In these unusual times, our Ethereum community continues to innovate and thrive. Blockchain leaders across the globe are banding together to advance their vision during this civil lockdown.
Why? Well because the times signify much of the foundational rationale for the inherent value of blockchain. Pioneers from all over once set out to create a world of collaboration built on a new foundation of trust.
Now more than ever, the concepts of transparency, cryptography, and decentralization bear repeating. As do the importance of global interoperability and open standards prioritized within EEA.
Let historic economic stimulation, healthcare uncertainty, and pandemic not affect our poise. Just last week, the World Economic Forum reported that blockchain and digitization could help supply chains survive crises like COVID-19. “Blockchain is the ideal technology to ensure that data on performance and risk, which underpin all chain finance transactions, can be shared in an authenticated manner with financiers and other parties to a transaction, even when there is no direct relationship between them.”
Valuable investment into real-world use cases and new applications like these continue to take shape. Our members lead initiatives to accomplish what so many seek: improved data management, streamlined processes, greater transparency, increased risk management, heightened security and compliance, to name several.
Despite the peculiar circumstances, our growing global community of leaders, innovators, and developers continue to collaborate to create enterprise-ready blockchain solutions.
You Don’t Want to Miss – Monthly Education Series
Join us for an in-depth conversation on all things DeFi. Ryan Sean Adams, founder of Mythos Capital, will accompany EEA Chairman of the Board, John Whelan, who is also the Managing Director of Digital Investment Banking at Banco Santander.
They plan to discuss a range of topics such as the state of cryptocurrency and what a decentralized financial world truly looks like. They will share their unfiltered opinions on the impact DeFi will have on the world as we shift away from traditional core financial systems.
Members within the EEA regularly gain access to invaluable content and resources like this. Upon joining, any member from your organization can participate and collaborate.
Upcoming Public Meeting – May 13 @ 12:30 (ET)
How to Get Involved
The Ethereum community was invited to a public webinar on April 3 that featured leadership within the EEA and Ethereum Foundation.
- Want better understanding of how business applications are being built and run on Ethereum Mainnet?
- The presentation was focused on the work produced in the EEA Mainnet Working Group and various other EEA Technical Working Groups. If you missed it, our member Unibrightuploaded a recording of the presentation, seen below.
Recent Meeting – Mainnet Working Group
We invite the community to participate in the EEA Task Force survey of enterprise use cases and applications for Ethereum Mainnet.
- The goal is to help align the allocation of resources in the Ethereum community with the needs of enterprise applications and developers. We plan to discover new applications and prioritize them based on their feasibility, impact, and ROI.
- Current companies participating in this include Anyblock Analytics, Atato, BlockApps, Chainlink, ConsenSys, Envision Blockchain, Ethereum Foundation, and Unibright. Everyone is invited and encouraged to participate!
Public Survey – Enterprise Use Cases
Blockchain Community Recognition
An effective way to become well recognized in the industry is to actively participate in our leading Technical Working Groups and Special Interest Groups. We have seen numerous members build deep credibility in the blockchain community by leading within the EEA.
As an EEA member, any your organization’s employees can access our collaboration site and join our various groups. These groups drive all the valuable activity and resources within the EEA, and they’ve always met virtually – so our members continue to connect and advance without losing momentum.
Here is a glimpse into what several of them are up to:
- A.I. and Blockchain Special Interest Group: They have built a cohesive, rapidly expanding group of thought leaders who research, explore, and champion the synergies of artificial intelligence and blockchain. They develop enterprise use cases and formalize the integration of the ongoing proliferation of learning models, artificial intelligence, and blockchain.
- EMINENT (Ethereum Mainnet Integration for Enterprises) Task Force: Their focus is to build open source available reference implementations and guidelines for Ethereum Mainnet integration with enterprise “systems of record”. Business processes that full under this umbrella include ERP, CRM, and supporting processes in financials, controlling, material management, sales, distribution, and human resources. The EEA work focused on the baseline-protocol resides here.
- Enterprise Use Cases Task Force: The goal here is to align the allocation of resources in the Ethereum community with the needs of enterprise applications and developers. This Task Force explores enterprise use cases and identifies the requirements and specifications essential to building future-state solutions.
- The Financial Services Special Interest Group: Industry leaders collaborate to ensure the solutions and specs developed meet the needs of the greater FinServ industry. They create innovative new use cases while converging blockchain and traditional financial systems with focus on compliance, legal, and regulatory best practices.
- The Supply Chain Special Interest Group: As the world evolves as do our supply chains. Their charter is to explore new ways to solve existing supply chain challenges and build systems that will thrive in the globalized future. They drive the use and adoption of Enterprise Ethereum to streamline processes, improve data flow, and mitigate distribution risk .
