Personal Tokens Integrating Matic to Tokenize People: No More Gas Fees
Published
1 Woche ago
on
By
Decentralized scalability platform solution Matic Network plans to issue personal tokens to every individual within the first quarter of 2021.
Matic revealed that it intends to tokenize 10 000 people for free on the Personal Token platform (PT) during a Mass Tokenization Event. Owing to the idea of promoting personal tokens, the participants of the event will not need to own a Metamask account in order to qualify for free tokens. Besides the free tokens, with the Matic initiative, other people would get purchase their own tokens just for few cents.
1/đ„Forget gas fees, issuing a personal token will be cheaper than ever with @PersonalTokens integrating Matic!
đ Get ready for a mass tokenization event where 10000 people will be tokenized for free on the Personal Tokens platform.
PT, the token issuer, is currently integrating the platformâs testnet to Matic testnet before proceeding to integrate it into the networkâs mainnet. So the tokenization program will commence after the Matic Mainnet integration.
Due to the need for scalable transactions, PT chose to be integrated into the Matic network. Essentially, the network uses both hybrid Proof-of-Stake (PoS) and plasma-enabled sidechains to deploy applications at a cheaper and faster rate without making security levels compromises. The token providing firm said the following with regard to its integration to the network:
âIssuing a personal token is not cheap lately because of the gas price on the Ethereum blockchain. We have been accepted by Matic Foundation to their acceleration program. Which for us one of the best scaling solutions available right now in the industry.â
Person Pool to Facilitate Swapping of Tokens
To make the process successful, the token firm anticipates launching a liquidity pool for all tokens dubbed âPerson Pool (PP)â. Therefore, users who have tokens in their pool can use them to purchase any item or service from other usersâ even utilize it on other arbitrage opportunities. The token issued and used on the Matic network for tokenization of people is known as âPERSON.â
âPerson Pool contains 1% of all tokens created on the platform and will allow swapping any token 1:1 within the Person Pool, using PERSON tokens as a medium of exchange. We believe that this will increase the liquidity and usability of all tokens,â PT added.
For one to access Person Pool, the individual needs to have PERSON tokens in the Personal Tokens Organisation DAO (PT). Currently, out of the existing 10 billion PERSON tokens in supply, PT DAO holds almost 98.8%. In the future, PT hopes to perform the Liquidity Mining Event and Airdrop to tokenized users, thereby, making PTO more decentralized.
Matic Continues to Promote Staking and Enhance Transaction Scalability
In June, Matic Network announced the first iteration of its staking solution with an aim to have an 80% Token Lockup. Initially, Matic Foundation could stake tokens on usersâ behalf. Staking to external validators could afterward take place in the next phase.
In an effort to explore Blockchain Interoperability and provide scalability for the Ethereum network, Matic decided to enter into a partnership with a top North American blockchain development company, Blockchain Foundry Inc (CSE: BCFN), in July. For scalable transactions to be attained, BCFN provided the trustless Syscoin Ethereum bridge, while Matic offered sidechains in the collaboration.
Early last month, Matic became the first Network outside Ethereum to launch native Chainlink feeds. With the launch, Matic now features five Chainlink price feeds, namely, MATIC/USD, ETH/USD, DAI/USD, USDC/USD, and USDT/USD. Matic Network co-founder Sandeep Nailwal at that time revealed that Maticâs hybrid approach, the layer-two scaling, is gaining acceptance rapidly despite critics downplaying Plasmaâs potential as a smart-contract scaling solution. According to him, Matic flexibility allows app developers to choose either Plasma or proof-of-stake when working on the various projects on the platform.
next Altcoin News, Blockchain News, Cryptocurrency news, News
James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know âone block at a timeâ. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!
In one of the biggest attacks in the DeFi space, hackers exploited the DeFi project Cover Protocol by liquidating nearly 12K COVER coins and injecting an additional supply of 40 quintillion Cover âcoinsâ.
