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You are here: Home / Archives for News

News

DigiByte founder calls out Binance US for considering Tron listing

December 12, 2019 by Ketaki Dixit

The cryptocurrency industry has been a place of various issues and discussions ever since its inception and that trend does not seem to be stopping anytime soon. Users have always been given the freedom to voice their concerns as well as provide remedies to make it better. The latest tweet, however, comes from a cryptocurrency professional who went all out in attacking one of its biggest competitors, Tron.

In a recent tweet, Jared Tate, the Founder of DigiByte Coin, stated that American regulators should not allow Binance America to function in the United States. The DigiByte official added that even if Binance America wanted to operate, it should do so keeping in mind the standard of the industry. His angry tweet came on the back of Justin Sun, the CEO of Tron Foundation, informing users that:

“#TRON(#TRX) is in the next batch of digital assets that are going through the evaluation for listing on http://Binance.US. @BinanceAmerica is a reliable & inclusive marketplace for everyday American users that discovers projects with true utility.”

Tate’s accusations on China started after the world’s most populous country had stated that it would consider venturing into the field of blockchain technology. This message was also carried by Chinese premier Xi Jinping as well as officials from the central bank of China.

Jared Tate’s tweet was also supported by other members of the cryptocurrency community with Block Capital Group lambasting Tron by tweeting:

“Get these guys out of crypto, can’t believe they went mainstream, they hold about the same standing as bitconnect in this space if you ask me.”

By December 10, Binance US had stated that apart from TRX, the CZ led organisation will also add tokens such as OMG, ONT, XEM and XTZ. Despite the positive response from the community, some members pointed out Tron’s shortcomings like the missed lunch with Warren Buffett.

But partners like 888Tron were happy that Tron was venturing into space because of the number of gambling users in the United States. The launch on a mainstream cryptocurrency exchange was seen as the boost required to propel the cryptocurrency and its price forward.

Usually, when such an announcement becomes public, it elevates the price of the coin, but the 13th placed Tron still saw troughs in the price charts. At press time, TRX was trading for $0.014 with a total market cap of $938.116 million. The cryptocurrency held a 24-hour market volume of $935.312 million after a 1.04 percent drop in the 24-hour time frame.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Filed Under: Altcoin News, Tron News Tagged With: Binance, TRON (TRX)

BitClub Network founders in hot water as investors call out scam worth $722 million

December 12, 2019 by Ketaki Dixit

The cryptocurrency market has been abounding with scams and frauds for a long time now, and millions of people have suffered from it. Despite the reduced occurring of these events now, one or two never fail to shock the crypto world. Just recently, the BitClub Network [BCN] and its five top members were found to be in hot water after cheating investors off $722 million.

The BCN had promised its investors that their money would be used to purchase mining equipment, and once they start producing Bitcoin, the investors would get a cut too. Federal prosecutors in the United States have taken multiple angles to analyse this case and concluded that it was a “high tech plot” in the “complex world of cryptocurrencies”.

The company even gave rewards to existing investors in exchange for recruiting others to join; a model made famous by the pyramid and Ponzi schemes. Revelations from reports showed that the founders [Matthew Brent Goettsche, Jobadiah Sinclair Weeks, and Silviu Catalin Balaci] had blatantly taken advantage of ill-informed investors and even called them “dumb” and “sheep.”

Some users in the space had first spotted discrepancies in the BCN ecosystem, with Japhet Mesa from Zambia being a major whistleblower. In a Medium post, Mesa had claimed:

“Unlike actual mining sites like Genesis Mining (please distinguish between miners and pool miners), the BCN website does not state who the owners or people behind the operations are. In fact, the website states vaguely that “BitClub is not owned by any single person or entity, we are a team of experts, entrepreneurs, professionals, network marketers, and programming geeks who have all come to together to launch a very simple business around a very complex industry”

The victims were still not identified, but the range of the company is far and wide. An advert was spotted on the Ben Franklin Technology Partners website where people were offered a “Founder” status for people who agree to purchase its mining pools.

Scams and frauds have been prevalent in the cryptocurrency space, especially since the 2017 Bitcoin boom. Since then, significant issues have rocked the crypto world, which was spread across the planet. A precursory analysis showed that countries such as the United States, Japan and some European countries where hotspots for scammers to capitalise on innocent citizens.

