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OKEx Cryptocurrency Exchange Platform Developed Its Own Blockchain

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CrispyBull Editor
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In a recent publication about cryptocurrency exchange OKEx, the value of decentralization in blockchain has been highlighted. The company is coming up with a decentralized exchange and blockchain platform. The blockchain platform will be known as “OKChain.” The project is nearing the completion stage. In June this year (2019), OKEx will conduct a testnet. It will also be tasked with hosting the decentralized exchange by OKEx.

OKEx also has a native utility-token known as OKB. In April, the token will feature on the ERC-20 blockchain. Immediately OK chain gains stability, it will be shifted to the OKChain mainnet. OKB will mainly deal with the token pre-sale. OKEx has also been supporting the Thai baht-crypto trading since February. Their support is centred on the client-to-client platform. OKEx is only focusing on Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). All these types of cryptocurrency will be used when trading with the Thai baht. The transactions will take place on the peer-to-peer platform.

OKCoin was founded by Star Xu. The company has been growing fast, and Star Xu was able to acquire a controlling stake at LEAP Holdings. The engineering firm is located in the Caymans, and it has also been enlisted at the Hong Kong Stock Exchange.

On December last year, OKEx also came up with Perpetual Swap, a new crypto derivative product that helps users to predict the value of the Bitcoin/USD in the future. The perpetual swap by OKEx does not have an expiration date which means it can be used indefinitely. Currently, OKEx is also ranked as the eighth largest company that deals with cryptocurrency exchange.

Do Bitcoin Miners Really Receive Billions For Doing Nothing?

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CrispyBull Editor
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Countdown to Bitcoin Halving - will Bitcoin deliver on analysts' predictions?

Today, the global popularity of cryptocurrencies has generated a lot of interest in the mysterious online mining process. Some would-be blockchain billionaires nurture dreams of making huge online fortunes with minimal effort. While a flourishing market in cryptocurrencies has indeed produced sizeable sums in financial markets, experts hasten to caution ambitious miners their real-world lucre from this blockchain activity ultimately depends upon ongoing market demand for specific cryptocurrencies: an iffy proposition in some cases.

Some Popular Cryptocurrencies

Today, the two most popular and widely known cryptocurrencies carry familiar names. Both Bitcoin and Ethereum have attracted considerable public interest. Other cryptocurrencies with well-established online followings include Dash and Litecoin. A product called ZCash has sparked enthusiasm among some miners because it pays more coins per block than Bitcoin.

Indeed, P.H. Madore has reported the total cryptocurrency market has contributed a staggering $18 billion to the global economy. This wealth creation process inspires some blockchain enthusiasts to try cryptocurrency mining. Should they really anticipate earning actual money for doing nothing? No. In order to maintain a successful mining operation, these entrepreneurs must possess three key resources:

  • A suitable geographic location;
  • An available power supply;
  • Computers dedicated to cryptocurrency mining.

All these factors impact the returns obtained by specific cryptocurrency mining efforts. While some mining ventures do succeed very well from a financial standpoint, a variety of factors enter into the return on investment.

About Cryptocurrency Mining: An Illustration

To illustrate how all these considerations, enter into cryptocurrency mining, simply consider the example provided by Bitcoin mining. This cryptocurrency, the world’s first huge success, envisions a gradual reduction in mining block payments as demand for Bitcoin increases and the value of individual Bitcoins appreciates. Its paradigm built-in generous rewards for pioneers who engaged in Bitcoin mining while the cryptocurrency remained comparatively unknown. Reportedly, the mining of new Bitcoin ceases in 2140. The halving in the number of Bitcoins received by miners for block production has already commenced and will continue at regular intervals until that date.

Bitcoin mining requires nothing more than a power source, a computer, and a location within a jurisdiction tolerant of computational activities. Bitcoin constitutes a digital (not a physical) currency. It consists of a long chain of numbers generated upon the solution of a computational problem. Mining involves dedicating computer resources to solving some very complex equations on a trial-and-error basis. In every block, one solution unlocks new Bitcoin and the miner(s) receives compensation in the form of Bitcoins. Since the scale of the computational mission exceeds the capabilities of most PCs even today, the computers of Bitcoin miners typically serve as cogs in a large cohort of computers working on the same Bitcoin equation; the participants each receive a fractional share of the Bitcoin unlocked through their efforts.

The Future of Cryptocurrencies

What will the future of cryptocurrencies hold? Today, Bitcoin, Bitcoin Cash, and Litecoin all use a model in which the production of coins halves at intervals. Their designers envision the value of these online virtual currencies as rising. Another cryptocurrency called Monero employs a radically different model. It reportedly will yield the same reward for the mining of blocks in the future in an endless continuation of equation solving.

With many cryptocurrencies seeking miners online today, would-be virtual coin miners discover a variety of possible models to consider. Will they strike it rich? Perhaps this result will depend upon market forces of supply and demand in financial markets and Cyberspace!

