Category Archives: Claim Coin

Ripple Explains FUDs Decrease in XRP Sales in Q3 Report

Ripple Explains FUDs, Decrease in XRP Sales in Q3 Report

                                   

Ripple Inc. has released its Q3 report, a move geared towards increasing the transparency of XRP ecosystem.

When the digital currency was launched in 2012, nothing more than 100 billion units of XRP was created, but “Ripple was gifted a portion of this XRP,” out of which it sells out to enlarge the XRP ecosystem by investing in ideas capable of reshaping the Ripple ecosystem. In the released report, Ripple stated that it decreased the sales of XRP by 74.5% compared to Q2 sales. This quarter, Ripple sold $66.24 million worth of XRP compared to $251.51 million it sold in Q2. During the last quarter, 3 billion XRP were released out of escrow and 2.30 billion XRP returned back. For now, Ripple is now available on over 140 exchanges worldwide, the report indicated.

During the quarter, Ripple’s investment arm Xpring launched developer platform to strengthen the relationship between developers and entrepreneurs and give them the advantage to build on the XRP Ledger while making use of XRP token. The developer platform is open-sourced and can accommodate the 23 million developers across the globe by giving them the chance to enable payments in any of their innovation. As well, Ripple invested in Logos, Coinme, BRD, and XRP-centric Coil partnered Mozilla and Creative Commons to launch Grant for the Web. Also in Q3, Bitpay and Xpring deals were sealed, and the formal is now supporting XRP, bringing the digital currency to its thousands of customers worldwide.

FUDs Everywhere.

Ripple tagged those making FUDs about XRP are only spreading misinformation purposely to undermine the nascent and innovative idea. It said bot accounts on Twitter are now more active at condemning Ripple’s XRP, and more unique bots are being created every time to do the same. Conversation about Ripple “dumping XRP” and “flooding the market” from bot accounts, increased by 179% quarter over quarter. While Ripple claimed it cannot manipulate the price of XRP, the company pointed that there is no difference between what is obtained in BTC, Ethereum community and XRP community. The same way large holders exist in many crypto community is the same way it

exist in XRP ecosystem.

“We do not see evidence that large holders of XRP are behaving materially differently than BTC or ETH ‘whales’.”

The company pointed that around 49% of conversation alleging Ripple of being involved in XRP price manipulations came from bot accounts.

Article Produced By
Olayode Yusuff

Olayode has made meaningful contributions to Huffington Post, Thrive Global, Oracle Times, The Independent Republic, Forbes, Washinghton Post and a host of other news magazine. He’s a blockchain enthusiast covering news on notable cryptocurrencies and seminars from far and within.

https://newslogical.com/ripple-explains-fuds-decrease-in-xrp-sales-in-q3-report/

Thomas ClaimCo.in

Willy Woo: Bitcoin Already Reached 40 of Fiat Currency Life Expectancy

Willy Woo: Bitcoin Already Reached 40% of Fiat Currency Life Expectancy

                                

The crypto community keeps exploring the features of the current situation around BTC

amid the constant movement of the most capitalized cryptocurrency rate in a narrow price range. A well-known analyst on Twitter under the nickname Money Man expressed the opinion that a further decrease in BTC price can cause the large-scale purchase of the cryptocurrency. The specialist shared with his readers, with the intention to acquire a large amount of BTC if it drops to the level of $ 5,000. At the same time, a well-known investor in the crypto community, Willy Woo, averred that the position of BTC is similar to the level of development which fiat currency could reach by only over 27 years. Against the background of the current situation of the most capitalized cryptocurrency, Bitcoin evangelist Pierre Rochard believes that the US dollar is the only competitor to BTC. At the same time, he notes that BTC has attracted more new users than any other saving asset in the market over the past 10 years.

Will Bitcoin Be Able To Replace Fiat Currency?

This brings up variety of online resources and most often forums about cryptocurrency. The discussion regularly reaches a boiling point, mainly demonstrating the opposing positions of programmers and economists. To conclude, how soon will the new currency be able to overcome the global financial system, we have to explore a similar experience. A clear example is the appearance of the Euro in common life. There was ECU until 1998. Europeans introduced the new system gradually and replaced the ECU with the EURO in ratio 1: 1. Theoretically, replacing such an international currency as the US dollar over 10-15 years is possible too.

