IOTA Outlines Plans for Killing Off its Centralized ‘Coordinator’

The IOTA Foundation has revealed for the first time that it plans to gradually phase out the IOTA network Coordinator, which some see as a centralization risk.
In a series of posts on its official blog on this week, the foundation outlined a sequence of steps it plans to take before “Coordicide”, which it sees as a major landmark on the road to complete decentralisation.

IOTA Network Coordinator Origin

While IOTA is not a blockchain but a Directed Acyclic Graph (DAG), it does however employ a Proof-of-Work network security mechanism like a blockchain. This means that in theory, if a user were to command enough of the network’s hashing power, they could bend the consensus rules to do anything they want including double spending and network splits.  This was a particularly real risk for IOTA because unlike Bitcoin or Ethereum which have thousands of miners, the IOTA network’s hashing power was relatively small, meaning it would be less difficult for an attacker to gain control of it.

To forestall such a scenario, the IOTA network coordinator was created with a primary remit of preventing double spends. Known as “Coo”, the coordinator, which is controlled by the IOTA Foundation issues periodic transactions known as milestones. If any transaction on the IOTA network is not directly or indirectly references by a milestone, it is not confirmed. While this gives the foundation a certain amount of control over the network, it should be noted that it does not allow for transaction history to be changed or user funds to be accessed.

IOTA Gets Rid of Coo

According to the IOTA Foundation, while Coo has served its purpose well, in the interests of the long-term success of the framework, it is necessary to kill it off first of all because at least theoretically it permits the Foundation to choose which transactions receive priority, and also permits the Foundation to freeze suer funds by instructing milestones to ignore transactions involving such funds.

In addition, Coo provides a central point of risk because if it stops functioning or is taken over by a bad actor, all confirmations on the IOTA network would halt. Even more significantly, the need for milestones to confirm transactions works against the scalability of IOTA in the long term.

Despite the announcement, for now there exists no firm timeline has been given for the removal of Coo. A quote from the blog post reads:

“The short answer is that the Coordinator can and will be removed when our research team is satisfied that we understand the coordinator-free Tangle sufficiently.”

According to the Foundation, while it will get rid of Coo eventually, there is no plan to rush this through. The “Coordicide” project is the vehicle being used to ensure that all changes are communicated clearly and ahead of time as the Foundation begins the process of killing the coordinator, as outlined in a subsequent post.


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IOTA (MIOTA) – 5G networks are coming: Time to stock up on IOTA

IoT is slowly emerging as a technological advancement that will shape human life in the 2020s and beyond.  Machines are getting smarter, and in a few years, AI will be integrated in most aspects of human life. This explains why there is a huge interest in IOTA (MIOTA), due to its potential to be at the center of this revolution. It is already gaining in adoption in the mobility industry, by companies like Volkswagen and Audi.

But this is really just the beginning. The true revolution will come with the implementation of 5G networks. 5G will enable for the roll out of IOTA (MIOTA) at scale, since it has unlimited bandwidth allowing for uninterrupted connectivity.  Through 5G, it will be possible for machines to communicate with each other at scale, in networks that could work seamlessly across cities. It is through the implementation of 5G that the use-case of IOTA will become clear for all to see.

The best part is that 5G networks will become a reality sooner than most people can imagine.  Several telecom companies in the United States have announced they will be launching 5G networks in 2019. And with IOTA (MIOTA) making in-roads in the U.S, with possible partnerships with companies like Tesla and Uber, the launch of 5G networks could mark a huge entry of IOTA (MIOTA) in this market, and that will be a massive boost to its value.

5G networks will also unlock the value of IOTA (MIOTA) in the development of smart cities. At the moment, several smart cities are testing out IOTA. One city that could open up IOTA (MIOTA) as a revolutionary technology is Pangyo smart city in South Korea. This model city is implementing 5G networks, and will have sensors everywhere guiding self-driving vehicles in a complex and highly interconnected web.

In Pangyo, self-driving cars will be in a position to coordinate with each other and move through traffic. Once completed, this city will open up the idea of using IoT technologies in 21st century urban planning to other cities all across the world. It will accelerate the deployment of 5G, and push up the adoption of IOTA (MIOTA) in urban redevelopment.

