Jun 29, 2020 (AmericaNewsHour) —
Executive Summary According to a research report published by Azoth Analytics in August 2019, the Cryptocurrency Market was… Coronavirus cases across the globe topped 10 million today and the number of new cases in the U.S. has risen to new records in the … Top 5 Cryptocurrencies to Watch This Week: BTC, ETH, BCH, XLM, LINK Read More » A research by blockchaincenter.web reveals that South America and Africa have the best Bitcoin (BT) search curiosity on this Cybersecurity firm Symantec blocked a ransomware attack by a group known for demanding payment in Bitcoin (BTC) directed at 30 U.S.-based firms and Fortune 500 companies. The announcement published by the cybersecurity firm claims that the Evil Group, the malware gang behind the attacks, targeted the IT infrastructures of the firms. Still, the companies were Many of the builders and investors in the blockchain space believe that the most compelling route to attracting users to the burgeoning crypto-economy is not upending the global financial order but something with significantly lesser stakes: gaming. And this reasoning makes sense. Both video games and cryptocurrencies feature virtual economies running on a shared set … I plan to cover just three cryptos every week in this post: Bitcoin, Litecoin, and Ethereum. These instruments provide trading opportunities with out sized gains. I hope the analysis presented here helps you profit in these instruments. BTCUSD — Getting close to a long setup, lower low still looking for…
According to a research report published by Azoth Analytics in August 2019, the Cryptocurrency Market was valued at USD 856.36 Billion in the year 2018. Key factors facilitating high demand of cryptocurrencies include high remittances in developed countries, increasing fluctuation in monetary regulations, and growth in venture capital investments coupled rising awareness among the investors especially in emerging nations. According to the research report, global cryptocurrency market is projected to display robust growth represented by a CAGR of 11.9% during 2019 – 2024.Advertisement
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Bitcoin currency holds the major share in the market owing to the growing awareness among Asian investors coupled with availability of larger returns is proliferating the market growth. Moreover, growing usage of alternative currencies such as Ethereum, Ripple and Bitcoin Cash due to their captivating features and models has been major factors backing the growth in the industry. Amongst the regions, Europe accounts for the largest regional share in the global Cryptocurrency market. Key factors driving the robust growth rate in European region include presence of enormous consumer base, and legalization of cryptocurrencies as a medium of exchange in many countries coupled with growing internet penetration, supplementing the market growth of Cryptocurrencies in the region.
A comprehensive research report created through extensive primary research (inputs from industry experts, companies, stakeholders) and secondary research, the report aims to present the analysis of Global Cryptocurrency Market. The report analyzes the Cryptocurrency Market by Type (Bitcoin, Ethereum, Ripple, Litecoin and Others) and by Constituents (Exchanges, Mining, Wallets and Payments). The Cryptocurrency market has been analyzed By Region (North America, Europe, Asia Pacific and Rest of the World) and By Country (U.S, Germany and Japan) for the historical period of 2 017-2018 and the forecast period of 2019-2024.
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Global Cryptocurrency Market (Actual Period: 2017-2018, Forecast Period: 2019-2024)
? Market Sizing, Growth, Forecast
? Analysis by Type – Bitcoin, Ethereum, Ripple, Litecoin, Others
? Analysis by Constituents – Exchanges, Mining, Wallet, Payments
? Competitive Landscape – Market Share Analysis
Regional Cryptocurrency Market – North America, Europe, Asia Pacific, ROW (Actual Period: 2017-2018, Forecast Period: 2019-2024)
? Market Sizing, Growth, Forecast
? Analysis by Type – Bitcoin, Ethereum, Ripple, Litecoin, Others
? Analysis by constituents – Exchanges, Mining, Wallet, PaymentsAdvertisement
Country Analysis – Cryptocurrency Market by Value – United States, Germany, Japan (Actual Period: 2017-2018, Forecast Period: 2019-2024)
? Market Sizing, Growth, Forecast
? Analysis by Type – Bitcoin, Ethereum, Ripple, Litecoin, Others
Other Report Highlights
? Strategic Recommendations
? Market Dynamics – Trends, Drivers, Challenges
? Company Analysis – Bitmain Technologies, BitGo, NVIDIA Corporation, Ripple Networks and Coinbase
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Top 5 Cryptocurrencies to Watch This Week: BTC, ETH, BCH, XLM, LINK
Coronavirus cases across the globe topped 10 million today and the number of new cases in the U.S. has risen to new records in the past few days. This has put the economic revival in jeopardy as equities markets could face selling pressure. Meanwhile, safe haven assets like gold continue to perform well.
