Crypto Guides, Knowledge & Insights

DAOs May Be the Future of Work, but Don’t Bet on Them Being the Next Big Asset Class

A growing number of Ethereum enthusiasts believe that decentralized autonomous organizations (DAOs) could be the future of work, cultural communities and human organization. As such, some think that DAOs, like decentralized finance (DeFi) and non-fungible tokens (NFTs) before them, are due for a mainstream breakthrough.　　On a basic level the thesis makes sense. After all, DeFi took off on the idea that it‘s the inevitable successor to the traditional financial system while NFTs are soaring on the belief that they are the digital generation’s art world, so why shouldnt DAOs, with their rules of organization programmed transparently onto blockchains, have their moment as they seek to replace the outdated hierarchical structures of centralized corporations？　　Unfortunately, placing a bet on that trend playing out isnt as cut-and-dry as buying some tokens.　　At the MCON conference last week, over 300 attendees hand-selected by the organizers met at a sprawling Denver brewery to discuss the future of DAOs. Even by the at-times pollyannaish standards of the Ethereum community – a group that sincerely believes itself capable of building smart-contractual solutions to many of the worlds problems – the outlook was rosy and the mood upbeat.　　“The way I‘ve been thinking about it, if you look at DeFi,

2021-09-27Deep Dive

DAOs May Be the Future of Work, but Don’t Bet on Them Being the Next Big Asset Class

A growing number of Ethereum enthusiasts believe that decentralized autonomous organizations (DAOs) could be the future of work, cultural communities and human organization. As such, some think that DAOs, like decentralized finance (DeFi) and non-fungible tokens (NFTs) before them, are due for a mainstream breakthrough.　　On a basic level the thesis makes sense. After all, DeFi took off on the idea that it‘s the inevitable successor to the traditional financial system while NFTs are soaring on the belief that they are the digital generation’s art world, so why shouldnt DAOs, with their rules of organization programmed transparently onto blockchains, have their moment as they seek to replace the outdated hierarchical structures of centralized corporations？　　Unfortunately, placing a bet on that trend playing out isnt as cut-and-dry as buying some tokens.　　At the MCON conference last week, over 300 attendees hand-selected by the organizers met at a sprawling Denver brewery to discuss the future of DAOs. Even by the at-times pollyannaish standards of the Ethereum community – a group that sincerely believes itself capable of building smart-contractual solutions to many of the worlds problems – the outlook was rosy and the mood upbeat.　　“The way I‘ve been thinking about it, if you look at DeFi,

2021-09-27Deep Dive

China fear is now infrastructure bill fear — 5 things to watch in Bitcoin this week

Bitcoin (BTC) is at the start of another week with Chinas latest “ban” behind it — but its next “FUD” story is already brewing.　　The United States infrastructure bill is back on the table, with this week likely to see a definitive vote on what could shake up cryptocurrency businesses.　　At the same time, fundamentals and on-chain metrics alike continue to be more bullish than ever, and traders are betting on — at worst — a moderate price dip to a floor no lower than $36,000.　　What are the odds？ Cointelegraph takes a look at five things that could move the markets in the coming week.D-Day for infrastructure bill　　The macro narrative switches from China to the United States this week as lawmakers decide the fate of the so-called “infrastructure bill.”　　H.R.3684, fresh from Senate approval, should see a final vote on Monday — despite rumors that it may yet be delayed.　　The bill includes a contentious description of a “broker,” one which could have far-reaching implications for U.S. crypto businesses. Efforts are still underway to change its language, with figures such as Wyoming Senator Cynthia Lummis and advocate Caitlin Long leading the way.　　The current text describes a broker as “any person who (for consideration) is

2021-09-27Deep Dive

China fear is now infrastructure bill fear — 5 things to watch in Bitcoin this week

