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Enjin (ENJ) Releases of Crypto Wallet and Efinity Channel Framework for Faster Transactions

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The Enjin (ENJ) cryptocurrency has achieved several important milestones recently, which has put it on many traders’ watch lists.

The market as a whole has lost billions over the last few weeks. Speculation is that institutional investors have driven up the price of bitcoin, only to short it and then they will buy at the lower prices for the long play. Also, a lot of regulations have been happening with countries clamping down on fake accounts and anti-money laundering operations by requiring confirmed trading accounts.

The market is still in a healthy place in light of all the drastic changes. When the market is down is actually the best time to buy up quality ICOs and altcoins.

Crypto Wallet, Efinity Launched

The so-called smart crypto for gaming has released its ERC-20 crypto wallet for Android, with an Apple release scheduled in the near future. The wallet currently supports BTC, ETH, LTC, ENJ and all other ERC-20 coins by default. Some of its core features include:

  • A new custom designed keyboard, which prevents any keylogging or data sniffing and allows a user to randomize keys for better input protection.
  • Increased encryption security: Two cryptography layers are used to protect confidential data. 256 AES hardware encryption is utilized in the software at the application layer.
  • Personal data is highly encrypted and confidential data is deleted memory.
  • Prevents screen recording attempts at the OS level to prevent hackers from using screen and video capture software to record sensitive information.

Enjin Coin has also introduced Efinity, a lightning network made for gaming. Enjin did this to speed up the processing of buying items in games. If a game developer were to offer purchases of game assets using ETH or BTC then it would be a slow and expensive transaction.

A game channel is opened with the Efinity network which allows a game to perform nearly millions of transactions between players and the game server. Using the Efinity network, transactions can be performed at high speeds and nearly no costs.

The transactions remain are verified and remain trust-less on the Ethereum blockchain.

One more major update is that Enjin (ENJ) has also started working on the EnjinX blockchain explorer providing a web-based interface to multiple blockchains, and browsing of Enjin Coin game assets.

The Enjin team will be debuting the Unity Plugin and Minecraft Plugin at GDC 2018 in March.

Enjin will be exhibiting at the Game Developers Conference — along with AAA games producer Pat Labine, which is ENJ Head of Developer Technology.

The Game Developers Conference is a yearly meeting with many pro video game developers.

Enjin (ENJ) has been able to secure one of the best exhibit locations in the entire conference next to industry legends such as Google, Intel and Unreal.

ENJ Price Levels

From the latest chart, you can see that ENJ is finding support at around 0.00001665 Satoshi level and on a bullish trend with a target range of 0.00002370 – .00002653 over the next few weeks.

Keep on the lookout for the next roadmap milestone for a jump to next upper support levels.

Disclaimer: Analyst is not currently invested in ENJ.

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 52 rated postsKent Hamilton - Co-Founder of CryptoDayTrader.io, where we are building Pro Crypto Tools




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Altcoins

Minor Bounce Lifts Crypto Market Cap Above $211 Billion; Tether Circulation Plummets

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Crypto prices traded modestly higher on Sunday, as bitcoin regained its footing above $6,500 and major altcoins avoided further losses.

Market Update

The cryptocurrency market capitalization on Sunday peaked at $212 billion, the highest in five days. At the time of writing, the market was valued at $211.5 billion.

Most assets ranked in the top-20 had reported minor gains over the last 24 hours, a period marked by lower trade volumes. The bitcoin price has returned above $6,500 on trade volumes of just $3.2 billion. The leading digital currency continues to trade at a premium on Bitfinex.

Meanwhile, Ethereum rose half a percent to $206. XRP also climbed 0.5% to $0.459. Bitcoin cash was last seen trading above $449 for a gain of 1.6%.

Stellar XLM was the only top-ten coin not to report gains at the time of writing. However, the no. 6 coin by market cap has returned more than 13% over the past week, far outpacing the broader market.

Trade volumes have declined steadily over the past week, as markets re-balanced following a sudden spike on Oct. 15. Digital exchange volumes have fallen to $9.7 billion on Sunday, according to CoinMarketCap.

Tether Market Cap Plunges

Since the start of October, Tether has pulled more than $600 million worth of USDT out of circulation, leading to a sharp drop in the stablecoin’s market cap. Cryptocurrency exchange Bitfinex, which is run by the same executive in charge of Tether Limited, appears to be leading in the offload of USDT tokens. As CCN recently reported, Bitfinex has initiated six transfers of USDT funds to the Tether Treasury this month. The latest transfer was initiated on Wednesday when Bitfinex sent 50 million USDT to the Treasury.

Most of the outflows from Bitfinex occurred long before USDT lost its peg to the dollar in a single-day crash on Oct. 15. USDT briefly fell below $0.90 that day before quickly recovering around $0.94. Currently, one USDT is equivalent to $0.984 U.S., according to CoinMarketCap. Some exchanges are quoting USDT as low as $0.96 on Sunday.

The sudden decline in Tether’s circulation comes at a time when the company is facing heightened scrutiny over its dollar-backed reserves. An influx of alternative stablecoins offering greater transparency and regulatory oversight may also be undercutting demand for USDT.

