Up until just a short time ago cryptocurrencies were considered to be a sort of safe haven. This idea has gained greater strength in the measure in which, during recent periods of crisis and instability, the Bitcoin has risen in value; however, now, with the pandemic of the coronavirus hitting the entire planet, the freefall of the cryptocurrency quotes most used these days shows an uncertain scenario and demystified the option of “safe haven”.submitted by CryptosRegister to u/CryptosRegister [link] [comments]
Halfway through February, before the before the pandemic became widespread, Bitcoin’s quote reached over 10,200 dollars, its highest quote during the last seven months; but, from that moment on the decline has been resounding – around 40% - so that its present value is in the region of 6,300 dollars. In its fall, Bitcoin dragged other cryptocurrencies along with it, like Ethereum which lost 29% as went from 194 dollars to 137, and Ripple, which ceded 22%.
What provoked the decline in prices?Cryptocurrencies operate contrary to the traditional financial system, because they don’t need banks; however, this doesn’t make them immune to the economic chaos unleashed by the pandemic.
In China’s case, the country where the virus arose, the analysts waited for the launch of the digital yuan; however, the Wuhan crisis will postpone the presentation of the new cryptoasset between three and six months, since, according to YuanJie Zhang, the director of operations of Conflux, “The majority of the budget’s resources were spent in containing the virus”.
For Zhang, the coronavirus hasn’t had a negative impact on the cryptocurrency mining industry in China, because the majority of these farms continued working and never hired a lot of people.
Nevertheless, the fall in prices was evident. What could have provoked it? This continues to be a subject that divides the experts, since more than a few feel that there are no clear elements that explain the downward trend, because cryptocurrencies aren’t affected by the prices of petroleum and or the global recession.
According to various experts, the decline was expected because Bitcoin, for example, saw its price rise 100% during the last six months and many investors opted to sell them now to cover the losses that they suffered in their portfolios from other assets with variable yield.
Others look for a link to the pandemic and analyze that the collapse in prices was produced at the moment when the bonds and shares fell around the world. The investors suffered so many losses that they had to liquidate assets that, at this time, have enough value to cover their obligations.
“Investors are liquidating alternative assets like gold and cryptocurrencies to comply with obligations of the market and to create cash reserves, a theme that is similar to what happened during the last financial crisis,” stated Matthew Dibb, co-founder and director of Stack operations.
A variation is that the retail investors have sold their cryptoassets so that this way they can obtain money that will allow them to obtain more food, medical supplies and take on other monthly expenses, since extended quarantines impede them from working and, therefore, generate income.
Blockchain initiatives against the coronavirusThe donations in cryptocurrencies to support the most affected areas with medical supplies or to encourage research about the coronavirus have increased in recent times.
The Binance exchange donated 1.4 million dollars to the Chinese authorities for medical supplies. The project was called “Binance for Wuhan”. In addition, Binance Charity continues to be wrapped up in raising five million dollars in cryptocurrencies that make it possible to buy essential medical articles for the countries most affected by the coronavirus.
The crowdfunding platform The Giving Block launched a campaign for donating cryptoassets, in coordination with Gitcoin, an open code reward platform in the Ethereum blockchain.
The decentralized Alliance of AI presented the #COVIDathon, considered the first hackathon designed to help the medical industry to search for solutions that allow them to battle the COVID-19. This alliance depends on more than 50 members of the blockchain.com space, Ocean Protocol, Aragon, Shivom and SingularityNet.
Ripple Labs donated 200,000 dollars to two non-profit organizations, Tipping Point Community and Silicon Valley Community Foundation, to contain the propagation of COVID-19 in the United States.
The Napoli Blockchain Association undertook a crypto fund raiser that made the purchase of a large amount of appliance equipment possible for strengthening medical attention in Italy.
cryptos, coronavirus, coronavirus-and-bitcoin, coronavirus-and-cryptos
https://preview.redd.it/hml53mmh5er41.png?width=568&format=png&auto=webp&s=3f0cd662e1836bcb2ea37793cbbbfd6f8a5e9723submitted by Floris-Jan to aelfofficial [link] [comments]
It’s always great to hang out in this group. This group means a lot to the Aelf community. It is the first Aelf community and has been there through all the ups and downs in the world. I would like to start with wishing everyone is staying safe at home during the virus outbreak. It definitely has been a difficult time for all of us, but together we can pull through it.
We understand that the situation is quite striking to all of us. But I really believe that the solution to the virus outbreak is about more global coordination and collaboration.
All of you to be assured, our team in different places are all safe and working from home as normal.
