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Algorand (ALGO) price strengthens as institutional investors back the project

Backing from institutional investors and a series of new partnerships could help ALGO break from its current range in the coming week.

Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

All About Solana And Why It’s The Game-Changer Crypto Of The Year

All About Solana And Why It's The Game-Changer Crypto Of The Year

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Is DeFi technology easy enough to adapt to non-finance industries?

DeFi gets a bad rap for being complex, technology makes it simple enough to cut out middlemen in non-finance industries ranging from energy to e-commerce.

Uquid

Decentralized finance is far and away the hottest topic in crypto, touted as a way to make a fortune by backing the right token, but also a tool for taking the crypto you were hodling in a cold wallet and set it to work earning interest at extraordinary rates.

There’s a reason DeFi has grown so large so quickly that it has slowed the Ethereum blockchain where most of the projects live to a crawl, and sent gas prices for transactions soaring to $10, $50, even $100 at times.

DeFi is mostly talked about in terms of taking over the banking and brokerage functions that big finance thrives on, but the technology can be used to revolutionize many other businesses, from energy to e-commerce.

That reason is simple: At its core, decentralized finance is about eliminating the middleman.

Why give a bank your money — for a paltry fraction of 1% interest — for it to loan out, when you can loan it out for orders of magnitude more through a crypto lending site?

Or invest it in a liquidity pool that uses an automated market maker to create a shared pot of tokens that cryptocurrency traders can sell to or buy from, rather than waiting to find a trader who wants to buy what they’re selling at the price they want. The way liquidity pools work is that liquidity providers lock funds into pools in exchange for fees paid on each transaction — which are usually paid in an exchange’s native token.

All you’re doing, really, is replacing the institutions facilitating those transactions —the man in the middle of taking it from Jane and giving it to John — with smart contracts that automate both the introduction and the exchange of currency. In other words, it turns a peer-to-business-to-peer transaction into a peer-to-peer transaction.

The difference is blockchain’s immutable nature, which makes it impossible for either side to cheat. Because it is trustless, you don’t need to pay a trusted intermediary to do that for you.

Beyond finance

Financial transactions are the low-hanging fruit for DeFi, as they are very frequent and the value of the currency being traded is so large. That said, DeFi in its trading, staking and yield farming formats can get pretty complex. But, that’s mostly because people are willing to do very risky things like betting on margin with borrowed money.

However, DeFi works for pretty much any data you need to transfer from one party to another. That can be e-commerce, insurance, digital identity, and even electric power — the possibilities are endless. And in most cases, they are fairly simple.

Decentralized energy is raising enough interest that it’s been given its own nickname — DeEn instead of DeFi — even though it also uses DApps and smart contracts, and generally lives on the Ethereum blockchain. Other than removing the middlemen — brokers and utilities — the only real difference is kilowatts instead of kilobytes.

A year ago, German sustainable energy firm Lition launched its blockchain-based, decentralized peer-to-peer Energy Exchange, which lets individual consumers choose exactly which source to buy their energy from inexpensive or green or local power producers — whatever they choose.

It’s up and running, and according to a power industry publication consumers are saving an average of 20% on utilities while power producers are seeing revenue go up 30%.

Decentralizing ecommerce

E-commerce is another field ripe for disruption by DeFi, and one of the companies doing it is Uquid, which is aiming to build a bridge between DeFi and e-commerce.

One way it is doing this is through its Defito Finance arm, which concentrates on shopper loyalty programs using tokens earned with every sale or purchase.

The site pulls in three techniques commonly used in DeFi trading, loaning and mining operations and adapts them to the needs of an e-commerce site.

Shopping mining is a loyalty program that creates and awards newly mined tokens with every purchase from Uquids many online stores, which offer everything from video games and music to subscriptions for streaming services like Spotify and Xbox Live. This uses one of Defito’s native tokens, the DeFi Shopping Stake (DSS). Once mined, these tokens are loaded into a smart contract that lets them be used for future purchases from the Uquid sites, or for staking in the liquidity pools.

