Mediaboss Marketing

Khosrork

PulseChain is a smart contract blockchain which very recently launched with a rather ambitious proposition. The narrative is that Ethereum (ETH-USD), the primary smart contract blockchain, requires optimization because it is unable to sufficiently service the numerous decentralized applications straining the network. PulseChain means to decrease transaction (i.e. gas) costs and increase throughput as a solution.

The need for a more scalable blockchain is not a new narrative by any means. Since 2020, many projects have launched their own implementations of smart contract blockchains. Each of these alternative chains, or "altchains," puts a different spin to approaching the scalability issue.

Where PulseChain seemingly stands out is that it will copy the entire state of the Ethereum network and transfer that over to its own sovereign and better-optimized blockchain. This is functionally a hard fork of Ethereum. All smart contracts, addresses, private keys to addresses, and assets linked to those addresses on Ethereum will be copied over to PulseChain with the exact same access conditions. Ethereum users who had assets prior to the initiation of PulseChain would have copied assets on PulseChain. After the full Ethereum state is copied over, PulseChain will function independently from Ethereum based on the actions of its users. PulseChain's Twitter and other marketing materials tout that this is the "largest airdrop" ever. An airdrop is a promotional event used by many crypto protocols in which tokens are given to users, or "airdropped." This creates buzz on social media and garners more interest in the project.

PulseChain's "Largest Airdrop" on Twitter (Twitter)

In reality, copying the state means very little. Value on Ethereum derives mostly from a link to something off-chain, in the form of an IOU. For example, a number of fungible (ie. ERC-20) tokens are stablecoins. The two biggest are Tether (USDT-USD) and US Dollar Coin (USDC-USD). Both are tokens which can interact with smart contracts and be sent between Ethereum addresses. Both tokens are supposed to be backed 1:1 with dollars held in a reserve. Procuring 1 USDC token to the issuer of USDC entitles one to receive $1 from the issuer. The USDC token is then removed from the supply of USDC to reflect the removal of that $1 from the reserve. Another major ERC-20 token is Wrapped Bitcoin, or wBTC. wBTC is issued by BitGo, a company which holds real BTC and ensures that wBTC can be used to claim real BTC on the Bitcoin blockchain. wBTC, like USDC and USDT, is functionally an on-chain IOU compatible for on-chain trading on Ethereum.

But it goes even deeper. Most of the utility on Ethereum is based on moving these on-chain IOUs around. For example, the largest decentralized exchange, Uniswap (UNI-USD) is a protocol for trading tokens. Some of the most liquid markets on Uniswap include wBTC, USDC, USDT. Other protocols and decentralized applications tell the same story. If any of these three issuers decided to not honor their commitments, the on-chain activity on Ethereum would most likely suffer a dramatic decrease as users stop moving around their now-worthless IOUs.

So the problem with PulseChain copying Ethereum's state is simple: copying an "I owe you" does not copy the actual thing owed. Ethereum's state has value because there are a lot of IOUs on it. In order for the PulseChain copies to have value, and for PulseChain itself to benefit from this value, the IOUs issuers must default on their commitments to Ethereum-based IOUs and honor the PulseChain copies as the "true" IOUs.

The additional value of PulseChain that comes from copying Ethereum's state scales with the probability this will happen. Personally, I think the probability is extremely close to 0. And if it doesn't happen, then PulseChain's value will rest solely on its potential as an altchain to address the scalability issue.

Let's go over why it is very unlikely that any of the issuers will switch over to honoring the PulseChain copies and default on their ERC-20 commitments. First, there is a large downside in the form of legal and reputational issues. Stablecoin regulations and general scrutiny are getting tougher all over the world. A decision to suddenly default on obligations will be a horrible public relations move on the part of any IOU issuer. It would attract much more negative attention and turn many stablecoin supporters and users against the issuers. Because the on-chain economies are an integral component of the business model, issuers will not risk something like this.

