If there’s one thing about tech companies that differentiates them from all other enterprises around the world, it’s that they don’t shy to join hands with …
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If there’s one thing about tech companies that differentiates them from all other enterprises around the world, it’s that they don’t shy to join hands with companies much smaller than them. And that’s the reason why they innovate much faster than other companies, why they stay relevant with changing times and why their lead remains difficult to be undermined. Google is also a big tech company, and this applies to them as well. Ever since blockchain started emerging as a major force they’ve taken a number of steps to ensure that they don’t miss the bus, and the latest in that series of efforts is to partner with others. The company just announced a partnership with blockchain startup Cypherium Enterprise, which will allow Google Cloud to offer blockchain-related solutions to its customers.
Cypherium is an enterprise-focused blockchain platform that focuses on providing scalable and decentralized blockchain solutions to companies across various sectors. It utilizes a hybrid blockchain protocol featuring joint Proof-of-Work (PoW) and HotStuff consensus mechanism to achieve the capability of processing thousands of transactions per second. In case you don’t know about HotStuff consensus, you should know it now because it has also been adopted by Facebook for its Libra project.
Here’s what Cypherium Co-Founder and CEO Sky Guo told media about this partnership:
“We’re delighted to be collaborating with Google Cloud to provide enterprises with a full-stack solution to harness the potential of this paradigm-shifting technology. The growing demand in the market for DLT solutions in the financial industry and beyond drives our commitment to this collaboration. Cloud customers can rest assured that the blockchain solutions they implement using Cypherium Enterprise are clad in robust security, and capable of delivering rapid transaction speeds for its smart contracts and achieving high-speed data processing from its Java virtual machine.”
In addition to this partnership, Google has also joined hands already with Chainlink to allow Ethereum app developers to integrate data from external sources into their dApps by using Google software. In May blockchain startup Qtum had also announced that it will be working with Google to increase the ease of launching new native products for their users.
Per the report, Audius has so far received $5 million in funding from a number of venture capital firms, including General Catalyst, Lightspeed and …
Audius, a blockchain startup that aims to disrupt the music streaming industry, has uploaded its public beta version.
The open source code for public use of Audius is available on GitHub as of Aug. 15. Additionally, the startup has issued an open invitation to run network nodes in exchange for compound rewards distributed in Audius’ native token.
Decrypt reported the startup’s recent developments on Aug. 15. According to Audius CEO Roneil Rumburg, Amazon Web Services is one provider that users can take advantage of to run a node for the music network for staking. Rumburg explained that “every time a user listens to something and is paying an artist, a percentage of that payment is dumped into a pool that is then distributed to stakers of the Audius token.”
Early node providers will also reportedly be able to get in on the testnet at a discount, since they are allowed to ignore the service’s minimum token-staking requirement. Additionally, these early adopters will apparently receive certain benefits that the company is purportedly legally unable to mention.
Per the report, Audius has so far received $5 million in funding from a number of venture capital firms, including General Catalyst, Lightspeed and Pantera Capital. The startup is now aiming to launch its public beta by the end of September, which is a development stage for the company to invite more artists and users to the network.
Eliminating the middlemen in music
Decrypt describes Audius as a company aiming to eliminate middlemen in the music sector. As previously reported by Cointelegraph, Ethereum co-founder Joseph Lubin suggested in March that blockchain technology could be used to this effect, for the benefit of artists. Lubin remarked:
“I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform.”
For marketing purposes, Justin Sun and the TRON Foundation have a history of making comparisons to the leading smart contract protocol, Ethereum.
TRON announced the latest release of its side chain solution—Sun Network. The upgrade promises “unlimited scaling capacity,” similar to the optimism around Lightning Network for Bitcoin. Yet, the data suggests these bold claims could be more marketing-speak than anything else.
