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$36.7 Million Worth of BNB Destroyed as Binance Completes its 9th Quarterly Burn

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Binance has announced the completion of its ninths quarterly burn of the BNB token. The period which is between July to September, 2019 say the burning of 2,061,888 BNB tokens worth at market value $36,700,000.
https://twitter.com/binance/status/1184708839687389185?s=19

CZ, CEO of Binance in a statement made in the exchange’s blog said he will share some thoughts using the opportunity provided by the quarterly burn.

According to CZ, the last quarter burn represents a significant growth over the 2nd quarter burn. Contributing factors to the increase include new services such as the Margin Trading platform amongst other services which CZ noted are beginning to produce results.

For Q4, CZ acknowledged that services such as the Futures Trading will contribute to the Q4 burning.

Binance also mentioned that though the exchange has large user base, it could still be making the small profit compared to other exchanges in the industry.

He gave reasons for this position, one which be said it’s because of Binance long term goals to fund and invest in projects that has prospects. He also cited lowest fees in the industry as a reason.

CZ pointed out that Binance does not perform a “buy back” as some people think it’s better. He went further clarifying this position saying
” …..think about it: a platform’s main income should already be in their native platform token, and the only way to get the “cash” to do a “buy-back” is to sell their tokens first. So, to do a “buy-back,” they must sell first, then buy back. –– We believe this does not, in fact, achieve anything; it only indicates that those platforms are not holding their own tokens. They probably sell their tokens the minute they receive them.”

He concluded with a question “Would you want to hold their tokens when the platforms don’t hold it themselves?”

According to Binance, following the burn, there are still 185,474,825 BNB remaining

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Explaining DASH Coins to Investors Big On Privacy

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Dashcoin (DASH) is a grand derivative of Bitcoin. Essentially it is a derivative of the derivative of Litecoin. Jokes apart,  DASH is a hardfork of Litecoin which in turn is a derivative of Bitcoin. 

Formerly dubbed Darkcoin, it was curated in January 2014 by Evan Duffield when he became frustrated with the transaction speed of Bitcoin.  DASH uses both masternodes and miners to validate onchain actions. One key feature of the altcoin is that it gives users the option of privacy when transacting.

With InstantSend, onchain actions using DASH are transacted speedily as intended by the founder of the crypto.

Investors are always quick to evaluate how the prices of their investments will do in coming years, but believe you me, there is a whole lot that goes into scaling the monetary worth of any investment  talkless of a volatile cryptocurrency. Nevertheless its functionality as a virtual currency is what triggers its market movement and causes its value to go up or plunge.

One key thing that distinguishes DASH from many cryptocurrencies is its privacy feature dubbed “PrivateSend”. Users have the option of opting for an anonymously transacted onchain action.

It appears that this altcoin is more of a functioning crypto than a store of wealth. Taking Venezuela as a case study, with the crypto scaling to be a worthy altè to traditional online payments, its perks are key factors to take note of when determining if its price will rise or fall in the nearest future. 

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As the Crypto Community Continues to Await the Belated ETH 2.0 Release, Vitalik Buterin Stakes $1.4M worth of Ether to Support the Blockchain  

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The Serenity ETH 2.0 is already seeing stakes from investors. Vitalik Buterin, founder of the Ethereum blockchain has transferred his first ETH for staking on the incoming iteration of the Ethereum blockchain.

The Ethereum Founder’s address transferred 32 ETH each on about a hundred on-chain actions. 

TrustedNodes reported that the gross sum of the crypto sent is about 3200 cryptos. The aggregate of all crypto sums sent is about $1.4 million as at the time of writing this piece.

These sums were sent via on-chain transactions to Ethereum  Serenity Phase 2.0’s just released deposit contract. This newest innovation became available in real time starting from Wednesday, the 4th of November 2020. It is a deposit contract that enables users transfer crypto from the extant proof-of-work blockchain to the about-to-drop proof-of-stake (PoS) blockchain.

The minimum requirement of staking 32 Ethers so as to scale the ETH 2.0 has since been met by the users depositing the above mentioned sums. 

About a seventeen million dollars ($17 million) or  38,693 ether has been amassed by the deposit contract as at press time. 

It will interest you to know that Point of Stake Networks (PoS) are not powered by mining unlike the current Bitcoin and Ethereum blockchains. A PoS network is enabled by stashing funds (staking) for a specified term so as to earn profits on same.

The Ethereum community continues to await the belated release of the Ethereum 2.0 Proof of Stake network projected to launch probably early December 2020.

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Ethereum Hard Fork, Berlin to be Released in January 2021 

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The Ethereum Network is about to storm the crypto community once more with its “Berlin” Hard Fork. According to the All Core Developers’ Bi-Weekly call held last Friday, it was revealed that the project will be released in the coming months. A projection for a  January 2021 launch seems to be in the works, immediately after the  release of the Ethereum 2.0 beacon chain in December.

Project Berlin introduces a Hard Fork of the Current ETH (PoW) 

Project Berlin introduces a hard fork of the current Eth 1- proof-of-work (PoW) network. This improvement on the current network was meant to have already been launched last July and it consists of low-level modifications for enhancing the extant mainchain while Eth 2.0 Serenity phase is still in the works. The Hard Fork was delayed because of the exhaustion of client employees and an observed necessity for a wider client range. Consequently, the procedure for incorporating Ethereum Improvement Proposals (EIPs) and the one that will culminate in the hard fork has been altered. 

The EIP Schedule

The following is the plan for incorporating three EIPs into the Berlin Hard Fork

  1. EIP-2315: Simple Subroutines for the EVM
  2. EIP-2929: Gas cost increases for state access opcodes
  3. EIP-2537: BLS12–381 curve operations

As at press time, it appears that EIP-2537 will no more be incorporated into the Berlin Hard Fork. This upgrade will facilitate the easy communication of Eth 2.0 blockchain and Eth 1.x blockchain by utilizing an analogous cryptographic arrangement. 

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