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Basis: A New Algorithmic Stablecoin

When it comes to stablecoins, the first examples that usually come to mind are Tether, a dollar-backed token, or Maker’s DAI, an Ethereum-collateralized stablecoin. There are also some with no collateral at all. We’ve previously reported on Kowala, a mineable stablecoin. But among the most promising is Basis, which does not have any assets to back it, but instead an algorithm and three-token model that manages supply. Basis (originally called Basecoin) is the product of Intangible Labs, an American-based software company launched by three Princeton graduates. On June 20th, 2017, Intangible Labs released the whitepaper for Basis, outlining the company’s objectives and the methods by which the coin will maintain stability. In the white paper, Basis is described as a cryptocurrency whose tokens can be “robustly pegged to arbitrary assets or baskets of goods while remaining completely decentralized.” Basis’ central bank algorithm must have seemed like a worthy investment, as the startup was able to raise US $133 million in April of 2018. Per Basis, the investor group included Bain Capital Ventures, Google’s venture arm GV, Andreessen Horowitz, and Lightspeed Foundation Capital, among others. An Algorithmic Central Bank In its whitepaper, Basis states it uses “the same economic principles relied upon by central banks around the world.” These principles are based upon the Quantity Theory of Money, which states if the nominal amount of money has changed, the true value of the good will be the same. Basis believes it can manage inflation by increasing supply and selling extra stable coins when exchange rates are high, and buying them back when rates are lower. To do this, the Basis protocol identifies a target asset to which to peg its value, which could be a fiat currency or an index like the Consumer Price Index (CPI). The protocol then utilizes an oracle system to monitor exchange rates to determine the price of the coin. In order to manage supply, Basis uses a three token system comprised of the Basis token, bond tokens, and share tokens. The Basis token is the one that is actually pegged to USD, and serves as the primary medium of exchange. When the price of the Basis token is greater than US $1, new Basis tokens will be released into the market. These newly minted Basis tokens are first distributed to bond token holders, then whatever is left over is distributed to share token holders. If the price of the Basis token is less than US $1, bonds will be sold at an open auction, which removes Basis from circulation. The bonds, which are sold for less than a dollar,  “have the potential to be redeemed for exactly 1 Basis when Basis is created to expand supply.” Basis believes this model will “incentivize speculators” to buy bond tokens, in the hopes that their bond tokens will pay out in the future. Basis Requires New Speculators The three token system Basis will use to manage market fluctuations is highly dependent on user participation in the system. The crux, as fervent stablecoin opponent Preston Byrne states, is that “every bet being placed by every user of the system goes one way.” Up. If the three token system begins to fail and bond token issuance isn’t stabilizing prices, the whole system could fall into a downward demand spiral. In this instance, if buyers stop purchasing bonds and the bond queue builds up, it will take longer to redeem bond tokens for Basis tokens. The depressed bond price could effect newly minted bonds, and the new bonds would be pegged to lower and lower prices. Ultimately, this could create a downwards feedback loop: a death spiral. Basis claims it can mitigate the death spiral by implementing a bond price floor, a fixed price at which the protocol stops creating new bonds. Additionally, the team established a bond expiration timeframe, which is tentatively established at five years. It’s unclear how effective a five year expiration time will be, as the bonds may remain unpaid at their expiration. Can a continual demand of bond tokens maintain the price of the Basis tokens when that price is  below US $1? It may be that, without a constant influx of new bond purchasers, the algorithmic central bank model is unsustainable. One can only hope that Basis has thought through these potential demand-driven issues, and has all its bases covered.   The author is invested in Ethereum, which is mentioned in this article.    The post Basis: A New Algorithmic Stablecoin appeared first on Crypto Briefing.

Ripple CEO: We’re Taking Over Swift on a Day-by-Day Basis

CoinSpeaker Ripple CEO: We’re Taking Over Swift on a Day-by-Day Basis Ripple has gained a pretty good reputation as a company that lowers the total cost of settlement by enabling banks to transact directly, instantly and with certainty of settlement. Its currency, XRP, has seen growth in value lately, which was partly due to a speculation regarding Ripple’s partnership with the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the world’s leading provider of secure financial messaging services. However, the rumours turned out to be faked. SWIFT categorically dismissed any talks between the two companies. Ripple CEO Brad Garlinghouse denied the rumours as well. He further critisized SWIFT’s methods. He said: “The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market. Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.” He continued: “SWIFT is owned by the banks and we’re trying to help the banks. We feel like blockchain technologies are a massive step forward in terms of how correspondent banking has historically worked. The technologies that banks use today – the SWIFT developed decades ago, it hasn’t really evolved.” In his interview to Bloomberg, Ripple’s CEO said that his company is able to gain customers at a fast rate relative to the market because financial firms are looking for faster, more modern technology than what is currently provided by SWIFT. Garlinghouse believes that Ripple has a significant advantage that will become more apparent in future,  with cryptos and blockchain gaining mainstream adoption. However, Ripple still sees SWIFT as a competitor. Traditionally, SWIFT has controlled the lion’s share of cross-border payments and remittances by offering a secure and trustworthy platform for banks and customers to send money internationally. Currently, SWIFT remains the primary means of large and small transfers across borders, at least in the countries it legally operates in. But with development of cryptocurrencies, the fintech company has faced some limitations and new competitors. For example, Ripple, which uses blockchain technology, can cut down transfer times and fees. The company has already partnered with the largest money transfer firms in the world, Moneygram and Western Union, for pilot programs to test the crypto-based technology in sending money abroad. Brad Garlinghouse is very optimistic about his company’s future. He believes that the technology exploited by Ripple will prevail in the long run and leave SWIFT obsolete. He said: “In that we now signed well over 100 banks – some of the largest SWIFT enabled banks in the world are now using Ripple’s technology.” Ripple’s CEO added: “What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.” Such a statement shows that Ripple has no intention to co-exist with SWIFT. Ripple CEO: We’re Taking Over Swift on a Day-by-Day Basis

