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MakerDAO Upgrade: Multi-Collateral Dai and Interest on Deposits

MakerDAO is set to introduce multi-collateral Dai update in 10 days. The new version will allow for Basic Attention Token to be used as collateral in addition to Ethereum ahead of other tokens. The upgrade will also introduce interest on locked-up deposits. The multi-collateral Dai update is more comprehensive than the name would suggest. Alongside a line up of new features it phases out the ‘old’ single asset Dai as Sai, requiring all users to migrate to the new token within a few months. The update will introduce interest on deposits, and “collateralized debt positions,” or CDPs, were renamed as “Vaults.” Community votes to drive the processes MakerDAO makes many of its critical governance decision via community vote. In addition to governance decisions, holders of the platform’s coin, Maker, benefit from dividends from the platform but also assume additional risk as insurers in cases of system failure. An example of one of these decisions is today’s vote for lowering the ‘stability fee,’ equivalent to the interest rate on a loan. Announced Thursday and locked in today, the proposal lowered the fee by half a percent down to five percent. The vote also increased the maximum Dai supply to $120 million. The community will be required to vote for the specific assets to be used in multi-collateral Dai. The decision follows a vote from this summer that identified Ethereum, Augur, Basic Attention Token, and 0x as assets prioritized for inclusion. The lead time to the decision was used to conduct additional research on each of these assets to proactively identify potential issues. One such complicating factor turned out to be Augur’s expected v2 update, which would phase out the existing REP token and potentially break Maker’s smart contracts. Additional platform improvements The Dai savings rate will be the other core feature of the upgrade. It will allow Dai holders to lock up their tokens and earn ‘interest’ in Dai itself, potentially reducing their exposure to market volatility.  The exact interest percentage will be decided by the community in an upcoming vote. Although Cyrus Younessi, risk management lead at the Maker Foundation, suggested that “… a DSR of 2% is likely to be competitive with the broader DeFi ecosystem, which currently offers a ~6% (and dropping) savings rate on Sai.” The post MakerDAO Upgrade: Multi-Collateral Dai and Interest on Deposits appeared first on Crypto Briefing.
CryptoBriefing

dYdX Intends on Stopping Support for 0x Decentralized Exchange Markets

dydx, a non-custodial exchange based out of Ethereum blockchain which allows for derivatives and short selling may end its support for 0x protocol based markets. The main reason for the discontinuation of 0x is the success of ETH/Dai. 0x protocol is also a decentralized exchange protocol on the Ethereum's network, but it seems liquidity has […]
Bitcoin Exchange Guide

dYdX will soon discontinue support for 0x-based markets

dYdX, a non-custodial cryptocurrency exchange built on the Ethereum blockchain, will soon discontinue support for 0x-based markets. 0x is a decentralized exchange protocol and liquidity provider on Ethereum. According to Zhuoxun Yin, dYdX's head of operations, the discounted support is expected to happen after 0x transitions to the third version of its protocol. The success of dYdX's ETH/DAI market is one of the contributing factors, Yin added. "We’ve been able to build meaningful liquidity on our markets so far, quite quickly," Yin tells The Block. As analyzed by The Block researcher Matteo Leibowitz, dYdX "saw $60 million volume in Q2, $70 million in Q3, and is expected to see further growth by the end of Q4. Daily average volume sits at roughly $800,000 while the average trade size is $5,000." 0x v3 brings with it several infrastructure updates along with a new economic model for its native ZRX token. As Leibowitz wrote, "in 0x v3, traders using the 0x protocol must pay a fee to market makers, distributed pro rata according to ZRX staked, equal to the transaction gas fee. This updated model is intended to attract more market liquidity, with the explicit user fee offset by tighter spreads. However, dYdX is confident that it can attract liquidity without burdening users with additional fees."
The Block Crypto

Australian crypto exchange CoinJar adds support for ERC20 tokens

Leading Australian digital currency company CoinJar announced today it will now support ERC-20 tokens with the launch of three new tokens on its exchange. Australians will now be able to easily buy, sell, send and receive three ERC-20 tokens on the CoinJar exchange: USD Coin (USDC), Basic Attention Token (BAT) and 0x Token (ZRX). The […] CryptoNinjas: Australian crypto exchange CoinJar adds support for ERC20 tokens
CryptoNinjas

