Connect with us

Blockchain

SigmaUSD – Ergo’s Community Deployed Stablecoin Is Live!

The SigmaUSD stablecoin has been deployed by the community and is live and ready for all Ergonauts to use at https://sigmausd.io/ After several months of hearing whispers about a stablecoin being built and teasers being thrown around, the Ergo community enjoyed an information-packed Ergo Summit 2021 which explained everything they needed to know about the AgeUSD Protocol; a novel […]

Avatar

Published

on

The SigmaUSD stablecoin has been deployed by the community and is live and ready for all Ergonauts to use at https://sigmausd.io/

After several months of hearing whispers about a stablecoin being built and teasers being thrown around, the Ergo community enjoyed an information-packed Ergo Summit 2021 which explained everything they needed to know about the AgeUSD Protocol; a novel crypto-backed algorithmic stablecoin protocol that has been created in joint partnership by the Ergo Foundation, EMURGO, and IOG on top of the Ergo Blockchain.

In addition to several talks about the protocol itself, the specs, smart contracts, headless dApp (off-chain code), and a CLI app for testing, were all provided to the community at the Ergo Summit 2021. This release packed together all of the design & theoretical knowledge with the tools to deploy the dApp on-chain.

With many discussions across Twitter, Discord, Telegram, and the Ergo Forum, the community came to an agreement about how they wanted to move forward with deploying the dApp themselves.

A community-wide vote was held to decide on the exact names for the stablecoin and the reservecoin (the other coin part of the AgeUSD protocol). After many days of back-and-forth on what would make the most sense, the community landed on “SigmaUSD” for the stablecoin and “SigmaRSV” for the reservecoin.

For those who are new to the Ergo ecosystem, “Sigma” refers to the core of what powers Ergo’s cryptography & smart contracts, that being Sigma Protocols. No other blockchain in the cryptocurrency sphere uses Sigma Protocols, and thus this one of the strong selling points of what makes Ergo extremely unique. They enable privacy-preserving primitives to be used for cheap by anyone in the ecosystem, which has future potential for business/enterprise use cases, and more.

The Ergo ecosystem has a growing trend of Sigma Protocol-inspired themes with recently released projects such as the Ergo dApp explorer, The Sigmaverse. Thus the community-chosen SigmaUSD fits perfectly in place, and is a testament to the community’s appreciation for all of the impressive tech which is embedded within Ergo itself.

Jumping back to the deployment itself, long-time community member “DarkSideOfBrrrrr” announced shortly after Ergo Summit 2021 that he would deploy the smart contract on-chain himself. He ensured that he would keep the contracts unaltered and be transparent about the process. (These claims have since been verified by community developers once the contract was deployed on Feb. 25th)

A dApp isn’t complete with only a bare-bones smart contract available on-chain, thus community developer “Anon_real” jumped into the ring shortly after DarkSIdeOfBrrrr’s announcement and agreed to build a frontend web dApp to target his deployment. Community member “Glasgowm” also took part by working with Anon_real to deploy the frontend web dApp for all Ergonauts to easily access and use.

After working on all of these pieces of the puzzle for the next month (while keeping the community updated on their progress), DarkSideOfBrrrrr officially announced and deployed the final version of SigmaUSD on February 25th precisely on Block #432917. (The exact transaction can be found here on the explorer)

Within a few hours , Anon_real and Glasgowm worked to make the required edits to the frontend to target the deployed SigmaUSD dApp, package it all up, and officially launch it publicly for the whole community. As such, thanks to all of their hard work, the SigmaUSD stablecoin is now live and available for all to use: https://sigmausd.io/

This marks a historic moment as the first major DeFi dApp to be launched in the Ergo ecosystem. As such, SigmaUSD and SigmaRSV act as the very first DeFi primitives available for all Ergonauts. Furthermore , as these two tokens are 100% native assets they are composable with any future DeFi dApp. This thus allows dApp developers to expose the ability to go short/long Ergs in any dApp they are building without any extra work. (Reference the explanations/presentation slides in the github repo for more information about how these tokens and the protocol as a whole work)

Ergonauts all over the world were so thrilled by the release of the SigmaUSD dApp that it managed to accrue over $1.5million dollars worth of Ergs in the reserves within 12 hours of the website launch.

