Saga has launched its long-awaited SGA stablecoin, a token imbued with a unique monetary model that can expand and contract to meet demand, reducing its volatility. Cryptocurrency platform Liquid.com is the first exchange to list the ERC20 token, which will initially be traded against USD, bitcoin and Ethereum.
How SGA Differs From Libra
Like Facebook’s Libra, SGA is intended as a global currency that allows citizens to store and move value without friction. Backed by an advisory board that includes Nobel Laureate Myron Scholes and J.P. Morgan’s Jacob Frenkel, the company has been busily refining its monetary and governance models over the past two years – and its debut is sure to turn a few heads.
The basket-backed stablecoin is the first of its kind, a token governed exclusively by its holders and operating beyond the remit of national governments, while still maintaining full regulatory compliance. Stakeholders can have their say via a range of voting mechanisms, making it a democratic alternative to Libra, which is overseen by a consortium of 21 companies including several conglomerates.
Incidentally, Saga does not intend to create an ecosystem replete with disparate revenue streams like the social media giant: it is merely the issuer of the token as opposed to the payments layer operator and custodian.
Breaking Away From The Basket
Saga is backed by a variable reserve of major fiat currencies, emulating the International Monetary Fund's SDR basket, complemented by an algorithmically controlled system utilizing smart contracts. The reserve backing ratio, which will start at 100%, will be public at all times, so that users understand how much of SGA’s value is accompanied by a corresponding amount of fiat currency. Transparency and banking-grade compliance provide firm foundations for the ambitious enterprise.
The Saga team unites economists, governors, blockchain engineers and policy professionals, all of whom want users to utilize SGA to make cross-border payments. Indeed, doing so may mitigate the effect of fluctuations in one’s own national currency.
Smart contracts will be deployed to stabilize SGA’s value over time, issuing new tokens to fulfil orders and burning excess tokens as holders sell them back. Ultimately, the plan is to gradually move away from the IMF’s reserve asset based on SGA’s market movements, with the value of outstanding tokens depending on the quantity in circulation. Saga believes that this evolving issuance model will temper price volatility while enabling SGA to progress beyond a simple fiat-backed/pegged stablecoin.
Wary of being mired in the same regulatory morass as Libra, Saga will not enter the North American market – at least not yet. Instead, it has adhered to the European Union’s know-your-customer (KYC) and anti-money laundering (AML) regulations, as well as the Financial Action Task Force’s crypto asset guidelines.
Real-World Applicability
Saga’s founder and chairman, Ido Sadeh Man, believes SGA is more than ready to see the light of day. “I have the privilege of working with leading minds in the fields of economics, politics, and technology, each of whom has interrogated and examined the Saga project,” he wrote on the eve of the launch. “Each of their challenges has tempered our offering and ultimately prepared it for real-world applicability, which is what is happening today.”
The real-world applicability, as Man puts it, will be put to the test in the months ahead as traders weigh up SGA’s potential.
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Showing posts with label ERC20. Show all posts
Showing posts with label ERC20. Show all posts
Thursday, December 19, 2019
Wednesday, December 18, 2019
Ethereum Price: Why It Crashed?
KEY POINTS
Ethereum is down 10% on Monday following reports of a Chinese Ponzi scheme
The whole crypto market is in red after ETH sell-off
BTC falls below $7,000 again
The bellwether for the recent drop in digital assets on Monday wasn't its usual culprit in Bitcoin (BTC ), Ethereum (ETH) was largely the suspect as it led the rest of its crypto counterparts in a 10% price dive.
Cryptocurrencies are red all across the board thanks to an ETH sell-off that happened in minutes. From $140.70, Ethereum fell to under $130, and the rest of the crypto market followed suit. Bitcoin finally broke below $7,000 after lingering for more than three weeks above it.
As of the time of writing, most cryptos are still in the red with Coindesk prices showing Litecoin (LTC) with a 24-hour change of -7.88%, Ripple (XRP) with -8.02%, Bitcoin Cash (BCH) changing -5.12%, and Bitcoin SV (BS) with 6.13%.
