Ethereum Classic Hits Market Capitalization of $3.69 Billion (CRYPTO:ETC)

It is not possible to purchase Ethereum Classic directly using U.S. dollars. Investors seeking to acquire Ethereum Classic must first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, Changelly or Coinbase. Investors can then use their newly-acquired Bitcoin or …

Ethereum Classic logoEthereum Classic (CURRENCY:ETC) traded down 4.2% against the U.S. dollar during the 1-day period ending at 23:00 PM E.T. on January 30th. One Ethereum Classic coin can currently be purchased for approximately $36.86 or 0.00343093 BTC on popular cryptocurrency exchanges including GOPAX, CoinFalcon, EXX and OKEx. Ethereum Classic has a total market cap of $3.69 billion and approximately $792.48 million worth of Ethereum Classic was traded on exchanges in the last day. Over the last week, Ethereum Classic has traded up 7.3% against the U.S. dollar.

Here is how related cryptocurrencies have performed over the last day:

  • Bitcoin (BTC) traded 2.2% lower against the dollar and now trades at $10,882.30 or 1.00000000 BTC.
  • Ethereum (ETH) traded 3.5% lower against the dollar and now trades at $863.81 or 0.08040080 BTC.
  • Bitcoin Cash (BCH) traded 4.4% lower against the dollar and now trades at $1,334.46 or 0.12420800 BTC.
  • Litecoin (LTC) traded down 3.3% against the dollar and now trades at $218.54 or 0.02034120 BTC.
  • Monero (XMR) traded 7.8% higher against the dollar and now trades at $316.04 or 0.02941570 BTC.
  • RaiBlocks (XRB) traded 32.3% higher against the dollar and now trades at $18.58 or 0.00186028 BTC.
  • Bitcoin Gold (BTG) traded down 2.3% against the dollar and now trades at $126.95 or 0.01181600 BTC.
  • Zcash (ZEC) traded 4.4% higher against the dollar and now trades at $444.63 or 0.04138470 BTC.
  • Nano (NANO) traded 25.8% higher against the dollar and now trades at $9.00 or 0.00083741 BTC.
  • Verge (XVG) traded 0.4% lower against the dollar and now trades at $0.0684 or 0.00000637 BTC.

Ethereum Classic Profile

Ethereum Classic (CURRENCY:ETC) is a proof-of-work (PoW) coin that uses the Ethash hashing algorithm. Its launch date was July 30th, 2015. Ethereum Classic’s total supply is 100,030,850 coins. The official message board for Ethereum Classic is forum.ethereum.org. The official website for Ethereum Classic is www.ethereum.org. Ethereum Classic’s official Twitter account is @eth_classic and its Facebook page is accessible here. The Reddit community for Ethereum Classic is /r/EthereumClassic and the currency’s Github account can be viewed here.

According to CryptoCompare, “Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction. The Ethereum Classic mission statement is: “We believe in decentralized, censorship-resistant, permissionless blockchains. We believe in the original vision of Ethereum as a world computer you can’t shut down, running irreversible smart contracts. We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs, not to bail out failed contracts and special interests. We believe in censorship-resistant platform that can be actually trusted – by anyone.” Our block explorer data: total coins supply, total network hash rate, last block number and total difficulty are freely provided by https://gastracker.io/ In 2017, the Die Hard fork was implemented in ETC, removing the Ethereum difficulty bomb. Currently, there are no plans to move to Proof of Stake like Ethereum, although developers at the IOHK institute are developing a new PoS protocol for Ethereum Classic.”

