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South Korea Is Poised To Become The First Crypto Country In The World

South Korea

For a country to be described as being crypto-powered it would need to have recorded a massive adoption of digital currencies, possess scalable blockchain infrastructure that is enterprise-grade, and be recognized as a crypto-innovation hotspot across the globe. Additionally such a country must have a crypto-sector that enjoys a balanced relationship with the government. One […]

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South Korea

For a country to be described as being crypto-powered it would need to have recorded a massive adoption of digital currencies, possess scalable blockchain infrastructure that is enterprise-grade, and be recognized as a crypto-innovation hotspot across the globe.

Additionally such a country must have a crypto-sector that enjoys a balanced relationship with the government. One of the countries that would currently tick most of the above boxes is South Korea.

By some estimates the digital currency ownership among the adult population in South Korea is 33% meaning that the concept of ownership of digital assets is already mainstream in the Asian country. Much of the initial interest in virtual currencies in the country was driven by pure speculative greed with prices at some point being close to 40% higher in South Korean exchanges compared to foreign ones.

High penetration rate

The country also boasts of a high penetration of crypto-infrastructure and which has the capacity to handle a big number of consumers. Awareness of digital currencies is also high with most people in South Korea having head about them. Overall the Asian country is the third largest virtual currency market in the world.

Though the regulatory environment with regards to virtual currencies in South Korea has not been very clear in the past, there is general optimism that balanced regulation will be the case. The political base of the current administration of President Moon Jae-in is young adults. This demographic happens to be the one that is most invested in digital currencies. Part of the reason is because the millenials of South Korea have come of age when there is relative prosperity and can thus afford to take greater risks with their investments compared to older generations.

North Korea and China

Some of the reasons that are driving the advanced understanding of virtual currencies in South Korea include the fact that the country?s digital currency markets are being used as vehicles by the Chinese to get money out of their country. Additionally the sanctions that have been imposed on North Korea have also assisted in driving innovation at service providers and exchanges.

In China the citizens are not allowed to send out of the country amounts exceeding $15,400. To get around this Chinese businesses have allegedly been acquiring Korean businesses with a view to using them to move money around.

Mining and aid

With regards to sanctions imposed on North Korea there is speculation that the embargoed country is getting aid in the form of virtual currencies as this is impossible to track. There is also speculation that the North is undertaking the mining of virtual currencies. It has also been suggested that North Korea is involved in hacking and stealing virtual currencies from exchanges around the world.

This has resulted in South Korean exchanges such as Bithumb experiencing a lot of activity leading to innovation on scaling and security. Besides blockchain and cryptocurrencies these innovations are also likely to benefit other sectors in future.

Another factor that is working in the favor of South Korea is its education system and the engineering talent it is producing. South Korean students for instance are consistently ranked among the top five in the globe in math and sciences.

Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at news@dippli.com.

The post South Korea Is Poised To Become The First Crypto Country In The World appeared first on dippli.

Source: https://dippli.com/2018/05/01/south-korea-is-poised-to-become-the-first-crypto-country-in-the-world/

Blockchain

Bitcoin dominance is an irrelevant metric unless…

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The volatile cryptocurrency market has given way to multiple metrics for the market observers to analyze and predict what’s coming next. One such metric has been Bitcoin dominance, but as per Su Zhu, it should not be relevant to you unless you are a billionaire.

How so?

The CEO of Three Arrows Capital opined this after noticing the trend of the newcomers avoiding Bitcoin and Ethereum and opting for risky crypto tokens. When the largest digital asset was stuck in a wider correction period, altcoins like Dogecoin [DOGE] grabbed much attention. This was possible due to the hype created by Tesla CEO or, self-proclaimed “doge-father,” Elon Musk and the Doge community.

However, understanding the newcomers’ enthusiasm Zhu opined that if he were to bet on projects now, he would choose Solana and Avalanche.

Despite the popularity of altcoins, the exec remained bullish on Bitcoin and Ethereum as he expected, the former to flip gold’s market cap, and the latter to eventually hit a value above $25,000. Bold predictions, but nothing we haven’t heard before.

