Altcoins

Elrond Launches Maiar DEX Liquidity Reward Program Worth $1.29 Billion

Elrond, a high-throughput blockchain capable of expanding beyond 100,000 transactions per second while maintaining low latency and cheap costs, recently thrilled its community with the huge announcement that It’s debuting a $1 billion liquidity incentive program to help launch its Maiar DEX DeFi platform faster.

According to reports, Elrond’s announcement could be the largest DeFi incentive scheme ever. It’s a big step toward expanding DeFi acceptance beyond the crypto space’s current limitations. Above all, it aspires to make DeFi more widely adopted.

More Details 

The incentives will be priced in MEX,  the Maiar DEX governance, and utility tokens. As a result, Maiar DEX users will receive $1.29 billion in MEX tokens. This will only apply to users who provide liquidity in the EGLD, MEX, and USTC coins. Furthermore, $282 million of the $1.29 billion will be spent in the first month.

The program was slated to commence on November 19, which coincides with the formal launch of the DeFi platform, DEX, which has distributed ownership in the form of payable MEX tokens to over 60,000 accounts.

According to Benjamin Mincu, the CEO of Elrond Network, “By distributing Maiar DEX ownership to the next billion users, we lay the foundation for a truly global financial system that is accessible to everyone, everywhere.”

Maiar DEX has Been Scrutinized

An appealing feature is that the smart contracts created for the Maiar DEX have been rigorously audited and formalized via Runtime Verification. In reality, the platform has been put to the test in several financially rewarded public events, demonstrating its performance and ability to scale even in the most extreme situations.

All of this, when combined with the Maiar App, which allows first-time users to receive a safe crypto wallet in under 1 minute with just contact information, and the Maiar Exchange’s attractive and easy-to-use UX creates a genuinely strong new standard aimed at driving DeFi growth.

More Incentives

Following the launch and anticipated success, more incentives and schemes have been outlined. According to reports, after the first month, efforts to boost usage will be followed up with a follow-up incentive campaign targeted at users of the system’s main DeFi platforms. These users will also be able to claim MEX tokens based on their usage of products like Uniswap, Pancake Swap, and Sushi Swap.

Elrond Plans to Become the Future of Crypto

Elrond is a brand-new blockchain architecture built from the ground up to deliver a 1,000-fold increase in throughput and execution speed. 

Elrond accomplishes this by introducing two major innovations: a unique Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, both of which enable linear scaling while also providing a quick, efficient, and secure consensus process. 

Elrond seeks to become the backbone of a permissionless, borderless, globally accessible internet economy by processing upwards of 10,000 transactions per second (TPS) with 5-second latency and negligible cost.

Promether’s New DApp – The Telegram Killer?

In the age of data privacy and cybersecurity concerns, encrypted chat services like WhatsApp and Telegram just seem like a smart move. Where Facebook messenger sells the contents of your private conversations to advertising services and research groups for their own purposes, encrypted apps aim to protect your data and allow you to have private, secure conversations with friends and colleagues.

So far, WhatsApp and Telegram have been leading the charge in the battle for mobile chat privacy, but a new DApp looks set to rival and perhaps even overtake the two.

Promether’s first viable product is die in Q4 of this year and it’s called Contact, an end-to-end encrypted DApp which will run on the Promether blockchain. So first thing’s first – what is Promether?

Promether

We actually covered Promether in a recent article here on CryptoIsComing, so I’ll keep this recap short and sweet.

Promether is a blockchain security firm founded by Eric Anderson, the former lead programmer for projects like GTA V and Guitar Hero and a prominent figure in hacking and programming circles. Anderson is the founder and CEO, and launched Promether to combat and help eliminate online surveillance. The company provides blockchain solutions to other blockchain DApps, and now they’re launching their first MVP (minimum viable product) – Contact.

The project is partnered with HOLO and unlike most blockchain firms, Promether will release their MVP and native blockchain before ever crowdfunding from the public.

Contact

Contact is the MVP set to disrupt online chat apps. Promether aims to establish itself as a secure communications platform via the DApp which will launch alongside a built-in decentralized VPN network and a programmable API for developers.

The whitepaper reads:

The truly secure VOIP/messenger will work with Android, iOS, Linux, Windows, OSX, and any IoT/embedded device, like the Raspberry Pi.

This sounds like a rather ambitious goal to set before an ICO even gets off the ground, but the effort to launch products before crowdfunding is commendable and the combination of private funding and a highly experienced programmer as the CEO should help offset any concerns about the viability of Promether’s roadmap goals.

