Leading Chinese Bitcoin Miner Manufacturer Files for IPO in Hong Kong

One of China’s largest Bitcoin mining hardware makers, Ebang Communication, has filed an application for an IPO with the Hong Kong Stock Exchange today.

Ebang Communication, one of the largest Bitcoin (BTC) mining hardware manufacturers in China, has filed an application for an initial public offering (IPO) with the Hong Kong Stock Exchange (HKEX) today, June 25.

The application confirms a Reuters report in May that the Zhejiang-based firm was working with advisers on a Hong Kong float, potentially seeking to raise as much as a staggering $1 billion to fund growth.

Today’s filing does not give details on how much Ebang is seeking to raise for its IPO, nor does it give a precise valuation for the firm.

However, the filing does include a financial statement which states that Ebang earned 925 million yuan ($141 million) in revenue in 2017 – an almost eighteen-fold increase from 2016.

The filing also suggested that the proportion of Ebang’s revenue generated solely from the sale of Bitcoin miners has significantly increased year-on-year, rising from 31 percent in 2015 to 42 percent in 2015, to 94.6 percent in 2017.

According to Ebang’s IPO application filing today, the firm is now in the process of working to release Bitcoin miners equipped with next generation 7nm semiconductor chips, which have already been in development by Japanese tech conglomerate GMO since 2017 and officially launched this spring.

Ebang competes alongside Bitmain and Canaan Creative for dominance in China’s lucrative  crypto mining hardware manufacturing industry. The latter released its own unaudited results this January that showed a 600-fold increase in its annual net income of 410 mln yuan ($62 mln) in 2017 – a figure nonetheless dwarfed by Bitmain, which reportedly made between $3 and $4 billion in operating profits that same year.

In May, Cointelegraph reported that Canaan Creative had confirmed plans to start trading its IPO on the Hong Kong Stock Exchange as early as July. Sources familiar with the matter told local media at the time that the company was also seeking to raise a whopping $1 billion.

This month, Bitmain’s CEO Jihan Wu revealed he is also “open” to conducting an overseas IPO as a means of allowing early backers of the firm to cash in funds.

Alibaba Offshoot Trials First Blockchain Remittance to Philippines, Plans Global Expansion

Alibaba’s Ant Financial trials blockchain remittances, CEO Jack Ma confirming he intends to take the option global.

Alibaba subsidiary Ant Financial has trialled its first blockchain remittances, sending a transaction in three seconds, Bloomberg reports June 25.

The company, formerly known as AliPay, completed a funds transfer between its AliPayHK app in Hong Kong and Filipino payment app GCash, its joint project with local telecoms company Globe Telecom.

Part of a growing trend of Blockchain remittances in the Philippines, Ant Financial will establish international outreach in future, CEO Jack Ma told the press on the back of the project.

“Using blockchain to achieve cross-border remittances is one of my most concerned projects in the past six months. Starting from Hong Kong, this service (AlipayHK) will be brought to the rest of the world in the future,” online cryptocurrency resource cnLedger quoted him as saying. The quote continues:

“Blockchain should not be a tech to get rich overnight…There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones. The impact of blockchain on the future of humans may be far beyond our imagination.”

Ma had signalled increasing involvement of AliPay in blockchain for several years, AliPay parent company Ant International securing $14 bln in funding for blockchain development earlier this month.

The tycoon conversely remains bearish on cryptocurrency, which he in May described as a “bubble”.

His perspective echoes those of many major finance figures on Bitcoin (BTC), one which cryptocurrency advocates continue to rebut as prices descend.

Litecoin Price Analysis: LTC/USD Recoveries Remain Capped

Litecoin Price Analysis LTC

Litecoin price declined below the $80 support against the US Dollar. LTC/USD is currently recovering, but upsides are capped by $82 and $85.

Key Talking Points

  • Litecoin price tumbled and broke the $80 and $75 support levels (Data feed of Kraken) against the US Dollar.
  • There are two bearish trend lines formed with resistances at $82 and $86 on the hourly chart of the LTC/USD pair.
  • The pair remains at a risk of more losses as long as it is below $85 and $93.

Litecoin Price Forecast

There were further losses noted in litecoin price after it failed to recover above $93 against the US dollar. The LTC/USD pair declined sharply and broke many supports such as $90, $80 and $75.

Looking at the chart, the price traded as low as $73.37 before buyers succeeded in defending more losses. Later, the price started an upside correction and moved above the $75 level.

