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Ethereum Crosses $1,900 For the First Time in Its History as Total Value Locked in ETH 2.0 Hits All-Time High

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Ethereum (ETH) continues to rise in popularity in the crypto space as its current bull run has seen the cryptocurrency reach new record-highs. ETH is now a stone’s throw away from the $2,000 mark as it surged past the $1,900 mark. 

New data by Santiment reveals that the number of whale addresses holding at least $10,000 ETH ballooned to 1,287 on Valentine’s Day and this has been pivotal in triggering an uptrend for Ether. The on-chain data provider explained

“Ethereum answered Bitcoin’s All-Time High today with one of its own, crossing $1,900 for the first time in its ~6 year history. The number of whale addresses (holding 10k+ ETH) ballooned to 1,287 on Valentines Day, foreshadowing this achievement.” 

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ETH is currently trading at $1,896 with a market capitalization of $218 billion, according to CoinMarketCap. Ranking firm CompaniesMarketCap recently disclosed that only three global banks have a higher market capitalization than Ethereum, namely JPMorgan Chase, Bank of America, and ICBC. 

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Total value locked in ETH 2.0 continues to soar

The much-anticipated launch of Ethereum 2.0 was held in December last year, and ever since then, the total value locked (TVL) continues to grow by the day. ETH 2.0 offers a transition to the proof-of-stake consensus mechanism from the current proof-of-work as proof-of-stake protocols are deemed more environmental and cost-friendly. 

Glassnode has revealed that the TVL reached on Ethereum 2.0 has reached a record-breaking milestone. The market analytic firm reported:

“Total value in the Ethereum (ETH) 2.0 deposit contract just reached an ATH of $5,779,712,053.64.”

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Apart from the launch of ETH 2.0, the booming decentralized finance (DeFi) sector has been instrumental in triggering Ethereum’s uptrend because of the popularity of its smart contracts. DeFi is proving to be a force to be reckoned in the crypto space as it exploded and grew exponentially in 2020, with Ethereum emerging as a notable beneficiary. 

Image source: Shutterstock Source: https://Blockchain.News/news/ethereum-crosses-1-900-first-time-history-total-value-locked-eth-2-hits-all-time-high

Blockchain

The Deutsche Bundesbank tests blockchain payment system sans CBDC.

Germany’s federal bank Deutsche Bundesbank has successfully tested a blockchain-based settlement interface for electronic securities. The test bridges the gap between mainstream finance and blockchain technology without relying on a central bank digital currency (CBDC). Developed in partnership with Deutsche Börse Group and the German Finance Agency, the test demonstrates that the platform relies on two software […]

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Germany’s federal bank Deutsche Bundesbank has successfully tested a blockchain-based settlement interface for electronic securities. The test bridges the gap between mainstream finance and blockchain technology without relying on a central bank digital currency (CBDC). Developed in partnership with Deutsche Börse Group and the German Finance Agency, the test demonstrates that the platform relies on two software modules that connect the existing payment system with digital ledger technology. Several central banks are currently testing CBDCs in a different capacity. 

The test issued a 10- year government bond using DLT.

The test issued a 10- year government bond using DLT and trading in primary and secondary markets settled in the same system to demonstrate the technology. The test then developed a ‘trigger signal’ that connected the DLT with the current payment system, confirming a transaction had taken place. The test allowed the Bundesbank to benefit from blockchain technology’s strength without the need to overhaul their currency. Germany’s economy is the largest in the Eurozone. Therefore, it is of high significance that the federal bank has been among strong opponents of CBDCs.

“The new technology could be more rapidly adopted in the Eurozone.”

 German politician and Bundesbank board member Burkhard Balz said the new technology could be more rapidly adopted in the Eurozone than CBDC proposals. “Following successful testing, the Eurosystem should be able to implement such a solution in a relatively short space of time — at least in far less time than it would take to issue central bank digital currency, for instance,” he said. The project involved a number of participants, including Citibank, Barclays, Goldman Sachs, Commerzbank, DZ Bank, and Société Générale. Deutsche Bundesbank shared a video demonstrating how digital transactions can be settled in safe and stable central bank money by using the existing infrastructure with DLT. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/the-deutsche-bundesbank-tests-blockchain-payment-system-sans-cbdc/

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Top 5 Cryptocurrency Mining Hardware for 2021

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Despite record-high prices and a never-before-seen surge toward blockchain and cryptocurrency throughout the past several months, there are still a number of challenges for those aiming to mine profitably.

Difficulty sourcing mining hardware and an increase in ASIC miner prices have made getting hands on high-powered equipment easier said than done, fueled largely by a global chip shortage that is impacting a broad range of industries, not just crypto.

