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Blockchain Technology | Amit Modi

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Blockchain is an emerging way for businesses, industries, and public organisations to almost instantaneously make and verify transactions—streamlining business processes, saving money, and reducing the potential for fraud. At its core, a blockchain is a data structure that is used to create a digital transaction ledger that, instead of resting with a single provider, is shared among a distributed network of computers.
The result is a more open, transparent, and publically verifiable system that will fundamentally change the way we think about exchanging value and assets, enforcing contracts, and sharing data across industries. The applications using blockchain are almost limitless, ranging from loans, bonds, and payments to more efficient supply chains to even identity management and verification.

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Source: http://hashcodeprogrammers.com/2017/07/blockchain-technology-blogs/

Blockchain

Market Watch: Bitcoin Around $11K As ETH Eyes $400

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Most of the cryptocurrency market has been relatively calm in the past 24 hours. Bitcoin trades around $11,000, and Ethereum jumps by 2% to $385.

Most of the attention went to Uniswap’s governance token (UNI) that launched yesterday. After listings on the most prominent digital asset exchanges, UNI trades at $5.3.

Bitcoin Remains Below $11K

As reported yesterday, the primary cryptocurrency attempted to overcome the $11,000 mark. It seemed successful initially, but the move rapidly reversed, driving Bitcoin’s price below the coveted level.

The price dip continued in the next few hours, and BTC reached its intraday low of $10,750. However, the asset has recovered since then and trades at $10,950.

Bitcoin still has to overcome the first resistance at $11,000 decisively before having a chance to further rise in value. If successful, BTC has to fight off the next resistance lines at $11,150 and $11,400.

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In contrast, if the support at the 0.382 Fibonacci level ($10,800) can’t contain Bitcoin in case of a price breakdown, the asset can rely on $10,660, followed by $10,450.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

UNI Gains Traction While Larger-cap Alts Chill

Most larger-cap altcoins have remained stagnant on a 24-hour scale. Ripple, Litecoin, and Binance Coin are less than 1% up, while Polkadot, Bitcoin Cash, and Chainlink are about 1% down.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Ethereum’s 2% increase to above $385 is the most impressive price move in the top ten. This could be attributed to the developments with Uniswap’s governance token launched yesterday.

Upon the UNI release, the popular DEX protocol announced that it will airdrop 15% of the token’s total supply to anyone who has used the platform. Thousands of users received 400 free UNI tokens each. However, to claim the coins, the user had to utilize the Ethereum network. This rush for free tokens led to record-high fees.

Those who lacked ETH tokens to pay the gas fees had to purchase some, increasing the demand, and ultimately driving ETH’s price higher.

In any case, most eyes were on UNI yesterday (and today). The protocol’s popularity urged exchanges such as Coinbase Pro and Binance to list the native token almost immediately. This brought massive attention and a price surge. At the time of this writing, UNI trades at $5, and its total market cap of $850 million places it in the top 30 coins.

Other impressive price increases include ABBC Coin (28%), SushiSwap (18%), Solana (15%), Neo (15%), and Loopring (13%).

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/market-watch-bitcoin-around-11k-as-eth-eyes-400/

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Worth Over $1 Billion: Tokenized Bitcoins on Ethereum Tops 100,000

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Bitcoins are being tokenized at a rapid rate for use on the Ethereum blockchain. Just ten days back, BTC supply’s on the world’s largest smart contract development platform was 73,000. Now that number has hit 100,000. Consequentially, the valuation of Bitcoin’s supply on Ethereum has topped $1 billion.

Bitcoin Supply On Ethereum Tops 100,000

As per data from Dune Analytics, a free Ethereum analytics provider, the tokenized bitcoin number on the second-largest blockchain network has hit the 100,000 mark. This corresponds to ~0.5 percent of the total BTC supply. As a result, bitcoin on Ethereum supply valuation has topped $1 billion.

Wrapped BTC (WBTC) and RenBTC rule the Bitcoin market on Ethereum with token circulations clocking almost 70,000 and 20,000, respectively.

