Duy, Author at SynQ

Author: duy

January 2020 – Weekly Recap 3

Weekly Recap

Jan 11th, 2020 - Jan 18th, 2020

Welcome to our 3rd weekly recap for January.

Overview 

Crypto News

 

Cardano Founder Charles Hoskinson’s updates have been crucial to the development of the ecosystem over the past year. So is the case this time too, with IOHK’s CEO giving the community some important updates during his latest AMA. During the same, Hoskinson revealed that the Mary hard fork is coming in February, with the same promising to deliver “native multi-asset support” to the Cardano network.

During the Obama administration, Gensler was the chairman of the Commodity Futures Trading Commission, in which capacity he was in charge of enforcing the many new provisions of the Dodd-Frank Act that followed the 2008 financial crisis.

A previous security breach at the e-commerce firm Shopify has exposed sensitive data belonging to customers of around 200 of its merchants.

The NASDAQ-listed business intelligence giant MicroStrategy will host an online conference to educate large organizations about the potential merits of investing in bitcoin. Called “Bitcoin for Corporations,” the initiative has also received support from other industry giants such as Gemini, Binance, Coinbase, Fidelity, Grayscale, and more.

Creditors of the bankrupt cryptocurrency exchange Mt. Gox will be presented with the option to claim up to 90% of the exchange’s remaining bitcoin, according to Bloomberg.

Grayscale Investment has done it again with another record-breaking quarter. In its Q4 2020 report, the leading digital asset manager informed that institutional investors had allocated over $3 billion into its product, with Bitcoin accounting for the most significant part.

Twitter has faced fierce condemnation over the last few days after it decided to ban US Present Donald Trump from its social media platform. A lot of people have opposed the move, seeing it as an attempt by the social media giant to run an online autocratic dictatorship where free speech is strongly restricted.

This year is likely to see unprecedented use and demand on the Ethereum network, so there has never been a better time to ramp up Layer-2 scaling solutions.

 

January 2020 – Weekly Recap 2

Weekly Recap

Jan 4th, 2020 - Jan 11th, 2020

Welcome to our 2nd weekly recap for January.

Overview 

Crypto News

 

A new interpretive letter from the Office of the Comptroller of the Currency paves the way for stablecoins and public blockchains to be fully integrated in the financial infrastructure.

Mediterranean Hospital of Cyprus has successfully vaccinated some of its staff against the COVID-19 virus, including 100 doctors and personnel. The process was carried out via the VeChain-powered E-HCert COVID-19 solution, according to a blog post on January 5, 2020.

XRP is on the cusp of being pushed out of CoinMarketCap’s top 5 after Cardano (ADA) soared over 40 percent in a single day.

The world’s largest crypto management fund, Grayscale, has increased its crypto holdings by almost $2 billion in merely one day (as of Jan. 6).

Coinbase, Binance, Kraken, and Gemini—four of the world’s most prominent cryptocurrency exchanges—experienced technical issues on Thursday after the price of Bitcoin shot past $40,000.

Litecoin will receive smart contract capabilities through Flare Networks, according to a tweet from the latter project.

Citing “the risk of further incitement of violence,” Twitter has permanently suspended President Donald Trump’s account, @realDonaldTrump.

Blockchain platform Polkadot announced that it has hired leading design agency Koto to give the blockchain platform a complete design revamp. However, all key decisions regarding the rebranding process will be driven and approved by the Polkadot community and its representatives on-chain.

Cardano has been an extremely important project in the cryptocurrency ecosystem in the past few years and IOHK has been in the process to expand Cardano’s ecosystem and make it more self-sufficient. As the developments evolve behind the scenes, Cardano has emerged to be the biggest staking network in the world.

Prolific blockchain developer and crypto community member, Dan Larimer, the CTO of Block.one, has announced his resignation today.

 

January 2020 – Weekly Recap 1

Weekly Recap

December 28th, 2020 - Jan 4th, 2020

Welcome to our 1st weekly recap for January.