The fact that IOTA (MIOTA) is gaining in adoption even before 5G networks are rolled out at scale is a sign of good things to come. Once these networks are rolled out at scale, IOTA will benefit the most since it has a head start in this market. It’s without a doubt one of the best investments in crypto at the moment, as 5G networks begin to take shape in 2019.

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Author: NICHOLAS
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IOTA [MIOTA] emerges as the winner in the vehicular applications feasibility test

IOTA [MIOTA] released a research paper titled ”IOTA Feasibility and Perspectives for Enabling Vehicular Applications” on 29th August, which discusses the possibilities of using IOTA Tangle as an underlying feature to enhance privacy in vehicular applications.

The paper authored by Paulo C. Bartolomeu [DETI, IT], Emanuel Vieira [DETI], and Joaquim Ferreira [ESTGA, IT] speaks about the very interesting Automobile Industry. Over the recent years, the automotive industry has undergone a huge shapeshift from what it originally was. Lately, industries and businesses have started migrating to the ‘much-talked-about concept’, the “Internet of Things” [IoT] where all small and big things referred to as ‘smart things’ are connected through the Internet.

The concept of IoT has been significantly adopted by the automobile industry in the recent past. The adoption brought forward the idea of ‘Autonomous Vehicles’ [driverless/self-driving vehicles]. The transition has been very notable. The paper stated:

“Vehicles became autonomous and (wireless) communications have evolved to provide connectivity with quality of service and flexibility tailored to enable such applications.”

It further explained:

“The future of transport and mobility will surely be enabled by autonomous vehicles encompassing sensing capabilities that can cooperate with each other and share their sensing resources and perspective with the nearby infrastructures and neighboring vehicles.”

In the authors’ opinion, many challenges remain ahead in terms of key aspects like privacy, security, and anonymity. The authors briefly attempt to explain hackings of vehicular systems that have happened in the past. Citing an example from 2015, the authors stated:

“In 2015, Charlie Miller and Chris Valasek have demonstrated that they could take control over the Internet of a Jeep Cherokee’s entertainment system by meddling with the dashboard functions, steering, brakes, and transmission, all from a laptop that could be anywhere in the world.”

Furthermore, the emerging blockchain technology can propose as a new security solution that complements the existing ones. The authors stated:

“Over the last few years the blockchain technology has managed to attract immense attention due to its intrinsic properties such as trustless operation, immutability, transparency, easy verification, cryptographic security, auditability and independence of third parties.”

According to the research, an increasing number of applications are adopting blockchain technology. However, an increase in the use of blockchain technology has brought many concerns like the reliance on the private key, high computing power, latency, bias towards nodes. Here, the authors bring in IOTA’s Tangle as a solution.

The authors attempted to analyze IOTA’s feasibility through a globally set up analysis and then observe the result of the experiment.

The experiment used a basic test setup using two nodes [NodeA], hosted in Norway, and a private node [node B] hosted in a Virtual Private Server [VPS] in Germany. The latter was connected to the Tangle network using the CarrIOTA Nelson project. The authors aimed to identify key operational performance parameters. Parameters like latency and privacy were put to test.

The paper concluded that the IOTA Tangle exhibits smaller transaction delays than the existing public blockchain, making it an ideal candidate for vehicular applications. The authors also came to a second conclusion stating that it also supports enabling of privacy in vehicular communications with no or negligible latency overhead.

The use cases of the IoT based blockchain has spread its wings in the recent weeks. Earlier this month, the Japanese tech giant Fujitsu announced that they will be rolling out IOTA as their new protocol standard.


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Author: Anvita M V
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It’s All FUD: Reports of Crypto Vulnerabilities Are Often Exaggerated

* The reporting on the crypto industry is often exaggerated in tone and framing.
* It’s worth keeping in mind that security flaws are regularly uncovered throughout the tech industry.



Much of the world is scared of crypto. The U.S. Federal Reserve officials have deemed bitcoin a threat to financial stability, economists regard bitcoin as a giant ‘bubble,’ and banks have suggested that cryptocurrencies present a significant threat to their business models.

It would seem that such fear has now infected perceptions of crypto’s cybersecurity. In April, it was reported that researchers at Israel’s Ben-Gurion University had discovered a way to steal private crypto keys from air-gapped wallets, which are physically separated from the internet.