Due to the growth of the United States, national debt analysts predict an imminent crisis in the country’s financial sector. Investors are already looking for alternative investment options. Some choose the Swiss franc, others choose the Japanese yen. At the same time, many of them are turned to the cryptocurrency. Bitcoin is characterized by amazing gains, especially in contrast to the profitability of investments over the world. Perhaps the USA is using Bitcoin as an alternate option, realizing the instability of the US dollar. These thoughts are prompted by the fact that cryptocurrency has been legalized and is being prepared for introduction into the stock market.

But we have to expect that Bitcoin will replace the US dollar soon. Today we are witnessing only the initial stage of the emergence of electronic money, which is not dependent on the control of state regulatory bodies. Rather, familiar currencies evolve in a competitive environment that arose after the advent of cryptocurrency. In this case, the mechanism of international transfers will be simplified, and operations will be cheaper. One thing that we can say with confidence is that we observe a truly epic confrontation of systems that have been established over the centuries on one hand and advanced technology on the other hand.

Article Produced By
Victoria Tiebienieva

Victoria Tiebienieva is an Europe based cryptocurrency writer with over 5 years writing experience in the cryptocurrency space. Victoria has written numerous articles for popular cryptocurrency websites across Europe and beyond. She has spoken about cryptocurrency in notable media houses across her country.

https://newslogical.com/willy-woo-bitcoin-40-fiat-currency-life-expectancy/

Thomas ClaimCo.in

V SYSTEMS and X-VPN Revamp TCPIP to Launch Blockchain-Powered Internet Protocol

V SYSTEMS and X-VPN Revamp TCP/IP to Launch Blockchain-Powered Internet Protocol

X-VPN and V SYSTEMS have co-launched a decentralized internet protocol called Tachyon that offers vast improvements on the current TCP/IP protocol.

                               

V SYSTEMS and X-VPN have co-launched Tachyon, a blockchain-powered internet protocol.

X-VPN is a leading VPN service that boasts 50 million active users, with its mobile app ranking among the top 20 globally on both Google Play and the Apple App Store. V SYSTEMS is a blockchain database project led by Sunny King, the inventor of Proof-of-Stake (PoS).

Building a Decentralized Internet Protocol

The two companies teamed up to build Tachyon, the next-generation decentralized internet protocol, by revamping TCP/IP with blockchain technology and other peer-to-peer (P2P) technologies. The move takes V SYSTEMS’ closer to its goal of creating a borderless internet that ensures security and privacy for users, and advanced network performance. V SYSTEMS also plans to build a Decentralized Finance (DeFi) ecosystem that hosts a wide range of DeFi apps. Tachyon will provide a “fundamental layer of decentralized information infrastructure” that is needed to support the fast and efficient development of DeFi applications. Tachyon will also take advantage of X-VPN’s huge existing user base to help it become a leading decentralized internet platform.

The Need For a Next Generation TCP/IP

Transmission Control Protocol/Internet Protocol (TCP/IP) is a suite of protocols that computers use when communicating over a network, such as the internet. After 36 years of use, TCP/IP-based internet communication is now starting to fail in meeting the demands of internet users. Tachyon states that there is an increasing demand for security, trust, speed, privacy, and stability, but the current vulnerabilities TCP/IP has makes it fall short in providing this. This has been proven by the deterioration of cybersecurity, with an increasing amount of significant incidents occurring over the last ten years. This includes malware attacks like “VPNFilter,” which infected more than 500,000 routers globally, and data breaches like at Yahoo! where 3 billion user accounts were compromised.

The erosion of privacy is also considered a problem, with huge state-sponsored surveillance organizations such as the NSA and GCHQ, and global intelligence alliances such as Five Eyes, collecting and sharing vast amounts of internet users personal information. The Tachyon Protocol hopes to overcome the current shortcomings of TCP/IP by combining proven P2P technologies, such as blockchain, UDP, DHT, and encryption. Next-generation infrastructure like this could help to facilitate the rise of Web 3.0, decentralized applications, and IoT. Tachyon states that in the future, it expects other blockchains to adopt its protocol and apply “its capabilities in DeFi, gaming, internet surfing, instant communication, data distributing, and other areas.”

