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Proof-Of-Stake Blockchain, Algorand, Partners with pNetwork to Launch Cross-Chain Functionalities

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Announced this week, pNetwork, an interoperability solution for blockchains, is partnering with the Algorand Foundation to introduce cross-chain solutions on the Algorand blockchain.

The Foundation, the lead development firm of Algorand, granted pNetwork an undisclosed amount to enhance the decentralized finance (DeFi) ecosystem via “pNetwork bridges” in order to boost asset liquidity and NFT transfers across blockchains.

Algorand Foundation team will mentor and work with the pNetwork development team in creating Algorand-focused bridges allowing users to connect and communicate with other blockchains and external assets, a statement to our desks reads. 

Blockchains are innately built to receive and process data from internal systems in order to preserve and improve security. However, this makes platforms such as Algorand natively difficult to integrate and interoperate with other platforms and blockchains outside its blockchain.

Once the bridges launch on pNetwork, users and partners on the bridge will be able to expand their DeFi activities onto Algorand by adding “synthetic tokens” – or external assets to the latter’s blockchain. This will be similar to having wrapped tokens on Ethereum such as wrapped Bitcoin (wBTC). 

This will support the explosive growth of DeFi applications on Algorand allowing them “access to the larger crypto market and opening up [Algorand] to the flourishing DeFi ecosystem,” said Thomas Bertani, Project Lead at pNetwork said in the statement. 

Essentially, the bridges create synthetic tokens, cryptocurrencies backed 1:1 to their native versions, on Algorand, which can be redeemed at any time and transferred to Algorand. This will further boost the goal of Algorand – enabling the transition of the traditional finance world to DeFi ecosystems.

The decentralized cross-chain composability network bridges currently support a host of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Binance Smart Chain (BSC) among others.

At the core of the partnership, pNetwork aims to boost asset liquidity on Algorand while boosting the whole DeFi market. Moreover, the pNetwork bridges are set to enable “assets and tokens from other chains to move freely on the Algorand network,” Sean Lee, founder and CEO of Algorand stated. 

The cross-chain bridges to Algorand are expected to go live later in the summer as a new chapter for Algorand DeFi users comes to life via the pNetwork bridges.  Blockchain interoperability features and asset transfers are also expected to commence at launch. 

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Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018. Now she is very passionate about cryptocurrencies and everything connected with it, so she tries to ensure that all the content presented on Coinspeaker reaches the reader in an understandable and attractive way. Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.



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Price analysis 5/5: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, LTC, BCH, UNI

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Bitcoin is trying to stage a comeback in order to catch up with the spectacular price action seen in Ethereum and other altcoins.



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Bitcoin back above $57K as ‘hundreds’ of US banks prepare to HODL for clients

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Bitcoin (BTC) staged a characteristic comeback on May 5 as a day of losses turned around in a flash.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

BTC price nears $58,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $57,000 again during Wednesday trading, with daily gains knocking on 5%.

The move marks Bitcoin’s second such “comeback” in a week. While the bearish trend reset, analysts were keen to see how much fuel Bitcoin had accumulated after dipping to near $53,000 overnight.

For Philip Swift, co-founder of trading suite Decentrader, fundamental indicators still pointed to a continuation of the longer-term bull market.

“I continue to think that Bitcoin will not crash and is more likely to range before breaking out to the upside,” part of a series of tweets read on the day.

“Many other indicators suggest $BTC has much more upside and the cycle is not over.”

Swift specifically noted that one tool, the Pi Cycle Top indicator, had “nailed” Bitcoin’s most recent all-time high of $64,500 in April. As Cointelegraph reported, Pi has become increasingly popular for those tracking BTC price trends over successive years.

At the time of writing, BTC/USD circled $57,200, ruminating after reaching local highs of $57,400.

No plain sailing for altcoin bagholders

Hodlers thus received a welcome response from the largest cryptocurrency, which had spent much of the week being humiliated at the hands of a surging altcoin market.

Among the astonishing movers were tokens such as Dogecoin (DOGE) and Ethereum Classic (ETC), the latter having laid dormant for much of the past three years since the end of the previous broad “alt season.”

Words of caution, veiled or not, were nonetheless not in short supply, as Bitcoin proponents warned about the fickle nature of such parabolic altcoin moves.

Acting in Bitcoin’s favor meanwhile was news that it would be supported by “hundreds” of banks in the United States in 2021, along with investment giant Grayscale becoming a sponsor of NFL team the New York Giants. 

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationship,” said Patrick Sells, head of bank solutions at crypto custody firm NYDIG, which is behind the scheme, revealing the scale of the rollout to CNBC.