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Altcoin Explorer: NEM (XEM), the Enterprise-Grade Smart Contract Platform

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Nestled among the top 40 cryptocurrencies by reported market cap, New Economy Movement — popularly known as NEM (XEM) – is a peer-to-peer (P2P), dual-layer blockchain smart contract platform written in one of the most influential programming languages, Java. NEM uses the proof-of-importance (POI) consensus algorithm that essentially values the tokens held and the activity conducted by the nodes on the blockchain network.

In this Altcoin Explorer, BTCManager delves deeper into the finer intricacies of the NEM blockchain protocol, including the project’s POI consensus algorithm, its native digital token XEM, and some of its real-world use-cases.

Without further ado, let’s get to the core of this high-performance smart-contract platform.

History of NEM

NEM was launched on March 31, 2015, with an aim to develop an enterprise-grade blockchain protocol that could circumvent the infamous trilemma of blockchain: scalability, speed, and privacy.

Operated by a Singapore-based non-profit called Nem.io Foundation, NEM is a fork-out version of the NXT blockchain. After the successful fork, the NEM community decided to build its ecosystem from the ground up and developed its own codebase to make the network more scalable and faster.

NEM’s insistence toward building its own tech infrastructure led to a distributed ledger technology (DLT) protocol that is unlike anything resembling other smart contract platforms.

Approximately two years after the launch of the NEM mainnet, in 2016, NEM Foundation came into existence as a Company Limited by Guarantee in Singapore. Today, NEM ranks among the top go-to smart contract platforms for enterprises across the world, rivaling competing protocols including Ethereum (ETH), and TRON (TRX), among others.

NEM’s Proof-of-Importance (POI) Algorithm

Unlike Bitcoin’s (BTC) energy-intensive Proof-of-Work (PoW) and Ethereum’s yet-to-be-implemented Proof-of-Stake (PoS) consensus algorithm, NEM uses PoI consensus mechanism.

The PoI mechanism achieves consensus by incentivizing active user participation in the NEM network. This consensus infrastructure ensures an agile decentralized network by rewarding well-behaved nodes that not only possess a significant stake in the network but are also actively engaged in executing transactions to maintain the network’s robustness.

Specifically, each node in the network possesses an ‘Importance Score’ that impacts the number of times the said node can ‘Harvest’ the XEM altcoin.

Initially, when a user puts XEM tokens into their wallet, they are called ‘unvested coins.’ Over time, as the wallets start accumulating an increasing number of XEM and contribute to the network’s transaction volume, they start collecting importance scores. At the same time, the XEM tokens in these wallets change into ‘vested coins,’ provided that there are at least 10000 tokens in the wallet.

To put things into perspective, let’s take the help of a small example.

On day 1, Joe receives 50,000 XEM in his digital wallet. Now, with each passing day, the NEM network will ‘vest’ 10 percent of the tokens held by Joe. So, on day 2, 5,000 tokens held by Joe are vested into the network. On day 3, 10 percent of the remaining tokens – 15,000 XEM – get vested into the network, leaving Joe with 13,500 XEM, and so one. After a couple of days, Joe sees that the number of XEM vested by him has crossed the 10,000 coins threshold, thereby, making him eligible to seek rewards from the NEM blockchain for his contribution to vesting his tokens.

Close followers of smart-contract projects would find the aforementioned network reward mechanism bear a close resemblance to the PoS consensus algorithm. However, it’s worthy of note that vesting coins is just one way of calculating a node’s importance score.

The NEM protocol also rewards nodes that are responsible for most activity on the network. In essence, this means that the higher the number of transactions executed by a node, the more likely it is to gain higher importance points. The balance between vesting XEM and network activity is an important metric to be maintained by NEM nodes as it directly impacts their likelihood of harvesting XEM.

NEM’s consensus algorithm does away with several issues plaguing the more energy-intensive protocols such as PoW. For instance, PoI does not necessarily require high-energy hardware to run the nodes. The decentralized nature of the algorithm means that almost any machine — irrespective of its tech configuration – can participate in the NEM ecosystem ensuring it remains decentralized.

NEM’s Native Digital Token — XEM

XEM, unlike the vast majority of other cryptocurrencies, isn’t mined or staked using Pow or PoS algorithms. Rather, as explained earlier, XEM is ‘harvested’ through the PoI algorithm which ensures a steady supply of the digital token without flooding the market and involving the risk of a dramatic crash in price.