Maker’s Stability Fee Drops to 5.5% After Multi-Collateral Dai Announcement

According to the CEO of the Maker Foundation, Rune Christensen, Multi-Collateral Dai (MCD) will launch on November 18. On October 28, Maker’s stability fee was reduced by a ‘whale’ with roughly 94% of the voting power. Also Read: French Ministry of Education Publishes Bitcoin Resource Guide for Educators Maker’s Multi-Collateral Dai Will Launch November 18 Decentralized finance project Makerdao is responsible for creating the cryptocurrency-backed stablecoin called dai. Initially, the project used ETH as a form of collateral in order to issue dai but the project revealed that in the future a variety of other digital assets could be used. Announced at the Devcon 5 conference in Osaka, MCD will bring new features like the dai savings rate(DSR) and a collateralized debt position (CDP) will be known as a “vault.” Collateral types first evaluated include coins like augur (REP), digixdao (DGD), golem (GNT), omisego (OMG), ether (ETH), and 0x (ZRX). This means that there will be two types of coins produced by the community: single collateral dai (what dai is today) will be called ‘sai,’ while MCD created coins will be called dai. In March, news.Bitcoin.com took an in-depth look at the Ethereum-based Makerdao and dai stablecoin. The report explained that a CDP now known as a vault required 150% of the loan amount in dai that’s paid for with ETH. Moreover, there’s a stability fee (interest rate) that accrues during the life of dai loans. Since the project’s launch, the coin has maintained a fairly stable existence despite a few hiccups along the way. In mid-April, the Makerdao community voted multiple times to raise the stability fee because dai tokens were struggling to hold the $1 peg. The issues upset dai borrowers when the stability fee skyrocketed from 0.5% to 19.5%. The interest rate increases had also made dai’s price jump above the $1 peg and many exchanges saw dai sold for more than $1.05 per coin. Natural Centralization? On October 28, Daniel Onggunhao, a software engineer at Binance, revealed that the dai stability fee was reduced to 5.5%. “A single whale (with 97% of voting power) made the decision — Went from 2,489 votes a few hours ago, to 44,539 votes,” Onggunhao tweeted. “I say this normatively, as neither good nor bad. In a perfect world, it’d be great if we had a distributed voter pool for a move this big.” Onggunhao added: The pragmatic reality is that as an early stage, hard-to-understand technology, decision making tends to naturally centralize. (Left) The voting addresses which show the top supporters and the 94% vote. Daniel Onggunhao did make a mistake in his original tweet by saying 97% when it was actually 94%. (Right) The new visual identity of the dai stablecoin. A number of cryptocurrency community members discussed the whale vote after Onggunhao’s tweet. Binance founder Changpeng Zhao (CZ) was quick to quip: “Welcome to ‘decentralization,’ where anything is possible, and not under anyone’s control, even some re-centralization.” Not everyone thought the ‘re-centralization’ concept was a good idea for Makerdao’s claimed ‘decentralized’ governance system. “Stake-based systems [Proof-of-Stake (PoS)] centralise much faster than alternatives because there’s no maintenance cost, and in the early stages, bulk stake acquisition is always going to be easier than buying hardware in any real quantity,” Monero’s Riccardo Spagni replied during the conversation. CDPs have rebranded to vaults. One person disagreed with Onggunhao’s initial tweet and said that he didn’t think there was a “single ‘whale’ with 97% voting power.” “There could be a voter that represents 97% of this particular vote — This is still an issue, but it’s about governance not control.” Onggunhao agreed and further stressed: That’s true, I apologize for dashing off the tweet. I also made an error in the amount (94.7% instead of 97%). Collateralized Multi-Coin Options and a Fee Reduction Will Likely Add More Growth to the Makerdao System The Makerdao project has been a favorite among the cryptocurrency community because the stablecoin dais are backed by digital currency and a decentralized autonomous organization. The stablecoin is not without its critics, and the Maker protocol is still a very young network. However, with added coins stemming from the MCD launch and Maker’s stability fee reduction, it’s likely the dai ecosystem will grow much larger. At present, roughly 2.2% of all the ETH in existence is locked into the Maker system. What do you think about the Makerdao project’s latest MCD announcement and the recent vote to drop the stability fee? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Makerdao, Dai, Medium, Daniel Onggunhao, and Pixabay. Do you need a reliable Bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy Bitcoin with a credit card. The post Maker’s Stability Fee Drops to 5.5% After Multi-Collateral Dai Announcement appeared first on Bitcoin News.
Bitcoin News