Buying and Selling Ethereum Classic

Ethereum Classic can be traded on the following cryptocurrency exchanges: OKEx, bitFlyer, Quoine, Bitbank, Bitstamp, BigONE, RightBTC, Korbit, Gate.io, Qryptos, Cryptopia, BitBay, CoinFalcon, Kraken, YoBit, EXX, Gemini, EtherDelta, Tidex, Huobi, Bitinka, ChaoEX, Coinnest, Mercatox, Coinbene, Coinsquare, Kucoin, Bithumb, Gatehub, Koineks, BTCTurk, Bitfinex, CoolCoin, Coinone, Liqui, Bancor Network, Bit-Z, CEX.IO, Tidebit, Bitcoin Indonesia, ACX, Coinut, Lbank, Bibox, Upbit, BitGrail, Allcoin, WEX, Exmo, Binance, Cobinhood, DSX, Poloniex, Coinrail, GDAX, HitBTC, Bitso, Koinex, Livecoin, TOPBTC, Mr. Exchange, Independent Reserve, QuadrigaCX, COSS, xBTCe, BX Thailand, BTC Markets, Gatecoin, CoinExchange, ZB.COM, BtcTrade.im, GOPAX, Bittrex and CoinEgg. It is not possible to purchase Ethereum Classic directly using U.S. dollars. Investors seeking to acquire Ethereum Classic must first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, Changelly or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Ethereum Classic using one of the aforementioned exchanges.

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BI Reminds Again that Virtual Currencies, Bitcoins are Banned

CO, Jakarta – Bank Indonesia (BI) once again released a public announcement regarding virtual currencies such as Bitcoin that are not considered to be a legitimate payment tool in Indonesia. In accordance with Law, No 7/2011 on currencies state that legitimate currencies are the ones that are issued …

TEMPO.CO, Jakarta – Bank Indonesia (BI) once again released a public announcement regarding virtual currencies such as Bitcoin that are not considered to be a legitimate payment tool in Indonesia.

In accordance with Law, No 7/2011 on currencies state that legitimate currencies are the ones that are issued by the country and that every transaction must use Rupiah as its currency.

“This makes it clear that virtual currencies are not included in the rupiah currency definition. That is why Bank Indonesia banned its use in Indonesia,” said Bambang Pramasudi, Head of Bank Indonesia’s branch office in Maluku Province on Tuesday, February 20.

Bambang reasoned that virtual currencies are saturated by risks, speculations, and fluctuates easily because of the lack of any official administrator that is responsible for controlling the value of the currency.

He also argued that virtual currencies are prone to be used for money laundering and source funds for terrorist activities.

Bambang once again reminds that Bank Indonesia has banned the use of virtual currencies such as Bitcoin by Indonesian payment system providers and financial technology organizers.

ANTARA

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Crypto markets stuck in regulatory limbo face push out of business

Legislation enacted in April lets companies that have applied for approval continue running cryptocurrency exchanges on a provisional basis while they await a decision. Coincheck, which saw some 58 billion yen ($538 million) of the virtual currency NEM stolen Jan. 26, is one such provisional operator.

TOKYO — Japan’s Financial Services Agency will consider urging unregistered virtual currency exchange operators to withdraw their applications for approval if the regulator finds fault with their internal controls and information security measures.

This approach, aimed at encouraging tighter security and restoring users’ trust, comes in the wake of last month’s massive heist at operator Coincheck.

Legislation enacted in April lets companies that have applied for approval continue running cryptocurrency exchanges on a provisional basis while they await a decision. Coincheck, which saw some 58 billion yen ($538 million) of the virtual currency NEM stolen Jan. 26, is one such provisional operator.

The FSA previously treated operators awaiting approval the same as registered ones, saying that both were under legal oversight. But this window now appears to be closing.

Minister of Finance Taro Aso told reporters Friday that exchange operators awaiting approval would undergo on-site inspections. As of Wednesday, five such businesses had been probed. Aso warned investors to “bear in mind that provisional operators are still in the application process.”

After the Coincheck theft, the FSA decided to investigate the 15 other applicants, on concerns that Coincheck was “just the tip of the iceberg,” in the words of one agency official.

Forty companies had applied to run virtual currency exchanges as of September, when the FSA announced the first round of approvals. Since then, 14 have successfully registered. Of the remaining 26, 10 have closed down, leaving 16 operating while in limbo.

