Connect with us

Altcoins

Ethereum [ETH] and Tron [TRX] spike as Justin Sun drops hint of major partnership with Ethereum

Avatar

Published

on

Ethereum [ETH] and TRON [TRX] spike as Justin Sun drops hint of major partnership with Ethereum
Source: Pixabay

Justin Sun, the CEO of the Tron Foundation, recently hinted of an imminent partnership with his long-time foe Vitalik Buterin, the co-founder of Ethereum. As it would be a symbiotic relationship between the two, their respective cryptocurrencies saw a massive spike on April 8.

Ethereum [ETH] shot up by a massive 8.66 percent, reinstating its position as the top altcoin in the market. Tron [TRX] saw a significant 6.11 percent increase in its price as it looked to claw back into the top-10 cryptocurrencies list. At press time, the coins marked the highest increase in the top-20 coin list, as the market held firm above $184 billion, with Bitcoin [BTC] inching closer to the $5,300 mark.

The Tron CEO hinted in a podcast with The Crypto Chick on April 6 that partnerships with “Ethereum developers” and enterprises built on the network would be tabled in the future, in a bid to “make the industry better”.

Given the history between the two major crypto-proponents, their partnership can only be a positive sign for the industry. Furthermore, the powerhouse combination of their respective networks, coupled with their Decentralised Applications push, may mean a bigger and more powerful network for developers.

Source: Trading View

The top altcoin has seen a major upswing as the Bitcoin green wave stormed through the market over the past week. Prior to the hinted partnership induced upswing, the coin surged from $141.75 to $167.57, where it was trading at 1700 UTC on 7 April. Beginning around the aforementioned time, the coin pushed up by a massive 10.79 percent to reach $184.38. At press time, the coin declined to $182.45.

Ethereum’s valuation has seen a massive increase of almost $2 billion since the hint was dropped. The coin’s current market price stands at $19.26 billion, inching closer to the $20 billion-mark, which it was above prior to November 2018.

FCoin took the top-spot for ETH trading volume and accounted for 4.58 percent of the global volume via the trading pair ETH/BTC. Other notable exchanges on the list were LATOKEN, ZBG, DOBI Exchange and Coineal.

Source: Trading View

Tron might not have reached the height of Ethereum’s spike, however, the coin managed to break multiple resistance levels as the market stabilized its collective upsurge. After the mid-week correction dropped the coin’s price from $0.0288 to $0.0253, the upward trajectory began. At 0200 UTC on April 7, the coin began rising up from $0.0268 by 9.71 percent to reach $0.0294, within a matter of hours. At press time, Tron’s price dipped slightly and was trading at $0.0285.



Market Capitalization also mimicked the price movement almost to a tee, with the coin’s market cap reaching a high of $1.94 billion in the recent wave. Since then, the coin has seen its market cap dip to the current value of $1.905 billion, behind the top stablecoin Tether [USDT], by around $200 million and well ahead of Bitcoin SV [BSV] by over $400 million.

OKEx takes the top spot for TRX trade volume, accounting for 11.2 percent of the global volume via the trading pair TRX/USDT. Other notable exchanges holding significant quantities of TRX volume are Huobi Global, BitForex, DigiFinex and HitBTC.





Subscribe to AMBCrypto’s Newsletter


News

Binance Chain’s ‘decentralization’ questioned by Bitcoin enthusiast; calls Binance DEX just an app

Avatar

Published

on

Binance Chain's "decentralization" questioned by Bitcoin enthusiast; calls Binance DEX as just an "app"
Source: Unsplash

Udi Wertheimer, an independent developer and a “Bitcoiner” posted a series of tweets taking a jab at Binance Chain, which is slated to launch on April 23.

According to Wertheimer’s tweets, Binance has not updated the “source code” or “binaries” for the Binance Chain; and despite enquiring about it on the official telegram group of Binance, he was offered any source code.

He said that Binance recommended users, who want to migrate tokens to Binance chain, use the official SDK, which will be done via official HTTP API using Binance’s trusted servers. Binance DEX, which will make use of the Binance Chain, also has no source code or binaries which are open source. He stated:

“There’s almost nothing there. So I looked for the source code. Guess what, THERE’S NO SOURCE CODE. They only have binaries, and only for a light client, no full node at all!”

He commented on the Binance Chain and the Dex that all Binance did was release an “app that connects to the API of your new centralized infrastructure”. In addition, the “Light Node” is a program that helps users access and interact with the Binance Chain in a secure and decentralized manner; the source code for which is “closed source” according to Wertheimer.

Wertheimer further added:



“Just releasing the binaries won’t be enough, and there’s no indication I could find anywhere that they intend to release the source code, like, ever. In any case, regardless of what may happen in the future, what’s released so far amounts to nothing more than a new website.”

A Twitter user, @bag_holder commented:

“Lol seems like a very Chinese thing to do. “BORROW” IP, make some edits, then keep it to oneself”

Another Twitter user, @thecryptostefan commented:

“There’s a branch with the full node implementation, no? I thought they just hadn’t merged it to master yet when I was looking last night. I think it’s the prerelease branch or one of those.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending