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Top 3 Trends in the Crypto Space Right Now

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trends in the crypto space

With the price of Bitcoin on a tearing run, it’s hard to say we’re all in this for the tech. However, luckily for the advancement of the space, beyond the speculators, there are plenty of blockchain companies building, innovating, and pushing the envelope. With that in mind, here are the top three trends in the crypto space right now.

1. IEOs (Initial Exchange Offerings)

ICOs are dead. Every man, woman, and their respective dogs know that the SEC pretty much killed that phenomenon. The downward pattern from 2018 that continued into this year shows an almost uncontested freefall.

ICOs are dead

Perhaps it was a good thing, considering that more than $1.2 billion of crypto funds were stolen through scam projects and inside deals in the first quarter of 2019 alone.

But while many people in the space predicted the rise of STOs (Security Token Offerings), that particular phenomenon is still waiting at the gates. Many company’s hands are tied or they’re halted by the regulators.

Enter the IEO (Initial Exchange Offering). What is it? 

An IEO is where an exchange sells the tokens through its platform rather than the company directly to the people. And as always, Binance is leading the charge. 

Is it just an ICO dressed up in sheep’s clothing? Pretty much, although the great thing about IEOs is that the exchange is putting its reputation on the line with each and every one. 

That means that investors have the assurance that proper and professional due diligence is put in. The team, the code, the project are legitimate, and investors won’t be duped out of their ETH.

2. Decentralized Autonomous Organizations (DAOs)

When Digitex Futures broke the news about becoming a DAO last month, its community had mixed reactions. It also sparked a lot of questions from the obvious, what is a DAO? to why the company would want to become one.

DAOs are companies that can run autonomously thanks to digitally enforced rules encoded into smart contracts. It’s still a new concept when it comes to businesses and has some unfortunate precedents. Just cast your mind back to The DAO hack of 2016 that split Ethereum in two.

However, three years is a lifetime in a nascent technology cycle. Smart contract technology has moved on from then. Even heavyweights like JPMorgan are experimenting with it to automate a myriad of mundane back-office tasks to improve efficiencies.

It’s easy to see how smart contracts could be used for financial transactions such as paying salaries or providers. But how do they work when it comes to the decisionmaking of the company?

In a DAO, participants vote on proposals related to the organization. This could include whether to hire a new legal team or how and when to pay out bonuses. 

In the case of Digitex Futures, the company isn’t becoming a DAO overnight. CEO Adam Todd is going to tokenize ownership of the exchange and distribute DGDAO (DigiDAO) tokens over the next five years to its current DGTX token holders. 

The community will then hold equity ownership and voting rights and effectively own and manage the company as a collective without any hierarchy. Will it work? Time will tell. But this is almost certainly the future of business governance.

3. Token Burning

Token burning might seem like a very strange concept at first. After all, why would a cryptocurrency company mint tokens just to go ahead and destroy them? Well, it actually makes perfect sense when you think about it. Even traditional public companies operate in a similar way.

Just consider Apple’s $100 billion share buyback plan (and subsequent burning) last year that raised its dividend per share by 16%. Token burning does the same in that it creates more value for the tokens in circulation by reducing the number of them available to buy and sell.

Many cryptocurrency exchanges carry out regular token burning including Binance, KuCoin, and Bitfinex. And it seems to be a pattern that could become the new norm. 

Hot Trends in the Crypto Space

There are constant developments and trends in the crypto space with more and more institutions entering the game and giant corporations like Facebook taking cryptocurrency to the masses. 

It will be interesting to see how these new autonomous organizations pan out and whether IEOs will circumvent draconian legal systems or if it’s all still too new and unfamiliar to be a compliant way of raising funds.

Photo by David McBee from Pexels

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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