Starting this month, the FSA has informed multiple applicants that based on the results of inspections and monitoring, they have no hope of approval unless they drastically improve their operations. The agency is also working to identify operators that experience repeated system trouble or fail to ring-fence customer assets.

This is not to say that no exchange operators stuck in provisional status will eventually meet the criteria for registration. But some may choose to withdraw from the sector if the time and cost hurdles to qualification prove too daunting.

The law imposes no time limit on the application review, creating a gap that the agency has now moved to fill using its authority to perform on-site inspections.

The sector itself is moving to prod operators out of the limbo state. Two cryptocurrency industry groups — the Japan Blockchain Association and the Japan Cryptocurrency Business Association — are poised to agree to form a self-regulatory body, scheduled to launch in April, and only registered exchange operators will be allowed to become members. That decision “likely sends a message to hurry and get registered if you want to stay in business,” according to an FSA official.

The FSA and the industry are at last making similar noises about using the registration system as a badge of reliability to assure customers. But even registered cryptocurrency businesses face problems. One approved operator, the Osaka-based Tech Bureau, encountered a glitch this month in which virtual currencies were sold for free. System troubles have cropped up at big exchanges bitFlyer and Bitbank as well.

Nikkei group company QUICK holds an equity stake in bitFlyer.

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Ethereum Gold Price Down 14.3% Over Last Week (CRYPTO:ETG)

Ethereum Gold logo Ethereum Gold (CURRENCY:ETG) traded down 39.5% against the dollar during the 1-day period ending at 21:00 PM E.T. on January 30th. Over the last seven days, Ethereum Gold has traded 14.3% lower against the dollar. Ethereum Gold has a total market cap of $1.15 million and …

Ethereum Gold logoEthereum Gold (CURRENCY:ETG) traded down 39.5% against the dollar during the 1-day period ending at 21:00 PM E.T. on January 30th. Over the last seven days, Ethereum Gold has traded 14.3% lower against the dollar. Ethereum Gold has a total market cap of $1.15 million and $8,589.00 worth of Ethereum Gold was traded on exchanges in the last day. One Ethereum Gold coin can now be purchased for about $0.0959 or 0.00000903 BTC on cryptocurrency exchanges including Bitso, xBTCe, GOPAX and Binance.

Here’s how other cryptocurrencies have performed over the last day:

  • Ripple (XRP) traded 5.1% lower against the dollar and now trades at $1.02 or 0.00009624 BTC.
  • NEO (NEO) traded 3% lower against the dollar and now trades at $124.01 or 0.01168580 BTC.
  • Stellar (XLM) traded 0.9% higher against the dollar and now trades at $0.40 or 0.00003812 BTC.
  • IOTA (MIOTA) traded 5.3% lower against the dollar and now trades at $1.77 or 0.00016662 BTC.
  • TRON (TRX) traded 1.4% lower against the dollar and now trades at $0.0456 or 0.00000430 BTC.
  • VeChain (VEN) traded down 4.7% against the dollar and now trades at $6.00 or 0.00056531 BTC.
  • Tether (USDT) traded 0.1% higher against the dollar and now trades at $1.00 or 0.00009420 BTC.
  • Binance Coin (BNB) traded down 4.4% against the dollar and now trades at $9.53 or 0.00089797 BTC.
  • Populous (PPT) traded 0.7% higher against the dollar and now trades at $24.42 or 0.00230066 BTC.
  • RChain (RHOC) traded 10% lower against the dollar and now trades at $2.14 or 0.00020165 BTC.

Ethereum Gold Coin Profile

Ethereum Gold’s genesis date was October 13th, 2017. Ethereum Gold’s total supply is 24,000,000 coins and its circulating supply is 12,000,000 coins. The Reddit community for Ethereum Gold is /r/ethereum and the currency’s Github account can be viewed here. Ethereum Gold’s official website is www.ethereum.org. Ethereum Gold’s official Twitter account is @ethereumgoldetg. The official message board for Ethereum Gold is forum.ethereum.org.

