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Interoperability in DeFi is Gaining Rapid Traction

Interoperability in DeFi is Gaining Rapid Traction

In 2020, Ethereum-based DeFi has grown more than anyone could have predicted. In January, speculation was rife that investment would soon hit the $1 billion mark. By October, investors and speculators had poured over $12 billion into DeFi applications, as it became known that users could profit from high yields. 

However, as DeFi has grown, it’s become more evident that its dependence on Ethereum would constrain its ongoing expansion. Users faced spiraling transaction fees and slow confirmation times, resulting in an overall subpar experience. Furthermore, DeFi’s confinement to Ethereum results in a situation where users and developers can’t benefit from the vast value in other blockchains and non-Ethereum tokens. 

Thankfully, there are signs this is starting to change. For most of 2020, interoperability between platforms has been a significant focus. Now, there are several positive indicators that DeFi users are beginning to reap the benefits of cross-chain communications and token swaps. Here are three examples. 

RSK, Ethereum and DAI

RSK caused much excitement when it first emerged in 2017, promising to bring Ethereum-like smart contract capabilities to Bitcoin via a side chain. Since then, the project has made significant progress in developing its technology stack. RSK is now one of the leading projects blazing a trail in Bitcoin-based DeFi, unlocking the value of crypto’s most valuable asset. 

Earlier this year, IOV Labs was among the first blockchain operators to announce it was launching an interoperability bridge, allowing the Bitcoin and Ethereum ecosystems to interact for the first time. The bridge allows users to send their tokens between RSK and Ethereum by locking them into one platform and minting them on the other. 

The most recent development is that the RSK Swap exchange, an analog of Uniswap based on RSK, has integrated DAI, meaning users can send their DAI across the RSK interoperability bridge and put them to work in RSK-based applications. RSK also launched DAI pools on RSK Swap for its two tokens, RBTC and RIF. 

RSK also has its own stablecoin applications called Dollar on Chain (DOC) and RIF on Chain (ROC), both operated by the Money on Chain project. Both projects allow users to mint dollar-pegged stablecoins, with DOC collateralized by Bitcoin and ROC collateralized by RIF. 

Waves and Ethereum

The Waves protocol is also one of the long-established platforms in the blockchain space, having launched way back in 2016 before anyone was talking about interoperability. It aimed to make it easy for anyone to get a customized token up and running without the need for complex smart contract programming. It achieves this by having tokens managed by scripts running in user accounts. It was also one of the earlier platforms to operate its own decentralized exchange, the Waves DEX. 

Waves.tech has evolved to become an ecosystem of technologies based on the Waves protocol. In late October, Waves announced that it had ported its WAVES token to Ethereum as a means of achieving interoperability between the two networks. The move gives WAVES token holders access to the entire suite of Ethereum-based DeFi products, and similarly, Ethereum DeFi users can also access Waves functionality. 

It works in a comparable way to the RSK interoperability bridge, by allowing users to lock WAVES tokens on the Waves network and issuing an ERC20 WAVES token on Ethereum. 

Waves.tech also includes Gravity Protocol, a blockchain-agnostic cross-chain oracle, and communication network. By 2021, the Waves team intends to use the Gravity Protocol to operate the gateway to Ethereum. 

Equilibrium Migrates to Polkadot

Equilibrium established itself as the original stablecoin based on EOS, comparable to Maker on Ethereum or Money on Chain on RSK. However, it’s seen an opportunity to expand its features by leveraging Polkadot. 

Polkadot has been one of the most hotly anticipated platforms in blockchain, thanks to its promise of scalability, decentralization, and, most importantly, interoperability. Having launched on mainnet earlier this year, the project has been attracting significant development. Now, Equilibrium is extending development to Polkadot in a bid to achieve interoperability with Ethereum-based DeFi and other blockchains. 

The original EOSDT stablecoin will remain on EOS. The team behind Equilibrium is also developing a Polkadot parachain with a new token called EQ, which will serve as a native token for transaction fees, and also as a governance token. 

