A busy development phase has gotten cryptocurrency firms beyond Robinhood peeling their eyes toward Shiba Inu.
Four crypto projects have listed popular cryptocurrency Shiba Inu this week, with the most notable being Robinhood. The other three were EverRise and FCFPay and Rappi.
Source: Twitter
DeFi platform EverRise runs a host of products ranging from a staking lab, a personal wallet, and a DAO. Its swap feature, known as EverSwap, listed Shiba Inu on 12 April, enabling users to exchange its native token RISE tokens for SHIB.
Canadian-based crypto payment provider FCFPay also added Shiba Inu as a valid form of payment to its merchants. Other prominent coins on its platform include Bitcoin, Ethereum, Binance Coin, XRP, and more recently, Dogecoin.
Source: Twitter
Lastly, users will also be able to make payments on the Rappi app with their SHIB tokens. The Colombian-based food and grocery delivery app made headlines recently after announcing a crypto payment pilot program in Mexico. The firm currently operates in nine South American countries.
It’s been an extremely busy week for Shiba Inu, with its metaverse land auction going live amid vivid price fluctuations in the broader crypto market. Sensing potential orders for Shiba Inu, popular trading platform Robinhood listed the tokenless than 48 hours ago.
The listing triggered a 21% price pump, SHIB’s biggest daily gain in over two months. However, since then, SHIB has shown signs of cooling. Its price was ranging between $0.00002814 and $0.00002509 and now awaited a key breakout to push higher up on the chart.
shib
shiba inu
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
GENERAL CRYPTO
2 minute read
What are Elon Musk’s ‘Plan B’ options If his Twitter bid gets rejected?
Saif Naqvi
Saif Naqvi
April 15, 2022
Elon Musk
Source: Unsplash
Tesla CEO Elon Musk said that he has a ‘Plan B’ available in case Twitter rejects his bid to acquire 100% of the social media platform.
Source: Twitter
Expressing doubt over his Twitter buyout offer at a TED event in Vancouver, the world’s richest man did say that he had a backup plan if the deal did not go his way but did not reveal any explicit details. Musk’s first public comment regarding the deal came hours after he sought to buy 100% of Twitter for an all-cash offer of $54.20 per share. The deal was valued at $41 Billion.
Source: Twitter
A few days earlier, Musk decided not to join the Twitter board of directors after Twitter CEO Parag Agrawal offered him a seat at the table following Musk’s 9.2% stake purchase in the company.
Elon Musk’s Plan B – Options?
Elon Musk’s hostile takeover bid does not leave him with many options since he cannot purchase a stake beyond 14.9% in the company. However, there were a couple of avenues at his disposal. For one, Musk would have to make a sweetened bid over his ‘best and final offer’ to pressurize some of Twitter’s shareholders to take the deal more seriously.
Secondly, Musk doesn’t have to convince all of Twitter’s shareholders for the deal to go through. The majority just needs to back his offer. This could have Musk engaging the shareholders in a proxy war, whereby those in favor of the deal join hands and gather enough shareholder proxy votes to win the corporate decision.
In a statement released on Thursday, Twitter said that it would carefully review the proposal to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders. Reportedly, the firm has scheduled an emergency meeting with all of its employees to discuss Musk’s staggering bid.
Elon Musk
Twitter
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
DOGECOIN ROBINHOOD
3 minute read
Dogecoin can be the Currency of the Internet: Robinhood CEO
Paigambar Mohan Raj
Paigambar Mohan Raj
April 15, 2022
Source: Reuters
In a recent thread of Tweets, Robinhood CEO, Vlad Tenev, shared his thoughts on whether Dogecoin(DOGE) truly is the future currency of the internet, and of the people. Tenev says that from the moment Robinhood had listed Dogecoin (DOGE) on its platform, he had been thinking about what it would take for a currency like Doge to really become the currency of the internet.
According to the Robinhood CEO, firstly, transaction fees have to be vanishingly small. According to Tenev, we’re almost there. As of last November’s 1.14.5 update, typical transaction fees have been approximately $0.003 on the Robinhood platform, compared to the 1-3% network fees that major card networks charge.
