Crypto Guides, Knowledge & Insights

How ABEYCHAIN Has Resolved The Blockchain Trilemma

Since its inception, the technology that powers cryptocurrencies and their use cases have faced a complex problem. For a public blockchain to be scalable, decentralized, and secure, sacrifices must be made. However, the technology has matured and there are projects that offer a solution to the classic blockchain trilemma. Amongst the most prominent is ABEYCHAIN.　　Launched in March 2021, ABEYCHAIN 2.0 (ABEY) is a public blockchain that operates with a double consensus mechanism Proof-of-Work (PoW) and Delegated Proof-of-Stake (DPoS). This hybrid model allows it to offer more advantages and efficiency, in governance and incentives, than conventional blockchains without their trade-offs; it processes transactions fast without compromising its decentralization.　　ABEYCHAIN 2.0 is ideal for developers seeking to build dApps on an ecosystem with cross-chain interoperability. The rapid expansion of decentralized finances (DeFi), Non-Fungible Tokens (NFTs), and cryptocurrencies in general as a medium of exchanges into the mainstream has proven that projects require flexibility and interoperability to be sustainable.　　Developers with projects and dApps in other blockchains can quickly migrate into ABEYCHAIN 2.0. Thus, this blockchain has gained the attention of a vast community of developers. They seek to leverage its features, its stable gas fees and enter the interconnected ecosystem which offers more opportunities

2021-05-27Deep Dive

Crypto in a Post-Covid World: How the Pandemic Influenced the Market

In the grand scheme of things, the global pandemic reignited confidence in cryptocurrencies. Access to the internet, free time, and the emergence of digital natives as an emerging population enabled cryptocurrencies to surface into the market. Gen Z and millennials, through their DIY mentality, gained an understanding of the perks of cryptocurrencies going into the Web 3.0 period.　　Cryptocurrencies have fallen off the mainstream radar following the ICO mania in 2017 after Bitcoin reached $20,000. As altcoins and Bitcoin suffered significant losses as the market feared a growing bubble, the cryptocurrency market experienced a standstill period without substantial price movements between 2018 and 2020.　　A Pandemic Overview　　According to Forbes, the global pandemic brought the economy to a pause, as many people found refuge behind locked doors. Social media and other digital media have been known for playing a role in cryptocurrency price activity. However, Google search data shows no correlation between the start of the global pandemic and requests for Bitcoin. It indicates that Bitcoin and cryptocurrencies had gained prominence at the end of 2020, when the price of a Bitcoin started to progress towards its previous all-time high.　　As highlighted in a Bloomberg article, the pandemic has driven the “monetary evolution” because

2021-05-27Deep Dive

Apple is Headhunting a Business Development Manager With Experience in Cryptocurrencies

In a recent job post, the company is now looking for a Business Development Manager for “Alternative Payments” —with experience in several fields, including cryptocurrencies.　　The key qualifications require at least five years of experience working in alternative payment providers, such as digital wallets and crypto-assets. Candidates will be responsible for the end-to-end business development and launching of new programs related to FinTech products.　　Apple Seeking Fintech Experts　　The job post was published this Wednesday by the WPC (Apple Wallets, Payments, and Commerce) team, which is looking for professionals for emerging and alternative payment solutions.　　The publication has caught the crypto communitys attention, which is now eager to know how this will turn out for mainstream adoption —considering Apple Pay is one of the largest payment processors with a growing user base of over 65 million people. If cryptocurrencies are implemented to Apple Pay, this could push the average person to experiment with crypto via Apple devices, wallets, and credit cards.　　Apple Entering the Crypto Space　　Apple has been taunting the crypto space for some time now. As reported by CryptoPotato, Apple Pay users can directly buy Cardano (ADA) thanks to a successful integration by Simplex, an Israeli-based provider of fiat to crypto.　　Apple has not clarified