Crypto market data daily view. Source: Coin360
Earlier this week Bloomberg analyst Mike McGlone said that the drop in Bitcoin’s (BTC) volatility has resulted in tightening of the Bollinger Bands, a popular technical analysis indicator used by many traders. McGlone expects that the top-ranked cryptocurrency on CoinMarketCap to eventually rally to $13,000 if it stays above the $6,500 support.
Most major cryptocurrencies have entered a consolidation phase and trading in a range-bound market can be difficult as the price action is volatile. Traders might consider reducing their risk by cutting their usual position size. Normal position size can be restored when crypto markets start trending again.
After failing to scale above the $10,000–$10,500 zone for the past few days, Bitcoin is witnessing profit booking by the short-term bulls. On June 27, the price slipped below the trendline and also the critical support at $8,910.04.
BTC/USD daily chart. Source: Tradingview
The 10-day exponential moving average ($9,277) has started to turn down and the RSI is in the negative zone, which suggests that bears have the advantage in the short-term. However, the medium-term points to a consolidation as the 50-day simple moving average ($9,399) is flat.
The failure of the bears to capitalize on the fall below $8,910.04 on June 27 suggests a lack of sellers at lower levels.
Currently, the bulls are attempting a recovery. If the bulls can push the price back above the trendline and sustain it, a move to the downtrend line of the descending channel is possible.
On the other hand, if the BTC/USD pair turns down from the moving averages and breaks below $8,910.04, a deeper fall to the support line of the channel is possible. The bulls are likely to defend the zone between $8,130.58 and the support line of the channel aggressively.
BTC/USD 4-hour chart. Source: Tradingview
The relief rally currently underway can face resistance at the previous support turned resistance at the trendline.
If the bulls can push the price above this resistance, the possibility of a rally to the downtrend line of the channel increases. A breakout of the channel will be the first sign of strength that will indicate a possible move to $10,000.
Conversely, if the price turns down from the overhead resistance level, the bears will once again try to resume the down move. A break below $8,825 will signal weakness. Below this support, the decline can extend to $8,628 and then to $8,400.
There is no clear trend, hence, the price action is likely to remain volatile, which can benefit the short-term trader who enters and exits trades quickly, without waiting for a large move.
Ether (ETH) is consolidating in an uptrend. Although the price dipped below the critical $217.67 support on June 27, the bears could not sustain the lower levels. This suggests that the bulls continue to buy the dips.
ETH/USD daily chart. Source: Tradingview
Currently, the bulls are attempting to sustain the price above the 50-day SMA ($223), which is flattening out. If successful, the second-ranked cryptocurrency on CoinMarketCap can rise to the 10-day EMA ($230).
Conversely, if the price turns down from the current levels, the bears will once again attempt to sink the price below the $217.67–$216.006 support zone. If that happens, a drop to $200 is likely.
ETH/USD 4-hour chart. Source: Tradingview
The ETH/USD pair has broken out of the 10-EMA, which is the first sign that bulls are aggressively buying at lower levels. If the price sustains above the 10-EMA, a rally to the 50-SMA–$236 resistance zone is likely.
Conversely, if the pair fails to sustain above the 10-EMA, the bears will make one more attempt to sink the price below $216. If successful, a new downtrend is likely.
Therefore, traders should watch $216 closely and if this support level cracks long positions should be avoided as a deeper correction is possible.
Bitcoin Cash (BCH) has been stuck in a large range of $200–$280 for more than two months. Usually, when the price spends such a long time in the range, it needs a strong momentum to breakout or breakdown of the range.