The Ergo DeFi ecosystem is just beginning to bloom, and it is clear that with so much interest in this first DeFi dApp we are only going to see more and more being developed and launched. With so much excitement coming out within just the first two months of 2021, this year looks like it’s going to be one to remember for Ergo and all Ergonauts.

What are you waiting for? Head to https://sigmausd.io/ and see what all of the Ergonauts are raving about for yourself.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.cryptoglobe.com/latest/2021/03/sigmausd-ergos-community-deployed-stablecoin-is-live/

Blockchain

Where can you find the lowest fees on the crypto exchanges?

Avatar

Published

on

A trader in any market, be it stocks, currencies or cryptocurrencies that are currently trending, is surrounded by a multitude of additional costs. These are all kinds of commissions, spreads, swaps, etc. And if you plan your trades incorrectly, such costs can “eat up” the lion’s share of profits or even reduce them to zero (see our crypto currency converter for comparison).

Fees on cryptocurrency platforms

When using the services of a cryptocurrency exchange, a trader has to pay a number of commissions. The most common types of these on the trading floor are:
1. Transaction Fee. This is the most common commission that is charged for deposits or withdrawals at the exchange.
If a cryptocurrency exchange only supports the deposit or withdrawal of cryptocurrencies, then the trader only pays the commission charged by the miners for such transactions. The amount of the commission is usually insignificant in this case.
For transactions with fiat currencies, you have to pay a commission for the use of the payment system. At the same time, the amount of the commission varies depending on the system chosen (bank transfer or something else). In addition, the degree of verification of the merchant account usually also affects the amount of the commission.
2. Commission for closing a trade. This commission on cryptocurrency exchanges is calculated directly when trading, when placing an order. Usually the level fluctuates in the range of 0.1-0.25%, but on some platforms it can even be more than 1% of the trading volume.

Maker and taker

A maker is a trader who opens sales transactions. The name comes from the English word “to make” (to do something). It is assumed that the maker brings his assets to the stock exchange, that is, “makes the market”.
A taker is a trader who buys something. It is assumed that the taker reduces the liquidity of an asset class on the market because after the purchase the asset moves to an external account and is therefore no longer on the market. is available.
Since the maker provides liquidity and the taker takes it away, the amount of the commission for the maker is usually lower than for the taker.
However, there are cryptocurrency exchanges where there are no commissions at all for placing orders. Such sites are becoming increasingly popular, but the liquidity in their trades often leaves a lot to be desired. In addition, to compensate for the lack of trading commission, such sites often charge excessive transaction fees.

Cryptocurrency platforms with minimal fees

The following platforms differ from crypto exchanges in that they have minimal commissions:
ü Binance has the lowest fees among the most popular platforms – at 0.1%, and if you use the exchange’s own tokens, they are even lower.
ü On the HitBTC website, the commission for placing an order for both the maker and the taker is 0.1%.
ü On Bitfinex, the trading commission for the maker is 0.1% and for the taker 0.2%.
ü On io, a maker pays between 0% and 0.16% for placing an order, for a taker the commission is between 0.1% and 0.2%.
ü There is no trading commission for makers on the GDAX and itBit platforms. For takers it is 0.25%.
ü On the Livecoin exchange you will find an option with a commission-free deposit in fiat currency (via the capitalist system). When the trading volume is small, the trading commission is 0.18%.

Under the supervision

There is a wide variety of cryptocurrency platforms offering digital asset trading – from humble exchanges that focus on the local market segment and have different reputations to the top giants that are analogous to the NYSE, LME or the NASDAQ are in the cryptocurrency world. Therefore, every trader can choose an exchange with acceptable commission fees for himself. We wish you every success in such an exciting business as trading in cryptocurrencies.

Continue Reading

Blockchain

Capitalizing on Blockchain’s Promise, Unicly Delivers NFT Fractionalization

Avatar

Published

on

Unicly’s decentralized and permissionless protocol empowers the community to fractionalize, combine, and trade non-fungible token collections through sharding, improving overall NFT accessibility and fungibility through its novel design.

Accompanying Unicswap DEX Attracts Millions In Liquidity

Non-fungible tokens have become all the rage as platforms onboard high-profile artists, entertainers, and evangelists seeking a new way to monetize their collectibles, creations, and works of art.

