Bitfinex Launches Open Source P2P Data Streaming Platform

Bitfinex Launches Open Source P2P Data Streaming Platform
June 30, 2020


The cryptocurrency market remains range bound with slight bearish bias. Bitcoin (BTC) is struggling to stay above $9,000. In the past 24 hours, Bitcoin has gained 0.5% to trade at $9,177. Ether (ETH) has gained 0.9% to trade at $227.47. XRP has lost 0.7% to trade at $0.1771. Other major altcoins which has gained ground in the past 24 hours include LEO (LEO-$1.25, 0.8%), ChainLink (LINK-$4.63, 1.0%), Stellar (XLM-$0.06509, 0.6%), Bitcoin Cash (BCH-$224.56, 1.0%), Ethereum Classic (ETC-$5.82, 0.9%), Tezos (XTZ-2.39, 0.1%), Cardano (ADA-$0.0843, 2.8%), Litecoin (LTC-$41.82, 1.4%), Tron (TRX-$0.0163, 2.0%), IOTA (IOTA-$0.2140, 2.9%), EOS (EOS-$2.38, 0.7%), Binance Coin (BNB-$15.53, 0.5%), Huobi (HT-$4.19, 0.2%), Cosmos (ATOM, $2.63, 5.6%), OKB (OKB-$5.07, 0.2%), Monero (XMR-$63.95, 0.8%), and Dash (DASH-$68.70, 1.5%). The only altcoin which has lost ground in the past 24 hours include Bitcoin SV (BSV-$159.12, -0.9%).


Government level initiatives

Kunming completes the creation of the bidding platform “Kunyilian.”

Kunming, a city in Yunnan province of China, has finished the creation and internal trial of the nation’s first totally blockchain-powered public resource bidding platform, which will be used by governments to allot considerable resources to public and private sector enterprises that guarantee to finish a specific project.

Named “Kunyilian,” the bidding platform uses Tencent’s “blockchain-as-a-service” system and aims to address the issues faced by the prevailing public resource bidding procedures. It is anticipated to assist in validating the trustworthiness of centralized firms participating in the bidding procedures to speed up data sharing and safety.

During the pilot trial of the platform, it recorded nearly 60,000 blockchain certificates associated with official bidding info. It now intends to offer its facility to over 30,000 firms bidding for public resources in Kunming.


Sveriges Riksbank publishes document on CBCD, with the focus on e-krona

The central bank of Sweden, Sveriges Riksbank, has published a 98-page document on central bank digital currencies (CBDC), with the focus on the country’s planned digital asset named e-krona.

In a note to readers, Riksbank’s June 18th report stated the following: “The second issue of Sveriges Riksbank Economic Review in 2020 has a special theme, namely central bank digital currencies (CBDC) and the e-krona.”

Last December, Sweden revealed its plan to commence a trial of e-krona, in partnership with Fortune Global 500 firm Accenture. The latest report from the country’s central bank pointed to its 2018 Economic Review elaborating on the e-krona and its developments. The report said: “Riksbank has since continued to delve into various aspects of CBDC, both from an analytical and a practical perspective. Some of this work is summarized in this issue.” 

The central bank’s 2020 Economic Review also justifies the need for a Swedish CBDC, highlighting the country’s monetary issues and other factors. The research report also discusses competition and other considerations.

Notably, there is one reference to blockchain in the entire document, on page 89, which reads as follows: “An open DLT network is associated with several disadvantages; every transaction must be verified by every participant (cf. blockchain) in a time and resource-consuming manner. The responsibility for the Riksbank regarding AML, KYC & CTF could be indefinite. Fraud and cyber-attacks are hard to prevent in an open network.”


Private sector initiatives

Bittrex Global lists Kadena (KDA)

Last week, Bittrex Global, a popular cryptocurrency trading platform, listed Kadena (KDA), a token derived from JP Morgan’s blockchain spin-off. The KDA token is the native crypto of Kadena’s hybrid blockchain platform, which uses conventional PoW (proof of work) consensus. After Kadena rolled out mining last November, KDA token liquidity has increased by 35 million so far. Will Martino, co-founder and CEO at Kadena, has stated that roughly 100 million KDA tokens will be mined within a year.

The exchange has already started accepting token deposits on KDA wallets.

Currently, two KDA based crypto pairs are offered for trading: one based on Bitcoin (BTC) and another based on Tether (USDT), a popular stable coin. By rolling out KDA token on Bittrex Global, Kadena draws considerable exposure. Bittrex is one of the largest cryptocurrency exchanges across the globe, with an average daily trading volume of roughly $37 million.

Nevertheless, trading in KDA based pairs is not possible for residents of the US and other sanctioned countries such as Cambodia and Egypt, where Bittrex Global does not operate.


Bitfinex launches P2P data streaming platform

Cryptocurrency exchange Bitfinex has launched an open-source P2P (peer-to-peer) data streaming platform that will permit users to share media content throughout a decentralized network. In this regard, the code for Bitfinex’ “Dazaar” covenant has been posted on GitHub, a code repository hosting service, highlighting a decentralized network in which operators of distributed node save the data distributed among users.

Bitfinex has pointed out that the creation of the platform was encouraged by the rising dependence on centralized platforms such as social media, search engines, and messaging apps to pave the way for the sharing of info and media. Bitfinex explains the Dazaar platform as a crypto-based covenant for monetized info streaming.

The platform was created by improving the Hypercore Protocol, owned by the Massachusetts Institute of Technology. The protocol is a “distributed append-only log” distinguished as consisting of a “lightweight blockchain crossed with BitTorrent.”

Buyers and sellers can transact on the platform through a cryptographic identifier named “Dazaar Card.” Sellers can buy stream by paying with credit cards or cryptocurrency assets. The covenant also includes a live-streaming desktop application that permits sellers to administer subscriptions and broadcasts.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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