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The King of Blockchains, Bitcoin Can Become the Foundation for Web 3.0

The crypto industry seems to have dismissed Bitcoin when it comes to smart contracts or Web 3.0 — but Blockstack co-founder Muneeb Ali believes this is going to change.

The post The King of Blockchains, Bitcoin Can Become the Foundation for Web 3.0 appeared first on Bitcoin Magazine.

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Bitcoin remains the undisputed “king” of blockchains. Bitcoin’s dominance has increased significantly since the experimental times of 2017. Bitcoin has survived many attempted forks and “civil wars” and has established itself as the reserve cryptocurrency; people fall back to Bitcoin in bear markets. The production network has stood the test of time for over 10 years now. 

However, the crypto industry has dismissed Bitcoin when it comes to smart contracts or Web 3.0. I believe this is going to change.

It’s true that Bitcoin cannot do everything. Bitcoin is secure because it has a limited scripting language. Bitcoin is reliable and durable because it doesn’t change. This does not mean that the developer ecosystem around Bitcoin cannot innovate and enable support for Web 3.0. As the crypto industry makes progress toward Web 3.0, we’ll come to realize that it’s hard to beat the security and network effects of Bitcoin.

Despite several initiatives by potential competitors, the hashrate of the Bitcoin network and the security offered by its proof-of-work (PoW) mining remain unparalleled to this day. For years, new cryptocurrencies have attempted to launch their own native PoW networks; none has approached Bitcoin’s success.

Bitcoin has network effects. Most people are introduced to cryptocurrencies through Bitcoin. If something can be done on top of Bitcoin, it will eventually get done on top of Bitcoin rather than a smaller ecosystem. Network effects make Bitcoin’s success self-reinforcing: Miners see that the network is established, that the community is strong and that the currency is the “hardest” money in the crypto space. Miners join or expand their commitment, increasing hashpower and network reliability; their entry inspires still more holders and businesses, increasing community support. The cycle goes on.

Smart Contracts on Bitcoin

Despite the success of Bitcoin, critics who question Bitcoin’s capacity for innovation have some valid points. There are aspects of Bitcoin that frustrate developers who wish to explore the world of smart contracts and decentralized apps. Many projects have created their own blockchains because they perceive Bitcoin’s scripting limitations as a dealbreaker. They cannot deny the original chain’s security, but they also wish they could write more expressive smart contracts. New blockchains find themselves struggling with poor, native PoW security, and often attempt jumps to proof of stake (PoS) or delegated PoS setups which may be less secure and tend toward centralization.

As a result, several crypto projects have concluded that they must pick their poison: They must either attempt to bootstrap a native PoW chain or else establish a PoS chain, with all of the tradeoffs that entails. 

But these are not the only options. There is a different path available: Smart contract platforms can employ Bitcoin’s PoW security to safeguard new blockchains. 

New protocols can anchor to the security of Bitcoin and extend Bitcoin’s utility. Transactions that settle on Bitcoin are harder to reorganize than they are on any other network. This is an under-explored design space but one which is beginning to change. 

The Bitcoin blockchain already has security derived from its energy expenditure and this security may be passed on to the interconnected chain by using concepts like proof-of-transfer (PoX). It’s important to recognize that interconnected chains differ from traditional sidechains; interconnected chains create their own crypto assets, but they utilize the Bitcoin chain for broadcasting mining operations and consensus steps. An interconnected chain anchored to Bitcoin is a win-win proposition for all parties as the new blockchain benefits from the reliability, and longevity of Bitcoin while providing freedom and flexibility to developers working with the interconnected chain.

The Bitcoin blockchain can also reap benefits, acquiring new and powerful use cases. These can attract new miners and new network participants, further solidifying Bitcoin’s place as the reserve cryptocurrency.

Smart contract platforms, and I include my own project, Blockstack, in this, understand how powerful on-chain contracts can be. But just as you don’t need to build all new roads to drive new cars, there’s no need to reinvent PoW or PoS chains to employ robust smart contracts or to launch new blockchains. The solid foundation we need to realize our vision for Web 3.0 is already here; a future Web 3.0 can anchor on Bitcoin.

Image credit: William Krause on Unsplash

This is an op ed contribution by Muneeb Ali. Views expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc.

