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Cointelegraph
Cointelegraph
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Bitcoin (BTC) threatened a breakdown from its trading range at the Feb. 21 Wall Street open as resistance stayed firmly in place. BTC/USD 1-hour chart. Source: TradingView ETFs no silver bullet for Bitcoin bull market Data from Cointelegraph Markets Pro and TradingView showed ongoing retests of the lowest BTC price levels in a week. After hitting new 26-month highs of $53,000, Bitcoin saw immediate sell-side pressure — even even familiar sources of support, such as anticipation of buyer interest in the spot exchange-traded funds (ETFs), failed to lift the mood. Responding, popular trader Crypto Chase highlighted Bitcoin getting to grips with the so-called fair value gap (FVG) on daily timeframes, as viewed from Fibonacci retracement levels. “Looks ugly, but I've seen Bitcoin recover from worse,” part of accompanying commentary on X (formerly Twitter) read. $BTC4th test of Daily FVG. Looks ugly, but I've seen Bitcoin recover from worse. I'm flat here.Plans:-Daily close above 52.3K = focus longs.-Daily close through FVG = focus shorts.-If retrace is offered, buy dip starting at low 47K (46K~ possible too, but I'll frontload). pic.twitter.com/PEeNYSdDL0 — Crypto Chase (@Crypto_Chase) February 21, 2024 Summarizing his latest video update, Keith Alan, co-founder of trading resource Material Indicators, stressed that even ETF inflows could not be relied upon as a foolproof way of buoying the market. “Midway through the week we are seeing the BTC W candle slip into red territory,” he wrote. “There is certainly plenty of time for it to recover, and the massive amount of BTC ETF inflows should help mitigate some of the downside, but the fact that we are seeing this pullback despite the ETF demand indicates 2 things: 1. Even in the ETF era of Bitcoin, ‘Up Only’ isn't a thing. 2. BTC Whales are selling into the ETF demand.” Commenting on the status quo, however, popular trader Daan Crypto Trades called for calm. “Usually sentiment follows price. If sentiment precedes price without it actually following through, it's often a reason to pay attention,” he wrote in part of a recent X update. “There's something to say for both directions here but I do feel like the bearish sentiment is getting a bit ahead of itself as we've just been ranging for the last week or so without a clear break. Just wait for confirmation towards either side.” One of those days where it's good to remember the part of the cycle we're in.Lower timeframes look like dog poop, higher timeframes look primed for new all-time highs.Don't get shaken out.#Bitcoin pic.twitter.com/O2qxAT6alB — Jelle (@CryptoJelleNL) February 21, 2024 Fellow trader Jelle, known for his optimism on the market as it stands, had a similar angle. Nvidia earnings may spark "frothy week" Continuing, trading firm QCP Capital attributed BTC price weakness in part to high funding rates. Related: Open interest echoes $69K BTC price — 5 things to know in Bitcoin this week “Funding at these levels is typically difficult to sustain which means there could be a pullback in price after such a strong move higher,” it wrote in its latest market update sent to Telegram channel subscribers on the day. “We have already started to see some selling pressure earlier in Asia afternoon (BTC 50,630 low, ETH 2,880 low).” Bitcoin funding rates (screenshot). Source: CoinGlass QCP noted an upcoming source of potential volatility for risk assets in the form of earnings from tech giant Nvidia, these due after the U.S. close. “NVDA is currently trading at 90x P/E and Q4 earnings expectations have been adjusted higher recently,” it explained. “At these valuation multiples and high expectations on earnings, any disappointment could see a sell-off. That would certainly put a drag on US equities and crypto prices as well.” Nvidia (NVDA) 1-week chart. Source: TradingView Daan Crypto Trades likewise assigned significance to the earnings report. “If they beat bigly and price just goes up hard we can prepare for some volatile & frothy next week or two throughout most markets I think,” part of his own X forecast read. “Would prefer to see it cool off a bit so the markets don't get overheated too quickly.” This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

8 days ago
Crypto PM
Crypto PM
followers

But instead of buying random AI coins, I'm focused on one key beneficiary: DePIN. It's projected to be a $3.5T industry by 2028, and you have a chance to be EARLY. 🧵: My ULTIMATE DePIN guide (+ top picks).👇 In this ARTICLE, I'll cover: • How DePIN works • Why DePIN is poised for significant growth in 2024 (and beyond) • The specific DePIN projects I'm investing in Let's dive in. Firstly, what is DePIN? DePIN stands for 'Decentralised Physical Infrastructure'. These are blockchain protocols that incentivise decentralised communities to build & maintain physical hardware. Users supply hardware or software resources to the network & get token rewards. The DePIN landscape is vast, and spans across multi billion-dollar hardware sectors. • Cloud storage • Computing power • Wireless sensor networks Messari predicts that DePIN could add $10T to the global GDP in the next decade (and $100T the decade after). 👀 Physical infra has historically been a Big Tech monopoly. It has significant capital & maintenance costs, out of reach for small players. Giants like AWS capitalise on this by selling their services at a premium. However DePIN (decentralised physical infra networks) has many benefits over centralised solutions due to its ability to: • Reduce costs • Horizontally scale • Reward network contributors • Enhance security Here's how DePIN works: • Supply-side users commit their resources for token rewards from the network. • These rewards incentivise network participants to deploy more infrastructure. Infra growth attracts more demand from end users, leading to increased network activity. Network growth leads to higher rewards, which incentivises more supply side users. As you can see, DePIN has a built-in flywheel effect, helping projects gain traction as they expand. According to @ MessariCrypto ,the DePIN sector is projected to reach $3.5 trillion in the next four years. Longer term, I'm anticipating that number to go much higher, due to the strong aforementioned flywheel mechanics involved. Unlike many other crypto sectors, it's a model that's already been generating revenue. DePIN generates more than $15 million in annual on-chain revenue, and this number is set to grow rapidly in the coming years. Broadly, DePIN projects can be grouped into: • Physical Resource Networks (Sensor, Wireless) • Digital Resource Networks (Compute, Bandwidth, AI, Storage) • DePIN Module Each sub-sector disrupts a $1T dollar industry, which means DePIN's upside potential is MASSIVE. Let's break down some of these sub-sectors even further.👇 1. Decentralised storage These projects create a marketplace for unused storage capacity. • Providers offer computing resources for token-incentives. • Projects encrypt & split up client data across this network. • Clients pay the network to store & retrieve their data. Storage is a key adoption vertical for DePIN as it has the perfect product market fit. Splitting data removes the single point of failure, improving accessibility & security. These networks are also ~78% cheaper than their centralised counterparts. 2. Decentralised computing Decentralised compute networks let you to borrow GPU power to run complex computations on the cloud. You can use it to power AI innovation, render cool scenes or run a blockchain node. Legacy computing networks are currently at a $5T market cap. Even if DePIN captures just 1% of this market, that's a potential 10x growth on utilisation rates. 3. Artificial intelligence infrastructure AI's exponential growth in the last decade has exposed some key scaling challenges: • Lack of specialised hardware • Lack of effective collaboration • Ineffective data storage DePIN can tackle these issues & more. For instance, compute networks like $AKT can reduce the hardware crunch by crowdsourcing GPU power. Similarly, $TAO gamifies research collaboration through crypto incentives. These are just some examples, but DePIN has many applications across the ML pipeline. Honestly, we're just scratching the surface of AI + crypto. I'm excited to see more synergies and use cases emerge as the sector matures. I'll elaborate more on the AI sector specifically in a future thread, so make sure you're following @Crypto PM if you're interested. Now that you have a deeper understanding of what DePIN is (and how it works), let's dive deeper into the specific projects that interest me across the sector.👇 • @ akashnet_ $AKT brands itself as the 'Airbnb for server hosting'. You can buy and sell decentralised cloud storage on their marketplace. The network is powerful, with capacity to host websites, blockchain nodes & video game servers. All at less than 1/6th the cost of Azure. • @ rendernetwork $RNDR taps into unused GPU power to unlock the next-generation of artificial intelligence & 3D rendering. Network activity has been in an uptrend MoM. • @ AethirCloud Aethir is an upcoming launch that I'm extremely excited for. They have: • 20x more GPU’s than RNDR Network • 45x more TFLOPS (compute power) than Akash Network • 31x more infrastructure capital committed than Akash Network and RNDR Network combined They also have partnerships with major players across the telco, gaming and cloud computing space. There are many major updates/announcements coming over the new few months. I'll cover these updates as they occur to keep you in the loop. • @ Filecoin $FIL is my top decentralised data storage play, with 3 major growth verticals: • Storage (2.8x YoY growth) • FIL virtual machine ($254M TVL) • Projects building on top of Filecoin (254K users) FIL has some of the cheapest fees across the entire storage sector. • @ ArweaveEco Arweave lets you store data permanently on the blockchain for a one-time fee. Ideal for metaverse, DeSci & social media projects applications that require data preservation. The Arweave network just hit 3B transactions + 300 TPS. • @ atorprotocol $ATOR serves as a scalable privacy middleware for DePIN & other crypto projects. They use relays to route application traffic through the TOR network, maintaining anonymity. Their new hardware grants users complete privacy, whilst earning them rewards. Other notable mentions: • @ bittensor_ • @ Helium • @ Hivemapper • @ storj Note: This isn't an exhaustive list. The DePIN sector is vast, and constantly evolving. I'll keep you updated with any new exciting projects I come across in this niche. Also, let me know in the comments if there are any projects you'd like me to research further. DePIN is a sector I am extremely excited about, as it is one where I can see clear scope of adoption with real world applications. Long term, it's one of the most clear use cases for decentralisation, and thus, I'm expecting it to be one of the highest upside sectors in crypto. I hope you've found this thread helpful. Follow me @Crypto PM for more content like this. Also, Like/share if you can. 💙 #WLD #ai #DePIN #cryptopm

10 days ago
Cointelegraph
Cointelegraph
followers

Bitcoin (BTC) returned to the center of an intraday trading range into the Feb. 18 weekly close as bulls profited from weekend trading. BTC/USD 1-hour chart. Source: TradingView Trader:Bitcoin rally "healthy" despite OI surge Data from Cointelegraph Markets Pro and TradingView showed $52,000 acting as a focal point for BTC price consolidation. The largest cryptocurrency saw a dip to $50,680 on Bitstamp the day prior, marking its lowest levels in several days. A swift rebound added nearly $1,500 in the hours that followed, however, and at the time of writing, the lows had not seen a fresh retest. Analyzing the week’s action, popular trader Skew flagged a change in trader behavior in the latter half of the Wall Street trading week. Spot buying, he revealed, had subsided toward the weekend, with “mostly taker driven dips & bounces since.” “So far seeing some spot buyers return here with binance spot leading,” he wrote on the day. $BTC Market thread continued, in partnership with @WOO_X $BTC Aggregate CVDs & DeltaUsing Spot CVD here we can see notable divergences with price which I've marked out as red circles (limit selling into price)On LTF there was a change in flow around the 15th - 16th which is… https://t.co/tDAJYsrw5I pic.twitter.com/mJLgKJnPst — Skew Δ (@52kskew) February 18, 2024 Burgeoning open interest (OI) on CME Group’s Bitcoin futures markets, hitting a record $6.8 billion, was meanwhile indicative of volatility to come, per data from monitoring resource CoinGlass. CME Group Bitcoin futures open interest (screenshot). Source: CoinGlass Discussing open interest more broadly, however, popular trader Daan Crypto Trades noted a divergence when this was denominated in BTC. “This +100% rally from October has been healthy in terms of leverage imo,” he argued. “Funding has mostly kept it's neutral rate and open interested denominated in $BTC is lower. In USD value of course it has gone up during this time as the underlying asset (BTC) went up in value.” BTC/USDT chart with open interest and funding rates data. Source: Daan Crypto Trades/X Key BTC price weekly close levels emerge Continuing, Skew said that bulls needed to preserve upward momentum in Bitcoin’s relative strength index (RSI) on 4-hour timeframes into the weekly close. Related: Bitcoin is now at or near all-time highs in these 5 fiat currencies The 21-period exponential moving average (EMA), currently at $51,500, was also important. “In terms of spot flows around $52K - $53K area, notable spot selling into bounces which is often the case with profit taking,” he explained about the landscape on Binance. “Key from here with current uptrend is seeing sufficient spot demand on dips, mostly seen as absorption at the lows where limit buying outweighs taker selling.” #BTC Weekly close above $49k and it is BullishClose below and $44k comes into play to start, simple as that pic.twitter.com/sL0HOh1giX — Matthew Hyland (@MatthewHyland) February 17, 2024 Fellow trader and analyst Matthew Hyland highlighted $49,000 as the ultimate line in the sand to protect for the close. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

11 days ago
Crypto Daily™
Crypto Daily™
followers

The crypto market is always searching for the next big thing - those hidden gem altcoins that can deliver 10x or even 100x returns. In this article, we highlight 7 undervalued altcoins that have strong fundamentals and utility to potentially explode in 2024. Our research team selected these cryptocurrencies based on their impressive technology, fundamentals, growth potential, and favorable technical analysis that points to significant upside this year. Sponge V2 ($SPONGEV2) - The Next Major Meme Coin Revival The original Sponge token saw meteoric growth in 2023, skyrocketing from a $1 million market cap to over $100 million at its peak. Now, Sponge V2 ($SPONGEV2) looks primed to follow a similar trajectory and become the next major meme coin revival in 2024. There is clear ongoing enthusiasm for the SpongeBob-themed token, with over $4.3 million worth of assets staked in the V2 contract already. SPONGE is not hosting a typical presale - instead, users must stake the V1 version to earn the new V2 token. This unique staking system helps cement the transition to V2 while rewarding loyal community members. Those looking to get in on the ground floor of the Sponge V2 relaunch have two simple options. The first way is to purchase Sponge V1 tokens directly through the Sponge.vip website's buy widget. The newly acquired V1 tokens can then be instantly staked with just a few clicks, securing the holder an equivalent amount of the upcoming V2 token.  The second method is to take any existing V1 holdings and manually stake them through the staking portal on the Sponge.vip platform. Either route efficiently stakes Sponge V1 to start generating returns in anticipation of the lucrative Sponge V2 release. The more V1 tokens staked, the greater the V2 rewards. Beyond this, the Sponge team is building an entire play-to-earn racing metaverse. Players can purchase credits to access paid gameplay and earn additional SPONGE based on race performance. There will also be a free version to attract new players. With meme coin mania still running hot and innovative features on the horizon, SPONGEV2 has all the ingredients to deliver the first 100x return of 2024. Now might is the time to get in position by staking SPONGEV1 at Sponge.vip before the next parabolic run. Buy and Stake $SPONGEV2 Now Bitcoin Minetrix ($BTCMTX) - Innovative Bitcoin Mining Bitcoin Minetrix has built a reputation as an efficient, user-friendly tokenized cloud mining platform with a focus on security and transparency. Leveraging compatible wallets like MetaMask, users can easily acquire and stake BTCMTX tokens to participate in the ecosystem. Cloud mining has often been associated with fraud, but Bitcoin Minetrix allows users to earn real Bitcoin mining rewards just by staking tokens. This innovative protocol opens up Bitcoin mining to a much wider audience beyond those running expensive mining rigs. Here's how it works - BTCMTX stakers generate "mining credits" granting them access to cloud mining power. This enables token holders to passively earn BTC without having to personally operate any equipment. Through cloud mining, anyone can get exposure to Bitcoin mining rewards. In addition to BTC mining proceeds, BTCMTX provides staking yields up to 111% APY. Stakers can earn attractive crypto income through both Bitcoin mining as well as staking rewards. Bitcoin Minetrix is currently midway through a heavily oversubscribed presale raising almost $9 million so far. With presale fundraising still ongoing toward a $15 million soft cap, Bitcoin Minetrix remains in early stages - giving prospective investors plenty of time to get in on the ground level before the platform goes live later this year. With exchange listings and expanded mining infrastructure on the 2024 roadmap, BTCMTX offers strong utility and earnings potential as the project continues rapid growth. Buy $BTCMTX Now Meme Kombat ($MK) - The Best Meme Coin to Buy Now The presale for Meme Kombat has raised over $6.9 million so far, prompting predictions of 10x returns post-launch. Traders can still buy the $MK token for $0.279 ahead of a $10 million hard cap. This platform uniquely fuses active crypto betting with passive staking to offer multiple ways for users to earn, appealing especially to gamers. The meme-based concept adds viral potential. Gameplay centers around Player vs Player battles, Player vs Game battles involving odds and probabilities, and In-Play waging where users bet on real-time match events. As the roster of 11 meme fighter characters expands, the battles will become more diverse. Beyond gaming utility, $MK has notable tokenomics. As users gamble using $MK, platform activity directly drives token demand. A staking system also incentivizes holding by enabling investors to compound returns. Over 29 million $MK have already been staked, earning 5.7 million in rewards so far. Token allocation is 50% to presale, 10% liquidity, 30% staking/rewards, and 10% community initiatives. This focus on community rewards will amplify organic growth and brand awareness. While bringing modern innovations, Meme Kombat retains the viral meme coin appeal that can spark the next major breakout. $MK offers strong utility and earning potential as both a gaming platform and digital asset. Buy $MK Now Chainlink ( $LINK ) - The Leading Blockchain Oracle Network Chainlink price remains in an uptrend after bouncing from support at $11.80. LINK currently trades around $15.90, with bullish momentum signals suggesting a retest of $17.00 resistance next. After the recent bounce, momentum indicators reflect building bullish conditions. The MACD histogram shows increasing upside traction that could propel Chainlink back toward $17.00 resistance.  Momentum is currently mixed overall, with the MACD line crossing above the signal line in bullish fashion, but the RSI hovering at neutral levels around 50. Still, the technical backdrop appears to favor further gains for LINK in the near-term. Crypto analyst Ali spots surging demand in the $14.8 to $15.2 zone, where 17,650 addresses acquired over 85 million $LINK . With limited overhead resistance, Chainlink looks positioned to push toward $20. As a leading decentralized oracle network, Chainlink enables blockchains to securely interact with real-world data and events. This functionality allows complex smart contracts to execute based on reliable off-chain information. With its dominant position as the leading decentralized oracle network, Chainlink boasts a robust underlying foundation supporting substantial price appreciation. Considering LINK remains over 50% away from its all-time high, hitting $52 appears well within reach given the project's continual development and real-world adoption.  However, the avid Chainlink community expects even greater highs considering its pivotal role in enabling universally connected smart contracts. As blockchain adoption accelerates, the need for reliable data feeds and off-chain connectivity will only increase over time – suggesting LINK’s utility has significant room to expand. Strong on-chain signals and community optimism point to considerable open-ended upside potential for this top crypto bluechip. Wicrypt ($WNT) - Decentralized Mobile Internet Sharing With a current market cap around $12 million, Wicrypt (WNT) is a small-cap cryptocurrency that could still deliver 100x returns in 2024. WNT is trading for just $0.047 at the time of writing, presenting an optimal entry point. A current RSI of 53 indicates Wicrypt is neither overbought nor oversold at this point. This is considered a relatively neutral RSI level reflecting the coin's recent consolidation. However, the indicator is starting to trend upwards, demonstrating gathering bullish momentum. Source: TradingView Wicrypt operates as a decentralized network enabling users to share and monetize mobile internet connectivity. The platform essentially serves as a virtual Internet Service Provider, free from centralized control. Users gain more autonomy over managing their own data. The protocol facilitates end-to-end encryption of user data while also handling usage billing and payments. Compatible router "micro nodes" run Wicrypt firmware to create local WiFi zones that devices can connect to. By acquiring one of these supported routers and installing the custom OS, anyone can set up a Wicrypt hotspot. Nearby mobile phones, laptops, PCs and other WiFi-enabled devices can then access the internet through these community-run access points. Decentralization eliminates dependence on traditional ISPs while introducing new avenues for participants to earn from sharing bandwidth. As Web3 adoption amplifies, platforms like Wicrypt that disrupt legacy models will continue gaining traction. Render Token ( $RNDR ) - GPU Power Sharing for Creators Render Token (RNDR) powers the Render Network, a peer-to-peer marketplace where GPU resource providers and creators can exchange value. Node operators earn RNDR for contributing spare computational capacity for rendering projects. This allows creators access to GPU power for enhanced speed and lower costs. Launched in 2017, Render Network utilizes blockchain to coordinate an open market for visual effects, machine learning and broader computational tasks beyond basic rendering. There is a capped supply of 536 million RNDR tokens that facilitate transactions on the network. Source: TradingView After surging over 600% in 2023, RNDR price could see similar outstanding returns this year according to analysts. It currently trades around $4.10, nearing resistance at $4.60 which aligns with the 4.236 Fib extension level. The 200-day moving average sits at $2.40, suggesting RNDR remains in a clear decisive uptrend doubling this benchmark over the past 200 days.  The RSI reading of 64 shows bullish momentum with some room left before overbought territory. Meanwhile, the rising MACD histogram and moving averages signal ongoing buying pressure likely to propel prices higher. NEAR Protocol ( $NEAR ) – Developer-Friendly Cloud Computing Platform NEAR Protocol stands out as a developer and user-friendly layer-1 blockchain tailored for cloud computing. It eliminates limitations around transaction speeds, throughput and interoperability that have hindered alternative networks. This provides an ideal foundation for deploying DApps. For example, NEAR utilizes human-readable account names rather than complex crypto addresses. It also implements unique scaling solutions and a proprietary “Doomslug” consensus mechanism. From a technical standpoint, NEAR price surged over 300% in Q4 2023 before consolidating around the $3.30 level after peaking at $4.30. Major resistance sits at $4.90, aligned with the 2.618 Fib extension on its chart. Source: TradingView Despite pulling back recently, NEAR trades well above its 200-day moving average of $1.70 after this parabolic move. It indicates the asset remains in a decisive long-term uptrend. Additionally, the RSI of 54 shows some remaining bullish momentum before becoming technically overbought. As a developer-centric layer-1 blockchain prioritizing usability, NEAR has tremendous long-term growth potential as adoption of decentralized applications accelerates. Its focus on delivering a scalable, secure and consumer-friendly platform for cloud computing positions it as an appealing foundation for the next generation of DApps.  If NEAR can continue gaining developer traction and emerging as the premier DApp hub, its enterprise-level capabilities could propel it into a top 10 crypto project. Conclusion With strong fundamentals and technical signals pointing to further upside, these seven altcoins are poised to make their mark in 2024. Powerful crypto bull markets often give birth to newly dominant projects destined for long-term success. This new year seems ripe with possibilities as these players aim to fulfill big visions and disrupt stagnant industries. The seven altcoins profiled all have promising upside potential heading into 2024. Sponge V2 can ride the meme coin wave to deliver huge ROIs like its predecessor. Bitcoin Minetrix democratizes crypto mining rewards through cloud staking. Meme Kombat fuses gaming and memes for a viral combo. Chainlink remains the gold standard oracle solution as the core infrastructure enabling universal blockchain connectivity.  Wicrypt disrupts centralized ISPs by letting users share and monetize mobile data. Render Token taps GPU power sharing to empower creators building Web3 projects. And NEAR Protocol provides the ideal user-friendly platform for the next generation of cloud-based dApps. With unique value propositions and committed communities, these altcoins are primed to produce monumental wealth creation opportunities in 2024/2025 bull run. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

