MakerMaker MKR STO news

Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the U.S. Dollar.
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Ethereum’s Vitalik Buterin Releases Report on His Own Crypto Investments in AMA Reddit Thread

Vitalik Buterin is known as the co-founder of Ethereum, and one of the many topics that founders tend to be asked about is their own crypto holdings. Investors want to know that the individuals that create their favorite platforms are just as willing to invest. In an “Ask me Anything” (AMA) thread on Reddit, Buterin chose to disclose the destination of his crypto investments, and they are almost exclusively tied in with the Ethereum network. The whole point of the AMA post is to focus on leadership and accountability in the Ethereum network. Many questions discuss potential conflicts of interest for those in leadership positions within the community. According to the statements made by Vitalik Buterin, less than 10% of his holdings are in tokens without Ethereum as their basis, including Bitcoin Cash (BCH), Bitcoin (BTC), Dogecoin (DOGE) and Zcash (ZEC). Another group of non-ETH tokens account for less than 10% as well, including Kyber (KNC), OmiseGo (OMG), Maker (MKR), (OMG) and Augur (REP). During the AMA, Buterin said that he holds “significant corporate shareholdings” that are tied to Clearmatics, which focuses on blockchain research and development. He has similar shares in Starkware, which is a blockchain startup that prioritizes both scalability and privacy. Buterin’s continued support for zero-knowledge proofs makes him an excellent investor in the latter firm. In his non-financial involvement in various blockchain projects, he participated in several organizations, which included L4, Plasma Group, EthGlobal, and EDCON. However, all his external revenue in the last year, apart from the profits he made in the Ethereum Foundation, was included with his token holding disclosures. Though unspecified, Buterin expressed that he was involved in several organizations, which were “mainly professional cryptography and economics circles.” Buterin has been one of the vocal contributors in an Ethereum developers’ discussion that was in regard to the Constantinople hard fork, which will release a new smart contract feature. While some members of the community have been worried about the security issues that could arise from the new upgrade, Buterin has expressed the need for faster evolution if the group plans to meet further milestones on their roadmap up ahead. Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and EOS Price Analysis Watch (Feb 19th)
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Daily Volume Reaches New 2019 High in Monday Crypto Rally

Following a week of inactivity crypto markets are finally moving again this Monday. A rally which started a few hours ago has seen daily volume increase to $26 billion which marks a new high for 2019. Ethereum is currently driving momentum across markets as it surges 11.5% from $123 this time yesterday to $138 at the time of writing. This has resulted in a market cap increase of almost $1.5 billion as ETH accelerates away from a lack luster XRP. The countdown to Constantinople is largely responsible for the momentum has network tech upgrades are generally bullish for the token. It has been suggested that the extension of the difficulty bomb will reduce supply reduction timeframe but at the moment Ethereum is leading the pack. The only other altcoin outperforming Ethereum in the top fifty is Bitcoin Gold which has jumped 13.5% on the day. Maker is also still going strong adding another 7.7% on the day as it passes $550, its highest price in 2019. Coinmarketcap has adjusted its figures again which has seen MKR jump NEM, Ethereum Classic and NEO to take sixteenth place with a cap of $553 million. The other altcoin making good progress during today’s rally is Bitcoin Cash adding 7% to trade at $130. EOS has not been able to take fourth spot back from Litecoin at the time of writing despite a gain of 3.8%. The gap between the two is tiny though, just $35 million, so it may not be long before these two swap places again. Similar momentum has not been seen with Bitcoin which has only made 2.5% on the day as it broke resistance at $3,650 and headed towards $3,700. Bitcoin has reached its highest price since January 20, almost a month ago and signals are bullish in the short term. There are a few altcoins not benefiting from the rally at all. Tron, IOTA, Dash and NEO, NEM and Tezos have barely moved over the past 24 hours. Ethereum is clearly the dominant cryptocurrency at the moment. Total daily volume for the market has surpassed $26 billion for the first time in 2019. Total market cap is at $126 billion which is its highest level since January 10 when a big dump wiped out $16 billion in a day or so. Things are looking bullish at the moment for most cryptocurrencies but the long term picture shows that we are still in the depths of a lengthening winter. The post Daily Volume Reaches New 2019 High in Monday Crypto Rally appeared first on Ethereum World News.
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BTT Paired with XRP and More BitTorrent News Updates

There is no denying that all our favorite digital assets are in the red, save for a few such as Maker (MKR) and NEM (XEM). The latter two digital assets are currently exhibiting 4.34% and 3.94% in 24 hour gains at the moment of writing this. Further checking the market performance of BitTorrent (BTT), we find that the token has somewhat survived the ongoing market meltdown. BTT is currently valued at $0.000965 (27 Sats) and has declined in value by 4.34% in the last 24 hours. BTT/XRP Trading Pair It is amazing that the BTT token sale that started and ended on the 28th of January happened less than 3 weeks. In that short time period since the sale, a lot of developments have happened surrounding the token that aims at incentivizing seeding and bandwidth usage on the BitTorrent network. One such development is the addition of the BTT/XRP trading pair on Bitrue. The exchange has continually embraced XRP as a base currency on its exchange. At the moment of writing this, 27 digital assets are paired with the remittance coin. The tweet making the announcement of the new BTT pair can be found below. #BTT trading pairs are live on @BitrueOfficial now!BTT / XRPBTT / BTC Happy trading.@BitTorrent #XRP #xrpthebase — Bitrue (@BitrueOfficial) February 13, 2019 More Listings for BTT Late last week, Justin Sun had promised the Tron and BitTorrent communities of new listings of BTT on prominent exchanges. More major exchanges and first airdrop coming for #BTT & #TRX next week! Glad to see more adoption! #TRON #BitTorrent $TRX $BTT — Justin Sun (@justinsuntron) February 10, 2019 True to his word, the list of exchanges listing BTT has continued to increase with time and after the airdrop this past Monday. BitTorrent Inc. has provided the following official list of exchanges that support active trading of the token. Binance OKEx Bittrex International Huobi Upbit KuCoin Cointiger Bitbns TRX Market Coinspot Sistemkoin Exrates Satowallet Coinexmarket More BTT Stablecoin Pairs on Binance In the case of Binance, the exchange has added the following BitTorrent trading pairs. BTT/PAX BTT/TUSD BTT/USDC BitTorrent Card Powered by GRID Not so long ago, BitTorrent Inc. informed the crypto community of the pending release of a BitTorrent Card that will be powered by GRID. The tweet can be found below. Introducing the BitTorrent $BTT card, powered by #GRID. Receive, store and use $BTT on the go! Stay tuned for more info. @Troncard_io — BitTorrent Inc. (@BitTorrent) February 13, 2019 GRID is a prepaid solution for buying, holding and gifting Tron (TRX). The card acts like a traditional pre-paid card and will soon be supporting BTT. The service by GRID has no fees, is anonymous and secure. Users can also recover their funds if the card is lost. What are your thoughts on the recent progress of the BitTorrent token in the crypto markets as well as additional support for BTT by exchanges? Is this the beginning of greatness for the token? Please let us know in the comment section below.  Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post BTT Paired with XRP and More BitTorrent News Updates appeared first on Ethereum World News.
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$234 million worth of Ethereum tokens held in MakerDAO smart contract as collateral

