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Bancor Smart Tokens Provide Solution to The Issue of Liquidity

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There are many facets to the notion of liquidity. Liquidity may be defined as the ability to convert an asset into cash readily on demand. If this definition seems myopic, you can see it as an asset that can be sold or bought at its fair price. Therefore, liquidity signifies that there are no premiums or discounts attached to an asset when selling or buying it. This makes it easy to enter and exit the asset at will.

For any tradable asset, liquidity is paramount. Liquid markets are smoother and deeper when compared to illiquid markets, which can put traders in a place from which it may be difficult to navigate out. For instance, Bitcoin has experienced significant growth within nine years of its existence. In 2009, there were only 50 Bitcoins but today, there are over 13,000,000 bitcoins in circulation. Virtual currencies or cryptocurrencies have witnessed waves of illiquidity. What are the factors that influence liquidity?

  • Exchanges: The increasing number of cryptocurrency exchanges has provided opportunities for more individuals to trade in cryptocurrency. The increase in volume and frequency of trading has contributed to enhancing liquidity.
  • Acceptance: The acceptance of cryptocurrencies at online shops, brick and mortar stores, bookings, etc. has contributed to its usability while reducing its volatility. Coins become more liquid when frequently used as a means of payment.
  • Regulations: Both direct and indirect regulations have played a crucial role. The position of cryptocurrency in each country is different – banned in certain areas, allowed in others, while in dispute elsewhere. Because of the increasing presence of cryptocurrency in the form of exchanges, ATMs, casinos, transactions in shops, financings, etc. these clarified regulations will continue to influence liquidity.
  • Awareness: Many people are practically unaware of what cryptocurrency is all about and how it works. In the midst of these are prospective investors, buyers, and traders of digital coins. Lack of clear guidelines by relevant authorities and limited knowledge has limited engagement to devotees to this moment, but as this changes, so will liquidity via increased volume and acceptance.

Then, How can one technically solve the issue of liquidity facing cryptocurrency? Below we will explore a solution provided by Bancor for addressing the challenges of liquidity faced by cryptocurrencies, conventional tokens, and community currencies. According to Bancor, the issue of liquidity can be addressed through the use of Smart Tokens, by programming tokens to be autonomously convertible for other tokens within the same network. This is achieved through the use of Connectors, which are modules in a token’s smart contract that hold balances of other tokens they are connected to.

What is the Bancor Protocol Smart Token all about?

Let’s begin with the Bancor Protocol which is the standard for what Bancor calls Smart Tokens. The method is as follows: A Smart Token is programmed with one or more connectors, which are modules in their smart contracts. Each connector holds a balance of another connected, the connected token, which can be deposited by the Smart Token creator. These balances are used by the Bancor Formula to calculate the exact price of a Smart Token in any of its connected tokens. The Smart Token can be bought and sold by depositing or withdrawing the calculated amount from its connector balances. For example, if a Smart Token has one connector which holds a balance of Ethereum, that Smart Token can be bought by sending Ethereum to the Smart Token’s contract, or sold by sending Smart Tokens back to the contract and receiving the corresponding amount of Ethereum in return.

If you haven’t heard of smart contracts, these are computer programs which run on the blockchain, meaning they are unchangeable as long as the underlying blockchain is operational. In the case of tokens, smart contracts allow for the programming of certain features, issuing policies and other attributes, directly into the token’s governing software. Bancor uses this ability to program Smart Tokens to buy and sell themselves from users, in exchange for any of their connected tokens, at an algorithmically calculated rate according to the open-source Bancor Formula. This allows Smart Tokens to be plugged into a network architecture, and continuously liquid to every other token in the network, according to a mathematical price which balances buy and sell volumes in the network (more on the formula below.)

The Bancor Protocol recommends a new solution to the issue of liquidity for cryptocurrencies by using an asynchronous price-discovery model, which is enabled by these balances holding Smart Tokens. The most unique characteristic of this solution is the fact that you can buy or sell Smart Tokens anytime, directly through their smart contracts (Bancor also offers a simple Web App user interface) without the need for an exchange or even matching buyers and sellers, as has been the case for decades. Does this sound like crypto magic to you? Let’s explain how it works.

  • Firstly it’s important to understand that Smart Tokens are money that themselves hold money, in their connector balances. What this means is that the smart contract that operates the Smart Token owns a minimum of one other token balance. This is the Smart Token’s initial liquidity “plug in” to the network, and from where the Smart Token can withdraw other tokens to sellers, and collect other tokens from buyers.
  • Secondly, the supply of a Smart Token can be dynamic, and handled by its smart contract directly. When a Smart Token is purchased by sending one of its connected tokens to the smart contract, these tokens are added to the connector balance and new Smart Token units are created and sent to the buyer. This means that a Smart Token’s supply is growing as demand for it is growing. Thankfully, so is its connector balance, so as you’ll see below, its price is also increasing. This means that increased supply does not mean inflation or dilution for Smart Token holders, since price is a factor of demand, not constrained by a traditional fixed supply. Similarly, when a Smart Token is sold, it is simply sent back to its smart contract, which withdraws the corresponding amount of connected tokens from the connector balance and returns them to the seller, and the sold Smart Token units are destroyed and removed from circulation. Price however, is still decreasing, thanks to the Bancor Formula which takes this decreased connector balance into account. You can liken this mechanism to when tokens are issued by initial coin offering smart contracts in exchange for other tokens like Ether.
  • Thirdly, is the realization that Smart Tokens calculate their own prices vis-a-vis other tokens they are connected to. This is according to the Bancor Formula which holds the ratio constant between a Smart Token’s total market cap, and its connector balance. As buys and sells add and subtract tokens from the connector balances, the price of a Smart Token will fluctuate to keep this ratio, configured by a Smart Token’s creator (and called the weight), constant. This ensures that buy and sell volumes strive for equilibrium, as a Smart Token’s price is rising when it is being bought, and falling when it is beind sold. Just as you’d expect with supply and demand principles, only here the supply can adapt to the demand, and price is calculated as a mathematical function between the Smart Token and its real-time connector balances. .

