidate between $1.48 and $1.96 for a few days before starting the next trending move.
A break above $1.96 could start the next leg of the uptrend that could reach $2.54. The rising moving averages and the RSI in the overbought zone suggest the bulls have the upper hand.
Contrary to this positive assumption, if the bears sink the price below the $1.48 support, the pair could drop to the 20-day EMA ($1.18). Such a move will suggest the bullish momentum has weakened and that could delay the next leg of the uptrend.
DOGE/USDT
Dogecoin’s momentum has been picking up since the past three days and that has resulted in the massive pump today. This shows that more and more traders are getting sucked into the trade due to FOMO.
DOGE/USDT daily chart. Source:TradingView
Usually, such buying frenzies end in a major top formation. After the last bull has purchased, the price reverses direction and the waterfall decline starts. It is difficult to predict a top during such a frenzy but the psychological $0.50 level may act as a hurdle.
The decline after the DOGE/USDT pair tops out is likely to be vicious. The usual 38.2% Fibonacci retracement level may not hold and the pair is likely to drop to the 61.8% Fibonacci retracement level at $0.20.
Traders should control the urge to get into such trades even at the risk of missing out on some profits.
ADA/USDT
Cardano (ADA) has been facing a tough battle between the bull and the bears near $1.48 for the past two days. Although the bulls managed to push the price above $1.48 today, the bears have been quick to pull the price back below the level.
ADA/USDT daily chart. Source:TradingView
After the third unsuccessful attempt to sustain the price above $1.48, the bulls seem to have dumped their positions today, resulting in the formation of an outside day candlestick pattern.
However, the long tail on today’s candlestick suggests the bulls bought the dips to the 20-day EMA ($1.28) aggressively. The bulls may now make one more attempt to drive the price above the $1.48 to $1.55 resistance zone.
If they manage to do that, the ADA/USDT pair could resume the uptrend and start the journey toward $2. Conversely, a break below the moving averages could offer the bears an opportunity to sink the price to $1.03.
DOT/USDT
The bulls pushed Polkadot (DOT) above the $42.28 level on April 13 but could not challenge the all-time high at $46.80. This shows a lack of demand at higher levels. The altcoin has dropped below $42.28 today and the bears will now try to sink the price below the 20-day EMA ($40).
DOT/USDT daily chart. Source:TradingView
If they succeed, the selling could pick up further as the bulls may rush to cover their positions. Such a move could sink the DOT/USDT pair to $32.50 and then to the critical support at $26.50.
Contrary to this assumption, if the price again rebounds off the 20-day EMA, it will suggest that bulls have not given up. They will make one more attempt to thrust the price above the $46.80 resistance and resume the uptrend.
LTC/USDT
Litecoin (LTC) is in a strong uptrend. The bears had tried to start a correction today but the bulls purchased the dips aggressively as seen from the long tail on the day’s candlestick. The reversal may have caught several aggressive bears on the wrong foot, which could be the reason for the pick-up in momentum.
LTC/USDT daily chart. Source:TradingView
The LTC/USDT pair has broken out of the target objective at $307.42, clearing the path for a rally to $374. However, the RSI above 76 signals caution because, in the past, the pair has repeatedly entered a correction when the RSI level reaches close to 80.
The critical support to watch on the downside is the 20-day EMA ($241). A break below this support will be the first sign that the bulls are tiring and a deeper correction is likely.
UNI/USDT
Uniswap (UNI) broke out to a new all-time high on April 15 but the bulls are struggling to sustain the higher levels. When the price fails to follow up higher after breaking out of a significant resistance, it indicates exhaustion.
UNI/USDT daily chart. Source:TradingView
However, the long tail on the day’s candlestick suggests the bulls continue to buy on dips. If the buyers can propel the price above the all-time high at $39.60, the UNI/USDT pair could rally to $43.43 and then $50.
On the other hand, if the price again turns down and breaks below the 20-day EMA ($32), several aggressive bulls who had purchased the breakout of $35.20 may bail out of their positions. The long liquidation could pull the price down to $27.97.
LINK/USDT
Chainlink (LINK) surged above the $36.93 overhead resistance on April 14, signaling the resumption of the uptrend. The altcoin hit an all-time high at $44.33 where profit-booking set in.
