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Korea Takes Position to Become Blockchain Hub

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Korea Blockchain

South Korea was not in every case supportive of crypto and this can be followed back to the crypto bull run of 2017. During the bull run, an enormous amount of South Koreans contributed, in so much that, South Korea got perhaps the greatest market for bitcoin. The expression “bitcoin zombies” rose—alluding to individuals dependent on checking the cost of bitcoin. 

At the point when the buyer showcase took a gigantic plunge in 2018, numerous South Koreans lost a great deal of cash—and some even lost their homes simultaneously. It didn’t take excessively ache for the Korean government to intercede and boycott ICOs. 

Now, in an offer to conquer the emergencies, South Korean President Moon Jae-in tended to business pioneers from 9 key ventures. In an informal interpretation of the Office of the President, President Moon Jae-in stated,

“For its part, the Government will strive to nurture future technology professionals while supporting Korean companies’ efforts to innovate. We are expediting the training of experts in such new industrial areas as artificial intelligence, big data, blockchain technology, future cars, drones, intelligent robots, smart ships and biomedicine.” 

“I am confident that if businesses, the Government and the people all join forces, we will be able to surmount the industrial crisis caused by COVID-19 and be reborn as a powerhouse in an era of the digital economy,” said President Moon Jae-in.

Considering worldwide financial vulnerability, Korea is taking abundant measures to cultivate blockchain advancement—from an authoritative position—yet in addition from a dynamic position towards digital forms of money all in all. 

The South Korean government has likewise been exploring different avenues regarding different blockchain administrative activities. In April a year ago, the administration set up 14 unique guideline free zones with 84 guideline related special cases. Out of these zones—the Busan crypto guideline free zone, based on the Swiss town of Zug—spoke to a significant move in government disposition towards digital forms of money and blockchain innovation. Be that as it may, this didn’t come without hypothesis, with some blaming the administration for “stifling” advancement. 

According to these unique guideline free zones, President Moon Jae-in said not long ago,  “Now tests related to such new industries as telemedicine, blockchain and the hydrogen economy can be conducted, and innovative industries are being created through the strengths of provincial areas.” 

This month, Haeundae Beach—one of the most well known areas in the Busan crypto guideline free zone—is relied upon to start tolerating crypto installments like bitcoin and ethereum for watersport fans. The aim is to transform Haeundae Beach into a “crypto sea shore,” be that as it may, these plans are probably going to be postponed as the Busan region was as of late hit hard with a serious storm—a typical event during the long periods of July and August. 

Moreover, President Moon Jae-in proceeded to state that, , “The Government will further accelerate regulatory innovation while enhancing the strengths of local areas through decentralization.” With respect to decentralization, the South Korean government proposed a revision to the Local Autonomy Act, that whenever passed, will move managerial authority from fundamental to nearby governments in these extraordinary guideline free zones. 

The decentralization analysis has been named as a “one-advance model.” The thought behind it—if there is a component for a bargain set up that underpins little concessions to step forward—at that point this will prompt a discovery in administrative development. Considering this one-advance model, a month ago, the South Korean government uncovered that it conceded the South Korean territory Gyeongbuk, a grant to run an “Uncommon Industrial Hemp Free Zone.” The zone will permit the region to industrialize clinical hemp on the blockchain—a significant move from preservationist thinking to dynamic.

Get the latest in Asian Bitcoin news here at Coin News Asia.

Source: http://www.coinnewsasia.com/korea-takes-position-to-become-blockchain-hub/

Blockchain

PancakeSwap Dominating Binance Smart Chain, Reveals Stablecoin Venus Protocol

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The recently launched DeFi food farming platform, PancakeSwap, appeared to be dominating token stats on Binance’s DeFi platform. This was first revealed by CZ, the CEO of the cryptocurrency platform himself, who tweeted a screenshot of the protocol’s native token CAKE ranking at the top in all the three charts for unique senders, unique receivers as well as total uniques. His tweet read,

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It should be noted that the PankcakeSwap launched its protocol on Binance Smart Chain just a week ago and registered the first-ever transaction of its native CAKE token only on the 22nd of September. Even then, it has managed to outpace some popular tokens to dominate the charts.

