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‘Litecoin [LTC] is the digital silver to Bitcoin [BTC]’s digital gold’ – says Abra CEO

Sthuthie Murthy

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'Litecoin [LTC] is the digital silver and gold to Bitcoin [BTC]' - says Abra CEO
Source: Flickr

In a recent podcast, Bill Barhydt, the CEO of Abra discussed the Bitcoin to Litecoin shift on their exchange platform. A month ago, the Abra team announced the switching from Bitcoin to Litecoin as their underlying asset for the exchange. What led to this decision?

To clarify, Bill Barhydt who is the CEO of Abra says:

“We are supporting Bitcoin and Litecoin as asset classes and we now have the ability to move smart contracts between the two. You can think of it like sidechain solution where atomic swaps can be done between smart contracts based upon either asset classes.”

The team tested the first version of the existing app which supported 20 cryptocurrencies and realized that the mining fees for simple transactions hit around 30-35 dollars, putting them in worry. Bill considers this as a poor business model as the mining fees were huge.

According to him, the app was very user-friendly with a higher mining fee. Hence they decided to re-evaluate the whole process understanding the fact that there was a potential for this to create a glitch in the future.

What was the solution to this?

The Abra team decided to have another asset class that was compatible with Bitcoin and at the same time gave a little bit more on-chain scalability and lower mining fee. They looked into Bitcoin Cash, Litecoin, and other altcoins and felt that in terms of adherence to core map, SegWits support, basic binary compatibility and comparing existing Bitcoin models, Litecoin was best suited. The team immediately began the process of integrating Litecoin to Abra, which rapidly reduced the mining fee.

All worked out well and the team ended up launching the solution and are migrating users over to Litecoin from Bitcoin. The team has the ability to go back and forth, says Bill.

Bill stated:

“It is a killer model and we look at Litecoin as the digital silver to Bitcoin’s digital gold and they complement each other very well and the entire Litecoin team is very supportive. We love their adherence, core roadmap, and they are good believers and we are off in the race with Litecoin as our next asset class.”

Further, he discussed about how the Bitcoin fees affected Abra’s profit negatively during the final quarter of 2017.

Bill added:

“Mining fee is not based on dollar value but memory footprint up the transactions and some multi-sig contracts are by definition bigger and for Abra its double whammy. Taking this on-chain while testing, I can say $20 for you is like $30 for us.”

This isn’t the first time LTC is chosen over other currencies because it follows the same path as BTC while offering cheaper solutions, noted the interviewer.

A Litecoin enthusiast commented:

“Go Litecoin! Go ABRA!”



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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

Altcoins

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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Altcoins

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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