New Bitcoin on Ethereum Project Raises $1.5 Million From Crypto VCs

… from, but bears no relation to, Elon Musk’s Boring Company, which jazzed up tech by building a tunnel under LA and selling flamethrowers.

In brief

  • BoringDAO raised $1.5 million to create an Ethereum-based version of Bitcoin.
  • It joins its competitors in the goal of bringing DeFi to Bitcoin.
  • It collateralizes each Bitcoin by 200%.

Blockchain project BoringDAO has raised $1.5 million from Asian investors to build bBTC, a synthetic derivative of Bitcoin that ports the coin to Ethereum, priming it for decentralized finance protocols. Its special sauce is that the bBTC has double the collateral of other similar coins.

The BoringDAO is a blockchain project that perhaps takes inspiration from, but bears no relation to, Elon Musk’s Boring Company, which jazzed up tech by building a tunnel under LA and selling flamethrowers. For bBTC, BoringDAO received investment from eight crypto-focused VCs, including DeFiance Capital, HASHKEY and Youbi Capital. Most of the investors are based in Singapore.

bBTC is very, very similar to offerings such as tBTC or renBTC, other protocols into which you can deposit Bitcoin and receive an Ethereum-based version of Bitcoin in return.

bBTC is also similar to Wrapped BTC (wBTC), a synthetic Bitcoin product that holds 73% of the market share, apart from the fact that bBTC, like tBTC and renBTC, are non-custodial, while blockchain company BitGo holds your Bitcoin while you’re exchanging it for wBTC.

Wrapped Bitcoin, incidentally, just crossed above $1 billion in market capitalization earlier this week. All in all, the Bitcoin on Ethereum market stands at about $1.3 billion, according to data from Dune Analytics.

The idea of all of these coins is to port Bitcoin onto Ethereum to make the most of Ethereum-specific decentralized finance protocols. Also known as DeFi, decentralized finance refers to non-custodial lending protocols, exchanges and other synthetic derivatives like stablecoins, into which investors have poured about $10 billion since June, according to DeFi Pulse.

All of these protocols are housed on Ethereum, excluding Bitcoiners from putting their Bitcoin to use, whether by lending it out or investing it in liquidity pools. Hence the creation of protocols such as a bBTC.

What bBTC brings to the table is its “Double-Pledge” mechanism, which it claims protects the coin from liquidity runs. Here’s how it works: You put your Bitcoin into the contract and then other members of the community earn fees when they pledge the equivalent in BOR, the BoringDAO’s native token, and other coins based on Ethereum.

This, supposedly, means that the bBTC is backed by double the amount of tokens; even if the Bitcoin itself is somehow stolen, the protocol can pay back its holders. Those pledging collateral also earn lots of fees, and people can also stake bTokens to earn one of 20,000 BOR (from a so-called “Boring Farm.”)

But where are the flamethrowers?

ConsenSys Bags Hong Kong’s Central Bank Digital Currency Venture

Inthanon is Thailand’s distributed ledger technology (DLT) CBDC program, the equivalent of Hong Kong’s LionRock. The trial presupposes going …
Market NewsSeptember 27, 2020 by Kelly Cromley

ConsenSys, the US based blockchain focused firm, has been awarded a central bank digital currency (CBDC) venture by the Hong Kong Monetary Authority (HKMA).

The project aims to build a trans-border payment ecosystem with Thailand as the second stage of Project Inthanon-LionRock. ConsenSys will work in tandem with consulting firm PwC and FinTech Forms HK for the Hong Kong project.

Project Inthanon-LionRock was established in 2019 by the HKMA and Bank of Thailand to study the benefits of distributed ledger technology (DLT) in trans-border money remittance.

Inthanon is Thailand’s distributed ledger technology (DLT) CBDC program, the equivalent of Hong Kong’s LionRock.

The trial presupposes going around the correspondent banking network, paving way for straight forward payments between banks. The intention is to “build a proof-of-concept (PoC) where a THB-HKD cross-border corridor network is set up as a bridge between the Inthanon and the LionRock networks.”

