Due to quantum leaps in e-commerce and ever-changing consumer preferences, there is an increasing adoption and use of decentralized ledger technology (DLT) and blockchain in the online auctions industry.
Bolstering businesses effortlessly and cheaply using blockchain
This is mostly because online auctioning platforms such as eBay, Atomic Mall, Auctionmaxx, AuctionZip, Bonanza, eBid, uBid, Webstore.com, The SaleRoom, LiveAuctioneers, are one of the great means to roll out or bolster businesses using minimum effort and fewer costs. They offer a wide range of benefits to users like product variety, deals on prices, plus taking the edge off geographical barriers. Online auctions platforms provide a more biddable way to sell or buy inventory, hence providing a flexible addition to customers or sellers daily operations.
These auction sites offer different payment means including cryptocurrency, and fee structures depending on a business model. For instance, the largest auction site eBay Inc, sells blockchain-powered digital collectibles such as non-fungible tokens (NFTs), using regular fiat currencies, and the site plans to accept cryptocurrency as a means of payments easily and effectively soon or later.
NFTs is a form of virtual asset which exists on DLT. It is gaining more momentum especially during this period of the Covid-19 pandemic. NFT artworks are generating millions of dollars and several celebrities including musicians like the Kings of Leon rock group have already started to accept them for their latest album.
Turkish platform uses distributed ledger technology for auctions
Now, the Turkish startup called Artiox has started using blockchain tech for art auctions, and currently, paintings worth about $500,000 have been sold through this DLT-driven auction platform.
At this moment, the platform is only selling oil paintings via this DLT-driven system because oil paintings are more durable than other artworks. Since the activities are happening online, more and more people will be able to participate in blockchain-enabled arts events that can generate huge amounts of money hence boosting the economy.
Generally, adopting and using a decentralized method with the help of blockchain can revolutionize the auction process, bypass third parties, guarantee transparency and lower down the transaction costs.
Why this market veteran is a fan of Cardano and Polkadot?
Earlier, investors who bet on Bitcoin and Ethereum (ETH) in the very early stages have made a significant chunk of profit. However, the prices of these two cryptocurrencies have appreciated. Since their meteoric rise, everyone is on the lookout for the next bitcoin and the next Ethereum.
Well, the good news is there are still cryptocurrencies out there that have great potential, and they have lower price entry points. Cardano‘s native coin ADA and Polkadot (DOT) have seen a good year. Consequently, they are neck and neck in rankings by market cap and both are among the top ten cryptos. While the former ranked 5th and was trading at the $1.45 price level, the latter ranked 9th, trading at $20.48.
The two altcoins also took the lead in total staked value.
The current CEO of Canadian blockchain startup Decentral and crypto wallet Jaxx believed in the coins’ potential to grow further because ‘the projects are managed by goal-oriented individuals.’
“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”
It’s no surprise, having worked with Cardano’s Charles Hoskinson, and Polkadot’s Gavin Wood, that Di Iorio forged strong relationships with these individuals.
“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood.”
Further adding to his remarks, he said:
“Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”
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All About Solana And Why It’s The Game-Changer Crypto Of The Year
While no one can deny the massive influence of Bitcoin on the cryptocurrency and blockchain worlds, and no one can possibly refute the utility of the Ethereum blockchain, there are many other smaller players who are changing the landscape at breakneck speeds. One of these players that have emerged as a key competitor to becoming the top dog of smart contract platforms is Solana.
Solana is a fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption. They aim to solve the problem of high fees and slow transaction speeds when executing smart contracts. But how do they plan to do this? First, let’s talk about Solana’s history.
Solana was founded by Anatoly Yakovenko in 2017 when Yakovenko published a whitepaper draft proposing a new timekeeping and validation technique for distributed systems. For context, Bitcoin and Ethereum’s blockchains utilize the Proof-of-Work (PoW) concept while blockchains like Cardano and Polkadot use the Proof-of-Stake (PoS) method.
As a side note, Ethereum will be moving over to the Proof-of-Stake methodology upon the completion of the Ethereum 2.0 upgrade. Solana, on the other hand, uses a consensus algorithm called Proof-of-History (PoH) combined with the underlying Proof-of-Stake (PoS) consensus of the blockchain.
In simple terms, PoH is a technique to cryptographically verify the passage of time between two events, or keeping time between computers, in essence making time the constant in between nodes that need to validate each other. This is done by implementing a mechanism that has existed in Bitcoin’s source code called nLocktime, which is a cryptographically secure way to keep track of time.