BCH/USD daily chart. Source: Tradingview
Although the 10-day EMA ($230) is sloping down and the RSI is in the negative territory, the bears could not sink the price below $200 on June 27. This suggests buying by the bulls near the support of the range.
If the bulls can sustain the rebound and push the fifth-ranked cryptocurrency on CoinMarketCap above the 10-day EMA, a move to $240 and then to $260 is possible.
Conversely, if the price turns down from the 10-day EMA, the bears will make another attempt to break below the $200 support. If the bears succeed, a new downtrend is likely.
BCH/USD 4-hour chart. Source: Tradingview
The bulls have pushed the price above the previous support turned resistance of $220, which is a positive sign. This suggests aggressive buying at lower levels.
If the BCH/USD pair breaks out of the downtrend line, the momentum is likely to pick up. The next level to watch on the upside is $235 and then $244.
However, if the pair turns down from the downtrend line, the bears will once again attempt to sink the price to the critical support of $200. If this support cracks convincingly, a new downtrend is likely to start.
Conversely, if the pair rebounds off $200 once again, it is likely to attract further buying as it will cement the level as a strong support.
Stellar Lumens (XLM) is trading inside a descending channel. On June 27, the bulls aggressively bought the dip close to the support line of the channel as seen from the long wick on the candlestick.
XLM/USD daily chart. Source: Tradingview
The current rebound is likely to face resistance at the 10-day EMA ($0.067) and above it at the downtrend line of the channel. A breakout of the channel will be the first sign that the downtrend might be over.
However, if the 14th-ranked cryptocurrency on CoinMarketCap turns down from the 10-day EMA, it will increase the possibility of a break below $0.060 support. Below this level, the decline can extend to $0.055.
The 10-day EMA is sloping down and the RSI is in the negative zone, which suggests that bears have the upper hands. In a downtrend, usually, selling on rallies offers a greater profit potential rather than buying the dips.
XLM/USD 4-hour chart. Source: Tradingview
The current pullback attempt is likely to face resistance in the zone between the 10-EMA and the downtrend line.
If the price turns down from this resistance zone, the bears will once again try to sink the XLM/USD pair below $0.060. If successful, the downtrend is likely to continue.
Conversely, if the bulls propel the price above the downtrend line, the relief rally can extend to the resistance line of the channel. If the price turns down from this resistance, the bears will try to resume the downtrend.
This bearish view will be invalidated if the bulls can carry the price above the resistance line of the channel. Such a move will indicate a likely change in trend.
Chainlink (LINK) had reached close to the highs of $4.9762 on June 23 and 24 but the bulls could not break above this resistance. This led to profit booking by the short-term traders, resulting in a correction.
LINK/USD daily chart. Source: Tradingview
Although the price dipped below the immediate support of $4.50 on June 27, the bears have not been able to sustain the lower levels. This suggests the bulls continue to buy the dips as they anticipate the uptrend to resume.
If the price sustains above $4.50, the bulls are likely to make one more attempt to drive the 13th-ranked cryptocurrency on CoinMarketCap above $4.9762. If successful, a rally to $6 is possible.
This bullish view will be invalidated if the buyers fail to sustain the price above $4.50. In such a case, a drop to the 50-day SMA ($4.13) is likely.
LINK/USD 4-hour chart. Source: Tradingview
The four-hour chart shows that the LINK/USD pair found support at $4.30, which is just above the 50% Fibonacci retracement level of the most recent leg of the rally. This is a positive sign as it suggests that bulls are buying on dips.
The current rally might hit a minor resistance at the downtrend line. This level might result in a minor consolidation or pullback but it is likely to be crossed. Above this level, a retest of the highs will be on the cards.
Repeated retest of a resistance weakens it and increases the possibility of a break above it. Contrary to the assumption, if the price turns down from the current levels or the overhead resistance and breaks below the $4.30, a deeper correction is likely.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.
Africa and South America Main in Bitcoin Search Curiosity
A research by blockchaincenter.web reveals that South America and Africa have the best Bitcoin (BT) search curiosity on this planet.
