Dogecoin currently stands as the 28th largest cryptocurrency with a market cap of about $324 million. In 2019, this popular digital currency has enjoyed new listings on various exchanges, such as Binance and Binance US, and had support for it added to multiple wallets and other platforms.
I reached out to two Dogecoin core developers, Ross Nicoll and Max Keller, to get their insights on the latest developments occurring in the Doge ecosystem, including details on the upcoming updates. Here’s how the interview went:
Could you tell me about the Dogecoin update 1.14.1 that is ready to go out?
It’s actually now Dogecoin 1.14.2 it looks like, which is a bit awkward. So we’ve found two bugs in 1.14.0 post-release, the first meant that merged mining doesn’t work, so miners couldn’t upgrade (this is fixed in 1.14.1) and the second is a miscalculation in transaction fees, which 1.14.2 is anticipated to contain a fix for.
1.14.1 is actually already available as source, so miners can upgrade by compiling it themselves, we’ve just had issues building binaries, and it looks like we’ll skip a binary release for 1.14.1.
Could you tell me about the upcoming 1.17 Dogecoin update?
For the most part, we’re remaining compatible with Bitcoin releases, so 1.17 simply brings us up to date with Bitcoin Core 0.17.2. We have talked about Segwit being enabled in an upcoming release, to enable Lightning with Dogecoin, but given our relatively limited time to work on the project, we’re just focusing on maintenance releases right now to keep everything stable.
One change I personally want to introduce is to require merged mining, rather than it being optional. This is required in order to support Segwit, as we use the version bits for merged mining data, and Segwit uses those same bits. By requiring merged mining always, we no longer require this extra information.
Is the Doge/Ethereum bridge still in development?
Sadly it’s on pause at the moment, as far as I am aware. It was being developed by a completely separate team, for a bounty put up in Ether, and with the drop in the price in Ether, they do not consider it financially viable to continue right now.
When will the Doge/Ethereum bridge be complete?
I’m hoping we’ll see that change or a new team bid for the bounty at some point, but we don’t have a date right now.
Dogecoin was listed on Binance this year, do you see a Coinbase listing on the horizon?
We’ve gone through the Coinbase listing documents, and they require a lot of structure we don’t have, so at the moment, it’s not on our roadmap. It’s an unfortunate situation that despite cryptocurrencies being designed to be decentralized, being an actually decentralized project seems to confuse a lot of companies in the space.
That said, it would be great to see Dogecoin listed, and if we can help Coinbase with this, I’d love to hear from them. Obviously, Dogecoin is in the Coinbase Wallet app, and I’m hoping that’s a good sign.
Dogecoin has a fixed inflation rate of 5.256 billion newly created coins each year. What are your thoughts on this, as many cryptocurrencies are promoted as being deflationary?
I know there’s a vocal group that dislikes this, but to me, this is fundamentally core to Dogecoin. I think many people miss that we’re not founders, and Dogecoin had no pre-mine, so the current developers have had no better opportunity than anyone else to stockpile. What I mean is if we were in this to make money, it would be much easier to work on a cryptocurrency that already has a profit model, than try reinventing Dogecoin.
Jackson Palmer recently handed over ownership of http://dogecoin.com, what are the plans for the website?
We’re currently establishing guidelines and common goals after Jackson’s departure, so I can only really talk for myself right now, but there’s a lot of common questions I’d like to address. The economy generally (but especially the lack of cap), who the team is and why we’re involved are probably the biggest areas I want to tackle.
Are there any other exciting future plans for Dogecoin you can share with us?
I’m really excited that we’ll be putting more information out, does that count? We’re engaging more with exchanges and promoting ourselves as a more professionally managed cryptocurrency, as well as hopefully better setting expectations on what Dogecoin is intended for. We really want to be a good currency; not a get rich quick scheme.
What might we see happen in the Dogecoin ecosystem over the next 12 months?