DeFi project COVER staking protocol has recently been the victim of a suspected attack while artificially inflating the COVER token supply. The hackers have reported exploited the Cover protocol with millions of stolen cover tokens amounting to a massive $2 trillion.
Allegedly, the hackers infused an additional supply of over 40 quintillion Cover âcoinsâ. This resulted in the COVER coin price crashing nearly 90%. On Monday, December 28, the COVER token price crashed all the way from $735 to $53, as per the data on CoinGecko.
The hacker â may be an individual or a small group â has taken responsibility for the attack. In a dramatic, the suspected attacker also returned the funds saying âNext time, take care of your own shitâ.
Ethereum wallet explorer Nansen also presented some key details of the event. Soon after inflating the token supply in the initial exploit, the attacker liquidated nearly 12K COVER coins on decentralized exchange aggregator 1inch. In a message on the Discord Group, the Cover Protocol noted:
âThe Blacksmith farming contract has been exploited to mint infinite $COVER tokens. We have restricted minting access to the farming contract in order to stop the attacker. If you are providing liquidity for $COVER token (uniswap or sushiswap) please remove it immediately.â
The Cover Protocol team said that the issue has only affected the token supply. However, the funds in the âclaim/noclaimâ pools are still safe.
Exploring a New Cover Protocol Token
Soon after the attack on Monday, Cover Protocol also announced that it is exploring a new Cover token after a snapshot of the LP token holders. In a message on its Twitter handle, the Cover Protocol team noted.
Hello everyone, we are exploring providing a NEW $COVER token through a snapshot before the minting exploit was abused. The 4350 ETH that has been returned by the attacker will also be handled through a snapshot to the LP token holders.We are still investigating. Do NOT buy COVER
Interestingly, soon after getting the alert message, all developers from Yearn Ecosystem came to support the Cover team. The team noted that they âare working with multiple teams and individuals within the Yearn Ecosystem. We will provide updates as they come. We can not thank everyone enough for their help in this unfortunate situation.â
next Altcoin News, Blockchain News, Cryptocurrency news, News
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Altcoin Rally Dimming Bitcoinâs Shine, Polkadot Gains 34% in One Week
Published
1 Stunde ago
on
Dezember 29, 2020
By
Polkadot (DOT) saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value.
Bitcoin bullish run looks to have come to a halt amidst an altcoin rally which has seen relatively lower coins put up impressive performances in the past few weeks. Bitcoin dominance is gradually fading as many experts believe the biggest digital coin is backing down as some top altcoin are showing strong âmovesâ or signals.Â
Bitcoin hit an all-time high over the weekend, the third time its price has done so in just over 2 months. The price of the biggest digital coin touched $28,400 on December 27, before a lightning drop took it to $27,000 just hours of that incredible feat.Â
Bitcoin failed to hold onto the $27,000 mark as its price further dropped to $26,000 a day after and is now testing lower levels centered on $26,000 as immediate support. Reports from crypto exchanges revealed BTC/USD trading at lows of $25,830 during the early hours of December 29.Â
While Bitcoin has seen red over a couple of days, some altcoins are putting up impressive numbers, giving off signals of a strong altcoin rally. Despite XRPâs current issues, the altcoin market is showing glimpses of its glory days as some digital coins are poised to see major gains over the next couple of weeks. Ethereum (ETH) is at the forefront of the rally, with its price climbing above $700for the first time since May 2018.Â
Polkadot (DOT) also saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value. The coin is now the seventh-largest token by market cap. Kusama (KSM), a cousin of Polkadot, also saw its price gain 46% last week, pushing its price from $43.1 to $63. The digital token is currently trading at $56 but experts are adamant a breakout above $65 is possible as the token has rebounded off the 20-day exponential moving average ($50.90)
Speaking on the possibility of a long term altcoin rally, analyst Van de Poppe stated that altcoins are next in line to see greens. He added that the next âimpulse waveâ on Bitcoin next year should be able to take the market to $40,000 or $50,000, but until then, the possibility of a continuance altcoin rally is very much likely.
