V SYSTEMS and X-VPN have co-launched Tachyon, a blockchain-powered internet protocol.
X-VPN is a leading VPN service that boasts 50 million active users, with its mobile app ranking among the top 20 globally on both Google Play and the Apple App Store. V SYSTEMS is a blockchain database project led by Sunny King, the inventor of Proof-of-Stake (PoS).
Building a Decentralized Internet Protocol
The two companies teamed up to build Tachyon, the next-generation decentralized internet protocol, by revamping TCP/IP with blockchain technology and other peer-to-peer (P2P) technologies.
The move takes V SYSTEMS’ closer to its goal of creating a borderless internet that ensures security and privacy for users, and advanced network performance.
V SYSTEMS also plans to build a Decentralized Finance (DeFi) ecosystem that hosts a wide range of DeFi apps. Tachyon will provide a “fundamental layer of decentralized information infrastructure” that is needed to support the fast and efficient development of DeFi applications.
The first application to be built in the #VSYS ecosystem is coming! Tachyon (@tachyon_eco) is a decentralized internet protocol co-launched by V SYSTEMS and X-VPN that empowers the blockchain infrastructure for #DeFi development. Read more here: https://t.co/86FNIYTNiZ
— V SYSTEMS (@VSYSCoin) September 25, 2019
Tachyon will also take advantage of X-VPN’s huge existing user base to help it become a leading decentralized internet platform.
The Need For a Next Generation TCP/IP
Transmission Control Protocol/Internet Protocol (TCP/IP) is a suite of protocols that computers use when communicating over a network, such as the internet. After 36 years of use, TCP/IP-based internet communication is now starting to fail in meeting the demands of internet users.
Tachyon states that there is an increasing demand for security, trust, speed, privacy, and stability, but the current vulnerabilities TCP/IP has makes it fall short in providing this.
This has been proven by the deterioration of cybersecurity, with an increasing amount of significant incidents occurring over the last ten years. This includes malware attacks like “VPNFilter,” which infected more than 500,000 routers globally, and data breaches like at Yahoo! where 3 billion user accounts were compromised.
The erosion of privacy is also considered a problem, with huge state-sponsored surveillance organizations such as the NSA and GCHQ, and global intelligence alliances such as Five Eyes, collecting and sharing vast amounts of internet users personal information.
The Tachyon Protocol hopes to overcome the current shortcomings of TCP/IP by combining proven P2P technologies, such as blockchain, UDP, DHT, and encryption. Next-generation infrastructure like this could help to facilitate the rise of Web 3.0, decentralized applications, and IoT.
Tachyon states that in the future, it expects other blockchains to adopt its protocol and apply “its capabilities in DeFi, gaming, internet surfing, instant communication, data distributing, and other areas.”
LINK Increases by More Than 40% in a Day: Relief Rally or New Upward Move?
The ChainLink (LINK) price increased by 41% on Sept. 24. While the price has broken out from a bullish pattern, the current movement is still more likely to be a correction than the beginning of a new upward movement. LINK Bounces at Support The LINK price has been decreasing alongside a descending resistance line since […]
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The ChainLink (LINK) price increased by 41% on Sept. 24. While the price has broken out from a bullish pattern, the current movement is still more likely to be a correction than the beginning of a new upward movement.
LINK Bounces at Support
The LINK price has been decreasing alongside a descending resistance line since it reached a high of $20.71 on Aug. 17. The decrease has been significant and continued until the price reached a low of $7.28 on Sept. 23. This movement validated the $7.50 area as support.
The $7.50 area is also strengthened by the presence of the 200-day moving average (MA). Once the price reached this area, it created a bullish engulfing candlestick, increasing all the way to $10.40 in a single day. The increase from low to high measured 41%.
Currently, the price is attempting to move above the minor $10.40 resistance area and possibly the descending resistance line drawn from the highs.
Cryptocurrency trader @PostyXBT tweeted out a LINK chart, stating that the price is approaching the 200-day moving average (MA) support. As seen in the chart above, the price initiated a very strong bounce once it reached the MA.
Reversal or Relief?
The six-hour chart shows that the price has broken out from a descending resistance line. The breakout was preceded by considerable bullish divergence in the RSI & MACD, increasing its validity.
However, the daily chart does not confirm that the trend is bullish. The RSI is below 50, and the Stochastic Oscillator has not made a bullish cross. The MACD has just begun to increase, having created one higher momentum bar.
