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Ripple’s ODL Service In Mexico Hits An All-Time Low

Ripple ventures into the United Kingdom with ODL services for a new pair, GBP/XRP. Ripple’s ODL corridor in Mexico, however, takes a hit as it faces an all-time low.  Pound Sterling Released On Ripple’s ODL The need for digitalization of cash and utilization of virtual remittances is now more than ever. The pandemic has left

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Ripple-XRP South Korea

Ripple ventures into the United Kingdom with ODL services for a new pair, GBP/XRP. Ripple’s ODL corridor in Mexico, however, takes a hit as it faces an all-time low. 

Pound Sterling Released On Ripple’s ODL

The need for digitalization of cash and utilization of virtual remittances is now more than ever. The pandemic has left many quarantined and away from their families. Focusing on the same, Ripple’s Senior Vice President of Product recently published a blog post suggesting that the platform’s ODL services would converge on aiding transactions of a lower value instead of large payments.  Along with this Birla had revealed that Ripple would roll out new ODL corridors this year.

Ripple seems to fact-paced as United Kingdom got another ODL corridor. Luxembourg exchange, Bitstamp had already been supporting the EUR/XRP pair. However, the latest reports reveal that ODL services for the GBP/XRP pair are now live.

Liquidity On Other ODL Corridors Plummet

Twitter handle, Liquidity Index Bot, a platform that keeps account of the liquidity index of XRP on different corridors has been sharing charts where the liquidity of the XRP/MXN pair was seen recording significant slumps since the beginning of this month. However, the latest chart reveals that the liquidity index for Bitso XRP/MXN pair hit an all-time low of 8,516,939.

XRP/MXN
Source

Towards the end of last month, the liquidity index of the pair registered notable highs. The pair even hit an all-time high of 37,356,271 in the last month. Along with this, other pairs like XRP/AUD, XRP/PHP, and XRP/EUR were also witnessing a drop in its liquidity over the past few days.

A few days ago, David Schwartz, the CTO of Ripple explained on Twitter how certain transactions can take place without utilizing XRP. A Twitter user reached out to Schwartz asking if Ripple’s ODL would function without buying or selling XRP. To which Schwartz replied,

“We chose to do fiat-to-fiat first for a few reasons, but the biggest one is that it can work with no XRP infrastructure at all, so could be deployed fastest. Then we could use XRP where it could provide the most impact with a ready supply of customers and payments to tap into.”

Source: https://coingape.com/ripples-odl-service-in-mexico-hit-an-all-time-low/

Blockchain

Introducing SINOVATE: The Future of Decentralized Cloud Storage

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Decentralized cloud data storage platform SINOVATE is developing its own in-house blockchain technology known as Deterministic Infinity Nodes (DIN). The potentially groundbreaking new tech works in unison with Incorruptible Data Storage (IDS) to create a new consensus system with security levels never seen before.

Market Growth & Unsustainable Solutions

The data storage industry is projected to exceed $80 Billion USD in the next 4 years as a result of the rise of mobile devices, the app market, and growth across Blockchain IoT, AI, and e-commerce. The market is split between Mainstream providers (Amazon, Microsoft) and the new, more technically secure blockchain-backed (Storj, Filecoin) dCloud alternatives.

Mainstream cloud data providers are struggling with consistent data breaches, exposing a whole range of sensitive information (logins, passwords, IP addresses), while some blockchain alternatives face problems with token inflation.

What is SINOVATE?

SINOVATE is a (SIN) decentralized cloud data storage platform that offers a potential solution to these ongoing problems. Its unique decentralized data storage network is backed by Deterministic Infinity Nodes (DIN) which interact seamlessly with Incorruptible Data Storage (IDS), through a novel protocol called bFTP (blockchain-based File Transfer Protocol).

Masternodes v. Infinity Nodes

Masternode networks support many other dCloud projects, but most still suffer from issues with inflation. Although the (initial) high rate of return for masternodes projects is attractive to investors, this leads to inflation, reducing the incentive for a user to continue to maintain a node as the token falls over time, negatively affecting the network.

SINOVATE’S Deterministic Infinity Nodes reduce inflation and promote network growth through its Infinity Nodes. Infinity Nodes use a unique Proof of Burn (PoB) feature, burning a specific amount of SIN across the 12-month node lifespan. This counters inflation by reducing the amount of SIN in circulation and creates a new proof of transaction type called BurnTx.

Legacy masternode-based networks are susceptible to vulnerabilities and attacks which can result in reward stealing and node instability. Infinity nodes solve the new deterministic algorithm: lock/reward and PoB to bring provably fair deterministic rewards, with bulletproof stability, and network stability.

DIN 1.0 Hard Fork

On the 21st of November 2020, SINOVATE concluded a hard fork bringing online its innovative Deterministic Infinity Nodes (DIN) 1.0, at block 550,000. The network will consist of more than 1,800 DIN that will bring more data storage capacity to the network. There are already over 1,400 nodes running on the network with expectations of 5,000 nodes in 2021.