LINK/USDT daily chart. Source:TradingView
However, the long tail on the day’s candlestick suggests that the bulls aggressively purchased the dip to $38.52 today. This indicates that the sentiment remains positive and the bulls are buying at lower levels.
The buyers will now try to resume the uptrend by pushing the price above $44.33. If they succeed, the LINK/USDT pair could rally to $50.
Contrary to this assumption, if the price again turns down and breaks below the $36.93 support, the pair could drop to the 20-day EMA ($34). If this support cracks, the decline could extend to the 50-day SMA ($30).
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
The Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen seem to have taken a weird turn. According to the former federal prosecutor and defense lawyer James Filan, the Commission could have allegedly bypass certain rules to its benefit.
#XRPCommunity #XRP #SEC v. #Ripple @sentosumosaba BREAKING: DISCOVERY DISPUTE REGARDING #SEC CONTACTING FOREIGN REGULATORS AND SEEKING DISCOVERY OUTSIDE RULES OF FEDERAL PROCEDURE AND HAGUE CONVENTION. LETTER MOTION ATTACHED.https://t.co/53ytaZCjTi
— James K. Filan (@FilanLaw) April 16, 2021
The SEC apparently is “pursuing discovery” from the United Kingdom Financial Conduct Authority (FCA) on Ripple. This method is called Memoranda of Understanding (“MOU”) and, according to a document file with the Southern District of New York and Magistrate Judge Sarah Netburn, violates the Hague Convention.
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The document was introduced by Ripple Labs legal representation and claims the SEC has at least 11 MOU demanding documents from “overseas entities”. The document claims “many” of these entities are the payments company business partners” and about 10 international regulators.
The defense qualifies the process as “improper” and part of an “intimidation tactic” to allegedly reduce Ripple’s capacity to conduct business outside of the U.S. The document said:
Not only is the use of pre-litigation investigative tools prejudicial to Defendants and the recipients of such requests, as described below, it also prevents this Court from exercising its lawful discretion regarding the scope of permissible foreign discover.
Behind the judge’s back, the SEC violated U.S. civil court rules by issuing multiple “MOUs” to obligate foreign govts to obtain files from @Ripple’s foreign business partners. They got caught.
Read the full letter to Judge Netburn here 👇https://t.co/9P7wIMfTr8
— CryptoLaw (@CryptoLawUS) April 16, 2021
SEC “unjust” advantage in XRP case?
Commenting on the discovery, lawyer Jeremy Hogan said the SEC is placing indirect “regulatory pressure” on Ripple and its partners. Since the Commission is the only party capable of employing said tactic Hogan said:
This is NOT something a “typical” Plaintiff could do and it’s not fair, so Ripple is calling dirty-poker (…). (former prosecutor), this is typical government prosecutorial pressure-litigation, applying pressure not only to you but your business friends as well.
General Counsel for Gala Games Jesse Hynes also gave his opinion and claim it was an “insane” move by the regulator. Hynes highlighted the importance and implication this lawsuit could have for the crypto industry and said:
Shame on the SEC! On the bright side, the SEC is basically admitting that this is a matter of great political and worldwide significance. Can’t wait for that Summary Judgment motion with a major questions doctrine argument.
XRP is trading at $1,64 with an 8.9% correction after an impressive rally in the past days. On the weekly and monthly chart, XRP sits at 55.9% and 255.2% profits.
XRP with moderate losses in the 24-hour chart. Source: XRPUSDT Tradingview
In this episode of “The Van Wirdum Sjorsnado,” hosts Aaron van Wirdum and Sjors Provoost discussed SIGHASH_ANYPREVOUT, a proposed new sighash flag that would enable a cleaner version of the Lightning Network and other Layer 2 protocols.
Sighash flags are included in Bitcoin transactions to indicate which part of the transaction is signed by the required private keys, exactly. This can be (almost) the entire transaction, or specific parts of it. Signing only specific parts allows for some flexibility to adjust the transaction even after it is signed, which can sometimes be useful.
Van Wirdum and Provoost explained that SIGHASH_ANYPREVOUT is a new type of sighash flag, which would sign most of the transaction, but not the inputs. This means that the inputs could be swapped, as long as the new inputs would still be compatible with the signature.