One may be thinking if all of this functionality is required, given the fact that price discovery and liquidity is already obtained via trading activity in traditional exchanges. Is there a reason for a different solution? The answer to this question is yes. This is because exchanges can be seen as “matchmakers” between individuals or parties with different wants. A particular trade comprises of two opposing transactions, one where each party is selling what the other party wants to buy. The situation where a particular party needs to find another party with opposite wants is the sole reason why currencies and other assets face liquidity risk. With this constraint, it is impossible for smaller scale currencies, such as loyalty points, community currencies, and other relevant credits, as examples, to become consistently liquid.

Additionally, people who provide liquidity such as market makers and traders are logically looking for ways to take full advantage of profits. This connotes that liquidity comes at a price or cost with the current exchange solution, allocating value to middlemen. This is why BancorSmart Tokens are unique, allowing currencies to enjoy automated and continuous liquidity, and with no added fees. The contribution or partaking of market makers and traders in their convertability isn’t compulsory, but optional for both parties. In fact, Smart Tokens may be regarded as a token with a built-in not-for-profit automated market maker for itself, being operated by its open-source smart contract.

A Bit About the Bancor Token Generation

This decentralized liquidity network Blockchain project raised approximately $153 million in Ether within three hours. Bancor was one of the most successful token launches of 2017. The token generation event took place on June 12, 2017, attracting more than 390,000 contributions in Ether, a world record in the market at the time.

Bancor’s BNT is the Bancor Network Token. According to the company, in the next two years, there will be a host of new features available to Smart Tokens, including security upgrades such as delegated account recovery, the ability to purchase them with a credit card, enabling communities without a token to easily create one without technical knowledge, and moving to a fully decentralized backend and front-end architecture, as well as taking the liquidity network completely cross-blockchain. Finally, we will see the launch of Bancor Grants, helping local communities build capacity towards launching and maintaining a local Smart Token for their economy or network, and subsidizing the BNT needed for qualifying communities to connect to the Bancor Network (via their Smart Token’s connector balance, which will be held in BNT.) Since launch, Bancor has activated their token, launched and activated Relay Tokens for over 20 ERC20 tokens which are now convertible via the Bancor Network, launched their Web App on desktop and mobile, and deployed a portable widget to enable users to convert Smart Token’s from anywhere on the Internet. This attribute alone safeguards users and enables them to convert their tokens remotely and in a decentralized fashion.

BNT holds Ether (ETH) as its connected token, making it possible to convert any token within the Bancor Network into ETH, instantaneously and without the need for matching buyers and sellers. This is groundbreaking in the blockchain world, with Bancor pioneering an autonomous technology that a technical solution for instant liquidity and eventually also the instant creation of intrinsically liquid cryptocurrencies.

What are the Benefits of Bancor Smart Tokens?

Smart Tokens bring about several benefits when compared to the traditional token model, which include:

  • No Extra Fees: Unlike the traditional token and exchange models, the only compulsory fee that is paid for converting Smart Tokens is the blockchain platform fee, which in the case of Ethereum is known as gas.
  • Continuous Liquidity: Because selling and buying are carried out through smart contracts, you can always convert Smart Tokens from/to their connected tokens, regardless of the volume of trading done.
  • Foreseeable Price Changes: The Bancor Smart Token allows for the pre-calculation of price changes according to transaction size, since each transaction itself will result in a change to the current price by adding to or subtracting from connector balances. This price predictability leads to relatively more stable prices.
  • No Spread: The same price is calculated for buying and selling Smart Tokens since the calculation of these prices is done formulaically by the non-profit smart contract, not by other buyer and seller offers, traditionally known as an order book.

In Conclusion

Bancor has discovered a way out of the historic challenge of liquidity without needing a counterparty to buy or sell a token. This is attainable through a smart contract, currently on the Ethereum network, which keeps a balance in another connected token at all times, and uses a simple formula to continuously recalculate the exact rate at which a Smart Token is convertible for any of its connected tokens, and as such, for any other token in the network. This innovation replaces traditional labor-based solutions, in the form of market makers and exchanges, both for-profit actors, with a technical solution, in the form of a non-profit smart contract that will always buy and sell Smart Tokens thanks to their built-in liquidity mechanism. This autonomous solution could offer a step-function improvement in efficiency, decentralization, accessibility, transparency, and stability for the emerging cryptocurrency economy – if Bancor can pull it off

 

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Data Provider Coingecko Joins Access Protocol, Pushing Exposure of The Access Ecosystem to Nearly 30 Million Monthly Readers

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The Access Foundation is excited to announce that the world’s largest independent cryptocurrency data aggregator, CoinGecko will be joining Access Protocol as a launch partner.

