Let’s talk about Voxels (VOX). This coin is up nearly 1,500% over the last few weeks alone and, a short correction aside, is currently looking like it’s going to continue running into the start of a fresh year.
So what’s behind the action and what does it all mean for the coin, the company behind it and VOX holders?
Let’s take a look.
This one’s an interesting one. The coin, VOX, is a sort of in-platform virtual currency that’s designed to be used in the Voxelus platform, which is a platform that allows for the building, creating and publishing of virtual reality (VR) games and environments.
Taking a step back for one second, a voxel (outside of the crypto space) is a sort of 3D pixel. It’s the foundation on which games like Minecraft are built and it’s the building block of the worlds that players of these games create. That’s where Voxelus has taken its (and, in turn, it’s cryptocurrency’s) name.
That’s a bit of an aside, however.
In the Voxelus platform, people can build things that basically internal or external environments and then place objects, people, vehicles, all that sort of thing within the world/environment they’ve created. They can then set objectives within the game (with the objectives forming the basis of the game) and – once everything is in place – launch the game on the Voxelus platform so people can play it.
So where does the Voxels currency come into the equation?
In order for developers to buy items, environments, game objects, all that, they’ve got to first purchase VOX and then use the VOX to transact. Similarly, players that are in the virtual environments can use VOX as a currency with which to transact both with other players in the same environment or with the game itself, unlocking extra features, that sort of thing.
So why is the currency moving?
Voxelus as a platform is getting a lot of attention right now as it’s undergoing a rebranding and it’s about to launch a brand new game. The suggestion is that, through the rebranding, the company can up its game as far as onboarding fresh users (and, in turn, fresh content) is concerned.
The more users and content that’s being created on the platform, the more volume we’re going to see in VOX across the major exchanges as the users acquire it to transact within the Voxelus ecosystem.
And we’re starting to see this sort of volume boost already – the coin saw around $20 million in volume over the last twenty-four hours alone. Go back a month and you’d be hard-pressed to find $200,000 in volume in any one twenty-four-hour period.
And what does all this say about what we can expect going forward?
Well, this is a company that’s just starting to hit that point at which it could really take off and go from a respectable but relatively steady base of users to one that’s growing exponentially. It’s got great management (the guy who created it, Halsey Minor, founded CNET and is the largest investor in SalesForce) and it’s operating in an industry that – in and of itself – has hit a takeoff point both in the US and internationally – VR is expected to be worth $25 billion in the US alone by 2021.
A well placed company, strong leadership, booming industry, smart concept and a growing base of users says one thing to us – that there’s real potential for added strength going forward into the start of 2018 and beyond.
We’re on the lookout for a rebranding success as being supportive of this bull thesis longer term.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Voxelus.
Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…