Connect with us

Binance

The Countdown: Cardano (ADA) to Reach Full Decentralization on March 31st

Published

on

Cardano’s community network of over 1,800 pools will be responsible for 100% of the block production in less than a month, as the project goes for full decentralization.

Less than a year after launching its IOHK-owned network of federated nodes, Cardano is on schedule to reach full decentralization at the end of March 2021. At that point, the already established network of over 1,800 community pools will be responsible for producing all new blocks.

Cardano Goes for Full Decentralization

With the approaching so-called D (=0) day, IOHK, the company behind the popular blockchain project Cardano, published a post highlighting the latest milestone in its development.

Advertisement

Cardano is on track to get out of the realm of centralization in less than a month. The post explained that upon the release of the Shelley update in July 2020, the developers built the network in a way that every block was produced by IOHK’s network of federated nodes.

This caused some confusion within the cryptocurrency community as such an approach was the “antithesis of decentralization.” However, the statement justified this somewhat controversial decision with enhanced security – “a wise approach for the near term while the stake pool operator (SPO) network got up and running.”

Furthermore, Cardano’s developers built in an automatic readjustment process, which reduced the parameter that governs what percentage of transactions are processed by the genesis nodes (referred to as d) at a rate of 0.02 per epoch. This means an increase by 2% in community block production every five days.

Advertisement
ADVERTISEMENT

Thus, the community received a more significant role in block production over time, which led to the current situation – only 12% of blocks are produced by federated nodes. The number will continue to gradually decrease until it reached zero (also known as D=0 Day) on March 31st.

Upon doing so, the network will become “fully decentralized,” as “D=0 pushes power to the edges.”

Advertisement

ADA Price Update

While the Cardano community is patiently anticipating the D=0 day, the native cryptocurrency has been on a roll since the start of the year, despite the recent retracements.

ADA entered 2020 at about $0,18 before it skyrocketed to a new all-time high just shy of $1.5. Following this 730% surge, the asset retraced slightly intact with last week’s market crash but has remained well above the $1 tag.

Naturally, ADA’s price surge impacted the market capitalization as well. As such, ADA surpassed other altcoins like Binance Coin and Ripple and is currently the 3rd largest cryptocurrency by market cap.

Advertisement

News Source

Binance

Binance Triggers Elrond Mania! EGLD Price to “Moon-Soon”!

Published

on

The global crypto space is moving vigorously by achieving a new ATH of a $2.67 trillion market cap. While Bitcoin and Ethereum are stealing the show with 3.70% and 9.75% gains in 24 hours, prominent altcoin Elrond came out of the box to compete with these star cryptos. 

Binance Exchange Launches EGLD Staking Pool!

Elrond price remained constant for some time now with no significant gains. The platform came up with an exciting announcement on Thursday launching the EGLD staking pool on the Binance exchange.  Besides, the exchange achieved a new milestone of 100 billion trades recently. The recent surge in its reputation gives the Elrond network the perfect blow in the near future. 

Advertisement

The combo is giving massive perks to the traders. EGLD staking will enable trades to earn commissions up to 55.49% annual per yield (APY) and share 100 EGLD rewards worth $19000.  

Traders can deposit and stake the token for 10, 30, 60, or 90 days to enjoy incredible annualized interest rates. The minimum locked staking limit is set for 0.2 EGLD. 

Other than this, the platform is keenly working on several projects to facilitate maximum benefits for the community. Recently, Elrond announced a collaboration with Woodstock fund The partner announced the huge investment on a project to build anon-custodial stakingservice. 

Advertisement

Elrond Price to “Moon-Soon”!

After a decent correction at $225 for the past week. The altcoin broke out at crucial resistance reaching the $250 mark at the press time with 6.01% profits in 24 hours. A closer look at the 1-day chart highlights that the altcoin has formed Ascending parallel channel. There is the likelihood that the altcoin is close to brake out since the pattern is approaching its convergence zone. 