Users who stake in CoinGecko’s Access pool will receive access to Gecko Ramblings, a bi-weekly newsletter by CoinGecko research analysts covering projects, trends and topics of interest happening in the crypto space.

Additionally, CoinGecko users will receive the opportunity to claim an $ACS via airdrop through their Candy Rewards store. Details on how users can claim the airdrop will be released on Friday, December 9.

“Access Protocol is reimagining digital media monetization in a way that delivers values for publishers, creators and consumers in an equitable manner.” COO and co-founder of CoinGecko, Bobby Ong, commented. “We are excited to be a launch partner in this evolving ecosystem.”

Since 2014, CoinGecko has been a trusted source of information by millions of cryptocurrency investors. Their mission is to empower the cryptocurrency community with an in-depth, 360-degree overview of the market, and currently tracks over 13,000 crypto assets from over 500 exchanges worldwide.

CoinGecko joins Access Protocol’s growing list of creators and service providers including AB Media, Crypto Briefing, CryptoSlate, Crypto-Times, and The Block.

For more information about CoinGecko, visit https://www.coingecko.com.

About Access Protocol

Access Protocol creates a new model for all digital content creators, whether it be a digital media company, a streaming company or a standalone influencer. The Protocol works by allowing Publishers and Content Creators to create Staking Pools, allowing for new monetization streams while realigning incentives between content Creators and consumers. New creators can tap into an existing ecosystem of tooling, users and value by joining the Access ecosystem.

About Coingecko

Since 2014, CoinGecko has been a trusted source of information by millions of cryptocurrency investors. Their mission is to empower the cryptocurrency community with an in-depth, 360-degree overview of the market, and currently tracks over 13,000 crypto assets from over 500 exchanges worldwide.

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Xult: A gateway to an ultimate crypto trading platform

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Following the greatest revolution of the 21st century, decentralization of the financial institutions came into the picture. This led to the creation of various other cryptocurrencies and multiple digital exchange platforms for the trading of decentralized cryptocurrencies.

Since then various crypto exchange platforms were introduced to the public. However, there were only a few platforms that provided the liberty of trading in the hands of the traders. Xult is one such platform that runs with the motto of allowing traders to trade the way they want.

With the team’s continuous efforts Xult has been launched as an intuitive platform. Users can enter one of the most hassle-free and user-friendly cryptocurrency exchanges and enjoy the perks of various trading tools by going through a simple registration process on the platform.

A stand-out modular dashboard

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The whole new dashboard of Xult is curated to provide users with the ultimate usability. The easy-to-use interface of the platform makes it easier for both newbies and experts to trade seamlessly on the platform. Besides the dashboard, the performance trading screen is also fully modular, resulting in users experiencing a customizable workflow that matches their needs.

With various options, and filters, available on the dashboard, traders can change the layout of the page and choose the visible tabs, and fall in love with the simple yet advanced personalized dashboard accommodating their specific preferences.

Keeping digital safety at utmost priority, Xult offers a trustworthy Identity Verification Service, where traders can take advantage of Two Factor Authentication (2FA). The latter is a great tool for users to lock their accounts with not only passwords but an additional verification layer. This way users can get access to the ultimate trading dashboard without having to worry about their account security.

Favorable price charts

Xult provides users with a price chart created by TradingView to ensure accuracy and consistency. The chart is compatible with all users from beginners to experts. There are various features applied on the price chart toolbar that make trading easier.

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Users can spot a currency selector on the top of the price chart and pick their favorite cryptocurrency pairs along with some convenient shortcuts. Additionally, users can also just tap on the ticker symbol of the currency in which they are interested to trade. Besides the currency, there’s a basic information section about the chosen digital currency, such as 24h change, the highest and lowest 24h prices, and the corresponding volume.

Surrounded by toolbars, the price chart gives an insight into the technical analysis tools. The top and bottom ones enable users to choose the style of the chart and set some basic parameters, such as the time interval and visible indicator panes. The left-hand one incorporates various drawing tools for users to conduct advanced technical analysis.

Key features and its use-cases

Xult comes in with some unique features, along with its use cases that make trading a cakewalk.

  • Privacy coin support: Xult works with a mission to safeguard users’ privacy and offer cryptocurrencies that take protection very seriously. This way the platform helps users to trade on the platform without worrying much about security.
  • Confidentiality: The algorithms are designed in a way to ensure that users can verify the credibility of the transaction. This will not only benefit the user community, but also secure traders’ sensitive information without any need for expansive collection and storage. The Know Your Client regulations, makes it easier for the platform to collect data that are absolutely necessary to protect the users against scam or otherwise illicit transactions.
  • Fees minimization: Xult offers users massive discounts for their transactional fees. To be a part of this massive discount, users just need to choose the EXCC cryptocurrency and avail of the 50% fee reduction. EXCC is not just another altcoin, but the continuous development and enhancement services add more value to the overall project.

