Author Topic: Market News  (Read 140 times)

Inzider

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Ripple Price Analysis: XRP/USD falls below $0.30
Rajarshi Mitra
Rajarshi Mitra FXStreet

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    XRP/USD went down from $0.288 to $0.286 as markets opened this Friday.
    Price went down from $0.303 to $0.287 within 45 mins this Thursday.

XRP/USD bears beat out the bulls as price broke below $0.30. Price went down from $0.303 to $0.287 within 45 mins this Thursday. Currently, XRP/USD is trading for $0.286 as markets opened this Friday. There is a massive bearish sentiment in the market following the Bitfinex-Tether debacle. Bulls have to protect critical $0.284 support line.
XRP/USD Daily Chart

    This Thursday’s session took XRP/USD below the 20-day Bollinger band.
    The market is trending below the 200-day simple moving average (SMA 200), SMA 50, and SMA 20 curves.
    The six latest sessions of the Elliot wave oscillator are bearish.
    The signal line is diverging away from the moving average convergence divergence (MACD) line showing increasing bearish momentum.
    The relative strength index (RSI) indicator has moved into the oversold territory.


https://www.fxstreet.com/cryptocurrencies/news/ripple-price-analysis-xrp-usd-falls-below-030-201904260048?utm_source=tradingview&utm_medium=rss&utm_campaign=254b9d70-7c4b-481b-a94e-aaac0c60ed14
« Last Edit: May 04, 2019, 05:27:30 am by Inzider »
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NY Attorney General Suing Bitfinex For Using Tether (USDT) to Conceal Missing Funds

The New York State Attorney General (NYSAG) is suing cryptocurrency exchange Bitfinex and its stablecoin Tether (USDT) for fraud.

State Attorney General Letitia James announced the results of a probe today which accused Bitfinex of covering up missing funds. The cover-up was made possible by Bitfinex’s own stable coin Tether (USDT), which is supposed to be backed by real dollars.

According to an investigation, Bitfinex was using $850M from Tether’s backed reserves to cover up missing funds on the exchange. The funds apparently went missing sometime in mid-2018.

bitfinex investigation
Crypto Capital

The lawsuit is being brought against iFinex Inc., which operates the Bitfinex cryptocurrency exchange and owns Tether Ltd. According to the lawsuit, Bitfinex made an effort to hide these missing funds so as to not bring unwanted attention.

Unable to find a reputable bank to work with, the cryptocurrency exchange partnered with Panama-based Crypto Capital, through which Bitfinex mixed customer funds with its own capital. The lawsuit claims that the co-mingled funds with Crypto Capital totaled some $1B.

According to the Attorney General, in October 2018, Bitfinex began to struggle with withdrawals because it had drained customer funds. With Crypto Capital holding the funds with no proper agreement, the funds were foolishly “lost” or, more likely, stolen by Crypto Capital.

Bitfinex has not publically commented on the loss of funds in 2018.

Tether (USDT)

 
Tether FUD Strikes Again!

Although Tether had been scrutinized before, this is the first time a state probe has demonstrated that USDT was used to cover up fudged numbers and missing funds.

Bitfinex has been embroiled in controversy before, such as when it suffered a high-profile hack in May 2015 when $72M was stolen. This time around, there’s a good chance the exchange may be forced to significantly downsize — or cease operations, completely — if found guilty.

Do you believe Bitfinex will be found guilty? Are you surprised that Tether was supposedly used to cover up missing funds? Let us know your thoughts below.

Images courtesy of Shutterstock.

 
Tags: (USDT) Tether NewsBitfinex News

https://beincrypto.com/ny-attorney-general-suing-bitfinex-for-using-tether-usdt-to-conceal-missing-funds/?utm_source=rss&utm_medium=rss&utm_campaign=ny-attorney-general-suing-bitfinex-for-using-tether-usdt-to-conceal-missing-funds
« Last Edit: May 04, 2019, 05:26:47 am by Inzider »
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Is The Bottom In? Bitcoin Price (BTC) Has Nearly Doubled Since Bear Market Low



The current price action across the crypto market, especially when it comes to Bitcoin, has both bears and bulls alike in disbelief. Following the longest and among the most painful bear markets yet, both sides have become accustomed to rallies being swatted down the moment any confidence in the market has returned.