However, while the article’s headline alarmingly raised the possibility that funds could be stolen from such wallets, the hack came with a caveat. Namely, the research assumed that the air-gapped wallet was already affected with malware. But as Symantec cybersecurity researcher Candid Wüest told Cryptonews.com, “If [the wallet is] a special purpose-built device that only runs trusted signed code, then the likelihood of a compromise is very small, unless the attacker has physical access.”

The Ben-Gurion research is therefore very limited in its scope, while much of the other research on the cybersecurity of crypto systems relies on similarly contingent assumptions. Still, this doesn’t stop minor vulnerabilities from being covered by the media as if they were serious, thereby needlessly adding to the fear, uncertainty and doubt surrounding crypto.


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Another example of supposed crypto vulnerability arrived in February, when it was reported in The Next Web that IOTA – a decentralised internet of things platform – was vulnerable to replay attacks. Such attacks occur when an attacker reuses a hash produced by another user. This enables the attacker to steal cryptocurrency in cases where that other user still has funds remaining in the wallet encoded by the hash.

However, it soon emerged in the backlash to TNW’s article that it isn’t possible to have funds left over in an IOTA wallet, since the platform’s protocol ensures that all wallets are one-time use only.

It was therefore claimed in a Medium blog post by the IOTA Foundation that the transactions had been produced by the researcher using a test network he created that didn’t apply the full IOTA protocol. As IOTA co-founder Dominik Schiene told TNW in response to its article, “There is no vulnerability. Make that the headline.”

Another case of somewhat misleading vulnerability reporting involves the hardware wallet manufacturer Ledger. In February, it was reported that the Ledger Nano S could be compromised by a hacker if they uploaded malware to the non-secure part of the device (the part which communicates with other devices).

Such a ruse is possible, however, only if the attacker gains physical access to the wallet before it comes into the hands of its owner. Known as a ‘supply-chain attack,’ it just won’t happen if the owner purchases their device from Ledger itself or from a reputable vendor.
Another exaggerated claim regarding Ledger related to how all their devices were supposedly susceptible to ‘man-in-the-middle’ attacks. In other words, Ledger’s Google Chrome app could be infected with malware that causes the hacker’s wallet address to be displayed instead of the user’s. But as Ledger pointed out in a blog post, it “is not a Ledger security flaw,” since it didn’t affect the device itself (which can be checked directly for the true recipient address), but the user’s computer.

Such examples highlight how much of the reporting on the crypto industry is often exaggerated in tone and framing, presenting highly contingent vulnerabilities as if they were inherent to the systems being covered. That said, there is indeed much in the cryptocurrency space that isn’t entirely unsafe, as indicated by the Verge attack and Coincheck hack.

But for the sake of balance, it’s worth keeping in mind that security flaws are regularly uncovered throughout the tech industry (including Apple, Google, Microsoft, Intel, Facebook, LinkedIn, WhatsApp, Skype).
Candid Wüest said:
“As devices and software are generated by human beings, there is always the chance that some vulnerability can be found and exploited by an attacker […] as recent chip vulnerabilities have shown, there are a lot of parts [in any system or device] that need to be secured and should not be forgotten.”

It’s therefore not the case that the crypto world is any less safe than any other, no matter what certain news outlets might have you believe.


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Technical Analysis Report for Tron (TRX), Verge (XVG), IOTA (MIOTA)

The continuing price declines across the market have left all coins trading in red over the last 24 hours. As the trend flips recent gains upside down, a few coins are having the worst of it. Here is a brief technical analysis of Tron (TRX), Verge (XVG), and IOTA (MIOTA).

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TRON (TRX) Technical Analysis

Verge (XVG) had looked to hold out above $0.05 before Sunday’s bloodbath swept it to sea despite the 61.8 Fib. However, it dipped to break below $0.040 to trigger fears of a sell-off.

By Tuesday, the coin showed signs of a brief upturn following the 78.6 Fibonacci retracement level. It briefly rose to $0.045, but declines in BTC prices have pushed it back below that price to the current $0.041.

XVG/USD will look to find support at $0.040 while trading stays in the range between the two support lines at that price and $0.044. The bulls must stay alert at these areas to avoid breaking below $0.039, a very critical trendline.

