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Google Cloud Initiates the Process for Becoming Block Producer Candidate on EOS

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The blockchain software company Block.one announced that Google Cloud will join the EOS community in a bid to become an EOS network block producer. EOS’s block producers system has been a bone of contention for a long time. It has 21 block producers in total. All the 21 nodes on the network must be elected by current token holders.

With this, Google becomes the first Silicon Valley giant to seek to become an EOS block producer. However, Google Cloud will require the approval of the EOS community. According to the official blog post, Google Cloud is set to utilize the EOS network’s performance and open-source community as it works to become a block producer.

Following the development, Allen Day, Developer Advocate, Google Cloud commented

“We’re starting the process of becoming a block producer candidate. As organizations begin to incorporate distributed ledger technology into their infrastructures, we are committed to ensuring that the information on public blockchains are securely stored, reliably available, and can be accessed in meaningful ways.”

Additionally, Dan Larimer, CTO of Block.one was also quoted saying,

“Google Cloud will continue to provide its highly provisioned, low-latency infrastructure to Block.one. Through secure oracles, inter-chain transaction reporting, key management, and high-integrity full-node validation, Google Cloud’s confidential computing infrastructure will enhance the security, scalability, and decentralization of blockchain technology.”

A few of the largest block producers are run by cryptocurrency exchanges such as Binance, Huobi and OKEx among others.

Block.one’s participation in BP elections

EOS and its creator Block.one has been mired with controversies relating to the centralization issue. What further aggravated this Block.one, participating in electoral procedures to choose the Block Producers for the EOS blockchain back in November last year.

The company had previously clarified that the share of circulation supply owned by it continues to decline as new tokens are created through inflation and are used to reward elected Block Producers that run and operate the network. However, this did little help to alleviate the growing criticism of the network’s centralization as reports of six of EOS’s total pool of BPs managed by just a single entity made rounds.

More recently, the company acquired the team behind once-prominent block producer EOS New York, which had completely stopped its operations. Following this, Block.one reportedly hired EOS New York founders Rick Schlesinger and Kevin Rose along with their team members who were then tasked to work on community outreach initiatives.

Chainlink, EOS, Tezos Technical Analysis on 9th September 2020

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The subsequent market corrections have helped investors to make a foray at lower levels that were left out during the rally in mid-August. At the time of writing, the collective market cap stood at $324 billion.

As the market sustained another pullback, Bitcoin’s price dropped to $10,097. Following the suit were several altcoins that mimicked the downside price action as they continued to sink beneath support levels.

Chainlink [LINK]

LINK 2 e1599627970884

LINK was down by 8.02% over the past 24-hours which drove its price further down to the bearish realm. At the time of writing, the token was valued at $11.54 as it held a market cap of $4.038 billion and a 24-hour trading volume of $1.585 billion.

The bears were observed to be aggressively defending the resistance level of $12.76. As depicted by the dotted markers hovering above the LINK candlesticks also resisted an upward price movement. The RSI below the 50-median neutral zone indicated a sentiment of high sell pressure in the coin market. Despite the bearish pressure gaining traction, LINK’s price has continued to hold intact its immediate support of $9.53.

EOS

EOS e1599629235169

EOS fell by 2.76% over the past 24-hour driving its price to $2.73. At the time of writing, EOS was valued at $2.73 while recording a market cap of $2.55 billion and a 24-hour trading volume of $3.48 billion.

The downtrend for the 12th-largest coin has not lost its steam yet as signs of a bullish reversal weakened as evidenced by the red closing bars of Awesome Oscillator. Chaikin Money Flow also appeared to be in the bearish territory depicting an outflow of capital from the EOS market. If the bearish trend persists, the coin could potentially revisit the crucial level of support that stood at $2.34.

Tezos [XTZ]

XTZ e1599630406609

Tezos witnessed a significant drawdown since its March bull run. The 15th-largest cryptocurrency was priced at $2.47 after declining by 2.34% over the last 24-hours. At the time of writing, XTZ registered a market cap of $1.833 billion and $266 million.