Yet, the eye-popping auction figures aside, NFTs represent one blockchain area that largely remains inaccessible to wider audiences as surging prices concentrate overall ownership. Moreover, this nascent market’s dynamics don’t correspond to the fungible token market characterized by high liquidity among popular tokens.

By definition, a non-fungible token is not designed to be easily exchangeable. Because an NFT is unique, it ordinarily has a single buyer, contributing to an absence of market depth and almost no real-time liquidity. Accordingly, building an efficient secondary market is difficult, especially given that NFTs all have different values and varying levels of demand.

Despite these very real obstacles, Unicly, led by pseudonymous founder 0xLeia, has unleashed a platform that can fractionalize NFT ownership. Besides granting NFT holders a new channel for monetizing their existing NFT holdings, the protocol can provide liquidity to whitelisted collections while promoting more widespread adoption and participation.

Transforming Non-Fungible into Fungible

Unicly has developed an innovative approach for improving NFT fungibility. Unlike other projects in the space, this anonymous, self-funded initiative has introduced sharding to the equation. Sharding effectively splits a blockchain network into multiple parts to process transactions quicker while adding scalability.

In Unicly’s case, each NFT gallery can be a shard, distancing itself from other competing solutions which shard each NFT individually. The new protocol will allow users to create and fractionalize NFT collections from NFTs minted in either of Ethereum’s ERC-721 and ERC-1155 standards. Each collection is independently named and configured before settings, including token supplies and tickers, are determined for each gallery.

Once the corresponding NFTs are moved from a user’s wallet to smart contracts, uTokens (with the ticker mentioned above) are issued. After a preset percentage amount of uTokens are staked, the collection is unlocked for bidding.

Building Up NFT Liquidity

Secondary market liquidity has been the Achilles heel of NFT trading platforms, but Unicly has devised a cunning answer where others have failed. Taking a page out of decentralized finance’s book, the platform has introduced Unicswap, a fork of the popular Uniswap protocol. This AMM DEX helps users stake their uTokens and other cryptocurrencies to farm UNIC, the native Unicly token, through liquidity pooling.

Since unveiling the mainnet just days ago, the platform has already garnered significant popularity. According to figures, Unicswap attracted $3.5 million worth of liquidity to whitelisted pools in just four days. Additionally, 24-hour volume of $1 million puts competition SuperRare squarely in Unicly’s sights. After reaching nearly one-quarter of the competing platform’s monthly transaction volume in mere days, the total capitalization of NFTs in Unicly’s marketplace has now topped $20 million.

Proving beyond a doubt that its model is valuable, some significant collections have already joined the platform. uMask, a collection of 85 hashmasks, has reached a value of approximately $16 million, marking a 16-fold increase in the valuation from its original listing at $1 million. The first gallery listed on the platform, uUNICLY experienced similar exponential growth after listing 3 branded NFTs, rising from $300 to an astounding $180,000.

Another gallery, titled uLEIA, was built as an homage to the anonymous founder of the protocol by combining 0xLeia’s profile picture with AI-generated content. The platform has also appealed Chris McCann, a National Geographic award-winning photographer who listed his uCM collection of NFTs and other noteworthy collections from DokiDoki, MoonCats, WAIFU, and Nubians.

Taken together, Unicly’s fresh approach to NFTs is already demonstrating that a better model for community engagement and egalitarian participation exists, thanks in large part to sustainable incentives and valuable user-centric features.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/company/capitalizing-on-blockchains-promise-unicly-delivers-nft-fractionalization/

Continue Reading

Blockchain

Riot Blockchain Bitcoin production jumps 80% over pre-halving levels

Avatar

Published

on

The company said it held more than $94 million in crypto as of March 31, all from Bitcoin it has mined.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/riot-blockchain-bitcoin-production-jumps-80-over-pre-halving-levels

Continue Reading
Blockchain3 days ago

Veteran Trader Brandt: XRP’s Upsurge Has Just Started And Could Print Record All-Time Highs Soon