Defito’s other token is the DTO, a governance token which can be earned by contributing liquidity to the shopping liquidity pool. Instead of making it possible for cryptocurrency traders to buy and sell tokens, the Defito pools represent digital goods on Uquid’s ecommerce sites ranging from games and business software to gift cards and mobile top-up cards. An automated shopping maker connects pools of goods from different suppliers, allowing token holders to search for and track the best prices for the amount of those goods they wish to buy. These sites accept cryptocurrency in payment.

Both DTO and DSS can be used for staking and payment, but DTO brings governance voting rights, including on whether DSS tokens should be burned to increase their value or used to develop the rewards system.

Another DeFi token is Uquid (UQC), a decentralized ERC-20 token that can be used for a variety of more traditional DeFi services including staking, lending, borrowing and token swaps, as well as goods including utility, grocery, and pharmacy vouchers from chains around the world.

Finally, Uquid has recently added a fourth token for its new NFT marketplace, NFTD. The non-fungible tokens are at the heart of a digital products marketplace where they can be used to provide buyers of digital goods clear ownership rights. It’s a Binance Smart Chain utility token aimed at things like social media content from TikTok and YouTube videos to photographs and music, as well as Uquid’s other digital content.

Learn more about Uquid

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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The post Bitcoin Price Weekly Update: 14th June – 20th June 2021 appeared first on NIGERIA BITCOIN COMMUNITY.

Safe Energy token up 200%: here’s where to buy ENERGYX coin

Solar power station and wind farm on poyang lakeside, clean energy with clear sky

One of today’s biggest risers in the cryptocurrency sphere is Safe Energy (ENERGY X). The project recently launched, labelling itself a ‘community-driven deflationary charity’ that aims to help reduce the world’s carbon footprint. Now, Safe Energy is up more than 230%, and crypto investors and traders have been exhibiting an increased interest.

So, with this in mind, we thought it would be helpful to pen an article covering all the key things you need to know. We cover what Safe Energy is, the future investment prospects of the project, and the best places to buy ENERGYX crypto. Scroll down to get involved.

How & where to buy Safe Energy crypto online

Many investors purchase altcoins through a decentralised exchange (DEX), though if you want to buy Safe Energy coin quickly, easily and inexpensively, we recommend a reliable cryptocurrency broker with low fees. The two platforms below are our top picks:

1.) eToro

If you are looking for a reliable broker that offers fast, low-fee crypto trades, eToro is a strong choice.

Register here >

2.) Capital

Capital.com is a CFD trading platform with no commission, no hidden fees and market-leading spreads.

For more options, check out our comparison page of the top brokers and trading platforms right now.

What is Safe Energy crypto?

The average energy usage in Bitcoin mining is currently 130 TWh. For some perspective, this is equal to all of the below examples:

  • 111177987 Tons of oil
  • Sweden’s annual electricity usage
  • 10 times the annual electricity usage of Slovenia
  • 1783783934 litres of jet fuel

The project aims to completely transform this energy consumption. SafeEnergy aims to do this by making renewable energy sources more accessible by investing, establishing and supporting projects that incentive the usage of renewable energy sources in mining Bitcoin.

For each transactions using Safe Energy, there is a 10% tax, of which:

  • 5% is permanently burned
  • 5% is distributed to the SafeEnergy holders

Should I buy ENERGYX coin?

If you are a green investor, or if you simply believe in the credentials of Safe Energy as a project and want to get involved at an early stage ahead of more significant growth, it could be a good investment.

Just make sure you conduct your own research before putting capital on the line because the worst kind of investment is an uninformed one.

ENERGYX price prediction

Our Safe Energy price prediction remains nebulous for now. This is often the case for altcoin projects at an early stage in their life cycle because it is difficult to generate an accurate assessment of fundamental value.

However, we would like to note that Safe Energy’s partnership with Turkish renewable energy player, Öniz, is indicative of the project’s ambitions. There is every chance it could become a major altcoin and help Bitcoin integrate with Elon Musk’s clean energy paradigm.

Social media reacts to $ENERGYX token’s rise

For all the latest on altcoins like Safe Energy and major cryptocurrency projects, read our crypto news.

The post Safe Energy token up 200%: here’s where to buy ENERGYX coin appeared first on Invezz.

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