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.
next Altcoin News, Blockchain News, Cryptocurrency news, News
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.
Apple Pay integration and Staking 3.0 launch push COTI price to a new high
Published
11 hours ago
on
March 6, 2021
By
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.
Ethereum’s London Hard Fork With EIP 1559 Fee Market to Go Live This July
Published
14 hours ago
on
March 6, 2021
By
The EIP 1559 is a welcome move for Ethereum users that standardize the transaction fee across the network and reduces volatility. However, mining pools have placed a strong opposition to it.
As per the latest development, July 2021 is the scheduled period when the Ethereum Improvement Protocol (EIP) 1559 will go live. As per Ethereum’s core developers’ call on Friday, March 5th, five other EIPs along with EIP 1559 are likely to join the London hard fork.
The Ethereum fraternity has been eagerly awaiting the launch of EIP 1559 amind issues of the transaction fee. The ongoing EIP 1559 helps to lower the volatility of transaction fees on the Ethereum blockchain. Besides, it also fixes several ongoing issues with Ethereum’s user experience.
Traditionally, a user sends the gas fee to the miner to include the transaction in the block. However, with the EIP 1559 implementation, the gas fee shall go to the network itself in the form of “burn”. The “burn” is also dubbed as basefee with only an optional tip paid to the miners.
The Ethereum algorithm sets the “burn” fee thereby making it easier for users to pay a fair price. Thus, EIP 1559 replaces the supply/demand auction-style system with a standard rate implementation across the entire network. Ethereum creators are confident that the proposal will be “positive ono the long term price” of Ethereum. They say that a lower and predictable gas fee ensures that Ethereum isn’t only for the rich.
This new proposal has received solid support from users and the creators of Ethereum. However, it has garnered strong opposition from the miners and the mining pools who have been on the receiving end.
ETH Miners Place A Solid Opposition
Ethereum miners have enjoyed solid revenues recently on the backdrop of the high DeFi activity on the Ethereum blockchain. In February last month, the total mining revenue clocked a massive $1.3 billion with the average transaction fee striking an all-time high of over $37. As per data by CoinMetrics, 50% of the revenue came from fees alone.
The surge in transaction fees and the ETH price has shot up the network has power to more than 100% in a year’s time. Flexpool, a minority mining pool, has launched a marketing campaign against the EIP. It has also received support from majority pools like sparkPool and Ethermine.
Nearly 60% of the Ethereum hash power is currently against the implementation of the new proposal. Interestingly, F2Pool is the only largest pool in favor of the EIP with 10% hash power.
However, mining pools have few options to stop the EIP 1559 implementation. The bigger danger that currently hovers around is the 51% attack on the Ethereum network. However, the chances of this remain unlikely at this moment considering different financial incentives for not attacking the network.
next Altcoin News, Blockchain News, Cryptocurrency news, Ethereum News, News
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.
3 million active users help lift Audius (AUDIO) to a new all-time high
Published
1 day ago
on
March 6, 2021
By
As blockchain technology increasingly becomes part of the mainstream conversation, its integration with today’s most used technologies is bound to increase. This means that it’s only a matter of time before video streaming, digital music and social media see gradual blockchain integrations take place.
Audius (AUDIO) is one project that is chasing the first-mover advantage in the music streaming sector. The music-sharing and streaming protocol facilitates transactions between creators and listeners, making it relatively effortless for users to distribute and monetize audio content.
The project has received increasing attention for its approach to decentralizing the music industry and on March 2 the team celebrated reaching 3 million monthly active users.
Data from Cointelegraph Markets and TradingView shows that the price of AUDIO surged 108% since the start of March from a low of $0.38 to a new all-time high of $0.79 on March 4 as the altcoin’s trading volume spiked from $3 million to a record $55 million.
AUDIO/USDT 4-hour chart. Source: TradingView
Staking incentives drive user adoption
The first major increase in users followed the project’s October 2020 launch and the activation of staking on the Audius platform in December. This enabled AUDIO holders to earn a 7% yield for tokens that were staked on the network while they listening to music and interacted with the protocol.
By the end of January, the platform had 1.8 million active users and a total of 122 million AUDIO tokens staked on the network. These figures have since increased to 3 million users and a total of 182.5 million staked AUDIO as the platform continues to integrate new features that incentivize community involvement.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on Feb. 28, prior to the recent price rise.
The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ score for AUDIO hit a peak of 69 on Feb. 28, just before the start of a prolonged uptrend in price which was further identified by a VORTECS™ score of 80 on March 1. After pulling back over the next 3 days the score again spiked to 70, just hours before a significant rise in the price of AUDIO.
On March 5, the project revealed its plans to integrate non-fungible tokens (NFT) into the protocol as part of its effort to offer a full-service decentralized platform and expand its user base.
NFTs have become a hot topic in the cryptocurrency sector in recent months, and their integration into the AUDIO platform is likely to bring a renewed wave of interaction from users.
As blockchain technology continues to become more prominent in mainstream society, Audius appears well-positioned to become a leader in the streaming music space thanks to a rapidly expanding user base and a growing list of incentives that entice users to stay active on the platform.
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.