Contact will be powered by the Promether network, fully decentralized, and built on top of open source software designed to protect the privacy of every individual through decentralized distribution protocols, flexible encryption, and advanced privacy functions.

Contact features will include encrypted group chat (such as dynamic group membership via NFC/QR Codes), audio/video streaming, secure messaging, VOIP, file sharing, sync, multi-device with identity, perfect forward secrecy (PFS), cross-platform/app communication, private file storage, video calls, conference calls, and message and account/identity self-destruction functions.

The platform also aims to enable interoperable integration – this would allow Contact to be able to exchange information/content/value/data with other applications on the network through the API.

Contact users will have flexibility in choosing how messages are stored, with features to store everything in-memory (RAM) (which makes data almost unrecoverable once deleted), offline, or distributed around the world. Between the self-destruct feautures and the data erasure capabilities, Contact is clearly geared very much with high-level security and privacy in mind.

Because the application is powered by the Promether network, all data storage functionalities are decentralized which adds another layer of security and privacy – data distributed across multiple nodes means no central point of weakness for hackers to exploit.

Comparison to other services

At this point it might be useful to compare Contact to Telegram and WhatsApp. Does Contact sound impressive? Yes, that level of security sounds good and if the DApp works as intended then it has a very strong use case.

But don’t Telegram and WhatsApp already offer most if not all of this?

Let’s compare the two competitors to each other first.

Telegram Vs WhatsApp

Telegram offers end-to-end encryption – while this has since been adopted by WhatsApp, the encryption used by Telegram is considered to be more secure and Telegram users may send secret messages which disappear after a set amount of time and also disallow screenshots of conversations, neither of which are an option on WhatsApp.

All Telegram activity is cloud-linked, which increases file storage capacity significantly while arguably compromising on security.

WhatsApp has the current advantage of having an enormous userbase of around 1.3 billion users, ten times that of Telegram. WhatsApp also has a more diverse range of features than Telegram, allowing users to send status updates via text or video as well as allowing font formatting popular on social media platforms like strikethrough, bold, italic, etc.

Caveat

On WhatsApp you may invite 256 people to a group; Telegram allows 10,000. Telegram and WhatsApp each let you send files to contacts, but Telegram is better in this aspect because it hosts files up to 1.5 GB each (WhatsApp limits files to 16 MB). What are the stats on Contact?

At this time, we’re not sure yet – there are a number of questions about specific Contact feautres that are not yet known at this time despite it being very close to launch. One thing that is certain, however, is where Contact wins.

Where Contact Wins

Contact beats its two main competitors on security hands down. Unlike the other two, no information is stored on the cloud or a backup service. It’s not necessary to enter your phone number to use Contact, and the app can bypass censorship tools like the Great Firewall of China. The level of anti-surveillance features and security measures are perhaps unparalleled by any other publicly available chat service. Obviously, there already exist highly secure ways of communicating online – PGP encryption, darknet email services, etc.

However, Contact isn’t going to be an obscure onion site for highly tech-literate data security geeks  – Promether aims to launch an app that will satisfy social media needs of regular users while providing them with all of the security features mentioned in the article and perhaps some more besides that as well.

While the DApp is still in development, it’s due out at the end of the year. A decentralized service with secure encryption and multiple, modifiable safety features designed to protect and even remotely destroy your data if necessary, keeping your personal data out of the hands of the growing community of organized black-hat data miners, identity thieves, and hackers which continue to bombard social media with their attacks in an effort to access private financial and sensitive personal information.

While Promether still haven’t released most of the specifics about the app, you can stay updated via the project’s Telegram or Twitter.

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The Raven’s Dispatch – July 31, 2018 – Winklevoss Bitcoin ETF Petition Rejected by SEC

Winklevoss Bitcoin ETF Petition Rejected by SEC – Crypto world curses the suits

You might be asking, “What’s all this ‘ETF’ business about and why is it so important”? Well you’re in luck because we posted a full article last week on how ‘Bitcoin ETF Approval Could Be Huge For Crypto‘.Tl;DR Exchange Traded Funds could be a HUGE deal for Bitcoin and cryptocurrency in general if and when they get approved.

But what is an ETF, exactly? Well an ETF is defined as a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. This means that the fund can be traded like a common stock and the ETF also experiences price changes throughout the day as they are bought and sold. Nifty, and a great investment vehicle for the masses. Unfortunately the door was slammed shut by some dudes wearing suits at the SEC. On to The Dispatch!