The Ethereum tokens held as collateral on MakerDAO smart contract has been on a constant rise over the past few months. Kevin Rooke, a Twitterati has pointed out that the number of tokens on the smart contract currently accounts to over 2 million Ethereum, worth around $234 million. MakerDAO is a decentralized autonomous organization, which has a stable coin, provides collateral loans and is known for its decentralized governance. DAI, the platform’s stablecoin, is pegged against the US Dollar. It was created with the intention of solving the high volatility of the cryptocurrency market in terms of price. The token is used on the platform as a part of its collateral system. In this system, investors can leverage their Ethereum tokens in order to generate DAI. Following this, users can use this token for other purposes. Here, the leveraged Ethereum tokens are considered as collateral and users will gain control over this token only when they pay back the DAI tokens they had taken. He said on Twitter: “2 million ETH ($234M) is held in Maker’s smart contract. That figure is growing 28% per month since Nov 2018. If this continues, they’ll have: 4.1 million ETH in 3 months 9 million ETH in 6 months 40.8 million ETH in 1 year There are only 104 million ETH in circulation today.” MakerDAO and Ethereum | Source: Twitter MakerDAO data | Source: MKR Tools Chelsea Palmar, a Twitterati said: “I’m slightly confused re: the distinction between this milestone, & yr earlier report on the dearth of dApp activity. It’s mainly a terminology thing – are we considering DeFi smart contracts like @MakerDAO “dApps”, or something else?” She further added: “I consider this an important distinction to highlight & parse because I’m very rooted in the maximalist scene, & my bitcoiner peers use the “no dApp activity” headline to mock $ETH. Yet MakerDAO has successfully captured a huge amount of active ETH, and is growing steadily…” AlsoMahler, a Redditor said: “I’m conflicted between “yay, a good use case for ETH” and “Uhoh that’s too much ETH in one contract”.” The post $234 million worth of Ethereum tokens held in MakerDAO smart contract as collateral appeared first on AMBCrypto.

