Earlier this week, the leading cryptocurrency spot and derivatives exchange platform OKEx announced the listing of Xensor (XSR), a futuristic project designed to meet the requirements of smart cities by integrating IoT with blockchain technology. As a part of the listing, OKEx opened XSR deposits on August 4, 2020, followed by spot trading against USDT and BTC two days after on August 6, 2020, at 7:00 AM UTC. On the same day, at 9:00 AM UTC, XSR withdrawals were enabled as well.
Headquartered in Hong Kong and created by a team of South Korean developers, Xensor is a rapidly emerging blockchain project working on solving the issues related to IoT network infrastructure widely implemented in smart cities. With a robust IOT network, Xensor strengthens information security by automating specific points of data management including data storage and transactions. These changes further help lower the cost of constructing IoT communication networks and reduce maintenance costs.
Acknowledging the importance of a combination between IoT and blockchain, the CEO of OKEx Jay Hao said, “Like blockchain, IoT technology has developed rapidly in recent years, yet it also has some obstacles to overcome. IoT currently suffers from high costs, overly complex solutions, and a lack of standardization. Some of these problems can be solved by integrating IoT with blockchain technology.”
Adding further, he said “For example, blockchain can tackle the issues of data privacy security and value mining. At the same time, it can help reduce high maintenance costs and promote IoT industry standards. We are glad to see the integration of these two high-potential emerging technologies and look forward to seeing the adoption of blockchain by more industries.”
Apart from establishing an affordable and efficient IoT network to automate machinery and fixed asset management, Xensor also helps optimize the utilization of data. The XSR token can be used to trade the data gathered from IoT network in a safe, decentralized fashion. Further, the Xensor hardware allows users to mine XSR tokens as compensation for sharing data.
Currently, OKEx is running a trading competition, set to end on August 10, 2020, at 11:00 AM UTC. The competition involves a price pool of 1,200,000 XSR along with exclusive rewards and a 550 XSR bonus for new users.
More information available at – https://www.okex.com/academy/en/okex-to-list-xensor-xsr-promoting-blockchain-adoption-in-the-iot-industry
Image by Pete Linforth from Pixabay
KuCoin Hack Closer to $200 Million as Team Releases More “Suspicious Addresses”
As the team releases more information about yesterday’s hack, it’s clear that the damage is worse than initially thought.
When cryptocurrency exchange KuCoin was hacked yesterday, reports circulated that hackers drained $150 million worth of cryptocurrency from its exchange. Today, KuCoin posted more “suspicious addresses.”
Should its hunches about those “suspicious addresses” check out, the damage so far is closer to $200 million. Here’s the breakdown:
$153 million of ETH and ERC-20 tokens.
1,008 Bitcoin ($10.8 million).
26,733 LTC (1.2 million).
18,495,798 XRP ($4.5 million).
14,713 BSV ($2.2 million).
9,588,383 XLM ($705,522).
228,952,838.064073 in TRX based tokens ($6.3 million).
$14 million worth of Tether (USDT) on the EOS and Omni blockchain.
The CEO of the Singapore-based exchange, Johnny Lyu, said in a livestream this morning that the loss, which totals about $193 million, forms just a “small part of our total asset holdings” and that the team is “working on the list” and “evaluating the total value.”
“We are in contact with many major crypto exchanges such as Huobi, Binance, OKEx, BitMax and Bybit, as well as blockchain projects, security agencies, and law enforcement to work on this. Some effective measures have been taken, and we will update with more details soon,” said Steph Burwell, an administrator of KuCoin’s Telegram group.
KuCoin has told its customers that it will reimburse any losses with its insurance fund. It expects to reenable deposits and withdrawals—paused to stop the hackers from stealing more money—within a week.
Since July, the exchange facilitates anywhere from $100 million to $412 million worth of cryptocurrency trades each day, according to metrics site CoinGecko.
Crypto Market Cap Gained $10 Billion, Bitcoin Eyes $11,000? (Saturday’s Market Watch)
The cryptocurrency market continues to rebound and has added another $10 billion to its market cap since yesterday. Bitcoin trades around $10,700, while some leading altcoins mark serious gains.
Bitcoin Price Trades Around $10,700
Following yesterday’s increase in which Bitcoin topped at $10,800, the primary cryptocurrency retraced to its intraday bottom at about $10,550. However, the bulls intercepted the price dip and drove the asset upwards once again. Just as 2020 goes so far, this Bitcoin spike followed the 1-2% gains seen on Wall Street at the Friday trading session.
