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3 reasons why Quant (QNT) price rallied 125% this week

Real-world use cases and delivered value are important when evaluating the long-term prospects of a cryptocurrency project, and this is especially true in down markets when sentiment is low and the possibility of an extended bear market is a reality. 

One project that has been gaining momentum over the past month despite the market-wide downturn is Quant (QNT), an interoperability-focused project designed to help enterprises integrate and operate distributed ledger technology (DLT).

QNT/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that following a brief dip to $44 on June 22 as the entire crypto market faced a sell-off, the price of QNT surged more than 125% to establish a new record high at $99.11 on June 25.

Coinbase bump in full effect

The rapid turnaround in the price for QNT following the pullback was due in large part to its listing on Coinbase Pro, which began accepting deposits on June 23.

Price action for QNT began to pick up on June 24 as trading via limit orders opened up on Coinbase Pro, and its addition to the front-side of Coinbase which includes the Andriod and iOS apps on June 25 saw another boost in trading volume and token price.

As a result of the momentum brought by the new listing, the average 24-hour trading volume for QNT soared on June 25.

Protocol upgrades attract attention

Prior to the Coinbase listing and market sell-off, QNT price began to gain traction around June 14 following the release of a mid-year technology update called Overledger 2.0. This is the project’s hallmark “DLT gateway that delivers interoperability across different systems, networks and DLTs,” according to the project’s website.

Excitement for the update had been building since early June as evidenced by the recognition Quant has received from several reputable sources including cloud infrastructure provider Oracle and the professional services network Deloitte, which included the project in its nominations for the Most Disruptive Fintech Award for 2021.

VORTECS™ data turned bullish ahead of Quant’s most recent rally

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for QNT on June 22, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. QNT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for Quant actually reached a high score of 71 on June 22 as the market was selling off and was subsequently followed by a 125% rally in price over the next three days.

The NewsQuake™ service from Cointelegraph Markets Pro also highlighted the Coinbase listing announcement on June 24, which was followed by a 50% increase in the price of QNT over the next two days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

3 reasons why Quant (QNT) price rallied 125% this week

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How Polygon’s proposal to implement EIP-1559 will affect its network

Polygon (MATIC) is a crypto coin that experienced a rise of nearly 6962% in early 2021. Since then It has marked its name in the list of the top 20 crypto coins in the worldwide spectrum. Now, It is looking forward to implementing EIP-1559, which can significantly improve its network. 

Recently, Polygon’s development team offered a proposal for the enactment of EIP-1559 on Polygon’s network after its implementation on the Ethereum blockchain under the London Network Upgrade.

Initially, Polygon MATIC was being marketed at 1.12 dollars at the time of writing and faced a significant rate dip on June 21. Nonetheless, it recovered quickly and upheld its dignity as the week’s Top crypto coin, preceded merely by Bitcoin.

What will change with the implementation of the EIP-1559?

As the development team of Polygon Matic announced that once their proposal is implemented in the upcoming London upgrade, they will enforce a revised edition of an Ethereum Improvement Plan-1559/(EIP-1559) on their network, the observers have anticipated that this move will greatly improve quality of polygon.

At present, EIP-1559 on the Ethereum platform charges a base fee to be burnt with every transaction and provides a priority fee that offers incentives to miners to carry out each transaction. However, On the polygon network, no burning base fee will be needed to implement the EIP-1559 since MATIC has a limited supply. 

The development team said that rather than burning the base fee, Polygon’s DAO would allow the community to deal with the issue. For this, the core contract account will be in action.

As summarized by the Polygon’s development team, the procedure of laying funds within the new contract is comparable to the future fee strategies for validators. Besides, any kind of deflationary tool would imply realignment of the payouts,  allowing DAOs to use up some money for the improvement and maintenance of the network. The polygon team asserts that the practice will attract benefits for all validators for an extended period in the future.

Another improvement that we’ll see with EIP-1559 on Polygon is in regards to changing the present auction method of Ethreum’s transaction fees. The fee will now be decided using the method established by the algorithm instead of charging the standardized fee for the whole network.

