Will Papper, SyndicateDAO co-founder and ConstitutionDAO contributor, tells the story of how a group of internet friends came together as a DAO to crowdfund a $41 million bid at a Sotheby’s auction for a physical copy of the US Constitution. Show highlights:
how Will and other ConstitutionDAO members feel after losing the auction
the significance of ConstitutionDAO despite its loss
whether Will knows who the other bidder was
why museums began reaching out to ConstitutionDAO and seem to be excited about DAOs moving forward
why there was so much confusion over who was the bidder for the DAO and whether it had won
why ConstitutionDAO did not bid more than $41 million — even though the crowdfund was at nearly $50 million
why ConstitutionDAO did not have a crypto-whale help keep the bidding war going
how ConstitutionDAO plans to refund participants
what Will thinks about using a layer 2 solution to refund ETH for ConstitutionDAO donations
how the idea for ConstitutionDAO came about
what role Will had in the formation of ConstitutionDAO
Melbourne, Australia, November 19, 2021— Ethereum’s biggest DeFi chain Polygon and ethical DeFi platform MRHB DeFi are leading the charge on the next big thing in DeFi — decentralized philanthropy — or DePhi for short which is estimated at over USD 300 billion each year in Muslim countries alone with around USD 1.5 trillion in assets held by around 160,000 foundations globally.
“Polygon has become one of the leading full-stack scaling solutions for Ethereum, given its speed and scalability,” says Deniz Dalkilic, MRHB DeFi CTO. “As Marhaba strives to achieve its end goal of building a comprehensive, secure and scalable ecosystem where liquidity is a priority, we are thrilled to announce our integration with Polygon. To expand our presence on Polygon we have received a grant from Polygon to optimise our solutions for their network.”
The Polygon team has been enthusiastic in its support of the ethics-based startup, recognizing that MRHB DeFi is the first Islamic finance d’App. Polygon has agreed to support MRHB DeFi’s plan to develop a sidechain solution that opens up DeFi to millions globally. The two parties have recently signed an agreement which puts into writing their aim to bring philanthropy to the crypto space, stating that:
MRHB DeFi intends to build its DePhi (Decentralised philanthropy) protocol on Polygon technology, which would be a dedicated philanthropy protocol based on funding social initiatives for the benefit of the community, using the quadratic funding model.
With this solution, MRHB intends to catalyse the crypto philanthropy ecosystem, with focus on being the first mover in channelling the annual Zakat contributions of the Islamic World (est. USD 300 billion annually)
Quadratic funding is a technique that applies mathematics to ensure the optimal funding — more democratic, more scalable — of community and social, charitable initiatives.
Bringing Philanthropy — a Key Pillar of the Islamic Faith — to DeFi
DePhi forms a key part of MRHB DeFi’s strategic plans for its protocol. As part of MRHB’s approach to supporting a more ethical and community focused approach to decentralized finance, DePhi seeks to bring a key pillar of the Islamic faith — charity or zakat — to what is still a sector driven by self-interest. Once the DePhi protocol is implemented, MRHB DeFi users will have the option to send a portion of their crypto asset wealth to charities which would be linked to the platform, thus fulfilling their voluntary or faith-driven obligations.
End users who wish to donate will be able to deposit funds and generate rewards via trading fees on liquidity pools created by MRHB DeFi. After depositing the donation, assets would be locked for 60 days before being distributed to one of pre-approved charities nominated by the donor.
In addition, MRHB DeFi will set aside five percent of its DAO treasury to be invested in these pools as a form of crypto endowment, as such, this will generate wealth in perpetuity for charitable causes.
CTO Dalkilic adds: “Decentralized philanthropy represents a significant step forward in sharing the benefits of DeFi globally and allowing for community- and public good- focused initiatives to be supported from the cryptoverse. Polygon is one of the most respected projects in the crypto space, and we’re excited to align our vision of using DeFi for good causes, with theirs.
“Being the first d’App on Islamic finance, we have received strong support from the Polygon team to bring the project to the community. Polygon is the latest in a long line of partnerships we are fostering and developing as we work to grow our vision of an ethics-first platform and project. ”
MRHB DeFi recently partnered with Ethereum scaling and privacy engine zkSync, a leading ZK-Rollup solution for Ethereum. It has also received strategic investments and backing from Blockchain Australia, Mozaic, Contango Digital Assets, NewTribe Capital, Sheesha Finance, Acreditus Partners, EMGS Group, MKD Capital and Sinofy Group.