At the moment, XVG/USD pairs are teetering on the edge of a volatile line. The technical indicators all show that the coin is firmly in the bearish zone. The bulls have no recourse at the moment.

The coin’s Relative Strength Index 25.18 and Stochastic Oscillator 18.67 indicate that the XVG market is trading in oversold territory.  Moving averages 55 and 89 also indicate selling.

RSI (14) 25.18- oversold

Stoch%D 18.67- oversold

The coin’s 7-day Exponential Moving Average has also crossed below its 100SMA. This scenario is indicative of a downtrend in both medium-term and long-term.

Verge (XVG) Technical Analysis

Verge (XVG) has come fallen way off its April highs of $0.145 in the run-up to its announcement about a partnership with Pornhub. To get there, it had rallied from $0.030. Things have gone south ever since, culminating in the current $0.02688 price.

Attempts to recover from a series of lower lows have been rebuffed twice; first by the hack that compromised its network and last weekend’s bloodbath. As a result, XVG remains in a gripping downtrend.

Previous attempts to get support at the $0.030 and $0.028 areas have failed. Since pockets of a bounce back have vanished, the very least is to have strong support at $0.26 and look to exploit any positivity by pushing for the 300 Satoshis level.

From this point, XVG/USD would target $0.0350 then $0.0400 as it breaks above last week’s high of $0.057. This is all possible with recent pullbacks before the current decline and the fact that the coin is virtually on its bottom. A bigger pullback could see it bounce up above the immediate key resistance line at $0.035. Any other outcome and the coin can test early December 2017 prices.

RSI (14) 29.19 – strong sell

Stoch%D 6.67 – oversold

Both the 100MA and 200MA are indicating selling positions. It would pay to hold and only move to sell on highs during shorter time-frames.

IOTA (MIOTA) Technical Analysis

IOTA’s recent surge in value could be easily relegated to the background if current price declines continue. The bears have taken control and the coin is 12% lower as a series of lower lows continues since Sunday’s blockbuster dips.

Just a week ago, IOTA/USD was trading at $1.75, on the back of a run that seemed only temporary. At the moment, the coin is trading at $1.19. It has broken below consecutive support lines of $1.55, $1.40 and $1.30.

It’s hard to tell where IOTA will get a support line, as it appears to be in free fall over the last 24 hours. The coin is experiencing flash dips and it could break below $1.10 before long. The bulls must find strong support at $1.15 and see a bounce back above $1.20.

If the bears take full control and the IOTA/USD breaks below $1.10, then it could head towards its early April lows or late November 2017 prices.

At the moment, it appears the bears are stacked against IOTA. The RSI (14) value is 33.19 indicating strong sell as is the Stochastic Oscillator that shows its trading in oversold conditions. The 200MA and 100MA on the daily charts also show that the best short-term strategy is to sell.


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IOTA partners with Volkswagen to show off a new proof of concept at Cebit 2018

Johann Jungwirth, who is the Chief Digital Officer at Volkswagen’s has declared that a joint effort between IOTA and Volkswagen will show off a new proof-of-concept initiative at Cebit 2018.


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The theory will demonstrate using Tangle technologies to supply over-the-air applications updates to vehicles that are connected as part of IOTA’s bid to induce an autonomous system market where devices can communicate and transact together.

Slated as showcase substance for Tuesday, June 12th, the demonstration intends to depict the way an over-the-air upgrade would operate via an immutable storage medium and audit trail, and might emphasize how IOTA technology could be implemented into legacy applications systems.

“””Volkswagen, together with @iotatoken will show at #cebit18 a proof of concept how the trusted transfer of software over-the-air to vehicles can be securely documented using the #tangle.”””
— Johann Jungwirth (@JohannJungwirth) June 9, 2018

The demonstration will highlight IOTA’s bid to introduce itself as an attractive choice for auto-manufacturers trying to provide secure updates for their vehicles together with transparency access to audit trails. Volkswagen and IOTA forecast that by 2020, over 250 million joined vehicles will have brought to the street.


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Beyond providing software upgrades, Jungwirth emphasized that IOTA provided several advantages to this Volkswagen brand — such as the capacity to help in any product recalls in addition to record statistical records. As an extra opportunity, the two brands noted that the possible usage of IOTA’s Tangle technologies in creating items like usage-based insurance.

