Bringing blockchains to the world of science and engineering
Today we’re delighted to jointly announce a collaboration with Wolfram Research, the industry-leading company behind the Mathematica platform and the Wolfram|Alpha answer engine. Over the coming year, MultiChain will be integrated into the Wolfram Language and across Wolfram’s line of products. For example, Mathematica users will be able to store and retrieve data in a zero-configuration private blockchain deployed in the Wolfram Cloud, in their own blockchain running on local MultiChain nodes, or in a chain which combines nodes from both.
We’re particularly pleased with this collaboration because it demonstrates our long-running view that, as a technology, blockchains are in no way specific to the finance sector. The perceived association between banks and blockchains is an accident of history, stemming from the fact that most public blockchains, like bitcoin, happen to enable a new type of money. By contrast, private or permissioned blockchains are a shared database technology, allowing a set of participants or organizations to safely collaborate on a database that crosses boundaries of trust.
Of course, banks work extensively with general-purpose databases such as Oracle or SQL Server, and the same will apply for blockchains as well. For example, MultiChain is already being used for dozens of projects in the finance sector. But it’s important to be clear: Blockchains embody a particular set of trade-offs compared to centralized databases, which make them suitable for some use cases and unsuitable for others. Quite rightly, many “distributed ledger” startups focused on specific problems in capital markets are not using blockchains at all.
As for MultiChain, we hope this will be the first of many collaborations enabling software platforms to offer a decentralized data layer to their users. We’re already working with several other companies to explore the possibility in depth. The underlying problem is this: How can multiple organizations ensure they agree on a developing set of facts, without giving control over those facts to a single party? Blockchains combine peer-to-peer networking, public key cryptography, consensus algorithms and a new transaction model, to provide a practical solution.
The full text of the joint press release is included below.
Wolfram to Integrate with MultiChain Blockchain Platform
￼￼March 8, 2017 – Wolfram Research and Coin Sciences Ltd today announced a collaboration in which Coin Sciences’ market-leading MultiChain blockchain platform will be made accessible from the Wolfram Language and across the Wolfram family of products, including the award-winning Mathematica. This will enable Wolfram Language users to write applications that make use of blockchain functionality.
“A blockchain is a decentralized ledger that has append-only memory,” said Christian Pasquel, Wolfram’s Development Team Lead. “This is a very simple concept, but it is a powerful building block that will enable a new class of computational applications—we expect everyone who uses the Wolfram Language will benefit from this simple yet powerful functionality.”
Initially, Wolfram will offer users direct access to a zero-configuration private blockchain, accessible in the Wolfram Cloud. Users will be able to create their own blockchain(s)—combining local nodes with those in the Wolfram Cloud, have it store and retrieve data and also expose information about that blockchain to other parties over the web.
“We’re delighted that Wolfram Research has chosen to integrate MultiChain functionality into their flagship product,” said Dr. Gideon Greenspan, founder and CEO of Coin Sciences Ltd. “We have always viewed blockchains as a general-purpose technology for creating peer-to-peer shared databases, so this integration with the Wolfram Language is a perfect fit. Despite the focus which blockchains have received in the finance sector, they are equally useful for decentralized data aggregation and collaboration in many other fields, such as science, engineering, economics and government.”
The integration with MultiChain is slated for release with a Wolfram Language version update later this year.
About Wolfram Research, Inc.
Wolfram is a powerhouse in technical innovation and has been defining the computational future for three decades. As the creator of Mathematica, Wolfram|Alpha and the Wolfram Language, Wolfram is the leader in developing technology and tools that inject sophisticated computation and knowledge into everything. Learn more at http://www.wolfram.com.
About Coin Sciences Ltd
Coin Sciences Ltd develops the popular MultiChain (http://www.multichain.com) blockchain platform. MultiChain includes features such as permissions management, native assets, data streams and simple configuration and deployment. It has been used successfully for blockchain projects in many of the world’s largest banks, consulting firms, financial technology and IT companies.
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Does Bitcoin’s ‘buy today, sell tomorrow’ strategy always work?
To the investment world, Bitcoin just doesn’t make sense. An asset with no financials, no quarterly earnings reports, no management to speak for it on investor calls, no valuations, no annual report, no head office, nothing. How does one value something like this in order to invest in it? There’s a simple answer – They don’t.
Bitcoin is more or less seen as an asset of the future. And for an asset of the future, you don’t look at present fundamentals, not just because there are none, but because you can’t evaluate it correctly. For this reason and more, Bitcoin is popular among a lot of traders. The fickle, fast-moving, and shrewd operators of the markets who don’t care about the worth of an asset, as long as it gives them a return. Let’s look at Bitcoin’s market based on the perspective of these people.
