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Blockchain

NEM officially launches its next-gen public blockchain – Symbol

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NEM Group, the chief developer and supporter of the NEM blockchain platform, today announced the official launch of Symbol, its next-generation Proof-of-Stake+ (PoS+) public blockchain. Boasting enterprise-grade programmability and security, Symbol from NEM brings technical features which can be leveraged by projects building fintech, healthcare, and supply chain products.

With the launch comes XYM, the native currency of the Symbol from the NEM platform, used for transactions on the network. 

“Symbol’s feature-rich platform makes it suitable for a number of industries and use cases, spanning the enterprise, financial services, regulated asset, and wider blockchain spaces. NEM has a vital role to play, alongside and operating with other platforms, in creating this new value paradigm.”
– David Shaw, CEO of NEM Group

Features of Symbol

Symbol from NEM is built to be interoperable; it supports public/private hybrid models, trustless cross-chain swaps and its Application Programming Interfaces (APIs) easily integrate with existing systems and processes. The atomic cross-chain swaps enable trustless data and value flow across multiple different blockchains, eliminating the need for intermediaries. It also permits the creation of specialized digital assets, going beyond tokens to represent shares of stock, signatures, votes, non-fungible tokens (NFTs), or other currencies.

Each asset has configurable properties, and a unique identifier and can enforce logic-based account or asset-based restrictions at a protocol level. These features hold huge potential in the new economy movement, in particular for the Decentralized Finance (DeFi), Regulated Assets and Security Token Offering (STO) spaces, with Symbol already integrated with Propine, a regulated issuance and custody platform for Security Tokens.

With the public chain launch of Symbol, the NEM project now comprises two chains, with the 6-year old project, NEM NIS1 (V1) continuing to run in parallel with no downtime, security breaches, or lost assets in its history. Symbol from NEM builds on the advanced security features of its first Proof-of-Importance (PoI) blockchain, which was the first blockchain to introduce on-chain multi-signature accounts.

Expanding on this functionality, Symbol from NEM presents the first public blockchain to bring on-chain, multi-layer, multi-signature accounts. Sometimes referred to as the concept of “delegated financial authority,” this feature allows the co-signatory of a multi-signature account to be a multi-signature account with its own set of co-signers. This allows users to simplify the creation of complex signature requirements, which streamlines business processes such as payroll. With hardware wallet and offline signing support from day one, coupled with the advanced on-chain multi-signature support, it offers unique Operational Security (OpSec) possibilities.

A distinct feature of Symbol from NEM is its hybrid chain architecture; which permits deployments of both public and private chain use cases, while supporting trustless data flow between Private-Private and Private-Public deployments bidirectionally.

This allows developers to choose the ideal setup for their particular needs. Enterprise users can establish a permissioned ecosystem on a private chain to store confidential information, while also enabling communication with public chains or other permissioned chains. This presents a ‘best of both worlds’ solution, offering more flexibility in how businesses store and share data.

The Symbol blockchain is set to make a splash in the Central Bank Digital Currency (CBDC) space, with LBCOIN, a blockchain-based digital collector coin issued by a Central Bank, committed to NEM platforms. LBCOIN was initially issued on the NEM NIS1 public chain in July 2020, with The Bank of Lithuania issuing 4,000 LBCOIN, equivalent to 24,000 digital tokens and 4,000 physical collector coins. With the launch, LBCOIN will transfer to Symbol chains (private and public), to take advantage of the platform.

The Symbol public chain is a self-sustaining economic ecosystem involving node operators, harvesters, investors, users, and the XYM token.

“As a flexible platform, Symbol’s Application Programming Interfaces (APIs) can be seamlessly integrated by existing enterprise systems and processes, as well as other blockchains. Its multi-layer technology stack allows for trustless, peer-to-peer, multi-party asset swaps, escrows or trades. The platform has been developed with customizability as a key focus with over 120 different configuration settings, allowing for the customization of both public and private networks. Its feature sets enable the rapid development and deployment of secure solutions and expansion of features and services by development teams.”
– Kristy-Leigh Minehan, CTO of NEM Software

Source: Symbol Whitepaper

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoninjas.net/2021/03/15/nem-officially-launches-its-next-gen-public-blockchain-symbol/

Blockchain

Twitter CEO Jack Dorsey says he would forever work to make bitcoin better.

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Twitter CEO Jack Dorsey expressed his support for the leading cryptocurrency bitcoin on his microblogging platform Twitter, in response to a tweet by the Square chief financial officer, Amrita Ahuja. “Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative,” Ms Ahuja wrote on Twitter. These comments came a few days after Elon Musk’s Tesla suspended bitcoin payments. 