The system will attempt to address the prevailing issues such as tracking, expenses and regulatory adherence.

ConsenSys is well versed in developing decentralized payment networks by joining hands with central banks. A notable project it was involved is Project Ubin, in partnership with the Monetary Authority of Singapore, to study the benefits of blockchain and DLT in remittance and securities’ clearing and settlement.

The firm also collaborated with the South African Reserve Bank in Project Khokha to assist in the development of a robust, low cost blockchain powered interbank system. In case of venture Inthanon-Lionrock, ConsenSys will utilize its portfolio of Ethereum tools to trial systems centered on scalability, compatibility and safety.

Charles d’Haussy, Director of ConSensys Hong Kong, said “We are humbled to work on the development of Hong Kong’s Financial Infrastructure.”

In spite of various initiatives abroad, ConsenSys remains occupied in domestic turf, with the recent takeover of J.P. Morgan’s Ethereum enterprise blockchain platform, Quorum. The covenant is now one of the products offered under Ethereum blockchain based solutions.

For the Thai venture, there is another Hong Kong link. CryptoBLK, headquartered in Hong Kong, is the tech associate for Project Inthanon, which capitalizes on R3’s Corda enterprise blockchain.

How to Trade Ethereum – Is Etherium is Better Than Bitcoin

While Bitcoin and Ether are two digital currencies, the primary purpose of … you can use a demo account to invest Ether or other virtual currency.

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Regarding the rising popularity of ethereum reflected in top crypto rankings.we will focus on why and how to trade ethereum and its features.

This can be better than Bitcoin

What is the better investment: bitcoin or ethereum? To get the answer to this question, as a trader, you should keep an eye on both crypto parities and see which one is best suited to your trading style when you want to invest. Here we will focus more on why ethereum is a good investment and how to trade ethereum, regarding its rising popularity reflected in top crypto rankings.

Crypto Network Rankings

The CCID Research Institute, the Chinese government-backed tech force, has released its 19th crypto ranking.

EOS takes first place, followed by ETH. The IOST, which ranks just after ETH, is perhaps the big winner of the ranking. The IOST has the highest score in technology but lags far behind the top 10 in creativity.

Meanwhile, TRON (TRX) comes in 4th place, still better than Bitcoin, but far behind ETH.

Should You Invest In Bitcoin Or Ethereum

Choosing your favorite cryptocurrency depends on your trading strategy and personal preferences. Put them both on tests for some time. See which one matches your view of the market and your expectations.

While the two currencies, Bitcoin and Ethereum, are powered by the principle of large distributed ledgers, regarding the time of forming a block, Ethereum’s transaction is confirmed in seconds compared to several minutes of Bitcoin.

But Ethereum, despite being less expensive than BTC, is also a very secure currency.

From a general perspective, Bitcoin and Ethereum have entirely different goals, aiming to solve a specific problem.

Bitcoin was meant to be an alternative to fiat currencies as it has always been known and is, therefore, a means of transaction payment and value storage.

Ethereum is developed as a platform that facilitates peer-to-peer (person-to-person) contracts and applications while using its currency. While Bitcoin and Ether are two digital currencies, the primary purpose of Ethereum is not to establish as a payment alternative, but to facilitate Ethereum’s network to enable developers to build and run distributed applications.

How To Trade Ethereum – The specificity of Ethereum

The implementation of blockchain technology goes far beyond simple digital currencies.

Launched in July 2015, Ethereum is the largest and most established open decentralized software platform that enables the building and running of smart contracts and Distributed Applications (Dapps) without disruption, fraud, control, or interference.

Ethereum doesn’t represent only a trading platform, but also a programming language that runs on a blockchain, helping developers build and publish decentralized applications.

The potential applications using Ethereum’s technology are vast and run on its specific ether-token platform. In 2014, Ethereum launched a pre-sale for Ethereum, which received an enormous response. Etherium is like a vehicle for the Ethereum platform; it is sought after by developers looking to develop and run applications inside Ethereum.

