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Cardano: Alonzo, yes, but here’s what else is in Hoskinson’s plans

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During a recent AMA session, Cardano’s Charles Hoskinson went beyond just regular updates about the network and its upcoming upgrades. He hinted at possible projects that his development company, Input-Output HK (IOHK), might undertake in the long term.

A stablecoin called Djed

Just last month, Hoskinson announced the creation of IOHK’s own stablecoin – Djed. It is supposed to be a “crypto-backed pegged algorithmic stablecoin” that will later be implemented onto the network’s smart contract platform – Plutus.  Djed’s whitepaper is now complete and will be released shortly, along with a detailed blog post.

What’s more, he also revealed the stablecoin’s use case and how it will contribute to global finance. According to the exec, he has been in talks with a lot of governments about using Djed’s design to create a CBDC.

The CBDC would eventually lead to the creation of a decentralized central bank.

“We are really curious can you combine an algorithmic stable coin with a sovereign wealth fund to generate value from transaction fees outside the country and then universal basic income as an experiment.”

This is something a smaller nation would agree to, he added, owing to inflation and value depreciation concerns.

Bridging the gap

When asked about the absence of Cardano’s native token ADA from crypto-ATMs, the CEO had another interesting plan. He revealed,

“We will do a major ATM play at some point when we proliferate through Africa cause it’s really the microbank from the cash in and cash out point. And it’s not hard or expensive to get there… there’s penetration in the developed world but not the developing.”

This is big news, especially since IOHK is partnering with the Ethiopian government to create a blockchain-based system to track student performance.

NIPOPOW

Hoskinson also talked about the implementation of Non-Interactive Proofs of Proof-of-Work (NIPOPOWS) on the Cardano network. Released by IOHK last year, the sidechain technology allows blockchains to communicate and interoperate.

According to their website, the program “can inspect to verify that an event happened on a proof-of-work-based blockchain without connecting to the blockchain network and without downloading all block headers.”

When will NIPOPOW be implemented on the Cardano network? Hoskinson is hopeful for it to take place in the next 3-5 years.

“It makes sense once we are multi-chain, multi-asset from foreign assets like wrapped Bitcoin and wrapped Litecoin to have one of the wrapped assets come into the system instead of trusting just the bridge to mint them, proofs come along… I think we can create a generic proof framework for the level of certainty you have about foreign assets.”

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Source: https://ambcrypto.com/cardano-alonzo-yes-but-heres-what-else-is-in-hoskinsons-plans

Blockchain

Ethereum Price Analysis: Bears Take ETH Below $3K With a 5% Daily Dump

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ETH/USD – Ether Falls Back Beneath $3000

Key Support Levels: $2890, $2770, $2600.
Key Resistance Levels: $3000, $3180, $3200.

Ethereum fell a sharp 5% today as it dropped back beneath $3000 to reach the current $2900 support. Since falling below the neckline on a head & shoulders pattern last Monday, the cryptocurrency has been trapped inside a trading range for the past eight days between $3180 and around $2770 (100-day MA).

The bulls rebounded from the lower boundary of the range on Sunday but could not overcome resistance at $3180 yesterday. As a result, ETH fell back beneath $3000 again today.

The breakout of the current range will dictate the next direction for the market.

ethusd-sep28-min
ETH/USD Daily Chart. Source: TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, if the sellers push beneath $2890, the first support lies at $2770 (.786 Fib & 100-day MA). This is followed by $2600 (200-day MA) and $2500.

On the other side, the first resistance lies at $3000. This is followed by $3180 (upper boundary of the current range), $3200 (20-day MA), $3300 (50-day MA), $3350, and $3500.

The daily RSI continues to sit beneath the midline, indicating that the sellers control the market momentum.

ETH/BTC – ETH Holding Ascending Trend Line SUpport

Key Support Levels: 0.0691 BTC, 0.068 BTC, 0.0667 BTC.
Key Resistance Levels: 0.07 BTC, 0.0711 BTC, 0.072 BTC.

Against BTC, ETH is battling to hold the rising trend line that dates back to the end of July. The cryptocurrency has used this trend line as support over the past week and has struggled to break resistance at around 0.0711 BTC over the period.

On Sunday, ETH bounced higher from the ascending trend line to meet the resistance at 0.0711 BTC. Unfotutealy, the buyers were unable to break 0.0711 BTC and rolled over from there yesterday to meet the support at 0.0691 BTC today.

ethbtc-sep28-min
ETH/BTC Daily Chart. Source: TradingView.

ETH-BTC Short Term Price Prediction

Moving forward, if the bears break beneath 0.0691 BTC, the first support lies at 0.068 BTC. This is followed by 0.0667 BTC (downside 1.272 Fib Extnesion & 100-day MA), 0.066 BTC (.618 Fib), and 0.065 BTC.

On the other side, the first resistance lies at 0.07 BTC. This is followed by 0.0711 BTC (20-day MA), 0.072 BTC, and 0.0733 BTC (August highs).

Again, the RSI is in bearish territory here as it sits beneath the midline.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/ethereum-price-analysis-bears-take-eth-below-3k-with-a-5-daily-dump/

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Blockchain

Busta Rhymes, Dungeon Dragon “Rawring” Again With The HUSL

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[PRESS RELEASE  Gros-Islet, Saint Lucia – 28th September 2021]

NFTs have become a safe space for artists all over the world because of their unparalleled distribution capabilities and direct connection between the fans and artists. The HUSL aims to use this capability of NFTs to remove the intermediaries from the music industry and connect artists directly to their fans.