The Aelf team in Beijing were among the early ones experiencing the virus outbreak. As everyone was on the way home for Lunar New Year holiday and then experienced a total city lock-down followed by a 40 days’ work from home policy. It was definitely not easy for them, but our team stayed strong, took necessary precautions and focused on work with the right morale. Mappo has recently published some tips on how to work from home effectively based on our experience. Do check it out. Despite not working in the office since February, we have achieved great progress, including launching Aelf 1.0 preview, which is an important milestone in technical delivery and also the roadmap to mainnet launch (which listed out the essential steps for the community to work together to launch a successful public network)
Let's first talk about Aelf v1.0 preview. It is the cornerstone of the mainnet launch. The product itself has all the features that the public network is needed. The codebase has been reviewed and tested rigorously by the team. And a few highlights of how the network would look like:
So how are we going to help the community launch the network:
First of all, we have launched the codes, documents about the economic system and governance model and technical features. With all the things available, you are able to understand what the system is about, as a token holder what's your benefit in the system, and being a node in the system plays a big role in the governance
Next, without yet electing the nodes, we will get all token holders to join the current Aelf network through a mapping event. That means as long as you have Aelf tokens, you will be able to get 1:1 test tokens on the public testnet. that gives you full access to all the features, and you will feel like you are already using the mainnet. You will get rewarded in making transactions, voting, etc.
Do try out the Aelf wallet and voting features, you will see how easy to transfer tokens cross-chain. and also how flexible the system allows people to make changes. For example, the community may want to adjust the block rewarding parameters or fees to use certain services on mainnet, they can initiate a discussion and then vote in the system and once voted through, it will be reflected on mainnet.
For people or organizations that want to play a bigger role in the system, we will do a dry run of node election. Take it as the real node election before mainnet launch. We will see who the active members of the community are and being trusted by the community. Among the nodes, we will form a network launch committee. The committee will be the crucial party to oversees and ensures the smooth launch of Aelf mainnet, instead of just relying on the Aelf team. This is our step towards decentralization.
The committee will agree on the actual launch process, final checking all the parameters in the system to be ready for launch and then decide when the criteria are met to launch the network. Once all that is decided. We will invite all interested nodes to apply for the election and let the community know what's their plan to grow the Aelf network. the network will initially be launched with a few nodes from the committee and gradually be replaced by the selected nodes (a bootstrap phase). Along the way, we will work with exchanges to conduct token swap (which we are also designing an innovative system to further enhance security and usability of Aelf tokens in exchanges)
Among this isolated and worrisome time, at least we all have something to look forward to: a successful launch of Aelf network! Once it is launched, we are excited to see a vibrant and technically superior network that is good for Dapps to run on top of it.
Doris Guo Q1: As a Blockchain start-up, what difficulties have you overcome when starting Aelf project? What motivates you to solve difficulties and achieve success today?
Zhuling Chen First, just like launching any start-up, its community and investors are usually regional. There is always some bias on if Asian projects are solid. It is really rare to have an Asian project to be supported by western funds and community from day 1. We were lucky to have overcome that obstacle. Having a global investor line-up from day 1. Having a global team from day 1 and also working with a global community from day 1. This benefited us to have an international perspective which is crucial in the blockchain industry.
Secondly, as a hardcore technology company, it is really hard to put in plain words what is our ambition. Our ambition is huge, achieving key innovations in multiple fronts of blockchain technology and organically combined them to serve real users for the future. Our marketing team has been working really hard to elaborate on what Aelf is. Now we have come to a point that the product is ready. Therefore, it is much easier for all of us to understand how solid Aelf is by trying out the network ourselves! That's exactly what the following events will be about - Try out all the exciting features of Aelf network before mainnet launch.
Doris Guo Q2: What critical problems do you see occurring in the blockchain industry nowadays? How does Aelf solve these problems?
Haobo Ma First, we need to distinguish the difference between BTC and ETH. One is Digital Cash and the other is the Smart Contract Platform. Aelf addresses most of the latter's problems. In short, it can be summarized as performance, end-user friendly, developer-friendly, network economy, and self-governance and upgrading. Each of these areas will probably take up a lot of space, and as a whole are the issues described in our two white papers. In short, Aelf is faster, end-users do not need to know the rules of the blockchain, developers can set up the development environment in 10 minutes, have a good economic model and can carry out proposal governance on the chain.
Doris Guo Q3: What is your long-term vision about the industry which Aelf is working at? Are you afraid someday there will be another project with more innovative technology can replace Aelf?
Haobo Ma Let's talk about where Aelf stands in the traditional Internet. It is essentially a cloud service provider, Aelf provides resources and infrastructure for developers to deploy their services, known as smart contracts. We eventually want Aelf to grow like AAA (Amazon, Azure, AliCloud). Because Aelf is a network that can be dynamically scaled, we can accept any new technology, some of the more advanced technologies we can put on a side chain.
Doris Guo Q4: Why did Aelf choose for cross-chain interaction?