A research has been performed by blockchaincenter.web utilizing a robust instrument Google Traits, to see which international locations are peaking the search curiosity in Bitcoin. Google Traits reveals how typically a selected time period is entered into the Google search engine in relation to the whole quantity of searches over a time interval. It has been concluded that out of the highest 10 international locations Four are situated in South America and three in Africa.
The analysis reveals that each cryptocurrency search in Africa and South America is linked to bitcoin. These could vary anyplace from Bitcoin (BT), Bitcoin Money (BCH), Dogecoin (DOGE), Cardano (ADA), IOTA, XRP, to Litecoin (LTC), IOTA, and even Tron (TRX). Particularly, in Africa, Kenya is main the race with 94.7% of all searches together with bitcoin a technique or one other with the shut followup of Nigeria and South Africa peaking at 89.4% and 89% respectively. On the opposite facet of the earth, we’ve got South America with Brazil sitting at 92.6% within the bitcoin search curiosity index, with each Chile and Ecuador roughly round 89%.
This can be in reference to the volatility of bitcoin. With the most recent protests in the US of America with folks popping out in opposition to police brutality and systematic racism after the demise of George Floyd, the president of the US, Donald Trump, has issued an announcement concerning transferring the nationwide guard into states overtaken by the riots. This has shifted the value of bitcoin to hit the best over the past couple of years of $10,500. Which means that some buying and selling order varieties have turn out to be extra widespread as a result of total unstable nature of the market. For instance, stop-loss orders are probably the most prevalent along with the political spectrum of 2020. A number of international locations are in disarray as a result of novel coronavirus pandemic with Chinese language buyers shopping for up European and American shares. This has precipitated much less educated customers to turn out to be a bit panicky and thus begin googling totally different details about Bitcoin and what to do with their investments. The general settlement available in the market is to not rely too closely on bitcoin at this second attributable to a large number of outdoor components influencing the entire commerce making it extraordinarily laborious to foretell the value change.
A technique or one other the consequence is similar – total enhance of the curiosity in bitcoin and different cryptocurrencies in areas which have fewer laws compared to extra developed elements of the world the place the cryptocurrency adoption is going on at the next and extra chaotic degree than all over the place else. The general flexibility of economics in African and South American international locations creates an ideal environment for such developments.
African international locations have gotten key gamers within the improvement of the cryptocurrency markets in the entire world. Google developments is a ravishing indicator of this sample. The speaker of the Home of Representatives in Nigeria has even referred to as for a authorized framework to be developed again in July 2019. The federal government has thus shifted its curiosity in the direction of the cryptocurrencies to ensure that their reputation within the unregulated markets leads to as a lot acquire for the inhabitants and the nation as an entire as doable. The logic behind authorities curiosity is straightforward – with the international locations struggling to financial institution cash and obtain stability throughout coronavirus pandemic the cryptocurrency market generally is a bubble of air the economies desperately want. When a Nigerian individual begins buying and selling and accumulating cash, she or he begins spending it within the nation the place they dwell. Which means that the funds gained from buying and selling can instantly profit the nation’s economic system by creating an influx of cash from outdoors the nation. The most effective half, nonetheless, remains to be the truth that there is no such thing as a have to develop any particular infrastructure since all that’s required to begin buying and selling is to have an lively web connection. South Africa, for instance, has been a number one nation on the entire continent with its excessive fee of web penetration. If something within the 21st century the web penetration is already beneath demand, therefore, it’s a governmental undertaking which could have an enormous optimistic impression. Web World Stat has been monitoring the penetration ranges, which have been rising quickly since 2011.
South Africa owns 13% of cryptocurrency on the entire continent of Africa. This quantity, whereas it doesn’t appear to be it, is definitely a substantial quantity contemplating it’s the best within the area. In April 2020 the Monetary Providers Board, which is a South African monetary regulatory company has issued a doc highlighting the truth that crypto-assets and actions “can no longer remain outside of the regulatory perimeter.”
South America generally is holding an enormous curiosity within the bitcoin market with Brazil, Chile, and Ecuador main the race on the continent. Argentina can be fairly eager on the BT with its 87.7% search curiosity on Google Traits. The peer-to-peer buying and selling has reached all-time highs in the entire international locations talked about above.
