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Stellar Lumens Update: Acquisitions and Retirement Accounts

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Stellar Lumens is in the headlines this week amid reports that it is negotiating to acquire a high-profile startup by the name of Chain. Meanwhile, a bitcoin IRA that lets users buy cryptocurrency for retirement added XLM to its list of available assets, potentially raising the investment appeal of the Stellar protocol.

Stellar Eyes Chain Acquisition

Fortune reported Wednesday that Stellar has been in talks to buy the San Francisco-based blockchain startup for $500 million. Citing anonymous sources, the report said the payment would be made in XLM, the seventh-largest cryptocurrency by market capitalization. No cash or equity will be part of the sale, which has yet to be finalized.

Although Stellar’s plan for Chain is not yet known, its interest in the startup is tied to its team of talented blockchain developers. Stellar founder and crypto trailblazer Jed McCaleb has a keen eye for talent, having founded Mt. Gox, eDonkey and Ripple XRP.

Chain develops enterprise-grade blockchain solutions, including ledger products that allow businesses to transfer funds in token format. The company raised over $43 million in venture funding from high-profile investors including Visa, Nasdaq, Citi Ventures and Blockchain Capital.

It is not entirely clear how the purchase would impact XLM’s market value. For current investors, the main concern is a wholesale dump of Lumens by Chain’s backers in the event that the sale actually takes place.

At a current price-per-coin of less than $0.23, the Chain acquisition would translate to roughly 219.3 million XLM. There are roughly 18.7 billion Lumens in circulation, giving the currency a total market cap of $4.3 billion.

Stellar for Retirement

The BitcoinIRA retirement platform has announced the addition of both Stellar Lumens and Zcash to its available list of cryptocurrencies, giving investors the ability to diversify their crypto holdings for retirement.

“[W]e’re excited to meet the high demand for both Stellar Lumens and Zcash in the marketplace by making these coins available to customers looking to diversify their retirement portfolios,” said Chris Kline, BitcoinIRA’s Chief Operating Officer.

In addition to Lumens and Zcash, the BitcoinIRA platform allows retirement planners to access bitcoin, Ethereum, Ripple, Litecoin, bitcoin cash and Ethereum Classic.

Crypto IRAs fall under a much broader category of assets called digital IRAs, which are self-directed retirement accounts. Cryptocurrencies are recognized by the IRS as property, which allows for their inclusion in retirement accounts. Self-directed IRAs have unique tax benefits that can help investors maximize their digital currency holdings.

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 502 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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ZenCash Price Sees Strong Performance After Supernode Upgrade

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ZenCash (ZEN) is one of the small handful of coins in the market cap top-100 to have recorded clear gains over the last twenty-four hours, as most of the altcoins struggle to maintain Bitcoin’s relative stability.

ZEN coins are currently up around 4% for the day, climbing from a price of $27.90 yesterday to the current value of $29.98 this morning. That doesn’t necessarily tell the whole tale however, as ZenCash has been fluctuating wildly all day long.

At one point in the last twenty-four hours ZEN coins peaked at $31.95, before falling back down to $28.31. A couple of hours later and the coin jumped back up to $31.16, before eventually levelling out.

Even at the current retracement, ZenCash is still up a ridiculous 39.9% for the week, after climbing from July 13th’s valuation of $20.71. The monthly numbers are even better – showing a 48% growth over the space of thirty days since June 20th’s price of $19.52.

We could probably count on one hand the number of coins in the top-100 to have recovered their valuations for the month, and ZenCash – unexpectedly perhaps – is among them.

Supernode Upgrade

The official ZenCash Twitter team have had a lot to announce in the last twenty-four hours, will an upgrade to their network having just recently been completed. The upgrade targeted many areas of the protocol, but perhaps the biggest difference is the addition of ‘supernodes’.

The Twitter team dropped the following announcement less than twenty hours ago:

“It’s a wrap! Zen’s mandatory software upgrade executed flawlessly! The updated software included significant code improvements and adjusted the rewards to add a new node class: Super Nodes. Special thanks to our miners and node operators!”

Perhaps the best explanation of supernodes comes from ZenCash themselves, in what sounds like a juiced-up version of masternode operators:

“Like Secure Nodes, the Super Node network has enhanced point-to-point encryption. Super Nodes will be tasked with managing key network and system functions such as hosting multiple services on sidechains, tracking and measuring Secure Node uptime, and queuing the node payment schedule for miners.”

Supernode Requirements

ZEN’s supernodes come with many of the same technical requirements as masternodes, although the hardware specifications are not necessarily as beefy as one would assume.

ZenCash say that just 8GB of RAM is required to run a supernode, along with a 100GB storage space. Likewise, a multi-core CPU is hardly an expensive purchase in this day and age, while the requirement to be online and running 96% of the time is actually a lot less than many masternodes, which often demand 99-100% uptime.

According to this tweet from the ZEN team, supernodes are up and running and ready to earn 10% of the block rewards:

“Super Node earnings start TODAY. Thanks for helping us test the servers and infrastructure during the ramp-up period!”

Ultimately, the success of ZenCash’s upgrade appears to have given them legs when most of the market has lost theirs.

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 25 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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TenX: Look What’s Going On

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How is this for an attention getter? The price of TenX had jumped almost 250% since late June to around the $1.22 level.

Since it peaked at $5.00 around Christmas time, TenX investors have lost big time. So, is the recent action grounds for excitement? I believe the answer is yes. After taking a close look, there are some very cool things about TenX. Of course there is always a difference between a flashy whitepaper and a finished product, but TenX could deliver some interesting stuff. So stay with me and let’s take a look.

