Connect with us

Blockchain

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 Blockchain24.co | portal with cryptocurrency bitcoin & blockchain news.

Republished by Plato

Published

on

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.

If you want to comment this article, visit our Blockchain24.co forum!

The blockchain24.co site shall not be held responsible for any consequences resulting from the use of data contained in the pages of the site.

Source: https://www.blockchain24.co/weekly-update-29-binance-coronacoin-and-jpeg/

Blockchain

CBOE files to list Van Eck’s proposed Bitcoin ETF

Republished by Plato

Published

on

Globally leading exchange holding company, Chicago Board Options Exchange, or CBOE, has filed to list the Bitcoin exchange-traded fund proposed by asset manager, Van Eck.

CBOE filed a Form 19b-4 requesting permission to list the ETF from the U.S. Securities and Exchange Commission on Jan. 3. In the form, CBOE emphasizes the benefits an ETF would offer to retail investors over the spot Bitcoin markets, including custody:

“Exposure to bitcoin through an ETP also presents certain advantages for retail investors compared to buying spot bitcoin directly. The most notable advantage is the use of the Custodian to custody the Trust’s bitcoin assets.”

While CBOE did not reveal who its custodian is, the document notes its custodian is “a trust company chartered and regulated by [the New York Department of Financial Services].”

Once the SEC has formally acknowledged it is reviewing the application, the regulator has 45 days to deliver its verdict or extend the assessment deadline. The SEC can extend its deliberation period for up to 240 days before finalizing its decision.

If approved, the ETF would be the first crypto product offered by CBOE since February 2019, with CBOE having then ceased offering Bitcoin futures contracts. In December 2017, CBOE became the first regulated financial institution in the United States to offer Bitcoin futures contracts, beating out the Chicago Mercantile Exchange by just a couple of weeks.

In January, Van Eck filed for SEC approval of a Bitcoin ETF. While Van Eck had previously filed for a BItcoin ETF in 2017, the firm also teamed up with SolidX — a blockchain firm that had been attempting to bring a Bitcoin ETF to market since 2015 — to file for a jointly issued ETF in 2018. The joint application was withdrawn in September 2019, with the two firms parting ways shortly after.

However, Van Eck’s latest filing has become the subject of a lawsuit from SolidX, who alleges Van Eck plagiarized their product.

Van Eck also filed for an ETF tracking the performance of prominent crypto firms on Jan. 21. The product would seek the price and performance of the Global Digital Asset Equity Index — which is run by its subsidiary MV Index Solutions.

As of this writing, the SEC is yet to approve any crypto ETF product.

Source: https://cointelegraph.com/news/cboe-files-to-list-van-eck-s-proposed-bitcoin-etf

Continue Reading

Blockchain

Coinbase custodies 11% of entire crypto capitalization

Republished by Plato

Published

on

Crypto data aggregator Messari has reported that the quantity of crypto assets stored in custody on U.S. exchange giant Coinbase surged in the last quarter of 2020.

Messari Crypto has revealed that as much as 11% of the entire crypto market capitalization was held with Coinbase custody at the end of last year. The Coinbase offers custody services for over 90 crypto assets, roughly half of which are tradable on Coinbase’s exchange.

The value of assets custodied with Coinbase spiked to roughly $90 billion in the fourth quarter of 2020 as the combined crypto capitalization more than doubled to tag $780 billion by 2021.

Despite the wide variety of assets supported by Coinbase Custody, Messari found that Bitcoin and Ethereum account for 83% of the cryptocurrency held with Coinbase.

While Bitcoin consistently represented 70% of the assets custodied with Coinbase during 2019 and 2020, Ethereum increased from 9% to 13% over the same period.

The findings were published in a report examining Coinbase’s anticipated public listing that was compiled by Messari researcher Mira Christanto.

Christanto reported that 95% of Coinbase trading revenues are from retail clients, who pay 30 times more than institutional customers. She also noted a pre-IPO valuation at 7% of the total crypto market cap which would equate to around $107 billion according to the sector’s current market cap of $1.54 trillion.

