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4 Reasons Why You Should Use JAX Coins

Every worthy cryptocurrency has some inherent benefits users derive from it (use case), and the same applies to JAX coin. This stablecoin offers a lot of benefits to users. Some cryptocurrencies help users generate income, engage in a transaction, etc. In the case of JAX, we will look into its special benefits. However, before we enumerate and discuss these benefits, let us understand what JAX is.　　What is JAX？　　JAX is one of the native cryptocurrencies of the Jax.Network blockchain. The coin is designed to align with the market forces of demand and supply for stability. Miners can increase their hash power to mine more JAX when there is increased demand. Also, they will reduce their hash power when there is low demand. This way, the overall value of JAX remains stable, while adapting to the economic situation around the world.　　Many people might think that JAX coin is a mere stablecoin upon peripheral examination, However, it is more fascinating than stablecoins. Stablecoins are pegged to an external real-world asset to help stabilize their value. On the other hand, JAX is not. It is a self-sustaining cryptocurrency. JAX maintains a stable value in the crypto market by adjusting its supply to meet the

2021-06-22Deep Dive

DCG to Buy $50M in Shares of Grayscale’s Ethereum Classic Trust

Digital Currency Group (DCG), the parent company of crypto asset manager Grayscale Investments, said it plans to purchase up to $50 million in shares of the latters Ethereum Classic Trust.　　According to the Monday announcement, DCG — which is also the parent company of CoinDesk — will fund the purchases with cash on hand and make them on the open market.　　The price of Ethereum Classic (ETC) tripled in May, reaching an all-time high of $177.26 before falling approximately 70% into the low $50s, where it remains today. Though ETC has returned 668 percent year-to-date — higher than ether (ETH)‘s 163% gain — many crypto analysts saw the ETC rally as a speculative fever akin to the dogecoin (DOGE) frenzy rather than an informed investment based on the blockchain’s technological potential.　　Gil Luria, an equity analyst at D.A. Davidson s booth at Consensus 2016 in New York(CoinDesk archive)　　DCG did not respond to requests for comment.　　The company made a similar move to shore up shares of Grayscales flagship Bitcoin Investment Trust in March. These trusts are designed to give investors exposure to cryptocurrencies without the hassle of setting up a wallet or safeguarding cryptographic private keys.　　ETC was created in 2016 after a schism among

2021-06-22Deep Dive

​4 Indicators Help You to Find a Bull Market!

Indicators commonly used in the cryptocurrency trading are introduced herein, assisting you to evaluate the preferences and sentiments of traders in this field.　　Open interest　　Observing indicators that are based on the volume of trading is a way to measure what is popular in the market. Among them is open interest which is in vogue, a general indicator for capital flowing into the market. It equals the total number of outstanding contracts held by investors at particular timing.　　Capital flow of stablecoins　　Traders may turn to stablecoins in a bid to minimize the volatility of prices when they expect that the digital currencies they hold can depreciate in the face of underselling. Therefore, it is also useful to pay attention to the volume of stablecoin trading and the overall trend of its movement.　　Capital flow via exchanges　　Investors may try dumping their digital assets via exchanges if they predict an impending bearish market in fear of the depreciation above-mentioned, which is a trend shown by net flows through exchanges that are equivalent to an indicator measuring the net amounts of tokens flowing into / out of an exchange.　　Fear and greed index　　As a hit in gauging investors sentiments, fear and greed index has always been useful in

