Tron is 1/3rd of the way through 2018 and is rejoicing the fact that they belong to the top 10 cryptocurrencies in the world, as of this month. As the rank stabilizes, the team continues to maintain a high standard of excellence, claims the team in a letter written to the community. Adding on, they said, TRX is one of the highest performing cryptocurrencies in 2018.
They now aim to barge into the top 6 list of largest virtual currencies across the globe. As of January 5th, ‘they have achieved this already during Tron’s astounding sprint out the gate’, declared the letter by Justin Sun. Further, they said sternly:
“we will reclaim and secure the title, which will mark Tron’s global status as a mainstream public blockchain and lay a solid foundation for competition with Ethereum.”
They are pretty clear with the fact that their own blockchain on release, will be exponentially faster than Ethereum and will spark a revolution for blockchain developers. The Tron Labs team had earlier stated that their main net which will debut on March 31st has achieved speeds 100x than Ethereum during testing.
Mainnet v Odyssey 2.0, as mentioned earlier will be launch according to the plan on May 31st and to mention the fact that this version has undergone stringent benchmark tests which achieved a TPS 100 times above Ethereum. Tron is Java-based which provides a developer-friendly environment and thus, the industry will break away from Ethereum and its low-efficiency, congestion-prone network, high fees, and steep learning curve declared the letter from the team.
Given that they are now in the top 10, each of their moves will signify a weighted change in the crypto structure, they mentioned. When observed keenly, out of the top 10 currencies, Tron is the youngest of them all and as they state they are the most professional with a team that brings experience from mainstream internet companies like Alibaba.
“Compared to most stagnant crypto companies, Tron is agile and embraces change. In 2018 we will bring our young, professional approach, one that embraces change, into the lax and conservative structure of old. Our mindset is crucial for the healthy development of the cryptocurrency industry.”
Justin Sun, the Founder of Tron tweeted:
“Backed by a young, professional, adaptable team, $TRX is officially in #crypto top 10, aiming for top 6. Stay tuned for 5/25 Tron VM 2.0, 5/31 Main net, 6/26 SR Election, and more. 2018 is just the beginning. Watch us take the world by storm.”
Crypto Pacman, a Twitterati says:
“Your little brother
$ocn will be right behind you in spot #7. $Trx $ocn going to make me retire early.”
Pepe Ciccia, a Tron enthusiast said addressing Justin:
“Absolutely magnificent, I support your vision entirely. Great success now, tomorrow and the future to you Justin Sun and your entire team.”
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Cryptocurrency index with ‘rules-based methodology’ for BTC, Ripple, Litecoin, ETH and more by Bloomberg
Bloomberg announced yesterday that they would be partnering with digital asset management firm Galaxy Digital Capital Management LP. The partnership in question would be creating an index designed to ‘track the performance of the largest, most liquid portion of the cryptocurrency market’.
The index is designated as Bloomberg Galaxy Crypto Index or BCGI. It is weighted by market cap and measures the performance of ten USD-traded cryptocurrencies. As such, the index is measured using the USD currency. The index is reconstituted and rebalanced monthly. It is administered according to “four guiding principles”, which are:
- Data Integrity, where cryptocurrencies must maintain minimum thresholds for daily traded USD value
- Diversified, where constituents of the index cannot exceed 30% or contribute below 1% of the index’s market cap
- Representative, which is its aim to provide ‘a proxy for the broader cryptocurrency market’
- Continuity, where the index is intended to be responsive to the changing nature of the market in a manner that it does not completely change it from year to year
As per Bloomberg’s press release, it says:
“…the BGCI offers the first institutional grade benchmark for the cryptocurrency market.”
The currencies in question are Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Bitcoin Cash [BCH], EOS [EOS], Litecoin [LTC], Dash [DASH]. Monero [XMR], Ethereum Classic [ETC] and Zcash [ZEC]. The currencies in the index are calculated using the eligibility criteria mentioned in the Bloomberg Galaxy Crypto Index fact sheet:
- The cryptocurrency must trade in USD
- Minimum of two sources that meet Bloomberg’s due-diligence criteria, which are that they have documented compliance programs that include but are not limited to Anti-Money Laundering and Know Your Customer policies, and have provided Bloomberg with organizational or ownership chart
- A minimum 30-day median daily value traded of $2 million across a minimum of two eligible pricing sources
- The cryptocurrency must be free-floating, that is, its price is not pegged to the value of any assets, including digital ones
- The above criteria must be met for 3 months
- Maximum number of constituents in the index is limited to the top 12 coins ranked by market cap
- Hard forks are also considered using the same criteria
The current standings of the currencies are as below
Index Constituent Weights
Alan Campbell, Global Product Manager for Bloomberg Indices said:
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies. The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”
Steve Kurz, the Head of Asset Management at Galax Digital Capital Management said:
“We are thrilled to partner with Bloomberg on the BGCI. The index’s independent, rules-based methodology provides a strong foundation on which the cryptocurrency ecosystem will continue to grow and mature.”
Stellar Lumens [XLM] works hard to keep up with the competitive crypto market
Cryptocurrency industry is a fast-moving industry. The fast, new, innovative technology needs people belonging to this industry to develop fast and efficiently with every moving second.
Its shocking to see how much a cryptocurrency company can do in a month. It requires a great amount of effort to make such fast developments in a technology which is still in the discovery phase and people do not know much about it. Its a sight to see companies adapt to the fast-moving industry so quickly.
The competition in the market, changing rankings due to fast movement of market cap further promotes or motivates companies to do as much as possible with their coin in order to make it more progressive with time.
Stellar Lumens in the month of April has done quite a lot in terms of their technology developments and to help the software developers in the crypto industry.
Their Beta version of Stellar Stack Exchange is available for the developers, the company stated that:
“We are currently using StackExchange to help developers find the answers they need when working on projects. Come join the community!”
The Stellar development team behind Stellar Rust SDK released version 0.1 allowing users to fetch all information from the Horizon API. Version 0.2 is already underway which will allow users to submit transactions to the Stellar network. The repo has a ton of well-scoped issues that range from beginner to hard making it easy for anyone to contribute.
They released Bifrost V2 with time-locked accounts, better account management, and multiple bug fixes has been released for the same.
The company set up an exchange guide. This guide will walk the users through the integration steps to add Stellar to the user’s exchange. Recently, a new section has been added that describes the process of adding non-native assets.
The last one for the month was, SEP-0007, a URI Scheme for Delegated Signing. The company described the program as:
“This Stellar Ecosystem Proposal (SEP) introduces a URI Scheme to generate a URI that will serve as a request to sign a transaction. The request represented by the URI will be signed by the user’s trusted wallet where she stores her secret key(s) so users do not have to copy/paste their secret keys into websites and applications.”
In addition to their research and development, Stellar also hosted a lot of events in the month of April and announced winners to their 6th Stellar Build Challenge which saw 300+ entries. These events help promote the coin and bring in more perspective and innovative ideas for the coin.
The coin could not really surge in the start of May given the bearish market but performed well in the month of April and was one of the highest gainers for a period of time in the month of April. The rapid speed of activities and development is common in the cryptocurrency market and companies require to do so in order to make a mark in the industry and make the upcoming technology more stable and efficient.