about 1 month ago
Learn_With_Fullo
Learn_With_Fullo
followers

While Ethereum has dominated as the second-largest cryptocurrency for years, several emerging tokens priced under $5 have rapidly expanded functionality and adoption. These affordable altcoins—Polygon, XRP, and Algorand—exhibit tremendous upside potential in 2024.Polygon (MATIC) Positions Itself as Leading Ethereum Scaling SolutionPolygon, formerly Matic Network, has developed into a robust Layer 2 scaling solution for Ethereum. By offering faster and cheaper transactions, Polygon provides a more efficient framework aimed at solving Ethereum’s high gas fees and network congestion challenges.Several key factors could spur explosive growth for Polygon in 2024:Scaling Needs: With Ethereum expanding, demand for scalable solutions like Polygon may dramatically increase.Ecosystem Growth: Polygon’s ability to onboard more projects and users continues to strengthen its position for major adoption.Upgrades: Continuous improvements to Polygon’s infrastructure could further establish it as the premier Ethereum scaling platform.Ripple (XRP) Emerges as a Preferred Global Payments NetworkRipple and its XRP token have rapidly built traction as a swift, cost-effective messaging and liquidity platform for cross-border payments. Ripple’s ongoing integration with financial institutions to facilitate faster money transfers and currency trades continues fueling XRP adoption.XRP’s explosion potential by 2024 centers on:Financial Use: Growing real-world utility for payments keeps XRP differentiated from solely speculative cryptos.Institutional Adoption: More banks and remittance firms signing onto Ripple expands XRP’s reach significantly.Global Footprint: Ripple’s broader role as the international financial network of the future keeps XRP positioned for dramatic growth.Source – Bitcoin.comAlgorand (ALGO) Evolves as a Sustainable Blockchain LeaderAlgorand has emerged as a blockchain platform focused on overcoming the trilemma by delivering scalability, security, and decentralization. Speed and efficiency have become hallmarks of Algorand as it courts developers and broader institutional adoption.Expectations for an Algorand explosion by 2024 are built upon:Sustainable Tech: Algorand’s carbon-neutral and technically robust protocol set it apart from resource-intensive blockchains.Real-World Use: A priority on financial services provides viable utility to sustain and grow Algorand’s value proposition.Innovation: A dedication to evolving its brisk, sustainable, and secure blockchain infrastructure maintains Algorand’s competitive edge.While the market’s volatility makes crypto inherently risky, Polygon, XRP, and Algorand are attractive digital assets primed for potentially massive growth due to their unique capabilities and adoption trajectories. For investors interested in alternatives to Ethereum, these affordable tokens present upside opportunities heading into 2024.Don't forget to vote for fullo ❤️❤️❤️❤️❤️❤️ Vote for fullo ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️ #CryptoPredictions2024 #dyor

about 2 months ago
Bitcoinworld
Bitcoinworld
followers

Here is a list of five AI and big data cryptos to watch in 2024. With an increased demand for innovative solutions in the cryptocurrency market, experts believe that AI and Big Data have attracted a lot of attention as far as investment potential goes. The advancement of AI is massive and has harnessed its close association with the crypto industry to bring about greater innovation in many projects. Here is a list of five AI and Big Data cryptos to watch in 2024. Injective Protocol (INJ) The injective protocol dares to call itself the “blockchain designed for finance,” and what sets it apart is its focus on granting resources to individuals in creating finance-centric decentralized applications.  Injective (INJ) is introducing an open blockchain that can be used with other blockchains, and it offers a lot of options for developers to use.  The token INJ fuels the governance and transaction validation process through staking. Injective is gaining popularity among developers as it has a unique approach to building decentralized exchanges. See Also: Can These 3 Crypto Turn Investors Into Millionaires? Numeraire (NMR) Numeraire (NMR) was launched back in 2015, and it has been leading in the field of AI-driven hedge funds ever since.  Numeraire is known as the local money for staking. Users can place their NMR tokens on the market, forecasts may be made about the market with the help of an AI education system. This allows them to earn more NMR as rewards.  Borroe Finance (ROE) Borroe Finance is making a remarkable impact in the Web3 ecosystem, thanks to the innovative manner in which it supports funding fueled by Invoice NFTs enabled by AI.  This project has addressed the liquidity challenges in the Web3 community by utilizing AI and blockchain technologies to create a network of NFT buyers and sellers. So far, the presale of Borroe Finance has successfully raised more than $2.1 million in funds and about 89% of tokens have been sold at a retail price of $0.00175 in the current stage 3.  Borroe Finance sets itself apart from others by being devoted to the principle of equal distribution of rewards among creators and users.  This devotion is highlighted by the transparent team led by Michael Price and Maxim Prishchepo.  This seasoned team has a lot of experience and can instill confidence in investors about Borroe Finance’s ability to navigate the crypto market.  See Also: Top 3 Altcoins To Boost Your Cryptocurrency Portfolio In 2024 Render Network (RNDR) Render Network is gaining attention because it integrates AI, blockchain and graphics rendering technology.  This decentralized GPU rendering network utilizes Ethereum technology to efficiently allocate global GPU resources.  Render Network uses AI and machine learning to enhance resource allocation, making it distinct for being decentralized, adaptable, and scalable. In 2017, Render was introduced, which brought about a change in GPU cloud rendering by utilizing idle GPU power for AI and 3D content creation. This demonstrates efficient use of resources and cost-effectiveness. InQubeta (QUBE) QUBE is the base of InQubeta’s environment and it allows for fractional investments in artificial intelligence startups. The way the token’s fees are set up makes staking and earning more attractive to holders. There is a 2% buy-and-sell tax on a burn wallet and a 5% sell tax on a reward pool. The integration with the InQubeta NFT marketplace makes it easier for people to invest in fractional amounts in an NFT, and it does so by combining AI with the decentralized finance industry, which makes it easier for people to make investment decisions. The project plans for an NFT marketplace, InQubeta Swap, and InQubeta DAO. Based on these, investors are hopeful that QUBE will make a valuable crypto asset in the AI sector. Conclusion With an increased demand for innovative solutions in the cryptocurrency market, experts believe that AI and Big Data have attracted a lot of attention as far as investment potential goes. Artificial Intelligence is changing many industries, but it has found its special place in the cryptocurrency industry.  Notable AI cryptos like Injective, Numerai, Render Network, InQubeta (QUBE), and Borroe Finance (ROE) are currently gaining popularity in the decentralized tech industry, as they bring unique features and solutions to the crypto world. The post 5 AI and Big Data Cryptos To Watch in 2024 appeared first on BitcoinWorld.

about 2 months ago
Bitcoin Gurukul
Bitcoin Gurukul
followers

"2024 Crypto Carnival: Unleash the Laughter with These Hidden Altcoin Gems!" As we gear up for the potential crypto rollercoaster of 2024, the crypto realm is abuzz with hidden gems waiting to unleash their inner fireworks. Sure, Bitcoin and Ethereum are the cool kids on the block, but let's ditch the "safe bets" mentality and embark on a hilarious journey with 10 under-the-radar altcoins ready to bring the house down with potential gains! 1. Cosmic Boogie with Cosmos (ATOM) : Imagine a blockchain maestro conducting a cosmic orchestra, bringing together blockchains for a seamless jam session. That's Cosmos for you! It's not just about the ATOM token; there are rising stars like Osmosis (OSMO) and Juno (JUNO) that are set to shine. It's like the Avengers of the crypto world, but with DeFi protocols and gaming dApps. Let the interchain party begin! Cosmos is the conductor of blockchain harmony, enabling seamless communication and data exchange between disparate blockchains. This groundbreaking interchain technology bridges the fragmented crypto ecosystem, uniting isolated networks and unlocking limitless possibilities for cross-chain collaboration. Imagine DeFi protocols seamlessly interacting with gaming dApps on different blockchains – Cosmos makes it a reality. 2. Near Protocol's Comedy Club (NEAR) : Tired of crypto codes that look like hieroglyphics? Near Protocol says, "No more!" It's the stand-up comedian of blockchains, using account names and readable smart contracts. It's not just about being user-friendly; Near is the cool hangout spot for ambitious projects building the next big thing in decentralized apps. Say goodbye to complicated interactions – Near is the friendly bouncer letting you into the Web3 party! Breaking the Language Barrier: Near Protocol tackles the fundamental roadblock to mass crypto adoption – human-readable smart contracts. Existing blockchains rely on complex hexadecimal codes, alienating everyday users. Near's innovative account names and readable smart contracts bridge this gap, making blockchain interactions as intuitive as sending an email. 3. Harmony's Quantum Leap (ONE): Picture this: Ethereum on steroids, but without the hefty price tag. Harmony is that overachiever, using quantum-fueled scalability to give you DeFi protocols at lightning speed and minimal fees. And it's not playing favorites; Harmony's building bridges to connect with Bitcoin and Binance Smart Chain. It's the blockchain Cupid fostering love connections across the crypto universe! Quantum-Fueled Scalability: Harmony isn't just another sharded blockchain; it's a symphony conducted by the groundbreaking Ethereum Virtual Machine (EVM) on a sharded stage. This unique architecture allows Harmony to inherit the vast ecosystem of Ethereum dApps while achieving mind-blowing transaction speeds and minimal fees. Imagine running your favorite DeFi protocols on a platform 10,000 times faster and cheaper than Ethereum – that's the Harmony promise. Bridging the Worlds: Harmony isn't content with just Ethereum; it embraces a multi-chain future. Its innovative cross-shard bridges connect Harmony to blockchains like Bitcoin and Binance Smart Chain, unlocking even more possibilities for interoperable DeFi and asset exchange. As the need for seamless interaction across blockchains intensifies, Harmony's bridge-building expertise positions ONE for explosive growth. 4. Band Protocol's Rockstar DeFi Data (BAND): DeFi without accurate data is like a concert without music. Band Protocol is the rockstar delivering reliable oracles for all your DeFi needs. And it's not picky; it serves data to dApps on different blockchains, creating a versatile data experience. Think of it as the maestro ensuring your DeFi instruments play in perfect harmony. The Data Maestro of DeFi: DeFi applications rely on accurate and timely data from the real world to function correctly. Band Protocol plays the role of the data maestro, providing secure and reliable oracles that bridge the gap between blockchains and external data sources. From weather data for agricultural dApps to exchange rates for trading protocols, Band oracles ensure DeFi instruments operate with precision. Chain Agnostic Symphony: Unlike most oracles confined to specific blockchains, Band is chain-agnostic, serving data to dApps across various protocols like Ethereum, BNB Chain, and Cosmos. This versatility expands Band's reach and influence within the ever-growing DeFi landscape, solidifying its role as the go-to data solution for the industry. The Trustworthy Chorus: Decentralization is the core of Band's design. Its network of data providers and token holders ensures tamper-proof data delivery and community governance, eliminating single points of failure and fostering trust in the oracle network. This trust is vital for the smooth operation of DeFi, making BAND a critical component of the ecosystem's future success. 5. Livepeer's Blockbuster Movie Night (LPT): Who said blockchain can't have movie nights? Livepeer is revolutionizing live video streaming, making it secure, scalable, and censorship-resistant. It's not just for entertainment; educational streams and live gaming events are getting a front-row seat. Livepeer is the director, and you're the star in this blockbuster decentralized show! Live Video on the Blockchain Stage: Livepeer reimagines live video streaming for the Web3 era. Its decentralized network of video nodes delivers secure, scalable, and censorship-resistant streaming, empowering creators and viewers alike. Imagine live video platforms free from corporate control and monetization models that reward creators directly – Livepeer makes it a reality. Beyond YouTube: Democratizing Live Video: Livepeer's technology isn't just for entertainment; it has applications across various industries. Educational streams, virtual conferences, and even live gaming events can benefit from Livepeer's secure and transparent infrastructure. This versatility opens doors to a vast market, driving demand for LPT in the process. Tokenizing the Network for Growth: Livepeer's native token, LPT, fuels the network's operation. Node operators stake LPT to participate in video transcoding and earn rewards, while viewers use LPT to pay for access to premium streams. This token-based ecosystem aligns incentives and incentivizes network growth, creating a positive feedback loop that propels LPT's value. 6. The Graph's Data Disco (GRT): Navigating the Web3 data ocean is a challenge, but fear not – The Graph is your dance partner. It's the decentralized compass leading you through blockchain data. Its subgraphs organize information, making it the Google of blockchains. It's like having a personal assistant for discovering hidden crypto treasures! The Semantic Search Symphony: Imagine navigating the vast ocean of data within the Web3 universe with ease. The Graph is your compass, providing a decentralized indexing protocol for blockchain data. Its subgraphs organize and curate on-chain information, enabling developers to build powerful dApps without drowning in data. Think of it as the Google of blockchains, empowering users to discover valuable insights and trends hidden within the data. DApps in Harmony with Data: As DeFi, NFTs, and GameFi continue to blossom, the demand for efficient data access will skyrocket. The Graph's subgraphs cater to this need, providing developers with building blocks to construct dApps that seamlessly interact with on-chain data. This symbiotic relationship fuels the Graph's growth, as successful dApps drive demand for reliable data indexing, pushing GRT upwards. The Curator's Chorus: The Graph's decentralized curation mechanism empowers token holders to curate subgraphs, ensuring data quality and relevance. This community-driven approach fosters a sense of ownership and incentivizes active participation, shaping the future of Web3 data indexing and solidifying GRT's role as the go-to protocol for on-chain knowledge discovery. 7. Celo's DeFi Dance Party (CELO): Celo is breaking down barriers to DeFi with a mobile-first approach. No more complicated wallets and private keys – Celo lets you access DeFi protocols with the ease of sending a text message. It's not just about financial transactions; Celo's stablecoin cUSD is bringing global finance to your fingertips. Dance your way to financial freedom with Celo! Mobile-First DeFi Symphony: Celo tackles a fundamental barrier to widespread DeFi adoption – accessibility. Its mobile-first approach leverages phone numbers for user identification and payment, eliminating the need for complex crypto wallets and private keys. Imagine accessing DeFi protocols with the ease of sending a text message – Celo makes it a reality, opening the door to a vast unbanked population. Stablecoin Harmony for Global Finance: Celo embraces the power of stablecoins to bridge the gap between traditional and decentralized finance. Its native stablecoin, cUSD, is pegged to the US dollar, offering price stability and facilitating seamless cross-border transactions. This focus on financial inclusion and stability positions Celo as a frontrunner in the democratization of finance, boosting CELO's value on the global stage. The Impactful Chorus: Celo's commitment to social impact is woven into its very fabric. Its "Governance by Mobile" mechanism empowers token holders to vote on proposals using their phones, ensuring inclusivity and transparency in network governance. This focus on positive social impact resonates with a growing community, attracting users and investors who value Celo's mission to make DeFi accessible and impactful for all. 8. Mina Protocol's Lightweight Blockchain Ballet (MINA): Ever heard of a blockchain on a diet? Mina Protocol is the lightweight champion, using cryptographic proofs to verify the blockchain's state without the need for heavy downloads. It's the ballet of privacy and transparency, making blockchain accessible to everyone. Join the eco-conscious dance of blockchain innovation with Mina! The Blockchain on a Diet: Mina Protocol revolutionizes scalability by introducing "zk-SNARKs," cryptographic proofs that allow validators to verify the state of the blockchain without downloading the entire chain. This lightweight design dramatically reduces storage requirements and transaction fees, paving the way for mass adoption. Imagine running a validator node on your phone – Mina makes it possible, opening doors to a more decentralized and accessible future. Privacy Symphony for Decentralized Apps: While blockchain offers transparency, it can also compromise user privacy. Mina tackles this challenge with its unique privacy features, enabling developers to build dApps that protect sensitive data while remaining verifiable on the chain. This balance between privacy and transparency positions Mina as a leader in privacy-preserving blockchain technology, boosting MINA's value as developers flock to its platform. The Sustainable Chorus: Mina's commitment to sustainability goes beyond its lightweight design. Its consensus mechanism, Proof-of-Stake (PoS), consumes significantly less energy than Proof-of-Work (PoW) protocols, minimizing its environmental footprint. This eco-conscious approach resonates with a growing community concerned about the environmental impact of blockchain technology, making MINA a beacon of sustainable innovation. 9. Akash Network's Cloud Comedy Club (AKT) : Cloud computing can be a bit serious, but Akash Network turns it into a comedy club. It's the cost-conscious alternative, slashing cloud computing costs while creating a decentralized network. It's not just about computing; AKT token holders are the comedians in this community-driven comedy show, shaping the future of the platform with their votes! The Cost-Conscious Cloud Concerto: Cloud computing is a behemoth, but its centralized nature and hefty price tags raise concerns. Akash Network offers a decentralized alternative, leveraging a global network of idle computing resources to provide on-demand, pay-as-you-go cloud services. Imagine slashing your cloud computing costs while contributing to a secure and distributed network – Akash makes it a reality. Scalability Without Compromise: Akash's secret weapon is its unique market-based mechanism. Providers compete for user jobs, driving down prices while ensuring high resource availability. This dynamic system scales effortlessly, eliminating bottlenecks and catering to growing demand for affordable cloud computing power. As the need for scalable and cost-effective computing solutions rises, AKT is poised to rise in tandem. Community-Driven Crescendo: Akash is more than just a decentralized cloud platform; it's a community-governed ecosystem. AKT token holders actively participate in network governance, voting on proposals and shaping the future of the platform. This shared ownership fosters a sense of responsibility and incentivizes community involvement, propelling Akash's growth and solidifying AKT's value. 10. Polkadot's Blockchain Symphony (DOT) : Polkadot is the grand conductor, uniting disparate blockchains in a symphony of collaboration. It's not just about scalability; Polkadot's parachain architecture enables DeFi protocols on one chain to interact with NFTs on another. It's the governance chorus where DOT holders shape the future, ensuring a harmonious multi-chain ecosystem. Connecting the Fragmented Blockchain Landscape: Blockchain fragmentation is a major roadblock to widespread adoption. Polkadot emerges as the conductor, uniting disparate blockchains under one roof. Its innovative parachain architecture allows independent blockchains to connect and interact seamlessly, fostering collaboration and unlocking limitless possibilities. Imagine DeFi protocols on one chain interacting with NFTs on another – Polkadot makes it a reality. Scalability Symphony Beyond Imagination: Polkadot tackles the scalability challenge head-on. Its parachain structure distributes transaction load across independent chains, enabling the network to handle massive volumes without compromising decentralization. This inherent scalability positions Polkadot to become the central hub of a thriving multi-chain ecosystem, driving demand for DOT as the network's fuel. The Governance Chorus: Polkadot empowers its community through a robust on-chain governance system. DOT holders actively participate in decision-making, shaping the network's future and ensuring its continued development. This democratic approach fosters trust and attracts users and developers who value community-driven innovation, further strengthening Polkadot's position as the leading interoperability solution. Conclusion: "Crypto Comedy 2024: Diversify Your Portfolio with Altcoins That Will Have You ROFL to the Bank!" In this laughter-packed crypto journey, we've explored the unique features and potential of ten altcoins set to make waves in 2024. Remember, while the crypto market is a rollercoaster, diving into the depths of innovation, understanding the technology, and making informed decisions can lead to exciting and profitable adventures. Do your research, tread with caution, and above all, embrace the spirit of exploration as you navigate the crypto comedy of 2024.

