Monat: Juni 2022

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Interview with Decred Project Lead Jake Yocom-Piatt

The CoinJournal podcast sat down with Jake Yocomm-Piatt, who formerly worked on Bitcoin before fleeing to co-found Decred, which is now a top 100 coin. 

Our discussion meandered through the topics of Bitcoin, self-sovereignty, and Central Bank issued digital currencies (CBDC’s), often taking a philosophical angle and hypothesising about what the future may hold. Personally, it was fun to examine the potential dystopian scenario of CBDCs being used for malevolent purposes, and how sovereignty over ones money is such a vital factor in today’s world. 

We also touched on how this bear market differs from previous cycles and the issues driving the macro climate, including diving deep on money printing. 

Of course, you can’t talk about crypto these days without mentioning some of the knock-on effects of the contagion triggered by the Luna and Celsius insolvencies, and how regulation could protect (or even harm) consumers going forward. 

Full interview is below – enjoy! 

The post Interview with Decred Project Lead Jake Yocom-Piatt appeared first on CoinJournal.

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Bybit CEO makes soft proposal for the development of BitDAO’s L1 Infrastructure

Bybit co-founder and CEO Ben Zhou is leading a proposal for the development of the platform’s BitDAO Layer 1 infrastructure, the exchange said in a press release.

The soft proposal, launched via the official BitDAO Discourse forum, envisions the creation of a new L1 blockchain to tap into investment opportunities in various Web3 verticles.

At the moment, BitDAO has a footprint across several gaming,  Ethereum scaling, blockchain education and art curation.

“This proposal aims to open new avenues for high-value collaborations generated from ground-up demand and support, which is true to BitDAO’s mandate,” Zhou noted.  He believes such developments will help further the adoption of crypto.

“Bybit supports BitDAO’s vision in being a changemaker for all changemakers. In collaboration with BitDAO and its community, we look forward to propelling the mass adoption of open finance to greater heights and shaping the future of the industry.”

Zhou has encouraged the community and other parties to contribute to the discussion, including in research and development. The new project will utilize BitDAO’s native token BIT.

The post Bybit CEO makes soft proposal for the development of BitDAO’s L1 Infrastructure appeared first on CoinJournal.

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THORChain RUNE price is up 10% today after this development

THORChain RUNE price has surged by more than 13% today to hit a daily high of $2.29 today.

At the time of writing, the coin has slightly pulled back to $2.28 although the bullish momentum seemed to be gathering momentum every minute.

Today’s price surge comes after a tough week that had seen THORChain RUNE price drop from a high of $2.0197 to a low of about $1.76.

Why is THORChain RUNE price rising?

The main reason for today’s surge in the price of RUNE, the native token of ThorChain, was the successful launch of THORChain’s mainnet on seven different networks.

In a nutshell, THORChain enables decentralized exchanges and its users to move crypto assets seamlessly, and launching its mainnet on different blockchains expands the DEX’s reach.

Currently, there is a little over $300 million in total value locked (TVL) on THORChian.

THORChain is currently the only blockchain network that is capable of facilitating decentralized swaps across multiple blockchain networks without using smart contracts. And according to the DEX, it is able to accomplish this without compromising the security of the users’ assets.

In a recent interview with a news outlet, the Technical Lead at THORChain, Chad Barraford, said that although cryptocurrencies are normally decentralized, the majority of trades take place in centralized exchanges and THORChain was out to ensure that cryptocurrencies are traded in a decentralized peer-to-peer manner.

How THORChain functions

Instead of using smart contracts for the swaps, THORChian runs liquidity pools between various blockchains thus avoiding using wrapped tokens, which are mainly associated with smart contracts and mostly expose users to hacking risks.

Currently, THORChain supports the swapping of tokens across Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Binance, Litecoin, and Itself.

Notably, despite the steps that THORChain has taken to ensure security, the network has been a victim of a number of hacks with the most recent being a hack that took place in July 2021 leading to a loss of about $8 million.

Moving to its own mainnet has not only impacted the THORChain RUNE price but will also enhance the security of the network and avoid future attacks.

