Monat: Juli 2023

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BNB Chain to undergo major hard fork to address blockchain exploit risks

Key takeaways

  • BNB Chain is set to undergo its ZhangHeng upgrade later this month.

  • The upgrade will address blockchain exploit risks, and no new BNB tokens will be issued. 

BNB Chain to undergo a major hard fork later this month

BNB Chain, the blockchain of the Binance ecosystem, is set to undergo its “ZhangHeng” upgrade later this month.

According to the development team, the upgrade will massively improve security features for users.

The BNB team believes that network security remains a cause for concern within the cryptocurrency industry. The hard fork is set to take place on 19th July 2023. at 6:00 UTC.

In the Web3 ecosystem, hard forks are permanent changes in the way networks operate, and they are carried out via software upgrades. 

The hard fork will not result in the issuance of new BNB tokens. Furthermore, two-thirds of all BNB Chain validators will need to upgrade their nodes to process blocks once the upgrade is complete.

The hard fork will protect BNB Chain and its users

The network developers revealed in the BEP-255 proposal that user balance changes will be tracked in each block and reconciled to pinpoint issues. If there is a reconciliation error, the BNB Chain will enter a panic mode, and the blockchain will stop producing new blocks. 

The developers added that;

“If a reconciliation error occurs, the blockchain will stop producing new blocks, impacting downstream services such as bridges, deposits, and withdrawals on exchanges. This drastic action is necessary to protect the chain and its users, so core developers and community members should investigate the issue as soon as possible.”

This latest cryptocurrency news comes following an interesting couple of months for BNB, the native coin of the Binance ecosystem. BNB’s performance has been erratic since the start of the year, with Binance facing multiple regulatory pressure globally.

BNB began the year trading at $245 per coin and rallied to its 2023 high of $354. However, BNB has lost more than 30% of its value over the past 30 days, thanks to its regulatory challenges in the United States and Europe.

At press time, the price of BNB stands at $246 per coin, down by less than 1% over the last 24 hours.

The post BNB Chain to undergo major hard fork to address blockchain exploit risks appeared first on CoinJournal.

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SingularityNET’s AGIX price outlook as AI investments rise

  • Elon Musk, the richest man on earth, has started a new AI company.

  • Nvidia made a $50 million investment in a biotech company using AI.

SingularityNET price jumped sharply on Thursday as investors reacted to the latest investments in artificial intelligence (AI). AGIX, the network’s token, jumped to a high of $0.2640, the highest level since July 3rd. 

AI investments rising 

Artificial Intelligence has been a major theme this year as investors cheer the launch of key projects like OpenAI’s ChatGPT and Google’s Bard. As a result, most companies with an exposure to artificial intelligence like Nvidia and C3.ai have done well this year.

There are two main reasons why AGIX and other AI cryptocurrencies are rising. First, Elon Musk, the richest man in the world, announced that he had launched a new AI company known as X.ai. 

Details about what the company will do and how it will work are still thin. Still, analysts believe that the company will seek to build a better AI model than ChatGPT and Bard. 

Elon Musk has a long history with AI. For one, he was one of the initial funders of OpenAI. Also, a company like Tesla uses some AI features already. Therefore, investors believe that his involvement will lead to more growth in the industry.

Second, AI coins and stocks jumped after Nvidia announced a $50 million investment in Recursion, a biotech company. Recursion will use Nvidia’s cloud platform to handle over 23 petabytes of biological data. This is a sign that there are still more demand for the AI financial assets.

SingularityNET price forecast

The 4H chart shows that the AGIX crypto price has made a strong bullish trend in the past few days. It has moved above the important support level since June 20th. The coin has moved above the 25-period and 50-period moving averages. It is also approaching the important resistance level at $0.2693, the highest point on July 3rd. 

Meanwhile, the token seems like it has formed a head and shoulders indicator while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, a move above the right shoulder level of $0.26 will invalidate the bearish view. A move above the resistance at $0.2693 will lead to more upside, with the target being at $0.30.

The post SingularityNET’s AGIX price outlook as AI investments rise appeared first on CoinJournal.

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Polygon proposes upgrade to switch MATIC to POL

  • Polygon’s technical upgrade could see MATIC renamed to POL.
  • POL will operate on multiple chains including PoS, zkEVM and Supernets.
  • The price of MATIC rose after the news, up 5% in 24 hours as daily volume jumped 21%.

