Image Of The Weekend, 6-7 of October: Hacked, TechCrunch, Daily Hodl and Others
We're presenting "image of the weekend". Bitnewstoday.com has chosen the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this weekend in the most indicative quotes are below!
1. THE SURGE (Daily Hodl)
Tron (TRX) surges 12% as CEO announces mainnet upgrade
Tron (TRX) has spiked more than 12% at time of writing, according to the latest data on CoinMarketCap.
The spike came hours before Tron founder Justin Sun announced that the network’s super representatives have achieved consensus and that the Tron Virtual Machine is about to launch. The virtual machine is an important step for the young blockchain. It will give developers the tools they need to create decentralized apps that read and execute smart contracts on the Tron network.
2. FELINE MADNESS (Venture Beat)
CryptoKitties explained: why players have bred over a million blockchain felines
Blockchain, which is the foundation for cryptocurrencies like Bitcoin, is a secure and transparent ledger that runs on decentralized networks. It enabled Axiom Zen, which spun out Dapper Labs to run CryptoKitties, to create unique digital items known as “cryptocollectibles” or “non-fungible tokens,” which cannot be copied. When rare CryptoKitties are born, players can bid for them, raising their value, which is why some CryptoKitties have sold for more than $200,000.
The game, if you can call it that, became a sensation after it debuted in November, but the activity has slowed as the craze over cryptocurrency has subsided. But the idea is to make blockchain technology accessible and relevant to everyday consumers, and the company is trying to make that happen even more through the KittyVerse, where developers can build new applications on top of CryptoKitties.
3. LOVE THE BLOCKCHAIN (TechCrunch)
Why it is important to love the new tech.
I apologize. I get it. You hear “blockchain” and you immediately think “shady get-rich-quick schemes” or “bubble of magical fake Internet money” or “libertarian enfants terribles,” and when a true believer tries to explain to you why you should care, why it will change the world beyond just minting a new set of paper oligarchs, you think “wait, why not just use a database?” I hear you.
And you’re not wrong. In the developed world, at least, there isn’t a lot that Bitcoin can do which isn’t already handled better, and more safely, by banks and credit cards. The vast majority of other cryptocurrencies are basically penny stocks in an unregulated global stock market, except for the ones which are basically games of chance in a global casino, and the ones which are Bitcoin except actually secret and anonymous, which are technically amazing but don’t necessarily inspire greater confidence in the general applicability of the whole concept.
4. DEEP CONCERNS (Hacked)
Current behavior raises concerns of another drop in the price
The IOTA price remains at risk for now of a breakout to the downside. It appears more likely that downside pressure will be seen, in comparison to any upside surprises. Despite this, IOTA’s native token has made solid recovery in just over a week of trading. Since 25th September, it has gained 8%. Trending higher has been observed from a low of around $0.5200, up to current levels around $0.5600.
However for over a month now, price action, as clearly seen on the daily chart view, has been firmly within consolidation mode. The range is getting tighter, building up the likelihood of an imminent breakout. Resistance is sitting just ahead around $0.5850, very close to current levels. Support eyed at $0.5430, a breakout could see the price tumbling. A potential downside target would likely be around the $0.4000 territory, testing 14th August low.
5. RIPPLE OF THE TRANSFORMATION (Daily Hodl)
World Trade Organization says Ripple could transform global commerce
The World Trade Organization says blockchain technology – and specifically Ripple – could have a dramatic and disruptive impact on the world’s financial system. A massive new report called “The future of world trade: How digital technologies are transforming global commerce” says blockchain has “the potential to profoundly transform the way we trade, who trades and what is traded.” The report singles out Ripple as a company that could radically change how financial institutions move money.
“Ripple has ambitions to circumvent the correspondent banking model through its distributed ledger platform. It gives banks the ability to convert funds directly into different currencies in a matter of seconds and at little to no cost, without relying on correspondent banks.”