Pancake: ‘Yes, Another Food Protocol’

Ethereum happens to be the home of some of the largest DeFi projects. In response to this, Binance Smart Chain was created which aimed to provide faster and cheaper transactions. Taking a jibe at the high transaction fee of the Ethereum network while announcing the launch of PancakeSwap, Binance Academy had earlier tweeted,

PancakeSwap is very much similar to BurgerSwap and BakerySwap, which Binance had previously unveiled. This had earlier resulted in a huge upside price break of BNB. Notably, BNB has maintained a consistent upward trend and noted an uptick of nearly 20% since the launch of PancakeSwap on Binance Smart Chain. It was now trading at $27.00.

Venus Protocol Dipping its Toes in Syrup Pool

PancakeSwap further revealed Venus Protocol, which is an algorithmic money market and synthetic stablecoin protocol for the Binance Smart Chain. It is the first project available on SYRUP Pool. It can be farmed by SYRUP holders, who stake their SYRUP tokens. However, it needs to be approved by SYRUP holders, following which Venus Protocol will support the DeFi clone with a grant in the native XVS token and bonus to distribute to their protocol users.

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Author: Ketaki Dixit




Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

Source: https://coingape.com/pancakeswap-venus-protocol-binance-smart-chain/

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It’s Official: The 18.5 Millionth Bitcoin Has Been Mined

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It’s official, the 18.5 millionth Bitcoin has been mined and the miners now created more than 88% of the total BTC supply but it will still take a century to mine all 21 million as we are reading more in the latest BTC news.

The miners already created more than 18.5 million bitcoin which is about 88% of the total supply of 21 million. it will take up to 100 years to find every last BTC because of the regular halvings. As a result, there are now less than 2.5 million BTC left for the miners left to mine but while it looks like Bitcoin’s emission is closing on the finish line of 88% percent already mined, the emission of the last BTC is expected no earlier than 2140. This is because the rewards of the miners that they get after discovering a new BTC block are getting smaller and are slashed by half every 210,000 blocks due to the halving process.

The last BTC halving occurred on May 12 and the reduced block rewards from 12.5 to 6.25 BTC per block which will continue to happen every four years until the last satoshi unit is discovered. It’s not entirely clear why Bitcoin’s maximum supply was limited to 21 million coins by the crypto’s creator Satoshi Nakamoto but there are a few theories. One explanation is the money supply replacement theory while an alternative suggestion is that the limit could be mathematically extrapolated from the parameters.

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There is now over 18.5 million BTC in circulation. Image Blockchain.com

The entire world’s money supply stood at $21 trillion when bitcoin was initially created. If it becomes the ultimate currency and replaces all fiat currency, each BTC will be worth $1 million while each satoshi will be worth $0.01. at the same time, while those figures resemble each other, we can only guess whether this is a coincidence. The second theory is simpler. According to that, BTC’s emission limit is tied to the halving cycle. The sum of the block rewards for each cycle equals 100 so by multiplying the number by 210,000 blocks, the maximum supply is 21 million.

So it’s official now that there are 21 million BTC but the blockchain will still operate as usual with the exception of the miners’ rewards. Since no new coins will be discovered, miners will have to rely on transaction fees as a source of income.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/its-official-the-18-5-millionth-bitcoin-has-been-mined/

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Market Wrap: Bitcoin Hits $10.9K; Ether Options Signal Short-Term Volatility

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An early rally Monday almost pushed bitcoin over $11,000; the ether options market expects volatility in the short term.

  • Bitcoin (BTC) trading around $10,874 as of 20:00 UTC (4 p.m. EDT). Gaining 1% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,705-$10,956
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

btcsep28

Bitcoin trading on Coinbase since September 26.
(TradingView)

Bitcoin’s price mostly traded around $10,800 Monday, after a rally at 00:00 UTC (8 p.m. EDT Sunday) that pushed the world’s oldest cryptocurrency as high as $10,956 before losing steam. Bitcoin traded at $10,874 as of press time. 