2 months ago
Coinovation
Coinovation
followers

Explore beyond Bitcoin, these 10 Altcoins are set to offer potential gains while diversifying your portfolio. As we brace ourselves for the potential bull run of 2024, the cryptocurrency landscape buzzes with hidden gems waiting to erupt. While established players like Bitcoin and Ethereum hold their thrones, smaller altcoins also hold the potential for explosive growth. Forget "safe bets" – let's explore 10 under-the-radar altcoins poised for a mind-blowing 1000x surge in the coming year! Also read: 5 Cryptocurrencies to Buy Before 2023 Ends 1. Cosmos (ATOM) Current Price: $11.28  Market Cap: $4.29 billion   Interoperability Maestro: Cosmos is the conductor of blockchain harmony, enabling seamless communication and data exchange between disparate blockchains. This groundbreaking interchain technology bridges the fragmented crypto ecosystem, uniting isolated networks and unlocking limitless possibilities for cross-chain collaboration. Imagine DeFi protocols seamlessly interacting with gaming dApps on different blockchains – Cosmos makes it a reality.The Rising Stars of the Interchain Cosmos: Nestled within the Cosmos ecosystem are burgeoning projects like Osmosis (OSMO), Juno (JUNO), and Secret Network (SCRT), each specializing in unique DeFi, governance, and privacy solutions. As Cosmos gains traction, these interoperable tokens within its orbit are poised to rise alongside it, benefiting from the network's collective success.Community-Driven Symphony: Cosmos thrives on its passionate and engaged community. The Tendermint consensus mechanism empowers token holders to actively participate in network governance, fostering a sense of ownership and shared responsibility. This strong community is the fuel that propels Cosmos forward, attracting developers and users, further strengthening its ecosystem and propelling ATOM's value. 2. Near Protocol (NEAR) Current Price: $3.88 Market Cap: $3.90 billion Breaking the Language Barrier: Near Protocol tackles the fundamental roadblock to mass crypto adoption – human-readable smart contracts. Existing blockchains rely on complex hexadecimal codes, alienating everyday users. Near's innovative account names and readable smart contracts bridge this gap, making blockchain interactions as intuitive as sending an email.Building the Future of Web3: With its user-friendly design and developer-centric tools, Near attracts ambitious projects building the next generation of decentralized applications (dApps). Social platforms, marketplaces, and even DAOs are thriving on Near, creating a vibrant ecosystem brimming with potential. As Web3 blossoms, Near is positioned to be a cornerstone platform, boosting NEAR's value.Sharding Scalability Symphony: Near utilizes innovative sharding technology to handle high transaction volumes without compromising decentralization. This scalability ensures smooth user experience even as Near's adoption explodes. With the scalability challenge tackled, Near can cater to millions of users, paving the way for NEAR's meteoric rise. 3. Harmony (ONE) Current Price: $0.02 Market Cap: $278.53M   Quantum-Fueled Scalability: Harmony isn't just another sharded blockchain; it's a symphony conducted by the groundbreaking Ethereum Virtual Machine (EVM) on a sharded stage. This unique architecture allows Harmony to inherit the vast ecosystem of Ethereum dApps while achieving mind-blowing transaction speeds and minimal fees. Imagine running your favorite DeFi protocols on a platform 10,000 times faster and cheaper than Ethereum – that's the Harmony promise.Bridging the Worlds: Harmony isn't content with just Ethereum; it embraces a multi-chain future. Its innovative cross-shard bridges connect Harmony to blockchains like Bitcoin and Binance Smart Chain, unlocking even more possibilities for interoperable DeFi and asset exchange. As the need for seamless interaction across blockchains intensifies, Harmony's bridge-building expertise positions ONE for explosive growth.Community Symphony of Builders: Harmony boasts a vibrant and inclusive community, attracting developers and users with its developer-friendly tools, hackathons, and generous grant programs. This community-driven growth fosters innovation and attracts ambitious projects, creating a virtuous cycle that reinforces ONE's value. With dedicated builders creating the future of DeFi and GameFi on Harmony, the stage is set for ONE's grand crescendo. 4. Band Protocol (BAND) Current Price: $1.83 Market Cap: $253.16 million   The Data Maestro of DeFi: DeFi applications rely on accurate and timely data from the real world to function correctly. Band Protocol plays the role of the data maestro, providing secure and reliable oracles that bridge the gap between blockchains and external data sources. From weather data for agricultural dApps to exchange rates for trading protocols, Band oracles ensure DeFi instruments operate with precision.Chain Agnostic Symphony: Unlike most oracles confined to specific blockchains, Band is chain-agnostic, serving data to dApps across various protocols like Ethereum, BNB Chain, and Cosmos. This versatility expands Band's reach and influence within the ever-growing DeFi landscape, solidifying its role as the go-to data solution for the industry.The Trustworthy Chorus: Decentralization is the core of Band's design. Its network of data providers and token holders ensures tamper-proof data delivery and community governance, eliminating single points of failure and fostering trust in the oracle network. This trust is vital for the smooth operation of DeFi, making BAND a critical component of the ecosystem's future success. 5. Livepeer (LPT) Current Price: $8.99 Market Cap: $271.30 million   Live Video on the Blockchain Stage: Livepeer reimagines live video streaming for the Web3 era. Its decentralized network of video nodes delivers secure, scalable, and censorship-resistant streaming, empowering creators and viewers alike. Imagine live video platforms free from corporate control and monetization models that reward creators directly – Livepeer makes it a reality.Beyond YouTube: Democratizing Live Video: Livepeer's technology isn't just for entertainment; it has applications across various industries. Educational streams, virtual conferences, and even live gaming events can benefit from Livepeer's secure and transparent infrastructure. This versatility opens doors to a vast market, driving demand for LPT in the process.Tokenizing the Network for Growth: Livepeer's native token, LPT, fuels the network's operation. Node operators stake LPT to participate in video transcoding and earn rewards, while viewers use LPT to pay for access to premium streams. This token-based ecosystem aligns incentives and incentivizes network growth, creating a positive feedback loop that propels LPT's value.   6. The Graph (GRT) Current Price: $0.18 Market Cap: $1.72 billion   The Semantic Search Symphony: Imagine navigating the vast ocean of data within the Web3 universe with ease. The Graph is your compass, providing a decentralized indexing protocol for blockchain data. Its subgraphs organize and curate on-chain information, enabling developers to build powerful dApps without drowning in data. Think of it as the Google of blockchains, empowering users to discover valuable insights and trends hidden within the data.DApps in Harmony with Data: As DeFi, NFTs, and GameFi continue to blossom, the demand for efficient data access will skyrocket. The Graph's subgraphs cater to this need, providing developers with building blocks to construct dApps that seamlessly interact with on-chain data. This symbiotic relationship fuels the Graph's growth, as successful dApps drive demand for reliable data indexing, pushing GRT upwards.The Curator's Chorus: The Graph's decentralized curation mechanism empowers token holders to curate subgraphs, ensuring data quality and relevance. This community-driven approach fosters a sense of ownership and incentivizes active participation, shaping the future of Web3 data indexing and solidifying GRT's role as the go-to protocol for on-chain knowledge discovery. 7. Celo (CELO)  Current Price: $0.73 Market Cap: $381.85M   Mobile-First DeFi Symphony: Celo tackles a fundamental barrier to widespread DeFi adoption – accessibility. Its mobile-first approach leverages phone numbers for user identification and payment, eliminating the need for complex crypto wallets and private keys. Imagine accessing DeFi protocols with the ease of sending a text message – Celo makes it a reality, opening the door to a vast unbanked population.Stablecoin Harmony for Global Finance: Celo embraces the power of stablecoins to bridge the gap between traditional and decentralized finance. Its native stablecoin, cUSD, is pegged to the US dollar, offering price stability and facilitating seamless cross-border transactions. This focus on financial inclusion and stability positions Celo as a frontrunner in the democratization of finance, boosting CELO's value on the global stage.The Impactful Chorus: Celo's commitment to social impact is woven into its very fabric. Its "Governance by Mobile" mechanism empowers token holders to vote on proposals using their phones, ensuring inclusivity and transparency in network governance. This focus on positive social impact resonates with a growing community, attracting users and investors who value Celo's mission to make DeFi accessible and impactful for all. 8. Mina Protocol (MINA) Current Price: $1.26 Market Cap: $1.30 billion   The Blockchain on a Diet: Mina Protocol revolutionizes scalability by introducing "zk-SNARKs," cryptographic proofs that allow validators to verify the state of the blockchain without downloading the entire chain. This lightweight design dramatically reduces storage requirements and transaction fees, paving the way for mass adoption. Imagine running a validator node on your phone – Mina makes it possible, opening doors to a more decentralized and accessible future.Privacy Symphony for Decentralized Apps: While blockchain offers transparency, it can also compromise user privacy. Mina tackles this challenge with its unique privacy features, enabling developers to build dApps that protect sensitive data while remaining verifiable on the chain. This balance between privacy and transparency positions Mina as a leader in privacy-preserving blockchain technology, boosting MINA's value as developers flock to its platform.The Sustainable Chorus: Mina's commitment to sustainability goes beyond its lightweight design. Its consensus mechanism, Proof-of-Stake (PoS), consumes significantly less energy than Proof-of-Work (PoW) protocols, minimizing its environmental footprint. This eco-conscious approach resonates with a growing community concerned about the environmental impact of blockchain technology, making MINA a beacon of sustainable innovation. 9. Akash Network (AKT)  Current Price: $2.47 Market Cap: $554.77M   The Cost-Conscious Cloud Concerto: Cloud computing is a behemoth, but its centralized nature and hefty price tags raise concerns. Akash Network offers a decentralized alternative, leveraging a global network of idle computing resources to provide on-demand, pay-as-you-go cloud services. Imagine slashing your cloud computing costs while contributing to a secure and distributed network – Akash makes it a reality. Scalability Without Compromise: Akash's secret weapon is its unique market-based mechanism. Providers compete for user jobs, driving down prices while ensuring high resource availability. This dynamic system scales effortlessly, eliminating bottlenecks and catering to growing demand for affordable cloud computing power. As the need for scalable and cost-effective computing solutions rises, AKT is poised to rise in tandem.Community-Driven Crescendo: Akash is more than just a decentralized cloud platform; it's a community-governed ecosystem. AKT token holders actively participate in network governance, voting on proposals and shaping the future of the platform. This shared ownership fosters a sense of responsibility and incentivizes community involvement, propelling Akash's growth and solidifying AKT's value. 10. Polkadot (DOT) Current Price: $9.08 Market Cap: $11.44 billion Connecting the Fragmented Blockchain Landscape: Blockchain fragmentation is a major roadblock to widespread adoption. Polkadot emerges as the conductor, uniting disparate blockchains under one roof. Its innovative parachain architecture allows independent blockchains to connect and interact seamlessly, fostering collaboration and unlocking limitless possibilities. Imagine DeFi protocols on one chain interacting with NFTs on another – Polkadot makes it a reality.Scalability Symphony Beyond Imagination: Polkadot tackles the scalability challenge head-on. Its parachain structure distributes transaction load across independent chains, enabling the network to handle massive volumes without compromising decentralization. This inherent scalability positions Polkadot to become the central hub of a thriving multi-chain ecosystem, driving demand for DOT as the network's fuel.The Governance Chorus: Polkadot empowers its community through a robust on-chain governance system. DOT holders actively participate in decision-making, shaping the network's future and ensuring its continued development. This democratic approach fosters trust and attracts users and developers who value community-driven innovation, further strengthening Polkadot's position as the leading interoperability solution. Which Cryptocurrency Should You Buy in 2024? Remember, this journey is not about blindly chasing moonshots. It's about delving into the depths of innovation, understanding the technology, and making informed decisions. Do your research, tread with caution, and above all, embrace the spirit of exploration. (Photo by Art Rachen on Unsplash )

