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Blockchain in 2020 Part 1

How does blockchain in financial services avoid the trough of disillusionment?

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How does blockchain in financial services avoid the trough of disillusionment? What will 2020 bring for an industry that is trying to move on from the buzz and look for real world implementation opportunities? Can Libra come back? Will the real Satoshi Nakamoto announce themselves and go on a highly publicised and lucrative academic tour? All will be revealed.

The industry is besotted with buzz around the latest technology. How this is going to change the world, make you rich, make your life easier and cause world peace; all within a moment of your early adoption. Fintech is full of what we like to call ‘early adopters’; organisations who are at the vanguard of embracing these new technologies in order to improve their processes or their offering to the client.

Blockchain is one of the ultimate examples of a technology that has come, been seen and been hyped to the nth degree. Just look at the price of bitcoin over the past 5 years; to see the volatility around this. However, with the perceived failure in adoption of Facebook’s cryptocurrency, Libra, and the slow nature of real enterprise adoption; is blockchain now in the trough of disillusionment?

I put this question to a few members of the FinTech Connect Blockchain Advisory Board, to get their opinions on what may await the industry in 2020. It is clear there is a mix of opinions on whether 2020 is a year of stagnation or celebration. Their viewpoints reflect an industry that is still going through a rapid period of change.

“2020 is shaping up to be a year of getting real with distributed ledger and blockchain technology enterprise context. Most companies experimenting in this space have by now figured out what this technology can and can’t do and found out that there’s a lot of work on network operations and governance levels that needs to be sorted out before moving into real production with any of these new value networks. While blockchain “inspired” technology offers some clear benefits in data governance, data protection and business rule enforcement for example, all the hard work in network building still needs to be done the old way: by sitting down with peers to create a collaborative network infrastructure and all the rules and agreements that come with it.“

Ville Sointu, Head of Emerging Technology, Nordea

“The cards are aligning for 2020 to be a big year for blockchain – particularly in five areas: (1) increased narratives around bitcoin as global macro hedge, (2) continued evolutions of stablecoins and central bank digital currencies, (3) digital securities finding meaningful traction, (4) further experimentation in the DeFi space, and (5) privacy emerging as a key theme across these efforts. With the right regulatory environment(s), we’re excited to see increased blockchain innovation and investment this year that will set the stage for the industry for years to come.”

Patrick South, Vice President of Development, Chamber of Digital Commerce

“2020 will be a year of failures and successes, with some failures disguised as successes.  Some companies will struggle to find their value within the industry and run out of funds while others might seize the opportunity to sell themselves before others realise that they have a limited lifespan by themselves.  However, there will be many successes as well.  Existing players will evolve their technology or business models to release more mature products.  The exploratory efforts of large financial institutions around the world will come to fruition as more and more of them announce transactions powered by blockchain technology.  In a year where we see some companies fade away, we’ll also see continued progress for the industry as a whole, this time led by not by blockchain startups and crypto funds, but by traditional financial institutions.”

Jor Law, Blockchain Consultant & Advisor

There are very different opinions here, and ones that show still a real excitement, amongst the potential for cynicism. Come back in a couple of weeks for the second part of ‘Blockchain in 2020’; where we will have more opinions from the industry about where DLT implementation will be heading in 2020.

Source: https://www.fintechconnect.com/blockchain/articles/blockchain-in-2020-part-1

Blockchain

Bitcoin dominance is an irrelevant metric unless…

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The volatile cryptocurrency market has given way to multiple metrics for the market observers to analyze and predict what’s coming next. One such metric has been Bitcoin dominance, but as per Su Zhu, it should not be relevant to you unless you are a billionaire.

How so?

The CEO of Three Arrows Capital opined this after noticing the trend of the newcomers avoiding Bitcoin and Ethereum and opting for risky crypto tokens. When the largest digital asset was stuck in a wider correction period, altcoins like Dogecoin [DOGE] grabbed much attention. This was possible due to the hype created by Tesla CEO or, self-proclaimed “doge-father,” Elon Musk and the Doge community.

However, understanding the newcomers’ enthusiasm Zhu opined that if he were to bet on projects now, he would choose Solana and Avalanche.