Litecoin Price Analysis LTC

There was a break above the 23.6% Fib retracement level of the last decline from the $99.28 high to $73.37 low. However, the upside move was capped by the $82-85 resistance zone. More importantly, there are two bearish trend lines formed with resistances at $82 and $86 on the hourly chart of the LTC/USD pair.

The first trend line along with the 38.2% Fib retracement level of the last decline from the $99.28 high to $73.37 low stopped the recent recovery. Above the $82 resistance, the second trend line at $85 and the 100 hourly simple moving average are likely to stop gains.

Therefore, it seems like the $82-85 resistance zone may well play a crucial role in the near term. A successful close above $85 could open the doors for more recoveries. The next hurdle awaits at $93, which was a support earlier.

On the downside, an initial support is at $75, below which, litecoin price may perhaps decline further towards the $70 level. The overall price action is bearish as long as LTC is below $85 and $93.

The market data is provided by TradingView.

The post Litecoin Price Analysis: LTC/USD Recoveries Remain Capped appeared first on Ethereum World News.

Inventor of the Non-Fungible Token Creates New Standard That Could Replace ERC-20 and ERC-721

Inventor of the Non-Fungible Token Creates New Standard That Could Replace ERC-20 and ERC-721

In June 2017, Enjin Coin Co-founder Witek Radomski created the code for the first non-fungible token. The code was released to the public on a Github repository shortly after in August 2017 and influenced the creation of the ERC-721 token. Since then, the ERC-721 has become widely renowned as the standard for blockchain gaming and digital art. It has been implemented by hundreds of Dapps to produce nearly a million one-of-a-kind collectibles.

But ERC-721 does have its limitations.

“The non-fungible tokens being used today have defined a new class of user-owned virtual items. However, there are many problems with the existing token model. It is very expensive and inefficient to deploy large databases of items that mainstream game developers use,” said Radomski, Enjin CTO. “Our new ERC-1155 Crypto Items standard allows for infinite numbers of fungible and non-fungible items in a single deployed contract. We needed it to be lightweight and easy for the network to handle. If this does take off, the gaming industry alone will require tens of millions of new items–but the application of this standard is by no means limited to the games market. ERC-1155 tokens could be used to certify all forms of ownership, tangible or digital.”

“After a year of working to develop ERC-1155, this is a very proud day for my team. We hope to see some amazing inventions born out of this token standard, so if any projects need assistance implementing it, they should feel free to contact us at Enjin.”

Modular Plug and Play Smart Contracts

The most significant inefficiency of current token standards is that they require projects to deploy a separate smart contract for each and every token type. This means every ERC-20 token and every ERC-721 collectible contains boundless amounts of repeated data.

The bulk of the blockchain is comprised of the same set of repetitious code being used over and over again—millions of times over. Because of the blockchain’s immutable nature, this code will remain forever on thousands of machines, which is a enormous waste of storage space, processing power, and electricity.

To better understand this concept, imagine uploading an image to Google Drive, except to do so, you must build an entirely new Google Drive website to manage the image. So, in order to manage all of the images on Google Drive, you would need billions of Google Drives instead of just one.

The ERC-1155 standard is the first token standard to provide a solution to this problem. The bulk of the code for each token variation is stored in a central contract and given an identification number. From there, each new token that requires use of that code can be assigned an ID, and all of the coding is applied to the token without the need to copy and paste data.

Atomic Swaps of Bundled Tokens

Atomic Swaps - The Old Way

The current process for exchanging one kind of token for another on the blockchain without an intermediary is called an atomic swap.

Within games, there will be a need for atomic swaps of multiple items. For example, say I have a sword and shield that I would like to swap for another user’s helm and chainmail. Using the current standard, completing this trade would require a minimum of four separate steps due to the system processing and approving the trade of each item separately. The more items you add to the swap, the more significant this inefficiency becomes.

Atomic Swaps - ERC 1155ERC-1155 tokens solve this problem by grouping multiple items during the swap. No matter how many items need to be swapped at once, it will always be just a simple, 2-step process.

 

 

 

 

Upscaled Item Management

Similar to trading multiple items, ERC-1155 will also allow you to perform multiple complex operations in a single transaction, thereby reducing gas and congestion on the Ethereum blockchain. The transfer, approval, melting, and trading functions all take arrays as parameters, which allow performance of between 100–200 operations in a single transaction. This enables you to predetermine a set of operations for the blockchain to fulfill in a single transaction. It’s like going to the grocery store and buying all of your items at once, rather than paying separately for each one.

