@cz_binance: When I first learned about #bitcoin 7 years ago, if you told me that central banks will be issuing digital currencies on the blockchain in 7 years, I would stare back doubtfully. And here we are... https://t.co/4Bau21XgCI
@cz_binance: RT @Vis_in_numeris: Federal Reserve just printed $700B European Central Bank just printed €750B Bank of England just printed £400B Bank of Japan just printed ¥12T People’s Bank of China just printed ¥550B South Korea just printed ₩11.7T This is why Bitcoin was created.
@binance: "Investors have seen central banks worldwide pump large amounts of fiat currency into the global economy, depressing prices. There are only 21 million #bitcoin in existence" https://t.co/uGfjBnF2mV
@cz_binance: RT @APompliano: This week in crypto: 1. @binance launches B2B2C cloud platform 2. Fidelity invests $14M in BC Group 3. Swedish central bank testing e-krona 4. Shopify joins Libra Association 5. @unstoppabledomains launches browser 6. Bitcoin is still not dead :) More building each week!
@cz_binance: In Jan 2016, Chairman of Central Bank of China says Blockchain is important. Bitcoin companies in China suddenly all became blockchain companies. And thankfully (for me), price started to recover, and lead into the #altszn in 2017, as well as $BTC ATH again at $20,000 in Dec.
@cz_binance: A positive step. Central Banks warming up to bitcoin. Libra is helping bitcoin adoption? in more ways than you can imagine. Bitcoin e criptomoedas oficialmente dentro do Balanço de Pagamentos do Banco Central do Brasil https://t.co/w30IuNCiRk
@cz_binance: RT @CryptoBrekkie: I didn't choose the dollar. I didn't choose the euro. I didn't choose the pound. I didn't choose the yen. I didn't choose the ruble. I didn't choose fractional reserve banking. I didn't choose central banks. I didn't choose quantitative easing. I choose Bitcoin.
Brief Comments on Goguen: Q4 2020, Q1 2021, utility, Marlowe, DSL, Glow, Plutus, IELE, smart contracts, thanksgiving to you, sidechains and Hydra, Goguen rollout and additions to product update
Stakenet (XSN) - A DEX with interchain capabilities (BTC-ETH), Huge Potential [Full Writeup]
Preface Full disclosure here; I am heavily invested in this. I have picked up some real gems from here and was only in the position to buy so much of this because of you guys so I thought it was time to give back. I only invest in Utility Coins. These are coins that actually DO something, and provide new/build upon the crypto infrastructure to work towards the end goal that Bitcoin itself set out to achieve(financial independence from the fiat banking system). This way, I avoid 99% of the scams in crypto that are functionless vapourware, and if you only invest in things that have strong fundamentals in the long term you are much more likely to make money. Introduction
Stakenet is a Lightning Network-ready open-source platform for decentralized applications with its native cryptocurrency – XSN. It is powered by a Proof of Stake blockchain with trustless cold staking and Masternodes. Its use case is to provide a highly secure cross-chain infrastructure for these decentralized applications, where individuals can easily operate with any blockchain simply by using Stakenet and its native currency XSN.
Ok... but what does it actually do and solve? The moonshot here is the DEX (Decentralised Exchange) that they are building. This is a lightning-network DEX with interchain capabilities. That means you could trade BTC directly for ETH; securely, instantly, cheaply and privately. Right now, most crypto is traded to and from Centralised Exchanges like Binance. To buy and sell on these exchanges, you have to send your crypto wallets on that exchange. That means the exchanges have your private keys, and they have control over your funds. When you use a centralised exchange, you are no longer in control of your assets, and depend on the trustworthiness of middlemen. We have in the past of course seen infamous exit scams by centralised exchanges like Mt. Gox. The alternative? Decentralised Exchanges. DEX's have no central authority and most importantly, your private keys(your crypto) never leavesYOUR possession and are never in anyone else's possession. So you can trade peer-to-peer without any of the drawbacks of Centralised Exchanges. The problem is that this technology has not been perfected yet, and the DEX's that we have available to us now are not providing cheap, private, quick trading on a decentralised medium because of their technological inadequacies. Take Uniswap for example. This DEX accounts for over 60% of all DEX volume and facilitates trading of ERC-20 tokens, over the Ethereum blockchain. The problem? Because of the huge amount of transaction that are occurring over the Ethereum network, this has lead to congestion(too many transaction for the network to handle at one time) so the fees have increased dramatically. Another big problem? It's only for Ethereum. You cant for example, Buy LINK with BTC. You must use ETH. The solution? Layer 2 protocols. These are layers built ON TOP of existing blockchains, that are designed to solve the transaction and scaling difficulties that crypto as a whole is facing today(and ultimately stopping mass adoption) The developers at Stakenet have seen the big picture, and have decided to implement the lightning network(a layer 2 protocol) into its DEX from the ground up. This will facilitate the functionalities of a DEX without any of the drawbacks of the CEX's and the DEX's we have today. Heres someone much more qualified than me, Andreas Antonopoulos, to explain this https://streamable.com/kzpimj 'Once we have efficient, well designed DEX's on layer 2, there wont even be any DEX's on layer 1' Progress The Stakenet team were the first to envision this grand solution and have been working on it since its conception in June 2019. They have been making steady progress ever since and right now, the DEX is in an open beta stage where rigorous testing is constant by themselves and the public. For a project of this scale, stress testing is paramount. If the product were to launch with any bugs/errors that would result in the loss of a users funds, this would obviously be very damaging to Stakenet's reputation. So I believe that the developers conservative approach is wise. As of now the only pairs tradeable on the DEX are XSN/BTC and LTC/BTC. The DEX has only just launched as a public beta and is not in its full public release stage yet. As development moves forward more lightning network and atomic swap compatible coins will be added to the DEX, and of course, the team are hard at work on Raiden Integration - this will allow ETH and tokens on the Ethereum blockchain to be traded on the DEX between separate blockchains(instantly, cheaply, privately) This is where Stakenet enters top 50 territory on CMC if successful and is the true value here. Raiden Integration is well underway is being tested in a closed public group on Linux. The full public DEX with Raiden Integration is expected to release by the end of the year. Given the state of development so far and the rate of progress, this seems realistic. Tokenomics 2.6 Metrics overview (from whitepaper)
Ticker: XSN. Currency type: Coin.