Overview 

Crypto News

 

In an interesting twist of events, the Mayor of Miami, Francis Suarez, has said that he’s open to exploring the idea of putting 1% of the city’s treasury reserves in Bitcoin.

SkyBridge Capital, the investment firm run by Anthony Scaramucci, has reportedly already invested $182 million in bitcoin and said in an investor brochure the flagship cryptocurrency is “digital gold.”

Crypto exchange Bittrex today announced that it will delist privacy coins Monero (XMR), ZCash and Dash on Friday, January 15, at 23:00 UTC.

In a letter sent to the Treasury on December 31st, 9 congresspeople wrote that they have concerns over the proposed crypto ruling by FinCEN.

In yet another major milestone for the premier cryptocurrency, bitcoin on Saturday broke through the $30K price for the first time, setting new all-time highs.

Polkadot (DOT) surged more than 9 percent last week following a home page listing and vote of confidence by cryptocurrency exchange Binance.

Digital investment giant Grayscale has not unloaded more than 9 million XRP following the announcement of a lawsuit against parent company and payments platform Ripple, despite what some data aggregators and news outlets indicate.

Enterprise blockchain firm Iconloop has secured approval from South Korea’s Ministry of Science and ICT to test its decentralized identity, or DID, technology system to manage driver’s license data in the country.

Ukraine’s government has chosen the Stellar blockchain network as a platform to build a central bank digital currency (CBDC).

 

December 2020 – Weekly Recap 4

Weekly Recap

December 21st, 2020 - December 28th, 2020

Welcome to our 4th weekly recap for December.

Overview 

Crypto News

 

In a new statement from the Securities and Exchange Commission (SEC), the U.S. securities regulator says it won’t bring enforcement actions against broker-dealers of digital asset securities that meet a number of requirements during the next five years.

The CME Group, a global markets company, and the world’s largest financial derivatives exchange, has announced that it will be launching Ether futures contracts for institutional traders.

Depending on your view, a devastating blow has been dealt to crypto, or a much-needed purge is in progress due to the SEC suing Ripple and two of its top executives for selling XRP tokens which the regulator claims were unregistered securities.

Elad Roisman has been appointed to chair the U.S. Securities and Exchange Commission (SEC), according to a tweet shared by Commissioner Hester Peirce.

The world’s biggest crypto cryptocurrency, Bitcoin, has exceeded the Visa payment giant by the market capitalization value.

In light of the U.S. Securities and Exchange Commission’s (SEC) impending lawsuit against Ripple, some crypto exchanges have either halted trading for XRP and/or dropped the asset from their platform entirely.

BlackRock, the world’s biggest investment manager with some $8 trillion in assets under management, is looking for a Blockchain Lead in their investments division in New York.

December 2020 – Weekly Recap 3

Weekly Recap

December 7th, 2020 - December 14th, 2020

Welcome to our 2nd weekly recap for December.

Overview 

Crypto News

 

According to its Dec. 16 press release, CI Global Asset Management has wrapped up the initial public offering (IPO) of its CI Galaxy Bitcoin Fund.

The CME Group, a global markets company, and the world’s largest financial derivatives exchange, has announced that it will be launching Ether futures contracts for institutional traders.

Germany has passed a law that allows electronic securities to be recorded on a blockchain, according to reports from Reuters.

Popular bitcoin exchange company Kraken, today announced new investments and forthcoming features designed to bring the benefits of Bitcoin’s Lightning Network to its global exchange.

Cryptocurrency exchange Coinbase has confidentially filed a registration statement with the U.S. Securities and Exchange Commission (SEC).

After weeks of speculation that the Treasury Department was working on regulations that would affect crypto wallets, the Financial Crimes Enforcement Network (FinCEN) today issued proposed rules that would “require banks and money service businesses (‘MSBs’) to submit reports, keep records, and verify the identity of customers” who make crypto transactions into unhosted (read: private) wallets.

