This year, DeFi continues to be popular, and several DeFi-related concepts have become goldmines. The most prominent one is oracle.
Trusted data on the chain can be obtained directly through blockchain, while trusted data outside the chain needs to be provided through an oracle. Without oracle, the applicable scenarios of blockchain will be greatly limited. Based on this, oracle project became increasingly popular. In July and August, lots of oracle projects launched the market, wishing to join the competition.
Since July this year, Chainlink has made its way all the way up to the top. LINK has risen from $4.5 to $8.3, with a current market value of nearly $14, ranking TOP 6 in the world. In addition, BAND rose by 261% in July, and NEST also rose by 650.79% in one month. The market sentiment was greatly stimulated, attracting more new projects to join the market.
In late August, the oracle market returned to rationality, and the prices of related tokens also dropped a bit. The prices of LINK and BAND have fallen by 10%, and the price of NEST has fallen by more than 20%. However, Themis (MIS), which has been popular overseas, is still with a strong momentum. After launched Uniswap, the market value of MIS soared by 6 times.
The small setback in the value price did not affect some ambitious projects with vision. Recently, the Cell Protocol team released their white paper, indicating that Cell Protocol is about to enter the market.
Having already missed the recent bull market in oracle, can Cell Protocol still achieve its ambition? Being an oracle project, Cell Protocol ingeniously chose to build on Tron, can it become as popular as Tron?
Cell Protocol: A Distributed Price Oracle Network
At present, many DeFi applications currently rely heavily on timely and accurate prices. Current solutions are either less expensive to attack, centralized, or prices are not updated in a timely manner. Therefore, price predictors have been favored by many DAPP and DeFi projects.
Cell Protocol is a distributed price oracle network based on Tron network and solves the problem of price chaining through decentralized incentive solutions.
The white paper stated that the Cell Oracle focuses on cryptocurrency price prediction and is designed from the following ideas:
1) Prices are sufficiently accurate: it can truly reflect market prices, arbitrageurs cannot continue to profit from the system.
2) Prices are sufficiently sensitive: the reaction to market prices is fast enough to cope with extreme market conditions, such as the March 12 price crash.
3) Prices are sufficiently resistant to attack: the cost of distorting or influencing the true price is so high that theoretically unlimited funds are needed to manipulate prices at will.
4) Direct verification of prices: if you rely on third parties to obtain prices, you should consider the price formation mechanism of the third party, how to verify, and how to resist the third party’s mischief.
5) No authorization is required for the quotation system: anyone is free to enter or exit to participate in the quotation without system verification.
Can Cell Protocol surpass the forerunners?
The fluctuation in the crypto market is normal and the dropping price is not a news. However, the dropping price did sound the alarm for users. Although theoretically, as long as DeFi has a market, oracles will be useful, choosing a mature and practical oracle can better guarantee a higher long-term value.
Cell Protocol is visionary and wishes to develop with users. It has proposed some mature concepts wishing to build an ecosystem that can create long-term value.
Unlike other popular oracle projects, such as Chainlink, Nest, and DOS, Cell Protocol’s token, Cell, is issued based on Tron, which guarantees lower transaction fees.
The current popularity of DeFi has caused great congestion on the Ethereum network, leading to the result of high GAS fee and declining availability. After a series of observations, Cell decided to take a different path and establish its own kingdom on Tron. At present, Tron adopts TPoS double-layer consensus mechanism which is 20 times faster, combining the advantages of DPoS and PBFT. This can greatly shorten the block confirmation time, and the TPS indicator is far ahead of other public chains. Based on Tron, Cell users can enjoy a smoother network and lower transaction fees.
In the Cell quotation verification mechanism, anyone can become a validator and perform price validation on quoted miners’ quotations. If a deviation is found between a single quotation and the market price, with some room allowed for arbitrage, then the validator can engage in order-eating arbitrage.
More concentrated token positions are easier to manipulate. In contrast, the shorter Block Interval on the Tron Blockchain allows the validator to arbitrage enough times within T0 at a much lower cost of capital to quickly return to a rational price within the T0 cycle. This design allows anyone to take part in the mechanism of price formation, with prices reflecting real market pricing of the pairs and sufficiently rapid to reflect changes in prices.
In the token distribution, Cell does not have pre-mining, all released by way of Cell Oracle (Quote Mining), with a high distribution ratio. In the Cell Token release distribution mechanism, miners accounted for 80%, development team only accounted for 5%, and partner nodes (Cell Node) accounted for 15%. And these 15% of Cell Node holders have the governance rights of the Cell system.
Based on Charlie Munger’s motto “Show me the incentives and I will show you the outcome”, unlike previous oracle machines that took their data from trusted third parties off-chain, the incentives for the Cell agreement make prices form directly on-chain. Participants in the Cell agreement need to invest real money to be accountable for their actions. The agreement will incentivize those who have the courage to speak the truth.
With the further opening up of the DeFi market, the demand for oracles in the financial and Internet of Things will further expand. Can Tron help Cell Protocol successfully build up its oracle kingdom? Can the Cell Protocol help with the next booming of oracle? This visionary decentralized oracle project is worthy of looking forward to.
Disclaimer. This article is paid and provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. CoinIdol shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services mentioned in this article.
All Eyes on Ethereum
One Ether now costs more than US$3000. Did you ever think you’d see the day?
You gotta hand it to the crypto markets: in some ways they’re comically predictable. A month ago, Ethereum was everyone’s favourite whipping boy, a bloated, expensive under-achiever that couldn’t even double its 2017 all-time high. Lol what a weakling.
And with competitors like Cosmos, Solana, Polygon and Polkadot nipping at its heels, perhaps this was the beginning of the end for the network that gave us smart contracts, ICOs, ERC-20 tokens, DeFi, yield farming, NFTs and, to be honest, the entire idea that blockchain was a multi-functional and era-shaping technological breakthrough that you ignored at your peril.
