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IOV Labs, the parent company of Bitcoin smart contract network RSK, has added another feather to its cap by teaming up with Tribe, Singapore’s government-backed blockchain accelerator.

As part of the agreement, RSK’s second-layer protocol and third-layer services marketplace will be made available to the country’s government agencies and corporations, as well as startups seeking to incorporate blockchain tech into their products and services.

The Tribe ecosystem underlines Singapore’s commitment to blockchain, having previously partnered with the likes of BMW, Citi, Intel and Nielsen. The Singapore government also currently owns cross-border trade platform Global eTrade Services (GeTS), which utilizes blockchain technology to streamline supply chain management for business and trade communities. Central Bank Digital Currency (CBDC) experiments, meanwhile, are carried out under its Project Ubin umbrella.

Ruben Altman, IOV Labs’ Head of Adoption, welcomed the link-up, saying: “Our partnership with Tribe Accelerator will open the door to an important market for us. After the production-ready launch in early 2018 we decided to take a step forward in our global expansion and partner up with strategic local players in key ecosystems. We’re more adoption-oriented than ever and look forward to helping realize the Internet of Value.”

From Argentina to Asia and Beyond

Needless to say, the Argentinian firm’s goal is increased blockchain awareness and adoption not just in Southeast Asia but throughout the world. The first smart contract platform to use the Bitcoin network, RSK’s mainnet launched in 2018 after four years of development. Because it depends on Bitcoin’s hash power, the network has a solid claim to be the world’s most secure smart contract platform.

IOV Labs have certainly made headlines in recent months, most notably with the acquisition of Spanish-language social media platform Taringa, which boasts 30 million users. IOV have also allocated $5 million in assets to develop products for Taringa, which will integrate and test RSK dapps and infrastructure. Taringa is no newcomer to the cryptosphere, having forged a partnership with Xapo wallet in 2015, enabling content creators to earn tips in bitcoin.

A Genuine Smart Contract Contender?

For dApp developers, the lure of building on Bitcoin lies in being anchored to the world’s most secure proof-of-work network, bringing unrivaled transaction finality. To crypto projects seeking genuine censorship-resistance, integrating with Bitcoin through a second layer solution makes sense. Ethereum, the leading smart contract chain by some distance, has been plagued by accusations of creeping centralization, with Infura exerting de facto control over network nodes. The proposed introduction of proof of stake to Ethereum 2.0 will do nothing to allay these fears.

On EOS, meanwhile, the network’s 21 block producers have already been caught colluding and essentially operating as a cartel. Bitcoin’s proof of work system, in comparison, while not perfect, is materially more robust, making it attractive to projects such as RSK seeking to capitalize on its superior security model for smart contracting purposes.

Adrian Barkley , 2019-11-18 20:00:00 ,

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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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