Cryptocurrency
PAX Gold: Crypto backed by gold but outperforms gold
PAX Gold (PAXG) is a crypto asset backed by Gold.
It’s crypto. It’s physical gold. And recently, it was approved by the New York State Department of Financial Services for custody and listing. It’s a product from the crypto-verse that combines gold and crypto into a single unit.
Data from Coinmarketcap showed PAX Gold traded at about $1,521 as of March 21, 2020. As of the time of writing this report, the crypto asset was trading at about $2,039.40, showing gains in percentage terms of about 134%. Meanwhile, Gold price so far has gained just 35% in 2020.
READ MORE: ChainLink’s digital coin skyrockets 388% in 130 days, still soaring
Why PAX Gold: The sudden surge in this gold-backed stablecoin, since the era of the COVID-19 pandemic, appears to be driven by increased awareness of its unique features, which include access to gold without bullion fees or other storage costs.
Quick fact: PAX Gold (PAXG) is a crypto asset backed by Gold. A PaxoGold digital coin is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s gold vaults. Any entity or individual who owns PAX Gold owns the underlying physical gold held in custody by Paxos Trust Company.
READ MORE: QKC: fastest rising crypto asset in 30 days, gains 100%
Paxos has recently responded to all its digital coins being listed on the New York State Department of Financial Services (NYDFS), stating that it validated the company’s time, energy, and expense which it put into compliance.
Commenting on the green list, Dan Burstein, Chief Compliance Officer at Paxos said: “As the Chief Compliance Officer at Paxos, I’m proud that the culture of Paxos is truly centered around compliance. We build products that the world has never seen before, and we build them for the innovators in the space, not the bad actors.
“Our engineers and product managers prioritize compliance as we create new products, our business development team considers compliance as we structure new partnerships, our operations team helps onboard and service customers according to our high compliance standards, our information security team ensures we hold our customers’ digital assets and personal information in the most secure way possible— the list goes on.”
Cryptocurrency
Ethereum Miners earn a staggering $1 million in 1 hour
ETH miners on the network earned a staggering $1 million in just one hour.
Ethereum miners seem to be smiling to the bank now. This feat is triggered by transaction costs on the Ethereum network recently reaching a new hourly record. Data retrieved from Glassnode, a crypto analytics firm, revealed that ETH miners on the network earned a staggering $1 million in just one hour.
Following UniswapProtocol’s announcement of the UNI token recently, Ethereum saw a massive surge in miner fees. Almost $1M USD in fees was spent in a single hour, thereby setting a new record high.
Explore the Nairametrics Research Website for Economic and Financial Data
This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.
Meanwhile, the median Ethereum gas price has massively spiked as well, reaching levels as high as 700 Gwei.
READ: 88.0% of all Bitcoins mined, as 2.5 million BTCs left to be mine
Meanwhile, the median #Ethereum gas price has massively spiked as well – reaching levels as high as 700 Gwei!
Chart: https://t.co/XFxGsbPLdE pic.twitter.com/5aDfNqF1WS
— glassnode (@glassnode) September 17, 2020
READ: Like Gabon, Congo, Jumia shuts down operations in Cameroon
What is Gas? On Ethereum, all transactions and smart contract executions require a small fee to be paid, called Gas. In technical terms, Gas refers to the unit of measurement on the amount of computational effort required to execute an operation or a smart contract. The more complex the execution operation is, the more gas is required to fulfill that operation. Gas fees are paid entirely in ETH.
However, the Ethereum network has been having constant issues with high transaction fees and congestion since the rise of DeFi tokens. Recently, the network increased the limit of maximum gas per block from 10,000,000 gases to 12,500,000 gases. However, it is not the only network whose fees have been rising.
READ: Apple, Tesla share prices drop massively from record highs
Is mining Ethereum mining worth it? When it comes to most crypto assets, mining difficulty and costs related to it are only going upwards.
However, as ETH mining becomes more difficult based on more miners joining the process, it is expected that cost will move upward, as more computing power, software, and electricity are needed.
Nairametrics, however, believes that ETH’s value in recent months has gained exponentially and will most likely continue to do so, thus making mining potentially profitable in the long term.
Cryptocurrency
Ethereum whale transfers $78 million worth of Cryptos
ETH whale moving 201,136 ETH worth $78 million, transferred from an unknown wallet.