On Aug. 11, TRON announced a new version for the Sun Network, a scaling solution that would expand the network’s transaction capacity. The upgrade incorporates a series of scaling upgrades, such as “DAppChain,” which the TRON Foundation claims will improve the transactions-per-second (TPS) for smart contracts while lowering transaction fees. The upgrade also includes a cross-chain communication feature.
DAppChain would allegedly provide “unlimited scaling capacity” for the TRON MainNet, allowing dApps to run with “lower energy consumption, higher security, and greater efficiency on TRON.” According to TRON and BitTorrent CEO Justin Sun:
“Sun Network will contribute to a more active ecosystem of TRON… In addition, a series of scaling projects such as DAppChain and cross-chain communications will further expand the overall capacity of the TRON network, as well as improving the TPS and smart contract execution efficiency on TRON.”
In addition to the claims around Sun Network, Justin Sun also promotes several selected metrics for TRON:
“TRON’s total account number reached 3,000,000. A total of 410 million secure transactions took place since the MainNet launch.”
Considering how often these metrics are used to promote TRON and the Sun Network it’s important to look at the hard data.
Evaluating TRON based on the numbers
For marketing purposes, Justin Sun and the TRON Foundation have a history of making comparisons to the leading smart contract protocol, Ethereum. Consequently, it’s important to take an objective look at a few important metrics to objectively evaluate these claims.
For reference, Ethereum has a 62 percent market share of the smart contract market-segment capitalization. EOS and TRON have an 11 percent and 4 percent market share, respectively.
In terms of total transactions, EOS is by far in the lead—recording 4.5 million daily transactions. This is followed by TRON at 2.8 million. Finally, Ethereum comes in last with just 710,000 transactions.
Looking at this chart alone, an investor may think that TRON and EOS are superior networks because they have larger transactions counts. This, however, isn’t the full picture.
Both TRON and EOS offer free, near-free, and subsidized transactions, especially for end-users. Meanwhile, the median Ethereum transaction fee costs about $0.05. As a result, it’s expected that lower transaction costs translate into a larger number of transactions (though this raises the risk of network resources being abused for low-value purposes).
One metric that is supposedly effective at estimating the value of a payments network (not a smart contract network) is the dollar value of transactions conducted over that network. This is one measure by which Bitcoin advocates compare different payment-focused cryptocurrencies such as Litecoin, Monero, and Zcash.
Using this metric, Ethereum is clearly in the lead. The pioneer smart contract platform recently clocked-in $229 million in 24-hour blockchain-transacted dollar value. For comparison, EOS and TRON had $40 million and $8 million in value transferred over their networks.
To clarify, this metric only counts transactions that move on-chain. On-exchange volume, where coins do not actually move on the blockchain, are intentionally not counted in this metric.
When looking at these values, Ethereum has 28 times the value transferred over its network compared to TRON, even with the much higher transaction costs. This suggests that as a payment network, ETH dwarfs TRX.
The final metric is not total addresses, as Sun would suggest, but daily active addresses, a measure of the number of addresses which sent or received a transaction in the last 24-hours.
Based on this metric, Ethereum has consistently outperformed the other two networks in daily active addresses, reporting 293,000 active addresses most recently. Comparatively, EOS and TRON had 35,000 and 175,000.
This number may be a better gauge for how many individuals are using each network. That said, here it seems the TRON network is fairly active relative to the project’s size and market capitalization. This could potentially be attributed to TRON’s relatively strong dApp ecosystem, with highly popular TRX gambling dApps, like TronBet, potentially pushing up active user counts.
Will the Sun Network make a difference?
In July 2018, Justin Sun boasted that the TRON network is 80 times faster than Ethereum, implying a network speed of 1,200 TPS. In June, TRON claimed to have a TPS of 2,000. These figures would give TRON a network capacity of approximately 100 to 170 million transactions per day.
Meanwhile, at its peak, the TRON network was using conducting less than 6 million transactions in a 24-hour interval—just 6 percent of the network’s maximum capacity. This could mean the additional TPS from the Sun Network may go largely unused, although it could make more resource-intensive applications possible.