The overall cryptocurrency market had steady decline in the past week moving from $292bln to $286bln representing a 2% decline since the last Dispatch. As you can see below, the pretenders suffered most from BTCs decline.

Livecoinwatch.com

Bitcoin (BTC): BTC had a chaotic week shaking out the weak and timid (hahaha thats me) surging to $8k then dropping to $7,800 before finally settling on $8,000.  Week to week that represents a near 0% change. Never a dull week in the crypto world, huh fam?

Ethereum (ETH): Was holding on until today when it suffered a daily drop of 5% adding to it’s weekly loss of 7%.  ETH has struggled to return to the $500 mark over the past month, and we don’t expect that to change all too soon. ETH is currently sitting at $436 as of this post.

OMISEGo (OMG): OMG is the token attributed to the OmiseGO platform, an offshoot of the well-established Omise e-commerce payment company based in Thailand.

Omise is kind of like the PayPal of SE Asia. The company acts as a payment gateway allowing people to transfer money to third party bank accounts, and the underlying service is simply value exchange. That’s a lot of features including a decentralized exchange, a white label SDK (software developer kit for making apps), and a clearinghouse technology product..to name a few.  It’s a promising project with strong fundamentals.

As you can see in the graph below OMG had it’s parabolic phase at the start of 2018 but has slowly retraced to December 2017 support. OMG reached an ATH of $24.71 in January and is now finding support at $6.81.  That’s a 75% retrace! Hope you didn’t buy the top.

If you want to know more about OmiseGo check out our guide!

WHAT’S NEW AT CRYPTO IS COMING

SEC Commissioner protests SEC’s rejection of Winklevoss Bitcoin ETF – The Winklevoss Bitcoin ETF was rejected….again.

Lightning Network: How far away is it? – We’ve talked about the Lightning network before, but now we are seeing significant progress into the second layer scaling solution made by Lightning Labs  that we had to revisit it.

Lisk Invests $1 Million in Lisk-Focused Blockchain Incubator – In an effort led by Lisk’s community members, the first-ever Lisk-based blockchain incubator, Elite Center, was announced in China earlier this month.

The Ox Ecosystem Visualized – The 0x protocol is a favorite DApp for many cryptocurrency enthusiasts. Decentralized exchanges have the potential to fundamentally change how people interact with market places and drastically minimize counter-party risk. the 0x protocol is being used for much more than decentralized exchanges (DEXs) and has the potential to impact a wide variety of industries.

Millennials will love Cryptocurrencies – Really interesting presentation from Fundstrat on the economics of Cryptocurrencies. Millennials will lead the way. Millennials constitute people that are born between 1981 and 2000. That’s 96 million people, the largest generation in history, dwarfing baby boomers (80 million) and GenX (65.8 million).

Cryptocurrency App Checklist for 2018: Take your Game to the Next Level – In this cryptocurrency app roundup, we take you on a journey through the information platforms keeping traders, enthusiasts, developers, speculators and casual observers alike clued into the world of virtual currencies.

Exclusive: IOST Opens Up About Its Recently Launched Referral Program – A week ago IOST launched what’s been called ‘the largest referral program in the history of cryptocurrencies.’ Some Reddit users have claimed the company is making a play for increased market share and visibility, in a similar manner to what Tron did not so long ago.

Ernst and Young Acquires Crypto Asset Accounting Tool – Ernst & Young has recently acquired a number of technological assets and their respective patents from Elevated Consciousness Inc., a startup actively working on developing new solutions for the crypto asset industry.

Institutions Are Coming! But What Does It Mean? – Institutional money coming to crypto has become almost a kind of prayer, touted by Twitter influencers and news outlets alike. Make no mistake – all the signs point to a major influx of institutional investment in the crypto space, with CBOE applying for ETF approval and Goldman Sachs greenlighting Bitcoin futures.

Top DAPPs by users and volume – One of the major innovations that blockchain technology has brought to the table, besides the public ledger and cryptocurrency, is the creation of Decentralized Applications (DAPPs).

You Can Now Become a Citizen of Antigua and Barbuda Using Cryptocurrencies – The Caribbean Islands have taken another step to embrace cryptocurrencies. The government now accepts cryptocurrency payments for its citizenship program.

Beginner’s Guide to Robinhood App – Today we gonna look at this app in detail to know what the noise is all about

Cops Arrest Hacker for stealing $5 million worth of Crypto! – A few weeks ago California police arrested a 20 year old college student for stealing over $5 million worth of cryptocurrencies.

CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET

Coinbase announces a new deal to let you pay for your Uber with crypto – Coinbase has today revealed a new partnership that will allow you to pay for physical goods and services from your favourite retailers with cryptocurrencies.

Canadian Bitcoin ATM Company Hits $2M in Daily Volume – Vancouver-based Bitcoin ATM software provider Netcoins has today announced its daily transactional revenue across Canada, Europe and Australia has reached $2M USD (approximately $2.6M CAD) in a single day.

Binance Will Face Tough Competition in South Korea in New Market Expansion – Binance, the world’s largest cryptocurrency exchange, is planning an expansion into South Korea, the third biggest cryptocurrency market behind Japan and the US.

Ethereum Founder Vitalik Buterin: There Is Too Much Emphasis on Bitcoin ETFs – What does Vitalik know about Finance? Pfff.

BITCOIN WILL REPLACE GOLD AND SOAR IN PRICE TO $700,000, SAYS MAJOR INVESTOR – All caps babay, for emphasis. Bitcoin is better than gold “on every front” and could eventually be worth around $700,000, according to an institutional investor. says John Pfeffer. Preach John, PREACH!

Crowd Psychology Driving BTC Prices, Finance Experts Say – According to a survey conducted among finance professionals, ‘crowd psychology’ is the main factor determining the movements of bitcoin market prices.

AMD Sees Q2 Drop in GPU Sales to Crypto Miners – Chip maker Advanced Micro Devices (AMD) said Wednesday that sales of graphics cards (GPUs) to cryptocurrency miners fell during the second quarter.

Telegram Reveals Personal ID Verification Tool for Sharing Data with ‘Finance, ICOs’ – The crypto and blockchain industry’s go-to encrypted messenger app Telegram has released a personal identification authorization tool, according to an official statement published July 26.

New Gallup Poll Shows Only 2% Of US Investors Own Bitcoin, But 26% Are “Intrigued” – The results of a Wells Fargo/Gallup poll published July 27 finds that only two percent of U.S. investors own Bitcoin, but 26 percent are intrigued by it.

Google bans cryptocurrency mining apps from the Play Store – Google has updated its Play Store developer policies to ban several more categories of apps, including cryptocurrency mining ones and apps with disruptive ads, as reported by Android Police.

Coinbase now offering cryptocurrency gift cards for easier real-world spending – Major bitcoin exchange Coinbase launched a feature yesterday that lets its European customers buy virtual gift cards with cryptocurrency.

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Top DAPPs by users and volume

Decentralized Applications

One of the major innovations that blockchain technology has brought to the table, besides the public ledger and cryptocurrency, is the creation of Decentralized Applications (DAPPs). While there is no single definition for DAPPs there are some key characteristics that many, if not all, DAPPs have: Open-source, Decentralized and Incentivized.

Mainly DAPPs are run on decentralized P2P networks rather than on a single computer. Think of Bittorent and Tor for p2p networks and Augur and cryptokitties as DAPPs. The largest and most advanced blockchain that allows developers to build DAPPs on is Ethereum. Ethereums very whitepaper states clearly that it intends to be a clearinghouse for DAPPs providing developers with a language, Solidity, and allowing developers to create smart contracts using the Ethereum Virtual Machine (EVM).

With that being said it’s hard to keep track of all the new and existing DAPPs that are out there, and even harder to review or analyze the popular and most used DAPPs. The crew over at DappRadar is trying to make that easier for us.

What is DappRadar?

Essentially DappRadar is a site that does the hard work of follwing all the available DAPPs our there and providing insights and information into them. In other words, it’s pretty handy. As more and more blockchain mainnet launches happening this year the amount of DAPPs developed will increase dramatically. You can also filter by category such as casino, games, etc.

According to DappRadar, and perhaps no surprise to many, CryptoKitties continues to be the top decentralized game heap, even if it isn’t crashing the etherum network anymore. With an eyewatering 21k transactions in the pat  7days it far eclipses its nearest competitor Ethermon (I personally prefer the Ethermon to the kitties, sue me). But it’s amazing, and promising, to see that DAPPs are being used. It’s not all just smoke.

What’s fascinating about this resource is we can explore DAPPs we never heard of before. The amount of collectibles DAPPs is crazy, in my opinion, trying to capitalize on the CryptoKitties craze. But other cools DAPPs exist like CryptoStrikkers where you can buy and sell rare and beautiful sports trading cards or the John Orion Young DAPP where you can buy art from non other than…John Orion Young.

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Interested in other cool crypto posts….check out Lightning Network: How far away is it?and Bitcoin ETF approval could be huge for crypto!.