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Cryptocurrencies and esports: reshaping modern gambling

Over the course of many centuries, gambling has proven to be very versatile and adaptive to innovations. Presently, it is going through the phase of transition from being reliant on brick-and-mortar casinos, with their limited capacity, regulatory issues, and inability to reach a broad audience, to running the operations solely on online platforms. The emergence of blockchain only incentivized the process of digitization of this industry. 

Cryptocurrencies are the next evolutionary step for gambling

While Bitcoin, the first and the most influential cryptocurrency that still exerts total dominance over all other coins, wasn’t created to serve the needs of the gambling industry specifically, it paved the way for other representatives of this space.

Projects like TRON and EOS are fundamentally designed to disrupt the world of gambling by providing it with such tech solutions as provably fair algorithms for casino games, decentralized gambling applications, and, of course, cryptocurrencies to fuel these ecosystems.

But in order to apprehend the benefits of a symbiosis between cryptocurrencies and the industry of gambling, it is necessary to understand what is crypto, how it works, and what it can bring to the table.

A cryptocurrency is a type of digital asset with strong cryptography features at its core, designed to eliminate the need for a trusted third party, such as banks, to confirm and/or carry out the financial transactions. But what makes crypto and gambling go together like peanut butter and jelly is the nearly total anonymity of digital currencies, the promptness and cheapness of transactions, and the substantially enhanced security. While traditional casinos demand plenty of sensitive information from gamblers (i.e., banking details, real name, date of birth), the crypto enthusiasts have to reveal nothing but public keys when making a deposit/withdrawals. The transactions usually take no longer than a few minutes and are carried out at an almost negligent fee.

These are the primary reasons why the industry is currently witnessing the emergence of all-for-crypto gambling platforms, such as 1xBit which accepts more than 30 cryptocurrencies, assures total anonymity through the provision of the one-click registration, effortless and low-cost deposits/withdrawals, and, of course, an abundance of casino games and sports betting opportunities.

1xBit places a particular emphasis on esports since this up-and-coming phenomenon represents another disruptive factor for the gambling industry that moves in parallel with the adoption of cryptocurrencies.

Esports make the grand entrance

For decades, video games have been considered as nothing more than a form of recreation. However, the rapid development of Internet technologies and the overall sophistication of online games, along with the acquisition of the global audience, had turned this form of activity into a fully-fledged sport. 

Nowadays, world championships in such disciplines as Dota 2, Counter-Strike: Global Offensive, and League of Legends draw millions of spectators from around the globe. The recognition of esports has reached such a level that the International Olympic Committee considers introducing esports to the official program of the 2024 Olympics in Paris. 

Such an unprecedented surge in popularity made esports one of the main destinations for tech-savvy online sports bettors who are well aware of the benefits that cryptocurrencies will bring to this space. The crypto-oriented platforms, particularly 1xBit, took on the task of being a meeting point for cryptocurrencies, esports, and betting. There is no doubt that this combination will shape the future of the gambling industry. 

Ethereum

DAO Platform Aragon Begins Recruiting Jurors for Tokenized ‘Court

Aragon has started the process for recruiting human jurors as the governance protocol prepares to launch its decentralized court system.

As of 16:00 UTC Tuesday, community members will be able to exchange the project’s ANT tokens for newly minted Aragon Network Juror (ANJ) tokens that will be used for staking on its dispute resolution platform. The pre-activation window, open until the launch of Aragon Court on Feb. 10, will select the first class of jurors to adjudicate on cases brought before the court.

Aragon provides the framework and tools needed to create decentralized autonomous organizations (DAOs) ranging from multi-faceted structures intended for thousands of users, to simple ones for just one or two people. Its court system will handle “subjective disputes that require the judgment of human jurors,” according to the official website.

