Connect with us

Blockchain

Coreto: A Social Platform for All Reliable Crypto-Related Information

Republished by Plato

Published

on

Coreto, a reputation-based online social platform for crypto communities has announced the Alpha launch of its product. Set for release on April 12, 2021, the product will be initially tried and tested by a select group of 500 users with another 500 users to be added at a later date.

The Need for Community-Driven Crowdsourced Knowledge in Crypto Industry

The cryptocurrency industry is one of the fastest-growing industry segments. Since the introduction of Bitcoin, the number of cryptocurrencies, blockchain projects and their applications has increased at an exponential pace. Currently, the concepts of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) take the top spot. In such a scenario, the vast crypto community is still playing catch-up as they try to understand the market and predict its future path.

The crypto community is made of enthusiasts, regular users, developers, investors, traders and decision-makers. The decentralized aspect of the technology makes it attractive and at the same time confusing as each participant has limited knowledge and there is no reliable platform where they can learn more from others while sharing what they know with the community.

Coreto Makes Crowdsourced Crypto Information More Reliable

There are many active online forums where the cryptocurrency community regularly interacts. While these forums and social networks have proven to be a great place for promoting cryptocurrencies and related projects, the authenticity of information available in such places aren’t always reliable. In case you are an investor or a trader who is new to cryptocurrencies, then such platforms are the last place to rely on for investment advice, or even to get in-depth knowledge about anything crypto-related.

Coreto solves this issue by creating a tokenized, reputation-based social platform where the crypto community can share knowledge and access information knowing that they are endorsed by the community. By using a unique Staking of Opinion Pool (SOOP) mechanism, the platform introduces a trust layer where the content creator stakes the platform’s native COR token to back the authenticity of shared information. Other users who believe the information to be authentic or trust the content creator’s expertise can endorse the claim by entering their stake into the pool. Based on the number of posts and received endorsements, content creators will earn a reputation which enables them to create subscription-based information sharing channels to monetize their knowledge while benefiting the community at large.

“The whole Coreto concept was built around the community from day one. We’ve always had in mind the final user, his experience and benefits using the platform. Our main goal is to build a fool-proof tool that people can use in order to find out who they can trust and follow in the crypto space.”, says Iustina Faraon – CEO and Co-founder of Coreto.

A Blend of Various Technologies to Create a Perfect Recipe

Coreto’s aim is to reduce the time taken to search for reliable information on the internet while rewarding those making worthy contributions to the community. To achieve its mission, the platform is designed to be as user-friendly as possible. The gamification element in Coreto ensures user engagement by incentivizing participation in the community. Meanwhile, the Machine Learning and Artificial Intelligence algorithms help recognize various market trends and investor interests to generate relevant metrics that are useful to the community.

The social platform includes an integrated DeFi solution complete with staking pool, lending, borrowing and automated payments for subscriptions and rewards for increased participation and efficient utilization of the COR token ecosystem.

The Road Ahead for Coreto

The Alpha release of Coreto is aimed at testing and improving the SOOP algorithms. With traders as the initial focus group, the platform will expand its offering to include the remaining stakeholders in the ecosystem.

Starting April 12th, Alpha users on Coreto can publish technical analysis for various crypto assets and build prediction pools using SOOP, thereby acquiring reputation scores based on the number of followers and supporters gained during this period.

In the long run, Coreto aims to strengthen its position in the market as the main information platform for the cryptocurrency field. The team intends to develop the platform on several levels, including options through which Trust and Performance algorithms can be implemented on other platforms where there are peer-to-peer interactions.

The whitelisting process for the second set of 500 users on the Alpha release is still open. Users can sign up and reserve a spot at – https://reserve.coreto.io/

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/company/coreto-a-social-platform-for-all-reliable-crypto-related-information/

Blockchain

$420M in leveraged long traders liquidated after XRP rallies to $1.96

Republished by Plato

Published

on

XRP holders couldn’t have asked for a better year as the cryptocurrency rallied almost 800% and flirted with a $2 level in the early hours of April 14. 

