The South Korean-based firm Bloom Technology announced that they have created a new technology that is able to speed up transactions on the blockchain.
On Dec. 3, United Press International reported that Bloom Technology’s CEO, Lee Sang-yoon, said that the company’s Lotus Chain technology has been able to reduce blockchain transaction processing times to fractions of a second.
One single blockchain transaction takes less than 0.23 seconds
The company reportedly conducted a public test with 635 participating nodes to reveal the transaction speed of the Lotus Chain technology. The results showed that a single blockchain transaction took between 0.13-0.23 seconds. Korea Blockchain Association Vice Chairman Moon Young-bae commented on the tests:
“Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable […] I think it is a real deal.”
Lee further hinted at the importance of faster blockchain transactions by pointing out that transactions at present often take “more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”
South Korea to provide a legal basis for crypto
In November, South Korea’s National Assembly national policy committee passed a bill designed to provide a legal basis for crypto in the country and bring regulatory clarity and transparency to crypto markets in South Korea. The bill still needs to be approved by the judiciary committee, but, if approved, the law would come into force in 2020.
This is not the first attempt by South Korean authorities to provide more regulatory clarity to crypto markets. In early 2018, South Korean regulators banned anonymous trading on crypto exchanges in line with anti-money laundering and identification efforts in the country.
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Decentralized applications’ (DApps) transaction volume and user activity have slumped in the third quarter of 2019, a new study shows. DApp.com — an analytics platform for DApps built on Ethereum, EOS, Steem, Tron, TomoChain, IOST and Blockstack — revealed its recent findings in a press release shared with Cointelegraph on Oct. 7. An overall market assessment showed that DApps built on the six aforementioned blockchains reported a total transaction volume of $2.03 billion in Q3, down 40% compared with Q2. Only 36% of the DApp users from Q2 used DApps at least once in Q3, which also indicates a notable drop. Ethereum, Tron and EOS DApp performance Although Ethereum DApps’ performance was generally steady when compared with the other blockchains, most of the active users in Q2 reportedly did not use any Ethereum DApps in Q3. Both Q2 and Q3 saw 80,000 Ether (ETH) holders using DApps. EOS had the highest user retention among all reported blockchains, with 40% of old EOS DApp users being involved in Q3, while Ethereum and Tron reported 5% and 15% respectively. At the same…Oct 7, 2019
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It’s been a strong week for Bitcoin and the rest of the cryptocurrency market. Per data from Coin360.com, the leading cryptocurrency has gained close to 20% in the past seven days. While this is undoubtedly one of Bitcoin’s best weekly performances in months, this is actually the asset’s seventh week of gains in a row, signifying a strong bull trend. Analysts are expecting a correction as an odd technical signal that marked Bitcoin’s $3,700 lows is now suggesting that a reversion to a bear trend is potentially underway. Bitcoin Could Soon Plummet Lower A top trader recently shared the chart below, indicating that at every Fibonacci time level was “a major shift in trend.” The vertical labeled “2” marked the bottom of 2019’s bear market around the high-$6,000s, while the vertical marked “2.382” marked the $3,700 bottom seen in March. Just yesterday, Bitcoin reached the next time level at “2.618,” suggesting that should history continue to rhyme, the cryptocurrency is poised to start a downtrend. Chart from @Byzgeneral (Twitter) This is far from the only sign suggesting an imminent trend…May 4, 2020
The coronavirus pandemic has severely impacted the lives of hundreds of millions of people around the world. Health concerns obviously have priority at the moment, but in many cases that comes at the expense of social interaction. A few months ago, people could still go to a concert, a sporting event, a movie theater, or organize a barbecue with friends. Today, these types of mass interactions are discouraged or even forbidden. Luckily, there are options to connect remotely, both in text and through specialized video apps. Those who want to watch Netflix with friends can use “Netflix Party,” for example. “TwoSeven” does the same and also supports other platforms including Amazon, HBO Now, and YouTube. But outside of the main video services, things get tricky. Watching that video compilation you made of last year’s party or vacation, for example. Luckily, the torrent-powered service “Come Over” can do exactly that. And you don’t have to sign up for anything either. With Come Over you simply select a video from your computer. The service then returns a link, which can be shared…May 13, 2020
Huobi Indonesia will institute a fiat gateway for trading 250 cryptocurrencies in the country. ,Dec 30, 2019
Tuesday’s bitcoin price whipsaw can be partially explained by large traders looking to deleverage in the derivatives market. Bitcoin (BTC) was changing hands around $9,512 as of 20:00 UTC (4 p.m. ET), slipping less than 1% over the previous 24 hours. A sudden rally to $10,000 late Monday boosted bullish sentiment as short sellers were squeezed on derivatives exchange BitMEX, the largest such event in eight months. Bitcoin traded as high as $10,430 on Coinbase. However, the market lost steam and bitcoin was then confined to a tight $10,000-$10,100 range for around 12 hours. Then, at 14:00 UTC (10:00 a.m. EDT) Tuesday, it suffered a drop of 8%, or $800, in less than five minutes. “Today’s action is very fickle,” said Katie Stockton of Fairfield Strategies. Stockton still sees bullish momentum and expects bitcoin to approach highs not seen since last year. “Specifically, $10,055 is a retracement level that is the last major hurdle to the high from 2019 near $13,850,” she added. Bitcoin trading on Coinbase since May 31Source: TradingView Bitcoin’s sudden rise, then fall, was at least in…Jun 3, 2020
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