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Tron (TRX) sets a new record as its block height moves past 9 million

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Tron Foundation and its founder Justin Sun, have been key advocates of pushing virtual currencies into the space of mainstream adoption. The multiple updates and developments can support this fact the Tron roster has been putting out with a majority of them being network upgrades and alliances with other institutions.

It is without a doubt that the cryptocurrency market is going through substantial changes every minute, with the performance of most digital assets fluctuating consistently. Tron (TRX) has not been an exception to this trend as the 11th largest virtual currency on CoinMarketCap, is also failing to show significant price surges in the market.

However, as it has become the norm, Tron network updates and developments have kept pace with the weekly report published by the Tron Foundation noting all the significant developmental changes that take place.

Despite the stagnant performance in the past 48 hours, Tron (TRX) has been leading a weekend altcoin rally after the announcements of its plans to incorporate decentralized storage into BitTorrent the file-sharing platform.

According to Tron Foundation, the cryptocurrency company is keen to take advantage of BitTorrent’s superior platform to further boost and decentralize BitTorrent’s user base of 100 plus million. The peer-to-peer file sharing platform will integrate BitTorrent’s file sharing capabilities (BTFS) to allow users to host and receive storage on personal computers with other parties and businesses.

The Tron Foundation has also shown its commitment in topping its closest rivals, EOS, and Ethereum (ETH), with the introduction of Web 4.0 that is taunted to be a game changer in its space.

Tron (TRX) Sets a new Block Height Record

Tronscan, an analysis tool that is used to monitor the Tron network, gave the Foundation another reason to smile after it disclosed its findings that the block height on the Tron blockchain had yet again increased remarkably in recent days.

Today, on 4th June, according to the latest information from the Tron BlockChain Explorer, https://tronscan.org, Tron blockchain height managed to exceed the 9.8 million mark to stand at about 9,819,970 currently.

Bitcoin’s recent price plundering that has seen the number one cryptocurrency falling below the 9,000 US dollar mark on the wake of the most successful month-on-month rally since late 2017 has given way to the rise of altcoins. Given the current market condition, it is no secret that Tron TRX is leading the altcoin rise in the crypto market.

In the last 48 hours, the Justin Sun led virtual asset has managed to amass an impressive 17.41% price gain following the CEO’s announcement of an imminent big reveal. The news of this impending big reveal was publicized the first time on 31st May when Justin Sun announced that something big and amazing was in the works for Tron and BitTorrent. Justin Sun also mentioned that his stake in the partnership was 70 percent.

Tron other News and Price Analysis

Apart from Tron’s impressive block height milestone, Tron has also been making headlines with the news of Justin Sun winning of an eBay charity auction that will see him having lunch with renowned investor and mogul Warren Buffett.

It is reported that Tron CEO and founder bided a breathtaking 4,567,888 US dollars to win the charity auction, which has been a Warren Buffett’s tradition for the past 20 years.

At the time of writing, the value of Tron is currently being traded at about 0.0356 US dollars with the return on investment running at about 1600 percent positioning the virtual coin at number 11 in the market.

The market capitalization value of Tron (TRX) is about 2.3 billion US dollars, with its 24-hour volume standing close to about 1.1 billion US dollars. From the look of things, it looks like Tron is not turning back anytime soon. In January, Tron TRX opening value was 0.0196 US dollars, and now its value has increased by 80 percent already.

Disclaimer: The presented information is subjected to market condition 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.

The Electroneum (ETN) environment: Present and outlook

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The Electroneum (ETN) project started out as a Monero fork. Electroneum’s aim wasn’t (still isn’t) privacy and anonymity as it is in XMR, but building a mobile-based micropayment ecosystem useful for the millions of people in the world who remain outside the banking system for whatever reason. Electroneum is a blockchain project in which fintech meets crypto.

The ETN environment starts with the mining process, which is more of an airdrop. New tokens are mined in a cloud system, and you can participate in it by installing an app on your phone. Once your app is installed, you’ll start to receive a few coins if you keep the process going. Mining doesn’t take any energy or resources from your phone because, as we said earlier, you’re not really mining anything. The cloud is doing all the mining, and you’re just getting tokens in an elaborated airdrop.

