Ontology will launch Paxos Stablecoins worth $100 million on its blockchain

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Ontology is about to launch Paxos Standard Stablecoin on its blockchain. Paxos is a cryptocurrency which is pegged 1:1 with the U.S. Dollars. Currently, Paxos is an ERC-20 token. The stablecoin would be launched in May 2019. 

OEP-4 token standard

Ontology says that this launch will make it easier for individuals and businesses, who are using ONT token, to transact between fiat-pegged tokens. However, while Paxos is only an ERC-20 token, Ontology wishes to expand this by putting Paxos on their blockchain OEP-4 token standard.

Also, Paxos Standard will continue to use PAX as their ticker symbol alongside with Ontology’s OEP-4 standard. Also, it will enable atomic swaps between the Ontology blockchain and blockchain network.

$100 million worth of Paxos

The announcement says that Ontology will issue about 100 million new Paxos stablecoins depending on the demand. However, it is not clear how this will play out. Whether Ontology will just add 100 million Paxos coins to the Paxos circulating supply or whether there will be a separate coin and they would co-exist. We asked this on Ontology’s public telegram channel and the admin “Patrick Van Oorschot” replied that more details will be during May when the token will launch.

Paxos has authorized Ontology to issue these tokens through their partnership.

“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.”

Ontology co-founder Andy Ji



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Mithril migrates to Binance Chain. Becomes the first crypto to do so.

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On April 18th, a decentralized social media platform Mithril managed to migrate to the Binance new blockchain, thus becoming the first cryptocurrency to shift to the Binance Chain. Mithril is a social platform which rewards its users who create content with its native cryptocurrency MITH.

MITH moves from ERC-20 to BEP2

Mithril originally was an ERC-20 platform, but now they are migrating to Binance’s BEP2 technical standard. As they describe in their blog post, the migration from ERC20 to BEP2 will begin shortly after the launch of Binance Chain on April 18. While this has already happened, users now can easily withdraw their MITH from Binance to BEP2 wallets and begin trading on the Binance DEX. ERC20 versions of MITH which users store in private ETH wallets or exchanges will not be impacted.

About Mithril

Mithril is a decentralized social media platform that rewards all content creators. Mithril is building a comprehensive ecosystem that revolves around MITH. Users acquire MITH through Mithril mining, manage their assets on VAULT, and spend MITH in various real-life applications.



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The team of 0x announces 0x Instant

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Recently the team of 0x announced their new release called 0x Instant. With this new update, users can now make instant crypto payments. Also, smoothly add purchasing to any app or website they have. 

“Instant is open-source, fully configurable, and allows hosts to earn affiliate fees on every transaction. Under the hood, Instant aggregates liquidity from 0x relayers for any ERC-20 or ERC-721 asset. It automatically finds the best prices within the 0x networked liquidity pool and lets users pay for tokens with ETH via MetaMask, Ledger, Trezor, or any other Ethereum wallet,” says in their blog post.

Coinbase Wallet already using Instant

The 0x team claims that Coinbase and Balance are already using their new 0x Instant improvement in their products. With the help of Instant customers of Coinbase and Balance can seamlessly purchase tokens within the services. All this is available with the multiple tools that 0x Instant provides. You can start with Instant Configurator to identify the tokens you support. Choose a liquidity source and select the affiliate fee, if there is any. Next, with Asset Buyer, you can configure and have full control over how the UI is designed. Also, they explain how this works in their blog post: “AssetBuyer leverages the new forwarder contract to abstract away the complexities of sourcing orders and performing market buys in the 0x network. That means no more wrapping ETH!”

A diverse set of projects already being hosted

0x claim that “Developers and creators can utilize Instant to build product experiences that couldn’t have existed before.” These projects include non-fungible token marketplaces, non-custodial crypto wallets, as already mentioned above, dApps, and crypto price feeds.

Non-fungible tokens are a particular type of cryptographic token which represents something unique; non-fungible tokens are thus not interchangeable, says Wikipedia. 0x Instant main focus with these NFTs are crypto gaming industry. Recently Emoon implemented Instant to provide users access to a wide variety of NFTs. Emoon is a decentralized marketplace for ERC-721 assets.

CoinGecko adds 0x instant

For dApp projects, an example is Augur, “which integrated Instant to offer REP, so users can quickly join their network to participate in prediction markets.”

CoinGecko, as a crypto price feed representative, has added Instant to several coin pages, so that buying these coins become even more accessible than ever before.

Instant crypto transfers

This development, of course, marks another step closer to mass adoption, as this makes buying crypto so easy either for crypto beginners or already experienced users. However, this also paints a pretty vivid picture for the future, how crypto transfers and purchases might happen. Just by a few clicks, your desired cryptocurrency can be purchased straight to your Ethereum wallet. That is done though Metamask, a Google Chrome extension, which is a bridge between your Ethereum wallet and Google Chrome browser. Also, Brave browser supports this as well. This is yet another important step towards easing the way how people buy cryptocurrencies. Consequently, this technology will develop over time and we might see new features to come.



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BCH miner’s choice

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Two major cryptocurrency companies called “CoinGeek” and “nChain Group” just announced a “Miner’s Choice” initiative for BCH miners. This basically means that they are making two major software changes. 

The first would be removing the “dust limit” which, by their words “will ignite growth of Bitcoin Cash usage”. This means that we could make a transaction worth only 1 satoshi and that it becomes easier to implement colored coin solutions and tokens on Bitcoin Cash, becoming the alternative of Ethereum ERC-20 protocol. 

The other major change is – accept some free transactions in each block the miners mine. This means that that they want to eliminate the standard requirement of 1 satoshi per byte. nChain’s mining firms “will each designate a number of free transactions they will accept in each mined block”. 

As good as all this ”power to the miners” movement sounds, will this initiative cover the mining costs for miners? This question gets thrown around twitter a-lot. Some tweeters are exaggerating about a negative fee implementation, just for the laugh of it. 

But in general the responsiveness of this message is pretty weak. I think it’s because BCH has corrupted the Bitcoin name in the past by taking over Bitcoin’s twitter page, web page and other media channels, strongly imposing that BCH is “the real bitcoin”, basically using those platforms to promote their BCH fork. And these actions has caused a lot of doubt and reluctance against Bitcoin Cash in the cryptocurrency community. No wonder it’s “street” name is Bcash.