Per data on CoinMarketCap, at the time of writing, XEM trades at $0.04 with a market cap of more than $382 million and a 24-hour trading volume of approximately $6.8 million. The coin reached its all-time high of $1.92 in January 2018.

A large number of reputable cryptocurrency exchanges trade XEM, including Binance, Upbit, OKEx, Bithumb, ProBit, among others. The digital token can be easily traded with BTC, ETH, and USDT trading pairs.

That said, if you wish to vest your XEM to partake in the maintenance of the NEM network and earn rewards, it is recommended you store your tokens in the official NEM Nano wallet for desktop and mobile OS. Only XEM tokens held in the official NEM Nano wallet are eligible for vesting.

NEM Use-Cases

To date, NEM has been deployed for various real-world applications with promising results.

In 2018, Ukraine launched a blockchain-based e-voting trial leveraging the NEM DLT platform.

At the time, Ukraine’s Central Election Commission – with the local NEM Foundation representation – estimated the test vote trial in each polling station could cost as low as $1,227. The organization’s Oleksandr Stelmakh lauded the efforts, saying that using a blockchain-powered voting mechanism would make it impossible for anyone to fiddle with the records. The Commission added that the NEM protocol presents information in a more user-friendly format for voters.

In the same year, Malaysia’s Ministry of Education launched an e-scroll system based on the NEM blockchain to tackle the menace of fake degrees. The University Degree Issuance and Verification System use the NEM blockchain which is interrogated upon scanning of a QR code printed on the degree certificate.

The Ministry added that one of the primary reasons for its decision to selected the NEM platform was its unique and cutting-edge features in managing traceability and authentication requirements.

Similarly, the Venezuelan government turned to NEM in its attempt to battle the devastating hyperinflation in the country via the oil-backed Petro cryptocurrency. The digital token built on the NEM blockchain was launched to improve the liquidity of the nation’s abundant oil reserves and as a stable alternative to the highly volatile Venezuelan bolivar.

On a recent note, the Bank of Lithuania announced that it would be issuing its NEM blockchain-powered digital collector’s coin (LBCoin) in July after the successful completion of its testing phase.

Final Thoughts

Summing up, NEM offers a wide array of in-house features that separate it from other smart-contract projects in a space that is becoming increasingly congested. NEM’s creative PoI consensus algorithm is a fresh take on the PoS algorithm for performance enhancement. Further, the project’s newly launched enterprise-grade DLT solution, Symbol, offers a tremendous option to businesses to help them cut costs, reduce complexities, and streamline innovation.

NEM uses the Java programming language that makes it an easy project for developers to get involved with, unlike other projects such as Ethereum that use platform-specific programming languages like Solidity. The project’s tech infrastructure not only makes it less power-intensive compared to Bitcoin but also more scalable than its rival projects including Ethereum and NEO.

NEM’s tagline, “Smart Asset Blockchain, Built for Performance,” perfectly captures everything the project has to offer. Over the years, NEM’s active developer community has craftily addressed the notorious bottlenecks in the vast majority of blockchain solutions, The future looks promising for NEM as it continues to foster a trustless and smart-contract economy for tomorrow.

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Blockchain

Mining Bitcoin: How to Mine Bitcoin

Introduction to Bitcoin Mining Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was … Continued

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Introduction to Bitcoin Mining

Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was launched in 2009. Today, in 2019, there are at least a million bitcoin miners around the world. A single bitcoin (or “1 BTC”) is worth almost $10,000, give or take a few hundred dollars, and there are around 1,800 new bitcoins mined every day, meaning there’s a whopping $18,000,000 being ‘created’ every day.

Not bad for ten years. No wonder everyone wants to learn how to mine bitcoin.

A Brief History on Money

Cryptocurrency is math that can be used as money.

Money is, fundamentally, an accounting of debt; you owe someone for a good or service, and giving them money erases that debt. Banks are giant ledgers, accounting for every transaction – when you paid for your coffee, this “ledger” sees that you lost $2 and the coffee shop gained $2.