MACD’s signal line continued to hover above depicting bears having an upper hand in the coin’s future. However, Klinger Oscillator hinted on a bullish crossover in the near term. If this materializes, a subsequent uptrend could push the coin to $3.43 as the coin found significant support at $1.90.

XRP, Bitcoin SV, EOS Technical Analysis on 24rd August 2020

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The brakes are being pulled on the altcoin rally at the moment. After close to 3 weeks of the bullish rally, the majority of the digital assets were exhibiting strong corrections on the market charts. While the correction has slowed down over the past day, the trend is still significantly bearish at the moment.XRP, Bitcoin SV, EOS technical analysis is given below

XRP hourly chart

XRP tron 1 e1598266605796

Since 17th August, XRP has declined dropped from $0.32 to its present valuation at $0.290. Although the price has undergone a minor hike of 3.07% in the past day, it remains fairly in the bullish realm. XRP market capitalization jumped above $13.02 billion after topping off near $14 billion a few days back. With a trading volume of $1.24 billion, XRP maintained its position as the 3rd largest digital asset.

Now, market indicators suggested that XRP might be entering a period of another bullish rally. Chaikin Money Flow or CMF suggested that the token had high capital inflows than outflows as MACD suggested that a bullish crossover in the charts. Bollinger Bands for XRP suggested a neutral trend as the bands appeared to be parallel to each other.

Bitcoin SV hourly chart

BSV tron e1598266761965

For Bitcoin SV, it is currently near its resistance at $199. The last time BSV was valued below this range was on 27th July. However, the asset’s inability to maintained a price higher than $217 has now entertained a huge retracement. However, Bitcoin SV had registered a gain of 3.10 percent over the past day.

Bitcoin SV is currently the 8th largest digital asset with a market capitalization of $3.68 billion. Analyzing the Relative Strength Index or RSI for BSV, it can be suggested that buying pressure is slowly taking over in the markets, as Bollinger Bands exhibited more volatility going forward.

BSV’s Parabolic SAR was bullish as well with the dotted indicator firmly under the candlesticks.

EOS hourly chart

EOS tro

12th ranked EOS continued to have a poor 2020. The token that was once ranked 4th in the charts currently exhibited a low market cap of $3.17 billion at the moment. For EOS, markets have remained rather neutral with the occasional surge and spike in prices. Although the token has dipped over the past week, it continues to exhibited tepid volatility levels as the valuation continued to be under the resistance of $3.40.

Aroon indicator suggested that the price may under another bearish onslaught as the bearish market completed a reversal over the bullish market. However, Awesome Oscillator pictured positive momentum as the candlesticks turned green at the end of the indicator.

Chainlink, Litecoin, EOS Technical Analysis on 16th August 2020

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The collective cryptocurrency market appeared to be in a consolidation phase. The market cap was registered at a whopping $373 billion, a level unseen since May 2018. While Bitcoin has faced multiple rejections at the coveted $12k-level, several altcoins have, however, sprung up in action.

Joining the bandwagon are coins such as Chainlink [LINK], Litecoin [LTC], and EOS, which have witnessed a substantial rise in their values over the last 24-hours.

Chainlink [LINK]

chainlink technical analysis

Chainlink has been in the spotlight for quite some time now and has been one of the best-performing assets among the top coins. As the weekend dawned, LINK soared to a new all-time high. Meanwhile, it recorded a surge of 13.21% over the last 24-hours which catapulted its value to $18.93 at the time of writing.

Moreover, it registered a market cap of $6.64 billion along with a 24-hour trading volume of $2.538 billion.

As the fifth-largest altcoin continued to build on gains, the green closing bars of Awesome Oscillator indicated a positive course for the coin’s price in the near-term. Further exhibiting a bullish trend was the Chaikin Money Flow indicator as it hovered in the bullish territory.

