Category Archive : Altcoin News

Filecoin Space Race Hits 200 PiB and Enters Second Phase

Filecoin started to invite all miners around the world to participate in the second phase of its Space Race contest which helps in preparing its mainnet. 

Based on the feedback from the first phase of the Space Race contest, Filecoin has decided to create the Space Race 2 (SR2) contest. The second Space Race will be available to everyone from September 14 to October 5.

Filecoin (FIL) is a crypto blockchain based decentralized storage network which has been designed to store humanity’s most important information. According to Coinmarketcap data, FIL is at $18.01 with a 24-hour trading volume of $9 million. 

SR2 will give Filecoin an opportunity to continue testing and improve their network scale. It will also be a competition with domain-oriented tracks. These tracks will allow different subsets of the community to test different parts of the network. SR2 consists of two tracks.

The first track is the Orbital Burn. It picks up from where SR1 left off. The second track is called Slingshot, this track is generally for the Filecoin clients, app developers, and tooling developers to position their products to the testnet.

Over the past 3 weeks, miners across the community have been participating in the first Space Race contest to onboard more storage as possible to the Testnet. More than 365 miners from 32 countries across six continents have participated in the first phase.  

Filecoin has earned nearly 200 PiB of storage through a decentralized storage network. It also mentioned that they have created a large distributed storage facility.  

 

Dash Introduces Protocol Versioning With New Updates Every Six Weeks

Dash, an open source cryptocurrency, has released its fourth new update which makes it easier for developers to begin transitioning to a testnet and mainnet.

Dash released a new update of v0.15 over the weekend. However, this is the 4th release by its newly defined process. And 5th release overall. Dash’s new functionality will be released approximately every 6 weeks.

Dash mentioned in an article,

DCG developers introduced versioning that allows for the smooth rollout of breaking changes without affecting user experience.

Breaking changes introduced on the protocol level may lead to several incompatibility issues. These issues between data created before and new software versions. It also has different versions of clients and nodes participating in the same network. 

Previously, DCG developers handled these situations by wiping data on Evonet and forcing developers to update platform software with each new release. Since this approach is fine only  for early testing. It is not appropriate for testnet and mainnet. 

On Jan 7, 2020, Dash has updated Dash Explorer to Insight. This was announced by its Marketing Manager Michael Seitz. Insight is an open-source Dash blockchain explorer. It used for writing web wallets and other applications that need more advanced blockchain queries.

It provides users with a convenient way to read data from the Dash network so they can build their own services with it.  

Dash Core Group is a decentralized and remote team that remains to deliver on the promise of financial freedom. Users can expect the next release to arrive sometime between October 6 to 20.

Stablecoin Market Gains $100M Per Day, USDT Surpasses XRP

Stablecoin marketcap increases by $100 million every single day, and the world’s largest stable coin Tether (USDT) outperforms Ripple (XRP) by marketcap.

A stablecoin is a cryptocurrency pegged to other assets like the dollar or the euro. The current supply of stablecoins has been increasing by roughly $100 million daily for almost two months.

Coin Metrics co-founder Nic Carter in a tweet related to the rapidly growing stablecoin market cap to the boom in the DeFi sector. As many protocols are sucking up stablecoins to stay ahead of what seems to be a liquidity competition.

https://twitter.com/nic__carter/status/1301477457153974272

According to data from the crypto analytics website Tokenmarketcap, USDT has surpassed $13.9 billion in market capitalization. But XRP’s market cap stands at $11.5 billion. 

Over the last 12 months, the market capitalization of XRP has always been below $13.5 billion. Today it is even lower than it was in mid-August when it rose to $14.5 billion. 

This is completely different for USDT, which a year ago had a market capitalization of just $4 billion. In April 2020 it exceeded $6 billion for the first time, and in mid-May, it rose above $8 billion. 

At the end of June, it surpassed $10 billion, exceeding XRP for the first time. But over the following week XRP recovered its third position. However, as of August 31st, the market capitalization of USDT rose to over $13 billion. Today its market cap is 13.9 billion. 