An Overview of MakerDAO

This piece provides an overview MakerDAO including how it functions and what long-term potential it may have.SourceWhat is MakerDAO?MakerDAO, also known as Maker, is a crypto-collateralized stablecoin that uses a two-token system comprised of Dai, which targets a value of $1 per unit, and Maker (MKR), which is used to pay fees on Dai loans and grants governance input via voting on Maker’s policies, like the collateral ratio required on loans and the amount of fees charged on loans. Maker has a fixed maximum supply and when it is used to repay Dai loan fees it is burned, thereby reducing the circulating supply. To keep the price of a unit of Dai at $1, Maker employs incentive mechanisms that will be detailed later in this piece. For greater context on stablecoins as a category and the different approaches taken by projects, refer to this April 2018 piece that provides an overview.How MakerDAO WorksAs described in the MakerDAO whitepaper, “Maker is a smart contract platform on Ethereum that backs and stabilizes the value of Dai through a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors.” This piece will examine each of these components in greater detail later, but the takeaway is that Maker allows anyone to use Ethereum as collateral to generate Dai, an asset that is pegged to the value of the dollar by incentivizing external actors. Once Dai is generated, it can be used like any other cryptocurrency: it can be freely sent to others or used as payment for goods or services.Collateralized Debt Positions (CDPs)CDPs are a fundamental part of Maker and allow for collateral to be held in a smart contract to generate Dai. CDPs require collateral in excess of the value of Dai borrowed and also determine the terms for interest to be paid on top of the return of Dai.To initiate a loan, a user takes the following steps:A user sends a transaction to Maker to create a CDP. Then, the user sends another transaction to fund the CDP with collateral.Next, a user sends a transaction to retrieve the desired amount of Dai from the CDP. The CDP records the debt initiated and locks access to the collateral until the debt is repaid.To retrieve the collateral, a user must repay the borrowed Dai plus a “Stability Fee” which can be considered interest on the borrowed Dai. The Stability Fee can only be paid in MKR.Once the Dai is repaid along with the Stability Fee, the user can retrieve the collateral by sending a last transaction to Maker.Collateral OptionsFor now, CDPs can only be collateralized with Ether. To stake Ether, users send an amount to a smart contract that holds all contributed Ether and receive Pooled Ether (PETH) in return, which represents a proportional claim on a share of the pooled contributions. This arrangement of pooling contributions will become relevant later when examining how Maker deals with sudden market crashes. In the future, it will be possible to collateralized CDPs with other assets to create multi-collateralized CDPs.Stabilizing the Price of DaiDai is targeted to a price of 1 USD, the Target Price. The target price is used to find the collateral-to-debt ratio of a CDP and to determine the value of collateral assets Dai holders received in the event of a global settlement scenario, which will be explained in the next section.The price of Dai is maintained by the Target Rate Feedback Mechanism (TRFM). The TRFM modifies the Target Rate in order to incentivize actors to move the market price of Dai towards the Target Price.The impact of the TRFM can be seen in the following scenarios:Dai price at $1: The TRFM is not engaged and the Target Price and Target Rate stay the same.Dai price below $1: The Target Rate increases, which causes the Target Price to increase at a higher rate, which causes generation of Dai with CDPs to become more expensive. The increased Target Rate causes the capital gains from holding Dai to increase, leading to a corresponding increase in demand for Dai. This combination of reduced supply and increased demand causes the Dai market price to increase, pushing it back towards the Target Price.Dai price above $1: The Target Rate decreases, which increases demand for generating Dai and decreases demand for holding it. This causes the Dai market price to fall, pushing it toward the Target Price.Maker has a “sensitivity parameter” that determines the magnitude of the change in the Target Rate in response to a dislocation in the market price and target price for Dai.Global SettlementIn the event that the TRFM is unable to stabilize the price of Dai, global settlement offers a backstop guarantee of the target price to Dai holders. Global settlement refers to an unwinding of the Maker platform and can be triggered via a vote by MKR holders.The Global Settlement function can be activated by a vote by designated members, as selected by Maker Governance. The Global Settlement function stops CDP creation and halts the price feed at a fixed value which is used to process proportional claims. Global Settlement claims are processed and Dai and CDP holders are able to claim a fixed amount of ETH.MakerDAO Risk ManagementThe safety of MakerDAO is a function of a variety of inputs and thresholds that can be modified by MKR holders.Holders of the MKR token can vote to do the following: add a new CDP type, modify existing CDP types, modify the sensitivity parameter, modify the target rate, choose set of trusted oracles, modify price feed sensitivity, choose the set of global settlers.These holders can also vote on a variety of risk parameters: debt ceiling (maximum amount of debt that can be created by a single CDP), liquidation ratio (the collateral-to-debt ratio at which a CDP becomes vulnerable to liquidation), stability fee (an annual percentage fee paid by every CDP), penalty ratio (the maximum amount of Dai raised from a liquidation auction that is used to buy up and remove MKR from the supply).Treatment of Risky CDPsA CDP can be automatically liquidated if the collateral-to-debt ratio reaches the Liquidation Ratio. In the event that a CDP is automatically liquidated, the Maker Platform will buy the collateral of the CDP and sell it off.Maker StatisticsMaker launched in mid-December 2017 and has grown significantly since then. provides great overview statistics.As of February 2019, there are more than $75M units worth of Dai outstanding. Source: mkr.toolsDai in circulation has grown (blue) even as the price of Ethereum (grey), which MakerDao is built on top of, has fallen. Source: mkr.toolsConclusionMaker is an exciting project that is gaining momentum quickly. In 2019, Maker plans to transition from only supporting single-collateral CDPs backed by ETH to the ability to support multi-collateral CDPs backed other assets. As usual for governance issues related to Maker, holders of the Maker token will be able to vote on which new assets should be approved for use within multi-collateral Dai. While the project is still in the early stages of development, its ambitions are bold: one of the project’s stated potential use cases is to serve as a global currency that is accessible by anyone, anywhere.If you’d like to talk about cryptocurrencies or anything else technology related, Tweet at me here (DMs are open, too). You can also email me at I do not and will not provide investment advice or recommendation.Follow on Medium for future articles: Overview of MakerDAO was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.

After Samsung, Opera Offers an Ethereum Wallet as ETH Prices Add 12.6%

Latest Ethereum News In the last few weeks, it has been all about positivity for ETH and Ethereum as an ecosystem. On one hand we have a fully functional smart contracting platform where token issuers can take advantage of the network’s robust VM and issue smart contracts while on the other, the native token ETH can be used to pay for goods and services. Read: Maker [MKR], Dash [DASH] Leading Today’s Gain – Ethereum 2nd Again Although asset prices took a hit last year with the technical advisor at Stellar Joseph Rubin claiming ETH prices can spiral down to zero because it can operate within its own environment without fiat and because of the ever-present threat of gas being paid in other tokens other than ETH in an economic abstraction question. Well, from recent events, it is increasingly clear that ETH has hit rock bottoms and after weeks of accumulation, boosting fundamentals as well as the SEC unexpected “guidance” is catalyzing participation as ETH bottom out surging 12.6 percent from last week’s close. Aside Hester Peirce and William, who are part of the SEC, Samsung, the South Korean smart phone and electronic manufacturer has plans of supporting ETH in its secure Blockchain store wallet. Also Read: Ethereum (ETH) Reclaims the Number 2 Spot Ahead of Constantinople Upgrade, Edging out XRP If successful and the project gets traction, ETH would be propelled to the mainstream just like what Opera is piloting in the three Nordic countries of Norway, Denmark and Sweden. From opera’s crypto wallet, users can register and buy ETH without having to go through a centralized exchange like it has been the norm. “We think that the next important phase for crypto will come from usage and that for it to reach wider adoption, it has to be easy to buy and easy to use.” “We believe that the browser will be the entry point for these use cases. Thanks to our partnership with Safello, we are taking one more step towards this vision” ETH/USD Price Analysis Changing hands at $121, ETH is one of the top performing assets in the top 10. Thanks to Feb 8 price explosion, ETH is up 12.6 percent against the USD in the last week meaning buyers have an upper hand. Even with this, buyers are yet to drive prices above important resistance and first buy trigger line at $135. Gains above $135 shall validate our previous ETH/USD trade plans and set in motion the next wave of buy pressure that may see ETH prices retest $170 and even $250. Trend and Candlestick Formation: short –term bullish, long-term bearish Bulls may be raving right now bit from a top down approach, sellers are technically in control and trading within a bear breakout pattern thanks in part to meltdowns of mid-November. The region between $250 and $300 are important in ETH trading. In the medium term, bulls are clearly in chart. Rejection of lower lows in recent days mean $100 is not only a psychological round number but possible bottoms springing off and marking the 78.6 percent Fibonacci retracement level of Dec 2018. All the same, we expect prices to recover in the short-term and in the second phase of an otherwise bearish trend, chances are ETH will retest Dec 2018 highs of $170 and comprehensive breakouts will propel buyers and ETH to $250 or Nov supports. Volumes: Low but increasing In a bear breakout pattern, week ending Feb 10 volumes are low, paling in comparison with those of mid-Nov and late Dec. All the same, ETH prices are down 80 percent from peaks and after a prolonged bear market, a recovery is imminent. From the daily chart, our trade plan is simple. For ETH bulls to be in control, then there must be a confirmation of Feb 8 bulls and accompanying volumes must exceed 520k and most importantly recent averages of 203k driving prices above $135 as our ETH/USD trade plan burst to live. Before then, we suggest patience. All charts courtesy of Trading View. This is not investment advice. Do your Research The post After Samsung, Opera Offers an Ethereum Wallet as ETH Prices Add 12.6% appeared first on Ethereum World News.
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Maker [MKR], Dash [DASH] Leading Today’s Gain – Ethereum 2nd Again