As more buyers are jumping in, the asset has the potential to surpass the $283 resistance mark. Another tug war could take place between buyers and sellers near ATH. If its recent staking program attracts new users, green candles could dominate outpowering the red taking the price rally beyond $300. On the contrary, the Elrond price could settle down below $225 if it fails to hold the present resistance. 

Collectively, the rest of the quarter looks bright for the EGLD price action. Once Bitcoin’s dominance starts to depreciate well below 40, then Elrond could become the first altcoin to enter the splendid altseason. However, the asset is focusing more on fundamentals to dominate the fast-approaching technological revolution.

Advertisement

News Source

Continue Reading

Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

Published

on

Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

Advertisement

The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

Advertisement

News Source

Continue Reading

Binance

How Binance is protecting its users with responsible trading program

Published

on

The sad reality is that a lot of fake news, scam messages and other fraudulent and defamatory materials are circulating the web, making it difficult for investors to know what information is legitimate and who they can trust. While trading can be fun and exciting, it can also lead to emotional or financial stress, especially when many dishonest parties manipulate the market.

Although bad people will always exist, traders can exercise caution by leveraging the principles of responsible trading. Responsible trading requires investors to execute control over their trades, knowing when they are in a suitable position to take on risks and taking accountability for their actions. By acting as a responsible trader, investors never take risky positions without research or invest funds they cannot afford to lose. 

For this reason, Binance continues to focus on the ongoing development of their industry’s regulatory framework to help discourage bad actors from harming honest investors. Being a significant player in the cryptocurrency industry, Binance has also taken it upon itself to provide leadership to the market. 

Advertisement

Over the past year, this has involved the development of ongoing partnerships with law enforcement and security firms to help improve cybersecurity measures across the broader cryptocurrency industry. The exchange has also continued to ramp up its in-house anti-money laundering (AML) detection and analytics capabilities and taken several additional actions to prove its commitment to responsible trading. 

Although the topic might not be top of mind to some consumers, recent news would suggest these precautions are coming at a time more necessary than ever before. Binance continues to remain their resolve to bring to light these injustices and provide support however possible.

Why responsible trading matters

Some common examples of falsified information come down to bad actors pretending to be the exchange itself and sharing information that is untrue and can negatively impact a user’s account, such as using a fake link in an email to encourage users to provide their login information. 

Advertisement

Other common concerns center around pump and dump schemes. Bad actors with a big holding in a given cryptocurrency will spread false information to drive up the price; as prices increase, they encourage other traders to “buy before it’s too late.” This becomes harmful when new investors go all in and invest their life savings away, only to have the asset crash before their eyes.

Of course, a final example is apparent with Fancycat, the international organization of cybercriminals responsible for over $500 million worth of ransomware crime. Many of these criminals often looked to cryptocurrency exchanges to safely funnel their earnings without being caught by the authorities. 

Although very different examples, addressing these concerns comes down to one thing. Responsible trading.

Advertisement

A demonstration of commitment

To date, Binance has taken some additional steps to ensure responsible trading is maintained. Among them are:

  • Limiting new platform users (accounts opened in the last 60 days) to maximum leverage of 20x
  • Confirming plans to become a regulated financial institution, in addition to ensuring local licensing and compliance is maintained
  • Restricting access to derivatives products in the financial hub
  • Limiting new API key creation to verified accounts only to ensure safe and fair trading for market participants
  • Becoming the first and only cryptocurrency exchange to introduce a responsible trading program

Upon taking a closer look at the responsible trading program, three key focus areas are apparent. They are practicing self-discipline, continually educating themselves, and protecting traders’ assets. In practice, these procedures include:

  • Measures to limit impulsive trading actions, such as when a trader suffers a losing streak or loss, the platform will provide automated reminders of the risks involved in trading
  • Cooling-off features for users to temporarily disable derivative trading abilities if they would like additional support in exercising self-discipline
  • Price protection, a feature that prevents users from getting hurt by market manipulation by triggering stop-losses or take-profits when bad actors are manipulating the system

The team hopes that by sharing their learnings and any proactive measures they take, they can help steer their industry forward, now and long into the future.

News Source

Advertisement
Continue Reading