2 months ago
MetaversePost
MetaversePost
followers

TL;DR RGB operates as a Layer 2/3 solution on the Bitcoin and Lightning Network.client-side validation paradigm, housing all smart contract data outside Bitcoin transactions. This design ensures the system’s operation atop the Lightning Network, eliminating the need for modifications to LN protocols. RGB smart contracts are designed for scalability and confidentiality. The system supports private and mutual ownership, abstracts and separates concerns, representing a post-blockchain, Turing-complete form of trustless distributed computing without the necessity of introducing new tokens. RGB contracts are organized in separate segments called “shards,” each with its own history and data, enhancing scalability and preventing the mixing of histories from different contracts. They interact via the Bifrost protocol on the Lightning Network, enabling coordinated changes among multiple parties, similar to DEXes operating on the Lightning Network. RGB employs single-use seals defined over Bitcoin UTXOs for security. Any party possessing smart contract state history can verify its uniqueness, leveraging Bitcoin’s script to define ownership and access rights. In RGB, state ownership and validation are separate entities. Ownership is managed by the Bitcoin script, a non-Turing Complete system. Validation rules, on the other hand, are dictated by the RGB Schema using the Turing Complete Simplicity/Contractum/Rust Script. Each RGB smart contract is associated with a unique state using single-use seals. The seals and state follow specific rules and validations set by the contract’s creator, governed by a “schema”. This schema acts like a rule set for checking contract data on the client side, enabling a high level of protocol scalability and privacy. RGB’s design is highly interoperable with existing Bitcoin and Lightning Network technologies, facilitating seamless integration with these platforms and any future upgrades. Unlike the imperative programming style of many blockchain platforms, RGB employs a declarative style. This approach focuses on outlining the desired outcome rather than detailing the specific steps to achieve it. RGB utilizes various advanced technologies, including AluVM for deterministic portable computing tasks, PRISM for partially-replicated infinite state machines computing, and Storm for escrow-based trustless storage using zk-proofs. These technologies contribute to RGB’s robustness, confidentiality and extensibility. RGB (v0.10) introduces notable enhancements to user experience and integration processes, streamlining operations and minimizing dependencies. The updated version features a more unified library API and command-line tool, making it more accessible and user-friendly. Short description RGB is a protocol designed for issuing tokens on the Bitcoin network with enhanced privacy and compatibility with the Lightning Network. It builds on the concept of “colored coins,” like those used in the OmniLayer protocol where metadata in Bitcoin transactions indicates a token transfer. For example, USDT transactions on OmniLayer function as Bitcoin transactions augmented with additional data detailing the USDT token movements. However, these methods face limitations such as data size constraints in OP_RETURN outputs, intensive blockchain scanning and restricted privacy stemming from on-chain visibility. RGB addresses these issues by relocating majority of the validation processes away from the Bitcoin blockchain. It adopts client-side validation and employs single-use seals to connect tokens with Bitcoin’s UTXOs, all the while preserving user privacy.Tokens are transferred by committing to a message containing RGB payment information within a Bitcoin transaction, allowing the tokens to move from one UTXO to another without leaving a trace on the Bitcoin transaction graph. This significantly enhances privacy, as RGB transactions “teleport” tokens discreetly, with RGB-specific data passed through private off-chain channels. Additionally, to ensure ownership and prevent inflation, receivers must validate the entire transaction history of the tokens received. RGB enables future upgrades without the necessity for hard forks, ensuring miners are unable to trace asset flow, thereby providing a higher resistance to censorship. Unlike traditional blockchain structures, RGB operates without the need for blocks or chains, positioning it as a non-block decentralized protocol, promising high confidentiality, security and scalability. Introduction and Vision One-liner: A client-validated state and smart-contract system operating at Layer 2/3 in Bitcoin and Lightning Network. More details: RGB is a scalable & confidential smart contracts system for Bitcoin & Lightning Network. RGB smart contracts operate with client-side validation paradigm, housing all smart contract data outside Bitcoin transactions, i.e. Bitcoin blockchain or Lightning channel state. This allows the system to operate on top of Lightning Network without any changes to the LN protocols and also gives a foundation for a high level of protocol scalability and privacy. Smart contracts embody principles of private and mutual ownership, abstraction, and the separation of concerns. They represent a “post-blockchain,” Turing-complete form of trustless distributed computing that does not require introduction of tokens. RGB contracts operate in separate segments called “shards.” Each shard has its own history and data, meaning different contracts don’t mix their histories. This method improves scalability. The term “shard” is used to show that RGB achieves similar goals to what was intended with Ethereum’s shards concept. Although they function independently, RGB contracts can interact through the Bifrost protocol on the Lightning Network. This allows for coordinated changes between multiple parties. For example, it enables DEXes to function over the Lightning Network. Technology & Architecture High-level Overview of RGB Operation and Single-Use Seals Figure 1. High-level overview of operation of RGB.Source: LNP/BP Association Github. As a security mechanism, RGB utilizes single-use seals defined over bitcoin UTXOs, which provide the ability for any party having smart contract state history to verify its uniqueness. In essence, RGB leverages Bitcoin script for its security model and defines ownership and access rights. Figure 2. RGB High-level working principle.Source: “Driving Mass Adoption of Crypto: How the RGB Protocol is Illuminating the Future of Bitcoin” by Waterdrip Capital. Each RGB smart contract is defined by a genesis state, crafted by the smart contract issuer (or, put simply, issuer)and a directed acyclic graph (DAG) of state transitions maintained as client-validated data. Figure 3. Transactions, closed seal and witness.Source: LNP/BP Association Github. We can summarize it as follows: each transaction has a UTXO, and ownership of this UTXO grants the owner the right to possess the state. Ownership determines who can modify the blockchain state and “spend” the UTXO. The individual holding the state is referred to as the party owning state.The party holds the authority to modify the relevant section of the smart contract state by generating a new state transition and confirming it in a transaction, utilizing the output containing the previous state.The process signifies closure of a seal over the state transition, and a pair comprising the spending transaction and corresponding extra-transaction data on the state transition is termed a witness (depicted in an image above). Ownership & Access: Core Properties Figure 4. Ownership and Access.Source: LNP/BP Association Github. State ownership and validation are distinct concepts. Validation rules specify how the state may change, while they do not identify who may effectuate the change.  On the other hand, ownership is controlled by Bitcoin script at the Bitcoin blockchain level, which is not Turing Complete.  In contrast, validation rules are governed by the RGB Schema utilizing Simplicity/Contractum Script i.e. being Turing Complete.  RGB Schema In RGB smart contracts, each contract is assigned a unique state through single-use seals. These seals, along with the state, have specific rules and validations, set by the contract’s creator at the beginning. This setup is governed by a “schema,” functioning as a set of rules to validate contract data on the client side. The schema can include complex scripts integral to the contract’s logic. Figure 5. RGB Schema.Source: LNP/BP Association Github. Client-side Validation and Design Principles Figure 6. RGB Client-side-validation.Source: LNP/BP Association Github. Strong Ownership: In RGB, smart contracts have a clearly defined owner or owners. Only designated owners hold the authority to modify the contract’s state. These contracts outline distinct rights or operations categorized as either public (accessible to all) or owned (restricted to the owner). Confidentiality: Information within the contract is kept confidential, known only to the participants, especially the owners of the state. Participants have the option to make certain data public, but by default, all information is private. This confidentiality prevents external analysis tools from accessing the data, ensuring that no sensitive information is stored on public ledgers. Separation of Concerns: RGB features a modular design with distinct layers, each assigned a specific task. These layers operate independently, eliminating the necessity for lower layers to be aware of the higher layers’ structure. This design enhances the organization and efficiency of the system. Extensibility: The system is easily extendable, allowing for the creation and integration of advanced smart contracts without the necessity to modify the core protocol or recompile the entire RGB library. Determinism: RGB’s validation logic is deterministic, consistently yielding identical results with the same inputs and the prevailing state of underlying blockchain or Lightning Network channel. This consistency is achieved through two main components: a. The core validation logic, written in Rust, is the same across all systems running RGB. b. Contract-specific validation logic runs on AluVM, a virtual machine that provides a consistent set of instructions regardless of the platform. LNP/BP Interoperability: RGB is designed to work seamlessly with existing Bitcoin and Lightning Network technologies. It’s also built to be compatible with any future upgrades to these technologies. Approach of RGB and Pure Blockchain/L1 approach Pure blockchain/L1 approach is wrong, RGB team states. Figure 7. RGB comments on Blockchain/L1 approach.Source: LNP/BP Association Github. RGB’s Approach: Declarative vs. Imperative Programming: Most blockchain platforms, including Ethereum, utilize smart contracts written in an imperative style. In this approach, the contract functions as a program that explicitly directs the step-by-step execution of tasks, resembling a precise and detailed recipe. These imperative programs are often quite restrictive and limited by the capabilities of the underlying blockchain platform. Even though they are sometimes referred to as Turing-complete, they come with significant limitations. Declarative Nature of RGB Smart Contracts: RGB, on the other hand, does not use imperative programming. Instead, it employs a special form of functional programming where smart contracts are defined declaratively. In declarative programming, instead of detailing how to do something, you describe what the outcome should be. It’s like outlining what a meal should look like rather than providing step-by-step cooking instructions. The “Schema” in RGB is a declarative definition of a smart contract. It specifies the rules and conditions of the contract, but not the exact sequence of operations to achieve them. Paradigm Shift in Programming: Moving from Ethereum’s imperative style to RGB’s declarative style in smart contract programming is similar to the shift from traditional imperative programming to functional or declarative programming in general software development. This shift requires a different mindset: focusing on the “what” (the desired results) rather than the “how” (the specific steps to achieve those results). Simplicity The original plan involved incorporating Simplicity into RGB, and efforts were dedicated to ensuring compatibility from day 1. However, given the sluggish progress of Simplicity development and the uncertainty surrounding its release timeline, it became evident that relying on it was impractical. The ongoing RGB release, currently in preparation, raised questions about Simplicity’s inclusion. Recognizing the absence of a reliable timetable for Simplicity, we initiated an examination of alternatives (WASM, EVM (as a joke), IELE etc). Eventually, it became apparent that developing a proprietary virtual machine for RGB was the only viable option, replacing the initial reliance on Simplicity. Hence we decided to create AluVM – pure functional, highly-portable Rust-based virtual machine for client-side-validated smart contracts (RGB), Lightning Network, deterministic distributed and edge computing. Prism PRISM stands for “partially-replicated infinite state machines” computing. RGB technology defines rules for evolving smart contracts at a basic level, called Schema, but it doesn’t limit all future actions of the contract with a single, overarching algorithm. Instead, each node on the network performs individual operations, and both the contract’s state and the contract itself remain valid as long as these operations adhere to the Schema’s rules.  Moreover, this approach doesn’t constrain the contract’s historical evolution with a predetermined algorithm. Thus, a contract can exhibit varied behaviors as long as each change meets specific validation rules. This method focuses on local rules rather than a global algorithm. In contrast, Ethereum uses a global algorithm where every operation affects the entire state of the smart contract. With RGB, you work with only a part of the contract’s state, applying rules locally. This provides a broader range of possibilities for contract evolution. Below you can see a high-level view on the differences between state channels and client-side-validation:  Figure 8. Distributed systems separation.Source: LNP/BP Association Github. More specific differences are as follows:  Figure 9. Comparison of State Channels and Client-side-validation.Source: LNP/BP Association Github. AluVM AluVM – (algorithmic logic unit VM) is a pure functional RISC virtual machine designed for deterministic portable computing tasks AluVM distinguishes itself by employing a register-based system that prohibits random memory access. This design enhances AluVM’s suitability for applications such as smart contracts, remote code execution and distributed and edge computing. The core strengths of AluVM lie in its determinism, robustness and capacity for formal code analysis. Key characteristics: Exceptionless, Portability, Sandboxing, Security, Extensibility. The Instruction Set Architecture (ISA) of AluVM is designed to be adaptable, allowing it to create different runtime environments for various applications. AluVM itself is a highly predictable, functional, register-based virtual machine and ISA.  While restricting random memory access, the AluVM ISA excels in performing arithmetic tasks, including those related to elliptic curves. Uniquely, the VM’s environment can expand the AluVM ISA, enabling the addition of functionalities such as loading data into the VM’s registers and supporting specialized instructions (e.g., SIMD) tailored for specific applications. AluVM is mainly intended for use in distributed systems where consistency and reliability across different platforms are more crucial than processing speed. The primary uses for AluVM, with the right ISA extensions, include blockchain technology, computations critical for consensus in networks, edge computing, multiparty computing (which covers deterministic machine learning), client-side-validation, restricted Internet2 computing, and genetic algorithms. These applications benefit from AluVM’s ability to perform consistently and securely in various environments. Figure 10. AluVM Comparison.Source: LNP/BP Association Github. Contractum Contractum sets itself apart from other smart contract programming languages by blending the functional capabilities of Haskell with the proximity to the bare metal seen in Rust. It occupies a niche that was previously inaccessible to smart contracts: Figure 11. Contractum, Simplicity and other languages comparison.Source: contractum.org Contractum is a programming language used to create RGB contracts. Contracts made with Contractum are checked using a method called client-side-validation. This approach doesn’t add any data to the Bitcoin blockchain, which can be compared to a form of sharding technology, further improved with the use of zero-knowledge proofs.  Client-side-validation also separates the contract’s development from blockchain transactions, making it impossible to track or analyze these transactions through traditional blockchain analysis methods. Figure 12. Contractum features.Source: contractum.org To engage in Contractum design, it is important to familiarize yourself with the technologies employed by RGB smart contracts: Figure 13. Technologies that are used by RGB smart contracts.Source: contractum.org Recent Updates in New version RGB v0.10 In the latest iteration of RGB (version 0.10), several advanced technical enhancements have been implemented, enhancing the framework’s capabilities for complex application development. These updates primarily focus on the introduction of a Global State for each RGB contract, the integration of contract interfaces, and the adoption of a strict type system. Global State in RGB Contracts The Global State feature is a critical innovation in RGB v0.10, enabling each contract to maintain a universally accessible state. This state is accessible not only to the RGB virtual machine but also to external clients such as wallets and other applications. The utility of this Global State is pivotal for constructing sophisticated applications on the RGB platform, especially those requiring intricate state management like synthetic assets and algorithmic stablecoins. It allows for a more dynamic interaction with the contract’s state, extending beyond the limitations of traditional smart contract architectures. Contract Interfaces RGB v0.10 introduces ‘contract interfaces’ as a standardized communication protocol for diverse smart contracts. These interfaces function similarly to Ethereum’s contract ABIs (Application Binary Interfaces) and ERCs (Ethereum Request for Comments). A key distinction of RGB’s approach is the non-mandatory standardization of these interfaces and their inherent packaging with contracts, eliminating the need for separate distribution. This facilitates semantic-aware interactions between users and contracts via user interfaces in wallets and other software. These interfaces are not static; developers can augment existing contracts with additional interfaces over time, enhancing functionality without modifying the immutable contract core. Strict Type System The new encoding format in RGB v0.10 utilizes a ‘strict types’ system. This system is a novel functional data type approach designed for efficient representation and introspection of contract states within the RGB framework. The strict type system ensures compile-time assurance of data sizes, which is particularly beneficial for operation on resource-constrained devices, such as low-end hardware wallets with limited memory capabilities. Furthermore, the entire RGB consensus layer in version 0.10 is compiled into strict types, providing a foundation for formal proofs of binary compatibility across different software releases. This feature not only simplifies and secures the use of RGB but also enables asset issuers and contract developers to append additional metadata to their assets or contracts. Such metadata can play a crucial role in verifying the identity and authenticity of assets or contracts in the RGB ecosystem. Rust-based Smart Contracts RGB smart contracts can now be authored in Rust, leveraging the language’s capabilities for type safety and performance. The strict system type integration facilitates the direct compilation of Rust data types into RGB contract structures, improving the efficiency and reliability of contract code. Enhanced State Introspection Capabilities Smart contracts in RGB v0.10 can introspect their own state within the validation code executed by the RGB virtual machine. This feature is particularly useful for creating complex contracts that interact with Bitcoin transactions, Discrete Log Contracts, and other intricate data structures, enhancing the scope and functionality of RGB smart contracts. URL-based Invoice Format The update introduces a new invoice format that replaces the previous Bech32m-encoded system. These new URL-based invoices are significantly shorter and more user-friendly, facilitating easier verification and automatic opening with pre-configured software. WASM (WebAssembly) Support The RGB standard library is now compatible with environments lacking I/O and file system access, such as web pages or browser plugins. This expands the potential use cases of RGB, allowing it to operate seamlessly in a wide range of web-based applications and extensions. Taproot Descriptors and Custom Derivation RGB v0.10 utilizes taproot-based OP_RETURN commitments (referred to as tapret), necessitating descriptor-level support for wallets to recognize transactions with tweaked outputs. The introduction of custom derivation indexes in this version prevents non-RGB wallets from inadvertently spending outputs containing RGB assets, thereby safeguarding the integrity of these assets. Simplified Dependencies The RGB consensus layer in version 0.10 has reduced its dependencies, notably moving away from a custom bulletproof implementation originally derived from Grin projects. This reduction in dependencies enhances the API’s stability and overall system robustness. Streamlined Integration Process The update simplifies operational workflows by reducing the need for multiple API calls and complex cross-language data structure encoding. RGB contract states are now represented as JSON objects, enabling straightforward serialization across different programming languages. User Experience Improvements The new version of RGB simplifies the user experience by consolidating previously disparate components into a unified library API and command-line tool. While the RGB Node can still be operated on home servers, its use is no longer mandatory for interacting with the RGB system, reducing the barrier to entry for users and wallet applications. This section includes a special acknowledgment to Waterdrip Capital for spotlighting the latest features in their piece titled “Driving Mass Adoption of Crypto: How the RGB Protocol Illuminates the Future of Bitcoin.” RGB Competitors Figure 14. FRGB vs Ethereum in simple words.Source: LNP/BP Association Github Taproot Taproot Assets, formerly known as Taro, is a protocol designed for launching tokens on the Bitcoin network. This protocol leverages the UTXO model of Taproot along with associated solutions like Tapscript and taptweak. These tools are used to store information about the supply and balance of an asset within Bitcoin transaction data. Figure 15. Scheme for storing information about Taproot Assets tokens.Source: “Taproot Assets: issuing assets on Bitcoin” by Voltage Taproot Assets employs a method analogous to the Ordinals concept, wherein BRC-20 tokens store supply information in the metadata of enumerated satoshis. Conversely, Taproot Assets embed this information in a Bitcoin transaction’s Taproot output, utilizing what is known as a “sparse Merkle tree.” Essentially, Taproot Assets incorporates a Merkle tree into the Bitcoin transaction, which serves as proof of a specific user’s balance and the overall token supply. This tree, in turn, reflects data from the “Universe” – a repository that maintains the complete asset history and is managed by the token issuer. Figure 16. Digital state tree.Source: “Taproot Assets: issuing assets on Bitcoin” by Voltage State Digital Tree – The architecture of Taproot Assets offers two options for balance proof: off-chain data from the Universe or the sparse Merkle tree embedded in the UTXO. Operational Mechanism The token creator executes a P2TR (Pay to Taproot) transaction using the Taproot Assets protocol.  Information about the asset, in the form of a Merkle tree, is stored in the UTXO of this transaction (effectively, the genesis block).  To transfer the token, the owner of the Taproot key modifies the balance information in the Merkle tree, ensuring the overall asset supply remains constant.  Such modifications are introduced via a new Taproot transaction. However, for each token transfer, a separate on-chain transaction is not required. Similar to rollups or the Lightning Network, the protocol allows the owner to process a “batch” of transfers, subsequently publishing the updated state of balances. Advantages of Taproot Assets One key advantage of Taproot Assets is its full compatibility with the Lightning Network, enhancing scalability possibilities and reducing transaction costs. Taproot Assets creates a distinct layer for recording operations with custom tokens. While it primarily relies on off-chain data, it publicizes the state of balances on the main network.  This approach is more flexible, scalable, and comprehensive compared to BRC-20, but it also poses more complexity for inexperienced users. BitVM BitVM is a cutting-edge project aimed at transforming Bitcoin into a fully decentralized computing platform. Presented on October 9, 2023, the BitVM white paper introduces a technology that is currently in the testing phase and requires further development to reach its full potential. Core Functionality and Concept of BitVM At its core, BitVM employs the concept of Optimistic Rollups to externalize the computations for smart contracts from the network, subsequently conducting on-chain verification based on “fraud proofs.” Theoretically, once smart contract information is recorded in a Taproot transaction (as binary code), data exchange and computations are meant to occur directly between parties. This approach is designed to reduce blockchain congestion. However, if the prover (the party proving, i.e., the contract owner) transmits erroneous data, a verifier can initiate an on-chain check. This process forms the basis of the fraud proof concept. Handling On-chain Verification in a Computationally Limited Network The challenge arises in how to conduct an operation check in a network that intrinsically does not support such computations. To address this, BitVM utilizes a Merkle tree to create a logical NAND gate scheme, which is then recorded in a Taproot transaction. Essentially, the Merkle tree in the transaction data acts as a NAND scheme, where each “branch” carries one of two possible values: 1 or 0. The on-chain calculation proceeds bit by bit, with the output of one “branch” becoming the input for the next. Constant transaction exchanges for value verification occur between the smart contract parties. If the prover’s calculation version is found incorrect, the verifier receives their assets locked in the Taproot transaction. Figure 17. Schematic representation of NAND. Source: “The Big Deal with BitVM: Arbitrary Computation now possible on Bitcoin without a fork” by Bitcoin Magazine Building NAND Using Taproot and Merkle Tree Detailed information about how BitVM facilitates building NAND using Taproot and Merkle trees, as well as its impact on computations, can be found in the technical documentation. This approach allows for a precise, step-by-step verification of smart contract computations, aligning with the principles of blockchain integrity and security. Challenges with Smart Contract Bilateralism A significant issue persists in BitVM due to the bilateral structure of smart contracts, facilitating direct data exchange solely between the verifier and prover, excluding third-party involvement. This constraint impedes dApp development and mandates supplementary solutions for multi-party contract constructions.  Furthermore, the intricate and low-level characteristics of BitVM imply that the construction of functional products leveraging this foundation may extend over several years. Substantial development and innovation are imperative to translate this foundational technology into practical applications. For a detailed deep dive don’t hesitate to read a BitVM Whitepaper – https://bitvm.org/bitvm.pdf  Conclusion The RGB protocol is a technical development in the Bitcoin ecosystem, introducing functionalities for smart contract implementation and token issuance directly tied to the Bitcoin network. This is achieved through a combination of client-side validation and utilization of single-use seals, which link tokens to Bitcoin’s UTXOs while maintaining transaction privacy. One of the primary technical advantages of RGB is its approach to scalability and privacy. By shifting the bulk of validation work off the Bitcoin blockchain and employing cryptographic methods for transaction verification, RGB effectively reduces the data burden on the blockchain. This approach is conducive to maintaining the efficiency of the network, especially as transaction volumes increase. RGB’s compatibility with the Lightning Network is another significant aspect, allowing for more scalable and efficient transaction processing. This feature is particularly relevant given the growing demand for faster and more cost-effective transaction methods in the cryptocurrency space. However, the complex nature of RGB’s technology presents challenges in terms of user accessibility and comprehension. The protocol’s architecture and the advanced cryptographic methods employed can be difficult to understand and implement, particularly for those new to blockchain technology. This complexity could hinder broader adoption and user engagement. Additionally, while RGB enhances privacy by keeping contract data off the blockchain, this aspect also raises questions about data verifiability and the ability to audit transactions, which are crucial for certain applications and regulatory compliance. RGB’s latest update, version 0.10, positions it as a notable contender in the evolving landscape of blockchain technologies, particularly against emerging protocols like Taproot Assets and BitVM. Unlike Taproot Assets, which focuses on leveraging the UTXO model of Taproot for token issuance on the Bitcoin network, RGB distinguishes itself with its advanced privacy features and off-chain data handling, offering a distinct approach to smart contract functionality and token management. Likewise, while BitVM introduces a novel concept for decentralized computing on Bitcoin, RGB’s version 0.10 advancements in client-side validation, contract interfaces and a strict type system showcase its unique approach towards enhancing scalability and user interaction within the Bitcoin ecosystem. These improvements highlight RGB’s prowess at addressing scalability and efficiency challenges, areas where traditional and emerging protocols often face limitations. The simplification of dependencies and integration processes in RGB’s latest version further indicates a focus on user experience and system stability, setting it apart from competitors. This positions RGB not only as a robust platform for privacy-focused and scalable smart contracts and token issuance but also as a forward-thinking solution in the broader blockchain space. In conclusion, the RGB protocol is a significant technological development within the Bitcoin network, offering advanced capabilities for smart contracts and token issuance. It addresses key issues of scalability and privacy but faces challenges in terms of complexity and potential auditability. The ongoing development and future iterations of the protocol will likely focus on balancing these advanced capabilities with user accessibility and regulatory considerations. Term References:  Turing Complete: In practical terms, the system can execute any computational problem with sufficient time and memory. Most modern programming languages are Turing-complete, signifying their theoretical capacity to address any computational problem. Schema: A contract schema serves as the actual code for a smart contract, which can be used as a “contract template” by the issuers without the necessity of coding or auditing custom code provided by external sources. RGB schema is not a script but is a data structure. Discrete Log Contracts (DLCs) in the context of state channels are specialized smart contracts used primarily in the Bitcoin network. They enable private and efficient execution of complex financial agreements based on external events, like asset prices. DLCs operate off-chain, maintaining confidentiality of contract details and participant identities. They utilize external data sources, or oracles, for contract resolution. When integrated with state channels, DLCs enhance scalability by allowing multiple transaction settlements without congesting the blockchain, making them ideal for private, efficient financial transactions that depend on real-world outcomes. Storm – escrow-based trustless storage using zk-proofs. Storm combines escrow-based trustless storage with zero-knowledge proofs to facilitate secure and private transactions. In this system, data or assets are held in escrow and only released when specific conditions are met, ensuring a trustless environment where no central authority is needed. The integration of zk-proofs allows for the verification of these transactions while maintaining the utmost confidentiality, as they enable the validation of data without revealing any underlying details. Prometheus – arbitration-based trustless distributed computing. Prometheus represents an approach to decentralized computing, combining arbitration mechanisms for dispute resolution, trustless interactions for secure and decentralized operations, and the efficiency of state channels for off-chain computation management. A Reduced Instruction Set Computer is a type of microprocessor architecture that utilizes a small, highly-optimized set of instructions rather than the highly-specialized set of instructions typically found in other architectures. The post RGB Bolsters Bitcoin and Lightning Network’s Scalability and Privacy Capabilities appeared first on Metaverse Post.