The issuance limit on MATIC tokens is assigned at 10 billion MATIC. Thus, the limited supply of polygon MATIC that allows fee burns for each trade will theoretically be thanks making it is critical to reconsider the procedure of paying compensation. 

Conclusion 

Despite the recent decline in the gas taxes on Ethereum, people prefer to use the Polygon MATIC network. Based on recent data, the top 10 Decentralized Finance apps on the Polygon network enticed more than 242,000 different functional wallets, while Ethereum acquired merely 100,000 distinct active wallets in the past week.

How Polygon’s proposal to implement EIP-1559 will affect its network

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Should you consider EOS for your blockchain development?

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The world has witnessed a massive technological advancement. People dealing in digital currencies demand a safe and secure environment. But the traditional forms of blockchain development have some loopholes. And the latest technologies are thus being introduced in the market. One such platform is EOS.

We will discuss everything you must know about EOS in this article so that you can ensure whether to consider EOS for your blockchain development or not.

What is EOS?

In short, EOS is a cryptocurrency. The smart contract platform of EOS blockchain development removes transaction fees and its potential to conduct millions of transactions every second. This particular fact is helping it to earn the blockchain investors’ trust.

Its primary objective was to offer a straightforward interface for facilitating blockchain development. Another attractive feature of EOS was that it eliminates the gas fees for transaction processing.

Should you consider EOS for your blockchain development?

Features of EOS:

The few features that make EOS preferred are given below:

  • Convenience:

EOS offers convenience in several aspects of developing blockchain, including EOS wallet development. The bare-bone interface is useful for developing DApps. It can also be used to deploy private, public, permissionless, and permissioned infrastructures of blockchain. The EOS smart contracts allow you to make custom business logic and programmable governance.

  • Performance:

It offers top-notch TPS rates. Thus, it is the best for developing mission-critical blockchain apps. EOS is also proved to show superior performance and eliminates the latency rate of sub-second block time. It also keeps the accuracy intact.

  • Upgradability:

EOS allows the developers to change and upgrade the code besides improvising it. This feature of EOS contributes to flexibility. The developer-friendly nature of EOS is another side that makes it a blockchain software that is preferred for expanding tools, products, and features.

  • Measurability:

It is proved that EOS can potentially process and measure millions of transactions every second. It is made possible by the incorporation of advanced DPOS technology that further enhanced the efficiency of the framework of EOS. Even with having a massive user base, there are no performance issues.

  • Consensus protocols:

The correct algorithms furnished with EOS give it an upper hand. DPOS mechanism in EOS enhances its functionality.

  • Parallel processing and Multiprocessing:

EOS successfully reduces the excessive load on a program, as there exist multiple processors. Horizontal measurability improves transaction speed. And vertical measurability boosts the processing power. Asynchronous communication fuels time management assets and smoothens communication.

The end-to-end encryption contributes to the security of EOS. All the verification standards and safety norms are used while developing EOS. Trouble-shooting is also added to the blockchain platform.

How does EOS work?

A validator’s coin or EOS token gets locked up as stakes. Then, the validation starts, and the betting system is activated.

The validators now think about the blocks that are possible to add to the chain and put a bet on them. If the block gets added, based on their bets, validators are rewarded.

Role of DPOS in EOS blockchain:

DPOS (delegated proof-of-stake) is a consensus system for seamlessly channelizing cryptocurrency transactions. Additionally, it is backed up with speed and security. In cases of malfunctions, it entertains the longest chain automatically.

DPOS protects blockchain as it depends on the voting process. Being a decentralized framework, it contributes to feasibility both for the business and the user. Besides being usable and reliable, it is faster, cheaper, and more efficient, making it ideal for a decentralized system.

The payment system in EOS:

EOS is a cryptocurrency of EOS.IO. Free transactions, a popular advantage of EOS for being a preferred software.

The holder’s EOS coin owns a network instead of any transaction fees or renting virtual machinery. For instance, if you possess EOS’ 3% of coin stakes, you own 3% of network strength for processing the transaction, thereby allowing free transactions. Just like any other crypto, one can possess, get, or give away funds among digital EOS wallet ledger.