Litecoin [LTC]

litecoin technical analysis

Over the past year, Litecoin fell to the eighth position. After subsequent downfalls, LTC appeared to be slowly moving ahead and targeted a local top. At press time, the cryptocurrency noted a market cap of $4 billion with a 24-hour trading volume at $3.28 billion. LTC was being traded at $61.41 and was up by 6.91%.

The indicators failed to back up the latest surge in the coin’s valuation. This was evidenced by the bearish Klinger Oscillator. After a brief tryst with the bears, the MACD appeared to be heading for a bullish crossover.

EOS

EOS technical analysis

Despite not much significant developments on the tech side, EOS was the second-best performing asset in the last 24-hours among the top 20 coins, trailing behind LINK. It was up by 11.12% over the last 24-hours which drove its price to $3.75, at the time of writing. Furthermore, EOS recorded a trading volume of $5.12 billion over the past day while its market cap stood at $3.50 billion.

The dotted markers of Parabolic SAR hovering below the EOS candles depicted a bullish phase for the tenth-largest coin. Following the latest upsurge, the Relative Strength Index [RSI] shot up to the overbought region. This could essentially lead to a decline in demand among the traders of the coin with a subsequent decline in its price in the near future.

CryptoLocally Delivers to its Customer Base by Adding Credit Payments for Cryptocurrency Transactions

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Cryptocurrency organizations now have a new goal of rope more customers: to make the entire transaction process more seamless and attractive. This mantra has led to a number of innovations and developments that would otherwise have been unseen to the industry. Keeping this shift in sentiment in mind, popular cryptocurrency exchange platform CryptoLocally has introduced credit card payments for ease of cryptocurrency transactions. Using the latest feature, customers will be able to make the transition from Fiat to crypto in a matter of minutes.

The cryptocurrency exchange platform CryptoLocally announced that customers will be able to buy Bitcoin, Binance Coin, Tron, EOS and ETH instantly using a credit card. Safety and security are also a high priority for the organization with the automatic implementation of KYC for credit card users. The credit card launch comes on the back of several partnerships conducted by CryptoLocally, mainly with organizations like Skrill, Western Union, Paytm and Google Pay.

Over the past couple of weeks, The cryptocurrency exchange platform CryptoLocally has been busy with adding additional players to its roster. Towards the end of July, CryptoLocally listed its first Ethereum based digital assets on the platform. These included Ethereum [ETH], Tether [USDT] and DAI. The additions were part of the organization’s efforts to give customers the best trading experience while balancing the cost of functioning.

With the new Instant Buy feature,  The cryptocurrency exchange platform CryptoLocally aims to traverse the rapidly growing industry of quick crypto payments. Instant Buy is also set to enable users to conduct more transactions on the platform and take the cryptoverse into the mainstream realm. CryptoLocally also released a blog post to make it easier for users to understand the workings of the credit card linkup. According to the company’s release, the first step includes:

” …click “Buy” on the navigation bar at the top left. Then, click the “Instant Buy” button to purchase crypto with your Credit card. If you want to see offers only for credit card transactions, the Select Payment Methodfilter can help.”

Customers will be presented with the multiple cryptocurrency option on the next page with the drop-down menu displaying BTC, ETH, TRX, BNB and EOS. The company has set the minimum amount for the transaction at $60. Once a customer decides the required amount of purchase, all they need to do is type in their credit card details.

After processing, the customer will be asked to provide his/her wallet address to which they ant the funds to be transferred to. The KYC process becomes imperative here with CryptoLocally conducting the process by taking a photo of the customer’s face and an official document confirming the same. , The cryptocurrency exchange platform CryptoLocally has assured users that they will do everything in their power to maintain a high standard while allowing them to carry out safe and quick transactions.