Fungible AND Non-Fungible Items

Given the inefficiencies of ERC-20 tokens, they are not generally used to create a few tokens at a time. Most ERC-20 tokens are minted by the millions for use as currency.

Because they are fungible and therefore identical, ERC-20 tokens also aren’t well-suited for use as proof of ownership or authenticity. You cannot add a history, provenance, or identity to each token using metadata. On the flipside, ERC-721 tokens only allow you to create one-of-a-kind tokens, and to create a few thousand of an identical token would be grossly inefficient. ERC-1155 solves these issues by combining the benefits of both. With ERC-1155, developers will now have increased power of choice, as each token can be either mass-produced or created singularly and either contain unique metadata or be fully fungible.

The Standard


ERC-1155 has been posted to Ethereum’s Github as a discussion thread, where Witek and his company Enjin are asking for feedback before submitting it as a pull request.

Enjin recently launched their smart contracts on the testnet and are debugging prior to their mainnet launch.

They will soon be releasing a Unity software development kit, which will enable 4.5 million game developers to create virtual items using their cryptocurrency, Enjin Coin. Unity enables developers to create games for 35 mainstream platforms, including PlayStation, Xbox, Android, iOS, Samsung TV, Facebook Games, and Google Cardboard.

About Enjin: Founded in 2009 and based in Singapore, Enjin is  an gaming industry company with two core integrated products – Enjin Network and Enjin Coin. Enjin Network is a gaming-focused CMS & eCommerce platform, with over 20m users spread out across 250,000 communities and thousands of games. Enjin Coin is a smart cryptocurrency & a blockchain game development platform.

For more information visit:

The post Inventor of the Non-Fungible Token Creates New Standard That Could Replace ERC-20 and ERC-721 appeared first on Ethereum World News.

Blockchain CEO Says Bitcoin Adoption Will Take Long Time, Survivors Will Win

CNBC’s Brian Kelly believes that sentiment surrounding the cryptocurrency market has hit the bottom, along with adoption rates. But Peter Smith, CEO of Blockchain, believes that this should be of no worry as users should stay in the market “for the long haul.”

Declining Sentiment: Should You Be Worried?

The last few months have been far from kind to the cryptocurrency market, with prices collectively declining by over 70% since the January highs. However, as Brian Kelly noted on CNBC, Bitcoin’s price is still up by over 125% compared to last June.

Despite growth over a longer timeframe, speculators in the market for the short-term have lost faith, taking a substantial amount of liquidity with them. However, an article from the Financial Times reminds us that true believers should hold their undying faith in the industry for years to come.

Peter Smith, co-founder, and CEO of well-known cryptocurrency infrastructure firm Blockchain acknowledged this faith in a recent tweet. Smith noted how the aforementioned FT article, which he wrote, is “still quite valid.” Further mentioning that the growth of this world-changing industry will “take a long time,” so users should “be prepared for the long haul.”

The Internet, despite its revolutionary capabilities, was expected to fail by many of its critics, as the Internet wasn’t widely adopted on its arrival. Looking back now, it is clear to see how mistaken these critics were. Some believe that users should take a similar perspective while looking at the cryptocurrency market, taking a longer-term optimistic approach while looking at the current state of the market. This belief is a direct contradiction with the short-term profits which speculators have focused on, nearly deifying 2017’s cryptocurrency bull run. 

In the original article, Peter Smith wrote:

It is easy to focus on the fluctuation of this or that crypto-asset and to miss the big picture. We are only beginning to grasp the seismic nature of the changes induced by ubiquitous, secure, decentralised ledgers and the quasi-instantaneous clearing they make possible.

Worldwide Adoption Isn’t An Instantaneous Process

Although exact figures are hard to come by, many believe that under 1% of all humans alive have involvement in the cryptocurrency, with this figure paling to the over 50% adoption rate held by the internet. If the cryptocurrency and blockchain industry grows to the size which supporters expect, adoption rates should reach 100%.

Sadly, many cryptocurrency community members have overestimated the industry by unbelievably large margins, expecting instant adoption. Although instant adoption could be a legitimate scenario, it is likely that it will take years for cryptocurrencies and blockchain technology to reach levels of adoption that are on-par with other revolutionary technologies. 

This may be due to the uneasy environment around regulation, along with the growing issues with public sentiment. Global governments have been far from accepting of the industry, with some nations outright banning cryptocurrencies, as governments see it as an attack on traditional systems.

Smith wrote:

Investors should only invest if they believe in the long-term vision of creating a global, stateless, opt-in financial system. They should also be prepared to hold their position for a very long time. I know I am.