Ripple’s senior director of global operations, Emi Yoshikawa, said that XRP is not competing with stablecoins or central bank digital currencies (CBDCs) like the imminent digital yuan. XRP aims to contribute to the growth of CBDCs and stablecoins.

Many new stablecoins have entered the market. DefiDollar (DUSD) is live on August 27. DUSD uses the primitives of DeFi to maintain its peg to one Dollar. 

As DUSD is not a unit of debt obligation, it provides a swift arbitrage opportunity aiding in stabilizing its peg. To protect against fluctuations in price DUSD has a native staking pool which provides a volatility cushion.

Influencer Tone Vays Offered $500k for Unnamed DeFi Promotion

Unnamed Decentralized Finances (DeFi), a current hyped niche in the crypto industry, has offered a trader and Youtuber Tone Vays $500k for promotion.

Normally in the crypto industry, the social media platform like Youtube and Twitter holds sponsored content. However, Through this sponsored content influencer will receive payment for promoting various assets, companies, or projects. 

Though unnamed DeFi offered money to Tone Vays for promoting. Nevertheless, he just ignored the offer.

However, on seeing Tone’s tweet about the scam promotion offer, one twitter user questioned him asking the coin’s name, he replied “No idea and don’t care” 

https://twitter.com/ToneVays/status/1301374778951913472

In contrast, many twitter users were appreciating Vays for ignoring the offer. The Founder BurgerCrypto.com Marcel Burger tweeted saying that he “Respect Tone”.

Despite that, in July, Zeus Capital approached Scott, who does guest appearances at Coindesk and Anthony Pompliano, to post an analysis of Chainlink. Moreover, Scott never wants to make an analysis of a coin in return for payment.

https://twitter.com/scottmelker/status/1288553643063549955

Similarly, O’Leary, along with many well-known personalities Simon Cowell, Sir Philip Green, Holly Willoughby, and Jeremy Clarkson are featured in a bitcoin scam.  Although operated by fraudsters who steal celebrities’ images to lure crypto investors.

However, O’Leary told The Sunday Times he would never invest “a cent” in Bitcoin. Additionally, he compared this to a scam plan.

Moreover, many influencers asked to promoted several crypto projects. Despite that, only a few influencers accept payment for promotion. However, other influencers like Tone will just ignore the offer since they follow strict principles.

Blockchain.com Adds Support for ALGO Token

Blockchain.com, a provider of cryptocurrency products has extended its support to Algorand (ALGO), a Proof-of-Stake (POS) blockchain.

Blockchain.com Product Manager Amadeo Pellicce said,

“We are excited to add support for ALGO not just so that our customers can buy and sell the token, but also because it exposes more people to an advanced, high-powered and truly original crypto network.”

Blockchain.com has also launched Algo trading API in Jan 2020, for cryptocurrency traders to access the fastest matching engine and deep liquidity in crypto on the Blockchain.com Exchange using automated trading algorithms.

Algorand’s maximum supply is limited by 10 billion ALGO tokens with a circulating supply of over 770 million. The project also provides support for staking that allows holders to earn income (5% APY) by securing the blockchain network.

Algorand Foundation also partnered with Circle, a crypto-focused fintech firm in June 2020, to bring fiat-supported USD Coin (USDC) to Algorand blockchain. 

As a result of the partnership, clients of  Circle APIs and Circle Business Accounts can move funds and can move assets between traditional banks and card networks on the Algorand blockchain. Clients can also manage accounts and payment activity through Circle APIs.

Algorand is a public cryptocurrency protocol and blockchain that aims to deliver decentralization, scale, and security for all participants, its native currency is ALGO. Founded by Silvio Micali, a Turing award winner, and MIT professor.

On the other hand, Blockchain.com is a popular place where users can securely buy, sell, and store Bitcoin, Ethereum, and other top cryptocurrencies. It has steadily expanded its user base and trading volumes, while consistently releasing new features and assets.

Google, Facebook, Twitter Face $300B Class-Action Lawsuit for Crypto Ads Ban

The social media giants Google, Facebook, and Twitter are facing a $300 billion class-action lawsuit by cryptocurrency entrepreneurs, individuals, and companies for banning crypto and blockchain ads.