ETH, ADA, and EOS – Biggest Losers in the Past 24-Hrs

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On 1st May, the crypto market flipped the switch. Bitcoin [BTC] that was traded in the $7.7k range in April, is now trading in the range of $8.7k. The king of cryptocurrencies even touched the $9k range but couldn’t break the $10k resistance on 1st May. 

With the Bitcoin weekend bull, altcoins showed a green trail. At the time of press, altcoins such as XRP [XRP], Stellar [XLM], and Ethereum Classic [ETC] show a pump of 8.40%, 11.48%, and 12.73% respectively. Nevertheless, coins such as Ethereum, Cardano, and EOS have seen a fall of 6.33%, 7.55%, and 6.92% – making them the biggest losers in the top 15 in 24 hours. 

Ethereum 

In the past couple of days, Ethereum has been above $225 reaching $25 billion [market cap] the coin in less than three days lost $3 billion as it slipped back to low $200s showing signs of leaving the $200 support level. 

 

It looks like Ethereum has managed to recover from its intraday lows but still hangs at the edge with low uptrend momentum.  

Additionally, technical analysis of ETHUSD indicates a correction that will help to enter for long.

Professional traders comment:-

“The correction that began today will cool the market and provide the best levels of medium-term entry over the air. When MA25 goes above MA99, an uptrend will be confirmed and the BTBT strategy will open a long position with a leverage of 1: 3. Now, according to our BTBT trading strategy, there are no open positions.” – Source

“Some overhead resistance on short timeframes, but I expect a small move for +5% gain in less than 24 hours. It could go higher, but I expect it to at least stop to think at these resistance levels. A breakdown below the local low will invalidate this setup. Let’s see what happens.” – Source

Cardano [ADA]

The lack of momentum has bolstered the resistance of breaking $0.055 for ADA. The coin experienced a bearish trendline yesterday and follows the same trend today. With a major support level being $0.045, ADA is currently being traded at $0.47. 

MACD shows a bearish divergence since the signal line crosses over the MACD line indicating a lack of trading stability. The RSI stands below 45 but above 30; unless there’s an immediate uptrend the coin will experience heavy selling pressure.

#ADA

Cardano has had an eventful month with Charles Hoskinson stepping closer to the community and Shelly’s first block being produced – it seems like the technology will stabilize the sentiments around the coin despite the bears. 

EOS

EOS has slipped from being in the top 5, hardly making it into the top 10 on CMC in the past weeks. 

Technicals indicate that EOS is in a correction after its jump from $2.75 to $3.10. Irrespective of the buyers trying to break above the resistance the price dropped beneath the 100-days EMA.

#EOS

Nevertheless, despite the on-going downtrend the coin has managed to stay above its support level $2.70 and is currently trading at $2.75. 

RSI stands at 52.06 and shows a possible outcome of a bullish divergence. 

Disclaimer note: This article is not a piece of investment advice. 

Ethereum Smart Contracts are 100X Faster on the EOS Network

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On 28th February, Daniel Larimer the founder of Block one and EOS network tweeted a video of Syed Jafri, Founder of the leading EOS block producer, in which he explains how developers can use the eosio.evm JS SDK to deploy the Ethereum Virtual Machine. 

The results of which this was mind-blowing as Ethereum Smart Contracts deployed on EOS processed transactions 100 times faster. 

ERC20 smart contracts running on the EVM on EOSIO processes at around 1000 TPS, while the average time it takes to process transactions on the Ethereum network is around 7-10 TPS. As compared to Etheruem, EOSIO makes transactions very efficient and scalable.

Jafri is a participant of EOSIO’s challenge that started out on Feb 3rd and will go on for a year. In the challenge, participants have to create an EOSIO Smart Contract which can store and invoke EVM [Solidity] Smart Contracts in a virtual Ethereum-like environment. 

“The challenge enables developers in the EOSIO, Ethereum, and wider blockchain communities to use their preferred development platforms while leveraging the benefits of EOSIO. For example, EOSIO can process smart contracts faster, reducing the impact of a significant roadblock for developers.” – EOS Dev post

That said, Jafri’s solution could possibly be shortlisted for the price of 200K which Block. One decided to give the competition winner. 

