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Constructive future for Ethereum Classic [ETC] with Zeniex

Ranjitha Shastry

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Constructive future for Ethereum Classic [ETC] with Zeniex
Source: Pixabay

Ethereum Classic [ETC] today announced its collaboration with Zeniex, a cryptocurrency exchange established by a group of financial and security experts from South Korea and China. Through the signing of the Memorandum of Understanding between the Ethereum Classic Cooperative [ECC] and Zeniex, they aim to intensify the ETC environment in cooperation with Ethereum Classic Asia Community.

Ethereum Classic's announcment on their Twitter page

Ethereum Classic’s announcement on their Twitter page

ETC will levy no commission fee at Zeniex until September 30th, 2018. ETC had seen a growth in its $4,509 million market cap on the January 14th, 2018. However, it later had a downfall. Currently, Ethereum Classic’s market cap stands at $1,528 million with the price of $14.98 and has seen a fall of 2.44% in the past 24 hours.

Market history- Ethereum classic

Market history- Ethereum classic | Source: CoinMarketCap

The ETC project counts the building of a larger team as one of the milestones achieved in 2017:

“The main accomplishment was that the team was established, that was a very challenging task, with very limited funding, under constant pressure from all sides and toxic environment, but by end of the year we grew up to 8 full time members in the ETCDEV team. The team got established development processes, working full time on core ETC projects, and will continue to grow.”

Milestones of Ethereum classic:

  • On October 25th, 2016, after being renamed as Ethereum classic, they repriced some operations to prevent Dos attacks [denial-of-service attack].
  • On January 14th, 2017, they delayed the ‘difficulty bomb’ which was originally intended to force the network to move from pow [proof-of-work] to pos [proof-of-stake] and added replay protection to prevent transactions on the Ethereum network being accepted on the Ethereum Classic chain.

ETC aims to work on the following in 2018:

  • Emerald Wallet for Mobile
  • Release Dapp SDK [Emerald Project]
  • Sidechains
  • Enable new opcodes from ETH [compatibility]
  • IPFS integration
  • SputnikVM optimizations and JIT Compilation
  • New improved statedb layer

Looking at its future ETC said:

“At the core of our sidechains is SputnikVM which can run smart contracts anywhere… You can do this today. Not at some nebulous time in the future”.



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Ranjitha Shastry is a part of AMBCrypto's News Reporting Team. Having done her major in Journalism and mass communication, she is passionate about business and economic journalism.

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU
Source: Unsplash

Binance Coin [BNB], in the 24-hour time frame, has spiked by a massive 11.31% leaving other Bitcoin [BTC], Ethereum [ETH], XRP, and other cryptocurrencies to eat dust amid the doom-December.

In the 24-hour time frame, the BNB coin started trading at $4.63 with a market cap of $605 million on December 11, 16:30 UTC. The price dipped to $4.59 within a couple of hours but didn’t stay there for long as the prices saw four significant spikes.

Source: CoinMarketCap

The first spike propelled the price to $4.90 while market cap increased by $34 million, this was followed by a correction of prices to $4.83.

The prices couldn’t reach the $5 mark as the prices exhausted at $4.97. The third spike which was followed after the correction also lost the strength and ended up at $4.97.

The most significant rise was the one that took place on December 12, 16:10 UTC which propelled the prices beyond the $5 mark as it reached $5.15. The market cap also took a huge bump and reached $675 million.

The price fluctuation could be attributed to two reasons, the first being the launch of Binance DEX, which will swap the ERC20 token, BNB from Ethereum platform to Binance blockchain, which was announced by Binance and CZ.

It could also be due to a bug that was tweeted out by a Twitter user Uniswap.

The tweet stated:

“1/ WARNING: BNB providers

Due to a bug in the binance BNB contract it’s possible to add liquidity to the Uniswap BNB<>ETH liquidity pool but not remove it.

This bug is a variation on the “missing return value” ERC20 bug which affects several tokens.”

CZ replied to this tweet:

“Nothing new here. If you send token to a contract address, you won’t get it back. Just like if you send tokens to an address you don’t control for no reason, or a (valid formatted) address no one controls, you won’t have a way to get it back.”

CZ eventually being the humble person he is, tweeted out saying that people who had lost tokens due to this would recieve BNB from Binance.

CZ replied in subsequent tweets about this bug.

“Protecting users is not just talk. It requires action. Stay #SAFU!”

“One guy actually made quite a bit of profit out of his honest mistake. He sent it when it was cheap, and got it back when it was a big multiple.”

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