Haobo Ma As I mentioned earlier, Aelf solves the Smart Contract Platform problem. However, there are other digital cash problems as well which we would need to use existing infrastructure such as Bitcoin's chain in order to interact with Bitcoin. There are a lot of infrastructures on Ethereum that we want to interact with. Multi-chain on Aelf network mainly is to isolate resources to improve network performance and network stability.
Doris Guo Q5: What difficulties do the Aelf team have now (I talk about COVID-19)? How does the Aelf team solve it? Have you changed the roadmap?
Haobo Ma There is no great impact. The teams in Singapore and Beijing are communicating with each other remotely on a regular basis. The only change is that most of us are now working from home which has no impact and in fact, it seems conducive to the acceptance of more community developers in the future to come. From the internal working schedule and development timeline, there is no great impact. We do not publish specific timeline as we do not want short term holders (traders) to create too much negative pressure on product development.
Doris Guo Q6: Aelf is an open-source blockchain, and there's the common problem of taking a substantial amount of time for the different participants to agree on strategic decisions. What types of governance models do you use in Aelf to address this issue???
Haobo Ma The issue is about public blockchain network, and who can decide the direction of the network. Our answer is long-term holders. For the short-term holders (traders), we refuse to allow them to participate in any discussion of the direction of Aelf because the short-term holders are likely to make a profit and sell quickly, which is essentially the same example of a person who cheats the President and then runs away for his personal gain. We defined a number of proposal processes, including the logic of the two-party system in the United States, and the participation in the referendum to ensure that the final proposal represents the majority. At the same time, we are looking for some legal solutions to avoid bifurcation, such as prohibiting exchanges from intervening in bifurcated new tokens. While we cannot limit a community, we should be able to find ways to limit a centralized organization. This restriction is akin to a ban on national secession.
Doris Guo Q7: How will Aelf empower Investors, Companies, Developers, Platform Users to deliver impactful solutions and bring value to people all over the world?
Haobo Ma We will learn from the operational experience of successful foundations such as the LINUX foundation and license some commercial companies to use Aelf solutions to solve business problems. At the same time, Aelf is an open-source product under the MIT License, and we accept any use that does not violate this open-source principle.
Zhuling Chen Let me add on to Haobo’s statement: to incentivize and empower the community, we are also exploring ways to let the community decide how to use the funds for Aelf (allocate to where it matters to our community) once mainnet is launched. This means you guys can decide what are the projects to be funded on Aelf, etc
Doris Guo Q8：When will the node campaign start? How will Aelf attract users to participate in nodes election?
Haobo Ma According to our published roadmap, the timeline can be dynamic, but I don't think it will be too long. The main idea is to let everyone understand what we envision Aelf to be like, and what are the rights and benefits of being a node in the future. We hope to find nodes that fully recognize the efforts of Aelf at the present stage and are willing to participate in the future development of Aelf. We will run a simulation of the node campaign on the testnet and set up a temporary mainnet launch committee. Please follow our official Twitter for more upcoming details!
Doris Guo Q9: Token swap form 2 is some kind of cross-chain transfer? It will be handled by a smart contract?
Haobo Ma It is handled by the smart contract, we define an asset cross-chain transfer protocol, but it may be opened after a snapshot.
Doris Guo Q10: Which Exchanges will support token swap? Do you have any plan to list Aelf in some big exchange like Binance, Houbi, Kucoin, .......?
Haobo Ma We are already in talks with some exchanges, there is still competition between exchanges, and many are still hoping to attract more users by getting access to mainnet token swap early.
Doris Guo Q11: Aside conversion of the current tokens to mainnet tokens, what other main features will be accomplished with the mainnet launch?
Haobo Ma We have a documentation file that has been published, which has listed some features: https://Aelf.io/gridcn/Aelf_public_testnet_and_supporting_features_introduction_en_v1.0.pdf
Doris Guo Q12: Do you have any plan to burn or buyback your coin?
Haobo Ma We have plans for the community to govern through DAO, we have no interest in short-term price incentive adjustment as we would prefer to drive the project to higher adoption. After mainnet starts operation, there will be a part of network revenue get destroyed automatically.
Doris Guo Q13: Often, as a newbie developer, I face difficulties on most blockchains. How easy and convenient is it for me on Aelf, and what programming language and tools are needed??
Haobo Ma We set up staging for DAPP developers on GitHub and configured CI. Develop a smart contract using C# with React Native on the front end. So, in fact, developers can fork the source code without setting up the environment locally, and you can conduct unit testing with the help of CI. You can also release the smart contract and generate the installation package of iOS and android online. https://github.com/AElfProject/Aelf-boilerplate
Doris Guo Q14: What is the progress of business development and what are some of your commercial partnerships? How will Aelf rapidly develop the number & performance of DAPP?
