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Why IBM (NYSE:IBM) is Getting Serious about Stellar (XLM)

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Founded in the early years of 2014 by Joyce Kim and Jed McCaleb, Stellar is considered as an open source protocol for exchanging money. Although, it is the offshoot of Ripple, yet there are few philosophical differences. While Ripple focuses on providing solutions to banks, Stellar on the other hand aims to simplify the payment system for people.

Stellar (XLM) has become one of the most well-known topics in the realm of cryptocurrency because of its connection with one of the tech giants IBM. According to the latest updates IBM is providing 9 key validators for Stellar’s network. IBM also mentioned Stellar (XLM) as one of the most explored spaces in the blockchain.

Right now, there is a craze for tokenized assets are a result of the surge in interest for Stellar. However, in spite of the current bearish trend in the market people are still showing a keen interest in investing in digitalized assets.

What Causes The Rise of Stellar(XLM) to $1.09

According to the current updates IBM has been planning to meet with the executives from large corporations, commodity trading platforms and global central banks for finding ways of saving money by using cryptocurrency and the blockchain technology.  Stellar’s partnership with IBM, has already announced in last October. The partnership further, strengthens the use of Stellar, as the cross-border payments by making the digital connection of the fiat currencies on both ends of the transaction. Stellar now replaces Swift, by building a strong bridge.

Several, central banks consider issuing their own digital cryptocurrency and many of these banks use IBM products and services in their backend. Thus it is, natural to assume that the new crypto by these central banks will use the Stellar blockchain. This blockchain is capable of issuing their own tokens and smart contracts that are less malleable than the Ethereum smart contracts but it also has some certain qualities that the Central Banks would like to add in their control of transactions.

Stellar smart contracts are revealed as compositions of the transaction that are generally implemented and linked using several constrictions that are executed by the coder. These constraints comprise of multisignature, sequence, batching/atomicity, sequence and time bounds. These constraints will be absolutely perfect for the cryptocurrencies issued by the central bank.

According to the price analysis by the cryptocurrency market expert, although the market is still bearish yet, Stellar is trying to bounce off the downward trend line. Thus, the implementation of the stellar platform keeps on growing with IBM and its association with 20 global Central Banks. IBM is, in fact, running 9 Stellar nodes in order to confirm the transaction location around the world.

Blockchain Banking

The blockchain banking process generally depends on Bitcoin-like digital currency, known as Lumens only to facilitate the cross-border payments. In recent scenario, the banks opted for such payment options by maintaining foreign accounts in a local currency that is generally known as Nostro accounts. By using this blockchain arrangements banks will keep up the transactions using Lumens and then they try to convert the lumens into the local fiat currency by depending on the local market. These Lumens, created by the non-profit foundation Stellar, is a well-known name in the realm of the cryptocurrency world.

Both Stellar and IBM have become the part of the project named Hyperledger Fabric that is built on the open source blockchain tools that intend to support the infrastructure of the payment system.

As the future predictions made by the cryptocurrency market expert banks will use the Stellar’s digital currency on a temporary basis. There is a higher chance that the banks will start issuing digital currency on their own. These digital currencies will become an essential part of blockchain based money transfers.

Is it the right time to invest in Stellar?

As the time passes by, the Stellar platform is developing gradually and it is getting better day by day. There is a huge possibility that Stellar, after its association with IBM, is adopted by most of the central banks all over the world. The value of Stellar is growing at a significant rate. Thus, this crypto coin is giving a serious challenge to Ripple. Moreover, the volume can also get increased as its adoption by the financial sectors and ICO projects. Thus, it is the golden time to make an investment in Stellar, as later there is a huge possibility that the price can go up.

We will be updating our subscribers as soon as we know more. For the latest on XLM, sign up below!

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.

Image courtesy of Kansir via Flickr

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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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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