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Snowfall Protocol (SNW) Celebrates Presale Success as DOT Dominates Web3 with Over 43 Million Social Reach, and ATOM Gets Hit by the FTX Hammer

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Snowfall Protocol (SNW) Celebrates Presale Success as DOT Dominates Web3 with Over 43 Million Social Reach and ATOM Gets Hit by the FTX Hammer

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The world of cryptocurrency is volatile, with the prices of different tokens constantly fluctuating and new projects emerging all the time. In recent weeks, a few key developments have caught the crypto community’s attention, including the rise of Polkadot (DOT) as a dominant player in the world of Web3 and the struggles faced by Cosmos (ATOM) after being hit by the FTX hammer.

However, amidst all this turmoil, one project has managed to rise above the fray and celebrate presale success: Snowfall Protocol (SNW). This article will look closely at these developments and explore what makes Snowfall Protocol (SNW) such a promising project.

Concerns as Polkadot (DOT) struggles despite a strong social presence

Polkadot (DOT) is a decentralized, scalable blockchain that aims to develop IT infrastructure for a decentralized web. Polkadot (DOT) has certainly made a big impact in the world of Web3, with a social reach that now exceeds 43 million. However, despite this impressive feat,  Polkadot (DOT) has struggled in recent weeks.

According to CoinMarketCap data,  Polkadot (DOT) has dropped nearly 3% in the past seven days and is currently trading at $4.55 with a market capitalization of over $5.1 billion. This decline in the value of  Polkadot (DOT)  is a concern for investors and could potentially be a sign of trouble ahead for the project.

Turbulent times for Cosmos (ATOM) as market value fluctuates following the FTX bailout

The past few days have been turbulent for Cosmos (ATOM), to say the least. The network has experienced significant changes as it fights for survival after the recent Binance bailout of its crypto exchange rival FTX. This event has caused the market value of Cosmos (ATOM) to fluctuate dramatically, and many bulls have chosen to withdraw their holdings in fear of capital losses. To make matters worse, Cosmos’ (ATOM) market price has lost its grip on the demand level of $13, with the coin’s price currently trading at a low rate below $10. This is a concerning development for Cosmos (ATOM) and its investors. According to market analysts, the cryptocurrency could experience another blowout if the effects of the FTX decline are not addressed appropriately. Cosmos (ATOM) is facing some significant challenges. Thus, it will be interesting to see how Cosmos (ATOM) responds and recovers in the coming days and weeks.

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Snowfall Protocol (SNW) thrives with a 400% price rise and an innovative dApp prototype

While Polkadot (DOT) and Cosmos (ATOM) struggled, Snowfall Protocol (SNW) has managed to thrive, with its 2nd presale phase selling out a day earlier and the 3rd presale phase almost sold out. The token has seen an impressive 400% price rise and has sold over 195 million tokens to date. The number of buyers for Snowfall Protocol (SNW) is also steadily increasing, with holders impressed by the project’s growth trajectory.

One key factor that sets Snowfall Protocol (SNW) apart is its innovative dApp prototype, which is compatible with both non-EVM and EVM chains. It offers advanced solutions such as cross-chain asset swaps (fungible and non-fungible). This futuristic approach to enabling cross-chain transfers has made Snowfall Protocol (SNW) one of the hottest crypto projects in the market.

Conclusion

While Polkadot (DOT) and Cosmos (ATOM) have had their challenges and losses, Snowfall Protocol (SNW) has been enjoying its presale success. Its novel dApp prototype and advanced solutions have made it a standout initiative in the industry, with holders excited by its growth trajectory and potential for up to 5000% gains for early adopters. If you want to get in on the action, try accumulating Snowfall Protocol (SNW) tokens during a presale before the opportunity passes.

Presale: https://presale.snowfallprotocol.io

Website: https://snowfallprotocol.io

Telegram: https://t.me/snowfallcoin

Twitter: https://twitter.com/snowfallcoin


Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or crypto projects mentioned in this piece; nor can this article be regarded as investment advice.


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Why Real Regulatory Change In Crypto Has Not Happened

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Why Real Regulatory Change In Crypto Has Not Happened



Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.


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South Korea to deploy cryptocurrency tracking system in 2023

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South Korea to deploy cryptocurrency tracking system in 2023


The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.


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Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

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50% of Bitcoin hashrate Controlled by Two Mining Pools

Bitcoin hashrate is becoming highly centralized, with a few mining pools controlling most of the blockchain mining power. The latest data from Mempool indicates that 50% of the total hashrate is held by Foundry USA and Antpool. 

A Highly Centralized Mining Network

Foundry USA has maintained a hashrate of over 30% of the total Bitcoin network for several weeks. It became the first mining pool of non-Chinese origin to lead the list in November 2021, following the ban on Bitcoin mining in China in the middle of the same year. 

Back then, Foundry USA contributed 17% of the total Bitcoin hashrate. Today, the US-based pool averages 34.1% of the mining power, equivalent to about 104 EH/s, considering that the Bitcoin hashrate is around 300 EH/S. 

Related Reading: First Bitcoin Mining Powered By Nuclear Energy To Open In The U.S. In Q1 This Year 

Antpool comes in second with about 18.0% of the total hashrate equivalent to about 58 EH/s. The Chinese-based pool used to be the largest Bitcoin pool but was affected by the ban on crypto mining which caused several miners in the region to migrate. 

Bitcoin Pool distribution records on Dec. 29, 2022 (3-day stats)/Mempool.com

What Is Behind This Trend?

The graph shows that over 80% of Bitcoin’s mining power is concentrated among just 5 pools. This contrasts with the beginning of 2022, when these five mining pools barely exceeded 60% of the hashrate. 

Some factors could have contributed to this rise. One of which is the location of the servers of the said pools. The closer the servers are to the pools and mining facilities, the lower the information transfer latency. This means that a miner will likely get more shares in the mining process and earn more Bitcoin (BTC) by connecting to a closer server. 

Bitcoin hashrate difficulty
Bitcoin hashrate difficulty for January/CoinWarz.com

Another factor is the financial incentives offered by these major mining pools. Bigger mining pools can consistently distribute profits to their members, who pay a commission for mining with their resources, driving more miners to their ecosystem. This is evident with the high mining difficulty in recent weeks due to the bullish movement of Bitcoin, making it difficult for smaller mining pools to be profitable. 

Related Reading: Why The S&P 500 Could Help Send Bitcoin Soaring Higher

However, Bitcoin’s highly centralized mining system poses significant dangers to the cryptocurrency. The miners could agree to reject transactions that do not meet a specific parameter leading to a 51% attack. 

We’ve seen such attacks occur on other Proof-of-Work blockchains like Ethereum Classic, which could be a problem for Bitcoin. In addition, these pools are recognized companies and could face pressures from regulatory agencies trying to control activities on the Bitcoin network. 

Bitcoin Price

So far, Bitcoin is still maintaining its bullish trend, with the leading cryptocurrency up by 40% since the start of the year. As of the time of writing, Bitcoin is trading at $23,400, according to data from Tradingview.com. 

Bitcoin Price on January 28| Source: BTCUSDT on Binance, TradingView
Bitcoin Price on January 28| Source: BTCUSDT TradingView

Featured image from Pixabay, charts from Trading View, Coinwarz, and Mempool


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