Growth in the cryptocurrency market shows no sign of slowing in 2021.
While the price of bitcoin has stagnated in recent weeks, other digital currencies are soaring to new highs as more money pours into similar investment products and are on track to reap huge gains similar to the encryption boom of four years ago.
Five of the world's top 10 cryptocurrencies have hit new highs in the past week.
As of midnight on Monday, the global crypto market was worth just over $2.5 trillion. Although Bitcoin, which accounts for nearly half of the market, fell 1 percent, the value of the market as a whole has increased by more than $200 billion over the period.
Ethereum broke the record
One of the biggest winners was Etherein, the world's second-largest cryptocurrency after Bitcoin. Ethereal broke through the $4,000 mark on Monday, hitting a new high.
Ethereum, a digital token for the Ethereum blockchain, has recently seen a parabolic rise as more investors seek greater returns from cryptocurrencies other than Bitcoin. Ethereum's market value has risen 40 per cent since the beginning of April, during which time it has increased by $130bn.
Ethereally has increased by more than 1700% in the past 12 months. Source: Coindesk Experts, including JPMorgan, attribute Taifang's strengths to growing interest from institutional and retail traders. Bitcoin's proponents see it as a gold-like store of value, unlike Bitcoin, which is a decentralized Internet infrastructure that is not maintained by central authorities.
It forms the basis of today's popular "decentrized finance" encryption trend; DeFi refers to a peer-to-peer platform that promotes lending outside traditional banking institutions.
The European Investment Bank, the European Union lender, recently announced the issuance of the first ever digital bond (about $120m of two-way notes) on the Ethereum blockchain, demonstrating the use cases of the financial sector that are very bullish on decentralized platforms.
Ethereum has also benefited from the rise of the NFT (Irreplaceable Token). NFT has become a hot topic in the mainstream media.
NFT is a digital asset designed to represent ownership of unique virtual objects such as art and sports memorabilia. These items can be traded over a blockchain network. Many believe the NFT will eventually replace the traditional collectibles market as the next mass investment area.
Growth in markets such as NFT and DeFi is "incredible," Jean-Marie Mognetti, chief executive of CoinShares Asset Manager, said in a recent interview with the Wall Street Journal. "Ethereum as a network makes this possible," she added.
However, public recognition of Ethereum and the growing number of users have further exacerbated congestion on the network, which has long been unable to expand to meet market demand.
According to Dune Analytics research, 2-5% of transactions on Ethereum's decentralized trading platform have been unable to complete due to a variety of complex factors, which are the costs of successful trading on Ethereum blockchain. Research shows that the failure of these deals can cost users millions of dollars a day.
"DeFi is bound to grow rapidly, but that growth comes with risks in itself," Alex Wearn, chief executive of IDEX, a cryptocurrency exchange, said in a Reuters report. "These key issues limit the appeal of these products to a wider audience and ultimately hinder the development of the ecosystem."
Arcology solutions
Arcology is a company that addresses common problems faced by blockchain networks. The blockchain company owns 30 percent of Codebase Ventures Inc., a Vancouver-based investment firm. (CSECODE) (FSEC5B) (OTCQBBKLLF
Inspired by the problems faced by Ethereum's massive adoption, the Arcology team is committed to developing a new blockchain ecosystem designed to scale faster than ever before by reducing costs and increasing enterprise capabilities.
"Arcology focuses on the overall importance and significance of blockchain. We have been working hard to design and test this technology to become a blockchain solution that has led to mainstream adoption," the company said.
According to Arcology, the widespread adoption of blockchain technology will depend on its ability to overcome its scalability problems (i.e., the limited number of transactions that the network can handle).
Arcology ultimately wants to compete with market leaders such as Ethereum to host decentralized applications for finance, gaming, and other businesses, like them, to deliver superior performance and experience to users.
Modern financial institutions typically measure 250,000 transactions per second (250,000 TPS), which the company considers a key digital and realistic target for its new blockchain technology. Currently, major blockchains such as Bitcoin (7 TPS) trade far less than demand.
To that end, Arcology's team has launched two successful test networks, as well as the company's own version of the Crypto Kittys game. CryptoKitties is currently the most popular game on the Ethereum blockchain.
So far, the Arcology network's test results can't be ignored: CryptoKitties games are 1,000 times more powerful than the original version.
DSToken show
This week, Arcology's technical team successfully completed another presentation: an optimized version of DSToken. DSToken is currently used by some of the most popular Ethereum-based applications, such as MakerDAO's DAI.
The company says this is the first step toward interoperability, providing the possibility for complex decentralized applications (DApps) to be redeployed directly from existing blockchains to Arcology without having to update or change the code base.
Once optimized and run on Arcology, these Daps not only run faster and more efficiently on Arcology's local chain, but will also be more affordable and inclusive for new and existing users.