Bitcoin is turning into prevalent although. In Venezuela, cryptocurrencies have turn out to be a go-to for lots of people attributable to native foreign money turning into successfully nugatory. President Maduro and his authorities have been pushing their very own centralized “cryptocurrency” Petro, nonetheless, it goes in opposition to all the things the cryptos stand for and thus has confronted a great deal of backlash from folks stating that it’s principally a brand new approach for the authoritarian regime to manage extra issues within the nation.
In conclusion, the bitcoin can actually be used to supply some type of aid for the economies within the COVID-19 infested world. The economies are struggling everywhere in the world as a result of interconnectedness of the world commerce. When the pandemic began to unfold the entire borders have been closed down limiting import in addition to export however most of all, tourism which is a particularly worthwhile enterprise for plenty of totally different international locations all throughout the globe. Along with that, the oil costs have dropped attributable to the truth that lockdown was issued in a number of international locations with the addition of the airline trade being fully grounded. This has precipitated oil costs to drop damaging already struggling economies like Venezuela.
Ransomware Gang Failed to Deploy an Attack Against 30 US Firms
Cybersecurity firm Symantec blocked a ransomware attack by a group known for demanding payment in Bitcoin (BTC) directed at 30 U.S.-based firms and Fortune 500 companies.
The announcement published by the cybersecurity firm claims that the Evil Group, the malware gang behind the attacks, targeted the IT infrastructures of the firms. Still, the companies were alerted in time to prevent deployment of the ransomware. The group used the ransomware WastedLocker and managed to breach the security of the victims’ networks and unsuccessfully attempted to laying the ground for staging the attacks.
Cointelegraph reported recently a study made by the cybersecurity firm Fox-IT, a division of NCC Group, warned about the return of Evil Group’s cybercriminal activities, after a short period of going quiet.
The gang is well known for asking its victims to pay million-dollar ransom payments in cryptocurrencies like Bitcoin. There are reports that the group had been asking for a combined total of $10 from an unknown number of U.S. companies that were recently attacked.
Symantec’s Targeted Attack Cloud Analytics team first detected the early stages of WastedLocker attacks by relying on advanced machine learning to spot patterns of activity related to recent targeted attacks.
Evil Group targeted 31 companies in the blocked attack, one of the firms is a U.S.-based subsidiary of an overseas multinational.
Symantec did not identify the intended victims but the cybersecurity firm’s report said the manufacturing sector was most affected, as the gang targeted five organizations related to that industry.
According to Symantec, had the attackers not been disrupted, “successful attacks could have led to millions in damages, downtime, and a possible domino effect on supply chains.”
Evil Group had previously halted its operations until January 2020 due to the indictment of alleged members, Igor Olegovich Turashev and Maksim Viktorovich Yakubets.
Author: by admin
Blockchain Gaming, DAOs, Guilds, and Ragequitting – Cointelegraph Magazine
Many of the builders and investors in the blockchain space believe that the most compelling route to attracting users to the burgeoning crypto-economy is not upending the global financial order but something with significantly lesser stakes: gaming.
And this reasoning makes sense. Both video games and cryptocurrencies feature virtual economies running on a shared set of rules, with a user base that tends to be technically-savvy.
In theory, there should be less friction for blockchain’s penetration into the gaming market, but in practice, serious adoption and traction is not yet evident.
So what is the promise of blockchain in gaming?
Is it the opportunity to trade items? Or are there deeper implications for unlocking value in virtual worlds shared by hundreds of millions of players?
While gamers have traded virtual assets for years, from Second Life’s real estate and World of Warcraft’s gold, to Dota and Fortnite’s cosmetic character skins, these virtual economies have thus far operated almost exclusively within closed, centralized marketplaces that prohibit players from exchanging with fiat currencies — or even between games.
Players have tried to circumvent this time and time again, resulting in jerry-rigged, untrustworthy markets subject to failure and fraud.
Blockchain-powered gaming can break open these marketplaces so players can freely exchange and earn real value from their work and skill without relying on third parties.