Haobo Ma First of all, the blockchain industry is still fairly small and users with ETH and EOS wallets are considered a very small group and its not effective to even promote within these groups. What we need to consider is how to enable users who have never been exposed to blockchain to use DAPP. The competitiveness of Aelf is to make it easier for Aelf developers to promote their DAPP to ordinary users, rather than to teach ordinary users a lot on blockchain knowledge. The average user doesn't like to hear about private keys, mnemonic, Gas Price, RAM, CPU, etc. Only until we solve such problems, companies that need to solve problems through blockchain will be more inclined to use Aelf in technology selection. Therefore, our main work is to explain the competitive advantages of Aelf, ETH and EOS to everyone. We have some business cooperation’s, but we also believe that simply through case-by-case business cooperation will not be able to gain adoption so quickly, therefore we still need to put our products to stay ahead of the next generation.
Doris Guo Q15: What other activities can encourage more people to be confident about Aelf?
Haobo Ma We are only going to state the truth by having those that have faith in us to stay and those that don't to leave. The development of Aelf is not driven by a single foundation, but by a steady stream of contributions from the community. In the future, we will also place the activities in the DAO for on-chain governance, and let the community make decisions by itself.
Kun Aguero As you know that in the present market situation many new coins or either dying or thriving for liquidity? How will you manage this liquidity problem?
Zhuling Chen Aelf started in 2017. we have gone through a few cycles in the market, still, remember the big down period in 2018-2019. Aelf is financially solid and the team has always been working hard. if you are referring to liquidity in exchanges, we are among the lucky ones that are listed in all major exchanges
Xinshu Dong Hello, great discussions! I would like to ask what are the criteria to join the committee for launching the mainnet? Would love to participate
Zhuling Chen Hi xinshu, great to see you here. The committee will be chosen among the nodes elected during the testnet dry run. Which means, it is really important to participate in the testnet dry run and also start to establish your reputation in the community so that people will elect you as a node. The detailed criteria will include what is your plan to help Aelf to grow, tech competency and reputation.
An Da What are Aelf’s achievements in 2019? Who had supported you to get those things?
Zhuling Chen To name a few, in 2019, Aelf is one of the most active projects on GitHub. This means Aelf is evolving and improving fast in this space and our team has the tech strength. In addition, we have also successfully listed on all major cloud service providers, such as AWS, Azure, Google. So large companies can easily launch Aelf side chains in their organization with minimum hassle.
John How does the voting for master nodes candidates occur? And why is the development of this system important for your project?
Zhuling Chen Voting is going to be pretty simple. All token holders can vote for the nodes they support on our block explorer.
Miha After mainnet lunch, how will you assure that transactional fees will stay low? We know what sometimes happens to fees on ETH blockchain.
Zhuling Chen First of all, due to the fact that is Aelf is scalability, this will reduce transaction fee. Secondly, all transaction fees will be voted by the nodes (which will be elected by you). So they will represent your interest
Bobbyfernandito Currently, as we see All projects are concerned with the speed and security. So, tell us here - what are the facilities Aelf provide to their user and investors?
Haobo Ma Security: we have an automated smart contract code audit. During contract deployment, production nodes and the community audit participation are required. On the other hand, we are also planning to provide a standardized model of centralized exchange access for 100% asset certification and emergency measures to deal with exchange attacks, which we will be released later. Speed: Aelf has been working on improving performance, which is transparent to users which they can also experience by themselves.
An Da What effect does Aelf token have on the Aelf ecosystem? Holding Aelf, what benefits will users receive?
Zhuling Chen Holding ELF enables you to use all the services on the Aelf network. ELF has a deflating system where the total amount will reduce as the network grows. token holders can also vote for the nodes to run the network and also vote for big decisions in the network. part of the fees in the system will also be distributed to token holders via a smart contract
ahihi132 Which companies do you view them as potential partners and that they are somewhat also beneficial for both the user base and Aelf itself?
Zhuling Chen Great question, if I could write a wish list, that will be: let medium-sized financial institutions to use Aelf to challenge the big boys. Let telecommunication companies use Aelf for micro-payment and other innovative business models. We also would like to try out a few public sector projects, which blockchain will is still more transparency and trust
Misun Q1: Which programming languages are you using in your project? And why? Q2-What are another big MILESTONES you have planned for 2020 roadmap and how are they supposed to benefit your costumers? Will it be an exciting year?
Haobo Ma For Q1: We mainly use C# for development, I personally like it. Performance is good, development environment IDEs are strong, and C# creators are influential in the industry. We believe in the right thing, though it may take a while to develop. The smart contract will then add support for multiple languages, such as WebAssembly, depending on the needs of the community. Now it seems that C# is enough.
Hambi crypto Which platforms are your competitors? How will you soar above them, and what better things do you offer than them? So, What’s your outlook on the future of cryptocurrencies in this year and next few years?
Haobo Ma As I have already mentioned this before, Eth and Eos. We provide better performance, cross-chain support (already implemented), end-users do not need to know the details of the blockchain, developer’s payment models and so on.