The Financial Crimes Enforcement Network (FinCEN), an agency of the US Treasury Department, has proposed a new set of rules that would require financial institutions to keep a record of certain transactions sent to private cryptocurrency wallets.

The Binance-backed exchange has added decentralized stock trading for Big Tech mainstays Facebook, Amazon, Netflix and Google. The update is the result of a partnership with Terra and Band Protocol.

As per the latest tweet by CEO Michael Saylor, his business software giant MicroStrategy has just acquired another massive lump of Bitcoin—29,646 Bitcoins worth a whopping $650 million raised recently from investors.

Solana

Solana

Solana is a layer-1 blockchain that is self-operational and does not delegate operations to any other attached chain, with a slight unique application of Proof-of-Stake; the addition of a component called Proof-of-History (PoH) within its consensus. Note that it is not a Delegated Proof-of-Stake, as that was a common mistake.

In contrast to the traditional usage of PoS protocols, the platform uses its consensus mechanism to timestamp transactions to maximize efficiency. This optimization can process up to 50-60,000 transactions per second, or TPS, with a theoretical limit of over 70,000 TPS.

Solana Cryptocurrency Architecture

Transactions are timestamped when they are added to a block, currently implemented at an interval of  800ms, using a decentralized clock based on the SHA256 hash function used in BTC’s Proof-of-Work (PoW) consensus mechanism.

Solana Decentralized Clock

Solana operates using a combination of leaders, validators, archivers, and etc. Leaders are responsible for producing new blocks and rotate every 4 blocks (1.6 seconds). Leaders produce blocks during their allotted slot, and timestamps received transactional entries. This allows transactions within a block to be broken down to their individual entries chronologically and divided into batches where participating nodes share an equally divided workload. Validators receive entries from the leader and submit votes confirming transactions entries are valid. After voting, the validators store result entries until sufficient parity amongst nodes is achieved. Batches of transactions are finally reconstructed after completion.

Transactions are initiated when clients send transactions to any validator’s Transaction Processing Unit (TPU) port. If the node is in a validator role, the transaction is forwarded to the designated node leader. Leader nodes bundles incoming transactions and timestamps them to create an entry to deliver to the appropriate cluster.

Clusters are sets of collaborating validator nodes that maintain the ledger integrity of the Solana blockchain. A node can register with any existing nodes and synchronize its registration to all included nodes at a speed proportional to the square number of participating nodes within the cluster. They are capable of subsecond confirmation and can currently support up to 150 nodes, with plans to scale up to hundreds of thousands of nodes. Confirmation time is also expected to increase logarithmically in relation to the numbers of validators.

“If the base is one thousand, for example, it means that for the first thousand nodes, confirmation will be the duration of three network hops plus the time it takes the slowest validator of a supermajority to vote. For the next million nodes, confirmation increases by only one network hop.”

Clusters are created using a genesis config, which will reference two public keys referring to a mint and a bootstrap validator. The bootstrap validator is responsible for the first entries to its specific ledger and will initialize its internal state with the mint account, which holds the number of native tokens as defined by the genesis configuration. The second validator will then be registered to the bootstrap validator as a validator. Additional validators will be registered with any registered member included in the cluster. When two clusters share a common genesis block, they are merged; but otherwise they will operate independently.

Fundamentals

SOL is currently trading at $1.54 with a circulating supply of 46,596,197 and a max supply of 488,630,611 tokens. The current market cap is $71,835,585 USD.

 

December 2020 – Weekly Recap 2

Weekly Recap

December 7th, 2020 - December 14th, 2020

Welcome to our 2nd weekly recap for December.

Overview 

Crypto News

 

Finance Ministers and Central Bank Governors of the G7 nations are reportedly unanimous in their call for robust crypto regulations.

Fidelity Digital Assets, the cryptocurrency arm of the Boston-based mutual fund empire, is set to offer Bitcoin-collateralized dollar loans, according to a Dec. 9 report published by Bloomberg.