The cause of the price drop was attributed to a report from Bloomberg that cited a Chinese crypto scam, according to NEWSBTC. The scam's perpetrator was a certain PlusToken that allegedly dumped an estimated $2 billion worth of tokens to exchanges so that the scammers can cash out.
PlusToken used the classic Ponzi scheme to dupe all its investors in giving up those billion dollars worth of cryptos. What attracted investors was a ludicrous return of 600% and guaranteed rewards to those who would recruit new members. And, to make their offer more believable, PlusToken even had a listing on Chinese exchanges and presented itself as a legitimate company.
Chainalysis, the publisher of the report cited by Bloomberg, noted that they were able to track 800,000 ETH and 45,000 BTC that the scammers transferred to their addresses to launder. And of those 800,000 ETHs, only 10,000 has been cashed out, and the remaining 790,000 remained "untouched in a single Ethereum wallet for months." Also, 20,000 Bitcoins -- which roughly converts to $137 million -- are remaining from the 45,000 tracked from the criminals.
Knowledge of these dormant ETH and the fact that criminals had still been cashing out the stolen digital assets, particularly BTC, led to the market shorting the second most popular crypto.
As of press time, at $6,855, BTC is nearing the support line drawn from July that held through the end of September up to October and had been revisited again in November. Ethereum, on the other hand, is trading at $130.
The whole crypto market is in red after ETH sell-off
BTC falls below $7,000 again
The bellwether for the recent drop in digital assets on Monday wasn't its usual culprit in Bitcoin (BTC ), Ethereum (ETH) was largely the suspect as it led the rest of its crypto counterparts in a 10% price dive.
Cryptocurrencies are red all across the board thanks to an ETH sell-off that happened in minutes. From $140.70, Ethereum fell to under $130, and the rest of the crypto market followed suit. Bitcoin finally broke below $7,000 after lingering for more than three weeks above it.
As of the time of writing, most cryptos are still in the red with Coindesk prices showing Litecoin (LTC) with a 24-hour change of -7.88%, Ripple (XRP) with -8.02%, Bitcoin Cash (BCH) changing -5.12%, and Bitcoin SV (BS) with 6.13%.
The cause of the price drop was attributed to a report from Bloomberg that cited a Chinese crypto scam, according to NEWSBTC. The scam's perpetrator was a certain PlusToken that allegedly dumped an estimated $2 billion worth of tokens to exchanges so that the scammers can cash out.
PlusToken used the classic Ponzi scheme to dupe all its investors in giving up those billion dollars worth of cryptos. What attracted investors was a ludicrous return of 600% and guaranteed rewards to those who would recruit new members. And, to make their offer more believable, PlusToken even had a listing on Chinese exchanges and presented itself as a legitimate company.
Chainalysis, the publisher of the report cited by Bloomberg, noted that they were able to track 800,000 ETH and 45,000 BTC that the scammers transferred to their addresses to launder. And of those 800,000 ETHs, only 10,000 has been cashed out, and the remaining 790,000 remained "untouched in a single Ethereum wallet for months." Also, 20,000 Bitcoins -- which roughly converts to $137 million -- are remaining from the 45,000 tracked from the criminals.
Knowledge of these dormant ETH and the fact that criminals had still been cashing out the stolen digital assets, particularly BTC, led to the market shorting the second most popular crypto.
As of press time, at $6,855, BTC is nearing the support line drawn from July that held through the end of September up to October and had been revisited again in November. Ethereum, on the other hand, is trading at $130.
Wednesday, November 20, 2019
CloudStack CLSK
The Origin.
CloudStack CLSK is a new ERC20 based token being design and published by TheCloudStack Organization. TheCloudStack Organization is an International crypto-tech NGO's that mostly developed new IoT based technology to incorporate the human-machine nanotech for the betterment future living.