Paper dollar bills do not record this specific transaction – who lost and who gained those $2 – but they act as evidence of a transaction having taken place at some point. In fiat currency, a state is the ultimate arbiter or holder of all the debts – and the one that mints, or makes, the currency in the first place. They account for how much currency they put out, and approximately how much is present now; the only road bump being that they do not know every transaction in between.

In cryptocurrency, no one person or entity controls a central ledger, because this “ledger” is effectively on every computer connected to the network of that currency; everyone has it. Since each unit of the cryptocurrency is composed of math, as opposed to physical substances like paper or gold, this math effectively records every transaction

So Where Does it Come From?

Fiat currencies are “made” (or rather, minted) by states, and accounted for by banks, but these currencies are often directly or indirectly made from precious metals that are mined from the Earth – which is why so many people flooded California in the mid-19th century. Minting is a middle step between the mining and the currency.

Cryptocurrency cuts out that middle step; bitcoin is “minted” and made from BTC mining.

If bitcoin is commercialized math, then mining is the process of solving all its equations. A common, yet accurate, joke explanation is, “imagine if you could solve puzzles, then use those solved puzzles as money”. Bitcoin is that, but on a much larger and astronomically more complex scale; bitcoin mining is both the process of solving puzzles, and the process of verifying other solves puzzles.

That said, these “puzzles” (called “blocks” in BTC mining) are operating on a very complicated scale. BTC mining is basically the process of racing to correctly the correct number out of 115,792,090,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 possible options – and doing so hundreds, thousands, maybe even millions of times a day. This takes some pretty hefty computing power.

How to Mine Bitcoin

Despite a lot of chatter about bitcoin mining software, it is really a matter of hardware; software is just the most accessible way to access this hardware.

“Winning” or solving – and receiving payout for – is a combination of computational power and a bit of luck. If you accomplish this, you can get about 12.5 bitcoins, though starting in 2020, that will become 6.25. The number of bitcoins you receive for solving a block cuts in half every 210,000 blocks – which is roughly every four years, since the blocks get more and more complicated over time. This will keep going until 21 million bitcoins have been mined, a cap built into the system. There are currently only 3.17 million bitcoin left to be mined.

How to Mine Bitcoin in the Hard(ware) Way

There are two types of “miners” you can buy: application-specific integrated circuit (ASIC) or graphics processing unit (GPU). These are not only very expensive to buy, but they also take up a lot of electricity and require a powerful network connection. This is why mining calculators exist – these are various apps and sites into which you can input details on your miner, your power cost, and your network cost, to figure out how much profit (if any, even) you will turn.

It is usually pretty low, and these days, mining with your own hardware is only really advised for people who already happen to have lots of hardware and great network on hand, and would not need to go out of their way to get those.

That just leaves…

How to Mine Bitcoin With Bitcoin Mining Software

At 12.5 BTC per block, when bitcoins are worth $10,000 each, that’s $1,250,000 on the line every time you are competing with other miners to “guess the right number” first. This takes far more computer power than most people can afford on their own.

As such, the most common way to get in on BTC mining is to join a collective of miners and “rent” the mining tools – known predominantly as cloud mining.

The biggest advantage is that there is a much lower barrier to entry when you cloud mine bitcoins. The biggest disadvantage is that instead of getting the reward all to yourself, you are splitting those bitcoins with other people, and typically a lot of them. Winning a million dollars doesn’t mean as much when you’re splitting it with a million people.

Step 1: Choose Your Wallet

Before you start working for a job, you want to know how you will be getting your pay. By the same token, before you start mining for bitcoins, you should know where you will keep your bitcoins once you earn them.

Online wallets are typically the most convenient, and easiest to use. They are also typically the most efficient for actually using your bitcoins to purchase goods and services, and you will have your bitcoins even if you lose all your devices. That said, this does put you in a similar position with a bank. If the host is experiencing heavy traffic or DDOS attacks, you may not be able to access your funds, and if they are hacked, you can lose your bitcoins entirely.

