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What Is The X-Token Cryptocurrency And How Does It Work?

What Is The X-Token Cryptocurrency And How Does It Work?

What Is The X-Token Cryptocurrency And How Does It Work?

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Continue reading What Is The X-Token Cryptocurrency And How Does It Work? at E-Crypto News.

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X-Token is a new cryptocurrency that is operating on the Binance Smart Chain (BSC). Experts and analysts believe that it is the first token that will empower crypto traders, investors, and even minorities who have minimal or no access to computers. Creating decentralized BI applications and donated usage fees will help crypto enthusiasts and minorities.

Cryptos have exploded in their popularity in the last several months and have now become the hottest new trend in the investment world. It is possible to make a lot of profit while investing in cryptos. But, it is also possible to lose an entire investment in a flash. If one wants to invest in cryptocurrency, they are advised to choose their investment wisely.

Today, there are thousands of cryptos available in the market for investors to make a choice. Thus, an extensive background check is important to ensure that the right and smart decision is made.

On its part, X-Token is a frictionless and yield-generating contract where all of the tokens acquired can soon be spent on decentralized applications (dApps). The protocol launched on May 6, 2021, via a DxSale presale.

Interestingly, this token’s contract employs a static reward system. 10% of every transaction is divided into two with one part sent to the holders while the remaining 5% is used to power the liquidity pool (LP) on the PancakeSwap decentralized exchange. Notably, these tokens are permanently locked in the LP and effectively reduce the available supply.

The X-Token was launched with the idea of creating a community token that has a self-generating income mechanism for its owner. But, X-Token differs from the rest of the decentralized finance (DeFi) crowd since its developer team is passionately working full time to create a fully-fledged ecosystem of applications that seamlessly surround the token. The company said:

“We aim to not only have a financially appealing cryptocurrency asset for short-term traders but a suitable long-term asset for serious long-term investors active in crypto. X-TOKEN is a yield-generating contract that rewards its holders.”

Every trader has a 10% tax since 5% is distributed to holders while an additional 5% is locked in liquidity to set up a solid price floor. Acquiring X-Token is easy and can be done in a few steps: Download the wallet, get BNB coins on Binance which you can change into X-TOKENS, Swap on XSwap, their first dApp, or on PancakeSwap.io.

XSwap

XSwap is described as an algorithm that is used for degree-preserving network randomization (permutation). Most of the permutated networks can be used for several purposes in network analysis. They can be used to generate counterfactual distributions of features whenever the network’s degree sequence is well-maintained.

Furthermore, they can be used for computing a preceding probability of an edge given just the network’s degree sequence. In general, permuted networks let users quantify the effects of degree on analysis and prediction strategies.

Understanding the effect is critical when a network’s degree sequence is subjected to biases. The implementation is a modification of the algorithm due to Hanhijärvi et al. They added two extra parameters (allow_self_loops and allow_antiparallel) that support extra generalizability to the bipartite, directed and undirected networks.

Hence, swapping an X-Token on XSwap proves that the new token is gaining some functionality in real use cases.

Mission Of X-Token

The developers working on the X-Token ecosystem are five. They are all crypto experts from the early stages of the sector. Primarily, they are developers who deal with the implementation of BI applications that will eventually be paid in X-Token. They mainly work from Latvia and Germany.

Decentralized cryptos were developed to give people increased freedom and more control over their assets. However, it is simultaneously locking out many minorities who cannot afford a computer or stable internet access. All of the fees that are earned by the dApps are used to empower these minorities and educating them to join the fast-growing digital world.

The money acquired from the fees is used in funding the minorities to acquire technical knowledge and all the necessary hardware. With more than 2000 new tokens created daily, the X-Token dApps are expected to empower all of them to grow quickly and more sustainably by offering useful tools like Telegram Bots, Tradebots, Vote polls for all token holders, and many more.

Hence, X-Token will soon join the few tokens that have real usage since their dApps will be paid using the token.

What Is This X-Token?

As already described, X-Token is a yield-generating contract where the acquired tokens can be spent on dApps. This protocol was launched on May 6 through the DxSale presale. The token was launched with the idea of developing a community token that has a self-generating income mechanism for its holder.

Its static rewards system is a concept that was unveiled for the first time by reflect.finance and later popularized by Safemoon. Analysts and experts believe that it is an excellent alternative to the normal high-APY liquidity farms that are already in operation due to its highly sustainable approach.