For starters –  Implemented on the second largest blockchain Ethereum (ETH) network while depended on the concept of smart contracts, Maker [native token MKR] is a case when the much criticized crypo-volatility is battled an extend being backed by Ether. Despite that Tether is one of the most popular stablecoins, much doubt surrounds the coin. Lack of decentralization and transparency, emerged proof that it is backed by the dollar and the rumors that it was used to move Bitcoin’s BTC price for one’s [group] benefit could possibly make it unworthy of its fame. On the other hand, with the use of its MKR token, the Maker balances its DAI [stablecoin planned along fractional reserve banking ideals] which is linked close to the aforementioned tokens. The dual token concept is based on the idea that MKR can not be mined but is created or the contrary as a reply to DAI price movement so it is floating approximately $1.00 against the US Dollar. Per time of writing, the pair MKR/USD is changing hands at $478.59 with 5.61% increase in the last 24-hours leading the BTC market for 5.86% counting the second highest gain among top-20 by market capitalization for today’s performance. While it is battling to retest the major $500.00 the token’s value has recovered and reached a monthly highest again. Source: coinmarketcap Similar to how Litecoin is a fork of Bitcoin, Dash originated as a codebase fork from the Silver Coin. Initiated as project Xcoin afterwards named Darkcoin with its founder Evan Duffield. Finally the 11th largest coin takes the name Dash that represents digital cash. DAO or a decentralized autonomous organization is what Dash is claimed to be now. The DAO centers around Dash masternodes which stake at least 1k DASH — and should help the platform in different ways. Despite in the past being known for a privacy centric cryptocurrency, its concentration has declined towards that matter. Attempting to hit more mainstream adoption the team is signing various partnerships during its road of improvement. Per time of writing, DASH/USD is nearing the $80.00 as it reached $79.61 with 8.05% increase in the last 24-hours – the highest among leading cryptocurrencies according to CMC. The post Maker [MKR], Dash [DASH] Leading Today’s Gain – Ethereum 2nd Again appeared first on Ethereum World News.
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Ethereum, Augur and MakerDAO together represent the holy trinity of crypto, says CEO of CitizenHex

The CEO of Ether Capital Corp, Benjamin Roberts recently talked about Ethereum, Augur and MakerDAO, on his official Twitter handle. The CEO started the thread by remarking that the three projects are “ingenious independently” and that these three together represent the “holy trinity of crypto.” This was followed by Roberts speculating on the reasons as to how their combined utility will increase the value of Ethereum. The first point made by the CEO was that the demand for DAI, in turn, increases the price of Ethereum [ETH]. He also stated that this is one of the factors that many people in the community miss about MakerDAO. “How? DAI demand > supply causes DAI price to exceed $1.00. This creates an incentive for ‘arbitrageurs’ to open CDPs and sell DAI proceeds for greater than $1.00.” The next point was about the necessity of locking collateral in the Maker System in order to open a CDP. He further added that currently, the collateral is in the form of Ethereum, wherein the token is locked, thereby reducing the supply of the coin and increasing its price. The third point made by the CEO was pertaining to the multi-collateral DAI. “What about multi-collateral DAI? The same process increases the value of any asset used as collateral. If Ethereum network is securing it, the collateral value increase leads to higher value of the Ethereum network.” This was followed by Benjamin stating that the demand for the stablecoin “kicks off” the feedback loop, which would result in Augur accelerating the DAI feedback loop. He also remarked that as the cryptocurrency market grows the demand for DAI, it would also grow to near infinity. “@AugurProject is the Twitter of derivatives. As meaningful to financial engineering as blockchains are to trust, but it’s severely hampered due to a wildly volatile quote currency. 6/ Adoption happens whenever crypto utility exceeds fiat -> crypto friction + crypto volatility. Projects like @veil solve friction, but right now crypto volatility is too high to adopt Augur.” Benjamin further stated that Augur “acquires an incredible amount of utility” if the volatility of the cryptocurrency market is going to be taken out of the picture. According to him, this is Augur’s goal and the project “will adopt” DAI as the “quote currency for all markets.” “8/ What happens when Augur adopts DAI? Augur acquires more utility and open interest increases substantially. This creates *a lot* of demand for DAI, putting upward pressure on the ETH price (as described above).” This was followed by the CEO stating that this would thereby increase the demand of REP and the currency could also be collateral in multi-collateral DAI. “The Ethereum blockchain secures the REP market cap and this creates yet more utility for ETH and further increases value”, he added. “10/ If all of this doesn’t implode, it’s going to be the greatest financial / social / economic revolution in history. Akin to adoption of the internet…maybe more powerful because of deep synergies within the ecosystem and incentives for modifying behaviour in the real world.” The post Ethereum, Augur and MakerDAO together represent the holy trinity of crypto, says CEO of CitizenHex appeared first on AMBCrypto.

