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Korea To Issue A Central Bank Digital Currency

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With the advent of the launch of a physical “smart banknotes” from an Indonesian company, the adoption of tokenization by other governments is imminent. South Korea is among the world’s largest trading markets for cryptocurrencies and has proven to be a hotbed for blockchain applications in a number of areas including shipping, registering a community vote for an entire province, retail insurance payments in Seoul and more.

The Bank of Korea is set to announce the possibilities of issuing a central bank digital currency as the study into cryptocurrencies in ongoing. According to a statement released on Wednesday, the Bank of Korea confirmed it was in the early stages of studying the blockchain technology and cryptocurrencies and the consequences of issuing them as a central bank, according to Korea Times.

The central bank revealed:

A task force has been studying the possibility of issuing a CBDC and how digital currencies will influence the country’s overall financial sector since January. We will announce updates on this issue by the end of June.

The move towards the digitalization and a cashless society is coming at a time when the issuance of physical cash by the central bank is on the decrease. Figures released from the central bank from 2016, shows 12.3 percent fewer 10,000 won (approx. $9.2) bank notes from the year before as Korean society is moving away from cash to electronic and mobile payments.

Considering its position as an authority in the financial institution, The Korean Central Bank was careful not to elaborate on the current facts as it would be premature to make any definite statements but insists it is keeping an eye on other endeavours by its counterparts globally.

Moving to a cashless society could also cut costs up to 1.1 percent of Korea’s GDP, according to analyst Kwak Hyun-soo at Shinhan Investment Corp. The Benefits of digitalizing financial services are enormous, with one of the benefit being able to track records of payments, transactions and financial activities in other to curb fraud and tax evasion.

 

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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Tron (TRX) Accepted by Travala.com To Be Used for Booking in Over 500,000 Hotels

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Tron (TRX) is the 10th cryptocurrency to be adopted by hotel booking platform, Travala. Before now, Travala had been accepting coins like; Bitcoin, Litecoin, Ethereum, XRP, Nanos, BNB, AVA, DGB, Doge, EOS, TUSD, XLM. It also accepts PayPal, VISA and Mastercard. As travel platform, Travala aims at merging decentralised technologies and tokenized incentive structures to make booking easy for travelers.

Travala.com, a reputable blockchain travel platform, dedicated to revitalizing the yet to come travel industry. Established in the year 2017, it now  boasts of 567,928 properties in 210 countries across the globe, with over 82,000 destination coverage. 

Travala.com as of yesterday declared that its clients can now make payments with Tron (TRX) token in over 550,000 hotels across the world with an added discount of 15% for every transaction performed with the token.

According to Travala.com their customers are to use TRX to book 550,000+ hotels worldwide with an average saving of 15% on http://Travala.com and the customers can get further savings up to 10% off the already amazing prices with our SMART program.

While the other coins listed above like Bitcoin, BNB, Nano, etc have been enjoying this privilege for some time now, it is coming new for Tron, and this can be taken as an added advantage for the cryptocurrency. Unlike every other blockchain technology, every moment of Tron (TRX) is filled with exciting news. The quality and potential of any cryptographic project in the space is determined by the adoptions and partnerships it gets.

As a means to echoing the success of Tron, Misha Lederman, a well-known member of the Tronix team, had once related that Tron has produced more blocks than Ethereum. According to Lederman, “Tron has produced 8.3 million blocks since its independence in June 2018 and Ethereum, on the other hand, despite its longevity, has only produced 7.5 million blocks since July 2015.”

Photo credit: Botcoin Exchange

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IOST Records  More Transactions than Ethereum One Month After Mainnet Launch

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IOST is an application-friendly next generation public blockchain network which is reported to be the first platform to launch an application-ready mainnet which features multiple live DApps (Decentralized Applications). IOST project’s software modules, as claimed by the management team, have been implemented using blockchain technology and they provide “secure and reliable data” as they “prevent tampering by third parties.” and thus, the IOST platform having been built on public blockchain infrastructure, allows “decentralized application developers overcome some of the most challenging problems with mass adoption.”

IOST is one of the most scalable blockchain networks. Although, its design principles are similar to some of the other leading dApp creation platforms, it has its own consensus protocol, known as “proof-of-believability.” Notably, the programming languages and development environments supported by the various dApp deployment platforms are a lot different from each other such as Ethereum, Tron, EOS, NEO etc. as each use different consensus algorithms such as proof-of-work (PoW), proof-of-stake (PoS), delegated proof-of-stake (DPoS), and delegated Byzantine Fault Tolerance (dBFT).

According to a news outlet, On April 6th, 2019,”the IOST network reportedly processed more transactions than Ethereum ( ETH ). Noting that Ethereum is the world’s largest blockchain-based platform for deploying decentralized applications (dApps), however, “IOST was able to register 580,231 transactions on its network while Ethereum only managed to log 558,272 transactions on the same day (April 6th).”

