Macro Indicators are in Bunch of Uncertainty
The underway bear market in which almost all the digital assets have contributed is expected to continue. The macro indicators also have showcased a sign of uncertainty probably due to the US Presidential Election. Moreover, the most preferred digital assets BTC and ETH are also correlated to Macro according to Director of Research at the Block, Larry Cermak.
He also said that the market buyers in the DeFi market are exhausted and therefore currently the ‘cooldown’ time has approached. However, he made it clear that this bearish trend would not continue for a long time. As more of other stuff like DeFi, yield farming, etc was taking place in the crypto space that led to an overheated environment. And as a result, Bitcoiners became farmers for a while.
Bitcoin Bull Market is still on the Toes
While the crypto space underwent a huge dip in the past couple of days, yet a major bull run is awaited for the crypto space in the coming days. A bitcoin analyst, MoonCarl has predicted that BTC can touch $20000 any week from now, and hence stacking Bitcoin would be a strong move.
Bitcoin and other altcoins currently facing a slight decline and also trending in a very narrow range. However, the narrow fluctuations are supposed due to the US Presidential elections which are approaching very soon.
On the contrary, if the bear market continues, a good bitcoin buy phase would also open up a huge buying pressure that could pump the bitcoin price in the coming days.
Collectively, despite the current downtrend, the traders and the crypto followers have maintained a positive approach and expect a huge bull run in the coming days.
Bitcoin which successfully maintained above $10,000 for almost more than 50 days is another indicator that points to an upcoming breakout.
In 2017, the gaming world was revolutionized by the massive success of a simple blockchain game called CryptoKitties. It enabled players to breed and trade unique digital cats via a series of smart contracts on the Ethereum blockchain. That simple concept led to a game that now boasts millions of dollars’ worth of user transactions, spawned a blockchain company that attracted serious venture capital investment, and garnered near-constant media coverage for months after launch.
It also showcased blockchain gaming as a force to be reckoned with in the future gaming space. But in the years since, developers have had a hard time building on the early success. Part of the problem has been a lack of a viable financial model to support long-term blockchain game development. And that’s exactly what Team3D aims to create with the recent announcement of the public listing of their new VIDYA cryptocurrency.
What is VIDYA?
VIDYA is the opening move in Team3D’s broader campaign to create a thriving new blockchain gaming ecosystem. The goal is to use VIDYA to accomplish several vital tasks to further that effort. First, it will serve as a cross-game currency and inventory system that will enable developers to build multiple linked games that feature item sharing and other cross-connected gameplay mechanics. It will also serve as a bolt-on escrow system that developers can use to create wager-based game lobbies for their player-versus-player and multiplayer games.
But most importantly, VIDYA is to serve as a funding mechanism to provide game creators with the financial support necessary to do the kind of long-term development that will result in revolutionary new blockchain gaming concepts. To begin, 30% of the total minted VIDYA will remain reserved for game development costs, which will provide seed funding for several games, at least one of which is already in the late stages of development. But the long-term funding will come from small staking fees assessed upon the successful completion of any VIDYA-connected game match. That means that players of each new game will become the financial fuel for others in the ecosystem.
Who is Team3D?
To understand how the idea for VIDYA came to be, it’s important to understand who its creators, Team3D, are. They’re a Toronto, Canada-based group of digital artists, game developers, and blockchain programmers who have been building dApps on the Ethereum blockchain for almost as long as it has been publicly available. Between them, they already have a plethora of decentralized games and tools to their credit, including notable dApp titles like TronGoo, TronFarms, and 0x60.
They’ve also experienced firsthand what it’s like to try and develop groundbreaking blockchain-ready games for serious gamers. What they encountered was a blockchain gaming environment that’s set up to reward simple revenue-generating games rather than fostering innovation and experimentation that blends tokenomics with engaging gameplay elements. It was an ecosystem that incentivized developers to create safe, carbon-copy games in the shortest possible time.
And that’s where the idea for the new VIDYA ecosystem had its genesis. According to a Team3D representative, the whole point of VIDYA is “To sustain an economy built for real games that have been in development for over two years, that touch on different aspects of tokenomics that we have seen so much of lately, such as deflationary and proof-of-liquidity models.” In other words, it aims to turn the traditional blockchain gaming financial model on its head – and to give developers what they need to build games that serious gamers will love, instead of building mass-market carbon copies of earlier games.
What to Expect from Team3D and VIDYA
The public sale of VIDYA began on August 22nd, but that’s not the end of the story. It’s only the beginning. That’s because Team3D is already hard at work building out the other elements of their platform to turn their blockchain game ecosystem concept into a reality. They’re already knee-deep into the development of VIDYA’s cross-game inventory and equipment system as well as its staking mechanism.
The inventory system will be a game-changer because it will allow players true ownership of in-game purchased items. Unlike traditional in-game purchases which may be modified or discontinued by publishers at any time, items in the VIDYA system are immutable. That means they will form the basis for a viable secondary market where gamers can buy and sell the items they’ve acquired as often as they choose. And the system won’t be under the control of a publisher, giving the player total control over their assets.
Owners can also opt to invest their VIDYA in the platform’s liquidity staking system, known as Generator. It offers investors the chance to earn additional VIDYA by contributing to the currency’s liquidity. In exchange for their stake, participants will receive a daily percentage of the system’s earnings from its varied operations. It’s a risk-free way to become a supporter of the concept while earning a tidy sum.
Team3D is also about to begin testing on a blockchain-connected FPS game concept that will represent a major gaming breakthrough and a milestone in blockchain game development. If all goes well, Team3D expects to launch a completed VIDYA-connected game within the fourth quarter of 2020. It will function both as a proof-of-concept as well as a symbol of their ongoing commitment to keep innovating in the space for the long term.
And at the same time, they’ll be bringing all of these developments together into a central management platform, known as TeamOS. It will give all stakeholders, be they VIDYA holders, game item owners, or even participating 3rd-party developers a single location to manage all of their VIDYA assets. It will be the culmination of the many development threads covered here, and a living symbol of the breadth and depth of the VIDYA concept as a whole.
How to Learn More about VIDYA
Since the ongoing development of the VIDYA ecosystem is still a work-in-progress, there’s bound to be even more developments coming from Team3D in the coming months. And as passionate gamers and developers, they’re more than happy to discuss their future plans and progress with anyone who’s curious about them. Team members are always easy to find via their official Telegram account and their Discord channel.
And of course, the Team3D website will be updated frequently as development work progresses on VIDYA and its connected projects. Also, the site is going to serve as a hub for the upcoming VIDYA cross-game inventory system as well as for all of the games that will eventually become a part of the platform. So, remember to check out the site as frequently as possible to stay up to date on all things VIDYA as the work continues – and to witness the birth of a new era of cutting-edge blockchain gaming, unlike anything that’s come before it.
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The post VIDYA’s Public Sale Marks the Dawn of a New Blockchain Gaming Era appeared first on Bitcoin News.
Several leaders in banking, payments and politics are joining the Chamber of Digital Commerce, a major voice for the blockchain industry in Washington, D.C.
The crypto market is not without much surprises within the last 24 hours. Although bitcoin still remains static but showing signs of an inbound price revival, many alternate coins are taking alternate routes to either make massive gains or sink in the process.
The general crypto market is experiencing a second wave of alt season since the last one in 2017.
#1. OMG Network (OMG 13% Up):
After its popular rebranding from OmiseGo, OMG is taking a top spot in the free markets. The coin is up by 13% since the last day.
Around 90% of market respondents are bullish on OMG and it seems the top coin is en route accepting gains to cancel out its year loss.
Within the last one year, OMG gains roughly 117% and has recorded gains in some other time frames since last year. It records 53% loss since last month and 14% since last week. About 1% gain has also been recorded in the last hour.