According to CryptoCompare, “EthereumGold is an Ethereum clone. It has a supply of 24,000,000 ETG tokens. “

Ethereum Gold Coin Trading

Ethereum Gold can be traded on the following cryptocurrency exchanges: OkCoin Intl., Gemini, Bitsane, Quoine, Tidex, Bleutrade, BX Thailand, QuadrigaCX, CoinEgg, YoBit, CoinFalcon, Cryptopia, BitBay, Coinone, OKEx, RightBTC, Mercatox, Bitstamp, AEX, DSX, CEX.IO, Independent Reserve, Binance, Coinnest, GDAX, Bittrex, COSS, Korbit, Coinsquare, Bancor Network, Bitcoin Indonesia, Mr. Exchange, BigONE, Coinrail, Koinex, Livecoin, HitBTC, ChaoEX, ZB.COM, BTC Markets, Gate.io, bitFlyer, Bitfinex, Exmo, Zaif, BtcTrade.im, CoolCoin, Kucoin, Gatehub, EXX, Bithumb, Liqui, Qryptos, Allcoin, CoinExchange, The Rock Trading, Bitso, Huobi, Bit-Z, Bibox, EtherDelta, Coinbene, GOPAX, Gatecoin, TOPBTC, Kraken, xBTCe, Poloniex, BitGrail, Ethfinex, Lbank, WEX, OEX and BTCTurk. It is not currently possible to purchase Ethereum Gold directly using U.S. dollars. Investors seeking to acquire Ethereum Gold must first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Ethereum Gold using one of the aforementioned exchanges.

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What is DigixDAO? | Beginner’s Guide

DGX tokens are created by a smart contract that receives PoA cards and generates DGX tokens for each gram of gold. For example, if a 100g PoA card is sent to the smart contract, 100 DGX tokens are created and sent to an Ethereum wallet. This means Digix doesn’t engage in fractional reserves.

What is DigixDAO?

DigixDAO plans to create a new cryptocurrency backed by actual bars of gold. DigixDAO is the Digix Decentralized Autonomous Organization, a decentralized group of participants making decisions about how to grow the Digix Global Ecosystem. Participants purchased DGD tokens in the “first ever crowdsale on the Ethereum Blockchain.”

The DGD token holders will make decisions related to any proposals submitted to DigixDAO. As a reward for voting and decision making in the growth of Digix, DGD holders receive rewards related to DGX, a token that represents 1 gram of gold. Their tokenization of gold aims to provide stability and store of value in the cryptocurrency space. Bitcoin is often referred to as digital gold, but in this guide, we’ll look at how DigixDAO digitizes your ownership of actual gold.

DigixDAO logo

Proof of Asset

In order to distribute DGX tokens representing 1g of gold, Digix utilizes Proof of Asset (PoA). The process involves recording possession of an asset on the Ethereum blockchain and the creation of PoA Asset Cards. “The asset cards are certified using sequential digital signatures from the entities in the chain of custody, namely, the Vendor, Custodian, Auditor, which are further validated with proof of purchase and depository receipts provided and uploaded onto the InterPlanetary File System for permanent record.”

The Vendor, ValueMax Singapore, is a publicly listed company that sells London Bullion Market Associate certified gold bullion bars.

The independent Auditor, Bureau Veritas Inspectorate, checks the quality and quantity of the gold every quarter.

The participating Custodian Vault, The Safe House, is located in Singapore. Their vault can store up to 30 tons of gold, but in the future, Digix will look to open more vaults around the world for regulatory redundancy.