Until the price breaks out from the longer-term resistance line or a bullish cross transpires in the Stochastic Oscillator, we cannot state that the trend is bullish.
Since the aforementioned Aug. 17 high, the LINK price has completed a five-wave bearish formation (shown in black below). Since waves 1 & 4 overlap, it is likely that the movement was a leading diagonal, also supported by the wedge-like shape.
Furthermore, volume decreased during the wave-5 bottom and picked up during the breakout, customary in such movements.
In the longer-term, it is possible that this entire decrease has been the A wave (orange) of a longer-term A-B-C correction.
If so, the price could increase all the way to the 0.618 Fib level at $15.26 before resuming its downward movement.
To conclude, while the LINK price is expected to increase in the short/medium-term, it is more likely that the price is still engulfed in a longer-term correction.
Do on-chain metrics show an overly bearish picture of the 2020 Bitcoin market?
Bitcoin’s on-chain metrics suggest that the market is overly bearish. This has been the case for most of 2020.
Up till now, on-chain metrics are considered a reliable source of data for predicting Bitcoin’s market sentiment and price. It is assumed that the Bitcoin Network needs sufficient on-chain volume in order to fuel a bull market.
The current on-chain volume is higher than the 2018 and early 2019. The price is above 10k and has sustained at that level for over 4 months in a row. Trading volume does not pose a grim picture, unlike 2018.
However, do on-chain metrics give complete information required for price prediction and making trading decisions? There are other metrics like Willy Woo’s Bitcoin network momentum, that help estimate the state of the market.
Bitcoin’s network momentum was at its peak in 2016 till the end of 2018. However, following bull markets, there is a phase where the asset gathers momentum before hitting the next peak. In 2020, the on-chain volume has increased and ranges above the 200d MA, additionally, the momentum is gathering. This phase may be labeled the accumulation phase and there are no signs of a bearish market. In fact, if Bitcoin is trading $2141 above its fair price, would it be fair to term it bullish.
Another factor that doesn’t add up in the bearish narrative of Bitcoin is the profit of Hodlers. Currently, over 83% of Hodlers are profitable, as per data from CoinMarketCap.
Hodlers are profitable to the extent that there is over $6.24 M in BTC Hodlers wallets with 100%+ unrealized profit. The Bitcoin derivatives market would give a nod to the bullish sentiment here as open interest in Bitcoin Futures has increased 40% in the past month. Despite the price volatility, institutional interest in Bitcoin has grown considerably. This is evident from the rise in open interest and daily trade volume on CME.
While on-chain metrics act as a quick reference, there are gaps in the predictions based on them. A retail trader on a spot or derivatives exchange is directly impacted by the movement of whales and institutions. Events like BTC Futures Contract expiration have an impact on the price and volume of the asset traded on spot exchanges. Considering derivatives market performance while making price predictions may fill some of these gaps.
Samsung’s new blockchain pilots are all about transparently tracking medicine
Samsung SDS will conduct a series of pilot projects in November to test blockchain-powered medicine distribution management. The goal of these tests is to guarantee transparency in the process of tracking pharmaceutical drugs.
According to Yankup, the IT branch of Samsung Group announced the pilot programs, named “Disruptive innovation technology for tracking drug distribution history,” at the BioPharma Cold Chain Logistics session in Seoul, South Korea.
Officials from Samsung SDS also said that they’ve received “several” participation applications for the pilots from unnamed pharmaceutical firms, distributors, and even medical institutions in South Korea.
Lee Eun-young, senior researcher at Samsung SDS, stated that the pilots will last between three and six months, commenting:
“Through the drug distribution history management service, it is possible to comply with regulations and innovate business by implementing product-specific history management, real-time distribution history tracking, and automatic reporting functions.”
During the announcement, Samsung’s IT branch said that the pilots would consist of an IoT-linked temperature history tracking service, which will be implemented along with automatic history management for incoming and outgoing goods. This has been chosen “to minimize handwritten input,” verify returns, and collections with the support of a secure database.
If successful, these pilots will be commercialized after passing domestic and foreign regulatory compliance in June of next year. Lee told local media:
“The value of blockchain in the healthcare industry is expected to grow from $176.80 million in 2018 to $5.61 billion in 2025, and by 2025, 55% of healthcare solutions are expected to adopt blockchain for commercial purposes.”
Daegu, the fourth-largest city in South Korea, recently announced its plans to allocate over $6 million towards blockchain and artificial intelligence education.
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