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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is extremely popular in most parts of the world as it helps friends and family to communicate with one another at no additional cost.  And, it is through WhatsApp that the Libra currency should perform especially well.

Privacy Concerns

Although the excitement is palpable, Libra doesn’t come without its fair share of critics.  The critics point to a series of failings at the corporate level regarding the protection of sensitive consumer data.  Facebook has been involved in quite a few incidents starting with the 2015-2016 period in which nefarious groups were able to exploit Facebook for political gain.  There have also been a few hacks and data breaches which resulted in the theft of personal data.

Given those concerns, it certainly isn’t a guarantee that Libra will succeed.  Facebook will have to prove that it is once again worthy of the public’s trust.  And it will also face stiff competition as the race heats up to become the king of cross border payments.

Competitors to Libra Currency

Dash currency has already proven itself useful in economically plagued Venezuela.  More than 17% of Venezuelans have fled the country since the economic collapse that began several years ago.  The World Bank currently estimates that the country’s inflation rate will reach 10 million percent in 2019.  That sort of inflation essentially renders the sovereign currency useless.  And it makes it nearly impossible pay for goods as consumers would have to drag bags and bags of cash with them to buy a loaf of bread, or a pair of shoes.

Dash is a private digital currency designed to help consumers make payments for purchases made online or in-store anywhere in the world.  Payment confirmations are done in less than three seconds while cryptographic security is guaranteed through a payment verification process that makes use of the mining power.  Dash recognized that the citizens of Venezuela needed an alternative to the quickly sinking Bolivar.  It has made significant inroads with brokers and merchants in order to allow citizens to use it for payment.  Not only does it eliminate the need to carry bags of cash, it also helps Venezuelans maintain their wealth by minimizing inflation.  And although cryptocurrency prices have been volatile over the past 18 months, it pales in comparison to the volatility in Bolivar.

In addition to Dash, SonicX (SOX) is another promising cryptocurrency global payments solution.  SonicX created a blockchain platform that is based on Tron’s (TRX) architecture.  In addition to all the great features that Tron has, SonicX boosted the number of transactions that the platform can handle and introduced a community structure that will give users a say in how things work.  One of Bitcoin’s major failings is its lack of scalability.  This became especially evident in late 2017/early 2018 when the network was constantly bogged down because of volume.  Currently, Bitcoin is only capable of processing 7 transactions per second.  Compare that to the Visa which is capable of 25,000 transactions per second.  It’s not feasible.

The SonicX Consensus Mechanism (SXCM) digital governance system allows the Tron network to increase the number of transactions that are possible in a given period, and it adds an architecture that allows for Supernodes.  Supernodes on SXCM are selected to generate new blocks, while regular nodes validate transactions.  The end result is a network that is capable of processing approximately 5,000 transactions per second which would far surpass the capability of any other cryptocurrency.

July is an extremely busy month for SonicX.  On July 15th, TRX holders received a SOX airdrop.  Additionally, on July 30th, SonicEX (exchange) will launch.  The company’s IEO (Initial Exchange Offering) will also begin on that same day.  Details of the company’s IEO are as follows:

  • 1st batch will be 500 million coins which is scheduled to begin on July 30th at 7am UTC
  • 2nd batch will be 1.5 billion coins which is scheduled to begin on August 1st at 7am UTC
  • The 3rd and final batch will be 2 billion coins which is scheduled to begin on August 3rd at 7am UTC

Final Thoughts

There is an incredible amount of excitement regarding the Libra announcement.  Because of Facebook’s global reach and its brand name, there is a really strong chance that the Libra launch could spark the beginning of cryptocurrency mass adoption.  But, while Facebook certainly has the brand name, it isn’t the only game in town when it comes to global payments.  Dash and SonicX are just a few examples of smart, entrepreneurial companies aiming to do their part.

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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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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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