Quantstamp Enhances Security of ETHDenver's Ephemeral Economy

SAN FRANCISCO, Feb. 6, 2019 /PRNewswire/ -- Quantstamp, a blockchain security company, assisted MakerDAO, Austin Griffith, and Brian Ethier in auditing the buffiDai token which will be used at ETHDenver 2019. BuffiDai is a proof-of-concept cryptocurrency that is designed to act as a localcoin which will drive the ETHDenver economy, create a frictionless user experience for attendants, and serve as an experiment meant to improve future implementations. ETHDenver is a hackathon taking place from February 15th - 17th in Denver, Colorado that incentivizes the Ethereum developer community to share knowledge and continue building towards a decentralized future.  Quantstamp is grateful to help launch this initiative and looks forward to continuing to secure the underlying buffiDai smart contracts as the project develops. "Here at Quantstamp, our ...Full story available on

Decentralized finance thriving on Ethereum blockchain: 2% of Ether Supply is Locked in MakerDAO CDPs

MakerDAO, the company that manages the DAI stable token, currently holds about 2 million ETH in reserve in its system, thus retaining nearly 2% of the cryptocurrency supply in the market. According to Twitter data provided by Mariano Conti, developer and head of oracles at MakerDAO, the reserve amount reached 218,000,000 USD at ETH. That amount provides more than $76 million in support for Dai, according to CoinMarketCap. 2,000,021.056 ETH locked in the Dai Credit System. That's 92.79% of all Wrapped ETH. That's 1.91% of the ENTIRE ETH SUPPLY in existence. That's about $218,000,000 Dollars worth of ETH backing more than $75,440,000 worth of Dai. Congratulations @MakerDAO! — Mariano Conti (@nanexcool) January 31, 2019 In that sense, it is worth mentioning that, at the time of writing of this note, the statistics shown by the tracker Etherscan indicate that MakerDAO concentrates about 1 million 928 thousand ethers in the form of PETH or Pooled Ether, a figure that is used to lock ether in the platform. Additionally, there are some 104,713,389 ETH in circulation, so the MarkerDAO reserve concentrates approximately 1.9% of all existing ether supply in the market. It should be remembered that the MakerDAO system operates through a smart Ethereum contract, called Collateralised Debt Position or CDP. Thus, users who interact with MakerDao lock up their ethers in these CDPs in the form of PETH, as a guarantee mechanism. The idea is to use the CDPs to generate more Dai. To date, Dai is quoted at about $0.99, with more than 76.44 million tokens in circulation, equivalent to 703,960 ETH. Defined as a stable coin, the cryuptocurrency emerges as a way to counteract the volatility of ETH, so its parity is intended to remain close to 1:1 with the U.S. dollar. In this way, Dai offers itself as a refuge from the current fall in the prices of crypto currencies, in a market that remained low throughout 2018. This trend, which worsened from last November, made the ETH go from being quoted at more than 1000 USD at the beginning of 2018, to a price that ranged between 100 and 200 dollars in November, reaching even less than 100 USD in December 2018. ETH currently trades at $107.5. Under these circumstances, the Dai token allows users to lock an ether amount through the CDP contract. In case of wanting to withdraw their ethers from the CDP, the person must pay the equivalent amount of Dai at the time of withdrawal. INCREASES in MAKERDAO ACTIVITY In relation to DAI data and its relationship with ETH, the startup team highlights the increase in activity within the MakerDAO network, due to the significant fall in the price of cryptocurrency. They note that the activity grows in the moments of greater reduction of the price of ETH, mainly in the period from November 13 to 19, 2018, when almost 1% of the total circulating supply of ETH was locked in the smart contracts of MakerDAO. This trend has increased at the present time, taking into account that the locked amount reaches almost 2%, thereby decreasing ether’s supply in the market. The cryptocurrency, classified within the stable crypto coins, which are collateralized with other crypto currencies, was launched in December 2017 and is backed by Ether’s digital assets of each user. It is issued as an ERC20 token on the Ethereum blockchain and is traded at several exchanges. Another token of the same type, but backed in bitcoins, was enabled on the Ethereum main network from January 29 for commercial exchange. Called WBTC or Wrapped Bitcoin, the crypto is the product of an initiative led by BitGo and the decentralized exchanges houses Kyber Network and Republic Protocol. The post Decentralized finance thriving on Ethereum blockchain: 2% of Ether Supply is Locked in MakerDAO CDPs appeared first on DecentralPost.

Maker Liquidity Dries Up After Oasis DEX Closes

Maker (MKR) tokens experienced a price spike at the beginning of the week, as trading fell throughout the DAI ecosystem. The sharp movement follows the closure of the popular OasisDEX last week. Maker tokens had gradually gained value since Thursday, rising from approximately $365 per coin to around $377 by Sunday close. Although the trend continued incrementally on Monday morning, MKR price leaped to $397  at around 09:00 GMT. A surge in orders on Bitinka caused MKR to peak above $500 on the small-scale exchange, while prices on other markets remained lower, oftentimes below the $400 mark. A recent increase in selling pressure with Bitcoin (BTC) and Ether (ETH) pairs means the MKR price has since decreased. Average prices had fallen back to $389 by the time of writing.   The OKEx MKR-ETH market. Dampened MKR token price follows increased selling pressure. Source: CryptoCompare What’s making MKR move? The recent MKR token price trend broadly coincides with the closure of Maker’s own decentralized exchange, OasisDEX, on Thursday, January 31st. A popular trading platform, Oasis was the first venue to trade MKR and a key source of liquidity. In a Medium blog post published on January 14th, the Maker team announced the DEX would temporarily be taken down in order to create a trading platform for collateralized assets and security tokens. It’s not clear how long the closure is expected to last. “On January 31, 2019 we are going to take down the OasisDEX and Oasis.Direct front ends to completely rebuild the solutions based on a new strategic direction,” the team wrote. “We believe there is a critical need for a place where people can trade Multi-Collateral Dai and the multitude of collateral assets backing Dai, including security tokens, while also conveniently accessing CDP [collateralized debt position] features for all of these assets.” Launched in Q1 2017, OasisDEX was the first Ethereum-based decentralized exchange to work completely on-chain. Although MKR tokens are also tradeable on some centralized exchanges, including Coinbase, the temporary loss of a popular trading platform may have had a knock-on effect on the MKR price, causing subsequent liquidity issues. The 24h trading volume for Maker tokens has floated in and around the $400,000-$500,000 mark for the past few days, far below January’s normal trading volumes. Last Thursday, when OasisDEX closed, trading volume peaked at $3.2M. Although volumes ranged significantly in the weeks prior to the closure, this is still a low point. The closure of MKR’s main market is having an effect through lower-than-usual volumes on the remaining exchanges.   MKR token trading volume peaked at the closure of OasisDEX. Source: CoinMarketCap. When liquidity is low, buy and sell orders have a bigger impact on market prices. In the case of MKR today, an increase in buy orders on the Bitinka exchange caused a larger-than-normal surge in the price at the start of the working week. A corresponding boost in sell orders – as shown in the graph above – caused prices to drop back down again. Maker established a replacement exchange, eth2DAI, but this is exclusively for Wrapped Ether (WETH) and the stablecoin DAI. That’s unlikely to make up the shortfall in trading; in the meantime, Maker is likely stabilize soon enough, provided other exchanges can pick up the slack. The author is invested in digital assets, including BTC and ETH which are mentioned in this article. Join the conversation on Telegram and Twitter! The post Maker Liquidity Dries Up After Oasis DEX Closes appeared first on Crypto Briefing.

