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Stacks 2.0 To Bring Dapps And DeFi To Bitcoin

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The entire world is now paying attention to Bitcoin after the cryptocurrency grew in value over five times in 2020 alone.

But, as positive as 2020 was for Bitcoin, 2021 may usher in a new era of possibility and value for Bitcoin. The new Stacks blockchain, which you may recognize as Blockstack, will bring smart contracts, decentralized apps, and DeFi to the top cryptocurrency for the first time; Here’s what that means for Bitcoin and why the Stacks 2.0  launch could be monumental for the entire crypto industry. 


Bitcoin in 2021: Becoming More Than Digital Gold

The digital gold narrative of 2020 has propelled Bitcoin price to well over $30,000, making its former all-time high of $20,000 seem like a distant memory.

The explosive rally caps off what was a challenging year for all. No asset has performed this well amidst the economic uncertainty as BTC has. Even gold, the original safe-haven asset, set a new price record itself, but still couldn’t match Bitcoin’s bullish momentum. 

In 2021, however, we believe Bitcoin will become more than digital gold. Stacks 2.0, which is scheduled to launch on January 14, will provide developers tools many thought might never be available on Bitcoin, potentially unlocking billions held passively on the network to this point.

While Bitcoin cemented itself as a store of value, ala digital gold, Ethereum also enjoyed a bull run and renewed interest primarily due to an explosion in decentralized finance applications and protocols built using smart contracts. DeFi, as these apps and services are dubbed, grew exponentially over the summer months as crypto users realized they could borrow and lend, all without the need for a bank.

But soon ETH gas fees skyrocketed, hacks and vulnerabilities continued to be a problem, and Bitcoin took back center stage once again in the mainstream. It seems a promising new market in DeFi is showing how valuable it can be but is still held back by a lack of solid infrastructure, broader public trust, and affordable scalability 

It’s these issues that are at the heart of why Stacks 2.0 is so interesting. Can you build things people want, such as DeFi applications, but do so on an asset the most people desire (Bitcoin), on the most secure blockchain available (Bitcoin again), while giving them better assurances about the smart contracts that govern their money, and oh, by the way, make it all scalable as well? Up until now, the answer has been no. The limited scripting language of Bitcoin has forced developers to look elsewhere when considering where and how to build things like DeFi applications.

But with Stacks, you can now build on Bitcoin without modifying it, enabling key tools developers can use to leverage the power of Bitcoin without being restricted by it.

Meet Stacks 2.0, Proof-of-Transfer, STX Tokens, and An Intro On Earning BTC

Stacks is a project originally started back in 2013 by computer scientists Muneeb Ali and Ryan Shea. Although a technical whitepaper was released in 2017, so much has since changed between now and then, that a new Stacks 2.0 whitepaper was released to explain all of the innovations added to the original concept.

Stacks 2.0 introduces the PoX (Proof-of-Transfer) consensus algorithm, creating a one of a kind connection between the Stacks and Bitcoin blockchains. This cutting edge consensus algorithm is what allows for Ethereum-like activity on the Bitcoin blockchain, in addition to a wealth of other features.

Stacks 2.0 also enables a new way to earn BTC. In a process called Stacking, STX holders can earn BTC from the protocol by locking a dynamic minimum amount of tokens to the network and actively supporting blockchain consensus. Stacking is also one of two main pieces of the Proof-of-Transfer mechanism, with mining being the other. 

PoX reuses the electricity spent to secure the Bitcoin network rather than consuming electricity a second time. This works when STX miners forward BTC to the network for a chance to lead the block and mine Stacks tokens (STX). Theoretically, anyone with BTC can mine STX tokens, making it one of the more accessible mining opportunities around. The interplay between STX mining and Stacking makes STX unique in that holders can earn a reserve currency (BTC) by supporting the consensus of the blockchain.

By combining PoX with Clarity, a predictable smart contract language designed with Algorand and built to be used on Bitcoin, as well as other important design features of the Stacks chain such as micro blocks, Stacks 2.0 makes developing decentralized applications easy, scalable, secure, and all anchored to Bitcoin. 

Stacks 2.0 Mainnet Launch Event Is January 14: Here’s How To Participate

The Stacks 2.0 mainnet will launch on January 14, 2021, bringing with it the promise of a new era of innovation on Bitcoin and potentially a new chapter for the entire internet. . The Clarity smart contract language also goes live with Stacks 2.0 and all of a sudden, developers have a set of tools for building on Bitcoin many never thought they would.

