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Bithumb Introduces Clover, Polkadot-Powered and DeFi Focused Blockchain Platform



The Clover blockchain aims to bring cross-chain compatibilities to the DeFi market and will leverage Polkadot’s parachain infrastructure for transferring assets and value across different platforms.

On Tuesday, October 13, cryptocurrency exchange Bithumb Global announced its new open-source blockchain platform Clover powered by the Polkadot (DOT) technology. The Clover blockchain platform functionality specifically caters to the decentralized finance (DeFi) market.

Bithumb said that with Clover, its aim is to connect decentralized finance to centralized exchanges by leveraging cross-chain capabilities. Clover rests atop Polkadot’s custom blockchain framework Substrate. Bithumb said that it plans to launch Polkadot directly as a ‘parachain’ on Substrate, the term that refers to specialized shards on Polkadot. All the parachains linked to the Polkadot network serve as sovereign layer-one blockchains.

Clover will also have its native cryptocurrency dubbed CLV which will work as both – utility token and governance token. The CLV tokens will have multiple roles like transactions on different marketplaces as well as staking and consensus. Besides, CLV token owners can also participate in governance-related matters as well as earn dividends from the platform. The community of CLV token owners can also vote for changes to the Clover blockchain.

Speaking to Cointelegraph, Clover CEO Chris Li said:

“Bithumb will be the major supporter for Clover, and we plan to use Bithumb as a custodian solution for cross-chain transactions before Polkadot decentralized solutions become available”.

However, he adds that unlike Binance, Bithumb won’t have much influence on the parachains. Li noted that the company is also planning to work with outside partners and exchanges. Thus, they would like to keep the operations decentralized to the extent possible.

Essential Elements of the Clover Chain

The Clover CEO said that the blockchain will have some in-house decentralized application (DApps) consisting of different types of wallets, lending protocols, and a decentralized exchange. Bithumb will also encourage and support other projects building atop Clover.

According to Li, the next big challenge in front of the DeFi market is “transferring assets and value across different platforms”. Thus, Bithumb will work towards new advances in DeFi while simultaneously contributing to the Polkadot ecosystem. At the same time, Bithumb will work on expanding its own ecosystem.

Last week itself, Polkadot announced its Initial Parachian Offering (IPO) that aims to fund different crypto projects by replacing the traditional financial instruments. Clover will launch as a parachain. However, this depends once Polkadot starts auctioning its parachain slots.

Giving a tentative estimate, Li said: “But we expect to integrate into the Polkadot network in Q1 2021”. He acknowledged that the support from Polkadot was crucial in launching its own custom blockchain.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Ripple Plans to Relocate to Japan Amid Unfavorable Regulations in the U.S.




Ripple is planning a Japan move due to poor U.S. regulations. Other considered locations include the UK, UAE, Singapore, and Switzerland. 

Blockchain payment services company Ripple Labs Inc may relocate to Japan from the U.S. due to a lack of regulatory clarity. Apart from Japan, the company has also shortlisted some other countries for relocation. Notably, Japan is the most likely country that Ripple may move to if the blockchain firm leaves the U.S.

Ripple Eyes Japan as Potential Destination

According to a Bloomberg report, the relocation plan was revealed by Ripple CEO Brad Garlinghouse. The CEO also mentioned three other potential destinations for the blockchain firm. The other likely destinations include Switzerland, the United Arab Emirates, and the United Kingdom.

The CEO explained the reason for choosing the shortlisted countries:

“The common denominator between all of them is that their governments have created a clarity about how they would regulate different digital assets, different cryptocurrencies.”

Garlinghouse also referred to the lack of regulatory clarity on cryptocurrencies in the U.S. He said that the U.S. government is yet to decide whether digital assets are commodities, currencies, properties, or securities.

Over time, Ripple has been in a legal battle with investors. The investors claimed that Ripple illegally issued XRP as a security.

Speaking further in another interview with Bloomberg Television, Garlinghouse expressed his desire for Ripple to remain in the US but with regulatory clarity. As noted by the CEO, regulatory clarity in the US will encourage the blockchain firm to invest and grow its business in the country.

Ripple’s Destination Preference

In addition, Garlinghouse revealed the reason behind shortlisting Japan as the most likely country for relocation. He said that the country has created “an environment for a very healthy market to develop.”

In 2017, Japan acknowledged cryptocurrency, with the country introducing a registration system for digital assets. At that time, 11 cryptocurrency exchanges initially registered and got approval from the Financial Services Agency (FSA).

Furthermore, Ripple also has a relationship with the Japanese company SBI Holdings. Reinforcing the consideration to move Ripple to Japan, Garlinghouse added:

“Japan is one of our fastest-growing markets, in part because we have key partners like SBI. I have spoken to the SBI team about the fact we are looking at.”

According to a survey by Bitmax, Ripple crypto-asset XRP is getting more recognition in Japan. As noted in a tweet by Bitmax, Japanese investors prefer XRP to Ethereum.

On the 23rd of October, CNBC reported that Ripple is also eyeing London as a new location for its blockchain firm. Unlike the U.S., the UK Financial Conduct Authority (FCA) considers XRP a currency and not a security. With the FCA clarifying that XRP is not a security, Garlinghouse said it would be “advantageous to Ripple.” He said the FCA’s declaration means RIpple is safe to operate in the UK.

Before now, Ripple executive chairman Chris Larsen had said that the firm may move its headquarters outside the U.S. Larsen revealed the relocation to Fortune in a virtual interview. At that time, the chairman mentioned Singapore and the UK as new possible destinations for Ripple.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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BitMEX Rides on New Futures Listings to Dive Deeper into DeFi 




BitMEX plans to offer futures contracts for DeFi projects (YFI), Polkadot (DOT), and Binance Coin (BNB).