Once you have ETN in your app (which includes a wallet), then you have to find a way to use them, of course. Use cases for ETN are not overly abundant for now. The main one is to top up your mobile phone service to get some minutes or data. But that’s still not available worldwide; you have to be in the right geographic area so you can take advantage of your ETN for that purpose.

So ETN is not that useful yet which begs the question, what’s the point, then?

The future is the point

The project’s leadership is working hard to get strategic partners in several countries around the world (South Africa, for instance). These partners will be brick and mortar businesses that will accept payments in ETN issued from your mobile application. The list is small but growing steadily.

Another more compelling use case for the future will be like a freelancing system. In this system, ETN users will be able to apply to do some straightforward digital jobs such as taking a picture with their mobile phone or completing a simple task.

They will then be rewarded with ETN tokens by the user who requested that particular task. It’s expected for this system to become an economy of its own that will link a competitive workforce with a relatively wealthy group of employers. It will all be powered by Electroneum’s blockchain and the ETN token, so this will create demand and trade volume for the project’s native currency. In this way, ETN’s market performance will be driven by real-life usefulness instead of sheer market speculation and sentiment.

The most essential idea in Electroneum’s agenda is to use the power of the blockchain to empower users that have traditionally been left behind by the traditional banking system. In Africa, for instance, most people don’t have a bank account at all, so they lack access to financial services. But they do have a mobile phone, and that should be enough for Electroneum to help them.

ETN is trading at USD 0,004148 as we write this and it’s the world’s 130th digital asset by market capitalization.

Disclaimer: The presented information is subjected to market condition 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.

Ripple (XRP) now leads SWIFT in popularity, is blockchain winning?

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Blockchain technology is no longer a new vocabulary to most folks across the globe, but in case you haven’t heard about it, perhaps it’s your time now. The reason is straightforward – it’s already winning.

Let’s look at Ripple (XRP), for example. When Ripple announced itself to the world, it was ignored at mass because of its affiliation with the traditional banking industry that drove the fears of centralization.

However, like it or not, in 2019, even the IMF is bowing to Ripple as it has now taken the bragging rights regarding popularity.

Ripple XRP Expansion Getting Hard to Stop

Ripple is well known for tackling the inefficiencies that are involved in the cross-border payment industry. Thanks to its XRP token and xRapid, the crypto is targeting nothing less than conquering the international payment traffic.

The blockchain firm’s CEO Brad Garlinghouse predicted a few months back about Ripple overtaking Swift; it seems his prediction has come true sooner than many expected. Undoubtedly, nothing comes on a silver plate, so Ripple too has scored several partnerships which have elevated it high ultimately. For instance, Binance’s interest in ripple technology is a massive boost, and we all know that banks fancy it a lot.

Not Only Speed and Cost

Despite SWIFT’s firm grip since 1973 on the international money transfer, Ripple has now done it to become the most popular figure. Most would know Ripple to be the fastest option regarding the cross-border payments, adding to its low costs.

But now, the crypto is not only cost effective and faster, but it’s now the most well-known means of payment across the globe. Interestingly, SWIFT is trailing.

https://twitter.com/XrpZin/status/1133754532851326977

Even though SWIFT works with the Global Payments Innovation (GPI) to solve some of the essential problems of the finance system, it seems that it hasn’t prevented Ripple from taking over. Ripple’s xRapid is a public distributed ledger without a central processor; hence, it may not come as a surprise that Ripple is more popular than SWIFT.

Consequently, as like any other thing, the community reacted with mixed feelings. Some of the users affirmed that Ripple is more popular than SWIFT on Twitter only because of the ‘moon boys.’

Disclaimer: The presented information is subjected to market condition 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.

Ethereum 2.0 is on the works: Here’s what you need to know

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The Ethereum blockchain project is alive and working hard on improving the network.

The project is committed to keeping Ethereum’s technology up with the times, as it’s shown in the past by issuing four hard forks (upgrades to the network). Those have been Frontier (July 2015), Homestead (March 2016), Byzantium (October 2017) and Constantinople (February 28, 2019).

The next upgrade is scheduled for deployment five months from now (in October), and it’s called Istanbul. It will include a decision about the ProgPow protocol, among other updates.