We’re excited to see where innovation on Bitcoin can take Web 3.0, and what a world where users are anchored to a secure base-layer that assures ownership at every level looks like.

To register for the Stacks 2.0 mainnet launch event, be sure to check out the official website. To learn more, you can also read the Stacks 2.0 technical whitepaper.


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

Source: https://bitcoinist.com/stacks-2-0-to-bring-dapps-and-defi-to-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=stacks-2-0-to-bring-dapps-and-defi-to-bitcoin

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NFT Google Search Volume Exceeds DeFi and Ethereum (ETH) As Celebrities Join the Craze

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Non-fungible tokens popular as NFTs are soaring in a wild rage currently in the crypto markets. The craze around NFTs is so high that the Google search for NFTs has skyrocketed in recent times thereby exceeding decentralized finance (DeFi) and coming closer to the interest of Ethereum (ETH). As crypto-journalist Wu Blockchain reports:

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“According to the google index, the Google search volume of NFT has suddenly skyrocketed since February 7, and it has far exceeded DeFi and is close to ETH. The reason may be related to celebrity NFT, Logan Paul’s NFT has a huge search volume, and opensea is most searched platform”.

Courtesy: Google

A non-fungible token (NFT) s a special type of cryptographic token representing something that is unique. Thus, no two NFTs are mutually interchangeable. These tokens are basically created to represent digital scarcity, and give digital ownership.

Recently, celebrities and billionaire investors interested in high-ticket items have also joined the NFT craze. Billionaire Marc Cuban has already joined the NFT mania and much recently he shared a digital collectible commemorating Luka Doncic and Dirk Nowitzki.

Ethereum blockchain has been one of the popular destinations for NFTs. It hosts some of the popular NFT games like CryptoKitties that caught massive craze in late 2017. However, other NFT marketplaces like Rarible and OpenSea are catching up with popularity at a quick speed.

Top NFT News Over the Last Week

Over the last week, the crypto market has been flooded with NFT news with NFTs and digital collectible worth millions of dollars have been sold in the open market. Popular personalities from different frontiers like music, digital artwork, sports and others are warming up to NFTs.

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  • American Rockbank Kings of Leons is planning to launch its new album “When You See Yourself,” in the form of NFT. The album will be available on NFT Marketplace YellowHeart later today and the sale process will continue for a period of two weeks. The rock band will also offer several other exclusive items in the form of a series called “NFT Yourself”.
  • Recently, the original artwork of Banksy dubbed Morons, worth a massive $100,000, was destroyed only after converting it to a non-fungible token (NFT). The destruction of the physical artwork took place earlier this week in Brooklyn, New York and live-streamed. The auction for the Banksy NFT is taking place on the OpenSea NFT marketplace and will continue up to March 9. The winning bidder gets the unique digital code of the artwork.
  • 250-year-old auction house Christie’s recently conducted a sale of digital artwork by Mike “Beeple” Winkelmann using NFTs on the digital marketplace MakersPlace.
  • Legendary digital artist Ben Mauro, recently conducted the sale of his 21 NFTs which were all sold in a flash sale of just under 7 minutes raising a whopping $2 million. The sale took place on the VIV3 Marketplace leveraging the Flow Blockchain.
  • National Basketball Association (NBA) has joined hands with Dapper Labs to launch its own digital collectible NFTs. dubbed as NBA Top Shot, it is a marketplace for NFTs. NBA Top Shot Marketplace is built using Dapper Labs’ Flow blockchain platform. As per a CNBC report, it has already generated $230 million worth of sales in the form of NFTs.

Going ahead at this rate, NFTs could soon be a multi-billion dollar market and probably might also see explosive growth like the DeFi market. To support NFT investors, Hex Trust has launched the first-ever NFT custodial service.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/nft-google-search-volume-exceeds-defi-and-ethereum-eth-as-celebrities-join-the-craze/

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Reuters: SEC’s Lawsuit Didn’t Impact Ripple’s Business in Asia-Pacific Region

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Brad Garlinghouse, the CEO of Ripple in a recent interview with Reuters had said that the ongoing SEC lawsuit against him and his company didn’t impact their business in the Asia-Pacific region, their key remittance corridor. Ripple has flourished as a remittance solution provider with the help of the XRP ledger and has partnered with hundreds of private and central banks across the world to facilitate instant cross-border transactions.