Wrap Your Head Around This: BTC Is Now Featured as a Token on Ethereum

It happened: Bitcoin is now an Ethereum token.Wrapped Bitcoin (WBTC), an ERC-20 token with a 1-1 peg to bitcoin, went live on the Ethereum network on the final day of January, “the first token that makes Bitcoin compatible with the Ethereum chain,” its architects say.Kyber Network, Bitgo and Ren spearheaded the “community led” initiative, which has spread its reach to AirSwap, BitGo, Blockfolio, Compound, DDEX / Hydro, Dharma, Gnosis, GOPAX, Kyber Network, Loopring Protocol, MakerDAO, OmiseGO, Prycto, Ren, Set Protocol, and TheOcean. These members of the WBTC DAO are a mixture of liquidity, infrastructure and custodial partners. The token’s network will rely on some of them to facilitate BTC to WBTC swaps for its users.To exchange their BTC for WBTC or vice versa, users must enter into a request with a WBTC merchant, someone who basically “sells” (or more accurately, distributes) WBTC to users in exchange for bitcoin (or bitcoin in exchange for WBTC) and go through KYC. These merchants act as a go-between for the user and the network’s liquidity pool, the custodians.That merchant takes this request to a custodian, who will either deny or honor the request and mint or burn WBTC for the user. Minting and burning takes place directly between the merchant and the custodian through an atomic swap, a protocol that allows users to trustlessly trade assets cross-chain —in this case, BTC and WBTC.To trigger the process, a merchant would submit a minting request to an Ethereum smart contract while simultaneously sending bitcoin to the custodian.“The custodian then waits for 6 confirmations on the bitcoin chain, and approves the minting request on the Ethereum network, and the approval triggers the mint operation in which the merchant gets the WBTC,” Yaron Velner, the CTO of Kyber Network, told Bitcoin Magazine.The user is not involved in this swap in this first swap in any way. To claim their tokens/bitcoin, the user then has to enter in either an atomic swap or a trusted exchange with the merchant.Kyber Network and Republic Protocol will kickstart the network as its first merchants, andEight Wrapped Bitcoin community members(AirSwap, Dharma, ETHfinex, GOPAX, Kyber Network, Prycto, Ren and Set Protocol) will kickstart the network’s WBTC and BTC liquidity vehicle as merchants, while BitGo will be the sole custodian to start.Members of the WBTC DAO will oversee a multisignature wallet that will handle the permissions and keys necessary for assigning or retracting merchant and custodian roles.The (Peg) Ins and OutsThe project promises to bring Ethereum smart contract utility to bitcoin and the benefit of bitcoin’s liquidity to ether’s token market.Currently, Ethereum dominates the decentralized exchange (DEX) landscape, and there’s no way for traders to directly trade their bitcoin for tokens (they have to go through centralized exchanges for that). Giving traders the option to import bitcoin to Ethereum to trade its value as an ERC-20 token, WBTC could unleash a sea of bitcoin liquidity into Ethereum’s Decentralized Exchanges — this is likely why IDEX, the largest DEX on Ethereum, is involved, along with Airswap, DDEX, ETHfinex and others).As an ERC-20 token, WBTC can also execute smart contracts, meaning dApps could use the token (like WBTC community partners Compound, Dharma, dYdX, bZx, Gnosis, Maker and Set protocol), and developers can start building new applications on WBTC. Wholesale, the project sells itself as “[combing] the benefits of Ethereum and Bitcoin, making it simple to handle the wrapped currency with only the Ethereum node.”It’s an ambitious project, bringing together crypto’s two most valued networks, one that wants to utilize the best of both cipher worlds. It’s one, though, that Wrapped Bitcoin is backing up with immediate utility and liquidity at launch, but it’s also one that comes with tradeoffs.“Kyber Network and Ren have procured an initial amount of WBTC tokens from their own Bitcoin inventory to provide initial liquidity and make WBTC immediately available for swaps with users. BitGo will be the initial custodian,” a press release states.“Eight initial merchants will be facilitating conversion between WBTC and BTC: AirSwap, Dharma, ETHfinex, GOPAX, Kyber Network, Prycto, Ren, and Set Protocol.”The token service is starting centralized, and you have to go through KYC to be verified with merchants to submit token minting or burning requests. BitGo will be the sole custodian from the beginning, meaning that all swaps will be conducted by the blockchain and wallet services company.“Various decentralized and centralized exchanges have also procured WBTC inventory to support liquidity for the token with the live supply of WBTC observable on the WBTC dashboard,” the press release also states.” WBTC will also have usage on a handful of dApps out the gate, including “bZx, Compound, Dharma, dYdX, and DApps and wallets integrated with Kyber Network.” CoinGecko, the project’s market data partner, will be covering WBTC data.Cautions and ClarificationsThe service is fairly centralized out of the gate, something the project recognizes in its whitepaper, describing its structure as a “federated governance model.” Even if the merchants are distributed (and sparsely at that for the time being), BitGo’s custody of pegged-in bitcoin is both a counterparty risk and single point of failure. Of course, BitGo has multisignature and cold wallet services to mitigate these risks.But for a project that brands itself as giving users an out from centralized services like exchanges, it offers a similar degree of centralization with just a few more steps (instead of submitting your coins to the custody of a centralized exchange, you’re putting them in custody with a separate company and then using the tokens of credit this company gives you (instead of the credit you’d use on the centralized exchange) to trade them elsewhere.Still a functional bitcoin-to-ethereum bridge is a novel addition to the industry's architecture, something that RSK is working on and Blockstream could theoretically build with Liquid. And, as Vitalik Buterin said on Twitter, Liquid’s federated sidechain is semi-subject to the same centralization as Wrapped Bitcoin, but Liquid’s liquidity partners are more evenly distributed (and don’t require a third party for custody).WBTC, like Liquid, could sufficiently decentralize in the future given enough adoption, Buterin concludes. Sidechains like Liquid work in exactly the same way. Granted Liquid currently has more participants, but I hope WBTC can decentralize somewhat over time too.— Vitalik Non-giver of Ether (@VitalikButerin) January 30, 2019 Wrapped Bitcoin lists BitGo as its “initial” custodian, leaving a vague sense that more will come in the future, but they will have to be regulated to hold the bitcoin, the project’s whitepaper makes clear If its influence fans out, more merchants and custodians could provide some risk mitigation and help the project decentralize. Its website has open applications for partnerships, keeping with the initiative's claim to be a community-driven effort.“The fundamental design of WBTC and the continuing commitment of all members to openness will form the essential building blocks for a transparent process framework and governance structure. Relying on these foundational principles, WBTC will remain a firmly community-led initiative into the future, focused on driving continued innovation for the enhancement of the entire ecosystem.” This article originally appeared on Bitcoin Magazine.
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Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto?