Then, after Istanbul, al the efforts will focus on Ethereum’s full refurbishment: Ethereum 2.0 or Serenity.

Serenity

Serenity will revolutionize the Ethereum platform from its very foundations. It will change the current Proof of Work protocol to Proof of Stake, among other enhancements. Serenity aims to improve the network’s scalability, efficiency, and decentralization. A new virtual machine will also be deployed, which will be more attractive for a broader range of developers because it will support more coding languages and faster code execution on the blockchain.

Ethereum 2.0 will also introduce support for Shard Chains (more on that later) and other new kinds of chains that will enable privacy, permission, and governance models built on unique user needs.

The road ahead for ETH

The upgrade to Serenity won’t happen overnight but in four distinct stages, that will start this year and will continue for three more years until the network is fully upgraded. The roadmap looks like this:

Phase 0: it’s estimated to start in 2019. Phase 0 will see the new Beacon chain deployed on the network, which is the blockchain that will use the PoS protocol. It will coexist with Ethereum, and it will be connected to it.

Phase 1: this is when Shard Chains appear to interoperate with the Beacon chain. These chains will support higher transaction speeds and instant finality in transactions. Thus the network’s scalability will improve dramatically. Shard chains will manage the exchange and transactions of account data. This will happen in 2020.

Phase 2: scheduled for 2020 and 2021 this is when the new Ethereum Virtual Machine (EVM) appears, which will be improved through the Ethereum Web Assembly (eWASM). The new virtual machine will execute code more quickly and support more programming languages. During this phase, there will also be an increase in the network’s security through protocol standardization.

Phase 3: the last step will start in 2022 and will continue indefinitely. It’s all about the continued improvement of the network’s decentralization, security, and scalability.

Ethereum’s position as the cryptosphere’s premier decentralized applications and smart contracts platform has been seriously threatened over the last twelve months by Tron and EOS among others. Users have been complaining about scalability issues and gas prices for ages as well. So it’s good to see that Ethereum’s leadership has finally seen the writing on the wall and it’s trying to adapt to the new realities.

The process will be long for sure, but according to Joseph Lubin (one of Ethereum’s co-founders reputed to be Ether’s largest holder), it will take only from 18 to 24 months for the network to be a thousand times more scalable than it’s now. Also, Ether tokens will be able to move from the old chain to the new one.

Disclaimer: The presented information is subjected to market condition 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.

Freelancing and the Blockchain: Top platforms to earn money online

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Over the last two years, interest in cryptocurrencies has grown slowly but steadily, so they’re gently penetrating into the mainstream. Also, the inherent advantages in decentralized applications and technology become increasingly evident outside the cryptosphere. Blockchain technology keeps proving its worth as a new resource capable of tackling old problems in new ways. It’s showing it will disrupt many industries in the world and that it will ultimately change it.

Most recently, we’ve witnessed blockchain’s effect on fintech corporations and projects. It’s reshaping them and also the industries that touch on them. But it’s also impacting seemingly unrelated fields such as education, aid organization, charity, ride sharing, politics, real estate, logistics, and healthcare.

Blockchain and freelancing

There’s another environment that blockchain technology promises to reshape, and that’s the freelancing business. Freelancing was not a good thing a decade ago. People frowned upon it as a general rule. These days, freelancing is reshuffling many professional fields in which workers are gaining freedom, and employers are increasing versatility. Freelancing evolves very quickly, and it’s increasingly globalized.

Blockchain is instrumental at some things. One of those things is cutting the middle man off. That’s one of the reasons why it’s making an entrance into the freelancing community. It enhances flexibility in working agendas, it makes payments swifter (another blockchain specialty), and it lowers fees vary significantly.

An emerging problem for freelancers is the continually growing number of freelancing platforms that seek to capture the five or six million freelancers working in the world today. The platforms must verify new jobs, offerings, the closing of deals, and all the dirty details that are somewhat unique to freelancing.

The processes are not very transparent in most sites, and they’re usually not automatic either –both things that could be fixed immediately with a good smart contracts platform. Unfair payment systems and fake reviews are also common problems that affect both freelancers and potential employers. And these problems could also be solved by the proper use of blockchain technology.

