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CasperLabs Partners with BitMax.io to Conduct Innovative Exchange Validator Offering (“EVO”)

CasperLabs, a next-generation, secure and scalable Proof-of-Stake blockchain, is collaborating with BitMax.io, a Singapore registered digital asset trading platform, to conduct its private validator t

The post CasperLabs Partners with BitMax.io to Conduct Innovative Exchange Validator Offering (“EVO”) appeared first on AMBCrypto.

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CasperLabs, a next-generation, secure and scalable Proof-of-Stake blockchain, is collaborating with BitMax.io, a Singapore registered digital asset trading platform, to conduct its private validator token sale in the form of an Exchange Validator Offering (“EVO”).

Private Validator Token Sale Opportunity

CasperLabs will conduct its validator token sale in collaboration with BitMax.io. The purpose of this Exchange Validator Offering (“EVO”) is to promote greater network decentralization by providing fair access to retail participants at the project’s earliest stage investment opportunity.

$3MM worth of CLX tokens, the native cryptographic token of the CasperLabs blockchain, will be available for sale in the EVO which will be divided into three rounds, with bonus tokens available in the first and second rounds. Registration to participate in the CasperLabs EVO will go live on BitMax.io at 10:00 a.m. EDT, March 26 and remain open until April 6.

The price at which EVO participants can purchase CLX tokens is $0.01. This represents a significant discount to the price at which CLX tokens will be distributed via an eventual public sale, where tokens will be auctioned at a minimum bid price of $0.02 per CLX.

CLX Distribution:

*Note: Public Sale distribution will be conducted via an auction with a minimum reserve price of $0.02.

All EVO participants will be part of the founding stake on the Genesis Block of the CasperLabs network and an integral part of the network launch and initial security.

Rationale for Underlying Sale Structure

CasperLabs has made no token offerings to date and all funding has been conducted via a standard Series A equity financing. The decision not to sell tokens was based on ensuring open access to the underlying system.

Since first introduced, Proof-of-Stake (“PoS”) blockchain networks have historically seen staking dominated by institutions and large token holders (“Whales”). Whales are often early stage investors of a given PoS project with large allocations of tokens vested at mainnet launch. Such concentration of staking power and “Monopolization of Consensus” is troubling because it consolidates control of the blockchain network to a small handful of validators. This can harm the project in various ways, including concentration of voting power, single points of failure for malicious network attacks, and network instability. This runs counter to the proposed aspirations of many PoS to be truly permissionless, decentralized, and secure.

CasperLabs, together with BitMax.io, is taking a novel approach to challenge the status quo of staking power consolidation amongst institutions by conducting the industry’s first EVO.

BitMax.io will operate a full-node at CasperLab’s mainnet launch to facilitate staking support for CLX on behalf of platform users at the “Genesis Block,” thus eliminating the need for retail EVO participants to operate as validators on the network.

While CasperLabs had significant interest from institutional investors to participate in the validator sale, the team insisted on providing open and widespread access to the underlying system at the same terms. Partnership with a top-tier platform like BitMax.io will be fundamental in facilitating that open access to a global user base.

Valuation: Given a total token supply of 10 Billion, the EVO price of $0.01 will value the CasperLabs network at $100MM on a fully diluted basis.

Validator Token Rewards

Three types of token rewards will be associated with the EVO: (1) early participation rewards, (2) staking rewards, and (3) transaction fee rewards.

Early Participation Rewards:

CLX tokens purchased in the EVO will increase by 15% per annum pro-rata (“APR”) of the quantity of tokens. Early participation rewards will begin accumulating from the date the CLX tokens are received by the EVO participant until the CasperLabs’ MainNet Launch, which is anticipated to be in Q3’ 2020. For example, assuming a purchase quantity of 10,000 CLX received on April 1, 2020, with a Mainnet Launch date of August 1, 2020, the EVO participant would see their token holdings increase by 500 CLX (+5%).

Staking Rewards:

The CasperLabs protocol will target a 15% gross yield for the first year post-launch, reducing to 6-7% once CLX distributions are completed over the coming years. The Seigniorage rate to arrive at this will be calculated using the formula: Gross yield (Seigniorage Rate/Percent Staked)/Supply and will be in the low single digits. This means that CLX tokens staked on the CasperLabs network will generate passive yield for token holders in exchange for participation in various consensus mechanisms.

Transaction Fee Rewards:

CasperLabs validators will receive token rewards based on transaction fees collected on the network.