In what is yet another victory for the still-nascent crypto-market, DBS, Southeast Asia’s biggest bank, has announced that it will launch a cryptocurrency exchange. The planned digital currency exchange will offer Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH).

Grayscale Investment Trusts added another $240 million or more worth of crypto this week.

Up to 100,000 ETH were also purchased by the company, which now trades at over a 120% premium.

Grayscale, the Bitcoin Trust custodian and digital asset manager, has added another $140 million worth of Bitcoin to their Bitcoin Trust portfolio within the last 24 hours.

Business intelligence firm MicroStrategy has completed a $650 million debt offering of 0.750 percent convertible senior notes, according to its Dec. 11 press release.

A new feature in Lumi’s iOS wallet allows traders to buy crypto assets through Apple’s popular payments service.

Cardano announced that Bondly is bringing new DeFi capabilities to its platform. Cardano expects to launch its major Goguen upgrade by end-February 2021.

It appears that Pornhub, the world’s largest adult website, is only accepting crypto for its premium service. The move was noticed on the site today after Visa and Mastercard cut off payments to the website last week.

December 2020 – Weekly Recap 1

Weekly Recap

December 1st, 2020 - December 7th, 2020

Welcome to our 1st weekly recap for December.

Overview 

Crypto News

 

While volatility in crypto has kept some payment companies at bay, Visa has plunged in to connect Visa’s payment system with USD Coin (USDC). USDC was developed by Circle, a company that specializes in digital payments.

According to Fundview, Hauck & Aufhäuser will roll out a crypto fund via its Hauck & Aufhäuser Innovative Capital (HAIC) GmbH subsidiary in Jan. 2021. Dubbed HAIC Digital Asset Fund I, the product will focus on Bitcoin (BTC), Ether (ETH), and Stellar (XLM).

S&P Dow Jones Indices announced on Thursday that it will be launching its own cryptocurrency indexes. The new products will reportedly go live in 2021.

According to data shared by Bybt analytics service, over the past 24 hours, Grayscale Investments fund spearheaded by Barry Silbert acquired another large amount of BTC.

Grayscale has added 7,188 BTC to its crypto holdings – that is $136,960,870 at the current exchange rate.

Grayscale, the Bitcoin Trust custodian and digital asset manager, has added another $140 million worth of Bitcoin to their Bitcoin Trust portfolio within the last 24 hours.

The world’s first ethereum Exchange Traded Fund (ETF) is undergoing an Initial Public Offering (IPO) at the Toronto Stock Exchange (pictured) under the ticker of QETH.U.

Next week, Canadian digital asset investment manager 3iQ will be launching an IPO of an Ethereum exchange-traded trust, The Ether Fund, on the Toronto Stock Exchange (TSX) under the ticker QETH.U.

In its Dec. 7 press release, the United States Department of the Treasury (USDT) mentions that the finance ministers of the G7 countries voiced strong support for regulating cryptocurrencies during a recent video conference:

There is strong support across the G7 on the need to regulate digital currencies. Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October.

DeFi – Radix (eXRD)

Radix

Radix is a layer-1 protocol dedicated towards supporting the DeFi ecosystem by building interoperable DeFi dApps and improving scalability, security, and decentralization. It had a successful token sale, and raised over $12.5mil USD.

The consensus layer of Radix features a cutting-edge, academically reviewed consensus algorithm: Cerberus, which will support the platform with multiple features. Along with a public network with linear scalability that could scale to thousands of nodes and billions of users, Cerberus also enables cross-shard atomic composability to allow DeFi applications on different shards to cooperate without stalling other applications or transactions. The algorithm is designed to deliver true transactional finality in real-time without any rollbacks.

Radix Engine v2, at the application layer of the platform, will utilize DeFi programming tools to assist developers in compiling complex financial applications with higher security using the on-ledger DeFi component library, enabling quicker market-ready builds and lower on-ledger runtime costs. Contributors to the library will be provided with an on-ledger revenue by the Radix Dev Royalties as an incentivization.