Floris-Jan What plans is Aelf making to prevent centralized exchange to take over the DPoS algorithm like what happened to Steem? Are we talking about blacklisting exchange wallets, or having the foundation say "No", or putting all trust in the community?
Zhuling Chen Great question, Floris. I’m not going to give away all the details of what Haobo has proposed to work on this, but in a nutshell, in Aelf system, exchange wallets will not be allowed to vote, but only the sub-wallets for each individual can vote. This will also help exchanges to prevent hacking and theft in the future
Alex What your plans in place for global expansion, are Aelf wallet focusing on the only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?
Haobo Ma Our core focus will be through the developers to promote, developers will help Aelf to attract more users. So our product has to be attractive to developers. Just like AWS, they only focus on getting their service right, their developers will think about how to promote it. We don't want to burden them in their promotion process.
Ellkay What do you think are the major threats and barriers that could face the development and adoption of Aelf?
Haobo Ma If I'm a DAPP developer and I need to promote my APP to people who don't recognize blockchain, then I'd like to choose a platform that doesn't have to explain a lot of blockchain details to the end-user, so they can use it easily. We've provided some options in the Boilerplate that allow you to log-in simply via QR code + Password, and our recommended Dapp is an independent wallet and a separate iOS/Android application.
ahihi132 Give me some important reasons why we need to hold Aelf token where in fact hundreds of projects failed and it went to bankruptcy or even developers run when they collect millions/billions of funds?
Haobo Ma First of all, we will not give any suggestions as we only describe the fact that the long-term token holder will be able to govern the Aelf network, get Aelf mining reward and Aelf network profit. At the same time, Aelf network is a deflation model, Aelf network received transaction fees, profit dividends will immediately destroy 10% etc. All investments are risky, and we don't judge the behaviour of other developers. There are so many things in this world that cannot be understood and unfair. It is important to do our job well. I cannot explain these things.
胖 见愁 I remember that boss Ma mentioned to only find those truly innovative applications and enterprises with blockchain, how to find and win partners in these aspects?
Haobo Ma When Linus was developing Linux, I did not think he would find a lot of collaboration when the code was not good. The response we can give is that we already have a lot of interest in cooperation, including what we have announced, what we have not announced, etc.
胖 见愁 How interested are cloud computing providers in participating nodes?
Haobo Ma The vast majority of our nodes should be using cloud services, and as long as a large number of our 17 nodes and other candidate nodes are based on cloud services, our network robustness is determined by these cloud computing providers. Of course, in the expansion, we can also use cloud computing services.
Hey, all!submitted by Changehero_io to CryptoCurrencies [link] [comments]
The sole purpose of this post is to give an outline of the things happening in crypto during the outbreak of Corona. The article is meant to share information and doesn't support any coin and is not meant to instigate FUD in the community.
Please comment your thoughts below and it helps us in delivering better content.
Thanks in advance.
The Convoluted Story of Crypto and CoronavirusThe recent Coronavirus outbreak in China has brought businesses to a standstill. It cost hundreds of lives and sent shockwaves to the entire world. On the other hand, the cryptocurrency market witnessed huge gains in early February and took a nose-dive in the last week. These series of events does bug everybody if the epidemic is impacting crypto. In this short post, ChangeHero will reveal what is happening to crypto amid this epidemic.
According to the World Health Organization Coronovirus disease (COVID-19), was first reported in Wuhan, China on 31 December 2019. A Bloomberg report suggests that there are 82,302 confirmed cases and 2,802 deaths worldwide, but China has been the most affected. In measures to contain the spread, the Chinese government has locked down cities and restricted the free movement of people which made the factories and businesses to shut the doors. The steep in the factory output has taken a toll on the Chinese economy and also threatened the global economy. Industries such as manufacturing, oil and gas, tourism and supply chain suffered the most. In the same vein, crypto is also not immune to this virus.
China has a history of crackdowns on cryptocurrencies and exchanges. On the contrary, they are spearheading the blockchain adoption race and working towards digital currency, quickly go through this article for more info about China and cryptocurrencies. Moreover, the top five mining companies — AntPool, BTC.com, BTC.top, F2 Pool and ViaBTC are based in China. These firms control almost 60% of the hash power in the Bitcoin network. Mining farms are the first to be affected by the outbreak and a few representatives of these firms expressed their concerns on Social Media. Many stated that the government has cut off the electricity, supplies and also drove away workers from mining facilities. It reflected in the difficulty of bitcoin mining, a measure which indicates the effort required to solve the math in finding the block. This measure is adjusted once every two weeks and in the last difficulty correction, the measure rose only by 0.52% which is significantly lesser than the previous corrections of 4.67 and 7.08.
