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It seems that the biggest tech behemoth Microsoft in the world decided to enter the crypto space with the leading blockchain gaming project. It plans to use the ENJ token in order to back-up blockchain assets.

The biggest technological company on Wednesday introduced Azure Heroes. It works as a rewards system using digital collectibles. In order for this to happen, Microsoft decided to partner with the blockchain gaming project Enjin to create a blockchain-based recognition program.

As per the statement:

“Microsoft and Enjin have collaborated in a local pilot to create a blockchain based recognition programme. The Azure Heroes badgers were created in a number of original and unique designs which have been tokenized into a digital asset on the Ethereum public blockchain.”

Individuals who make a valid and valuable contribution to the community can be therefore rewarded. All they have to do is fulfill some tasks such as coaching, creating demos and even blogging about Azure. After they do that, they will receive special badges. Users also have to download the Enjin wallet in order to store received badges that can be later transferred to any Ethereum address or destroyed.

Every badge is tokenized and is “wrapped” around a certain amount of ENJ token using the ERC1155 protocol. Each token’s supply is limited and backed by the Enjin Coin. For example, their Inclusive Leader token has only 100 supply while the Maker Token has 10k supply.

More than 30 games have been built on Enjin and many other platforms decided to utilize Enjin for other businesses as well. The number of possibilities for its ERC-1155 tokens usage is humongous. NFT enables its users to experiment with things such as identification or authorization. Even the simplest tasks such as having digital name cards can open the entrance into the crypto space.

Users can get the digital collectibles by scanning a QR code with the Enjin wallet. The app is available in the Apple or the Google store.

As Microsoft can brag with its huge users’ network, there is a big chance the digital collectibles’ exposure will be huge as well.

With Microsoft on board, the company says they see no reason why other big players wouldn’t try it out as well. From Microsoft, they said they intend to continue the reward tokens issuing until the end.

This magnitude of the community’s inclusivity by utilizing digital collectibles creates a different playing field due to its insufficiency. It will probably make the community more competitive in attempts to achieve the rarest of collectibles. This, in turn, helps in the spreading and appreciation of their business while saving marketing money.

However, this is not Azure’s first attempt to enter the crypto sector. This major cloud computing platform already in March presented a blockchain development kit in partnership with America’s largest bank J.P. Morgan. Azure CTO Mark Russinovich then said that this was a ‘natural choice’ given that it is powered by the Ethereum protocol. The partnership helped both companies advance their Blockchain ambitions by making Quorum more accessible to customers.

At the time of writing ENJ rocketed 32.72% to $0.078.

Teuta Franjkovic , 2019-12-05 10:04:54 ,

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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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