IOTA and Volkswagen aren’t the only parties demonstrating curiosity about courtship. Before this season, BMW partnered with VeChain to execute blockchain engineering in its supply chain management procedure.
In the same way, Porsche has analyzed blockchain-powered consumer authentication for passengers trying to board vehicles, while Daimler (that the marque supporting Mercedez-Benz) has surfaced MobiCoin — a blockchain-based driving rewards program.


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Trinity Mobile Beta Release

The IOTA Foundation is proud to announce the beta release of the trinity mobile wallet app.


Trinity is the new user-friendly wallet from the IOTA Foundation. A wallet born of the community, earnestly championed by the community, and finally taken under the Foundation’s wing. We hope you all share our excitement for this release!


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Over the last few months the Trinity development team has been working diligently, in close collaboration with community members. Long days and nights, building, testing, getting feedback and iterating. There were passionate discussions within the team and the community over every detail of the wallet, and many evenings spent justifying our obsession to our loved ones. This has been an amazing process to take part in, and to witness.

Initially a purely community-driven project, Trinity was adopted by the IOTA Foundation in order to provide assurance to the wider community that the wallet is safe to use, and as free from the threat of user error as possible. We have subsequently subjected Trinity to 2 external reviews, a threat modelling exercise and a security audit, to ensure maximum security for our users. Any threats or bugs that were identified during these two external reviews have been investigated, and mitigated or patched where required. Both reports are now available to the public on our website.

We thank the community for their patience during this process. We are confident that you will feel it was well-worth the wait. The mobile beta is now live (desktop to follow shortly). Head over to trinity.iota.org (going live in due time) and have a look.

Android

https://play.google.com/store/apps/details?id=com.iota.trinity

iOS

https://trinity-beta-ios.iota.org/

If you experience any bugs, have suggestions or need help please head here: https://iotaledger.atlassian.net/servicedesk/customer/portal/1



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IOTA (MIOTA): One Project; Three Components That Will Change Cryptocurrency

When IOTA (MIOTA) revealed its Qubic project last week, most of crypto sphere paused and took notes. The teaser video achieved what might have been the IOTA Foundation’s intention: it got people curious and imagining all the potentialities that could come with it.

It has taken a number of years, yes, but what is likely to be revealed on June 3rd has the potential to propel IOTA into territory traditionally dominated by certain cryptocurrencies. That’s how serious that project is for IOTA, even as the Foundation emphasized it would be one of the priorities in coming months.

Details have not been made public but the snippets of information available bring out three components that will shove some top projects out of the way. The Q-project has oracles, smart contracts, and outsourced computing. These three components are what will make IOTA the platform of choice for applications that can only be envisioned on blockchain platforms like Ethereum and the like. But the oracle factor and the IoT integration will bring that to the tangle, disrupting blockchain as it is.

 

According to comments attributed to Eric Hop, a member of the IF team, what this means is that we should expect to witness a lot of exciting capabilities on the IOTA platform. Earlier in April, he was asked to comment on the heightened hype around “Q” at the time. His response may not have shed any more light, but it did state two things: one was that the hype would ruin the eventual greatness of the project, and two, Qubic would be a game changer.

Of course, we could take his words with a pinch of salt, knowing that cryptocurrency has a lot of overhyped ideas that don’t actually live up to the promise. Many of the so-called game changers have also just ended up as trash- never seeing the light of day.

But this latest comment makes it appear as a real game changer. According to a thread in r/IOTA,

“Including Oracles in Qubic has implications that cannot be overlooked. It means that we can use any type of external data. To be honest, the first sets of ideas we’ve come up with for usage of Oracles are mind-blowing.”

Outsourced computing gives the technology an edge as it allows light-weight devices the leeway to outsource heavy computing tasks they can’t handle. The heavy computing is passed on to other, more capable devices. Now, once you have those three in place you can all of a sudden do things that you did not envision.

It has been suggested that Oracles will enable data to be accessed off the blockchain and then utilized as integration on the Tangle. This is great for IOTA, yet it doesn’t beat the functionality of a combined Oracles and Smart contracts. We will fully understand how versatile that makes the Tangle once they are rolled out.