Promising crypto miners

This has made identifying and securing the right mining hardware in 2021 especially critical, but there’s new hardware on the market that holds great potential. Here is a look at five of the most promising cryptocurrency miners for those looking to maximize profitability this year and beyond.

  • MinerVa MV7 Pro
  • Hashrate: 100 TH/s
  • Power consumption: 3400 W

Previously available exclusively to private industrial clients, the MinerVa MV7 Pro is now becoming available on a global scale as one of the latest and most popular high-performance bitcoin (BTC) miners on the market today.

The MV7 utilizes the latest SMIC 7nm chip, and while its outlook appears promising, there is still much to be revealed regarding the miner and its longer-term performance.

MicroBT Whatsminer M30S
Hashrate: 86 TH/s
Power consumption: 3268 W

China-based MicroBT Whatsminer’s M30S released in early 2020 and has since emerged as one of the leading ASIC miners on the market, characterized by its plug-and-play approach to mining and its built-in fan system to help maximize performance while reducing heat. The M30S is well-positioned for profitable bitcoin mining this year and going forward.

Bitmain Antminer S19 Pro
Hashrate: 110 TH/s
Power consumption: 3250 W

The Antminer S19 Pro arrived last summer and still delivers a higher hashrate and lower power consumption than most other bitcoin miners on the market today.

It comes equipped with a new-generation, custom-built chip capable of achieving a power efficiency as low as 23 J/TH. Paired with enhanced stability, firmware to facilitate faster startup, an intelligent control mechanism, and more, the S19 Pro remains one of the best overall miners available.

Bitmain Antminer S19j Pro
Hashrate: 100 TH/s
Power consumption: 3050 W

The Antminer S19j Pro is scheduled to launch in June and offers a slightly lower hashrate and power consumption than the S19 Pro. However, it still remains a highly sought after miner, including among major operations.

Shanghai-based online game operator The9 recently inked a deal with Bitmain to purchase 24,000 units of the S19j. Riot Blockchain has also been ramping up its operation with help from Bitmain, including the purchase of 1,500 S19j Pro miners announced in March of 2021.

Canaan Avalonminer 1246
Hashrate: 90 TH/s
Power consumption: 3420 W

Another one of the latest high-efficiency bitcoin miners, Canaan’s Avalonminer 1246 launched in January of 2021 and offers plug-and-play deployment, built-in power, and excellent stability.

Its innovative new design allows for maximum convenience and space-saving flexibility, capable of being placed horizontally or vertically when mining. The Avalonminer 1246 is a welcome and popular recent addition to the ASIC miner landscape.

A new wave of crypto-focused data centers

The historic highs and mainstream adoption of BTC, ether (ETC), and a host of other digital assets represents a promising future for cryptocurrency and blockchain technology, with tremendous upside for miners by acquiring the newest high-performance gear. 

Equally significant is the rise of a new wave of crypto-focused data centers that allow for quick deployment and scaling. These facilities can help miners get online quickly and ensure flexibility to grow and expand as required in the future.

Many also offer managed services that facilitate daily monitoring, troubleshooting, hardware upgrades, firmware management, and more. Like almost anything in tech, it’s all about innovation, experience, selecting the right partners, and the latest, most powerful gear.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Dave is the CEO of crypto mining company Compute North

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Source: https://beincrypto.com/top-5-cryptocurrency-mining-hardware-for-2021/

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How Accurate is Fat Pig Signals With DeFi Tokens – An Overview

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The ICO craze of 2017/18, the rise of smart contracts in 2018, the growing influence of stablecoins in 2019 — Fat Pig Signals stood steady through all of these milestone events in the then barely a decade-long history of the crypto space.

By then, it had also successfully navigated the crypto winter with a much more convincing track record compared to many fellow Telegram trading signal groups. 

So, when the massive DeFi wave hit the crypto shores in the latter half of 2020, it wasn’t really a big surprise to see the group tapping in on the opportunity to make hefty gains.

As you can see in the image above, those numbers do look enticing if you’re on the hunt for a Telegram group offering quality signals for DeFi tokens.

But before we delve any further into the accuracy of Fat Pig Signals with DeFi tokens, let’s first go for a basic overview of the group and the team behind it.

(Just in case you are new to crypto trading and could use some more reading about crypto signals, here’s our detailed guide to everything you need to know about crypto signals groups on Telegram.)

Fat Pig Signals: An Overview

Fat Pig officially launched its crypto trading signal group on Telegram in 2018. As you can imagine, it was not the best time to start a new venture of its kind. After all, the 2017 bull market was almost over and the infamous crypto winter that would later linger on for nearly two years was just on the horizon.

