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Ethereum 2.0 Zinkel TestNet Gives Reassurance for Launch in 2020

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The progress made with the Ethereum 2.0 testnet Zinkel, Medalla as well as others, gives a renewed hope of the migration of the network before the end of this year.

The proposed 2020 launch of Ethereum 2.0 just got a pat in the back following the successful launch of the Zinkel testnet. Per reports from Cointelegraph, the Ethereum 2.0 Zinkel testnet is the network’s first trial that beat expectations as it gave the expected results within minutes of launch.

With months of work put into the development and perfection of the Ethereum 2.0, the journey has been filled with the launch of different testnets all necessary to perfect the launch of the Ethereum 2.0 phase 0 which will signal the network’s move to proof of stake mechanism.

The need to move the ethereum network from its current proof of work network to the proof of stake network is based on the scalability issues the network is currently facing amidst the growing number of decentralized applications. From the network’s current 15 transactions per second, the move to Ethereum 2.0 will scale to transaction rate per second to about 100,000.

The Ethereum 2.0 Zinkel testnet which was launched at 12 PM UTC as reported saw a tremendous amount of participation with relatively no much bugs detected. As noted, the participation for any testnet as the developers earlier opined should have at least a 66% of the total stakes used in confirming blocks in order for the blockchain to be considered finalized.

Danny Ryan, the leading developer overseeing the entire ethereum migration to proof of stake acknowledged that the Ethereum 2.0 Zinkel testnet turned out impressive as its genesis went as expected.

Ethereum 2.0 Zinkel: Correction of the Failed Spadina Testnet

The ethereum foundation initially launched the Spadina testnet to serve the same purpose as the current Zinkel testnet served, which is to test the start of the genesis chain for the migrated network. As Coinspeaker.com reported back on September 30, the Spadina testnet failed as there were accounts that the enrolled validators were unable to launch their clients.

The glitch experienced with the Spadina testnet was later attributed to the influence of bugs which the Zinkel testnet has successfully corrected. The network also has a series of testnets in place particularly the Medalla testnet. The Medalla testnet as of today currently has over 60,000 validators with the total amount of Ethereum coins tested surpassing $2 million.

The progress made with the Zinkel, the Medalla as well as the other testnets, has given a renewed hope of actually keeping to the long-anticipated migration of the network before the end of this year. While Danny Ryan clearly noted that few more perfections may be implemented, the bulk of further testing now is reportedly left for the network’s developers.

With the incessant delay in the launch of Ethereum 2.0, the network has been predisposed to further competition from the likes of the Tron Network who seeks to lure DeFi projects. Should the ethereum migration take place as expected anytime from now, the increased scalability will reposition the network as the premium foundation for decentralized finance innovations.

Altcoin News, Blockchain News, Cryptocurrency news, Ethereum News, News

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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How does Liquidity Rule Everything On-Chain?

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Having received a grant from the OAX Foundation, OpenSwap is dedicated to offering solutions to DeFi and providing an answer to the dilemma surrounding liquidity in the DeFi landscape.

It is important to understand the power of not just liquidity, but also the unique positions markets are placed in when there is a concentration of it. Without liquidity, there is no market. This doesn’t just apply in the world of cryptocurrencies, but rather all markets around the world. In this article, we explore the role of liquidity in the grand scheme of the cryptocurrencies and how a certain company plans to make a positive impact.

What Exactly Is Liquidity?

In general, liquidity refers to how easily an asset can be converted into cash or other assets without affecting the market price. In terms of cryptocurrencies, liquidity refers to the ability of a coin to be easily converted into fiat or other coins. For example, if you hold a giant, fancy house on a remote and deserted island by yourself, you might have a hard time getting your house exchanged for cash or even fishes – making it illiquid. But if you want to buy or sell a reasonable amount of BTC on a BTC/USDT pair, you can easily do that now, meaning that BTC is more liquid than a lonely house on a remote island.

But Why Is Liquidity Important?

It is easier to trade assets in a liquid market since buy or sell orders will be filled more quickly due to the larger number of market participants. For a nascent industry like cryptocurrency, this matters greatly as illiquid assets often cause crashes – terminating a set of domino effects that the initial seller often did not intend on. Essentially, liquidity determines whether it is possible to enter or exit a trade at any moment, especially in the case of cryptocurrencies, given the fast-paced nature of the cryptocurrency markets. In a liquid market, the high trading activities tend to create an equilibrium market price that is acceptable to all or most – often helped through our trusted Automatic Market Makers (AMMs). Furthermore, the market price tends to have less fluctuations as there are large amounts of participants and orders, meaning that liquidity is of utmost importance and highly desired in any market or exchanges.

