News

OKCoin To Integrate Lightning Network

22/01/2021 by Idelto Editor

Cryptocurrency exchange OKCoin has announced that it will be integrating Bitcoin’s Lightning Network to enable faster and cheaper transfers for users by running a Lightning node that can route transactions to other nodes in the network. It expects the integration to be complete in three to four weeks.

In a release shared with Bitcoin Magazine, OKCoin said that this would reduce bitcoin transaction fees from about $10 to about 1 cent and reduce deposit and withdrawal times from 10 to 60 minutes to a matter of seconds.

“The Lightning Network, like Bitcoin, requires a network of nodes and adoption of the technology to perform to the best of its capabilities,” Hong Fang, OKCoin’s CEO, said in the release. “As part of our analysis of the technology, we assessed the strength and quality of the nodes and now feel the network is strong enough to participate as an exchange with a high volume of withdrawals and deposits a day.”

In addition to the efficiency benefits to be realized by users, OKCoin indicated that the decision was motivated by its desire to foster Bitcoin development.

“We have been a bitcoin exchange since 2013 and while we are excited about DeFi and other assets, we know bitcoin is the foundation of the entire industry,” the release stated. “Bitcoin’s network is often congested and has high transaction fees, particularly during bull markets. This eliminates that issue and opens up the possibility of micropayments for Bitcoin commerce.”

OKCoin also noted the privacy-preserving benefits that off-chain Lightning payments can bring for its users and highlighted the smaller, sat-denominated transactions that the Lightning Network enables.

“We hope other blockchain companies follow suit and lift the whole industry up by speeding up bitcoin payments,” Fang said.

The post OKCoin To Integrate Lightning Network appeared first on Bitcoin Magazine.

Hive Blockchain Buys 6,400 Bitcoin Miners From Canaan, Capacity Reaches 1,229 PH/s

22/01/2021 by Idelto Editor

Canadian bitcoin miner Hive Blockchain has bought 6,400 next generation mining machines from Canaan. The Avalonminer 1246 miners will add a combined 576 petahash per second (PH/s) to Hive’s existing hash power.

● With the addition of the new machines, Hive’s total hash rate will increase to an estimated 1,229 PH/s, well beyond the company’s original cumulative hash rate target of 1,000 PH/s for 2021.

● In a statement this week, Hive said the equipment will be delivered in eight tranches in 2021, with 500 miners delivered in May and June, and 900 miners delivered each month until year-end.

● Vancouver-based Hive said the latest purchase, which is double the 3,500 miners bought last year, “is part of our continuing strategy to increase our bitcoin mining capacity.” For the December 2020 quarter, the firm mined 140 bitcoins and over 22,000 ethereum (ETH).

● According to Canaan’s Web Store, the Avalonminer 1246 is selling for $1,450 each. The miner is the Chinese company’s most powerful range available and comes with a hash rate of 90TH/s.

● Hive operates mining facilities that run on renewable energy in Canada, Sweden and Iceland. Shares of Hive fell 15% to $2.42 Canadian dollars ($1.91) in Toronto trading on Thursday. In the past 52 weeks, the stock has swung to a high of CAD$3.50 and a low of CAD$0.12. Year-to-date, Hive is down more than 10%.

What do you think about Hive’s latest purchase of bitcoin miners? Let us know in the comments section below.

DMEX Integrates xDAI for Cheap Decentralized Perpetual Contracts With up to 100x Leverage and No KYC

22/01/2021 by Idelto Editor

PRESS RELEASE. In response to rising gas prices during the last weeks, DMEX has moved its trade processing to xDAI sidechain that allows for much cheaper transaction recording. Customer funds are still stored on an Ethereum smart contract, the trade recording, however, is now performed on xDAI.

This change allows users to place orders as small as 100$ which was impossible until now, with minimum order requirements growing up to 200k$ during gas price spikes on Ethereum.

The new structure allows for a flat minimum order value of 100$ independent of Ethereum gas prices.

How does it work?

The custody smart-contract remains on the Ethereum blockchain, therefore the same margin currencies are used for trading (ETH, BTC or DAI), while the smart contract responsible for trade processing and recording is hosted on the xDAI sidechain. Whenever a user deposits funds to DMEX, the custody contract (on Ethereum) communicates with the trading contract (on xDAI) through a decentralized bridge and communicates to the trading contract that the user has performed a deposit.

The trader then commences trading on the xDAI contract with cheap gas fees and low minimum orders. Whenever the trader wishes to withdraw funds from DMEX, a request is sent from the xDAI trading contract to the Ethereum custody contract to release funds to the user wallet.

