Hallelujah! After a protracted period of misery, the markets have finally recovered partially – although it remains to be seen if this is a harbinger of a larger bull run. Total market cap has shot up, mostly over the course of a few hours, to 333b. BTC is at 7540 (+5.8%) and ETH is at 580 (+10.8%).
As has been the case in recent times, BTC swings are smaller than those of altcoins. While the vast majority of altcoins have gotten decimated recently, the recovery means that the gains have been very large too. 53 of the top 100 coins have had double digit percentage growths, the largest of these being for Bytecoin (BCN +28.3%), 0x (ZRX +24.7%) and Centrality (CENNZ +24.1%).
The even better news is that there is not a single top 100 coin in the red. Not even Tether.
Chinese internet security firm Qihoo 360 have claimed that EOS has a ‘series of epic vulnerabilities’ that could lead to node exposure and hackers being able to remotely take full control of EOS transactions. While Dan Larimer has stated that the problems highlighted by Qihoo 360 have been resolved, it is still very concerning that such glaring issues exist so close to the launch of EOS Mainnet.
The IOTA foundation has announced the beta release of the Trinity Mobile crypto wallet. This was an initially purely crowdsourced project that the IOTA foundation adopted in order to give more credence to the wallet’s safety protocols.
The gambling blockchain FunFair has released its closed beta, the first of its kind. The testing will be conducted on its mainnet with its subscriber base of 70000 users and using the ERC-20 FUN tokens.
There was a fake news report about how Verge (XVG) had been 51% attacked for the third time. The news got a lot of traction, but as usual it somehow did not lower the price of XVG.
Insight of the Day: Qubic by IOTA
In early May, IOTA finally announced a piece of new technology that they had been teasing to their community for a while as ‘Q’. Q turned out to be Qubic, a piece of tech that they say will revolutionize how business is carried out on smart contracts. So, what is Qubic?
Qubic is an IoT blockchain with a real potential for fiat currency integration. According to the promotional video release, it appears that it will be possible to have smart contract based decentralized margin trading of FX – with IOTA as the intermediary currency. The system will have an integrated automatic hedging with forwards so that there will be no currency risk on IOTA, the intermediary currency. The hedging procedure is elaborate below, credit to CryptoGlobalist.
Imagine you bought 10 Mi (MIOTA) in your trading wallets each trading at a rate of $2.50 at the moment. That is $12.50 total investment, but given the volatile nature of cryptocurrencies, the price drops to $1 per token the following day. This will feel like a lost investment if you would like to withdraw your funds tomorrow. To prevent this the system allows forwards to be written to keep the price of IOTA stable. In our case, you can find a willing person who would accept to buy your 10Mi tokens tomorrow at $12.5 even if the price drops to $1. To withdraw or trade using the IOTA in your wallet, the simple conversion will be made and it will be credited to your account. If the price drops to $1, 12.5 IOTA tokens will be credited to your account, 10 IOTA that you own + 2.5 IOTA from the other person balancing out your investment.
Overall, Qubic will provide a real world integration and facilitate fiat transactions and could thus prove a huge new use case for blockchain. It will be exciting to see how this project will evolve.