Take liquidity pools as an example. LPs are one of the foundational technologies behind the DeFi ecosystem since they are the source of life which DeFi draws liquidity from. Decentralized Exchange implies, well, decentralization — meaning many people need to provide the liquidity in order for it to be decentralized. Liquidity providers deposit a collection of funds into a smart contract, allowing the funds deposited to be used for facilitating decentralized trading, lending, and more. If you try to execute a large order in an illiquid market, you might see a difference between your intended price and your trade price, this is called slippage. Without liquidity, traders won’t be able to trade, which eventually leads to trader exits, this in the end will drain the liquidity pool. When a liquidity pool is drained, the corresponding DeFi technologies essentially collapse. It is not hard to imagine that if enough DeFi projects collapse, the current DeFi ecosystem will collapse as well.

Having said that, there are multiple unique new solutions being presented to address an ever-increasing liquidity problem in DeFi.

This is where OpenSwap comes in.

OpenSwap is the product innovated by IJS Technologies to revolutionize on-chain liquidity. OpenSwap is a decentralized Defi hub built on the Binance Smart Chain network (BSC), which allows users to execute swaps from major DEXs such as PancakeSwap and BakerySwap. Essentially, OpenSwap is introducing the concept of “liquidity queues” with oracles providing the spot market prices to allow users to always swap at market with no slippage and liquidity providers earning complete fees (without sharing) when their liquidity is used.

Traders looking to exit positions now have a new and more cost-effective option with OpenSwap Liquidity Queues. Traders can now join Liquidity Queues to sell their positions at the spot-market price decided by Oracles, which are further safeguarded by OpenSwap’s Secure Adaptor technology, which guarantees that critical circuit breaker safeguards are met before carrying out their trades. In addition to being able to sell at the spot market price without slippage, traders can also collect a percentage of the transaction fees generated by the sale. The OpenSwap Secure Adaptor Protocol leverages oracle pricing in a controlled manner providing traders with the security of layered circuit breakers that guard against sudden price fluctuations, front-running and compromised smart contracts. All in all, this means that traders are now able to have a valuable investment tool to hedge risks.

What OpenSwap offers is the chance to make informed trading or swapping decisions based on real-time and accurate data, on an intuitive platform. More importantly, it answers the question about liquidity in DeFi and finding the best way to profit from trading. OpenSwap’s aggregator will highlight Liquidity Queue options for Swap users looking for a good price to do their swap. Compared to other AMM-based pools, the OpenSwap Liquidity Queue for carrying out a swap listed is highly likely to be optimal for traders since it indicates that it will offer lower fees and prices according to the real-time data about price, slippage, and transaction fees. According to MarketWatch, the still young OpenSwap community has shown positive reception towards the efforts from the team thus far and it has boosted the confidence of the IJS Technologies team in bringing forth their vision of the next generation in DeFi liquidity.

Having received a grant from the OAX Foundation, OpenSwap is dedicated to offering solutions to DeFi and providing an answer to the dilemma surrounding liquidity in the DeFi landscape. In the future, the platform will bring further updates, including the addition of popular tokens to allow for a more comprehensive swapping experience.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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What is Going on with Garlicoin?

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Garlicoin has a max supply of 69 million GRLC and no inflation. All the coins are unlocked by miners, and the rewards are halved every 690,000 blocks.

From a cryptocurrency valued under 1 penny, Garlicoin is running toward 1 dollar and more, and almost nobody knows where it came from. At least not yet.

Believe it or not, Garlicoin is a memecoin started in 2018. It is as much of a memecoin as Dogecoin is. A community of Reddit users thought it would be funny to create a cryptocurrency inspired by garlic bread, and so they did. Now they are releasing a game on Steam, and the GRLC coin is climbing the market cap ladder.

The Beginning of Garlicoin

Like every successful cryptocurrency story, Garlicoin started as an idea and a noble goal.

Bitcoin’s goal was to create a free, decentralized financial system. Dogecoin’s aim was to mock the BTC clones and the market greed. Garlicoin’s was to honor the greatness of the garlic bread.

And up to this day, Garlicoin is standing for that goal.

