Microsoft and a few other companies are sponsoring a contest aimed at bringing new projects to the Ethereum ecosystem.
The software giant seeks to accomplish this via contests run on decentralized platform Gitcoin, paying thousands of dollars to the top talent.
The project brings together well over a dozen firms that have joined Microsoft to offer bounties amounting to $67,000. The cash will be paid out to teams and individual developers in MakerDAO’s stablecoin Dai.
The contests begin with a two-week program dubbed the Ethereal Virtual Hackathon that precedes the Ethereal Summit scheduled for May this year. Part of the rewards will also include a chance for the top three winners to showcase their projects live online or in-person.
Microsoft leads the other companies involved in the contest with bounty offerings targeting 20 projects. One of the top bounties is a 2500 Dai reward for the winning project in developing smart contracts for the shipping industry.
A project targeting weather insurance comes with a 2000 Dai reward.
Banking giant JPMorgan is also part of the project, joining the contest via its enterprise-focused blockchain Quorum. The platform has allowed numerous projects that offer rewards worth hundreds of Dai for innovative projects that include a Metamask integration for Quorum and privacy among others.
The two-week hackathon is more than aimed at the Ethereum ecosystem, with decentralized platform Gitcoin likely to get as much attention.
The Github-based platform is tailored to provide incentives to open-source developers and has so far paid out almost $1 million in bounties cutting across an active user base of over 18,000 per month.
Bounties on the Gitcoin platform are paid out to various parties using Ethereum (ETH) or Dai.
The platform is now entering its second year and considers its work to be of great importance to the open source developer community. Gitcoin states in a Medium post published recently that the Hackathon initiative will “help funders” attract top developers for their projects.
The prospects for developers are even better considering the incentives being offered ConsenSys, with the recruitment of talent made, even more, appealing with the fact that the company is offering to fund the best projects.
The hackathon is already underway, and Microsoft’s prizes were won within the first 48 hours. It may appear late for anyone out there that is interested, but that is far from the case according to Vivek Singh, Operations Lead at ConsenSys.
He notes that there’s still a lot of time for a developer to jump straight into the action and contribute.
Interestingly, those without the technical know-how can still earn $500 in the blockchain hacking contest if they simply connecting a developer with a funded initiative.
The Ethereal Virtual Hackathon continues until April 30, meaning there is time for anyone not registered but wishes to participate.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.
Bitcoin Overbought Above $12K But Analysts Understate Drop Fears
Bitcoin rose above $12,000 on Wednesday for the first time since August 2020 but signaled an imminent price correction as it entered a so-called “overbought” area.
The readings on Bitcoin’s 14-day Relative Strength Index pushed above 70, a level above which an asset’s bullish trend is considered overstretched. While that does not signify a price crash, it certainly indicates that the crypto may undergo consolidation or a minor retracement at best.
The last three RSI retracements from overbought zones this year coincided with one major price crash and two consolidation moves.
In early February 2020, the RSI level had peaked at 74.33 that later followed a huge slide – from $10,522 to as low as $3,858. Meanwhile, the overbought cases that followed later saw Bitcoin trading in a sideways range, with a bias towards bulls. That left the cryptocurrency in a conflicted scenario as its price attempts to hold $12,000 as support.
Some analysts expected the Bitcoin price to climb further upwards despite its overbought status. A pseudonymous one expected BTC/USD to march towards $15,000, almost a thousand dollars above its 2019 high.
My preferred scenario would be for #bitcoin to go straight to $15k from here.
Reaching that level would likely set up for really good alt coin buying opportunities and set a really strong trend going forward.
I’m really getting tired of the chop.
— NebraskanGooner📈 (@nebraskangooner) October 21, 2020
Meanwhile, Bitcoin advocated Pierre Rochard focused on the fundamental end of the cryptocurrency. He recalled the recent investments of major institutions into Bitcoin (MicroStrategy, Square, etc.), adding that more firms would “panic-buy” the cryptocurrency against their non-yielding cash investments. Excerpts:
“Square only bought $50 million worth of bitcoin. They’re going to panic buy more. And eventually, [Apple] will panic buy. Holding and rolling short duration fiat-denominated fixed income “cash-equivalents” is financially irresponsible due to inflation.”
Logan Han, a daytrader-cum-market analyst, also envisioned Bitcoin at $20,000, its previous record high, if the cryptocurrency manages to hold or consolidate above $12,000.
“Lower $12K region is a historically crucial price range for Bitcoin,” Mr. Han explained. “If BTC manages to take a leap here and reach $14K, there’s nothing stopping BTC from going straight to $20K.”
Bitcoin Correction Setup
A pseudonymous analyst on Twitter posted a relatively balanced outlook on the Bitcoin market. He stated that the cryptocurrency had every chance to sustain its uptrend above $12,000. Nevertheless, he further noted that a correct below the said level would put Bitcoin en route to $11,150 – a support target.
“I’ve been bullish above $11,150 but approach such a key level of resistance is bringing out my bear market PTSD,” the analyst added.
BTC/USD was trading near $12,200 at the time of this writing, up 2.33 percent into the Wednesday session.
PayPoint Sells Romanian Business for £47 Million
The final agreement for the deal is now pending with the regulators.
Retail payments platform PayPoint is exiting Romania by selling all its businesses in the country to Innova Capital for around £47 million (around $61.14 million) on a debt-free cash-free basis.
Announced on Wednesday, PayPoint will sell its two Romanian arms, PayPoint Services SRL and PayZone SA.
The step was taken so that PayPoint can focus on its priorities on the key United Kingdom market. The company is considering enhancing its UK business and will invest the proceeds from the acquisition there.
“Consistent with our strategic priorities, we are pleased to have agreed the sale of PayPoint Romania,” PayPoint CEO Nick Wiles said. “We have decided to sell the Romanian business to focus on our core UK markets and the delivery of our strategic priorities for future growth in these markets. We believe that Innova is the right owner to take the business forward, and we wish PayPoint Romania and Innova well for the future.”
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Exiting a Profitable Business
PayPoint entered Romania in 2007 and established a strong network of its retail payments business in the country. According to the company, it partnered with local retailers through around 19,000 sites and was enabling consumers to make cash bill payments, money transfers, road tax payments, and mobile phone top-ups.
The business also performed impressively and generated £69.7 million in revenue for FY2020, ending on March 31, with an adjusted EBITDA of £7.3 million and a pre-tax profit of £6.8 million.
The two Romanian wings of PayPoint had a gross asset of £48.5 million till the ending of the last financial year.
“The Romanian business has been part of the Group for 13 years, and I would like to thank the Romanian management team and employees for their contribution to PayPoint over this time,” Wiles added.
Crypto.com Integrates PayID Offering 5M Users an Easy and Unique Way to Send & Receive Crypto
HONG KONG, October 19, 2020 — Crypto.com today announced PayID, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App.
Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com — that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing their ability to connect to 100M+ crypto users worldwide.
PayID solves a key pain point in the crypto payments world, which consists of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayID creates a free, open and common protocol that allows for interoperability between any payment network or currency.
Starting today, Crypto.com is offering early access for select customers to register their unique Crypto.com PayID. To be eligible:
- Stake 10,000 CRO or more in Crypto.com Exchange; or
- Stake 10,000 CRO or more in Crypto.com App
On 2 November 2020 all Crypto.com App users can register their own Crypto.com PayID within the Crypto.com App.
Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayID, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayID hosted by other members in the Open Payments Coalition.
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 600+ strong team. Find out more by visiting https://crypto.com
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