However, newcomers were more bothered about the dominance metric but as data suggested, Bitcoin dominance has recently been falling. The dominance was hit earlier but recovered to form a peak at 49.25% on 30th July. But given the correction phase that followed, the dominance of BTC fell and was last noted to be at 40% on 10th September.

It is interesting to note that despite plenty of adoption related news such as that of El Salvador, coming in over the past few weeks, it looks like the dominance has remained unaffected by it.

Source: CoinMarketCap

Twitter user and crypto enthusiast, @HsakaTrades also noted that Bitcoin dominance was not a relevant metric for anyone who has a “sub mid 9fig portfolio]. Agreeing with Hasaka, Zhu added,

“To clarify, if you’re holding for 5+ yrs, you shouldn’t be thinking about btc dominance in the first place. And obv btc and eth have a strong place in that portfolio.

If you’re allocating actively atm, and think debating btc v eth v alts is a good framework, you’re ngmi.”

While this advice could stand true for experiences, long-term trader interested in making money, but not the ones looking out to invest in tech. This was especially highlighted in the comments wherein the crypto users were upset about the CEO’s Solana [SOL] recommendation that recently witnessed an outage.

Nevertheless, the trading advice and strategies differd from trader to trader and Zhu’s opinion to not focus on the BTC dominance, prebably stemmed from a hodlers perspective. While interesting projects were now erupting in the crypto space, it looks like Bitcoin’s dominance, not only in terms of price, but as a crypto project could be challenge.

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Source: https://ambcrypto.com/bitcoin-dominance-irrelevant-for-anyone-not-10figs

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Blockchain

Millions of Dollars Raised Through Solana’s DeFi Projects

Millions of Dollars Raised Through Solana's DeFi Projects

PAI, an algorithmic stablecoin, backs Parrot Protocol. Grape Protocol was the primary source of the downtime. Solana has been up

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  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Source: https://thenewscrypto.com/millions-of-dollars-raised-through-solanas-defi-projects/

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Blockchain

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos’ creators call it an “internet of blockchains.” ATOM also launched a bridge to Ethereum at the end of August.

The post has appeared first on thenewscrypto.com

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  • Cosmos’ creators call it an “internet of blockchains.”
  • ATOM also launched a bridge to Ethereum at the end of August.

Cosmos (ATOM) blew up 10.74 percent overnight to establish a new price of $39.58, according to CoinMarketCap. It surpassed $40 yesterday, reaching $40.76. Despite today’s minor decline, Cosmos’ price was still ten dollars more than seven days ago, and twenty dollars higher than this time last month.

Its creators call it an “internet of blockchains.” It’s an interoperability network that allows various blockchains to connect, exchange data, and interact with one another.

In short, Cosmos claims to address some of the “hardest problems” in the blockchain sector. It seeks to provide an alternative to “slow, costly, unscalable, and ecologically harmful” proof-of-work protocols like Bitcoin by connecting blockchains. On August 18, Cosmos rose 25% from $15 to $20 after the introduction of Emeris, a cross-chain DeFi interface.

It also launched a bridge to Ethereum at the end of August. The inter-blockchain communication protocol (IBC) allowed trade across the Cosmos and Ethereum networks for the first time, along with the integration of Sifchain.

Cosmos Might Soon Over Take FTX Token

Cosmos is “Blockchain 3.0” — thus, as previously said, ease of usage is a significant objective. To this aim, the Cosmos SDK emphasizes modularity. This enables a network to be created quickly using existing code. Long term, it is anticipated that sophisticated applications would be simple to build.

Cosmos now has the twenty-first largest market value, but at this pace, it would only take $0.8 billion to flip FTX Token and make a bold entry into the top twenty.

Some in the crypto sector, much worried about the amount of fragmentation in blockchain networks. There are hundreds, yet few can converse. Cosmos wants to change this by making it feasible.

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Source: https://thenewscrypto.com/cosmos-atom-lead-market-wide-rally/

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