This is probably where Fat Pig started making a mark for itself as the group’s signals continued performing well, raking in sizable profits. 

Fat Pig Signals is led by a group of experienced traders with a proven track record to show for. And yes, that last bit is important given that it has become a norm for pretty much all Telegram trading signal groups to claim that they have the best analysts and traders in the world among them.

With Fat Pig, you get a firsthand account of the quality of the signals and the team behind them. You can find a detailed log of their performance since August 2018 here

Fat Pig offers a free-for-all Telegram group and a VIP group for paying users.

The free group is useful if you want to get an idea of what the VIP group has to offer, as well as the overall quality of the signals. However, for your daily dose of DeFi signals, the VIP group is the way to go.

Fat Pig Signals: Services on Offer

  • Binance signals with risk management.
  • Bybit and Bitmex signals for margin trading.
  • Frequent news and market updates.
  • Periodic opportunity analysis and special reports.
  • Private Facebook group that adds to your social trading experience.
  • Portfolio management for your mid and long-term goals.
Fat Pig DeFi Signals

Now that you have a better understanding of the group, let’s veer towards the central theme of this review — Fat Pig DeFi signals (and how effective they are).

Fat Pig’s DeFi Signals

DeFi Will Continue to Grow in 2021

2021 may have tured out to be the year of non-fungible tokens (NFTs), but the DeFi uptrend is showing no signs yet of an imminent slowdown.

Source: DeFi Pulse

As you can see, the total value locked (TVL) in DeFi continues to be on the rise even today.

For perspective, the TVL at the end of 2018 stood at roughly $300 million and by 2019 end, it grew 266% to move past $800 million. Fast forward a year to the end of 2020, and it recorded a staggering growth to hit $15 billion.

And now, four months into 2021, and the TVL is fast approaching $50 billion already.

But even if we buy into the skepticism surrounding the significance of TVL, the DeFi uptrend would still have enough juice left to rally on.

For example,

  • There are already murmurs about financial institutions planning to introduce DeFi to a consumer audience.
  • If decentralized exchanges (DEXs) and automated money makers (AMMs) continue to grow at the current pace, which they very may well, that will add significantly to the DeFi’s overall growth in 2021.
  • Odds are reasonably high that by the end of 2021, the net amount being borrowed on DeFi platforms could go up by up to a factor of 10.

Note that we’re barely scratching the surface as far as DeFi’s potential in 2021 goes. The broader point is that traders and investors continue to flock towards the popular DeFi tokens even today, which is where the opportunity for Fat Pig Signals lies.

How Good are Fat Pig’s DeFi Signals?

Fat Pig Signals claims to have an Average Coin Market Return (ACMR) of more than 743%. That’s nearly 7.5x of your original investment capital. This is much higher than most of its competitors have achieved so far. And just in case you decide to stick to their top-5 GEM picks, the returns will be even more enticing.

defi token swaps

To add more to that, Fat Pig Signals do not confine itself to any particular ecosystem. From Ethereum to Binance Smart Chain – it covers tokens from every ecosystem so long as they show potential.

Another factor adding charm to Fat Pig Signals is that it tries to keep all signals, including the DeFi signals, easily accessible to even newbies.

Even the technical analyses that build the core of their DeFi signals are easy to grasp, provided you have a basic understanding of the market.

Apart from quality trading signals for your favorite DeFi tokens, the access to practically endless educational content and DeFi-focused special reports is another huge perk.

Final Thoughts

The only bone of contention you could have with Fat Pig Signals is the relatively high subscription fee. There are three membership plans to choose from, including:

Bronze Silver Gold
Duration 3 months 6 months 12 months
Price 0.5 ETH 0.75 ETH 1.25 ETH
Fat Pig Signals – VIP Group subscription plans (as of April 2021)

As you can see, the price is clearly on the higher side. For serious traders, however, especially those looking to make the most out of the ongoing DeFi uptrend, Fat Pig Signals is definitely an option worth mulling over.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Shilpa is a network engineer and management graduate who is deeply passionate about artificial intelligence and blockchain technology. She has been associated with several leading science & tech publications throughout her career as a journalist and columnist. Full-time foodie, semi-skilled musician, wannabe novelist.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/accuracy-of-fat-pig-signals-with-defi-tokens-an-overview/

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Is Removing Privacy Coins From Exchanges Justified?

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Using privacy coins offers near-anonymity. This is their main appeal, but also why exchanges are dropping the coins and scrutiny from regulators increases.

On New Year’s Day this year, Bittrex announced that it was removing three of the most popular privacy coins.