The post The King of Blockchains, Bitcoin Can Become the Foundation for Web 3.0 appeared first on Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/the-king-of-blockchains-bitcoin-can-become-the-foundation-for-web-3-0?utm_source=rss&utm_medium=rss&utm_campaign=the-king-of-blockchains-bitcoin-can-become-the-foundation-for-web-3-0

Blockchain

KLAY Technical Analysis: Price Currently at $1.06, Close to Strong Support Level of $1.01

KLAY Technical Analysis: Price Currently at $1.06, Close to Strong Support Level of $1.01

Rate this post Klaytn is a public blockchain launched in June 2019. In order to convey the value of blockchain technology, a platform should provide an accessible user experience and development environment. Using an efficient hybrid design, the Klaytn platform combines the benefits of both public blockchains (decentralization, distributed governance) and private blockchains (low latency, scalability). Let us look at the technical analysis of KLAY. Past Performance On September 14, 2021, KLAY started trading at $1.33. As of September 20, 2021, the closing price of KLAY was $1.06. Thus, in the past week, the KLAY has been very less volatile. In the last 24 hours, KLAY has traded between $1.02-$1.86. https://www.tradingview.com/x/jRHWLpRB/ The Klaytn 2.0 global expansion of the coin has turned out to be positive news for Klaytn. However, Klaytn after grabbing institutional investors’ attention like Humanspace, Wemade Tree, and Piction Network saw hefty profit booking. A downtrend in Klaytn began after BTC’s 15% shakedown. On the four-hour chart, KLAY is in a downtrend. Moreover, traders are following the Sell-On-Rise concept. After the recent BTC shakedown, the trend has been shifted, and it is currently forming the base around the support zone. However, we can expect a breakout on the chart after some consolidation. A breakdown or a breakup will decide the future trend of the token. KLAY Technical Analysis Currently, the RSI is at 29.56%. After entering the oversold zone, the RSI has been constantly rising. Also, the RSI is currently near to its resistance level, therefore, after a short pullback, and we can expect KLAY to bounce back. MACD and EMA are in the negative zone, suggesting a sell signal. We can witness a bearish crossover between the MACD and signal lines. Therefore, the price will test support levels. On the four-hour chart, the OBV is consolidating and getting ready to continue its upward trajectory. Day-Ahead and Tomorrow The KLAY price is currently trading at $1.06, which is close to its strong support level of $1.01 on the daily chart. The breakdown from this level will highlight the next support level at $0.86. Hence, traders can take a short position after this support level is broken while keeping a stop loss at $1.09. However, on the other hand, if the price starts rising. The first resistance level the price will test is $1.17, which is a crucial one for the upcoming price trends. If the price breaks out from this resistance level, then traders can take a long position, keeping the next target of $1.29 and the stop-loss at $0.86.

The post KLAY Technical Analysis: Price Currently at $1.06, Close to Strong Support Level of $1.01 appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Klaytn is a public blockchain launched in June 2019. In order to convey the value of blockchain technology, a platform should provide an accessible user experience and development environment. Using an efficient hybrid design, the Klaytn platform combines the benefits of both public blockchains (decentralization, distributed governance) and private blockchains (low latency, scalability). Let us look at the technical analysis of KLAY.

Past Performance

On September 14, 2021, KLAY started trading at $1.33. As of September 20, 2021, the closing price of KLAY was $1.06. Thus, in the past week, the KLAY has been very less volatile. In the last 24 hours, KLAY has traded between $1.02-$1.86.

TradingView Chart

The Klaytn 2.0 global expansion of the coin has turned out to be positive news for Klaytn. However, Klaytn after grabbing institutional investors’ attention like Humanspace, Wemade Tree, and Piction Network saw hefty profit booking. A downtrend in Klaytn began after BTC’s 15% shakedown.

On the four-hour chart, KLAY is in a downtrend. Moreover, traders are following the Sell-On-Rise concept. After the recent BTC shakedown, the trend has been shifted, and it is currently forming the base around the support zone.

However, we can expect a breakout on the chart after some consolidation. A breakdown or a breakup will decide the future trend of the token.

