TRON (TRX) and Ontology (ONT) are currently in the process of preparing for their respective mainnet token swaps. To facilitate the token swap process for its users, Huobi Pro will automatically swap any TRX and ONT tokens that are deposited to the exchange.
What is a Mainnet Token Swap?
In the world of cryptocurrency, many new projects are looking to build their own blockchain platform, but need a temporary token of sorts to raise ICO funds. In order to do this, most developers use Ethereum’s ERC-20 standard, which defines a set of rules for token generation and usage. The ERC-20 standard allows projects to specify their own token economics, and the generated tokens can be stored in an ETH wallet. Similarly, the NEO platform also offers a token standard called NEP-5.
After a project’s mainnet, or live network, has been launched, developers may choose to do a 1:1 swap of the ERC-20/NEP-5 token to tokens that can be utilized on the mainnet. In this case, TRON and Ontology have launched their mainnets. The TRX ERC-20 and ONT NEP-5 tokens won’t have any function on the mainnet, so they will lose all value following the token swap. Thus, it’s important to receive your mainnet tokens, which will retain their value because they can be used on the mainnet for staking, purchases, etc.
Token Swap on Huobi Pro
Huobi Pro, which recently finished its EOS token swap, is now supporting both the TRX and ONT token swaps. Here are two reasons why you should use Huobi Pro to swap your tokens.
Swap TRX on Huobi Pro, and trade against USDT.
- Manually swapping the tokens can be challenging, especially for new investors. For example, manually swapping ONT NEP-5 tokens require sending the tokens to a specified mapping address in addition to one’s private keys. With so many phishing scams at the moment, sending your tokens to an exchange is a safer and more convenient solution.
- If you perform a manual swap, your tokens won’t be liquid during the swap process, which can take up to 24 hours. If you’re an active trader, this means you won’t be able to react to market news because your tokens will be “stuck” during the token swap. On the other hand, if your tokens are on Huobi Pro, you’ll still be able to trade freely during the swap process.
TRON & Ontology in the Future
TRON and Ontology are two of the biggest projects in the blockchain space. Just a few days ago, TRON’s Justin Sun announced an acquisition of Bittorrent, Inc. While not many details were revealed about the acquisition, TRON stated it is interested in building a “decentralized Internet”.
Ontology, while newer in the blockchain space, has made a number of significant accomplishments as well. Recently, Ontology formed a partnership with CarBlock, a blockchain-based transportation solution. Ontology has also formed the Ontology Olympus Accelerator, a program that “invites technology and product experts across fields to collaborate in entrepreneurship and build new distributed business applications.”
Don’t miss out on TRON and Ontology’s exciting future by forgetting to swap your tokens. The swap process will start soon, so sign up for Huobi Pro today, and let them handle the token swap for you.
Total Market Cap: $301,110,288,427
24 Hour Volume $15,355,508,631
BTC Dominance: 39%
Binance will support EUR trading pairs by the end of 2018.
In an interview with Bloomberg, CZ revealed Binance will start supporting EUR trading pairs from it’s Malta location by the end of this year, with more fiat pairs to come in the near future.
- It will be interesting to see how trading dynamics on Binance will change (if at all) as a result of a real fiat pair.
- Malta is a SEPA participant, so hopefully Binance’s Euro operation will be SEPA-compliant, allowing for quick and low cost bank transfers for traders in SEPA countries.
- There will definitely be KYC.
- Now might be a good time to load up on BNB.
Justin Sun, founder of TRON, has acquired Bittorrent, Inc.
Bittorrent, Inc. has been acquired by Justin Sun for an undisclosed amount. TRON Foundation claims this acquisition is part of a plan to build a “decentralized Internet” for developers to build DApps on.
- When most people hear “Bittorrent”, they automatically think of “that thing that lets you download movies and software for free.” Yes, that’s what most people use it for, but that’s not what it was originally designed for. Bittorrent, or BT, is simply a P2P file transfer protocol for decentralized data transfer. I suppose “decentralized transfer of HTML files” is technically a primitive decentralized Internet.
- The Bittorrent (BT) protocol is an economy of leechers (downloaders) and seeders (uploaders). Let’s say a band wants to use BT to distribute their latest album on the Internet. The band uses their torrent client to create a .torrent file – a small file containing metadata about where the album is stored on the band’s computer, a list of trackers which are “computers that help participants in the system find each other”, and a cryptographic hash of the album data . After the .torrent file is created, the band uploads it to the Internet. A fan sees the .torrent file and downloads it. Once this initial file transfer starts, the band is the seeder and the fan is a leecher. During the download process, the fan can also seed the part of the file that he has to other leechers on the network. In this kind of network, file availability and bandwidth increase as more seeders join.
