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DEX and interoperability upgrades show TomoChain (TOMO) wants DeFi dominance

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The cryptocurrency market started the year in full force and with all the bullish breakouts happening it can be difficult to discern which projects are simply being driven by the macro trend and which are making gains based on solid tech developments and improving fundamentals. 

As the price of Bitcoin dropped more than $11,000 between Jan. 10 and Jan. 11, a number of altcoins saw double-digit losses but a few DeFi and layer 2-oriented coins bucked the trend and quickly recovered as BTC price consolidated.

For example, TomoChain (TOMO) saw its price double from $0.65 on Jan. 2 to $1.29 on Jan. 12. With such a strong performance during one of the largest Bitcoin sell-offs in crypto history, TOMO deserves a closer look to see what fundamentals are supporting such a strong move.

TOMO/USDT 4-hour chart. Source: TradingView

A major interoperability announcement boosts sentiment

With the rise of the DeFi sector over the past year, a majority of which operates on the Ethereum network, interoperability with the top altcoin has become a necessary feature for any project that looking to gain traction and a large user base.

The need for low fee, scalable Etheruem alternatives appears to be one of the factors driving TOMO price higher.

On Jan. 7, the team released an update for the TomoIssuer and TomoBridge platforms. The upgrade allows any user to issue a wrapped ERC-20 token and list it on TomoBridge as a TRC-21 token.

With fees on the Ethereum network soaring again, developers and traders can opt to use TomoBridge to swap ERC-20 tokens more efficiently than they could on the Ethereum network.

Recently TomoChain also unveiled the Zorro release which contains an upgrade to its Ethereum Virtual Machine (EVM) and the current version of Solidity. With this upgrade, developers can “easily deploy code from other EVM chains to TomoChain with minimal customization.”

Together, the Zorro release, TomoIssuer, and TomoBridge have the potential to capture some of the liquidity and transactions from the Ethereum-dominated DeFi space while also helping alleviate the congestion and high fees that currently plague the Etheruem network.

A few challenges remain

As is the case with most crypto projects, attracting an active user base is a challenge faced by TomoChain.

The first decentralized exchange powered by and secured directly through the TomoChain Masternode network, TomoDEX, was launched by the team on May. 14 but it has struggled to gain traction.

To date, activity on TomoDEX is still lackluster with only $13,117 in volume traded over the past 24-hours. It remains to be seen if the Zorro release and TomoIssuer will provide a greater incentive for ERC-20 token holders to begin migrating over to the TomoChain network.

Despite low engagement on its network, TOMO developers continue to forge ahead by upgrading the protocol and refining the code. Evidence of the legitimacy of the project can be found in the numerous partnerships that continue to be established with the platform.

The recent upgrade enabling the wrapping of ERC-20 along with the Zorro mainnet upgrade has had a positive effect on the public’s perception of the project. Data from TheTie shows that TOMO’s 30-day average sentiment score is now at its second-highest level ever and the increase coincided with the recent surge in price.

TOMO price vs. 30-day Average Daily Sentiment Score. Source: TheTIE

On Nov. 28, 2020 the government of Vietnam’s Ministry of Education and Training (MOET) announced a partnership with TOMO “to architect, develop, and utilize a National Qualifications Archive (NQA) system that will secure recognized diplomas and certificates on the TomoChain Public Blockchain.”

This was a major development for the platform due to this being one of the largest adoptions of a public blockchain by a major government to date.

Even more encouraging is that Vietnamese has recently identified blockchain technology as one of the top priorities and with TomoChain already established as one of their top choices, it’s possible that a growing number of investors will shift their attention to TOMO.

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

Source: https://cointelegraph.com/news/dex-and-interoperability-upgrades-show-tomochain-tomo-wants-defi-dominance

Blockchain

Blockchain in Sports Betting

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Wanna enter the Sports betting industry? Are you worried about the transactional data, security and entry charges?

Just relax and lean on to your chair. The amazing features of blockchain technology have reshaped the sports betting industry. It enhances safe and secure transactions as it is an open source decentralized network.

Basically, blockchain offers tremendous features like transparency, fast payouts, speedy transactions, independent in nature, etc. The most effective feature is the player’s account will not be restricted or blocked either personally or professionally  due to extreme winnings.