In addition to achieving its highest level since January 2018, this robust price increase signals that investors are not worried about the ongoing SEC “unregistered securities offering” dispute.

However, just 6 hours after rallying to $1.96, XRP price crashed by more than 20%. During an interview, DCG Group CEO Barry Silbert said it would be risky for exchanges and companies in the United States to relist XRP ahead of receiving the SEC’s blessing. These remarks may have contributed to the unprecedented $420 million long liquidations on derivatives exchanges today.

XRP price in USDT at Binance. Source: TradingView

Over the past couple of weeks, the primary catalysts for XRP’s rally have been victories in Ripple’s legal battles. Lawyers representing Ripple were granted access to internal SEC discussions regarding cryptocurrencies, and more recently, a court denied the disclosure of two Ripple executives’ financial records, including CEO Brad Garlinghouse.

Considering the recent rally, pinpointing a single reason for the price correction will likely be inaccurate. Nevertheless, the impressive $420 million long liquidations past 24-hours exceed those of Feb. 1 when XRP price crashed by 46% in two hours.

XRP futures aggregate liquidations. Source: Bybt

The only logical reason behind this staggering liquidation is excessive leverage used by buyers. To confirm such a thesis, one must analyze the perpetual contracts funding rate. To balance their risks, exchanges will charge either longs or shorts depending on how much leverage each side is demanding.

XRP perpetual futures 8-hour funding rate. Source: Bybt

The chart above shows that the 8-hour funding rate is surpassing 0.25%, which is equivalent to 5.4% per week. Although this is excessive, buyers will withstand these fees during strong price rallies. For example, the current upward price move lasted for almost three weeks, and prior to that another took place in early February.

Blaming the liquidations exclusively on leverage seems a bit extreme, although it certainly played its part in amplifying today’s correction.

Moreover, the record growth in XRP futures open interest was accompanied by a hike in the volume at spot exchanges. As a result, the eventual impact from more significant liquidations should have been absorbed by the increased liquidity.

Cascading liquidations will always take place in volatile markets. Thus investors should focus on how long it takes until the price recovers from it.

Fundamentally, a 10% or 20% intraday drop should not be interpreted differently. The correction depends on how many bids were previously stacked at exchange orderbooks and is not directly related to investors’ bullish or bearish sentiment.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/420m-in-leveraged-long-traders-liquidated-after-xrp-rallies-to-1-96

Continue Reading

Blockchain

Garry Tan’s 2013 investment of $300K in Coinbase is now worth $2.4B

Republished by Plato

Published

on

Garry Tan, a prominent angel investor and the founder of Initialized Capital, was one of the first investors to provide seed funding to Coinbase eight years ago. 

Less than a decade later, and after today’s highly anticipated Nasdaq listing for Coinbase’s COIN stock, Tan’s 2013 investment of $300,000 into Coinbase is now worth $2.4 billion.

Coinbase debuted on the Nasdaq on April 14 at $381 per share, making it one of the most hyped listings in the U.S. stock market of the year.

How did $300,000 become $2.4 billion?

In 2013, when Tan invested in Coinbase, it was unclear whether Bitcoin would be recognized as a global asset and an established store of value.

At the time, there were not many reputable exchanges, and the few that existed were often hacked. Tan’s investment took place before the monumental Mt. Gox hack that saw billions of dollars worth of BTC stolen.

Even after launch, Coinbase was not always in an uptrend. According to Coinbase co-founder Fred Ehrsam, from 2014 to 2017 the company faced numerous hardships. 

Ehrsam said:

“Over time, crypto grew, and so did the company. A simple #Bitcoin wallet evolved into individual and institutional products to support a blossoming cryptoeconomy. 2 nerds who met on the internet (yes, @brian_armstrong and I met on @reddit ) turned into a company of 1000+. There was serious hardship. In the 3 years between 2014 and 2017, the outside world thought crypto was dead. Over a third of employees left. Yet crypto kept building. @ethereum came on the scene and showed that crypto native applications were possible, opening up a whole new world of possibilities.”