Second, there is very little upside. Switching over to PulseChain does not have a feasible positive impact on the bottom line of issuers. Even if all Ethereum users just picked up and switched to PulseChain, it doesn't mean more stablecoins will get issued. It is the same amount of users, using the same amount of assets. One could argue that if PulseChain was a much more efficient chain it could prompt capital inflows into the ecosystem. This might lead to more IOUs being issued. But the flip side of this is that a more efficient chain decreases the need for a higher money supply because the velocity of money can be much faster. This would decrease the amount of IOUs and hurt the bottom line of issuers.

So the benefit of switching is pretty unclear while the downsides are large. Why would the issuers switch to PulseChain?

It is obvious that copying Ethereum's state most likely does nothing for PulseChain. But what about PulseChain's tech stack as a scalability solution? If it is much better, then perhaps that alone can be bullish for PulseChain.

Unfortunately, PulseChain doesn't have a lot to offer in this area either. A cursory glance at its website indicate that all it really offers is higher speeds, proof-of-stake (which Ethereum already is, although when PulseChain was first conceived Ethereum was proof-of-work), and lower fees. There are some mention about burning fees, which implies a deflationary token model. Burning fees or tokens is basically a share buyback. People contribute to the protocol's top line by purchasing the tokens to pay fees and this money is immediately distributed to the shareholder (in this case, tokenholder) by removing the tokens from the supply. Burning and deflation are not new in altchains. Ethereum does a similar thing too.

What is more concerning is that PulseChain does not seem to have a white or lite paper. Such documents are pretty standard in crypto. After all, Bitcoin started off with a white paper and all the major projects have something similar which outlines purpose, technology, implementation, roadmap, or mathematical concepts. PulseChain's lack of a white paper is a bit of a red flag.

PulseChain is probably meaningless in the long run. Lots of other altchains are special in their own ways, and they probably will not go anywhere either. This case study is a useful reminder for where crypto's value originates, and this is a question people have been trying to answer for a while.

It's not complicated. Value comes from providing utility to people. Crypto's utility comes in a few different forms. Coins which aim to be money must excel at providing monetary utilities. Otherwise people can and will use fiat currencies instead. Smart contract blockchains should support the creation of various useful smart contract applications. Right now, most of this utility is focused on price speculation of tokens.

The problem with the smart contract business model is that price speculation necessitates a concentration of liquidity. A vast multitude of separate blockchains which each facilitate price speculation in their own way will result in a poor trading experience for all users due to the fragmentation of total liquidity. The alternative solution for token speculation is just a centralized crypto exchange like Binance which aggregates liquidity across blockchains into a single trading venue. And today, this is exactly what we see in crypto: most people are turning away from the on-chain solutions in favor of centralized solutions.

Furthermore, the present state reveals an incongruence between crypto today and decentralization in the strictest sense. The stablecoin is paramount to smart contract blockchains because speculation PNL requires a fiat-based unit of account. For instance, no one denominates their earnings in BTC, but a lot of people will use USD to measure value. This requires an "on-chain USD" or stablecoin, which results in IOUs. These IOUs are in fact an element of centralization, which partially hurts the decentralization narrative of crypto.

The only parts of crypto which stand independently from a reliance on IOUs are coins which attempt to be money on their own. These are stuff like Bitcoin, Litecoin (LTC-USD), Bitcoin Cash (BCH-USD), and Monero (XMR-USD). These assets are no one else's liability. But when they are moved onto smart contract blockchains - usually to facilitate on-chain speculation - they generally take the form of IOUs as well.

No matter how special PulseChain's tech stack is (and it doesn't even seem impressive regardless), it will have to compete for the liquidity scattered across the major smart contract blockchains. At this point, the network effects of the incumbents are probably too large to overcome for a new chain, especially one without significant scalability improvements.

Editor's Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.

