Kategorie: Crypto News

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Chainlink (LINK) jumps by over 20% after unveiling its new economic roadmap

Chainlink, an Oracle service provider, has revealed its new economic roadmap by introducing the new staking mechanisms to the blockchain. During the announcement, Chainlink noted that the mechanism will present the operational efficiencies of the blockchain and that of its oracle network.

At the same time, all LINK investors will be rewarded. Chainlink also unveiled the four main long-term goals that it plans to achieve with the staking mechanism.

  1. Generating Sustainable Rewards for Long-Term Users
  2. Enabling Greater Community Participation in the chainlink Network
  3. Empowering Node Operators to Acces Higher Value Jobs Through Staking.
  4. Increasing the Crypto economic Security and User Assurances of Chainlink Services

 

Chainlink Staking mechanism

According to Chainlink, its staking mechanism will continue to advance as its Oracle network continue to expand over time. However, its original goal is to develop a secure and simple foundation for staking and later continue with the expansion based on the feedback they will get.

Chainlink staking mechanism rollout will be similar to the functionality of its Price Feeds. With the help of this mechanism, it will be possible to identify opportunities and risks at the initial stage of the execution before scaling.

According to the announcement, the initial version v0.1 of Chainlink Staking is expected to be released later in the year and will focus on introducing an alert system and a reputation framework. 

The initial staking pool in v0.1 will have a distinct allocation to the member of the community, coordinators of oracle networks, and node operators.

Chainlink noted:

“The pool will start with an aggregate size of 25M LINK tokens, with the planned goal of scaling to a pool size of 75M LINK tokens in the months after launch, based on demand.”

Additionally, it is expected that in v0.1, the native token emission will be focused on stakers who will aim at a base level of annualized rewards of about 5%.

LINK price rally

The price of Chainlink (LINK) rose by over 10% immediately after the economic roadmap was revealed yesterday and the price has continued to rally to today. At the time of writing, a day after Chainlink released the economic roadmap, LINK was trading at $9.38, up 9.08% over the past 24 hours having hit a daily high of $9.46. 

Apart from the new economic roadmap that has also contributed to the rally, it seems that Whales capitalized on the broader market correction by accumulating LINK tokens.

The post Chainlink (LINK) jumps by over 20% after unveiling its new economic roadmap appeared first on CoinJournal.

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Here is why Tezos is up by more than 8% today

The cryptocurrency market is experiencing a mixed performance today, but Tezos has been performing excellently in the last 24 hours.

The cryptocurrency market has been experiencing a mixed performance over the past few hours. The broader market has lost less than 1% of its value over the past 24 hours and the total market cap now stands below $1.25 trillion.

Bitcoin remains above the $30k support level despite losing 0.9% of its value so far today. Ether is also down by less than 1% and is currently trading at $1,790 per coin.

However, XTZ, the native token of the Tezos ecosystem, is one of the best performers amongst the top 50 cryptocurrencies by market cap.

XTZ is up by more than 8% at press time, outperforming the other major cryptocurrencies. 

XTZ’s ongoing rally can be attributed to the USDT stablecoin launching on the Tezos blockchain. 

Tether announced earlier today that its USDT stablecoin is now live on the Tezos blockchain. Thus, making Tezos, the 12th blockchain USDT, is launching on.

USDT is the leading stablecoin in the world, with a market cap of over $80 billion.

Key levels to watch

The XTZ/USD 4-hour is currently bullish as the cryptocurrency has been performing well in the last 24 hours. The technical indicators show that it is outperforming the other major coins. 

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 72 shows that XTZ could soon enter the overbought region.

At press time, XTZ is trading at $2.213 per coin. If the bullish momentum continues, XTZ could move past the first major resistance level at $2.458 before the end of the day.

However, XTZ would need the support of the broader crypto market to make a move past the $2.7 resistance level. 

The post Here is why Tezos is up by more than 8% today appeared first on CoinJournal.

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Binance is seeking crypto licenses in the Philippines, CEO says

Binance has sought the virtual assets service provider (VASP) and e-money issuer (EMI) licenses.

Binance CEO Changpeng Zhao says that the platform, the world’s largest in terms of trading volume, is looking to secure key crypto licenses from Philippines’ Bangko Sentral ng Pilipinas (BSP).

