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Cryptocurrency

Crypto deal: Google joins EOS community

The EOS network is built on the EOSIO blockchain protocol will partner with Google.

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Google, the world’s most powerful search engine, via its cloud services just joined the EOS blockchain community with the intent of becoming a block producer.

Block.one, a developer of the EOSIO blockchain protocol reported recently that it was partnering with Google Cloud, a global hyper-scale cloud and infrastructure provider.

The EOS network is built on the EOSIO blockchain protocol, and created by Block.one.

READ: Google launches Chromecast with Google TV

What this means

Block producers are a core component of the EOS network, so attracting a block producer candidate of Google Cloud’s caliber marks a milestone for the network.

What we know

At the time this report was drafted, EOS price traded at $2.68 with a 24-hour trading volume of $3 billion.

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Sigma Pensions
  • EOS price is up 6.5% in the last 24 hours. It has a circulating supply of 950 million coins and a max supply of ∞ coins.
  • As one of the world’s leaders in technological innovation, Google Cloud’s planned participation underscores the importance of blockchain to the future of business, government, and society.

READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion

“We’re starting the process of becoming a block producer candidate,” said Allen Day, Developer Advocate, Google Cloud.

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“As organizations begin to incorporate distributed ledger technology into their infrastructures, we are committed to ensuring that the information on public blockchains are securely stored, reliably available, and can be accessed in meaningful ways.”

READ: Bitcoin Mining just got harder, as mining difficulty reaches an all-time high

Google Cloud will leverage its best-in-class infrastructure, which enables stability, reliability, security, and extensive global network coverage architecture, a great fit for public blockchain networks such as EOS.

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“Google Cloud will continue to provide its highly provisioned, low-latency infrastructure to Block.one,” said Dan Larimer, CTO at Block.one.

READ: Nigeria missing from Amazon VS Microsoft cloud battle

“Through secure oracles, inter-chain transaction reporting, key management, and high-integrity full-node validation, Google Cloud’s confidential computing infrastructure will enhance the security, scalability, and decentralization of blockchain technology.”

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Coinbase debuts on Nasdaq at around $100 billion valuation

Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN”.

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Coinbase, a Cryptocurrency exchange made its highly anticipated debut on Nasdaq on Wednesday, April 14, 2021, becoming the first company devoted entirely to cryptocurrency to enter the US stock exchange.

The IPO of Coinbase Global today was a big turning point for the cryptocurrency business. It had a rousing debut on Wall Street with the digital currency exchange’s stock growing as high as $429, giving it a market cap of $100 billion for a brief period of time.

According to analysts, retail trading accounts for 90% of Coinbase’s income, with the majority of trading taking place in the United States and focusing mainly on the two main cryptos: Bitcoin and ETHUSD. Dubbed the most talked-about IPO on Wall Street, Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN.”

What this means

Given Coinbase’s reception, Crypto optimists insist Bitcoin will not go anywhere in the near future, but will instead become more mainstream. They see the Bitcoin craze as the “start of a new era” in the digital currency world, rather than a passing phase.

Due to Bitcoin’s young and unpredictable existence, investors and public corporations are also wary of investing in it. However, as long as the currency’s popularity is sustained, the bubble hypothesis can be debunked as control and acceptance of the currency spreads further down the line, according to analysts.

It is important to note that Coinbase has a strong correlation with Bitcoin and as it benefits from its bullish run, it can also be hit by a downturn in the market.

What you should know

  • Coinbase has become popular amongst cryptocurrency optimists since being founded in 2012, for providing an easier way to exchange shares of digital currencies.
  • Coinbase announced last week that its first-quarter sales jumped 847% to $1.8 billion and that it currently has 56 million confirmed customers.
  • Coinbase is now one of the largest publicly traded firms in the United States, with a market cap of more than $100 billion.
  • Only 83 companies in the S&P 500 index have a market value greater than $100 billion.
  • The combined market value of Nasdaq Inc., which operates the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange, is greater than Coinbase’s.

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Cryptocurrency

Dogecoin hits a new milestone, surges by 54%

DOGE experienced a strong 54% rally and established a new all-time high of $0.1161.

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The price of Dogecoin, the fast-rising crypto popularly referred to as DOGE experienced a strong 54% rally and established a new all-time high of $0.1161 amid strong buying pressures prevalent in the Cryptoverse.

While crypto pundits can’t clearly give the rationality behind the recent surge of Dogecoin, its debut as one of the most popular crypto on social media, with top celebrities including Elon Musk and Mark Cuban giving the crypto endless support, makes a strong case.

READ: Sacramento Kings becomes first sports team to offer salary option in Bitcoin

At the time of writing this report, Dogecoin was trading at $0.113824 with a daily trading volume of $11.3 billion. Dogecoin is up 54.49% for the day.

Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.

Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

READ: 3 Cryptos set to explode high

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

Sigma Pensions

“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.

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