But in recent days, shorts have piled on, while the price has only increased. Bears are being taken by surprise as Bitcoin inches closer to the $6,000 resistance level that once played important support during the first half of the bear market. The current Bitcoin price is trading up nearly double from its 2018 low of $3,150 – does such growth suggest the bear market bottom is actually behind us?
Bitcoin Price Has Nearly Doubled Since $3,150 Bear Market Low

Overnight last night, Bitcoin climbed higher to above $5,700 following an early April rally that sent the price of the leading crypto by market cap up by over $1,000 in the course of an hour.

Most traders and analysts had been expecting a pullback due to overbought indicators, bear divs, and the cryptocurrency being overdue for some consolidation after such a powerful upward movement. Fears and uncertainty surrounding Tether and Bitfinex drama had only added to the bearish sentiment.

Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May

But regardless of the confusion and disbelief across the market, the rally continues on. Some crypto analysts attribute the buy pressure to investors fleeing the once safe-haven stablecoin Tether, selling the asset into Bitcoin and other cryptocurrencies to send them off of Bitfinex, and away from potential risk.

Whatever the reasoning is for the continued bullish momentum in Bitcoin price charts, it’s becoming more and more probably that the bear market bottom is behind us, and that a new bull market may be in the beginning stages.
If The Bottom Is Behind Us, Most Crypto Investors Missed Buying It

https://twitter.com/Josh_Rager/status/1124098456224768002/photo/1?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1124098456224768002&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F05%2F03%2Fis-the-bottom-in-bitcoin-price-btc-has-nearly-doubled-since-bear-market-low%2F

If the bottom of the longest ever Bitcoin bear market is now in the past, most investors missed their chance to buy it.

According to volume analysis below $3,400 in Bitcoin price charts, volume data shows that buyers were hesitant to buy at the extreme lows. Crypto analyst Josh Rager speculates that most traders missed the bottom either due to fear, or because the most bearish traders were waiting for lower prices – lower prices that never materialized.

Related Reading | Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%

While there are still a select few calling for sub-$3K prices in Bitcoin, much of the market has shed their bearish bias, and have since started to consider that a new bull market could be around the corner. With a convincing break of $6,000, Bitcoin can achieve 100% gains in a matter of six months following the final bear market bottom – if it is indeed it – which should signal that bull market type gains are returning to the cryptosphere once again.

https://www.newsbtc.com/2019/05/03/is-the-bottom-in-bitcoin-price-btc-has-nearly-doubled-since-bear-market-low/
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Facebook’s (FB) Crypto Payment Initiative Is Reportedly Called ‘Project Libra’



Insiders say the platform will be fueled by Facebook's upcoming stablecoin.

The internal efforts of Facebook’s (FB) cryptocurrency initiatives continue to leak with the latest report indicating that the company is developing a stablecoin-based payment platform, which is internally known as “Project Libra.”

According to the report by The Wall Street Journal, Facebook is currently in discussions with major payment networks Visa (V) and Mastercard (MA), in addition to major ecommerce companies to support the launch of the platform.

This news comes a month after separate reports revealed that Facebook is currently courting major venture capital firms to raise $1 billion, which is believed to be destined to back the company’s stablecoin.

Insiders also revealed that this coin is designed to have low volatility and will be leveraged to reward users for viewing ads and purchasing goods.
More: Facebook Building Cryptocurrency-Based Payments System
Related: Facebook Reportedly Courting VCs to Invest up to $1 Billion in New Cryptocurrency

https://sludgefeed.com/facebook-crypto-payment-initiative-reportedly-called-project-libra/
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Tether’s [USDT] ‘arbitrage opportunities’ increased by 5% on Kraken following Bitfinex fiasco



As Tether/Bitfinex controversy continues to brew, the oldest stablecoin, a new twist to the tale brings the US-based cryptocurrency exchange, Kraken into the pot. According to the recent Diar report, Tether reserves dropped by 26%, following which, the stablecoin’s “arbitrage opportunities” increased by 5% on one of the leading exchange, Kraken.

Price arbitrage means the price irregularity of the same asset across different exchange platforms. The difference in the price of the asset gives traders the opportunity to purchase the asset on the exchange trading at a lower price and selling it off on a platform with a higher trading price.