As Max put it, if we could tell you what’s happening 12 months from now, we’d be retired on a beach somewhere drinking cocktails. We’ll just have to see how things go
How Binance is strengthening its hold on Bitcoin, altcoin derivatives markets
Binance Futures was launched a year back and today, as per CoinGecko’s ranking of top derivative exchanges, it stands third. The exchange has been popular among users due to its active listing of in-demand products like Chainlink [LINK] quarterly 1225 coin-margined contracts with leverage of 75x. At the time, LINK wasn’t being significantly affected by the falling market, with LINK’s charts showing a degree of recovery instead.
Binance Futures launched Coin-Margined Futures only in Q2, offerings that allowed settlement in cryptocurrencies, instead of cash. The cryptocurrencies that made it to the coin-margined quarterly 0925 contracts were Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], and Chainlink [LINK]. Now, these quarterly contracts are expiring on 25 September.
With the impending expiry and settlement looming closer, Binance Futures have announced that it will list BTC, ETH, ADA, and LINK coin-margined quarterly 0326 Futures contracts on the same day at 08:00 AM [UTC].
The coin-margined quarterly 0925 Futures contracts included the aforementioned coins, with no other major crypto-asset listed. However, coin-margined perpetual Futures contract included Binance’s native coin Binance coin [BNB], along with Polkadot [DOT], both cryptos that also attracted great interest from users.
Binance’s keen eye
Binance has been making use of the market momentum associated with a project by listing their tokens and beating the competition. The most recent instance was when it listed Uniswap’s UNI token within 90 minutes of its launch, followed by the launch of UNI USDT-Margined perpetual contract with up to 50x leverage. The users were able to benefit from the rallying market, especially when the remaining market was undergoing consolidation.
Such a pro-active listing of coins has pushed Binance Futures YTD trading volume to $1 trillion. The exchange witnessed a month-on-month increase of 74% in August, which was equivalent to $184.6 billion, in volume. It was also the highest holder of daily Bitcoin Futures trading volume. However, interestingly, according to the VP of Binance Futures, Aaron Gong, altcoins accounted for about 40% of the exchange’s volume.
With Binance Futures slowly taking over like the Binance exchange in terms of trading volume, other derivatives exchanges may want to pick-up their game.
Israeli Draft Bill Would Nix Hefty Capital Gains Taxes on Bitcoin
Israeli bitcoiners take note: a handful of Knesset members are seeking to ease Israel’s hefty taxation of cryptocurrencies.
Four Knesset members from the nationalist Yisrael Beiteinu party on Tuesday introduced a draft bill that would effectively end Israel’s 25% capital gains tax on bitcoin by redefining certain “distributed digital currencies” as currency, instead of a taxable asset.
Robinhood App Supports Screen Widgets on iOS 14
Robinhood widgets can be pinned to the home screen in various spots and sizes, allowing for many different layouts.
Robinhood’s application for iPhone has received a notable update today after Apple introduced the concept of Home Screen widgets in iOS 14, which provide information from apps at a glance.
As announced on the free-commission app’s blog, Robinhood widgets now allows users to check on their portfolio, holdings, and more, without having to tap into the app.
Robinhood widgets can be pinned to the home screen in various spots and sizes, allowing for many different layouts. Users can also place their investment app next to other everyday apps or create an entire screen with their favorite Robinhood destinations.
Updates bring many exciting features to the app users on iPhone, iPad, and Apple Watch devices. Specifically, Robinhood’s new widgets enables users to track their investments, gain additional insight into their investing habits and view the information about portfolio, holdings, specific stock symbols, among many others.
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Apple users around the world have been busy customizing their screens and sharing screenshots for the “widget gallery” where they can easily add and customize favorite apps. Prior to the latest OS version, users were only allowed to have their apps in a grid of boxes.
Despite the relative lack of 3rd party widgets at iOS 14 initial launch, some of top brands and tech giants have already released widget support. Investment apps, however, were notably absent from the early supporting apps on day one though, over time, widget support will be a standard feature for a large number of apps.
Just yesterday, Robinhood has reportedly closed a new round of capital, having raised an additional $460 million in an extension of its Series G round. In August, the quickly growing stock-trading app announced a $200 million Series G funding led by D1 Capital Partners and putting its valuation at $11.2 billion.
Robinhood has also made multiple changes to its options trading products, part of the improvements the app promised to do after one of its customers died by suicide thinking he incurred losses of over $700,000.
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