The current price is $2.99 with an average market cap of $418 million. Also, over $326 million of volumes was recorded on the last day
- OMG breaks resistance at $2.90
- Next level of major resistance lies at $3.0
- Major support lies at $2.75 level.
#2. Synthetic Network Token (SNX 8% Up):
SNX takes the second place on our list today. The crypto gained around 8% since the last day.
Almost 80% of market respondents think SNX will accrue more gains into the ripe of the trading day.
The coin is one of the top gainers in a one-year timeline with about 732% gain since last year. SNX lost around 28% since last month and 10% since last week.
The gains accrued is in combination with Defi token rallying recently due to institutional interests in crypto expressed recently by Grayscale.
SNX currently trades at $4.04 with an average daily market cap of $492 million.
#3. Compound (COMP 4% up):
COMP attains the next spot on this list with approximately 4% 24-hour gain.
Although with alternate ups and downs, we see COMP thriving against its USD pair steadily. Finally, the 32nd crypto by market capitalization was able to stick the landing at $140.2 as the bulls charge upwards for further profits.
Market belief remains bullish as roughly 80% believe there is more bullish move inbound.
- Prices broke major resistance at $140
- Next key support level lies at $140.0
- Next major resistance waits at $145
The price of SBTC plunged by nearly 98% in just over an hour on September 21 as devs announced the dissolution of the token. The dissolution announcement came more than a month after the token reached an all-time high of $5.07. At the time of writing, the token was quoted at $0.007 down from $0.64.
In a short announcement issued via a Discord group, the SBTC team said they are no longer proceeding with the project while thanking those that stuck with the project until the end.
According to information on Coinmarketcap, creators of the SBTC aimed to peg the token price to 0.0001 BTC or 100,000 Satoshi by utilizing the built-in smart contract token contraction & expansion algorithm, variable staking policies, and SBTC Foundation reserves. This would then ensure that one SBTC will be mathematically guaranteed to be worth 0.0001 BTC in the short/medium term regardless of circumstances.
In order to receive the airdrop of ETH/ULU, you are required to hold SBTC in a wallet that you control the private key to or at an exchange that supports SBTC airdrop. Do not hold SBTC in any other form other than SBTC the very basic token, holding it via liquidity pool or via contracts will not receive the airdrop. You should have done the above before September 21st regardless of what time zone you are in.
At the time of the announcement, the SBTC team said the “best effort estimation of airdrop is still around 0.002 ETH + some ULU tokens per SBTC. You will only receive airdrop if you hold more than 30 SBTC.”
At the time of writing, the airdrop had been completed and another announcement in the discord then concludes that the “SBTC token is now useless, you should all sell it if it pays for gas and time.” The ULU airdrop “will not happen unless it becomes more worthy” adds the announcement.
What are your thoughts about the dissolution of SBTC? Tell us what you think in the comments section below.
The post SBTC Plummets by 99% as Devs Announce Dissolution of Token appeared first on Bitcoin News.
After inking deals to bring third-party games and stablecoins onto the Flow blockchain, Dapper Labs has announced two related sales for the FLOW token.
African crypto adoption has exploded in 2020, prompting fears of a heavy-handed regulatory response
Social media sentiment for Bitcoin has slumped to two year lows which is good for those wanting to go against the crowd.
Years ago when the Bitcoin network started suffering from higher fees and congestion, a number of bitcoiners advocated the use of sidechains in order to relieve the main chain’s duties. However, they didn’t realize that the Ethereum network would solidify its role as Bitcoin’s main sidechain during the last year.
Five years ago, bitcoiners relentlessly argued over scaling the Bitcoin (BTC) blockchain and a number of proponents said that sidechains and offchain solutions would help. Moreover, a number of solutions like Blockstream’s Liquid and the RSK network launched. Many supporters assumed those two sidechains combined with the Lightning Network would help alleviate the issues.
However, none of these bitcoin enthusiasts expected to see the Ethereum network take over as BTC’s main sidechain. The situation was discussed this week when the investment partner at Paradigm, Arjun Balaji, tweeted about Ethereum’s massive growth in this area.