Your team could contribute to the development of best use cases and technical specifications that benchmark EEA as a world-class standards development organization.
No Better Time Than Now
Now more than ever, you need a strong voice in the Ethereum ecosystem to thrive. The EEA has a very strong social following, and we’re very happy to highlight anything your team is doing in the Enterprise Ethereum space. We’ll promote your applicable projects, blogs, or upcoming webinars through our social channels, and utilize our monthly newsletter to promote any news that covers you and your projects.
As a member-led organization, our goal is to drive the use of Ethereum blockchain technology as an open standard to empower all enterprises. We connect Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts.
With hundreds of members located across 45 countries, we welcome your team to join us!
The post Enterprise Ethereum Builds in the Shadow of Global Pandemic appeared first on Enterprise Ethereum Alliance.
Huobi Guide & Exchange Review: How to Trade Options, Futures, and Perpetual Swaps
Founded all the way back in 2013, Huobi Group is one of the leading blockchain companies in the industry.
It’s safe to say that the company has come a long way since then and it’s currently offering a variety of services for its wide user base. Employing people globally, Huobi offers a myriad of crypto-related services, including digital asset trading, wallet, mining pool, incubation, research, proprietary investment, and so forth.
Cryptocurrency trading has surged in interest throughout the past few years and exchanges such as Huobi have worked hard to expand their offerings. Derivatives products, apart from traditional spot trading, have exploded in interest, and Huobi is doing its best to accommodate.
Among its popular trading products are the futures, perpetual swaps, and options platforms. In this guide, we will take a closer look at how these tools operate and provide a step-by-step explanation of how to use them.
How to Register on Huobi?
Before anything else, however, you’d first have to register for an account. The process is fairly simple. There’s no mandatory Know-Your-Customer (KYC) procedure for spot trading, but if you want to start using the derivatives platforms, the ID verification is obligatory.
This is how the registration screen looks like:
All that is needed here is an email address that has to be verified through a verification code later on.
Once you have your account opened, it’s highly recommended to take a few additional security steps. First, it’s important to enable the Two-Factor Authentication (2FA), using the Google Authenticator app.
In addition, Huobi has taken a few extra steps that protect your account in the event of it being hacked such as email verification codes, phone verification codes, a designated fund password to ensure fiat asset security, and so forth.
If you want to trade on the derivatives platform, you’d have to go through an additional ID verification step which requires you to input your names, a government-issued passport, driving license or ID number, and upload a picture of it.
We’ve completed all the steps and, in our experience, the process was seamless and the KYC took no more than a few minutes to be completed and approved by Huobi’s team.
How to Deposit and Withdraw Funds?
Now that you have your account set up, it’s time to load it with some funds. Depositing is fairly straightforward and users can choose between a myriad of cryptocurrencies, including Bitcoin, ETH, USDT, and many others.
From the top navigation bar, you need to hover over “Balances” and choose the account you wish to fund. Regardless of where you deposit initially, you can easily transfer the funds between the accounts – it’s instant.
After you select the cryptocurrency you want to deposit, all you need to do is click on the “deposit” button, which will pull up this screen. In this case, we’ve deposited the stablecoin USDT.
In any case, regardless of the cryptocurrency you deposit, make sure to correctly select the transaction network (when applicable) – in our case, we used USDT on Ethereum’s ERC-20 standard.
From here, you can make quick, zero-fees transfers between the different internal accounts and fund your derivatives one. All you need to do is open the account, select the currency that you want to transfer, specify the amount, and confirm the operation:
Once this is done, you are ready to begin using the offered derivatives products. Let’s have a look at all of them.
How to Trade Bitcoin Options on Huobi?
Options contracts are one of the most popular derivatives, used constantly in traditional finance. Lately, there’s a huge demand for cryptocurrency options as well. However, keep in mind, derivatives and options are not recommended for beginners as they carry more risk.
Huobi Futures has a dedicated options platform where currently users can trade both Bitcoin and Ethereum options. In this guide, we will focus on Bitcoin.
By definition, an options contract represents an agreement between two parties to facilitate a transaction on the underlying asset (in this case – Bitcoin/USDT index), at a preset price (known as the Strike Price), prior to the expiration date.
Purchasing a CALL option means that the buyer has the right to buy BTC corresponding to the contract face value at the strike price. On the other hand, a PUT option means that the buyer has the right to sell BTC under the same conditions.
In the top left corner is where you select the type of Bitcoin options contract you want to trade with. For this example, we’ve used the Weekly BTC contract with a strike price of $8,500 and expiry on September 18th, and a leverage level of 5x.
Below is the board where you can monitor the prices for the different contracts based on their strike price factor.
