Crypto News

Stellar Announces Smart Contract Platform “Soroban”, XLM’s Price Reacts With 10% Profits

The Stellar (XLM) Development Foundation celebrated the launch of a preview for their upcoming smart contract platform, called “Soroban”. As part of their “Project Jump Cannon”, the initiative behind the development of the platform, the organization has invited developers to create their own contracts. Soroban’s announcement has been highly anticipated by Stellar (XLM) users. This platform might provide the network with new use cases, and a new wave of adoption, and might provide it with the capabilities to compete with major blockchains, such as Ethereum. Per an official post, Stellar’s smart contracts follow the project vision of providing users with an accessible, user-friendly, and scalable platform. The team behind the project claims Soroban has the potential to become the “standard for smart contracts” in the crypto industry. The Stellar Development Foundation (SDF) claims that the crypto space lacks a smart contract platform with the above-mentioned features. Most “present too many foot guns for developers”. The SDF said the following on the preview for their smart contract platforms: We’re doing it because we believe that we’re building something special with Soroban, and true to our open-source roots, we believe it’s important to share the development process. We want Stellar ecosystem developers and smart contract developers from other ecosystems to have a chance to make a meaningful impact together. Soroban will operate independently from Stellar but will be paired to this network to provide users and developers with accessibility and “equitable access” to the decentralized finance (DeFi) sector. The organization clarified that its smart contract platform will be built with Rust as its programming language. Unlike other popular programming languages in the sector, the SDF believes Rust provides more safety and “efficient” computation. Soroban will also implement WebAssembly (WASM) in its design to meet their scalable, “robust and minimal bytecode specification”. XLM With Potential To Extend Gains At the time of writing, XLM’s price follows the general sentiment across the crypto market and seems poised to see further appreciation. The cryptocurrency trades at $0.11 with an 11% profit over the past week. In the short term, XLM records an increase in buying pressure since August 2nd which suggests investors were swayed by SDF’s claims over the future of their smart contract platform. This could remain a critical bullish factor for the long term if the organization is able to launch Soroban on mainnet. Data provided by Material Indicators (MI) records an uptick in ask (sell) orders as XLM’s price trends to the upside. As seen below, there are around $1 million in asks orders above XLM’s price current levels with an uptick in buying pressure from retail investors. Stellar’s bid liquidity seems to be getting thinner which could suggest a potential re-test of previous support levels. This could be invalidated if Bitcoin and other large cryptocurrencies keep pushing the crypto market to the upside. In that case, XLM’s price could break resistance and hit $0.18.

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Dutch bitcoin exchange BL3P confirms support for Lightning Network

BL3P, a bitcoin exchange based in the Netherlands, has now confirmed that following its new trade engine launch, it also has integrated Lightning. Soon to be live, Lightning is currently only available for internal purposes, but BL3P has provided a sneak preview of how Lightning works on the exchange. “Behind the scenes, we continuously work […]

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Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hitting $1 Million By 2030

Cathie Wood repeated her positive view on bitcoin this week at the Bitcoin 2022 conference in Miami, Florida. The Ark Invest chief executive forecasts the crypto will reach $1 million by 2030 in a presentation, Thursday. “We believe bitcoin has only just begun,” she told CNBC. “Institutions are only now catching up to individuals in terms of BTC adoption,” she explained. In recent weeks, BTC prices have fallen below $43,000 on many occasions and subsequently failed to make meaningful gains. The world’s top digital currency dropped to $42,534.90, down 8.1% in the last seven days, Coingecko data show, Saturday. Wood relayed the high-level prognosis from her company’s Big Ideas 2022 report during her Miami appearance. This contained the cryptocurrency’s lofty price target. The Vaunted Bitcoin Price Goal “Bitcoin’s price target for 2030 is greater than a million dollars per bitcoin,” Wood stated. Bitcoin 2022 Miami is the world’s largest gathering of crypto intellectuals and entrepreneurs. It is being held from April 6 to 9 at the Miami Beach Convention Center and has already attracted more than 35,000 registrants and over 7 million livestream watchers from around the world. According to Wood, bitcoin is the world’s first open-source, private digital rules-based monetary system. “It’s a pretty big notion,” the investor stated during her “The Future is Bright” conference, which she co-hosted with MicroStrategy CEO Michael Saylor, another major crypto proponent. Suggested Reading | BTC Helps Market Hover Past $2 Trillion As BTC Nears $48,000 BTC total market cap at $805.70 billion on the weekly chart | Source: TradingView.com Hedge Vs. Inflation Wood, 66, referred to the world’s most valuable cryptocurrency as a “hedge strategy against inflation.” She omitted, however, to note that the digital asset has fallen 27% in value over the last year, while inflation has soared. Consumer prices increased by about 8% in the 12 months to February of this year. Wood’s projection would imply a 25-fold gain in BTC’s recent price of $38,094. Wood noted that 70% of crypto investors keep their positions for the long term, which equates to approximately 13.6 million units out of over 20 million units of the cryptocurrency. The Best Is Yet To Come? Additionally, she noted that bitcoin, with a market capitalization of $830 billion, has seen a tenfold increase in liquidity. “That is only a preview of what is to come,” she remarked. While its market valuation surpassed the $1 trillion milestone in 2021, Ark’s analysis suggested that the cryptocurrency’s network fundamentals “remained healthy,” Ark analyst Yassine Elmandjra disclosed in a recent report. Meanwhile, institutional investors are increasing their exposure to BTC, according to Elmandjra. After the launch of more regulated instruments and adoption by enterprises and nation-states, Bitcoin’s institutional holder base appears to be expanding, she added. Suggested Reading | BTC Retakes Robust Position As Price Nears $45,000 Featured image from Forbes, chart from TradingView.com Bitcoinist @ Bitcoin 2022 Miami

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Why Crypto Mining Firms Will Be More Secure Due To A Ledger And Blockware Partnership

Ledger Enterprise and Blockware Solutions have partnered to help secure the crypto mining sector at scale. The cooperation will enable Blockware’s client to leverage Ledger’s “world-class security and highly customizable governance workflows”, according to a press release shared with Bitcoinist. Related Reading | Bitcoin 2022 Miami Preview: What To Expect From Crypto’s Biggest Conference The […]

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How Abra Launched New Product To Give Institutions Access To Web3 Ecosystem

Per a press release, leading crypto wealth management platform Abra will enable its high-net-worth to access the Web3 and digital ecosystem with its new asset management strategy. Called Abra Capital Management (ACM), this product will provide its clients with trading and borrowing services and “actively managed investment funds”. Related Reading | Bitcoin 2022 Miami Preview: […]