Binance.US Gains Momentum in First Month Exceeding $15 Million Daily Trading Volume

Launches Debit Card Payments Beginning Nov. 1 In its first 30 days since launching, the American digital asset marketplace, Binance.US, has jumped to $15 million in daily trading volume and increased token listings from seven to 24 tokens, bringing a total of 40 trading pairs to U.S. users. Starting today, users can buy cryptocurrencies on Binance.US using debit cards, joining existing USD on-ramp and off-ramps, including ACH and bank wire. Also, traders can now start using BNB to pay for trading fees to receive a discount. Binance.US is a fast, secure and reliable digital asset marketplace that launched in late September, and now offers access to buy and sell the following digital assets: Bitcoin (BTC), BNB, Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC) and Tether (USDT), Algorand (ALGO), Basic Attention Token (BAT), BUSD (BUSD), Cardano (ADA), Chainlink (LINK), Cosmos (ATOM), Dash (DASH), Dogecoin (DOGE), Ethereum Classic (ETC), IOTA (IOTA), NEO (NEO), Ravencoin (RVN), Stellar (XLM), Waves (WAVES) Zcash (ZEC), and 0x (ZRX). For now, Binance.US services 37 states ...Full story available on Benzinga.com
Benzinga

Binance.US Exceeds $15 Million Daily Trading Volume One Month after Launch

Coinspeaker Binance.US Exceeds $15 Million Daily Trading Volume One Month after LaunchIn September, one of the world’s most popular cryptocurrency exchanges Binance launched its U.S. arm, initially allowing U.S0. citizens to trade 13 cryptocurrency pairs across Bitcoin (BTC), Bitcoin cash (BCH), Binance Coin (BNB), Ether (ETH), Litecoin (LTC), XRP, and the Tether stablecoin (USDT). Since the launch, only one month has passed, but Binance.US has already demonstrated incredible results: its daily trading volume has exceeded $15 million.Besides, the U.S. arm of Binance has increased token listings from 7 to 24 tokens, which means that US citizens now have access to 40 trading pairs. Among the cryptos available are Bitcoin (BTC), BNB, Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT), Algorand (ALGO), Basic Attention Token (BAT), Binance USD (BUSD), Cardano (ADA), Chainlink (LINK), Dash (DASH), Dogecoin (DOGE), Ethereum Classic (ETC), IOTA (IOTA), Ravencoin (RVN), Stellar (XLM), Waves (WAVES), Zcash (ZEC), and 0x (ZRX). Recently, Binance.US added support for NEO (NEO) and ATOM (ATOM).$NEO & $ATOM trading are live on https://t.co/AZwoBOy3iqSign up & earn $15 https://t.co/YuW21ITgvo pic.twitter.com/2oWCQ5Xzdh— Binance.US (@BinanceAmerica) November 1, 2019Another achievement of Binance.US during the first month of functioning is expanding geographically. Currently, the exchange provides services in 37 states and Puerto Rico. In the nearest future, Binance.US is planning to get licenses to get access to the rest of the United States.Binance.US CEO Catherine Coley stated:“This is just the beginning. We want our marketplace to stand out as an easily accessible, educational platform for anyone looking to participate in this global movement.”“Binance.US is excited to foster these opportunities as a marketplace tailored by and to the needs of U.S. users. Whether you’re converting your first dollar into bitcoin, or running your business through our platform, we’ve standardized globally-validated technology to offer a secure, easy-access marketplace with a wider range of digital assets and personalized customer support to put agency in the hands of the user”, the CEO added.Debit Card Payments on Binance.USStarting today, Binance.US users can use debit cards to purchase cryptos and join existing USD on-ramp and off-ramps, including ACH and bank wire.Until today, Binance.US required zero fees. Now, traders can start using BNB to pay for trading fees and receive a discount on further purchases.Earlier, Binance.US increased its ACH (Automated Clearing House) limits for USD deposits and withdrawals, allowing US users to send up to $5,000 through their initial ACH deposit. After this initial amount is cleared, ACH limits for the depositor will increase to $30,000. USD deposits or USD withdrawals made via ACH are not levied with fees, which makes access to digital assets through USD much easier.As for the further plans of Binance, the exchange is planning to turn a blind eye to China’s new push and open an office in Beijing. It is not clear when the office will be opened, but the Binance top management is working on improving the relationship with Chinese authorities.Binance.US Exceeds $15 Million Daily Trading Volume One Month after Launch
Coinspeaker

