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VeChain Shakes Off Enterprise Image to Also Position Itself as Smart Money

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Blockchain-based travel booking firm Travala is adding VeChain’s native token, VET, to its list of payment options.

Travala aims to create a smooth travel booking experience that integrates blockchain technology. What’s more, both firms believe the tie-up is a natural step in the path to the mass adoption of cryptocurrencies.

With that in mind, Travala is looking at the provision of modern payment alternatives in achieving this. It already accepts 29 different cryptocurrencies, including several top-20 offerings, for example, Bitcoin and Monero, as well as a number of stablecoins.

Also included in the list is AVA, which is Travala’s native token. Holders of the BNB-based token can use it for payment, givebacks, loyalty rewards, and for activating discounts.

VeChain to be added to the list of Travala's accepted payments

Source: travala.com

On adding VET to the firm’s list of accepted payments, Juan Otero, Travala CEO, reiterated his commitment to extending payment alternatives for consumers.

At Travala.com, we are dedicated to expanding valuable options for our users. Through this partnership, we hope to continue to push the growth of cryptocurrency adoption by enabling our user’s access to VeChain’s reputable ecosystem and fast, user-friendly payment execution.

Travala operates a network of 2.2 million hotels and holiday rental properties, with access to over 600 flight carriers.

A Departure From VeChain’s Core Business

VeChain primarily targets businesses to improve their supply chain and business processes.

For instance, NewsBTC recently reported on the implementation of VeChain’s My Care framework by pasta producer, De Cecco to manage pandemic risk.

But the deal with Travala, for payments, shows VeChain is not pigeonholing itself into any single category.

On that, CEO of VeChain, Sunny Lu said VeChain has real-world use for both consumers and businesses alike. He went on to say diversification is the key to quicken blockchain adoption. And using VET as “smart money” is just another way to make that happen.

“Positioned as the ecosystem enabler, VeChain has been on the path for accumulating real-world applications and client base, and we’re always on the lookout for partnerships amongst a diverse list of industries to widen the adoption of blockchain. We’re pleased to partner with Travala.com to bring users an enhanced travel experience through the utilization of blockchain technology.”

Travel Industry in Turmoil

Before the pandemic situation hit, travel was the world’s second-fastest-growing industry, behind manufacturing.

But government-imposed restrictions on travel have affected the entire travel industry, especially airlines. With that, there’s a lot of uncertainty over what happens next.

Use cases for blockchain in travel include payment, loyalty schemes, identity services, baggage tracking, and insurance. But, with “staycations” being the trend, identity services, and baggage tracking have become less relevant.

Nonetheless, despite the turmoil and uncertainty, Travala is reporting steady financials. Revenue for the week ending August 15 was $190k, with 71% of customers paying with crypto. The previous week, August 8, saw revenue at $86k, with 63% of customers using crypto as a payment method.

Source: https://www.newsbtc.com/2020/08/20/vechain-shakes-off-enterprise-image-to-also-position-itself-as-smart-money/?utm_source=rss&utm_medium=rss&utm_campaign=vechain-shakes-off-enterprise-image-to-also-position-itself-as-smart-money

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XRP Price Surges to 2-Year High as Airdrop Frenzy Builds

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XRP has chalked up an impressive rally to two-year highs in the last few days, and an imminent airdrop may be driving the gains.

Trading around $0.70 at the time of writing, the world’s third-largest cryptocurrency by market value is up 130% from lows near $0.30 seen on Saturday. Prices reached a high of $0.79 earlier on Tuesday, the highest level since May 10, 2018, according to the CoinDesk 20.

On-chain activity has picked up the pace alongside the price rally, with the new account activations on the XRP Ledger rising more than 200% to a record high of 5,562 in the past five days, according to data source XRPScan.

Analysts are associating the surge in XRP’s price and other metrics with the smart contract platform Flare Network’s airdrop of “spark” tokens to XRP holders.

The free distribution of 45 billion spark tokens, scheduled to occur on Dec. 12, is supported by Ripple’s investment arm RippleX (formerly Xpring).

“The impending airdrop is supercharging the XRP bull market and whipping mindshare of one of the largest crypto communities into a frenzy,” according to Jehan Chu, a managing partner at Hong Kong-based blockchain investment firm Kenetic Capital. “With the imminent launch of Flare, a smart contract utility fork of XRP, the pair will attempt to challenge Ethereum’s dominance in decentralized finance and decentralized applications.”

Flare integrates with Ethereum’s Virtual Machine allowing existing Ethereum decentralized applications (dapps) to be ported over to Flare to serve the XRP ecosystem.

Exchange inflows of XRP have soared alongside the price rally, suggesting increased selling pressure in the market.

Nearly 2.3 billion XRP, worth nearly $1 billion, have been transferred to cryptocurrency exchanges since Saturday. That’s more than three times the average daily inflow seen in 2019, according to blockchain intelligence firm Chainalysis.