The HUSL has partnered with Busta Rhymes, a world-renowned rapper who is ready to launch his first NFT collection called Dungeon Dragon.

Dungeon Dragon holds a special place in Busta’s life and personal meaning. Busta Rhymes became popular as Dungeon Dragon from East Flatbush once separated from his band 16 bars. This name brought Busta a lot of success and helped him grow as an artist to become the soulful legend is today.

“Its an honor to launch Busta’s 1st ever NFT collection, especially one with that pertains to an image which holds such deep meaning to him”, said founder and CEO of The HUSL, Varun Bajaj.

The Dungeon Dragon NFT collection is a tribute to his journey and will be launched exclusively on The HUSL. The HUSL is a disruptive NFT platform designed to break the existing monotonous and unfair industry standards of the music industry. The HUSL aims to create a symbiotic relationship between creators and consumers and bring exclusive and rare NFT collectibles to the fans.

About The Dungeon Dragon NFT Collection

Busta Rhymes is launching an exclusive Dungeon Dragon NFT collection on The HUSL on Thursday, September 30th, 2021. Before the launch, on Wednesday, Busta will participate in a live Twitter Space with The HUSL to announce the collection and the significance behind the collection.

The Dungeon Dragon collection will include three NFTs – Red, Silver, and Gold. All of these three NFTs are priced differently and hold several exciting hidden rewards. About 10% of each Tier collector will be selected to be rewarded with exclusive perks that involve Busta such as private and group zoom calls and autographed memorabilia.

The price of the NFTs are as follow,

Gold – .20 ETH
Silver – .10 ETH
Red – .05 ETH

All three NFTs hold special meaning to Busta Rhymes and celebrate his journey of becoming the star he is today. Busta took to Twitter to announce the impending launch of the NFTs.

About Busta Rhymes

Trevor George Smith Jr. professionally known as Busta Rhymes is an American record producer and Rapper. The 49-year-old artist has several laurels to his name with his hit songs such as Touch it (2006), I Know What You Want (2002), and Break Ya Neck (2001).

Busta Rhymes has been an active part of the NFT community and will be releasing a Dungeon Dragon NFT collection soon on The HUSL.

About The HUSL

The HUSL is a revolutionary music-based NFT platform designed to empower artists and creators by connecting them directly with their fans. The platform aims to disrupt the existing music industry distribution model which is rigged to help distributors and other intermediaries and give complete control to the artists.

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Source: https://cryptopotato.com/busta-rhymes-dungeon-dragon-rawring-again-with-the-husl/

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Assessing an investment in Bitcoin post-China’s latest ‘ban’

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The sky is blue. Water is wet. China is banning Bitcoin. 

While some new investors were petrified, as can be inferred from the minor dip in prices, a majority of the community remained unscathed by the development.

It isn’t the first time China has banned Bitcoin, and it probably won’t be the last. However, speculations suggest that this time China might be more serious than before. However, will it really matter in the long run for Bitcoin and co.?

A quick recap of the Bitcoin-China tussle of 2021

China threw the first sign of caution back in March. Reports stated that there is an ongoing crackdown on Bitcoin mining firms and there was an extended ban on mining projects in Inner Mongolia. At that time, the Chinese provinces of Xinjiang were the highest contributors to the hash rate. And yet, Bitcoin continued to rally and recorded new highs in April, consolidating in that range till May 2021.

Then, in May and June 2021, China decided to ban banks and payments firms from providing services related to cryptocurrency transactions. The National Internet Finance Association of China, the Clearing Association of China, and the China Banking Association issued a warning that consumers would have no protection if they faced any losses during crypto-trading.

And now, the People’s Bank of China(PBoC) has announced that there would be tougher measures taken on crypto-trading. This applies to any institution involved in crypto-transactions, regardless of it being off-shore if services are provided in China.

So, is it time to buy Bitcoin?

Ironically, whenever China has made news with a major ‘ban’ announcement on Bitcoin, the digital asset has gone on to record all-time highs.

Source: Trading View

Beginning with the initial concern during Q4 of 2013, China’s central bank had revealed that it was worried about digital asset payments. At the time, Baidu, China’s biggest Internet service company, was served with a warning – Do not accept any form of digital payments. A few weeks later, it jumped by almost 6x, hitting $1242.

In September 2017, China announced that it was going to shut down all Bitcoin exchanges after the asset rallied towards the beginning of 2017. While the price momentarily dropped, end of Q4 2017, Bitcoin hit $20,000.

In terms of market structure, 2017 and 2021 have been largely similar. And now, they have another common entity with China’s ban. Speculators are suggesting that China’s restrictions are the perfect investment opportunity based on historical data.

However, only time will tell if the digital asset actually touches another ATH towards the end of the year.

Is there a hidden agenda?

Without sounding too dismissive about the current situation, it is important to identify the difference between China’s stance then and now. According to last Friday’s notice, 10 agencies are present. Previously, it was 7. Mainly, the Cyberspace Administration of China (CAC) is one of the new entrants, something that might underline the weight of the current ban.

The notice claimed that any individual or organization investing in virtual currencies and similar crypto-derivatives violates “public order and good customs.” There is a certain indirectness to this statement since it can be essentially taken as “trade with crypto at your own risk.”

Leading commentators have also speculated the idea of diminishing economic freedom and the fact that China is ready to establish its own Fed coin. One which will have similar crypto-characteristics. China remains secretive as ever, so while such announcements do affect the larger market sentiment for Bitcoin, the asset has been resilient over the past few months.

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Source: https://ambcrypto.com/assessing-an-investment-in-bitcoin-post-chinas-latest-ban

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