All three types of Validator Token Rewards will be paid out at the end of an era into a separate rewards wallet address that needs to be provided prior to Genesis. Rewards are tied to the finalization of proposed blocks according to two different (“short-run” and “long-run”) criteria and overall liveness conditions on the platform.

About CasperLabs

CasperLabs is building a fully decentralized, scalable, permissionless and highly secure blockchain. It is powered by Highway, an innovative, correct-by-construction (“CBC”) Casper-based proof-of-stake consensus protocol. By leveraging popular workflows, tools and languages, CasperLabs is making blockchain services easier to use, more upgradable and more predictable, thus removing barriers to mainstream adoption.

You can also check out the website, Technical Specification, Consensus Proofs, Explorer, Github, Medium, Youtube.

About BitMax.io

Launched in August 2018, BitMax.io is a leading digital asset trading platform with a broad range of financial products and services for both retail and institutional clients, with robust product design ranging from innovative volatility products to margin trading and other investment solutions.

Strategic Collaboration

CasperLabs, together with BitMax.io, is taking a novel approach to challenging the status quo of staking power consolidation by conducting an Exchange Validator Offering, or “EVO.” BitMax.io will provide technology and execution support while CasperLabs will be the legal issuer allowing BitMax.io users to sign a non-transferable Validator Future Token Agreement (“VFTA”) to purchase CLX tokens. The collaboration between CasperLabs and BitMax.io will provide hundreds of thousands of small token purchasers with fair access to the project’s EVO at the earliest possible opportunity and the most favorable token prices.

For more information, visit BitMax.io the Website, Twitter, Reddit, Telegram, Medium. And Contact here for more details.

Disclaimer: This a paid post, and should not be treated as news/advice.

Source: https://ambcrypto.com/casperlabs-partners-with-bitmax-io-to-conduct-innovative-exchange-validator-offering-evo

Blockchain

Increasing Stability of the Utopia P2P Network

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The number of full nodes in the Utopia P2P ecosystem has passed the 30,000 mark.
This means that more than 30,000 nodes are working for the security and resilience of the network.

Stability

The number of full nodes within the Utopia decentralized ecosystem has reached 30,000 and is moving forward. This number is an indicator of the stability of internal processes and a guarantor of reliability.

Nodes in the blockchain have one of the most important roles – they are responsible for checking the legitimacy of blocks, approving transactions, and ensuring the smooth operation of the network. To a large extent, this responsibility falls squarely on the full nodes. In other words, the more nodes involved in supporting the network, the harder it is to trick, hack or crash the system. As a consequence, better connection quality, safer operations, cleaner and more honest mining.

When you install and run Utopia ecosystem mining bot, you automatically increase the number of nodes, thereby contributing to the stability of the network. Everyone involved in this process receives Crypton Cryptocurrency (CRP).

Benefits

Crypton is the unique currency of the Utopia peer-to-peer network. Coin mining does not burden your PC and is eco-friendly as it is done through an ecosystem. All you need to mine is a computer and a bot installed.

By launching the app, you start receiving collective rewards every 15 minutes – that’s how long it takes to form a new block. Users also receive a Proof of Stake reward to their minimum monthly balance. CRP is already listed on a number of exchanges and is available for sale.

– Anyone can mine, send and receive Cryptons. Cryptocurrency mining is available to all Utopia ecosystem users. CRPs are provided for being on the network and. Mining participants are rewarded for supporting the ecosystem – forwarding packets and providing RAM for caching purposes,” according to 1984 Group, the developer of the Utopia P2P network.

At the time of writing, 4,672,181.975674 CRPs have already been mined by Utopia network users, with the total number of transactions steadily approaching 300,000.

Security

The creators of Utopia Network have built an independent ecosystem, which doesn’t ask for your personal information even when you register and doesn’t track your activities or geolocation.

The server is basically not involved in data transfer and storage. The Curve25519, XSalsa20, and Poly1305 algorithms are used to encrypt, sign, and authenticate packets, objects, and peer-to-peer connections.

This way, you don’t have to worry about the security of your personal data and are free to use the Utopia ecosystem. In addition to in-network mining there are anonymous messenger, browser, email, and e-wallet. All functionality is focused on user anonymity and is available to all registered in the Utopia P2P decentralized network.

As far as we know, in the near future the developers will release an encrypted anonymous Utopia ecosystem app on IOs and Android.

Download Utopia: https://u.is/en/download.html
Website: https://u.is/
Crypton Exchange: https://crp.is/


Click here for Free Trial.
Source: https://www.livebitcoinnews.com/increasing-stability-of-the-utopia-p2p-network/>

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Blockchain

Investors must brace themselves as Bitcoin Cash goes downhill in the coming weeks

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Though off to a strong start in September, Bitcoin Cash seemed to have taken its foot off the pedal. Caught between two corrective phases on 7 and 20 September, the price steadily declined after forming a local peak above $800.