Second, the block time (the amount of time it takes for successive blocks to be added to the chain and for a transaction to be verified) should be short enough that the transaction can be recorded in the next block in less time than it takes to pay at a point of sale terminal.
However, according to Tenev, it should not be so quick that miners create too many rival chains and waste too much energy establishing consensus. The current block time for Doge is 1 minute. For payments, a ten-second block time would be more acceptable, as it would be less than the average time spent completing a debit card transaction.
Dogecoin (DOGE) has a throughput of roughly 40 transactions per second (tps) with a 1MB block size and a 1 minute block time.
Source: VLAD, Twitter
Visa’s network, on the other hand, can theoretically accommodate 65,000 tps. Doge would have to be able to greatly beat Visa, which would necessitate a 10000x increase in throughput. Fortunately, increasing the block size limit is a simple solution.
For the near future, moving to a 1GB (and later 10GB) block size limit would supply all of the throughputs a global currency would require. Tenev claims that L2 solutions aren’t required to tackle this problem.
Criticism for Dogecoin
According to Tenev, critics argue that increasing the block size will come at the expense of hobbyists being able to run a full node at home on a Raspberry Pi. Processing 10GB in 10-minute intervals will necessitate more advanced technology. And Tenev believes that it is a reasonable trade-off.
Another critique of Doge is that it is inflationary and has an indefinite supply, unlike Bitcoin, which has a finite amount of 21 million coins. Every year, 5 billion new Doge are created, with a current supply of over 132 billion. This translates to a current inflation rate of 5%, which is lower than the US dollar.
Furthermore, because of the fixed issuance, inflation actually decreases over time, and it will be below 2% in a few decades.
According to Tenev, Dogecoin developers should concentrate on one thing: developing a good procedure for gradually increasing the block size limit.
Tenev’s Tweet received replies from Dogecoin founder Billy Markus, as well as Dogecoin proponent, and billionaire Elon Musk.
Musk said “As I was saying”, implying that he had been a supporter of Dogecoin becoming the currency of the internet for some time.
Regarding increasing the block size, Musk replied,
“..block size & time should keep pace with the rest of the Internet.”
At press time, Dogecoin (DOGE) was trading at $0.144890
doge
Dogecoin
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
XRP
2 minute read
Ripple vs. SEC lawsuit is going ‘exceedingly well’: Garlinghouse
Sahana Kiran
Sahana Kiran
April 15, 2022
Ripple
Source – Unsplash
The Ripple vs. SEC lawsuit has been taking several turns lately. Following multiple setbacks, the crypto firm recently managed to score a “very big win” against the Securities and Exchange Commission [SEC] of the United States.
While this was a mere denial of the SEC’s plea to view information that was under the wraps, it came as a pertinent triumph for the crypto platform. Now, as SEC drowns in the pressure of proving XRP to be a security, Ripple seemed to be celebrating its dainty victory. The CEO of the firm also pointed out that the lawsuit was going smoother than expected.
Brad Garlinghouse, the CEO of Ripple addressed the crowd at the Paris Blockchain Week and discussed the ongoing lawsuit.
Lawsuits are no child’s play. The amount of time and money that goes into legally battling out the other party can be quite a task. However, Garlinghouse affirmed that the lawsuit was going on quite smoothly. He said,
“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.”
The SEC has been called out by several individuals for its stringent move against Ripple. This case further loomed uncertainty with regards to the US’s stance on crypto. As a result, a possible win against the financial regulator could spruce up the crypto space in the US market. The Ripple CEO elaborated,
“This case is important, not just for Ripple; it’s important for the entire crypto industry in the United States.”
Here’s what would happen if XRP was labeled security; Ripple CEO explains
Is XRP a security? This is probably the most asked question in the crypto-verse. Garlinghouse went ahead and details how this wasn’t possible. He said,
“If you determine XRP as security of Ripple, we have to know every person that owns XRP. That’s an SEC requirement. You have to know all of your shareholders. It’s not possible.”
XRP was one of the earliest launched cryptocurrencies. The asset made its debut back in 2012 and has amassed a massive following. Therefore, it would be a great task to figure out every person that entails the altcoin.
cryptocurrency
Ripple
sec
xrp
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
arvind gupta 