Mining may soon turn out to be a not so profitable activity, credits to the Bitcoin Halving. Bitcoin will undergo its third halving event somewhere around May and the block reward will be slashed to 6.25 BTC. It leads to tougher and unfavourable economic conditions. To boost their chances of surviving, miners are gearing up with advanced machines. Yet again, China is one of the largest suppliers of the mining equipment. Coronavirus outbreak has also locked up the doors of the factories and the companies have postponed the deliveries. Although there is a significant impact on the crypto mining industry in China, Bitcoin hash rate has seen a negligible change.
To restrain the spread of the virus, the Chinese government has halted the distribution of Yuan worth almost a Billion Dollars. Meanwhile, the S&P 500 Index and other traditional markets have also recorded their worst performances due to the epidemic. Crypto community was quick to react and hinted that digital currency can fix this. Big names in the crypto sphere like Binance and Tron have also pledged support to the coronavirus victims. Moreover, the epidemic has spread a sense of terror amongst the community and led to the cancellation and postponing of the conferences and public events.
Amidst the crisis, CoronaCoin, an ERC-20 token was launched with the ticker NCOV. Though the website states that the token is meant for charity, it’s approach has shocked the crypto community. The cryptocurrency has a total supply equal to the world’s population and the tokens will be burnt every 48 hours, proportionate to the number of casualties. The concept of investors benefitting with the spread of the virus poses serious moral questions on this project.
Impact on the crypto
Bitcoin kickstarted the new decade with a massive bull run and crossed the ten thousand dollar mark in early February. Many have contributed this to the upcoming halving and some connected it to the coronavirus outbreak. Things didn’t fare well long for crypto and the whole market crashed and lost a whopping 50 Billion Dollars in the last week of February. The epidemic has indeed affected the people and processes behind the crypto industry but it is still unclear if there is a correlation between the coronavirus and the crypto market prices. Nevertheless, the notion of Bitcoin as a safe haven during the crisis still exists but hasn’t been proven yet, at least for now. We hope the crisis will end soon and peace be restored. Until then, all our strength to the effected, families and businesses around.
Upvote if you have liked the article and comment to spark a discussion. Follow ChangeHero for more of such articles and updates in crypto.
The article was originally published on our Medium profile and reposting it here for more reach. Thanks for understanding.
Key market events in December 17-23, 2018submitted by Golden_Island_Club to u/Golden_Island_Club [link] [comments]
Surprisingly enough, the last week turned out to be rather joyful and full of festive mood. The price of BTC and altcoins started to grow. The total market capitalization climbed from $103 billion in the beginning of the week to $133 billion.
Trading volumes also showed a good growth - on average roughly $17 billion. The BTC kept dominating the market at 53-54%, falling to 49% only by December 20, when there was a massive increase in altcoin price.
The BTC price climbed from $3276 to $4009 over the week, peaking at $4144.
This week witnessed the historical maximum of BTC trade volume - 2.27 million BTC or $9 billion. The last record was set on December 7, 2017, with almost 2 million BTC.
Moreover, the drop of recent corrections during the weekend was followed by good purchasing volumes.
There are reasons to assume that the buyers have accumulated enough funds and strength, and the reporting periods, together with the u, keep pointing out that the trend is about to change - if not globally, then at least locally. We expect quite a few landmark events in 2019 - the launch of Bakkt is just one of them. The train is about to leave, so hop on!
Changes in the cost and capitalization of the TOP-10 cryptocurrencies in the period for December 17-23, 2018:
4. TOP-3 growing coins from the long-term portfolio for December 17-23, 2018 (including portfolio updates)
What an amazing week – all coins in the recommended portfolio showed growth! The best-performing coins are NKN +110% (successful launch of the testnet), Mysterium MYST +103% (release of a VPN application for the blockchain), Edgeless +96% (official launch of Slots). Others kept up, with the exception of Quarkchain QKC, which only grew +7%.
Want to be the first to receive news, updates from analysts and trade signals? Join @gitsupport channel and start earning with us!
submitted by kkkc to CryptoIndex_io [link] [comments]
Cryptoindex is a tool for exposure to the cryptomarket and serves as a smart benchmark for all cryptocurrencies. The AI-based Cryptoindex algorithm is continuously analyzing more than 1000 coins applying over 170 factors, processing more than 1 million signals per second to provide a highly sophisticated index of the top 100 coins.
You can find our previous reviews here:
Dash. Review - August 2018. Binance Coin. Review IOTA. Review. August - 2018 NEM.Overview Ethereum Classic.Review TRON overview. Cardano - review. Future plans. Ripple - review. Further Perspectives Litecoin. June'18 overview The Dow Jones index. From where did it come to us? Bitcoin Cash. June 2018 overview Are cryptocurrency indices a new crypto market trend? EOS. End of May'18 overview Ethereum. May 2018 overview
Here on our Cryptoindex blog, we will be posting 100 articles about each of the top performing coins selected by our powerful AI algorithm#CIX100coinreview.
Today’s review: Monero
What is Monero?