Despite the popularity of altcoins, the exec remained bullish on Bitcoin and Ethereum as he expected, the former to flip gold’s market cap, and the latter to eventually hit a value above $25,000. Bold predictions, but nothing we haven’t heard before.

However, newcomers were more bothered about the dominance metric but as data suggested, Bitcoin dominance has recently been falling. The dominance was hit earlier but recovered to form a peak at 49.25% on 30th July. But given the correction phase that followed, the dominance of BTC fell and was last noted to be at 40% on 10th September.

It is interesting to note that despite plenty of adoption related news such as that of El Salvador, coming in over the past few weeks, it looks like the dominance has remained unaffected by it.

Source: CoinMarketCap

Twitter user and crypto enthusiast, @HsakaTrades also noted that Bitcoin dominance was not a relevant metric for anyone who has a “sub mid 9fig portfolio]. Agreeing with Hasaka, Zhu added,

“To clarify, if you’re holding for 5+ yrs, you shouldn’t be thinking about btc dominance in the first place. And obv btc and eth have a strong place in that portfolio.

If you’re allocating actively atm, and think debating btc v eth v alts is a good framework, you’re ngmi.”

While this advice could stand true for experiences, long-term trader interested in making money, but not the ones looking out to invest in tech. This was especially highlighted in the comments wherein the crypto users were upset about the CEO’s Solana [SOL] recommendation that recently witnessed an outage.

Nevertheless, the trading advice and strategies differd from trader to trader and Zhu’s opinion to not focus on the BTC dominance, prebably stemmed from a hodlers perspective. While interesting projects were now erupting in the crypto space, it looks like Bitcoin’s dominance, not only in terms of price, but as a crypto project could be challenge.

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Source: https://ambcrypto.com/bitcoin-dominance-irrelevant-for-anyone-not-10figs

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Blockchain

Millions of Dollars Raised Through Solana’s DeFi Projects

Millions of Dollars Raised Through Solana's DeFi Projects

PAI, an algorithmic stablecoin, backs Parrot Protocol. Grape Protocol was the primary source of the downtime. Solana has been up

The post has appeared first on thenewscrypto.com

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  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Source: https://thenewscrypto.com/millions-of-dollars-raised-through-solanas-defi-projects/

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Cosmos (ATOM) Lead Market-Wide Rally

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos’ creators call it an “internet of blockchains.” ATOM also launched a bridge to Ethereum at the end of August.

The post has appeared first on thenewscrypto.com

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  • Cosmos’ creators call it an “internet of blockchains.”
  • ATOM also launched a bridge to Ethereum at the end of August.

Cosmos (ATOM) blew up 10.74 percent overnight to establish a new price of $39.58, according to CoinMarketCap. It surpassed $40 yesterday, reaching $40.76. Despite today’s minor decline, Cosmos’ price was still ten dollars more than seven days ago, and twenty dollars higher than this time last month.

Its creators call it an “internet of blockchains.” It’s an interoperability network that allows various blockchains to connect, exchange data, and interact with one another.

In short, Cosmos claims to address some of the “hardest problems” in the blockchain sector. It seeks to provide an alternative to “slow, costly, unscalable, and ecologically harmful” proof-of-work protocols like Bitcoin by connecting blockchains. On August 18, Cosmos rose 25% from $15 to $20 after the introduction of Emeris, a cross-chain DeFi interface.

It also launched a bridge to Ethereum at the end of August. The inter-blockchain communication protocol (IBC) allowed trade across the Cosmos and Ethereum networks for the first time, along with the integration of Sifchain.

Cosmos Might Soon Over Take FTX Token

Cosmos is “Blockchain 3.0” — thus, as previously said, ease of usage is a significant objective. To this aim, the Cosmos SDK emphasizes modularity. This enables a network to be created quickly using existing code. Long term, it is anticipated that sophisticated applications would be simple to build.

Cosmos now has the twenty-first largest market value, but at this pace, it would only take $0.8 billion to flip FTX Token and make a bold entry into the top twenty.

Some in the crypto sector, much worried about the amount of fragmentation in blockchain networks. There are hundreds, yet few can converse. Cosmos wants to change this by making it feasible.

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Source: https://thenewscrypto.com/cosmos-atom-lead-market-wide-rally/

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