Voyager Partners with Silver Cost Basis to Provide a Real-Time Crypto Tax Analysis

The world of crypto services is fast growing as more investors look for safe havens to store or transact their digital assets. Voyager Digital Holdings is among the new digital currency brokers whose operations have been licensed hence creating a legally safe environment for coin holders. The firm recently announced a partnership with Silver Cost Basis to improve its tax analysis segment for its clients. Silver Cost Basis is popular for their tech & business services to the financial market players. This milestone will enable Voyager to provide detailed real-time tax information to its clients. In doing so, the digital coin broker will keep their platform users updated on their unrealized profits or losses by leveraging Silver’s analytical tools. Voyager CEO, Steve Ehrlich, said that the move was indeed fundamental to the crypto service provider; “Voyager was developed to provide a single access point for investors to efficiently and securely manage all their crypto assets in one place. Silver’s cost basis and tax analysis tools add an important layer to our differentiated solutions and underscore our commitment to provide customers with the ability to trade crypto assets in a stable, safe and cost-efficient environment with the same confidence that they have come to expect from more established markets.” Ehrlich went on to further state that the new collaboration with Silver Cost basis will add to the existing platform features. Voyager’s crypto services include secure digital currency wallets, efficiency in transactions and provision of information about the blockchain & crypto space. Silver’s expertise in calculation of regulation related taxes has earned the company a table within the investments arena in the past decade. Gradually, the firm has ventured in the newly discovered crypto markets where it aims to scale its services to guide companies on innovation & compliance. As it stands, Silver Cost Basis can process all crypto related transactions including hard forks & airdrops. The regulatory-oriented firm applies the compliance requirements including the ones within crypto to offer the clients a comprehensive outlook about the taxes involved. A managing partner in Silver’s Product Strategy division by the name Neal Ruskin emphasized on the firm’s fundamental value; “By leveraging our production-proven securities cost basis capabilities, we are uniquely positioned to offer a scalable cryptocurrency cost basis processing. We address the significant recordkeeping burden taxpayers face today as well as the inevitable information reporting requirements to be imposed moving forward.” According to Voyager, the integration with Silver’s Cost basis services is scheduled for Q1 of 2019 although the firm will be releasing a trading app for its users in the course of 2018.
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Crypto exchange Voyager to offer cost basis tax analysis and processing for users

CryptoNinjas Voyager Digital Holdings, a new and licensed commission-free crypto asset brokerage, today announced that it has teamed with Silver Cost Basis, a provider of business and technology solutions for the investment services industry,... Crypto exchange Voyager to offer cost basis tax analysis and processing for users

Ripple Price Analysis: The Bull Among The Bears Adds 2% On A Daily Basis

Ripple engaged forward gears testing $0.48 resistance. The current trend is bullish but the $0.5 is out of reach in the short-term. Ripple is defying the consolidation wave in the market showing a 2.2 percent rise on Tuesday. Most of the assets in the market are making slight bearish corrections following the upswing on Monday this week. Bitcoin (BTC), for example is trading at $6,430 but the trend is bearish. The second largest crypto Ethereum (ETH) is dancing with $210. The rest of the cryptos in the top bracket are mixed red and green. Ripple ...Full story available on
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Twitter Spoof: BitConnect 2.0 to Return in July; BCC Token to Rise from the Crypto Graveyard?

Bitcoinnect is known for its high yield investment platform The company had a cryptocurrency Bitconnect Coin (BCC) which investors bought with Bitcoin to gain a 0,25% daily interest. The company also has a lending platform and exchange which closed due to warnings from Texas and North Carolina authorities. Some unknown person is however working […]
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MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2%

MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2% A vote about whether to decrease the so-called stability fee for MakerDAO’s ethereum blockchain-baseddecentralized stablecoin DAI has started. The vote was announced on the organization’s blog on May 17. If approved, the latest proposal would decrease the stability fee by 2% to […] Cet article MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2% est apparu en premier sur Bitcoin Central.
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Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance

Bitcoin bulls have turned out to be more relentless than the most have predicted from its historic prices. However, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus apparently spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted, “BTC on the move again… Asian market certainly doing their bit today.” This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction. BTC/USD 1-Day Chart on Bitstamp (TradingView) The other four performing coins Opening Price: $6968 Closing Price: $8109 The weekly gains: 11% Weekly High/Low: $8390/$6178 Binance [BNB] Coin Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain. BNB/USD 1-Day Chart on TradingView Opening Price: $20 Closing Price: $29.5 The weekly gains: 40.6% Weekly High/Low: $32.2/$19.9 Stellar [XLM] Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC. XLM/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $0.10 Closing Price: $0.14 The weekly gains: 46% Weekly High/Low: $0.16/$0.117 Ethereum [ETH] Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets. Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run ETH/USD 1-Day Chat on Coinbase (TradingView) Opening Price: $188 Closing Price: $259 The weekly gains: 38% Weekly High/Low: $281/$185 Tezos [XTZ] Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform. It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2. XTZ/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $1 Closing Price: $194 The weekly gains: 25.4% Weekly High/Low: $207/$157   XRP, Dash, IOTA, and Cosmos [ATOM] The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains. The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale. XRP/USD 1-Day Chart on Bitstamp (TradingView) *The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation. **The data is taken at around 11: 00 Hours UTC on 19th May 2019.  The post Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance appeared first on Coingape.
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