May 2018 Update – Unfortunately Eclipse MC stopped running some time ago, this article remains online as a reference. A look at Eclipse Mining Consortium’s Mining Pool Please note: This review is based on a relatively small amount of hashing, a few hundred ghs. The stats outlined in this review may not apply to larger miners. We hacked our antminer S1’s to mine nine pools concurrently, letting us run proportional power across a wide variety of mining pools. This review is part of our series of bitcoin mining pool reviews. We came across Eclipse Mining Consortium some time ago, but recently reactivated our Source: https://bitcoinsinireland.com/eclipse-mining-consortium-mining-pool-review/
Binance Chief CZ Talks DeFi, Ethereum 2.0, And More
The Binance chief CZ is in the latest cryptocurrency news for remaining skeptical about Ethereum 2.0’s features. As he said, the decentralized finance space is in full swing, and one of its biggest supporters appears to be exactly the exchange Binance. The platform and its United States branch recently joined the Chicago DeFi Alliance, with a main aim to further develop the US DeFi industry.
Additionally, the Binance news show that support for new DeFi projects continues to grow. Most recently, the exchange has demonstrated its close ties with BurgerSwap, which is a new decentralized exchange that aims to improve upon the Uniswap project.
The Binance chief CZ has been bullish on DeFi for a while. In a recent interview, he expanded on his opinion and said more about why this sector has started taking off, as well as what we can expect from it moving forward. When asked about why DeFi is hot right now, the Binance chief CZ said:
“The automated market makers use a pricing mechanism that follows a curve. So, they hold a constant ratio of different assets in the liquidity pool. This type of curve with automated market making has a strong advantage, being that is very transparent. If I lose money, I know why. So, there is potential for users to lose money, but they know exactly why. There’s not a lot of cheating going on.”
Zhao also attributed Binance’s involvement with DeFi and said that the exchange lists DeFi tokens fairly aggressively. He also said that right now on Binance.com, there is a liquidity swap product and the target users are more so the novice users who don’t want to hold their own keys because they are afraid of losing them.
When it comes to the decentralized side of things, the Binance chief CZ mentioned that they have been working on Binance Smart Chain for over a year, describing it as “an Ethereum-compatible smart contract.”
“Feature-wise, it’s 100% compatible with Ethereum. But speedwise, it is actually much faster, which helps reduce the high gas fees and traffic congestion problem on Ethereum, given the increased traffic that DeFi has brought. Binance Smart Chain is another offering we were putting out there to allow developers to launch their DeFi projects very easily.”
When asked about Ethereum 2.0, CZ said:
“I think Ethereum 2.0 is really hard to deliver. It’s just one of those things that need full features and very high flexibility. Also, this has to run on a laptop with high speed, and you want it to be decentralized. Those problems are hard to solve.”
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ChainLink rebounds above USD 8.40 after bears sank it new weekly low
LINK/USD touched $7.40 after extreme sell-off pressure saw it tumble from highs of $20
ChainLink’s price action has been one full of bleakness over the past few weeks, recent sell-off pressure sending LINK/USD to lows of $7.40. With Bitcoin and the rest of the cryptocurrency market looking weak as of writing, it also appears ChainLink could be in for a continuation of the downtrend if bulls fail to consolidate above $8.00.
Last week’s massive capital flight meant LINK/USD edged further away from it’s all-time high around $20 reached in August as its integration in the DeFi space peaked. Yesterday, the price dropped more than 12% to see it touch a new six-week low. The token is also more than 20% down over the past week, and nearly 58% off its peak.
Despite the downtrend, ChainLink is the top gainer among the top 20 largest cryptocurrencies in the market. LINK/USD is at the time of writing over 400%up on its price since the crypto market crash of March.
LINK/USD technical picture
Most coins are still seeing red, but ChainLink is turning green on the daily chart, with bulls likely to break $8.50 to strengthen its detachment from the rest of the market.
After LINK/USD lost its $9.00 support peg, sellers matched almost unimpeded to crack another major support level around $8.00. The freefall threatened to crash any bullish hopes of retaining support at critical levels that would make establishing a quick rebound to $10.00 in the short term easily achievable.
A look at the daily chart shows that if LINK/USD breaks above the 20-EMA at $10.60, a run to the 50 MA around $13.00 would help confirm a bullish reversal. In between, the 23.6% Fibonacci retracement level at $11.25 presents a notable hurdle.
The RSI is turning north, while the MACD is printing a hidden bullish divergence pattern to suggest bulls are gaining an upper hand.
However, as it is, that all depends on whether ChainLink marines maintain the upside momentum to retake control above $9.20. The area is home to a key price level that marked the latest rejection to a new weekly low of around $7.40.
LINK/USD is trading around $8.43 and is up 3.13% in the past 24 hours. Meanwhile, BTC/USD and top altcoins are still struggling with selling pressure.
Bitcoin is down 1.5% on the day, trading around $10,240 as of writing, while Ethereum is changing hands at $328 after dropping 2.95%. XRP/USD is at risk of losing $0.22, with its price nearly 5% down.
European Commission adopts new crypto regulations to ‘boost’ financial innovation
In an attempt to provide more clarity on regulations to crypto firms, European Commission released a document titled The Digital Finance Package that included digital finance and retail payment strategies, according to an announcement today. This would be the first time that the EC has proposed detailed legislation on cryptocurrency assets.
The future of finance is digital.
— European Commission 🇪🇺 (@EU_Commission) September 24, 2020
According to the release, EC said it would lay more emphasis on stablecoin adoption in the new legislative proposals, but the release did not specify whether these stablecoins will be backed by the Euro, especially since most tokenized coins are pegged to the United States dollar. However, Chief Economist of the European Central Bank, Philip R. Lane stated in a tweet today:
The euro belongs to the citizens of Europe, be it banknotes or digital. The ECB (European Central Bank) is the custodian on their behalf.
He further added the Central Bank was already exploring the benefits and challenges of adopting the digital euro.
— European Central Bank (@ecb) September 24, 2020
Meanwhile, EC authorities have aimed for stricter requirements for stablecoin issuers in terms of capital, investor rights, and supervision. This would include publishing a white paper with mandatory disclosure requirements, however, small and medium-sized enterprises would be exempted from this disclosure, if the firm’s total consideration of crypto offering was less than 1 million euro ($1.1 million) in one year, the report detailed.
In addition to this, the Commission also proposed today a pilot regime called the ‘sandbox’ approach which would help regulators to gain experience on the use of DLTs. Other than regulators, the EC believed that the testing approach would allow companies to explore innovative solutions in the blockchain sector without “too much pressure from the authorities.” The project is said to launch by 2022, the release stated.
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