In order to consider this, let’s take a neutral stance. Let’s look at the Bitcoin market as a buy-today-sell-tomorrow kind, rather than a hodl for weeks, or make a handful intra-day trades kind. In part, because this would still come under the category of trading, but mainly because it’s easier to pull out the daily close price of Bitcoin, rather than its hourly, or even by-minute estimates.
Right, with that sorted, let’s get into the numbers. If you simply and blindly conducted a buy-today sell tomorrow strategy for all the eight completed months and the first 5 days of September, how much would you have made? Before answering this, bear in mind that Bitcoin began the year at $7,500, broke past $10,000 twice, before breaking down to $4,000. It’s now up over $10,000 again. Oh, and two weeks ago, it was over $12,000. Back to the question, how much do you think you’d have made?
Well, it’s a cool $2,993, or an average of 21.15 percent by buying and selling each day for 8 months. Granted, that’s too many transactions, 248 to be exact, and it doesn’t include order and withdrawal fees, but it’s still a good amount, isn’t it? In fact, if you would’ve ended your long trading game on 31 August, rather than 5 September, you would’ve made $4,476 or a 35.3 percent return by avoiding the 3 September drop from $12,000 to $10,000. In terms of a monthly return, five of the eight months returned positive and three negative. The positive returns totaled $7,765 and the negative $3,289.
So, make of that what you will, but it does go on to state that Bitcoin trading on a day-to-day basis, provided you have the time, capital, and an exchange that doesn’t eat up a lot in fees, will allow you to make a good profit for yourself.
Binance Says Regulatory Restrictions Preventing Traditional Brokers From Offering Crypto Services
Crypto exchange Binance says the current regulatory environment is keeping traditional brokers from offering crypto services.
In a recent report put together by the Binance Broker and Binance Research teams, the crypto exchange reveals that traditional brokers have not kept up with the changing needs of financial market participants.
“Due to regulatory restrictions, traditional brokers have not opened up spot crypto services (only derivatives and other instruments). As a result, crypto exchanges have established themselves as the center of the emerging crypto brokerage industry.
Consequently, large crypto exchanges have launched prime brokerage services to provide institutional investors with custody, block trading, aggregation trading, and other services.”
Binance notes that for many decades, prime brokers have positioned themselves as a “one-stop-shop of financial services” for large players in the industry, providing a wide array of offerings including trading, custody, cash management, risk management, stock buybacks, and leveraged trading among others.
As prime brokers struggle to tread the territory of digital assets, crypto exchanges have stepped up to meet the growing demand of institutional firms.
“Some crypto exchanges, wallets, and trading terminals have begun prime brokerage businesses. For instance, Coinbase offers prime brokerage starting from custody, whereas Huobi and Bequant offer prime brokerage with [over-the-counter] block trading….
Crypto broker service providers have empowered brokers to offer services to institutional participants from both crypto and traditional brokerage environments, promoting the lateral expansion of the industry through non-crypto companies offering dedicated crypto trading to their users, which is expected to further lower entry barriers in the industry.”
As to where the crypto brokerage industry is headed, Binance believes traditional brokers will soon start offering crypto services as regulatory requirements ease.
“As the crypto industry continues to develop, the gap between the conventional financial market and the crypto market will continue to narrow. With a growing base of retail and institutional users, an expanding market, and the emergence of increasingly specialized functions, a virtuous cycle of growth started.”
You can read the full report here.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Everything You Need to Know About the Yearn Finance Projects
Have you heard about Yearn Finance’s YFI token? It acts as a governance token for its decentralized finance platform.
It broke Bitcoin’s record of the all-time high in terms of USD prices. The YFI token attained highs of over $38,000 in August and even peaked above $43,000 in mid-September 2020.
Do you know what’s the difference between the YFI project and other majority governance tokens in DeFi? Scarcity! Yes, there’s a very limited supply of YFI tokens. The maximum supply can never exceed 30,000 YFI tokens. At the moment, there are 29,968 YFI tokens in circulation already, according to CoinMarketCap.
This article takes a look at all the different Yearn Finance projects and forks. Let’s learn what’s unique about each project and why it has been created? If you are not very familiar with yield farming, check out our detailed guide on yield farming.
We’ll cover the following projects:
- Yearn Finance (YFI)
- Yearn Finance Fork (YFII) – DFI.money
- Yearn Value (YFV)
- Yearn Finance Link (YFL)
- Yearn Fuel (YFUEL)
#1. Yearn Finance (YFI)
Yearn Finance began its operations in February 2020 with another project known as iEarn Finance. Going further, iEarn was rebranded as yEarn by Andre Cronje. You can look at yEarn as the first professional attempt at creating a yield farming project. However, yEarn has a few more capabilities added to its arsenal.
