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Enwapame Lee

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  1. Block.one, the company in charge of the EOS blockchain and token has introduced a change to the resource allocation system of its network. The change involves the renting of network resources by users. Block.one introduced the new initiative because it believes in its potential to eliminate the impact of speculative markets over resource pricing. The introduction of a rental market with pricing on the basis of aggregate resource utilization will enhance the predictability of resource allocation and reliability for the community, says the firm. As regards the performance of EOS against the USD, the price has been between $2.8695 and $2.4001 within the previous few weeks. Despite the sellers pulling the price under the range, it was not possible for them to maintain the lower levels. It signals demand at lower levels and it is good for the pair. It is on the way to the upside now and could attain $2.8695. However, if it surges over the level, it is possible to return to the downside. The pair has repeated correction to the downside from the downtrend line within the previous few months. Therefore, it is possible for sellers to take an aggressive stand. News source: https://www.cryptoknowmics.com/news/eos-is-one-of-the-top-performers-an-hour-ago
  2. Reportedly 7000 crypto mining machines seized by Chinese authorities for consuming electricity illegally. An inspection, the Tangshan police have executed in the Kaiping district. The inspection took place in around 70000 households, 3060 merchants and 1470 communities. The inspection covered several mines, factories, and villages as well. Other authorities including the State Electricity Power Department were in association to execute the skeptical electricity usage. Crypto Mining Investigation The investigation initiated in April 2018 and the authorities seized around 6890 miners and 52 high power transformers. According to the police, the miners were sneaking electricity from the nearby villages. Also, the Bitcoin mining machines operating hours were 24 hours a day. This usage has surged electricity consumption by 40 times. The current BTC miners of China are the reason behind the global hash rate as much as 66%. The country is constantly fighting and inspecting illegal use of electricity by crypto miners. Recently regulators of China’s inner Mongolia Autonomous Region toughened up the crypto mining companies. They are planning to dispatch inspection units to assure clean-up and rectification of crypto token mining companies. Other Regulators against illegal mining Other jurisdictions such as Abkhazia also escalated the identification of crypto mining firms related works. Though the government of Abkhazia mentioned that the significant increase in the electric network load was due to the emergence of a growing number of illegal crypto mining firms connected to local power. In November, authorities of Iran too announced for rewards to the one who will reveal or expose the firms involved in unauthorized illegal mining operations across the country. People who will expose mining operations that are using subsidized electricity will allegedly receive up to 20% of the recovered damages. News source: https://www.cryptoknowmics.com/news/7000-crypto-mining-machines-seized-by-chinese-authorities
  3. Cardano (ADA) was listed above Ethereum and Ripple in the top 15 blockchain platform ratings compiled by Flipside Crypto. The rating which was posted on Flipside's Medium blog highlighted the top 15 blockchain projects that have made consolidated steps towards sustainability in 2019. Algorand was ranked the best blockchain platform ahead of Binance in second. Flipside remarked that Algorand had taken enormous steps towards creating a next-generation blockchain platform that solves many of the issues plaguing current implementations of blockchain technology. Block.one the parent body behind EOS was rated third on the list with Flipside highlighting its impending launch of decentralized social media network Voice as a gamechanger in the blockchain industry. Brave was also a surprise entrant placing fourth with its innovative browser which provides security and a means of rewarding users. Cardano Fifth Placed On Blockchain Ratings Cardano made the top echelons on the list with the blockchain platform placed in fifth position. Flipside quipped that Cardano had made multiple diverse and important use cases within the blockchain industry. Some of the major milestones that were mentioned include the partnership with New Balance which would see its technology used in the popular sportswear giants sneakers. Cardano had also secured a strategic partnership earlier in the year with the Ethiopian government to develop a new digital currency for the African nation. ADA the native currency of Cardano was also picked up by crypto hotel service Travala as a means for payment on its platform. These developments above and the impending launch of its Shelley testnet has shown that the blockchain platform is moving to the next phase of its development. Meanwhile, Ethereum was placed eighth on the list with the pioneer altcoin making strides within the Decentralised Finance (DEFI) sector. While cross-border decentralized payment platform placed 14th on the list by Flipside crypto. News source: https://www.cryptoknowmics.com/news/cardano-tops-ethereum-in-top-15-blockchain-rating-by-flipside-crypto