For traditional assets, arbitrage is quite common, but highly uncommon in case of stablecoins. Stablecoins are pegged with the Dollar. Hence, the asset should be stable and priced at $1, neither exceeding nor falling below the value of $1.

The New York Attorney General revealed that the exchange lost $850 million and used Tether to cover up the same. Post the Bitfinex-Tether episode that led to a brief market crash, a significant spread in the prices of Bitcoin was recorded on Bitfinex, as opposed to other exchanges.

An increasing spread on Kraken’s trading platform was witnessed in the report published by Diar which contradicted the basis of “stablecoin.”




On 25th April, the day the news broke out, a difference of $58 per BTC in Kraken questioned the true value of USDT on its platform. This spread eventually increased to $268 per BTC on 5th May. From the above chart, a significantly increasing spread was noticed. As per the report, arbitrage opportunities reached 5% on Kraken.

The report also mentioned Tether to be “contentious” as the stablecoin has been embroiled in controversies including allegations of Fractional Banking and avoiding audits which would confirm that the stablecoin was backed by an appropriate amount of USD, giving rise to speculations that Tether might not be completely backed by fiat.

https://ambcrypto.com/tethers-usdt-arbitrage-opportunities-increased-by-5-on-kraken-following-bitfinex-fiasco/
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Binance Hacked for $40 Million in Bitcoins, CZ Tweeted, ‘Funds are #safu’



Malta-based, Binance Exchange, which is one the largest Cryptocurrency Exchanges and brands in the crypto-sphere has been hacked for 7000 BTC or (about $40.6 Million at $5800). It impacted the Exchange’s ‘hot wallet’. Nevertheless, Exchange CEO, Changpeng Zhao, has confirmed that no users’ fund will be affected as they are insured internally by the firm.

According to Binance, the hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. It is possible that the privacy of many customers was compromised in the hack.

The Bitcoins [BTC] was stolen for the ‘hot wallets’ of the Exchange. According to their report, the security system was able to detect the hack only after one single transaction of 7000 BTC.

The Transaction ID for the same is can be found here.

Moreover, CZ also mentioned that while they have identified the nature of the hack, they haven’t placed the necessary security walls required just yet. He also announced the suspension of deposit and withdrawals until the “security review” is conducted at the Exchange. He added:

    “Most importantly, deposits and withdrawals will need to REMAIN SUSPENDED during this period of time. We beg for your understanding in this difficult situation.”

Trading will continue as before. CZ also claimed that the amount of the hack was only 2% of their Bitcoin holdings. Furthermore, Binance has also created an internal insurance mechanism which will guarantee the entire amount of the hack under #SafuFund. Binance mentioned:

    “To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet.”

The Exchange has vowed to maintain transparency and hold accountability in the issue as well. However, the hack has apparently affected the price of Bitcoin [BTC] negatively. Bitcoin was testing $6000, but at 3: 50 Hour UTC on 8th May it traded at $5860.

Do you appreciate Binance’s response in the issue? Do you have any other details related to the hack? Please share with us.

https://coingape.com/binance-hacked-7000-btc-no-users-funds-affected/


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Bitcoin [BTC] surges by 104% in 2019; Binance Coin [BNB] takes the lead with 292% growth



Withe the bears leaving the market, the collective cryptocurrency market was soaring by double digits. Even though Bitcoin [BTC] was leading the rally, the king coin was not the crypto posting the highest price hike in 2019.

Binance, the largest cryptocurrency exchange’s native crypto, Binance Coin [BNB] saw a surge in its price by a massive 292.25%, followed by Litecoin [LTC] with 217.86% from January 2019 till May 2019.

Binance Coin [BNB]


Binance Coin [BNB] faced the brunt of its native exchange, Binance, getting hacked. The coin fell tremendously; however, it managed to recover and noted a surge by 9.77% over the past day. At press time, BNB was valued at $21.34 when compared to its price 0f $5.93 in January 2019. BNB reported 292% growth and continued to stride up by 1.16% in an hour. It noted a market cap of $3.01 billion as the 24-hour trading volume was reported to be $283 million.

 Litecoin [LTC]


Litecoin followed BNB’s suit and registered a growth of 217% from January 2019 to May 2019. In January 2019, LTC was valued at $30.39, which surged to be valued at $91.49, at press time. The market cap of the coin was noted to be $5.64 billion as the trading volume was reported to be $6.27 billion. In the past seven days, LTC grew by 18.78% and a massive 15% in the last 24 hours. It continued to rise by 0.64% within an hour.