Article Produced By
Darren Brazer

Managing Editor, Tech Journalist, and Financial Market Analyst. Darren has over four years of experience as a market commentator and two as a journalist. As Darren's experience in the blockchain industry has grown, so has his ability to spot stories, build industry contacts, and maintain a factually accurate standard of reporting. Darren started at [blokt] as a journalist, and due to his incredible attention to detail, he progressed to an Editor position. This was followed shortly after by his promotion to the Managing Editor position. He is responsible for maintaining our editorial process and guidelines for journalists, and for ensuring our editorial policy demands high professional and ethical standards from our writers.

https://blokt.com/news/v-systems-and-x-vpn-revamp-tcp-ip-to-launch-blockchain-powered-internet-protocol

Thomas ClaimCo.in

Monero Interview: Shedding Light on the Coming 015 Upgrade and RandomX

Monero Interview: Shedding Light on the Coming 0.15 Upgrade and RandomX

On Tuesday, October 1st, Justin Ehrenhofer, the Monero Community Workgroup Organizer, discussed the coming Monero 0.15 update and RandomX in an exclusive interview with Blokt.com.

                                 

Monero, a leading privacy coin and top twenty cryptocurrency by market cap,

is due to have one of its two scheduled upgrades this month. Monero 0.15 will bring it with it some new security and privacy features, a new proof-of-work algorithm called RandomX, and other changes. I spoke to Justin Ehrenhofer, the Monero Community Workgroup organizer, to shed light on the new update, RandomX, and other developments occurring at Monero.

The interview went as follows:

The Monero 0.15 software update is coming this month, could you tell us about that?

Monero 0.15 is one of Monero’s scheduled upgrades that happen twice annually. It contains new privacy and security features, more refined code, and a better GUI user experience. New users will now connect to the network in a more decentralized manner, and they will have the option of connecting with an effective anonymizing network (i2p). Users can now easily connect to Monero nodes that are run behind firewalls, such as school or apartment connections. These changes substantially will improve the robustness of the Monero network. The largest change is RandomX, a new take on ASIC-resistance. While the long-term effectiveness of RandomX is yet to be seen, a tremendous amount of effort has gone into designing, developing, testing, and auditing the new mining algorithm. This algorithm is the strongest effort to-date to prevent ASICs from dominating the Monero network.

What is RandomX, and why is it being implemented?

RandomX is a new Proof of Work (PoW) algorithm that is optimized for general-purpose CPUs. The idea is over a year in the making and relies on random code execution that is difficult for specialized hardware to manipulate. RandomX isn’t meant to be “ASIC-proof,” but it hopes to close the efficiency gap so significantly that other financial factors discourage significant network control. ASIC manufacturers’ small efficiency gains must be compared to the lost financial option to sell used generic hardware, for instance. In a volatile market, the flexibility of CPUs in particular shine.

The Monero community rigorously discussed the best paths forward for this update. For two of the last three updates, Monero’s proof of work tweaks were easily incorporated by ASIC manufacturers, who dominated the network in just a few months. RandomX is a significantly more aggressive change than a tweak to CryptoNight, Monero’s current base algorithm. Presented with RandomX and ASIC-friendly algorithms as options to adopt for this update, the community decided that RandomX better retained Monero’s long-standing principles. Hopefully this remains the situation for a long time.

Can you tell us about the coming Tor and i2p improvements?

Tor and i2p allow users to better conceal their network metadata, such as their IP address, from other Monero users. The Monero CLI supports Tor and i2p. The GUI supports i2p. The GUI now works well with Tails, a privacy-focused operating system. While network metadata isn’t the only piece of information to worry about protecting, users can now easily defend against network surveillance and adversaries that attempt to correlate user IP addresses with transactions.

What are the regulatory challenges Monero faces? How will these be dealt with?

Monero is a decentralized project in an ever-changing regulatory landscape. It is supported on many US-regulated exchanges and other cryptocurrency exchanges abroad. I believe that Monero faces more of a perception problem than anything else. Conservative exchanges and services may avoid Monero if they lack the resources to justify their compliance decisions. Nevertheless, I’m optimistic that the importance of privacy is better understood now by the public than it was when Monero launched in 2014. Monero is also a much healthier project with hundreds of contributors who want to do good.

How can people stay up-to-date on the latest developments in the Monero ecosystem?

