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ZenGo supports Tezos’ threshold signature after it open-sources TSS code

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Keyless cryptocurrency wallet solution, ZenGo, was recently in the news for announcing that it will be the first wallet to support Facebook’s native cryptocurrency, Libra. ZenGo had revealed that the Libra testnet was available on its network and had launched a proof-of-concept, particularly designed for Libra.

Back in June, the keyless wallet solution had also announced the addition of a Threshold Signature Scheme [TSS] for Tezos. The latest addition would eliminate the need for using a single atomic private key, as it divides the responsibility among different parties. ZenGo has already implemented the same with the Malta-based Binance exchange’s native token, Binance Coin [BNB].

In a recent update, ZenGo has revealed that the keyless wallet solution would be open-sourcing the code in order to allow other community members to design similar TSS transactions. The firm shared the update with the community via Twitter. The tweet read,

ZenGo further revealed in a blog post that the keyless wallet solution had already added TSS support for Bitcoin, Ethereum, Binance Coin, and Zilliqa. Even though Facebook’s Libra is still in its testnet stage, ZenGo has also implemented a Threshold Signatures Scheme for the coin. As part of its expansion and experimentation with other coins, the keyless wallet solution has chosen Tezos.

Tezos had previously provided ZenGo with a grant to develop TSS for its blockchain.

The implementation of TSS in a blockchain requires it to be developer-friendly, as well as have a mature environment. According to ZenGo, Tezos meets all the requirements. Further, the Tezos blockchain uses the EdDSA algorithm and the Ed25519, similar to that of Libra and Cardano.

Source:ambcrypto

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Cryptocurrency

Cryptocurrency market update: Subdued trading action continues on Sunday, XRP/USD gains traction

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  • Bitcoin struggles to determine its next short-term direction.
  • Ethereum rebounds after posting modest losses on Saturday.
  • Ripple remains on track to register weekly gains for the second straight week. 

Major cryptocurrencies stay relatively calm for the second straight day on Sunday and continue to fluctuate between technical ranges in the absence of significant fundamental drivers that could impact the cryptocurrency market sentiment.

Top-3 coins price overview

Bitcoin (BTC/USD) posted small gains on Saturday and closed the $8,300 and is now moving up and down in a tight channel near that level. As of writing, the pair was up 0.5% on a daily basis at $8,345. Unless the pair advances beyond the critical 200-day moving average (MA), which is currently located at $8,700, and registers a daily close there, it is likely to have a difficult time finding its next direction.

Above the 200-day MA, $8,970/$9,000 (Fibonacci %78.6 retracement of June rally/psychological level) could be seen as the next resistance ahead of $10,000 (psychological level/Fibonacci %61.8 retracement of June rally). On the downside, the first technical support is located at $8,270 (20-day MA) before $7,700/$7,800 area (September 26th, September 30th, October 6th, October 7th low).

Ethereum (ETH/USD) lost 0.5% on a daily basis on Saturday and closed at $180. However, this move didn’t have enough momentum to suggest that sellers were looking to take control of the ETH/USD pair’s movements. In fact, the pair easily recovered Saturday’s losses on Sunday and was last seen trading near $182, adding 1.1% on the day. Looking at the near-term technical levels, $185 (50-day MA) aligns as the first hurdle on the upside before $200 (psychological level/October 11th high). Supports, on the other hand, could be seen at $177 (20-day MA), $170 (October 6th, October 7th low) and $152 (September 26th low).

After gaining nearly 2% on Saturday, Ripple (XRP/USD) is outperforming other major cryptocurrencies on Sunday as well. As of writing, the XRP/USD pair was up 1.95% on the day at $0.2783. With this weekend’s rally, the pair remains on track to gain more than 8% on a weekly basis after rising 6.3% in the previous week. 

Looking at the daily chart, the Relative Strength Index indicator continues to stretch higher above the 50 mark, suggesting that bullish momentum is gathering strength. The pair could face the first resistance at $0.29 (October 9th high) ahead of $0.3 (psychological level) and $0.3270 (September 18th low). On the downside, supports are located at $0.2635 (50-day MA), $0.2125 (September 24th low) ve $0.20 (psychological level).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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Source:coideK

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SEC Looks to Suspend “Unlawfully Sold” Telegram (GRAM) Cryptocurrency

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The upcoming launch of GRAM tokens has become somewhat of a spectacle for the cryptocurrency community in recent months. With final token disbursement on the horizon, the SEC has filed for emergency action against Telegram and Telegram Open Network (TON), both of whom are offshore entities to the United States. Out of the entire ordeal, the SEC’s classification of GRAM as a security is the biggest risk to the smooth launch and execution of the network, October 11, 2019.