The good news is that some freelancing sites are taking advantage of the blockchain to make life better for everybody involved. They’re still not among the industry leaders; they’re not exceedingly popular. They’re still marginal, as the blockchain and cryptocurrencies remain. But that only means that you are just in time to rip the benefits of early adoption.

If you’re a freelancer, or if you’re looking for freelancers to employ, you should go to any or all of the following sites which bring the freelancing and the blockchain worlds together.

Blocklancer.net

Blocklancer promises to solve “all problems of current freelancer platforms.” Talk about high ambitions! The platform is based on blockchain technology (Ethereum’s blockchain to be more specific). And it’s all about putting right all that’s wrong with most of the currently available centralized freelancing platforms.

There’s a strong focus on getting rid of excessive rigidity, abusive payments, and false reviews. The system is decentralized, and it includes a native token that helps keep the platform honest. Token holders can vote on decisions and settle a broad variety of disagreements. The dispute settling system is automatic, so it ensures fair play for all involved.

Another characteristic in this platform is the fee system, which is quite low (only 3%). There’s no tolerance for censorship either.

Going by appearances you’d think that this is just your typical freelancing system in which freelancer just look for work, develop a reputation, and get new clients based on that reputation. But this is an innovative platform in which the difference is under the hood, so it’s normal not to notice it all that much. The gap should be in your experience as a user, though.

FreelancerCoin.io

This platform, like the ones mentioned above, runs on the Ethereum blockchain. It could very well be the most technologically advanced blockchain freelancer platform in the world because it combines blockchain technology with artificial intelligence and smart contracts. It also has a native token, which is the means of payment between employers and employees within the system.

It has every feature you typically find in freelancing websites. So there’s a long list of available projects posted by prospective employers for freelancers to apply on the ones they like. However, there’s added value in the site’s service as it enables users to create smart contracts that automate the payment process. The site’s native token is instrumental in this.

Ethlance.com

The Zero-fee in this platform helps it be one of the most popular blockchain-based freelancing platforms in the world. The only fee is the usual “gas fee” you find in every application or contract that runs on Ethereum, which is necessary to transact in the network.

The user interface in this platform is amicable so freelancers can search the available projects to find work very efficiently. The searching process can be shortened by applying the available filters. Prospective employers can look for freelancers too (not always the case in these platforms) and select one based on the feedback they’ve had so far, language, hourly rates, ratings, and skills.

A limiting factor in this platform is that you must use it using MetaMask and Ethereum’s Mist browser, which are not precisely the most widespread applications in the world. But they’re worth installing if you’re interested in joining this market.

CanYa.io

Like other projects, CanYa also issues a cryptocurrency (CanYaCoin) which freelancers and employers can use to pay for the standard 1% fee this platform collects. It’s accessible from anywhere in the world, open, and decentralized. It’s in a position to build a good reputation in a business in which reputation is everything.

CanYaCoin incentivizes the platform’s growth, and it intends to guide user behavior so that everybody enjoys a service of the highest quality.

Steemit.com

It’s more known as a blockchain-based social network, but it’s also a freelancing platform. It’s a good example that illustrates how the trend is shifting towards blockchain-powered environments. As most platforms of its kind, it links freelancers with their potential clients.

A unique feature in Steemit is that it allows all users to post anything they want in the platform, in a way reminiscent of Facebook. The difference is that high-quality content is rewarded with the platform’s tokens instead of “likes.”

Final thoughts

There are many more freelancing platforms in the cryptosphere, of course. We haven’t mentioned them all because we’re not about to write a book. But you can browse around their websites and decide if you like them. Atlas, Cryptotask, Orbinetwork, Ethearnal, and Dream are good examples of places to visit and, if you want them, open an account.

Cryptocurrencies and blockchain technology remain marginal and far away from any meaningful mainstream adoption. But it’s platforms like these, which provide a service that is useful for people on both sides of the crypto border that can really help the cryptosphere to join the mainstream successfully.

Mainstream adoption is a long process that can’t rely on a single use-case, of course. Yet, these platforms are obviously useful even for users that are not very tech-savvy, which is one of the limitations we often find on many blockchain projects. Some of them are very cool indeed, but they need a degree of expertise that people in the mainstream just don’t have.