New features on Equilibrium will include a lending platform, a cross-chain DEX, and a synthetic asset platform. The platform is currently in development and will launch its token in the coming weeks. 

While 2020 has seen significant strides in both interoperability and DeFi, these emerging developments are extremely positive news for cross-chain DeFi. As we move into 2021 and beyond, it seems inevitable that DeFi will flourish into a truly interoperable financial system. 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Blockchain implementation is only possible through B2B partnerships

Blockchain implementation is only possible through B2B partnerships

Blockchain is one of the most vital technologies in the 21st century and is one thing that most countries have in common. Its emergence has led many experts to believe that it is possible for technology to change the world in a few decades, just as the internet came and changed the world. Although it is still at its early development stages, many companies and countries are employing its use for their processes. The blockchain application seems limitless, as it is used in many processes by varying individuals and institutions. Although the most obvious use of blockchain is in the financial sector - international payments, complex financial products, remittances, and cryptocurrency, it is also used to resolve issues and create new opportunities in defense, supply chain, healthcare, government voting, luxury goods, and management. 

Blockchain advantages for B2B

The role that blockchain plays worldwide is often downplayed. While this statement is true for both companies and users, the technology is a very effective tool in providing business solutions. In addition to the many advantages that come with blockchain, the ones that stand out are security, transparency, accountability, and profitability of B2B ventures.

Unlike B2B, B2C is pretty hard because the customer needs to be educated about the product and the value they may receive from the blockchain. While a business partner would either already know or would be more understanding towards it. A good example is blockchain companies partnering with banks to implement their technology. Online casinos are not left out. They are adopting this technology through their partners as they continue to churn out blockchain-based games. For example, when people find the best Playtech bonuses, it's usually provided through BTC or ETH. Why? Because the games are usually designed to do so.

Blockchain acts as a bank for companies that are involved in the production of goods and services for different companies. Companies use it to send and receive money, accept deposits, sign contracts, and a whole lot more. Many people often either confuse block change to mean just cryptocurrencies or online banks. However, this is not the case. Blockchain is broader than just cryptos and involves many processes that are used differently. The reason why blockchain cannot be considered as an online bank is that even online banks are still powered by central authorities, while blockchain is decentralized.

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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CTO of ripple tells all on how much XRP owns

CTO of ripple tells all on how much XRP owns

Quick Take

1 minute read

  • David Schwartz, the chief technical officer of the San Francisco-based blockchain company ripple has recently explained how much XRP he owns.
  • Technically, because he owns such a mass sum, it makes him a whale in crypto terms.

David Schwartz, the chief technical officer of the San Francisco-based blockchain company ripple has recently explained how much XRP he owns.

Technically, because he owns such a mass sum, it makes him a whale in crypto terms.

As one of the original developers and designers of the token and XRP Ledger, David revealed that he would leave his job when the price of the token reaches $1.

David did not disclose the exact amount of the token that he owns however, he did say that it was less than 10 million and more than 1 million. 

As a result of his public tweet explaining his portfolio for the token, the community reacted and questioned why he had very little exposure to the token while other founders of the ledger such as Chris Larsen have billions of the token in their possession.

The token for the San Francisco company has been performing quite mildly over the course of this year. Not much has happened in 2020 for the token but who knows what the future will hold. Many believe that 2021 will be the year for XRP but only time will tell.

Earlier this year, David gave even more details on his cryptocurrency portfolio saying that he regretted dumping such huge amounts of bitcoin and ethereum for cheap at the time. However, he did explain that he did this as a part of a “derisking plan“ that he had contact with his wife.

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Tyler Winklevoss on BTC: FOMO yet to kick in

Tyler Winklevoss on BTC: FOMO yet to kick in

Quick take

1 minute read

  • One of the brothers of the well-known Winklevoss twins, Tyler Winklevoss has recently said that the spike in bitcoins price that brought it to $18,000 is not yet a FOMO price run. 
  • Speaking in a tweet, Tyler said that the spike in the bitcoins price was due to the steady hands in the overall crypto industry.

