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Reddit Joins With Ethereum Foundation to Build Scaling Tools

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Reddit is growing its role in the Ethereum ecosystem, with the goal of building out scaling tools for the blockchain network.

The social media platform announced Wednesday it was expanding its work with the Ethereum Foundation to provide development resources to scaling tools. In the announcement, posted to the Ethereum subreddit, Reddit employee u/jarins said the move increases its commitment to the technology, and echoes its long-held “decentralized ethos.”

“In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production,” the announcement said. “Our intention is to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum.”

This partnership could result in Reddit working on layer 2 scaling tools or pushing projects from a prototype stage to production. 

Reddit development resources, including a developer team, would be involved in this work. Ultimately, the idea is a project like Reddit’s Community Points feature could be capable of supporting the site’s millions of users (Reddit has over 50 million daily users as of press time, according to Wednesday’s announcement).

“Our blockchain efforts will be led by Reddit’s Crypto team,” the announcement said, adding the company currently has job openings for backend engineers.

In short, the idea is users can reward each other points for making “quality posts,” with these points being redeemable for badges or other custom features. These points are stored on Ethereum’s Rinkeby testnet as ERC-20 tokens, meaning that unlike Reddit’s in-house karma system, the company cannot control these points.

The company did not provide volume figures for how many points have been rewarded or redeemed to date, but the CryptoCurrency and FortNiteBR subreddits each had over 1 million users as of press time.

It does not appear that Reddit plans to expand the system to additional communities, or move from Rinkeby to the Ethereum mainnet. 

“The scaling technology developed through this partnership will be open-sourced and publicly available for anyone to use,” the announcement said.



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TWTR Stock Spikes 3.9% as Twitter Reveals Plans to Double Revenue by 2023

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To double its annual revenue by 2023 as planned, Twitter would need an increase from 43.7 billion recorded in 2020 to at least $7.5 billion. 

Twitter Inc (NYSE: TWTR) saw a 3.7% gain in its stock after the social media network announced plans to double revenue by the end of 2023. Also in the same year, Twitter hopes to have 315 million monetizable daily active users (mDAUs). In the fourth quarter of 2020, Twitter said that it had 192 million mDAUs.

Twitter announced its long-term plans for revenue and daily active users in a filing with the US Securities and Exchange Commission (SEC) on the 25th of February. According to CNBC, it is the first time Twitter would be settling out long-term goals regarding its revenue and daily users.

Twitter Plans to Double Revenue

To double its annual revenue by 2023 as planned, Twitter would need an increase from 43.7 billion recorded in 2020 to at least $7.5 billion.

In addition, Twitter has plans to double its development velocity by 2023. This means “doubling the number of features shipped per employee that directly drive either mDAU or revenue.”

Furthermore, Twitter added that it aims for a long-term margin target of mid-teens GAAP operating margin, or 40-45% adjusted EBITDA margin.

At the time of writing, Twitter stock is at after-hours trading of $73.93, a 0.88% decline over its previous close of $74.59. Data by MarketWatch revealed that TWTR has been surging over the past months. Over the last year, TWTR has increased by 125.96%. The company has also grown more than 37% since the beginning of January. In addition, the social media giant has surged 60.65% in the last three months and nearly 45% over the past month. In the last five days, Twitter has jumped 3.22%. Twitter currently boasts of a market value of $57.4 billion.

Jack Dorsey Says 2020 Was an “Extraordinary Year” for Twitter

After Twitter reported a better-than-anticipated earnings result for 2020 Q4, the company spiked 13%. Confirming CEO Jack Dorsey’s remark that 2020 was an “extraordinary year” for Twitter, the company recorded $1.29 billion in revenue against $1.18 billion earlier predicted by analysts.

Despite the global economic meltdown that affected several companies as a result of the pandemic, Twitter grew in 2020. In the year, the social media giant jumped about 82%. Twitter also saw an increase in the number of daily active users.

Amid the growing adoption of Bitcoin among public companies, Twitter CEO Ned Segal recently revealed that the company is considering adding BTC to its balance sheet. In an interview with CNBC’s Squawk Box on the 10th of February, Segal said that Twitter has done a lot of “upfront thinking” regarding the matter and would continue to deliberate on it.

In October 2020, Twitter’s sister company Square Inc (NYSE: SQ) said it had invested $50 million in Bitcoin.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Coinbase S1-Filing with US SEC for Direct Stock Listing Goes Public

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In the S-1 filing, Coinbase has made crucial disclosures to the public with its plans of launching direct stock listing on Nasdaq. As per its recent valuations, Coinbase pegs a value of over $100 billion.

Crypto exchange Coinbase is inching closer to its direct stock listing on Nasdaq. On Thursday, February 25, Coinbase submitted its S-1 filing with the US Securities and Exchange Commission (SEC), thereby making it public for the first time.

