At the height of the cryptocurrency boom of last December into January this year, two things happened to Ethereum (ETH). Firstly, it was the preferred coin for funding ICOs. The second is that as a result, its demand skyrocketed to peak levels of $1,400 aided by the general crypto bull run of that period. Now the ICOs that were funded during this peak period, have seen their holdings diminish in value as ETH is now valued at $322. This is a drop in value of 77%. Imagine if an ICO had raised $10 Million in ETH back then, that value is now valued at $2.3 Million and could bring challenges in funding the project.
Also worth analyzing, is ETH’s recent weakness after the SEC decided to delay their verdict on the Bitcoin ETF up until the 30th of September. We saw ETH reach new lows of $309 with some predicting that the fall might continue to the upper $200 levels.
It is with this worrying trend that perhaps Ethereum might be slowly becoming obsolete in a fast-paced crypto and blockchain ecosystem. The platform still has scalability issues as well as security vulnerabilities with the smart contracts created on it. As the Ethereum Foundation looks for solutions, other blockchain projects are presenting themselves from all directions and having already solved some of the Ethereum platform issues.
First on the list is the Tron (TRX) project that can handle 80 times more transactions per second than the Ethereum platform. As a matter of fact, the newly released TRON network is doing 308,754 transactions per day, compared to 641,927 Ethereum’s transactions per day, and at the moment of writing this. This means that the TRON network is halfway towards eclipsing Ethereum’s daily transactions, and its Mainnet is hardly 2 months old.
Also, the Tron network uses bandwidth rather than gas. Therefore, transactions on the Tron network are virtually free. More users are sure to flock to the Tron network for the cheap transactions.
Other potential threats to Ethereums’ dominance of smart contracts are Cardano (ADA), Zilliqa (ZIL) and IOSToken (IOST). All these projects have showcased that they can increase the transactions per second (throughput) and make smart contracts on their platform more secure than those on the Ethereum Platform.
Therefore, Ethereum might be headed for further decline before it can be dominant again. The resurgence of Ethereum will be dependant on whether they implement the scalability solutions that have been recommended for the platform. Otherwise, ETH will be the choice currency by traders who simply want to short it.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…