The Basic Structure

Just for starters, TenX is a debit card driven wallet. But that is only part of the story. The founders claim to offer a major game changer by enabling users to spend their blockchain assets through their mobile phone or a physical debit card. That is a very cool way facilitate mass acceptance of crypto, but TenX is hardly the first.

There are already quite a few including Xapo, Bitwala, Monaco, Tokencard and Wirex that have been around for several years. On the other hand, TenX’s ICO raised $64 million taking the #8 ranking in 2017 for the biggest raise. Presumably somebody back then looked at all the competition and decided to place their bets on TenX.

Uniqueness

On the surface, TenX is a project to make a better mouse trap. They claim to be the only company to be able to make multiple cryptocurrencies instantly spendable. If you do some digging you will see how others like Bitwala, Monaco and Tokencard focus solely on Bitcoin or Ether. TenX’s current list includes Bitcoin, Ether and Dash. The idea is to eventually include virtually any blockchain asset.

To make this all happen the COMET network is under development. The acronym stands for Routing Protocol and Cross-chain Payment Channels. The goal is to create a trustless, instantaneous network that is, above all else, lowest cost provider.

At the outset, the TenX app or physical debit card will be accepted in roundly 200 countries and 36 million locations.

TenX Promises To Be Cheaper

In addition to accepting Bitcoin, Ether and Dash, TenX also incorporates both MasterCard and Visa. All customer assets are held in crypto form until the last moment before being converted to the designated fiat currency. Cardholder transaction fees are free. Instead, holders receive 0.1% refund on purchases.

Milestones

The release of the iOS and Android version of the mobile app started in October of last year and both versions of the mobile application available for download in all countries.

One of the nice things is the ease of signing up with the app that is a lesson in user friendliness that most crypto exchanges could draw a lesson from. The only drawback for some potential users is the requirement to list both place of residence as well as place of citizenship. For most this is not a big deal but could offend some crypto purists.

As of April, TenX offered full support for BTC, ETH and Litecoin (LTC). Later this year, the intent is to add additional support for all other ERC20 tokens as well as Ripple.

The next step is for TenX to receive approval for a banking license. When this takes place, TenX will be able to issue it’s own debit or even credit card without dependence on the Visa or MasterCard networks or other third party issuers. In my view, that is when the real fun begins for investors.

Management

Having over $60 million from their ICO enables the project to be fully staffed. In addition to four co-founders, there are sixteen engineers, a dozen members on the operations side, seven in Legal & Compliance, six in product design and development and over a half dozen in related capacities. In other words, this is company appears well beyond the whitepaper stage and capable of delivering on their bold promises.

 Why The Price Tumbled

In early January, just as the crypto selling wave was going into high gear, Visa announced that it was terminating its relationship with the payment processing company WaveCrest. Affected cards under association with WaveCrest included CryptoPay, Bitwala and TenX. At first the Visa decision appeared to be cryptocurrency related.

After the noise quieted down it became clear that the move was strictly related to WaveCrest. The WaveCrest termination does not affect other card programs approved by Visa that use fiat funds converted from cryptocurrency. Nevertheless, the damage had been done by the time all facts were known. TenX’s relationship with Visa remained valid.

Keep An Eye On TenX

So to restate the question, what’s going on with TenX: quite a bit actually. The real question remains, is the recent price spike the beginning of a major move? Fundamentally, things look promising and in the long run that will create higher value. So this is name on which to do your homework.

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 88 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Stellar XLM Surpasses Litecoin for Sixth Spot in Crypto Market Rankings

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Stellar’s massive gains over the past 48 hours have catapulted XLM to sixth spot in the crypto market ranking, surpassing Litecoin for the first time.

XLM Price Levels and Comparisons

The market capitalization for Stellar has ballooned $1.4 billion since Tuesday, with the price of a single Lumen reaching a high near $0.32, according to CoinMarketCap. At press time, the cryptocurrency was trading at $0.308, having gained nearly 2% over the past 24 hours and more than a third since Tuesday.

By comparison, the broader cryptocurrency market has gained 7% since 13:00 UTC on Tuesday, when the uptrend first began.

At current price levels, Stellar has a total market capitalization of $5.7 billion – some $700 million higher than the next cryptocurrency, Litecoin. Charlie Lee’s Litecoin project has now been upended by two cryptocurrencies this year: EOS and Stellar.

Stellar and EOS were ranked 12th and 13th, respectively, last December as Litecoin held on to the fifth spot. EOS is currently the highest of the three in terms of trade volumes.

The IBM Catalyst

Although Stellar’s bullish reversal cannot be divorced from the broader market’s sudden rally, the coin is also benefiting from enterprise adoption of the XLM protocol. As Hacked reported on Tuesday, IBM has joined forces with a fin-tech startup to launch a stablecoin on the Stellar network. Since the announcement was made, XLM’s trade volumes have grown four-fold.

Just two months ago, IBM also announced it was using Stellar to launch a new cryptocurrency that will tokenize carbon credits. The new token is intended to help companies account for carbon credits, which have been difficult to quantify.

Stellar and IBM have emerged as natural allies in the quest for a more reliable global payment network. Long before these new projects were announced, IBM had been working with Stellar to launch a network of 12 currency corridors spanning Australia, New Zealand and the smaller island states of the South Pacific. IBM’s banking network is using the Stellar network to move money across vast distances in near real-time.

The list of initial coin offerings (ICOs) launching on the Stellar network is also growing. CoinLauncher currently lists 16 past and future projects that are relying on the platform to launch their own cryptocurrency. Back in November, Smartlands became the first ICO to launch on the Stellar network.

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 502 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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