Crypto Market Recovers $7 Billion as Augur and EOS grow

During the last 24 hours the cryptocurrency market has rebounded by $7 billion, inspite the oppose with bitcoin, ethereum, and other major cryptos
17 May 2018   1773

Today, on May 17, it was declared by the Augur team that after years of extension, the smart contracts of Augur will be live on the Ethereum mainnet on July 9, 2018. The official announcement caused the market to react, making the price of REP (the native token of Augur) to rise by about 10 percent. 

Actually most effecient tokens in early May including EOS, 0x (ZRX), and WanChain (WAN), fell by large margins during the last 3 days. After that, the 10 percent gain of REP is quite noteworthy. Augur was established in 2014 by Joey Krug as a decentralized prediction platform. Krug displayed that the original Augur smart contracts on Ethereum were written before solidity, the most widely used Ethereum programming language, was invented. 

He underlined that Augur is undoubtedly the complex project on the Ethereum network and is about 10 times more complicated than MakerDAO, which he noted is the second most complex project on Ethereum. Krug affirmed that developing a resolve to decide consensus on real-world events, which Augur users can place bets on, has been as difficult as solving proof-of-stake consensus algorithm due to scalability flaws.

Solving consensus on real world events was initially a research problem, we thought some previous literature had solved it, but it turns out it really hadn’t and had severe scalability and inventive flaws the more we audited it. It’s imo about as difficult as solving PoS. Augur’s about 10x more complex than the second most complicated ethereum project, makerdao, which has about 10 contracts vs augur’s 100 [complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavors.
Joey Krug
Augur Core Developer 

The 10 percent increase in the price of REP has shown the condition of the market which has been on a continuous decline since early May.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   308

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.