DIN uses a deterministic score system based on Schnorr Signatures to retrieve that data from IDS. bFTP, allowing the user to easily re-authenticate to any of the nodes that hold a copy of the stored data using the deterministic “score” algorithm.

Incorruptible Data Storage

IDS is being developed carefully to allow a fully secure and reliable network for a worldwide decentralized Cloud (Cloud 3.0). This demands the development of a variety of technical features. The first steps of IDS will be delivered in Q2 2021 which will give the possibility to use the functionality “DataStore” for saving your file in the DIN of the blockchain, send mails with an unprecedented blockchain-based mailing system, or write to your friends in a fully secure and anonymous way with SIN Mobile messenger.

SINOVATE will go beyond to provide security, decentralization, and efficiency by updating the blockchain to Bitcoin core 0.21 and by delivering a fourth generation of Proof-of-Stake (PoS4) built in-house that will allow the addition of passive incomes alongside DIN and the HCO program.

To Infinity And Beyond

Exponential growth in numerous data-centric markets and the rise of mobile devices has exposed a severe lack of a viable long-term solution for the world’s future data storage needs. Blockchain-based dCloud platforms do address some of the security failings of their mainstream counterparts, but many face questions of token inflation.

SINOVATE’s decentralized infinity node architecture and incorruptible data storage underlayer provide an incredibly secure foundation upon which new companies can be built, and its Proof of Burn feature offers both an answer to network sustainability and inflation, while offering everyone involved a chance to benefit from being apart of its future vision for decentralized data.

SINOVATE Blockchain Developers

SINOVATE’s rise in the dCloud Industry is largely thanks to its innovative blockchain developers Xuantan Nguyen (Xtdev) and Giacomo Milligan (Giaki3003/SINTOSHIS).

Xtdev is a highly experienced Big data and data mining specialist. He is also the innovator of Deterministic Infinity Nodes and one of the lead developers and Master SINOVATORS of SIN.

Giaki3003 is the second lead developer on SINOVATE team and fellow Master SINOVATOR. He is also a highly experienced blockchain core developer, as well as Innovator of the upcoming PoS4 custom proof-of-stake algorithm, and hybrid consensus.

Together they make a uniquely experienced and highly skilled duo and creators of the technical evolution that is SINOVATE.

Check out SINOVATE and start running a node today

Read about SINOVATE on the Official blog
Join the conversation on Discord
Official SINOVATE Telegram Channel
Meet the Team on LinkedIn
Official SINOVATE Medium page

Media Contact Details
Contact Name: Alex Thurston
Contact Email: alex.t@bitcoinprbuzz.com

Disclaimer: SINOVATE is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

Disclaimer: This is a paid post and should not be considered as news/advice

Source: https://eng.ambcrypto.com/introducing-sinovate-the-future-of-decentralized-cloud-storage

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Grayscale Bought Almost $140 Million in BTC in 24 Hours

Betting Big on Bitcoin Grayscale made the purchase of 7,188 Bitcoins in just one day. This confirms continued institutional interest surrounding their Bitcoin offering. When you look at Grayscale Bitcoin holdings over the last week and month, a similar pattern appears. In the last week, Grayscale added over 14,000 BTC. In the last month the … Continued

The post Grayscale Bought Almost $140 Million in BTC in 24 Hours appeared first on BeInCrypto.

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Betting Big on Bitcoin

Grayscale, the Bitcoin Trust custodian and digital asset manager, has added another $140 million worth of Bitcoin to their Bitcoin Trust portfolio within the last 24 hours.

Grayscale made the purchase of 7,188 Bitcoins in just one day. This confirms continued institutional interest surrounding their Bitcoin offering. When you look at Grayscale Bitcoin holdings over the last week and month, a similar pattern appears. In the last week, Grayscale added over 14,000 BTC. In the last month the company added a whopping 64,832 BTC worth collectively over $1.2 billion. Miners created only 27,881 BTC in all of November, or only half the Bitcoin Grayscale purchased during the month. It is apparent just how massive and influential Grayscale is as a cryptocurrency focused entity.

Painting A Bigger Picture

As a digital asset custodian primarily focused around Bitcoin, Grayscale makes these massive BTC purchases. Their clients continue requesting additional exposure. The picture becomes clearer when you add this alongside other major announcements. Hundred million dollar BTC acquisitions from public companies are just the beginning. There are now Wall Street regulated crypto indices, and the integration of cryptocurrency usage in globally dominant financial services like PayPal. You can start to see a bigger picture of what mainstream and institutional organizations think about Bitcoin long term. It will be interesting to see how Grayscale’s Bitcoin purchases for December compare to November as Bitcoin continues approaching its all time high.

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Harrison is a reporter and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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Source: https://beincrypto.com/grayscale-bought-almost-140-million-btc-in-24-hours/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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