2 months ago
Visionary Financial
Visionary Financial
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Are you interested in dipping your toes into the world of cryptocurrency mining? With the rise of digital currencies, mining cryptocurrency on your phone has become a popular and accessible way to potentially earn some extra income. In this guide, we’ll explore the ins and outs of mining cryptocurrency on phone, including the benefits, risks, and best practices for maximizing your earnings. From the convenience and cost-efficiency of phone mining to the potential pitfalls and how to mitigate them, we’ll cover everything you need to know to get started. Whether you’re a seasoned crypto enthusiast or just curious about this emerging trend, this guide will provide you with valuable insights and practical tips for navigating the world of mobile cryptocurrency mining. So, let’s dive in and explore the exciting world of phone-based cryptocurrency mining. Key Takeaways: Convenience, cost-efficiency, and accessibility make mining cryptocurrency on your phone a viable option for maximizing earnings. Bitcoin, Ethereum, Monero, and Litecoin are amongst the best cryptocurrencies to mine on your phone. Joining a mining pool, optimizing settings, and staying informed are key ways to maximize earnings from mining on your phone. What is Cryptocurrency Mining? Cryptocurrency mining is the process of validating transactions and adding them to the blockchain ledger in a decentralized manner. This process involves complex mathematical puzzles that miners compete to solve, with the reward of newly minted coins for successful validation. The blockchain ledger, a public, distributed database, ensures transparency and security by recording all transactions chronologically. By using computational power, miners secure the network and allow for the smooth operation of the cryptocurrency system. Popular cryptocurrencies such as Bitcoin and Ethereum rely on mining to maintain their networks and validate transactions. Why Mine Cryptocurrency on Your Phone? Mining cryptocurrency on your phone offers several advantages, including convenience, cost-efficiency, and accessibility to the mining process. With the increasing popularity of mobile mining apps, enthusiasts can seamlessly engage in mining activities anytime and anywhere, leveraging the idle resources of their smartphones. This eliminates the need for expensive, specialized mining rigs and significantly reduces energy consumption, making it a more sustainable option. The user-friendly interfaces of mobile mining applications make them accessible to a wider audience, allowing individuals to participate in cryptocurrency mining without extensive technical knowledge. Convenience The convenience of mining cryptocurrency on your phone allows you to engage in mining activities anytime and anywhere, leveraging the mobility and flexibility of mobile devices for seamless mining experiences. It enables individuals to capitalize on idle moments, such as while commuting or waiting, by participating in the mining process using the mobile mining apps conveniently installed on their smartphones. This accessibility enables users to stay connected to the crypto world and potentially earn rewards, all without being constrained by the need for dedicated mining hardware or stationary setups. The ease of integrating crypto on phones into daily routines enhances the appeal of mobile mining, offering an accessible entry point for newcomers and additional opportunities for seasoned miners. Cost-Efficiency Mobile mining offers cost-efficiency by utilizing existing smartphone resources and providing access to free crypto mining apps for Android, reducing the need for specialized mining equipment and lowering operational expenses. With the proliferation of powerful smartphones, mobile mining has emerged as a cost-effective alternative to traditional cryptocurrency mining. By harnessing the processing power and energy of smartphones, users can engage in crypto mining without investing in expensive hardware. The availability of free mining apps for Android further enhances the cost-effectiveness, as it eliminates the need for initial capital outlay. This innovative approach not only optimizes resource utilization but also minimizes operational costs associated with conventional mining operations. Accessibility Mining cryptocurrency on your phone enhances accessibility, allowing users to engage in mining activities through user-friendly mobile mining apps, making the process more inclusive and approachable for a broader audience. With the advent of mobile mining apps, individuals can seamlessly participate in cryptocurrency mining without the need for specialized equipment or technical expertise. The intuitive interfaces of these applications simplify the mining process, providing users with step-by-step guidance and real-time monitoring of their mining activities. Mobile mining apps cater to a diverse user base, encompassing individuals from various backgrounds and levels of technological proficiency, thereby democratizing participation in cryptocurrency mining. What Are the Best Cryptocurrencies to Mine on Phone? Discovering the best cryptocurrencies to mine on your phone involves evaluating popular options such as Bitcoin, Ethereum, Monero, and Litecoin, considering factors like mining profitability and resource efficiency. While Bitcoin remains one of the most sought-after cryptocurrencies for mining due to its high value and market dominance, it might not be the most efficient option for phone mining, considering the processing power required. On the other hand, Ethereum, with its strong community support and relatively lower mining complexity, could be a more viable choice for phone mining. Monero, known for its strong privacy features and ASIC resistance, is also a compelling option for mobile miners. Litecoin, often considered the silver to Bitcoin’s gold, is recognized for its relatively faster block generation time, making it a favorable candidate for phone mining. When evaluating the profitability of mining these cryptocurrencies on your phone, it’s crucial to assess their respective hash rates, power consumption, and potential return on investment. The efficient utilization of smartphone resources such as CPU and battery is paramount in optimizing the mining experience, ensuring minimal impact on the device’s performance and longevity. As the cryptocurrency landscape continues to evolve, staying informed about the latest developments and technological advancements in phone mining can significantly enhance the profitability and efficiency of your mining endeavors. Bitcoin Bitcoin remains a prominent choice for mining on your phone, with dedicated Bitcoin mining apps for Android providing opportunities to participate in the Bitcoin network’s validation process using mobile devices. This trend reflects the increasing accessibility and democratization of Bitcoin mining, allowing individuals to engage in cryptocurrency generation without relying on specialized hardware. With the proliferation of powerful smartphones, there is growing potential for users to contribute to blockchain operations, strengthening the network’s security and decentralization. The user-friendly interfaces of Android Bitcoin mining apps offer a seamless experience, enabling users to harness their phone’s computational power for cryptocurrency mining. This presents an intriguing avenue for those looking to delve into the world of digital currencies. Ethereum Ethereum presents lucrative phone mining prospects, especially with the availability of cloud mining apps and the potential for engaging in crypto mining on mobile devices, contributing to the Ethereum network. This innovative approach to crypto mining highlights the evolving nature of the blockchain industry. With the rising popularity of mobile devices and the increasing demand for efficient mining solutions, cloud mining apps have gained traction. By enabling users to mine Ethereum on their phones, these apps offer accessibility and convenience, opening up new avenues for individuals to participate actively in the Ethereum network. The integration of mobile mining not only fosters decentralization but also enhances the overall security and stability of the Ethereum ecosystem. Monero Monero stands out as a prime candidate for phone mining, leveraging the availability of the best mining apps for Android to contribute to the privacy-centric Monero network through mobile mining activities. This is particularly advantageous because Monero’s mining algorithm, CryptoNight, is well-suited for efficient mining on mobile devices. With its focus on privacy, Monero offers an additional incentive for users to participate in the network through mobile mining activities. There are several Android mining apps tailored specifically for Monero, such as MinerGate, AA Miner, and Crypto Miner, which allow individuals to engage in low-power mining operations using their smartphones. These apps facilitate convenient and user-friendly mining experiences, making them accessible to a broader audience. Litecoin Litecoin offers a straightforward cryptocurrency mining experience on phones, being recognized as one of the easiest cryptos to mine on a phone, providing a user-friendly entry point into mobile mining. One of the key attractions of mining Litecoin on phones is the simplicity it offers. With its user-friendly interface and low barrier to entry, even beginners in the cryptocurrency world can start mining Litecoin with ease. This accessibility, combined with the recognition of Litecoin as a leading cryptocurrency, makes it an appealing choice for those looking to participate in mobile mining. The ability to mine Litecoin on a phone enables users to engage with cryptocurrency mining wherever they are, offering a level of convenience that traditional computer-based mining may not achieve. How to Mine Cryptocurrency on Your Phone? Mining cryptocurrency on mobile devices involves several key steps. These include downloading a mining app that is compatible with your device and joining a mining pool to collaborate with other miners. Once these initial steps are completed, configuring your mining rig is crucial for efficient mining. Then, actively monitoring and managing your mining activity becomes essential for optimal results. It is important to select a mining app that is reputable and specifically designed for mobile use. Be sure to check compatibility with your mobile device’s operating system to ensure smooth performance. Joining a mining pool allows you to combine resources with other miners, increasing your chances of earning rewards. Once set up, configuring your mining rig involves adjusting settings and parameters for efficient mining. Regular monitoring is necessary to track performance, troubleshoot any issues, and make adjustments for maximum productivity. Download a Mining App Initiate your phone mining journey by selecting and downloading a suitable mining app designed to facilitate cryptocurrency mining on Android devices, ensuring compatibility and ease of use. When choosing the best mining app for Android, ensure that it offers a user-friendly interface and has been optimized for mobile usage, providing seamless navigation and operation. Consider the app’s compatibility with various Android versions and device specifications to ensure smooth performance and minimal hardware strain. Look for apps that offer comprehensive support and updates to stay synced with the dynamic landscape of cryptocurrency mining, ensuring continued effectiveness and security. Join a Mining Pool Enhance your mining capabilities by joining a suitable mining pool for phone mining, leveraging the collective resources and efficiency of cloud mining and specialized cryptocurrency mining apps for mobile devices. By connecting to a mining pool for phone mining, individuals can benefit from a more consistent income stream and reduced variance in earnings. Participating in cloud mining through these pools allows users to access high-quality hardware and maintenance services without the need for significant investments. Specialized cryptocurrency mining apps further streamline the process, providing user-friendly interfaces and optimized performance. This collaborative approach also fosters a supportive community among mobile miners, offering guidance, insights, and pooled resources for enhanced profitability. Set Up Your Mining Rig Configure your mobile mining rig to optimize performance and resource utilization, ensuring efficient cryptocurrency mining with Android devices through proper setup and management of mining resources. When setting up your mining rig, it is essential to select the right Android devices with powerful processing capabilities and energy-efficient design. By choosing devices with high-performance CPUs and low power consumption, you can maximize mining efficiency while minimizing operational costs. Consider employing dedicated mining software and mining apps that are specifically optimized for Android devices. These applications are designed to extract the maximum hash rate from your hardware, enabling you to derive optimal performance from your mining rig. Resource management plays a critical role in enhancing the productivity of your mobile mining rig. Implementing strategies to efficiently utilize RAM, storage, and network resources can lead to improved mining performance and reduced downtime. It is advisable to prioritize the allocation of resources based on mining requirements, ensuring a balanced utilization of system resources. Monitor and Manage Your Mining Activity Regularly monitor and manage your phone mining activity using dedicated crypto miner applications, ensuring proactive oversight and optimization of your mining operations for sustained performance and profitability. Timely monitoring and management of your mobile mining activity is essential for maintaining efficiency and profitability. By utilizing dedicated crypto miner applications, you can gain valuable insights into your mining performance and identify any potential issues that may affect your operations. These applications provide real-time data and analytics, allowing you to make informed decisions to optimize your mining activities. Proactive oversight is crucial for mitigating risks and ensuring smooth operations. With the right tools, you can closely monitor hash rates, energy consumption, and temperature to prevent disruptions or inefficiencies. By staying vigilant and promptly addressing any issues, you can maximize the output of your mining operations. What Are the Risks of Mining Cryptocurrency on Your Phone? Engaging in cryptocurrency mining on your phone entails certain risks, including overheating and battery drain, potential security risks, and limited profitability compared to traditional mining setups. While phone mining offers the convenience of accessing the mining process through handheld devices, it also poses certain challenges. One of the primary risks is the possibility of overheating, which can lead to permanent damage to the smartphone’s hardware components. The constant processing required for mining on a smartphone can significantly drain the battery, reducing the device’s lifespan. In terms of security risks, phone mining opens up the potential for various vulnerabilities, making devices susceptible to malware attacks and unauthorized access, and putting sensitive personal and financial information at risk. Moreover, limited profitability is a critical consideration when engaging in phone mining. Due to the lower processing power and energy efficiency of mobile devices compared to dedicated mining rigs, the potential revenue generated from cryptocurrency mining on phones is often substantially lower, making it less financially viable. Overheating and Battery Drain The risk of overheating and battery drain is a primary concern when mining with phones, requiring vigilance and potential usage of wallet mining software to mitigate the strain on device resources and battery life. Although smartphone mining provides a convenient way to participate in cryptocurrency activities, it poses various challenges due to the intensive computational demands. Along with the risk of overheating and battery drain, intensive processing tasks can lead to reduced device performance and decreased battery lifespan. This necessitates the exploration of alternative methods to engage in mining without placing excessive strain on the device. Utilizing efficient wallet mining software can help distribute the workload and prioritize resource management, preventing excessive heat generation and reducing the impact on battery life. Potential Security Risks Phone mining poses potential security risks, including exposure to unauthorized access, regulatory implications such as IRS considerations, and vulnerability to P2P lending-related threats, necessitating robust security measures. As mobile devices become increasingly integrated into daily life, the amount of sensitive data stored on these devices has also grown significantly. This presents numerous opportunities for malicious individuals to gain unauthorized access, posing a serious threat to personal and financial security. Regulatory bodies are scrutinizing the implications of phone mining and its potential impact on various sectors, including potential tax implications and data protection laws. Without adequate security measures, the rapidly evolving landscape of P2P lending and its associated cybersecurity risks further compound the challenges of protecting mobile mining from cyber threats. Limited Profitability Phone mining may present limited profitability compared to traditional mining methods, warranting consideration of alternative options like cloud mining free services to enhance potential returns and efficiency in cryptocurrency mining activities. While phone mining offers the convenience of utilizing existing smartphones for mining activities, the limited processing power and resources can result in slower returns and increased operating costs. As a result, exploring alternative options such as cloud mining free services can provide a cost-effective solution to mitigate the challenges associated with phone mining. Cloud mining services, which utilize remote data centers to harness computational power, offer a scalable and efficient approach to cryptocurrency mining, enabling miners to leverage shared processing capabilities and optimized electricity costs. How to Maximize Your Earnings from Mining Cryptocurrency on Your Phone? Maximizing your earnings from mining cryptocurrency on your phone involves strategic considerations such as choosing the right cryptocurrency, optimizing mining settings, maintaining device security, and staying informed to adapt to market changes for sustained profitability. When engaging in phone mining, it’s crucial to select a cryptocurrency that offers significant potential for profitability and growth. Research and stay updated on market trends to make informed decisions on which cryptocurrency to mine. Optimizing your mining settings, such as adjusting hash rates and power consumption, can help boost your mining efficiency and overall earnings. Setting up robust device security measures is essential to safeguard against potential threats and hacking attempts, ultimately protecting your mining activity and earnings. Staying informed about market dynamics ensures you can adapt your mining strategy in response to fluctuations in cryptocurrency values and market demand, maximizing your long-term profitability. Choose the Right Cryptocurrency Selecting the right cryptocurrency for phone mining involves evaluating factors such as ASIC resistance, network consensus mechanisms, and ledger support to capitalize on the most suitable mining opportunities and maximize earnings potential. When looking for a cryptocurrency that is suitable for phone mining, one must consider the ASIC resistance feature, which prevents specialized mining hardware from dominating the network, allowing mobile devices to participate more effectively. The chosen cryptocurrency’s consensus mechanism, such as Proof of Work (PoW), Proof of Stake (PoS), or delegated Proof of Stake (DPoS), plays a crucial role in determining the mining process’s efficiency on mobile phones. Compatibility with mobile mining apps and available ledger support to track profitability and transactions are essential aspects to weigh when selecting a cryptocurrency for phone mining. Optimize Your Mining Settings Fine-tuning and optimizing your phone mining settings, including wallet integration, resource allocation, and security measures, are crucial steps to enhance efficiency and profitability, making use of compatible applications like Exodus and Trezor. By using a wallet integrated into the mining process, you can ensure the safety and security of your digital assets. Allocating resources effectively can significantly boost the performance of your phone mining operation, leading to increased profitability. Selecting compatible applications like Exodus and Trezor can streamline the process and help maximize the earning potential of your mining activities. Keep Your Phone Cool and Secure Maintaining optimal conditions to keep your phone cool and secure during mining activities is essential, leveraging solutions like Pi Network and Binance to enhance device stability and security while maximizing mining performance. With the continuous rise in mobile mining activities, the need to mitigate excessive heat and ensure the security of devices has become increasingly crucial. Pi Network offers a decentralized platform that enables users to mine cryptocurrency on their mobile phones without compromising its stability. Additionally, Binance provides advanced security features and tools to protect the user’s assets and data while mining, assuring a safe and reliable experience. Stay Informed and Adapt to Market Changes Remaining informed and adaptable to market changes is critical for mobile mining success, utilizing platforms like NiceHash and Coinbase to stay updated on industry developments, trends, and potential shifts in mining opportunities. Staying connected to industry updates through these platforms allows miners to analyze market trends, price fluctuations, and project profitability. Besides being aware of new opportunities, miners can also identify potential risks and make proactive decisions to optimize their mining operations. Conclusion The realm of mining cryptocurrency through mobile devices, facilitated by innovative mobile mining apps such as BTC.com App, presents a dynamic and accessible avenue for engaging in the decentralized validation of transactions, offering opportunities and challenges in equal measure. Mobile mining apps have revolutionized the way individuals participate in validating cryptocurrency transactions. With the provision of user-friendly interfaces and real-time monitoring features, these apps have extended the accessibility of cryptocurrency mining to a wider audience. The evolving landscape of mobile mining also introduces technical complexities and security considerations, requiring continuous innovation and vigilance to mitigate potential risks. These advancements signal a transformative shift towards decentralized validation, enabling a more inclusive and democratic approach to cryptocurrency participation. Frequently Asked Questions Can I mine cryptocurrency on my phone? Yes, you can mine cryptocurrency on your phone using the right apps and tools. However, the earnings may not be as high as mining on a computer or specialized mining rig. Which cryptocurrencies can I mine on my phone? There are various cryptocurrencies that can be mined on a phone, such as Bitcoin, Ethereum, Litecoin, and more. The availability of these currencies may depend on the specific mining app you use. Do I need a powerful phone to mine cryptocurrency? No, you don't need a powerful phone to mine cryptocurrency. As long as your phone meets the minimum system requirements and has a stable internet connection, you can mine crypto. How much can I earn from mining cryptocurrency on my phone? The earnings from mining cryptocurrency on your phone may vary depending on the type of currency, the app you use, and the market conditions. It's best to do some research and manage your expectations. Is it safe to mine cryptocurrency on my phone? Yes, it is generally safe to mine cryptocurrency on your phone. However, you should be cautious and only download mining apps from trusted sources to avoid potential security risks. Can I mine cryptocurrency on my phone while using it for other tasks? Yes, you can mine cryptocurrency on your phone while using it for other tasks. However, keep in mind that mining can drain your phone's battery and may slow down its performance. The post Maximizing Earnings: A Guide To Mining Cryptocurrency On Phone appeared first on Visionary Financial.