How things have changed. On Monday Ethereum blasted through the US$3000 mark like it was barely there, throwing on an extra 15% while it was at it. The network is now worth a shade under US$400 billion, putting it on par with Mastercard and Walmart, and officially making Vitalik Buterin, the 27-year-old prodigy who created Ethereum, a bona fide billionaire. So, is this how the Flippening begins?
Network to net worth
Due to the speed with which things move in crypto, we tend to underestimate some of the metrics that actually speak to a technology’s success. The new shiny thing is almost always more exciting than some dusty old contraption built in the positively prehistoric year of 2015. Did they even have electricity back then?
But Ethereum stands out from almost all other blockchains in that it’s already being used, at scale, by millions of people and companies. While that may seem like Business 101 – get more customers, be more successful – when it comes to blockchain usage is a particularly powerful factor because of the way it harnesses network effects to improve the value of the system itself. Use it more and the whole system becomes more valuable, both financially and practically, for the network’s users, miners, stakers, investors and developers. Oh, and Vitalik, of course.
How far we’ve come
Ethereum’s issue has always been its inability to scale. If you can’t handle hundreds or even thousands of transactions a second, then you’re not really fit for purpose as a global computer. The result for Ethereum has been a year of increasing network congestion and brutally high transaction fees. Yet the fact that so much continues to be built and transacted on Ethereum tells you exactly how strong these network effects already are.
There’s also an increasing focus on three major changes to the Ethereum network due to arrive before the end of the year:
- EIP-1559: Lifts one of DeFi’s major innovations in the field of ‘tokenomics’ by implementing a token burn system on every transaction. You use the Ethereum network, you burn some ETH, never to be seen again.
- Optimism: due for a full launch in July, the Optimism sidechain should significantly improve the speed of Ethereum by leveraging largely incomprehensible processes such as ZK-Rollups and Sharding. It’s already being used by the Synthetix protocol, where it has saved users over $10 million dollars in transaction fees.
- Ethereum 2.0: This is the big one, Ethereum’s transition from Proof-of-Work to Proof-of-Stake. It’s been coming for years, but the importance of the change cannot be overstated. Already more than 4 million Ethereum are being staked on the Ethereum 2.0 contract, offering an insight into how much ETH might fall out of circulation once the entire thing goes live (potentially in November).
In short, Ethereum is just getting started. The price might seem gaspingly high right now, but remember that Ethereum isn’t trying to be Walmart or Mastercard. It wants to be the thing that Walmart and Mastercard are built on – and that’s a prospect worth having a stake in.
CARBON: A perfect avenue for showcasing talent
Creative professionals sometimes find themselves figuring out where to showcase their creations and profit from them.
It’s a tough situation to be in. But with CARBON, the dilemma is lessened.
CARBON creates an avenue that gives creators both a place to show off their talents and a chance to earn money.
CARBON features an ecosystem of a global scale that integrates open finance, fashion, art, music, and non-fungible tokens (NFTs).
One of its objectives is to enable a community that can inspire, support, and reward professionals.
What the CARBON marketplace looks like
As what an ideal marketplace should be, CARBON has a lot to offer, helping emerging brands and artists have a shot even at the highest levels of competition they have to deal with.
Items related to fashion, art pieces, music, and digital assets such as NFTs are offered in the CARBON marketplace. A dedicated team will carefully select these products.
The market will also see exclusive collaborations featuring various artists and brands for physical commodities and digital items that will be dropped on a weekly basis.
As for its audience, they should prepare for a diverse experience brought by a market evolving into a global ecosystem.
CARBON was founded by Chad Pickard who also acts as its Chief Executive Officer (CEO). It is an open finance wallet and super ecosystem that is built for the whole world of fashion, art, music, and culture while also integrating digital assets through NFT offerings.
It has its native token, the $GEMS, and its wallet integrates Neobank functions like the financial technology company Revolut and a non-custodial smart wallet for decentralized finance (DeFi) and cryptocurrencies.
This integration allows users to hold fiat (government-backed) and digital currencies as well as NFTs in a single platform.
The wallet is linked to the market, giving users the ability to directly select items that they desire.
CARBON doesn’t just work as a marketplace where purchases can be made, but also as an avenue where professional creators get to showcase their talents and inspire others to promote their own. It provides them with a winning environment.
How Tokenplace can help crypto traders get the best buy and sell prices
Any seasoned crypto trader knows that the price of a digital currency can vary across different exchanges worldwide.
Thus, one of the basic strategies for investing in digital currencies is to scout for the best buy or sell price and that’s where Tokenplace comes in.
Access to different crypto exchanges via one platform
To take full advantage of the price variance across exchanges, some traders often resort to opening accounts on different platforms. But Tokenplace eliminates this need because the platform allows one to access different exchanges worldwide.
This means that a user will only need his Tokenplace account and password to gain access to the entire crypto market. This is a lot simpler compared to having to main multiple accounts and passwords for other exchanges for different trading pairs.
Tokenplace is basically an online trading platform and exchange aggregator. With its automated order-splitting, orders are automatically broken up to ensure that traders get the best price for every coin they want to trade.
Easy to use and features-packed trading terminal
Tokenplace is also very appealing to newer investors because it is very easy to use. For instance, users will only need to access a single window for their deposits, withdrawals, trading, and exchanging.
The platform can be accessed from both desktop and mobile devices. Tokenplace’s onboarding and one-time registration process are also one of the quickest in the industry.
Tokenplace uses advanced algorithms for its multi-exchange order splitting feature. With this high-tech tool, users can get the best buy and sell price every time they trade.
IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.
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