While Elon Musk has yet to formally delve into the Bitcoin space, he has long been a fabled member of the crypto community. Since finding his way to the headlines of the world’s media, the Tesla chief executive’s pro-innovation mindset has struck a chord with many enamored with cryptocurrencies. In fact, some say that Musk’s unsaid raison d’etre of bettering society at large, especially by amending the world’s most harrowing issues (climate change, confinement on Earth, financial inequality), lines up with the goals held by many cryptocurrency insiders. Thus, some have even argued that Musk could be Satoshi Nakamoto. Sahil Gupta, a former intern at Musk’s second multi-billion dollar enterprise SpaceX, once infamously claimed that Musk’s brief mentionings of cryptography, economics, the C++ computing language, along with the entrepreneur overarching vision scream Satoshi. The South African-Canadian entrepreneur has done his best to keep his mouth zipped regarding his candidacy for the Satoshi title, but that hasn’t stopped him from talking about cryptocurrencies. We had @elonmusk on the latest episode of @ARKInvest's podcast! He had a few things to say about Bitcoin. "Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper." – Elon Musk — Yassine Elmandjra (@yassineARK) February 19, 2019 Bitcoin Is “Quite Brilliant” While the crypto market has remained in a depressed state, save for Monday’s jaw-dropping rally, stars have begun to descend on this industry. Weeks ago, NewsBTC reported that a mass of celebrities, including the Spice Girl’s Mel B, Johnny Depp, Madonna, and Lionel Messi, had some involvement in cryptocurrency. More recently, Jack Dorsey of both Twitter and Square took to Joe Rogan to claim that the native currency of the Internet is likely to be Bitcoin. Related Reading: Twitter CEO Loves Lightning on Bitcoin: is it the Future of Fast, Instant Payments? And just on Tuesday, Elon Musk, the most well-known Silicon Valley guru, took to the New York-based ARK Invest’s “FYI” Podcast to touch on Tesla’s plans, autonomy, other innovations, such as crypto. Per The Block, who compiled his comments regarding cryptocurrencies, Musk made his comments with explicitly bullish tones. After discussing Tesla’s most recent advancements, the hosts of the podcast, the CEO and an analyst at ARK, a disruptive innovation-centric investment group, took a brief aside. They asked Musk if he agrees with Dorsey’s recent comments on Bitcoin and cryptocurrencies at large. Interestingly, Musk responded with an answer, albeit somewhat cursory. He tacitly agreed, noting that the “Bitcoin structure was (is) quite brilliant,” adding that Ethereum and “maybe some of the others” have merit too. Musk did admit that he isn’t too enamored with Bitcoin’s Proof of Work (PoW) consensus mechanism, noting that it is energy intensive. Yet, he explained that fundamentally, crypto assets are great as they bypass currency controls, especially in nations embroiled in financial and political turmoil, like Venezuela. He added that cryptocurrencies are also a “far better way to transfer value than pieces of paper,” subsequently quipping that he’s sure of this “without a doubt.” In spite of all this, he made it clear that Tesla isn’t going to foray into the crypto space in any capacity, noting that it would be a good use of his firm’s resources to prop up an offering. Musk’s abrash comments quickly elicited responses from each and every corner of the crypto space. Matt Odell, a long-time pro-Bitcoin coder and industry personality, joked that the comments “confirmed” his bias that cryptocurrencies could oust banknotes. Changpeng “CZ” Zhao of Binance noted that eventually, “[Musk] will join the brotherhood,” adding that he is unequivocally sure that the businessman will take up a crypto mantle. CZ notably called on the Tesla founder to take up the Lightning Network Trust Chain torch last week, just days after Twitter’s Dorsey openly lauded Bitcoin in dozens of tweets. Crypto Is Better Than Banknotes? While Musk made notable acknowledgments in his brief appearance on ARK’s “FYI,” what stood out to many crypto investors was his thoughts on the dichotomy between banknotes & physical cash, and crypto assets, not centralized e-money. For a brief recap, Musk simply stated that he is unequivocally sure that crypto, whether it be Bitcoin, Ethereum, or otherwise, is a “far better” medium of exchange than pieces of paper. Shocking, right? This may be deemed hearsay by pundits of the legacy world, but the world is already adopting digital mediums of exchange. Per previous reports from this outlet, Arthur Hayes of BitMEX took to his company blog to claim that platforms like WeChat Pay and AliPay have already begun to take over China’s financial system. Who’s to say that cryptocurrencies, a decentralized counterpart to these systems that tout their own currencies, cannot have a similar impact on society at large. The fact of the matter is that these digital payments systems, whether decentralized or centralized, offer benefits that cash/plastic cannot. Case in point, payments on both Bitcoin and WeChat Pay are cheap, rapid, and relatively secure. But arguably, decentralized payment ecosystems, which are non-sovereign, private, immutable, and non-censorable, are even better than their centralized peers, which is likely what Musk was touching on. Featured Image from Shutterstock Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? was last modified: February 20th, 2019 by Nick ChongThe post Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? appeared first on NewsBTC.