Supporters of the industry should be focused on the development of the industry, rather than short-term profits. Some forget that Bitcoin was built on the concept of decentralized, peer to peer money, just after the 2008 financial crisis. Greed in the form of price speculation, along with negligent financial mismanagement led to the 2008 crisis, where millions of people lost their life savings in weeks. 

Speculation still rages on Satoshi’s vision for Bitcoin, however, Bitcoin’s power to change traditional financial systems as they stand today has been made clear. 

The idiom “Rome wasn’t built in a day” is the perfect phrase to ascribe to the current state of the industry, as speculative investors cash-out their cryptocurrency investments en-masse. The maturation of the cryptocurrency market may take a while, but these developmental steps are important to make sure that cryptocurrencies are ready for mass adoption. 

Charlie Lee, popular cryptocurrency personality and the well-respected creator of Litecoin, put it best when he said:

“Build it and they will come!”

Featured Image from Shutterstock

The post Blockchain CEO Says Bitcoin Adoption Will Take Long Time, Survivors Will Win appeared first on NewsBTC.

Bitmain Raises $400 Million Prior to its $12 Billion ICO, Growing Dominance

Bitmain’s ASIC dominance has continued, with Bitmain-based mining pools collectively accounting for nearly 50% of all Bitcoin mining power.

Bitmain Dominates Bitcoin ASIC Industry

Two prominent Bitcoin mining pools, BTC.com and Antpool, contain 27% and 15.3% of Bitcoin’s hashrate respectively. Bitmain surprisingly owns and manages both pools, allowing the mining superpower to oversee over 42% of Bitcoin’s hashrate. Critics of Bitmain have begun to worry that Bitmain could abuse this substantial level of influence, giving criticisms along the lines of: “This much power should not be held in the ‘hand’ of one company.”

When miners allocate their hash power to a mining pool, they essentially give the pool operators the authority to use the hashrate however they see fit.

As Bitmain nears the monumental 51% level of influence over Bitcoin’s hashrate, some have begun to fear that a hacker would be able to take control of the hashrate under Bitmain’s jurisdiction.

51% control of a POW blockchain, like Bitcoin, would hypothetically allow for an ill-natured actor to double-spend transactions. With double-spent transactions essentially allowing the hacker, or group of hackers, to temporarily multiply the value of their cryptocurrency holdings.

Bitmain Raises $400 Million Pre-IPO

Bitmain’s seemingly unfailing market dominance may continue, as China Money Network reported that Bitmain raised over $400 Million U.S. in a pre-IPO funding round.

Sequoia Capital’s China branch, a venture capitalist firm who has influence over important industry kingpins, reportedly led the pre-IPO funding round for the influential cryptocurrency mining business.

Bitmain, now a part of Sequoia’s circle of influence, was reportedly valued at $12 billion by the venture capitalist firm. Bitmain’s CEO, Jihan Wu, has continually mentioned a possible initial public offering (IPO), with Chinese media stating that Bitmain will apply for an official IPO in Hong Kong.

Chinese media mentioned that Bitmain plans to enter the public market with a valuation of over $30 Billion, with trading commencing by the end of the year at the latest. Speculation runs high, as users scramble to postulate where Bitmain would allocate over $30 billion in public funding to. It is more than likely that the ASIC giant will continue to develop stronger ASICs, bringing more POW algorithms to their knees.

This IPO announcement came after Canaan Creative, one of Bitmain’s most prominent competitors, filed an application to hold a similar IPO in Hong Kong, with a smaller valuation of around $2 Billion.

Canaan, known for the Avalon ASIC lineup, may finally be able to encroach on the market share which Bitmain has carved out for itself. Canaan is expected to put the public funding to good use, possibly developing stronger ASICs that put pressure on the near-monopoly Bitmain has created.

Hope for Canaan’s success is at all-time highs, as Bitmain’s business practices have become the topic of criticism within the cryptocurrency community. Bitmain is frequently blamed for the centralization of certain blockchains, along with dubious business practices Bitmain reportedly utilizes.

Some accuse Bitmain of setting up ‘secret ASIC’ farms, mining with unreleased ASIC technologies to damage the profits of GPU miners, and then selling the used ASICs to unsuspecting consumers. Although this has not been directly confirmed by Bitmain, users have extrapolated data from blockchain information to bring some sort of credence to these rumors.

As mentioned before, many hope for Canaan’s success, as it has become apparent that strong competition breeds better market conditions for all participants. 

