Category Archives: EOS

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Tether’s Rivals Continue to Gain Stablecoin Ground

The emergence of stablecoins continues to provide a glimpse of hope to cryptocurrency investors despite the market’s steep decline since its all-time high in 2017.

However, not too long ago, this confidence began to shift away from Tether (USDT) – the largest stablecoin by capitalization, to others such as Huobi (HUSD), USD Coin (USDC), True USD (TUSD), Paxos Standard Token (PAX), and Gemini Dollar (GUSD). Many of those in the list have seen rising premiums against USDT in recent months.

In a recent stablecoin conference organized by BECON, which was held in New York on Monday, General Counsel of Huobi’s Global Institutional Joshua Goodbody discussed the important roles stablecoins play in the crypto-market affairs. In his opinion, they serve as bridges between the fiat world and the world of cryptocurrencies.

Since its launch, one of Tether’s rivals, HUSD, has proven to be popular among users, says Goodbody.

Stablecoins are perceived to mimic the qualities of real-world fiat properties. Therefore, they establish a baseline of trust for investors, and traders of cryptocurrencies to hedge. This was the objective in mind when Huobi proposed its stablecoin in late October as a complementary solution to help make investment decisions among multiple stablecoins and save costs when trading stablecoins.

Goodbody during the conference made it clear that they “believe the recent developments of stablecoins are positive for the industry and Huobi decided to support these developments proactively by launching HUSD”. The Stablecoin HUSD integrates the properties of four other major stablecoins to include PAX, TUSD, USDC, and GUSD.

As an aggregator of stablecoins, the HUSD interfaces between any of the four supported stablecoins and gives traders the flexibility of switching to any of them on a 1:1 ration at any point in time. Goodbody said that they “provide the ability to deposit any of the four supported coins as HUSD and receive a 1:1 balance of HUSD”. Further, these stablecoins can also be traded with six other cryptocurrency pairs on the Huobi exchange. These include BTC, USDT, ETH, and EOS.

HUSD is not a particular token or coin on the blockchain, but a mere service being offered by Huobi Global. The way the product works is that, when any stable coin is deposited into a user’s account with the exchange, they are registered as HUSD balances. This gives a pseudo-interoperability between the four stable coins currently being supported. As described by the exchange when the balance on a stablecoin type is low, users can simply withdraw with another with sufficient balance.

In other news, Coinbase decided to launch an over-the-counter (OTC) trading desk earlier this month for institutional investors and in an interview, USDC is described as “one of the most liquid stablecoins” on the market to help stem volatility.

To a large extent, stablecoins play an important role in stabilizing the market. So far, the stablecoin markets have provided a safety net-like effect for investors and traders whose portfolios are being devalued by the current market crash, thereby acting as a soothing balm to the hysteria in the cryptocurrency ecosystem.

 

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New Report Cites Multiple Causes for ICO Funding Slump in Q3

In a new report by ICORating, ICO funding succumbed to a significant nosedive in Q3, dropping to 48% of its Q2 levels in 2018.

ICORating specializes in evaluating companies with a planned ICO. Their analysis is described by the company as being thorough and objective, reviewing companies as potential investment objects. The report revealed that in Q3 of the 2018 fiscal year that only 4 percent of ICOs managed to get listed on cryptocurrency exchanges, and more than half of the ICO projects declared that they managed to raise just USD 100,000.

Compared to Q1 and Q2 this year which saw Telegram and EOS raise over a USD 1 billion, this last quarter trailed with only one really significant fundraiser raising big numbers, – which reached USD 70 million. However, The London Football Exchange (LFE) did manage to feature in this year’s top 10 fundraisers’ list within the first 3 quarters.

LFE launched a cryptocurrency to power an ecosystem of “inter-related components” made up of sports, media, entertainment, finance and a foundation earlier this year, allowing “fan-driven” football community the opportunity to take part in various club and fan experiences.

According to the ICORating analysis, there were many reasons for the poor performance in Q3; overall, was that traditional ICOs were showing little promise as the year was drawing to a close. One peculiar reason cited was an increasing lack of transparency from ICO teams which tended to make investors wary.

Regulation has long been an issue and is only beginning to receive the attention it needs this year from jurisdictions in order to boost investor confidence in the aftermath of various scams and ICO frauds. This was cited as a significant investment determiner as potential investors become more knowledgeable and careful before making financial decisions.

The ICORating report also cited “an overall market downtrend, lack of new ideas from project teams and the not-so-fast pace of actual blockchain implementation in the traditional market,” as responsible factors in the current funding slumps in ICO investments.

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EOS21 Protocol Teleports Ethereum Tokens to EOS Blockchain

A new protocol called EOS21 has been developed, with the purpose of teleporting Ethereum ERC-20 tokens to the EOS blockchain. This will give decentralized application (Dapp) developers flexibility to use their native tokens on both the Ethereum and EOS blockchains, instead of launching a different token on each blockchain.

Transferring tokens between the Ethereum and EOS blockchains was possible even before the development of EOS21. Indeed, the EOS token itself was transported from Ethereum. However, this process is not automated and continuous; developers take a snapshot of the tokens on the Ethereum blockchain and open up an airdrop on the EOS blockchain. This is a one-shot deal where the ERC-20 Ethereum token version of the crypto gets burned and becomes non-functional. With EOS21, the token can exist on both EOS and Ethereum, and be moved back and forth as needed.