“Over the last year, Ethereum has emerged as the first working Bitcoin sidechain, growing from ~0 to 91.8K BTC ($1B notional, 0.5% of circulating supply),” Balaji wrote on Twitter. “Users have choice across the trust spectrum, from centrally issued (WBTC), trust-minimized (tBTC) to purely synthetic (sBTC).”
Financial commentator and cryptocurrency lead at Cinnober, Eric Wall, responded to Balaji’s tweet and said it was more like 20 months, as opposed to a year. Wall also shared a tweet he sent back when the Wrapped Bitcoin (WBTC) project officially launched in January 2019. The cryptocurrency lead at Cinnober said: “Big day in crypto. Ethereum is now officially a Bitcoin sidechain.”
When Wall tweeted this statement in 2019, a number of people didn’t agree with his assessment, so Wall further described his perspective of the sidechain definition.
“A sidechain is a different chain that uses the same native asset as another chain, where that asset can be locked/unlocked on the respective chains via a 2-way peg,” Wall tweeted last year. “[RSK], [Paul Sztorc’s] Drivechain [and] Blockstream’s Liquid are examples of these. Now Ethereum is another example.”
Ethereum proponent, Anthony Sassano, at first did not agree with Wall’s definition and said: “Ethereum doesn’t rely on the security of the Bitcoin blockchain so it’s not a ‘sidechain to Bitcoin’. WBTC is simply a tokenized representation of BTC.”
Wall responded to Sassano by stating:
The Liquid sidechain doesn’t rely on the security of Bitcoin mainnet either, it just makes the assumption that the bitcoins that get locked on the mainchain (and gets converted to LBTC on Liquid) can be unlocked again when the Liquid functionaries redeems them.
When Wall tweeted those statements, WBTC had initially announced locking 65 BTC into the protocol, as the Wrapped Bitcoin team considered the first lock-in in to be a milestone. At the time of writing, there is approximately 107,101 tokenized BTC or $1.1 billion using today’s exchange rates circulating on the ETH chain.
WBTC’s meager 65 BTC start is nothing compared to the growth the project has seen to-date, as the Wrapped Bitcoin project is the largest issuer of tokenized bitcoins today. Wrapped Bitcoin captures over 72% of the tokenized bitcoin in existence with 77,161 WBTC to-date according to Dune Analytics data.
WBTC is followed by renBTC (20,525), hBTC (4,810), sBTC (3,528), imBTC (1,390), and pBTC (136). Additionally, crypto proponents are gearing up to witness the first trustless BTC-ETH bridge, as the tBTC project re-launched on Tuesday.
“Launched with unprecedented security measures in place and ready to be used at tbtc.network, tBTC is fully audited and open-source,” the project’s blog announcement reads.
The current number of BTC held on Ethereum, out of the 21 million that will be ever issued, is currently 0.510% of the capped supply.
Tokenized bitcoins are also traded on various decentralized exchanges (dex) like Curve.fi and Uniswap and centralized exchanges (cex) as well. With the re-introduction of the tbtc.network, the sum of bitcoins held on Ethereum will likely continue to grow.
The token tBTC will have a graduated supply cap and start at 100 BTC in the first week. “Each week, the contracts will loosen the deposit restriction based on a pre-committed schedule,” the project creators detail.
The other contenders who started developing sidechain solutions years before the massive tokenized BTC migration to Ethereum; RSK and Blockstream have a long way to go to catch up to the network effect the ETH chain currently holds.
The RSK sidechain has a circulating supply of 270 rBTC ($2.8M), while the Liquid Network has 2,594 BTC ($27M) in circulation. The supply of tokenized BTC on Ethereum, RSK, and Liquid combined is close to 110,000 BTC in total. Tokenized bitcoins on the Ethereum network eclipses these projects by 97.4% of all the tokens combined.
What do you think about Ethereum becoming Bitcoin’s main sidechain in 2020? Let us know what you think about this subject in the comments below.
The post Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin’s Main Sidechain appeared first on Bitcoin News.