Blockchain is the most prominent technology ruling today’s betting industry. It’s advancement in the sports industry has laid a pavement for its enormous growth in recent times.

To get detailed information, checkout the following Infographic developed by WinBTC.net in Partnership with MrBet.me.uk.

Blockchain In Sports Betting Infographic
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Blockchain

Libra Coin – A New Digital Currency Developed by FACEBOOK

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Libra, Let’s get started:

Technology has improved the world around us, it is easy to send text, pictures, and documents but why not money.
What if we made the money truly global, stable, and secure. What if everyone has invited to the Global economy with access to the same financial opportunities.
This thought laid a pavement for Introducing LIBRA a new global currency designed for the digital world, backed by the belief that money should be fast for everyone from any corner of the world.
Its powered by Blockchain, making it safe, accessible, no matter who you are and where you’re from.
Join the world of LibraCoin where money works for everyone.

Check out the following infographic on – Libra: Cryptocurrency By Facebook (In 5 Minutes) – Developed by WinBTC.net.

libra

 

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The Hard Sell

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The prices are low and the panic is high. Is this the time to sell?

If you’ve been around crypto for longer than a couple of months, you’re probably familiar with the feelings that come with your average market-wide correction.

Euphoria fizzling away as that first red candle starts dropping down, down, down. Confidence in a quick recovery giving way to sweaty-palmed anxiety as the correction passes the 10, 20, 30% mark. Is this the big one? We all know what happened on March 13th last year. Finger hovering over the “Sell” button, knowing that if you just pressed it this horrible feeling would go away.

And even worse are the recriminations. How could I have been so blind? How did I let this happen? Why didn’t I sell when the going was good? Will I ever feel joy again?

Unrealised profit and loss

Look, I’m not going to say I told you so, but if there has ever been a market in need of a correction it was the crypto market of the last two months. It wasn’t a question of if your alt was going to do a 50 or 100% day; it was a question of when. Meanwhile, Bitcoin basically tripled its 2017 all-time high over the course of eight weeks, making it (briefly) a trillion dollar asset.

It’s not that bitcoin doesn’t deserve to be in that August club, but more to point out that markets will always revert to the mean, no matter how compelling the background narrative might be. And in the same way that you don’t expect to see an elephant jump over a small apartment block, an asset of bitcoin’s size shouldn’t be tripling in size like it ain’t no thing. Especially not when it’s taken three long, hard years to get back to its previous peak.

Timing is everything

Here’s the thing though: in every other market that humanity has ever created, taking three years to make a new all-time high actually is perfectly reasonable, bordering on suspiciously fast. Investments aren’t supposed to be measured in days or weeks. They’re supposed to take years, if not decades to play out. But the speed, 24/7 relentlessness and hyper-visibility of the crypto markets means it’s very easy to lose sight of the bigger picture. People who bought in at the absolute peak of the last bubble are still up 250% – presuming that they had the patience to hold on for a measly three years.

Nonetheless, selling can produce a real and concrete advantage. Get out near the top and you might be able to buy back in close to the bottom, thereby compounding your gains. (Despite what the people of TikTok Investors would have you believe, this is far harder than it appears.)

More simply though, money is money and when assets are appreciating like crypto assets have recently that can mean getting ahead of your mortgage, or buying a car, or paying for a holiday for your family, or being able to cover rent for the next month. If what you’ve made could make a difference in your life, then it makes complete and total sense to sell some – even if you think the crypto market is going to keep on going up. As the old adage goes, no-one ever went poor from taking profits.

Respect the sell-out

That’s not an invitation or a suggestion to sell it all right now – a good rule of thumb is sell when it feels hard (i.e. on the way up) not when it’s easy (on the way down) – but more to start thinking about what your endgame is. What do you hope to gain from this bull run? How much is enough? And will you be strong enough to start getting out when you reach your target? (Also, on a more prosaic note, what would taking profits mean for your tax?)

These are questions without easy answers, but start planning now and you’re less likely to be swept up in the mania and delirium that marks the real, bloody and unmistakable end of the bull market. And until then? DIAMOND HANDS ENGAGE.

Source: https://blog.coinjar.com/the-hard-sell/

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