The EOS 21 protocol has three dimensions. In the first, a blackhole smart contract on the Ethereum blockchain absorbs ERC-20 tokens, while collecting EOS account information from the user. Developers can choose to burn their ERC-20 tokens in the blackhole or hold them in the smart contract. Therefore, developers can decide whether they are moving permanently from Ethereum to EOS or leave the door open to move the tokens from EOS back to Ethereum in the future.

In the second dimension, an off-chain oracle program watches the Ethereum transactions and authorizes the distribution of the EOS tokens. This oracle could potentially run entirely on EOS in the future instead of being off-chain. The third dimension is a smart contract on EOS that distributes the EOS tokens to the user.

Before EOS21, there was no direct link between the Ethereum and EOS blockchains. The linking of the Ethereum and EOS economies can be mutually beneficial. Now developers can launch Dapps on both the EOS and Ethereum blockchains and use the same token, expanding Dapp functionality, increasing user base, and providing upward pressure on a token’s price.

Further, distributing Dapps across Ethereum and EOS, rather than running on just one of those blockchains, can be considered a scalability solution. If the network gets congested on one of the blockchains, then users would use the other blockchain more to save on transaction fees, which would result in a lessening of network congestion on the 1st blockchain.

 

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Study: Ethereum ICOs Have Cashed Out as Much as They Raised

A report published by BitMEX on Monday shows that blockchain startups hosting initial coin offerings (ICOs) and raising funds in Ether (ETH) have now cashed out just USD 11 million short of what was raised.

The research indicates that the 222 startups that were tracked managed to raise USD 5,463 million or around ETH 15 million via ICOs by September 2018, while USD 5,452 million was sold in the same period. The projects are said to still hold ETH 3.8 million – a quarter of the number of tokens originally raised.

Despite a rocky year for ETH, the data indicates that most of the startups managed to sell at a profit compared to its worth when they acquired it, and have a substantial amount of unrealized gains. The paper reads: ”Of the Ethereum still held by the projects, even at the current USD 230 price, projects are still sitting on unrealized gains, rather than losses.”

The research indicates that the ICOs still have net gains of around USD 93 million regardless of Ethereum’s value being put to the test this year, but this is because most of the funds were gathered prior to 2018: “It may surprise some that ICOs are still in a net unrealized profit situation, but many of the Ethereum balances were built up before the price rally at the end of 2017,”

BitMEX does acknowledge that the totals it published may reflect a lower amount than alternative sources due to its focus specifically on ETH balances and not funds raised in alternative forms.

The data project is also recognized to be slightly contorted by the EOS project, which accounts for 70% of the USD equivalent in ETH that was raised, although BitMEX says that without this data, a similar outcome is still met.

 

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South Korean Firms Actively Adopting, Generating Blockchain 3.0 Tech

Third-generation blockchain projects are in hot competition in South Korea’s bustling blockchain and cryptocurrency industries.

The term “Blockchain 3.0” has been cropping up a fair amount in 2018 to a mix of skepticism as to when it will truly arrive, with projects such as EOS and several others supposedly leading this race. In the case of South Korea, there is quite some fanfare as domestic companies begin to pair up with these new technologies.

Third generation

Blockchain 1.0 refers to the first and early technologies which were simply cryptocurrencies; Litecoin and Bitcoin are prime examples of this era. Blockchain 2.0 came about as developers began to understand that the technology could do much more than document transactions.

Ethereum is often touted as the beginning of the 2.0 generation with the introduction of smart contract technology on a blockchain and adoption of blockchain in enterprises. Industries grew given the versatile applications of smart contracts.

This new generation of Blockchain 3.0 is thought to be the catalyst for mainstream adoption. This latest round of solutions and platforms are said to address the issues of their predecessors with higher scalability, interoperability, governance and many others on the list.

As reported by Business Korea on 27 September, there a handful of blockchain enterprises that are becoming well positioned in South Korea’s markets, as well as one of its largest cryptocurrency exchanges, which is preparing a new blockchain platform through its subsidiary. These would all fit into Blockchain 3.0 descriptions.

Enterprise adoption

EOS has found itself being adopted by Neowiz Co, a leading games developer in South Korea who are now developing video games on EOS. The EOS network is pegged by Weiss Ratings Agency as one of the most innovative blockchain projects out there and is becoming increasingly favored by the gaming sector.

Orbs, an “Infrastructure-as-a-Service” (IaaS) platform from Israel, claims to be an improvement upon Ethereum. It uses the network’s best features while being faster, and includes a new transaction fee model among other interesting features.

This project is drawing a great deal of attention now with a strategic partnership in place with Ground X, a blockchain subsidiary of Kakao Corp, who also own one the world’s largest cryptocurrency exchanges, Upbit.

According to the Business Korea report, it is “highly likely” that Orbs will be collaborating with a blockchain payment project named Terra, a South Korean stablecoin project.

Additionally, Kakao is preparing to unveil the testnet for a blockchain platform developed by Ground X. “Clayton” is said to debut in October and is also in dir