The recent submission is a crucial step for Coinbase’s direct stock listing on Nasdaq. The S1 filing with the SEC offers a deeper insight into Coinbase’s business. All the disclosures effectively work as a pitch to the investors. Before this, Coinbase submitted its confidential draft document to the US SEC in mid-December.

The rumors of Coinbase’s public listing first emerged during last summer of 2020. Over the last few weeks, Coinbvase has been releasing its shares in the secondary market to investors. As per its latest share offering, Coinbase’s valuations spiked above $100 billion with a per-share price value of $373. The official blog post for Coinbase notes:

“Coinbase Global, Inc. today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed public direct listing of its Class A common stock. Coinbase intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “COIN”.

Coinbase has confirmed that it will take the help of Goldman Sachs, JPMorgan Securities and Citigroup to “assist us with respect to certain matters relating to our listing.”

Coinbase’s Strong Growth Story

Over the last two years, Coinbase has registered strong growth with a major spike in the customer base. By the end of 2018, Coinbase valuations stood at $8 billion and have multiplied 12x by now. As Coinbase noted:

“We have grown quickly and in a capital-efficient manner since our founding. For the years ended December 31, 2020 and December 31, 2019, we generated total revenue of $1.3 billion and $533.7 million, respectively, net income (loss) of $322.3 million and $(30.4) million, respectively, and Adjusted EBITDA of $527.4 million and $24.3 million, respectively.”

After registering a $30 million loss in 2019, Coinbase reported $322.3 million net income as its first positive year in 2020. However, Coinbase has noted that as it expands its operations, its expenses will continue to grow simultaneously. The crypto exchange said:

“We expect our operating expenses to increase significantly in the foreseeable future and may not be able to achieve profitability or achieve positive cash flow from operations on a consistent basis, which may cause our business, operating results, and financial condition to be adversely impacted”.

Other business news can be found here.

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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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HODLCommunity: Holy Grail of FinTech

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Despite the substantial gains that HODLC guarantees, the project is not for gambling investors seeking the coveted “lambos on the moon” or anything else pie in the sky, it is for sensible investors who want a secure asset to preserve wealth and hedge against inflation.

The recent GameStop saga brought to the minds of many people the manipulation of markets. This standard practice, typically on the part of the exceedingly wealthy, can spell death to companies and can leave struggling retail-investors drained. The need for an alternative to preserve and grow wealth is keenly felt by many.

HODLCommunity provides a unique asset in a world where market manipulation and uncertainty are the norms. The fundamentals of HODLC not only let us predict value over time, but know the trajectory without leaving anything to chance. Predictable wealth is built within the smart contract.

The principle is simple but profound. The value increases with every transaction. Moreover, every 24 hour period also is auspicious as an upward movement in valuation is made.

HODLC grants us a holy grail in the realm of finance, as it has the best features of stablecoins and traditional cryptocurrencies, both price stability and the possibility (though in HODLC’s case, the actuality) that one’s asset will increase in value.

HODLC offers a substantial and secured return on investment, Essentially doubling in value in the first year with a 100 percent ROI, and gradually decreasing the percentage by which it increases 5% every subsequent year until reaching a 5 percent annual ROI. This will be a 30-year process that begins with a token predictably and substantially increasing in value and ending with a prime asset that maintains sensible growth.

Despite the substantial gains that HODLC guarantees, the project is not for gambling investors seeking the coveted “lambos on the moon” or anything else pie in the sky, it is for sensible investors who want a secure asset to preserve wealth and hedge against inflation.

Moreover, given its predictability, gains can be readily calculated, and at an opportune moment liquidate a portion of one’s profits without loss of capital. This is a simple but transformative principle.

As awareness of the innovation HODLCommunity has introduced to finance continues to grow, we shall see not only the success and security conferred on retail investors but an enormous benevolent impact on a multitude of industries. As HODLCommunity founder Jean-Philippe Beaudet stated, “the core feature of HODLC makes it the perfect instrument for disrupting industries such as payments, loans, financing, insurance, mutual funds, even charities.”

HODLCommunity comes as a welcome chapter in the history of finance, with all the necessary elements to transform global commerce and finance, as our world continues to move nearer to the obsolescence of fiat currencies and towards widespread adoption of digital assets.

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Author: John Ryan

John is an independent writer and an avid enthusiast of blockchain technology. He received his University education at Northern Michigan University, as a history major, where he was inducted into the Phi Beta Kappa Society for academic excellence. While in Michigan, he also trained as an athlete at the United States Olympic Education Center, where he achieved the status of a multiple-time University All-American in Greco-Roman wrestling. He has authored several plays and a collection of poetry. Some of his major areas of interests includes: Finance, Literature, and Religious Studies.



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