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Crypto.com Burns 70B of Its Native Token, Sets to Launch its Mainnet

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Crypto.com explained that the burning of its native token was going to increase the circulating supply of its native token from 24% to 80% as it continues to work on becoming a fully decentralized chain network. 

Crypto.com has announced that it would be burning 70 billion of its native token CRO in “an important step to fully decentralize the network at Mainnet Launch.” The crypto exchange also went on to label the burn as “the largest in history,” and 59.6 billion of the tokens have already been burned on Monday, February 21 2021. 

According to the announcement, the remaining 10.4 billion tokens have been locked in a smart contract and it would be burnt monthly as it is being unlocked. The exchange would be left with 5.9 billion tokens which it would use for block rewards and the development of its ecosystem.

The burning of its native token, the exchange added, was going to increase the circulating supply of Crypto.com native token from 24% to 80% as it continues to work on becoming a fully decentralized chain network. 

Crypto.com has set eyes on launching “Crypto.org Chain” blockchain on its mainnet network by March 25, and CRO would act as its native currency. The blockchain would be designed in such a way that the decentralized network would be used to serve the greater good of the public by driving the mass adoption of blockchain technology by the public.

It was also stated that the blockchain underwent two years of research and development and over 3000 validators applied for its Crossfire Mainnet Dry-Run that processed over 275 million transactions in four weeks.

This new development is in line with the exchange’s attempt to “aggressively pursue full decentralization of its network”. It is also in line with its “belief that the world needs a fully decentralized, open-source, public chain with high speed and low fees.” As such, by developing a blockchain product like Crypto.org Chain, it would be able to contribute its own quota to the blockchain industry.

Other news from the crypto industry can be found here.

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



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Apple Pay integration and Staking 3.0 launch push COTI price to a new high

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As big-name payment processors like Visa and Mastercard increasingly integrate blockchain technology into their payment rails, decentralized platforms offering the best solutions to issues like scalability and fast transaction times are gaining traction. 

COTI is one such platform that has been gaining momentum in recent weeks after a series of network upgrades and big announcements brought extra attention to the enterprise-grade fintech platform.

According to COTI’s website, the protocol focuses on empowering organizations to create their own payment solutions and digitize any form of currency as a way to save time and money.

COTI/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that the price of COTI has rocketed 345% over the past month, going from a low of $0.63 on Feb. 4 to a new all-time high of $0.283 on March 5, as investor excitement grows following the release of COTI Staking 3.0 on March 1.

Fiat onramps and protocol upgrades help increase community involvement

Aside from the release of Staking 3.0, COTI also received an extra dose of enthusiasm on March 3 when it was announced that Apple Pay users are now able to purchase COTI as a result of a partnership with Simplex.

Scrolling through the project’s Twitter feed points to an active February for the COTI ecosystem. The list of multiple partnerships and integrations shows that interoperability is one of the ultimate goals of the protocol.

SushiSwap also announced the launch of an ETH-COTI pair on Feb. 26 as a way to expand user access and expand token liquidity, and the January release of its Crypto Volatility Index continues to attract new attention following a recent code optimization that helped reduce gas costs for using the index by 50%.

In February, COTI also had a record high for merchant transaction volume as the figure soared to 18.16 million. The team is now looking to increase the number of stakers on the network, as well as upgrade the current nodes.

The growing prominence of Bitcoin (BTC) and blockchain technology has the potential to bring increased attention to the COTI platform as small businesses and large organizations look to integrate blockchain payment rails and create in-house currencies.

The recent staking upgrades and fiat onramps have the project well-positioned for further upside as the current bull-cycle continues to unfold.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.