From Yakovenko’s prior experience at companies such as Qualcomm, Mesosphere, and Dropbox, he knew that use of this technique would simplify network synchronization, which means the network speed would be limited only by network bandwidth. In Solana’s own words, “once nodes can trust time, suddenly ~40 years of distributed systems research becomes applicable to blockchain!” Today, Yakovenka is joined at Solana by his Qualcomm colleague Greg Fitzgerald as well as top talent from global organizations such as Intel, Google, Microsoft, Dropbox, and more.
Okay, so now we know what makes Solana tick, but how does this matter in the grand scheme of things? Well, let’s get into it, on a high level. Before we go further, we’ll need to understand a few key components of the Solana ecosystem.
First, a Solana Cluster: is a set of independently owned computers working together (and sometimes against each other) to verify the output of untrusted, user-submitted programs. Basically, a decentralized network of computers working together, like a massive beehive that is separated by land and sea. These Clusters are used to preserve an immutable record of events. The Clusters do this by producing a record of events called the ledger, which will be preserved for the lifetime of the Cluster.
Next, we need to talk about SOLs. A SOL is the name of Solana’s native token, which can be passed to nodes in a Solana cluster in exchange for running an on-chain program or validating its output. Just like fractional Bitcoins are called satoshis, fractional SOLs are called lamports, named in honor of Leslie Lamport, an American computer scientist best known for his seminal work in distributed systems. A lamport has a value of 0.000000001 SOL. The Solana Foundation has announced that a total of 489 million SOL tokens will be released in circulation. At the moment, about 270 million of these have already entered the market.
Solana, using the unique Proof-of History method, has been gaining amazing traction in the cryptocurrency space because of the incredibly short processing and validation times that are made possible by the blockchain. The Solana team has designed the ecosystem so that transaction costs will be kept low while scalability and speedy processing times always remain a key priority.
Apart from Proof of History, Solana also lists 7 other core competencies that sets them apart, namely,
- Tower BFT (Byzantine Fault Tolerance)
- Gulf Stream
In order to not let this article become too technical and wordy, we’re not going to go into all of them for now, but will perhaps touch on them in later articles. For now, understanding Proof-of-History will suffice to tell of Solana’s uniqueness.
Now what about the business continuity of Solana as a project. In terms of financials, Solana has raised $20 million in a Series A round led by Multicoin Capital. More fundraising efforts are in the works as well. Solana has also attracted amazing projects such as the decentralized exchange, Serum, launched by FTX, the renowned cryptocurrency exchange. Other awesome projects that capitalize on Solana’s blockchain are such as Raydium, ROPE, and Audius.
With all the unique offerings and promising partnerships developing for Solana, it would be safe to say that Solana is nothing short of a game-changer in the cryptocurrency space. It is definitely something to keep an eye out for.
*Nothing in this article should be construed as financial advice and buy or sell calls.
MicroStrategy Is Ready To Splash Half A Billion Dollars On The Bitcoin Market
Michael Saylor’s MicroStrategy is gearing up to invest nearly half a billion dollars in bitcoin following the close of its offering as it pertains to the sales of senior secured notes. Earlier this month, the company announced plans to sell with a view to funding additional investment in Bitcoin. The press release revealing as much comes in the wake of Bitcoin dropping drastically over the past several weeks.
While lots of people have been selling their holdings as a result of the numerous grim bits of news concerning the asset and its future – from Elon Musk’s tweets to certain governments taking a stance – there are a number of experts, such as Saylor, who remain firm proponents of the cryptocurrency.
MicroStrategy Can’t Get Enough Bitcoin
On Monday, Saylor took to Twitter to share a securities filing detailing the close of said sale. The notes in question are due in 2028 and incur an annual interest rate of 6.125%. MicroStrategy was able to raise $500 million, leaving the company with $488 million to invest after they deduct initial purchaser discounts and other expenses.
MicroStrategy made it a point to note that the proceeds will be used to acquire more Bitcoin.
“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin,” the latest press release reads.
The bond sale marks MicroStrategy’s third with the intent to secure Bitcoin in less than a year. The company has, of course, been a longtime investor and the announcement appears to have sparked a rise in price. The crypto asset reached its highest point in over two weeks this Monday, going as high as $41,046.77, an 11% rise from Friday’s price.
“That [MicroStrategy offering] is going to be a massive upward price catalyst because $488 million is a lot of inflow,” Meltem Demirors, chief strategy officer at CoinShares in London, was quoted as saying. “Traders are going to position themselves around that event because they know there is going to be volatility.”
The Latest From Elon Musk
Bitcoin’s rise in price is also likely to have something to do with Elon Musk’s recent tweet in which he declared an intention to have Tesla start accepting BTC again once green mining is confirmed to have reached 50%.
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” the Tesla CEO tweeted on Sunday.
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