Investors typically transfer coins to exchange when they want to liquidate their holdings, boosting supply in the market and take direct custody of coins when prices are expected to rally.

According to Chainalysis economist Philip Gradwell, the inflow rise doesn’t necessarily imply an imminent sell-off.

“Demand has been strong so far, with median trade intensity twice the average,” Gradwell tweeted. Median trade intensity, which measures the number of times an inflowing coin is traded, stood at 14 on Monday – significantly higher than its 365-day average of 5.8.

Source: https://www.coindesk.com/xrp-price-surges-to-2-year-high-as-airdrop-frenzy-builds

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YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

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Andre Cronje, the brain behind the popular DeFi protocol Yearn Finance and the most expensive cryptocurrency YFI, has unveiled yet another DeFi protocol called Deriswap.

Obsessed With Capital Efficiency

The project focuses on capital efficiency, an aspect of DeFi that Cronje said he is obsessed with. The YFI creator is set to change the current segmented liquidity, which only allows users to choose one of Swaps (Uniswap, Sushiswap, Bancor, etc.), Options (Deribit, Hegic, Opyn, etc.), and Loans (Aave, Compound, DyDx, etc.). 

He described Deriswap as a protocol that combines multiple DeFi services, including Swaps, Options, and Loans, into a capital-efficient single contract. According to the developer, this allows the interaction between two assets that make up the pair. 

For Swaps, Cronje explained that the contract on Deriswap utilizes the standard Uniswap x * y = k. For example, suppose Liquidity Providers (LPs) provide ETH-BTC as liquidity. In that case, the protocol will allow traders to swap BTC and ETH while using the oracle’s time as the weighted average price (TWAP). 

No Deriswap Token Yet

He notes that Deriswap uses the Black Scholes option pricing model to quote options. While Futures are an extension and simplification of Options, Loans are an extension and simplification of Futures. To get a loan, the user will pay a premium and collateral to access the borrowed assets. 

Lastly, the markets (loan, futures, and options) can be tokenized via Non-Fungible Tokens (NFT) to create secondary markets. 

As with many DeFi protocols, it is expected that Deriswap will have a token, and maybe with a limited supply. As a result, DeFi degens are hoping to dive in early. However, the protocol is currently under audit; hence, there’s no official Deriswap token yet. 

Cronje Continues To Explore DeFi

Since YFI’s success, Andre Cronje has become a prominent player in the DeFi ecosystem. The developer is always exploring and “experimenting” with DeFi products, even though some cost investors money due to exploits

Despite the recording failure with Eminence protocol, Cronje’s last project Keep3r Network was quite different as Keep3r’s KP3R token rallied more than 2000%, with the price moving from $10 to over $200 within a few days.

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Source: https://cryptopotato.com/yfis-andre-cronje-unveils-multi-purpose-defi-protocol-deriswap/

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Inevitable: Ethereum Classic’s Latest Hard Fork Called Thanos Scheduled for November 29th

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Less than two months after its latest network upgrade, Ethereum Classic plans to undergo another one on November 29th. Dubbed Thanos, the new hard fork will enhance security while maintaining its compatibility with Ethereum.

Thanos Is An Inevitable ETC Network Upgrade

The Ethereum Classic team would like to quickly forget the summer of 2020. In the span of one month, the network was subject to three separate 51% attacks.

The Ethereum Classic Core developer team and Ethereum Classic Labs decided to counteract the growing securities issues by implementing the Modified Exponential Subjective Scoring (MESS) solution on October 2nd.

MESS went live on the Mordor Testnet after passing “rigorous stress tests and simulated attacks.” It aimed to prevent attacks by making large block reorganizations up to “31x more expensive, removing any profit motive.”

However, the ETC Cooperative and Cardano developer IOHK published a report disputing the claim that the MESS update will provide “robust security.” Moreover, it argued that there’s “no guarantee that further attacks will not succeed.”

The latest response from the ETC developer team and ETC Labs has tapped the Marvel Universe for its name – Thanos.

The statement described the upgrade as an “important milestone for ETC as the network continues to drive innovations that will support existing miners and attract new ones while continuing to maintain compatibility with Ethereum.”

The Next Logical Step

According to the announcement, the Mordor Testnet activation occurred on block 2,520,000 – on October 18th, 2020. The ETC Mainnet activation is expected to take place at block 11,700,000 – around November 29th, 2020.

Consumers need to upgrade their node software to a fork compatible version to Core-geth v1.11.16 or later to ensure the success of the hard fork.

Founder and Chairman of Ethereum Classic Labs, James Wo, believes that the Thanos network upgrade will enhance the security while helping ETC to “distinguish itself and increase functionality for its users.”

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing miners to continue mining ETC and for new miners to join the ecosystem.” – Wo added.

Featured Image Courtesy of SideShow

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Source: https://cryptopotato.com/inevitable-ethereum-classics-latest-hard-fork-called-thanos-scheduled-for-november-29th/

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