During the beginning of this year, investors in Hong Kong had claimed that they had lost almost HK$3 million in a crypto promoter stunt. The investors, aged between 20 and 50 suffered losses between HK$20,000 and HK$1 million each.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Bitcoin News Tagged With: Bitcoin (BTC), Crypto Scandals

Elliptic Helping Banks Analyse Crypto Transactions with its New Product

December 11, 2019 by Tabassum Naiz

Crypto compliance startup Elliptic has launched a new product called Elliptic Discovery which aims to help banks and financial institutions manage risks related to crypto transactions.

Elliptic Discovery will reportedly provide detailed profiles of over 200 crypto exchanges across the world which eventually is designed to offer compliance teams with various insights they require to ascertain the flow of transactions and possible risk it posses.

More so, up-to-date profiles of more than 200 crypto trading platforms will open up the new opportunities, manage risk as well as meet rigorous regulatory requirements.

“Most banks at the moment have a zero-tolerance approach to crypto,” said Elliptic’s chief scientist and co-founder, Tom Robinson. “They don’t have any visibility into the risks that a particular exchange may possess. They all look the same to them. So, many of them won’t bank any exchanges.”

Robison further elaborated that the tool will offer exchange’s KYC and AML policies, information about exchange’s jurisdictions and license it holds, types of coins that exchange has listed and the flow of funds into and out of crypto assets.

He added that the Elliptic Discovery is partly based on the communication with the dozen bankers. During his formal discussion, few bankers reportedly showed intense interest in exchange’s risk profiles.

Instead of the blanket ban and letting banks missed out potential opportunities in the crypto sector, Elliptic’s new product paved a new alternative way for banks. However, Elliptic Discovery might not be well-accepted by few retail customers of Elliptic who are already working in crypto without the bank’s association. Still, Robinson strongly believes that the new product will bring a positive impact on the whole cryptosystem.

Elliptic has been around the corner, especially after partnering with the Binance crypto exchange in May. More so, it has also secured $23 million funding in a Series B round from notable investors, including Japanese financial company SBI Holdings and Santander’s Venture capital arm Santander InnoVentures.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Filed Under: News Tagged With: Banks, Crypto, Crypto Adoption

Bitcoin ROI over the past decade trumps that of Apple, Microsoft and many more

December 11, 2019 by Ketaki Dixit

The Bitcoin market has always been touted as the next big thing in mainstream finance by its proponents. This has further sparked debate about the world’s largest currency’s ability to maintain a strong foothold against giants such as Amazon and Apple, whose stocks have been reaping dividends. A recent analysis, however, has shown that Bitcoin may have been the best option to invest in over the past ten years.

The survey showed that if users had invested $100 in Bitcoin at the start of the decade, their holdings would have risen to a whopping $9.2 million today. At the same time, the $100 investment in companies such as Amazon, Visa, Microsoft and JP Morgan would have earned much lesser returns.

An investor who had bought Amazon shares for $100 in 2009 would have earned just $3300 in 2019 while the same buy-in of Apple stocks would have risen to $2400.

World's Biggest Companies vs. Bitcoin 😂 pic.twitter.com/fENZQqCN2Q

— Pinwheel (@Backward_NFT) December 11, 2019

Some companies like Walmart and Alibaba did not even breach the $500 barrier when it came to ROI. A user’s $100 in 2009 would amount to $271 in terms of Walmart stocks while Alibaba stocks would have doubled the $100 to close at $208 in 2019. J

JPMorgan was also considered on the list after the bank had plans to release its own cryptocurrency, JPMCoin. A $100 investment in the bank would have yielded $533 after a decade.

The massive disparity in Bitcoin ROI and that of other companies comes at a time when mainstream organisations have seen a resurgence in their market caps. At a time when Bitcoin was struggling to hit the $200 billion market cap point, Apple had crossed the $1 trillion market.

At press time, Bitcoin was trading for $7351 with a total market cap of $131.525 billion. The cryptocurrency held a 24-hour market volume of $17.08 billion after a 1.15 percent fall in prices over the 24-hour time frame. The cryptocurrency market has been so ruthless of late that Bitcoin was not even the most prominent victim in terms of price falls. Just a couple of days ago, the value of  Matic Network, one of Bitcoin’s rivals fell by a significant 70 percent. Matic had dropped from $0.042 to %0.013 in the matter of an hour and users were still trying to figure out what exactly caused the crumble.

Changpeng Zhao, the Chief Executive officer [CEO] of Binance, had stated:

“Our team is still investigating the data, but it’s already clear that the matic team has nothing to do with it. A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people’s trading.”