Blockchain3 days ago

XRP futures open interest reaches $1.2 billion record

Blockchain4 days ago

You don’t own me: XRP price surge defies SEC’s clamp-down on crypto

Blockchain3 days ago

Price analysis 4/9: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, THETA

Blockchain3 days ago

Bloomberg Analysts Unlock New Ultra-Bullish Bitcoin Price Prediction For 2021

Blockchain3 days ago

US isn’t prepared to regulate new industries like crypto, says Ripple CTO

Blockchain3 days ago

VORTECS Report: Coinbase NewsQuake drives Markets Pro gains as Enjin soars

Blockchain3 days ago

Why Bitcoin could favor USD dominance over Digital Yuan

Blockchain3 days ago

Alonzo Upgrade to Launch Soon on the Cardano Platform to Support Smart Contracts

Blockchain2 days ago

Bitcoin on-chain data suggests no bull market top at $60K, selling activity declining

Blockchain5 days ago

Renowned Forex Analyst and Influencer Shadi Abdou Joins Wisebitcoin’s Advisory Board

Blockchain3 days ago

Hester Peirce: Banning Bitcoin is Almost Impossible 

Blockchain3 days ago

How To Buy Bitcoin Quickly With The Lowest Fees

Blockchain3 days ago

Bitcoin suddenly hits $60K as a new resistance battle liquidates $850M

Blockchain4 days ago

Will the U.S. second oldest bank State Street start trading crypto?

Blockchain3 days ago

Alonzo Marks Next Phase In Cardano’s Evolution As A Worldwide Distributed Ledger

Blockchain3 days ago

Meitu now Holds $100 Million in BTC and Ether after Latest Bitcoin Purchase

Blockchain2 days ago

Analyst Outlines Key Levels to Watch As Bitcoin And Ethereum Attempt Weekend Breakouts

Blockchain2 days ago

Ethereum could go to $10K in 2021 and outperform Bitcoin, says veteran trader

Blockchain2 days ago

Mass adoption may take crypto toward centralization

Blockchain2 days ago

LTC Price Analysis: Litecoin Price Eyes $300 as Bulls Test $250 Resistance

Blockchain2 days ago

Infosys Co-Founder Suggests Crypto Capital Inflow Can Solve India’s SME Financial Gap

Blockchain2 days ago

Is Bitcoin Following S2F Model? How a $200K Top Could be in Sight

Blockchain2 days ago

VC funds bullish on crypto, increase investment in blockchain startups

Blockchain22 hours ago

Charted: Ripple (XRP) Consolidates Gains, Why Rally Isn’t Over Yet

Blockchain4 days ago

XRP Enthusiast Starts Petition Asking Incoming SEC Chairman Gary Gensler To Withdraw Ripple Lawsuit

Blockchain4 days ago

A Crypto Trading Revolution Is Coming; Cryptonovae Sets Out to Reshape Market Through All-Inclusive Ecosystem

Blockchain3 days ago

SEC approves Exodus wallet for Regulation A stock offering

Blockchain3 days ago

WWE Set to Auction NFTs Around Lengendary Wrestler The Undertaker

Blockchain3 days ago

SingularityNET (AGI) rallies 1,000% as industries aim to merge AI with blockchain

Blockchain2 days ago

How NFTs, DeFi and Web 3.0 are intertwined

Blockchain2 days ago

Ripple Stays Winning: Court Rejects SEC’s Request To Subpoena Personal Financial Information

Blockchain2 days ago

How Bitcoin back above $60,000 could create a powerful upside move

Blockchain2 days ago

Analyst Nicholas Merten Says 6 Crypto Assets Primed To Blast Off As DeFi Supercycle Heats Up

Blockchain2 days ago

Is Bitcoin Following S2F Model? How a $200K Top Could be in Sight

2 days ago

XRP Price Surges 40% to $1.4 as Court Disallows SEC to Access Ripple’s Execs Personal Records

Blockchain23 hours ago

12K Bitcoins Moved Out of Coinbase, Bitcoin Whales With Over 100K+ BTC Surged 3x In 2021

Blockchain22 hours ago

All On-chain Metrics for Bitcoin (BTC) Point Towards Further Bull run, $62K Coming Soon?

Blockchain4 days ago

Polygon (MATIC) Aiming to Transform Insurance Industry with M-Setu 

Trending