One of the brothers of the well-known Winklevoss twins, Tyler Winklevoss has recently said that the spike in bitcoins price that brought it to $18,000 is not yet a FOMO price run. Speaking in a tweet, Tyler said that the spike in the bitcoins price was due to the steady hands in the overall crypto industry. He added that this means many investors are on the sidelines and have yet to get fully involved.

For those that don’t know, FOMO (fear of missing out) is a term used in investments such as cryptocurrency to describe panic buying. When the price of bitcoin starts to rise, many people panic buying due to a fear of missing out.

Specifically, Tyler highlights the stable and steady search term popularity on Google for bitcoin indicating that a spike in Google searches for the leading crypto coin would be a big sign of FOMO kicking in but this has yet to happen.

If you take a look at the Google searches for bitcoin over the past year, it will indicate that the highest it has ever reached was in May this year when the coin hit a $10,000 for the second time in 2020. Since May, there have been numerous prices with fluctuations bringing the price down and up consistently.

Over the course of this year alone, bitcoin has been able to surpass numerous price key resistance levels. Many people believe that the coin is well on its way to $20,000 by the end of the year. Furthermore, institutional investment has been on the rise massively this year with bitcoin being on many corporate balance sheets. This has helped adoption as more people are getting involved with the industry on a daily basis.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Ideaology's IEO Ushers the Launch of Blockchain Platform for Innovators

Ideaology's IEO Ushers the Launch of Blockchain Platform for Innovators

DUBAI, UAE - Ideaology is proud to announce its IDEA token pre-sale on December 1, 2020. The pre-sale event is an initial exchange offering (IEO) on P2PB2B exchange. Users will have a chance to purchase IDEA tokens with a 22% discount before the IDEA token public sale.

Ideaology aims to be the “Biggest Blockchain Ecosystem in 2021 and beyond''. Along with the pre-sale launch, Ideaology’s Active IDEA platform will have its beta launch on December 1, 2020 as well. The very existence of Ideaology is a testament to how the model it’s promoting works. With its upcoming IEO and subsequent launch on crypto exchanges, Ideaology’s Active IDEA aims to become the first blockchain-powered platform to pave the way for users to collaborate on promising blockchain projects while investing in these ventures as well. 

“Freelancers don’t necessarily work on online freelance platforms, and clients or companies don’t necessarily look for talents on those websites. Many of them are running their independent business from their websites or agencies, and looking for clients via advertisements, email marketing, leads generation, and other techniques. This is why we need to ask the question: why would a freelancer choose a website like Upwork, Fiverr, or Freelancer to sell his services when they can be part of a platform where they can offer their expertise and services on a platform specifically created for their exposure and convenience?” ,said Khaled Alkalbani, Founder and CEO at Ideaology. 

Whether you are an investor looking for the right project to pour your resources on, a business developer that needs funding to start his empire, or a digital nomad looking for a platform where you can provide meaningful services and earn, Active IDEA strives to be the go-to platform for all online professionals. 

Within the Active IDEA platform, members can collaborate as they invest and find projects that they have passion for. Members of the Ideaology community will be enabled to launch a startup through crowdfunding, but at the same time, will also have the opportunity to work with startups.The Ideaology team calls this whole process “collabvesting” - where Active IDEA users can invest in startups while also giving startups and freelancers to collaborate on projects.

“We believe that our IEO launch with P2PB2B enables Ideaology supporters and P2PB2B users to have a smooth and convenient experience in participating in our pre-sale for the IDEA token. We trust that P2PB2B will also offer a great IDEA token pre-sale experience for everyone interested to purchase IDEA tokens at an early stage.”, said Amar Kovacevic, Co-Founder and CTO at Ideaology.

By establishing a platform where online professionals can start collabvesting, and jumpstarting it with a pre-sale of their IDEA token, Ideaology just became one of the most promising blockchain companies in 2021 and beyond.

Click here to join the IDEA token pre-sale event.

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