Square’s Bitcoin asset is valued at $410m. 

Square is a digital payments company founded by Twitter chief executive and Jim Kelvey and launched in 2020. The company valued at over $100 billion in 2020 is evaluating Bitcoin as an investment opportunity. Square has purchased a total of $220 million Bitcoin to date. Its Bitcoin asset is valued at $410m. Bitcoin was trading at $48,523.20 on Saturday and is down 13 percent over the past five days since Tesla announced to drop the cryptocurrency as a payment method. “Square is doing exactly this for bitcoin with @SqCrypto,” Jack Dorsey had tweeted last year. 

Tesla suspends the bitcoin payment option citing environmental reasons. 

Less than two months after Elon Musk had announced to accept the leading cryptocurrency bitcoin payments for Tesla vehicles, the company discontinued its support. Elon Musk announced that the reason they are suspending bitcoin payments is because of environmental concerns. Bitcoin mining uses specialized computers that use massive energy for the process of mining. However, Tesla would continue to retain bitcoin holdings that it acquired sometime in January this year. The leading electric car maker had purchased $1.5 billion worth of bitcoins earlier this year, sending the price of the leading cryptocurrency to new highs. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/twitter-ceo-jack-dorsey-says-he-would-forever-work-to-make-bitcoin-better/

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Blockchain

What is Party Parrot Finance?

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Party Parrot Finance is a non-custodial lending market equipped with a Virtual Automated Market Maker (AMM).

From humble beginnings to today, decentralized finance (DeFi) has grown exponentially. Currently, billions of dollars of value are locked into numerous DeFi systems, which are being turned into different yield generating tokens, such as the Uniswap LP tokens, or the AAVE interest-bearing tokens.

For the most part, the values of LP tokens are locked in the many ecosystems that make up DeFi and are ultimately inaccessible to the crypto community. Unfortunately, the value locked in DeFi as LP tokens are unavailable to the larger blockchain community because their risks are non-transparent, and their units of account are unsuitable for human consumption.

Thankfully, The Party Parrot is fully equipped to deal with such inconvenience, and is supported by well-established networks such as Solana.

Table of Contents

Background

Although not much is known about the Party Parrot’s team, it is fair to imply that the Parrot ecosystem was designed and built to be scalable. The team behind the platform has shown great enthusiasm and expects the protocol to be among the top crypto solutions of its category within the market very soon.

Additionally, the team has expressed its vision of a world with full-scale blockchain adoption, where all crypto or blockchain-related solutions ought to possess the following attributes, ensuring that as the world’s technology grows, the blockchain’s throughput grows as well.

Here are some of its perks:

  • Ability to process tens of thousands of trades per second and hundreds of thousands of orders per second
  • Ability to process 10 billion social media interactions per day, which is around 100k per second
  • Gas costs of less than $0.001
  • Scaling with the world
  • Ability to process all submissions on a human-reaction-time scale.

What is Party Parrot Finance?

Built on the Solana blockchain network, Party Parrot is a non-custodial lending market equipped with a Virtual Automated Market Maker (AMM). In general, the platform seeks to leverage locked LP tokens by making their value accessible through its highly efficient liquidity and lending network.

Additionally, The Parrot protocol is furnished with a margin trading algorithm designed to enable value locked within DeFi accessible. The protocol relies primarily on LP tokens used as collateral for all operations within its ecosystem.

The blockchain venture is an ambitious attempt to further the expansion of DeFi worldwide. The team behind its protocol aims to disrupt the worldwide DeFi ecosystem through its very first product, the stablecoin PAI, which will be backed by LP tokens as collaterals. In return, this will incentivize all LP token holders to trade with each other confidently.

Party Parrot is set out to create a margin trading product or virtual AMM, where the PAI token would be used as a tool to benefit the whole Parrot community.

Party Parrot Finance interface

Furthermore, through the Parrot lending market, LP token holders can enjoy the full potential of their tokens, as they are given the possibility to benefit from their locked value by borrowing against lender liquidity.

Overall, The Party Parrot financial venture is a for-profit project; so, all goods and services within the platform come with fees. But innovatively, the team behind the protocol will use the fees collected to purchase back the PRT token as protocol incentives.

Across the platform, the fees are collected from stability fees from the stablecoin PAI, as well as borrow interests on the PAI supply. Additionally, the blockchain ecosystem will be able to strive off borrow fees from the lending market, liquidation penalties, And trading fees for the vAMM.