The Seychelles-based BitMEX exchange said via its blog post on Friday that it plans to launch three new Altcoin/USDT underlying quanto futures contracts. (YFI) – an Ethereum-based token governing the platform — will be the first DeFi token to be added and then later Binance Coin (BNB) as well as Polkadot‘s (DOT) native token.

Through the new quanto futures contract, BitMEX traders will comfortably hedge their risk exposure to BNB (Binance Chain’s native coin, which powers the Binance ecosystem). Popularity has been increasing amongst Polkadot developers this year prior to the anticipated launch of PolkaBTC in 2021.  

In the post, BitMEX said:

“These three contracts aim to provide our users with quality coverage of highly liquid products.”

By October 30th at 4:00 UTC, trading will begin since, at that time, the exchange would have finished adding all these three altcoins.

Fixed Bitcoin Multiplier Necessary

Ownership of a fixed asset of the token being traded like Tether’s USDT is a requirement for traders under traditionally margined contracts. However, these new BitMEX contracts are unique since traders are able to post margin in Bitcoin (BTC), and any profits or losses made whenever the contract price changes will be informed of Bitcoin.

“As with all quanto products, these contracts have a fixed Bitcoin multiplier regardless of the underlying Altcoin price. This allows traders to long or short each coin without needing to hold the specific coin or USDT. Traders post margin in XBT, and earn or lose XBT as the future’s price changes.” BitMEX said.

BitMEX also disclosed that it might include other more altcoin product listings before the year ends, but it didn’t hint which pairs will be unveiled next. Nevertheless, it stated that it would put much focus on decentralized finance which recent has become a big interest for most crypto investors.

Acceleration of Know Your Customer Mandate

The announcement has emanated only some days after BitMEX has also announced that it will be accelerating its Know Your Customer program. BitMEX gave all platform users up to November 5th, 2020, at 00:00 UTC to be fully verified. Users who would not have completed the KYC requirement and get verified will be unable to open new positions and even withdraw their funds from December 4th, 2020, at 00:00 UTC.

BitMEX’s acceleration of its mandate to verify all its customers’ identities was a response to charges regarding facilitating unregistered trading that the U.S. government leveled against it.

Adjustments in Quanto Futures Contracts

Last month, BitMEX announced the listing of four new Quanto Futures contracts for Chainlink (LINK), Tezos (XTZ), EOS (EOS), and Cardano (ADA). All these altcoins were paired with the Tether (USDT) stablecoin. Additionally, traders do not need to hold USDT or any specific coin to long or short each coin since the new listings have a fixed Bitcoin multiplier just like other Quanto products.

Before the announcement, BitMEX decided to remove six expiring six altcoin futures markets, namely Monero (XMR), Zcash (ZEC), Ethereum Classic (ETC), Stellar (XLM), NEO (NEO), and Dash (DASH).

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James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!

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Filecoin Upgraded Network Allows Miners Claim 25% of Block Rewards




The latest Lotus 1.1.0 network software upgrade enables Filecoin miners to access 25% of mining rewards immediately with no vesting.

As reported by The Block, Filecoin‘s network lead Molly posted on Wednesday a downloadable Lotus 1.1.0 software upgrade in the project’s Slack channel. Participants who want to continue operating in the decentralized storage network would have to comply since this is a mandatory upgrade.

She posted the following in the channel:

“You must upgrade before epoch 170,000 (Thursday Oct 22 at ~22:40 UTC), or you will lose sync with the chain”.

On Thursday evening EST, the network reportedly reached the block height of 170,000.

FIP-004 Upgrade Enables Miners to Receive 25% Immediately 

At block height 170,000, Filecoin activated the FIP-004 change, which it emphasizes its miners to update. As per the post, 25% of block rewards received immediately without vesting will help miners to improve their ability in reinvesting in FIL (the network’s native cryptocurrency).

Over the last 24 hours, Filecoin miners produced around 150K FIL. If that rate is applicable under the new system, miners will receive daily block rewards amounting to over 40,000 FIL. While that is good, the challenge that the company would face is how much out of the immediately released FIL are miners willing not to sale on the markets but re-pledge so that they can enhance their computing power.

Upgrade Solves Miner Liquidity Issue

Earlier this week, a couple of major Filecoin miners halted their mining growth plans from the time the network’s mainnet officially went live. The miners wanted Filecoin’s economic model revised since the amount needed to begin mining was hefty. So, they collectively hesitated to add more of the coins to the decentralized storage network to overall slow down the network’s growth rate.

For sealing 32 gibibytes (GiB) of data into effective storage mining power, miners require to pledge 0.1901 FIL as collateral under Filecoin’s current design as per Filecoin’s blockchain explorer.

Before the implementation of FIP-004, block rewards were not released to miners immediately but vested linearly over a period of 180 days. Now, the rewarding process is more motivating as miners are entitled to receive 25% immediately and wait for the rest 75% that will still be vested in a period of six months.

Miners Are Now Motivated to Pledge

The revision is a response to the organization behind Filecoin Protocol Labs put forward to address miners’ liquidity issues complaints raised against the current economic model. As a result of the software revision, circulation will be adequate and price more steady since miners are now more motivated to pledge their FIL for mining future rewards making the process to reach equilibrium faster. With over 13 million FIL that miners have so far pledged as initial collateral, there are currently around 19.3 million FIL in circulation as per data from CoinGecko.

Filecoin is a peer-to-peer network built on the InterPlanetary File System (IPFS) distributed file system that enables users to use Filecoin tokens (FIL) to store and share data. Protocol Labs, an open-source research and development firm, developed both of these projects.

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James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!

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