Moreover, BCH’s latest drawdown towards 38.2% Fibonacci level identified vulnerabilities in the market which could extend all the way back to July lows. With sentiment also expected to be sour due to a recent death cross, BCH bulls certainly faced a tall mountain to climb. At the time of writing, BCH traded at $549.2, down by 4.8% over the last 24 hours.

BCH Daily Chart

Source: BCH/USD, TradingView

A near 16% decline from the 50% Fibonacci level pushed BCH to the all important 38.2% Fibonacci level. Back in late-June, BCH suffered a 31% sell-off after it pierced below the aforementioned level on the back of a descending triangle. Hence, to dissuade short-sellers from the market, BCH would need to keep its neck above the $540-mark.

However, certain factors in the market could not be overlooked. For instance, each of BCH’s indicators slipped below their equilibrium points for the first time in nearly 2-months, while a negative crossover between the 20-SMA (red) and 200-SMA (green) created some more uncertainties.

Reasoning 

Even though corrective phases have been overserved previously in the market, BCH’s RSI held above it mid-line. This was not the case anymore after the RSI shifted below 45 and into bearish territory. In fact, the RSI was yet to touch the oversold territory, which meant that BCH could see some more losses rather than an immediate reversal. Such was the case with the MACD and Awesome Oscillator as well, which slipped below their equilibrium levels. If sentiment continues to be weak, the 23.6% Fibonacci level and $400 would come back into play.

Conclusion 

Bitcoin Cash’s long term narrative took quite a hit after prices declined below the 50% Fibonacci mark. In fact, this also negated a bullish setup which was highlighted in an earlier article. BCH’s indicators also fell into bearish zones  after this retracement. Considering these factors, BCH was open to a further sell-off towards the $400-mark in the coming weeks.

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Source: https://ambcrypto.com/investors-must-brace-themselves-as-bitcoin-cash-goes-downhill-in-the-coming-weeks

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Blockchain

Indian government cautious about crypto-adoption, CBDC is a possibility

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Indian traders and exchanges might be bullish about the crypto market, but the Indian  government doesn’t seem keen on rushing into the scene. At least, not until studying its homegrown fintech industry and the anti-Bitcoin protests in El Salvador.

Tracking global news

Indian finance minister Nirmala Sitharaman in a recent interview with Hindustan Times explained why the country seemed to be falling behind when it came to crypto adoption.

Though she admitted, El Salvador wasn’t “the best example,” Sitharaman said,

“You’d think common people don’t care about digital currency; but the public took to the streets against the move. It’s not a question of literacy or understanding – it’s also a question of to what extent this is a transparent currency; is it going to be a currency available for everyone?”

Sitharaman referred to CBDCs as a “legitimate” cryptocurrency and admitted there could be a “possibility,” in hat regard. She noted that India held the “strength of the technology” and acknowledged the need to formulate a Cabinet note. However, Sitharaman wondered if India was ready to follow El Salvador’s way.

Facts on the ground

Though accessibility is a pressing concern, more Indians have discovered crypto than perhaps expected.

Nischal Shetty, CEO of the Indian crypto exchange WazirX – a subsidiary of Binance Holdings – has stated that WazirX sign-ups from India’s tier-two and tier-three cities overtook those from tier-one cities this year. Even so, sign-ups from tier-one cities themselves saw a 2,375% rise. Furthermore, WazirX added one million users in April 2021 alone.

Adding to this, the cost of electricity and Internet data in India are relatively cheaper, which could boost both crypto trading and mining in the future. However, at the last count, there was only one Bitcoin ATM in the whole country.

As per data by Useful Tulips, which combined data from Paxful and LocalBitcoins, India saw transfers worth around $4,502,369 in the last two weeks.

Could anti-Bitcoin protests happen in India?

There is evidence to support both sides. India has a strong history of mass protests, with the farmers’ protests against the government’s agricultural laws being one such example. The 2016 demonetization of part of the country’s paper currency still haunts many, and Internet penetration is yet to cross 50%.

However, India also has the largest diaspora in the world, with approximately 18 million people living outside the country. Crypto innovation could lead to hundreds of millions of dollars being saved on remittance charges as money is sent across borders.

But for the time being, it seems India’s urban residents are more bullish about crypto than its government.

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Source: https://ambcrypto.com/indian-government-cautious-about-crypto-adoption-cbdc-is-a-possibility

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