About MRHB DeFi
MRHB DeFi is a halal, decentralised finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.
The diverse team is comprised of researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
Bitrefill, the startup that offers Bitcoin-funded prepaid cards for different services worldwide, launched a new bill-payment service that allows Salvadorans to pay for multiple basic needs using Bitcoin. The company made the announcement during the three-day conference Adopting Bitcoin carried in El Salvador, which brought together “the Bitcoin and Lightning community”.
Bitcoin has been a legal tender in El Salvador since September 7th, but many businesses were not sticking to the requirement of accomodating the digital coin as a payment method into their operations, Bitrefill’s CEO noted. Some have even stated they rather lose sales. Bitrefill aims to offer a solution for businesses so they can easily adapt to using Bitcoin and ease their current worries.
Related Reading | There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President
Bitrefill’s bill-payment method will allow Salvadorians to pay for 150 different services using Bitcoin, including internet, water, insurance, loans, taxes, mortgage, social security services, university expenses, and others. They also allowed payments overseas. 12 services are available at the moment on the website, and they will be adding the rest over the next few weeks.
The platform will be using Bitcoins Lightning Network and on-chain transactions, which allows low fees. “El Salvador can now live entire on Bitcoin”, stated the company.
The feature is offered in alliance with Puntoexpress, a local payment platform. The payment process was simplified for the users so they only need to provide an email address to redeem a voucher code and receipt.
El Salvador, A Bitcoin Land
Bitrefill reported they have processed 187,000 purchases in El Salvador during 2021, and 88% come from the country’s capital, San Salvador. There was a peak of 20,000 payments in September when the ‘Bitcoin law’ went into effect.
The majority of Salvadorians reportedly use the Chivo digital wallet, an app created by the government, as the preferred payment method for Bitrefill purchases.
Bitrefill’s CEO, Sergej Kotliar, stated that they now have headquarters established in El Salvador, a manager in the country, and they are hiring for all roles to cover the company’s needs. He shared his strategy is to be directly involved in the country by being present and maintaining contact with people who provide him with different approaches and information that the company can use to design other services.
The CEO thinks El Salvador could become an example model that other countries could follow. The company also stated in a tweet:
The most important part is that the 80% of unbanked people can now pay for almost everything online, products, services, bills, from the comfort of their home (or their relatives in the USA).
El Salvador’s adoption of Bitcoin has been a bumpy road. However, the Chivo Wallet surpasses 2.2 million users a few weeks after its launch, gaining around 8,500 new users per hour and reaching 3 million later on. The citizens received $30 each as an incentive for downloading the app, but some reported to Reuters they had problems using it and making withdrawals.
The government remains optimistic, although challenges lay ahead. We are yet to see if innovation and good strategies can help close the gap between the government’s vision and the tension around Salvadorians.
Related Reading |El Salvador Calls Another Bitcoin Dip With $25 Million Purchase
Bitcoin trading at $60,714 in the daily chart | Source: BTCUSD on TradingView.com
Starting today, Voyager Token (VGX) is available on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store VGX in most Coinbase-supported regions, with certain exceptions indicated in each asset page here. Trading for these assets is also supported on Coinbase Pro.
Voyager Token (VGX) is an Ethereum token that’s used to reward and incentivize use of the Voyager centralized exchange. On Voyager, VGX holders can earn staking rewards, receive cashback on trades, and more.
One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see VGX), as well as a new section of the Coinbase website to answer common questions about crypto.
Customers can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store e Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store VGX today.
###
Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.
Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.
All images provided herein are by Coinbase.
Voyager Token (VGX) is launching on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged between $59,000 and $60,000 Thursday, seeing $1,000 swings in minutes.
With the pair’s overall range becoming ever narrower, talk turned to a potential “short squeeze” entering to push its spot price to new, higher levels.
“Based on the Futures Market structure, the funding rate and OI momentum trends are forming a perfect setting for a ‘Short-Squeeze’ scenario,” one contributor to on-chain analytics firm CryptoQuant argued Wednesday.
“Then the question is, what price range would act as a support level?”
A similar event occurred at the end of September when Bitcoin suddenly surged into a week of almost unchecked gains, which topped out at $55,000.
For popular trader Crypto Ed, the chances were there that the $58,400 lows of recent days may be a more definitive floor.
“Maybe a bit early to post as the bottom might not be in yet, but I’m getting excited when checking next targets which don’t seem to be that far away!” he ventured Wednesday.