Featured Image from Shutterstock

The post Bitmain Raises $400 Million Prior to its $12 Billion ICO, Growing Dominance appeared first on NewsBTC.

Ethereum (ETH) Price Analysis: Tough Fight for the Bulls

Ethereum has formed lower highs and lower lows to trade inside a descending channel on its 1-hour chart. Price is currently testing support and might be due for a pullback to the top.

Applying the Fibonacci retracement tool shows that the 61.8% level lines up with the channel resistance near the $500 major psychological resistance. This also coincides with the 200 SMA dynamic inflection point.

Speaking of moving averages, the 100 SMA crossed below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. The 100 SMA lines up with the 50% Fibonacci retracement level to add to its strength as resistance also.

RSI is still on the move up, which suggests that there’s still some bullish pressure left to spur a higher correction. But if sellers are eager to return, the 38.2% Fib could be enough to hold as resistance around the mid-channel area of interest.

Either way, ethereum could find itself sliding back to support at the swing low or the bottom of the channel closer to the $400 mark. Stochastic is already turning south after hitting overbought levels to signal bullish exhaustion.

Cryptocurrencies are still on shaky footing even with last week’s set of positive updates, indicating that investors are being extra cautious and quick to book gains. Still, many can’t help but worry that the resurgence of security incidents in the past weeks could lead regulators to be stricter in oversight.

To top it off, risk aversion stemming from persistent trade tensions are also weighing on demand for riskier assets like cryptocurrencies. Instead, traders have shown preference for safe-haven lower-yielding assets like bonds and the US dollar.

Looking ahead, it would take a very strong positive catalyst to sustain a bounce from ethereum and its peers. Without one, the ongoing downtrend could persist.

The post Ethereum (ETH) Price Analysis: Tough Fight for the Bulls appeared first on Ethereum World News.

Are China’s Latest Crypto Rankings a Waste of Space?

China Prompts Bitcoin Boost

The Chinese government has just released its second round of cryptocurrency rankings with two new projects listed and a shakeup in the order that doesn’t really add up.

The ratings are based on three primary sets of criteria; the basic level of technology displayed, usefulness of the application, and the innovativeness of the project. The country’s Center for Information Industry Development (CCID), under the Ministry of Industry and Information Technology, has updated their rankings for the second month now.

China’s Global Public Chain Technology Evaluation Index was officially released on five days at the Shanghai Science Hall. Adding to the 28 original crypto projects this time around was EOS and Nebulas. EOS went straight in at the top, knocking Ethereum down to second spot. This is a surprising decision given the controversy, centralization concerns, and technical glitches that mired its mainnet launch. EOS took one of the biggest hits in the market low yesterday losing over 30% on the week to its lowest price in almost 3 months of just over $7.

The explanation for the CCID’s high regard for EOS came as follows;

“The EOS main network went live on June 10. Although there was an accident such as a short-term suspension, it was highly active in technological innovation, and the software update speed was still one of the new generation public chains that are currently most concerned by the industry,”

The CCID Public Chain Technology Assessment Working Group also altered its assessment structure for the second round of rankings;

“The second-phase assessment model has been optimized compared to the first phase. The security assessment algorithm has been improved and the evaluation indicator for ease of deployment of public-chain nodes has been added.”

Typical factors often used to rank cryptocurrencies such as total supply, market capitalization, and trade volume are not taken into consideration with this assessment. The charts therefore are not indicative of current market conditions or sentiment.

Bitcoin has slid down the list from 13th to 17th despite recovering 4.6% from its annual low yesterday and being the godfather of all other cryptos. Chinese favourite Neo moved up a place to third but it has been battered on the markets losing 64% since the beginning of May. Neo is currently at its lowest level since mid-November, showing little sign of recovery and languishing around $31. Ripple has climbed from 17th to 9th place indicating that centralization issues are also not part of the ranking criteria.

In the grand scheme of things, is a list of rankings from a country that has made every effort to quash crypto trading and mining worth the paper it has been typed on?

The post Are China’s Latest Crypto Rankings a Waste of Space? appeared first on Ethereum World News.

Ontology (ONT) Price Reaching for Recovery: Prediction

Ontology Coin Choice

First signs of market recovery are on the horizon. The crypto-verse is riding a not-stopping downward rolling train for a long time now. Overall, coins have been following the Bitcoin dump that took place the past days. However, as soon as BTC made it back above $6,000 again, the green gaining color has started to appear.