The S&P 500 (1.6%), the Dow Jones Industrial Average (1.34%), and the Nasdaq Composite (2.26%) were all deep in the green.
At the time of this writing, BTC has dipped to $10,760 after getting rejected at the first major resistance at $10,790.
As per the analysis, if BTC price breaks above, it could head towards the next resistance at $11,000, followed by $11,200, $11,360, and $11,530. Alternatively, should the asset fall, it could rely on the support levels at $10,580, $10,440, and $10,390, if necessary.
Despite stocks and cryptocurrencies, gold had failed to increase: Recording an intraday high of $1,875, the precious metal dived and closed the session at $1,860.
Altcoins Gain Traction
Some alternative coins lost significant chunks of value lately, but they have been recovering in the past few days. Ethereum has continued its upward movement with another 3% increase to above $350.
Ripple has surged by 5% to $0.243. Bitcoin Cash (1%), Polkadot (3%), Binance Coin (1%), and Litecoin (3%) are also in the green from the top 10. However, Chainlink has outperformed them all by marking an 11% increase. LINK has overtaken BNB and DOT and currently occupies the 6th spot.
As it typically happens, the most volatile price moves come from mid and low-cap alts.
CyberVein leads with a 21% surge. Ren (20.5%), Yearn.Finance (17%), The Midas Touch Gold (14%), DFI.Money (14%), Cardano (11%), Zilliqa (11%), HedgeTrade (10.5%), and Nervos Network (10%) follow.
In total, the cryptocurrency market cap has increased by $10 billion since yesterday. On a 48-hour scale, the metric is up by 8% since its bottom at $319 billion to $344 billion.
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Bitcoin Always Online In Venezuela: Launched The First Satellite Node In Collaboration With Blockstream
Bitcoiners in Venezuela don’t need the internet to send some Satoshis. Today, the crypto payments startup Cryptobuyer announced the successful launch of the first Bitcoin satellite node thanks to a collaboration between Cryptobuyer, Blockstream, and a team led by a crypto enthusiast named Aníbal Garrido.
The initiative allows interacting with the Bitcoin blockchain without the need of an internet connection. A satellite antenna installed in Venezuela is in charge of the communication between the node and the blockchain.
We successfully installed and run a satellite #Bitcoin node in #Venezuela which allows us to be independent of the internet to download messages and validate transactions. Thanks to @Blockstream @adam3us @richardbensberg @anibalcripto for all your support https://t.co/TUb6eG19XP
— Cryptobuyer (@cryptobuyer) September 25, 2020
How the Satellite Node Works
This novel solution allows the Venezuelan node to process information in real-time completely off-line. Thus, the normal functioning of the network in case of connectivity failure (something widespread in the country) is guaranteed. It also facilitates the use of cryptocurrencies in remote places where internet service is scarce, expensive, or even non-existent.
The project works as follows: Blockstream contracts a number of satellites to provide the communication service between the nodes and the blockchain. Cryptobuyer bought the necessary equipment to receive the signal and connect to the satellite, and Anibal Garrido and his team were in charge of assembling the antennas and making the required adjustments.
It’s been a pleasure working with @cryptobuyer and @anibalcripto to launch the first of many #BlockstreamSatellite nodes in #Venezuela, ensuring bitcoiners in the region are always connected to the Bitcoin network! 🛰⛓💻 https://t.co/hzqoR1nACI
— Blockstream (@Blockstream) September 25, 2020
For Alvaro Perez, a software programmer from Valencia City who helped set up the whole infrastructure, the node’s synchronization was an inspiring moment. In statements compiled by Cryptobuyer on an official blog post, the expert says that the operation was a “great achievement.”
“We downloaded the whole Bitcoin blockchain and successfully carried out the first transaction through a Bitcoin satellite node in our country on September 23, from the city of Valencia (…) We received bitcoin through the satellite connection without any internet connection. It was a moment of great achievement.”
The journey is just beginning for Bitcoiners in Venezuela
This would be the first of three antennas that Cryptobuyer plans to deploy to cover the country’s most critical areas. The remaining two will be placed in the country’s capital, Caracas, in the north of Venezuela, and Puerto Ordaz, an industrial city located south of the country.
Later on, they plan to deploy a large number of small devices that will serve as a sort of repeater antenna to create a sizeable mesh-type network that will facilitate transactions in Bitcoin even far away from the primary antenna.
Now there’s no excuse to start using some satoshis in the country. Venezuela keeps proving that it has plenty of reasons to be on the podium of the three countries with the most adoption of Bitcoin around the world.
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