Business application of EOS:

Blockchain can be beneficial to your business. And blockchain technology can be used in different ways in business. Some of the business applications of EOS are described below:

  • Cryptocurrency:

You can use EOS as a tool for investment in a cryptocurrency or crypto space. The proof-of-stake system provides mining power to the blockchain. Because of no transaction fee, it is popular among developers.

  • High-end transactional DApps:

EOS blockchain can be applied in DApps that require a massive capacity of transaction. EOS stabilizes user authentication at different levels. And thereby, it allows anyone to develop a DApp, run it, and authorize it while sharing data among users.

Conclusion:

EOS comes with countless features. And, this makes it one of the most assured blockchain platforms in the world of cryptocurrency. Opt for EOS development services for developing efficient apps.

Moreover, the business applications of EOS have already popularized it across the world. We can expect EOS to expand more in the foreseeable future and will overpower the traditional applications of blockchain.

Should you consider EOS for your blockchain development?

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What is Hyperledger fabric in Blockchain: A Complete Guide

Hyperledger Fabric is a customizable architecture-based framework for distributed ledger applications that provide high levels of privacy, robustness, customization, and scalability. It’s built to facilitate pluggable versions of various elements and manage the intricacy and subtleties’ financial ecosystem. 

To better understand how blockchains function and the unique characteristics and elements of Hyperledger Fabric, we suggest that first-time users read the rest of the explanation beneath. 

We’ll lead you through all that you require to understand about Hyperledger Fabric, like what it is? How to launch your first application on it? In this Hyperledger Fabric article. Let’s begin the report right away.

If you’re already acquainted with blockchain and Hyperledger Fabric, proceed with Getting Started and then move on to the demonstrations, technical requirements, APIs, and other resources.

Table to Contents:

  • What is Hyperledger in Blockchain?
  • What is the need for Hyperledger in Blockchain?
  • The Architecture of Hyperledger Fabric System-
    • Assets-
    • Chaincode-
    • Ledger-
    • Security-
    • Consensus-
    • Confidentiality-
  • What do you mean by a Blockchain?
    • Distributed Ledger –
    • Consensus-
    • Innovative contracts-
  • What are the advantages of Blockchain?
    • The Chain’s Accuracy
    • Transactions in Confidentiality
    • Reduced Costs
  • Now let’s see how to develop an application using HyperLedger Fabric System.
    • STEP 1
    • STEP 2
    • STEP 3
    • STEP 4
  • Conclusion

What is Hyperledger in Blockchain?

The Linux Foundation (the same corporation behind the Linux Operating System) launched the Hyperledger blockchain initiative in December 2015. This project was established as a core for both the collaborative production of fully accessible blockchain technology and distributed ledgers.

What is the need for Hyperledger in Blockchain?

Hyperledger was founded to advance the discovery as well as the adoption of cross-industry blockchain systems. It is backed by major corporations such as IBM and many others across a wide range of sectors, including finance, IoT, banking, industry, etc. 

One thing to keep in mind is that Hyperledger was designed to assist and stimulate the advancement of blockchain technology, not any particular cryptocurrency. 

Blockchains can transform online transactions by fostering faith, openness, and trustworthiness, as per the Hyperledger webpage. It was created solely to fulfill that ability. Around 100 companies, comprising industry titans like Nokia, IBM, and Samsung, are part of the Hyperledger blockchain, which meets every month to supervise the development of prospective blockchain frameworks. This Hyperledger neither has any nor will have its coin. It is a vital thing to keep in mind about Hyperledger.

This directly addresses Hyperledger’s purpose: developing robust industrial applications using blockchain technology while remaining apart from the digital currency creation process.

The Architecture of Hyperledger Fabric System-

In this part of the article, we will learn about the design of the Hyperledger Fabric System.

Assets can vary from the physical (property investment and equipment) to the immaterial (software and trade secrets). By using the chain code transaction process, Hyperledger Fabric allows users to alter assets. 