Disclaimer: 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.

Will Facebook usher in the next crypto summer?

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The crypto winter has been extended, harsh, and according to many knowledgeable experts, not over yet. The cryptosphere’s been spilling lots of ink imagining what will be the event that finally brings the protracted bearish run to a close and welcome the bulls back to the market. There’s been talk about institutional money, projects like Bakkt, SEC’s decisions on Ripple and other currencies, and many different hypotheses. But how about Facebook?

It’s probably true that the 2018 bearish market is not over yet, even as we enter 2019’s fifth month. But it’s also true that we’ve seen some encouraging signs in the last few weeks. The last month has been very good especially for Bitcoin. So it would seem that the market is getting ready to take off and that all it will take is the right trigger to send cryptocurrency prices through the roof once again.

Facebook’s role

And that trigger could be none other than Facebook.

A few months ago, Facebook announced that it was putting together a team of digital technology experts within the company. The team’s job would be to explore the possibilities in blockchain technology and digital assets. The aim would be to figure out how Facebook can take advantage of those technologies to improve its services, and also make money.

So what has the team been doing all this time? To be honest, we don’t know. Nobody knows. Facebook has been exceedingly secretive on the subject, and they’ve managed to be effective about that. Rumors abound, though. Facebook entrance into the blockchain world could be a payments system based on its already extensive network.

It would allow transferring value between users very quickly and cheaply, using cryptocurrencies as a means of exchange. It would be an obvious option, to be sure. But the fact remains, we don’t know anything yet. Actually, is anybody’s guess is the people at Facebook themselves already do know what they’re going to do.

Let’s give this a bit of thought, however. Bitcoin has gone from one user (Satoshi) to millions of users in roughly a decade. It’s tough to pin down the correct number of Bitcoin holders or users. Estimates vary between 30 to 100 million persons scattered all over the world.

Facebook’s user population is not in the hundreds of millions. The official number is 2.38 billion users, according to the company itself. If Facebook were to implement a blockchain-based service and promote a cryptocurrency (one of the already existing ones or one of its own), the number of users it could get from one day to the next would dwarf even Bitcoin’s network.

Forget about a payments system. Any kind of blockchain-based technology issued by Facebook that would require the use of any cryptocurrency at all would create insane amounts of demand and very high trading volumes. And high demand coupled with high trading values translates into high market prices. So that’s how Facebook could bring about the next bullish run into the crypto verse, and it could end up being the largest one in history.

But will that happen in reality? We still don’t know, and Facebook remains silent, so we’ll have to wait and see. With the foremost attention.

Disclaimer: The presented information is subjected to market condition 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.

Facebook touches major payment players to invest $1B in its proprietary crypto project

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According to the recent news initially published at The Wall Street Journal on Friday, Facebook, the giant social with an active user-base of almost 2.32 Billion globally and accumulating more than $40 Billion annual revenue, has called up a bunch of digital merchants and financial institutions to raise monetary support. Efforts of such kind are being made to create its own crypto-based payment platform that could correspond its arch-rival Apple’s native payment system.

This news is the continuation of the Bloomberg‘s revelation made last year (in December) that tech-giant is working on developing its very own digital currency pegged to the USD to facilitate the consumers with an opportunity of transferring money via WhatsApp messaging app. WSJ claims that Facebook has been in talks with considerably major payment institutions, the likes of Visa, MasterCard, First Data Corp, to acquire their potential support to launch the system.

Although the company’s authorities have been tight-lipped about the project, WSJ asserts that by talking to the sources familiar with the matter, Facebook has been working to build a blockchain division within the company with a secret project dubbed as “Libra” for over a year.

The purpose of the project is to design the system in such a way that it does not only allow the users to do transaction within the platform but also on other e-commerce networks. Citing another source, WSJ notes that Facebook is looking to accumulate as much as $1 Billion (initially) for the project from VC firms. The WSJ reported:

“Facebook is also talking to e-commerce companies and apps about accepting the coin, and would seek smaller financial investments from those partners, one of the people said.”