- The current “problem” with Bittorrent is that there aren’t really any tangible incentives to contribute to file availability via seeding. Certain “illegal” websites offer imaginary Internet points and special access to forums, but these incentives don’t translate into real world financial value. Of course some people like to seed out of good will, but let’s face it… money wins. That’s why TRON’s acquisition of Bittorrent is so interesting to me. By introducing a token, whether it’s TRX or some other token, as an incentive for seeding, suddenly people will have financial motivation to contribute to file availability and network bandwidth.
Dennis Rodman shills Potcoin at the USA-North Korea summit in Singapore.
I’m just going to leave this here.
Yes, that’s Dennis Rodman arriving in Singapore for the monumental USA-North Korea summit wearing a Potcoin t-shirt. The shill is strong. Meanwhile, Potcoin has pumped 15% as a result of this… sign of adoption?
Watch the full video here.
Ethereum Classic, ETC, to be supported on Coinbase.
In a recent tweet, Coinbase has announced it will be supporting ETC on its exchange platform in the “coming months”.
- I haven’t been paying much attention to ETC, so I was pretty surprised to see it consistently has more network transactions per day than BCH.
- In light of the recent CFTC probe into market manipulation by exchanges, it will be interesting to see how Coinbase will dump its large stash of ETC that it never distributed to ETH holders on the platform following the fork. Remember what happened after the Bitcoin Cash listing last year?
As the spring season comes to a close, the cryptocurrency market is still as volatile as ever. Overall market capitalization sits at $3.3 billion with $17 billion in trading volume over the past 24 hours. While the current market sentiment is still bearish, with many expecting yet another Bitcoin retrace to $7200, the past 7 day trading period has seen some decent gains. For example, MIOTA led the Top 10 cryptos with a 22% gain, while BTC yielded a 3% gain over the same period. In this situation, diversification would’ve resulted in greater profits, and this is where a crypto ETF like Huobi 10 is so valuable. Over the past 7 days, Huobi 10 which includes volume-weighted samples of the top traded coins on Huobi’s exchange, managed a 31% gain.
TRON & EOS in the Spotlight
Despite the current bearish views on price, many projects in the space have been hitting deadline after deadline. This past week saw major milestone achievements for TRON and EOS – their respective mainnet launches.
TRON’s virtual machine booted up on May 25, and the mainnet officially launched one week later on May 31. At this time, TRX ERC-20 tokens on the Ethereum blockchain are being migrated to mainnet tokens on the TRX blockchain. TRX token holders have until June 26, 2018 (UTC+8:00) to swap their tokens. To perform the swap, simply send your TRX tokens to a supported exchange like Huobi Pro, Binance, or Bitfinex.
Last week, EOS’ unprecedented yearlong ICO finally came to an end. The ERC-20 tokens were frozen on June 1, and it’s estimated EOS collected approximately $4 billion worth of cryptocurrency during the ICO process. EOS’ token swap is a bit more complicated than TRON’s, and required manual ETH address mapping. Fortunately, crypto exchanges such as Huobi Pro were able to help users map their on-exchange tokens automatically.
At the moment, the EOS v1.0 code has been released, and the EOS mainnet is in the process of final security audits and testing before the mainnet officially goes live. Over the next few weeks, there is expected to be several EOS mainnet chains, as launch groups formed by block producers campaign to the EOS community and the world to be identified as the “official EOS chain”. Note that Block.one, the developers of EOS, will not be using their EOS holdings to influence the selection of the mainnet chain. Thus, the future of EOS is entirely in the hands of the community.
Currently, the leading launch groups include EOSCORE, EOS BIOS BOOT, EOSFORCE, and EVOLUTIONOS. A few cryptocurrency exchanges, including Huobi Pro and Bitfinex, have also announced their interest in become block producers on the EOS network. With all of this in mind, the current state of the EOS ecosystem can only be described as “fluid” and a scammer’s paradise. Unless you have a legitimate reason to move your EOS tokens around in the near future, it’s best to wait until the dust has settled and a majority mainnet chain has been selected by the community.
Tune In to Huobi Talk
In this week’s episode of Huobi Talk, Dazhi Guo and Zhaofei Ding from the Huobi Academy of Blockchain Applications will discuss the current state of the cryptocurrency market and what we can expect going into the future.
Be sure to tune in and subscribe to Huobi Talk at 12 PM on June 7, 2018 (UTC+8:00) if you’re interested in hearing more about TRON, EOS, and the latest developments in the cryptocurrency space.