Case in point: the Gemini Exchange’s GUSD stablecoin reached a high of $1.19 on Tuesday before settling around parity against the dollar. Unlike USDT, the Gemini Dollar has obtained regulatory approval from the New York Department of Financial Services. On the opposite side of the spectrum, Tether has been subpoenaed by federal regulators over its connection with Bitfinex and failure to prove its dollar reserves.

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 648 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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TRON (TRX) Transactions Outnumber Ethereum’s Thanks to TRONbet Gambling App

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For the past year much of Justin Sun’s time was spent trash-talking Ethereum on Twitter, while talking up the future potential of his own TRON blockchain.

Such behaviour once made it easy to dismiss Sun as a mere troll, however it now looks like TRX might actually be gearing up to do battle with ETH based on its rapidly growing number of users and transactions.

TRX Transactions Soar

The amount of transactions on the TRON blockchain outnumbered that of Ethereum for the first time ever this week. In the three day period between Oct 18th and Oct 20th, TRX transactions outpaced their ETH counterparts by several tens of thousands.

The sudden jump in transactions comes in large part from the recently launched TRON-based gambling app, TRONbet. According to Sunday morning’s tweet from the TRONbet team:

“Amazing start for #TRON with http://tronbet.io doing almost 180k Txs a day! Almost 30% of all Txs! 165,000,000 $trx won by users. @justinsuntron @Tronfoundation has shown us the endless possibilities!”

The 180,000 transactions mentioned helped to boost total TRX transactions from 222,000 on October 17th, up to Friday’s peak of 630,000. Going back to October 10th, the total number of TRX transactions was in the 80,000 range, meaning the last ten days have seen a 687% increase to transaction volume.

Justin Sun marked the occasion with a celebratory tweet, stating:

“Ethereum has 82,418 Txs pending today. It is the second day that #TRON has surpassed #ETH in daily Txs. 10/18 #TRX 599,677 vs. ETH 565,971; 10/19 $TRX 630,018 vs. ETH 601,119. All ETH developers need to migrate to TRON immediately with 0 cost!”

Smart Contracts

One can only speculate on where the rest of the TRON transactions came from, but according to TRXPLORER.io, the vast majority of them were triggered by smart contracts:

“Yesterday we had the highest spike of transactions on #TRON network with almost 600k transactions in a day! 77% of those transactions were Smart Contracts that were triggered!”

To provide some perspective, it took the TRON blockchain four months to achieve the number of transactions that Ethereum achieved in nearly three and a half years.

A skeptic may demand to know exactly where these transactions are coming from, after all, even Ethereum has seen huge increases to transaction volumes thanks purely to pointless smart contracts which move the same funds between multiple addresses.

As covered here previously, October has been a productive month for TRON. The number of accounts created on the blockchain recently outpaced EOS, gaining 100,000 more new accounts than EOS in the previous four month period.

Meanwhile, a quick glance at Google Trend analysis for ‘TRON’ searches compared to ‘Ethereum’ reveals that TRON is being searched for more than its older counterpart.

The chart shows the same pattern for ‘TRX’ searches compared to ‘ETH’.

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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4.4 stars on average, based on 81 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Monero Price Analysis: XMR/USD Marching Higher amid Large Reduction in Fees

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Kovri Bulletproofs Monero
  • Monero community members are sharing their delight with the instant impact of the recent update.
  • XMR/USD bulls will be looking at another retest of the breached Aug-Oct ascending trend line.

Latest Update from Monero Developers Sees Huge Reduction in Fees

The Monero community are sharing their excited observations of the benefits from the Beryllium Bullet update. Earlier this week, the foundation had another hard fork going live. The release was known as, “Monero 0.13.0 “Beryllium Bullet,”. The goal was for greater efficiency of their protocol, to facilitate stronger privacy, faster and more cost-effective transactions. In addition, more resistant ASIC miner protection, as previously reported via the last Monero article.

The update has instantly demonstrated its enhanced performance and new features. Monero users have been taking to the social space to express their delight, with the changes being very noticeable.

Members of the Monero community via the Reddit social page were sharing their photos, providing examples of how low the fees are for processing transactions are now.

Technical Review – 60-minute Chart

XMR/USD 60-minute chart

XMR/USD can be seen moving within a triangular pattern set up, via the 60-minute chart view. This coming after much stabilization has been seen with the price since the overly aggressive movement on 15th October. That’s when prices spiked higher in line with the rest of the market, before quickly retreating. The price behavior would suggest another breakout is very much imminent as it is currently moving within an extremely narrowing nature. Looking to the upside, resistance can be seen just ahead at $108.50, or the upper part of the pattern. Further ahead, a choppy supply area is seen running from $110-112 region. In terms of support this can be eyed not too far below, $106.50, lower part of the triangle.

Technical Review – Daily Chart

XMR/USD daily chart

Looking via the daily chart, there is room for upside and another retest of the breached ascending trend line. This had originally been supporting the price from 13th August up until early October. XMR/USD bulls could run up the price to $124 territory, before being met with a test of hard sellers. During the big spike on 15th October, the upper wick can be seen having attempted to break back above the mentioned trend line.

If the bulls can maintain their course of upside momentum and break back above the original supporting trend line, a price towards $150 could again be reclaimed.  In terms of support on the daily, this looks firm around $104, a secondary running ascending trend line. Further south, a demand zone is seen sub-$100, running from $86 – $76 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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4.5 stars on average, based on 33 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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