Becoming a juror is open to anyone who possesses a minimum of 10,000 staked and activated ANJ tokens. Each case is assigned three jurors who are selected randomly, with the chance of selection increasing with the size of an ANJ holding. Jurors then deliberate and rule on the dispute, earning a token reward for doing so.

Jurors make their rulings independently, revealing their decision to the other jurors and those involved in the case.

A juror who votes against the other two also loses his or her staked ANJ tokens, which are then redistributed to the two winning jurors. This is aimed at ensuring jurors’ incentives are aligned with coming to the correct resolution, minimizing the chance of them being swayed to vote one way or another.

Once the Aragon Court launches on Feb. 10, there will no longer be a fixed conversion rate for ANT to ANJ. It will become a rate that will change dynamically depending on how many ANJ tokens are activated. Should the number of activated ANJ tokens fall too low, so too will the conversion rate.

The ANT price has spiked ahead of the opening of deposits later Tuesday. Tokens are currently trading at just under $0.47, according to CoinMarketCap, meaning a hopeful juror would currently need to exchange approximately $47 worth of tokens in order to be considered.

Aragon launched on ethereum in 2016. Last April, core developers submitted a proposal to begin funding a new version on the polkadot protocol. Token holders vetoed the idea concerned the move would lend support to a possible ethereum rival.

Correction (Jan. 7, 2020, 15:09 UTC): This article previously said the ANJ staking amount would be worth $4,700 at the current spot value. In fact, jurors must stake $47. The error has been corrected.

source:coindesk

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Lisk (LSK) internal pressures seeing huge 40% employee cuts

  • Lisk project has cut a chunky 40 percent of its staff and some quitting. 
  • The company said the move is part of efforts to improve its operational efficiency

The Lisk (LSK) project has reportedly fired some 40 percent of its workforce, with reports also suggesting that employees quitting the company in droves. 

However, the Lisk hierarchy noted that the move is part of efforts to improve its operational efficiency. Community members are somewhat sceptical saying the project is looking like another potential failed altcoin experiment. 

 Lisk co-founder Max Kordek, posting on the project’s Discord, wrote: 

Today, at Lightcurve, we laid off 21 of our employees and terminated the contracts of three employees who were yet to join. This concludes the recent wave of terminations you may have observed. We are now ready to go completely dedicated into 2020 with a solid team of 31 individuals on the Lightcurve side.

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.

Source: fxstreet

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1xBit

Bitcoin Is Looking at a Short-Term Bull Reversal if Prices Pass $7,400

  • Bitcoin has created a hammer candle on the three-day chart, a warning of an impending bull reversal. However, a break above the candle’s high of $7,380 is needed to confirm the short-term trend change.
  • A move above $7,380 would activate twin bullish cues on the 4-hour chart and allow a rally to $8,000.
  • Acceptance below Monday’s low of $6,515 would imply a continuation of the sell-off from recent highs above $10,000.

Bitcoin needs to break above $7,380 to confirm a short-term bull reversal and invite stronger buying pressure, the three-day chart indicates.

Specifically, the top cryptocurrency by market value created a hammer candle in the three days to Nov. 26. A hammer candle, which comprises of a long lower shadow and a small upper body, means the three-day period began with pessimism, but ended on a more optimistic note.

Stepping back, the cryptocurrency ran into selling pressure near $7,350 on Nov. 24 and fell to six-month lows near $6,500 on the following day. The drop, however, was short-lived and prices quickly rose back to $7,380 before printing a UTC close at $7,159 on Nov. 26. The recovery from $6,500 to $7,159 represents the long lower shadow of the hammer and the spread between $7,350 and $7,159 represents the body.

While the pattern is considered a bullish signal, traders usually wait for confirmation in the form of strong follow-through, preferably a convincing move above the high of the hammer candle. That means a break above $7,380 is needed to confirm a bullish reversal and possibly lead to a stronger recovery rally.

BTC is changing hands at $6,917, representing a 2.4 percent drop on a 24-hour basis, after a sudden drop soon before press time.

