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Monero ‘Triptych’ Will Increase Privacy and Scalability If Implemented

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Monero ‘Triptych’ Will Increase Privacy and Scalability If Implemented

A new privacy protocol called Triptych could improve the privacy and scalability of Monero (XMR) as described in a January 6 research paper.

Triptych builds upon Ring Confidential Transactions, also known as RingCTs, which is the mechanism used by Monero (XMR) to obscure the value of a transaction. RingCTs use decoy inputs in order to obscure which input is the real input. However, at this point, only 10 decoys are used since more than that would lead to scalability problems.

Triptych uses logarithmic scaling, allowing far more decoys to be used, to the tune of 512 decoys. Further, Triptych can generate these 512 decoys in only 45 milliseconds.

Basically, with Triptych far more transaction input decoys can be generated, making it truly impossible for an outside attacker to figure out the value of a transaction.

Although this technology sounds highly useful for a privacy coin like Monero (XMR), it still has to go through a review process, and a hard fork would have to occur for Triptych to be implemented. Therefore, it could be several months before Triptych goes live on the Monero (XMR) blockchain.

Beyond Triptych, other privacy protocols under consideration for Monero (XMR) include RingCT 3.0, CLSAG, Lelantus, and Omniring.

Essentially, as technology improves in general, Monero (XMR) is in an arms race to maintain its privacy characteristics. Indeed, Monero (XMR) implemented bulletproofs in October 2018 and RandomX this November. That being said, it seems Monero (XMR) is winning this privacy arms race and will remain anonymous for the foreseeable future.

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Binance Futures Is Holding A Trading Competition With Prize Pool Worth $1M

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Binance Futures Is Holding A Trading Competition With Prize Pool Worth $1M
Binance Futures Is Holding A Trading Competition With Prize Pool Worth $1M

Cryptocurrency exchange Binance announced on March 25 that it will be hosting a trading tournament where participants could compete in teams and win a prize pool of up to $1 million in BNB tokens. According to the announcement, the tournament will take place between April 10 and April 25, and will take place in two ways: daily ROI and overall USDT team profit tournaments. Binance explains that all teams that trade in perpetual contracts on Binance Futures during the competition period will be ranked based on the total USDT profit of the team, which corresponds to the sum of the top 10 individual results within the team.

The exchange adds more details on how the total $ 1M prize pool in BNB tokens will be split: First place will receive 30% of the total reward. Second and third place will each get 20% of the total reward. Fourth to tenth place will split the remaining 40%. Among other conditions, Binance says that the distribution of the rewards within each team will be made on the basis that each team leader will receive 30% of their team’s total reward. The top 10 individual USDT profit contributors will receive the 20% divided equally, while the other team members will receive the remaining 50% equally.

Binance clarifies that team members must register for the competitions between March 26 to April 10, further explaining that there will be no changes after the registration period has elapsed. Besides, a “bonus popularity” award of USD 5,000 in BNB tokens will be awarded to that leader with the largest team.

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The First Game Built On The Tezos Blockchain Planning Alpha Launch

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The First Game Built On The Tezos Blockchain Planning Alpha Launch
The First Game Built On The Tezos Blockchain Planning Alpha Launch

Tezos (XTZ) co-founder Kathleen Breitman is preparing to launch the alpha version of the game built on top of Tezos — a crypto-powered collectible card game called ‘Emergents.’ Emergents’ in-game cards will comprise non-fungible tokens (NFTs) that players have full ownership over. Coase intends to comprise both the primary and secondary marketplace for the cards. The company will also act as both a buyer and a seller for the NFTs.

While Breitman has been planning the game since 2018, she announced Coase — the company that will launch Emergents — in May 2019. The company is composed of Breitman, former professional Magic: The Gathering player Zvi Mowshowitz, former Pokemon and Magic developer Alan Comer, and game designer Brian David-Marshall. 

Coase will initially launch a free base set of cards with new cards being made available for purchase on a weekly basis. Cards will be priced and paid for in XTZ, however, there will also be a fiat gateway that conceals the cryptocurrency transaction for players who do not wish to handle crypto. Each card will have a fixed supply, with prices fluctuating according to an algorithm that measures demand for a card. When a specific card is purchased the algorithm will increase its price slightly, and vice versa. Coase will purchase cards from sellers for approximately 95% of their market value.

The pricing system will likely lead to significant fluctuations in a card’s price, as cards may fall in and out of favor with players as different meta-strategies are developed that emphasize the strengths or weaknesses of specific cards within the context of different decks. As such, players are incentivized to develop strategies built around undervalued cards in order to drive demand and allow them to sell the card back to Coase for a profit. While other blockchain-based card games reserve the right to alter an overpowered card’s stats or supply, Coase will nerf overpowered cards by minting new cards designed to rebalance the game.

The alpha launch of Emergents comes amid a glut of projects offering unique blockchain-based gaming experiences featuring in-game items that players can own and trade. During March, Horizon Blockchain Games opened the final closed beta season of its Ethereum-based NFT-powered card game, SkyWeaver. Enjin launched a program to entice developers to work on its NFT and blockchain-powered gaming network. While the creator of FarmVille announced the development of a blockchain-based gaming network built featuring NFT in-game items.

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Binance Gets Rid Of FTX Tokens Citing Confusion

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Binance Gets Rid Of FTX Tokens Citing Confusion
Binance Gets Rid Of FTX Tokens Citing Confusion

Major crypto exchange, Binance, has decided to remove leveraged FTX tokens from its exchange, explaining that customers don’t understand the product. “Due to lack of understanding of how leveraged tokens work by many of our users, Binance has decided to delist all existing FTX leveraged tokens and corresponding trading pairs,” the exchange announced on March 28. Binance will shut off deposits and withdrawals for the assets on March 31 at 8 a.m. UTC, with a stoppage in trading at 10 a.m. on the same day.

On March 11, Binance announced its listing of two FTX leveraged ERC20 tokens, known as BNBBULL and BNBBEAR. Customers could trade these assets against USDT or BUSD, Binance’s own stablecoin. Each token represented a 3x leveraged long or short position in Binance Coin (BNB). “Users can buy leveraged tokens just like normal tokens on a spot market,” Binance said in its March 11 announcement. “However, there is no need for them to manage collateral, margin, liquidation prices, or anything that a normal margin user needs to manage.” A quick press time scan also showed several other available bull and bear pairings, such as EOS, ETH and XRP, as well as a simple “Bull” and “Bear” option paired against USDT and BUSD.

As part of the March 28 announcement, Binance plans to remove “BULL, BEAR, ETHBULL, ETHBEAR, EOSBULL, EOSBEAR, BNBBULL, BNBBEAR, XRPBULL and XRPBEAR.” The exchange included both USDT and BUSD pairings in the delisting. Binance’s work with FTX comes after the crypto giant made an equity investment in the crypto derivatives platform back in December 2019. Binance also bought a stake in the platform’s FTX token.

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