2 months ago
NewsBTC
NewsBTC
Analyst Thinks DOT Will Reclaim Former Glory With Polkadot 2.0
3 months ago
Cointelegraph
Cointelegraph
followers

Bitcoin (BTC) starts a new week in risky territory as sell-offs from whales mark a change in mood. The latest weekly close has done little to comfort nervous traders as a pause in “up only” BTC price activity continues. With just two weeks to go until the yearly candle concludes, the countdown is on — together with the pressure — across risk assets. Macro data releases — key short-term volatility catalysts — are set to keep coming for the remainder of December, with United States GDP due as markets digest last week’s moves by the Federal Reserve. It seems as if a “Santa rally” is less and less on the cards for Bitcoin at present, and as high fees leave a bitter taste in hodlers’ mouths, commentators are suggesting refocusing on next month’s potential spot ETF approval. A potential silver lining comes from market sentiment, both within crypto and beyond. While “greed” characterizes the landscape, unsustainable conditions are nowhere to be seen, potentially leaving room for further upside as “disbelief” plays out. Cointelegraph takes a look at these factors in greater detail as crunch time for yearly BTC price performance nears. Analysts line up key BTC price support levels At around $41,300, the Dec. 17 weekly close came midway through a local sell-off for BTC/USD. Downside continued overnight, with Bitcoin hitting $40,800 before reversing during the Asia trading session to return to just above $41,000, data from Cointelegraph Markets Pro and TradingView shows. BTC/USD 1-hour chart. Source: TradingView Traders and analysts, already wary of potential further dips based on recent BTC price action, thus remained cautious. “The Charts Don’t Lie,” trading resource Material Indicators summarized at the start of one post on X (formerly Twitter) on the day. Material Indicators noted that Bitcoin had lost its 21-day moving average into the new week — an event it says is “inherently bearish.” It added that it was “expecting year end profit taking and tax loss harvesting to prevail in the near term.” Continuing, co-founder Keith Alan flagged an ongoing battle for a key Fibonacci retracement level which corresponds to the November 2021 all-time high. It's too early to say if this December 17th Pattern is going to play out. We can make that determination at the close. For now, but it's safe to say that #BTC bulls need to push price back above .5 Fib to reclaim the Golden Pocket or risk losing the 21-Day Moving Average.… pic.twitter.com/Tjc4lkKEc2 — Keith Alan (@KAProductions) December 17, 2023 Popular trader Skew added some lines in the sand in the form of the 200-period and 300-period exponential moving average (EMA) on 4-hour timeframes, along with the 50-day EMA — all currently around $2,500 below spot price. “From here there's two technical levels on 1W/1M,” he continued in commentary on weekly and monthly timeframes. “$39K - $38K ~ Potential support on HTF, an unsustainable push lower there would be a decent bid. $47K - $48K ~ HTF resistance, unsustainable drive higher higher would be a good area to take profits.” BTC/USD 1-day chart with 21-day SMA; 200, 300 4-hour EMA; 50-day EMA. Source: TradingView PCE, GDP due amid increasing belief in Fed “pivot” The coming week sees the November print of the Personal Consumption Expenditures (PCE) Index — the Fed’s “preferred” inflation gauge — lead U.S. macro events. Coming after last week’s multiple key Fed decisions, data must now continue to show inflation abating heading into the new year. The next Federal Open Market Committee (FOMC) meeting to decide changes to interest rates is not until the end of January, but since last week, markets are entertaining the prospect of a “pivot” becoming reality. The market is now pricing a full 25bps rate cut by July 2024 - following today's Fed meeting. pic.twitter.com/zWXiUqx96Q — tedtalksmacro (@tedtalksmacro) December 14, 2023 The latest data from CME Group’s FedWatch Tool currently puts the odds of a rate cut next meeting at around 10%, with the majority of key macro figures still to come. Fed target rate probabilities chart. Source: CME Group “Even with stocks up, uncertainty is still everywhere,” trading resource The Kobeissi Letter concluded in an X post outlining the coming week’s prints. Key Events This Week:1. November Building Permits data - Tuesday2. Consumer Confidence data - Wednesday3. Existing Home Sales data - Wednesday4. Q3 2023 GDP data - Thursday5. November PCE Inflation data - Friday6. New Home Sales data - FridayAnother busy week with… — The Kobeissi Letter (@KobeissiLetter) December 17, 2023 In addition to PCE, jobless claims and revised Q3 GDP will both hit on Dec. 21. As Cointelegraph reported, U.S. dollar strength hit multi-month lows around FOMC in a potential fresh tailwind for crypto markets. Those lows have now faded as the U.S. dollar index (DXY) makes a modest comeback, still down around 1.9% in December. Fees stay elevated The heated debate over Bitcoin transaction fees has swelled in recent days thanks to these hitting their highest levels since April 2021. With Ordinals back on the radar, those wishing to transact on-chain faced $40 fees at the weekend, while “OG” commentators argued that the fee market was simply functioning as intended given competition for block space. Miners, meanwhile, have seen revenues skyrocket as a result — to levels not witnessed since Bitcoin’s $69,000 all-time high. Into the new week, however, fees have already fallen considerably, with next-block transactions confirming for under $15 at the time of writing. Commenting on the situation, popular social media personality Fred Krueger argued that market participants should now turn their attention to the decision on the first U.S. spot exchange-traded funds (ETFs) due early next month. Noting that fees were “already falling fast,” he defended Ordinals’ creators’ right to use the blockchain to store their work. “This debate looks like a nothingburger for now. Back to waiting for the ETF,” he concluded. Others, including researcher and software developer Vijay Boyapati, also referenced the transitory nature of the fees debate as it has occurred throughout Bitcoin’s history. #Bitcoin concern trolls circa 2017: "Bitcoin's network will not be secure because the block subsidy is shrinking and transaction fees won't be enough!!!"Bitcoin concern trolls today: "transaction fees are too high!!!" — Vijay Boyapati (@real_vijay) December 17, 2023 Calling for so-called “Level 2” solutions to speed up development as a result, reactions to the recent elevated fees underscored that off-chain solutions for regular users — specifically the Lightning Network — already exist. “L1 fees are incredibly high right now. Seems obvious — even if self-serving — that defaulting most transactions to the Lightning Network is the way to go for all exchanges and wallets,” David Marcus, the former Facebook executive now CEO of co-founder of Lightning startup Lightspark, wrote in part of an X post at the weekend. Per data from monitoring resource Mempool.space, meanwhile, block space remains in huge demand, with the backlog of unconfirmed transactions still circling 300,000. Bitcoin mempool data (screenshot). Source: Mempool.space New addresses pose bull market momentum risk Bitcoin network growth has taken a breather this month — in-line with the bull market comeback. New data from on-chain analytics firm Glassnode confirms that the number of new BTC addresses has continued its downtrend throughout December. For Dec. 17, the latest date for which data is available, around 373,000 addresses appeared in an on-chain transaction for the first time. This is approximately half of the recent local daily high, which Glassnode shows came in early November. Commenting on the numbers, popular social media analyst Ali described the tailing-off of new addresses as “noticeable” and a hurdle to BTC price expansion. “There's been a noticeable dip in Bitcoin network growth over the past month, casting doubt on the sustainability of $BTC 's recent move to $44,000,” he wrote. “For a robust continuation of the bull rally, it's crucial to see an uptick in the number of new $BTC addresses. This would provide the needed support for sustained bullish momentum.” Bitcoin new addresses chart. Source: Glassnode Disbelief behind the fear The recent cooling in Bitcoin’s latest “up only” phase has delivered a corresponding pause in market greed. Related: ‘No excuse’ not to long crypto: Arthur Hayes repeats $1M BTC price bet According to the latest data from the Crypto Fear & Greed Index, the majority of crypto market participants have been given pause for thought over the past week. Currently at 65/100, Fear & Greed, which is the go-to sentiment gauge in crypto, still defines the overall mood as “greedy,” but near its least heated in almost a month. Zooming out, Index scores over 90/100 have corresponded to long-term market tops, as irrational exuberance becomes the average market participant’s mindset. A notable exception, as Cointelegraph reported, was the 2021 $69,000 all-time high, which saw Fear & Greed reach 75/100 before reversing. Commenting on the current status quo for the traditional market Index, meanwhile, Caleb Franzen, senior analyst at Cubic Analytics, suggested that sentiment was still emerging from the extended Fed tightening cycle that also began in late 2021. “The Fear & Greed Index is comfortably in the ‘Greed’ range. However, it was just in ‘Fear’ 4 weeks ago and was in ‘Neutral’ to ‘Extreme Fear’ for 2.5 months in September through November,” he told X subscribers on Dec. 14. “Euphoria? No. This is disbelief.” Crypto Fear & Greed Index (screenshot). Source: Alternativ This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

2 months ago
Cointelegraph
Cointelegraph
followers

The S&P 500 Index (SPX) rose 2.49% last week, extending its string of weekly gains to seven weeks, the longest such winning streak since 2017. However, Bitcoin (BTC) could not maintain its momentum and succumbed to profit-booking by the bulls. Trading resource Material Indicators said in a X (formerly Twitter) post that “ year-end profit taking and tax loss harvesting” will prevail in the short term.  However, a crash is unlikely because several analysts expect the United States Securities and Exchange Commission to approve one or more spot Bitcoin exchange-traded fund applications in January. If that happens, it could prove to be a game-changer for the sector. Daily cryptocurrency market performance. Source: Coin360 VanEck CEO Jan van Eck said in an interview with CNBC that Bitcoin is likely to hit a new all-time high in the next 12 months. He expects Bitcoin to become an accompaniment to gold. What are the important levels that could arrest the fall in Bitcoin and altcoins? Let’s analyze the charts to find out. S&P 500 Index price analysis The S&P 500 Index witnessed a strong bull move in the past few days, which carried the price above the overhead resistance of 4,650 on Dec. 13. SPX daily chart. Source: TradingView The sharp rally has pushed the relative strength index (RSI) deep into the overbought territory, indicating that the markets are overheated in the short term. That may start a correction or a consolidation over the next few days. The strong support on the downside is at the breakout level of 4,650 and then the 20-day exponential moving average (4,601). If the price continues higher and breaks above 4,740, the index may extend the uptrend to 4,819. This level is again likely to witness a tough battle between the bulls and the bears, but if the buyers prevail, the rally could reach the psychological level of 5,000. U.S. dollar Index price analysis The bulls repeatedly failed to maintain the U.S. dollar Index (DXY) above the 20-day EMA (103) between Dec. 5-13. DXY daily chart. Source: TradingView That encouraged the bears to renew their selling, driving the index lower. The bears yanked the price below the 61.8% Fibonacci retracement level of 102.55 on Dec. 14, signaling the resumption of the corrective phase. The next strong support is at 101. The RSI is showing early signs of forming a positive divergence, indicating that the selling pressure could be weakening. If the price rebounds off 101 and rises above the 20-day EMA, the index may continue to swing inside a large range between 101 and 108. Bitcoin price analysis Bitcoin’s tight range between the 20-day EMA ($41,323) and the downtrend line resolved to the downside on Dec. 18, but the breakdown lacks momentum. BTC/USDT daily chart. Source: TradingView The flattening 20-day EMA and the RSI near the midpoint suggest a range-bound action in the near term. If the price slips below $40,000, the BTC/USDT pair could collapse to the vital support at $37,980. This level is likely to witness aggressive buying by the bulls. Alternatively, if the price turns up and climbs back above the 20-day EMA, it will suggest strong demand at lower levels. The bulls will then try to overcome the barrier at the downtrend line. If they do that, the pair may jump to $44,700. Ether price analysis Ether (ETH) slipped below the strong support at $2,200 on Dec. 18, indicating that the bulls may be losing their grip. ETH/USDT daily chart. Source: TradingView If the price maintains below $2,200, the ETH/USDT pair could slump to the 50-day SMA ($2,074). This level may again attract buyers, but the bears will try to halt the recovery at $2,200. If that happens, the possibility of a break below the 50-day SMA increases. The pair may then plunge to $1,900. This negative view will be invalidated in the near term if the price rises above $2,200. That will suggest strong buying at lower levels. The pair will then try to surge to the overhead resistance at $2,332. BNB price analysis The failure of the bulls to push BNB (BNB) above $260 may have tempted short-term traders to book profits. BNB/USDT daily chart. Source: TradingView That started a pullback, which dipped below the moving averages on Dec. 18. The 20-day EMA ($240) has started to turn down, and the RSI has slipped below the midpoint, indicating that the bears are trying to gain the upper hand. This increases the likelihood of a fall to $223. If the price rebounds off the $223 support with force and rises above the moving averages, it will indicate strong buying at lower levels. The BNB/USDT pair could then oscillate between $223 and $260 for a few more days. XRP price analysis The failure of the bulls to push XRP (XRP) back above the moving averages in the past few days attracted another round of selling. XRP/USDT daily chart. Source: TradingView The bears will try to sink the price to the strong support at $0.56. If the price rebounds off this level and rises above the 20-day EMA ($0.62), it will suggest that the XRP/USDT pair may remain stuck between $0.73 and $0.56 for a while longer. The first sign of weakness will be a break and close below the strong support at $0.56. That could clear the path for a drop to the crucial support at $0.46. The next leg of the uptrend is likely to begin after buyers drive the price above $0.74. Solana price analysis Solana (SOL) turned down from $79.50 on Dec. 15 and reached the 20-day EMA ($67.77) on Dec. 18. SOL/USDT daily chart. Source: TradingView The bulls have not allowed the SOL/USDT pair to close below the 20-day EMA since the start of the rally on Oct. 16. Hence, a break of the level is likely to trigger the stops of several traders. That could start a decline to the 50-day SMA ($57.83) and thereafter to the psychological support at $50. If bulls want to prevent the deeper pullback, they will have to aggressively defend the 20-day EMA and propel the price above $80. That will set the stage for a potential rally to $100. Related: Spot Bitcoin ETF will be ‘bloodbath’ for crypto exchanges, analyst says Cardano price analysis Cardano (ADA) rose above the $0.65 overhead resistance on Dec. 13, but the bulls could not sustain the momentum. The price turned down on Dec. 14 and dipped back below $0.65. ADA/USDT daily chart. Source: TradingView The sharp pullback from $0.68 indicates that the bulls are booking profits in a hurry. That suggests the ADA/USDT pair could consolidate its recent gains in the next few days. If the price rebounds off the 20-day EMA ($0.53), the pair may rise toward $0.68 and remain stuck between these two levels for some time. A break below the 20-day EMA could accelerate selling, opening the doors for a further fall to the strong support at $0.46. Avalanche price analysis Buyers pushed Avalanche (AVAX) above the overhead resistance of $42.50 on Dec. 16 and 17, but they could not sustain the higher levels. AVAX/USDT daily chart. Source: TradingView The AVAX/USDT pair has started a pullback, which has strong support at the 20-day EMA ($33). If the price rebounds off this level with strength, it will suggest that the sentiment remains positive and the bulls are buying on dips. On the upside, a break and close above $45 will signal the resumption of the uptrend. The next target is at $50. On the contrary, if the price skids below the 20-day EMA, it will signal that the bulls are rushing to the exit. That may lead to a deeper correction to $25. Dogecoin price analysis Dogecoin (DOGE) rebounded off the 20-day EMA ($0.09) on Dec. 16, but the bulls could not maintain the higher levels. DOGE/USDT daily chart. Source: TradingView The price turned down on Dec. 17 and plunged below the 20-day EMA on Dec. 18. The 20-day EMA is flattening out, and the RSI is near the midpoint, indicating a balance between supply and demand. If the price maintains below the 20-day EMA, the advantage will tilt in favor of the bears. The DOGE/USDT pair could plummet to the 50-day SMA ($0.08). If bulls want to salvage the situation, they will have to quickly push the price back above the 20-day EMA. The bullish momentum could pick up after buyers clear the hurdle at $0.11. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

2 months ago
Crypto Daily™
Crypto Daily™
followers

The crypto market is experiencing a notable rally, marked by a surge in total capitalization and trading volumes – this bullish trend is not just confined to the major players like Bitcoin, but extends across a spectrum of altcoins. Amidst this optimistic backdrop, certain tokens are gaining attention as potential high-performers in 2024. Notably on Reddit, Optimism (OP), Polygon (MATIC), Polkadot (DOT), Render (RNDR), Jito (JTO) and ScapesMania are viewed as the best altcoin picks for gains in the coming year. Ride The Wave Of Innovation With ScapesMania While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project's appeal. Presale is Live Now – Join Now for a Chance to Benefit with MANIA Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead. Presale is Live, Learn More About Major Benefits Optimism (OP): Rising Volatility and Future Prospects Optimism (OP) is showing a notable increase in market activity, particularly following the recent launch of Optimism (OP) for futures trading on Coinbase. Although this has also led to a surge in volatility, the bullish sentiment surrounding Optimism (OP) is evident – the altcoin stands 91% higher since the crypto markets turned bullish in mid-October. The current price range for Optimism (OP) is between $1.79 and $2.42. It has the 10-day moving average at $2.24 and the 100-day moving average at $1.94. The support levels are identified at $0.8 and $1.42, while the resistance levels are at $2.67 and $3.29. The future of Optimism (OP) looks promising, given token’s potential for a 20% in face of the supply barrier between $2.601 and $2.71. However, there are also challenges like the failure to maintain momentum above the $2.4 level that can invalidate this bullish outlook. Polygon (MATIC): Navigating Bearish Signals  Despite bearish technicals, Polygon (MATIC) keeps showing promise with its recent integration with Celestia Org that enhances its development capabilities. As of now, the Polygon chain is currently processing over 10 million transactions a day, indicating a robust and active ecosystem. The Polygon (MATIC) current price ranges between $0.592 and $0.957, with the 10-day moving average hanging at $0.873 and the 100-day moving average standing at $0.664. Support levels are at $0.057 and $0.422, while resistance levels are at $1.151 and $1.516. It’s worth noting that Polygon (MATIC) can drop to $0.68. To avoid further decline and aim for a rebound towards the November 14’s high of $0.9842, Polygon (MATIC) needs to maintain above the Fair Value Gap (FVG) at $0.6851. Polkadot (DOT): Assessing Market Trends  Participating in the broader bullish trend of the crypto market, Polkadot (DOT) presents technical indicators that warrant a cautious approach. Nevertheless, the Polkadot (DOT) network’s continuous growth and efficient resource allocation indicate an unyielding foundation for the future development. The Polkadot (DOT) price is currently oscillating between $5.97 and $8.2. The 10-day moving average is at $7.4, and the 100-day moving average is at $6.26. Support levels are found at $2.36 and $4.59, with resistance levels chilling at $9.06 and $11.29. The future of Polkadot (DOT) appears to be cautiously optimistic: strong indications of buying momentum suggest a promising outlook, however, the looming pullbacks demand a balanced approach to forecasting its price trajectory. Render (RNDR): A Year of Substantial Growth  Render (RNDR) has seen a significant increase marked by its price hitting a new yearly high. This uptrend is part of a larger 1,100% spike in 2023 showcasing the growing interest in Render's (RNDR) capabilities. The Render (RNDR) price ranges between $2.431 and $4.083. The 10-day moving average is at $4.003 and the 100-day moving average is at $2.405. Support levels are at $1.432 and $3.700, while resistance levels are at $4.737 and $6.39. The Render (RNDR) price could potentially reach even more spectacular heights – it’s possible that we’ll even see a 75% jump towards the next resistance at $8.4. However, if the token fails to move above the $4.73 resistance, it can drop to the closest support at $3.7. Jito (JTO): Introduction on BingX and Market Impact BingX, a prominent cryptocurrency trading platform, has introduced Jito (JTO) in order to enhance its market presence – this new entry coincides with an upsurge in the value of Jito (JTO) and an increased interest within the Solana network. The Jito (JTO) current price is zigzagging between $2.62 and $4.39, with the all-time high of $4.39 and the all-time low of $1.62. The support level is at $2.79, while the resistance level is at $3.33. With its launch on BingX, Jito (JTO) can count on the promising future ahead. This development can increase its liquidity and attract more investors, nevertheless, the dynamic nature of the market urges investors to closely monitor potential fluctuations in Jito's (JTO) trajectory. Conclusion Looking forward to 2024, the crypto market unveils a landscape filled with opportunities: the surge in trading volumes and market capitalization paints an optimistic picture as this bullish tone extends beyond Bitcoin, encompassing a diverse range of alternative cryptocurrencies. Notably, among these are Optimism (OP), Polygon (MATIC), Polkadot (DOT), Render (RNDR), Jito (JTO) and ScapesMania – each has emerged as a standout choice on Reddit, thanks to their unique prospects for potential gains. With its innovative revenue streams and impressive presale performance, ScapesMania is firmly establishing a market niche; Optimism (OP) experiences heightened activity and volatility, particularly following its introduction to futures trading on Coinbase; despite encountering bearish signals, Polygon (MATIC) persists in showcasing resilience and adaptability through strategic integrations, all while maintaining high transaction volumes; Polkadot (DOT) balances solid network growth and efficient resource allocation with cautious optimism; likewise, a remarkable price surge of Render (RNDR) suggests an increasing interest in its digital rendering services; finally, Jito's (JTO) introduction on BingX amplifies its market presence by aligning with the rising value and interest within the Solana ecosystem. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