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Filed Under: Bitcoin News Tagged With: Bitcoin (BTC)

Bitcoin and other major cryptos see evident disparities in current and all-time high values

December 10, 2019 by Ketaki Dixit

The cryptocurrency market has certainly seen its ups and downs with price surges contributing to most of the positive developments. During the initial hype days, a lot of cryptocurrency projects had received immense support that eventually resulted in massive pricing. As soon as the original fuzz and hype died, a majority of the projects fell apart while major cryptocurrencies witnessed a fall in their values.

At the time of writing, many of the digital assets were struggling to climb the bullish ladder and compared to the all-time highs; they still have a long way to go. BitConnect was obviously the most significant loser amongst the initial cryptocurrency projects with the Carlos Matos founded company tanking last year.

Crypto, % Below all-time high…
BitConnect: -100%
ICON: -99%
Bitcoin Gold: -99%
Qtum: -98%
NEM: -98%
Lisk: -98%
Cardano: -97%
Dash: -97%
zCash: -97%
IOTA: -96%
NEO: -95%
TRON: -95%
Bitcoin Cash: -95%
XRP: -94%
Ethereum: -89%
Monero: -89%
EOS: -88%
Litecoin: -88%
Bitcoin: -62%

— Charlie Bilello (@charliebilello) December 9, 2019

The crash came after reports flooded in that BitConnect was scamming its users and token holders with a significant share losing extensive investment holdings. Since then, the BitConnect token has fallen by a complete 100 per cent and no longer exists on charts such as CoinMarketCap.

The cryptocurrency with the second most considerable fall was ICON [ICX] which traded at $0.46 during its all-time high. Right now, however, the cryptocurrency was worth $0.12, a 99 percent fall in its market price. The cryptocurrency also held a total market cap of $64.978 million and a 24-hour market volume of $7.205 million.

Next in line was the Bitcoin Gold, a proposed spinoff from Bitcoin which was built to tackle the “shortcomings” of the world’s largest cryptocurrency. Alejandro Regojo was responsible for the Bitcoin Gold forking that occurred on October 23, 2017, a few weeks before Bitcoin rocketed towards the $20,000 mark.

BTG had made a name for itself when it gained in value to settle at $500.13 after which had a period of massive fluctuations. Post the Bitcoin ATH time period; there was no question about BTG’s impending price fall, which culminated in the cryptocurrency falling to its current low of $5.75. The 99 percent price drop was also perpetuated by its market cap taking a hit, currently holding at $100.68 million.

Cryptocurrencies like NEO, Tron and Bitcoin Cash had fallen by 95 percent from their peaks, and these assets were now in a battle against the bear. While Bitcoin has been getting a lot of hate from the public recently, many failed to realise that it was holding much stronger on the charts.

Compared to the 80-90 percent prevalent among major cryptocurrencies, BTC had only fallen by 62 percent from its ATH. It is not surprising as its ATH was etched into crypto history when the asset’s value shot to $19,700 in December 2018. At press time, Bitcoin was trading for $7351.41 and held a reduced market cap of $133.014 billion.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Filed Under: Bitcoin News Tagged With: Bitcoin (BTC), EOS, TRON (TRX)

Inaccurate claim on Matic Token frightens crypto community, here’s what happened

December 10, 2019 by Tabassum Naiz

Coinbase backed Matic token is currently bleeding 51.45 percent of its value within the past 24hrs, which has severely affected Matic holders. “Crypto community members allege that the token holders basically became 1% poorer every 15 seconds for 30+ minutes in a row”.

https://twitter.com/MoonOverlord/status/1204213570755543043

If you are an active crypto community member and have been following Matic-related tweets on Twitter, you must have also noticed the long debate over Matic token’s declining price as well as few statements by team backing it.

It appears that the inaccurate claim by Samuel JJ Gosling, founder of a self-governing cryptocurrency evaluation platform, Validity over Matic tokens frightened crypto community members, many of whom are likely Matic, token holders.

The claim stated that the Matic Network Foundation had transferred 15% of the supply, i.e., 1,495,322,715 $MATIC token in the past 50 days. In fact, reports also alleged that a certain portion of such amount has also been sent for liquidation at Binance.