Bitcoin [BTC]


Bitcoin, which caused the rally of most major coins, reported a 104.44% from January 2019 to May 2019. Bitcoin [BTC], the largest cryptocurrency, crossed its recent $7k mark and was valued at $7,360.77 with a market cap of $130 billion, at press time. The 24-hour trading volume of the coin was reported to be $29.50 billion as it spiked by 8.53% over the past day and continued its bullish momentum by 1.36% in an hour.

XRP


XRP, along with its competition, Stellar Lumens [XLM] noted a fall of over 1% from January 2019 to May 2019. XRP was valued at $0.3516 in January 2019 and the current value of the coin was noted to be $0.3212 with a market cap of $13.53 billion. The 24-hour trading volume was $2.37 billion while noting a growth of 5.74% over the past day. In the past seven days, the coin noted a growth of 5.79% but fell by 0.24% in an hour.

https://ambcrypto.com/bitcoin-btc-surges-by-104-in-2019-binance-coin-bnb-takes-the-lead-with-292-growth/
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Stablecoins are getting more popular. So popular that they could bring about the mass adoption of Bitcoin as giant non-financial companies, such as Facebook and Samsung, get ready to participate in the crypto market.

Facebook and Samsung Are Joining the Stablecoin Craze

A new Binance Research report on the evolution of stablecoins, released on May 15, 2019, underscores the mounting interest of large companies in stablecoins.

Allegedly, these companies are already creating stablecoins and other tradable blockchain-based crypto assets instruments. Thus, they are integrating blockchain technology into their digital wallets and payment systems.

Stablecoins minted by large companies such as Facebook could significantly disrupt the payment and crypto industry worldwide, the study concludes.

Imagine the implications if Facebook starts using its allegedly planned digital coin for payment purposes across Messenger, WhatsApp, and Instagram. According to the report,

    These non-financial companies (e.g., Facebook or Samsung) are likely to be less risk-averse than traditional financial companies, and have greater incentive to disrupt the payments industry, with the added ability to execute at a faster, scalable pace.

    As a result, these companies may help to define future key growth drivers for both the global payment and the digital asset industry.”



The report also points out the critical shortcomings of stablecoins. Unlike Bitcoin technology, for example, a central authority will develop and control the Facebook coin, and its ledger will not be immutable. Users will undoubtedly be required to link their Facebook identity to their ‘FBCoin’ wallets.

In this regard, depending on whether the blockchain is private or public, and whether there is a central authority, the report came up with four scenarios, specified as follows:

    Private with a central authority: the blockchain would not be immutable by design (e.g., Facebook controlling the majority of the nodes) and would solely be used as an accounting system to avoid double payment issues.
    Private with no central authority: the blockchain would be immutable but an insurance mechanism or a litigation system would exist to prevent fraud.
    Public with a central authority: the blockchain would not be immutable but all transactions would be public.
    Public with no central authority: the blockchain would be immutable with all transactions being public.

But regardless of the type of blockchain on which the Facebook coin will run, the report emphasizes,

    This project could constitute a stepping stone in mass-adoption for cryptocurrency and other digital assets while contributing to the ‘unbanking’ of the payment industry.

Stablecoins Becoming Integral to Bitcoin, Crypto Markets

As the universe of stablecoins continues to swell exponentially, they are also becoming easier to trade.

Stablecoins aim to lessen price volatility by being pegged to a fiat currency or an exchange-traded commodity as a precious or industrial metal.

US dollar-pegged digital currencies are growing fast. Quote asset volumes driven by stablecoins in Binance grew year-to-year from 35.78% to over 60.55% as of May 1st, 2019.



The report argues that the increase in volume is in part due to the introduction of additional stablecoin pairs on Binance in the first four months of 2019.

In spite of its recent Tether fiasco and the fact that it is no longer fully USD collateralized, USDT continues to dominate the Bitcoin markets because it has greater liquidity than other coins.

Moreover, the adoption rate of its Ethereum-based and Tron-based tokens is accelerating. As a result, Tether had the largest net inflow, reaching almost $1bn, in the first four months of 2019.