This name cryptocurrency has received from the word "coin" in the language of Esperanto. Cryptocurrency appeared on April 18, 2014, as Bytecoin fork (not Bitcoin). The release of the coin caused increased interest from the crypto community after announcing by the developers the Roadmap and the Whitepaper. The essence of the project was to make the cryptocurrency anonymous.
But on the other hand, the creation of such cryptocurrency attracted the attention of law enforcement agencies, including Europol. As an argument that was brought to the attention of developers, it was that Monero could become a good means of payment on the black market for drugs trade.
The FBI also speaks with the same statement, pointing out that Monero is in the TOP of the crypto-currency on the black market:
At the time of writing, Monero is ranked 11th by the capitalization in Coinmarketcap.com
How does it work?
Monero is mostly an open source software that uses the principle of proof-of-work. But unlike Bitcoin, Monero emission is not limited. That's why the developers did it so that the miners would ensure the system's operation even after the emission was completed.
The developers of Monero have made a lot of efforts to make their cryptocurrency secure. To achieve a high result, special measures were taken:
Among the miners, it’s in high demand, due to anonymity for mining on other people's computers and servers. Recently, there have been more cases when Monero was noticed in the code of many viruses. The power of many computers around the world is used to extract this particular cryptocurrency, in particular, this happened last year in London, where scammers used the hacked government servers for mining.
Also Monero, right along with Bitcoin, Zcash and Dash is the most used cryptocurrency in Darknet. A particularly favored method of money laundering is the so-called "mixer". The principle of its work is that the money received illegally is sent to the exchange where Bitcoin coins are purchased, for which the Monero tokens are then purchased and then the attacker can safely transfer to any stock exchange, to a pre-established account and receive money in any form convenient for him.
Advantages of Monero
Now the developers are actively working to promote the currency. Given the high anonymity and growth in demand, success is entirely assured. The anonymity of Monero transactions is not absolute. If the attacker controls a large part of the network, then under certain circumstances, he can deanonymize some of the transactions.
At the time this article was published, Monero [XMR] is 0.812% of the total of CryptoIndex portfolio. You can always check the current CIX100 composition at our MVP platform: http://cryptoindex.ai/
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Elastos project needs your help. Partnership with NEO and Bitmain. 17 years in development. 4 million lines of code.
For the sake of the market, vote for it on the Binance community vote, it has the potential to activate a market bull run. Check the 24 hour volume and its trading on 1 exchange.
Upvote please for transparency.
What is Elastos?
Elastos is the world’s first internet operating system that uses the internet as the base-layer infrastructure rather than an application. Elastos prohibits application programs from directly accessing the network in order to eliminate most viruses and attacks(especially DDoS attacks) on the internet. According to Elastos, network communication should be separated from application computing. Elastos is building a truly decentralized Smart Web powered by blockchain implementing P2P economic infrastructure while also providing digital asset ownership and management through smart contracts.
Bitcoin = Trustworthy Ledger
Ethereum = Trustworthy Ledger + Smart Contracts
Elastos = Trustworthy Ledger + Smart Contracts + Monetizable Dapps and Digital Assets
Development History(Tens of Millions of Open-Source Code spanning Decades)
In 2000, Rong Chen a Tsinghua alumni left Microsoft and returned to China to start his business.
In 2003, Rong Chen was received by Jin-Tao Hu, the former CPC General Secretary.
In 2013, Foxconn funded Elastos with 200 million RMB.
In 2017, Sunny Feng Han and Ji-Han Wu started running the Bitcoin Investment Elastos Blockchain Community and founded G3 with Bitmain and NEO.
In 2017, the Elastos Blockchain community received a global digital token investment worth 600 million RMB.
What is the Elastos Blockchain structure?
Elastos blockchain works as a trust zone for the entire network operating system that applies main and sidechain solutions to facilitate the smart economy and a healthy decentralized application environment. This means that every application built on Elastos can create individual sidechains that is thoroughly customizable, allowing clients to pick a different consensus method depending on the use case. The structure of main chain and side chain avoids main chain being overloaded and leads to easy routing and flexible extension, increasing the possibility for Elastos to be largely scalable.
Elastos implements merged mining with bitcoin. This strategy saves resources and avoids repeated consumption. Miner submits Proof-of-Work(PoW) to both bitcoin and elastos and enjoys profits of mining competition without extra consumption of computing power. The consensus mechanism for Elastos is AuxPoW+DPoS where the mining reward distribution is 35% for AuxPoW, 35% for DPoS, 20% for Ecosystem Application Reward and 10% for Foundation Running and Development. Tokens for apps built on Elastos can be published on sidechains. These tokens may participate in two-way asset transfer across the main chain and side chains.
What is the business model for Elastos?