"Many developers today face serious problems with Ethereum's inability to meet their growing traffic," Arcology founder Laurent Zhang said in a May 7 press release. ”
Arcology's technical team is currently conducting internal speed testing of its optimized version of DSToken, which can reach 28,000 TPS at full load. Compared to Ethereum's average of 15 TPS, this dramatic improvement in speed and efficiency comes at a time when users are eager to find better alternatives.
Laurent believes that over time, once fully operational, his company will be able to make up a significant portion of the market as they focus on lowering the barriers to entry for users and building a strong community of developers.
"With its scalability and cost advantages, Arcology is able to target blockchain ecosystem areas that Ethereum users cannot access due to high fees and network congestion." We don't want to replace Ethereum, our goal is to make it accessible for users and developers and expand market opportunities," he added.
With another successful presentation complete, Arcology is now one step closer to releasing a public test network. It will allow developers and blockchain enthusiasts to interact with the latest generation of blockchain. Arcology blockchain's vision is to permanently overcome high costs and network congestion.
NFT is mainstream
As mentioned earlier, NFT is widely seen as the next wave of investment in encryption after DeFi. Many NFT platforms have seen significant investments from DeFi-focused funds.
In the first quarter of 2021, the total market value of large NFT projects grew by nearly 1800%, and is still growing exponentially today.
NFT Token Market Value. Source: BitDealer As the NFT continues to appreciate and gain widespread attention, this has also led to a surge in sales in its market. Sales in the main NFT markets grew 50 to 100 times in the first three months of the year.
Social NFT platform
With this in mind, Codebase Ventures is also rapidly moving into the NFT space, investing in INstaCoin Technologies Ltd., a UK-based start-up, to position itself as the world's first self-service social NFT platform.
Codebase's total investment of 100,000 pounds gives the company a 50 per cent stake in the new NFT joint venture.
"Code works with the person behind InstaCoin through our existing TRAD3R investment," George Tsafalas, President and CEO of Codebase, said in a press release. We look forward to their innovative approach to the blockchain ecosystem.
"Our existing partnership allows us to seize this opportunity. This allows Code to build a 50 per cent stake in the early stages of the risk, designed to democratise the NFT rather than focus on a multimillion-dollar individual component. ”
The InstaCoin platform is designed to allow users to connect their social profiles to blockchain and create instant NFT tokens from their own content. Followers and fans connect on the open market for instant sales.
The one-time cost per NFT is $1. This simplified business model aims to generate sales and drive revenue for millions of existing social media users, and to introduce a lifetime commission model from the secondary market.
The company behind InstaCoin was known for developing TRAD3R. Today, TRAD3R has been a huge success as a social trading platform with millions of users worldwide.
According to Rabin Zhang, the team's blockchain leader, "After we built TRAD3R, we learned how to trade complex stocks and make them simpler and more attractive; ”
The recent buying spree around the NFT has focused on a single expensive token, such as Mad Dog's Crash and Burn, which sells for more than $3.9 million, and InstaCoin takes a different approach, explains Gianni O'Connor, founder of InstaCoin.
"We think the market of the future will be dominated by NFT at millions of dollars in low costs, ranging from $2 to $20. You know, millions of people around the world now have powerful cameras around the clock on their smartphones, making them content creators. With Instacoin, they can use this content for financial gain. ”
The InstaCoin test is complete
Shortly after Codebase's investment, InstaCoin announced in mid-April that it would submit a global submission to the Apple Store platform, which will be released soon.
The application promises to simplify the process of creating NFT assets from user social media, has been tested on a wide scale and blockchain, and has created full language compatibility with Chinese and European blocks.
InstaCoin NFT platform While NFT is the latest and most popular way to sell digital content globally, so far the focus has been on big-value sales.
The InstaCoin app aims to create a new million-dollar market by bringing creative and auction elements to ordinary people.
summary
The success or failure of early investments usually depends on the room for growth in one area. With Ethereum's explosive rise, blockchain technology will once again become synonymous with exponential growth, thanks to DeFi's commitment and the latest NFT boom.
As Mark Cuban, an American billionaire and well-known Shark investor, puts it, "upstream space is indeed infinite" throughout the blockchain space.
That's exactly what Codebase thought when he invested in Arcology. Arcology is a revolutionary industrial-grade blockchain platform designed to meet today's market demands for scalability and performance and to be adopted on a large scale worldwide.
It is also looking to capture market share from major networks such as Ethereum. Ethereum's success is now being curbed by network congestion and rising transaction costs, and Arcology promises to address these core technology issues once and for all.
Codebase has become an early entrant to new investments through the acquisition of InstaCoin for NFT platform development. The sector has generated billions of dollars in asset sales from an early stage, and there is no prospect.
Company name:Codebase Ventures Inc
Stock code: CSE:CODE, FSE:
C5B, OTCQB:BKLLF Stock Price: C$0.165 per share (closing
price on May 13, 2021) Outstanding shares: $46.12 million
Market Capitalization: C$8
million CODE web site
Richard
Millsaheadoftheherd.com