The number of Ethereum whales has been on the rise since the beginning of the COVID-19 pandemic and they have been making headlines, as larger entities cash in on the second most valuable crypto market by market value.
Data from advanced crypto tracker, Whale Alert, revealed an unknown ETH whale moving 201,136 ETH worth $78 million, transferring from an unknown wallet to another unknown wallet just a few hours ago.
READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you
🚨 🚨 🚨 🚨 🚨 🚨 🚨 201,136 #ETH (77,935,847 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) September 18, 2020
READ: Crypto: Financial market that never sleeps, or is under any central authority
At the time this report was drafted, data retrieved from Coingecko, showed that Ethereum traded at $386.10 with a daily trading volume of $15 billion. ETH price is up 2.0% in the last 24 hours. It has a circulating supply of 110 million coins, and a max supply of ∞ coins.
What it means: Nairametrics had earlier observed the high movement by these Ethereum whales, as these large entities have purchased almost half of all the Ethereum mined so far in 2020.
READ: Bullish Signs: 2.6 million Bitcoins are being held on crypto exchanges
This is clear evidence that major investors are now looking at the future potential of ETH as an investment, despite the recent sell-offs recorded in the second most capitalized crypto market.
What is an Ethereum Whale? Traders or entities who own a large number of Ethereum are typically called whales. This means than an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.
READ: YFI: Yearn Finance becomes the most expensive cryptocurrency, surges past $27,000
What you need to know: Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications in a decentralized manner, while all states and data are distributed and publicly accessible.
Ethereum supports smart contracts in which developers can write code in order to program digital value. Examples of decentralized apps (dapps) that are built on Ethereum include tokens, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.
Cryptocurrency
Major reasons why XRP is better than Bitcoin
Ripple (XRP) plays dual roles as a payment platform and a currency.
Ripple, the world’s fast-growing crypto payment powerhouse and owner of the fourth most valuable crypto by market size, is showing some of its advantages over the flagship crypto token(Bitcoin).
A popularly known crypto analyst, with the pseudo name Crypto Whale, spoke on XRP’s unique advantages over Bitcoin. Crypto Whale went on, saying;
1.XRP is x1000 faster than $BTC (3-4 seconds)
2.XRP is x1000 cheaper than $BTC (> $0.01)
3.XRP is better for the environment (no mining)
4.XRP is more scalable
READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion
#XRP is a digital asset utilizing Distributed Ledger Technology like #Bitcoin but that's where the similarities stop.
🕒XRP is x1000 faster than $BTC (3-4 seconds)
💰XRP is x1000 cheaper than $BTC (> $0.01)
🌳XRP is better for the environment (no mining)
⚖️XRP is more scalable— CryptoWhale (@CryptoWhale) September 14, 2020
At the time this report was drafted the fourth most valuable crypto, XRP price traded at$0.249510 with a daily trading volume of $1,859,495,081. XRP price is up 2.4% in the last 24 hours.
What you should know; Ripple is a privately-held fintech company that provides a global payment solution via its patented payment network called Ripple Network (also known as RippleNet). XRP is the digital token that has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.
READ: Nigeria total public debt hits N31 trillion as debt service gulp over N1.2 trillion in H1 2020
Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.
XRP still remains the only crypto gaining traction among global banks as Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil.
READ: Buying signs: Ethereum’s total coin supply held off exchanges continues to rise
Other leading global banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.
Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia. Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.
FG apologizes, says Self-Certification directive is not for everyone
This is a copy of the Self-Certification form govt. wants targeted account holders to fill.
Naira gains at black market as CBN move against prominent businessmen for forex abuse
Jaiz Bank: First shared-profit bank in Nigeria approaches 10 years
President Trump to decide fate of TikTok in 24-36 hours
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦460/$1
FG orders Nigerians with bank accounts to fill, submit Self-Certification forms
Nestlé S.A buys additional shares of Nestlé Nigeria worth N287 million
Can Agriculture replace Oil in Nigeria?
John
September 4, 2020 at 8:49 am
They are not regulated. Their trust is regulated. They are backed by non-allocated gold on a INTL FC stone margin account. They pump their own market cap. Super centralized, fake volume, fake mcap, no audits. Would you trust your gold with a US company? DYOR