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OKEx Blockchain | The OKChain will Test-Launch in June

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OKEx Blockchain

Malta-based crypto exchange OKEx has announced plans for its own decentralized exchange or DEX on its own blockchain. The company made the announcement on Friday detailing the OKEx blockchain.

OKEx Blockchain: OKChain

According to a release on Medium, the company detailed how its operations team has been developing a blockchain called OKChain. The blockchain will be the underlying tech for the exchange’s first decentralized exchange, suitably called OKDEx.

OKChain is at the final stage of development with a test network launch expected in June.

The exchange’s native coin OKB will migrate to an Ethereum ERC-20 standard blockchain in April. Then after the test and once the OKChain is deemed stable, it and all other tokens will be moved to the new OKEx blockchain. OKB will become the native token of the OKChain blockchain.

According to the announcement:

“OKB will be the native token of the OKChain network, which can be used to settle transaction fees or used in the Dapps developed on OKChain.”

OKEx Blockchain and Others

A decentralized exchange is becoming a popular add-on for many cryptocurrency exchanges of the world. OKEx is not the first major exchange to develop its own DEX.

The world’s largest cryptocurrency exchange by market volume, Binance, is launching its own blockchain network soon.

>> Chicago Mayor Believes Crypto Adoption is “Inevitable”

Last month, Binance ran public testing for its DEX and allowed users to create wallets and play around with the interface. It also launched a trading competition offering prizes of up to $100,000 worth of its native token, BNB, to draw testers to the platform.

Another major exchange, Singapore-based, Huobi is also doing something similar. It too announced a standalone decentralized exchange last June. However, Huobi is planning on evolving completely into a DEX. The company is on the lookout for developers to create the underlying open source blockchain protocol for the platform.

What do you think of the OKEx Blockchain?

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Chicago Mayor Believes Crypto Adoption is “Inevitable”

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crypto adoption

Cryptocurrency received an endorsement from Chicago Mayor Rahm Emanuel when he stated that wide-scale crypto adoption is “inevitable” at a FinTech meeting in his city earlier this week.

The chief of staff for former US President Barack Obama said that while he is no expert in crypto technology, he believes digital assets could help financially unstable countries with their economic recovery.

The politician thinks that “an alternative way of currency dealing with the debt markets is going to happen” at some point in the future.

“One day, somebody’s going to figure out—whether that’s Argentina, ten years from now, five years from now—how to use cryptocurrencies to stay alive when their [sic] facing a financial crisis, and then you’re going to find out that this moment has arrived,” Emanuel said of crypto adoption.

Countries like Venezuela have already turned to cryptocurrency in an attempt to circumvent US-led sanctions, attract investment and bring the country back from the brink of full-blown default.

Crypto Adoption: Cryptocurrency Here to Stay

Despite crypto being a highly volatile market, the Chicago mayor isn’t the only one that believes the currency is here to stay. In fact, some believe cryptocurrency could replace fiat currency as early as 2030.

Former IBM engineer Thomas Frey said at a recent event that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”

According to a recent survey led by researchers at the Neustar International Security Council, 80% of businesses are interested in using cryptocurrency for transactions. What’s more, 48% of the survey respondents said that the use of cryptocurrency could be a way for their businesses to generate income by delivering increased value.

Crypto Adoption: Big Companies Moving into the Space

A number of major companies have already begun creating their own cryptocurrencies, including Starbucks, Samsung, Square, Facebook, and IBM.

The most recent company to join the cryptocurrency movement is US multinational financial services giant Visa, which is on the lookout for project managers with blockchain and cryptocurrency knowledge to join their team.

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Square is Hiring | You Can Be Paid in Bitcoin if You Want

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Square

Twitter and Square founder Jack Dorsey has always been bullish in his Bitcoin views. So it’s no surprise that his payments startup Square is now offering new employees the chance to be paid in Bitcoin. According to tweets from the CEO, the company is on the hunt for skilled labor to add to the team.

Square Bitcoin Payments

If Dorsey’s tweets are anything to go by, then the company is hiring engineers and a designer to “work full-time on open source contributions to the bitcoin/crypto ecosystem.” 

The Square cash app already supports Bitcoin purchases and sales so it is intriguing to think of what these new hires may be working on.

But beyond that tweet, information is scarce. However, what is notable, is that these new hires will be able to be paid in Bitcoin if they so choose. It makes sense that Square would offer this option, Dorsey being a major advocate of cryptocurrency, earning himself the nickname Bitcoin Evangelist.

His belief is that Bitcoin should become the world’s single native currency and using it is moving forward.

>> Polymath Partners with SeriesOne for Security Token Issuance

Impactful

Dorsey added in a separate Tweet that “the most impactful thing” his company can do is to build upon the current cryptocurrency ecosystem. And this is one way it can give back to the community.

He commented:

“Square has taken a lot from the open source community to get us here. We haven’t given enough back. This is a small way to give back, and one that’s aligned with our broader interests: a more accessible global financial system for the internet.”

Dorsey recently spoke in a podcast about the Square app saying how payment apps like it are the future for cryptocurrency:

“We’re empowering the electrician to send invoices, setting up the food truck with a delivery option, helping the clothing boutique pay its employees, and giving the coffee chain capital for a second, third, and fourth location.”