The report indicates that an increasing number of stablecoin-related projects are streaming into the market with additional products and services, promising a greater expansion of the use cases and popularity of stablecoins all over the world.

For example, TrustToken plans to launch several new stablecoins pegged to various fiat currencies, such as AUD, GBP, HKD, and EUR. And, Pexos is partnering with Ontology to use multiple blockchains, using an approach similar to Tether’s.

Will stablecoins help drive mainstream adoption? Let us know in the comments below!

https://bitcoinist.com/facebook-coin-stablecoin-crypto-mass-adoption/
Images via Binance Research, Shutterstock

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On Friday May 17, Bytecoin, one of the longest standing privacy coins in the crypto space, successfully underwent a scheduled hardfork.

This was a non-contentious hardfork, meaning that it was pre-planned and intended as a means of refining the Bytecoin platform rather than dividing it. Once 90 percent of the blocks in a 720-block frame were submitted via the new version of Amethyst software it triggered the switch height of the blockchain, which in turn initiated the hardfork.   

Though long planned, the fork was nonetheless momentous as it has formally ushered in changes to the platform pre-packaged in the Amethyst 3.4.2 software update. While Bytecoin’s maximum coin supply has not been altered in any way by the hardfork, now both new and old Bytecoin addresses work properly and can be transferred amongst each other.

https://cryptodaily.co.uk/2019/05/bytecoin-undergoes-long-hardfork
Moving forward, this hardfork will set the stage for a number of features and upgrades to the platform to take effect, namely:

    HD wallets with mnemonic backup and restore;
    new unlinkable addresses;
    blocksize adaptation;
    reduced ring signature size;
    consensus updates;
    wallet history stored in the blockchain;
    improved P2P protocol;
    auditable wallets

These updates are aimed at streamlining the platform and solidifying its position as one of the premier privacy solutions in crypto. The additions of unlinkable addresses and HD mnemonic wallets will do much to beef up the platform’s cryptographic specs, while adjustments to block and ring signature size are set to increase agility.

Looking forward, this hardfork will set in motion a number of prospective features that have been lined up on deck for Bytecoin, including the Gateway project, hidden amounts, and the events laid out in the roadmap. When reached, Bytecoin CMO Jenny Goldberg had this to add:

    “We have been preparing for this hardfork for a long time, and many of our future plans were dependent on its completion, so this is a key development for the team and for the community. On behalf of the team, I’d like to thank the members of our community for their contributions in the lead up to the fork, and share our enthusiasm for what’s on the horizon. We feel that with the developments we’ve got coming this next stage for the platform will be marked by expansion and positive growth.”

About Bytecoin

Bytecoin was originally launched in 2012 as the first privacy-oriented cryptocurrency based on CryptoNote technology. Since its conception, Bytecoin has worked to position itself as a platform that recomposes structures of commerce in favor of the individual.
« Last Edit: May 24, 2019, 02:55:43 am by Inzider »
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Colossal mainstream telecom provider AT&T announced it now accepts Bitcoin payments for bills, via BitPay.
AT&T Now Accepts Crypto


According to a May 23 statement on att.com, “AT&T* will now accept online bill payments through BitPay, a respected cryptocurrency payment processor. AT&T becomes the first major U.S. mobile carrier to provide a cryptocurrency payment option to customers.” BitPay will now appear as a payment choice when clients pay online or through myAT&T app usage, the statement noted.

AT&T Communications Finance Business Operations vice-president Kevin McDorman said in the statement:

    “We’re always looking for ways to improve and expand our services […] We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

In the fall of 2018, the crypto space also saw Ohio take a shine to Bitcoin, allowing residents to pay their taxes in the asset, via BitPay.

Conceived in 2011, the crypto payment operation BitPay Inc. is “the largest bitcoin payment processor in the world, serving industry-leading merchants on six continents,” according to BitPay’s website.
Adoption In The Works

Mainstream adoption for cryptocurrencies is at the doorstep of the industry, with big businesses utilizing blockchain, mainstream entities looking to trade crypto and new entities, such as AT&T, now allowing bitcoin as a payment method.
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Microsoft Releases Ethereum App Development Kit for Azure Cloud

Technology

Tech giant Microsoft has released a suite of tools allowing clients to build ethereum-based apps on its cloud computing platform Azure.
The new Azure Blockchain Development Kit for Ethereum will help developers create and deploy ethereum-based apps on Azure Blockchain Service or the ethereum blockchain, Chris Pietschmann, Microsoft MVP (most valuable professional) and founder of BuildAzure.com announced in a blog post on Monday.
The ethereum development kit comes as an extension to Microsoft’s source-code editor Visual Studio Code, allowing developers to create and deploy ethereum smart contracts and utilize open-source blockchain tools such as Solidity and Truffle.

