XRP Ledger to Become First Carbon-Free Blockchain

XRP Ledger to Become First Carbon-Free Blockchain
October 8, 2020

 

Bitcoin (BTC), which is trading in a tight range of $10,500 to $11,000, is keeping the entire cryptocurrency market range bound. At the time of writing this article, Bitcoin, which has a dominance factor of 57.8%, was trading at $10,639.56, up 0.4% in 24 hours. Ether (ETH) was trading at $339.66, reflecting a gain of 0.6%. XRP was trading at $0.2475, an increase of 1.5% in 24 hours.

Major altcoins which have rallied in the past 24 hours include Cosmos (ATOM, $4.88, 4.3%), Dash (DASH-$65.68, 0.9%), Monero (XMR-$109.14, 0.5%), Polkadot (DOT-$3.80, 3%), IOTA (IOTA-$0.2545, 1.5%), OKB (OKB-$6.09, 1.8%), Litecoin (LTC-$46.32, 1.7%), Bitcoin SV (BSV-$162.75, 3.2%), Bitcoin Cash (BCH-$222.11, 1.7%), Cardano (ADA-$0.0929, 2.1%), ChainLink (LINK-$8.84, 2.2%), Tron (TRX-$0.02533, 0.1%) and Huobi (HT-$4.55, 1.1%). Major altcoins which have lost value in the past 24 hours are Tezos (XTZ-$2.06, -1.8%), Binance Coin (BNB-$27.43, -0.2%), EOS (EOS-$2.63, -0.5%), and Stellar (XLM-$0.0718, -0.1%).

 

Government level initiatives

Eesti Pank is researching launching a digital currency framework

Eesti Pank, the central bank of Estonia, has unveiled a research program to identify the most suitable method of establishing a digital currency framework. As part of the research, Eesti Pank is collaborating with tech firms SW7 Group and Guardtime. The central bank intends to investigate whether a keyless signature infrastructure (KSI) blockchain tool is adequate to run its digital currency. The government has already integrated KSI blockchain technology for its e-government services. The bank’s venture will also explore the feasibility of unique payment solutions “that can be made possible by using electronic IDs and other Estonian e-government solutions.”

The venture comprises of multiple stages and will continue for approximately two years. The initial phase will explore how to develop a scalable, real-world platform with reliable security. The platform should also be secure, robust, and should have the ability to handle transactions at a fast rate.

Regarding the venture, Rainer Olt, head of the bank’s Payment Systems Department, said: “As a small central bank, Eesti Pank carefully chooses which development projects of euro area central banks we can make a meaningful contribution to. Estonia’s unique wealth of experience provides a good impetus to launch a project with technology companies SW7 and Guardtime to explore technological opportunities. The latter is Estonia’s long-term cooperation partner in the field of the blockchain and a complete top in the world in its field.”

 

Private sector initiatives

XRP Ledger to become the first carbon-free blockchain

XRP Ledger is on course to become the first carbon-free blockchain. The information was revealed by XRP Ledger Foundation, Ripple, and Energy Web. The Foundation has acquired energy attribute certificates (EACs), comparable with renewable energy certificates (RECs) to match the power utilized by the network in 2021. The certificates route funds to renewable energy providers, subsidizing power generation.

Walter Kok, CEO of Energy Web, the renewable energy blockchain organization, said, “With this announcement, we’re turning the ‘blockchains use too much energy’ issue completely on its head by converting entire blockchain networks into direct investors in zero-carbon renewables.”

The XRP Ledger Foundation is a new institution established a week before to aid the functioning of Ledger. One of the main reasons for establishing the Foundation is to illustrate that Ripple does not control XRP. Both the Foundation and acquisition of EACs have been financially backed by Ripple, Gatehub, and Ripple funded firm COIL.

 

Contour blockchain-powered trade finance platform is launched

Singapore-based Contour’s blockchain-powered trade finance platform has gone live. The platform is backed by banks such as Citi, Standard Chartered, and HSBC. Initially, the company, set up eight months before, had seven founding members, but later, five more banks joined the consortium. The company was set up only eight months earlier.

Contour, previously referred to as Voltron, initially focused on Letters of Credit, which involves many paper-based procedures. Piloting the platform led to the conclusion that L/Cs’ average processing time of L/Cs decreased to mere 14 hours, from 10 days.

Contour’s CEO Carl Wegner said, “The timing could not be more prescient. The pandemic and subsequent lockdowns have amplified the need to find more effective methods of conducting trade, reducing the sheer volume and level of contact points, streamlining processes, reducing costs and improving efficiencies.”

The company stressed that the platform not only supports finance but also negates overall risk.

 

Miscellaneous

Ethereum Network sees record high computing power, says Glassnode

Ethereum network is witnessing record high computing power as per data provided by on-chain analytics firm Glassnode. Specifically, the hash rate recorded hit a peak of over 250 terahashes per second (TH/s) on October 6th, reflecting an increase of 80% since the beginning of this year. Glassnode has pointed out that the DeFi rage, which caused a hike in gas fees, could be one of the main reasons for the historically high hash rate.

Furthermore, data published by cryptocurrency mining pool F2Pool indicates that it is approximately three times more profitable to mine Ethereum (ETH) instead of Bitcoin (BTC).

F2Pool, which computes mining profitability by assessing current revenue (based on transaction fees and block reward) and subtracting the power cost, has reported that Bitcoin Antminer S19 Pro miners can generate $4.33 in profits in 24 hours, while ETH miners utilizing GTX Titan V8 cards can anticipate $15.56 during the same period, rendering it 259% more profitable. Six mining rigs tracked by F2Pool indicate that Ethereum miners generate a daily revenue of over $10, in comparison with the two Bitcoin mining rigs which have made profits of more than $4.

In addition to the computing power of a network, the hash rate reflects the robustness and security of a blockchain. In August of 2018, the hash rate of Ethereum hit record high levels of 246 TH/s. As the hash rate decreased, Ether’s price fell from $400 to $100 by December 2018. Last month, Ethereum miners earned $166 million purely from transaction fees. On the contrary, Bitcoin miners earned only $26 million during the same period.

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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