Bitcoin (BTC) is at the start of another week with Chinas latest “ban” behind it — but its next “FUD” story is already brewing.　　The United States infrastructure bill is back on the table, with this week likely to see a definitive vote on what could shake up cryptocurrency businesses.　　At the same time, fundamentals and on-chain metrics alike continue to be more bullish than ever, and traders are betting on — at worst — a moderate price dip to a floor no lower than $36,000.　　What are the odds？ Cointelegraph takes a look at five things that could move the markets in the coming week.D-Day for infrastructure bill　　The macro narrative switches from China to the United States this week as lawmakers decide the fate of the so-called “infrastructure bill.”　　H.R.3684, fresh from Senate approval, should see a final vote on Monday — despite rumors that it may yet be delayed.　　The bill includes a contentious description of a “broker,” one which could have far-reaching implications for U.S. crypto businesses. Efforts are still underway to change its language, with figures such as Wyoming Senator Cynthia Lummis and advocate Caitlin Long leading the way.　　The current text describes a broker as “any person who (for consideration) is

2021-09-27Deep Dive

Cardano (ADA) developers can now leverage Chainlink for better smart contracts

Cardano is scaling up its decentralized finance (DeFi) smart contract development with a new partnership with Chainlink who will be providing the upgraded crypto asset with its oracle integration services for developers on the ecosystem.　　This was announced by the parent company, InputOutput (IOHK), of the blockchain project at the Cardano Summit 2021.Cardano Partners Chainlink for Smart Contract Developments　　According to available information on the partnership, smart contract developers building on Cardano would have access to Chainlink Oracle to build their Defi smart contracts now.　　The head of blockchain partnerships at Chainlink Labs, Niki Ariyasinghe, stated that the new partnership by both crypto firms would allow Cardano to use Chainlink to transfer tamper-proof data from off-chain sources to on-chain smart contracts.　　Ariyasinghe continued that partnership is also coming at the “right time” considering the fact that the IOHK-backed digital asset just enabled smart contract support. This, he believes, would allow projects that would be worth billions of dollars to be locked on the Cardano protocol.　　Youll recall that Cardano just had its most recent upgrade, Alonzo, which enabled smart contract development on its ecosystem.Cardano Gets First Stablecoin　　Interestingly, at the 2-days event, the IOHK team also revealed that the nascent Defi space of Cardano would have

2021-09-27Deep Dive

Bitcoin trapped between crucial support and resistance zones

Bitcoin (BTC/USD) has arrived at a critical decision zone. Will price action respect the 144 ema support on the daily chart？　　The BTC/USD seems to be trending lower but the price action has been slow and choppy so far. Price action also made a bullish bounce at the 144 ema.　　On the 4 hour chart, price action is in a downtrend channel but also facing a strong support zone.　　Lets review the two most realistic scenarios for the BTC/USD in the near future on the daily and 4 hour charts.Price charts and technical analysis　　The BTC/USD seems to be trending lower but the price action has been slow and choppy so far. Price action also made a bullish bounce at the 144 ema:　　A bullish breakout above the 21 ema zone could confirm an uptrend continuation.　　The main target is the resistance box (red) and -27.2% Fibonacci target.　　This could complete either a bullish ABC or be part of a larger 12345 wave pattern. This depends on whether price action bounces at or breaks above the top.　　If price action, however, breaks below the support line (green) and 144 ema, then a deeper bearish pullback (orange arrow) is expected. A contracting triangle chart pattern could take place via

2021-09-27Deep Dive

Bitcoin price gears up for advance toward $51k, but BTC bears prepared to push back

Bitcoin price is ready for a 16% climb, but multiple obstacles could hinder its potential rally.　　The leading cryptocurrency could continue moving sideways in the consolidation pattern until buying pressure increases.　　Investors should pay close attention to $44,248, the upper boundary of the technical pattern.　　Bitcoin price continues to record lower highs as a consolidation pattern has emerged. BTC has recovered nearly 9% since the September 24 low, which saw the leading cryptocurrency plunge 10% following Chinas reiteration of a harsh crackdown on cryptocurrencies. Bitcoin price recovery could be tough　　Bitcoin price has formed a symmetrical triangle pattern on the 4-hour chart as BTC has formed lower highs and higher lows. The continuation pattern indicates that there is a general equilibrium between buyers and sellers. The heightened level of indecision is clouding directional intentions for the bellwether cryptocurrency. 　　However, Bitcoin price has approached the upper boundary of the continuation pattern, suggesting that BTC is ready for a breakout if a spike in buy orders materialize. 　　The governing technical pattern indicates that Bitcoin price could see a 16% bounce toward $51,367. Despite the bullish target, BTC has multiple obstacles ahead, with the first line of resistance at the topside trend line of the chart pattern

