Bitcoin is unable to get back above the $60,000 mark, but the market remains optimistic about mid-term price — Futures Friday Bitcoin has continued to oscillate over the past week, not showing any decisive bullish moves even though the total cryptocurrency market cap is back around $2 trillion. Since altcoins have outperformed it in recent […]
In the recent video, crypto KOL George Tung from CryptosRUs discussed 7 altcoins under $150M in market cap that he believes are poised to explode.
Rally (RLY) is the first altcoin on the list, a decentralized network for creators to monetize and align themselves with their community. As a community-owned network, the community is in charge of making the decisions for how the network evolves, not the Rally team itself.
“This is a brilliant idea! It’s a very easy way for creators to basically launch a token and interact and engage with their fans”, the trader says.
Moreover, excitingly, Rally recently launched a cryptocurrency dubbed Creator Coin that will help influencers, content creators, and streamers run their own virtual economies. The analyst also cites the news that Grammy-winning artist Portugal.The Man has also joined as a coin partner.
“All these entities have big followings and they’re adopting Rally”.
Terra Virtua (TVK)
Next on the list is Terra Virtua (TVK). Terra Virtua is a cross-platform non-fungible token (NFT) ecosystem that offers a curated marketplace for NFT creators and collectors to interact. The Terra Virtua Kolect platform spans web, PC, and mobile AR/VR environments.
“Terra Virtua has launched a line of Godzilla vs. Kong NFT collectibles created in collaboration with film production giant Warner Bros. — among the first-ever NFT drops to coincide with the release of a major film”, Tung says.
He further adds that if there is anything more than places Terra Virtua uniquely in the NFT and blockchain space, it is the partnerships the project has bagged over the last 3 years, including Paramount Pictures, Legendary Entertainment, and more in the space.
Next on Tung’s radar is Revv (REVV). REVV is designed to leverage the blockchain assets concept of interoperability, wherein a token can be utilised across multiple connected products.
“Revv is specifically created for games. Having one utility token for multiple game titles offers various benefits to players and game publishers and will encourage players to explore the other games that are part of this connected ecosystem, and has the additional potential benefit that any content or tokens could increase in utility as the larger token ecosystem expands”.
Tung also shares his bullish view on the coin that given the current strong fundamental grounds, the coin will pump to the moon really soon.
Nuls (NULS) is the next potential low market cap altcoin on the video.
NULS is an open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers. Featuring microservices, smart contracts, cross-chain interoperability, and instant chain-building, NULS sets a new industry standard in streamlining blockchain adoption.
“The coin has been finally climbing, crawling up and they’re finally above 100 million, 127 million to be exact, and you know what, hopefully, they could continue to momentum and gain and go back to their previous highs”, Tung says.
Next on the list is Frontier (FRONT), a chain-agnostic DeFi aggregation layer.
“To date, the coin has added support for DeFi on Ethereum, Binance Chain, BandChain, Kava, and Harmony. Via StaFi Protocol, they also enter into the Polkadot ecosystem, and will put vigorous efforts towards Serum”, he says.
The sixth altcoin is EasyFi (EASY), a universal layer 2 lending protocol built for DeFi focused on scalability, composability, and adoption.
Tung points out that the one of the most interesting features is that the network design is ethereum compatible and blockchain agnostic that facilitates the expeditious settlement of assets over different blockchain networks while retaining custody with the asset owner’s network.
Lastly, the crypto KOL lists out Bepro (BEPRO), a utility token that enables token holders to setup applications on BEPRO, participate in the network, and earn token rewards by providing value.
The trader says that BEPRO Network Staking on Kucoin has been increased recently as the previous hardcap of 330M BEPRO has been increased to 430M BEPRO.
He also comments that although this is still an early coin, looking at the technology, communities and its partnerships, he believes that this coin would soon begin its rally.
In a recent seminar with Court Judge Sarah Netburn, Dugan Bliss, a senior adjudicator at the US Securities and Exchange Commission, argued that the agency has not yet made a formal position on the regulatory status of Bitcoin and Ethereum. Bitcoin looks more certain, however, the status of ETH is being disputed as is the case with XRP.
Ethereum could still be classified as a security
“So I want to make clear that this is my understanding of the current situation and I don’t want to be overly technical, but the SEC, itself, my understanding, it has not taken an official position. There is no action that it took to say Bitcoin is not a security, Ether is not a security.”
While former SEC chairman Jay Clayton has repeatedly stated that Bitcoin is not a security, there is less regulatory certainty over Ethereum.
Bill Hinman, former head of the SEC’s Corporate Finance Division, issued a statement of approval on the sale of Ether and non-securities offers just months before the end of his term in 2018.