Polygon has outlined a proposal for a technical upgrade of the native token MATIC. The details of this switch have been published in a white paper from a group of the blockchain platform’s founders and researchers.

The upgrade seeks to replace MATIC with a “next generation” protocol token dubbed POL, the protocol said in a blog post. The “rebranding” is part of the Polygon 2.0 roadmap, with POL designed to advance security and growth across the leading Ethereum scaling solution.

POL token’s utility

According to the technical upgrade’s whitepaper, POL is hyperproductive token – meaning holders can become validators and earn rewards. However, it offers more utility with validators able to operate across multiple chains. This would include the Polygon proof-of-stake (PoS), zkEVM and Supernets.

Upgrading from MATIC to POL will involve holders sending their MATIC tokens to the given upgrade smart contract. The system will automatically replace MATIC with POL in a 1:1 ratio and send the new token to the holder’s address. Polygon said in a blog post that the upgrade will result in only one native token – POL.

If the Polygon community adopts the proposal, the upgrade could begin in the next six months. Holders will thereafter have sufficient time to complete the switch, with a suggested timeline of four or more years.

MATIC price rose following the upgrade proposal, with the token’s value surging to its highest level since early June.

Data from CoinGecko showed Polygon’s native token traded nearly 5% in the past 24 hours. The altcoin’s daily trading volume was up 21.7% in the same period, with more than $306 million traded.

The post Polygon proposes upgrade to switch MATIC to POL appeared first on CoinJournal.

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Fed rate hikes to peak as inflation cools: Implications for Chancer

  • The US published weak jobs and inflation data this month.

  • The Fed could now hike rates less times than expected.

  • A dovish tone could be a good thing for Chancer and other cryptocurrencies.

American stocks jumped to a multi-month high while the US dollar index slipped to the lowest level since April 2022 on Thursday. Similarly, US bond yields and the CBOE VIX index turned red after the US published encouraging inflation data. These numbers, coupled with last week’s soft jobs data, could have an impact on cryptocurrencies, including Chancer.

US inflation and jobs data

The US published mixed jobs numbers last week. A report by ADP showed that the American economy added over 400k jobs in June, the highest figure in years. A separate report by the statistics bureau revealed that the country’s economy added over 209k jobs during the month.  The official report was relatively soft than expected.

The US then published soft consumer inflation data on Wednesday. According to the Bureau of Labor Statistics, the headline consumer price index (CPI) dropped from 4% in May to 3.0% in June. Core inflation also continued falling during the month.

Therefore, inflation is moving near the 2% target rate and this trend could happen faster than expected. For one, global shopping costs have plummeted while China has moved close to deflation. China is a big exporter to the United States.

These numbers will have an impact on all financial assets because of their impact to the Federal Reserve. Most economists now believe that the Fed will deliver another 0.25% rate hike this month and then pause indefinitely. In a note, an analyst at Point72 said:

“What we’re seeing is consistent with the market scaling back tightening expectations for after the July meeting, but it doesn’t seem that it should be pricing in scope for rate cuts this year.

A change of tune by the Fed will be a good thing for assets like stocks and cryptocurrencies. 

Chancer token sale continues

Another big crypto news of the week is that Chancer developers introduced more ways to buy the token. In addition to BUSD, the developers added Ethereum, Tether (USDT), and Binance Coin as options to buy the token. This is an important move because it gives users diverse ways to invest in the token.

Chancer’s token presale is going on well. For one, thousands of people have already bought the token, bringing the total amount raised to over $748k. The total amount of Chancer token sold stands at over 74 million.

For starters, Chancer is a platform that seeks to disrupt the sports betting and prediction market using the blockchain technology. It is a global platform that will make it possible for people to bet on international sports using cryptocurrencies.

At the same time, Chancer will enable any member to create their own markets and livestream them using the platform’s tools. For example, a user can create a market of a local game and then let a global audience bet on it. The user will take a cut of all the amounts placed in that market.

Chancer is now selling tokens as the developers prepare to launch the testnet in the coming months. You can buy the $CHANCER token here. Also, you should read the Chancer white paper to know more about the project, Most importantly, we recommend that you excise caution when investing in Chancer and other token presales.

The post Fed rate hikes to peak as inflation cools: Implications for Chancer appeared first on CoinJournal.