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Allaire: The announcement of Libra Has a Very Massive Inflection Point on Cryptocurrency

June G. Bauer

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In a recent Bloomberg interview with Jeremy D. Allaire, Circle founder and chief executive officer, he discussed Facebook plan to start a new cryptocurrency Libra.

He said: I think the announcement of Libra and the Libra Association as I said we view it as a very massive inflection point and I think it has an impact across the board you know first just general awareness all around the world around cryptocurrency it’s gonna bring this into the limelight it’s gonna help you know individuals and businesses that are interested in this you know obviously have dramatically more visibility and ultimately we think it’s going to help ensure that you know billions of people ultimately are able to access the benefits of cryptocurrency within the financial system so we think it’s huge in terms of awareness I think it also is important in terms of ultimately regulatory questions and you know figuring out exactly how crypto finance companies more broadly are gonna work in this new realm.

He added: I think you know the first thing to realize is that you know blockchains you know public blockchains that are capable of supporting hundreds of millions to billions of users with kind of mainstream applications and Finance those are really just emerging we’re sort of we went through the first generation of block chains with Bitcoin many would say sort of Etherium and similar chains represent kind of the second generation of block chains and those today support tens of millions of users and growing but there’s really been this effort all around the world by you know computer scientists and designers and economists to design these sort of third-generation block chains which ultimately can provide the features and scalability needed to kind of blanket the world with the benefits of crypto and the the project that Facebook is introducing with a number of other you know companies is just is one take at that but it’s not the only take but I think the consortium model is absolutely the right model around any kind of new technical standards that we’re trying to see develop in crypto finance.

We look at all this kind of on a spectrum our view is that you are going to have mass adoption of non-sovereign kind of store of value digital assets I think bitcoin is sort of the preeminent asset there and the need and desire for those kinds of assets is going to grow not diminish you’re also going to see growth in these stable coin type assets that you know very likely will have you know regulatory frameworks around them but there’s there’s but there is a really key difference between stable coins that run on kind of closed-loop permission schemes which is how Libra is being proposed today at least in its initial incarnation versus stable coins that can run on the public Internet and that’s really the model that coin base circle have developed together through the center consortium that’s how US dollar coin works today and it’s growing in its usage and so there really are some variances in how people are going to be implementing these different types of currency models.

When asked about the speculation about whether there’s market manipulation in cryptocurrencies he added:

I think these have all been topics that have been you know explored and now I think there’s even more attention on it the policy issues range from you know what are the standards for things like protecting you know from the abuse by criminals or kind of financial crimes type risk or you know what are the risks you know associated with the theft of digital assets essentially the custody of these types of digital assets by intermediaries we haven’t yet really seen any rules around that in any broad-based sense and then finally and probably most importantly is a lot of the really exciting uses of crypto are in you know innovations in how people raise capital and how people create kind of financial contracts using this and so the kind of standardization of the financial instruments side of this so there’s there’s a huge amount of work that needs to be done still there’s sort of been regulation by enforcement or kind of regulation you know and on an ad-hoc basis and what we’ve been advocating for and I hope in some ways the introduction of Libra brings this forward is the development of national policy around digital assets our view is that you know crypto and blockchains represent sort of the fabric of the 21st century 21st century economy and there’s an opportunity to put in place policy that allows this to flourish on a massive scale in the same way that the internet flourished in the mid to late 90s and policy was really vital to enabling that to happen so far policy’s been mostly focused on the downside or the risks what we really need to be focused on is yes we need to manage risk but also how do we open this up so that far far more companies can benefit from it and and and hopefully we’ll see more of that in the coming years.

Circle launched its USD-backed, ERC-20 stable-coin USD Coin (USDC) in 2018.

Pop cultureaholic, Technology expert, Web fanatic and a Social media geek. If you have any questions or comments please feel free to email her at [email protected] or contact her on Twitter @JuneTBauer1

Altcoins

The Top 10 Most Popular Cryptocurrencies in 2023

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Cryptocurrencies have became a popular subject in the recent years. In this post, we will take a look at the top 10 most popular cryptocurrencies by market capitalization, as of February 2023.

Bitcoin

Bitcoin (BTC) – Bitcoin is the original cryptocurrency and still the largest by market cap. It was created in 2009 by an unknown individual or group going by the name of Satoshi Nakamoto. Bitcoin is decentralized and operates on a blockchain network.

Ethereum

Ethereum (ETH) – Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). It was created by Vitalik Buterin in 2015 and is currently the second-largest cryptocurrency by market cap.

Binance Coin

Binance Coin (BNB) – Binance Coin is the native token of the Binance exchange, one of the largest cryptocurrency exchanges in the world. It was created in 2017 and is used to pay for trading fees on the Binance platform.

Dogecoin

Dogecoin (DOGE) – Dogecoin was created as a joke in 2013, but it has since become one of the most popular cryptocurrencies in the world. It was initially created as a parody of Bitcoin but has gained a significant following in recent years.

Cardano

Cardano (ADA) – Cardano is a blockchain platform that aims to create a more secure and sustainable ecosystem for the development of decentralized applications. It was created by Charles Hoskinson in 2015.

XRP

XRP (XRP) – XRP is the native token of the Ripple network, a decentralized payment protocol that enables fast, low-cost international money transfers. It was created by Ripple Labs in 2012.

Tether

Tether (USDT) – Tether is a stablecoin that is pegged to the value of the US dollar. It is often used as a safe haven asset during times of market volatility.

Polkadot

Polkadot (DOT) – Polkadot is a multi-chain network that aims to connect different blockchain ecosystems together. It was created by Gavin Wood in 2016 and is currently the eighth-largest cryptocurrency by market cap.