2021-06-21Deep Dive

Dogecoin (DOGE) car crashes during NASCAR race

A Dogecoin-branded race car crashed into the wall during Saturdays NASCAR race on its return to the track, finishing last and causing a temporary price dump on DOGE.　　#DogeCar even trended on global Twitter for a while, reaching up to 26th rank on the popular tweets charts.　　The Dogecoin racecar saga　　At the NASCAR Xfinity Series race in Nashville on Saturday—during Stage 2 of the Tennessee Lottery 250—Parsons slammed into the wall right before the finish line and saw his bonnet getting rekt.　　The car made contact with another racer before swerving into the grass and then going across the track straight into the wall. It went sideways along the track for several feet before Parsons regained composure and got the car into control. He finished 36th as a result…or last.　　Parsons left the crash site safely, and no other casualties were reported as of press time. Still, the historic race left the dogecar licking its wounds and seeing traders sell DOGE en masses, with the memecoin down over 5% since Sunday.　　Dogecoin has shown up at auto racing events in the past. 2014 was the first of such instances when racer Josh Wise drove a Dogecoin-branded car sponsored by DOGE traders from Reddit. It created

2021-06-21Deep Dive

Crypto Bull Market “Definitely Not Over”: 3AC’s Su Zhu

Su Zhu says that the bull market still has room to run. In the latest Uncommon Core podcast, the Three Arrows Capital CEO and co-founder argued that recency bias had influenced the current market sentiment.　　Su Zhu Still Bullish　　Su Zhu, one of the crypto spaces top traders and investors, thinks that the bull market is not done yet.　　Speaking on the latest Uncommon Core podcast, which Zhu hosts alongside crypto researcher Hasu, he said that he thought the bull run was “definitely not over.” He claimed that recency bias was responsible for the current condition of the market, which has been characterized by negative sentiment since Bitcoin and other assets took a deep plunge in May.　　Zhu acknowledged the May 19 crash and remarked that notable events such as Tesla halting Bitcoin payments and Chinas ongoing mining crackdown created a turning point for investors to start taking profits. He then pointed to key metrics like daily transaction volume, active addresses, and year-on-year total value locked as healthy signs of adoption. “People have trouble zooming out,” Zhu said. “Some of these coins went up for nine months straight so I think the pullback, while it was very brutal, is not necessarily a sign that

2021-06-21Deep Dive

Nassim Taleb Explains Why He Thinks Bitcoin Fails As Money And Store of Value

Nassim Nicolas Taleb was called Wall Street‘s principal dissident by renowned journalist Malcolm Gladwell. Yet, he may well be dubbed Bitcoin’s principal dissident by whoever has enough academic authority to do so.　　Once a vocal Bitcoin user and advocate, Black Swan author Nassim Taleb recently became a harsh critic of cryptocurrencies and published a paper this weekend explaining the reasons why he thinks Bitcoin fails as money, store of value, and even as a novel technology.　　For Nassim Taleb Bitcoin Is Not Money… It Serves Little Purpose　　Taleb began by questioning the possibility of Bitcoin turning into a global store of value any time soon:　　It is also a reasoning error to claim that an innovation, bitcoin, can become the “new gold” ab ovo, when gold wasnt decided to be so by fiat thanks to a white paper; it organically became the reserve ex-post, throughout centuries of competitive selection against other modes of storage, payment, and collectibles.　　As a social science, economics explains that the conception of money depends fundamentally on a collective agreement. It can happen by force (as in the case of fiat money) or by the evolution of social interactions (as in gold). However, it takes a long time for society to

2021-06-21Deep Dive

Smart contracts and the law: Tech developments challenge legal community

Smart contracts are an important element of the blockchain revolution, although they predate blockchain. According to most sources, it was Nick Szabo who coined the term “smart contract” in the 1990s. The mechanism of a vending machine has since been frequently given as an example of a basic smart contract based on if-then logic. The payment into a vending machine triggers an irrevocable automated action from when money is retained to when an item is supplied.　　The emergence of blockchain technology enabled the implementation of such if-then logic on decentralized networks to facilitate autonomous self-executing, self-performing smart contracts, also called computerized scripts, smart code, computerized protocols or decentralized business logic. Ever since they gained popularity, it has been debated and questioned whether they are at all smart or contracts.　　The basics of smart contracts　　Setting this debate aside for the moment, smart contracts offer many benefits. One of them is efficiency brought mainly by automation, their streamlined formation, unambiguous interpretation and efficient performance. Efficiency gains bring forth cost savings, achieved through the removal of intermediary layers and the reduction of ambiguities and opportunistic behavior.　　Transparency of smart contracts provides auditability and enhances trust. Technology-guaranteed performance facilitates transacting not only between parties that do not

