Ethereum Classic Labs collaborates with iZbreaker to launch decentralized application

Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership.

Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership. The organization is all set to collaborate with an invite-only community, iZbreaker in order to launch a decentralized application. The tweet read,

#EthereumClassicLabs Partners with iZbreaker to Build and Launch its New Platform on #EthereumClassic. #iZbreaker addresses the current gap in #SocialMedia for user-guided, relevant interactions that feel like real-life engagements. https://t.co/2uMwaO6jbB@iZbreaker#ETC$ETC

— Ethereum Classic Labs (@etclabs) August 28, 2019

iZbreaker is said to use developmental resources of ETC Labs along with its technical and marketing expertise on a new decentralized application.

The announcement was also confirmed by a blog post, in which the CEO and founder of iZbreaker, Count Erik Wachtmeister, suggested that the partnership will accelerate substantial connections all around the world, especially between globally influential people that include, artists, industry influencers, actors politicians and various others. He further said,

“After extensive due diligence, it is clear that ETC Labs and building on Ethereum Classic’s public blockchain is ideal to unleash the power of iZbreaker, achieving our goal of delivering a secure, user-guided discovery experience.”

Ethereum Classic Labs’ CEO, Terry Culver said that iZbreaker’s “unique approach” to build the community while retaining aspects like data sovereignty, integrity and security captured their attention. He also added,

“We were excited about the iZbreaker project and team from the beginning and thought it was an ideal fit for Ethereum Classic’s security, low transaction fees, and stability.”

iZbreaker shelters various features in its platform like the “use of proximity discovery, current modes, respective freemium access to a Lounge, and the invitation-only access to the Club.”

Furthermore, the platform will have to abide by Ethereum Classic’s smart contract, ERC-20.

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Telegram Cryptocurrency ‘Gram’ Available by October

… in a first of its kind, Telegram successfully raised a whopping $850 million during its initial coin offering (ICO) pre-sale, which was open to only high …
Reading Time: 2minutesbyOgwu Osaemezu EmmanuelonAugust 28, 2019&nbspAltcoins

Telegram has hinted that the first batches of its Gram cryptocurrency will be available to a select group of investors by October 2019 and the Pavel Durov-led firm also plans to make the Gram wallet available to the nearly 300 million users of Telegram shortly, reports The New York Times on August 27, 2019.

Telegram Forges Ahead with GRAM

Per sources close to the matter, in a bid to fulfill its promise to investors, Telegram is putting preparations in top gear to make its Gram tokens available to some investors within the next two months.

Just like Facebook’s Libra, Telegram’s Gram token is designed to function as a global currency, making it easier for people to move money across the globe in a secure and cost-efficient way, however, unlike Libra, Telegram has hinted that Gram will be entirely decentralized.

Telegram claims its distributed ledger, Telegram Open Network (TON) will be run by node operators scattered across the world, similar to the Bitcoin blockchain. In essence, even Telegram itself will have no control over Gram transactions.

Racing Against Time

As reported by BTCManager earlier in February 2018, in a first of its kind, Telegram successfully raised a whopping $850 million during its initial coin offering (ICO) pre-sale, which was open to only high net worth individuals and venture capitalist firms.

Reportedly, Telegram previously promised its high-profile backers which includes Benchmark and Lightspeed Capital, as well as Russian investors, that they’ll have access to the purchased Gram tokens by October 31, 2019, or get refunds.

In a bid to meet the scheduled release date of Gram to these investors, Telegram is reportedly looking to launch the testnet of Gram network in the coming weeks, to make certain there are no bugs that could scupper its plans.

If all goes as planned, some investors will be able to trade their Gram tokens on supported exchanges, however, those who participated in its pre-ICO may have to wait a little longer.

While Facebook’s Project Libra is yet to receive the “blessings” the of financial regulators both in the U.S. and overseas, it is still unclear how Telegram plans to scale these huge regulatory mountains awaiting its multi-billion-dollar crypto project.

In related news, on August 26, 2019, BTCManagerinformed that Telegram users will soon be able to trade bitcoin and altcoins on the platform via Button Wallet.

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Numerai Deploys Erasure Protocols to Ethereum Mainnet

… will want to use assets like ETH, wBTC, or the native Numerai token (NMR) as they are easily compatible with smart contract escrow requirements.
Reading Time: 2minutesbyAshwath BalakrishnanonAugust 28, 2019&nbspEthereum

Numerai has been making strides since they first launched their outsourced analysis contest. Now, they’ve announced their deployment on the Ethereum blockchain, August 27, 2019. Numerai allows participants to make price predictions for stocks in the Russell 3000 index on a daily basis and be rewarded if they have a strong track record. With the addition of decentralized alternative investment management to Ethereum’s DeFi stack, it shows that anything and everything in financial services can be recreated on Ethereum.

How Numerai Works

Numerai has built two proprietary applications through smart contracts: Erasure Quant and ErasureBay.