In the Hyperledger Fabric system, assets are portrayed as a series of key-value pairs, with state changes registered as exchanges on a ledger path. Binary and JSON representations are available for assets.

  • Chaincode-

Chaincode is the commercial concept software that defines one or multiple assets and the transaction methods for managing the purchase (s). The criteria for accessing or changing key-value pairs or any other dynamic database entries are enforced by Chaincode. Chaincode operations are started with a transaction idea and run against the ledger’s existing state information. The implementation of Chaincode generates a collection of key-value writes that can be sent to the system and implemented to the ledgers of all users.

All value changes in the fabric are recorded in a sequential, damage-resistant ledger. Chaincode abstractions (‘transactions’) supplied by interacting parties cause state shifts. Every transaction generates a collection of asset key-value pairs that have been created, updated, or deleted in the ledger. 

A blockchain is used to store permanent, sequential records in blocks, and a database file is used to keep track of the present fabric state. Each channel has only one ledger, which performs an error handling check is conducted before adding a block to guarantee that the conditions of assets that were fetched have not altered since chain code processing time.

  • Security- 

Hyperledger Fabric is the foundation of a transactional system in which all members are acknowledged. Cryptographic licenses are related to businesses, networking equipment, and application developers or client apps via Public Key Infrastructure. As an outcome, data access management on the system and channel stages can be regulated and managed. In this way, it makes it secure. 

  • Consensus-

Consensus has gradually been associated with a specific method within a particular target in distributed ledger architecture.  On the other hand, consensus entails more than just responding on transaction execution, and this distinction is underscored in Hyperledger Fabric by its central position in the whole transaction pipeline, from request and approval to ordering, verification, and pledge. In a word, the consensus is the total authentication of the accuracy of a group of transactions that make up a block.

  • Confidentiality-

Hyperledger Fabric uses an unchangeable ledger and a chain code that may edit and alter the present state of objects. A ledger can operate within the range of a channel — it could be broadcast throughout the existing system or privately run to include precisely a limited number of users. 

After all these situations, these parties will make a different channel, isolating and segregating their transactions and the database. A chain code can only be deployed on peers, which needs the information to the asset states to execute reads and updates to overcome situations that seek to fill the space between complete transparency and confidentiality.

When companies on a network want to maintain their transaction information secret, secret record keeping is being used to store it in a personal library that is logically independent of the channel record and available only to the allowed group of companies. 

In this way, the channels help keep away transaction process from other networks, and the collections maintain the secrecy of the information. 

What do you mean by a Blockchain?

The blockchain contains certain parts like – distributed ledger, consensus, and innovative contracts.

Now let’s see how these parts work.

  • Distributed Ledger – 

A distributed ledger has been at the core of a blockchain network, and it tracks all of the network’s transaction activities. Because it is repeated across multiple network users, each of those who collaborate in its upkeep, a blockchain ledger is generally defined as decentralized. We’ll learn how decentralization and partnership are essential characteristics that reflect how businesses transfer products and activities in everyday life.

Furthermore, to be decentralized and collaborative, the data collected to a blockchain is available only when using cryptographic methodologies that ensure that once a payment has been introduced to the ledger, it could not be altered. This feature of “immutability” makes it much easier to identify the authenticity of details because individuals can have the proper information that has not been modified after the transaction. It’s for this reason why blockchains are often referred to as “proof systems.” 

  • Consensus-

Consensus is the procedure of maintaining ledger transactions synchronized throughout the platform, ensuring that ledgers only refresh when the relevant users confirm transactions. That is when ledgers make changes in their information. They usually update with the actual transactions in the very same sequence. 

  • Innovative contracts-

A blockchain network includes intelligent agreements to offer regulated accessibility to the ledger to ensure the continuous updates of records and permit various ledger functions (transactions, queries, and so on). Smart contracts could be developed to allow users to perform some features of transactions mechanically and be a crucial method for encrypting data and preserving it clear across the system. 

