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Ubisoft, the French video game giant behind popular games like Assassin’s Creed and Prince of Persia has just entered into a partnership with Ultra, a blockchain game distribution platform. The partnership is set to put the two firms together to collaborate on future offerings, with Ubisoft serving as a corporate block producer on Ultra’s UOS testnet. The mainnet is scheduled to go live next year.

Ultra has its eyes fully fixed on expanding the reach and utility of the current gaming industry and based on its EOSIO framework, the platform will allow games and other tradable digital assets to be easily transacted on the blockchain, leaving immutable records signifying ownership. The capability of this offering has been recognized by Ubisoft, which has now joined hands with Ultra, possibly to expand on its own offering as well, enjoying the benefits of blockchain technology in gaming.

According to the blockchain initiative director at Ubisoft, Nicolas Pouard, Ultra’s blockchain offering is very important as it increases the value that players can obtain from gaming. Pouard said in a press release:

“Our team at the Strategic Innovation Lab strongly believes that all blockchain use cases that bring value to players are important to support, and Ultra offers a solution that does just that. During this first trial period of collaboration, we hope to help them in bringing it to a larger scale and experiment with the possibilities this opens up for the industry.”

Furthermore, Ubisoft plans to suggest changes to Ultra’s platform to make the collaboration between both companies much better for high-end gaming. Ubisoft is also trying to stay ahead of the competition, by creating a more interconnected gaming experience so players all over the world can more easily interact with each other.

Block producers are important in the system, to authenticate any transactions that take place on the Ultra blockchain. These transactions include all in-game transfers and payments as well. As such, the block producers tasked with this role of authentication, have to not only be capable of carrying out the required technicalities but must be fully interested in the system and able to contribute to its growth.

Before now, Ultra has announced other block producers including EOS development communities – EOS New York and EOS Rio, as well as major digital currency exchange platform Bitfinex.

Ubisoft has also been keen on the blockchain sector for quite a while now and recently chose 8 blockchain companies out of a total of 10, as part of the fourth season of its Entrepreneurs Lab.

Ultra co-CEO and founder Nicolas Gilot, has further emphasized that the partnership is focused on improving a general lot of both players of the game and the developers as well. This is expected to shift the current status quo in the sector.

“We’re on a mission to shake up the gaming industry by placing power back into the hands of developers and players. We are paving the way for a first class game publishing platform, and we couldn’t do it without the support of companies such as Ubisoft,” said he.

Tolu Ajiboye , 2019-11-21 21:23:34 ,

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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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