Written by Oteme Eghele
Hi guys and welcome to another edition of Crypto Weekly, a weekly write up that talks about some of the recent activities that took place within the crypto space with regards to BTC, ETH, and EOS respectively.
Following the early hours of today, the Bitcoin market took a sharp decline as it dived below the $9,000 mark and currently trading above $8500, should we be expecting to see a more decline in its price, or a pump is just around the corner, leave your thought on this below.
While the market is currently experiencing uncertainty, let’s quickly take a look at some of the events that took place some days back.
Following the halving event which was held a few weeks back, the Bitcoin community once again celebrated one of the very first transactions where BTC was exchanged for a real-life product (A pizza).
Popular known as Bitcoin Pizza Day, on May 22, 2010, a man named Laszlo Hanyecz made the first real-life purchase with Bitcoin where he bought 2 large Pizza for 10k BTC, looking at it now, many see this as a big mistake and probably a misfortune while others see this as a revolution, something that sparked the change and brought about the revolution of Bitcoin we now see today.
What is your thought on this, misfortune, or revolution?
While the Ethereum community continues to stay strong as Eth 2.0 is gradually in development, the cryptocurrency still continues to stay strong as it hovers around the $200 mark, the possibility of it falling or rising is high and the next few days might be the determining factor if a pump will be observed or a dump is waiting to happen, what is your thought on this?
The Ethereum cryptocurrency is popularly known to have a series of tokens with different use-case running on it and one of such is ERC-721 popularly known as NFT’s (Non-fungible token)
While different platform seeks to use this feature to better develop and create mass adoption of users, others seek to use this already existing platform to create a form of lending service as it relates to Defi DApps
One of such platform currently in development is Yiedl
Yiedl a new Ethereum based non-custodial protocol that enables NFT owners to take out a mortgage on their NFTs or rent out their NFTs.
You can read more about the platform here https://medium.com/yiedl/introducing-yiedl-c86397c973e7
While will users require such services?
Looking back at a game called Knightstory, during its early stages, they offered an NFT that allows players to purchase in-game items at a discount.
Alone, many might consider it costly but with services that allow users to lend NFT for a brief period probably hours or days, users will be able to loan this NFT out to others in need and thus such users also enjoy the benefit of buying in-game items at a discounted price without the need to fully purchase the original NFT.
While the previous week started all good for the EOS cryptocurrency, this week might not be all that great as EOS is currently trading at $2.5 opposed to its previous price of $2.65
EOS is a decentralized cryptocurrency and just like Bitcoin and Ethereum, it allows for instant exchange of goods between individuals, and unlike BTC and ETH, it is transaction free and requires CPU, NET, and RAM to operate.
A few days back, Upland, a decentralized Blockchain-Based game built on the EOS blockchain made a partnership with Tilia division creators of SecondLife
Blockchain game developer Uplandme has teamed up with Linden Lab’s Tilia division to enable digital payments in the Upland virtual property trading game.
You can read more about the partnership here https://venturebeat.com/2020/05/21/uplandme-blockchain-game-will-use-linden-labs-tilia-for-virtual-property-transactions/
This is a game-changer for the game Upland, NFT’s are basically cryptocurrency token and as such can be traded for Crypto, but with this partnership, users will be able to make payment with not just cryptocurrency but fiat as well thereby bringing a whole set of new users and enlighten them to the world of Crypto and Blockchain.
I see this as another step towards the mass adoption we have all been looking for.
This is it for this week, stay safe and mask-on