Week 23 - 2020 News Recap
Tokens.net Holds the Second Competition with LanaCoin (LANA)
With the celebration of the 4th anniversary since LanaCoin (LANA) was launched, Tokens.net exchange is organizing a little celebration. The exchange is celebrating LANA coin’s birthday by organizing a trading competition. All traders can show off their skills on June 16th, 2020, 12 UTC when the competition will take place on Tokens.net exchange. The top 10 traders in the competition will be determined based on the trading volumes and will be rewarded with a total of 2,000,000 LANA units. The winner of the competition is going to be a trader with the highest trading volumes, while anyone can enter and start trading and competing against other traders. The reward in LANA will be distributed among the top ten traders once the competition is officially over.
In addition to a reward pool counting 2,000,000 LANA units, the first three traders will be able to claim additional rewards – Ledger NanoS and GenesisDeck PlayCryptoCards for #1, Ledger NanoS for #2 and GenesisDeck PlayCryptoCards for #3. LanaCoin (LANA) was created in 2016 and represents one of the first personalized blockchain-based cryptocurrencies and stands as an open-source, permissionless, and decentralized ecosystem. LANA has its own network and a target block by 2.5 minutes with a block limit of 4MB. Thanks to its architecture, LANA coin is a perfect choice for social tipping, daily transactions, and micropayments. Furthermore, LANA offers users a cost-efficient and fast medium of payment simply and easily. Top traders of the competition will be able to own LANA coin as a part of the reward system for the top 10 traders.
Low-Interest Bank Accounts Could Be Switched for Digital Currencies
As the UN’s global blockchain expert, Massimo Buonomo, claims, digital currencies may soon eliminate the need for a bank account. Massimo Buonomo particularly refers to central bank digital currencies in this case. Buonomo further stated that banks and credit cards had a long-ruling hegemony on digital payments. However, an advent of cryptocurrencies could mean that digital currencies could replace this means of payment for a good. Central banks are encouraging pre-borrowing in the post-CoVID-19 crisis, offering low-interest rates, which could expedite the entire process moreover. As Buonomo said on the matter, interest rates are viewed as an advantage that banks have, however, low-interest rates could become obsolete.
The reason for that would be the simplicity of making digital payments with digital currencies. Those who would suffer the most in the case of digital currencies dominating financing would be credit card providers and banks. The only current advantage that banks and credit card providers have is the ability to process digital payments, which more or less falls in the shadow of digital currencies. Credit cards and banks are gaining friction by charging trading fees, while these providers remain vulnerable to hacks and slower when compared to digital currencies.
Hoskinson Claims the Faith of Cardano Will Be Determined by the Free Market
While Vitalik Buterin, the founder of Ethereum, considers that the price of tokens and digital currencies is muddying the story of the cryptocurrency sphere, Hoskinson, the founder of Cardano (ADA) and one of the co-founders of Ethereum, stands behind a different opinion. As Charles Hoskinson claims, the market does have and should have the final word on the value of a cryptocurrency. As an ultimate philosophy on how the markets decide on the fate of cryptos, Hoskinson said that people do what they make money off, which is why it holds a logic to have the value of the digital currencies determined based on the market standards.
To bring currencies to the top, as Hoskinson says, developers need to at least try to do what the most successful crypto is known for, and then try to do better and bring improvements to the table. The live-trading cryptos are in constant competition while the list of top 10 cryptos has changed for more than several times during the last 10 years. Cardano (ADA) is one of the top Proof-of-Stake cryptos and also one of the top 10 cryptocurrencies in the market by market capitalization. Hoskinson added that he didn’t think that Tether (USDT) or Ripple’s XRP would be one of the top cryptos at the time when these projects were officially launched, but the market had proved him wrong.
Bitcoin Mining Difficulty on the Course to Mime the 2018 Bull Run
Bitcoin mining difficulty appears to be miming lows noted in 2018 when the market touched the bear bottom ahead of the bull run. Such a thing has happened only twice in the history of Bitcoin, and it seems as BTC is going for a historical third in this case scenario. An analysis of difficulty on the Bitcoin network is following the latest adjustment that took place on June 4th and which resembles historical metrics at the time when Bitcoin was trading at low, set at the price of 3,100$. With the latest week, Bitcoin’s mining difficulty adjusted by -9.3%. A week before that also brought a negative adjustment by -6%.
With the latest adjustment metrics, the current forecast for the next week is adjustment by -7%. In case the forecast turns out to be appropriate for the situation, that will be a third time in the history of Bitcoin where three back-to-back negative adjustments have occurred. Adjustments represent key factors in making Bitcoin into “hard” money while the mining difficulty for BTC is being adjusted every 2016 blocks. That way, BTC can make predictable self-regulations while preserving security. Back in December 2018, BTC had a similar case scenario showing 3 negative adjustments in a row before going on a bull run three months later when BTC achieved a trading value of 14,000$.
Blockchain Technology Could Disrupt the Music Industry
Blockchain is classified as foundational technology as it can change and improve numerous sectors and industries, especially in emerging economies where such a boost would be more than needed. Likewise, blockchain technology can disrupt industries and sectors, which is not strictly limited to finances and the financial sector. The first use of blockchain technology was widely recognized in digital assets and the use of cryptocurrencies to make cost-efficient and prompt transactions of monetary value. However, the power of blockchain can be translated into other sectors and use cases. For instance, blockchain could change the way the music industry is operating. By far, the music industry has been dominated by gatekeepers.
In the meantime, streaming platforms arrived with the use of the internet – the next step in the revolution of the industry could be the use of blockchain. Blockchain could easily facilitate the need to remove the middleman in the equation of streaming and the process of music industry sales. That way, artists would be empowered with a more valuable intermediary created between the listeners and artists. There are already blockchain-based streaming platforms in the industry, slowly facilitating a more productive and rewarding environment for both artists and consumers. Opus streaming platform, for example, is providing decentralized technology for streaming. The streaming platforms allow artists to be directly paid, returning the power of ownership to artists and providing a more rewarding system for royalties and a favourable alternative to piracy.