Bliss stated that Hinman’s speech does not necessarily reflect the regulator’s stance on Ethereum:
“Now, there was a speech by a high-ranking person who said that to him that’s what it looked like but there has been no action letter, no enforcement action, none of the official ways in which the SEC takes a position on that matter that has occurred.”
However, the upcoming SEC chairman Gary Gensler has made it clear that both Ether and XRP are non-compliant securities in an interview with the New York Times:
“There is a strong case for both of them — but particularly Ripple — that they are non-compliant securities.”
Notably, Gensler confirmed that he sees Bitcoin as a commodity during his recent congressional hearing:
“So I think at the SEC it’s really to the extent somebody is offering an investment contract and security that’s under the SEC’s remit and exchanges that operate there. […] If not, it’s a commodity as Bitcoin has been deemed.”
Unlike Bitcoin, Ethereum pre-mined a significant portion of the money prior to holding the initial coin offering (ICO).
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Oracles are commonly thought of as blockchain middleware that enable smart contracts to access external data—yet oracle networks, as they exist within Chainlink’s model, are much more than data delivery mechanisms. Through a wide-range of off-chain computational abilities, Chainlink’s decentralized oracle networks are providing blockchains with decentralized services that go far beyond securely fetching external data.
From Chainlink’s widely adopted Data Feeds, an extensive collection of on-chain price oracles for DeFi smart contracts, to Chainlink VRF, which generates a verifiable source of randomness for dynamic NFTs, to Chainlink’s highly customizable external adapters, the Chainlink Network is supporting a rapidly-expanding array of key oracle functions that are enhancing the capabilities of smart contracts across numerous blockchains and layer-2 networks.
In his recent presentation at the 2021 ETHDenver Hackathon, Chainlink Co-founder Sergey Nazarov emphasized the expansive functionality of decentralized oracle networks and how Chainlink-powered off-chain computations service a wide variety of smart contract use cases, from DeFi to parametric insurance to blockchain-based gaming. The following is an excerpt of Sergey’s talk highlighting a key takeaway that the Chainlink Network goes far beyond data delivery to power new features and applications for the fast-growing blockchain economy.
Chainlink is not just about data—it is about an oracle network—and oracle networks are responsible for everything that blockchains are not responsible for. An oracle network is not just about delivering data. It is about providing all the tools and services needed by a contract. Smart contracts run on blockchain platforms are hyper-secure and hyper-reliable, but they are low on feature-richness for security reasons. Oracles extend the capabilities of blockchains by offering decentralized services like off-chain computation.
Centralized systems have completely lost people’s trust in many cases and will continue to lose people’s trust in almost all cases. Centralized services from social media to communications to the financial system are being viewed even by the average person as unreliable. People no longer want to create long-term relationships with these institutions.
I think the middle ground between highly centralized, feature-rich systems and highly trust-minimized but low-feature blockchain systems is an oracle network. An oracle network sits between every use case and all of the blockchains that those use cases run on, providing blockchains with all the other services they need. All of the other services a blockchain needs are a huge universe of inputs that may start at providing different types of data but quickly moves on to trust-minimized computations that, generally speaking, blockchains usually don’t do and probably won’t do at scale. Oracle networks will expand to do trust-minimized computation, in addition to providing data, and the combination of these will enable a much wider realm of products to be built.
The middle ground between highly centralized, feature-rich systems and highly trust-minimized but low-feature blockchain systems is an oracle network.
The first thing that is becoming very popular in the blockchain gaming community is Chainlink’s Verifiable Random Function (VRF). VRF is working for many different blockchain games that already use it in production, and it’s going live on multiple blockchains. Anyone can easily use it on Ethereum to provide random inputs to games. Beyond that, we are finalizing some of our plans around Chainlink Keepers and the ability to maintain a smart contract’s proper operation through a Chainlink Network. This is important, once again, because even DevOps and maintenance of contracts are responsibilities of oracle networks, as these operations need to be trust-minimized. Even beyond that, I think developers can think about, “How do I use the expanded computational capabilities of Chainlink’s adapters to compute more and more advanced things in a trust minimized-way that doesn’t require me to disclose things to blockchains?”
The realm of services the Chainlink Network offers will continue to grow, so if you’re a developer and you want to build cutting-edge, truly world-changing applications, Chainlink is fundamentally here to help you. The Chainlink Network is here to help the world’s developers make trust-minimized decentralized applications that will be the new way that society interacts around various information. To me, it’s apparent that is where society is headed because of the systemic and continued failure of trust relationships with centralized institutions like social media, other communication systems, and financial systems. Fundamentally, our goal is to accelerate the transition to a truly decentralized and fair economic system.