The reward amount relies on the volume of the token in the marketplace. Therefore, it perfectly alleviates sell pressure put on the token by the early investors. Additionally, X-Token’s mechanism encourages token holders to hold on to their tokens to earn taxes from the transactions on the market.

These taxes are based on the percentage specified in the contract and highly dependent on the total tokens that are held by the owner.

Automatic Liquidity Pool

Analysis shows that X-Token’s ecosystem uses an automatic liquidity pool algorithm (AutoLP) in its token contract. As already explained, the network acquires 5% from every transaction, whether buy or sell, and adds it to the liquidity pool. That also works as arbitrage resistant mechanism which secures a segment of the volume of X-Token as a reward for the holders.

The intended aim is to mitigate price movements whenever a large wallet decides to sell its tokens in the future. When compared to coins that do not have an AutoLP system, there is a significant reduction in price fluctuations.

Security Of The Token

The general design of this token shows that developers were aiming to create a secure coin. Their token distribution is believed to be one of the healthiest available in the crypto space, with no whales controlling huge chunks of the circulating supply.

Furthermore, the X-Token smart contract has implemented important security features aimed at ensuring that the token is fully autonomous and immune to any malicious manipulation. Criminal blockchain-based schemes running on the Binance Smart Chain are rife, and X-Token’s developers have taken measures to guarantee that the token is as far away from that space as possible.

Liquidity pool tokens for this ecosystem are permanently locked in the DxSale locker and the team plans to renew the lockers based on the vote of the X-Token community. Currently, the PancakeSwap liquidity is functioning seamlessly with this ecosystem.

Most of the DEV TOKENS have already been locked on DxSale and will only get unlocked after a year. By then, enough liquidity will be available in the contract itself to eventually make the token rug-proof. All tokens that are not locked by now will be used to fill the liquidity pools of new crypto exchanges.

Why The X-Token?

This token differs from the rest of the DeFi coins since its developers are working to create a large ecosystem of applications surrounding it. They want to make it a financially appealing asset for the near-term traders a suitable long-term asset for the dedicated investors who are active in the crypto field.

In that context, it is beneficial to note that the X-Token is a yield-generating contract that rewards all its holders. The token belongs to the community and aims to use its new and well-restructured team to boost its status in the decentralized finance space where the team wants to reach new, incredible, and promising opportunities in the markets globally.

Behind this project is a highly specialized team of developers that do not like the lack of transparency that dominates other DeFi coins. The team is determined to alter the status quo with X-Token. They are on track to fulfill milestones on their roadmap over the remaining year of 2021.

This token is currently building decentralized apps that aim to help token creators, maintainers, and investors. Currently, developers are working on a Telegram bot, a vote application where the token holders can vote the next steps of the community-driven tokens like the X-Token.

X-Token Price

On June 4, 2021, the X-Token price was $9.06e-9 with a 24-hour trading volume of around USD 48,221.39. The token is up 5.30% in the past 24 hours and ranks 3627 on CoinMarketCap but its live market cap is not yet available. Its maximum supply is 1,000,000,000,000,000 X-TOKEN coins.

Decentralized currencies, though meant to give users more freedom and control over their assets, locked out minorities who have no computers or internet access. But X-Token promised to use all of the fees earned by their dApps to educate and empower the minorities to ensure that they are not left out in the digital world.

X-Token is designed to give every holder access to vote on the next steps that the ecosystem needs to take. This voting power makes it one of the pioneer tokens that involve their community actively in development goals.

Their strategy of involving token holders in the development process seems appealing to the investors who are ready to take up such projects. Moreover, its use cases involve real projects, which means that its value will increase as its functionality increases making it a potential worthwhile long-term investment.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://e-cryptonews.com/what-is-the-x-token-crypto/

Blockchain

UMA Technical Analysis: Price Has Fallen Below the Fibonacci Pivot Point of $12.38

UMA price has tested and fallen below 23.6% FIB retracement level of $13.14. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

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Universal Market Access is a protocol to create synthetic assets that are based on the Ethereum blockchain. A synthetic asset is a different asset class that represents the value of the underlying asset. However,  UMA helps its users to create self-enforcing financial contracts and run them on Ethereum. The following UMA technical analysis will predict the price trends for the next few days:

Past Performance

On June 10, 2021, UMA started trading at $13.01. As of June 16, 2021, the closing price of UMA was $12.04. Thus, in the past week, the UMA price has plummeted by roughly 7%. In the last 24 hours, UMA has traded between $11.85-$13.14.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/uma-technical-analysis-price-has-fallen-below-the-fibonacci-pivot-point-of-12-38.png

https://www.tradingview.com/x/AoAaDOFl/

Day Ahead And Tomorrow

Currently, UMA is trading at $12.20. The price has increased slightly from the opening price of $11.97. Thus, the market looks positive.