More:

Ethereum's PulseChain Development: A Reminder About Crypto's ... - Seeking Alpha

The crypto industry is constantly growing, redefining the very concept of financial assets. Decentralised Finance (DeFi) is coming into the spotlight, and with its accessibility, affordability, and convenience, its no surprise to see why. Blockchain networks are the heart of cryptocurrency, and DeFi blockchains offer several altcoins the support they need. Meanwhile, the industry is also welcoming new DeFi cryptocurrencies like Big Eyes Coin (BIG), which is wrapping up its iconic presale to launch very soon.

Do Big Eyes have what it takes to take over the top DeFi blockchains like Ethereum and Avalanche? Read on to find out.

The platforms maturity also reflects in the user experience, with user-friendly wallets such as MetaMask, Argent, and Rainbow, enabling easy interaction with the Ethereum blockchain and smart contracts. The extensive user base of Ethereum motivates developers to deploy their applications on the network, solidifying Ethereums position as the leading platform for DeFi and NFTs.

Can Big Eyes take over DeFi blockchains?For a while now, the brand new DeFi meme coin, Big Eyes (BIG), has created quite a stir with its presale. This was no ordinary feat, as BIG has managed to break the presale record of Ether itself. And launching on the 15th of June, BIG is preparing to take over Ethereums network as an ERC-20 token.

But this isnt just about making a fortune. Big Eyes Coin has set aside 5% of its supply to create a charity wallet that supports ocean sanctuaries. A cat has got to eat. The good intentions come from a passionate community that powers this paw-dorable coin. This is evident from their ever-so-happening Twitter handle and the 26,000-member Telegram group.

But thats not all. Their roadmap includes projects that cater to the broader investor base. There is an NFT Space, the Sushi Crew, under development.

Big Eyes Coin flaunts unmatched potential with its plethora of features and offerings. With a track record of collecting over $38.3 million in the presale stage, it is on its way to taking over the best DeFi blockchains. Try Big Eyes Coin to be a part of the next BIG thing in the crypto world.

Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

Original post:

Can Big Eyes Coin take over the best DeFi blockchains like Ethereum and Avalanche - Economic Times

In the world of cryptocurrencies, the communities that grow around them are critical to their success. Here, we delve into the distinct communities surrounding DogeMiyagi (MIYAGI), Bitcoin (BTC), and Ethereum (ETH), illuminating how DogeMiyagi distinguishes itself by fostering an interactive community culture through an engaging, humour-driven ecosystem. While respecting the dynamic communities of Bitcoin and Ethereum, DogeMiyagis (MIYAGI) approach grabs the interest of seasoned investors eager to extend their portfolio and financial enthusiasts seeking intelligent and insightful information on crypto. So, let us dig into the exciting realm of DogeMiyagi and its analogues.

DogeMiyagi: Embracing community, humour, and crypto enthusiasm

Bitcoin: The forerunner of decentralisation, unleashing crypto's potential

The Bitcoin community is recognised for its solid ideological position on decentralisation and financial autonomy. Discussions within the Bitcoin community frequently concentrate on technical features, policy consequences, and the future of decentralised currencies. This community set the groundwork for other cryptocurrencies, notably DogeMiyagi, by proving the possibilities of blockchain technology.

The Ethereum community encourages creativity and cooperation, with members actively discussing potential use cases and Ethereum ecosystem enhancements. The Ethereum community also supports the notion of decentralised finance (DeFi), which has transformed our perception of traditional financial institutions. Ethereum has spurred a new wave of innovation and discovery in the crypto sector by offering a platform for developers to design and deploy dApps.

DogeMiyagi has established a dynamic and inclusive platform that appeals to seasoned investors and finance professionals by blending humour, community-driven activities, and instructional information. This amusing and instructive approach has made DogeMiyagi a popular choice for individuals looking for pleasure and valuable insights into cryptocurrency.

