Day: August 6, 2020

Polkadot Launches Testnet for Sharding Cross-Communication

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The Polkadot (DOT) project launched a testnet to evaluate its planned sharding implementation based on parachains. The key component that separates shards from being just many independent blockchains is communication. Shards need to be able to communicate with their peers to enable cross-shard token transfers and other forms of interoperability. Called Rococo, the new testnet is designed specifically to test Polkadot’s inter-shard communication protocols. It was released on Aug. 4 and teased by Parity developer Bastian Köcher. At launch, three separate parachains called tick, trick, and track will be available.…

Exchange’s Bitcoin Balance Just “Dropped Off a Cliff” as Bullish Undercurrent Grows

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Bitcoin is currently growing incredibly strong from a technical and fundamental perspective. One indicator of the digital asset’s fundamental strength is the massive exchange outflows seen throughout the past several weeks. The trend has been picking up steam as of late, and just a couple of days ago, the balance of BTC within exchange wallets fell off a cliff, hitting the lowest level seen in ages. Analysts are noting that this is a highly bullish development, as it suggests that the cryptocurrency is well-positioned to see organic growth as the…

Bitcoin News Roundup for Aug. 6, 2020

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With bitcoin prices surging and a quick look at crypto lawsuits, CoinDesk’s Markets Daily is back for your latest crypto news roundup! Bitcoin prices surged 5% Wednesday, outpacing stocks and gold amid calls for more government stimulus to stem the fallout from the coronavirus pandemic. A federal judge in New York criticized some parties to a class-action lawsuit against Block.one for appearing to be involved solely for potential high legal fees. Investors suing crypto firm Status are seeking “alternative means” to serve top executives after they were unable to deliver…

Nic Carter: Bitcoin’s Patronage System Is a Big Strength

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CoinDesk columnist Nic Carter is partner at Castle Island Ventures, a public blockchain-focused venture fund based in Cambridge, Mass. He is also the cofounder of Coin Metrics, a blockchain analytics startup. A quietly important phenomenon has gained steam in the last few months. And I’m not referring to Grayscale gobbling up all the new coins or Cash App’s bitcoin volumes exploding.  Bitcoin’s patronage system – how future network development is funded – has gained unheralded strength, with many more entities signing on as sponsors. These groups recognize that sponsoring the core…

Bitmain Delays Antminer Shipments Amid Internal Conflicts

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Bitmain, the world’s largest Bitcoin (BTC) mining hardware company, is postponing its product orders amid ongoing internal conflicts. As officially announced on Aug. 6, Bitmain will be delaying their June and July 2020 Antminer orders by at least two or three months due to “external interference on company operation.” According to the announcement, the orders will be postponed until September or October 2020 “at the earliest.” Bitmain drama is to blame While Bitmain is citing “external interference,” some industry experts are confident that the delay is caused by internal issues…

Jeff Bezos Sells 1 Million Amazon Shares Worth $3.1 Billion

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Amazon presently has a market cap of $1.61 trillion. In the last 12 months, the company’s stock has over 74%. CEO and founder of Amazon.com Inc (NASDAQ: AMZN) Jeff Bezos has sold one million Amazon shares. The total shares, worth over $3 billion were sold at prices between $3,102 and $3,183 per share. This was revealed in documents filed with the Security and Exchange Commission (SEC) on Wednesday. In recent years, Bezos has been selling Amazon stock to fund his other ventures. In February, the CEO also completed a large…

Gaming Giant Nintendo Reports 428% Increase in Q1 Profits

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Gaming giant Nintendo has reported a 428% increase in its Q1 profits. It joined other gaming firms that have managed to record gains despite the COVID-19 crisis. Nintendo Co Ltd (TYO: 7974) has reported a 428% increase in profits for the Q1 in its fiscal year. The company joins other game publishing companies to turn their books bullish using the COVID-19 induced global lockdowns. Sales of popular Nintendo Switch and Switch Lite consoles grew around 167% to 5.68 million units in the quarter. The game manufacturer with dozens of games…

Reviving Tourism and User Privacy Via Blockchain-Based ID Systems

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Countries all over the world are feeling the impact of COVID-19, as travel restrictions have virtually put an end to tourism for this year. To put this into perspective, recent statistics from Hawaii’s Maui News found that in June of this year, 1,929 visitors came to Maui, while the island welcomed 287,449 visitors the same time last year. According to Statista, European destinations like Spain and Italy are also likely to feel an economic impact due to the decline in visitors this summer. Unsurprisingly, a number of coronavirus contact-tracing apps…

Analyst Explains Why KAVA Could Rise Further Atop Its 170% QTD Rally

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DeFi token KAVA has caught investors’ attention following its 170 percent rally in the third quarter. Luke Martin, a cryptocurrency analyst, listed two reasons why KAVA/USD should continue its bullish momentum in the coming sessions. One of them is its potential listing on US-based crypto trading platform Coinbase Pro. KAVA is trading 170 percent higher on its quarter-to-date timeframe – and the emerging DeFi token has significant growth potential in the sessions ahead. So sees Luke Martin, a cryptocurrency analyst, who gave two reasons why KAVA price could keep rising…