SIGHASH_ANYPREVOUT would be especially useful in the context of Eltoo, a proposed Layer 2 protocol that would enable a new version of the Lightning Network. In place of how Lightning users currently need to store old channel data for security reasons, and could also be punished severely if they accidentally broadcast some of this data at the wrong time, van Wirdum and Provoost explained how SIGHASH_ANYPREVOUT would do away with this requirement.
Cardano leader Charles Hoskinson has warned that Dogecoin’s recent market rally could have a negative outcome.
He suggests that the Dogecoin bubble could attract attention from lawmakers and regulators if and when it bursts.
Hoskinson even promoted Cardano competitors such as Ethereum 2.0 and Algorand as strong alternatives to Dogecoin.
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Charles Hoskinson, creator of Cardano and CEO of IOHK, has criticized Dogecoin’s rapidly rising market value.
Hoskinson Says Prices Are Unsustainable
Continuing on from its recent price performance, Dogecoin has seen a 124% price gain over the past 24 hours. That prompted Charles Hoskinson to comment on the coin’s success.
“DOGE has always been for our industry kind of a an inside joke, a pet rock, a fun mocking cryptocurrency, and a light-hearted thing,” Hoskinson stated in a YouTube video.
He noted that Dogecoin’s price rally has largely been driven by Elon Musk’s promotion of the coin on Twitter. He added that the coin’s growth has also been driven by “market manipulation by clever whales,” possibly referring to /r/WallStreetBets, a Reddit community that has organized investment campaigns.
Hoskinson argued that Dogecoin’s growth is not sustainable. He noted that Dogecoin does not have a stable development team, that the coin’s code is largely based on Bitcoin, and that the coin is not well-equipped to deal with security issues if one should arise.
Hoskinson even encouraged investors to sell their DOGE. “If you’ve made money, great, but get the hell out of it! It’s a bubble, it’s not real, there’s nothing sustainable there,” he stated.
Regulatory Fallout Is Possible
Furthermore, Hoskinson suggested that the Dogecoin bubble could mean long-term fallout for the crypto industry.
He believes that once the Dogecoin bubble bursts, there will be regulatory inquiries from bodies such as the SEC and U.S. Congress. “There will be all kinds of regulators running around saying this is proof that crypto can’t control itself,” Hoskinson speculated.
Hoskinson suggested that if this trend continues, the cryptocurrency industry will be regulated to the degree that blockchain projects will be required to get approvals similar to bank charters. Hoskinson explained: “It will be an invitation-only club controlled from the top down, and any freedom that we have managed to pull back from the legacy financial system will be lost.”
He added that, even before the bubble bursts, overly high market values could attract lawmakers and international regulators.
“If this is the gateway for retail investors to enter our ecosystem… at some point it’s going to hurt each and every one of us,” he said.
Not Just Promoting Cardano
Hoskinson’s criticisms of Dogecoin are natural given that he leads development on his own competing blockchain, Cardano.
However, Hoskinson did not merely promote his own coin as an alternative. Additionally, he called other projects sustainable, including Algorand, Tezos, Avalanche, and Ethereum 2.0. Hoskinson noted that each has “large teams, capital and accountability.”
It remains to be seen whether Hoskinson’s worst fears will come true. Though crypto regulations are becoming increasingly harsh, many new crypto projects continue to flourish.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
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Polygon Layer 2 Solution Get Powerful Upgrade With Trace Network
Alongside Bitcoin, the other superstar of the crypto world has been Ethereum. However, high gas fees and a struggle to quickly address scalability have made Layer 2 solutions like Polygon even more important. These technologies address key issues plaguing Ethereum throughput and help work to drive inter-chain connections.
The partnership between Polygon and Trace Network will focus specifically on these inter-chain links to remove clunky blockchain data silos. Trace will begin to leverage Polygon’s highly scalable and efficient Layer 2 infrastructure, solving several current crucial blockchain challenges and enabling non-fungible tokens and DeFi capabilities.
Inter-chain links help any blockchain to unlock its full potential by playing to platform strengths and eliminating any critical weaknesses. Trace Network even helps projects access funding from traditional financial institutions.