Just did some snooping around to find that the #Matic Network Foundation has transferred 1,495,322,715 $MATIC (15% of the supply, approximately $67,314,942 at ATH) in the past 50 days, of which from seems to have been sent for liquidation at #Binance. https://t.co/FLPl4HyfiO pic.twitter.com/dpYG8rMoHX

— .:⠠⋮⠠:. (@deomaius) December 10, 2019

As soon as the analysis surfaced on social media, Twitter, founders of Matic Network as well as Binance boss Changpeng Zhao (CZ) gave the brush-off to these allegations. In fact, one of Matic’s founders, Sandeep Nailwal, hit back and pointed these allegations as “complete BS (Bullshit).” He called it “FUD account” and went on to say;

We will post the exact numbers. This is complete BS, the out amount is from the smart contract lockup account to Foundation account, said Mr.Nailwal. Amounts sent to Binance or any other accounts are in conjunction with our token release. Why would a project do this deliberately?

Despite this, “Samuel JJ Gosling” remained stiff-necked on his analysis until Eric (who by his Twitter profile involved with EthHub, a platform that provides research and resources to learn about Ethereum) disclosed “actual facts” that barely require any explanation. Eric revealed that the actual movement was about ~290,000,000 MATIC to Binance NOT 1,495,322,715”.

The idea was never to destroy or hurt the project, it was simply to debrief the situation, I issued an apology and the corrected the legitimate amounts.

I am sorry, there is not much else I can say, I will be more intuitive in my future claims.https://t.co/ghZxnFrKUz

— .:⠠⋮⠠:. (@deomaius) December 10, 2019

What’s more interesting is that the man who shared “data about Matic with billion figures” acknowledged his mistake and quickly asked an apology for an inaccurate claim. He concedes his fault of claiming the movement of 15% Matic supply and said that it was only 3% of supply that seems had been liquidated.

I made a miscalculation and included inputs as well as outputs in my computation – wrote Samuel JJ Gosling.

Before Samuel’s apology on an inaccurate claim, the topic got the attention of Binance CEO Changpeng Zhao (CZ), who quickly reassured users that the team MATIC has nothing to do with it (token transfer). He tweeted as follows;

Our team is still investigating the data, but it's already clear that the MATIC team has nothing to do with it. A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people's trading. https://t.co/wOVF6tEBkQ

— CZ 🔶 BNB (@cz_binance) December 10, 2019

Despite CZ and Matic’s founder’s quick response to an allegation, few community members beg to differ with their explanation. Furthermore, few community members questioned CZ on how can he be so confident that MATIC has nothing to do with it while it appears “it was likely only one trader (or small group) orchestrating ~all of this if you looked at the behavior of the order book.” Nevertheless, as per Alexandre Dreyfus, the founder of the sports and entertainment blockchain firm Chiliz, “it is clear because Binance can check Matic Wallets inside Binance.”

Moreover, few also stated that the official community Channel of MATIC on Telegram became restricted, refraining members from sending messages. In a nutshell, Mr.Nailwal defies various claims which were made on “MATIC token transfer” and elaborated;

You dint do an analysis. 1.4bn tokens you quoted, 1.08 bn txn is a transfer from smart contract lockup account to foundation account You counted it in total movement of tokens. Rest moved tokens are as communicated. Screenshot is also misleading We are posting in detail about it.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Altcoin News Tagged With: Crypto Market, Matic Token

Bitcoin Long Term Investment Beats Most Investors in All Assets – Report

December 9, 2019 by Tabassum Naiz

The intensifying socio-eco-political issues prevailing in major countries have left a lot of investors worried about the possible potential investment opportunities. Can bitcoin fill the gap? Well, the crowning cryptocurrency has also failed to maintain its high price, but analysts reveal critical points on how it can be a valuable investment opportunity.

The coin, which was once valued above $18000, is now trading at around $7400 against USD. Undoubtedly, Bitcoin hit the peak during the go-go days of 2017, but the sudden crash at the end of the same year has created skepticism around the future movement of the price of the Bitcoin and crypto market in general.

That being said, bitcoin hasn’t witnessed the same figure so far; the value remained 2X lower than that of 2017 at the time of reporting this. On the other side, traders and analysts remained bullish by considering the long-term chart of Bitcoin price.

If you bought very top of #Bitcoin market in Nov 2013 (~$1150) & sold very bottom ~5yrs later during the next cycle (Dec 2018 ~$3150), you would've still made ~22% annual return, which beats most investors in all assets.

You can't lose w >4yr time preference…#BullishAF

— DG #HODL $BTC (@_Dumb_Genius) December 8, 2019

Interestingly, a Twitter user who goes by name “HODL Warrior – My $BTC is not for sale” took to Twitter and presented compelling data. By his profile, the account holder looks like an adherent of BTC, the tweet reads; if you purchased Bitcoin back in Nov 2013 at a rate of $1150 and sold five years later at a very bottom of 2019, i.e. $3150, you would’ve still made 22% annual return if Bitcoin.