Before delving into the blockchain side of things, let’s first outline the two core virtual properties of interest in the gaming space:
Overseeing these virtual economies are the video game developers who have complete control of their game world’s monetary policy and inventory database. After all, they dictate and enforce the rules of the game.
Does this sound familiar?
If the “real world” economy is run by centralized authorities who can change and adapt monetary policy on a whim outside public opinion or scrutiny, current video game economies are a microcosm of this behavior.
Blockchain provides a decentralized, yet secure, system for recording virtual property rights. In gaming, these properties can fall under the above categories of currencies and in-game items.
Imagine if Fortnite, arguably the most profitable video game of all time (bringing in over a billion dollars of revenue in its first ten months alone) was not a closed loop system but an open, democratic marketplace. V-Bucks could have an exchange rate with fiat currencies (perhaps 1:1 for ease of use), which would allow gamers to exchange their rare skins effectively for actual cash. Players could share in the value generated within the game economy and perhaps even sustain an ongoing revenue stream, all the while participating in the governance and decision-making as the game evolves. (Chris Gonsalves of ConsenSys expanded on this concept in yesterday’s NFT Week article.)
While there are both regulatory and technical hurdles to building such a system, blockchain provides a compelling solution to the latter.
One of the most popular use cases discussed in blockchain gaming is the tokenization of in-game assets in the form of non-fungible tokens (NFTs). Basically, NFTs are unique digital assets that can represent ownership of anything from an enchanted sword in an MMORPG, to a rare trading card or a collectible virtual cat. They facilitate digital ownership of unique or limited goods.
The following are examples of blockchain games that use NFTs:
Some of these titles have analogs in popular franchises like Pokémon and Magic the Gathering, in which collecting a rare card or creature is core to the game design. This is one way that blockchain gaming is attempting to secure adoption: bringing true digital ownership to familiar gaming experiences. But where’s the hook? Why should a player give these games any mind?
NFTs and cryptocurrencies within video game economies unlock new game design mechanics that allow players to earn real value from their skill. This is known as “Play2Earn” in blockchain gaming circles. Rather than companies creating their own dopamine-slot machine-casinos within their titles, they can build or opt into systems which reward skill and progression with real value, rather than siphon every cent they can from players through exploitative design.
A peculiar aspect of blockchain games is that the majority of them are built on open protocols which allow a degree of composability and interoperability between games and applications rarely seen in traditional game design.
So what happens when game developers can freely connect or build upon existing virtual economies?
In the blockchain gaming space there is a Russian doll-like approach to layering new games or experiences on top of one another, resulting in a highly experimental and radical approach to game design.
The Metaverse, the concept of a shared virtual world introduced in Neal Stephenson’s influential cyberpunk novel Snow Crash, is a popular and useful framework that developers in blockchain gaming refer to frequently. Essentially, it is blockchain gaming’s North Star.
An example of a metaverse game live right now is Codename: Metaboss, an “idle” MMORPG in which players across multiple factions battle each other in weekly Showdowns with armies of NFTs pulled from other games or applications, such as the blockchain games listed above. The game also features three other virtual assets: FRAGS, a “soft currency” which is awarded to new entrants and victorious factions to be used in later Showdowns, CHERRY, an in-game currency which is used to trade NFTs, and Trophies, exclusive NFTs awarded to the winning team each week.
“Part strategy game and part collaborative storytelling” according to its website, Metaboss showcases the Lego-like, combinatorial possibility of NFT-integrated game mechanics that allow virtual worlds to cross over and interact with one another.
Metaverse game mechanics may seem like nothing more than an odd experiment in a small corner of the video game industry, but this evolution closely echoes the patterns and ethos of open-source software development which produced Linux, as well as cryptocurrency itself.
So far we have covered how blockchain can introduce new forms of virtual economies and game experiences. But there is one use case of blockchain in gaming that is perhaps less rooted in creating analogs to the physical world, and that opens gateways to entirely new gaming experiences. The advent of decentralized autonomous organizations (DAOs).