“It (the lawsuit) has hindered activity in the United States, but it has not really impacted what’s going on for us in the Asia Pacific. We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets.”

Despite the current issues with its operations in the US, the firm has continued its progress in the Asia-Pacific region, especially Japan.

The SEC lawsuit had quite a domino effect on crypto platforms and exchanges in the US who decided to delist XRP from their platforms until the lawsuit settles.

Ripple’s Key remittance partners in the US such as MoneyGram had also claimed that they have stopped using Ripple services for the time being. However, the fact that the majority of its business is located outside the US has helped the company to grow despite regulatory woes in the US. The CEO explained,

Ripple has signed more than 15 new contracts with banks globally since the SEC brought its lawsuit, and the lack of clarity in the United States has been a “hindrance” to innovation.

New Developments Give Ripple an Upperhand in its Court Battle

The SEC filed the class-action lawsuit against Ripple and two of its executives back in December last year that led to a delisting spree among US-based crypto exchanges fearing legal liabilities. However, some recent developments in the case that came before as well as during the first virtual hearing seem to have given Ripple an upper hand in the case. The first major development came in the form of an amended complaint where the SEC removed market manipulation claims from the lawsuit.

The second breakthrough came from the legal counsel of Ripple during the first court hearing where it was revealed that SEC ignored queries about XRP’s security status back in 2018-19 from major exchanges, which can put SEC in a spot. Also, the fact that major crypto-compliant nations such as Japan have cleared XRP trading could play in Ripple’s favor.

Garlinghouse has even filed a motion to dismiss the recent amended complaint against him claiming SEC lacks clarity over regulations.

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Source: https://coingape.com/reuters-secs-lawsuit-didnt-impact-ripples-business-in-asia-pacific-region/

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Cardano (ADA) price signals weakness after 10% dump

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ADA/USD rebounds to $1.14 but still vulnerable after declining 10% over 24 hours

Cardano dropped nearly 10% on Thursday to see lows of $1.07 and then continued to feel the bearish pressure in early trades today as prices touched support at $1.03.

The drop signalled some weakness in Cardano’s remarkable rally over the past few weeks, with the likely bearish turn starting to appear after bulls reached an all-time high of $1.48 last week.

At the time of writing, ADA/USD is trading around $1.12, with bulls displaying conviction in the past two hours.

If the upside signal strengthens, buyers could push for a break above $1.20 as they target higher levels. On the contrary, ADA could also drop to $1.00 or lower.

ADA/USD price short term outlook

ADA/USD broke below the support line of an ascending parallel channel and retested the 20-day exponential moving average at $1.08. While it completed a five-day downward streak, the decline to lows of $1.03 signalled further weakness.

Cardano’s price could thus see more losses if bulls fail to react and retake control above the lower boundary of the old channel.

The Relative Strength Indicator (RSI) hints at added downward pressure with bearish divergence, while MACD has the histogram printing below the signal line to suggest an influx of selling pressure if the indicator validates a bearish crossover.

ADA/USD daily chart. Source: TradingView

If ADA price turns negative from current levels, bulls will rely on a few key support levels to prevent further losses. The initial support lies at $1.08, which is where we have the 0.382 Fibonacci retracement level of the upswing from $0.43 to $1.48.

There’s also an ascending trend line (blue, dotted) near the Fib level and if bears break lower, the primary support is at the 20-day EMA ($1.06) and then the psychological $1.00 level.

Further rot for ADA/USD could see bulls battle to keep prices above the 0.5 Fib retracement level ($0.965) and the 0.618 Fib retracement level ($0.83).

On a positive note, ADA/USD remains in an uptrend and could very well make another all-time high in the short term if bulls hold above $1.00. This will call for buyers to break above immediate resistance at $1.14, with a run to $1.20 bringing into focus the 0.236 Fib level ($1.23).

A break into and continuation inside the rising channel could see prices rally to the apex resistance line, which extends past the all-time high of $1.48. From here, buyers can attempt to set another record. In this case, short-term targets are likely to be $1.60 and $2.00.

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Source: https://coinjournal.net/news/cardano-ada-price-signals-weakness-after-10-dump/

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