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Golem Just Announced Migration To ERC20: Report

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Golem just announced its migration to ERC20 as one of the first Ethereum ICO’s so let’s find out more in today’s altcoin news.

Golem just announced the token migration earlier this week with the blockchain being one of the first ICOs on Ethereum as it raised $8.6 million in 29 minutes and set the precedent for other ICOs in the years since.  The token will change from the current Golem Network Token GNT to GLM which is an ERC20 compliant ethereum standard partly because of the former being launched at a time when ERC20 was not so popular and was not so widely-adopted with the entire ecosystem changing since then. The project said:

 “We are migrating towards an ERC20 token, mainly because New Golem’s transaction framework is built on Ethereum’s Layer 2, and this scaling method requires tokens to be ERC20.”

The project was extremely big in 2016 and 2017 when its decentralized computing narrative did some rounds on social media sites. The popularity waned since then but Golem is now trading at just $0.1 a market cap of $103 million which is down from its all-time high of $1.32 back in January 2018. The token is not a dead coin still since the new migration represents years of work towards its new vision which could mean a resurgence in the upcoming months.

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For those that don’t remember the market scene in 2017, Golem is a marketplace for computing power and on the peer to peer network, the unused computation resources can be rented in order to perform memory-intensive tasks pay the provider in the Golem cryptocurrency. This allows for an individual possessing a high-end computing system like laptops, for example, to profit from other users by renting out the GPU/CPU cycles for anything from CGI rendering to training neutral nets so resources that were once idle can now be monetized on the network.

The users who share their computing power with the Golem network got rewards in GNT and now with the new GLM token holders can enjoy more layer-2 scaling solutions and use cases:

 “ERC-20 tokens are able to be used freely not only for L2, but across DeFi and DEXes (decentralized exchanges), and can give you access to other benefits within the Ethereum blockchain. The new GLM is the key for us to unlock all of this.”

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Source: https://www.dcforecasts.com/altcoin-news/golem-just-announced-migration-to-erc20-report/

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Max Keiser: Institutions Will Purchase Bitcoin Directly From Miners And Box Out The Public As Price Reaches $1M

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Max Keiser: Institutions Will Purchase Bitcoin Directly From Miners And Box Out The Public As Price Reaches $1M

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Amid the COVID-19 crisis, economies worldwide have shuddered and governments have been forced to introduce drastic measures to resuscitate the ailing economy. As a result of this uncertainty, bitcoin has become an attractive investment for institutions. The spark that started with MicroStrategy’s jumbo bitcoin purchase morphed to an institutional frenzy around the flagship cryptocurrency.

The increased appetite for bitcoin from institutions comes from its budding image as a digital store of value. As the demand grows, the supply for BTC shrinks. Max Keiser, vocal bitcoin champion and founder of crypto-focused venture capitalist firm Heisenberg Capital, thinks this serious supply pressure will drive the price of bitcoin to $1 million.

Speaking with Express, Keiser noted that bitcoin’s supply is fixed at 900 BTC per day and will be slashed in half again to 450 BTC in 2024. And this is why he’s of the opinion that institutional players will devise ways of purchasing bitcoin directly from the miners, subsequently shutting out the public. This will be accompanied by the incredible price growth to $1,000,000.

Keiser goes on to predict that Generation Zs who purchased bitcoin while it was trading below $100 will be “the new global elite”. “The world order is about to flip”, he added.

The daily demand for bitcoin from leading crypto exchanges currently exceeds the supply minted by miners on a daily basis. To put things into perspective, the daily demand on these trading platforms totals 2,600 BTC, while miners can only produce 900 BTC per day. Keiser described this supply-demand disparity as “amazing”.

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Bitcoin has especially attracted the attention of multi-billion-dollar corporations and billionaires this year. Besides MicroStrategy, Square and Stone Ridge also allocated significant portions of their idle cash reserves to bitcoin, while PayPal recently launched a crypto service that allows users to buy, hold, and sell bitcoin and other cryptocurrencies. Interestingly, according to Pantera Capital’s Dan Morehead, PayPal and Square’s Cash App are buying more than 100% of newly-minted bitcoins.

And there are also renowned investors putting their money into bitcoin including Paul Tudor Jones and Stan Druckenmiller. Celebrities like Game of Thrones actress Maisie Williams have also come out as BTC HODLers.

As more institutions and billionaires come to the bitcoin space, the supply scarcity will intensify. The only way supply and demand counterbalance are at a higher price.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/max-keiser-institutions-will-purchase-bitcoin-directly-from-miners-and-box-out-the-public-as-price-reaches-1m/

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A $20K Bitcoin Likely as Trump Authorizes Biden Transition

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Bitcoin is looking to retest its all-time high, near $20,000, as Donald Trump authorizes his administration to cooperate with president-elect Joe Biden’s transition team.

The flagship cryptocurrency rose cautiously on Tuesday, hours after the General Services Administration’s head Emily Murphy informed Mr. Biden that Mr. Trump had approved the official government transition process.

The statement came after Michigan certified the election results. The state found no evidence of significant voter fraud, as had claimed by Mr. Trump.

Bitcoin Boom Continues

As of 0755 UTC, the bitcoin-to-dollar exchange rate was up 0.17 percent, much in line with the US stock futures that too climbed in the pre-session trading Tuesday. Futures tied to the benchmark S&P 500 — for instance — ascended by 0.6 percent ahead of the London opening bell. Stocks in Asia surged likewise.