Users of decentralized exchange 0x will be able to vote on the next protocol upgrade

0x, a decentralized exchange protocol that enables token trading on the Ethereum network, announced that it has finalized plans for its next major update, that will be decided on by its users. All ZRX token holders will be able to cast their vote from Nov. 4 to Nov. 11, the company said. Next updates to 0x to be decided by the ZRX community Decentralized exchange protocol 0x announced that it has finalized its plans for the next major upgrade to the network. The protocol, which runs on Ethereum allowing ERC20 tokens to be traded on the Ethereum blockchain, is set to see its third version, 0x v3, come to life at the end of November. The company said: “Version 3 of 0x is a major protocol upgrade that will establish 0x as the DEX + liquidity aggregator for the greater DeFi ecosystem.” The holders of 0x’s native ZRX token will be able to decide whether the update goes through by casting their vote on the platform. The company said voting will begin on Nov. 4 and last until Nov. 11. If the v3 update gets approved, it will launch on the Ethereum mainnet after a two-week grace period, on Nov. 25. V3 to bring more liquidity to the Defi ecosystem While v3 will bring about quite a bit of innovation to 0x, most of them will focus on improving the protocol’s position in the DeFi space. The 0x team said that they developed “a powerful set of bridge contracts” that aggregate DEX liquidity both from 0x and other networks such as Kyber and Uniswap. The company explained: “With Liquidity Bridges, 0x becomes a one-stop-shop to source the best prices for both popular and long-tail trading pairs across DEXs.” The upgrade will also bring about a ZRX staking mechanism that gives market makers monetary rewards (in ether) and additional ZRX voting power for providing liquidity. The post Users of decentralized exchange 0x will be able to vote on the next protocol upgrade appeared first on CryptoSlate.
Cryptoslate

Ethereum-based DEX 0x (ZRX) is Voting for Next Major Protocol Upgrade

1/ The 0x v3 vote will commence on 11/4! 🗳️ A brief thread on the key features included in the v3 upgrade and how 0x is evolving into a community-owned liquidity API… 👀https://t.co/tGkRGwtsvX — 0x (@0xProject) October 30, 2019 Created in 2017, Eth based Ox raised $24 million in the Initial Token Offering (ICO). Today, […]
Bitcoin Exchange Guide

Bitcoin Price Hits $8,150 in 3.5% Bounce; Can Bulls Push BTC Higher?