“In case I’m right with bottom in already or around $57k, the target is more or less the same….. $90.000 and a little bit.”
BTC/USD scenario. Source: Crypto Ed/Twitter
Analyst warns of investor complacency
Such price targets have become increasingly controversial as Bitcoin’s bull run stalls below $70,000, with less than two weeks left to hit PlanB’s “worst-case scenario” November close of $98,000.
Related: Bitcoin holders who bought at $20K refuse to sell BTC at all-time highs — Latest data
This week, PlanB reiterated the difference between that prediction and his stock-to-flow Bitcoin price models, with a failure to hit it leaving the latter intact.
To clarify: 98K Nov prediction is NOT based on S2F model but on my floor model. As I said before (in tweets and latest podcasts), I use 3 models: 1) S2F 2) Floor model 3) On-chain model If for example 98K Nov floor model prediction fails, that does NOT mean S2F or on-chain fails. https://t.co/tj6SSwSzKR
Starting Today, Wednesday November 17, transfer VGX into your Coinbase Pro account ahead of trading. Support for VGX will generally be available in Coinbase’s supported jurisdictions with certain exceptions as indicated in each asset page here. Trading will begin on or after 9AM Pacific Time (PT), Thursday November 18, if liquidity conditions are met.
One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for Alchemix (ALCX), Ethereum Name Service (ENS), Gala (GALA), mStable USD (MUSD), Power Ledger (POWR), GYEN (GYEN) Crypto.com Protocol (CRO), Kryll (KRL), LCX (LCX) SUKU (SUKU), OriginTrail (TRAC), Assemble Protocol (ASM), ARPA Chain (ARPA), Bounce (AUCTION) and Perpetual Protocol (PERP).
Starting Today, Wednesday November 17 we will begin accepting inbound transfers of VGX to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Thursday November 18, if liquidity conditions are met.
Once sufficient supply of VGX is established on the platform, trading on our VGX-USD, VGX-USDT and VGX-EURorder books will launch in phases, post-only or auction mode then limit-only or full trading mode. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.
We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.
Voyager Token (VGX) is an Ethereum token that’s used to reward and incentivize use of the Voyager centralized exchange. On Voyager, VGX holders can earn staking rewards, receive cashback on trades, and more.
VGX is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.
You can sign up for a Coinbase Pro account here to start trading. For more information on trading VGX on Coinbase Pro, visit our support page.
### Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process. This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.
Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.
All images provided herein are by Coinbase.
Voyager Token (VGX) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
The first gacha-launchpad ecosystem has launched, to the delight of Gacha gaming fans. Ticking all the right buzzwords like ‘Play-to-Earn’ and ‘NFT’, Gachyi Land is a utility-centric NFT ecosystem of mini-party games and MMORPG. We get the lowdown on what to expect from its founder, May.
Q. Please introduce yourself and what you do at Gachyi Land, thanks.
May, Founder and Mastermind behind Gachyi Land. I create the concepts and designs throughout the Gachyi Land ecosystem. I also designed the first NFT line for Gachyi Land myself, which is called the Goo Goos. I also lead the general and marketing operations, whilst my other partners lead the tech and gamification aspects of Gachyi Land.
Q. How did you get into the NFT gaming space? And why the world of Gacha?
I was exposed to blockchain and crypto projects while working as a lawyer. I saw how vast the potential of NFT is, as well as the positive impact NFT games have created for the community, which inspired me to create Gachyi Land.
Gacha mechanics are commonly seen in a lot of popular video games, whether it be the re-roll feature (a.k.a redraw gacha) in dungeons & dragons games or consecutive gacha in mmorpg. But the ultimate source of my inspiration for creating this gacha-launchpad is the gachapon machines that are extremely popular in Japan. I believe there is a community out there, including myself, that enjoys the sense of achievement of completing a full set of our desired collectibles after countless times of playing with the gachapon machines.
With blockchain, the scalability of the gacha model is significantly enhanced because of smart contract capabilities and publicly recorded proof of ownership.
Q. What can you tell us about your first NFT drop, the Goo Goo Series?
Our first NFT drop, the Goo Goo series, is limited to 500 ever to be minted.
The traits of Goo Goos have been randomly generated by the Gachyi Goddess, giving each one a unique appearance and characteristics.
There is also a single hidden trait that is currently kept confidential in our whitepaper, but those who managed to mint a Goo Goo with the said hidden trait will have even more exclusive benefit in our ecosystem. More details will be released after public sale on 2 December 2021.