Safehouse

In total the Proof of Asset Cards stored on the Ethereum blockchain contain:

  • Timestamp of card creation
  • SKU of the gold bar
  • Bar serial number
  • Chain of custody digital signatures (Vendor, Custodian, Auditor)
  • Purchase receipt
  • Audit documentation
  • Depository receipt
  • Storage Fees due

DGX Tokens

Now that we know how the gold is secured, it’s time to make the DGX tokens. DGX tokens are created by a smart contract that receives PoA cards and generates DGX tokens for each gram of gold. For example, if a 100g PoA card is sent to the smart contract, 100 DGX tokens are created and sent to an Ethereum wallet. This means Digix doesn’t engage in fractional reserves. Each DGX token always represents 1g of gold and is divisible to 0.001g.

The DGX tokens come with two sets of fees associated with storing and securing gold. There’s a demurrage fee that comes out to be 0.60% annually and also a 0.13% transaction fee when transferring DGX with an Ethereum wallet. However, Digix will wave the storage fees during the first year of operation.

We’ll discuss later how the DGX fees are passed onto DGD holders.

Instead of using the PoA cards to generate DGX tokens, the reverse process is also available. Recasting DGX tokens into PoA cards and then physical gold bars will cost you 1 DGX token. The gold bar you claim must also be a multiple of 100 grams and you can choose to either pick up your gold bar in person or, depending on the country, have it sent to you.

The DGX tokens are the crux of the DigixDAO and aim to solve two problems. They want to make it easier and cheaper to own and liquidate gold assets while also providing much-needed stability to cryptocurrencies. While not available for purchase yet, the DGX tokens are expected to be released in the first quarter of 2018.

DGX Token

DGD Tokens

Holders of DGD can vote on how the DigixDAO funds are allocated. DGD token holders can make “active managerial decisions to any proposals submitted to DigixDAO.”

However, there’s some confusion about the rewards for DGD holders who vet and approve project proposals. The Digix Global FAQ says “each token rewards you with a prorated share of DigixDAO’s transaction fee on Digix Gold, denoted in DGX gold tokens.”

There are also plans to include the “demurrage fees as part of the rebate structure to DGD token holders.”

The FAQ also says for “participation on proposals, there will be a reward with DGX tokens.”

However, in February 2018 the Digix team posted on Medium “we would like to emphasize further that DGD do not provide ‘passive income’, nor ‘dividends’, ‘rights to profits of the commission of DGX traded.’”

The post mentions instead you can receive Digix rewards such as “DGX discounts or rebates.”

It’s unclear at this time how much the rebates will be worth in terms of obtaining DGX. What is clear, regardless of what the rewards end up being, is they are not received passively and must be claimed quarterly. After the DGX tokens are launched, there will be further information on how DGD holders can start voting in the DGD governance and receive their rewards.

History

Digix incorporated in Singapore in December 2014 and the DGD crowdsale took place on March 30th, 2016. It was the first ever crowdsale and major Distributed Autonomous Organization hosted on the Ethereum network. The sale intended to run for 30 days but met its 5.5 million dollars hard cap in just 12 hours, selling 1.7 million DGD tokens and reserving 300,000 for the Digix team. Pledges who sent over 15,000 USD worth of Ether received a special badge which will allow them to submit proposals to the DigixDAO.

For better or worse, when you see the word DAO, you might think of hacking. In July 2017, over 4000 DGD were indeed stolen due to a vulnerability in the crowdsale smart contract. The bug was eventually fixed and the tokens reimbursed to the 35 affected addresses.

In 2018, Digix is approaching a critical moment in its history with the release of tokenized gold in the form of the DGX token. There’s a race to become the most trusted stable coin in cryptocurrency and as a Digix founder said, “if one were to extrapolate… over a longer period of time, the stability of gold as a hedge against geopolitical and economic risks is undisputed.”