Bulls are finally back. After a few days of bearish price action, Bitcoin (BTC) has bounced higher, rallying from Saturday’s $7,900 daily lows to $8,175 as of the time of writing this piece. That move represents a 3.5% gain. Altcoins have followed suit, with a majority of large caps like Ethereum and XRP also experiencing 2% to 4% bounces from yesterday’s low. Monero, BSV, and BCH, and 0x are experiencing larger gains of upwards of 7%. What comes next for the cryptocurrency market will be important according to multiple analyses. Related Reading: Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next? Bitcoin Needs to Close Above $8,150 As pointed out by prominent cryptocurrency trader Alistair Milne, this move higher has allowed Bitcoin to break above a symmetrical triangle pattern that originated in mid-September. The triangle in question, per Milne’s analysis, was nearing its apex. Seems important?#btcusd #bitcoin pic.twitter.com/3tleHkbMi4 — Alistair Milne (@alistairmilne) October 20, 2019 The chart implies that for Bitcoin to remain in bullish territory, it will need to close above the upper arm of the triangle, which currently sits at around $8,050. Rekt Capital, has echoed a similar line. He remarked in a recent tweet that for Bitcoin to undergo a bullish continuation pattern, BTC will need to see a high-time frame close above $8,150. This was also corroborated by Data Dater, who said that as $8,150 is where Bitcoin’s 233-day moving average lies, a daily close above that level would implying 10% continuation to $9,000. $btcusd facing resistance of 233 DMA at $8150. A daily candle close above that would be bullish. We'll then target the 200 DMA which is expected to be met around $9k.$btc $xbt — (Stationary) Data Dater (@datadater) October 20, 2019 Fractal Predicts Dramatic Drop While many analysts and traders have viewed this upward breakout in a bullish light, one noted that it fulfills a fractal that he has been tracking for a few days now. il Capo of Crypto posted the chart below in the wake of the upturn, noting that Bitcoin’s current chart looks very similar to the move from $10,500 to $7,700, having seen a falling wedge breakout and having hit a number of key Fibonacci Retracement levels. pic.twitter.com/wsXe5jnBrE — il Capo Of Crypto (@CryptoCapo_) October 20, 2019 Capo notes that should the fractal play out almost in full, Bitcoin will peak at $8,350 in the coming hours, then fall at least as low as $7,500 in a massive red candle to the downside. Related Reading: Too Obvious? Current Bitcoin Price Action Resembles $3,200 Bottom Featured Image from Shutterstock Bitcoin Price Hits $8,150 in 3.5% Bounce; Can Bulls Push BTC Higher? was last modified: October 20th, 2019 by Nick ChongThe post Bitcoin Price Hits $8,150 in 3.5% Bounce; Can Bulls Push BTC Higher? appeared first on NewsBTC.
NewsBTC

Zk-STARKs Arrive: But Is The Privacy Coin Tech Even Needed?

