Matic Network, a crypto project backed by the crypto exchange giant Coinbase, surged up to 76 percent in 24 hours. The project is aimed at scaling ethereum and it traded at $0.31 with a market cap of $66.8 million so we read more about this amazing project in today’s altcoin news.
The daily trading volume of the Matic Network is over $250 million which means that the daily volume of some other larger projects such as Monero, IOTA and Cardano is exceeded. Since the beginning of May, the coin increased by more than 600 percent.
The main goal of the Matic Network is basically a blockchain solution or a scalability solution. The startup provides an off-chain scaling toll of the Ethereum network but for other existing networks as well. It aims to ensure a better user experience regarding the decentralized applications. The ecosystem incorporates a digital wallet, SDKs, payment APIs, and ID solutions. There are other products that are implemented in the project as well that will enable developers to build and shift dapps developed on other platforms such as Ethereum.
The Matic network will use a modified version of Plasma but with a Proof-of-Stake based side chains. The project is still in its early ages. It was launched on Binance less than a month ago which means that Binance is responsible for more than 98% of the token’s trading volume. Matic is one of the Binance Launchpad coins that expressed some impressive returns and benefits.
Matic revealed that it has joined the Binance Info transparency initiative that will help investors to always be updated about the progress of the project. The community now hopes that the Matic network will be listed on Coinbase since the team announced they secured funding from the Coinbase Ventures.
As reported in the latest cryptocurrency news, Matic will integrate another Coinbase-backed crypto the USD Coin on its sidechains. Coinbase, on the other hand, will let its wallet users use the Matic network in order to transfer and trade cryptocurrencies. Investors believe that Coinbase should list the token but some members of the community believe that the project won’t benefit a whole lot from the listing.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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