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Decentralized Network Filecoin Reaches Exabyte Storage Capacity

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In March 2019, Zeenea, a data company, revealed that 60 petabytes of TV shows and movies are stored by Netflix which is less than 7% of the current capacity of Filecoin.

A decentralized blockchain network Filecoin has reached a milestone of one exabyte storage capacity according to the latest report. Filecoin has moved so fast with its large-scale storage expectation with the founder and CEO of Protocol Labs Juan Benet stating that it is exceeding expectations.

The network for borrowing and renting out storage capacity has currently exceeded the capacity estimates of Netflix Library. This means the network has come far with many expectations of getting applications to utilize the storage. This is in line with the usual belief that once the network is built, applications will come. 

Filecoin is a decentralized protocol that is built to make it possible for people to give out spare storage space on their computers for rent. Also, people can equally purchase storage from there. 

Despite this milestone, there is a lot of excess capacity which is expected to be filled up once the applications come on board. According to Benet, there is no way Ethereum and other blockchain-related networks came into the scene to accommodate applications end to end because Ethereum cannot even host an entire chatroom. 

As of November 19, 2020, the Filecoin network had around 761 gigabytes of data perfectly stored on its network. The excess capacity has however been said to depend on miners for the said storage. It is expected that this milestone would be built upon to perfectly execute the remaining goal of the network. 

Filecoin Decentralized Network Capacity

Filecoin has done incredibly well in the eyes of those who understand bytes. Benet revealed that the challenges of setting out a network that will have such a huge capacity on a decentralized blockchain network were big ones. He revealed that his intention was mocked, and people even laughed at him directly saying it is near impossible to build a decentralized network that would exceed as high as 10 petabytes. However, he proved them wrong as the network is almost exceeding one exabyte. Having achieved the capacity of 100 times more than the limit set by critics and mockers, Benet believes that this is just the beginning of greater things the network is set to achieve. 

By comparison, Filecoin has made a huge capacity higher than Twitter and Netflix. In March 2019, Zeenea, a data company, revealed that 60 petabytes of TV shows and movies are stored by Netflix which Is less than 7% of the current capacity of Filecoin. Also, only an estimate of 0.0043 exabytes equivalent to 4.3 petabytes is generated by Twitter every year. Comparing these to one exabyte by Filecoin depicts the true effort and hard work devoted to the operation of the decentralized blockchain network. 

Filecoin was able to raise about $200 million in an Initial Coin Offering (ICO) in 2017 before hitting the ground running. All eyes were set on them as investors had their fingers crossed as they monitor where it would be heading to. From their current milestone, it can be said that Filecoin has started on the right foot in the long journey with many possibilities. 

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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Crypto.com Lands Australian Financial Service License (AFSL)

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The Crypto.com company currently serves up to 5 million customers providing them with a powerful alternative to traditional financial services.

Payment service provider Crypto.com has secured the Australian Financial Service License (AFSL), further advancing the platform’s reach to expand its services to the Australian populace. According to a press release shared with Coinspeaker, Crypto.com secured the Australian Financial Service License following the acquisition of The Card Group Pty Ltd, a New South Wales payment firm that is licensed by the Australian Foreign Investment Review Board.

Finding favor with regulators around the world has proven to be a bit of a task for cryptocurrency-based firms around the world. With different country’s regulators having different regulations when it comes to cryptocurrencies, it is apparent that a company that thrives in one nation may experience hurdles somewhere else. The move by Crypto.com to secure the Australian Financial Service License through the acquisition of a homegrown company is one strategic move that is worth applauding.

“We are extremely proud to secure an AFSL and look forward to having a direct relationship with our Australian customers. We are committed to accelerating the world’s transition to cryptocurrency; working within the regulatory frameworks of the markets we operate in is a key pillar of achieving our mission,” said Kris Marszalek, co-founder, and Chief Executive Officer (CEO) of Crypto.com.