2021-06-21Deep Dive

Bitcoin Has Three Major Flaws, According To Cornell Economist

CNBC interview Eswar Prasad, an economics professor at Cornell University. The academic highlighted BTCs “flaws” and how other cryptocurrencies have come up “with more viable options”.　　According to Prasad, Bitcoin “harms” the environment. This argument has been used by Elon Musk, Tesla‘s CEO, and is one of BTC’s detractors favorite.　　The academic believes BTC transactions and its consensus algorithm, Proof-of-Work (PoW), have a direct impact on the environment. He classified the process of adding transactions, and mining BTC as “energy-intensive”.　　When compared with the energy consumption of countries such as Finland and Switzerland, the academic believes Bitcoin can consume even more energy. Prasad based his arguments on the Cambridge Bitcoin Electricity Consumption Index.　　This index records that BTC uses around 93.44 TW/h per year, much more than Israel, Belgium, Greece, and other major countries, as shown in the chart below.　　However, data from the Cambridge Centre for Alternative Finance indicates that 39% of Bitcoin mining comes from Renewable Sources. On the contrary, China (12.7%), the United States (8.7), and the entire World (11.4%) dont come close to this metric.　　Bitcoin Flaws And Its Biggest Strength？　　In addition to its alleged negative environmental impact. The academic argued that BTC is “not so anonymous after all”. Thus, the cryptocurrency

2021-06-21Deep Dive

Germany to Test Run Digital Certificates Using Blockchain Technology

Digital certificates are beginning to be tested in Berlin as a new system for school graduates.　　The new system is set to roll out in North Rhine-Westphalia, Berlin. The plan is to roll out digital certificates to the first high school graduates as early as the end of June.　　Project lead Eric Stange admits that interest in the digital certificates has received promising feedback, saying “The digital version is simple, forgery-proof and complies with data protection regulations.”　　The use of paper certificates has become impractical, as students utilize online service more regularly now. Issues such as scanning of paper documents were highlighted as one of the issues. Other issues include the potential to manipulate paper documents or counterfeit them.　　The Federal Online Access Act (OZG) looks to implement a digital option for all citizens by the end of 2022. Currently, the system is set to be tested in three federal states, before being rolled out to the entire country.　　Stange admits that paper documents will not completely fall away as digital certificates are implemented. He admitted that students could still receive their paper certificates ceremoniously at their graduations.　　Benefits of digital certificates　　Stange believes digital certificates will offer advantages to students, as it is commonly required of

2021-06-21Deep Dive

ECB Board Member: CBDC Euro Would Respect Privacy, Unlike Private ‘Unstable Coins’

In brief　　A digital euro would protect consumers privacy because the European Central Bank has no commercial interest in personal data, said ECB executive Fabio Panetta.　　Facebook-backed Diem is an “unstable coin,” he said.　　European Central Bank (ECB) executive board member Fabio Panetta believes a digital euro would preserve privacy better than a stablecoin issued by a large tech company.　　“If the central bank gets involved in digital payments, privacy is going to be better protected [...] because we are not like private companies,” he told the Financial Times in an interview published today. “We have no commercial interest in storing, managing or monetising the data of users.”　　Last month, Facebook-backed Diem Association said a pilot version of its stablecoin—a private digital currency pegged 1:1 to a fiat currency—is on the way. Panetta described Diem, formerly Libra, as an “unstable coin,” according to the FT.　　By contrast, the ECB‘s digital euro would be a central bank digital currency (CBDC). It’s still a tentative plan; according to ECB president Christine Lagarde, it could take at least four years. Working out how to design the coin would take two years alone, said Panetta.　　The interview comes two weeks after the ECB advised governments to pay attention to CBDCs.　　In a

2021-06-21Deep Dive
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