A Closer look at the problem

One of the most important and integral components of the Ethereum network is the Ethereum Virtual Machine [EVM] a “quasi-turing complete” 256-bit virtual machine. As EVM smart contract development has gradually improved, there has been ever-increasing sophistication to the DApp applications

While Ethereum has 2000+ dApps, EOS has less than 700 dApps built on it; adding up on reasons why EOS is looking for some help from the community. In the past few months, EOS has experienced a transaction capacity problem. This has resulted in congestion on the network, RAM and CPU prices have surged making it costly for new dApp developers to buy the necessary hardware.

As stated by EOS earlier, the compatibility with Ethereum will allow devs from multiple blockchain projects to leverage the fast speed of EOS transactions. Currently, EOS uses C++ along with web assembly as the core code for its smart contracts which is debated to provide better performance than Solidity, Ethereum’s native language.

Ethereum has the largest userbase in terms of being a decentralized platform for dApps and smart contracts but the blockchain has suffered numerous scalability issues. This has encouraged projects like EOS to solve the by imitating Ethereum environments to process Ethereum smart contract transactions as fast as they can.

Bitcoin and other major cryptos see evident disparities in current and all-time high values

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The cryptocurrency market has certainly seen its ups and downs with price surges contributing to most of the positive developments. During the initial hype days, a lot of cryptocurrency projects had received immense support that eventually resulted in massive pricing. As soon as the original fuzz and hype died, a majority of the projects fell apart while major cryptocurrencies witnessed a fall in their values.

At the time of writing, many of the digital assets were struggling to climb the bullish ladder and compared to the all-time highs; they still have a long way to go. BitConnect was obviously the most significant loser amongst the initial cryptocurrency projects with the Carlos Matos founded company tanking last year.

The crash came after reports flooded in that BitConnect was scamming its users and token holders with a significant share losing extensive investment holdings. Since then, the BitConnect token has fallen by a complete 100 per cent and no longer exists on charts such as CoinMarketCap.

The cryptocurrency with the second most considerable fall was ICON [ICX] which traded at $0.46 during its all-time high. Right now, however, the cryptocurrency was worth $0.12, a 99 percent fall in its market price. The cryptocurrency also held a total market cap of $64.978 million and a 24-hour market volume of $7.205 million.

Next in line was the Bitcoin Gold, a proposed spinoff from Bitcoin which was built to tackle the “shortcomings” of the world’s largest cryptocurrency. Alejandro Regojo was responsible for the Bitcoin Gold forking that occurred on October 23, 2017, a few weeks before Bitcoin rocketed towards the $20,000 mark.

BTG had made a name for itself when it gained in value to settle at $500.13 after which had a period of massive fluctuations. Post the Bitcoin ATH time period; there was no question about BTG’s impending price fall, which culminated in the cryptocurrency falling to its current low of $5.75. The 99 percent price drop was also perpetuated by its market cap taking a hit, currently holding at $100.68 million.

Cryptocurrencies like NEO, Tron and Bitcoin Cash had fallen by 95 percent from their peaks, and these assets were now in a battle against the bear. While Bitcoin has been getting a lot of hate from the public recently, many failed to realise that it was holding much stronger on the charts.

Compared to the 80-90 percent prevalent among major cryptocurrencies, BTC had only fallen by 62 percent from its ATH. It is not surprising as its ATH was etched into crypto history when the asset’s value shot to $19,700 in December 2018. At press time, Bitcoin was trading for $7351.41 and held a reduced market cap of $133.014 billion.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Millions worth of EOS moved between exchanges as community speculates intentions

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Cryptocurrency transfers have dictated the flow of the market and whether users were still vested in the industry. Despite the recent bearish falls in the cryptocurrency market, several asset movements have occurred that have led many in the space to believe that the real HODLers were still very much active.