Yearn Finance is a DeFi platform where users can deposit and stake their ERC20 tokens. In return, they receive daily interest. This is made possible by allocating the capital to staking pools offering best returns across the network.
Why was this so revolutionary? Before yield farming got mainstream, users had to stake individually with each protocol, having to learn about many projects. Using the Yearn project, users didn’t have to flip through multiple DeFi sites to get yield farming profits. Yearn solved this problem by integrating many different blockchain protocols. So, you only have to stake tokens once with Yearn to get access to many interest-yielding blockchain protocols. To maximize profits, the Yearn protocol continuously rebalances as yield-farming opportunities shift.
— Arthur Hayes (@CryptoHayes) August 30, 2020
#2. Yearn Finance Fork (YFII) – DFI.money
YFII was forked by the crypto community of China from YFI. YFII is YFI’s first fork. The YFII token is the hottest currency today in the Chinese DeFi ecosystem. The YFII fork has been created because a governance vote for YFI wanted to introduce weekly halvening to the project, referred to as the YIP-8 proposal.
However, this proposal failed to pass. Therefore, the YFII fork has been created, implementing the halvening proposal. In other words, the YFII project has a 98% code similarity with the YFI project.
The maximum supply of YFII has been capped to 40,000. The initial perception of YFII was that it is a scam. Hence, Balancer had blacklisted the token. However, the YFII token is doing quite well today, and its recent ATH was $6000.
#3. YFValue (YFV)
YFValue, denoted by YFV, is a fork of YFII. It was announced on August 16th, 2020, through a Medium post. So, what’s the role of the YFV token? It acts as a governance token of the YFValue protocol. They aim to make yield farming accessible to all users worldwide. They want to make yield farming more inclusive to achieve their mission of accessibility: “Bring farming to everyone.”
Now, the question arises – does YFV have any unique feature? It indeed does. YFV token grants its holders a right of voting to control the rate of the supply and also the referral system. The burning of the token is automated and happens fully on-chain. The maximum supply of YFV tokens has been capped at 15,750,000.
Furthermore, among YFValue’s mission, we can find “insurance.” The goal is to use “an insurance treasury through contributions of the YFV team and community funds to engage and integrate an insurance protocol, such as Nexus Mutual, to further reduce risk on behalf of all YFV stakeholders.”
#4. Yearn Finance Link (YFL)
The project wants to leverage the DeFi-backed governance token to achieve more for the Chainlink supporters. You must have already understood by now that this project has its origin in the Chainlink community.
The YFL development team took Andre Cronje’s YFI project and forked it. They adapted it to allow for staking LINK. Later on, they also brought the concept of yield farming to LINK holders. The maximum supply is capped at 85,000. Many analysts call YF Link the connecting bridge between ChainLink and Yearn Finance.
To give a quick example, you can deposit LINK and YFLINK tokens into a Balancer pool, giving you BPT tokens. Next, those BPT tokens can be staked with the YFLINK pool. That means you can both earn YFLINK from the YFLINK pool and BPT from the Balancer pool. Moreover, Yearn Finance Link hosts five different pools, all with their unique configurations for increasing yield.
#5. Yearn Fuel (YFuel)
The project aims to make Yearn Finance genuinely accessible. It wouldn’t matter if a user is a big whale or small investor as Yearn Fuel wants to make Yearn Finance accessible to everyone.
It has some very unique features, which include the right of voting to control the inflationary rate of the supply. Additionally, the YFuel token will also grant the user a right to vote on the referral system. It comes with automatic burning, and the whole burning happens fully on-chain.
They are also implementing a new economic model of token burning. They have named it “Grafuel.” Under the Grafuel model, they will burn as much as 1% of the total token supply per month, starting from the 15th of each month. The idea behind this model of token burning is that it will lead to an increase in liquidity.
Wrapping Up the Yearn Finance Universe
It’s interesting to see so many Yearn Finance clones pop up to satisfy the different needs yielders might have. However, this has opened up another wave of crypto scams where people quickly create a new Yearn Finance clone with slightly modified rules. We see the same crypto craze as when the ICO boom happened. People throw in money blindly into those yield farming projects expecting significant returns.
However, we can’t deny that yield farming has proven to be an excellent case for DeFi and even got the momentum to convert bearish into bullish momentum for crypto markets.
YFI tokens were initially envisioned to be valueless, but that’s not going to happen anymore. It is quite obvious from the rising prices of YFI and its clones.
So, how long can this boom last? These tokens do have good use cases, and their limited supply is driving their prices high. The success of yield aggregation platforms has helped YFI clones take off as well. Some of the YFI clones may get lost in time. But we sure are witnessing something incredible.
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