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How Could a Software Company Land an Enterprise Client? The Talk With Alexander Sambuk

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Weekly Market Roundup: A Look into the Altcoins that Saw the Biggest Gains?

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The digital currency industry in the past week came off with impressive price actions across the board. With Bitcoin (BTC) notably steering in the direction of the majority of the crypto ecosystem with its trading range of $43,591.32, and $48,791.78. The limited price surge of the premier cryptocurrency was perhaps stumped due to the protests in El Salvador, a trend that showed an internal rebuff for Bitcoin as a legal tender bill in the country.

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Amidst the broad swing in the price-performance in the industry, many altcoins came off with good price marks, with Cosmos (ATOM), Audius (AUDIO), and Curve DAO Token (CRV) coming off printing the biggest gains in the trailing 7-day period. 

Here is a brief overview of how they all performed;

Cosmos (ATOM)

The Cosmos (ATOM) is currently up by 27.86% in the past week, after recording its All-Time High (ATH) price of $44.11 today. 

Cosmos to USD Chart. Source: CoinMarketCap

The Cosmos 7-day price chart as seen on CoinMarketCap shows a steady uptrend, sandwiched by a few lows at the beginning and middle of the week respectively. For the week, ATOM recorded as much as a $30.38 low, fueled by price consolidations amidst intermittent bullish buyups.

The ATOM accumulation is sustained as the Cosmos ecosystem is growing at a tremendous rate. Amongst the solutions it brings to the table is by connecting the fragmented blockchain protocols around today. This is one solution that is sure to push the growth of the fast-evolving digital currency ecosystem.

Audius (AUDIO)

Audius has also had an impressive week with a total price gain of 20.05% for the past 7 days. Despite starting the week in red, it has notably attempted to retry the bullish surge which led to its bullish push toward its ATH of $4.99 back in May. At present, the coin is changing hands at $2.85, and the current growth being seen in its ecosystem is a sign that more bullish paths are ahead of the 

Audius to USD Chart. Source: CoinMarketCap

Curve DAO Token (CRV)

The Curve DAO token surmounted a major price pitfall

Curve DAO Token to USD Chart. Source: CoinMarketCap

for the week, stretching from September 13 to September 14. In that short time frame, the digital token recorded its lowest price of $2.06 for the week. 

The token, riding on the strength of its DeFi offering has bounced back from this price slump and is currently trading at a price of $2.90. The coin is up 27.84% in the past week. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Recent Analysis Compares Waste From One Bitcoin Transaction To Throwing Out Two iPhones

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Source: https://www.newsbtc.com/news/bitcoin/recent-analysis-compares-waste-from-one-bitcoin-transaction-to-throwing-out-two-iphones/

There have been many studies that have highlighted the carbon footprint and electricity usage problems of Bitcoin transactions. Founder of Digiconomist Alex de Vries and researcher at MIT’s Center for Energy and Environmental Policy Research, Christian Stoll, released a new study that shines a light on the electronic waste that Bitcoin generates.

Related Reading | How Elon Musk Is The Answer To Bitcoin Energy FUD

This study, “titled Bitcoin’s growing e-waste problem”, provides new insights into another major component of Bitcoin’s wasteful design.

The Electronic Waste Problem Of Bitcoin

Most studies have ignored the fact that Bitcoin miners go through a large amount of short-lived hardware that could increase global electronic waste growth.

“E-waste represents a growing threat to our environment, from toxic chemicals and heavy metals leaching into soils, to air and water pollutions caused by improper recycling.”
According to the study, a single transaction generates 272 grams of e-waste, the same amount of electronic waste as throwing two iPhone 12 minis in the bin. In 2020 the bitcoin network processed 112.5m transactions (compared with 539bn processed by traditional payment service providers in 2019).

bitcoin electronic waste generation

“Bitcoin’s annual e-waste generation adds up to 30.7 metric kilotons as of May 2021,” they claim. “This number is comparable to the amount of small IT and telecommunication equipment waste produced by a country like the Netherlands.” This figure could increase to more than 64.4 metric kilotons of waste.
They also point out that the demand for mining hardware already today disrupts the global semiconductor supply chain, which is currently suffering a global shortage due to increased need in the coronavirus pandemic, as well as a US-China trade war and drought in Taiwan.

