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The Top Performing Altcoins This Year so Far

The Top Performing Altcoins This Year So Fa

With the first quarter of 2019 gone, here is a look at the top performing altcoins so far this year, taking into consideration Bitcoin’s bullish strides in the last week or so:

Highest adoption rates: 1)EOS, 2)Tron, 3)BitShares, 4)WAX

Research from Weiss Crypto Rating shows these four altcoins have experienced the highest adoption rates in the last year, proving most sustainable throughout the predominantly bear market time period.

EOS transactions ranked top of the list, the volume increasing from 7,000 per day to about 4.6 million. Tron boasted an increase from around 3,000 to 1.9 million in this time, while BitShares boasted a gain totaling nearly 1.5 million. WAX, with the fourth largest transaction increase, claimed a total of 4.4 million.

Overall, the top 10 cryptocurrencies by transaction volume had an average daily volume increase of 245% within the last year. Weiss’s calculations were based on a seven-day moving average of daily figures.

Highest value increase since the Bitcoin pump

The cryptocurrency market has finally made a rebound thanks to Bitcoin’s bull run, hitting highs not experienced in over a year. Taking with it many of the altcoins, here are the top performers from the top 100 by market cap:

1) VestChain – 95.02%

If you have not heard of VestChain before, that is not surprising; it holds the 98th position on CoinMarketCap. However, since the most recent Bitcoin boom the project has been showing real potential, gaining a huge 95.02% in just the last few weeks

2) Bitcoin Cash – 89.66%

Unsurprisingly, Bitcoin’s recent performance has given investors renewed faith in Bitcoin Cash also, with the altcoin gaining 60% in the 24-hour market rally alone.

3) IOST – 66.19%

On top of the benefits brought from Bitcoin’s performance, IOST has been enjoying a pump triggered by the launch of its mainnet several weeks ago.

4) Dogecoin – 63.77%

After a non-eventful start to the year, Dogecoin has turned it around, climbing over 60% thanks to the bullish market. Tesla founder Elon Musk has also thrown his support behind the token, describing it as ”pretty cool” and probably his favorite cryptocurrency.

Altcoins separate from Bitcoin’s movements

Despite Bitcoin pulling up altcoin performance in the last few weeks, new research has shown that the prices are no longer as correlated as they once were. In 2018, 75 percent of the top 200 coins had a strong correlation with Bitcoin, something comparatively lower this year. This is a good thing for those with or looking to gain diversified portfolios as uncorrelated investments frequently cancel each other out.

This could affect the performance of altcoins throughout the year, with stronger projects likely to be able to make significant gains even if Bitcoin loses momentum.

The research notes, however, that correlations change with time so it is important to keep an eye on the ongoing market trends.

 

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Bithumb Looses Almost $19 Mln in EOS, XRP ”Insider” Theft

bithumb

South Korean cryptocurrency exchange Bithumb suffered an attack that allegedly led to the theft of USD 19 million in EOS and XRP. The exchange addressed the circumstances of the hack on Twitter, on Saturday 30 March.

Bithumb details that suspicious activity was first detected at 10:15 on 29 March in the manner of abnormal withdrawals. All funds following this detection were secured via cold wallet storage, while users accounts have been temporarily blocked from making any deposits or withdrawals.

An insider attack

The exchange took full responsibility for the attack, claiming that it had only concentrated its security efforts on external attacks and this appears to have involved ”insiders.” It also apologized to clients for neglecting to verify members of its staff.

Despite this incident being the second hack that Bithumb has been subject to in less than a year, a statement from the exchange promised there would be no further security compromises.

During this latest attack, the EOS hot wallet sent consecutive payments totaling USD 12.5 million into the attacker’s wallet before the exchange realized what was happening. According to a report from the Block Crypto, an additional USD 6.2 million in Ripple was also stolen.

It has been speculated that the attack came as a result of Bithumb’s employee layoffs which has reportedly affected up to 50% of the workforce.

 

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EOS Founder Threatens to “Take Down” Bitcoin, Ethereum

EOS Founder Threatens to _Take Down_ Bitcoin, Ethereum

Daniel Larimer, the creator of cryptocurrency and decentralized application (Dapp) platform EOS, has confidently declared that he could easily “take down” the decentralized blockchain networks of Bitcoin and Ethereum.

Larimer had first asked on Twitter: “How many people would you have to hold hostage to censor all transactions on your “decentralized” blockchain? How long would it take to recover?” The first response, “21”, was an immediate dig at EOS’s 21 elected nodes or block producers, securing the EOS network.

In what is being viewed as an attack on decentralization, he then responded by saying he would only need to control 3 pools to control Bitcoin and Ethereum:

What is your chain? I could take down btc and eth for quite a while with just 3 pool operators.