Many in the investor community are associating the latest decline with confirmation of a $49 million crypto theft at the South Korean exchange Upbit. The exchange said large ether transfers had been made to an unknown wallet.

Popular analyst Joseph Young, however, believes the price drop seen in the last few minutes may not be driven by the Upbit news.

  • Bitcoin has created a hammer candle on the three-day chart, a warning of an impending bull reversal. However, a break above the candle’s high of $7,380 is needed to confirm the short-term trend change.
  • A move above $7,380 would activate twin bullish cues on the 4-hour chart and allow a rally to $8,000.
  • Acceptance below Monday’s low of $6,515 would imply a continuation of the sell-off from recent highs above $10,000.

Bitcoin needs to break above $7,380 to confirm a short-term bull reversal and invite stronger buying pressure, the three-day chart indicates.

Specifically, the top cryptocurrency by market value created a hammer candle in the three days to Nov. 26. A hammer candle, which comprises of a long lower shadow and a small upper body, means the three-day period began with pessimism, but ended on a more optimistic note.

Stepping back, the cryptocurrency ran into selling pressure near $7,350 on Nov. 24 and fell to six-month lows near $6,500 on the following day. The drop, however, was short-lived and prices quickly rose back to $7,380 before printing a UTC close at $7,159 on Nov. 26. The recovery from $6,500 to $7,159 represents the long lower shadow of the hammer and the spread between $7,350 and $7,159 represents the body.

While the pattern is considered a bullish signal, traders usually wait for confirmation in the form of strong follow-through, preferably a convincing move above the high of the hammer candle. That means a break above $7,380 is needed to confirm a bullish reversal and possibly lead to a stronger recovery rally.

BTC is changing hands at $6,917, representing a 2.4 percent drop on a 24-hour basis, after a sudden drop soon before press time.

Many in the investor community are associating the latest decline with confirmation of a $49 million crypto theft at the South Korean exchange Upbit. The exchange said large ether transfers had been made to an unknown wallet.

3-day chart

The long lower shadow attached to the hammer candle indicates seller exhaustion. If the current three-day candle ends (Friday, UTC) above $7,380, a bullish hammer reversal would be confirmed. That would open the doors to $8,000.

On the other hand, a close below the hammer’s low of $6,515 would imply a continuation of the sell-off from highs above $10,000.

4-hour chart

A move above $7,380 would activate twin bullish cues on the 4-hour chart: an upside break of the descending trendline and an inverse head-and-shoulders breakout on the line chart.

The latter would create room for a rally to $8,245 (target as per the measured move method).

That target looks possible, as the 14-day relative strength index is reporting oversold conditions with a below-30 reading.

Moreover, the location of the hammer candle is a good reason to believe a stronger bounce is in the offing.

A hammer candle represents bearish exhaustion, as noted earlier and gains credence when it appears following a notable price drop, which is the case here.

3-day chart

The long lower shadow attached to the hammer candle indicates seller exhaustion. If the current three-day candle ends (Friday, UTC) above $7,380, a bullish hammer reversal would be confirmed. That would open the doors to $8,000.

On the other hand, a close below the hammer’s low of $6,515 would imply a continuation of the sell-off from highs above $10,000.

4-hour chart

A move above $7,380 would activate twin bullish cues on the 4-hour chart: an upside break of the descending trendline and an inverse head-and-shoulders breakout on the line chart.

The latter would create room for a rally to $8,245 (target as per the measured move method).

That target looks possible, as the 14-day relative strength index is reporting oversold conditions with a below-30 reading.

Moreover, the location of the hammer candle is a good reason to believe a stronger bounce is in the offing.

A hammer candle represents bearish exhaustion, as noted earlier and gains credence when it appears following a notable price drop, which is the case here.

The pattern has appeared following a sell-off from $10,350 to $6,515. The candle loses its relevance at market tops and during consolidation.

source:coindesk

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