READ  Revolut Announces 11 New Tokens for Trading in Cryptocurrencies

The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish, and we can expect a price to rise. However, both the lines are close to the zero lines and may change signs soon. Thus, a trend reversal is on the horizon.

The OBV indicator is gradually falling. Thus, selling volumes are higher than buying volumes. Hence, we can expect the UMA price to decrease.

The RSI indicator is at 49%. It has just rallied from the 30% mark. Thus, buying pressures are slowly mounting. Hence, we can expect the price to start rising again in a few hours.

UMA Technical Analysis

The price has fallen below the Fibonacci pivot point of $12.38. As some oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $11.81 soon.

READ  Are Bitcoin [BTC] and Gold Prices Correlated? – ‘Pomp’ and Schiff to Battle Soon

The price has tested and fallen below the 23.6% FIB retracement level of $13.14. If the price falls below the 23.6% FIB extension level after some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

#UMA #Universal Market Access

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/uma-technical-analysis-price-has-fallen-below-the-fibonacci-pivot-point-of-12-38

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Blockchain

CNN Launches “Vault” to Sell NFTs of Historic News Moments

The WarnerMedia-owned multinational news channel CNN is launching “Vault by CNN” to offer a select set of NFTs from the channel’s 41-year old archives.

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If you’ve ever wanted to own a piece of history, now might be your chance. The WarnerMedia-owned multinational news channel CNN is jumping into the NFT space with a new offering called “Vault by CNN”. The project will mint a select set of NFTs from the channel’s 41-year old archives on the Flow blockchain, which is also home to NBA Top Shot, a marketplace for sports highlights.

CNN NFTs Will Be Available in Late June

While CNN hasn’t specified the details for its first batch of NFTs, the channel has hinted that the offering will be based on its early exclusives, world history, and Presidential Elections. “Vault” will begin dropping these moments over a span of six weeks starting in late June 2021. Users could expect the successive collections to cover more topics and themes as Vault by CNN adapts to the community.

Explaining the rationale for the launch of its new service, CNN stated:

“Until now, there has been no way to ‘collect’ these moments. Users can often find old footage online, or packaged up in documentaries, but they cannot ‘own’ them or display them in the way they can with a print newspaper or magazine.”

The tokenized news moments will be available in a combination of both limited and open editions. To purchase these tokens, users will have to sign up for “Vault”, where they will store the moments. Unlike other NFT shops, users are not required to fulfill their payments in cryptocurrencies; they can buy their tokens using traditional methods such as credit cards. Although, users will need to create a digital wallet with the mobile application Blocto.

Users Will Be Able to Render Their NFTs Offline

CNN has partnered with video framing company Infinite Objects to help users render their NFTs onto a screen without an internet connection. 

Interestingly, Fox and Time Magazine have also announced their foray into the NFT market before CNN. As of yesterday, Fox Corporation revealed that it was investing $100 million in Blockchain Creative Labs for NFT content creation. 

READ  CHSB Technical Analysis: Breakout of the Pivot Resistance Level of $1.35

#CNN NFTs #Fox NFTs #News NFTs #Vault by CNN

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/cnn-launches-vault-to-sell-nfts-of-historic-news-moments

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Blockchain

SEC Delays VanEck Bitcoin ETF Decision Yet Again, Deadline Pushed to July

The United States Securities and Exchange Commission (SEC) has delayed its decision on the VanEck bitcoin ETF again, saying in a filing that it wanted public commentary.

The post SEC Delays VanEck Bitcoin ETF Decision Yet Again, Deadline Pushed to July appeared first on BeInCrypto.

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The United States Securities and Exchange Commission (SEC) has delayed its decision on the VanEck bitcoin ETF again, saying in a filing that it wanted public commentary.

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The United States Securities and Exchange Commission has once again delayed its decision on the VanEck bitcoin ETF, the regulator announced in a filing published on June 16. The decision follows the first announcement of a delay in April when it requested an extension of 45 days to make a decision on the approval. The next deadline is set for July 2021.