Erasure Quant is the contest for daily price predictions on the Russell 3000. Participants are rewarded based on their past predictions, which are locked into an immutable ledger. This is an open template that can now be used by anyone to crowd source information of any variety.

ErasureBay is a decentralized marketplace that allows participants to create signals that can be bought by those seeking that particular information. The point of this is to create a track record for participants signals; as their past performance improves, more people will want to buy their signals.

The project believes that risking money on data is a testament to the reliability of that data. Skin in the game yields more dependable results.

Payment can be done via any cryptocurrency, but it is likely that most participants will want to use assets like ETH, wBTC, or the native Numerai token (NMR) as they are easily compatible with smart contract escrow requirements.

When parties agree to a contract, they stake their asset, and if any participant doesn’t abide by the rules set by the contract, they are punished by having a portion of their staked asset burned.

Deepening Decentralized Finance

Every conversation around Ethereum these days seems to have something to do with DeFi. This particular segment has seen exponential growth in terms of value locked and new developments.

Synthetix and Set Protocol are two high potential projects that help users build investment portfolios. Now that Numerai has been added to the stack, the advent of crowdsourced analysis for financial markets has also reached Ethereum.

At this point, it’s difficult to imagine a financial service that cannot be recreated on Ethereum.

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Is Tether Taking Over the Ethereum Network? Buterin Warns of Issues

This is warning issued last week by Vitalik Buterin, the co-founder of Ethereum. According to tracker Etherscan.io, utilization of the Ether network has …
TetherTether

Processing transactions in the digital token Ether on the underlying blockchain could soon be expensive for some users. This is warning issued last week by Vitalik Buterin, the co-founder of Ethereum.

According to tracker Etherscan.io, utilization of the Ether network has significantly increased to around 90%. Buterin indicated that as utilization grows, so do transaction costs, and that might deter corporate users from using Ethereum.

Tether Replacing ICOs on Ethereum Network

During the height of cryptocurrency, the digital game CryptoKitties was taking off and slowing down the Ethereum network immensely. Then, several initial coin offerings, most of which turned out to be scams, took up even more space on the network, slowing it even more. Now, most of the ICOs are gone, but a new coin has taken over the space previously occupied by them: Tether.

Data researcher Ethgasstation.info reveals that in the past month, Tether has paid computers that process transactions on the Ethereum network close to $260,000 in fees. This is 17.5 times more than CryptoKitties and six times more than IDEX, the largest distributed exchange in the World. The use of Tether is on the rise in recent weeks following more coins being issued.

>> Slim Chance of Bitcoin (BTC) Hitting $20,000 USD By End of Year

Tether’s Market Cap Exceeds $4 Billion

According to CoinMarketCap, the coin’s market capitalization recently exceeded $4 billion, growing from $2.7 billion in 2018. Last month, John Griffin, a finance professor at the University of Texas, estimated that around 40% of Tether runs on the Ethereum network.

Recently, Coin Metrics indicated in what is seen as the growing popularity of the coin that it was used in 40% of all transactions on Binance and 80% of transactions on Huobi. With Tether taking up more space in the Ethereum network, then it means less space will be available for other developers.

Most crypto enthusiasts touted Etherreum to be better than Bitcoin because of its extra features. For instance, users could automate tasks as well as set autonomous corporations running themselves through software. But with this new development, some developers are avoiding Ethereum until it tweaks the network to increase capacity.

Featured image: DepositPhotos © artefacti

Telegram Will Reportedly Launch Its Cryptocurrency by October 31

… ahead with the launch of the “Gram” cryptocurrency after raising an estimated $17 billion through an initial coin offering (ICO) last year, according to …

Encrypted messaging app Telegram is to push ahead with the launch of the “Gram” cryptocurrency after raising an estimated $17 billion through an initial coin offering (ICO) last year, according to a report by the New York Times.

The company reportedly said it was to begin delivery of “the first batches” of the digital token in the next two months. Owners of the gram token – transacted and verified on the Telegram Open Network (TON) blockchain – will store them in a Gram digital wallet that Telegram will offer to its more than 200 million global users, the NYT report said.

Telegram’s Proof of Stake-based TON Network to Compete with Cosmos, Polkadot https://t.co/2FvnaXK2cr#TelegramOpenNetwork#Sharding#ProofOfStake#Scalability#Cosmos#Polkadot#Ethereum2.0

— CryptoGlobe (@CryptoGlobeInfo) June 23, 2019

It looks likely to be a make-or-break effort, however, as documents seen by the NYT suggest a hard deadline of October 31. If it hasn’t delivered by then, it forfeits the $1.7 billion it raised to issue the cryptocurrency.

Telegram’s TON blockchain reportedly entered its private beta stage in April of this year, months before its scheduled launch. Both TON and the Gram token have been developed in secret. We know the crypto won’t be backed by any fiat currencies, nor will Telegram have control over it.

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