As contained in IOST’s press release, the smart contract development platform has achieved the following after “the first month of its mainnet launch:”

  • Registered [over] 213,000 live accounts on its network, with an average of 15,000 wallets added per day
  • Launched 9 dApps, including 6 games (one of which hit 700 million IOST tokens in a single day) and a USD-pegged stablecoin
  • Been listed and traded on 26 exchanges
  • Processed more than 25 million transactions, including a peak of 580,231 transactions per day
  • Brought more than 100 partners and developers onboard to build the IOST ecosystem, all partners totalling to more than 200 today

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EOS AND XRP MAINTAINS A POSITIVE PRICE MOVEMENT AMIDST BITHUMB HACK

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The cryptocurrency market is yet to experience yet another bubble. Some experts believe it will happen again before the market stablilizes. Some other analysts claims the market has settled and can be driven positively again through active development of products to cover the cryptocurrency use case.

Though looking at the state of the cryptocurrency market. The adoption of cryptocurrency is going positive but the number of active traders is decreasing because many traders seems to be holding. The price of XRP and EOS goes against each other. While XRP is gaining a minimal stable increase in Price. EOS has been at its bear level for a long while as against XRP. The use case offered by EOS is quite welcoming and growing rapidly but still yet it’s not impacting on the price movement.

Considering the high vulnerability of the EOS Blockchain. This might have probabaly affected the price. Too many major set backs have being recorded upon using the EOS Blockchain. Many users have complained of the poor user friendliness of the EOS Blockchain. Moreso, the transaction reversing feature of the Blockchain has more or less helped to mitigate against hacks.

Though the said feature also suggests that the EOS Blockchain is not decentralised, the adoption of the EOS Blockchain has been tremendous. From the recent Bithumb hack in May, EOS and XRP were the two cryptocurrencies affected.

EOS had a 11.45% sharp drop in price against Bitcoin few hours after the news dropped. XRP on the other hand wasn’t affected much in price. The XRP price has still gained 0.55% in USD value, but lost 0.05% over Bitcoin. The price of XRP seems to be more stable at $0.3. EOS has $4,126,251,897 in total marketcap with a daily trading volume of $2,735,279,072. XRP has $13,724,796,558 in total marketcap with $1,459,156,919 daily trading volume. XRP has a far high total market cap compared to EOS but a lesser daily trading volume. While XRP is losing 6.35% to bitcoin and gaining 5.5% to USD. EOS is losing 4.28% to bitcoin and gaining 8.5% to USD. This equally suggests that EOS has a better daily trading volume as against XRP.

Though the EOS downtrend has been so for a long time now. XRP has a better price statistics as against EOS. There is yet no future guarantee as to whether the price of both cryptocurrencies will be increasing any time soon. Bitcoin which is the base cryptocurrency has been on a better ground with a good uptrend through the week.

The Bithumb hack  didn’t really affect the price momentum of both cryptocurrencies as the price recovered back hours after the sharp drop. But in the long run. EOS may or not be at a lesser preference to XRP. XRP which has been opposed by the cryptocurrency community as a centralised blockchain. XRP more or less has a better adoption by authorities in comparison to EOS. While EOS has a better adoption by community users in comparison to XRP.  

 

 

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

 

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GROESTLCOIN (GRS) ENABLED ON SATOWALLET TO BE USED ON SATOPAY

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Satowallet and Groestlcoin

In a recently published article on its official medium blog, Satowallet mentions that it has successfully wrapped up the listing of Groestlcoin – a Blockchain asset on its global fiat system.

Groestlcoin is a secured blockchain asset which offers almost Zero fees during transactions. The team behind the project does well to make available major updates in 3-month intervals. this has contributed to keeping the coin and project among the top 200 on Coinmarketcap. Interestingly, the coins hold some form of history as the first to activate SEGWIT (SegWit, is the name used for an implemented soft fork change in the transaction format of the cryptocurrency bitcoin). READ MORE. According to Coinmarketcap, the project has $25M USD trading volume and a Market Cap of $35M USD with a total supply of 105,000,000 GRS.

Expressing excitement on the partnership, Satowallet reveals that the coin is set to trade against various crypto pairs; BTC, ETH, DOGE, SATOS and some fiat settlements; USD. NGN, GBP, and EURO for instant swift buy and sell on the global scene. More so, the use of Visa Debit Card to initiate Crypto/fiat withdrawal will soon be possible.

Satowwallet exchange is an all-in-one crypto exchange, with a widespread of users in over 140 countries and a range of services from; in-app trading, storage, investment, fiat settlement, staking, swapping and Blockchain Asset Security. The Nigerian based wallet has indeed changed the narrative of indigenously grown blockchain startups in the global scene.

Some of the recent features the project plans to launch are;

Satowallet Debit Card– creating a much easier and crypto friendly environment for her users worldwide with the use of SATOPAY (the planned Visa Debit Card for the Exchange). this means anywhere Visa cards are available, the exchange’s fiat withdrawal system will work.

Shop globally with SATOPAY– With the use of Groestlcoin Wallet and Satowallet Exchange App, you can easily fund your SATOPAY Card and shop from card enabled stores.

For more updates and recent features on the SATOPAY Card, visit the Satowallet Medium Blog

In the Press release, the 29th March 2019, saw the launch and availability of the coin on the Satowallet mobile and PC apps. The user can buy instantly with USD, NGN, GBP, and EURO and also with Cryptocurrency.

” Buying and Selling take only 5 seconds and the funds will be available in your wallet through Jiff Trading. The debit card will also be made available upon users request when released in a short while through our banking partners.”  –Team Satowallet

 

Disclaimer:

The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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