In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange

In this edition of The Daily we cover some largely supportive remarks the famous entrepreneur Elon Musk has made about Bitcoin, the latest academic institution to launch a blockchain R&D center, and a new offering from Malta-based exchange Xdat. Also Read: Bank of Spain Report: Bitcoin Is a Solution for a System Without Censorship Elon Musk Talks Bitcoin The founder of Tesla and Spacex, Elon Musk, is once again making headlines about crypto. He recently went on the Ark Invest podcast to discuss the future of autonomous driving technologies. Most of the half-hour interview focused on the strategy behind his electric car company but the topic of cryptocurrency eventually popped up in the last four minutes. Musk commented: “I think the Bitcoin structure is quite brilliant. There seems like there is some merit to Ethereum as well, and obviously others. But I’m not sure if it’s a good use of Tesla resources to get involved in cryptos … We’re really just trying to accelerate the advances of sustainable energy. One downside of Bitcoin is … computationally it’s quite energy intensive. There has to be some kind of constraint on the creation of crypto. It’s very energy intensive to create the incremental bitcoin at this point … It bypasses currency controls. Paper money is going away, and crypto is a far better way to transfer value than pieces of paper. That’s for sure.” Shanghai’s Fudan University Launches Research Center Shanghai’s Fudan University has become the latest academic institution to launch a blockchain R&D center. Founded in 1905, Fudan is one of the most prestigious and selective schools for higher learning in China. The Shanghai Blockchain Engineering Technology Research Center is tasked with carrying out basic research in the field, developing demo applications in collaboration with the broader industry, and training talent to serve Shanghai’s economic development. Last month the University of California, Berkeley announced the formation of its own blockchain-focused startup accelerator program, the Berkeley Blockchain Xcelerator. This program is meant to help aspiring entrepreneurs create high-value ventures in the blockchain space with industry guidance from Silicon Valley. Xdat Exchange Lists 18 Trading Pairs Xdat, a new Malta-based cryptocurrency trading exchange, has announced the listing of 18 trading pairs. These comprise ETH/BTC, BCH/BTC, EOS/BTC, ETC/BTC, XRP/BTC, DASH/BTC, LTC/BTC, BTC/ETH, BCH/ETH, EOS/ETH, ETC/ETH, XRP/ETH, DASH/ETH, LTC/ETH, BTC/TUSD, ETH/TUSD, BTC/EURO, and ETH/EURO. The company has further plans to add other pairs over time. The exchange is compliant with Maltese regulations for KYC and AML procedures and caters to both retail and institutional investors. Its fiat gateway allows users to deposit funds in 12 major currencies: USD, GBP, JPY, HKD, CHF, AUD, NOK, SEK, DKK, CZK, PLN, and HUF. This selection is meant to eliminate the need for involvement of a foreign bank for the supported options and allows users to work solely with Xdat’s bank. “Xdat is on a mission to address the key problems of existing exchanges … including lack of flow of new capital, lack of trust, no approach for mass adoption, and high fragmentation,” said CEO Prashanth Swaminathan. “Our aim is to bring crypto to all. To that end, we will be working closely with our community and using their support and feedback to make our interface more user-friendly and trading as streamlined as possible.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from The post In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange appeared first on Bitcoin News.
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Elon Musk Praises 'Brilliance' Of Bitcoin And Ethereum, But Clash With Tesla's Energy Stance

Main Street seems to be giving cryptocurrency a second look. Last week, Jamie Dimon and JPMorgan Chase & Co. (NYSE: JPM) announced an investment in JPM Coin, which will become the first digital token provided by a U.S. bank. This week, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk lent cryptocurrency additional validation. “Paper money is going away, and crypto is a far better way to transfer value than pieces ...Full story available on

Elon Musk Calls Bitcoin "Brilliant" | Here's Why He's Optimistic

What are your thoughts on this news? Are you optimistic or bearish? Feel free to leave a comment below! Thank you all so much for watching the video. If you enjoyed the video, please consider dropping a like and subscribing. Running into some trouble or questions? Feel free to leave them down in the comments below! ---------------------------------------------------------------------------------------------------------- Check out Yellow: Interested in signing up for our newsletter? Click the link below! Link: Looking to file your crypto taxes? Check out TaxBit! ---------------------------------------------------------------------------------------------------------- What are your thoughts on current markets? Are you optimistic or bearish? Feel free to leave a comment below! Thank you all so much for watching the video. If you enjoyed the video, please consider dropping a like and subscribing. Running into some trouble or questions? Feel free to leave them down in the comments below! *I WILL NEVER PURSUE PROJECTS THROUGH TELEGRAM OR OTHER SOCIAL MEDIA OUTLETS. CONTACT MY EMAIL LISTED BELOW FIRST AND THEN VERIFY MY IDENTITY THROUGH A VIDEO CALL BEFORE MOVING FORWARD. THERE ARE MANY SCAMMERS IN CRYPTO. EMAIL SPOOFING IS RAMPANT, SO VERIFY MY IDENTITY THROUGH VIDEO* For consulting, speaking, or other business inquiries, please feel free to reach me at Patreon: Telegram: Alerts | Discussion | Discord: Donate NANO: xrb_3y7qi1z5kcpgi9cnk4bctus155qntiy1cszfmeh9zg7eqqqjb9imebsqf33t BTC: 14DHXJa9CgeBPf6m7UeMKE9yzAYFKPW2nV ETH: 0xa34d3461ae04953489e9aa464689c022836751d0 Want to start trading cryptocurrencies? Sign up through this link to get $10 of free bitcoin with your first purchase of over $100 ↓↓↓ Want to start trading coins? My top choice is Binance. ↓↓↓ Want to trade OTC? Caleb & Brown is my personal favorite to get started. Looking to buy physical gold or silver? Check out the link below: Disclaimer: Statements on this site do not represent the views or policies of anyone other than myself. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.
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