We have built rich utility into our Goo Goos, which includes exclusive access to all pre-sales and free minting events. In addition, Goo Goos holder will also receive increased drop rate, social experience gain, as well as a ZuZu mount and 1 exclusive in-game skin in our rpg.
Essentially, Goo Goo owners represent the VIP and status symbol in Gachyi Land.
We believe its scarcity, on top of its abundant utility throughout Gachyi Land ecosystem, makes it incredibly valuable especially for NFT gamers who are looking to gain exclusive in-game boosts for our future rpg.
Lastly and potentially most importantly, you will be able to stake your GooGoo for a set period of time to receive rewards that are required for breeding in the future.
Q. Run us through the Slime Tales game.
Our second NFT drop, Slime Tales series, revolves around a combative slime race that has trained themselves in 5 different disciplines:
Thief
Warrior
Mage
Priest
Slime Lord
These are the playable characters for our P2E MMORPG. Each slime comes with different statistics that are randomly generated upon purchase. Players will have the opportunity to re-roll their characters up to 5 times.
Each slime possesses the ability to reproduce, also known as splicing. When 2 slimes splice, the offspring slimes can become dual-class characters depending on their parents’ disciplines.
Our game will be a real time RPG where players team up to explore, grind levels, and kill bosses to earn rewards and generate resources.
Instead of fighting slimes like in any other games, players will be fighting with their slimes or offspring slimes.
Q. Gachyi Land Lore and the Gachyi Goddess, we want to know more!
Gachyi Land was created by the Gachyi Goddess, who wished for a world to exist where all races and species throughout the multiverse could live together peacefully. To do this, she needed to locate the apex of the multiverse where all universes connected, thus she set out on her journey. Eons went by, the Gachyi Goddess was exhausted from her search and was finally consumed by the fossilisation process. But as the last piece of her body fossilised, an anomaly occurred where gachapon machines materialised on Gachyi Land to capture creatures from other universes. In order to save those creatures, Goo Goos tried to pay the toll but has proved to be a challenge feat. Thus, the Goo Goos have reached out to everyone to help release creatures from their encapsulated prisons.
Q. Why did you decide to deploy on Polygon?
I’m sure a lot of people are aware of the extremely large gas fees on the Eth network, sometimes the gas fees are actually higher than the actual NFT. Launching Gachyi Land on Polygon shields our community of high gas fees and allows a lot of our onchain gamification features to be used at a very low cost.
I believe Polygon to be the go-to platform for NFT gaming related projects given its capabilities and interoperability, as well as its thriving ecosystem in the NFT space.
Q. What trends do you see developing in this industry?
Gaming is the largest up and coming trend without a doubt. NFTs are perfect for gaming and will certainly be the norm for gamers in 24 to 36 months. Wouldn’t you rather play a game where you can sell your hard earned assets? What about making a living from playing games, life is all about supply and demand so there’s no reason why gamers can’t turn playing games and selling in game resources as a full time job.
Get the latest news and updates about Gachyi Land here:
Ever since Bitcoin appeared back in 2009, the subject of cryptocurrency has been captivating risk-takers and entrepreneurs. However, these days even regular people are considering this investment opportunity. People with money to spare who are usually fans of anonymous betting are willing to buy cryptos in order to make a profit. If you too are interested, you might be wondering whether or not now is the right time for this investment and what is the best way to do it.
In case you are new to the cryptocurrency subject and you have a lot of questions, you’ve come to the right place. Make sure to stay on the page if you want to find out whether or not to invest in crypto in 2021 and what is the best and safest way to do this.
Should You Invest?
This is a question a lot of adult citizens have. Unfortunately, there’s no sure answer when it comes to this question. This is simply because, like other investments, cryptocurrency is also unpredictable.
However, even though only 14% of U.S. adults own crypto, around 63% of Americans are “crypto curious.” This is based on a 2021 report done by crypto exchange Gemini. If you too are curious about cryptos, here are the essential things you need to know.
How safe is cryptocurrency?
Cryptocurrency is one of those “high risk, high reward” types of investments. It’s even riskier to invest in crypto than in regular stocks.
The main reason for this is the fact that no one knows for certain whether or not crypto will become a part of our society in the future. Of course, this doesn’t mean this investment can’t bring you a lot of money. However, before you invest, you should consider how much you can risk.