Although many factors could be in play with regards to the latest Bitcoin price dip, itâs recent fallout with Rippleâs XRP leads the way. Ripple was hit with a lawsuit from the United States Security and Exchange Commission (SEC) and subsequently suffered drops that left its price in a pit. XRP, the fourth-largest cryptocurrency by market cap, is now trading at $0.20 as news broke that Coinbase, a major US cryptocurrency exchange has decided to suspend its trading from next month.
next Altcoin News, Bitcoin News, Cryptocurrency news, News
Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.
XRP Crashes Below $0.25 as Coinbase Announces XRP Trading Suspension
Published
8 Stunden ago
on
Dezember 29, 2020
By
Some of the popular crypto exchanges have announced XRP trading suspension following the SEC lawsuit. This is seriously going to hurt XRP investorsâ interest over a long period of time.
XRP investors have met with an unfortunate fate. It has been a rocky ride for XRP investors as the cryptocurrency has been heading south after the SEC lawsuit. From its monthly high of $0.66 on December 1st, XRP has reduced to only 1/3rd of the price. At press time, XRP is trading 20% trading at $0.22 with a market cap of $10.3 billion. The latest price crash comes amid crypto exchange Coinbase announcing its plan to suspend XRP trading starting January 19, 2020.
Coinbase Chief Legal Officer Paul Grewar writes that the latest suspension comes amid the SEC lawsuit against Ripple Labs. Also, in the official announcement, Grewar writes:
âWe have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021, at 10 a.m. PST. The trading suspension will not affect customersâ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension. We will continue to support XRP on Coinbase Custody and Coinbase Walletâ.
Coinbase joins Bitstamp as one of the top crypto exchanges to suspend XRP trading in recent times. There have been several other exchanges that have announced XRP trading suspension in recent times. Following the Coinbase announcement today, another major crypto exchange Crypto.com also announced its decision to delist the crypto asset.
$XRP will be delisted from the https://t.co/vCNztABJoG App in the U.S. effective Jan 19th, 2021 at 10am UTC.
The Road to XRP Recovery Isnât an Easy One with Measures by Coinbase and Others
It looks like XRPâs road to recovery ainât going to be an easy one! Over the last few years, the SEC has conducted a crackdown on several such crypto projects. Speaking to CoinTelegraph, Bybit CEO Ben Zhou said:
âSEC and Ripple will have their day in court with due process of law, so we shall not prejudge the case in the court of public opinion. It is of course likely that the case will take up much of Rippleâs attention and resources. [âŠ] We hope a clear precedent and framework emerge from these proceedings.â
Furthermore, the SEC has accused Ripple of selling unregistered XRP securities under Section 5 of the Securities Act of 1993. Also, the case will proceed further in the New York Federal Court. Todd Crosland, CEO of cryptocurrency exchange CoinZoom said that the lawsuit will have a long-lasting impact on XRP price.
XRP which has already been a laggard performer over the last two years will continue trading at lower levels even further. While institutional players have been betting big on crypto, they will refrain from having any exposure to XRP.
âLack of institutional support will hurt liquidity. Institutions will not bet against the SEC, and will be unloading their positions and will avoid taking new positions in XRP until the lawsuit is resolved,â said Crosland.
The only hope for XRP currently is the appointment of new crypto-friendly SEC chairman Elad Roisman. Soon after filing the lawsuit complaint, previous SEC chairman Jay Clayton submitted his resignation. However, we donât expect things to improve anytime soon.
next Altcoin News, Cryptocurrency news, News, XRP
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bitcoin4 Monaten ago
Regulation3 Monaten ago
Bitcoin3 Monaten ago
Altcoin3 Monaten ago
Cryptocurrency4 Monaten ago
Monero9 Monaten ago
Blockchain3 Monaten ago