Consensus: Minting Proof of Stake, Trustless Proof of Stake.
XSN is slightly inflationary, much like ETH as this is necessary for the economy to be adopted and work in the long term. There is however a deflationary mechanism in place - all trading fees on the DEX get converted to XSN and 10% of these fees are burned. This puts constant buying pressure on XSN and acts as a deflationary mechanism. XSN has inherent value because it makes up the infrastructure that the DEX will run off and as such Masternode operators and Stakers will see the fee's from the DEX. Conclusion We can clearly see that a layer 2 DEX is the future of crypto currency trading. It will facilitate secure, cheap, instant and private trading across all coins with lightning capabilities, thus solving the scaling and transaction issues that are holding back crypto today. I dont need to tell you the implications of this, and what it means for crypto as a whole. If Stakenet can launch a layer 2 DEX with Raiden Integration, It will become the primary DEX in terms of volume. Stakenet DEX will most likely be the first layer 2 DEX(first mover advantage) and its blockchain is the infrastructure that will host this DEX and subsequently receive it's trading fee's. It is not difficult to envision a time in the next year when Stakenet DEX is functional and hosting hundreds of millions of dollars worth of trading every single day. At $30 million market cap, I cant see any other potential investment right now with this much potential upside. This post has merely served as in introduction and a heads up for this project, there is MUCH more to cover like vortex liquidity, masternodes, TOR integration... for now, here is some additional reading. Resources
The future of central bank digital currencies according to CZ. In the interview CZ also said that there may be more advanced CBDCs in the future, adding: “If there is a government pushing another cryptocurrency that’s even more open, more free, has less restrictions than Bitcoin, and is faster and cheaper to use, then that would threaten ... Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all ... Upon a report that the Central Bank of Brazil (BCB) popularly called “Banco Central do Brasil” included Cryptocurrency Bitcoin in its balance of payment, the crypto Twitter begins to grow in positive belief that big banks across the globe are ready to embrace digital currency. Binance CEO, Changpeng Zhao, among other prominent cryptocurrency personalities who […] Binance’s CEO: Central bank-issued digital currencies may pose a threat to bitcoin. In an interview with Fortune, Binance CEO Changpeng Zhao talks about central bank-issued digital currencies and the threat they pose to bitcoin. Teodor Stig-Matz, 2020-10-22, 12:02. News Binance Bank Transfer via SEPA and Faster Payments. Binance. 2020-06-10 08:01 . 1. What is The Single Euro Payments Area (SEPA)? SEPA is an initiative of the European Banking Industry and is strongly supported by the European Commission and the European Central Bank that allows fast, reliable, and cheap Euro (EUR) transfers between bank accounts in the SEPA-zone. 2. What is the Deposit and ... Central banks set the rates of interest charged to member banks when they advance credit through short-term loans. The member banks are responsible for offering loans to businesses and consumers for mortgages, vehicles, business expansion, equipment, and other large purchases. They also sell bonds at set interest rates. The central bank’s interest rate is meant to guide commercial banks in ... Central Bank Digital Currencies (CBDCs) are the hottest trend in the global banking sector with multiple projects underway and one CBDC already live in the Bahamas. Talking on this matter, Binance CEO Changpeng Zhao noted that he believes the rise of CBDCs could be a threat to Bitcoin if a more advanced version of it was developed. The Chief Executive Officer at Binance, Changpeng Zhao – often referred to as CZ – seems to think a central bank digital currency – or a CBDC – with a well enough structural design can become a threat to Bitcoin. In a video interview with Jeff John Roberts, senior writer at Fortune, Changpeng was asked his opinion on the digital yuan launched by the People’s Bank of China, and how it ... What is Bitcoin? Bitcoin is a digital form of cash. But unlike the fiat currencies you’re used to, there is no central bank controlling it. Instead, the financial system in Bitcoin is run by thousands of computers distributed around the world. Anyone can participate in the ecosystem by downloading open-source software. The world's central banker to the globe's central banks gave a talk full of bile toward bitcoin, calling it a bubble, Ponzi scheme, environmental disaster.
Central Bank Cryptocurrencies What are they planning?
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