If you’re not one for taking risks, maybe this isn’t your cup of tea. This is especially true if you don’t have the nerves for unpredictable fluctuations.
For example, Bitcoin has lost roughly 80% of its value in the past, and Ethereum once lost nearly 95% of its value during one year. This can be pretty stressful and if you don’t have the nerves for this, you might not want to invest in crypto. If, however, you find this thrilling and fun, buying cryptos might be the best decision you ever made.
How To Invest Safely?
If you want to invest in crypto, you have to be careful. In other words, only invest money you can afford to lose. Also, try to build an emergency fund that will help you to survive if the prices of crypto go down. Whatever you do, try not to sell your crypto tokens while the prices are down.
Cryptocurrency traders are scrambling and scratching their heads after a sharp drop in Bitcoin (BTC) price triggered a market-wide sell-off that has nearly every token in the top-200 flashing red today.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin price dropped as low as $58,609 before finding buyers who bid the price back to $60,500.
BTC/USDT 4-hour chart. Source: TradingView
Here’s a look at what some traders and market analysts are saying about this recent downside move and whether or not it is simply a shakeout or a sign that darker clouds are gathering.
BTC is exploring support and resistance levels
Insight into BTC’s daily price action was offered by options trader and pseudonymous Twitter user ‘John Wick’, who posted the following chart highlighting some important support and resistance zones.
BTC/USD 1-day chart. Source: Twitter
Wick said that Bitcoin is just exploring the resistance zone around its new all-time high and he highlighted the possibility of a drop into the $58,000 to $59,500 range, similar to the move that was seen in the early trading hours on Nov. 15.
Wick said,
“We are simply testing the range low of the resistance zone. If we break it on the close may test support zone.”
Similar observations were made by market analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following tweet that zoomed out and looked at the price action for BTC on the monthly chart.
As mentioned by the analyst, the price action on Nov. 16 was a retest of the monthly support/resistance level at $58,700. Now that BTC has successfully rebounded near the monthly $61,000 level, a bullish case can be made in the weeks ahead if the price manages to close the month above the level.
There’s still a chance that $54,000 will be hit
A level-headed view of the latest price action was provided by market analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following chart of a possible BTC price trajectory over the next week.
BTC/USD 1-hour chart. Source: Twitter
van de Poppe said,
“So far, so good on Bitcoin. Bouncing from support, but still needing to break some crucial areas here, which didn’t happen yet. Let’s go for that first. $63,000 is important. No breakout there [leads to] further downwards momentum.”
According to the chart provided by van de Poppe, if the downward momentum continues, the price of BTC could drop to its next support level at $54,000.
Related: Bitcoin stages ‘picture-perfect rebound’ at $58.5K as crypto liquidations top $875M
Fractal patterns suggest an approaching price rally
Crypto Twitter analyst ‘Allen Au’ posted the following side-by-side charts of Bitcoin from 2013, 2017 and 2021 in response to concerns about $69,000 being the cycle peak.
BTC/USD 1-day charts from 2013, 2017 and 2021. Source: Twitter
According to the analyst, the latest downturn is not the cycle top, but was in fact the Wave 6 move seen in previous cycles. This means that “if its low is in, BTC could be onto Wave 7 soon!”
Should the outlined wave sequence play out, then a Wave 5 peak could be $69,000, a Wave 6 low near $58,600 with the potential to drop as low as $53,000 and a cycle peak somewhere between $190,000 and $260,000 happening sometime in December 2021.
The overall cryptocurrency market cap now stands at $2.651 trillion and Bitcoin’s dominance rate is 43.2%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Paris, France, November 16th, 2021 — Following 4 years of research and period of development, ARCHEthic Mainnet Beta launched on the 30th of June, 2021. The testnet which was launched this year will run simultaneously with the mainnet on the same infrastructure. The launch has set the ball rolling for ARCHEthic whose mission is to solve the impending challenges rocking the blockchain sector.
ARCHEthic is a decentralized consensus protocol blockchain built from the ground up, designed with cutting-edge technology to stay ahead of other blockchains in terms of scalability, security, sustainability, and simplicity.
Commenting on the significance of the launch, the ARCHEthic team stated that: “We have been patient and transparent in our approach, we have taken the time to get academic validation of research concepts, building and testing the ARCHEthic Blockchain protocol before making a foray into the market. Today with the launch of our Mainnet Beta, we are confident about offering true value to the community.”
