Connect with us

News

Bit Trade partners with blockchain company to launch an Australian dollar-backed stablecoin

Shahrain KM

Published

on

Bit Trade partners with blockchain company to launch an Australian dollar-backed stablecoin
Source: Unsplash

On 21st September, Bit Trade, an Australian cryptocurrency exchange platform announced its partnership with Emparta, a blockchain company that provides infrastructure for employment. Through this collaboration, Bit Trade and Emparta aim to build and launch the first Australian dollar-backed stablecoin.

Stablecoins are digital currencies that are pegged to a stable asset such as gold or fiat currencies like the US Dollar. Tether [USDT] is another cryptocurrency that is a stablecoin which is pegged to the US dollar. Jonathon Miller, the Managing Director of Bit Trade on the Bit Trade website stated:

“In essence, stablecoins bring the benefits of blockchain technology like transparency, security, and immutability without losing the assurances of trust and stability offered by fiat currencies.”

The introduction of stablecoins allows investors to invest in digital currencies without the fear of losing steady returns due to the volatility of the cryptocurrency market. This is because stablecoins are pegged to the classic fiat currencies, so investors don’t have to be fearful of volatility. Stablecoins also improve transaction speeds.

The official blog stated:

“We believe that stablecoins will boost trust, accelerate wide-spread adoption, and could function as the backbone of blockchain-based financial applications, especially here in Australia given the favourable regulatory environment.”

 

Ballsacul, a Redditor stated:

“As long as the devs/crooks that ran ‘Aus Coin’ aren’t involved, it should be okay, lol.”

JakubH, another Reddit user said:



 “I wouldn’t touch it. Thank God I moved my AUD to EUR couple of years ago. Unfortunately, Australia is currently nothing more than China’s bitch. If the Chinese economy slows down the Aussie one will crash and burn.”

Bit Trade is a blockchain asset investment and portfolio management platform that caters to Australian users to especially buy and sell Bitcoin and Ether.

Emparta, founded in 2018, is a platform that provides infrastructure for trustless smart contract employment in cryptocurrency. The organization aims to tackle the issue of employment essentially making it easier for employers and job seekers to network and access seamless payment solutions.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

Published

on

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending