Since the inception of Blockchain, Bitcoin, and related technological architectures, the focal area mostly has been around financial services, medical and healthcare industry, logistics, and transportation industry. But one may see it as focusing just on the short-term and neglecting the long-term alterations which may pop-up on the ground. Such technologies will surely aid numerous industries, but in the long-term, people across the world are the one’s who would be employing it. So, in a crux, human beings would benefit if one tries and scrutinize from a macro-level perspective. Make no mistake, the aid to humans would be observable only if the algorithms would be written in a specific manner, and humans would use it thinking it to be of some assistance.
The global hub for Bitcoin – USA or Europe?
industrial revolution, there has been a close competition between the United
States of America and Europe. Starting with automobile innovation and military
power among others, and then coming to technological innovations. Both the
nations have been seen as the 1st and 2nd top students in
a class (metaphorically speaking). Similarly, there has been a cut-throat
competition with regards to developing Blockchain and Bitcoin tools and
frameworks. Just like the Silicon Valley of USA, Malta, located at Southern
Eastern Europe is said to among few Bitcoin hubs in Europe. With GDPR being deployed on the ground a few years ago, some
may perceive Europe to be one step ahead of the USA at the moment. But one
never knows what may happen tomorrow. The best thing to do is to keep one’s fingers
crossed and hope for the best.
Regulatory patterns with DeFi being kept in the background.
and recognition have become somewhat a necessity to examine and forecast
forthcoming potential scenarios. Medical, logistics, and financial services
industries have experienced a small fraction of the technology in the past few
years. But as the architecture is new, regular input is crucial for machine
learning, neural networking and similar technologies to showcase maximum yield
at the end of the day. Considering policy making and regulating, and legal
structure as a whole, the alterations w.r.t DeFi should be altered immediately.
As transactions could be done anywhere across the world, and higher usage is
being observed because of an increase in trust factor (among others), policymakers and DeFi developers should together design, build, and implement laws
according to every nation. To overcome the illicit dealings happening across online channels (also sometimes
referred to as the dark web), the focal point must be pattern finding,
recognition, and modifying according to a scenario and nation as well.
Increase in Robustness of Decentralized Frameworks in ambiguous scenarios.
developers and users entering the decentralized frameworks, interoperability
and adaptability while keeping the data/money secure be of utmost necessity. Such
a feast may take a few experiments before experiencing the desired output. Due
to cost-effectiveness and more technical experts in the market today, a higher
number of potential prototypes are being developed in short intervals. For
robustness to get heightened in DeFi’s architecture, one will need to first understand thoroughly its
building blocks. Just like the internet protocol suite, DeFi also uses a
multi-layered framework, which encompasses:
It might seem
obvious that each layer in interconnected for completing a specific task. In
this piece of research, a macrolevel description is shown through a diagram
about the interrelation between developers, merchants, bitcoin grid, exchange
platforms, and the rest of the variables that help the decentralized framework
operate swiftly and with utmost precision.
Digital Asset Market.
A digital asset consists of a lot of variables like:
The market for
digital assets came into notice after social media platforms (mostly which are
used across the world), i.e. around 2009.
But when it comes
down to evaluation from a venture capitalist’s perspective, there’s a lot of
uncertainty among those building it, offering it, and using it as well. The
principal value of an asset is the current value of payoffs including the
complete available appropriate information. As DeFi is decentralized, and not
managed by an authority, it’s value changes with time. That is one factor of
uncertainty among people in the DeFi ecosystem. Cybersecurity and
crypto-economics and relatable variables are gradually picking up the pace in
narrowing down the fear of uncertainty.
Can Social Bitcoin sustain a Democratic Digital World?
Bitcoin, Sociology could seem to be a fascinating idea at the face value, but
until it’s not implemented and experimented on small clusters, it too soon to
tell whether a social Bitcoin could sustain a Democratic digital world. If one
delves into and examines the sociological patterns financially in different
centuries, there’s a narrow hope. But if similar concepts are applied with an
appropriate mindset from people building and those using it, then there might
be a lot of hope in the coming times.