What do you think? Would you like a job working for Square?

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Polymath Partners with SeriesOne for Security Token Issuance

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polymath

Security token platform, Polymath, has reportedly partnered with digital securities fundraising platform, seriesOne, to give customers “end-to-end” solution for security token issuance.

Polymath and SeriesOne Partnership

The news was first announced by seriesOne yesterday via a press release. The company said the new product will allow issuers to create and manage security tokens that are “compliant throughout their entire lifecycle.” This means from the initial token offering all the way to trading on an exchange.

Easier

The aim of the partnership is to simplify the creation and management of security tokens. seriesOne believes that Polymath’s St-20 security token standard will become the industry-wide standard. As such they are going to partner with the company to make security token management easier.

SeriesOne is a securities issuance platform and as such can qualify for a number of securities exemptions in the US.

CTO of seriesOnes, Dmitry Grinberg, said the following:

“The token control layer that Polymath offers will be the future standard and we are excited to be working together.”

CEO Michael Mildenberger furthered that the partnership aims to reduce the “complex challenges” of creating and managing security tokens. The result will become a “critical” component of seriesOne’s digital securities offering ecosystem.

In using Polymath’s ST-20 protocol, the CEO believes the platform will generate more revenue.

>> Trading with Crypto Exchanges and Crypto CFDs: Which is Better?

Ethereum for Securities

According to its website “What Ethereum did for tokens, Polymath will do for securities,” in saying that the company is aiming to be like the Ethereum network but for securities.

The company has its own token standards that facilitate compliant trading. In fact, its ST-20 security token standard is described as “an extension of the more generalized Ethereum ERC-1400 standard that introduces the ability to restrict transfers of blockchain tokens.”

What do you think about seriesOne partnering with Polymath?

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Trading with Crypto Exchanges and Crypto CFDs

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crypto cfd

CFD could be a very foreign word for a crypto trader, but for traditional market traders, it is one of the most useful assets to trade with on different markets. CFD is an abbreviation for Contracts for Difference, which are basically assets that help you “buy a price” and not the asset itself. It may sound a bit confusing, but it is still quite easy to understand once you know the basics.

The primary difference between actual cryptos and crypto CFDs is the ownership. Meaning that when you are trading on a crypto exchange, you are using actual cryptocurrencies. But when you are trading crypto CFDs on a CFD broker’s platform, you are trading with the contract, meaning that you don’t actually own cryptos. Immediately it should spark some controversy as to why you should even consider such a trade, so let’s check out the advantages and disadvantages.

Crypto CFD: Advantages

Crypto CFDs are exclusive to CFD or Forex brokers. These companies are able to offer leverage on these assets, which is the primary reason why they are so attractive. For example, if I go to this CFD broker and engage in a $100 trade for BTC CFDs, I can then use a leverage of 1:100. Basically what that leverage does is increase the volume of my trade by 100, meaning I can now trade with $10,000 instead of $100. This, in the end, may earn me more than I would with my own assets. Basically, the broker lends you funds in order to increase your trades and thus your profits as well. Crypto exchanges rarely have this feature, which is why CFDs are not as well known among the crypto community.

Liquidity is also an advantage of crypto CFDs because they can be sold for fiat currencies, making them a lot more valuable.

Another small advantage is the lack of a crypto wallet, as there is no need for one. Therefore traders have all of their assets on one single platform, which helps the logistics. Unfortunately, this is where the advantages end and massive disadvantages begin.

>> How to Become a Bitcoin Trader: A Beginner’s Guide

Crypto CFD: Disadvantages

Leveraging can be a double-edged sword. Although leveraging can offer bigger profits, it can also lead to massive losses, which may cause the trader to fall into debt with the broker. If you ever decide to engage in a crypto CFD trade with leverage, make sure to set a stop-loss on a point where you have half of your initial investment left. So if you invested $100 and got 1:100 leverage, you would have to set the stop loss at somewhere around $9,950 to avoid a complete zero-out of your account.

Another disadvantage is that CFD trades have deadlines. This means that when you place an order, that order will expire in a few days or so. This renders long-term investments completely useless. You could technically still do it, but the over-night fees for maintaining the position would just make it unprofitable. The over-night position is as it sounds, a position that lasts more than 24 hours, and it is usually accompanied by a fee.

Another disadvantage is that you don’t actually own cryptocurrencies, meaning that you cannot allocate them anywhere you like. For example, let’s say that there is a service that is only available in Bitcoin or Ethereum; you would not be able to pay with a Bitcoin or Ethereum CFD, because they are not real cryptos. Furthermore, the allocation may become a problem as a broker’s policies may change about crypto CFDs, which could stick you with the trade or force you to opt-out in an unprofitable position. With crypto exchanges, it’s different as you can immediately allocate the cryptos to another exchange’s account.

Conclusion

We have two very clear paths in front of us. Crypto CFDs come with advantages as well as disadvantages, so deciding how you want to proceed requires extensive research and comprehension. Hopefully this article can be a starting point to both.

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