— Daniel Larimer (@bytemaster7) March 28, 2019

The resulting Twitterstorm centered mainly around people inviting the EOS founder to do exactly as he threatened, with a few pointing out that there was a stark difference in having nodes and pools secure the network. With the latter, if participants in a pool notice that a pool operator has started behaving maliciously, they would disconnect and contribute their hashpower to a different, neutral pool.

Larimer himself eventually backed down from his stance, though only by reluctantly admitting that carrying out his threat “would be illegal”.

The EOS platform is routinely criticized for its seemingly centralized architecture, with only a limited number of elite large entities known as block producers determining valid transactions and building blocks. Nevertheless, its token value has been steadily improving since its migration to its own native blockchain.

EOS was ranked in top spot in a recent cryptocurrency ratings index released earlier this week by the state-backed China Electronic Information Industry Department (CCID). It was also rated favorably in this week’s Weiss Crypto Ratings Report, which predicts EOS as one of the top runners for 2019.

 

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Out of the Shadows: New Weiss Ratings Shine New Light on Crypto

Out of the Shadows: New Weiss Ratings Shine New Light on Crypto

The latest Weiss report on cryptocurrency is out with some favorable statistics, particularly for Bitcoin and Ethereum rival EOS, with the latter taking a 20% boost over 24 hours.

The Weiss Report which helps guide consumers, individual investors, and business professionals toward the best investment, banking, and insurance options also pick out Ripple’s XRP as most likely to succeed this year.

Bitcoin received its much-needed A grade due to infrastructure improvements such as its Lightning Network, boosting it from Weiss’s previous C+, and EOS also picked up an A, according to how Weiss measures projects showing the best combination of both adoption and technology.

The new ratings auger well for the industry at a time when it seems that it is poised to finally break the shackles that have kept it in a bearhug for the past year. The report illustrates this, noting, “With cryptocurrencies down sharply in price, many observers seem to assume there’s been an industry-wide decline in usage and practical applications. Nothing could be further from the truth.”

Many industry leaders and commentators have continued to get behind Bitcoin during this period, predicting its comeback, but this may not have been entirely necessary as it seems clear that Bitcoin hasn’t suffered a lapse in usage with transactions growing in number globally. Founder Martin D Weiss explained this in a press release:

“Despite lower prices since early 2018, our ratings model gives us hard evidence that a critical segment of the cryptocurrency industry has enjoyed remarkable growth in user transaction volume, network capacity, and network security. Equally important is our finding that these improvements are often powered by an evolution in the underlying technology.”

If ‘State of the Dapps’ statistics are accurate, another high flyer in the report, EOS is now seeing over 80,000 daily active users on its Dapps as opposed to Ethereum’s 19,000, which will clearly give Ethereum developers some cause for concern moving forward.

 

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Weiss Crypto Ratings: Bitcoin Best Bet as Long-Term Store of Value

Weiss Crypto Ratings_ Bitcoin Best Bet as Long-Term Store of Value

Independent ratings agency Weiss has released a comprehensive report on the cryptocurrency market entitled Dark Shadows with a Bright Future. It names Bitcoin as the cryptocurrency most likely to succeed as a digital asset with a long-term store of value.

The report begins by stating an obvious reminder about the current state of the crypto market, as the majority of trading assets are “down sharply in price”. The report flatly says that the assumption of industry decline in usage and practical applications are wrong:

“Leading cryptocurrencies now enjoy three times more volume in user (on-chain) transactions than they did in early 2018. The industry’s network capacity and security have improved dramatically. And the underlying technology has evolved with new, more efficient ways to create digital assets.”

According to Weiss, the cryptocurrencies most likely to succeed this year are Bitcoin, Ripple and EOS, with all of these projects receiving a grade of A for “tech/adoption”. The only other project to get an A rating is Ethereum, which received an “A-“. It singles out Bitcoin as the best for “savers and investors”, crediting the roll out of Lightning Network as having vastly improved its technology in terms of scalability and adoption chances.

EOS was billed as the “leading coin challenging Ethereum to become the backbone of the internet”, while XRP was seen as “the most likely to compete with SWIFT”. Ethereum is still recognized as the most widely used platform in the industry, but its struggles in scalability resolution ensured it didn’t meet top grades.

The report reviewed 122 digital assets, using four criteria: technology, adoption risk and reward.

Although it only views technology and adoption as important for prospects in the long term, when the latter two criteria, risk and reward, are added to the equation, none of the assets reviewed could score an A. Only EOS, XRP, Bitcoin and Binance Coin could register “B-” grades, the highest grade awarded for overall review.

 

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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 direct competition with Naver, South Korea’s largest internet content service company. Naver has produced the Link Chain platform, a payment and compensation method for numerous services including games, commerce, and content.

Blockchain enterprises in South Korea are receiving encouraging levels of support from the government as the nation seeks to formalize regulations and legislation for the industry. Despite being less in place than Malta, South Korea still a thought leader to other nations also seeking to enter the space.

 

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