3 months ago
Crypto Daily™
Crypto Daily™
followers

The cryptocurrency world was recently shaken by a significant security breach involving Ledger, a well-known crypto hardware wallet manufacturer. Multiple Ethereum-based decentralized applications (dApps), including Zapper, SushiSwap, Phantom, Balancer, and Revoke.cash, were compromised due to this breach. Ledger has since fixed the malicious code and advised users to utilize the “Clear Sign” feature to ensure secure interactions with their services. The attack, classified as a “supply chain attack” on Ledger’s Connect Kit, has reportedly led to losses upwards of $150,000 in crypto. Sushi Chief Technology Officer Matthew Lilley warned against interacting with any dApps until further notice, highlighting the severity of the situation​​​​​​. This news comes amidst Bitcoin’s (BTC) fluctuating value, which has hovered above $42,000, following decisions from central banks such as the US Federal Reserve, the European Central Bank, and the Bank of England​​. Recent developments have had a notable impact on major cryptocurrencies like Ethereum (ETH) and Solana (SOL), influencing investor sentiment and market dynamics. Continuing our deep dive into the crypto realm, we find an exciting development. StealthEX, in collaboration with CryptoDaily, is stirring up the crypto scene with a festive twist! Yes, it's more than just gaining insights into crypto market fluctuations – it’s about winning big this holiday season! Win Big This Christmas: StealthEX's $1,000 Festive Giveaway Awaits! Get ready to feel the holiday magic with StealthEX's thrilling $1,000 giveaway, running from December 13th to 23rd! This festive fortune is open to all. Simply swap your favorite cryptos like Ethereum (ETH), Solana (SOL), and others (with a minimum transaction of $100), submit your transaction details, and you could be in for a big win. The holiday cheer gets bigger with prizes galore: $500 for the grand prize winner, and $250 each for two lucky runners-up. The winners will be announced on December 24th, so keep your eyes on StealthEX’s channels. Jump into the festive action with StealthEX, make your swaps, and be part of this holiday excitement. May your Christmas be merry, lucky, and potentially lucrative! Turn swaps into wins with StealthEX! Ethereum's Leap Forward: Integrating Advanced Crypto Tech into its Core Ethereum (ETH) is poised for potentially transformative developments that could significantly influence its price trajectory. Recently, Vitalik Buterin, Ethereum's co-founder, proposed "enshrining" zkEVMs (zero-knowledge Ethereum Virtual Machines) into the main Ethereum blockchain. This initiative marks a shift from the previous emphasis on layer-2 networks or "rollups." zkEVMs, blending zero-knowledge cryptography and Ethereum's programming environment, could streamline transaction verification on Ethereum, enhancing both efficiency and security. This move could integrate layer-2 functionalities, like fast pre-confirmations and MEV (Maximum Extractable Value) mitigation strategies, more closely with Ethereum's core protocol. Buterin's vision suggests a future where Ethereum's light clients, less resource-intensive than full nodes, become increasingly powerful and capable of fully verifying transactions using zero-knowledge proofs. This development could lead to a built-in zkEVM on Ethereum, potentially making these advanced cryptographic functions natively available for rollups. Such advancements in Ethereum's infrastructure are expected to boost its scalability and efficiency, making it a more attractive platform to users and developers. These developments, enhancing both the utility and efficiency of the Ethereum network, could be a major driver for ETH's price performance and its ability to outperform its peers in the digital asset market​​. Meanwhile, JP Morgan analysts have expressed skepticism about the potential impact of Bitcoin ETFs, instead favoring Ethereum's prospects for 2024. The institution is particularly bullish on Ethereum, highlighting the anticipated Ethereum Improvement Proposal (EIP) 4844, known as "Proto-dank sharding." However, JP Morgan also cautions about the challenges of centralized staking within the Ethereum network, indicating a balanced view of the cryptocurrency's future potential. Ethereum (ETH) Technical Analysis Ethereum (ETH) has been navigating a complex market landscape. The Relative Strength Index (RSI) for ETH currently stands at 36.73, suggesting a bearish sentiment as it is below the neutral 50 mark. The Stochastic %K is at a low 5.47, reinforcing the bearish outlook. Additionally, the Commodity Channel Index (CCI) at -151.86 indicates an oversold condition, which could potentially lead to a price rebound. The Average Directional Index (ADI) at 17.37 points to a weaker trend strength, suggesting that the current downward trend might not be strongly established. Ethereum's Moving Average Convergence Divergence (MACD) Level at -4.67 also shows a lack of bullish momentum. Regarding moving averages, ETH is currently trading below its 10-day Simple Moving Average (SMA) of $2,266.00 and its 200-day SMA of $2,286.01. This positioning could be interpreted as a bearish signal, indicating potential for further price declines. However, the Ethereum market is known for its volatility, and rapid changes in investor sentiment or market conditions could alter this trend. Ethereum (ETH) Price Prediction Despite the current bearish technical indicators, Ethereum's fundamental background, including the integration of zkEVMs into its main blockchain, sets a strong foundation for future growth.The increased efficiency and scalability could attract more users and developers, which would lead to an increase in ETH demand. In a bullish scenario, Ethereum could rebound from its immediate support level at around $2,227.54 and target the next resistance level at approximately $2,527.57. If the market sentiment shifts positively, ETH could potentially aim for a higher resistance level near $2,740.35. Moreover, if the market aligns with JP Morgan's outlook and the EIP-4844 upgrade delivers on its promises, Ethereum could experience significant growth, possibly outperforming Bitcoin in 2024. This would potentially see ETH rebounding from its current levels, surpassing immediate resistance, and possibly achieving new highs.  On the other hand, if Ethereum fails to capitalize on its fundamental strengths and market sentiment remains bearish, it could break below its immediate support level and head towards the next support level around $2,114.18. Continued negative market trends and a failure to hold key support levels could see ETH testing lower supports, potentially reaching down to the 1-month low of $1,909.86.  Exchange Ethereum (ETH) Now to Join the StealthEX Giveaway! Solana's Strategic Move: Airdrop-Driven Sales Surge Solana (SOL) has experienced a remarkable surge in its ecosystem, particularly with the rapid growth in sales of its crypto phone, the Saga. This surge is largely attributed to the enticing arbitrage opportunity presented by the recent airdrop of the Solana memecoin Bonk (BONK), which has seen an exceptional rise of over 1,100% in the past month.  The 30 million BONK airdrop significantly surpasses the Saga phone's current price. This unique situation has led to a more than tenfold increase in phone sales, with co-founder Raj Gokal confirming that the phone is on track to sell out before the new year. The substantial gain in BONK's value and the subsequent increase in Saga phone sales have had a positive impact on Solana’s market presence. This strategic move and its successful outcome could positively influence Solana's price, as it reflects the innovative approaches being adopted within the Solana ecosystem to boost market traction and user involvement.  Solana (SOL) Technical Analysis Solana (SOL) presents a mixed technical landscape. The Relative Strength Index (RSI) at 53.41 indicates a neutral market sentiment, leaning neither strongly bullish nor bearish. The Stochastic %K, at 40.42, suggests that SOL is neither overbought nor oversold. However, the Commodity Channel Index (CCI) at 3.27 and the Average Directional Index (ADI) at 27.36 do not show strong directional momentum, indicating potential sideways movement. The Awesome Oscillator at 3.23 and MACD Level at 1.26 also point towards a lack of strong momentum in either direction. Notably, SOL is trading around its 10-day Simple Moving Average (SMA) of $76.85 and its 200-day SMA of $71.16, indicating a potential equilibrium in the market. Solana (SOL) Price Prediction Solana’s recent strategic success, particularly the surge in sales of its Saga phone due to the BONK airdrop, could positively impact its market sentiment. In a bullish case, if SOL can maintain momentum and break above its immediate resistance level at around $75.64, it could target the next resistance level near $89.19. The innovative approaches adopted within the Solana ecosystem, like integrating crypto airdrops with hardware products, could further bolster investor confidence and push SOL towards the 52-week high of $79.21. Conversely, if the market fails to respond positively to Solana's recent developments and sentiment turns bearish, SOL could fall below its immediate support level of approximately $70.11. A break below this level might lead to a test of the next support level around $51.84, the 1-month low.  It's also crucial to consider various price predictions to gain a well-rounded view of its potential market performance. Some experts predict Solana prices will increase by up to +85% in 2024, reaching $127.82. You can delve deeper into this forecast by visiting StealthEX's blog on Solana (SOL) price prediction. While the recent developments in the Solana ecosystem are promising, market dynamics and external factors could still significantly influence the price of SOL. Swap Solana (SOL) Now for Your Shot at a Merry Crypto Christmas! Final Words From the evolving landscape of Bitcoin to the promising advancements of Ethereum and Solana, the crypto world continues to captivate. The StealthEX holiday event adds an extra layer of excitement, blending the thrill of crypto trading with festive giveaways. Ethereum balances innovation with market dynamics, while Solana maneuvers through its unique challenges and opportunities. These stories highlight the dynamic nature of cryptocurrencies – a sector where technology, market sentiment, and regulatory frameworks intersect to forge the future of digital finance. Stay engaged, stay informed, and who knows, your journey in crypto might just be the next headline! Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

3 months ago
Cointelegraph
Cointelegraph
followers

Bitcoin (BTC) has failed to rebound sharply following the fall on Dec. 11, suggesting selling pressure on relief rallies. Glassnode data shows that short-term holders (STHs), entities holding Bitcoin for 155 days or less, sent $1.93 billion worth of Bitcoin to exchanges on Dec. 11 and $2.08 billion on Dec. 12. The last time single-day selling crossed the $2 billion mark was way back in June 2022. This shows that speculators are in a hurry to dump their holdings. However, lower levels are attracting buyers. Trading resource Material Indicators suggested that “institutional sized” bids could be seen but added that it was unclear if it was accumulation or a short-term trading opportunity with dips being purchased and rallies being sold. Daily cryptocurrency market performance. Source: Coin360 Cointelegraph contributor Marcel Pechman analyzed derivatives data and said that Bitcoin remains on track to hit $50,000 despite the recent correction. He added that chances of “cascading liquidations” were low as the correction seems to have been “primarily driven by the spot market.” What are the important support levels on Bitcoin that are likely to hold? Could altcoins also start a relief rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out. Bitcoin price analysis Bitcoin has been holding above the 20-day exponential moving average ($40,870), but the bulls have failed to start a strong relief rally. This suggests hesitation to buy at higher levels. BTC/USDT daily chart. Source: TradingView The negative divergence on the relative strength index (RSI) suggests that the positive momentum could be slowing down. That puts the 20-day EMA at risk of breaking down. If that happens, the BTC/USDT pair could plummet to the 50-day simple moving average ($37,707). Meanwhile, the bulls are likely to have other plans. They will try to push the price to the overhead resistance at $44,700. This level is expected to witness a tough battle between the bulls and the bears. If the buyers prevail, the pair could soar to $48,000. Ether price analysis Ether’s (ETH) shallow bounce off the strong support at $2,200 on Dec. 12 suggests a lack of demand at lower levels. ETH/USDT daily chart. Source: TradingView The bears are trying to build upon their advantage by pulling the price below the 20-day EMA ($2,192). If they sustain the lower levels, the selling could accelerate, and the ETH/USDT pair could tumble to the 50-day SMA ($2,029). Conversely, if the price turns up and rises above $2,250, it will suggest that lower levels continue to attract buyers. The pair will then try to retest the 52-week high at 2,403. A rally above this resistance could start the next leg of the uptrend to $3,000. BNB price analysis BNB’s (BNB) price action has formed an inverse head-and-shoulders pattern, which will complete on a break and close above the neckline near $275. BNB/USDT daily chart. Source: TradingView The 20-day EMA ($238) has started to turn up, and the RSI is in the positive territory, indicating that bulls have the upper hand. The price could reach the neckline, where the bears are likely to mount a strong defense. If bulls overcome this barrier, the BNB/USDT pair could start a new up move toward the pattern target of $333. Any dip from the current level is likely to find support at the moving averages. A break below the moving averages will suggest that the bulls are losing their grip. The pair may then tumble to the vital support at $223. XRP price analysis The bulls tried to stall XRP’s (XRP) pullback at the 50-day SMA ($0.62) on Dec. 11, but they could not push the price above the 20-day EMA ($0.63). XRP/USDT daily chart. Source: TradingView The selling resumed on Dec. 13, and the price fell below the 50-day SMA. Sellers will try to tug the price to the critical support at $0.56. This level is likely to witness solid buying by the bulls. The 20-day EMA has flattened out, and the RSI is just below the midpoint, indicating a possible range-bound action in the near term. Buyers will be back in the driver’s seat after they push the price above $0.67. The XRP/USDT pair could thereafter climb to the overhead resistance at $0.74. Solana price analysis Solana (SOL) snapped back from the 20-day EMA ($64.46) on Dec. 11, but the bulls could not sustain the recovery. SOL/USDT daily chart. Source: TradingView The bears sold near $72 and again pulled the price to the 20-day EMA on Dec. 13. The negative divergence on the RSI suggests that the bullish momentum is weakening. If the price plunges below the 20-day EMA, the selling could accelerate, and the SOL/USDT pair may drop to the 50-day SMA ($53.73). Alternatively, if the price turns up from the current level, it will indicate that the bulls continue to defend the 20-day EMA with vigor. The pair may then rise to $78. Cardano price analysis Cardano (ADA) is consolidating its gains between $0.65 and the 50% Fibonacci retracement level of $0.51, indicating that dips are being purchased. ADA/USDT daily chart. Source: TradingView The upsloping moving averages and the RSI in the overbought zone suggest that the path of least resistance is to the upside. The bulls will again try to shove the price above $0.65. If they manage to do that, the ADA/USDT pair could start the next leg of the uptrend toward $0.70 and then $0.78. If bears want to prevent the upside, they will have to yank the price below $0.51 and the crucial support at the 20-day EMA ($0.47). Dogecoin price analysis Dogecoin (DOGE) turned down from the overhead resistance of $0.11 on Dec. 11 and dipped to the 20-day EMA ($0.09) on Dec. 13. DOGE/USDT daily chart. Source: TradingView A strong bounce off the 20-day EMA will suggest that traders continue to buy on dips. The bulls will then make one more attempt to overcome the obstacle at $0.11. If they succeed, the DOGE/USDT pair could surge to $0.14 and later to $0.16. This bullish view will be negated if the price continues lower and breaks below the 20-day EMA. If that happens, the pair could slide to the 50-day SMA ($0.08) and subsequently to $0.07. Related: Why is Cardano price down today? Avalanche price analysis The bulls propelled Avalanche (AVAX) above the overhead resistance of $38 on Dec. 11 and 12, but could not sustain the higher levels. AVAX/USDT daily chart. Source: TradingView That resulted in a pullback on Dec. 13, but a positive sign is that the bulls aggressively purchased the dip to the 38.2% Fibonacci retracement level of $34.36. Buyers have again pushed the price above $38. If the rebound sustains, the AVAX/USDT pair could retest the high at $42.89. Contrarily, if the price fails to remain above $38, it will suggest that bears continue to view the rallies as a selling opportunity. A drop below $34.36 may open the downside target to the 20-day EMA ($28.22). Polkadot price analysis Polkadot’s (DOT) rally stalled just below the overhead resistance of $7.90 on Dec. 9, indicating profit-booking by short-term traders. DOT/USDT daily chart. Source: TradingView The price rebounded off the 20-day EMA ($6.19) on Dec. 11, but the bulls could not overcome the barrier at $7.36. That suggests bears are active at higher levels. Sellers will attempt to pull the DOT/USDT pair to the 20-day EMA, which remains the key level to keep an eye on. A bounce off the 20-day EMA indicates that the sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to clear the hurdle at $7.90. On the contrary, a break below the 20-day EMA could sink the pair to the 50-day SMA ($5.35). Polygon price analysis Polygon’s (MATIC) rise above $0.89 on Dec. 8 was short-lived as the bears pulled the price back below the level on Dec. 11. MATIC/USDT daily chart. Source: TradingView Buyers tried to push the price back above $0.89 on Dec. 12, but the bears held their ground. Sellers are trying to strengthen their position further by pulling the price below the 20-day EMA ($0.83). If they do that, it will suggest the start of a deeper correction toward $0.70. This negative view will be invalidated in the short term if the price turns up sharply from the current level and rises above $0.89. That will indicate solid buying at lower levels. The pair may then climb to $0.95 and subsequently to $1. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