The exchange targets the virtual assets service provider (VASP) license, as well as the e-money issuer (EMI) license, he said.

With the two licenses, Binance will be able to offer services that involve conversion of fiat into pesos and the disbursement of electronic money.

Approval within months

According to Zhao, Binance is also eyeing an expansion of its operations across the country, including making strategic investments in payment service providers and banks. He noted that the objective is to bring these services onto the blockchain.

He added that he had met regulatory officials and that Binance could secure the licenses within months.

Binance is a ‘resposnsible’ platform

Zhao’s comments also included a go at Reuters over its recent claims of money laundering schemes carried out via the exchange.

And in an interview with CNBC on Thursday, he reiterated Binance’s responsible trading, noting that it “probably” is the only platform to work towards this for the benefit of its customers.

Apart from trying to establish a customer’s risk knowledge in relation to leverage, Binance will also suspend new accounts that make losses when leverage trading.

The post Binance is seeking crypto licenses in the Philippines, CEO says appeared first on CoinJournal.

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IMF report calls for eco-friendly design choices in the crypto ecosystem

In a study titled “Digital Currencies and Energy Consumption”, the International Monetary Fund evaluated the impact of design elements of crypto assets on their energy consumption in order to develop an ideal framework for a mainstream central bank digital currency (CBDC).

The report brings to light the significance of making the right design choices on the overall environment-friendliness of the crypto ecosystem and its ability to go mainstream.

With the intention of facilitating further policy discussion on the current impact of crypto on green consumption, IMF recommends against the use of proof-of-work-based distributed ledger technology applications.   

Highlighting Bitcoin’s energy consumption of about 144TWh per year, the report pointed out that while scalability solutions reduce the energy cost per transaction, they do not affect the overall energy spending.

The organisation also recognised the potential and energy efficiency of non-PoW, permissioned crypto assets:

“The potential of non-PoW permissioned crypto assets to reduce energy consumption relative to the existing payment system comes about from energy savings on both core processing architectures and user payment means.”

With the increasing interest of countries in developing their very own digital currencies, the IMF advised central banks to design CBDCs with the explicit goal of being environmentally friendly. This, according to the report includes but is not limited to selecting platforms, hardware and design options that come with a lower carbon footprint that the mechanisms traditionally being used by the central bank.

The report added that the green component of implementing the CBDC must be looked into right from the experimentation phase itself. The IMF also recommended that central banks integrate compliance, higher resilience, offline capabilities and other such features during the development of CBDC. 

Policymakers will weigh the environmental impact of cryptocurrencies and CBDCs and their underlying technology while considering their utility for mainstream adoption, the report concluded. 

 

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Highlights June 9: Solana reverses losses, Chainlink continues to surge

Top 10 cryptos were flat, registering gains and losses of less than 1%. In the top 100, most fluctuated by 1-3% in value. 

Top cryptos

Bitcoin was trading above $30,000 at time of writing, relatively flat over the past 24 hours. Cardano registered negligible gains. Solana is the big winner in the top 10, gradually reversing losses, up almost 5% today.  

Cryptos outside the top 10 demonstrated the same tendency and were almost flat. Polygon and UNUS SED LEO each gained around 2%. 

Top movers

Chainlink continues yesterday’s surge, adding another 8% to its value. Tezos gained 10%, Helium 9%, and OMG Network 7%.  

One possible reason for Tezos’ growth is the announcement that the We Are Developers World Congress Berlin 2022, powered by Tezos, is starting on June 14. 

Gala shed around 3% as the Galaverse event nears its end. Fantom, ApeCoin, eCash, and Klaytn are also down around 3% each. 

Two days ago, a suspected exploit shut down Elrond’s Maiar DEX, resulting in loss of funds. Despite putting a recovery plan in place, Elrond lost 6% of its value today.  

Trending 

The biggest winner today is BurnToEarn, a Web3 app and platform on Binance Smart Chain. It is a health-oriented platform, where you can monetize your exercise regime. The BTE token has gained 877% today. 

The post Highlights June 9: Solana reverses losses, Chainlink continues to surge appeared first on CoinJournal.