On its GitHub page about the kit, Microsoft explains: “Azure Blockchain service is a managed Ethereum service that you can deploy and interact with Solidity contracts as well as integrate into other Azure based services such as Azure Flow, Logic Apps or storage services like SQL Server or Cosmos DB.”
The extension is supported on both Windows 10 and macOS, Pietschmann said, adding that it can also run within a Virtual Machine in Azure.
He further noted:

“Sure, there have been Solidity and other Blockchain technology extensions for Visual Studio Code published by others in the community, however now there is also an official set of tools published by Microsoft.”

Last month, Microsoft launched a token-building kit in association with the Enterprise Ethereum Alliance, aimed to help businesses design and create the suitable cryptocurrency tokens for their particular needs. It’s also rolled out “proof-of-authority” ethereum consensus on Azure, which replaces the proof-of-work mining process that is commonly used by public blockchains.

Further, the company said last week that it will promote JPMorgan Chase’s Quorum blockchain to its business customers through Azure platform.

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As reported by BeInCrypto; Facebook is set to formally announce its cryptocurrency on June 18. Other tech giants are undoubtedly taking notice. How will they respond?

Facebook (FB) is betting big on the blockchain space. Although it’s been an open secret for some time now, its native ‘cryptocurrency’ will be announced on June 18. For the time being, we know only a few concrete details about the mysterious token.

For one, it will likely be called ‘Libra.’ It’ll also be a stablecoin, and be integrated into the native Facebook platform. Moreover, it will launch with 100 nodes, each costing $10M to run, paid for by any interested businesses or third-parties.

Facebook is even creating an independent institute to monitor and manage the project. These are some bold moves, and its big tech competitors are likely taking notice.
Competitors Taking Notice

Although Amazon, Google, nor Apple has formally spoken on Facebook’s digital currency, you can bet that it’s on their radar.

https://twitter.com/Bitcoinlife2012

All of these tech companies have made major investments in blockchain technology in the past few years. Amazon, for example, has its own Amazon Managed Blockchain platform which allows enterprises to be created on top of its Amazon Web Services.

🚀  Bitfinex Adds Margin Trading for Tether, Bitcoin Cash and Bitcoin SV

Google, as well, is applying blockchain to cloud computing, Bloomberg has reported. However, the company has stayed especially silent on the matter since it was revealed last year.

Then, there’s Apple. They’ve admittedly been the odd one out of these developments, and have proven themselves to be uncharacteristically allergic to the promise of blockchain technology. Last week, the company released a developer ‘CryptoKit’ but its focus was more on cryptography than anything related to digital assets (to the disappointment of many).

Still, other companies like Samsung are jumping in on the action as well with its Galaxy S10 smartphone being integrated with cryptocurrency wallets and digital asset protection.   

The race is on over which tech giant will stand to gain the most from the growing cryptocurrency industry. By all estimates, it appears that Facebook will be able to utilize its abundant resources and notoriety to take an early lead.
Facebook Taking Risks

Amid growing controversy over its revenue model based on ads, the social media giant is now trying to create a new revenue stream. It hopes that the idea will allow the firm to enter the e-commerce sector, and even establish itself as a payment transfer service of sorts.

It’s a risky bet given that Facebook has previously tried the idea in the past with ‘Facebook Credits,’ which turned out to be a massive flop.

However, it’s clear that Facebook is feeling uncomfortable pressure from regulators and the public which is likely why it is taking the plunge into the cryptocurrency world. It’s a long-term bet which the company is hoping will save it from its current mounting controversies.
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Do you believe Facebook Coin will be successful? Will other tech giants take notice and make their own native tokens? Let us know your thoughts in the comments down below.

https://sludgefeed.com/will-facebook-usher-in-crypto-adoption-for-google-amazon-apple/
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