3 months ago
Cointelegraph
Cointelegraph
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Bitcoin, the world’s leading cryptocurrency, has long been under scrutiny for its environmental impact due to the energy-intensive nature of its mining process.  Since its inception in 2008, Bitcoin has never been hacked. Its tight security, provided by its proof-of-work (PoW) consensus mechanism, provides value to the cryptocurrency. PoW, however, is energy-intensive and relies on complex cryptographic algorithms requiring vast computational power. The global popularity of Bitcoin (BTC) has resulted in its network energy consumption sitting at 147.61 terawatt-hours per year as of Dec. 7, close to the yearly average energy consumption of countries such as Poland, Ukraine and Malaysia, according to the University of Cambridge. Bitcoin’s PoW consensus mechanism has become an immutable security guarantee, but some see it as an environmental nightmare. While the Bitcoin mining industry increasingly shifts to renewable energy sources to address these concerns, new studies now point toward another ecological problem: the high water consumption of crypto mining. Bitcoin mining’s growing thirst for water A recent study titled “Bitcoin’s growing water footprint,” authored by Alex de Vries — a data analyst and researcher at Vrije Universiteit Amsterdam and De Nederlandsche Bank (DNB) — found that Bitcoin’s water consumption has the potential to harm the environment. The Bitcoin mining industry has grown yearly and continues to reach new all-time high hash rates. This trend is set to continue as the price of BTC surges. As with any computer, cooling is essential for mining devices to work optimally. Bitcoin mining rigs have hundreds of machines that reach very high temperatures as they try to solve the complex mathematical challenges PoW presents. Water is often used for cooling systems and air humidification systems. Additionally, water may be indirectly used to generate electricity. As the study states, “The water footprint of Bitcoin in 2021 significantly increased by 166% compared with 2020.” De Vries admits the challenge of quantifying the direct water footprint due to limited public information. However, with the retrieved data combining direct and indirect water consumption, he estimates that the total annual water footprint for United States Bitcoin miners could range from 93 to 120 gigalitres (GL), equivalent to the average annual water consumption of around 300,000 U.S. households. Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US Furthermore, Riot Platforms, one of the largest Bitcoin miners in the world, is constructing a new mining facility in Texas, which will raise the total water footprint to 121.2–147.8 GL, as per de Vries. Based on all the collected data, de Vries told the BBC that every Bitcoin transaction uses, on average, enough water to fill a backyard swimming pool. As he outlines in his study: “With the network handling 113 million transactions in 2020 and 96.7 million in 2021, the water footprint per transaction processed on the Bitcoin blockchain for those years amounted to 5,231 and 16,279 L, respectively.” Additionally, de Vries told the BBC that an estimated 6 million times as much water is consumed with each Bitcoin transaction than is used in a typical credit card swipe. The statement was based upon data from another recent report titled “The water and carbon footprint of cryptocurrencies and conventional currencies.” Per his calculations, conventional cashless transactions consume about 2.6 milliliters of water. De Vries further introduces a controversial solution for the heavy resource consumption of Bitcoin: changing its validation protocol from proof-of-work to proof-of-stake (PoS). Ethereum recently made this crucial change, reducing its energy demand by 99%. But with it came an unavoidable expense: centralization. One of Bitcoin’s core existential values is to remain decentralized and independent of any dominating party. Is the cost per transaction really accurate? For ClimateTech investor Daniel Batten, this study is biased, as de Vries is an employee of the DNB, the Dutch Central Bank. As Batten stated on X (formerly Twitter): Why the @BBCNews article on Bitcoin and Water is a monument to journalistic lazinesshttps://t.co/BRGRXzAeBWThe day after the Independent publish the results of a high quality independent study on Bitcoin, the BBC publish the junk-science of a known anti-Bitcoin lobbyist using… — Daniel Batten (@DSBatten) November 29, 2023 Batten opposes de Vries’ solution of switching Bitcoin to PoS, telling Cointelegraph:  “Bitcoin’s energy usage has the potential to be a positive environmental externality on its own merits, because that energy use is predominantly sustainable, highly flexible, incentivizing renewable development (backed up by research and quantified now), using curtailed and stranded energy that others cannot, stabilizing the intermittency of renewable power on grids and, most importantly, allowing us to mitigate methane. PoS-based blockchains have none of these potential use cases.” Batten also pointed out that Cambridge University has previously argued that criticizing Bitcoin based on the supposed energy cost per transaction is not entirely accurate, as “transaction throughput (i.e., the number of transactions that the system can process) is independent of the network’s electricity consumption. Adding more mining equipment and thus increasing electricity consumption will have no impact on the number of processed transactions.” Furthermore, one transaction on the Bitcoin blockchain could include hundreds of payments or “​​represent billions of timestamped data points using open protocols.” He contended that measuring the water use per transaction could therefore be similarly misleading. De Vries told Cointelegraph that the indicator is simply “an efficiency metric that captures the average water use per transaction processed on the Bitcoin blockchain for the years 2020 and 2021.” Batten also claimed that no recent studies about Bitcoin’s usage of renewable energy or similar positive aspects of crypto mining were considered in de Vries’ reports. Bitcoin mining can help nations with water scarcity It is undeniable that Bitcoin mining requires a high amount of energy. Any industrial process that consumes energy will result in water consumption. However, unlike many other industries, Bitcoin mining is location-agnostic. Therefore, Bitcoin miners can operate virtually anywhere where electricity and the internet are available. Batten demonstrates in his blog how Bitcoin mining could, in theory, actually help countries facing water scarcity, noting it is estimated that almost 20 countries will suffer from high or extremely high water scarcity by 2040. The Middle East and North Africa are among the driest locations on earth. In this region, the situation is extreme, with a constant decline in rainfall in the last 30 years, which has resulted in nations using more water than they receive. As David Hannah, a professor of hydrology at the University of Birmingham, told CNBC, the Middle East “has very limited conventional water resources, and some of the groundwater resources are saline.” These countries have begun to use desalination, but making potable water through this process is expensive and energy-intensive. Naturally, the Middle East is the region most reliant on desalination. The industry is critical for residents’ survival, so countries such as the United Arab Emirates have made ambitious plans to power these desalination plants. The UAE is in the process of constructing one of the most extensive solar infrastructures in the world, aiming for a capacity of 5 gigawatts by 2030. Considering this information, how could Bitcoin mining benefit countries with water scarcity that require desalination? Batten builds his argument on two points. Firstly, Bitcoin miners could accelerate the buildout of renewable power for desalination. Any electricity provider will encounter the issue of excess capacity. The overproduced energy cannot be stored easily, so it becomes wasted if no consumers or buyers are available. Renewable energies such as solar power create virtually infinite electricity but do so irregularly. Additionally, the ideal location for producing energy may be isolated from its consumers. Bitcoin miners are the perfect fit, as they are potential buyers of excess solar-powered electricity. This fact may accelerate the setup of new solar energy capacity, as developers can rest assured they have potential buyers to rely on before launching the project. Consequently, Bitcoin mining can help transition to renewable-powered desalination, and the UAE could meet its water security goals without endangering its emission-reduction goals. Secondly, Bitcoin mining may increase the efficiency of the operational production of desalination. Efficiency gains in operating costs mean water can be desalinated close to the operating cost. Both technologies can complement each other. Heat is used directly for desalination, and almost 100% of the energy used by Bitcoin mining rigs is transformed into heat. Recent: One-hour Bitcoin block times: What do they mean and are they frequent? The emanated heat energy can be used directly for desalination, but with the caveat of earning revenue from Bitcoin mining. In conclusion, there is an improvement in the water-per-dollar ratio, resulting in more water desalinated for the same net cost. Overall, a point critics of Bitcoin mining tend to miss is the potential adoption by the renewable energy industry. Bitcoin: To be or not to be Bitcoin has long had a negative public image regarding its environmental impact. One way to promote its benefits and usability is to present empirical facts demonstrating that crypto mining can utilize all energy created and result in favorable economics. According to Batten, the Bitcoin mining narrative is already starting to shift. For him, “the higher use of sustainable energy, better data visibility and quality independent reporting, and publications such as the KPMG and IRM [Institute of Risk Management] reports and the ACS Sustainability Journal — authored by a decorated scientist who is highly regarded in his field — showing how Bitcoin mining ‘supercharges’ the renewable transition” could be a catalyst for this new era for Bitcoin’s public image. The dilemma is whether Bitcoin or a decentralized digital currency is considered a valuable tool for global society. If not, then Bitcoin’s mining energy is a complete waste. If yes, then its energy usage is a necessary investment for a future with a currency for the people.

3 months ago
CoinDesk
CoinDesk
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Darwinism could soon pummel some bitcoin [BTC] miners as the halving, a once-every-four-year event that cuts the reward for creating new BTC gets cut by 50%, unleashes a "survival of the fittest" battle in April. To prepare for the disruptive event, larger companies are securing newer and more-efficient mining machines. But they might also consider gobbling up smaller miners as they figure out how to both survive and benefit from the halving. Just ask Marathon Digital (MARA), the largest publicly traded miner by hashrate (industry jargon for the computing power it can direct toward running the Bitcoin network). The firm said this week that it's got a hoard of money – more than $800 million of cash and bitcoin – and will seek to grow that to "capitalize on strategic opportunities, including industry consolidation" ahead of the halving. Meanwhile, another large miner, Hut 8 (HUT), just completed its all-stock merger with a privately held US Bitcoin. CleanSpark (CLSK) has been collecting cheap assets since the start of the bear market and said it has almost $170 million shored up to "take advantage of opportunities the halving may present." And Riot Platforms (RIOT), another institutional-grade miner, has just ordered 66,560 new mining machines for $290.5 million to stay ahead of the competition. The scene is set for a dog-eat-dog competition. "Leading up to the halving and in its aftermath, miners will need to place substantial emphasis on strategic planning. The adage, 'If you aren't growing, you are dying,' holds true," said Amanda Fabiano, the former head of Galaxy Mining who started her own consulting services company for the industry. In fact, mining consultancy firm Blocksbridge said that a dozen public mining companies have already committed over $1.2 billion so far this year to buy mining machines, with about $750 million signed over the past two months. Growth at any cost So, how did we get here and why are the miners racing to gear up for the halving? The bitcoin halving – also known as the halvening – in simple terms will make obtaining or mining new bitcoin much harder. The halving is part of the Bitcoin network's code to reduce inflationary pressure on the cryptocurrency and will cut the rewards in half for successfully mining a bitcoin block. A useful analogy that might resonate with the non-crypto crowd: think about extracting a finite natural resource, such as gold or oil, from the ground. The more that's obtained, the less that's left, making the remaining resource more valuable yet more expensive to extract. Now, swap out whatever traditional commodity you had in mind, and replace it with bitcoin and and crypto mining. That's the halving: a classic example of the supply-and-demand cycle creating scarcity-driven value for an asset. It's something Bitcoin creator Satoshi Nakamoto believed in. In fact, bitcoin might actually be even more scarce than gold. For a deeper understanding of the halving, read CoinDesk's explainer here. Historically, the event has increased bitcoin prices exponentially, creating generational wealth for investors – but a presenting challenge for the miners that actually create BTC. During the third halving, which occurred in 2020, bitcoin's price went from around $8,500 to nearly $18,000 within a few months, while the reward for successfully mining a block was cut to 6.25 BTC from 12.5 BTC. This time, the reward will sink to 3.125 BTC, making mining even more competitive. In previous cycles, there weren't many large-scale miners and even fewer publicly traded ones. During the lead-up to the bull market of 2021, a swath of miners jumped into the sector to reap nearly 90% profit margins at the peak. As bitcoin neared $70,000, miners were making money hand over fist and many were spending and taking on debt to grow faster. Investors, including traditional financial firms, lavishing miners with cash to fuel grow also incentivized breakneck spending and growth at any cost. It all came crashing down during the 2022 bear market. Profit margins got crushed, some big miners filed for bankruptcy and access to capital markets was shut. Many miners still operating are barely surviving, waiting for the next bull run to save them. Read more: Next Bitcoin Halving Event Could Be a Stress Test for Miners The rally in bitcoin prices in 2023, fueled mostly by the optimism that U.S. regulators will approve spot bitcoin exchange-traded funds (ETFs) from the likes of BlackRock, has helped miners somewhat. But with the Bitcoin network's hashrate at an all-time high (a sign of high competition), the difficulty mining a single block also at a record, high energy prices (crypto mining rigs use a lot of electricity), intense regulatory scrutiny and still-bone-dry capital markets, the mining landscape remains tough. Consolidation 'wave' Miners who grew too fast are now cash-strapped and looking for a light at the end of the tunnel. Struggling miners need to cut costs, shore up their balance sheets and require more capital – all potential catalysts for mergers and acquisitions in the industry. Cutting "costs will likely be a major drive of an upcoming wave of consolidation in the mining industry. Executive salaries, insurance and other expenses benefit from economies of scale in the post-halving environment," said Ethan Vera, chief operating officer at mining services firm Luxor Technologies. M&A can take many shapes and forms and can be complicated. However, one of the trends that might be prominent, according to Vera, is private miners merging with public companies. "Off the back of bitcoin price momentum, shareholders of private and public mining companies will look for avenues to liquidate parts of this position through publicly listed vehicles. As such, many private companies will merge with public operating companies or shells to gain access to this liquidity," he said. They will likely follow Hut 8's merger and use that as a "case study to combine entities that have both strong balance sheets alongside high growth opportunities," Vera added. Fabiano echoed this when asked about how this will play out. "Mid-tier and small-scale miners should prioritize positioning themselves on the lower end of the cost curve, one likely path is M&A given the capital-constrained market. Meanwhile, larger miners should concentrate on growth narratives that set them apart from their rivals," she said. It seems the rule of the jungle is about to be unleashed on the mining industry, perhaps best expressed by a Japanese idiom: "Jakuniku-kyoushoku," which loosely translates to English as "the flesh of the weak is the food of the strong." Read more: Where Will Bitcoin Mining Be After the Halving?

3 months ago
Cryptopolitan
Cryptopolitan
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Postpartum hemorrhage, a significant and often understudied complication of pregnancy, poses a global health challenge, being the leading cause of maternal mortality and morbidity. Researchers at Brigham and Women’s Hospital have taken a groundbreaking step in addressing this issue by leveraging the capabilities of the large language model Flan-T5 to extract vital medical insights from electronic health records (EHRs). Their study not only enhances the identification of patients affected by postpartum hemorrhage but also opens doors to predictive healthcare. The challenge of postpartum hemorrhage Postpartum hemorrhage is a complex medical condition with varied presentations, risk factors, and causes. Despite its prevalence, it lacks a universal definition and often goes underrepresented in health records. This underlines the urgency of more effective methods for identification and understanding of populations at risk. The role of Flan-T5 In this innovative study, Flan-T5, a large language model, emerges as a powerful tool for addressing the challenges posed by postpartum hemorrhage. The researchers tasked Flan-T5 with extracting medical concepts from the electronic health records of 131,284 patients who gave birth at Mass General Brigham hospitals between 1998 and 2015. Unlike traditional methods reliant on billing codes, this AI-driven approach achieved remarkable results without manual labeling. Enhanced accuracy and identification The study findings reveal the significant advantages of the Flan-T5 model. It exhibited an impressive accuracy rate of 95% in identifying patients with postpartum hemorrhage. Furthermore, it outperformed the standard method, resulting in the identification of 47% more affected patients. Beyond improved detection, the Flan-T5 model offers the exciting prospect of prediction. By gaining insights into subpopulations at higher risk of postpartum hemorrhage, clinicians can take proactive measures to prevent or manage the condition before it becomes critical. Expanding possibilities The application of large language models like Flan-T5 extends beyond postpartum hemorrhage. This approach holds promise for addressing a wide range of medical conditions and diseases. As the healthcare industry continues to embrace artificial intelligence, such tools can revolutionize the continuum of care. Maternal health crises in the United States and worldwide demand urgent attention. The Flan-T5 model represents a crucial step in the right direction. By categorizing subpopulations and offering predictive capabilities, it contributes to more effective and proactive maternal care. Real-time medical decision-making One of the notable implications of this research is its potential to guide real-time medical decision-making. Clinicians can use the insights generated by Flan-T5 to inform their decisions, leading to more informed and timely interventions. The research team’s future plans include expanding this approach to examine other pregnancy complications. Their goal is to address the growing challenges faced by maternal health in the United States, emphasizing the potential of AI-driven solutions in healthcare. The collaboration between NASA and IBM to develop an AI tool for predicting climate change impacts at specific locations is a significant milestone in the quest to address the global climate crisis. By providing granular insights into climate-related factors, such as tree cover, carbon emissions, and risks of flooding and wildfires, this tool empowers individuals and communities to make informed decisions and plan for climate-related risks. Moreover, its open-source nature promotes accountability and community involvement in climate action. As this tool becomes available in 2024, it has the potential to be a valuable resource in the fight against climate change.

3 months ago
企业级靓仔
企业级靓仔
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The Land of the Thunder Dragon—The Kingdom of Bhutan’s Crypto Mining Road The only neighboring country that does not have diplomatic relations with China is the Kingdom of Bhutan, a small country sandwiched between the Asian countries of China and India. Because it is located at the foothills of the Himalayas, lightning and thunder occur frequently. The Bhutanese believe that thunder is a dragon. It is shouting with infinite power. Therefore, the Bhutanese call their country the "Dragon Kingdom" and use the dragon as the main pattern of their national flag. The national anthem is also named "Thunder Dragon Kingdom". It’s hard to associate cryptocurrencies with Bhutan, once one of the world’s least developed countries. The source of the news that exposed this strange combination came from the discovery of the name of Bhutan’s state-owned commercial holding company (DHI) from the public list of bondholders after the collapse of two well-known crypto lending institutions, BlockFi and Celsius, during this year’s bear market. DHI said that amid this thunderstorm among lending institutions, because it has loaned out other assets for investment, all funds have been repaid. And as early as 2019, when Bitcoin was worth US$5,000, DHI had already started investing in Bitcoin mining. Therefore, DHI did not incur any losses. If all this is true, then Bhutan is actually the first state-level institution to directly own a cryptocurrency as a sovereign fund. Why does Bhutan, known as the last Himalayan kingdom, have such a deep connection with cryptocurrency? Tourism is one of the main sources of GDP in the Kingdom of Bhutan, and the Bhutanese government even stipulates that the minimum consumption per person per day upon entry is US$200-250. However, the Kingdom of Bhutan’s tourism industry alone cannot afford free medical care and free education for its citizens. The biggest feature of the Kingdom of Bhutan is its abundant water resources. The melting snow from the 6,000-meter snow-capped mountains in the north of Bhutan and the large amount of rainfall brought by the annual monsoon flow into the large and small rivers in Bhutan, making Bhutan extremely rich in water conservancy resources. The entire country seems to be located in a huge hydropower station. As early as 2016, Bhutan achieved 100% electricity coverage, which even neighboring India has not achieved. In 2021, Bhutan's national power generation capacity was 10.82 billion kilowatt hours, exports were 8.075 billion kilowatt hours, accounting for 15.6% of GDP, and hydropower profits accounted for 60% of the Bhutanese government revenue.The current survey shows that the water conservancy resources available in the entire territory of Bhutan are ten times those currently developed. Such huge potential and resource-rich clean energy has laid the foundation for Bhutan’s crypto mining. Hydropower resources are tantamount to a gold mine for Bitcoin miners. This neighboring country with rich hydropower resources is undoubtedly a good choice for Chinese encryption miners who have been hit in recent years. Bhutan’s trade data shows that between 2020 and 2021, chip imports from China and Hong Kong exceeded US$220 million. In 2022, the import volume even exceeded 15% of the Bhutanese government’s annual budget. These data may indicate that Chinese miners and Bhutan has been linked to the growth of crypto mining in recent years. BitDeer x Kingdom of Bhutan On April 14, 2023, Bitdeer Technologies, founded by Jihan Wu who left Bitmain, completed its merger with Blue Safari Group Acquisition Corp and was listed on Nasdaq in the United States with the stock code "BTDR". Not long after its listing, BitDeer announced its cooperation with Bhutan's DHI to establish a closed-end fund (the "Fund") with an estimated scale of up to US$500 million. The first phase of the fund construction project will raise 80 million US dollars, with a converted computing power value of approximately 20EH/s (accounting for approximately 5.2% of the global total computing power) The Bitdeer Q3 report in November 2023 shows that the GeDu data center in Bhutan provides Bitdeer with 100 megawatts of power generation, supports the operation of 30,000 mining machines, and will provide 3.3EH/S computing power for Bitdeer, and is continuing to expand. Thanks to the launch of the GeDu data center in the Kingdom of Bhutan, the number of Bitdeer's own ASIC mining machines has increased to 92,000. However, due to the seasonal factors of hydropower generation in the Kingdom of Bhutan, during the dry winter, even Bhutan itself may need to import energy from neighboring countries. Therefore, an agreement was reached between Bitdeer and Bhutan DHI that domestic demand will be given priority during the winter. , when power generation declines, mining operations may be shut down. The Kingdom of Bhutan’s exploration of the cryptocurrency market is also partly due to the Covid-19 pandemic that caused a major blow to the Kingdom’s tourism industry in the previous two years. Not only that, young people and professionals from Bhutan are immigrating to countries such as Australia and Canada at an unprecedented rate. The stagnation of economic growth has forced the Kingdom of Bhutan to seek new growth points in the field of digital economy. The current results show that the Kingdom of Bhutan’s bet on cryptocurrency has achieved initial success, bringing income to the country while also providing local benefits. Citizens create jobs. We have reason to believe that more and more underdeveloped countries may benefit from this decentralized cryptocurrency-Bitcoin. In a sense, these signs prove that the development of Bitcoin is galloping in the direction Satoshi Nakamoto hoped. Some of the above data and content come from Bitdeer public reports and Forbes reports $BTC $BTDR

3 months ago

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