Telegram Crackdown as Expected

Choosing to launch their network and native token without regulatory consultation was seen as a bold move from Telegram; however this appears to have backfired as the SEC has finally decided to “halt” their token offering. Nearly $1.7 billion has been raised by TON to launch a blockchain-enabled payment network that can be used over their messaging app and the scope of potential mainstream adoption is arguably on par with that of Facebook’s Libra, should that ever see the light of day.

The biggest concern for the SEC, at this point, is that GRAM tokens will be sent to respective investors before October 31, 2019. In light of this, the regulator believes this opens up the possibility of the United States market becoming a dumping ground for the tokens.

What irks the regulator the most is when companies issue tokens and don’t register them with the SEC. As the SEC describes, they allegedly evaded registration of their “security” by simply designating it as a ‘cryptocurrency’.

Veering Treatment From the Regulator

In one instance, the regulator could decide to impose a fine on a $4 billion initial coin offering (ICO) that is less than a basic business purchase and allows the project to continue working; or, they decide to completely stop the project from running in the country because they didn’t bow down to U.S. authority, which may open doors for Libra.

By the SEC’s definition, both EOS and Telegram conducted “unlawful digital token sales”. Whether EOS and GRAM are securities or not is up for debate, but that one small difference can’t possibly account for such a large deviation in their treatment.

In the age of decentralized money networks that are self-regulating, the SEC is fighting a very obvious power struggle, and they will do anything to ensure they do not lose their authority over this segment.

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Cryptocurrency market update: Major cryptos stay quiet on Saturday

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  • Bitcoin stays above $8,000 despite Friday’s heavy sell-off.
  • Ethereum edges lower toward $180 after getting rejected near $200 earlier this week.
  • Ripple remains on track to close the second straight week higher.

Major cryptocurrencies edged lower on Thursday and Friday and now seem to be staying in a consolidation phase amid a lack of significant drivers. Earlier in the week, the US Securities and Exchange Commission (SEC) announced its decision to reject the latest application for a Bitcoin ETF by Bitwise and weighed on the cryptocurrency market’s sentiment. 

Top-3 coins price overview

Bitcoin (BTC/USD) rose to its highest level since the sharp drop witnessed on September 24th at $8,820 but failed to preserve its momentum and erased more than $500 from its highs before closing the day at $8,265. As of writing, the BTC/USD pair was trading at $8,310, adding 0.5% on a daily basis. Friday’s action also showed that for the third straight day, the pair tested the 200-day moving average, which is now located at $8,675, and failed to closed the day above that level.

With a decisive break above that level, the pair could target $8,970 (Fibonacci %78.6 retracement of June rally) ahead of $10,000 (psychological level/Fibonacci %61.8 retracement of June rally). On the downside, the immediate support is located at $8,300 (20-day MA), ahead of $7,700/$7,800 area (September 26th, September 30th, October 6th, October 7th low).

Ethereum (ETH/USD) rose to its highest level in more than three weeks at $197 on Friday but lost its traction before testing the critical $200 mark. Although there were no catalysts behind that fall, the BTC selloff weighed on the ETH. As of writing, the pair is up 1% on the day at $183. $185 (50-day MA) aligns as the initial resistance for the pair ahead of $200 (psychological level/October 11th high). On the flipside, $178 (20-day MA) could be seen as the first support before $170 (October 6th, October 7th low) and $152 (September 26th low).

Similar to the BTC’s and the ETH’s price action, Ripple (XRP/USD) turned south in the second half of the week and posted modest losses on Thursday and Friday before staging a technical correction on Saturday. As of writing, the XRP/USD pair was up 1.7% on the day at $0.2726. Looking at the daily chart, the Relative Strength Index indicator is edging higher above the 50 mark despite the recent drop, suggesting that buyers remain control of the price action. $0.29 (October 9th high) could act as the first resistance on the upside for the pair ahead of $0.3 (psychological level) and $0.3270 (September 18th low). On the downside, $0.25/$0.26 (20-day MA/50-day MA) could be the first technical support ahead of $0.2125 (Sep. 24 low) and $0.20 (psychological level).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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