KLAY Technical Analysis

Currently, the RSI is at 29.56%. After entering the oversold zone, the RSI has been constantly rising. Also, the RSI is currently near to its resistance level, therefore, after a short pullback, and we can expect KLAY to bounce back.

MACD and EMA are in the negative zone, suggesting a sell signal. We can witness a bearish crossover between the MACD and signal lines. Therefore, the price will test support levels.

On the four-hour chart, the OBV is consolidating and getting ready to continue its upward trajectory.

Day-Ahead and Tomorrow

The KLAY price is currently trading at $1.06, which is close to its strong support level of $1.01 on the daily chart. The breakdown from this level will highlight the next support level at $0.86. Hence, traders can take a short position after this support level is broken while keeping a stop loss at $1.09.

However, on the other hand, if the price starts rising. The first resistance level the price will test is $1.17, which is a crucial one for the upcoming price trends. If the price breaks out from this resistance level, then traders can take a long position, keeping the next target of $1.29 and the stop-loss at $0.86.

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Source: https://www.cryptoknowmics.com/news/klay-technical-analysis-price-currently-at-1-06-close-to-strong-support-level-of-1-01/

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Blockchain

Robinhood Silently to Test Crypto Wallets & Crypto Transfer Functions


According to a Bloomberg report, Zero-commission financial trading platform Robinhood is low-profile testing new crypto wallet features for its customers, which will allow users to send and receive cryptocurrencies. (Read More)

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According to a Bloomberg report, Zero-commission financial trading platform Robinhood is low-profile testing new crypto wallet features for its customers, which will allow users to send and receive cryptocurrencies.

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Reportedly, Robinhood users currently can only use U.S. dollars to buy cryptocurrencies and trade digital assets on the platform but cannot withdraw the encrypted assets.

This is the first time the company has introduced deposit and withdrawal functions for digital assets like Bitcoin (BTC). 

Bloomberg reported that the beta version of the application on its IOS system reflects the company’s work on such functions. Also, there is a hidden image showing the waiting list page for users to register for the function of the encrypted wallet. It also involves the code related to the transfer of cryptocurrency assets.

Robinhood CEO Vlad Tenev pointed out in the second-quarter earnings conference call that adding a crypto wallet is the top priority of the company’s developers and said:

“It’s something that our teams are working on. The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

As reported by Blockchain.News on September 9, Robinhood Markets Inc. has launched a new cryptocurrency recurring investment feature that lets customers automatically invest in cryptocurrencies on a daily, weekly, or monthly schedule.

The new feature is set to allow its customers to purchase cryptocurrency commission-free and with a little as $1 worth of cryptocurrency of their choice monthly, weekly or even daily.

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Source: https://Blockchain.News/news/robinhood-silently-to-test-crypto-wallets-crypto-transfer-functions

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Binance Ceases Crypto Futures and Options Offering in Australia

The exchange is pulling its derivatives services around the world amid regulatory crackdowns.

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Binance continued to limit its services as the crypto exchange most recently ceases offering futures, options and leveraged tokens to its customers in Australia. According to the official announcement on Tuesday, the step has been taken to comply with local regulations.

This came as an extension of already imposed restriction in Australia as the crypto exchange last month ceased the Australians from opening new accounts for trading options, margin products and leveraged tokens.

Though the crypto exchange giant will stop its offerings on September 24, the Aussie clients will have a 90 days deadline to reduce and close their positions for the ceased products. The exchange will allow users to increase or open new positions, but they can top-up margin balances to prevent margin calls and liquidations.

“Users will no longer be able to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all remaining open positions will be closed,” Binance stated.

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Compliance Is a Must Now

Once aimed to offer crypto trading services with almost every local fiat currencies, Binance is facing heavy regulatory backlash now. Multiple regulators, from big and small jurisdictions, are flagging Binance’s services for offerings without holding requisite licenses.

The financial regulator of Japan even said that the exchange is operating in the country without the mandatory license, while the Malaysian financial watchdog made the exchange exit the country.

While the Australian regulator did not specifically issue any warning against Binance, it issued a general warning against all unlicensed crypto exchanges offering services to Aussie traders.

“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” Binance added. “Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.”

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Source: https://www.financemagnates.com/cryptocurrency/news/binance-ceases-crypto-futures-and-options-offering-in-australia/

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