Users should subscribe to the [Monero-announce mailing list](https://lists.getmonero.org/postorius/lists/monero-announce.lists.getmonero.org/) at the bare minimum to learn about network updates. Beyond that, they can watch the monthly [Coffee Chats](https://youtube.com/c/monerocommunityworkgroup) or join the biweekly [community workgroup meetings](https://reddit.com/r/MoneroCommunity). Developers can follow projects on GitHub and join the biweekly developer meetings in #monero-dev.

The second edition of Mastering Monero is coming soon, can you tell us about the book?

Mastering Monero is a free, community-contributed resource that introduces readers to many of the idealistic and technical concepts of Monero. You can get print and digital copies from https://masteringmonero.com. The second edition is still in the early stages.

What might we see happen in the Monero ecosystem over the next 12 months?

As far as major protocol changes are concerned, keep an eye on ring signature upgrades. Omniring, Lelantus, and RingCT 3.0 offer alternative ways to improve Monero’s privacy and efficiency, though these still need further evaluation before being used in production. On the community side, I hope that the decision-making process is more formalized and accessible to newcomers. There are talks of the next Monero Konferenco in Europe, and Monero will hopefully have its own village at Defcon again next August.

Article Produced By
Darren Brazer

Managing Editor, Tech Journalist, and Financial Market Analyst. Darren has over four years of experience as a market commentator and two as a journalist. As Darren's experience in the blockchain industry has grown, so has his ability to spot stories, build industry contacts, and maintain a factually accurate standard of reporting.Darren started at [blokt] as a journalist, and due to his incredible attention to detail, he progressed to an Editor position. This was followed shortly after by his promotion to the Managing Editor position. He is responsible for maintaining our editorial process and guidelines for journalists, and for ensuring our editorial policy demands high professional and ethical standards from our writers.

https://blokt.com/news/monero-interview-shedding-light-on-the-coming-0-15-upgrade-and-randomx

Thomas ClaimCo.in

CipherTrace Tracks 700 Digital Coins and Tokens Ahead of Tightening Regulations

CipherTrace Tracks 700 Digital Coins and Tokens Ahead of Tightening Regulations

Tracking the actual blockchains and transactions may be necessary as stricter regulations turn to the blockchains themselves to trace illegal transfers of value.

                                  

CipherTrace, one of the pioneers in blockchain tracking,

has expanded its capacity to provide data on 700 types of assets. Initially starting with Bitcoin (BTC), now CiperTrace aims to track the 100 best-traded assets. Because the crypto market only selects some tokens, CipherTrace has managed to expand to 87% of the most active pairings. The possibility for detailed blockchain reports can help with KYC procedures, where even the origins of crypto coins can be tracked. Within the recent selection, not only the leading coins were included, but

also hundreds of ERC-20 tokens.

“I would emphasize that this giant leap in blockchain visibility was no easy feat,” said Shannon Holland, CipherTrace CTO. “It has taken intense work and technological breakthroughs over the last four years, as well as collaboration with regulators and financial investigators. We can now discern and automatically verify previously unfathomable amounts of blockchain data and characterize it with a high level of confidence. We will continue to add more tokens, stablecoins, and blockchains in the coming months.”

The need to track tokens has been demonstrated mostly after exchange hacks. The most notorious example was Cryptopia, where a hacker took control of ERC-20 token wallets. Partial analysis showed some of the token movements, but in the end, most managed to be moved to exchanges without flagging. The other source of requirements for crypto coin movements may come from the US tax service, the IRS. According to the latest guidelines, some taxable events occur even without the need to sell the assets for fiat. The IRS requirements are still unclear, but more blockchain knowledge and tracking may increase the drive to tax crypto coins. Until recently, token addresses and tainted wallets were only flagged sporadically, when discovered in relation to hacks or exploits. Now, CypherTrace allows regular tracking and even anti-money-laundering

measures on the blockchain.

“Only by helping virtual asset service providers rid their networks of criminals and terrorists will the industry achieve the level of trust required for widespread adoption and government acceptance,” said Dave Jevans, CEO of CipherTrace. “Until now, large swaths of the cryptocurrency ecosystem have remained opaque to AML and CTF monitoring. By delivering the most comprehensive cryptocurrency intelligence, we are helping to create a multi-trillion-dollar global crypto economy.”