It is not just that, once launched, Facebook plans to reward its grand user-base with portions of its proprietary coin to entice them to check out the ads or shop on the platform – the WSJ maintains.

” Facebook reportedly plans to reward users with fractions of a coin when they view ads or shop on its platform, most likely in an effort to entice people to give it a shot. If the company plays its cards right, it could have a huge userbase in no time, seeing as it has over 2 billion monthly active users.”

Although it is not clear yet that when will we see the launch of Facebook’s native cryptocurrency but according to the Barclays analyst, Ross Sandler’s estimation (made earlier this year), if every card is played correctly by the giant-social media firm, it could profit anywhere between “$3 Billion to $19Billion” in its annual revenue on the back of the crypto project.

Disclaimer: The presented information is subjected to market condition 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.

Ria Money Transfer partners Ripple for swift remittance

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Ripple, the parent company of the third largest cryptocurrency in crypto-mania, XRP, has always been considered as one of the dominant blockchain players of the space because of its hefty client list of financial institutions. The blockchain firm is also popular because of its various collaborations towards providing a decentralized payment platform across the globe.

And now, Ripple has shaken hands with Ria Money Transfer, the second largest liquid asset transfer business globally, backed by Euronet Worldwide. Euronet Worldwide is a major name in the realm of electronic payment services providers based in Kansas, United States.

Through this association, long-lasting positive effects are bound to happen on both partners’ huge communities. Ripple will be able to increase its digital and physical footmark along with its ecosystem because of its partner’s presence in 155 countries with impressive 377,000 branches.

Ria Money Transfer, on the other hand, will employ Ripple-backed RippleNet payment network (that comprise of more than 200 financial institutions globally) to facilitate its clientele of millions with swift, transparent and efficient transactional experience who transact $40 billion annually in money transfers.

The announcement was made by none other than Michael J. Brown, CEO and President of the Euronet during a recent Euronet conference call. The President of the company quoted on the occasion about the partnership as:

Juan Bianchi, the CEO of the Euronet’s money transfer segment also seemed confident about the positive aspects the partnership will bring for the sake of both parties. According to him, Ria’s association with Ripple aids to build “innovative payment infrastructure” that aims to ensure easier access to their potential partners while delivering swift and easy payments to its clientele. In his own words:

“At Ria, we have developed the second largest Money Transfer network in the world along with a best-in-class compliance program all connected by our proprietary technology. Ria’s integration with Ripple serves to build rails for an innovative payment infrastructure that seeks to provide easier access to potential partners while delivering faster and cleaner payments to its users. Time is a vital currency for our customers and partners, so we always keep it at the center of our innovation efforts.”

Marcus Treacher, Customer Service SVP (Senior Vice Presiden) at Ripple also shared his thoughts about the promising aspects that partnership will benefit both companies. He said:

“This partnership will enable Ripple to expand the reach and solutions for our partners and the overall banking ecosystem. Ria is one of the top money transfer players in the industry, with the second largest network in the world and is known for its world-class service. By joining RippleNet, Ria not only enhances our value chain for our partners but will continue to improve remittance times and costs for both their customer and enterprise clients.”

Although, last month was considered as relatively satisfactory for the cryptocurrencies.  Ripple’s native token XRP, on the other hand, struggled for the most part of the month. The coin joined the bullish ride for the first few days of the month but couldn’t keep up continuing its positive stride on the trading charts lately.

In the wake of this relatively huge announcement, the popularity of XRP has stepped up the ladder which would surely have some positive effect on its price. When? We hear you ask. We don’t know the exact date but one thing we are positive about is, it will sooner or later (we think).

Disclaimer: The presented information is subjected to market condition 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.

Multi-chain Project Ontology to Emanate 100 Million PAX on its Blockchain

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Last Friday, Ontology, a Singapore-based public blockchain that supports collaboration amongst chain networks with its various protocol groups, made its plan public about the launching of the Paxos Standard (PAX), a digital currency that is backed 1:1 with U.S dollars, on its blockchain.

Through this partnership, Ontology plans to explore the application layout on Decentralized Finance, another partner project of the blockchain, beyond exchanges. According to the announcement, the launch of the PAX token on Ontology is set to take place next month, in May 2019.