About Xult

Xult is a decentralized cryptocurrency exchange platform that comes with a user-friendly UI/UX. The Xult ecosystem is integrated with both Xult and ExchangeCoin (EXCC). The latter has been in the market for almost 5 years and has built an excellent user community so far. EXCC is a decentralized and open-source token that readily verifies its code and its developer’s intentions.

When it comes to Xult as a platform it offers users various features and use cases aforementioned. These features offer multiple advantages to the users such as ‘quick trading’ which enables traders to place orders of their choice, ‘wallets’ which keeps a check on the balance of digital currencies in the wallets, and the ‘history’ tab for tracking all the previous transactions.

Additionally, ‘Performance Trading’ ensures users are opened to an advanced interface that enables placing orders with specific parameters. With the ‘market’ feature, traders can access the table which highlights the quotations for all pairs of digital currencies supported by the platform.

All these summed up together provides ground for Xult being a hassle-free trading platform along with the users enjoying the liberty of optimum trading.

For more information on Xult, visit the following:

Website: https://xult.com/
Twitter: https://twitter.com/XultExchange
Telegram: https://t.me/xult_com
Discord: https://discord.com/invite/3Zs8AfqUby

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Stably USD Stablecoin Officially Launched On the XRP Ledger

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Stably Corporation, a Seattle-based Web3 payment infrastructure and Stablecoin-as-a-Service provider, is proud to announce the official launch of Stably USD ($USDS) under the ticker $USD on the XRP Ledger (XRPL) a decentralized blockchain. Stably USD is a regulatory-compliant and USD-backed stablecoin that supports XRPL’s objective of providing a scalable and sustainable blockchain for tokenized assets and global payment/settlement. Stably USD is also XRPL’s first natively-issued US-based stablecoin and the first product released as part of an ongoing collaboration between both Stably and XRPL.

Stably USD is a multichain, US Dollar-backed stablecoin created by Stably in partnership with a US-regulated and SEC-qualified custodian. Every Stably USD token is fully collateralized 1-to-1 with USD held in bank deposits managed by the custodian for the benefit of token holders. Stably USD is always redeemable for $1 US Dollar per token (minus fees) through Stably’s custodian partner. Stably also partners with a leading US-based stablecoin auditor to provide monthly public attestations for Stably USD’s fiat collateral reserve, ensuring that every token in circulation is fully backed 1-to-1 with US Dollar.

Since the initial launch of their stablecoin on Ethereum in 2018, Stably has been setting new standards for transparency and interoperability in the stablecoin industry. Users from 200+ countries/regions worldwide can now mint/redeem Stably USD easily through a variety of traditional payment methods such as Fedwire, SWIFT, ACH, and credit/debit cards through Stably Ramp, a fiat-to-stablecoin gateway with low fees and access to emerging blockchains.

“XRPL’s global growth potential due to their cutting-edge products and technology is what had initially caught our interest. However, it became increasingly clear just how complementary a partnership between us both would be. Their strong institutional relationships and low transaction fees suit Stably’s stablecoin and fiat gateway infrastructure perfectly, enabling a wide range of use cases such as simplified payments and remittances. And this is only the start, as we expect stablecoin demand to continue growing immensely,” said Kory Hoang, CEO and Co-Founder of Stably.

In addition to XRPL, Stably USD is also natively issued on 11+ other blockchains under the ticker $USDS, including Ethereum as well as emerging chains like Harmony, Stellar, VeChain, and Tezos, with many more coming soon. As a result, Stably USD can effectively serve as a multichain US Dollar “bridge,” enabling Web3 users to easily and securely transfer liquidity from various networks to/from XRPL.

The initial launch of XRPL Stably USD empowers individual users to mint/redeem tokens via Stably’s website or through the Stably Ramp application embedded within Xumm wallet, the largest non-custodial wallet application on XRPL. Institutional users will also be able to create a Stably Prime account in order to mint/redeem XRPL Stably USD or swap it for other digital assets, including USDC, USDT, BTC, ETH, and more.

About Stably

Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in providing fiat gateways, multi-chain stablecoins, and cross-chain bridged tokens to users of Web3 applications. Stably’s mission is to power this decade’s next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems. Visit stably.io to learn more.

About XRP Ledger

The XRP Ledger (XRPL) is an open source, public and decentralized Layer 1 blockchain led by a global developer community. It is fast, energy-efficient, and reliable. For more than ten years, it has been the blockchain best suited to enable settlement and liquidity of tokenized assets at scale. With ease of development, low transaction costs, and a knowledgeable community, it provides developers with a strong open-source foundation for executing on the most demanding projects – without impacting the XRPL’s lean and efficient feature set. XRPL enables a wide variety of services and use cases including payments, decentralized finance, and tokenization. Learn more at XRPL.org.