According to the S-1 report Coinbase submitted to the Securities and Exchange Commission on Feb. 25, the exchange posted a direct revenue of $1.1 billion in 2020 mostly from trading fees.

In a Feb. 25 blog post to its clients, Coinbase revealed that Bitcoin and other crypto assets have comprised a major share of its corporate treasury since the company’s founding back in 2012.

Source: https://cointelegraph.com/news/coinbase-custodies-11-of-entire-crypto-capitalization

Continue Reading

Blockchain

Leverage traders ‘flushed out’ by late-February crypto crash: Glassnode

Republished by Plato

Published

on

According to on-chain analytics provider, Glassnode, the late-February crypto market correction may have purged excessive leverage from the markets.

On March 1, Glassnode published a report analyzing the recent crypto crash — which was only the second significant crypto correction since the markets pushed into new record highs in late 2020.

Glassnodenoted the crash peaked with a 25% fall from the local top of $58,300 to $43,343. As such, the move was weaker than January’s dip which saw a roughly 30% retracement from $42,000 to less than $30,000.

The analytics provider suggested that these pullbacks are positive for the crypto markets overall, attributing the latest correction to liquidated leveraged positions held by risky speculators:

“Significant market corrections are positive events in that they flush out speculation, leverage, weak hands, and test holder conviction.”

The report added that several key market indicators were reset as BTC prices found fresh support, including futures open interest, futures funding rates, and the price premium for Grayscale’s investment products.

Futures open interest, which is the total number of outstanding contracts that have not been settled, dropped almost $4 billion or 22% from its peak of $18.4 billion. Glassnode also commented noted perpetual futures funding rates have also reset close to zero, which could indicate that traders are not willing to enter short positions, stating:

“Previous combinations of decreasing open interest and a reset of funding rates have indicated a flush in speculative trading has occurred.”

However, the report did note that open interest is still hovering roughly $2.5 billion above the previous peak of $3.9 billion on Feb. 21 — meaning there is still significant leverage within the market.

Glassnode also noted that shares in Grayscale’s Bitcoin Trust are trading at a discount compared to spot market prices for the first time ever, with investors paying a nearly 4% discount to access exposure to BTC through Grayscale’s trust.

It added that competing products such as Canada’s Purpose ETF could diminish Grayscale’s premium as more institutional products enter the market and close arbitrage opportunities.

At the time of writing, Bitcoin prices were up 5.3% over the past 24 hours, with BTC currently changing hands for $49,200.

Source: https://cointelegraph.com/news/leverage-traders-flushed-out-by-late-february-crypto-crash-glassnode

Continue Reading
Blockchain4 days ago

Gemini collaborates with The Giving Block and others, adds donations option

Blockchain4 days ago

NextGen Blockchain Platforms Self-Organize to Win Government Contracts

Blockchain1 day ago

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Blockchain4 days ago

What Coinbase Going Public Could Do For Crypto

Blockchain4 days ago

Crypto Investment Fund to Sell $750M in Bitcoin for Cardano and Polkadot

Blockchain3 days ago

This was avoidable – The lost Bitcoin fortunes

Blockchain5 days ago

Tezos, IOTA, Dash Price Analysis: 25 February

Blockchain3 days ago

Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality

Blockchain5 days ago

Coinbase public listing filing details 2020 revenue, major a16z stake

Blockchain11 hours ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain2 days ago

Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

Blockchain3 days ago

XRP, STEEM, Enjin Price Analysis: 27 February

Blockchain2 days ago

Inverse Finance seizes tokens, ships code: Launches stablecoin lending protocol

Blockchain2 days ago

NBA Top Shot leads NFT explosion with $230M in sales

Blockchain2 days ago

Polkadot, Cosmos, Algorand Price Analysis: 28 February

Blockchain3 days ago

‘Bitcoin could reach $1 million or $1, and may do both of those’

Blockchain3 days ago

Here are 6 DEX tokens that have seen exponential growth in 2021

Blockchain3 days ago

6 Questions for Kain Warwick of Synthetix

Blockchain2 days ago

3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying

Blockchain2 days ago

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

Trending