Per the official announcement, the resultant token of the Ontology and Paxos collaboration will be based on Ontology’s OEP-4 token standard, and it will continue to keep PAX as its ticker. The firm plans to launch 100 million PAX (initially to meet demand) onto the Ontology network. The newly launched token will be beneficial for individuals as well as businesses that are using Ontology’s Token (ONT) to rely on fiat currencies.

The release notes,

“PAX will enable atomic swaps between the Ontology-based main blockchain and blockchain network and make it easier for individuals and institutional partners to do business pegged to fiat in the Ontology ecosystem.”

It is worth noting that Paxos Standard was launched in September last year after the New York Department of Financial Services (NYDFS) sanctioned Paxos Trus Company for a stable-coin, pegged to the U.S dollars. The currently available PAX token is based on the Ethereum’s blockchain as an ERC-20 token.

The token is already supported by a large number of exchanges as well as ensures open auditing by top tier auditing firms monthly, to ensure the safety of all of its deposits being kept at the registered, insured banks in the country.

As one can imagine, Rich Teo, Co-Founder and Head of Asia for Paxos Trust, seemed enthusiastic about this partnership as the outcome would undoubtedly help them with their vision of transforming the digital currencies with advanced innovation.

 “This news shows how PAX can continue to meet the ever-changing needs of digital asset communities and Paxos’ dedication to advancing innovation in virtual currencies”.

Talking about the partnership, Co-Founder of the Ontology Network, Andy Ji stated that although Paxos has permitted Ontology to launch PAX on the network’s blockchain, still the firm will be responsible for the KYC (Know Your Customer) process and U.S dollar transactional dealings. In his words:

“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.”

At the time of writing this piece, according to the CoinMarketCap, Paxos Standard Token is available for trade at 1.01 USD having a market capitalization of $155.073 million and is ranked at 44th spot among all the cryptocurrencies.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition 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.

France’s new crypto law forces banks to deal with crypto startups fittingly

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Getting a bank account if you are in the crypto industry is complicated. Double that trouble if you are a fledgling startup with no track record and no cash, but that is now a worry of the past, thanks to the recent crypto law France introduced. The constitution guarantees a bank account to any crypto company that is willing to opt into regulation.

It is a surprising move by the French government and the financial regulator AMF (Autorité des Marchés Financiers), which might be seen as avant-garde compared to other large countries such as the United States. In the US, the regulators have warned about “reputation risks” to banks that provide a deposit account to companies in the digital currency business.

Talk between AMF and stakeholders: Key to regulations

Domitille Desertine, the head of AMF’s fintech, innovation and competitiveness divisions, there was apparently good feedback from cryptocurrency businesses that was matched by the authorities. She went on to say that the government is supportive of the right to access to banking as long as the company in question is regulated.

She added that while the relationship between a bank and a startup is still contractual but if the bank refuses, they will need to justify to the AMF why they did not allow a startup to open a bank account. This will apply to all banks; no matter small or large, without exceptions.

IMF fintech head also drew a parallel to the crowdfunding issue a few years ago where banks did not want to open up bank accounts for those platforms because the money was coming from “random places on the internet.” She stated that this requirement is just one, a small part of a far-reaching blockchain focused bill that was adopted on the 11th of April.

PACTE Law offers many more options to blockchain based businesses

The French government has been keen to become a top destination for blockchain and cryptocurrency businesses. The law is designed to create a much more favorable environment for small and medium enterprises that they believe will boost the economy with a wave of innovation and entrepreneurship.

As per Domitille, there is also a provision in the law for visas to be offered to businesses that plan to provide ICO services and other “digital asset service providers.” Exchanges and custodians are also part of the plan. This is not a spur of the moment law; there has been a sense of urgency to put it into the place according to a partner at Simmons & Simmon, a top Paris based law firm. Emilien Bernard-Alzias stated that plans began some time ago and have only now come to fruition.

Dessertine meanwhile has said that interest in the new framework has been high with “20 to 30 digital asset service providers having been in touch already”. Though the formal application process will not be open yet, with the end of summer being touted as the start point, it seems that many firms will be prepared to jump as soon as the doors open.

Disclaimer: The presented information is subjected to market condition 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.