CloudStack CLSK incorporated specialized cloud staking mechanism for ERC20 based token using STAKGEN algorithm which in turn controlling the disbursement of token via connected and authenticate crypto wallet.
Based on the design, the first wallet incorporated is COINBASE wallet which is a HD Wallet than can managed ERC20 wallet with ease.
Based on the design, the first wallet incorporated is COINBASE wallet which is a HD Wallet than can managed ERC20 wallet with ease.
CLSK can be used to make a saving for yourselves. It's look like some sort of fixed deposit whereby cloud staking functionality will be looked forwards as a mechanism to earn "interest" like additional token.
You can earn up to 8% staking token generated and paid directly to your wallet based on what amount of CLSK you have in your wallet. The more you hodl, the more you will get using CLSK cloudstake technology via STAKGEN.
You can send CLSK token to everyone who own a verified standard ERC20 wallet with a simple action, just need the recepient ERC20 certified wallet address. This will make sure that CloudStack CLSK is very secure. No one can moves or withdraw your hard earn token from your wallet. You control your own wallet. You own your private keys personally. Never exposed your private keys.
Total Supply : 100,000,000
Total Distribute : 90,000,000
Contract Address : 0xBF3C268E7C7698882D1b8538d2c61C9C0077915C
Article write-up by Mark Wilkinson (https://thecloudstack.org/?u=wilkinson)
Sunday, November 11, 2018
Vitalik Buterin discusses Ethereum on ‘The Portal’
American mathematician and economist Eric Weinstein recently interviewed Ethereum co-founder Vitalik Buterin on his popular YouTube show The Portal.
While I personally think Weinstein did not fully understand what Ethereum is about and how it works, Vitalik was smart enough to shift the conversation to more interesting topics.
In this article, I’ll take a look at the good and the bad of the interview, available below, and discuss how I see Ethereum evolving.
Ethereum is a sleeping giant
Even though some people might think I’m a Bitcoin maximalist due to my harsh stance on some of Ethereum’s promises and the foundation’s inability to keep them, my core belief is that Ethereum is a sleeping giant waiting to be woken up.
Ethereum is an incredible network. Not only because of its Ethereum Virtual Machine (EVM) and Solidity compiler or its easy-to-use developer interfaces (Mist, MyEtherWallet, and MetaMask), but also because of the quantity of projects being developed on top of its protocol.
That is Ethereum’s killer application.
Still, I am a firm believer that for Ethereum to become a fully decentralised world computer, its main focus should be on decentralisation.
I’m personally looking forward to both of the platform’s upcoming Proof-of-Stake (PoS) implementations, Casper FFG and Casper CBC, in the hope that one of them increases scalability and decentralisation – even though the trade-off is less long-term security.
Nevertheless, I argue Bitcoin’s purpose is to be a store of value (perhaps one day P2P cash), meaning Ethereum shouldn’t be worrying about that (even though ETH could potentially overtake BTC one day if its network upgrades are strong enough).
With the development of a scalable PoS system and the implementation of sharding and ZK-snarks, we could really see Ethereum making an attempt to rule decentralised computing.
Not only that, but the Ethereum Foundation is forming new partnerships with major players like Microsoft and Google in order to increase corporate adoption. The truth is that corporations are the ones capable of financing large-scale developments and training large quantities of people.
The Ethereum ecosystem is also making strides to enhance Ethereum’s censorship resistance and privacy. Two examples of projects getting traction in these areas are ChainLink and Enigma.
My stance is that Ethereum ticks all of the boxes to win most of the smart contract market share. Bitcoin is clearly not interested in that (a pity in my opinion), since the only “altcoins” being built over Bitcoin apparently exist solely on Liquid – a centralised Bitcoin sidechain.
Because Ethereum promotes open-source development and is capable of funding and assisting ERC projects, I see a great deal of developers looking to build DeFi dApps on the platform.
Was Ethereum’s growth ethical? One of the most interesting and controversial points of the interview above is the fact Vitalik openly admits to selling ETH tokens to cover the cost of operations during the platform’s early days.