The tweet further suggested a point that the Bitcoin can remain the best possible investment opportunity that would beat most investors in all assets. However, the person behind this Twitter handle also posted another tweet with reasoning to justify the view. It elaborated;

Why is 4yrs such a significant time factor? Halvings There will be three #Bitcoin halvings in the next ~8.1yrs (assuming ~46 months between halvings). Go all-in on what you can afford to #HODL w >4yr time preference & you’ll be leveraging one of the most significant opportunities in history.

Well, the long term price chart appears as the bullish perspective to look into Bitcoin and possibly to predict the future price of Bitcoin. However, the daily trading volume stayed lower. At the time of reporting this, Bitcoin is plunging by 0.70 percent within the past 24hours, dragging the trading value to a low of $7482 against USD.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Bitcoin News Tagged With: Bitcoin (BTC)

Bank of China uses self-developed blockchain bond issuance system as demand grows

December 9, 2019 by Ketaki Dixit

The interest in Bitcoin and other cryptocurrencies has grown leaps and bounds across multiple regions. Earlier, Bitcoin was considered a niche market by many, and a majority of its supporters were based in the United States and some European countries. Now the Asian market has caught up with the industries in the west, and China has been one of the biggest proponents for the digital asset sphere.

Just recently, the Bank of China completed the issuance and pricing of 20 billion Yuan, all in small and micro-enterprise loan financial bonds. These funds are targeted to raise the standard of enterprise industries as well as contribute to the already burgeoning Chinese economy. The bonds provided by the national bank will be given at a rate of 3.25 percent with a subscription multiple of 2.7x.

Twenty nineteen has shone the light on China’s push towards Bitcoin, and that has been clear from the statements made by Chinese premier Xi Jinping as well as officials from the central bank. Jinping had stated that China should utilize blockchain technology to create better products and ramp up the economy. This comment had such a massive impact on Bitcoin that its price soared from $7500 to $10,500 in a matter of a few hours.

The biggest highlight of the new move was that the bank would be using its self-developed blockchain bond issuance system. This makes China the first country to use a domestic bookkeeping system based on blockchain tech. Fans and users of the proprietary technology have hailed the country’s venture into space as the leaders themselves have identified the growing demand for blockchain technology.

The latest development by the Bank of China comes after statistics showed a peak in enterprise loans this year. As of September 2019, the bank had a loan balance of 404 billion, which was an increase of 35.36 percent compared to 2018.

The number of customers on the loan front also surged to a whopping 410,000. According to reports, banks are required to hold reserves equal to 20 percent of the value of any debt. Beijing had budgeted the sale of 1.35 trillion yuan in local “special purpose” bonds back in August, which was aimed to fund local projects such as subways, shantytown redevelopment, and sewage disposal plants. Even Wang Jun, the chief economist at Zhongyuan Bank, stated that the Politburo, China’s top decision-making body, is now focussing on infrastructure investment in particular.

The more in-depth look into infrastructure developments comes after a fall in economic growth within the country. The analysis had shown that the country’s growth rate had fallen to 5.7 percent this year, one of the most significant declines since China’s 21st-century economic boom.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Filed Under: News Tagged With: Blockchain, China

CoinsPH sees the boom in XRP ODL transactions as records are created

December 7, 2019 by Ketaki Dixit

Ripple and its native cryptocurrency XRP have been doing positive rounds in the cryptocurrency space for some time now despite the bearish price crashes. One of XRP’s primary specialties has been its ability to reflect growth in its other parameters across new regions. A couple of weeks ago, it was reported that XRP’s market volume on exchanges like Bitso was on record-breaking uptrends, a phenomenon which was later overshadowed by the arrival of the bear.

Recently, H_M_X, a cryptocurrency enthusiast spotted that the largest ODL transaction conducted on CoinsPh, was clocked at 250,000 XRP. This high value was achieved at a rate faster than it took on Bitso. The latest destination tag record on Bitso was 25,370,527, while the highest total amount of transactions was 485,127 XRP.

Not only that, ODL destination tag 158068 (highlighted) is back after a long pause. pic.twitter.com/KjTvGgnEdn

— H_M_X_ (@hmatejx) December 5, 2019

Looking at the same metrics for Coins Ph, the destination tag was recorded at 255,406, while the most significant transaction was the most recent one of 250,000. Several members of the community praised Ripple’s initiatives to grow the On-Demand Liquidity market recently with ‘blcurley’ tweeting:

“Ripple used to have large lag times from a customer acquisition to the software implementation. Through time & experience, they have streamlined these processes to get customers up & running in a short amount of time. I’m expecting the same with #ODL and new corridors.”