Ontology (ONT)

It is one of those digital currencies that stand out for their uniqueness. In the ecosystem, it is the first project to try out an Airdrop in place of going for the much criticized Initial Coin Offerings. Ontology is widely recognized due to growing interest within crypto enthusiasts and significant crypto investors. Its stable-ish market performance is the reason why ONT HODlers are increasing every day.

Being part of the so-called third generation of cryptos, many do have much believe in it. It focuses on improving interoperability across blockchain networks and orthodox network.

Similar to various coins that have been introduced later on, is has no transaction fees. Being connected with NEO, the team behind ONT has created ONG very similar to NEO’s GAS.

Contentos Collaboration

On the day of 19th June, Ontology surprised its community by releasing the announcement of their collaboration with Contentos. Both companies will now be working on public blockchain solutions for content.

Via the team-up, Ontology will bring monetary value while the second will support its expansion even further. The first project that is going to be worked on by both is Multiple Blockchain Solution Initiative.

ONT/USD

For the time being, the pair ONT against the US Dollar is at $5.18 and one of the only cryptocurrencies in the green for the last 24-hours. It is leading BTC market by 2.05% and the NEO market by 9.09%.

t’s working hard on its technical achievements and to develop public chain by connecting resources with new partners and their technical teams. With the diversification it brings to the industry, there is much reason to keep an eye on the coin for the future as its potential is real.

The post Ontology (ONT) Price Reaching for Recovery: Prediction appeared first on Ethereum World News.

TRON (TRX) Announces Blockchain University, Enrollment Opens Fall 2018

TRON (TRX)–Just hours ahead of TRON’s self-proclaimed Independence Day, and the official launch of the genesis block on Main Net, the TRON Foundation has posted a video to their Twitter account detailing a “blockchain university.”

Dubbed Tronics University, the brief, thirty-second video is surrounded with platitudes regarding the future of technology in conjunction with blockchain, in addition to espousing the benefits of decentralized educational sources.

TRON University and Decentralized Education

Going under the tagline of Decentralised education for the new decentralised world, the video poses common questions for both newcomers to the industry and those outside of cryptocurrency, such as “What is blockchain,” to the more specific “What are DAPPS?.”

While details surrounding the project are scare as or writing, the video gives the impression that TRON is attempting to create a go-to portal for both understanding cryptocurrency in addition to offering a deep-dive into the technology behind crypto and blockchain. TRON’s Independence Day marks the usable starting point for Main Net, a crypto-based digital platform that is attempting to reshape the world of online media. Most had assumed TRON would target popular entertainment outlets such as gaming and social media, but it appears the TRON Foundation is also heading in the direction of education, with Tronics University almost certainly being a service offered through the aforementioned Main Net.

“A university should be a place of Light, of Liberty, and of Learning.”–TRON quoting Benjamin Disraeli in their release video for Tronics University

In addition, the video ends with the phrase “Earn to Learn,” giving the impression that TRON might flip the script of traditional education by imposing a reward system for users to participate in the university. As opposed to the common education model, with costs becoming more bloated with the passing years, TRON could look to set the standard for teaching on Main Net by enticing students through small, TRX-based payments. Given the utility of TRX transactions on Main Net (0.00001 TRX consumed per transfer), TRON has the ability to institute “micropayments,” thereby paying students in real-time for their efforts related to studying and completing assignments. The company could also impose TRX rewards based upon completions, such as payouts for achieving a certain level of proficiency with blockchain and cryptocurrency.

We already know that Justin Sun and the TRON Foundation have set aside 2 billion USD worth of TRX as apart of Project Genesis, a reward fund that seeks to incentivize and catalyze development of TRX on Main Net in addition to the creation of new currencies through TRON’s coin burn system. Tronics University could be an extension of that fund, paying out rewards in an effort to draw interest to the platform of Main Net as an educational portal and provide stimulus to the broader industry of cryptocurrency and blockchain.

Given the decentralized nature of cryptocurrency, the TRON Foundation could be laying the groundwork for future migration on to Main Net with Tronics University. The model they establish for learning and enticing student participation will be looked at by outside developers, or those who see the innovation in creating decentralized learning portals. While blockchain is the most logical subject for the TRON team to focus on in their premier attempt at education, it opens the door for further dissemination of knowledge.

With the global appeal of the internet, digital-based education that is low cost or free has long been touted as an untapped resource. While the TRON Foundation is just getting their foot in the door with education and the Main Net platform, it could establish a precedent for further development.

The post TRON (TRX) Announces Blockchain University, Enrollment Opens Fall 2018 appeared first on Ethereum World News.