DMEX offers the best decentralized user experience for perpetual futures contracts with up to 100x leverage with lightning-fast trade execution, instant withdrawals, and no KYC checks. Check out the DEMO version to see it with your own eyes.

Media Contact: [email protected]

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Thai Financial Watchdog Asks Local Crypto Exchange to Fix Issues After Three Massive Outages

22/01/2021 by Idelto Editor

The Securities and Exchange Commission of Thailand (SEC) issued an order against a local cryptocurrency exchange to temporarily stop its operations. Bitkub has been in the headlines since the start of the year due to several outages suffered in their systems.

Crypto Exchange Suffered Three Massive Outages Since the Beginning of 2021

According to Bangkok Post, the financial watchdog gave the exchange five days, starting January 20, to solve all the technical issues. Mainly, their desktop trading platform suffered three outages since January 2.

The other incidents happened on January 3 and 16, said the local media outlet. One of the reasons behind the rising number of outages is the spike in crypto prices, specifically in bitcoin (BTC). In consequence, Bitkub couldn’t handle trading volumes, stated a source quoted by Bangkok Post.

However, after being inactive for 16 hours since the SEC’s order to temporarily shut down, Bitkub re-opened its mobile application platform for trading purposes. As of press time, Bitkub’s desktop platform remains with its operations halted.

After receiving “heavy complaints” from users about the constant interruptions in the services, the SEC reportedly decided on asking the crypto exchange to shut down.

The SEC’s board met on January 18 to discuss passing a resolution requiring Bitkub to submit the rectification plan and amending issues.

Bitkub’s Crypto Market Share in Thailand

Bangkok Post states that Bitkub is considered the most popular crypto exchange in Thailand. In fact, they have a 97% share of the market based on the volume of accounts and daily trading.

The company reported on January 7 that they have about 800,000 active trading accounts. However, an anonymous source told the media outlet there are just 300,000 – 400,000 accounts. By quoting the person familiar with the matter, Bangkok Post explained:

The discrepancy in figures suggests there are still plenty of new accounts that have not yet been verified through the know-your-customers (KYC) process and are thus unable to be used for trading on the platform.

What do you think about the SEC’s order on the Thai crypto exchange? Let us know in the comments section below.

Rick and Morty Creator Sells NFT Art Collection for Over $1 Million in Ether

22/01/2021 by Idelto Editor

Justin Roiland, the co-creator of the Adult Swim cartoon series Rick and Morty has joined the growing trend of celebrity artists creating non-fungible token (NFT) artwork. After the animator released the collection called “The Best I Could Do” on the NFT auction house Nifty Gateway, the artwork sold for over $1 million in ether.

Justin Roiland is well known for co-creating the animated television show Rick and Morty alongside his producing and voice-acting abilities. Just recently, Roiland, who also maintains an animation studio and video game studio decided to sell a collection of artwork backed by blockchain technology.

On January 18, on the non-fungible token (NFT) auction house Nifty Gateway, Roiland raised over a million dollars in ethereum (ETH) for his artwork. The collection is called “The Best I Could Do” and Roiland tweeted about his NFT collection as well.

“The best I could do,” the Rick and Morty animator told his 760,000 Twitter followers. “Testing the boundaries of crypto art. What makes something valuable? The art? The artist? The process? The state of mind while created? The intention of the piece? Feeling really good about this collection,” the artist added.

Following the release, Nifty Gateway’s official Twitter account tweeted about all the auction sales. One of the pieces of artwork was called “The Smintons,” which featured his own adaptations of Matt Groening’s Simpsons characters.

The NFT called “The First Ever Edition Of Rick And Morty Cryptoart.”

“All proceeds going to help the Los Angeles homeless encampments,” the NFT auction house said on Twitter. One of the auction’s five-minute open editions aggregated a total of $275k in ether. After the Roiland NFT collection sale ended, Nifty Gateway tweeted about the artist’s record auction.

“With the close of his auctions, Justin Roiland has surpassed $1mm total volume on a single drop, the 3rd Nifty Gateway artist to achieve this milestone,” the NFT marketplace emphasized. “Congratulations to Justin and all the collectors,” Nifty Gateway added.

The Rick and Morty animator’s recent NFT sale follows the acclaimed NFT artist Beeple’s auction in mid-December, which saw the artist raising $3.5 million in sales.

During a silent auction, Roiland sold a unique NFT that was called “The First Ever Edition Of Rick And Morty Cryptoart.” The artwork which featured the characters from the hit show sold for $150k in ether. Non-fungible token artwork continues to be a popular trend as the crypto community and onlookers are watching artists reap seven-figure payouts.

What do you think about the Rick and Morty co-creator selling over a million dollars worth of ether for his latest NFT art collection? Let us know what you think about this subject in the comments section below.