Article Produced By
Christine Masters

Business writer with a knack for bubbles and market madness. Has tracked it all: the financial crisis of 2008 and the implosion of Lehman Brothers; bank bailouts and peak gold and silver, penny stocks…and now Christine has moved to cryptocurrencies for fresh stories.

https://cryptovest.com/news/ciphertrace-tracks-700-digital-coins-and-tokens-ahead-of-tightening-regulations/

Thomas ClaimCo.in

Telegram to Delay TON GRAM Token Launch for Spring of 2020

Telegram to Delay TON (GRAM) Token Launch for Spring of 2020

Ahead of a US Securities and Exchange Commission court hearing, the Telegram team decided to delay the actual token launch.

                             

Telegram may want the least complications in its upcoming hearing with the Securities and Exchange Commission.

For that reason, the project sent out a message to ICO participants, stating the distribution of TON tokens would be delayed at least until April 2020. At this point, the token distribution may give the SEC more grounds to state that Telegram will distribute an

unregistered security via exchanges.

“Telegram never held a public ICO and instead raised funds directly from 171 private investors, each of whom were verified as "professional clients," meaning that they have sufficient wealth to avoid the usual level of protection provided by the SEC. Nevertheless, the government claims that the distribution of those tokens itself should be considered as a public offering of securities, even though Gram tokens are clearly meant to be used as money and not as shares in the Telegram app,” commented Mati Greenspan, senior market analyst at eToro.

The SEC called for a court order to halt the activity of the Telegram token-based project, based on claims that the TON digital asset was an unregistered security. Currently, large-scale ICO backers still hold onto the tokens, with only a small-scale secondary market on derivatives

based on TON (GRAM) tokens.

The SEC's move to shut down Telegram's crypto project raises questions about the big venture capital firms that gave it $1.7 billion and convinced themselves that it would pass regulatory muster. That includes Benchmark, Sequoia and Lightspeed.

The Telegram ICO, which reportedly gathered the equivalent of $1.7 billion, did not go through a crowdsale, which may diminish the impact of the SEC action. Unfortunately, all backers had to wait for more than a year until the token launch. The SEC announced its decision to block the token project just two weeks before the tokens were supposed to be unlocked for trading. The Telegram ICO was supposed to be an event to boost the performance of the altcoin market, with a long-awaited asset that also has a strong use case within the Telegram ecosystem. Unfortunately, the announcement that the token sale was illegal broke down optimism further. The GRAM token was also supposed to be another instance of using a digital asset within a well-established product, the Telegram chat app. Unfortunately, the launch is not going to be used as a gauge on the potential success of Facebook’s Libra. In the past, multiple projects tried and failed to link mainstream chat products with a token. The Status Network project did not have an appealing chat product, and Kik saw

its token attacked by the SEC as well.

The SEC's move to shut down Telegram's crypto project raises questions about the big venture capital firms that gave it $1.7 billion and convinced themselves that it would pass regulatory muster. That includes Benchmark, Sequoia and Lightspeed. 

The Telegram ICO, which reportedly gathered the equivalent of $1.7 billion, did not go through a crowdsale, which may diminish the impact of the SEC action. Unfortunately, all backers had to wait for more than a year until the token launch. The SEC announced its decision to block the token project just two weeks before the tokens were supposed to be unlocked for trading.

The Telegram ICO was supposed to be an event to boost the performance of the altcoin market, with a long-awaited asset that also has a strong use case within the Telegram ecosystem. Unfortunately, the announcement that the token sale was illegal broke down optimism further. The GRAM token was also supposed to be another instance of using a digital asset within a well-established product, the Telegram chat app. Unfortunately, the launch is not going to be used as a gauge on the potential success of Facebook’s Libra. In the past, multiple projects tried and failed to link mainstream chat products with a token. The Status Network project did not have an appealing chat product, and Kik saw its token attacked by the SEC as well.