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CLARINS INTRODUCES T.R.U.S.T., A PLATFORM USING BLOCKCHAIN TECHNOLOGY TO PROVIDE TRANSPARENCY ON INGREDIENT TRACEABILITY AND PRODUCT MANUFACTURING

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Following its ethical and sustainable commitments, Clarins takes one step further in consumer transparency by launching T.R.U.S.T., a one of-a-kind platform base on blockchain technology to share full traceability of the ingredients that go into product formulas as well as the manufacturing process. Starting today with the latest product batch numbers, anyone has access to:

  • All steps in the product manufacturing process – including quality and safety controls, where and the product has been formulated and packed.
  • Exhaustive information regarding plant-based ingredients – including geographical origin, harvesting method and Clarins sourcing certifications.
  • Behind the Clarins expertise – via visuals and testimonies from our factory, laboratories, and overall facilities in Pontoise (France).

To make T.R.U.S.T. possible, Clarins uses the blockchain technology to ensure safety and transparency of the process. The blockchain technology is used to store and transmit information in the safest way possible as it does not have a centralized control system. It forms a database that records secured exchanges between different users (suppliers, producers) and once a piece of information is entered in the system, the blockchain technology certifies their authenticity, without allowing anything to be modified.

Clarins T.R.U.S.T. is an ongoing initiative and while not all products and ingredients are available yet, the list is growing every day for total transparency. 30 products and 40 plant extracts can now be found, and there will be close to 100 by the end of 2023.

By simply entering a product batch code on Clarins T.R.U.S.T. platform, anyone can have access to the manufacturing process and discover the origins of its plant ingredients: https://traceability.trust.clarins.com/en_US

ABOUT CLARINS

Founded in a professional Parisian beauty institute by Jacques Courtin-Clarins in 1954, Clarins has become the #1 prestige skincare brand in Europe. More than 65 years later, the brand remains family-owned and is distributed in more than 140 countries—offering skincare innovations for face and body, men’s and makeup. With unique expertise in Phyto-chemistry, Clarins Laboratories are considered pioneers in the fields of plant science and technology. The brand values are rooted in an ongoing dialogue with women, an abiding respect for nature and people, and commitments to sustainable sourcing, including Le Domaine Clarins—our organic farm and open-air laboratory in the French Alps. Clarins is accelerating its sustainable actions to become a Certified B Corporation by 2023. Currently carbon neutral the company will further reduce its carbon footprint by 30% and become 100% plastic neutral using 100% recyclable packaging by 2025. Partners include: Pur Projet – over 618,000 trees planted to date, Plastic Odyssey – a three-year expedition across three continents, 30 stopovers to fight against plastic pollution, and FEED — over 38 million school meals provided to children in need by the end of 2022.

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Global Cryptocurrency C2X Transfers to XPLA, Official White Paper for XPLA Also Released

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XPLA, a blockchain mainnet built by Com2uS Group and other partners, is a universal gaming and entertainment hub for all media content, and has announced the transfer of the C2X token to its mainnet. XPLA coins will be available for trade at both cryptocurrency trading platforms FTX and Gate.io from Oct. 21. Trade through Huobi Global is expected to be made available next month. XPLA, which features Web3 philosophy, is moving forward as a major mainnet which will encompass future digital content, globally. Additionally, XPLA has officially released its whitepaper.

C2X listed on FTX and Gate.io will transfer to XPLA on Oct. 21. FTX is the world’s third largest cryptocurrency exchange based on CoinMarketCap, a price-tracking website for crypto assets. Gate.io is one of the world’s top ten digital currency trading platforms. As XPLA acts as a NativeCoin for trade, all C2X coins are migrated to XPLA through global top-tier cryptocurrency exchanges.

XPLA will also open up its website to help holders’ C2X migration to XPLA on Oct. 21. Holders can easily complete migration by accessing the website, connecting their C2X station wallets, and transferring their C2X tokens to XPLA VAULT, an exclusive wallet for XPLA. XPLA ecosystem is expected to be expanded as XPLA distribution and trade has been activated.

XPLA aims to be a major mainnet globally together with global partners, encompassing future digital contents as well as platforms with Web3 games, metaverse, and NFT marketplace at its core. In addition, XPLA will further enhance its scalability by providing various services to users of other blockchain mainnets including Ethereum through Wormhole, a cross-chain bridge between blockchain mainnets.”

With Com2uS Holdings and Com2uS participating as core partners and validators, synergy from various partners such as Animoca Brands, YGG (Yield Guild Games), Hashed, Ozys, Delight, and Xterio has been added to ensure stability, scalability, and content competitiveness. XPLA is expected to serve as a bridge during a paradigm shift to Web3, facilitating Web2 services to make their way into the world of Web3 easier.

The XPLA whitepaper has also recently been released which outlines the structure and operation of principle of a mainnet, token economy system and its roadmap. The purpose is to build trust by disclosing issuance quantity and usage of XPLA and how it employs a distributed network voting system for content creators and users. XPLA serves as a bridge to facilitate the Web3 paradigm shift.

For more information, please visit: www.xpla.io.

About XPLA

XPLA is the next generation of Web3 mainnet, developed with gamers at the core of its design. Based on the idea of “Explore and Play,” XPLA is the newest innovation in the Web3 gaming space, using Cosmos SDK for optimization and featuring development support from Delight and ZenaAD. This new infrastructure serves as the bridge between Web2 and Web3 services, and will feature games, art, music and Dapps based on community-driven feedback from users. XPLA places heavy emphasis on User Experience and accessibility to craft the standard in game centric Web3 services, opening up limitless possibilities for blockchain gaming.