It is reported that from April 12 to April 25, the People’s Bank of China (PBOC) will expand the CBDC trial to Hainan province. This was the first event in an attempt to normalize cryptocurrencies across China. Now the People’s Bank of China has also conducted the test in other provinces.
Hainan Province announces its first-ever CBDC event in an attempt to normalize the digital currency across China
The Digital Currency Electronic Payment (DC/EP) is a fiat currency designed to replace a system of reserve money. Currently in the testing process, but CBDC is still gradually being adopted in China.
Members of the Sanya municipal government, including their employees, businesses, and permanent residents, will be the main participants of this trial. The trial will raise awareness for the digital yuan, foster secure transactions with wide accessibility. Additionally, participants in this trial will receive a 15% discount for every 100 yuan spent on the island.
While CBDC trials continued across China, cities like Chengdu and Beijing have shown promising success. The second batch of trials was announced in Shanghai, Trường Sa, Qingdao, Xi’an, and Dalian.
Currently, the digital yuan is in beta in China. It is being piloted as a retail CBDC. In the future, though, the central bank aims to be able to interact with other countries. The PBOC and the Hong Kong Monetary Authority are currently testing the digital yuan for cross-border use.
Besides, PBOC has included the affiliated banks of digital payments giants, AliPay and WePay, in their trials to increase adoption. Due to this partnership, users with WeBank and MyBank accounts can now access their money using PBOC apps running CBDC. AliPay and WePay together dominate more than 93% of the digital payments market in China.
There are currently 573.6 million users for digital payment platforms in China. This number is expected to increase to 618 million by 2025 showing huge potential for a shopping mall in this market.
According to the announcement today, the beauty application Meitu purchased another 175 BTC to reach the $100 million mark it set for itself in its Cryptocurrency Investment Plan.
Meitu buys another $10 million in Bitcoin
Therefore, the goal to invest $100 million in the cryptocurrency of Meitu has been achieved. The plan called for Meitu to add $100 million in BTC and ETH to its treasury, both as an investment and preparation for future initiatives. Meitu intends to use some of the ETH to launch decentralized apps in the future.
The publicly traded firm first acquired $40 million in BTC and ETH in early March of this year, when it unveiled its intention to make further purchases. A week later, it purchased another $49 million. Today’s announcement is the final $10 million of the acquisition.
In total, Meitu holds 31,000 ETH (valued at $50.5 million) and 940 BTC (valued at $49.5 million).
Coinbase disclosed in late March that its institutional business facilitated the past purchases, a service it has provided for other public companies such as Tesla. It’s unclear if the latest purchases were also handled by Coinbase.
Meitu is one of the first China-based publicly listed companies to add crypto to their treasury. Other tech firms like Square, Tesla, and MicroStrategy made headlines in the past year for making similar acquisitions.
The city of Jackson is shaping up to be Tennessee’s cryptocurrency hub. In the coming weeks, Mayor Scott Conger will form a blockchain task force to explore how to adapt the novel asset class.
Following Miami’s example, Jackson mayor Scott Conger plans to integrate cryptocurrencies into his city
Conger told that his plan is to encourage the use of cryptocurrency by incorporating it into the city:
“The plans are very simple right now. We want to encourage the use of cryptocurrency. I want to get people with a much greater knowledge of blockchain, than myself, in the room to discuss how we can incorporate cryptocurrency into our city.”
In 2020, Tennessee state representative Dennis Powers introduced a bill that calls for an in-depth study of blockchain technology, focusing on its use cases in banking, payments, lending, and other industries.
Jackson is the eighth largest city in Tennessee, but the rest of the state might be tempted to follow its lead due to exploding cryptocurrency adoption. Last week, the Bobby Hotel, one of the most popular hotels in Nashville, added cryptocurrency payments, a first for the state capital.
Conger says that he is taking pointers from Miami Mayor Francis Suarez, who is determined to refashion the South Florida city as the world’s biggest Bitcoin hub.
In February, city commissioners voted to explore Suarez’s proposal to pay municipal employees in Bitcoin and invest a portion of the treasury into the cryptocurrency. Should they proceed with the audacious plan, Miami would easily become the most crypto-forward city in the U.S.
In a March interview, Suarez also mentioned that he wanted to turn Miami into a Bitcoin mining hub, offsetting China’s dominance in the industry. Meanwhile, crypto exchange FTX recently scored a deal to rename Miami Heat’s AmericanAirlines Arena to FTX Arena.