The post THORChain RUNE price is up 10% today after this development appeared first on CoinJournal.

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XRP price surges 14%: here’s why

XRP price has surged by 13.26% to hit a daily high of $0.3847 today. Although the coin had pulled back from the daily high to trade at $0.3729 at the time of writing, all pointers showed that the bull pressure was still on.

Today’s price surge comes as a relief for Ripple cryptocurrency, which has been battling a prolonged court battle against the US Securities and Exchange Commission (SEC).

It is the first time XRP is trading above $0.35 for the past two weeks.

Why is the XRP price rising?

Yesterday, June 23, the XRP Labs, the team behind RippleNet and XRP cryptocurrency, announced the launch of the Pro Beta version of Ripple’s main wallet, Xumm.

To start with, Xumm will only be available through paid subscription using Ripple’s native token XRP.

Once the Beta testing is completed, Ripple Labs is expected to launch Xumm Pro, which will have full functionality and subscribers will only have to switch to Xumm Pro from their wallet to use it.

Xumm Pro Beta features

Xumm Wallet features several innovations including the ability to split the wallet’s funds into two accounts: spending and saving, the opportunity to claim a free Tangem card, which is a kind of “cold” device for storing cryptocurrency, access to premium technical support, and the ability to buy XRP using Euros, through an on-ramp/off-ramp solution.

Ripple however clarifies that anyone wanting to use the Xumm Wallet will be required to go through a  know-your-customer (KYC) procedure, a requirement that is however optional in the Beta testing.

Rippe Labs innovations

Despite the hard times, Ripple Labs has been rolling various innovations including the XRP Ledger. However, the deployment of the Xuum Wallet is expected to drive the XRP price higher over the coming days.

The Xumm Wallet adds to the number of innovations that Ripple investors are expected to freely enjoy especially when the litigation by the US SEC comes to an end.

The post XRP price surges 14%: here’s why appeared first on CoinJournal.

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Pi Network: Is This Crypto Legit or Is It a Scam and Pyramid Scheme?

The Pi Network is a controversial “cryptocurrency” that has attracted millions of users from around the world. Supporters believe that it is the best alternative to Bitcoin while critics argue that it is a pyramid scheme and a scam. Since it is impossible to do a Pi Network price prediction, we will assess whether it is worth your time.

What is the Pi Network?

Pi Network is a ‘blockchain’ project that seeks to disrupt the cryptocurrency industry in a more environmentally friendly manner. 

It achieves this by solving the biggest challenge that Bitcoin has. With mining difficulty soaring, it has become almost impossible for an ordinary person to mine the coin. Today, Bitcoin mining is dominated by large companies like Hut 8 and Marathon Digital.

Pi Network solves this challenge by making it possible for people to mine using their smartphones. All you need is an Android or iOS smartphone and you are ready to go.

You also need a referral code from someone already in the network. After verifying your details, you will be ready to mine the Pi coin.

Mining is done in a simple way. Just open the application, click a button, and that’s it. As you do that, you will encounter some ads, which the company claims are needed for development purposes. 

Pi Network has become extremely popular. For example, in Android, it has more than 495k reviews, with the average being 4.5. Similarly, in iOS, it has more than 9,000 reviews.

Is Pi Network legit or a scam?

There are two sides to the Pi Network. Some people believe that it is a real cryptocurrency that will become popular with time.

In my view, I believe that it is both a scam and a pyramid scheme. For one, the Pi coins that users accumulate in their wallets are really worthless since one cannot cash out.

The developers have claimed that holders will be able to cash out when it is listed in major exchanges. It is unclear whether Pi Network will ever be listed in platforms like Binance and Coinbase. Besides, they have been talking about the listing for a while.

Most importantly, even when it is listed, it is unclear whether the Pi Network price will be stable. I expect that it will come under intense selling pressure as the current holders cash out. 

Therefore, the only people benefiting are the Pi Network developers who are now making virtually free money when people visit the app.

The post Pi Network: Is This Crypto Legit or Is It a Scam and Pyramid Scheme? appeared first on CoinJournal.