Most would also agree that lower fees are better for the adoption of a blockchain network. And, they are, in terms of stimulating usage.
But, the TRON network already charges near-zero fees for most users. Although, there are fees associated with bandwidth usage and other types of computer resources, but projects can also earn credits for these resources for free by locking-up TRX.
This kind of resource allocation is similar to how EOS.IO is set up, where users are not required to pay for transaction fees under a certain threshold. By centralizing computer resource providers to a few dozen super representatives (or block producers in EOS’s case), both of these blockchain protocols are able to achieve higher levels of transaction throughput at the cost of decentralization.
Arguably, one of the best metrics for evaluating the efficacy of an open-source smart contract platform is the number of monthly active developers it can attract and retain, suggests Electric Capital.
Here, both EOS and TRON have tiny developer communities compared to Ethereum. Ethereum has over 1,200 monthly active developers working on its main code repository compared to EOS’s 225 and TRON’s 65.
Overall, it seems that the metrics the TRON Foundation selects and presents, along with its protocol upgrades, are—as expected—more marketing hype than anything else. Ethereum is still clearly in the lead in terms of active development and industry adoption based on observable numbers, as much as Justin Sun would like investors to think otherwise.
Why #TRON is better than #ETH: 1. 10000TPS vs. 25TPS 2. zero fee vs. high fee 3. consistent Coinburn vs. no coinburn 4. Java vs. Solidity 5. strong extensibility vs. no ex. 6. 1 billion USD developers rewards vs. no plan 7. 100 million users vs. small number #TRX$TRXpic.twitter.com/WvxH5EToa8
In terms of total transactions, it’s unlikely that Ethereum will outperform more centralized systems like TRON and EOS, which can drive down costs by centralizing computer resources— even with sharding—by nature of how distributed networks are bottlenecked by the number of participating nodes.
Yet, it seems disingenuous to claim TRON is outperforming Ethereum, especially when the metrics appear cherry-picked to push the pro-TRX narrative. Justin Sun himself has even admitted—and apologized for—using “vulgar hype and marketing behavior” and utilizing “marketing gimmicks” in a letter meant for his Chinese audience.
Back to the Sun Network, the upgrade seems unlikely to live up to its hype of “unlimited scaling.” Even if it could bring about unlimited transaction throughput, the metric is largely irrelevant if there aren’t enough users and developers on the network.
Unsurprisingly, Sun is back to relentlessly marketing Tron platform with his latest tweet claiming that his first priority is to get Tron back into the top 10 on CoinMarketCap and BitTorrent into the top 30.
JUSTIN THE SUN is back on fire! First target: $TRX back to TOP 10 & $BTT back to TOP 30. Wait and see. #TRON#BitTorrent 🚀😍😜
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It was good day for Blockchain Certified Data Token (BCDT), as it jumped by $0.000438843599999999 or 2.36%, touching $0.019054064. Global …
It was good day for Blockchain Certified Data Token (BCDT), as it jumped by $0.000438843599999999 or 2.36%, touching $0.019054064. Global Cryptocoin Experts believe that Blockchain Certified Data Token (BCDT) is looking for the $0.0209594704 goal. According to 3 analysts could reach $0.0296059887942038. The highest price was $0.019054064 and lowest of $0.0186152204 for August 14-15. The open was $0.0186152204. It last traded at IDEX exchange.
For a month, Blockchain Certified Data Token (BCDT) tokens went down -19.36% from $0.02363 for coin. For 100 days BCDT is down -41.57% from $0.03261. It traded at $0.003977 200 days ago. Blockchain Certified Data Token (BCDT) has 40.84M coins mined with the market cap $778,074. It has 40.84 million coins in circulation. It was founded on 21/12/2017. The Crypto BCDT has proof type and operates under algorithm.
