The news, shared during a weekly meeting of developers, is notable, as Grin came to market touting what it called a “fair launch,” meaning project leaders did not raise any funds via an initial coin offering (ICO) or a private sale of the tokens that would power the technology.
This means development of the Grin protocol has been entirely reliant on voluntary donations and crowd-funding. A relatively new cryptocurrency launched back in January, Grin leverages novel technology to obfuscate transaction information.
One developer, Daniel Lehnberg, said about the large monetary gift:
A really big and heartfelt thanks. We’ll ensure [we] put that to good use.
Users can donate funds at any point in time to five different public addresses accepting Grin, bitcoin, ethereum and zcash. The most recent donation of 50 BTC was placed in the Grin bitcoin SegWit address and mined on the bitcoin blockchain Sunday.
Still, the donation is also a sign that Grin’s funding model may be working.
According to a recently released financial report, funding for the project has increased almost two-fold over the past four months from an estimated $65,237.35 to $123,423.73. Now, with the additional 50 BTC donation, the project holds roughly six times the amount of funds it started out with at the top of 2019.
Going forward, funds are expected to be put towards project needs including building and deploying key infrastructure, website design and marketing development, mining hardware design and more.
Grin application image via CoinDesk archives
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By CCN.com: One has probably never heard of Japanese Content Token (Ticker: JCT), a crypto-asset issued by a Singapore-based blockchain firm. But that has not deterred the cryptocurrency from jumping more than 700-percent in merely two hours.
The JCT-to-dollar exchange rate was trading close to $0.045 at around 0730 UTC. By the time the clock hit 0930 UTC, the pair had jumped a Mount Everest, establishing its historical high towards $0.362. It noted a small downside correction afterward, dropping 16-percent to indicate that traders were beginning to exit the market on surplus intraday gains.
Based on a 24-hour adjusted timeframe, the JCT surged 651-percent against bitcoin. The same timeframe witnessed JCT appreciating 625-percent against Ethereum, the second largest cryptocurrency by market capitalization. Exchanges trading JCT-enabled pairs posted volumes worth $704,229.
Such a small volume didn’t justify how JCT added $93 million to its total valuation. Besides, one of the exchanges – unregulated – posted more than 41-percent of the overall daily volume for JCT, which raises doubts about potential wash trading and price manipulation.
Bitcoin market cap reached $100 Bn this week. Trading currently at $5.8K, Bitcoin hit its highest peak since November 14, 2018. Led by ‘The Dark Knight’, (a name given to Bitcoin for being the lead currency at dark web) the crypto market cap has gone to $184 Bn.
As Facebook and Samsung announced plans to launch their own cryptocurrencies, the Bitcoin price surge reflects the increasing acceptance of cryptocurrencies among companies. A Switzerland-based IT trade magazine named Netzmedien AG has now announced that it would soon start paying its employees in Bitcoin. Employees will have a choice to select their salaries either in fiat or Bitcoin.
Facebook has intensified its project Libra, a cryptocurrency project to enable cryptocurrency-based payments system for the social media network’s ecommerce arms and other transactions.
According to a WSJ report [behind paywall], Facebook is now recruiting dozens of financial firms and online merchants to help launch the year-old secretive project, codenamed Libra.
With over 2 billion users, who log on to Facebook every month, this could be the biggest showcase of cryptocurrency, so the stakes on this project are very high.
The fund, which has financed some of the biggest crypto startups included Kraken, Bitfinex, and ShapeShift, predicts there’s no future altcoins. Ethereum, XRP, and this year’s best-performing alt-coin BNB, it says, will be rejected by the market.
Per Keiser’s tweet above, he believes bitcoin will decouple from alt coins and increase its dominance.
Heisenberg also took the opportunity to double down on its optimistic bitcoin price target of $100,00.
The crypto market is once again in the green following a day of retracement when the bears hit the brake pedal just before the weekend session last week. Most of the assets are showing gains between 1% and 4%. Bitcoin is leading the recovery with gains of 3.2% followed closely by Ethereum at 2.56%. Ripple, on the other hand, is up 0.67 while Bitcoin is trending up 2.18% on Tuesday.
The total market capitalization has also corrected up from $185 billion posted yesterday to the current $188 billion. The market has a 24-hour trading volume of $55 billion with Bitcoin taking up $17 billion of the total volume. Bitcoin’s dominance has continued to rise over the last 30 days to hit 55.7% at the time of writing.
Bitcoin hit highs around $5,840 over the weekend trading sessions but was not able to sustain gains above $5,900. There was consolidation above $5,650 but later dropped below $5,600 only to find support at $5,550 on Monday. A correction ensued as the price corrected above the 100 SMA and the EMA200. The intraday charts on Tuesday show the price having hit highs above $5,950. However, Bitcoin has dropped to find short-term support at $5,850. Meanwhile, the price is trending sideways between $5,900 resistance and $5,850 support.
Another week, another round of Crypto Tidbits. Over the past 72 hours, Bitcoin (BTC) has begun to rapidly pick up steam. As of the time of writing this, the cryptocurrency is currently trading at $5,800 on most major exchanges. It isn’t clear what catalyzed this surge, which has primarily materialized in BTC, not altcoins, but the past week has seen a string of positive developments come to light.
Bakkt revealed more details about its Bitcoin futures and custody system, Fidelity revealed the results of a survey that should have investors bullish, Facebook moved one step closer to launching its own digital asset, and fintech company Square revealed that retail investors are demanding for BTC.
Announced Friday, Balaji S. Srinivasan, the co-founder of Earn.com and CoinCenter-turned-chief technology officer of Coinbase, will be leaving his stead. Srinivasan, who worked at the San Francisco-headquartered exchange for just around a year, didn’t divulge what his future plans are but noted that he appreciated spending time at Coinbase and helping the company with launching USDC, shipping new assets, and setting up staking/voting support for Coinbase Custody. This comes just days after vice-president Dan Romero, one of the company’s earlier employees, and months after vice-president Adam White left their respective roles at Coinbase. On a side note, Coinbase Wallet, the startup’s mobile cryptocurrency storage application, added Dogecoin (DOGE) this week, despite the fact that other products in the exchange’s roster have stayed away from supporting the ‘memecoin’.
NAGA, the Fintech company promoter of the NAGA Coin (NGC) and operator of the Social Investing Network NAGA announces the release of its crypto/fiat exchange NAGAX.com after an extensive beta period.
NAGAX offers users fast and instant access to major cryptocurrencies as well as NAGA’s native currency – the NAGA Coin. The major USP of NAGAX.com is the full integration into the Social Investing Network NAGA.com platform which is used by more than half a million traders and allows users to copy the most successful traders on more than 800 tradable assets such as Stocks, ETFs or CFDs on Counter-Strike items.
NAGA Group CEO Benjamin Bilski (Forbes 30 under 30), says: “With the launch of NAGAx finally the vision of a trading platform across all asset classes is complete. NAGAx offers super-fast execution and a very user-friendly interface on web and mobile screens.
Through NAGA users can exchange fiat to crypto or even crypto to gaming items with one single account. With the native NAGA Coin, our users can now benefit from lower trading fees as well as from the NGC-based trading accounts in NAGA.com that allow double rewards for attracting other traders to copy your trades.