As the company noted, securing the AFSL will make it possible for the company to roll out its crypto-backed cards in Australia. The company also noted that the AFSL license will afford it the opportunity to have a direct relationship with the Australian regulators and the broad financial ecosystem. “Crypto.com looks forward to working with local network schemes to speed the development of new features and functionality of products and services available to Australian customers,” the company noted in the shared press release.

Crypto.com AFS License, Another Milestone Recorded

Since its establishment in 2016, Crypto.com has worked based on its simple principle that everyone has the right to manage their own finances particularly as it relates to their money, data, and identity. The firm has experienced unique milestones as it has rolled out unique products and offerings in all of its bases of operations in line with this principle and the AFS license is yet another Crypto.com milestone recorded.

The role of Crypto.com in the crypto space is vital. The company currently serves up to 5 million customers providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Visa Card, the Crypto.com Exchange, and Crypto.com DeFi Wallet. 

With the latest entry into the Australian market, Crypto.com is billed to promulgate its solid foundation of security, privacy, and compliance.

You can read more updates from the crypto space here.

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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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Ripple’s XRP sees explosive 1,151% trading volume spike in November

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Month-over-month, XRP saw a 1,151% surge in trading activity in November on the eToro investment trading platform, according to the company’s latest report. This comes as XRP price rallied to $0.92 on Coinbase at its monthly peak and closing the month with a 283% gain at around $0.61.

Top 10 traded cryptoassets Source: eToro 

Spike in retail interest, trading activity

Bitcoin (BTC) was nearing $19,000 for the first time since December 2017 when large market cap altcoins like XRP started to surge in November.

XRP/USD daily chart (Coinbase). Source: TradingView.com

The optimistic market sentiment around Bitcoin likely led traders to explore higher-risk short-term trades. The result was a large surge in volume as traders rushed into altcoins.

Simon Peters, a market analyst at eToro, explained that XRP’s increase in month-on-month trading activity is entirely logical. He emphasized that trading volume typically accompanies large price moves. Peters said:

“Bitcoin has been the focal point for much of the crypto community, but altcoins are also making waves as investors look to alternative cryptoassets to diversify and make gains elsewhere. XRP’s increase in month-on-month trades is entirely logical in the context of November’s price rise. The token rose from $0.240 at the start of November to $0.661 at the end of it.”

Other likely factors include historic market trends and a spike in retail interest. In January 2018, the altcoin market saw a mania driven by retail investors. At the time, XRP and Ether (ETH) were the biggest drivers of the altcoin market’s rally.

Google search volume for “XRP.” Source: Google Trends

In fact, over the past month, the Google search term “XRP” surged to its highest levels in three years, suggesting that retail traders were returning. The most likely reasons for this include XRP breaking out of a multiyear downtrend and the perceived “cheaper” value compared to Bitcoin in the eyes of the public. 

As Cointelegraph reported, the demand for XRP also rose so quickly that Coinbase suffered a temporary server outage to the ire of its users.

Altcoins following Bitcoin’s lead in a bull market

Altcoins tend to rally and play catch-up when Bitcoin steadies during a bull market. This trend occurs because traders often look for higher-risk plays when the BTC price is consolidating.

Peters noted that Bitcoin saw an explosive price movement in November, and has seen minor, if not predictable, pullbacks. For altcoins, this is an ideal period for gains as it makes them more compelling for retail traders. Peters added:

“Bitcoin exploded in November, smashing through resistance level after resistance level, with only minor and relatively predictable retracements.

On the other hand, altcoins are always at risk of a major crash in the event of a BTC price correction. During bull markets, altcoins are likely to follow the price movement of BTC albeit with more volatility, which puts altcoins at risk of extreme short-term price swings.

Nevertheless, technical analysis shows a bright outlook for XRP, whose price is now at the highest levels in over two years. 

“The higher time frames give a clearer indication of where XRP is located in the market cycle,” trader Michael van de Poppe noted in his latest XRP price analysis. “A multiyear downtrend was broken to the upside, meaning that dips will likely be considered as entry opportunities for traders.”

With this in mind, if XRP holds $0.45 as support, continuation toward $1.00 is likely, particularly if Bitcoin price hits a new all-time high.