BCDiploma is a blockchain-based certification platform. Its users will be able to certify their digital data and store the respective diploma on the Ethereum blockchain. As the first instance of use, BCDiploma develops a turnkey application for higher education institutions and provides the graduate with a unique URL link: over his entire life, he will be able to prove the authenticity of his diploma.
The Blockchain Certified Data Token (BCDT) is an Ethereum-based (ERC-20) cryptocurrency. It is a utility voucher in the BCD ecosystem that serves as a medium to pay for certified data issuance. For every certified data issuance at BCDiploma, the BCD smart contract will burn a percentage of BCDT tokens automatically.
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Dai retains its value through several feedback mechanisms that have been implemented as a system of smart contracts on the Ethereum blockchain.
Despite the infamous ‘The DAO’ hack, which somewhat tainted the name of decentralized autonomous organizations, DAOs have been witnessing a resurgence in the past twelve months.
At least this is what Circle Research analysts claim in their 2Q2019 Crypto Retrospective Report.
A decentralized autonomous organization, commonly referred to as a DAO, is a blockchain-powered virtual organization that operates independently of a central authority based on a set of predefined coded rules. DAO stakeholders (such as token holders, members or contributors) vote on proposals provided by the community on how the DAO’s funds should be spent. When a proposal is approved through voting, funds are dispersed automatically through the use of smart contracts.
The idea behind a DAO to effectively manage the funds of a decentralized cryptocurrency project where all key stakeholders can have a say in how the project’s funds are managed.
According to Circle Research, a number of new DAOs have launched in the past year, which may suggest that we can expect more DAO activity going forward.
Currently, some of the most notable DAOs include MolochDAO, Aragon, dxDAO, MakerDAO, and the DashDAO.
MolochDAO was launched in early 2019 to help to manage and coordinate funds for Ethereum core development
Aragon is a decentralized application (dapp) that provides infrastructure for blockchain projects to create and operate DAOs
dxDAO is a community-driven decentralized autonomous organization that was created by the Gnosis project in May to control the DutchX decentralized trading protocol
MakerDAO is a smart contract protocol that operates the DAI credit system and is governed by the MKR token holder community
DashDAO acts as the de facto treasury for the digital currency Dash (DASH) where community members submit proposals that require funding and the community votes on each proposal. 10% of newly issued DASH goes to the DashDAO to enable the project to fund its ecosystem without requiring outside assistance.
Are there any achievements?
Most DAOs are still early-stage projects that are yet to show whether they will succeed in their mission or not. However, we have already been able to witness some achievements by DAOs:
MolochDAO raised funds for Ethereum core development
In May 2019, ConsenSys founder Joseph Lubin announced that the MolochDAO has managed to raise over USD 1.5 million in ETH from the likes of ConsenSys, the Ethereum Foundation, and Vitalik Buterin, co-founder of Ethereum. The funds are to be used to fund the further development of the Ethereum project.
The MakerDAO managing the Dai stablecoin
The MakerDAO administers the popular stablecoin, Dai (DAI), which has its value linked to the U.S. dollar. Dai retains its value through several feedback mechanisms that have been implemented as a system of smart contracts on the Ethereum blockchain. Since its launch in late 2017, Dai is largely managed to retain its peg to the dollar. However, earlier this year Dai was trading below its dollar peg and MakerDAO stakeholders had to initiate an Executive Vote to raise the Stability Fee.
Watch the latest reports by Block TV.
Dai price chart:
The DashDAO funding the DASH ecosystem development
Arguably the biggest success in the DAO space has been the DashDAO. DashDAO has helped the cryptocurrency Dash (DASH) to become and remain one of the leading digital currencies in the market today. Any member of the Dash community can write a proposal and receive funding from the DAO. Hundreds of proposals have been passed for things such as marketing efforts, awareness building, and, of course, development.
Decentralized autonomous organizations (DAOs) are an exciting area within the blockchain space that has the ability to disrupt existing business structures and funding models. In 10 to 15 years, it will be very interesting to see how the DAO space has developed.