Hardware wallets are the opposite extreme. As physical objects, are completely offline, and thus cannot be hacked or otherwise remotely attacked. As long as you have your hardware wallet and a device to access it with, you will be able to access your funds. But what you gain in remote security is lost in personal security; if you lose your device or it’s physically stolen from you, you lose your bitcoins.
The middle-ground between these is “software wallets” or “desktop wallets” (though these can also be mobile apps). These are on your local device, so even if exchanges go down or are attacked, you still have your bitcoins, and the only way you can lose them to remote exploitation is if you, the specific individual, are targeted and hacked, which is very unlikely. But, it can still be used to conduct transactions and otherwise go online as necessary. That said, this is also vulnerable to loss if you lose your physical device (i.e. if someone steals your computer).

Step 2: Find Your Cloud

Mining companies are the computing clouds or collectives of miners. While joining such a company might be couched in terms of renting the hardware, another way to look at it might be that you are investing.

The amount you invest, or the rate at which you rent, is known as a “mining package”, which you pick once you join a mining company. You can also invest ahead of time in new technology that will be coming out at a later date. That said, investing in something that doesn’t exist yet is always a heavy risk.

There are many sites in which you can find comparisons between companies, including user ratings and reviews. Be careful with the
reviews – while they can be insightful, many are also full of people attempting to get new ‘recruits’ specifically with referral codes, which will net the refer-er a small bonus or profit.

Step 3: Pick Your Pool

A “pool” is basically the team of miners that you choose to join up with, and contribute your invest or computing power. If you are just starting out mining bitcoins, you should start by joining an “older” (or rather, more established and vouched-for) pool, and perhaps one with lower fees. The payout or profit from these will usually be on the low side, but they are also less risky.

As you get the hang of bitcoin mining and learn how pools work, you can start venturing out to other pools that aren’t as established and carry higher risks, but also higher rewards.

Buy Bitcoin, Ethereum, XRP, and other cryptocurrencies on Coinsquare, the world’s home for cryptocurrency.


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Bitcoin crisis, Elon Musk criticized, Ether thrives, Dogecoin survives: Hodler’s Digest, May 9–15

Bitcoin crashes after Tesla abandons the cryptocurrency as a payment method, the crypto world criticizes Elon Musk and DOGE staves off competition from a furry rival.

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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin loses 6% in an hour after Tesla drops payments over carbon concerns

Already losing dominance in the crypto rankings as altcoins were gaining strength, things went from bad to worse for Bitcoin this week as Elon Musk made a shock announcement.

On Twitter, the billionaire CEO declared that purchases of Tesla cars using BTC had been stopped amid concerns about the cryptocurrency’s impact on the environment.

Although Musk said Tesla had no plans to sell any more of its Bitcoin, he confirmed that the company is looking at other cryptocurrencies that are much less reliant on energy.

BTC went into freefall following the sudden statement, which appeared to take traders by surprise. It tumbled as low as $46,980.02 and has struggled to remain above $50,000 since.

Backlash to Elon Musk’s bombshell as traders start to buy the dip

Unsurprisingly, Musk’s statement was met with a barrage of fury from the crypto community.

Given that this blockchain’s energy use is nothing new, many were confused as to what’s changed since Tesla invested $1.5 billion in Bitcoin just a few months ago.

Some have accused the CEO of engaging in a “pump and dump” scam by manipulating the market with his 280-character missives. Others insisted that miners primarily use renewable energy — but data suggests this might be a slight embellishment. While 76% of miners use renewable energy some of the time, the University of Cambridge estimates just 39% of total power consumed by proof-of-work cryptocurrencies is eco-friendly.

Barstool Sports founder David Portnoy also ripped into Musk, accusing him of “playing with people’s futures and their fortunes.”

Others pointed out that proof-of-work is crucial for Bitcoin, and attempted to reassure investors that the cryptocurrency is proving resilient to criticism.

Saifedean Ammous, author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, also didn’t mince his words, telling Musk: “Unless you’ve also switched your rockets and battery manufacturing to ‘more sustainable energy’ you’re going to look like a clueless big hypocrite here. The world needs sound money far more than it needs your rockets & government-subsidized electric cars.

Ether breaks $500 billion market cap for the first time

ETH inevitably got caught up in the crypto market tanking. But prior to the Tesla drama unfolding, it was stealing the show by reaching a slew of astronomical milestones.

The world’s second-biggest cryptocurrency surged as high as $4,362.35 — briefly propelling its market cap above $500 billion for the very first time. This came hot on the heels of ETH entering unprecedented territory by surpassing the $4,000 mark on Monday.