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BLiNQ Networks is set to power XNET’s decentralized network to bridge connectivity gaps and drive crypto rewards

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XNET, a new Decentralized Wireless (DeWi) provider and operator and BLiNQ Networks, a pioneer manufacturer of CBRS-ready and multiband wireless broadband solutions, have partnered to bring true mobile wireless connectivity to customers and businesses using blockchain technology and the Citizens Broadband Radio Service (CBRS).

XNET’s DeWi model is remarkably different from others in the space, bringing full-service carrier features like voice, SMS, e911 and data rather than focusing primarily on data connectivity. XNET will act as a neutral-host operator with notable roaming capability so that customers can connect or roam onto the XNET network with any CBRS compatible device. BLiNQ’s FW-300i and X-300i CBRS radio units are perfectly geared for leveraging decentralized wireless networks due to their ease of deployment, form factor, incredible network capacity and accessibility to both enterprise and consumer markets. The FW-300i can be mounted on very high buildings and towers to provide connectivity and add to a network in all urban, suburban and remote areas which is imperative in helping one of XNET’s core values of serving under-connected and underserved communities become reality.

“We are excited to be a part of this endeavor to leverage decentralized wireless networks, because we believe that the technology we have today should be serving all communities,” says Patrick Buthmann, VP of Sales and Business Development at BLiNQ Networks. “The growth of decentralized networks paves the way for the future of connectivity as it promises more affordable access for all. The crypto rewards are an added bonus, as a result of contributing to and owning a part of a network.”

XNET will provide a full-service voice and data network, enabling modern 4G and 5G wireless networks using CBRS and any other available radio spectrum. The decentralized networks are powered by a community of individuals and businesses who will own and operate XNET’s wireless network infrastructure in return for crypto rewards.

“The future is decentralized 5G, the future is connectivity for all — the future is XNET. We are proud to partner with BLiNQ to bring connectivity and a revenue-generating opportunity to individuals and small businesses — initially deploying in select markets across the US, and eventually everywhere.” says Tom Beirith, Co-Founder of XNET Inc.

Unlike traditional wireless networks that are dependent on wireless spectrum licenses and lots of expensive infrastructure like Radio Access Network (RAN) assets, XNET will not own any spectrum and only very little physical network infrastructure.

The recent rise of blockchain technology has enabled a new class of decentralized applications, including decentralized communications networks and Web3 concepts. Together, BLiNQ Networks and XNET will leverage decentralized networks in order to provide high levels of performance, ease of scalability, and robust security, while enabling the rise of the crypto economy that allows for new forms of incentives, value exchange, and social/technical organization.

ABOUT BLINQ NETWORKS

BLiNQ Networks is a pioneer manufacturer of CBRS-ready and multiband wireless broadband solutions, building the technology to provide essential internet connectivity all over the world. BLiNQ provides industry-leading price and performance in LTE and 5G-ready solutions, driven by a talented team based in Ontario, Canada. For more information visit blinqnetworks.com.

ABOUT XNET

XNET is dedicated to providing wireless connectivity and economic opportunity to everyone through the world’s first blockchain-powered true mobile carrier.

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CME Group and CF Benchmarks to Launch Three New Cryptocurrency Reference Rates and Real-Time Indices on October 31

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CME Group, the world’s leading derivatives marketplace, and CF Benchmarks, the leading provider of cryptocurrency benchmark indices, today announced plans to launch three new cryptocurrency reference rates and real-time indices, which will be calculated and published daily by CF Benchmarks, beginning October 31.

These reference rates and indices are not tradable futures products. They include the following:

  • Avalanche (AVAX)
  • Filecoin (FIL)
  • Tezos (XTZ)

“Together with bitcoin, ether and other available cryptocurrencies, CME CF Reference Rates and Real-Time Indices will capture more than 92% of the investable cryptocurrency market capitalization,” said Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products. “These new benchmarks are designed to allow traders, institutions and other users to access a much broader range of cryptocurrencies through a suite of products they are already familiar with, allowing them to confidently and more accurately manage cryptocurrency price risk, value portfolios or create structured products like ETFs.”

CME CF Reference Rates and Real-Time Indices are based on robust methodologies that have regular expert oversight and are designed to meet the growing need for transparent, regulated and round-the-clock pricing.

Several leading crypto exchanges and trading platforms will provide pricing data for these new benchmarks, starting initially with Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital. Each coin will trade on a minimum of two of these constituent exchanges.

“Investors are increasingly seeking exposure to a wider range of cryptocurrencies as they learn more about the potential of the digital asset class,” said Sui Chung, CEO of CF Benchmarks. “Regulated investment products, spearheaded by CME Group’s Crypto derivative suite, have helped open crypto to a much wider range of investors. Through its robust reference rates, CF Benchmarks is proud to be able to facilitate the creation of regulated financial products for this new asset class so investors can seek and manage exposure with confidence.”

“The introduction of new products at CME Group is both exciting and necessary, as investors demand a focused exchange where safety and risk are a primary priority,” said Bill Cannon, Head of Portfolio Management at Valkyrie Investments. “This expansion provides functional accessibility to a variety of new and unique financial products, bridging the ever-narrowing gap between traditional and decentralized financial markets. We find that these types of innovations, especially at the current point in the cycle, will help build a stronger foundation in digital assets and create new channels of growth considering the amount of investment currently entering the sector.”