One big benefit of using Bitcoin with sociology kept in mind at the back is that the
whole ecosystem works including micromanagement and micromanagement as well. Unlike
a centralized environment, a decentralized ecosystem modifies when required. It
doesn’t wait until everything is at the tip of a breakdown. Besides that,
developers and venture capitalists operate simultaneously, meaning, if a
cluster of developers built an application that surpasses others, the
developers receive some form of incentive/bonus which helps in building more productive
tools in the future. Such a scenario might not be visible with clarity because
of complications in the regulations, policies, and the overall functioning of a
centralized framework. A multi-dimensional financial system is one potential
approach to resolving the financial mess may nations are experiencing (according to this piece of research). Some portion of the worldwide population are
preferring to use digital currencies than currencies in physical form.
through the current scenario in nations where a major focus is given on
R&D, scrutinizing from the market’s point-of-view, seeing how to intensify
the robustness, and finally examining if a social Bitcoin could sustain the
digital world, it might be appropriate to say a lot of trial-and-error’s need
to happen before finalizing it. Even after finalizing it, one shouldn’t be
hesitant to build a fresh architecture from scratch.
The post DeFi – Why Bitcoin’s Decentralized Financial System is Important for Human Rights? appeared first on PrimaFelicitas.
NextGen Blockchain Platforms Self-Organize to Win Government Contracts
Over the past year, blockchain development communities have turned their attention towards winning government contracts.
Washington, DC. There is a huge opportunity presented by increased government spending on blockchain projects. According to Bloomberg Government BGOV200 Report, federal government spending reached $597 Billion in 2019. However, since new businesses face barriers gaining direct access to government contracts, many have joined the Government Blockchain Association (GBA) to introduce their cutting-edge blockchain platforms to the public sector.
Traditionally government program managers choose to work with the same few legacy companies. For example, there are currently over 4.1 million US Federal government contractors but of the $597 billion in prime contracts awarded in FY19, the top 10 government contractors received $173.4 billion according to Bloomberg Government. However, the COVID-19 Global Pandemic was a catalyst that necessitated governments from around the world look at bold and innovative new ways to solve problems from a more diverse community.
In March of 2020 the US Department of Health and Human Services hosted a virtual Pandemic Response Hackathon. This hackathon idea completely changed the former process of government acquisitions. The slow pattern of the past was rewritten to adopt to the chaos, uncertainty, and urgency of COVID. Government contracts went from a centralized channel to open and decentralized solutions coming in from completely new sources. A new way of doing business was introduced to the world stage, and in November 2020 the Indian Ministry of Electronics and Information Technology (MeitY), National Informatics Centre (NIC) held their own up a GovTech Hackathon. Throughout 2020, countless examples of crowdsourcing solutions contested the traditional procurement processes.
Along with new paradigms in acquisitions, 2020 brought explosive growth of decentralized development communities and platforms. Decentralized communities operate on independently run servers, rather than on a centralized server owned by a business. Initially, most blockchain solutions were private-permissioned blockchains dominated by a single vendor. One of the most popular government blockchain solutions is Hyperledger Fabric. Though it is technically an open-source project, almost 80% of software changes to Hyperledger Fabric came from IBM, demonstrating an ongoing dependence on IBM to maintain the code.
Lately, next gen blockchain solution providers have been self-organizing into working groups and communities to compete in the contracts space. The largest and most engaged of these decentralized communities is the Government Blockchain Association, with members in over 500 Government Offices, thousands of public and private sector members in 120 Chapters, and more than 50 Working Groups, and 25 Communities of Interests. They also host regular online and in-person events to introduce blockchain solution providers to government officials, promoting this new diverse community.
Some of these next gen blockchain leaders include:
- DragonChain – DragonChain is an enterprise and start-up-ready platform to build flexible and scalable blockchain applications. It has business-ready applications and developer-friendly integrations that support many applications including learning management systems, decentralized identity, and anti-fraud and compliance solutions.
- NEM – A community that has developed two blockchains. They are NEM NIS1 and Symbol. NEM NIS1 is the original blockchain offering from NEM, created by the community, and optimized to be a developer’s sandbox. With zero downtime or major outages since 2015, NIS1 is the blockchain you can trust for all your project needs. Symbol is the next-generation enterprise-grade blockchain solution from NEM, purpose-built to help businesses cut costs, reduce complexities, and streamline innovation. With major upgrades in flexibility, security, speed and ease of use, the Symbol platform is the best-in-class blockchain enterprise solution.
- Simba Chain – SIMBA Chain is a cloud-based, blockchain-as-a-service (BaaS) platform, enabling users across a variety of skill sets to implement decentralized applications (dapps). These apps allow secure, direct connections between users and providers, eliminating third parties. The easy-to-use platform is tailored for users, developers, government, and enterprises to quickly deploy blockchain dapps for iOS, Android, and the web.
