 |
| Where Does Crypto Stand Right Now? |
The Bitcoin price is ranging right now and we are ranging hard while we did a deep dive on what to expect if you are a bitcoin holder. I just talking Altcoins so like always check the time stamps down below to find the news that's best for you and let's jump in starting with our first piece of news involving.
Algorand
Algorand has just rented out a time square billboard to tout their green credentials ahead of earth day. But this ad buy comes with a dark twist, so if you hold the Algo token a lot of you are excited about this. I guess this is a rendering of Al grant's time square activation this is what the ad is intended to look like but in their viral attempt to send a message. I guess on Thursday, April 21st which I guess is Earth Day they will darken Times Square in New York to exhibit Algren's dedication to sustainability so they will darken Times Square to show that Algrant cares about the earth-saving energy. The takeover will begin with a billboard showing an environmentalist called to action so we will begin with their ad before going dark for an hour starting at 8 PM Eastern Time.
The ad spending is pegged to Earth Day in the US in a direct quote from Algrand Foundation CEO on why they are doing this. We wanted to make a bold statement on a large platform to educate the general public that advances in Blockchain Technology like those employed at Algrand have made it greener and more sustainable than the first generation proof of work Blockchains and definitely more green than traditional banking in financial rails very interesting. I could see something like this definitely being picked up by all the mainstream media outlets and potentially going viral and just to give you the Stats Times square going dark for One Hour saves Six Thousand Five Hundred Kilowatt Hours of Electricity according to Al grand and their CEO said that figure is equivalent to 350 Million transactions on the Algrant Blockchain.
Moon Birds NFT's
fly on their debut clocking
in over 200 Million Dollars in sales and the project is the first tied to Kevin
Rose's proof collective a private community of NFT collectors. Whose membership
pass cost at least 99 Ethereum. This private collective sort of got their
first pick got first access to the mint I believe but let's just go over the
details and unpack this together the collection of 10,000 PFS’s(Profile Pic) has
racked up 69, 000 Ethereum worth Hundreds of Millions of Dollars in total sales,
boasting a floor price right now of 21.3 Ethereum (roughly$ 64,000) each for
each of these NFT’S there is a minimum of a $ 64,000 floor price at least at
the time of recording the debut. Moon Birds is on top of OPEN SEA’S volume leader board not just for the week but for the last
30 days, ahead of Azuki (50,000 Ethereum) volume and ahead of Board Api Yacht Club (35,000 Ethereum ) volume.
So it's beating out the
Blue Chips at least for its first month. anyway, the final thoughts the controversy
for this mint was this the project's mint came with some controversy from
complaints of a hefty 2.5 Ethereum mint
price to also raffle manipulation and concerns of rarity sniping which is
projects leaders buying up rare editions using insider knowledge by its
developers anyway that is what's going on in NFT land.
Terra Luna
Terra Luna's stable
coin UST becomes Crypto's third-largest so the Dollar pegged UST has overtaken finance
USD to become the Crypto Market's third-largest stable coin by market capitalization
a big day. If you hold Terra Luna as their stable coin is a part of the
ecosystem now will this trend continue is this just hype at the moment time
will tell but just to paint the picture what's the difference with these
table coins BUSD for example is a fiat-backed stable coin meaning the stable coin's
custodian in this case PAXOS for BUSD holds the equivalent amount of BUSD circulating
in cash, cash equivalents or other traditional assets.
So the backing is held by a centralized
custodian very similar to USDC and USDT but with Terra's stable coin. However, is built much differently instead of a centralized entity holding traditional
assets be it cash or bonds this stable coin is designed to keep its peg to the
greenback the dollar via a mint and burn mechanism as well as savvy market
arbitragers. UST is what's known as an algorithmic stable coin. Here's how it
works to create one UST users must first buy and then destroy $ 1 of Luna (Terra's governance and staking token). The inverse is also true each
time you swap $1 of Luna for USD you must
destroy one UST.
Ethereum
The Ethereum Foundation now reports to hold nearly 0.3 % of all Ethereum
in existence so for the first time ever they put out an annual report just
going over some of the stats. The Ethereum Foundation Treasury has $ 1.3
Billion Dollars in Ethereum over $ 300 Million Dollars in non-crypto investments
and another $ 11 Million Dollars in other Crypto Currencies according to a 2021
financial report released today. Obviously, we knew they had a lot of money the question on everybody's mind was always
well how much does Ethereum do. They actually own because they were there from the beginning
you know they did a pre-sale, do they hold a lot of the supply well as of March
31,2022. Again this is just according to them the Foundation's Ethereum
holdings amount to nearly 0.3 % of the entire east supply. which honestly not that
much so take this as you will this small number is bullish to me but again. I
wish we had a third party to come and do their own report and verify this.
Altcoin Monero
The Monero community
reaches a consensus for their July hard
fork so this is going to be an upgrade for the coin here's what this upgrade
means the popular privacy coins hard fork will include increasing the chain's
ring size from 11 to 16, adding view tags to outputs to reduce wallet scanning
time as well as introducing bulletproofs and implementing fee changes. So a lot of different big words let's break
this down together number one first and foremost is the increase in ring size.
Raising the number of ring signatures is meant to ensure that transactions have larger anonymity, set making it harder to reverse engineer the source of the transaction.
So this should make it more private for view tags. One developer pointed out
that view tags could reduce network scanning times by up to 40% so making it
more efficient in deriving the output public key for its anonymous transactions.
So more efficiency and finally the upgrade of bulletproofs, a zero-knowledge
proving system, will be used for range proofs in Monero. The feature will
result in faster encryption and verification on the blockchain. So a little bit
more private a little bit more efficient the Monero community is happy.