2021-05-27Deep Dive

Polygon (MATIC) SDK Arrives: Developers Can Now Deploy Chains to Ethereum

Polygon, the Ethereum layer-2 solution formerly known as Matic Network, has released the first version of its network enabling developers to deploy ETH-compatible chains using the Ethereum Virtual Machine. Dubbed Polygon SDK, it marks the start of Ethereums transition into a multi-chain ecosystem.　　Polygon SDK Arrives　　Ever since the protocols rebranding from Matic Network to Polygon, announced earlier this year, the team has strived to turn Ethereum into an Internet of Blockchains project, similar to Polkadot.　　It has come a step closer after the release of the Polygon SDK network. The press release shared with CryptoPotato signified the launch of the first version. It marks the “official beginning of Ethereum‘s natural transition into a multi-chain ecosystem, often referred to as an ’Internet of Blockchains.”　　Polygon SDK will initially enable developers to create stand-alone chains fully in charge of their own security, which is typically used by sidechains and enterprise chains. Through Polygon SDK, they will be fully interoperable with Ethereum due to a dedicated bridge.　　Future updates include allowing users to deploy secured chains as well, and their security will be entirely dependent on that of the Ethereum layer 1. Each SDK developer will be able to choose between a stand-alone and secured chain.　　“With advanced

2021-05-27Deep Dive

Elon Musk reminds followers he really isn’t Dogecoin’s master

Tesla CEO Elon Musk reminded Twitter followers on Tuesday that despite the recent interest hes taken in Dogecoin (DOGE) he still has no formal authority over the project.　　Musk was replying to a comment from a Doge-themed account which opined that he had taken to operating Dogecoin like one of his own companies, and that he‘d effectively become the project’s CEO.　　The comment framed Musk‘s influence as something to be celebrated, but the self-proclaimed “Dogefather” issued a reminder that he actually isn’t the boss, and that no one really answers to him.　　“Please note Dogecoin has no formal organization & no one reports to me, so my ability to take action is limited,” wrote Musk.　　The results of a recent survey conducted in Australia revealed that more than 50% of respondents believed Elon Musk to be the inventor of Bitcoin (BTC), suggesting that his recent Dogecoin reminder might be well judged.　　Dogecoin is a meme in the form of a cryptocurrency that was created for purely humorous reasons. After being launched in 2013, the joke eventually faded, and the coin disappeared into relative obscurity until Elon Musk stumbled across it in 2020. Hopping on the bandwagon of a joke the best part of a decade

2021-05-26Deep Dive

Proposed New York tower to allow ‘wireless’ crypto trading, host NFTs

Todd Morley, Overline chairman and co-founder of financial-services giant Guggenheim Partners is building a blockchain tower in New York, as per a report on Business Insider today.　　The new building at 111 West 57th Street, to be built by JDS Development Group in partnership with Overline, “will be able to connect, sort of like a hand radio operator, everyone in New York City to a crypto trading wireless communication,” said Morley in his interview for Bloomberg Television.　　Overline network　　Overline is a mineable interoperability protocol that can connect all blockchains, including Bitcoin, to decentralized finance (DeFi) protocols. The network is entirely powered by mining and besides enabling cross-chain trade and interoperability, it allows users to trade its own cryptocurrencies, such as ‘Emblems.’　　The interoperability of the Overline multichain network utilizes a unique ´Proof of Distance´ proprietary consensus protocol, which builds upon Bitcoins ´Proof of Work´. Bitcoin users are already able to access blockchains through other means, for instance via a network of satellites.　　More than just one skyscraper　　In the interview, Morley also revealed that besides incorporating a wireless network that will allow improved access to public and private blockchains, the skyscraper is supposed to include a museum for non-fungible tokens (NFTs)—unique digital assets underpinned by

2021-05-26Deep Dive

Is Tether FUD Next, after China Bitcoin Ban and Bitcoin Mining Energy FUD?

