The crypto markets are generally in the red, but Loopring (LRC) has overcome the generally downward direction to be trading at $0.70 and up 4.98% in 24 hours. The reason for this good performance amidst the general decline in the crypto markets is the announcement that LRC is now available for trading on the popular South Korean exchange, Bithumb.
The announcement was made by the founder of the Loopring Foundation, Daniel Wong.
In the medium post, Mr. Wong had this to say about the listing:
“Loopring’s protocol token on Ethereum, LRC, was just listed by Bithumb, the 6th largest crypto-exchange world-wide. Thank you, Bithumb.”
Bithumb is one of South Korea’s most popular exchange and this is evident it its daily trade volume. At the end of 2017, the site had a daily turnover of approximately $1.3 Billion. That level has since declined in tune with the general decline in the markets, and currently has a daily trade volume of $789.5 Million at the moment of writing this. Bithumb is currently ranked 6th on coinmarketcap.com and according to exchanges that charge trading fees.
The other South Korean exchange that is currently doing more in terms of daily trade volume, is Upbit which is ranked fifth on coinmarketcap.com. The exchange has a daily trade volume of $982 Million.
The listing of LRC on the exchange adds to the much-needed liquidity of the token for trade in the crypto-markets. LRC is now available in 32 exchanges. This is impressive on an individual token level but considerably lower when compared to The King of Crypto, Bitcoin, that is available in 400 exchanges.
Loopring is a token, a protocol as well as a decentralized automated execution system that trades across the crypto-token exchanges, shielding users from counter-party risk and reducing the cost of trading. It does this by pooling the liquidity of cryptocurrencies possessed by users on the platform and breaking orders into smaller pieces that are placed across all market venues simultaneously. It identifies the best exchanges and times to trade hence optimizing trading results.
The protocol is able to do this since it is blockchain agnostic. This means that it can integrate with any other blockchain protocol in the crypto-verse. It is based on the Ethereum ERC20 protocol, making it easier for tokens created on the same ERC20, to be easily traded using Loopring.
The project and token are relatively new in the Crypto-verse. Evidence of this can be seen on the token’s price charts that only date back to August last year. An updated whitepaper is now available on the Loopring website.
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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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TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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