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Crypto News of the Day (11.3.)|Cardano launches scalability with Hydra Sharding and more

4 min read
Crypto News of the Day (11.3.)|Cardano launches scalability with Hydra Sharding and more

Here you can find an overview of the most important events that took place during the last day in the cryptoworld.

Markets

 

Bitcoin slowed down somewhat and is currently selling around $ 7,800. Yesterday it was shortly above $ 8,000, but it did not keep it today. Altcoins are also still mostly in red numbers, though “only” by one percent. Most major crypto exchanges have seen a record increase in bitcoin options trading. The total trading volume reached 198 million USD.

 

You can monitor the current cryptocurrency prices – here.

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Cryptocurrency

 

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Cryptocurrency exchanges

 

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Blockchain, Technology

 

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Regulations

 

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Cardano triggers scalability with Hydra Sharding

 

Cardano is bringing sharding to its blockchain through Hydra, its latest scalability innovation, announced IOHK founder Charles Hoskinson. Hydra is the result of five years of research and the efforts of more than two dozen team members, Hoskinson says. Though the team published its initial build paper in November and submitted its conference paper to USENIX in September, the paper is now publicly available for the fist time.

 

Hoskinson adds that Hydra is a key part of Cardano’s overarching efforts to create Oroborous, a scalable proof-of-stake protocol that is capable to maintaining performance as adoption grows. “The capstone of this entire research agenda is Oroborous Hydra,” said Hoskinson. More details.

 

 

Bithumb joins Chainalysis despite tightening regulations in South Korea

 

On March 10, major South Korean cryptocurrency exchange Bithumb announced it has partnered with crypto forensics firm Chainanylsis following the passing of new Korean crypto regulations. Bithumb will employ Chainalysis’s “Reactor” investigations tool to examine suspicious activity on its platform in a bid to comply with Korea’s recently amended Special Financial Transactions Information Act.

 

Certain provisions in the act will take 12 months to come into effect, with the new apparatus expected to be fully implemented after a further six months. As such, all South Korean crypto exchanges must operate with full compliance by September 2021. More details.

 

Blockchain will monitor the use of renewable energy in Germany

 

On March 9, blockchain technology provider Unibright (UBT) announced a partnership with German startup Wasserkraft Mittelrhein to use the Unibright Framework to facilitate decentralized renewable energy trading.
The partnership will see the firm join Wasserkraft Mittelrhein to facilitate trading, monitoring and data analysis of renewable energy produced by decentralized power plants using the Unibright Framework.

 

Unibright proposes a “smart grid” system, where disparate small electricity producers engage directly with energy consumers via blockchain technology. More details.

 

AliPay wants to expand online services due to higher demand

 

Billionaire Jack Ma, owner of payment app Alipay, seeks to lure 44 million merchants to expand services for the app’s 900 million users in everything from real estate purchases to restaurant and cinema bookings, according to a March 10 report by Bloomberg. Alipay is aiming to attract these merchants and service providers in China with mini programs — lite apps that sit on top of its interface and provide quick access to services.

 

A property service provider was reported by Alipay as having sold 110 million yuan ($16 million) worth of real estate in auctions via a mini program in only three days. It integrated Alipay’s identity verification system, a live-stream of the auction in real-time and a private blockchain that incorporated the local notary agency. More details.

 

After a record cut in the Fed’s interest rates, interest in cryptocurrency loans increased

 

Last Tuesday, the Fed cut the interest rates by 0.50% to a target range of 1.00% to 1.25%. For many crypto lending applications, that was a great stimulation. Figure Technologies, which itself leverages blockchain to transform the crypto lending market, said that it had seen loan applications surging by 300% during the last week. Thus, the total amount of loans that the company has funded hit over $1 billion.

 

The 300 percent increase in applications suggests consumers are eager to take advantage of unprecedented lower rates across mortgages, HELOCs and student loan refinancing. Consumers will benefit through lower debt costs and, for cash-out refi and HELOCs, more cash on hand. commented co-founder and CEO Mike Cagney. More details.

 

The Fed pumped another $ 168 billion into the US economy – more than the BTC marketcap

 

After several days of plunging markets, the U.S. Federal Reserve added $168 billion into the economy — a total higher than all money currently invested in Bitcoin. Bitcoin’s current market cap comprises just shy of $143 billion at press time, according to CoinMarketCap

 

For reference, the U.S. government just dealt approximately $23 billion more cash than all the money held in Bitcoin. Taking its status as a global asset into account, one might argue that Bitcoin may still be a bit player in the finance game. 

 

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