FinNexus, a Fintech firm that’s creating an open-source finance protocol, is planning to launch a digital asset platform on the XRP Ledger. FinNexus’ “one-stop shop protocol” has been built on the three core pillars of the rapidly evolving decentralized finance ecosystem: diversity, value, and convenience.
The privately-held DeFi firm aims to create marketplaces that provide virtual tokens which represent real-world assets like stocks, bonds, and exchange-traded funds. As mentioned in its 2020 roadmap, FinNexus will use the XRP Ledger to “issue tokenized assets.”
The base layer of FinNexus has been implemented on WanChain, a public blockchain platform. The company confirms that it intends to work with other open and decentralized protocols in order to further expand its network.
FinNexus to partner with other public chain developers, businesses, and communities
FinNexus’ FNX token will be based on Wanchain’s WRC20 protocol, and it will be listed on major crypto exchanges after the company concludes its initial convertible token offering next month.
The FinNexus team notes:
“Cooperation and partnership are crucial to the success of our business. In 2020, our focus will be to partner with other public chains, in addition to Wanchain (WAN), to connect not only in protocols but also in business and communities. Partners with quality assets, either on-chain or off-chain, and partners capable of underwriting these assets will be the key users of the FinNexus protocol clusters.”
The protocol clusters will connect the different sectors of the global decentralized financial infrastructure, the FinNexus team explains. The protocol will provide interoperability between base-layer public blockchains, and support the implementation of open APIs and the “fat protocol” framework, which will connect separate public blockchains.
Layer-two solutions such as payment channels, centralized and decentralized exchanges, traditional financial platforms, and legacy financial infrastructure will all be connected via the “fat protocol.”
FNX token’s smart contract and ICTO-related contracts to be released in coming months
The NexusFin team noted: “The entire suite of financial services middleware is within our business scope. But we aim to solve these connectivity issues for one set of problems at a time, hence we use the concept of ‘protocol clusters’ to describe our process of business and protocols development.”
The NexusFin team will release the FNX token’s smart contract and other ICTO-related contracts in the coming months. The team will also publish an extensive FNX technical paper on FNX protocols.
FinNexus consists of a protocol suite that is made up of multiple protocol clusters that fulfill different functions. Initially, FinNexus will focus on three main “protocol clusters” which include a Blockchain Interaction Protocol (BIP) at the base layer. The development team will also release a Protocol Cluster for Assets Payments (PCAP), and an Assets Distribution Protocol.
FinNexus will work cooperatively with WAN to implement the BIP, which will consist of faster and user-friendly channels to link on-chain assets to smart contracts on multiple chains. A PCAP may be created by connecting to several crypto networks that are associated with different digital currencies, such as Ripple and XRP, the FinNexus team explains.
The protocol’s developers say they will try to use Interledger to create payment channels for FNX. They’ll also use the XRP Ledger to issue digital assets that may be traded for stablecoins.
Steemit & Tron Partner Up, What Will Happen Next?
- Steemit has announced at the end of last week that it will be partnering up with the Tron platform.
- The two companies will start working together in order to solidify Steemit and it’s blockchain-based decentralised applications with the blockchain on Tron.
The decentralised blockchain-based social media platform, Steemit announced at the end of last week that it will be partnering up with the Tron decentralised platform. The two companies will start working together in order to solidify Steemit and it’s decentralised applications with the blockchain with Tron.
The official release revealed that the two firms are set to use both of their services and products to help users. The Tron Foundation is bringing on board more than 20 million users to access services and products which are being offered by Steemit.
However, on the other hand, Steemit is going to be bringing in more than 1 million users into the community. This is, of course, a massive difference however, the two bodies will be offering different services to the users in question. This partnership will result in a strategic alliance between both Steemit and Tron.
As it is a social media-based website, Steemit rewards its users with the STEEM cryptocurrency for making content published on the website.
TRON Virtual Machine To Get Three New Features
- TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three new features as proposal number 32 was approved.
- Justin Sun and the TRON foundation’s moves have changed a lot of things in the virtual machine system.
TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three new features as proposal number 32 was approved. The new features of the TRON virtual machines will be support for parallel signature verification, multiple signature verification, and judge whether the address is the contract address.
TRON is one of the largest blockchain-based operating systems around the world. TRON has a high throughput, high scalability, and high availability.
TRON also has a wallet that supports TRX and other tokens on the TRON mainnet, which is available to download for various clients through their website.
The explanantion of the new features is given below:-
- Support parallel signature verification in TVM: The keyword that is to be used in the contract for parallel signature verification is ‘batchvalidatesign’.
- Support to judge whether the address is a contract address in TVM: The developers may face the problem of calling another contract in a contract, in the development of smart contracts. But in some contracts, the contract may not want to be invoked by any other contracts. This call can be restricted, and that can be done by using the ‘isContract’ command.
- Support multi-signature verification in TVM: The TRON blockchain supports the feature that lets an account use the multi-signature feature, and this is used a lot of time in scenarios such as permission control. Now the Virtual machines will also support the multi-signature feature. But the multi-signature will only support a maximum of five private key signatures.
This will further enrich the application scenarios of smart contracts. Justin Sun and the TRON foundation’s moves have changed a lot of things in the virtual machine system, and the users with open arms have welcomed these new features.
Tron News Today – Headlines for February 21
- Tron has lost more than 10% in the last 24-hours
- The coin has continued to slip amid an overall poor sentiment
- Justin Sun’s acquisitions to boost adoption haven’t paid off
Tron News Today – digital currency protocol, Tron’s price has dropped by over 10% in the past 24- hours, has today continued to slip even further down the charts in its ranking. The digital asset which wasn’t ranked among the top ten largest coins by market cap until recently has dropped to number 15 since this decline began. The most recent results for Tron have come despite the continued efforts of Justin Sun to foster growth in the Tron ecosystem with many new acquisitions.
Stiff Competition for Tron
Sun’s efforts to see that his brainchild Tron becomes a success once more has instead ensured that Tron’s native token TRX rallies only in the short-term. It appears that the digital asset has then withdrawn after the news of the decline phased out. What this implies is that even though the digital asset manages to perform well and enjoy some ‘bullish occasions’, it also nearly finds it difficult to extend this situation or climb higher. It lacks consistency.
In contrast, competitors Tezos and Chainlink have been consistent. After many weeks of rallying, both digital assets have successfully ensured that their market cap rose and now they are now sitting above Tron in the list of largest coin’s by market cap. Tezos has outdone other popular coins like Cardano and Stellar, to climb into the top ten. Meanwhile, Chainlink is just at the number 12 position with Cardano above it.
But Tron, on the other hand, could be phased out if it doesn’t rise and act more competitive against the other coins. Just like Ethereum Classic, NEM and IOTA, which were once ranked high but now only feature above number 20, Tron could act like these and follow their trend.
Sun’s Acquisitions Haven’t Paid off
Finally, the main reason why Sun’s acquisitions phase-out quickly remain to be seen. While the Tron chief continues to expand his coin’s ecosystem (as we can see from his previous acquisitions), none of these have paid off in a huge way. And with no long term plan, the projects he acquired or partnered with means nothing. These projects only create hype for the network which in turn drives in just short-term gains for TRX.
The only project that has long-term strategic partnerships is Ripple. Ripple looks for other protocols that make sure adoption comes to XRP as well as more use cases. In most instances, the XRP digital currency doesn’t make short term change. However, space places more trust in it especially on notions that it will come to the top for the long-term.