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Weekly Update #29: Binance, CoronaCoin, and JPEG

Binance, CoronaCoin, and JPEG - blockchain24.coIn today’s Weekly Update, we take a closer look at some interesting blockchain implementations which occurred over the last seven days. Like every Monday, we have a short summary of the last seven days for you. Last Weekly Update was all about Australia, sports, and mining. Let’s see what’s interesting has happened this time. Blockchain …

Artykuł Weekly Update #29: Binance, CoronaCoin, and JPEG pochodzi z serwisu | portal with cryptocurrency bitcoin & blockchain news.



In today’s Weekly Update, we take a closer look at some interesting blockchain implementations which occurred over the last seven days.

Like every Monday, we have a short summary of the last seven days for you. Last Weekly Update was all about Australia, sports, and mining. Let’s see what’s interesting has happened this time.

Blockchain votes in India?

The idea of blockchain utilization for voting is actually quite popular (we already heard about such projects in the United States, and Thailand). Last week, we learned some details about its implementation in India. The idea originated from a problem of lost votes of people who were not able to take part in an election due to not being present in their registered voting district.

Thanks to the blockchain technology, citizens will be able to vote even while being far from their registered city. Moreover, putting the voting system on the distributed ledger will also prevent from casting multiple votes. According to India’s Chief Election Commissioner Sunil Arora, the new system is going to be implemented until April 2021.

Russia: Crypto is linked to money laundering

The discussion about the legal context of cryptocurrencies went on an entirely new level in 2019, with national authorities getting interested in that topic after the widespread idea of stablecoins caused by Libra. Some of them favor the possibilities of decentralized assets and blockchain technology, while others see them as a threat. 

The second opinion is quite common for the Russian government, and last week we have experienced another example of this approach. In a published list of rules concerning suspicious and possibly illegal transactions, Russian Central Bank stated cryptocurrency transactions as potentially related to money laundering

Peter Schiff: “I never said the price of Bitcoin could not rise”

We recently wrote about Peter Schiff, a well-known cryptocurrency antagonist who lost his bitcoins because of forgetting a password to his wallet. At first, he believes that his troubles were caused by wallet malfunction, but with the Internet pointing his mistakes, Schiff gradually slowed down and changed his arguments. Now, Schiff once again takes the floor about the Bitcoin:

It is a notable change in Schiff’s rhetoric, who switches his approach from “useless digital asset” to “potentially good investment.” Who knows how his future statements will look like – especially when he, now again, hold about 0.4 BTC, which was raised in a donation campaign aimed to convince him about bitcoins value.

Binance isn’t “Malta-based cryptocurrency company” at all

The surprising news comes from Malta, the promised land of the cryptocurrency industry. The Malta Financial Services Authority (MFSA) stated that Binance is not authorized by Maltese authorities; thus, the exchange doesn’t have a right to describe itself as “Malta-based.” Binance’s CEO, Changpeng Zhao, referred to the case in his last tweet:

It is not the first trouble which this cryptocurrency exchange has in the curse of the last months. In 2019, Binance suffered a significant leak of users’ data, later exposed by an anonymous hacker. 

Coronavirus cryptocurrency

The development of the blockchain industry has caused the emergence of various cryptocurrencies. Many of them are related to particular ideas or products, setting the trend for “themed” currencies. But the latest invention of the crypto world takes it to the next level. In the response of the coronavirus outbreak, some developers made a coin named CoronaCoin (NCOV). 

This token is using something which we can describe as a “poof of death.” The initial token supply is equivalent to the estimated world’s population (7,604,953,650 NCOV), and with every death, tokens are also being burnt, increasing, in theory, the value of remaining coins. 

As developers themselves stated, NCOV is a viral coin “backed by an actual virus.” But in the face of the tragedy which coronavirus outbreak surely is, the idea of “proof of death” is surely a one step too far – even if developers claim that 20% of income will go to charity organizations facing the disease.

Blockchain against copyright theft

Last but not least, for this week, we have some cheering words from the Joint Photographic Experts Group, the organization responsible for the development of the famous image format. JPEG believes that the blockchain technology may be an effective way of protecting copyrights, thanks to the utilization of encryption and watermarking the metadata of the protected file. 

It is always positive to see that well-established companies or organizations are noticing the possible advantages of blockchain technology. And let’s hope that such news will be more common in the future.

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Bitcoin dominance is an irrelevant metric unless…



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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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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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.

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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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