But since Qubic is designed to enable Smart Contracts, it allows IOTA (MIOTA) to venture into territories where other coins have had an edge over the years. The probable implications are great for IOTA’s eventual adoption in use cases beyond m2m and IoT. The advantage that these platforms with smart contracts have is about to be wiped out.

“Qubic is more a protocol on top of the IOTA protocol. This (Which)… means that the community can go wild and come up with ideas we never even thought of. I imagine the real killer apps for Qubic haven’t been envisioned yet”

Meanwhile, the price of MIOTA has made positive moves in the market after trading in the red for much of the day. The bearish trend that gripped the market for the second day running has continued. Most of the coins swung into the green briefly during the European trading hours, before sliding back into the red.

MIOTA/USD currently trades at $1.85, 3% higher on its value in the last 24 hours. Over the 7-day period, the coin has dropped around -15%. This negativity is coming at a time when cryptocurrency enthusiasts are gathering in New York for the Blockchain Week. It is expected that the market will experience a recovery following the event, a reason to stay bullish on IOTA (MIOTA). However, the target should really be to go long-term on this crypto. It’s potential in the real world is massive.


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Author: Ulysses Smith
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Porsche Is Using Blockchain In Their Cars (IOTA)

Porsche have announced they have begun testing blockchain applications within its cars. The purpose of this is to create it simpler to unlock and grant usage of their cars, streamline obligations and ultimately lead to much better and safer vehicles.

In late February, Porsche produced the announcement that it had been collaborating with XAIN, the German startup to successfully integrate and check blockchain in an automobile. They believe that it might have benefits, from locking and unlocking your automobile, including being used to provide usage of third parties at a particular date and time.

Porsche are confident that introducing blockchain may enhance the driving experience. Their purpose is that local data that’s collected on consumer blockchains could after that be shared securely with additional vehicles, that will lead to learning results which will make the driving encounter safer for all vehicles which are connected.


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Although they are the first ever to test the blockchain, other car producers have decided to interact. Take Volkswagen will work with IOTA, and BMW also have verified their partnership with VeChain Thor.

There has been a large amount of negative press with regards to car manufacturers and their customers, however the introduction of blockchain could go quite a distance toward putting these issues in it. The matter that is holding them back again may be the lack of confidence that folks have generally towards blockchain and scalability. Up to now, it have not shown that it could be effectively scaled without affecting the efficiency.

Therefore what is the near future for Porsche and blockchain? If it movements beyond the simple proof concept tests and out into real life usage of this technology, blockchain excellent be considered a massive game changer



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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS: Price Analysis

Dan Morehead, CEO of cryptocurrency hedge fund Pantera Capital believes that the total cryptocurrency market capitalization can reach $40 trillion in about a decade. The current market cap is at $421 billion.
Morehead reiterated his bullish call on Bitcoin, calling it a ‘screaming buy’ at the current levels.

A similar opinion was voiced by John Pfeffer, a partner at UK-based Pfeffer Capital who recommended Bitcoin as a great investment opportunity at the Sohn investment conference in New York. According to him, Bitcoin could replace gold or become the new reserve currency of the world. This can result in its price skyrocketing to $700,000.
On the other end of the spectrum is the former head of Paypal, Bill Harris, who believes that Bitcoin is a fraud and should not be worth billions.

The bear market in cryptocurrencies has affected its trading volume. The average daily traded volumes have plunged from a high of $17 billion in December to a low of $7.4 billion in the first half of April.
This shows that the market participants have been hurt by the sharp decline in prices and many are yet to return to trading. Nevertheless, there is a hope that the entry of institutional players will make up for the loss in retail trading volume.

BTC/USD
After breaking below the trendline, Bitcoin found buying support at the 20-day EMA. If the bounce breaks out of the trendline, the bulls will make another attempt to rally to $10,000 levels. Our recommended long position is still live as the digital currency has not hit our stop loss at breakeven.

If the bears defend the trendline, the BTC/USD pair will turn down and probably break below the 20-day EMA. On any decline, the $8,000 levels will act as key support. If this breaks, a retest of the $6,800 levels is possible.
We shall get a better picture in a couple of days. Until then, hold the position with the stops at breakeven.