Read More: Bitcoin Sets Record 63 Straight Days Closing Above $10,000

“In a sign of strength, bitcoin price has held above $10,000 for 63 days now,” said David Lifchitz, chief investment officer for quant trading firm ExoAlpha. “This is the longest time since December 2017 to January 2018.” 

“Also, we witnessed KuCoin getting hacked for $150 million this weekend but despite some chop on Saturday as news broke, bitcoin was broadly stable.”

btcthreemonths

Bitcoin trading on Coinbase the past three months.
(TradingView)

Despite the bullish sentiment, not all traders think bitcoin can get past $11,000. “After the pause BTC took for the weekend, bitcoin is currently on a bullish impulse,” said Alessandro Andreotti, an Italian over-the-counter crypto trader. “It could easily surpass $11,000, but it could easily be a bear trap so we must be careful.” 

“Bitcoin continues to range between $10,000 and $11,000 after dropping to $10,100 amidst equity and gold weakness in the past week,” said Cindy Leow, portfolio manager for quant firm 256 Capital Partners. “With quarter-end coming up, we might also see some BTC rebalancing or profit-taking happening amongst hedge funds this week.”

In the derivatives market, Leow points to the lack of overall activity there as a signal many investors are simply waiting out the market. Open interest in bitcoin futures, in particular, remains flat Monday.

skew_btc_futures__aggregated_open_interest-13

Bitcoin futures open interest the past month.
(Skew)

The traditional markets are leading the way heading into the fourth quarter, Leow added. “In the short-term towards the quarter-end, our eyes are on macro movements to monitor any weaknesses which will inevitably flow into BTC and ETH.”

Ether options signal short-term volatility

The second largest cryptocurrency by market capitalization, ether (ETH), was up Monday trading around $362 and climbing 2.3% in 24 hours as of 20:00 UTC (4:00 p.m. EDT). 

Read More: Uniswap Now Bigger Than Entire DeFi Industry Just Two Months Ago

Volatility skew is a measure options traders monitor for placing bets at various expirations. The 1-month 25-day volatility skew for ether has been in positive territory for most of September after closely following the 3-month and 6-month for the better part of the past three months, which suggest volatility in the near future.

skew_eth_25d_skew-2-2

25-day skew for ether the past three months.
(Skew)

256 Capital Partner’s Leow says DeFi has contributed to increasing short-term volatility in ether. “ETH has seen much more reflexive movement in September versus bitcoin, no doubt a result of being the base currency for many DeFi pairs which have had a volatile September,” she said.  

Vishal Shah, an options trader and founder of derivatives exchange Alpha5, says this indicator signals options traders would have different strategies depending on expiration since short-term ether volatility is expected to continue. “This creates a distinct opportunity on calendar risk reversal spreads, and a part of this trade would naturally involve rich ETH puts in the short-term dates versus cheap ones in the long-term dates.”

Other markets

Digital assets on the CoinDesk 20 are mostly green Monday. Notable winners as of 20:00 UTC (4:00 p.m. EDT):

Notable losers as of 20:00 UTC (4:00 p.m. EDT):

Read More: Bitcoin Has Been Less Volatile Than Tesla Stock for Months

Commodities:

  • Oil was up 1.1%. Price per barrel of West Texas Intermediate crude: $40.56.
  • Gold was in the green 1.1% and at $1,880 as of press time.

Treasurys:

  • U.S. Treasury bond yields were mixed Monday Yields, which move in the opposite direction as price, were down most on the 2-year, dipping to 0.127 and in the red 3%.
https://www.coindesk.com/coindesk20

(The CoinDesk 20: The Assets That Matter Most to the Market)

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Source: https://www.coindesk.com/market-wrap-bitcoin-hits-ether-options-volatility

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