The project is set to be following the roadmap below, ensuring a smooth implementation of all products:

  • 2021 Q2 April-June: Stablecoin with LP collaterals.
  • 2021 Q3 Solana DeFi Summer: Crypto lending with LP collaterals.
  • 2021 Q4 -2022-Q1: Margin trading with vAMM, using PAI.

PAI Stablecoin

Also built on the Solana blockchain ecosystem, the PAI stablecoin the Protocol’s very first product. Once fully operational, the token will play an important role within the platform’s ecosystem. Currently, the token is available on devnet for testing purposes and open to all crypto enthusiasts.

The PAI stablecoin will primarily be used to bridge LP tokens to Solana. It will also enable the staking of ETH and BTC tokens on an L1 swap where holders can earn LP yields. PAI holders will be able to also mint PAI, with LP tokens as collaterals, and buy BTC or ETH using PAI under the Serum ecosystem. 

Party Parrot Tokens (PRT and gPRT)

PRT is the Parrot protocol utility token, while gPRT is the platform’s governance token.

The PRT token is responsible for all operations and transactions within the platform and currently has a total supply of 1,000,000,000, where 35% is locked as protocol incentives, 17.5% control by the team, 10% as the reserve, and 20% saved for the platform’s ecosystem and partnerships.

As for the gPRT token, it is used as a tool to further long-term participation in governance within the system. gPRT tokens will be given to all individuals who lock up their PRT tokens, where the longer the lockup period, the greater the amount of gPRT tokens are minted for the supply locked.

For every gPRT in an individual possession, additional voting power and protocol incentives boost are granted. The lockup periods range from 1 to 4 years, guaranteeing various benefits depending on the number of years, which is as follow:

  • 1 year: 1x (gPRT1)
  • 2 years: 1.5x (gPRT2)
  • 3 years: 2x (gPRT3)
  • 4 years: 4x (gPRT4)

Conclusion

The Party Parrot protocol is a dynamic implementation and combination of already existing solutions powered by the blockchain. The growing DeFi ecosystem has revealed the need for such a solution within the market.

The blockchain solution not only empowers users and token holders but also enables them to benefit from all the services on the platform. Furthermore, through the PRT and gPRT tokens, users can potentially grow to become huge actors within the Parrot ecosystem, allowing them to take part in decisions and processes that affect the platform directly and indirectly.

Party Parrot is a unique protocol and is on pace to have an echoing impact within the blockchain ecosystem for years to come and eventually become a leader within the DeFi space.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.asiacryptotoday.com/party-parrot-finance/

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Blockchain

Bitcoin (BTC) Transactions Worth Over $1 Million Hit All-Time High As BTC Price Struggles to Hold at $50,000

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The world’s largest cryptocurrency Bitcoin (BTC) has been struggling under the $50,000 levels. After Tesla dropping BTC payments earlier this week, BTC registered more than a 15% price crash and is currently trading 3.64% down at $48,703 with a market cap of $911 billion.

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Merchant Token

On the other hand, Bitcoin (BTC) whale transactions have been ascending steeply. As per on-chain data provider Santiment, the Bitcoin whale transactions over $1 million are approaching another all-time high.

CryptoQuant CEO Ki-Young Ju recently noted that long-term Bitcoin investors don’t need to worry since most of the institutional investors in the U.S. have purchased it above $50,000 levels. However, he noted that derivative traders have to be careful in the short term since the number of whale deposits on the exchange has been increasing.

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Earlier today, Chinese crypto analyst Wu Blockchain noted that Bitcoin’s dominance in the overall crypto space has dropped to under 40% for the very first time in three years. This happens as altcoins continue to gain strength over the world’s largest crypto.

A Look Into the Institutional Positions In Bitcoin (BTC)

Over the last few months, institutional buying in Bitcoin has continued mostly at levels around $55,000. As Wu Blockchain notes institutions that have purchased Bitcoin after March are currently under losses with the recent BTC price crash. However, one Chinese firm Meitu has managed to offset these losses by purchasing a good quantity in Ethereum (ETH).

In March 2021, Meitu announced the purchase of an additional 16,000 $ETH for $28.4 million and 386 $BTC for $21.6 million. This makes Meitu the first public listed firm to invest heavily in Ethereum (ETH). Wu Blockchain writes:

“Institutions that bought Bitcoin after March have suffered losses due to the recent sharp drop. However, the Chinese listed company Meitu took out more funds to invest in Ethereum in April, so it gained 3x the income, offsetting the losses caused by Bitcoin”.

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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.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/amid-struggling-under-50000-bitcoin-btc-whale-transactions-over-1-million-hit-all-time-high/

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