The Bittrex tweet cited a more detailed release on the company’s website made on Dec. 29, 2020. However, the fact that there was no further explanation for the coins’ removal besides a reference to its removal policy was reflected in the page’s poor helpfulness rating.

This news came as scrutiny against privacy coins grew over the past few years. In some cases, countries have banned them outright.

Authorities cite the coins’ capacity to fund terrorism and human trafficking, and other crimes as the reason for shutdowns and bans. However, research shows minimal evidence for this, and some argue privacy coins can comply with anti-money (AML) regulation.

In this piece, we will discuss what privacy coins are and explain how a few examples work. We will look at why exchanges are distancing themselves from these coins. Finally, we’ll briefly highlight its potential impact on the industry of privacy conducive encrypted technology.

What are privacy coins?

One of the most appealing features of cryptocurrency for users is its ability to make payments more anonymously.

However, due to blockchain being open-source, transactions with crypto such as bitcoin (BTC) are visible on its distributed ledger. Most exchanges also implement know-your-customer (KYC) policies as well.

Privacy coins come closer to the ideal of transacting anonymously for those who hold privacy as a high priority.

While privacy coins are still exchanged on the public ledger, wallet addresses are hidden. As a result, it hides any information that can trace the wallet back to its owner. The transaction is still visible but near-anonymity is achieved, due to the improbability of tracking the hidden wallet address.

Monero

The most widely used privacy coin on the market is monero (XMR). Its use of stealth addresses and ring signatures make transactions untraceable. 

Stealth addresses act as a hidden layer for transactions to happen through. Each monero wallet has a public view key and a public send key as part of a public address. When a transaction occurs, the sender’s wallet uses the recipient’s two keys to generate a one-time stealth address. Although the public ledger records the stealth address, only the recipient is aware of its ownership. 

The stealth address has a corresponding private view key. This enables the recipient’s wallet to scan the monero blockchain for the stealth address. Once it is found, the funds are sent.

“Ring signatures” anonymize the sender. A “ring” of users sign the transactions along with the sender when the funds are sent. This makes it nearly impossible to determine who the actual sender was. This process is transaction mixing, which other privacy coins also use.

Dash

Another popular privacy coin is dash (DASH). However, privacy is not its primary purpose. As the name implies, its main focus is transaction speed.

However, its creators enabled it with PrivateSend. This is a way to make transactions privately, which has proven popular with traders. The optional feature uses coin mixing via Coinjoin integration to keep transactions anonymous.

With PrivateSend, a transaction intention is sent from one dash wallet across the network to different master nodes. Here it pairs with the other party to the transaction. Then that pairing master node will mix each “input” and return them back to each corresponding wallet, with a slightly different address. This is called a change address.

As they take up more space on the blockchain, these PrivateSend transactions carry a higher fee.

Zcash

Zcash (ZEC) is yet another popular privacy coin that also operates on a public blockchain.

It has transparent transactions, where addresses and other details are displayed. However, there are also private transactions, which are encrypted. In those cases, the blockchain only registers that the transaction took place.

A pair of address types, z-addresses and t-addresses, faciliate these transactions. Private transactions happen between z-addresses, while t-addresses are for transparent transactions. The two types of addresses can also exchange with each other, a process called shielding or deshielding, depending on the direction.

Pros and cons

The most compelling benefit to using privacy coins is naturally increased privacy and anonymity in transactions. This freedom from scrutiny has a philosophical and pragmatic basis.

On the one hand, there are those who would argue that privacy is a human right. Such precedents have been made citing amendments to the U.S. Constitution. On the other hand, keeping transactions free from potentially prying eyes prevents inquiry, investigation, and interference.

Privacy coins are not without their fair share of downsides. For one, privacy coins incur high transaction fees, because of their additional parameters.

This makes them less than ideal if a user is making transactions relatively frequently. More substantially, because of their potential to aid in money laundering, privacy coins suffer from tremendously bad PR.

Growing prohibition of privacy coins

As cryptocurrencies gain wider adoption, exchanges offering them are facing increasing regulatory pressure.

One consequence is that exchanges are now distancing themselves from privacy coins for failing to meet anonymity requirements.

The recent Bittrex example is only the latest case. CoinBase stopped supporting Zcash in August 2019, while OKEx in South Korea did the same the following month.

In some countries, the ban has been instituted on a national scale. From March, South Korea is now no longer allowing its crypto exchanges to host privacy coins. The country’s Financial Services Commission (FSC) said this is because the coins help facilitate cybercrime syndicates and money launderers.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/is-removing-privacy-coins-from-exchanges-justified/

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