For instance, a smart contract may be designed to specify the pricing of transporting goods, with the price changing based on how speedily the product delivers. When both clients accept the conditions and are documented down in the ledger, the relevant payments are sent immediately once the goods are received.

Afterward, you’ll know more about ledgers, smart contracts, as well as consensus. In the meantime, it’s OK to consider a blockchain as a standard, duplicated payment platform that is only updated via intelligent contracts and kept continually synced by a collaborative procedure known as consensus.

What are the advantages of Blockchain?

  • The Chain’s Accuracy 

A network of hundreds of computer devices approves payments on the blockchain system.  This virtually eliminates human intervention in the authentication process, providing in lower human mistakes and a more reliable collection of data. Even if any of the computers on the system makes a technical fault, it would only affect one blockchain record.  To transmit to the remainder of the blockchain, that mistake would have to be committed by a minimum of 51 percent of the network’s machines, which is nearly impossible in a vast and developing network like Bitcoin’s.

  • Transactions in Confidentiality 

Numerous blockchain networks function as open databases, allowing anybody with internet service to access the network’s recent transactions. Because users have accessibility to transaction details, they do not have access to personal information about the people conducting the payments. It’s a frequent misconception that blockchain networks such as bitcoin are private, but they’re not.

  • Reduced Costs 

Clients typically charge a bank to authenticate a trade, a registrar to endorse paperwork, or a preacher to marry them. The blockchain removes the requirement for third-party authentication, as well as the fees that come with it. Once businesses receive credit card transactions, they must charge a small price to banks and payment service providers to handle the operations. On the other side, Blockchain has no centralized power and only has a small number of transaction costs.

In a nutshell, blockchain networks help decrease the time, expense, and danger involved with confidential data and operations by coordinating the corporate network via a shared ledger while also boosting trust and transparency. You now have a better understanding of what blockchain is as well as why it is helpful. There are numerous other variables to consider, but they all connect to the basic principles of data and process exchange.

Now let’s see how to develop an application using HyperLedger Fabric System.

The first step is to construct and deploy the network. Your application will be useless without a functioning network. For installation, you can follow an online guide. To go to the repository containing the prototype network, run the below command when everything is done. 

cd fabric-samples/first-network

Then, to execute the network, apply the byfn.sh script. Running this system will improve network connection and deploy critical components such as containers, peers, chain code, and other tools that will aid the other processes. 

Now it’s time for creating artifacts for creating this run the given command. After that, hit “Y” when prompted for verification. 

.byfn.sh generate

In this step, we will power up the network. To enable additional peers to connect to the network, this will start all of the parts, including chain code and containers. To activate the network, enter the following command: 

./byfn.sh up

The next step will be launching the network. To start the network, run the following code :

./startFabric.sh javascript

Now you will have everything you need to construct your application once the network is launched, from orderers to peers to certificate authorities.

Conclusion 

Our Hyperledger Fabric post has finally come to an end. The Hyperledger Fabric framework and blockchain technology possess the potential to transform a  variety of sectors throughout the globe.

This article showed you how to get started with the Hyperledger Fabric framework and how to develop the application. Apart from this, this article also clarifies Blockchain and its advantages. If you want to learn more about building an actual business software or application, go for a complete online or offline course. If you’re going to open a Hyberledger, always choose a reputed, well-established website that offers handy features. One such website is Blockchain Council which we recommend to all the users.

What is Hyperledger fabric in Blockchain: A Complete Guide

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Hyperledger Fabric: Most Essential Features & Applications You Need to Know

Codezeros

We get to see countless tools and frameworks being included in the field of Blockchain technology as it continues to expand. Hyperledger is one such popular Blockchain framework.

It consists of uncountable tools to streamline the development process of Blockchain applications and systems through improved collaboration between developers and businesses working with the technology of Distributed Ledger.

We are going to cover up everything about Hyperledger fabric in this article.

What is Meant by Hyperledger Fabric?

One of the popular and widely used Blockchain frameworks is Hyperledger Fabric, similar to the concept of Hyperledger Sawtooth technology.