Read more:

Tug-of-war: DogeMiyagi, Bitcoin, and Ethereum battle for the title of the most captivating community - Economic Times

Well, the past week had some exciting developments to offer, at least in certain segments of the market. The broader capitalization barely increased by around $5 billion, currently standing shy of $1.2 trillion. This came on the back of a relatively flat performance of major cryptocurrencies, but some altcoins managed to surprise. Lets dive in.

Its been a back-and-forth with Bitcoin this week. The cryptocurrency was trading at around $26,500 this time last week and managed to increase to around $27,500 a few days later. It plunged back below $27K, only to test $27,500 again on Thursday. The bears werent having it, though, and made another decisive swing down, putting BTCs price where its currently trading at around $26,800, booking a slight increase of 1.3%.

Ethereum is also trading for a 2% increase on the weekly, followed by Cardano (ADA), MATIC, DOT, and TRX all of which managed to book similar gains.

But thats where things get more exciting.

Ripples XRP increased by around 8% in the past seven days, positioning it as the clear leader within the top 10 cryptocurrencies by means of total market cap. The reasons are probably two-fold. The judge presiding over the case against the US Securities and Exchange Commission (SEC) ruled against the agencys motion to seal a certain record of former director Bill Hinman. Investors perceived this as bullish for XRP as it might have a positive impact on the outcome of the case. Ripple also entered a deal to acquire Metaco a Swiss-based crypto custodian, for $250 million.

And then theres PEPE. The memecoin thats taken center stage in the cryptocurrency industry is up some 17% in the past week, leading the memecoin sector by a considerable margin. Theres no telling why PEPE is up but as with anything meme-related, it could be any number of reasons. Its very interesting to see if it will maintain its position, though.

In any case, it remains very interesting to see how the market will shape in the following days and if XRP will continue on its positive trajectory.

Market Cap: $1,169B | 24H Vol: $34B | BTC Dominance: 44.4%

BTC: $26,829 (+1.3%) | ETH: $1,810 (+2%) | BNB: $309 (+1.1%)

We Asked ChatGPT Which 5 Cryptos Will Survive in 10 Years: The Answer Might Surprise You.We asked the most popular AI language model on which five cryptocurrencies will survive in the next 10 years. The answer might surprise you.

Tether Will Buy Bitcoin: Allocating 15% of Net Realized Operating Profits Regularly in BTC.The company behind the worlds largest stablecoin USDT Tether will be buying BTC. It announced that it will allocate as much as 15% of its net realized operating profits regularly.

Coinbase Launches Zero-Fee Trading, But There Are Catches.The leading US-based cryptocurrency exchange Coinbase is launching zero-fee trading. However, there is a catch. Users will have to pay $30 per month to be able to take advantage of this feature, making it not exactly zero-fee.

Ripple (XRP) Enters a $250 Million Deal to Acquire Metaco.Ripple, the company behind XRP, announced the acquisition of the Swiss-based cryptocurrency custody provider Metaco. The goal is to expand the firms services and grow within the institutional crypto custody market.

SEC Says FIL Is A Security, Asks Grayscale to Retract Filecoin Trusts Form 10 Application.The US Securities and Exchange Commission shows no mercy. It said that Filecoin (FIL) is a security and urged Grayscale to stop offering it to their clients.

ChatGPT Predicts 8 Things That Will Happen to Crypto By 2033.ChatGPT predicted eight different things that will happen to the cryptocurrency industry in the next decade. From mainstream adoption to increased regulatory scrutiny, heres what the AI thinks about the future of crypto.

This week we have a chart analysis of Ethereum, Ripple, Cardano, OP, and PEPE click here for the complete price analysis.

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

View original post here:

XRP and PEPE Lead Markets, Bitcoin and Ethereum Flat but in Green: This Weeks Crypto Recap - CryptoPotato

What is CryptoSlate Alpha?

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more

Welcome! You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.

If you don't have enough, buy ACS on the following exchanges:

Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more

Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.

See the original post:

Cardanos Hoskinson calls Ethereum Classic scam after Ergos exclusion from Proof-of-Work Summit - CryptoSlate