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DFINITY is the Third Wave of Blockchain

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The use of blockchain technology is rapidly proliferating, and it has already become a strong candidate to be the most revolutionary technology of this decade.

The first generation of blockchain technology came with the invention of bitcoin by Satoshi Nakamoto in 2008. It depended heavily on a virtual ledger, which keeps track of all transactions and balances. Six years later, Ethereum was conceived as a means by which the technology could be given more advanced uses. Rather than simply acting as a ledger, Ethereum was designed to be a shared virtual “world computer”.

The Next Generation

Being tamper-proof and robust are the two defining features of these technologies, and the result is the invention of decentralized platforms that no longer require trust. Anyone who uses them can be sure the data being communicated is correct and safe. This is where the true advancements are.

The next limitation in blockchain technology is likely to be the ability to have artificial intelligence (AI) on demand. Rather than having to depend upon complex building blocks like databases or Amazon Web Services, it will be possible to create scalable business applications

DFINITY is the leader in this market, and is working hard to bring an advanced public decentralized cloud computing resource to market. Improved performance and unlimited capacity will help bring about a 90% cut in costs to the projects implemented on it.

Disruption Coming From DFINITY

With many of the other innovations occurring in this space, the innovation is in the reduced costs due to a more efficient method of performing the transactions. With DFINITY, the costs come in the reduction of IT resources required to set up and manage many of these services. Artificial intelligence is reaching a point where many of the most basic IT functions can be replaced by it.

There are two main directions by which DFINITY can go. The obvious route is to disrupt all of the current dominant players who depend upon their ability to be scalable intermediaries (eBay, Facebook, Uber, Airbnb, etc.). This is nearly every single one of the most powerful companies to emerge in the last few years. There is even a potential for Google to be disrupted if it can be engineered into a clearly more efficient and benevolent resource. All of this is possible with the use of autonomous software that runs on a decentralized governance system that is capable of updating itself.

The non-obvious route for DFINITY to take is completely disrupting enterprise IT systems by cutting costs through the replacement of human resources. Amazon Web Services is a cloud service that is currently the dominant provider of cloud services, but if DFINITY could provide a similar service at a lower cost and not require the same level of human capital to manage and build these systems, it would decimate the incumbents.

As a company with unlimited potential in terms of capacity, the true priorities of the company are now more focused towards building security, speed, and scale. Their current aims are to achieve 1 million or more mining clients while also improving the performance to a point that is much superior to anything else available on the market today.

Finality is just one measure of the user experience and security, but by implementing Threshold relay chains, the current limitations may be addressed in a way that could bring the time it takes to finalize transactions down to 5-10 seconds. This would represent a significant improvement over the 10 minutes it takes on Ethereum and nearly 60 minutes on the Bitcoin network.

DFINITY and Their Mission

There is currently no whitepaper available for DFINITY, but it is expected to be made available soon. The mission of DFINITY is loftier than almost anything else in the cryptocurrency world, and because of that it has to run on a different timeline. Decentralized intelligence would allow the system to make arbitrary changes to itself in order to mitigate any misuse, while also fixing problems and optimizing the overall network experience. There is no current news about when the ICO will be but management originally planned for it to be in late 2017.

Based in Zug, Switzerland and run as a not-for-profit foundation, DFINITY will follow a different path from most of the other blockchain-based companies you will read about. Beta tests are underway, and the project is currently run by a large team of researchers that work full-time to try and bring this solution to market.

A company’s likelihood of succeeding isn’t just based upon the quality of the idea, but also the quality of the team. DFINITY’s team is top-notch and has a high degree of expertise both within the crypto world and the start-up world. Based on this, the future of DFINITY is bright, but will require a lot of work to get off the ground.

Disclaimer: The analyst does not have investments in DFINITY.

Featured image courtesy of Shutterstock,

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Binance Coin Price Analysis: Binance Completes 6th Token Burn; BNB/USDT Struggling to Move Back Above Breached Channel

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  • Binace has completed their sixth round of BNB token burning, a total of around 1.6 million.
  • BNB/USDT bulls are retesting a breached ascending channel formation.

BNB/USDT is holding steady for now, with a gains of 4% on Wednesday. Caution can be observed following a breakout to the downside from a rising channel formation. The price had been moving within this structure from around 15th December, when the bulls commenced the most recent upside trend. BNB/USDT had gained as much as 51%, while within the confinements of this. However, all good bull runs must come to an end, and on 10th January the lower supporting trend line gave way to the market bears.

BNB/USDT daily chart.

In terms of price behavior since the break, as detailed earlier, there is a lack of commitment seen. The bulls have stringently retested and been moving underneath the channel but have not got the momentum to break back above at this time.

Binance Complete 6th BNB Token Burn

The world’s largest cryptocurrency exchange by traded volume, Binance, announced they have completed their sixth token burn. Binance burnt a reported total of 1,623,818 BNB tokens. This detailed burn was for the period between October 1 and December 31, 2018. For comparative purposes, the number is similar to the 1,643,986 BNB amount that they previously burned in their fifth round.

Despite the similar number of BNB being burnt, it is worth considering that the final quarter of 2018 had “brought significant changes in the cryptocurrency landscape”. In monetary terms, the dollar value during the sixth BNB burn was around $9.4 million, versus the $17 million during the previous period.

CZ, founder and CEO of Binance, said, “I’m excited about is Binance Chain and Binance DEX, which will launch soon. From a tech standpoint, it is a major development for the Binance ecosystem. From an earnings standpoint, Binance DEX will not directly increase profitability for Binance, but it will certainly increase the utility of BNB in a big way. That should be good for BNB holders. Binance is also a larger holder of BNB, so we benefit the same way as all BNB holders. The more people using Binance Chain, the more value is created, or the more successful we all become.”