  4. The Cryptoknowmics team attended the recently held World Blockchain Summit Bangkok on 1st and 2nd December 2019. The event marked the congregation of many industry veterans who registered their presence at the summit. At the event, the Cryptokowmics team rubbed shoulders with some of the most prominent industry personalities. Also, they had the chance to interview many of them, including Jorge Sebastio, Evan Luthra, and Herbert R Sim. Finally, a Way to Give Power Back to the People! During his interview, Evan Luthra, the CEO & Founder of EL Group International, appreciated the blockchain technology saying that it could change the way people do business. He hailed the technology as a way to encourage active participation by users in the business, thereby, putting the power back into their hands. He also reflected upon the driving factor behind entrepreneurship, which he claimed wasn’t money but the passion for what people want to do. Evan also highlighted the importance of events like the World Blockchain Summit Bangkok to strengthen the crypto community. Interviewing the Bitcoin Man at World Blockchain Summit Bangkok The Cryptoknowmics team also got in touch with Herbert R. Sim, popularly known as the Bitcoin Man. He is the founder of the Crypto Chain University (CCU) and advisor to Future1exchage. He threw light on the economic dynamics taking place in the crypto market with the entry of China. Also, in his Bitcoin prediction, he said that the price could hit at least $50,000 by June 2020. He, therefore, advised the Bitcoin holders to hold on to their Bitcoins as its prices could rise significantly in the coming days. News source: https://www.cryptoknowmics.com/news/cryptoknowmics-team-interacts-with-crypto-stalwarts-at-the-world-blockchain-summit-bangkok
  5. Popular banking institution, Nexo has revealed the purchase of $5 million worth of PAX Gold (PAXG) as it looks to meet the public need for tokenized gold lending and borrowing services. This latest purchase has accelerated the market cap of PAX Gold (PAXG) with the value rising to over $11 million making it twice the size of the next biggest digital gold token. This development has been in the works since Nexo announced that its instant Crypto Credit Lines would support PAXG. Increase In Demand For Tokenised Gold Led To The $5 million Investment By Nexo According to Nexo, there was an increased demand by their clients who desired to exchange popular coins like BTC and ETH into tokenized gold which highlights the growing interest in PAX. This led to the firm to investment $5 million in PAXG which would be sufficient to cater to the demands of its OTC customers. The blockchain financial platform also reveals that the investment would also lead the firm to expand its operations with the Tokenised Gold trading sector. Meanwhile following this major investment from Nexo, Paxos the parent firm of PAXG has also revealed a strategic partnership with BitGo. The partnership is set to see the blockchain security platform provide support for PAXG across its Hot and Cold wallet solutions. BitGo Latest Firm To Integrate PAXG Support In Its Wallets BitGo is a major player in blockchain security with the firm pioneering multi-signature security in 2013 and has developed several solutions. With this partnership, PAXG users would be able to store tokens on BitGo's wallets and the coin would be further exposed to more users. News source: https://www.cryptoknowmics.com/news/nexo-purchases-5million-worth-of-pax-gold-paxg-tokens
  6. These hackers that attacked the Argentinian government asked for almost a 37,000 to 37,0000 Dollar from the large accounts of the government. Thankfully, the Argentinian government has managed to recover 70 per cent of its data. But the authorities are yet to recover the remaining 15 per cent. Demands of the hackers have been in the form of cryptocurrencies. They have full-fledged asked for a considerable amount of income from the government. The stolen data is entirely confidential and could lose the government out on a massive bulk of the value. Also, the same situation has been faced by some entity wherein the hackers spammed some data that was almost about 7.300 GB and asked for a massive amount of income for the recovery of the