Even if the listing fails to impress, Coinbase has alluring financials

Coinbase is the first publicly listed major cryptocurrency exchange in the U.S. stock market and its availability on Nasdaq now provides mainstream investors with exposure to the crypto sector. Even if the listing fails to impress on day one, the company still has strong financials and user metrics.

Coinbase made $1 billion in the last quarter and has more users than every financial institution in the U.S. apart from JPMorgan, making it a highly compelling trade for investors in the traditional financial market.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/garry-tan-s-2013-investment-of-300k-in-coinbase-is-now-worth-2-4b

Continue Reading

Blockchain

German software developer donated $1.2M in ‘undeserved’ Bitcoin to political party

Republished by Plato

Published

on

A German national who reportedly sees his Bitcoin profits as “undeserved wealth” has donated more than $1 million to the country’s green political party.

According to Hamburg-based news outlet Die Zeit, Moritz Schmidt, a software developer from the northeastern town of Greifswald, has sent one million euro — roughly $1.2 million — to Germany’s green party, known as The Greens or Alliance 90. A party spokesperson said Schmidt had made significant gains during the Bitcoin (BTC) bull run but wanted to contribute to causes related to environmental and climate protection rather than HODLing his crypto.

“The donor has made it clear to us that he sees these profits as undeserved wealth that he does not claim for himself, but wants to use socially, for something that corresponds to his convictions,” said the Greens spokesperson. “In the meantime he sees the Bitcoin system critically, among other things against the background that the necessary arithmetic operations consume huge amounts of electricity.”

Records for the Greens show that Schmidt’s donation is the biggest the party has received this year, with the next highest contribution at 500,000 euro, or roughly $600,000. The funds will reportedly be used for the party’s federal election campaign and the state election campaigns in 2021.

The software developer is not alone in seemingly hoping the crypto industry will become greener. Many have criticized Bitcoin mining for its impact on the environment, with some estimates indicating the network consumes more energy than the entire country of Argentina. However, Mike Colyer, CEO of crypto mining firm Foundry Digital, said this week that he believes mining Bitcoin could eventually help the transition to a “world where 100% of our energy is produced from renewables.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/german-software-developer-donated-1-2m-in-undeserved-bitcoin-to-political-party

Continue Reading
Blockchain4 days ago

How NFTs, DeFi and Web 3.0 are intertwined

Blockchain4 days ago

XRP Price Analysis: 10 April

Blockchain4 days ago

Has the rally ended for altcoins like LINK, ADA, and NPXS?

Blockchain5 days ago

11% Of Business In Spain Use Blockchain Technology, Report

Blockchain2 days ago

By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

Blockchain2 days ago

NYSE celebrates historic ‘first trades’ with NFT series

Blockchain2 days ago

Whole Earth Coin (WEC) Set for IEO to Inject New Life Into Aging Infrastructure

Blockchain2 days ago

Bitcoin’s time has come: TIME magazine to hold BTC on balance sheet

Blockchain4 days ago

Kraken Daily Market Report for April 09 2021

Blockchain4 days ago

Watch these key technical levels as Bitcoin price nears $61,800 all-time high

Blockchain4 days ago

Uniswap, Monero, Ethereum Classic Price Analysis: 10 April

Blockchain2 days ago

USDT, USDC, and BUSD represent 93% of stablecoin market cap

Blockchain4 days ago

Oasis Foundation announces implementation of Tidal DeFi insurance platform

Blockchain2 days ago

Binance launches zero-commission tradable stock tokens

Blockchain2 days ago

NYSE Joins NFT Mania With Special First Trade Collection

Blockchain5 days ago

Real Estate Giant Teams up with Gemini to Buy Bitcoin and Allow BTC Rent Payments

Blockchain2 days ago

German digital stock exchange will list physical Litecoin ETP

Blockchain4 days ago

Bitcoin Bull Mike Novogratz Predicts Existential Crisis Unless the US Creates a Digital Dollar

Blockchain2 days ago

Boson Protocol concludes $25.8M public sale, token listed on exchanges

Blockchain4 days ago

How Ripple’s big win in court correlates with XRP’s 113% rally

Trending