Uniswap

Uniswap (UNI) – Uniswap is a decentralized exchange protocol built on the Ethereum blockchain. It allows users to trade cryptocurrencies in a trustless, decentralized manner.

Solana

Solana (SOL) – Solana is a high-performance blockchain platform that aims to provide fast, low-cost transactions for decentralized applications. It was created in 2017 and is currently the tenth-largest cryptocurrency by market cap.

Conclusion

These are just a few of the most popular cryptocurrencies that are currently available. Each one has its own unique features and uses, and the crypto market is constantly evolving, so it’s important to do your own research and stay informed. Keep in mind that past performance is not indicative of future results.

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Altcoins

The Key Features of Ravencoin Blockchain

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Ravencoin is a blockchain platform that was created in 2018 as a fork of the Bitcoin codebase. Its main focus is on the transfer of assets, such as tokens, from one person to another. Unlike other blockchain platforms, Ravencoin is designed specifically for the transfer of assets and does not have a built-in smart contract functionality.

The Ravencoin blockchain was launched on January 3rd, 2018, with the first block being mined by a group of developers known as the Ravencoin Development Team. The launch was met with a positive response from the cryptocurrency community and the project quickly gained a dedicated following.

Since its launch, Ravencoin has undergone several upgrades and improvements. In 2019, the Ravencoin team released Ravencoin 2.0, which included several new features such as token issuance, messaging, and voting. In 2020, Ravencoin 3.0 was released which includes the new X16R hashing algorithm and new token issuance structure, which allows for the creation of unique assets and tokens.

Asset Creation

Ravencoin allows for the creation of unique assets, or tokens, on its blockchain. These tokens can represent a wide range of assets, such as virtual or physical items, real estate, and even stock in a company. This feature makes Ravencoin a versatile platform for businesses and individuals looking to create and transfer digital assets.

Low Transaction Fees

Ravencoin’s transaction fees are significantly lower than other blockchain platforms such as Ethereum. This makes it an attractive option for businesses and individuals looking to transfer assets in a cost-effective manner.

Security

Ravencoin uses a proof-of-work consensus mechanism, similar to Bitcoin, to secure its network and confirm transactions. This ensures that the network is secure and transactions are confirmed in a timely manner. Ravencoin uses X16R hashing algorithm, which is designed to allow for more decentralized mining than Bitcoin’s SHA-256 algorithm.

Community-driven Development

Ravencoin has a strong open-source development community and a large and active community of users. This community plays a key role in the development and growth of the platform and helps to ensure its long-term success.

Easy to Use

Ravencoin has an easy-to-use interface and wallets, making it accessible for users who are new to blockchain technology.

Customizable

Ravencoin allows for customization of tokens and assets, meaning that users can define their own assets, set up rules and restrictions, and create unique token issuance structures.

Ravencoin Price Chart

Conclusion

Ravencoin’s main advantages are its asset creation, low transaction fees, security, community-driven development, easy-to-use interface, open-source code, and customization options. These features make Ravencoin a strong contender in the blockchain space for asset transfer and other use cases.

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Major Differences Between Binance Smart Chain and Ethereum

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Binance Smart Chain (BSC) is a blockchain network developed by Binance, one of the largest cryptocurrency exchanges in the world. It is a high-performance blockchain that is designed to provide a fast, secure, and low-cost environment for the development and execution of decentralized applications (dApps) and smart contracts.

Binance Smart Chain (BSC) and Ethereum are both blockchain networks that support the development and execution of decentralized applications (dApps) and smart contracts. However, there are several key differences between the two that are worth highlighting.

The supported programming languages

One important difference between the two is the programming languages they support. Binance Smart Chain supports multiple programming languages, including Ethereum’s Solidity, which is used to write smart contracts on the Ethereum blockchain.

This allows developers to easily migrate their dApps from Ethereum to Binance Smart Chain. Binance Smart Chain also support GO, Java, Javascript, C++, C#, Python, and Swift.

Token swap feature

Binance Smart Chain has a built-in token swap feature that allows users to exchange tokens directly on the blockchain, without the need for a centralized exchange. This is a significant advantage over Ethereum, where users typically need to go through a centralized exchange to buy and sell tokens.

Binance Smart Chain is a layer 2 scaling

Another key difference is that Binance Smart Chain is a layer 2 scaling solution built on top of the Ethereum blockchain, and it’s also a DeFi focused blockchain. Ethereum, on the other hand, is a standalone blockchain that has been around for much longer and has a much larger ecosystem of dApps and tokens.

BSC Tokenomics

The Binance Smart Chain (BSC) is similar to the Binance Chain in that it uses the same token universe for both BNB and BEP2 tokens. BNB is the native token for BSC and has multiple uses, including paying for “gas” when deploying smart contracts, staking and rewards, and performing operations across chains such as transferring token assets between the Binance Chain and Binance Smart Chain.

The current circulating supply of BNB is 144,406,561 tokens, and the maximum supply is set at 176,406,561 tokens. It’s worth noting that Binance Smart Chain is also compatible with Ethereum and thus supports ERC20 tokens.

Conclusion

Binance Smart Chain and Ethereum are both blockchain networks that support the development and execution of dApps and smart contracts. However, they have different consensus mechanisms, programming languages, token swap features, and different ecosystem. Each blockchain has its own advantages and disadvantages, and developers and users should carefully consider which one is the best fit for their needs.

While Binance Smart Chain is growing rapidly and has a lot of potential, Ethereum has a proven track record and a much larger community of developers and users.

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