During the bull run of late 2017, Vitalik was apparently able to convince the Ethereum Foundation to sell a lump sum of about 70,000 ETH, over $80,000,000 at the time.
Even though some people might not see a problem with that – I know I don’t – the truth is open-source projects like Ethereum should be straightforward with investors, especially when the message from the founding team at the time was “we’ll decentralise everything”.
I believe the correct approach to be Litecoin founder Charlie Lee’s – one of openly stating how much LTC he sold during that time. If projects want to captivate investors, they should maintain high standards of openness.
To conclude, I don’t think dumping coins on investors at the top to finance the project long term was a bad move, especially since the market was seriously overbought. However, since the project is open source, the amounts should have been disclosed much sooner.
While I personally think Weinstein did not fully understand what Ethereum is about and how it works, Vitalik was smart enough to shift the conversation to more interesting topics.
In this article, I’ll take a look at the good and the bad of the interview, available below, and discuss how I see Ethereum evolving.
Ethereum is a sleeping giant
Even though some people might think I’m a Bitcoin maximalist due to my harsh stance on some of Ethereum’s promises and the foundation’s inability to keep them, my core belief is that Ethereum is a sleeping giant waiting to be woken up.
Ethereum is an incredible network. Not only because of its Ethereum Virtual Machine (EVM) and Solidity compiler or its easy-to-use developer interfaces (Mist, MyEtherWallet, and MetaMask), but also because of the quantity of projects being developed on top of its protocol.
That is Ethereum’s killer application.
Still, I am a firm believer that for Ethereum to become a fully decentralised world computer, its main focus should be on decentralisation.
I’m personally looking forward to both of the platform’s upcoming Proof-of-Stake (PoS) implementations, Casper FFG and Casper CBC, in the hope that one of them increases scalability and decentralisation – even though the trade-off is less long-term security.
Nevertheless, I argue Bitcoin’s purpose is to be a store of value (perhaps one day P2P cash), meaning Ethereum shouldn’t be worrying about that (even though ETH could potentially overtake BTC one day if its network upgrades are strong enough).
With the development of a scalable PoS system and the implementation of sharding and ZK-snarks, we could really see Ethereum making an attempt to rule decentralised computing.
Not only that, but the Ethereum Foundation is forming new partnerships with major players like Microsoft and Google in order to increase corporate adoption. The truth is that corporations are the ones capable of financing large-scale developments and training large quantities of people.
The Ethereum ecosystem is also making strides to enhance Ethereum’s censorship resistance and privacy. Two examples of projects getting traction in these areas are ChainLink and Enigma.
My stance is that Ethereum ticks all of the boxes to win most of the smart contract market share. Bitcoin is clearly not interested in that (a pity in my opinion), since the only “altcoins” being built over Bitcoin apparently exist solely on Liquid – a centralised Bitcoin sidechain.
Because Ethereum promotes open-source development and is capable of funding and assisting ERC projects, I see a great deal of developers looking to build DeFi dApps on the platform.
Was Ethereum’s growth ethical? One of the most interesting and controversial points of the interview above is the fact Vitalik openly admits to selling ETH tokens to cover the cost of operations during the platform’s early days.
During the bull run of late 2017, Vitalik was apparently able to convince the Ethereum Foundation to sell a lump sum of about 70,000 ETH, over $80,000,000 at the time.
Even though some people might not see a problem with that – I know I don’t – the truth is open-source projects like Ethereum should be straightforward with investors, especially when the message from the founding team at the time was “we’ll decentralise everything”.
I believe the correct approach to be Litecoin founder Charlie Lee’s – one of openly stating how much LTC he sold during that time. If projects want to captivate investors, they should maintain high standards of openness.
To conclude, I don’t think dumping coins on investors at the top to finance the project long term was a bad move, especially since the market was seriously overbought. However, since the project is open source, the amounts should have been disclosed much sooner.
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