same. Things have simultaneously changed, and now the government is better prepared with a whole lot of malware detecting and ransomware attacking tools. Thus, this credit goes to the technical analyst team of experts that have made all those changes. Troubled History Of Hackers With Argentinian Government Hackers have had several run-ins with the law in the past. Also, they choose high-profile targets, which is why they have gained a whole lot of money out of their ransomware scams. The government and their agencies identify most of these cases but the other ones fall short in identifying the crime. These ransomware scams help hackers gain a considerable amount of money. Sometimes these hackers that are famously known as ransomware make the Argentinian government their victim, but other times they try to rob the other bodies. News source: https://www.cryptoknowmics.com/news/malicious-attack-on-argentinian-government-through-bitcoin-ransomware
  7. South Korean government is making plans to tax the crypto transactions. Their team of representatives has been taking up meetings to inspect more into the scheme. Tax prices can rise as well as go down by a large margin. Korean times reveal that a revised bill will introduce the measure that will be drawn up by the country’s ministry of economy. One year after the assembly plenary session, the new regulations would come into effect. However, governmental interventions will require an adequate definition of cryptocurrencies. Crypto transactions depend upon the primary factors. Anti Laundering of Money In general, transaction, the government does the verification of funds. But in the case scenario of digital funds, no government does the confirmation of the document. This is a convenient means but can also turn out to be a state of loss. The government also suggests that the use of cryptocurrency will gradually increase. Also, this increase will turn out to be a beneficiary part of the transactional process. Encryption techniques can turn out to be hugely beneficial, especially for regular investors. Understanding the inside work of crypto transactions will require a thorough understanding of its interior job. If you have been following Crypto News then you must have heard that cryptocurrency generally utilizes encryption techniques. Varied Benefits of Tax Crypto Transaction Taxing crypto transactions can be very beneficial for investors. These investors have to make a one-time investment, and after that, they can gain a considerable amount of money out of it. Since years, the government has been seeking to tax the crypto transactions. Several meetings occurred before the actual taxing of cryptocurrencies. Major changes have been made when all the representatives in the meeting agreed upon the making of tax transactions. Each of these taxing transactions requires the support of the government. Hence they need the ultimate comfort of the government. All these facts are taken into account by the government, therefore the tax transactions matter has been buried for a while. Even after all these efforts, the South Korean government is seeking to tax crypto transactions. #Crypto News South Korea#crypto traders
  8. Saga, an Upstart Crypto Company is planning to roll out a new global digital currency, which their certainly suggested is no stablecoin. The SGA digital currency will rely on global research asset, the Special Drawings Rights (SDR) - an invention of the International Monetary Fund back in 1969. In general, the Special Drawing Rights acts as a conventional basket for the world’s leading currencies such as the Euro, US Dollar, Japanese yen, British sterling pound, and Chinese Renminbi. Hedging Against Market Fluctuations with SGA Meanwhile, Central Banks across the globe would hedge against market fluctuations in their respective local currency. It is important you note that the SGA borrowed the model for the sake of financial instruments to place it on the blockchain. Currently, the SDA is valued at around $1.40 and the SGA will be valued at the same price point once it launches. However, the market value of SGA will have the lucidity; to either go up or down depending on adoption and usage. The platform notified its community that the act of buying the SGA cryptocurrency; would be the driving force for Saga’s smart contracts to generate more of the currency from scratch. Hence, the monetary valuation of the SGA currency will have the ability to change. Nonetheless, the idea will remain that any price changes will take place slowly, sustainably and gradually. Therefore, SGA lacks the permanent fixed price features of a stablecoin, however you can fairly conclude that it is also a stablecoin. Quite a paradox, right? News source: https://www.cryptoknowmics.com/news/saga-prototypes-new-crypto-dubbed-sga-for-the-post-state-society
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