The Ethereum blockchain has been able to tokenize just about anything. From what we have seen so far, there have been tons of forks and side projects using its functionalities to bring tokenized versions of Bitcoin to the crypto economy.
In the latest digital currency news, we have a new tokenized version of Bitcoin to the economy. We are talking about Universal Bitcoin (UPBTC) – an altcoin which was designed by the Universal Protocol Alliance group which is essentially a consortium of blockchain companies that are focused on tokenizing non-Ethereum blockchain projects on Ethereum.
The founding members of the alliance include the exchange Bittrex, the blockchain security startup CertiK, the crypto lender play Cred, the Basic Attention Token (BAT) creators at Brave browser and even more members.
All of the UP Alliance members, as the headlines show, have joined their forces to build the Universal Protocol Platform which is meant to become a step towards ““all cryptocurrencies [being] convertible on a single network,” as the coalition’s website explains.
In this manner, UPUSD was announced as a new stablecoin last week, being named the Universal Dollar. The group also announced that their first major cryptocurrency token launch will be the release of Universal Bitcoin (UPBTC) which will be a token pegged to the value of Bitcoin – and a cryptocurrency that can bring 10% annual returns through the CredEarn lending program, as the coalition claimed.
According to the Chairman of the UP Alliance Dan Schatt, the tokenization effort was all about bringing another reliable way to transact BTC via Ethereum. As he stated:
“We are bringing Bitcoin to Ethereum in the form of a secure proxy token that can now reason with any Ethereum application. UPBTC is the safe, convenient way for anyone to hold and interact with Bitcoin and benefit from the same consumer safeguards, code integrity, transparency and interoperable properties as the Universal Dollar (UPUSD) and every other Universal Token issued through the Alliance.”
The UP Alliance, however, is not satisfied with this move. The group also said that it was looking to launch more than a handful of wrapped tokens every year, stating:
“The Alliance, whose mission is to attract the next 100 million users of crypto, will mint 6-8 new Universal Tokens every year and all digital assets that are minted as proxy tokens will exist on Ethereum and can be reasoned with directly by Ethereum’s many decentralized applications, decentralized exchanges and smart contracts.”
All of these tokens will be compatible with the Universal Protocol Token (UPT) which will cover their conversion fees on the Universal Protocol Platform.
Two Miners Reportedly Executed A 51% Attack On Bitcoin Cash (BCH) Blockchain
“When the unknown miner tried to take the coins themselves, http://BTC.TOP & http://BTC.COM saw & immediately decided to re-org & remove these [transactions] TXs, in favor of their own TXs, spending the same P2SH coins, + many others … So just 2 miners, in secret & w/ no trouble, took it upon themselves to remove 2 blocks w/ another’s TXs, & replace with their own," Swann tweeted.The two miners and their attack are a topic shared by many best cryptocurrency news sites. However, 51% attacks have always been considered unethical, undesirable and unprofitable option to take away funds as it would require a massive amount of computing power and because of the fact that users would flee. According to other stats on Coin.Dance relevant to the two miners, BTC.top and BTC.com control 43% of the Bitcoin Cash mining pool together. Meanwhile, this is not the only mining attack featured in the coming altcoin news. Previously, the Ethereum Classic (ETC) blockchain experienced a 51% attack in January, resulting in a loss of 54,200 ETC.
GlobalCoin By Social Media Giant Facebook To Roll Out By 2020
Galaxy Digital ‘Bank’ Cashes Out Of Block.one Investment With 123% Profits
“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
Crypto Market Retreat: $14 Billion Wiped Out Overnight
Join us on Facebook
- Bank Of Russia Is Interested In Developing A Gold-Backed Cryptocurrency
- Litecoin Is Leading The New $10 Billion Market Surge
- CME Futures Gaps Show Bitcoin Could Be Headed To $18,000 (Or Higher)
- Blockchain For Timepieces: World’s Oldest Watch Manufacturer Gets Involved
- Two Miners Reportedly Executed A 51% Attack On Bitcoin Cash (BCH) Blockchain
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News4 days ago
Bitcoin Whitepaper Copyright Registration Filed By Craig Wright
Analysis2 days ago
Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%
Bitcoin News4 days ago
Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
Altcoin News4 days ago
Tether Issuer Claims It Had Invested Its Reserves Into Bitcoin
Blockchain News3 days ago
YouTuber PewDiePie Helps Blockchain Platform Grow Its User Base By 67%
Regulation3 days ago
Central Bank Of Laos Warns Against Using Cryptocurrency
Altcoin News4 days ago
Most Altcoins Report Moderate Gains, Bitcoin Reaches $8,000
Bitcoin News5 days ago
Bitcoin In Myanmar No More: CBM Sees It As Liability