DAOs are virtual organizations which allow like-minded individuals to pursue shared goals with a secure means of allocating resources and making decisions. What makes DAOs different from a traditional company working through a Slack group is the emphasis on hard-coded incentive structures that create “skin in the game.” Basically, an individual’s reputation, or in some cases money, is tied to their decisions within the organization, thus theoretically weeding out bad actors and inefficient hierarchies.
Similar to how NFTs and cryptocurrencies can democratize the familiar notion of in-game economies, DAOs can elevate the familiar notion of online guilds in the world of gaming.
With the emergence of online gaming in the nineties, particularly MMO-RPGs, gamers quickly built social structures within these virtual worlds, forming “guilds,” “clans,” and other communities to coordinate around shared goals (“quests”) and share in the spoils of victory (“loot”). See also the phenomenon of MMORPG “raids” in which guilds battle one another for status and resources.
Blockchain-based DAOs are similar in that they are decentralized social structures mediated through technology: but with the added dimension of having their own assets and accounting systems. Like video games, they operate mostly in virtual space with a set of rules, often with immense value transacted within them. They also tend to be very meritocratic in their design.
An example of a DAO operating directly in the context of video games is Metaclan, a crypto-native esports DAO which seeks to drive adoption of blockchain gaming by showcasing the Play2Earn mechanics of various games in the form of “quests.” Each quest is created in partnership with gaming studios to reward new gamers and Metaclan members with cryptocurrency and NFT rewards. Metaclan’s first quest was built in partnership with Axie Infinity, an NFT-based, Pokémon-like game with collectible monsters that can be bred, battled, and traded in the open market.
Metaclan features a cryptocurrency and NFT bank called the War Chest, which members can access to outfit themselves with high-quality NFT game items, go on “raids” across games, and return to the guild with the spoils of victory.
If we examine Metaclan’s construction further, we’ll find that video game culture is heavily subsumed into this particular space of the blockchain industry.
Metaclan is built on the open-source code of Moloch, a DAO for funding protocol development of the Ethereum blockchain which, in turn, powers most of the decentralized applications and games in the space.
In Moloch, members with shares can propose funding for new tasks or ventures and the community can vote on whether or not to allocate funds from the “guild bank.” If a member disagrees with the collective decision-making of the group, he or she can “ragequit,” in gaming parlance, and instantly liquidate any shares they hold and leave the DAO.
The seed funding for Metaclan was sourced by another Moloch-based DAO, Metacartel, which is focused on funding consumer-facing applications built on Ethereum, including games.
The individuals who instantiate a Moloch-based DAO are often referred to as “summoners.”
Summoners. Mages, Guardians. Mercenaries. Ragequitting. It’s very apparent that DAOs enthusiastically embrace the gamer lexicon. While clearly stemming from overlapping domains of nerd-dom, the terminology provides a lingua franca for new players looking to experiment in blockchain-driven gaming.
The integration and development of Play2Earn game design, seamless cross-game interoperability, and decentralized coordination and funding through virtual guilds are still in the very early days of experimentation. There are many regulatory and technical hurdles to mainstream adoption, from uncertainty around virtual currency legislation to a general user experience notoriously wrought with friction.
It is still early days in blockchain gaming. However, if the user experience can become more accessible to the layperson and the games themselves can become compelling experiences on par with traditional video games, it could prove to be the killer app for crypto .
Can blockchain meaningfully democratize the games industry for fun and profit?
Tune in, play, and see for yourself.
Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 28th
I plan to cover just three cryptos every week in this post: Bitcoin, Litecoin, and Ethereum. These instruments provide trading opportunities with out sized gains. I hope the analysis presented here helps you profit in these instruments.
BTCUSD — Getting close to a long setup, lower low still looking for it. Waiting on the long setup, likely around the R1, watching for 8700ish as a target. Once seen looking for the next rally to begin. Will be entering carefully when we are in the right target area.
ETHUSD – No yet ready for the long, Watching for the next long setup, target is around $200. Looking for a setup on RSI, none there now, a lower low is required. Patience is needed.
Still being very patient with the Cryptos, I am still waiting on the next long setup. WE should see higher volatility in the coming weeks. Play the long side and stay with the trend…. wait for the next long setup. Patience is a key with Cryptos. Trade Smart and Trade Safe.