Ether’s parabolic surge gave it a valuation that was bigger than the likes of Visa and JPMorgan too.

While any lasting impact from Tesla’s announcement remains to be seen, analysts believe that ETH hitting $5,000 is still a matter of if, not when.

DOGE surges as Elon Musk says he’s working with devs to “improve efficiency”

Musk’s fingerprints haven’t just been on Bitcoin this week. It seems like a lifetime ago that he hosted Saturday Night Live — and sent DOGE’s price tumbling after the eccentric entrepreneur described the joke cryptocurrency as a “hustle.”

Dogecoin lost 40% of its value in a 24-hour period from last Saturday to Sunday, hitting lows of $0.43. Whereas some analysts had been expecting that the altcoin would rally after the broadcast, the opposite ended up being true.

However, warnings of a devastating crash reminiscent of XRP’s fall in 2018 have been unfounded… at least for now. In recent days, DOGE has headed back up above $0.50 on the back of two pieces of good news.

The altcoin reacted enthusiastically after Musk revealed that he is working with Dogecoin’s developers to improve the cryptocurrency’s efficiency. A few days earlier, he had released a Twitter poll asking whether Tesla should accept DOGE as a payment method. The markets were also cheered by Coinbase, confirming that it plans to list Dogecoin in the next six to eight weeks. All of this resulted in DOGE being one of the few gainers in a sea of red.

This wasn’t the only drama to face DOGE this week, with a number of “Dogecoin killers” bursting their way onto the scene. One of them was Shiba Inu, which surged dramatically after being listed by a number of high-profile exchanges.

Unfortunately, Shiba Inu’s bark turned out to be much worse than its bite. The coin’s website said 50% of token supply had been sent to Ethereum co-founder Vitalik Buterin as a “burn” gesture given how he was unlikely to use it. But in a shock twist, Buterin made full use of the uninvited donation — giving a large chunk of his SHIB tokens to a fund providing relief to India as it battles COVID-19. Prices have since collapsed.

Coinbase revenue triples in Q1 as exchange plans to add bank-like services

Fresh from listing on the Nasdaq, Coinbase released Q1 revenues on Thursday — and, as expected, the bull market helped the exchange secure a very healthy set of numbers.

Total revenues came in at $1.8 billion or $3.05 per share, slightly less than the $3.07 per share that analysts had been expecting. Nonetheless, this is three times higher than the $585 million generated in the preceding quarter.

Net profits also surged to $771 million, quadruple what was seen in Q4 and 24 times higher than the first quarter of 2020.

Coinbase stopped short of providing detailed guidance for future performance, warning: “It is important for investors to remember that our business is inherently unpredictable.”

Unfortunately, none of this translated into a boost for COIN’s share price, which has drifted closer and closer to the reference price of $250 seen when it made its debut in mid-April.

Veteran Wall Street analyst and New Constructs CEO David Trainer expects Coinbase’s stock to decline to $100 or even lower as increasing competition bites, warning, “The company is unlikely to meet the future profit expectations baked into the stock price.”

Winners and Losers

At the end of the week, Bitcoin is at $49,594.02, Ether at $4,028.01 and XRP at $1.40. The total market cap is at $2,329,213,762,738.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Shiba Inu, Polygon and Revain. The top three altcoin losers of the week are Dogecoin, Holo and Siacoin.

For more info on crypto prices, make sure you read Cointelegraph’s market analysis.

Most Memorable Quotations

“We see Web3 as the future of the internet, where everyone has ownership and control of their own content.”

Matthew Gould, Unstoppable Domains CEO

“We know that replacing Gold as a store of value will help the environment […] and shrinking big bank and coin usage will benefit society and the environment.”

Mark Cuban, billionaire investor

“These moments have historically been good buying opportunities as they indicate panic on the market.”

Whalemap

“The emergence of digital property rights, whether via Bitcoin or NFTs, is perhaps the greatest opportunity for financial inclusion for the bottom three billion frontier and emerging market consumers.”

Manuel Stotz, Kingsway CEO

“The world needs sound money far more than it needs your rockets & government-subsidized electric cars.”

Saifedean Ammous, Bitcoin Standard: The Decentralized Alternative to Central Banking author

“Coinbase will likely not be able to sustain blowout earnings going forward as competition enters the market.”