BTCUSD Chart on TradingView.com

BTC trading at $47.6K | Source: BTCUSD on TradingView.com

Additionally, Bitcoin mining has evolved from a simple activity done on a laptop to a complex and very expensive game done through powerful ASICs (application-specific integrated circuits). These ASICs are specifically designed to mine crypto transactions. And as technology changes, miners have to constantly replace their ASICs with newer, more powerful ones to stay competitive. Therefore, these single-purpose ASIC chips quickly become waste. According to the researchers, “The lifespan of bitcoin mining devices remains limited to just 1.29 years,”

Researchers in Europe and the U.S. also claim that miners have been dumping tens of thousands of tonnes every year of ASIC rigs and contributing to the ever-growing environmental challenge.

Alex and Stoll also warn that the e-waste problem will probably grow further if the price of the cryptocurrency continues to rise since it will incentivize further investment in and replacement of ASIC hardware.

Related Reading | Why Bitcoin Could Rise To $53K, Here Are The Risks Bulls Must Overcome

If the community were to try to reduce its e-waste problem, the paper concludes, it would need to replace the bitcoin mining process in “its entirety with a more sustainable alternative,” One of those alternatives is “proof of stake” instead of “proof of work”, as an experimental replacement. “The first miner who finds a PoW [proof of work] that satisfies predetermined conditions broadcasts the block to all nodes in the network. The receiving nodes express their acceptance of the new block by building on top of it”, the paper explains.

Featured image from Interesting Engineering, Chart from TradingView.com

Source: https://www.newsbtc.com/news/bitcoin/recent-analysis-compares-waste-from-one-bitcoin-transaction-to-throwing-out-two-iphones/

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DeFi has exploded by 800 percent but has a long way to go mainstream

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TL;DR Breakdown

  • Decentralized finance is the investment and trading of assets in a distributed environment without a central entity
  • Defi metrics include, On-chain cryptocurrency value received, On-chain retail value transferred, and Peer-to-peer (P2P) exchange trade volume

What is DeFi?

Decentralized Finance is a form of Finance that relies on blockchain forms or distributed systems and does not involve financial intermediaries. DeFi involves the trading and investment of digital assets. Since the rise of the cryptocurrency markets, DeFi has attempted to go mainstream in the finance sector. It has been to no avail, but the fruits were not wholly futile. More investors have embraced the digital way of trading. 

DeFi adoption

In an attempt to measure the adoption of Decentralized Finance, the Global DeFi Adoption Index has compiled statistics that show an 880% increase in the usage of DeFi. Instead of using the volume of transactions and the number of assets being exchanged, the Global DeFi Adoption Index uses non-professional and small-scale crypto traders. They also consider ordinary activities like making payments and savings, not just trading, exchanges, and making speculations. By doing this, they not only focus on big economies and markets which have the upper hand in cryptocurrency. 

Decentralized finance
Cryptocurrencies share size per platform by Chainalysis.com

The metrics used in measuring DeFi adoption are pretty diverse and involving. These include; On-chain cryptocurrency value received, On-chain retail value transferred, and Peer-to-peer (P2P) exchange trade volume. On-chain cryptocurrency value received consists of measuring the amount of cryptocurrency activity concerning the wealth of individual residents of the country. The on-chain retail value transferred is done by comparing cryptocurrency activity done by retail transactions (which are assumed to be worth below $10000) to the wealth of individual residents of the country. 

Peer-to-peer exchange trade volume involves the measure of cryptocurrency exchanged from individual to individual. This takes into consideration the number of internet users. The wealth of individuals in a country is determined by Purchasing Power Parity (PPP) per capita. 

When these metrics are used, both developed and emerging markets are considered. Comparing both, there is a spike in DeFi adoption in emerging markets. According to Chainalysis, out of 154 countries, Vietnam, India, Kenya, Ukraine, and Pakistan took the top 5 positions in terms of DeFi adoption. The main explanation of these emerging markets is that they limit traders on the amount of money they can move in and out of the country. Cryptocurrency gives them a limitless chance to move finances for their needs which have encouraged many investors to join in!

DeFi going mainstream

Whether DeFi becomes such a distinct phenomenon in the financial sector, it is still away from becoming mainstream. According to DeFi Llama, there is an increase in the total value locked in DeFi from $5b to $182.21b today.  However, this does not take into consideration the individual crypto traders who are mainly small-scale. Some have not embraced it as others, like various retail traders, term it as sophisticated. 

Apart from this, there have not been significant steps towards metaverse ETFs.  Many investors have stood up for the idea, and investments are beginning to rise in the metaverse. However, it looks like an affair of the upper social class because it is yet to be adopted and accepted by small non-professional traders. 

By comparing how far we have gone into the cryptocurrency trade and how close we are to making it mainstream financial markets. With some developed markets becoming reluctant on the cryptomarket with issues like the China crypto crackdown, it will take a while to become mainstream.

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