2021-09-27Deep Dive

Former U.S. Treasurer Praises XRP While Dismissing Other Cryptocurrencies

Former U.S. Treasurer Rosie Rios recently typed out some words of praise for XRPs utility.　　In her tweet, Rios claims that the Ripple-affiliated digital currency is used for cross-border payments, which she believes sets it apart from other coins that are mainly useful for speculation.　　The ex-treasurer, whose name was printed on billions of U.S. dollar banknotes, believes that Chinas most severe cryptocurrency ban to date is somehow supposed to highlight the difference.　　RelatedDolce & Gabbana Wants to Crown Dogecoin Fan Elon Musk as “King of Crypto”Rios‘s words, of course, have to be taken with a significant pinch of salt given that she’s currently on Ripples payroll.　　As reported by U.Today, the San Francisco-based company added her to its Board of Directors in early May.　　Kraken CEO Jesse Powell took a veiled swipe at Rios and Ripple in response to the recent effort to promote XRP: “If you were wondering where some of these politicians get their ideas. We aren‘t all on the same team, and we don’t all have the same goals. Dont forget that.”　　In March, Powell opined that XRP started posing a “huge asymmetrical risk” to exchanges after Ripple was sued by the U.S. Securities and Exchange Commission last December.　　For more blockchain news,

2021-09-27Deep Dive

Can you build a business on blockchain?

Bitcoin has gone from a niche internet curiosity to a household name that’s made the fortunes of many an investor. Over the last several years, cryptocurrencies and NFTs have stolen headlines, but for the savvy technologist, it’s the blockchain technology underpinning them that’s most interesting.　　We’re not going to go into too much detail on the technical specifics of what blockchain is and how it works, but, in brief, a blockchain is a distributed ledger in which every transaction is collectively validated by every node on the network. Entries are permanent and immutable, and the infrastructure itself is completely decentralised. 　　Blockchain was originally developed to support Bitcoin, and became famous through the rise of cryptocurrencies. However, experts have highlighted many potential uses for blockchain beyond cryptocurrency, including a number of applications in business verticals from property to logistics.　　How realistic, though, is the idea of deploying blockchain within a business？ Is there a genuine need for this technology, or is it merely a passing gimmick？ And how difficult would it be to put the theory into practice？ In this month’s IT Pro Panel discussion, we asked our panellists for their insights into just how much of an influence they expect blockchain to

2021-09-27Deep Dive

Ethereum Regains Strength, Why $3,200 Is The Key For More Upsides

Ethereum started a steady increase above $3,000 against the US Dollar. ETH price must clear the $3,200 to continue higher in the near term.　　Ethereum started a strong increase from the $2,750 support zone.　　The price is now trading above $3,000 and near the 100 hourly simple moving average.　　There was a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD (data feed via Kraken).　　The pair must surpass $3,175 and $3,200 to continue higher in the near term.Ethereum Price Is Gaining Momentum　　Ethereum found a strong support near $2,750 and started a fresh increase, similar to bitcoin. ETH broke the $2,880 and $2,950 resistance levels to move into a positive zone.　　There was also a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD. The pair settled above the $3,000 zone and near the 100 hourly simple moving average. It gained traction and climbed above the $3,100 level.　　Ether price is now facing resistance near the $3,175 zone. It traded as high as $3,165 and is currently correcting lower. An immediate support sits near the $3,065 level. It is near the 23.6% Fib retracement level of the upward move from the $2,740 swing low

2021-09-27Deep Dive