Despite the developments in the space, XRP has not seen much of a rise on the price front as the cryptocurrency was holding at one of its lowest measures across an extended time period. At press time, Ripple’s XRP was exchanging hands for $0.22 with a total market cap of $9.657 billion.

The third-largest digital asset on the charts held a 24-hour market volume of $1.416 billion. During the research, it was also noticed that the number of total interchange XRP payment transactions had risen towards earlier crests. The ODL destination tag had surpassed the 158068 after a long time, giving the XRP army hope that the asset would begin an ascend soon.

November was also an exciting month for XRP and its technologies, such as xRapid. ON November 7, the total XRP ODL saw a rise from its earlier average of $1 million to almost $2.2 million. This transaction occurred between Bitstamp, which counts as the US corridor for xRapid transactions and Bitso, which counts as the corresponding Mexican corridor.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Altcoin News Tagged With: Ripple (XRP)

India’s NPCI Officially Announced Permissioned Blockchain-based Vajra Platform for Payment Industry

December 6, 2019 by Tabassum Naiz

Unlike other countries that are becoming more open to the idea of the nascent crypto-blockchain industry and its benefits, India’s view has always been baffling. Although, earlier reports indicate how India’s most significant organization NPCI flirts with Blockchain for payment, the more recent report officially published by NPCI details about its forthcoming DLT-based project for the payment industry.

How is NPCI Leveraging Blockchain Technology?

NPCI (National Payments Corporation of India) claims itself as “an umbrella organization for all retail payments in India.” India’s central bank supports the organization, the Reserve Bank of India (RBI) and the Indian Bank’s Association (IBS).

Notably, NPCI’s own instant payment system called Unified Payments Interface reached a milestone after crossing a billion transactions in October this year. While UPI is simply a money transfer mechanism on top of existing IMPS payment systems, India hasn’t upgraded to a level that other countries are already waving their digital payments.

Technologists and experts in the digital payment industry often talked about the need for a new paradigm in the Indian banking system, given the fact that India is a home for over a billion people. Consequent to the recent official press released by NPCI, it appears that India is quietly adapting the blockchain-based payment mechanism.

NPCI Announces DLT-based Vajra Platform

The 17-page long report details “a distributed ledger system for automated payment, clearing & settlement” dubbed as Vajra Platform.” Unlike Permissionless blockchain, the so-called Vajra platform is built on top of “permissioned network” means that the parties intending to involve need approval by the Network administrator.

Since Vajra is being developed for a payment processing industry, permissionless blockchain systems were not considered, NPCI said in a blog. After an initial assessment, the DLT based system has been designed for automating payment clearing and settlement processes of NPCI products.

More so, the Vajra frameworks seek to ensure zero/minimal processing time for reconciliation, faster resolution of disputes, implements cryptography to increase the security of payment transactions by leveraging the maximum advantage from the Blockchain framework. The working mechanism/architecture of Vajra is detailed as follow;

The Vajra platform will be accessed by multiple payment entities for performing transactions via web interfaces. The bank nodes will receive requests from APIs and will process it on Vajra. The system will have self-executing contracts containing business rules. After successful processing of the requests, the on-chain data (eg. Hashes of the transactions) will be added to the ledger

Furthermore, the participants will carry a node in the network, and the data will be accessible only to the node (the participant with node basically). Accordingly, NPCI details three types of nodes on the platform, namely, Clearing House node (CHN) for NPCI, UIDAI node for Aadhaar authentication, which is only applicable in case of biometric authentication, and lastly Participant node (PN) for all banks/ASP/PPI/PSP.

Besides, NPCI elaborates payment processing via the Vajra framework in 7 simple ways, noting that the platform is majorly designed for automation of the clearing and reconciliation process at NPCI and its partner banks/ASPs.

NPCI DLT platform process

In a short note, NPCI also remarks that they will be able to detect frauds using AI and ML, which will soon be executed against ledger data.

Also, the Vajra framework promotes transparency in terms of real-time visibility of transactions, reduces the time required for the clearing & settlement cycle as well as the other activities, including reconciliation and reporting. With the permission blockchain network, NPCI also ensures to break-down the unrelated parties currently involved in the clearing and settlement process.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Filed Under: News Tagged With: Blockchain, India

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