As can be seen in this example, our contract costs around $2,400 to buy (bid). Huobi uses a system where traders can open positions based on contracts, where one BTC options contract equals 0.001 BTC or about $10 at current rates, as of writing this guide.
The par-value for a contract of ETH option equals 0.01 ETH, or about $3 at current rates. Unlike other margin exchanges, users can join options trading on Huobi with fairly low entry barriers.
Now, let’s see how to open a CALL position, as we assume the price of Bitcoin will close above the strike price of $8,500 on September 18th.
From the order menu, we’ve selected a price that we want to buy the contract at – it’s $2414 and the number of Contracts that we want to purchase, in this case, it’s the maximum amount of 25 contracts, which is about $250.
As soon as we hit the Buy Call button, our Limit order will be placed and when the Mark price of the contract reaches it, the order will be executed and we will have 25 Contracts ($10 each) giving us the right to buy Bitcoin at $8,500 (strike price) when the contract expires on September 18th.
If the price of Bitcoin is above $8,500, we will realize a profit, if it’s below that, we will lose the options premium.
If you want to close the position, you can specify the price at which you want to close and the overall amount of your position that you want to close.
Now, in this example, we’ve only shown how to buy a CALL option for Bitcoin, but users can also buy PUT options and they can sell contracts as well. For detailed information on how to do those operations, you can check the official guide.
How to Trade Bitcoin Futures on Huobi?
Moving on, Bitcoin futures are also available on Huobi. Here, users can buy these contracts and speculate on whether or not the price of Bitcoin will be above or below the current price on a pre-set date.
From the left pane, users can choose from a verity of the over 60 cryptocurrencies and the available futures contracts. For Bitcoin, Huobi offers weekly, bi-weekly, quarterly, and bi-quarterly contracts, and supports leverage up to 125x.
Basically, if you believe that the price of Bitcoin will be higher than the current price at the expiration date of a given contract, you should open a long (buy) position. If you think it’s going to be lower, you should open a short (sell) position.
How to Trade Bitcoin Perpetual Swaps
Perpetual swaps are probably the most popular cryptocurrency derivative instrument. They are like traditional futures with the exception that they don’t have an expiry date. In other words, traders can open and close them whenever they want to.
It’s worth noting that Huobi even offers USDT/USD perpetual swaps with leverage of 1X -1000X, becoming the industry pioneer in USDT derivatives.
Besides, for the non-stablecoins, traders can use perpetual swaps with extremely high leverage of up to 125X for BTC swaps and 75X for other swaps. In other words, you can open a position worth 125 times the amount you have in your account.
Huobi Futures offers different leverages such as 1x, 3x,5x,20x, 125x, and even 1000x. Users can choose freely according to their needs.
While this brings opportunities for big profits, please be aware that it’s also extremely risky as the slightest movement in the opposite direction of your position can liquidate your position, causing you to lose your capital. Using high leverage is definitely not recommended for inexperienced traders.
Huobi’s overall customer support is very satisfying. From our test experience, the team is very responsive and easy to communicate with.
Elsewhere, the KYC verification process is particularly quick. After we submitted the documents needed for the identity verification, the team took no more than a few minutes to have them checked and approved the account for trading.
Security: Is it Safe to Trade on Huobi Futures?
Huobi is one of the largest cryptocurrency exchanges in the world. It’s an established company with thousands of employees. While it’s never recommended to keep a large amount of crypto in an exchange, Huobi is regarded as being very safe to use.
The team has also added a myriad of additional security features that users can opt in to further protect their accounts. Of course, you should also beware of scam artists and phishing attacks.
Trading Fees on Huobi
When it comes to the trading fees, Huobi has various fees on its platforms, so let’s have a look at a detailed breakdown for individual traders:
- Futures Trading Fees
- Huobi Perpetual Swaps Trading Fees
- Huobi Options Trading Fees
It’s also worth mentioning that Huobi Futures also provides VIP Sharing Program and Market Maker Program to lower big user’s switching costs to Huobi. For example, Huobi options maker fee rebate is as high as 0.003 USDT per contract.
In general, Huobi is one of the most reputable exchanges out there and they live up to the statements. The customer support is quick and easy to communicate with, the exchange offers a range of different tools to accommodate the needs of various traders.
Their Bitcoin Options trading platform is convenient, rather intuitive, and easy to work with. There’s a range of different contracts with various leverage options and expiration dates.
Was This The 3rd Largest Hack In Crypto History? Data Shows $280 Million Drained From KuCoin
Newly aggregated data suggests that the hackers that recently compromised KuCoin’s hot wallets may have taken more than the estimated $150 million, as per the exchange’s report. Considering the updated numbers, the KuCoin hack would be the third-largest in history, with approximately $280 million stolen.
The KuCoin Hack: $280M Taken Instead Of $150M?