ETH/USD
Ethereum has held the trendline support. It is currently attempting to move up to the overhead resistance of $745.
If the bulls succeed in breaking out of the resistance, the ETH/USD pair should quickly rally to $900. If we get an opportunity, we might suggest a long position above $745.
However, if the recovery again falters close to the overhead resistance, the virtual currency can consolidate between $600-$745 for a few days. If the resolution happens to the upside, the recovery will continue, else we may see the digital currency decline to $500 levels once again.

BCH/USD
The traders are buying Bitcoin Cash close to the $1,200 mark. We currently don’t own any position in the cryptocurrency, as we have booked complete profits on all our position.

The BCH/USD pair will try to break out of $1,600 levels once again. If successful, the up move should extend to $1,800 and $2,000 levels.
If the bulls fail to scale above the overhead resistance, the cryptocurrency can become range bound between $1,200 and $1,600 for a few days.
We shall wait for a reliable buy setup to form before recommending any trade.

XRP/USD
Ripple broke below the trendline but held the 20-day EMA. It is again attempting to climb above the trendline and move towards $0.93777. If successful, the possibility of a breakout and rally to $1.08 levels increase.

The bears will offer a strong resistance at the trendline. If the XRP/USD pair fails to scale above the trendline, it will indicate a lack of buying support. Under these circumstances, the digital currency can break below the 20-day EMA and fall towards the 50-day SMA.
We don’t find a reliable buy setup on it, hence, are not recommending any long positions.


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XLM/USD

Stellar dipped back below the range on April 25 but found strong buying support at the 20-day EMA, which has again propelled it back above the overhead resistance of $0.4.

The next target on the upside is a move to $0.45 and above that to $0.47 levels. The XLM/USD pair is forming a rounding bottom pattern, which will complete on a break out above $0.48. This has a pattern target of $0.78 with minor resistance at $0.63 and $0.66.
If prices fail to breakout above the overhead resistance, we may get a small dip, forming a cup and handle formation.
As these are only possibilities, we shall wait for a clear picture to emerge before proposing any new trades.

LTC/USD
Our recommended position in Litecoin is currently in a loss. We had expected it to race higher on breaking out of $160, but after breaking out of the overhead resistance on April 24, it again slumped back.

The good thing is that the LTC/USD pair is finding buying support at the downtrend line and the moving averages are on the verge of a bullish crossover. The price is attempting to bounce off the strong support levels. If successful, a rally to $180 should be on the cards.
But if the cryptocurrency turns down and breaks below $141, it can slump to $120 levels once again. Therefore, we suggest retaining the stops at $140.

ADA/BTC
After failing to break out of the overhead resistance, Cardano pulled back to the 20-day EMA where it found support. Currently, the bulls are making another attempt to break out of 0.00003445 levels. If successful, we anticipate a rally to 0.000045 levels.

If the bears fail in their breakout attempt, the ADA/BTC pair can remain range bound between 0.000029-0.00003445 for a few days. If the range breaks down, the digital currency can slide to the 50-day SMA.
We shall wait for the breakout to sustain above the range before recommending any fresh long positions. We’ll get a clearer picture in a couple of days.

IOTA/USD
IOTA has more than doubled from the lows of $0.9150 made on April 06. This has propelled it among the top 9 currencies by market capitalization; and that’s why it has made an entry into our analysis once again.

After an extended downtrend, the IOTA/USD pair has entered a base building formation. It currently trades in a large range of $0.9150-$2.2117.
For the past few days, the bulls have been attempting to break out of the range. If successful, we might see the start of a new uptrend.
However, there is a slew of resistances at $2.62 and $3.145 from where the digital currency can turn down. We suggest waiting for a couple of days after the breakout before initiating any fresh positions.
If the breakout fails, the digital currency can fall to the 20-day EMA and below that to the 50-day SMA.

EOS/USD
EOS has extended its up move. It has broken out of the overhead resistance at $16 and is nearing the lifetime highs of $18.67 reached on January 13 of this year. We currently don’t have any positions open, as we have booked complete profits and closed our trade.

The trend is clearly up. Both moving averages have turned up, and the RSI is in the overbought territory, which shows strong demand for the EOS/USD pair.
Still, we expect the bears to offer a strong resistance again at the lifetime highs of $18.67. We need to wait for consolidation or a retrace to the $16 levels before suggesting any fresh long positions.
On the downside, the support line of the ascending channel should act as a strong support.


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Author: Rakesh Upadhyay
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