Each of these new reference rates will provide the U.S. dollar price of each digital asset, published once-a-day at 4 p.m. London time, while each respective real-time index will be published once per second, 24 hours a day, 365 days per year.

For more information on these products, please visit www.cmegroup.com/cryptobenchmarks.

About CME Group

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor’s Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.

About CF Benchmarks

CF Benchmarks is the leading provider of cryptocurrency benchmark indices, authorised and regulated by the UK FCA under the EU BMR. Composed of market data from six constituent exchanges, its benchmark indices are provided through public methodologies and transparent governance, for tracking, valuing and settling risk in cryptocurrency financial services and products. CF Benchmarks’ indices have been used to settle over $500bn of cryptocurrency derivative contracts listed for trading by CME Group and Kraken Futures.

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ZenLedger Announces BitPay Partnership to Accept Cryptocurrency Payments

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ZenLedger, the global leader in cryptocurrency tax software and blockchain analytics, today announced the company is accepting cryptocurrency as payment for goods and services using BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services. The ability to accept cryptocurrency enables ZenLedger to offer end to end functionality for crypto traders globally. More consumers are turning to crypto with 56% reporting they want to purchase crypto, nearly half viewing crypto as an investment and more than 40% wanting to use it to make payments, according to the latest “Paying With Cryptocurrency” report from PYMNTS.

“As a brand designed to support traders and those on the cutting edge of Web3 Innovation, the decision to accept crypto payments using BitPay was easy,” said Pat Larsen, CEO and Co-Founder of ZenLedger. “Our ultimate goal is to always facilitate the crypto experience for our users in order to save time and money. That means everything from tracking their transactions, to offering them the chance to use those funds for our services. We believe in the long-term growth and innovation in the industry and so this is the next step in making things easier for our customers.”

By adding cryptocurrency to its payment options ZenLedger reduces transaction fees while increasing payment transparency and efficiency. BitPay pioneered blockchain payment processing to enable payments using cryptocurrencies including ApeCoin (APE), Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC) XRP, 5 USD-pegged stablecoins (BUSD, DAI, GUSD, USDC, and USDP) and one Euro-backed stable coin (EUROC). BitPay’s business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency. With quick settlements in US Dollars, ZenLedger avoids any cryptocurrency price volatility or risk to the company.

“As the leading Crypto Tax Software, ZenLedger is filling a need for consumers who want to buy, invest and spend crypto alongside other investment vehicles and still keep track for accounting and tax purposes,” said Merrick Theobald, Vice President of Marketing at BitPay. “Our goal at BitPay is to make accepting crypto for ZenLedger a seamless process and to help promote crypto adoption as we believe crypto is the future of payments.”

About ZenLedger

ZenLedger is the leading cryptocurrency tax and accounting suite for investors and tax professionals. ZenLedger collects, analyzes, and accounts for your transaction information across thousands of exchanges, NFTs, DeFi, wallets, and tokens in one simple dashboard. The company leads the industry in number of blockchains and tokens supported while also offering fast, friendly customer service. Crypto investors can gain easy, valuable portfolio and cash management insights while also saving time and stress. ZenLedger supplies blockchain protocols, investment funds, corporations, and governments with the tools needed for taxation, accounting, investigation, and audits. ZenLedger’s investors include blockchain venture funds, crypto founders, and leading crypto & fintech venture capital firms including Parafi, Mark Cuban, AVAX Blizzard fund and ALGO Borderless Capital.

About BitPay

Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.

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Polygon Partners With Blockchain Founders Fund to Empower Web3 Entrepreneurs

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Blockchain Founders Fund (BFF), a Singapore-based Venture Capital Fund that focuses on early-stage Web3 and blockchain startups globally, today announces that Polygon, an Ethereum scaling platform onboarding millions to Web3, has made a strategic investment into their Fund II to diversify the company’s holdings and advance the mainstream adoption of blockchain technology.

Blockchain Founders Fund boasts an impressive portfolio of over 100 companies in the Web3 space with an equally impressive track record of effectively scaling them to targeted audiences. These companies include blockchain-powered no-code gaming studios (GRID), social intelligence for cryptocurrencies (LunarCrush), and various other applications built on top of blockchain infrastructure.

The fund II, which focuses on promising Web3, and metaverse startups, launched in January after raising $75 million from a host of leading crypto investors. Included among participating investors were NEO Global Capital (NGC), Appworks, Sebastien Borget, COO of The Sandbox, and Polygon co-founder Sandeep Nailwal.

This latest partnership marks another successful collaboration between BFF and Polygon. Previously, BFF has co-invested alongside Polygon in top blockchain companies such as Splinterlands and Altered State Machine to accelerate and empower decentralized applications. This collaboration will enable both companies to offer exceptional value propositions to web3 founders and entrepreneurs with high potential to disrupt industries.

Sandeep Nailwal, Co-Founder of Polygon said, “To bring the vision of Web3 to realization and help garner mainstream adoption, it’s vital that we support entrepreneurs in building innovative products and infrastructure. We look forward to working alongside Blockchain Founders Fund, who share our vision and believe in the transformative potential of Web3.”