David Trainer, New Constructs CEO

“Long-term, I’m still very bullish on Bitcoin and don’t believe that this announcement will significantly impact price or adoption.”

Adrian Przelozny, Independent Reserve CEO

“Barring some black swan event, I don’t see this rally ends any time soon.”

Lex Moskovski, analyst

“DOGE is a fad, within a growing movement that is here to stay.”

Nick Spanos, Zap Protocol founder

“There are thousands of coins, and DOGE is in that category that really are useless. They’re just utility tokens that have no underlying value or use case, and they’ll eventually disappear.”

Mark Yusko, Morgan Creek Digital Management founder

Prediction of the Week

BTC could trade for $250,000 within five years: Morgan Creek Capital CEO

Although there has been a short-term shock for Bitcoin, there’s no shortage of optimism when it comes to the long-term forecast.

Just look at Morgan Creek’s Mark Yusko, who believes BTC has a strong chance of trading at $250,000 per coin by 2025.

His prediction is based on an assumption that Bitcoin will rival gold by “monetary value.”

Yusko’s appearance on CNBC did come with a sting in the tail for investors who prefer altcoins. He added: “There are thousands of coins, and DOGE is in that category that really are useless. They’re just utility tokens that have no underlying value or use case, and they’ll eventually disappear.”

FUD of the Week

Binance is reportedly under investigation by the IRS and the Justice Department

Binance is reportedly under investigation by both the United States’ Department of Justice and Internal Revenue Service.

According to Bloomberg, the two government agencies are looking into Binance Holdings Ltd. as part of an investigation into U.S. residents using cryptocurrencies for illegal transactions.

Officials are reportedly seeking information from Binance employees and customers, but not all their inquiries are necessarily tied to allegations of wrongdoing.

A Binance spokesperson said the company took their legal obligations “very seriously and engage with regulators and law enforcement in a collaborative fashion.”

The IRS will seize your crypto if you can’t pay back taxes

The U.S. Internal Revenue Service, or IRS, is prepared to seize the holdings of cryptocurrency owners who are struggling to pay their unpaid tax debts, sending a strong signal that the agency is treating digital assets the same as any other type of property that can be confiscated.

Robert Wearing, deputy associate chief counsel for the IRS, told a virtual conference held by the American Bar Association that the government classifies digital assets as property. As such, these assets may be confiscated to satisfy outstanding tax debt that hasn’t been repaid.

According to Bloomberg, he said: “The IRS will seize that property and will attempt to follow its usual procedures to sell it and use it to satisfy collection.”

BTC and other cryptocurrencies are classified as property from the perspective of U.S. federal tax law.

Turkish customs confiscates over 500 smuggled Bitcoin mining rigs

Turkish customs enforcements brought down a smuggling operation in what is said to be a record bust against illegal Bitcoin mining equipment in the country.

After receiving a tip, Turkey’s Customs Protection’s anti-smuggling and intelligence teams raided a warehouse earlier this week in İzmir, where they found 501 ASIC Bitcoin mining rigs in closed cardboard boxes.

Customs enforcement reported the estimated value of the seized equipment at $600,000. Four suspects were detained as part of the investigation.

Best Cointelegraph Features

I spy with my laser eye: A Twitter phenomenon to make Bitcoin mainstream?

An increasing number of high-profile celebrities have continued to adopt the “laser eye” meme on Twitter in recent months.

Quiet down, Elon: 5 crypto stories that didn’t need Musk’s Twitter antics to move markets

Yeah, yeah, we get it: Elon loves attention. Meanwhile, let’s take a look at five crypto news stories this month that didn’t require us to fawn over his influence…

When dollars meet the hype: The biggest NFT hits from celebrities

Nonfungible tokens continue to drive millions of dollars in sales. Here are the biggest NFT earners of 2021 so far.