The class-action claim, which was filed in a court in Australia, will be represented by a Sydney-based law firm, JPB Liberty.

In 2018, all the three industry giants banned crypto ads one after another, claiming that it would be misleading and that it’s a scam in which people could lose their money.

JPB Liberty said,

“A class action will be brought in the federal court of Australia against the social media giants’ Australian subsidiaries and parent companies for breaches of the Australian Competition and Consumer Law.”

Since there were only a few regulated exchanges in 2018, the ad ban affected the entrepreneurs’ business growth, as they were not allowed to use the world’s biggest advertising platforms to reach potential customers. 

Google announced that it will partially revoke the ban in September 2018, allowing crypto ads on regulated crypto exchanges in the US and Japan.

In 2019, Facebook reversed its decision, saying that ads will go only through a review; pre-approval for ads related to crypto and blockchain will not be required. 

The ads ban on Twitter was not revoked, but it will allow ads only if the advertising done by a public company that is listed on the stock exchange. More claimants who were adversely hurt by the crypto ad bans are expected by the law firm to join the lawsuit. 

Funding for the case is organized by JPB Liberty from venture capital firms, institutional litigation funders, and investors. If the lawsuit is successful, claimants are expected to get 70 percent of any settlement while the funders will receive 30 percent.  

TikTok Viral Campaign Boosts Dogecoin Price

On July 8, Crypto asset Dogecoin (DOGE) surged 50% due to a fresh viral TikTok campaign that encouraged users to pump the coin, leading to an appeal to speculators from its twitter account.

DOGE is warning traders against speculation after its price gain. In a tweet, the controller of the @Dogecoin Twitter account appealed to traders to “be mindful of the intentions people have when they direct you to buy things”.

Bloomberg Former Analyst and Delphi Digital Co-founder Anil Lulla said,

“The recent rise of DOGE, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation.”

The price gain came after TikTok user James Galante posted a video called “Let’s all get rich”, and persuaded viewers to invest $25 in DOGE, and wait until its price rises to $1, which would give each person a profit of around $10K if the unlikely scenario happened. 

The so-called #DogecoinTikTokChallange has gained almost half a million views and 100,000 likes to date. It has pushed Dogecoin rankings to reach the number 28 cryptocurrency by market cap and its volume has increased more than 2,000, while Global search interest on “How to buy a dogecoin” has also skyrocketed.

TikTok has delivered gains for DOGE holders in a way that beats even the likes of Elon Musk, who earlier this year began giving huge support for the altcoin. 

During an altcoin boom in Jan 2018, wherein many assets hit all-time highs, DOGE founder Jackson Palmer released an article in tech news magazine Vice titled, “My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong.”

Travala.com Adds Support to Expedia for Crypto Bookings

Travala.com, a crypto accommodation booking platform announced that it is adding support for Expedia Partner Solutions (EPS), a global B2B partnership brand within Expedia Group.

Travala users can now pay for Expedia through 30 listed cryptocurrencies which include Bitcoin, Ethereum, Binance Coin, and AVA, Travala’s native crypto. EPS allows the rapid application programming interface (API) to be accessed by Travala, which allows the foundation to offer its accommodations to the users. There are over 700,000 Expedia accommodations now available through Travala, which already has more than 2 million hotels in 230 countries. 

Expedia powers the business of leading airlines, travel agencies, top consumer brands, and thousands of other partners. It generally aims to support partners like Travala to scale their business faster than ever before in order to build fantastic experiences for its travelers.

Expedia Senior Vice President Alfonso Paredes said,

“We are passionate about innovation and recognize that booking & payment choice continues to evolve in a fast-changing world.”

Juan Otero is a CEO of Travala explained that the partnership with Expedia comes as a rebound for his travel business from its COVID19 lows. The month-over-month booking revenue of Travala increased, and 13% of bookings were paid through Travala’s AVA token, a crypto equivalent of loyalty points, and airline miles.

Travala also has similar deals with Booking.com, and has added over 90,000 destinations to its platforms. After this partnership, the revenue increase was 33%. It also partnered with TravelByBit, a crypto flight booking service platform. This partnership scaled up the platform to give the best service to travelers wishing for spending the crypto assets.