Zk-STARKs have been long hyped up as a replacement for Zcash’s Zk-SNARK system, for one simple reason: they don’t require the trusted setup, which (if compromised) could allow an attacker to mint unlimited coins. The Monero team has been especially vocal about that possibility, speculating in 2017 on including Zk-STARKs in the roadmap. Fluffypony even ‘promised’ a STARK-based sidechain on Twitter. Now as soon as we can get zk-STARKs down from their 133gb memory requirement then we'll build a zk-STARKs sidechain mixer for XMR:) — Riccardo Spagni (@fluffypony) September 30, 2017 Zcash went as far as putting money on the line, with Electric Coin Co. investing in Starkware, whose Co-Founder Dr. Eli Ben-Sasson was a founding scientist of ECC. Zk-STARKs were considered “a myth” at the time, a cutting-edge technology still too far away in the future. Recently, 0x made it a reality through OpenZKP, which should have been a wish come true, but a lot has changed in two years. And that could mean that the major privacy coins will pass on STARKs altogether. Why is 0x developing STARKs? 0x is building an Ethereum-based decentralized exchange protocol, which forms the backbone of DEXes such as Radar Relay. In late 2018 it teamed up with Starkware, the chief developer of Zk-STARKs to propose StarkDex, a proof of concept for a scalable decentralized exchange. Both SNARK and STARK are touted as possible scaling tools for blockchain computations, thanks to the S for ‘Succinct’ part. Succinct proofs scale very well with the size of the secret they’re meant to be proving, enhancing performance. This feature was exploited for Starkdex by offloading the majority of the computation for exchange trades off-chain, using a zero-knowledge STARK proof to verify that they were computed correctly. The sudden release of OpenZKP seems to indicate that 0x has ‘taken over’ the STARK industries – but their applications could go beyond just scaling DEXes. Is STARK the bane of existing privacy coins? Despite all the previous hype, STARKs found a lukewarm reception by leading privacy coin teams. “STARKs are not a direct or obvious progression from SNARKs, but rather they occupy a different point in the design space,” explains George Tankersley, Director of Engineering at Zcash Foundation. Technology has moved on in the past two years, as several usability improvements were made to Zcash’s algorithm. “We’re actually happy with the proof system we currently use, which is a SNARK called Groth16,” continued Tankersley. “STARK proofs are much larger and slower than Groth16 proofs, so the question is: are we willing to make that tradeoff for transparency and post-quantum security?” But while STARKs appear to have much to be desired in terms of optimization, even their trustlessness is not unique. “On that point [transparency], it’s just too soon to choose. There’s been an explosion of research targeting these features this year: Sonic and Marlin both greatly improve on the trusted setup problem while Halo and Fractal are addressing transparency AND recursion, which is important for scaling,” Tankersley added. “By the time we can make a solid judgement, there will probably be something other than STARKs we’d want to use,” he concluded. Monero’s Take Members of the Monero Research Lab have also been cautious in discussing Zk-STARKs. While a general consensus on the specific OpenZKP implementation is yet to be formed, they highlighted several issues with STARKs in general.  “Certainly the idea of efficient generalized zero-knowledge proving systems whose soundness doesn’t depend on third-party trust is great,” prefaced a Monero Research Lab member. “But all the formalizations I’ve seen in preprints/papers have all [sic] suffered from proof size problems.”  “Right now you can’t really get it all: trust-free, fast proving, fast verifying, small proofs,” the member emphasized. Proving systems currently used by Monero and Zcash each fulfill only half of those qualities; and STARKs are not an exception. Large proof sizes result in heavy blockchains, an issue afflicting pre-Bulletproofs Monero. MRL also considers all three systems to be weak in terms of prover complexity, but improvements can make some of them acceptable. It thus becomes a matter of preference, and the initial reaction suggests that the STARKs boat has sailed for existing privacy coins, though a hypothetical StarkCash project could still compete, in theory. The MRL representative was still optimistic about the general trend. “Advances in proving systems are great because they provide flexibility in the frameworks available for building transaction protocols,” he concluded.   The post Zk-STARKs Arrive: But Is The Privacy Coin Tech Even Needed? appeared first on Crypto Briefing.
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Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform

Canada’s largest bank, The Royal Bank of Canada having over $965 billion in total assets could soon launch a crypto trading platform. Will RBC Soon offer Crypto Accounts? As per reports, by leading media, The Logic, RBC has applied for four patents in Canada and the US – a hint enough to decude that the bank might integrate cryptos into its operations. When questioned RBC spokesperson Jean Francois Thibault told  The Logic that similar to other organizations, patent applications, and concepts are protected and declined to comment on the platform launch. “To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices,” reads the patent. The report further mentions that the bank could offer its customers cryptocurrency accounts. As a matter of fact, RBC has published a minimum of 27-blockchain-related patents in the past three years. These include credit scores, vehicle records, digital rewards and loan offerings. Rising Crypto & Blockchain Adoption in Canada A study by Bank of Canada in early October revealed that 5% of Canadians own bitcoin. Furthermore, the nation has been well-positioned in attracting mining businesses due to its colder climate and low energy costs. Not only is the national interest in cryptocurrencies rising, a survey by Deloitte in 2018 revealed that fifty-one percent of Canadian companies were investing in blockchain. Yesterday, Canada launched its second stablecoin, CUSD. Interestingly, the stablecoin is backed by the US Dollar and not the Canadian Dollar. CUSD similar to its forerunner CADT, (backed by the Canadian Dollar) has been developed by Blockchain Venture Captial Inc., a Canadian blockchain-based company. Will Royal Bank of Canada roll out its own crypto exchange? Let us know, what you think in the comments below!   The post Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform appeared first on Coingape.
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Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX