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Source: https://cointelegraph.com/news/bitcoin-crisis-elon-musk-criticized-ether-thrives-dogecoin-survives-hodler-s-digest-may-9-15

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Elon Musk On Why Dogecoin is Superior to Bitcoin

Elon Musk On Why Dogecoin is Superior to Bitcoin

The Dogecoin saga with Elon Musk is one that continues giving. The market also seems to continually be swayed by the hot takes from the cryptocurrency community, and with Elon Musk responding to critics back to back, giving little to no room for critics to create misconceptions, it becomes easier to see where the Billionaire […]

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Elon Musk On Why Dogecoin is Superior to Bitcoin

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The Dogecoin saga with Elon Musk is one that continues giving. The market also seems to continually be swayed by the hot takes from the cryptocurrency community, and with Elon Musk responding to critics back to back, giving little to no room for critics to create misconceptions, it becomes easier to see where the Billionaire is coming from.

What his beliefs are, and what Cryptocurrency he finds promising and worthy of his support in the long term.

For Elon Musk, Doge has already won the battle

There have been questions poking at Musk’s decision to prioritize DOGE over Bitcoin. Top Bitcoin proponents are surprised by the fact that Musk is willing to dump the most valued cryptocurrency, with a fixed supply, for an altcoin like DOGE. We can see Anthony Pompliano mirroring the sentiments of other Bitcoiners in the trending tweet which reads:

“The richest guy in the world bought billions of dollars in the best performing asset in the world for the last decade but is now spending time trying to make an internet joke become more technically efficient. Unreal.”

However, Musk is not swayed by the unending criticism from the Bitcoin community. The unconventional Billionaire has stuck with his decision to build upon Dogecoin and transform it into what he believes the asset should be.

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However, beyond what Musk is preparing Dogecoin to become in the future, the Billionaire seems to be clear on the fact that Bitcoin is not a DOGE competitor, as far as network efficiency is concerned. Musk has just set the records straight on why he believes Bitcoin doesn’t come close to Doge at all, in terms of performance.

When one Twitter user wrote:

“Elon is choosing DOGE because Dogecoin is better than Bitcoin in many fundamental ways. Dogecoin has faster transaction speeds, lower fees, and less environmental impact than BTC. DOGE is affordable for regular folks because of its high supply.” 

Elon Musk responded in affirmation to the above claims that he chooses Doge for being a superior asset saying “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

It is clear that for Musk, Bitcoin’s structure is more important than the asset’s price value and adoption rate. Meanwhile, the free PR Doge continues to get from Musk has continued to pump the price of Doge as the asset, at press time, is one out of the few that has accumulated gains, to now hit a price of $0.512.

Elon Musk On Why Dogecoin is Superior to Bitcoin
DOGEUSD Chart By TradingView

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Tech Mogul Jack Dorsey Doubles Down on Bitcoin As BTC Faces Wave of Criticisms

Jack Dorsey, the CEO of Twitter and Square, is coming to Bitcoin’s defense after Elon Musk announced that Tesla will no longer accept BTC as payment. In a string of tweets, Musk tells his more than 50 million followers that Tesla is suspending Bitcoin payments, citing concerns over the flagship cryptocurrency’s harmful impact on the […]

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Jack Dorsey, the CEO of Twitter and Square, is coming to Bitcoin’s defense after Elon Musk announced that Tesla will no longer accept BTC as payment.

In a string of tweets, Musk tells his more than 50 million followers that Tesla is suspending Bitcoin payments, citing concerns over the flagship cryptocurrency’s harmful impact on the environment.

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Musk’s changed stance on Bitcoin renews long-time concerns that the cryptocurrency is an energy hog. According to a report from the Cambridge Center for Alternative Finance, Bitcoin mining consumes more energy than small countries like Sweden.

Amid a wave of criticisms surging toward Bitcoin, Dorsey unveils his stance on the leading crypto asset by replying to a tweet by Square CFO Amrita Ahuja, which addresses concerns that the payment platform no longer plans to buy more BTC for its Bitcoin holdings currently worth over $400 million.

Dorsey says his firm will continue to help improve the Bitcoin network.

“Bitcoin changes *everything*…for the better.

And we will forever work to make bitcoin better.”

Square already committed $10 million for the Bitcoin Clean Energy Initiative to support companies that help drive the use of clean energy sources. In April, the firm released the paper “Bitcoin Is Key To An Abundant, Clean Energy Future,” which discusses how Bitcoin can encourage the transition to renewables.

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Source: https://dailyhodl.com/2021/05/16/tech-mogul-jack-dorsey-doubles-down-on-bitcoin-as-btc-faces-wave-of-criticisms/

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