Boasting just over 37,000 decentralized applications (dapps), Polygon is fast becoming the de facto platform for Web3. The network offers an array of blue-chip services ranging from decentralized finance (DeFi) dapps such as Aave, Curve, Balancer, and Uniswap, to the best gaming and metaverse platforms, including Decentraland, Somnium Space, and The Sandbox. Polygon also powers the mass market, helping major global brands, including Starbucks, Adobe, Clinique, and others, integrate Web3 functionality.

“The addition of one of the biggest crypto firms such as Polygon as a partner will expand our investment profile and ability to invest in a wider range of early-stage companies,” commented Aly Madhavji, Managing Partner of Blockchain Founders Fund. “Their expertise in the industry will greatly assist us in connecting with the best breed of high-potential companies that are building real solutions to real problems.”

About Polygon

Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon’s scaling solutions have seen widespread adoption with 37,000+ decentralized applications hosted, 1.94B+ total transactions processed, 164M+ unique user addresses and $5B+ in assets secured. The network is home for some of the biggest Web3 projects such as Aave, Uniswap, OpenSea and well-known enterprises including Meta, Stripe and Adobe. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.

About Blockchain Founders Fund

Blockchain Founders Fund (BFF) is a Singapore based early-stage Venture Capital Fund which invests in top-tier Blockchain startups globally. Their industry leading go-to-market focused Venture Program aids seasoned and first-time entrepreneurs across key business functions to fast-track growth. BFF has scaled many of the leading Blockchain startups and is always looking to connect with exceptional founders across the Web3 and Blockchain ecosystems.

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Wanchain Launches Cross-Chain USDT XFlows With Bridge Upgrade

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Wanchain has announced its new ‘XFlows’ cross-chain bridge upgrade which will revolutionize trading of the world’s number one stablecoin, USDT, against many other widely used tokens. This new upgrade brings native-to-native USDT cross-chain transfers for Ethereum, BNB Chain, OKC, Polygon, Arbitrum, and more to be announced soon.

What are USDT XFlows?

USDT is minted natively on more than a dozen blockchains. Until now, the easiest way to move USDT between these chains has been to use centralized exchanges. Users can now use Wanchain’s industry-best cross-chain bridges to execute decentralized, non-custodial native-to-native USDT cross-chain transfers between Ethereum, BNB Chain, OKC, Polygon, and Arbitrum – colloquially referred to as XFlows. USDT XFlows are native-to-native USDT cross-chain transfers between blockchains where USDT is natively minted by Tether.

What Happens to Pre-Existing USDT Bridges?

Wanchain previously developed Direct Bridges, a method that uses a ‘lock-mint-burn-unlock’ method in which native tokens (like USDT) on the source chain would be locked before a mirrored copy, or wrapped token, is minted on the destination chain. To unlock the original token, the wrapped token is then subsequently burned.

Powered by Wanchain’s cross-chain bridges, XFlows offers a seamless experience that exists in concert with these pre-existing bridges. When bridging USDT to another network, users will automatically receive native USDT if native USDT exists on the destination chain. However, if USDT does not exist on the destination chain, users will receive wrapped USDT.

The Mechanics of XFlows

When bridging an asset that is minted natively on both the source and destination chains, a lock-mint-burn-unlock mechanism is not a viable option as users will undoubtedly want to receive the native asset, rather than a wrapped version.

With this new solution, when someone bridges their USDT from Ethereum to Polygon, their USDT is first added to a native liquidity pool on Ethereum before the same number of USDT is removed from the pool on Polygon.

Wanchain bridge nodes balance pools of native USDT on Ethereum, BSC, OKC, Polygon and Arbitrum to enable native USDT cross-chain transfers; all without sacrificing security and decentralization. USDT XFlows are executed using the same secure multi-party computation (sMPC) architecture that distinguishes Wanchain’s interoperability solutions.

Who Provides the USDT liquidity?

With these new native USDT cross-chain transfers, Wanchain is introducing a new method of liquidity provision that avoids the trappings of centralized liquidity and incentivized liquidity alternatives.

The USDT liquidity that powers Wanchain’s USDT XFlows is provided by users who bridge their USDT to another network using the lock-mint-burn-unlock mechanism. The USDT that is locked on a source chain, before wrapped USDT is minted on a destination chain, doubles as the liquidity powering native-to-native USDT cross-chain transfers.

The combination of the lock-mint-burn-unlock and liquidity pool methods is a major innovation in the field of cross-chain technology. The number of wrapped USDT in circulation is always equivalent to the total native USDT locked in liquidity pools across all chains.

As more wrapped USDT is minted, regardless of the network, more native USDT is added to the liquidity pools. These new USDT XFlows are both owned and powered by the users giving them more control over their money, and the network.

Current & Upcoming Bridges

USDT XFlows are currently supported by direct bridges connecting Arbitrum, BNB Chain, CLV P-Chain, Ethereum, Moonriver, OKC, Polygon, Wanchain, and XDC Network. In the future, Wachain’s USDT XFlows will support native USDT on Avalanche C-Chain and Tron. Additionally, Wanchain is working towards launching XFlows for the second biggest stable coin, USDC, which would give users coverage for almost all of the stablecoin market.

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