How to trade Ethereum – Is It a good investment

Ethereum has long established itself as one of the largest and most successful cryptocurrency projects. Therefore ethereum is a good investment. Although not yet in the same category as Bitcoin in terms of value, Ethereum has completely eclipsed all other altcoins. Today it is among major rivals to the original crypto coin.

Since ETH market cap reaches $41 billion, most market watchers believe Ethereum is here to stay and dominate. Due to its immense popularity, you can purchase Ethereum from all online cryptocurrency brokers. You can also purchase with many less specialized brokers now, also offering the ethereum tokens.

It is important to study Ether and Bitcoin charts and become familiar with the instrument in which you choose to invest. This is even more relevant for short-term charts, where the price action can sometimes be quick and unexpected. Some instruments will probably suit better to your trading style than others. You should always make sure that you know how to buy or sell ethereum before trading it for real money. For this, you can use a demo account to invest Ether or other virtual currency. It will allow you to learn the ropes of trading CFDs and to get to grips with the trading platform in an entirely secure environment.

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Is Uniswap’s UNI Token Behind Ethereum’s 6% 24 Hour Surge?

Instead, the smart contract focused crypto token is back in enormous demand, thanks to the debut of a new ERC-20 token launched on Ethereum’s …

Last night, Uniswap debuted its Ethereum-based UNI token to the world and began distributing 400 of the suddenly hot tokens to early users of the platform.

Substantial interest surrounding the new token has led Ethereum to pump more than 6% in the last 24 hours. But it may not be for the reason you expect.

Ethereum Rockets 6% In The Last 24 Hours On The Heels Of New Token Rollout

Ethereum is trading over $100 below the 2020 high, and struggling to reclaim the previous trading range.

The number two cryptocurrency by market cap keeps smashing into support turned resistance and falling back down, but price action hasn’t yet turned downward, either.

Related Reading | Is Uniswap’s UNI The Crypto Version of a Stimulus Check at $3 Per Token?

ETHUSD price surged over 6% over the last 24 hours, but it is not simply because Ethereum is suddenly bullish.

Instead, the smart contract focused crypto token is back in enormous demand, thanks to the debut of a new ERC-20 token launched on Ethereum’s mainnet.

ethereum uni uniswap ethos unites

ethereum uni uniswap ethos unites

ETHUSD 4H UNI Uniswap Announcement Leads To 6% Rally | Source: TradingView

How Uniswap’s New UNI Crypto Token Fueled The Top Altcoin’s Rise

Ethereum’s rally isn’t due to its bullish momentum, its due to the dominance of another new token: UNI.

In the late hours yesterday, Uniswap revealed via a blog post that it would be distributing 400 tokens to all early users of the liquidity pooling platform.

Uniswap has exploded in popularity recently amidst the DeFi frenzy, acting as a launch pad for new projects and tokens.

Now, Uniswap has launched a token of their own, and its caused an increase in demand in Ethereum, but why?

UNI tokens must first be accessed by an Ethereum wallet used to interact with the decentralized platform, and claimed. And because these tokens are ERC-20 tokens, they are require ETH gas to move it from wallet to wallet.

Related Reading | Why Soaring Gas Fees Won’t Let An Ethereum Killer Gain The Upper Hand

For anyone that wants to cash out their UNI and take advantage of what is essentially the crypto version of a stimulus check, they’ll also need some Ethereum to send the transaction over the blockchain.

ETH gas fees have been on the rise, to controversial levels. On one hand, it shows just how in demand Ethereum is, on the other, it puts a spotlight on scaling issues.

With ETH gas fees so high, those wanting to claim their UNI tokens are having to buy Ethereum and send it to be used as gas fees in order to claim the reward.

But as the saying goes, it takes money to make money, and if you want the free crypto, you too might need to buy some Ethereum to get the job done.