The SEC will now seek public comments on the proposal to list the product prepared by Cboe Global Markets. Investors will likely be disappointed about the decision but will have to make do with the fact the ETF decision has only been delayed, not outright rejected.

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Concerns over investor protection

A bitcoin ETF would give a much larger swathe of investors the ability to invest in bitcoin easily. It allows investors to access the cryptocurrency market easily via a stock listing. This is the problem foreseen with an ETF, namely that the accessibility could lead to more risk for investors.

In the past, the SEC has cited investor protection and market volatility as the primary reasons behind the absence of bitcoin ETFs. Bitcoin’s recent correction of over 40% — though it has picked up to around the $40,000 range — has only exacerbated this concern.

In the filing, market manipulation and fraud have also been listed as concerns. The SEC asks the Cboe if it has taken any actions to prevent these occurrences, as well as if the trust and shares would be susceptible to manipulation.

More interestingly, it asks the degree to which bitcoin is transparent and how much it has changed in the past five years. It also asks potential commentators on the size and regulation of the bitcoin futures contract.

Insiders and market enthusiasts have pushed for an ETF, saying that it is about time for an asset that is now more or less in the mainstream. But regulators across the world are unsure what to do with such a nascent asset class and envision that there will be both legal and economic challenges to bringing it into greater public access.

Will the U.S. see an ETF approval this year?

The likeliness of a cryptocurrency ETF being approved this year in the U.S. is up in the air. VanEck has also submitted an SEC filing for an ETH-centered ETF, but updates on that are limited as it was only submitted early in May.

Gabor Gurbacs, a Director at VanEck, has called upon officials to embrace bitcoin, saying there are “trillions of dollars in potential value.” The U.S. remains a noticeable laggard in the cryptocurrency arms race, with economic rivals like China and developing nations taking to the technology at a much quicker pace.

The SEC now has several ETF applications on its desk, though the VanEck ETF remains the most prominent of them all. It could be that the SEC and other regulatory bodies are focused on a broader crypto framework first. In any case, the market should hear some news on the matter before the end of the year.

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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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Since then, he has guided a number of startups navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars. He has a Masters degree in Finance.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/sec-delays-vaneck-bitcoin-etf-decision-yet-again-deadline-pushed-to-july/

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Blockchain

VanEck Bitcoin ETF: SEC delays decision and additionally seeks public comment

The US Securities and Exchange Commission has a history of delaying the approval of Bitcoin ETFs. The regulatory hurdles and the indefinite rejections in the past have dented the hopes of a quick SEC

The post VanEck Bitcoin ETF: SEC delays decision and additionally seeks public comment appeared first on AMBCrypto.

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The US Securities and Exchange Commission has a history of delaying the approval of Bitcoin ETFs. The regulatory hurdles and the indefinite rejections in the past have dented the hopes of a quick SEC approval. Crypto-enthusiasts have already been frustrated by the SEC’s reluctance to sign off on an ETF.

In what is the most recent development, the agency further delayed passing its judgment on the VanEck Bitcoin Trust. 

Usually, the SEC delivers a decision on a particular application within 45-day windows. However, to date, the agency has used the upper cap, 240 days, to review most of the Bitcoin ETF applications and has ended up rejecting them. It should be noted that this is the second time that the regulatory body has extended its review period by 45 days for VanEck’s ETF. Previously, in April, the SEC stated that it needed “sufficient time” to evaluate the aforementioned proposal.

Additionally, the SEC has asked for public comment on VanEck’s application. Interested parties need to answer questions with relevant data to substantiate their views on how vulnerable the ETF would be to “market manipulation” and whether or not the regulatory ecosystem has “changed” since 2016. Other questions require the commentators to shed light on their views about the “transparency” of Bitcoin and their standpoint on the “size and regulation” of CME’s Bitcoin futures contracts. 

The SEC has time and again highlighted its concerns over fraud and manipulation in the BTC markets. Additionally, since the agency doesn’t have any control over exchanges, the regulators in the US feel that their “investor protection” obligation gets obstructed.  

However, the community presumed that the regulatory body would be more receptive to the crypto space under the novel leadership of Gary Gensler, but this decision has not sent out the message the community was expecting. However, Galaxy Digital’s exec, Mike Novogratz had recently stated that, in his opinion, ETFs would go live either by the fourth quarter this year or the first quarter next year. Now, since the brakes have already been applied, the approval is likely to delay itself even further. 


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/vaneck-bitcoin-etf-sec-delays-decision-and-additionally-seeks-public-comment

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