Digix Global Team

The Digix team based in Singapore is led by three founders: Kai C. Chng, Anthony Eufemio, and Shaun Djie. Kai C. Chng is a graduate of the NYU School of Business a former trader for HSBC. He left his job trading securities due to his strong belief in blockchain technology. Anthony Eufemio graduated from USC Viterbi and has worked in software development for over 18 years. Shaun Djie is the “lead coordinator of the largest Ethereum Meetup group in Asia” and a contributor to “Smart Nation Research” for the Singapore government.

Digix Global Team

Coin Supply and Sustainability

There are 2 million DGD tokens in existence with 15% allocated to developers. However, if the DigixDAO requires more funding and the majority of participants agree, then another DGD token crowdsale can take place.

The supply of DGX tokens will depend on the demand for gold and the size of their vaults. The first vault Digix is working with can hold about 2 billion USD worth of gold, so if the new DGX gold standard becomes popular, they will need to expand to more vaults.

If the DGX token successfully represents gold, then there are plans to create more tokens for silver and other precious metals too.

The 0.13% transaction fees and one-third of the demurrage fees on DGX go into the rewards for the DigixDAO. As far as the sustainability of the DAO and DGX token, if at least 80% of DGD holders vote to liquidate the DAO, then DGX holders will be reimbursed either in gold bars, fiat, or a cryptocurrency.

Future Projects and Roadmap

The creation of DGX tokens is just the beginning for Digix Global. Once a stable coin is introduced to cryptocurrency, the possibilities are endless.

Wealth Inheritance

Digix plans to provide a dead man’s switch to allow wealth to be passed on to an Ethereum address of your choosing. If you did not access the Digix network for a certain period of time, the smart contract would automatically send your DGX to an heir’s wallet.

Gamification

Instead of using Warcraft gold, Digix would like developers to be able to use real gold as their in-game currency.

Escrow

“DGX tokens can provide a better and less volatile store of value for Escrow services on the blockchain.”

Partnerships with Stable Coins

The Dai Stablecoin will be backed by DGX as collateral. Dai is aiming to “create a decentralized stable coin that is pegged to 1 USD and backed by diversified collateral on-chain.”

Lending and Microfinance

The current volatility of cryptocurrencies makes them less than ideal for lending purposes. However, Digix believes there could be a new industry based on the lending of a more stable DGX token.

Competition

Digix Global has two main competitors. There are the institutions already selling gold, such as GoldMoney, the market leader in digital gold storage, holding 2 billion dollars in assets. They’re also on the Toronto Stock Exchange. GoldMoney provides a type of debit card that allows you to spend your gold. The Canadian based company has regular and independent audits of client holdings but does not use any blockchain technology to store information on individual holdings.

The other main competitor is Tether, the most popular ‘stable’ coin in terms of volume. However, with the recent subpoena of Tether, there’s room in the market for competitors.

Trading History

In January 2018, the vast majority of the cryptocurrency market crashed. DGD was the only coin in the top 100 to rise in value in that time. Perhaps this is an early indicator that people will seek gold as a safe haven during times of market uncertainty. The ICO price of DGD was about 3 dollars, but in 2018, DGD reached an all-time high of over 400 dollars. When Digix finally delivers the DGX tokens and the rewards to DGD participants start rolling in, we might see an even higher demand for DigixDAO.

Where can you buy it?

The vast majority of DGD volume takes place on Binance and Huobi. On Binance the DGD has both BTC and ETH pairs. When DGX goes live, it will be available for purchase with Ether on the Digix marketplace.

Where can you store it?

Any 3rd party wallets that allow custom Ethereum tokens can store DGD and DGX ERC20 tokens. You could use the imToken mobile app or MyEtherWallet.

Final Thoughts

In 1971 America completely severed the link between USD and gold. Almost 50 years later Digix plans to bring back the gold standard. A gold dollar cryptocurrency not only provides stability but can lead to the tokenization other metals and commodities. With stability and store of value on a blockchain, an entire ecosystem of applications is possible. However, it remains to be seen if cryptocurrencies can be considered the gold of the future, or if gold isthe gold of the future.

Additional Resources

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