- TON Labs – TON Labs is the core developer of Free TON, comprised of a decentralized team focused on developing the infrastructure and free software for TON OS. TON OS is a full-fledged, vertically integrated technology stack that helps developers work easily with the blockchain and makes it simple and intuitive for users.
Decentralized blockchain projects include the Government Business Blockchain Platform (GBBP). This multi-blockchain platform allows solutions built on any blockchain to connect and become available to governments around the world. Sub-set eco-systems include Emergency Management, Healthcare Delivery, and Citizen Services. Blockchain applications can interconnect on the GBBP, providing identity management, logistics, asset management, payments, and many other blockchain services.
These examples demonstrate how blockchain providers are working together, self-organizing into decentralized entities to build public-facing blockchain solutions. GBA groups regularly host online meetings to discuss their projects. Anyone interested in joining the discussion can find out more on the GBA Events Calendar or Events List. Later this year the GBA will be bringing World-Class Leaders to Washington, DC for Government Blockchain Week on Sept 27 to Oct 1, 2021.
Robinhood Reports 6 Million New Crypto Traders in 2021
In a blog post on Feb. 26 titled “Crypto goes mainstream” the retail trading app revealed that it had seen six million new customers on Robinhood Crypto so far this year.
The number of new monthly customers buying from its crypto platform in 2021 is 15 times the 2020 average.
“By comparison, this number peaked at 401,000 in a single month last year, with a monthly average of about 200,000 customers trading on Robinhood Crypto for the first time during 2020.”
Robinhood, which had to halt trading in late January due to overwhelming demand, offers just seven tradeable crypto assets; Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
There are no trading size limits though it added that the average transaction size is around $500. The chart provided indicates that the average trade was around half of that at $200 to $250 for the previous year.
First-time buyer? Long-term #HODLer? 🚀 This year, six million of you used Robinhood Crypto for the first time to buy and sell #crypto. We fully intend to provide the ability to deposit and withdraw cryptocurrencies.💥 Learn more: https://t.co/8VQhKtWB32 pic.twitter.com/rwsVdlNIg3
— Robinhood (@RobinhoodApp) February 25, 2021
Retail Traders Surging
The app offers an intuitive user interface and educational articles that explain cryptocurrencies. It is targeted at newbies that may not have the technical knowledge to operate more advanced trading platforms.
It also offers zero-fee trading, but makes money on spreads between makers and takers.
The report reinforces the premise that retail has arrived after months of steady institutional investment which has pushed many high cap crypto assets including Bitcoin and Ethereum to their highest ever prices.
“The numbers are clear: 2021 has started with a crypto bang.”
In a Feb. 18 note from company CEO and co-founder, Vlad Tenev, it was revealed that the total value of customer assets on Robinhood (for all markets) exceeds the net amount of money they have deposited by over $35 billion. He added;
“While markets fluctuate, this tells me that our business model is working for everyday Americans.”
Crypto Correction Deepens
The Robinhood numbers are bullish for overall sentiment, but the crypto correction is deepening and March is usually a bearish month for markets.
Since its all-time high of $1.78 trillion on Feb. 22, total market capitalization has declined by 18% to $1.46 trillion today according to Coingecko.
Bitcoin has been leading the drop as usual with an 18.7% fall from its $58k peak last weekend to just over $47k at the time of press. Meanwhile, Ethereum has been hit even harder, retreating 27% from its ATH of over $2k to below $1,500.
Another 30% correction could be on the cards, echoing the one that occurred in early January when Bitcoin prices dropped below $30k before recovering to a new high. The bigger picture still paints a bull market.
Kraken Daily Market Report for February 25 2021
- Total spot trading volume at $1.86 billion, near the 30-day average of $2.08 billion.
- Total futures notional at $780.0 million.
- The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
- Strong returns from Lisk (+16%), Litecoin (+11%), Synthetix (+12%), Kyber Network (+11%), and Kava (+11%).
|February 25, 2021
$1.86B traded across all markets today
Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 25 2021)
Figure 2: Mid-size trading assets: (measured in USD) (February 25 2021)
Figure 3: Smallest trading assets: (measured in USD) (February 25 2021)
#####################. Spread %. ##########################################
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (February 25 2021)
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (February 25 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 25 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 25 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
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