The Bitcoin bull market this season is currently undergoing through ‘FUD-Phase’ where a series of FUDs have hit the market one after the other, many of which has already been debunked. After Bitcoin mining energy consumption FUD and China Bitcoin ban, it seems the long-running Tether FUD can make an entry.　　Jim Cramer, the founder of popular business media publication The Street asked Pomp whether Tether is good for the market trying to indicate the possible accusations of market manipulation. Stuart Hoegner, the General Counsel for Tether and Bitfinex responded to Cramers query with the breakdown of their issuance reserves.　　Tether FUD suggests that Bitcoin price is often manipulated and pumped by the issuance of a significant amount of USDT in the market whenever the price of the top cryptocurrency takes a dip. The FUD also claims that USDT supplies are not backed by the US Dollar and the company issuing it prints just like the Federal Reserve. While there is no iota of evidence to prove such wild claims and Tether has also offered audited reports of its holdings, the market seems just right for another FUD.　　No Bull Market is Complete Without FUDs　　Every bull market has seen a number of FUDs

2021-05-26Deep Dive

Astro Crypto: Saturn Retrograde And Why Karma Is Coming For Bitcoin

This week begins Saturns annual retrograde bringing about a time for reflection and change. Whether you believe in astrology or not, there could be some serious implication for Bitcoin during this “transit.”　　Heres what typically happens during the few-month-long transit and how this could impact the cryptocurrency market.　　Does Astrology Work To Predict Bitcoin Price Action？　　It is rare, but few traders have made their fortunes by integrating astrology into their technical analysis strategy. W.D. Gann, for example, used time, price, and geometry among other tools to predict tops and bottoms in markets.　　The late great Gann noticed a correlation between commodities markets and certain planetary positioning, and his findings produced regular results. He went down both as a legend and a hoax, due to the stigma that surrounds astrology – especially as it applies to something as serious as finance.　　Saturn is in retrograde starting in this week, giving it the appearance that its moving backwards through the sky. And it could be an ideal time for astrology to prove its worth all on its own.　　How Saturn Retrograde 2021 Could Bring Karma To Crypto　　Saturn retrograde comes once per year and can be quite the shake up. The transit is associated with “lessons,” “discipline,” “karma,”

2021-05-26Deep Dive

Cryptocurrency custody gives commercial banks a foothold in the market

Custody services arent the most compelling corner of the crypto ecosystem, but 21st-century solutions for storing and safekeeping digital assets are critical if cryptocurrencies are to achieve widespread adoption.　　For that reason, Cowen Inc.s recent announcement that the 103-year old United States investment bank wants to hold crypto on behalf of asset managers and hedge funds is noteworthy, especially when coupled with similar statements from traditional bank giants such as Bank of New York Mellon and Deutsche Bank earlier this year.　　Is it too early to speak of this as a movement？ “This is absolutely a trend,” Raphael Polansky, managing director at Boerse Stuttgart Digital Ventures GmbH, told Cointelegraph.　　Traditional bank giants like Wells Fargo — which also announced that it would begin offering crypto services to its wealthier investors — are being nudged into the business by their customers who are eager to increase their crypto and token activities. “Those customers are also not yet willing to trust those pioneering fintech firms with three-digit million amounts,” explained Polansky, adding: “They want a reliable and trusted partner that they have known for decades, and these are still the traditional banks.”　　“Yes, more [traditional] banks will offer custody services,” predicted Michael Gofman, assistant professor of

2021-05-26Deep Dive

Digital Yuan Not Intended for the International Stage, Say Experts

Chinas forthcoming digital yuan may not be set to make a mark on the international monetary scene after all – and could, at least initially, be limited to domestic user-cases, experts have stated.　　The stakeholders, including Michael Sung, the founder of CarbonBlue Innovations, were speaking at a session entitled “Contest of the Century？ Geopolitical Impacts of China‘s Digital Yuan” at the Coindesks Consensus digital summit today. And while Sung and others claimed that the token was likely to find uses in Hong Kong, Macao, and other territories near the Middle Kingdom, the token was not intended as a quick fix to the dollarization of China’s trade deals.　　Sung, when asked if the digital yuan could be used outside China in trade settlements, noted that the “official position” of the central Peoples Bank of China (PBoC) was that the token would be for “domestic” and Mainland purposes.　　However, he underlined the significance of the fact that the digital yuan pilot has now been extended to the Pearl River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area, which encompasses both Hong Kong and Macao. He added that “there is planning” for the “extension” of the digital CNY “across borders,” although this was “mostly” being done

2021-05-26Deep Dive

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