As CryptoPotato reported over the weekend, an unknown group of hackers exploited the hot wallets of the popular cryptocurrency exchange KuCoin. The platform quickly issued an official statement informing that the total amount stolen equaled $150 million worth of various digital assets.
Furthermore, KuCoin guaranteed that the exchange’s insurance fund will fully reimburse users.
However, the stolen amount could be significantly higher, according to the popular cryptocurrency researcher Larry Cermak. By examining wallets “very likely” associated with KuCoin, he estimated that the amount is actually $280 million, instead of $150 million.
He admitted that some of the tokens have been “frozen, forked, and blacklisted,” but the numbers he came up “don’t reflect that.” Consequently, Cermak questioned KuCoin’s ability to indeed cover the stolen funds from its insurance fund.
Cermak also offered a list of the coins “likely” to be recovered – Velo ($76 million), Tether ($22 million), Orion ($10 million), KardiaChain ($10 million), Ocean Protocol ($9 million), VIDT Datalink ($7 million), NOIA Network ($5 million), and Covesting ($600,000). This equals about 50% of all stolen funds.
Was This The Third-Largest Crypto Hack Ever?
If Cermak’s data is accurate, the KuCoin hack would be the third-largest to date in the cryptocurrency field.
The most significant one came in early January 2018. The victim was the Japanese digital asset exchange Coincheck.
After announcing that the platform has seized all NEM deposits, Coincheck later froze all NEM sales, purchases, and withdrawals. Later on, the exchange confirmed that perpetrators had swiped about $535 million worth of NEM. Interestingly, all stolen funds were grabbed again from the exchange’s hot wallets.
The second-largest hack occurred on maybe the most famous Bitcoin Japanese exchange – MT.GOX. In early 2014, the platform suspended all transactions, closed the site, and declared bankruptcy. A few months down the road, it became clear that MT.GOX was drained for about 850,000 Bitcoins – worth about $460 million at the time, and a lot more as of today’s BTC values.
According to a Tokyo-based security company that presented evidence in 2015, “most or all of the missing bitcoins were stolen straight out of the MT.GOX hot wallet over time.”
BTC Price Analysis: Is Bitcoin Ready To Break $11,000 As Crypto Market Cap Reclaims $350B?
Bitcoin price has finally broken bullish out of a 3-day channel (orange) and making good progress towards the psychological $11,000 level above.
The return of $9 billion to the global crypto market today has allowed BTC to return above $10,900 for the first time in 7 days and caused over $9 million worth of short liquidations on BitMEX – according to Datamish figures.
Avast majority of altcoins are also enjoying positive returns as Bitcoin lifts the rest of the market.
Despite the breakout, bearish traders are still putting up a strong fight right now. The $10,900 price point is seeing a lot of selling pressure bear down on the uptrend and is hindering Bitcoin’s current throwback rally attempt.
Price Levels to Watch in the Short-term
On the weekly BTC/USD, we can see that bulls are battling to break above the previous weekly open at $10,920. This is the first major resistance standing in the way of bitcoin’s progress towards $11K. Above this price point, we also have the $10,970 level which should create some friction in the uptrend.
Looking at the price action more closely on the 4-hour timeframe, we can see that bulls are trying to launch off from the 0.382 Fibonacci level at $10,832, which recently flipped from resistance to support. This is our first major support as BTC tries to reclaim $11K. If bears succeed in overcoming this key level, then we should expect to see prices fall back on the former channel resistance at around $10,810, and potentially dip back inside on to the 200 EMA (red) at $10,780.
Beneath that, we have the channel median line (dashed line) at $10,730 and the 50 EMA (blue) at $10,695 as additional supports.
Should bulls manage to break the $11,000 mark and maintain momentum, then the next test will be to conquer the 0.5 Fibonacci level at $11,150. With BTC already at 63 on the 4-hour RSI indicator, it’s possible that reaching this area will push the leading crypto into the overbought region and cause a sharp correction – be aware.
Total market capital: $353 billion
Bitcoin market capital: $201 billion
Bitcoin dominance: 57.0%
*Data by Coingecko
Bitstamp BTC/USD Weekly Chart
Bitstamp BTC/USD 4-Hour Chart
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
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.
Blockchain1 month ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain3 weeks ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain1 month ago
The US Post Office Files a Patent for a Blockchain-Based Voting System
Blockchain4 months ago
How to Identify the ‘Third Wave’ of Cannabis Investments
Blockchain2 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics
Blockchain2 months ago
Top Five Most Advanced Cryptocurrencies
Blockchain4 months ago
5 Tips to Interest the Press in Your Cannabis Business
Blockchain3 months ago
Top 5 Most Effective Cannabis Marketing Strategies