Being an enterprise-class framework based on DLT, it focuses on aiming to offer versatility and modularity. The modular architecture of Fabric can be out to diverse uses in the industry of the technology of Blockchain.

Hyperledger Fabric: Most Essential Features & Applications You Need to Know

The core feature of Hyperledger Development:

Hyperledger Fabric development offers various features as described below:

  • A consensus of plug-&-play is featured by Hyperledger Fabric.
  • It supports Solidity and EVM.
  • It offers enhanced flexibility to data privacy. It performs the process of data isolation through “channels” and also leverages ‘collections’ of private data.
  • Hyperledger Fabric is incorporated with permission and highly modular architecture.
  • The smart open contract control model of Hyperledger Fabric contributes to flexibility.
  • The lower latency of confirmation makes it preferable.
  • Hyperledger fabric supports query-able data.
  • It supports continuous operations, along with an asymmetric version of support and rolling upgrades.
  • Multiple language-based smart control support for coding languages like JavaScript, Go, and Java is available.

The organizations (referred to as members) that come along for building a consortium together set up the permission Blockchain network, Hyperledger Fabric.

The architecture of network-within-network is probably the finest characteristic of Fabric. Although network members keep intention for collaborating, they keep up discreet relationships in the network because every member organization needs to hold their privatized data securely.

The network’s every member organization makes a setup particularly for their peers participating in the said network. Cryptographic elements like Certificate Authority are used to configure the peers.

Clients in the organization send transaction invocation requests to peers. They leverage the REST web service or Fabric SDK and communicate with the network of Fabric. The transaction invocation request is triggered by the chain code already installed in peer nodes.

All peers preserve only one ledger on every channel to which they subscribe, as the network of Fabric is contingent on DLT in the Hyperledger Blockchain framework. The peers in the network of Hyperledger play different roles, unlike Ethereum. Following are the types of peers:

  • Anchor peer: While configuring a channel, a single or a bunch of anchors are simultaneously configured. The endorser sends an update to anchor peers regarding the transactions. The anchor peer receives it and sends the update to various other peers. Anchor peers come with a discoverable feature and thus can be effortlessly found out by any peer.
  • Endorser peer: These nodes simulate the outcome of a transaction besides validating it and executing the chain code. But these peers cannot update the ledger.
  • Orderer peer: These peers act as the chief interaction channel of the network. An Orderer peer makes the block followed by sending it to different peers. It maintains a constant ledger set in the network.

Applications of Hyperledger Fabric:

The applications of Fabric in Blockchain Hyperledger platforms are described below:

  1. Diamond Tracing:

The diamonds pass through multiple hands during extraction and mining. And it is prone to fraud and double-dealing. So, strict measures are required. The Hyperledger Fabric allows miners, retailers, separators, and exporters to develop a consortium. The Fabric keeps the whole process transparent by recording and tracking every transaction.

2. Digital payments:

Hyperledger being a decentralized private network of Blockchain, it allows secure transactions. Fabric focuses on making the financial sector’s Interledger. It facilitates easy carrying out of transactions via similar channels. It encourages communication amongst various international payment systems available worldwide.

3. Digital identity:

Cybercrimes and data breaches are growing. And the companies are concerned about the security of their network and credentials. Blockchain technology is now incorporated to boost this safety.

4. B2B contracts:

The automation of contractual agreements is enabled, as Hyperledger Fabric allows enterprises to codify the business contracts. It also facilitates safety and security. The network-inside-network architecture of Fabric makes sure that sensitive and confidential data of B2B contracts are safe and secure.

5. Food supply chain:

Fabric is used to form consortiums by the food production companies and sector. This enhances the entire process of food supply and gains customer trust. Regardless of the time, the data of the food supply chain, its history, and the present location of a food item can be accessed.

Conclusion:

The above-mentioned features and applications of the Hyperledger framework signify that it holds a robust capability for the technology of Blockchain. Thus, Hyperledger development tools can be used for making efficient and powerful non-monetary and industrial applications.

Hyperledger Fabric: Most Essential Features & Applications You Need to Know

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