The Initial Exchange Offering (IEO) of a celebrity coin called PAC Token (PAC) has gained the attention of the crypto community. However, this is a token for a “select few” due to the distribution strategy that has been put in place. It is an IEO where a first-come-first-served basis will not apply, but rather, an electronic ballot system will determine who gets the coin. What’s more, PAC is backed by a celebrity, and given how past cryptocurrency ventures launched by stars ended in shambles, a lot of fingers are crossed. Will PAC be a huge success and possibly the next big thing? Or will it like others before its time leave investors holding a bag of worthless tokens? Who knows! What is Pac Token? PAC Token (PAC) is an ERC-20 token that rides on the popularity of Manny Pacquiao, a Senator in the Philippines, and a professional boxer. The cryptocurrency was launched on September 1, 2019, at “A Concert For Champions” held in Manila, Philippines. These tokens are aimed at bringing the Filipino boxer closer to his fans by giving his sizable followers access to fan-celebrity programs powered by Singapore’s GCOX exchange. In the same vein, fans can connect with the pro-fighter on social media. The crypto asset can also be used to redeem products such as Pacquiao’s autographed glove or exclusive VIP box seats at boxing matches. It can be donated to Pacquiao to support his cause. On the other hand, England soccer star Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, are reportedly private investors of PAC. Who is Manny Pacquiao? Emmanuel Dapidran Pacquiao, popularly known as Manny Pacquiao, is a man of many interests. He is a politician who has been a serving Senator in the Philippines since 2016. Likewise, the 40-year-old is a renowned boxer who has several accolades to his name. According to Wikipedia, he is “one of the greatest professional boxers of all time.” The Boxing Writers Association of America (BWAA) also named Pacquiao, “Fighter of the Decade 2000”. Forbes, on the other hand, ranked him as the second-highest-paid athlete in the world as of 2015. Despite Pacquiao’s interest in politics and sports, he is now dabbling with blockchain technology, which has led to the launch of his cryptocurrency, Pac Token. Pac Token IEO Campaign on GCOX Exchange The Pac Token (PAC) will be distributed in an Initial Exchange Offering (IEO), instead of an Initial Coin Offering (ICO) since it is offered through an exchange. PAC’s IEO has been scheduled to take place on GCOX Sparkle, the IEO platform on GCOX (Global Crypto Offering Exchange). The IEO will start on November 12, 2019, at 9 pm (GMT+8), to end on November 14, 2019. Three rounds of sales have been slated, and each round will last for three hours. Also, 700,000 PAC tokens will be offered, and each token will cost $0.30 USD. Token Balloting System to Aid in Acquiring PAC During IEO The fact that a renowned celebrity backs PAC has earned it much attention, which means there will be more people willing to buy despite the fact that there are just a few tokens to go round. A system has, therefore, been devised to allocate tokens during the campaign. That being the case, it won’t be on a first-come, first-served basis. Instead, GCOX has chosen to use a Token Balloting system to determine who can acquire PAC during then IEO. According to the exchange, each account on the GCOX Sparkle is limited to one subscription as well as a minimum and maximum subscription amount of $30 and $1,200, respectively. At the completion of the IEO, an electronic ballot will allocate tokens to individuals. However, these tokens will be credited to the wallets of participants on November 19, 2019, by 6 pm (GMT+8). Deducing from this logic, not very many people are going to get their hands on this token, given the policy that has been put in place. Nonetheless, it may increase the token’s demand from Pacquiao’s fan base and potentially impact on its price positively. About GCOX GCOX is a decentralized exchange owned by GCOX Group, a group of companies in different industries, including entertainment, finance, and technology. The exchange was founded in 2017, and it became the first cryptocurrency exchange to collaborate with LaLiga, a Spanish football division. GCOX is focused on promoting celebrities and brands using its ACCLAIM blockchain. Stars can develop their popularity, raise funds, etc. using GCOX. As such, it does not come as a surprise that this exchange is chosen for the PAC IEO. However, PAC will be the first celebrity token IEO to launch on the GCOX Sparkle platform. Other celebrities like American singer Jason Derulo, Tennis ace Caroline Wozniacki, and English soccer star Michael Owen are rumored to plan to launch their crypto tokens on GCOX soon. Conclusion PAC Token is the first celebrity coin to go on sale on the GCOX cryptocurrency exchange. It is backed by Manny Pacquiao, a politician, and boxer who has garnered a sizable number of fans that can increase PAC’s demand. And despite the failed attempts of other crypto ventures by celebrities, PAC Token is likely to come out strong. Website: https://pactoken.io/ Telegram: https://t.me/pactoken Facebook: https://www.facebook.com/pactoken.io/ YouTube: https://www.youtube.com/c/GCOXOfficial Twitter: https://twitter.com/GCOX_official Instagram: https://www.instagram.com/gcox_official/ IEO Page of GCOX Exchange: https://gcox.com/cms/detail/218801924428791808 Disclosure/Disclaimer: This article is sponsored and produced by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers are urged to do their own research before investing or having anything to do with the company, goods and/or services mentioned in the above article. The post Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX appeared first on ZyCrypto.
ZyCrypto

Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers

Yes, you did read that right. The company that refused to let its Chinese users buy bitcoin with Alipay has now teamed up with a New York-based BTC app to offer it for free on ‘Singles Day’. Get Free Bitcoin on Singles Day As part of a drive to motivate shoppers on China’s ‘Singles Day’ yesterday, e-commerce giant Alibaba has partnered will the bitcoin shopping app, Lolli. The unofficial holiday which falls on 11/11 is the Chinese equivalent of America’s Black Friday. According to a company blog post Lolli users were able to earn 5% in bitcoin when they shop with partner Alibaba. The day is massively popular in China where its burgeoning younger generation and nouveau riche want to splash the cash to celebrate their solo status. Lolli’s partnership with Alibaba, which recently warned against crypto payments in China, would allow US-based users who purchase on the Chinese platform to earn a cut in BTC. CEO and co-founder of Lolli, Alex Adelman, stated; “I’m excited to partner with Alibaba on Singles Day and offer the opportunity to earn bitcoin back to its shoppers. This is a milestone partnership for Lolli as Alibaba is the largest retailer and e-commerce company in the world, launching on Single’s Day, the world’s largest shopping day of the year.” The app works through a browser extension that notifies users when they’re browsing a partner’s online retail outlet. Lolli works with over 500 partners including big names such as Walmart, Groupon, Toms, Hilton, GAP, and Hotels.com. The official website claims that they are ‘on a mission to spread bitcoin to billions of people all around the world with the click of a button.’ Records Smashed in Shopping Frenzy It is clear that Chinese and US-based platforms are trying to capitalize on one of the biggest shopping days in the year. According to CNBC Alibaba broke the Singles Day record with more than $38 billion in sales yesterday. At the end of the 24-hour event, the gross merchandise value stood at 268.4 billion yuan, just under a 26% rise from the figure posted last year. Alibaba offered huge discounts on its global outlets but naturally, shoppers in China were not entitled to earn any bitcoin, even though state media has been trying to educate them on it. Smartphones from Apple and Huawei were some of the top-selling items as online personalities took to the stage to tout their brands. There was a concern in China that sentiment for US brands may have fallen following the ongoing trade war but this was clearly not the case. Maybe free bitcoin for Chinese users would have resulted in an even larger profit margin for Alibaba. Did you go shopping on Singles Day? Add your comments below. Image via Shutterstock The post Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers appeared first on Bitcoinist.com.
Bitcoinist

Singapore: MAS Partners JP Morgan to Develop Blockchain-Enabled Payments Network

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS) has entered into a partnership with Wall Street titan JP Morgan Chase and Temasek to develop a distributed ledger technology-powered (DLT) multi-currency payments network. This, according to a report by Finance Magnets, November 11, 2019. Part of Project Ubin In a bid to propel the useRead MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Omise To Offer PayNow Payment Options In Singapore; Faster And More Secure Transactions

Asia-focused Payment Gateway, Omise announced that it will be offering PayNow to customers in Singapore reports Finance Magnates. Customers, namely small and medium-sized e-commerce businesses can expect this addition to take place sometime next month. PayNow was created by DBS, Development Bank of Singapore. Their foundation involves leveraging digital technologies to ensure that customers are […]
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