Could it be that these Bitcoin indicators are the most significant yet?

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CrispyBull Editor
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Check out this video to find out!

High Levels of Cryptocurrency Mining Observed Among College Students

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CrispyBull Editor
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Schools of higher learning in the United States have become one of the major settings for cryptocurrency mining, with the free utilities associated with campus life an apparent factor in this phenomenon. The incidence of obtaining cryptocurrency over the internet was outlined in a recent PC Magazine article.

Universities are second only to the energy sector in terms of the amount of mining uncovered. In terms of percentages, academic facilities amounted for 22% of the cryptomining that occurs, compared to 34% in the energy industry. Other industries, including manufacturing and financial services, rank much lower low in the amount of mining that was observed.

One researcher noted that the mining process can be costly, with the expenses involved in the constant running of computers in some cases eclipsing the amount that can be made. However, the continued running of a computer in a college dormitory or library could produce a hefty return in the time it takes for students to complete their schooling. The most recent research showed that university mining was distributed among different dormitory rooms, indicating the involvement of a significant number of students. However, it was also noted in the article that some of the mining may be the work of computer hackers.

Concern over the practice of cryptomining prompted a request from the administration of Stanford University for students to refrain from using campus facilities for their own financial gain. This advisory also noted that such personal use has compromised university systems.

Available in different forms, cryptocurrency is an electronic monetary unit that does not come under the control of a central authority, as do other forms of currency. Cryptocurrency units can be used as a method of exchange, even though they only exist in the cyber world. They can be obtained over the internet through the acquisition of blockchains, or computerized information. The process is slow, however, with the creation of a single block taking 10 minutes.

Although the value of cryptocurrency has dropped significantly since peaking in late 2017, its mining actually increased by nearly 20 times during 2018. More than 60% of the cryptomining is done from within the United States.

After Six Billion Dollar Market Surge, Bitcoin is Loaded for Bear

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CrispyBull Editor
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As of the end of February 2019, the cryptocurrency market rose by $6 billion to attain a total valuation of $132.3 billion. Within a week, daily volume jumped by $5 billion. Two conditions result from this upsurge: first, Litecoin achieved a record annual high. Equally significant, Bitcoin is poised to reverse its longstanding downward trend.

Robust Cryptocurrency Market Fuelled by Spinoffs

Yet it was the altcoins, i.e. Litecoin and Binance, that mobilized this revival, a resurgence that shows definite signs of continuing. Binance is a gargantuan crypto exchange platform founded in China, but now operating from Japan. Its price climbed 17.84%, reaching $13.40. In market capitalization, Binance coin’s $1.9 billion is gaining ground on market cap leader tether (the Stablecoin behemoth once linked to the U.S. dollar at a 1:1 ratio), lagging by only $150 million.

Nearly immediately after Binance commenced improving, Litecoin started to swell in price, ascending by 10% within minutes. In one day, it reached a present global average of 52.93, an increase of nearly 14%. Litecoin is an early Bitcoin offshoot.

Bitcoin Nearing Important $4,000 Mark

Meanwhile, Bitcoin – showing new signs of vitality – headed up by 3.29%, attaining a present global average of $3,872. Yahoo/CryptoCompare demonstrate that it represents a $168 improvement against the low of the prior day. This, however, was not enough to prevent a loss of market share. Dropping from 52.4% on March 4 to 51.7%, “Bitcoin dominance” took another hit.

Can the Bitcoin Price Cross a Crucial Threshold?

The reasons behind the recent upsurge are not certain. Market experts give some credit to Litecoin’s tightened privacy procedures as well as its very public alliance with KPOP, letting patrons purchase concert tickets using Litecoin. Still, those developments unfolded as far back as the new year, casting doubt about their influence on an early March rally.

The rumour that Starbuck’s is prepared to receive Bitcoin might have played a role in the gains but, if so, it should have produced a much more vibrant rise for Bitcoin than occurred. The rumour, furthermore, is unconfirmed.

A more plausible explanation is that traders, reacting to the March 2 sell-off and ensuing indecision, were aiming for higher targets. After Bitcoin was unable to clear resistance – i.e. the price where increasing value stops because of an abundance of sell orders – at $4,200 on February 23rd, it lost $520 in value, and sold for $3,670 at its nadir. The recent upturn, while positive news, advances Bitcoin only a short way toward again approaching that technical barrier.

If, by some surprising turn of events, this forerunner cryptocurrency arrives at that threshold point quickly, it does not spell victory for Bitcoin yet. To truly liberate itself from bear market conditions, Bitcoin must surpass a value of at least $6,000, per agency broker and block trader BitOoda. For now, Bitcoin can take comfort in the old Chinese proverb:

“A journey of a thousand miles begins with a single step.” Fortunately, Bitcoin is doing a little better than that.

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