Article Produced By
Christine Masters

Business writer with a knack for bubbles and market madness. Has tracked it all: the financial crisis of 2008 and the implosion of Lehman Brothers; bank bailouts and peak gold and silver, penny stocks…and now Christine has moved to cryptocurrencies for fresh stories.

https://cryptovest.com/news/telegram-to-delay-ton-gram-token-launch-for-spring-of-2020/

Thomas ClaimCo.in

Ford Uses Blockchain Technology to Track Its Green Miles Project

Ford Uses Blockchain Technology to Track Its Green Miles Project

In yet another innovative application of blockchain,

American automaker Ford has decided to use open ledger technology along with geofencing techniques to track the distance covered by its energy-efficient vehicles. The company has given the name “Green Miles” to this project. Ford has announced the expansion of its pilot project involving plug-in hybrid electric vehicle (PHEV) to Cologne (Germany). The Pilot project is currently running in Europe, and the company is analyzing the various kinds of benefits realized owing to the use of PHEV. The areas in which Ford is tracking the benefits primarily include the improvement in the air quality (environment) and the difference it makes in the life of the owners of the vehicles. During this expansion phase, one Tourneo Custom Plug-In Hybrid people mover and nine Ford Transit Custom Plug-In Hybrid vans will be inducted.

Blockchain Role

All the metadata related to emissions will be recorded on the blockchain, which will be then be used to find whether these PHEV have made some significant differences in improving the quality of the environment and life of the customers or not. Mark Harvey, director, Commercial Vehicle Mobility, Ford of Europe, said that the company is committed to the goals of sustainability and environment protection, and by expanding the operational scope of this project, Ford is confident of achieving its goal of providing cleaner air quality to citizens.

So that you know, many cities in Europe are introducing stricter emission norms to help cut the menace of air pollution and rapidly degrading environment quality. Ford is quite confident that by combining the prowess of blockchain and geofencing, it is going to achieve its goals on the sustainability front. Gunnar Herrmann, chairman of the management board, Ford-Werke GmbH, said that the blockchain technology used by the company in Cologne is very secure and its ability to provide tamper-proof data will help them to have a genuine record of emissions data related to these PHEV. That, in turn, will prove beneficial as all the stakeholders will have genuine data to further work upon.

Article Produced By
Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

https://www.cryptonewsz.com/ford-uses-blockchain-technology-to-track-its-green-miles-project/46309/

Thomas ClaimCo.in

Nasdaq Includes AI-Powered Index CIX100 in its Top 100 Coins

Nasdaq Includes AI-Powered Index CIX100 in its Top 100 Coins

Nasdaq, the 2nd biggest stock exchange in the world,

has listed the well-known cryptocurrency data provider Cryptoindex’s CIX100 index powered by Artificial Intelligence. The update was shared through an official press release dated October 15, 2019.

A cryptocurrency market benchmark

CIX100 has become a benchmark in the cryptocurrency market as it utilizes an algorithm based on a neural network for analyzing data for the topmost 100 digital currencies. The index analyzes and filters the crypto data after considering more than 200 factors. In addition to that, it apparently employs an exclusive formula that is designed in such a way that all the coins with forged rankings and volumes get excluded. The tool is human-free and is targeted at both the professional investors and new entrants in the industry.

As the press release notes, this AI-powered index derives data from 9 biggest digital currency exchanges from across the world. It also considers trade results, data from social media, as well as news releases. Moreover, only those coins that have succeeded in finding a place in the top 200 consistently for a minimum of 3 consecutive months get added in the index, which is rebalanced every month. It is vital to note that prior to the Nasdaq listing, Cryptoindex CIX100 got listed on TradingView, Bloomberg, and Reuters. Apparently, it has also gained over 1100 percent since its formation in the month of May 2017. The data aggregator’s AI-powered price predictions are 82 percent accurate on a daily average.

The firm seems to be excited to have acquired a listing on Nasdaq, which they believe would place them as a prime crypto indices player. Austin Kimm, Cryptoindex’s advisor, expressed that the team was honored with this listing since Nasdaq is considered an important platform when it comes to monitoring classical indices for the institutional investors. Adding further, Kimm said that their firm’s methodology not only meets the requirements of extremely regulated asset managers but also of professional and institutional investors.

Article Produced By
David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

https://www.cryptonewsz.com/nasdaq-includes-ai-powered-index-cix100-in-its-top-100-coins/46332/

Thomas ClaimCo.in

The Perth Mint Issues a Digital Token Backed by Physical Gold Reserves

The Perth Mint Issues a Digital Token Backed by Physical Gold Reserves

The issuance of new digital currencies has almost become a given in this day and age.

Not all of these currencies are linked to companies active in the world of blockchain and cryptocurrency. The Perth Mint Gold Token is a good example. It is issued by a recognized financial institution and aims to revolutionize payments.