BTC on ethereum distribution
Wrapped BTC and RenBTC Have Maximum Supply on Ethereum, Source: Dune Analytics

This represents a 1684 percent appreciation in just three months since Elias Simos first launched the Bitcoin on Ethereum dashboard on the Dune platform.

As reported by CryptoPotato on September 8, the supply of tokenized bitcoin on Ethereum stood at almost 73,000. In just ten days, the figure has grown 36 percent.

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This demonstrates the fact that BTC investors who are bored by the top crypto asset’s recent lackluster price action are putting their holdings to use to get in on the animated DeFi market action.

How Is It Happening?

Users are employing two main ways to tokenized their Bitcoin holdings on Ethereum – custodial and non-custodial. Through the custodial process, BTC holders send some or all of their bitcoins to a centralized custodian. And receive an equivalent amount of tokenized BTC in return.

The other solution involves a decentralized escrow feature, where a smart contract accepts the original bitcoin collateral and mints the corresponding numbers of tokenized BTC coins. The escrow keeps the funds locked until the user retrieves them back in return for their deposited bitcoins.

In the first method, there’s a risk of misappropriation of funds by the centralized party, and the second one might cause users to lose their BTC by courtesy of human errors during transactions.

Ethereum Is Becoming The Leading Layer 2 Solution for BTC

Despite the presence of well-discussed layer two solutions for Bitcoin like the Lightning Network and Liquid Network, Ethereum is rising in prominence as the dominant off-chain transactional layer for BTC.

Will this benefit Ethereum? Let’s say if a lot of bitcoins (read tokenized versions of BTC) are transacting on the public blockchain network, then that could increase the utility of Ethereum as a global network for value transfer.

Also, as per a blog post by cryptocurrency exchange Binance, the DeFi ecosystem could itself greatly benefit from the rapid proliferation of Bitcoin on Ethereum.

There could be decentralized financial services based on tokenized bitcoin. BTC-based DEXes, lending marketplaces, liquidity pools, and whatever else exists in DeFi could all be denominated in BTC. The success of tokenized bitcoin could also encourage other types of assets to migrate to the Ethereum network.

Most of the projects are still in very early stages, and the technology behind them has a lot of room to improve. Still, there are certainly exciting developments to come on this front, the blog read.

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Source: https://cryptopotato.com/worth-over-1-billion-tokenized-bitcoins-on-ethereum-approaching-100000/

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Buying the Wrong Uniswap (UNI): UNICORN Token Skyrockets 500,000%

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There’s never a dull day in the cryptocurrency market. From food-based meme coins that attract billions of locked value and generate extremely high yield, to a likely mistake that caused the price for a token to surge half a million percent in a few hours – there’s something for everyone.

Buying the Wrong UNI

UNI (the latest one) is the governance token of the largest decentralized exchange protocol and automated market maker, Uniswap.

As CryptoPotato reported yesterday, the token generated tremendous buzz in the industry, especially as everyone who used Uniswap before September 1st received 400 UNI tokens that currently trade at a price of $5 each.

This had a serious effect on Ethereum’s network as fees took for the sky, and miners generated as much as a million dollars in transaction fees in an hour.

But that’s not the most bizarre thing that happened. A token, carrying the same ticker as Uniswap’s token but called Unicorn Token, surged an amazing 500,000% before crashing back to the abyss it came out of.

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UNI_token
UNICORN Token (UNI) Price. Source: CoinGecko

Unicorn token’s price surged from approximately $0.001 to a whopping $5 in a matter of minutes and actually traded at this astonishing rate for a while before crashing back.

A Human Error?

A human error appears to be the most obvious and probable explanation of what happened. Confused investors might have rushed to the market in hopes to purchase Uniswap’s new UNI token, without paying much attention to details.

It’s also worth noting that the token was mostly traded on a relatively lesser-known cryptocurrency exchange and generated a 24-hour volume upwards of $46 million. To compare, the only other exchange that supports the token accounts for less than $5,000 of the 24-hour volume.

In any case, other tokens with the same ticker, such as Universe Token, have also seen a slight increase in their value, likely for the same reason.

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Source: https://cryptopotato.com/buying-the-wrong-uniswap-uni-coin-unicorn-token-skyrockets-500000/

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