Markets had expressed uneasiness after the sitting US Treasury Secretary Steven Mnuchin refused to extend support to the Federal Reserve’s emergency lending facilities. Analysts noted that Mr. Trump used his human resource tools to constraint Mr. Biden’s administration’s powers to tackle the US economic fallout.

Bitcoin remains one of the biggest beneficiaries of the Fed’s lending programs.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin rallies 400% from its mid-March lows. Source: BTCUSD on TradingView.com

The central bank printed about 20 percent of the US dollar bills that has ever existed in 2020 alone. On the other hand, Bitcoin did the complete opposite with an inherent economic policy that cut its supply by half every four years.

Fears of inflation, coupled with negative-yielding debts, pushed investors towards scarcer alternatives like Bitcoin. The cryptocurrency rose by more than 350 percent after the Fed announced its expansionary programs. The Trump administration attempted to end a big part of those aids, thus hurting Bitcoin’s further bullish prospects.

The GSA statement eased a pressing source of uncertainty for investors about the smooth White House handover to Mr. Biden. Robert Rennie, global head of market strategy for Westpac, told FT that the transition would limit the impact of Mr. Mnuchin’s decision.

Stimulus Package

A clear transition for Mr. Biden further paved the way for the long-pending coronavirus relief package.

The president-elect has earlier committed to increasing government spending to tackle the rising unemployment alongside COVID-19 infections. Should the Democrats win a majority in the Senate and Congress, the second stimulus package will face no political resistance.

Retail and institutional investors (read PayPal) have increased their Bitcoin exposure against a similar outlook. More stimulus reduces the US dollar’s purchasing power. It turns more people towards the safety of scarce assets like Bitcoin, so says Alex Mashinsky of Celsius Network. Excerpts:

“People must understand that there is no return in bonds, and they carry many risks. And buying into the stock market at all-time highs in the middle of a pandemic and a recession does not sound like an appetizing proposition.”

That somewhat justifies why Bitcoin would retest $20,000 by the end of this year — or in the first quarter of 2021 on tops.

Source: https://bitcoinist.com/a-20k-bitcoin-likely-as-trump-authorizes-biden-transition/?utm_source=rss&utm_medium=rss&utm_campaign=a-20k-bitcoin-likely-as-trump-authorizes-biden-transition

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Ethereum 2.0 Deposit Contract Reaches Threshold Value in Time for Dec 1 Launch

The deposit contract for Ethereum 2.0 has reached the minimum value in time for the proposed Dec 1 launch. The beacon chain will run parallel to the current network. Ethereum 2.0’s beacon chain is set to launch as the deposit contract reached the threshold value on Nov 23. The staked value reached the 524,288 ETH … Continued

The post Ethereum 2.0 Deposit Contract Reaches Threshold Value in Time for Dec 1 Launch appeared first on BeInCrypto.

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The deposit contract for Ethereum 2.0 has reached the minimum value in time for the proposed Dec 1 launch. The beacon chain will run parallel to the current network.

Ethereum 2.0’s beacon chain is set to launch as the deposit contract reached the threshold value on Nov 23.

The staked value reached the 524,288 ETH required in time for the anticipated Dec 1 launch date. Had it missed the deadline, ETH 2.0 would have launched a week after staking reached the threshold value.

Ethereum 2.0 Primed for Launch

Ethereum will now prepare itself for one of the biggest upgrades in its lifetime. The upgrade will bring a change to the governance model, as well as improvements to scalability and performance. However, the road ahead is long, as many of the changes will be executed in a phased manner, starting with Phase 0.

The deposit contract for Ethereum 2.0 went live on Nov 4, quickly gaining some staked value. However, there was a period where the staking contributions seemed to stagnate. Many were not troubled, as a similar contribution in Ethereum’s development saw funds flowing close to the deadline.

The 16,384 validators are expected to receive higher than average returns, which will decrease as more ETH gets staked over time. The beacon chain will run alongside the current Ethereum blockchain, with the stakers being its primary participants.

ETH Transfer Value

Industry Insiders Cheer the Milestone

Several prominent figures in the industry celebrated the milestone.

EthHub developer Eric Conner and content creator Evan Van Ness were among them. Meanwhile, Messari founder Ryan Selkis claimed that he was always confident that the contract would reach the threshold value.

Ethereum co-founder Vitalik Buterin, on the other hand, assured users that they could still stake. Buterin himself contributed $1.35 million towards the deposit contract adding that migration towards proof-of-stake would not arrive until 2021.

Several companies have also staked large sums in ETH 2.0, including Dubai’s IBC Group. The investment was made in partnership with CanETH, which praised the move to a proof-of-stake model.

Ethereum’s price hit a 30-month high in light of the events, and is now over $600. 2020 has been a strong year for the asset, with a YTD performance that has pleased professional investors.

Grayscale Investments added over $58 million to its Ethereum Trust this year.

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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Ever since, he’s been an active member of the community. He has a Masters degree in Finance. <a href=”mailto:[email protected]”>Email me!</a>

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Source: https://beincrypto.com/ethereum-2-0-deposit-contract-reaches-threshold-value-in-time-for-dec-1-launch/

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