In a time where garlic bread memes were the thing, in December 2017, a Reddit user, DigitalizedOrange, published a post that said “If this post gets 30,000 upvotes, I will make a garlic bread cryptocurrency called Garlicoin,”

He asked for 30,000 updates, and he received them. So, in January 2018, Garlicoin’s mainnet was live. To launch the cryptocurrency, the project team has forked Litecoin’s blockchain and adjusted it to their needs to make Garlicoin.

Because it is forked from Litecoin, the Garlicoin blockchain employs a proof-of-work consensus algorithm modified to allow and encourage commodity hardware GPU and CPU mining while preventing ASIC devices from joining the network.

The current version of Garlicoin’s consensus mechanism is called Allumi. It integrates Dash‘s DWG difficulty adjustment mechanism to tune difficulty according to the hash rate and is able to provide a block time of only 40 seconds.

When it comes to tokenomics, Garlicoin has a max supply of 69 million GRLC and no inflation. All the coins are unlocked by miners, and the rewards are halved every 690,000 blocks.

Currently, 63.74 million GRLC have been mined and are circulating into the market.

Why is Garlicoin Growing?

Garlicoin is growing for the same reason it did not fade away into the cryptocurrency winter. The reason is the Garlicoin community which is supporting the project.

The community reached over 100,000 members on Reddit and is expanding further.

Also, the developers worked relentlessly to see the project evolve further.

As other projects were doing rug pulls in 2018, Garlicoin has worked hard up until this day to expand its ecosystem and offer its community a garlic bread cryptocurrency that they can be proud of.

Over the last years, the Garlicoin team has released tipbots for Reddit and Discord, updated the code, and got GRLC listed on more exchanges.

In 2021, they launched a free faucet for GRLC, listed the coin on PancakeSwap, and launched WGRLC BEP20 token on Binance Smart Chain.

Furthermore, they are preparing to expand the Garlicoin ecosystem by linking its currency to a unique Garlic retro game on Steam, reinforcing the memes. Also, the game will come with monthly challenges that can win players prizes up to $100.

And starting with 2022, Garlicoin is set on getting more involved with the gaming world as they plan to release a game that integrates GRLC and to participate in various gaming competitions.

The Garlicoin community will expand and strengthen with all these going on while the GRLC’s price increases even further.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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Crypto market cap recovers $76B, altcoins rally after Bitcoin hits $34K

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Cryptocurrency traders received a reprieve from bearish market conditions on June 23 as Bitcoin’s (BTC) brief recovery to $34,880 triggered a rally in altcoins and hope that a wider market recovery will occur if the path laid out by the Wyckoff distribution model rings true.

According to data from CoinMarketCap, the total cryptocurrency market capitalization fell by nearly $230 billion between June 20 and June 22 but it has managed to regain roughly $76 billion in value on June 23 and now sits at $1.365 trillion as some traders viewed the correction as a dip-buying opportunity.

Total cryptocurrency market capitalization. Source: CoinMarketCap

The market cap for Bitcoin fell by $68 billion, or roughly 11% of its total value, on June 22 but has since recovered all losses and is actually higher now than it was before yesterday’s flash crash, sitting at $630 billion at the time of writing. 

According to “CL”, a pseudonymous trader on Twitter, further cause for optimism can be found in the record surge in futures open interest at Binance.

Altcoins rack up double-digit gains

Bitcoin’s bounce off its swing lows was welcomed by altcoins and data from Cointelegraph Markets Pro shows the majority of tokens in the green today.

According to data from Cointelegraph Markets Pro and TradingView, the biggest gainer so far has been Cybervein (CVT), which at one point saw its price surge as much as 112% on the 24-hour chart but has since pulled back to $0.0187, representing a gain of 62% since June 22.

CVT/USDT 4-hour chart. Source: TradingView

The second-best intraday performer is ANKR, which rallied 72% from $0.047 to $0.082.

According to data from Cointelegraph Markets Pro, market conditions for ANKR were favorable for some time prior to the market-wide pullback on June 22.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ANKR price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ANKR had been in the green in the week prior to June 2, and reached a high of 71 on June 21, around ten hours before the price rebounded from the sell-off and increased by 72%.

Other notable performances identified by Cointelegraph Markets Pro include a pair of 25% gains from VeThor Token (VTHO) and Flow, while the market’s most popular meme token Dogecoin (DOGE) gained 20%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.