Back to the Gold Standard?

It is somewhat remarkable to see so many companies and service providers show a desire to go back to a form of money tied to physical gold. Although the gold standard was removed from the equation many decades ago, there appears to be a chance it will make a comeback. Whether that will be through digital currencies or other means, remains to be determined. For the Perth Mint, a digital currency is seemingly the way to go.  Earlier this week, the institution introduced its own currency, known as the Perth Mint Gold Token. It may not be the catchiest name by any means, but it does serve a purpose. This currency is tied directly to a real commodity in the form of gold. Those god reserves are located in a physical vault owned by the Perth Mint. It is a sensible business model, and one that may help put digital currencies on the map as a whole. 

What is its use?

There are several reasons as to why the Perth Mint decided to take this course of action. Although the trading of gold has been going on in physical form for some time now, it is not all that easy to trade it in a digital format. Several service providers exist, but it seems investors and traders have waited for a legally recognized entity to get in on the action. The Perth Mint is a major institution in Australia, thus their venture will undoubtedly attract a lot of attention. Clients who use the Perth Mint Gold Token can exchange it to cash through a mobile application. The mint also confirms the value of the currency will be certified. Users can have the physical product – i.e. the gold linked to this digital currency – delivered to their door for safekeeping. In doing so, the Mint instills a lot of trust, as the user is not reliant on their vault to move money around. All of the tokens are tracked using a proprietary blockchain, which will allow for instantaneous transactions between users at all times. 

An Interesting Venture

Regardless of how one feels about this new digital currency, it sends an interesting signal to the financial sector. Gold often gains popularity during times of financial instability and looming recession. It is no coincidence the Perth Mint decides to embark on this journey at this exact moment. There has been plenty of volatility across all financial markets, and investors have flocked to gold as a result. By digitizing this commodity, it suddenly becomes a lot more accessible for everyone to get their hands on bullion, at least in Australia. 

Article Produced By
JP Buntinx

https://themerkle.com/the-perth-mint-issues-a-digital-token-backed-by-physical-gold-reserves/

Thomas ClaimCo.in

BitGo Confirms Tron Will Receive Institutional-grade Support

BitGo Confirms Tron Will Receive Institutional-grade Support

Most active service providers in the cryptocurrency space
– other than wallets and exchanges
– tend to focus on a handful of currencies at all times.

BitGo is one of those companies which primarily supported the top cryptocurrencies at first. In a new update, it seems Tron will be added to this platform. The current goal is to enable TRX support by November 2019. 

BitGo is Expanding

It is good to see a well-established service provider such as BitGo focus on expanding the support for additional cryptocurrencies. The company is best-known for providing cryptocurrency solutions that cater to institutional clients. Primarily those who seek secure storage solutions and multisignature solutions can benefit from what BitGo has to offer. Although it has been quiet on the company’s front lately, it seems their time has been well spent. More specifically, the company has officially confirmed they will add another cryptocurrency to its services in the near future. That currency will come in the form of Tron, or TRX. The choice for this particular currency is rather intriguing, primarily because Tron has not necessarily seen any institutional interest to date. Then again, there are more currencies than just Bitcoin, Ethereum, and XRP.

Custody Services Galore

It is evident BitGo has positioned itself in the world of cryptocurrency custody services. Their clients include exchanges, brokers, and futures contracts providers, among many other business models. They are also the oldest custody provider in the cryptocurrency space today. For Tron, this means they receive a proverbial nod of approval from a well-established company. According to the company, there has been a growing interest among clients who want to see custodial support for TRX. It remains to be seen which kind of use cases this will unlock over time, as there are many different opportunities to explore. The BitGo team had a previous collaboration with Tron’s developers, as they helped build the first institutional-grade mutisig wallet. The move to on-chain multisig is rather logical.

The Impact on TRX

When good news arises for any cryptocurrency, the asset in question will often see an artificial and orchestrated brief uptrend. Whether or not this will happen following the BitGo announcement, is a different matter altogether. While there is seemingly a demand among institutional clients regarding TRX, that would not necessarily result in a price increase across the different exchanges and trading platforms. 

Article Produced By
JP Buntinx

https://themerkle.com/bitgo-confirms-tron-will-receive-institutional-grade-support/

Thomas ClaimCo.in