Since blockchain has become a revolutionary technology, the growth and adoption of the technology have maintained an upward trajectory. With a cumulative annual growth rate (CAGR) of 56.9%, the global blockchain industry is predicted to hit $56.7 billion by 2026, up from $6.0 billion in 2021. This giant growth rate is a testament to the widespread adoption occurring at break-neck speed.
With Bitcoin being the pioneer, Blockchain technology has continued to find increased adoption in various fields even outside of the cryptocurrency terrain.
While adoption stays on the rise, the issues of blockchain scalability and security have been a hot topic as many of the existing blockchain technologies fall below an optimum threshold. These issues form a focal point and a building block on which the ARCHEthic blockchain is built upon.
ARCHEthic Design Stands Tall Among Existing Blockchains
ARCHEthic blockchain design infrastructure deploys a unique consensus protocol built from the ground up called ARCH Consensus Mechanism. The ARCHEthic Blockchain uses the concept of “transaction chain”. Unlike other blockchains that require blocks containing multiple transactions to be linked together by chains, in ArchEthic, blocks are reduced to their atomic version (the smallest). Thus, a block represents only one transaction with its own validation proofs.
According to its whitepaper, once a transaction is validated, it will be synchronized and saved on its own transaction chain. All transactions of the same nature are grouped together in the same transaction chain. This principle of operation makes it possible for transactions to run parallel thereby fostering the scalability of the network.
The brainchild of years of research done by the team, the ARCHEthic blockchain is designed with the end-user in mind which makes it well suited for retail and mainstream enterprise adoption.
Taking the Bitcoin network, for instance, it currently runs with a validation time of 10 minutes while handling 7 transactions per second, while Ethereum has a validation time of 15 seconds, processing 20 transactions per second. Newer generation blockchains like Harmony can handle up to 10 million transactions per second.
Despite the improvement made by Harmony blockchain, the network is still limited to the number of transactions it can handle per second. This unarguably is a prime reason why the ARCHEthic network infrastructure is unique. The “transaction chain” mechanism deployed by ARCHEthic makes it possible to handle an unlimited number of transactions per second, thereby leaving room for scalability and seamless handling of high network traffic.
ARCHEthic’s Ability to Scale Does Not Compromise the Security of the Network
The ARCHEthic security layer makes it possible to support an infinitesimal risk of network corruption, even if 90% of available nodes are malicious.
As contained in the whitepaper, if the number of nodes in the network increases, the probability of detecting an anomaly among the nodes selected to perform a transaction, if at all, increases drastically. Compared to other blockchains, the ARCHEthhic blockchain could continue to function properly, even with 90% of the network being malicious.
ARCHEthic also handles data efficiently. When transactions are broadcast, a pool or set of storage nodes is determined and receives a copy of the transaction made in order to save it. This is accomplished through sharding, which ensures that the nodes are less loaded with data and can store at least between 190 and 9000 times the number of transactions of the Bitcoin network.
This mechanism of unique node operation reduces the power consumption of the ARCHEthic blockchain. The ARCHEthic Yellow Paper compares the power consumption of ARCHEthic to Bitcoin in an interesting way.
“Considering that 10 nodes are dedicated for 10 seconds to validate and replicate a transaction and that Bitcoin processes 93 million transactions per year, it would take 295 ArchEthic nodes to cover the current mining power of the Bitcoin network. Knowing that a node spends 15 Wh, over a year, the technology would consume 38,805 kWh/year or 3.6 billion times less than Bitcoin itself.”
It is intriguing to see the massive innovation going on in the blockchain and cryptocurrency industry. More fascinating is the fact that innovations like ARCHEthic are rising to the occasion at a time when the blockchain scalability hurdle has been a bane on the industry.
About ARCHEthic Public Blockchain
ArchEthic is a highly scalable, tamper-proof Blockchain with scalability greater than 1 Million TPS, and validation time of less than 5 seconds. The blockchain has the capacity to handle up to 90% maliciousness, 3.6 billion times less energy consumption than Bitcoin, and 0.1% of the transaction fees.
The platform aims to replace and improve all current applications with a comprehensive and open ecosystem, allowing people to move from the trust imposed by centralized to decentralized systems while keeping identity and privacy under the control of the user.
With ARCHEthic, you can access your identity but no one owns it. The security and threat issues that centralized systems pose helped us realize that self-sovereign identity is needed now more than ever. An Open Source autonomous & Decentralized network in the hands of the world population created by the people, for the people.