Provide large blockchain applications with secure running environment
Digital content remains intact after multiple uses
Big data and digital content can identify ownership on blockchain and correspond to tokens
Tokens can be transferred and traded legally on blockchain, realizing future capital
Usage of tokens can consume/use digital content in Elastos Runtime.
Elastos can set a fixed limited amount for digital assets, thereby creating scarcity of valued products
Example of how the above works?
Content creators create 500 copies of limited edition games built on top of Elastos
Users buy these limited copies
They then play these games in Elastos Runtime on their cell phones, desktop computers, game consoles, etc.
Holders of these limited edition games then resell them to other people. Because this game is of limited edition, it fluctuates in the second-hand market. It helps users enjoy the digital content, earn the early benefits and earn some by reselling it, thereby transferring the ownership to other people.
Ethereum v Elastos?
Ethereum: Single mainchain structure leads to the upper limit of computing power and extensibility. Elastos: Proposes to adopt a flexible main chain and sidechain blockchain design structure. The main chain is only responsible for basic transactions and payments while the sidechain executes smart contracts to support various applications and services.
Ethereum: As storage and computing space, blockchain is not able to support user daily life scenarios and not able to support digital content(eg. Cryptokitties). Elastos runs applications on elastos runtime as opposed to the already congested blockchain. This method is more secure. All network data must be sent through a trustable and verifiable channel. Identification and authentication come from the blockchain ID. This way, the blockchain’s credibility can be transferred to Elastos Runtime. Elastos Runtime can have various forms: an independent OS, a virtual machine, or a software development kit(SDK) that integrates into native apps of other mainstream operating systems.
EOS v Elastos?
EOS: Is a blockchain OS, but its development period and open source codes are much shorter than Elastos’ 17 years. Elastos has released more than 4 million lines of code to github and plans to release 10+ million lines of code in total(contributing to the open source community).
EOS is dependent on its main-chain, so no matter how optimized it becomes, its throughput is limited. Elastos can extend the throughput infinitely with flexible main-chain and side-chain solution. Also, Elastos Runtime can deliver the trust function of the blockchain to a user’s application(like a cell phone, laptop, etc) which applies the blockchain to various scenarios in daily life.
EOS, through the adoption of the DPoS consensus mechanism, can realize high throughput rate. Elastos computation bandwidth is distributed according to the number of tokens held. It refers to the design philosophy of time sliced distribution in the traditional multi-task operating system and encourages the community to hold tokens. The main-chain design focuses on improving extensibility for smooth access to sidechain. The consensus mechanism on the sidechain can be anything(from DPoS to DBFT to anything else)
EOS runs everything utilizing main chain for everything. Elastos: Services on the elastos blockchain layer can be shared by multiple side chains. This greately lowers the mainchain pressure. When necessary, the sidechain can be duplicated to extend sidechain-level service capability through bifurcation mechanism, while the extension of this computing power can be infinite
Blockstack v Elastos?
Blockstack combines encrypted, distributed storage and blockchain ID to make sure all the data belongs to the owner. As for Elastos, it applies a similar method for digital assets storage where users could apply for an ID for their digital assets on the blockchain, which guarantees the ownership of those digital contents but a key differentiation with blockstack is that the ownership of these digital contents will also be transferable and tradable, thereby making these digital assets consumable and investable and of high value, thereby contributing to a smart economy of trading digital goods. Even though the digital assets are decrypted, they cannot escape elastos runtime operating environment which guarantees that it will never disclose or damage the ownership of the digital contents.
Blockstack saves encrypted data files in the cloud and hash stamps for these files are put on the blockchain as a proof mechanism but doing this is a trade-off between high credibility, low efficiency of blockchain and low credibility, high efficiency of traditional storage. Meanwhile, Elastos has its P2P network layer called Elastos Carrier that focuses on making the elastos blockchain cluster chain service integrated into the same network as the elastos runtime thereby unifying the services with DApps so both the data and the ID of digital assets can have high credibility along with high efficiency for blockchain storage.
For the tech savy?
Elastos VM: The VM runs on a host OS and has better integration with current mainstream OS such as Android and iOS. It ensures formation of a closed runtime environment enabling the separation from the host OS, ensuring safety of data and code. The ‘Remote Service Interface’ replaces the traditional TCP/IP programming model, providing safe and reliable network transactions. This means no more IP addresses and a discovery mechanism will be used instead to access dapps and websites on the elastos internet(where each item has its own UUID - Universal Unique Identifier).
Elastos Runtime: A software library that contains some of Elastos functionality. It provides the target OS applications with the needed Elastos functions, similar to the Alipay SDK serving other applications and making them capable of having payment functions. Elastos runtime can use trusted network communications and conduct safe and reliable data exchange and allows information exchange with the blockchain, confirming digital asset ownership and identity.
Elastos Browser: A specialized browser where the Elastos runtime is embedded. In this browser, web applications can run with partial Elastos functions. Using Elastos browser bridges the gap to provide JS programming...
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