Trace Network, Infosys Consulting, And Polygon Come Together With M-Setu and Insurechain
The other piece of the puzzle here is Infosys Consulting – a publicly-listed company that connects clients with disruptive technologies. Together with Polygon, Infosys has created M-setu – a hybrid blockchain that aims to make communication between insurance providers easier.
In the traditional insurance sector, there has long been a communication bottleneck that inhibits efficiency. M-setu is a proof of concept that features key benefits of both public and private blockchains. The hybrid blockchain also supports Insurechain – an innovative app that transfers data securely and instantly between insurance providers from anywhere at any time.
Insurechain also leverages cutting-edge solutions like Polygon’s Plasma and Rollups, serving as the inter-link between blockchains and insurance providers at scale.
Unprecedented Traceability And More Enabled With Trace Network
Trace Network enables the generation of NFTs of various products, creating a unique digital on-chain identity. The platform’s inter-link capabilities enable the simple transfer of NFTs and ownership across multiple dApps.
When retail brands make the inevitable shift to NFTs for ownership of luxury items, Trace Network will be ready and waiting to bring unprecedented traceability, transparency, and visibility to business operations worldwide.
Customers of these world-renowned brands will get to enjoy the benefits of blockchain-based ownership, eliminate the fear of counterfeit goods, and much more – and it’s all thanks to Trace Network.
To learn more about this groundbreaking technology, visit the Trace Network official site.
An Australian company hopes to dial down cross-border payment hassles and fees using the crypto asset XRP.
Novatti Group, a company focused on delivering innovative payment solutions, has teamed up with Ripple to use its XRP-powered platform On-Demand Liquidity (ODL) for instant, cross-border payments.
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A statement on the Ripple’s website says ODL will allow Novatti Group to use the technology to power payments to Southeast Asia.
“The partnership initially focuses on remittances between Australia and the Philippines through the country’s largest non-bank, Filipino-owned remittance service provider, iRemit…
Live now, Novatti expects to process several thousand transactions a month through RippleNet and is planning to quickly scale the service to more fintech customers and other countries in Southeast Asia.”
Ripple owns more than half of all XRP in existence, and launched ODL in late 2018.
The product relies on crypto exchanges to accept cash and move the equivalent value in XRP across borders, where it can be converted right back to fiat currency.
Ripple is currently facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which labels XRP as a security and says the company illegally sold the asset for years without obtaining proper clearance.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
The proceeds of his NFT sale go to the Freedom of the Press Foundation.
An NFT artwork created by Edward Snowden has sold for $5.4 million in Ethereum.
“Stay Free” portrays the NSA whistleblower and exiled American with hand on chin like a modern Rodin statue. (Photographer Platon snapped the pic.) Look closer, however, and you’ll find the image has been formed from the pages of a US appeals court decision that the Patriot Act did not permit mass collection and surveillance of Americans’ phone records by the National Security Agency.
A reminder that the symbolism of @Snowden minting his first NFT goes far beyond the price tag.
The decentralized technologies powering this auction will fundamentally reshape our world — precisely to curb the abuse of power @Snowden spoke out against.https://t.co/ofNi1nSwzZ
— kayvon🪐 (@saturnial) April 16, 2021
While the ACLU won that case, Snowden remains persona non grata in the US for his role in making the NSA’s surveillance program public. In 2013, while the computer analyst was contracting for the security agency, he began leaking classified documents to the press. Shortly after being charged with espionage, Snowden flew to Russia, where he was granted asylum, then residency.
Snowden sold the artwork on Foundation, a community-driven NFT marketplace where the Overly Attached Girlfriend NFT sold for 200 ETH and a Nyan Cat animation earned 300.
Those amounts seem relatively paltry to the 2,224 ETH spent on Stay Free, Snowden’s first NFT.
NFTs are unique digital tokens that often come in the form of artwork, trading cards, or other collectibles. There is only one edition of “Stay Free,” meaning the auction winner, @PleasrDAO, has the only copy of the work.
According to Snowden, the proceeds will go to Freedom of the Press Foundation, a non-profit established in 2012 that develops open source communication and encryption tools as well as tracks press freedom. As the foundation’s president, Snowden serves on the board alongside John Cusack, journalist Glenn Greenwald, and Daniel Ellsberg, the Vietnam-era reporter best known for shuttling the Pentagon Papers to the New York Times.