There are two goals of the ecosystem layer. The first is to improve user accessibility, beginning with partnerships with Copper and the Ren Alliance. Second, it’s to improve DeFi liquidity using the Radix ledger, which promises to be low-cost with high-throughput to allow assets to move more efficiently between DeFi applications. Radical skunkworks projects such as StakeHounds also support Radix in unlocking billions in liquidity across crypto ecosystems.

Radix ERC20 tokens are known as E-Radix (eXRD), and lauched prior to the Radix mainnet. The token sale opened on Oct 8th, 2020 with a supply of 642m purchasable E-Radix, and was intended to promote the distribution of stake and decentralization of the tokens. E-Radix supply is balanced between current market supply and demand of the tokens; market price will determine how many E-Radix tokens will be unlocked. This design is intended to promote a supply and demand equilibrium. The starting circulating supply of E-RADIX tokens was 42m, with a maximum circulating supply of 4.41Bn.

E-Radix Distributions

E-Radix can be converted 1:1 to Radix tokens when the mainnet is live in Q2 2021. Once launched, 5.19Bn Radix tokens will be created and released following the same unlocking schedule as the E-tokens. The starting circulating supply of Radix tokens will be 51.9m tokens, in addition to any E-Radix tokens exchanged for Radix.

Radix Distributions

The Network Emissions for Staking Rewards are capped at 12B Radix tokens and are to be released over a minimum of 40 year period. 200m E-Radix is allocated towards Liquidity Incentives, to be distributed over a 6-month period to community members who provides liquidity to the E-Radix token. An additional 2.4Bn Radix tokens will be created and locked into a Stable Coin Reserve of the Radix Mainnet, to future-proof towards the long-term integration of stable coins as part of the network.

*Founder/Team will get no E-RADIX tokens and will only have their allocation of price-locked RADIX tokens with the initiation of mainnet.

Community distribution and allocations of Radix tokens.

Fundamentals

eXRD is currently trading at $0.090 with a circulating supply of 380 Million coins and a max supply of 4.41 billion coins. The current market cap is $$34,448,379 USD.

 

November 2020 – Weekly Recap 4

Weekly Recap

November 23rd, 2020 - November 30th, 2020

Welcome to our 4th weekly recap for November.

Overview 

Crypto News

 

After rallying 80% in two months, Bitcoin (BTC) is recapturing media interest from the top end of town, with The Wall Street Journal discussing the cryptocurrency’s adoption among institutional investors on the site’s home page on Nov. 23.

Japanese financial giant SBI Group has announced a cryptocurrency lending service in its Sept. 24 press release.

It will be offered through the company’s cryptocurrency-oriented arm SBI VC Trade.

Binance has announced that it will support XRP’s Flare Networks snapshot and airdrop of Spark tokens and is the latest major exchange to support the event.

IOTA in collaboration with Pantos is looking to promote blockchain and DLT interoperability under the aegis of a new research laboratory dedicated to the two emerging technologies.

John Ratcliffe, the US Director of National Intelligence, has reportedly penned a letter to the Securities and Exchange Commission (SEC) expressing concern about China’s control over Bitcoin and crypto.

Crypto rating agency Weiss Ratings is reporting that the anticipation of a post-Covid world is serving as fuel for Bitcoin’s ascent while other safe-haven assets like gold are losing their luster.

The firm, which invests across asset classes on behalf of companies, pension funds, and sovereign wealth funds, wrote in a filing on November 27 that it might “seek investment exposure to bitcoin indirectly” via Grayscale’s Bitcoin Trust product (GBTC) through its Macro Opportunities Fund.

Thousands of new nodes have joined the ethereum network in the last few days to reach 11,162, one of its highest number in years.

There were some 8,000 nodes on November 15th, with it beginning to jump on the 22nd from 9,500 to more than 11,000.