Technical Review – BNB/USDT

BNB/USDT must break back above the $6.40 area to attract another wave of buying. This is where the lower supporting trend line of the breached channel in tracking. Separately, a supply zone is seen in proximity, tracking from $6.20-$6.90. The price has not been above this region since 19th November. Should the bulls gather enough momentum to break above this supply, then a fast move could be seen back to $10.00. BNB/USDT had been consolidating here prior to the steep fall in November.

Looking to the downside, there isn’t much in the way of major support seen until the $4.00 price region. This is where the December low can be seen, $4.12, with a demand zone observed running from $4.55-$4.12.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 107 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Tron Price Analysis: TRX/USD Looks Set to Give Up $0.02000 Territory Again

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  • TRX/USD under heavy selling pressure late on Tuesday, dropping over 7%.
  • Bears are gunning for another retest of vital support, seen above a breached pennant patterns structure.

TRX/USD has been under heavy selling pressure on Tuesday, nursing chunky losses at the time of writing of 7%. Bears remain well in the driver’s seat in the latter stages of the day, with momentum picking up pace to the downside. The bulls lost much wind behind their sails on 10th January, this coming after enjoying a strong period in a run to the north. TRX/USD from 4th January – 10th January had gained a massive 75%, breaking out of a bullish pennant pattern structure. It also managed to briefly extend above a known area of supply, which exacerbated the upside pressure.

TRX/USD daily chart.

The above-described move saw the price print its highest level seen since 31st July 2018. Shortly after this high print, a big wave of selling kicked in. As a result, a very bearish daily candlestick was produced on 10th January. Daily sessions since this have closed in the red, apart from 14th January. TRX/USD managed to receive strong support on top of the breached pennant, providing some brief relief after the reversal was well underway. Despite the current trend south, news flow around the Tron foundation continues to be plentiful and upbeat.

OKCoin Supports TRX

As reported by the CCN team, OKCoin announced it has listed TRX on its trading platform. This coming via the exchange’s Medium blog today. OKCoin detailed that “starting today, authorized OKCoin customers can deposit TRX, and starting on January 17th they’ll be able to trade TRX against USD, BTC, and ETH.” Of note, the OKCoin platform was founded by the same people behind OKEx; however, OKCoin primarily focuses on traditional swaps and allows for bank deposits. In addition, OKCoin accommodates U.S clients, whereas OKEx do not.

Justin Sun Welcomes New Partner ABCC Exchange

ABCC Exchange, a cryptocurrency exchange platform, announced it is partnering with the Tron Foundation. The company tweeted, “ABCC is the 1st exchange that will list TRX 10 tokens. We are one of the top exchanges with great security and user interface. Stay tuned!” On the back of this, Tron founder Justin Sun replied, “ABCC is truly an awesome platform that has witnessed great development. We are glad to partner with ABCC as it’s the first exchange listing TRX10 tokens”.

Technical Review – TRX/USD

Given the current downside momentum, eyes are on another retest the breached pennant pattern structure. Where the two trend lines cross, support will be sought here, which could see the $0.02000 territory come under threat. Should the bears manage to force a breach, then a prior action demand zone will be called into play, within the $0.01700 price region.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 107 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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EOS Price Analysis: EOS/USD Back in Unsettled Territory, as Price Runs into Sellers Again

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  • The EOS/USD bulls are unable to sustain any upside momentum following a breach of critical support.
  • Near-term supply is eyed in the early $2.5000 region. A break above would likely open the door for another retest of the big $3.0000.

The EOS price was seen creeping lower again in the early part of trading on Tuesday. This comes after a big jump to the upside seen in the second part of the session on Monday. EOS/USD had gained a chunky double-digits, around 12%, at the close of the daily. Buyers came in after the low print on Sunday 13th at around $2.25. This was within a market demand zone, tracking from $2.25-$2.35, having supported the price on occasions in December and January.

Recap: Big Breach of Critical Support

EOS/USD daily chart.

As a reminder, EOS/USD throughout its most recent bull run, which was seen from 6th December right up to 9th January, was well-supported. An ascending trend line could be observed, providing necessary comfort to the bulls. However, all runs must come to an eventual end, and the bears smashed through this support on 10th January. Given the break through this vital area, it exacerbated the move to the downside. The price had dropped a heavy 22%, taking a big blow after a strong run.

Barriers Blocking Bulls

The bulls have been cut short for now, not being able to have sustained that momentum from the session on Monday. Trading has been extremely choppy since 19th December, via the daily chart view, highlighting a real lack of consistency in either direction. A consecutive streak longer than two days from either bear or bull camp hasn’t happened since the run higher in mid-December. This demonstrates just how mundane and non-committed market participant are for now.

In addition to the last statement above, further technical levels and areas continue to plague direction. To elaborate, there are more areas that the price must deal with now in comparison to the smooth bull run higher seen in 2017. Separately, if looking at 2018, the bears generally had an easy ride south. This is thanks to the cryptocurrency instruments being so young still in age.

Key Near-term Levels

For the bulls to see greater upside, a break of near-term supply within the early $2.5000 region will need to push prices forward. This should open the door to a fast move to see a retest of the breached ascending trend line. In proximity to this is the psychological $3.0000 mark, which has proven to be a huge barrier for the bulls. To the downside, the mentioned demand area of $2.35-$2.25 is critical, and a failure to hold will be very punishing. Lastly, EOS/USD would be subject to a move sub-$2.0000, where support can be eyed. As a further worth case, then $1.5500 to be retested, the December low.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

 

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 107 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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