Just recently, Whale Alert, the popular cryptocurrency data aggregator website, revealed that more than 8 million EOS tokens were transferred from Upbit to Bittrex after signals indicated a renewed interest in the market. The transfer amounted to a whopping $22.29 million and had a timestamp of 5:22 UTC on November 27.

Upbit and Bittrex are two exchanges know for EOS holdings in countries focused on creating a more decentralized financial ecosystem. The hash for the transaction was f438223f77de52d3db27139451cdfa137c8b77678424912f17c4ba6644f24eb9 occurring on block number 91,998,705. EOS and Block One have spoken highly of the system’s efficient use earlier, and this particular transaction held onto that norm with a CPU usage of 199 microseconds.

After the transfer, the Upbit address had a balance of 2168.4 EOS tokens worth $5521.18. Meanwhile, the receiver wallet had a whopping 27.21 million EOS tokens in its kitty amounting to a healthy $68.027 million. The receiver wallet had multiple significant transfers occurring on the platform as it further witnessed an 8.558 million EOS and 23,176 EOS token movement in the span of a few hours.

Once the transfer was made public by Whale Alert, some users claimed that the EOS tokens should be just converted to Bitcoin or Ethereum and then traded. There was also speculation that the exchange was hacked, but then again, they were only based on rumors spread by certain members of the cryptocurrency industry.

Other than the latest transfer, there has not been much happening on the public front with regards to the seventh-placed cryptocurrency. The last boost it received in public was when the Chinese Ministry of Industry released its rank list of cryptocurrency projects. EOS had come out on top, beating the likes of behemoths like Bitcoin, Ethereum, and XRP. The CCID rankings were based on three significant factors: Basic technology, applicability, and creativity.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Millions worth of USDT and EOS transferred across wallets and exchanges as communities rally

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Significant cryptocurrency transfers have always made news as the movement of a substantial amount of capital has resulted in various shifts in market dynamics. A recent transfer reported by Whale Alert, a cryptocurrency data aggregator, showed that almost 20 million USDT was transferred from an unknown wallet and the Binance exchange.

Since it was a Tether movement, several members of the industry claimed that it was just a pump and dump scheme and that it didn’t’ amount to anything significant. At the same time, the $19.95 million transfer was not taken lightly by other members of the community as the market was moved sideways for some time now. The hash for the transaction was b2db77002bea5f0d66e5411a348e7d8ca1d73e65f8ff230ca0015459ade99a18 with the transfer occurring at block 14487982. The time of transfer was 11:38:39 on the 14th of November.

The unknown wallet held an address of TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q with a balance of a negligible amount of TRX, BTT, USDT, and WINK. The 19.9 million USDT transfer occurred in one fell swoop and not in multiple transfers.

The receiving wallet address was TAUN6FwrnwwmaEqYcckffC7wYmbaS6cBiX, with the number of transactions clocking in at 1454123. Post the transfer; the wallet had 195.655 million TRX tokens and another 518,816 TRX tokens that settled after BTT transactions. The total balance of the wallet after all the transactions was 22.133 billion TRX.

Tether was not the only cryptocurrency that was transferred between wallets as reports also showed that a million EOS tokens were also sent from one unknown wallet to another. The transfer amounted to $3.409 million and had a timestamp of 5:19 on 14 November. The number one EOS pool was ‘eoshuobipool,’ with the pool being set up in China.

That particular pool had 2.944 percent of all the votes, which was approximately 331.11 million in number. The receiver wallet had an address of ‘vqsaeptppqwh’ at 39 percent RAM usage. The total wallet balance after the transfer was $3.410 million, with multiple transactions occurring at the same time.

EOS had taken a hit recently when Weiss Crypto Ratings stated that Cardano was clearly superior to the eighth most significant cryptocurrency. In June of this year, Weiss Ratings had downgraded the score of EOS because of issues related to centralization.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.