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Alibaba’s Ant Financial blockchain has been developed with an aim to provide support to small and medium-sized businesses.

Ant Financial, a subsidiary of Chinese tech giant Alibaba Group, has finally reached the testing phase of its business blockchain. The fintech arm of the tech giant, which has been working on a blockchain network created to support small and medium-sized businesses, has commenced its blockchain testing.

Blockchain Tech Soon to Go Live

A top official at Ant Financial, Jieli Li who is the senior director of technology and business innovation at the company, stated during the World Blockchain Summit which held in Wuzhen, China, that the technology upon which its Ant Blockchain Open Alliance is built will be launched three months after the end of its testing phase.

In another interview, Li added that everyone on the planet, developers and institutions alike, will have access to the blockchain but at the same time made it clear that not all nodes will be welcomed on the platform, as a severe selection process will be adopted.

Partnerships that Bring Credibility

Making the network credible is part of the agenda of Ant Financial; therefore, the company will be including certification and educational agencies as nodes to the network to bump up its credibility. Also, partners for the network will not be chosen based on the region where they are situated. Instead, it will be based on their industries. However, the names of the firms are yet to be made public.

“We can not disclose the names of our partners who participate in the consortium blockchain at this time,” said Li.

Future Plans of Expansion in Progress

One of the core objectives of the Ant Blockchain Open Alliance is to reduce the cost of services in different industries and make them more accessible to a more extensive user base. Some of the sectors include healthcare and finance.
The project was unveiled by the company in September and has ever since been pursuing partnerships across various industries. So far, the company has successfully come into partnership with a number of firms whose names are still kept secret.

Presently, the company has shown no sign of stopping in its quest for innovation. At this rate, more projects are expected to roll out in the foreseeable future. As a matter of fact, Ant Financial has other blockchain projects that it is currently working on, such as a food tracking app and a system dedicated to agri-products monitoring. The latter is a combined venture with Bayer.

Adedamola Bada , 2019-11-12 18:31:41 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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