In 2016, the envisaged that every asset such as gold, fiat, and even digital game items could be represented by a digital token. As such, the protocol built on blockchain was designed to allow any ether token to be traded on the network as well as allow anyone the ability to run a decentralized exchange. These types of applications built on 0x are known as Relayers.
Ideas for a Tokenized and Decentralized Tomorrow
Reportedly, there are about 18 Relayers that are live on the Ethereum mainnet according to Tom Schmidt from the 0x team. Many are still working on other applications on 0x, but these look to still be in beta version. For now, there are not many applications built on the nascent platform even though the opportunities appear endless.
Below are some examples of these possibilities; from here we can see the burgeoning of a genuinely comprehensive blockchain use-case.
Stablecoin Converter
Cryptocurrencies have long been criticized for their wild . Although the significant fluctuations indeed lure investors to the crypto space, it also pushes away a huge percentage of the population. It is for this pendulum of fluctuating value that many institutional investors have evaded the space like the plague.
To attract more investors to the market, many projects are focused on a stablecoin that is secured by the single currency, a basket of commodities, or even other stablecoins. A platform like this also proffers the potential for arbitrage among the stablecoins like Tether USDT, MakerDAO, and Basis to name a few.
Decentralized Margin Trading and Exchanges
There is a tremendous opportunity to build derivatives-focused Relayers. The option is already available in centralized exchanges, such as , but the same can be developed in a decentralized manner. Schmidt recounts how this decentralized derivates Relayer could be used to make “loans [and make] money on interest as well as transaction fees.”
Although already exist, exchanges circumventing a particular country’s regulatory demand do not exist. Developers can build a decentralized exchange Relayer targeting a particular country that faces hostile regulatory environment. The same can be migrated to other countries that face similar issues.
Prime examples of countries ripe for a decentralized exchange include Russia and China. Both of which have imposed draconian crypto regulations, thus forcing related businesses to look elsewhere. Locals, however, are still eager to get a slice of the trading pie.
Transparent Sports Betting System
The sad truth is that the sports betting industry is affected by corruption and has been for some years now. A quick google search of “Fan Duel corruption” reveals an from the New York Times from 2015, which outlines how both Fan Duel and Draft Kings have been responsible for “ inadvertently releasing data.”
In the high-stakes realm of sports betting, such a leak could be equated the financial equivalent of “insider trading,” reported Daniel Wallach, a sports and gambling lawyer at Becker & Poliakoff.
From this, we glean that a transparent and decentralized sports is in high demand in the betting industry.
Trading: KYC, Dark Pools, and “One-Click Trading”
Lately, centralized exchanges have been enforcing Know Your Customer () systems to comply with regulations. Whereas decentralized exchanges enjoy a degree of pseudo-anonymity and thus attract traders interested in “[tapping] into one of many off-chain or on-chain KYC solutions [to] ensure the identities of traders and establish themselves as a legitimate DEX as the number of assets grows.”
Developers are also working on decentralized exchanges with a primary focus on dark pools. Dark pools are essentially private exchanges where a large sum of digital assets can be transferred without affecting the market. Therefore, developing a relayer that gives similar facility is an idea worth working on.
Thirdly, registering with exchanges to trade cryptocurrencies has been regarded as difficult. Hence, a one-click trading solution is in high demand. , for instance, is known to offer such service, but it is still considered a centralized service. A platform developed leveraging 0x is naturally an attractive opportunity.
Future-Proofing a Decentralized Business
Developing applications using 0x go far beyond the handful mentioned above. Developers can also build auction and token sale platforms which is also in high demand due to the manic rise if crypto as of late. Specifically and in a world where most of the assets are tokenized, a token sale platform could lure many startups looking to raise funds in a decentralized manner.
are still emerging and developing support services for the decentralized market has yet to boom. The above are few ways where developers can employ 0X protocol for a decentralized tomorrow.
Do you have any innovative ways to use 0X for? Share your ideas in the comments section.
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Economic growth in the Southeast Asian region is pushing business and consumers to look to other areas of opportunity. As such, blockchain – the core technology behind all cryptocurrency services, is providing new prospects that could result in massive adoption across the region.
In countries such as Vietnam, Singapore, Indonesia, and Malaysia governments are looking to or are already investing in blockchain technologies for industrial implementation, integration into electoral and healthcare systems.[1] Some are even looking to use it for anti-money laundering monitoring and policing.[2] Most, however, are still focused on utilizing it for B2B and B2C.
Southeast Asian countries are seeing dependence on technology as a means to match their own economic growth. This makes blockchain one of their best and safest bets. The nearly impenetrable security blockchain provides as well as its flexibility for implementation has enabled it to be applied in various industrial environments.
“Southeast Asia is where the growth opportunity for blockchain is. As such, there is a strong need to rally and connect stakeholders in the blockchain community in order to expedite the technology’s adoption the region,” according to Patrick Palacios, the chief executive officer of digital customer loyalty services provider Appsolutely.
To respond to this need, Appsolutely is organizing the Beach Blockchain Conference, to be held on May 10-11, 2018, at the Mövenpick Hotel Mactan Island Cebu. The inaugural conference will highlight best technologies, practices, startups, experts, and communities on blockchain.
Among blockchain luminaries who will attend the conference are bitcoin Foundation Chairman Brock Pierce, Former NEM Foundation Vice President Jeff McDonald, Nicholas Merten of DataDash, Jeff Berwick of The Dollar Vigilante, Causecast CEO Ryan Scott, LookSmart CEO Mike Onghai, Token Inc. Head Yobie Benjamin, Traders Apprentice Pilipinas founder Tony Herbosa, and Appsolutely CEO Patrick Palacios, among others.
Leveraging on Southeast Asia’s high adoption rate for new technologies, Palacios sees the conference as an opportunity to celebrate the success and potential of blockchain technology among local and international businesses, and enthusiasts.
“As a keystone blockchain service provider, Appsolutely is committed in not only empowering companies to strengthen their loyalty programs but also takes a role in increasing appreciation of blockchain technology. We are confident that this conference will provide participants an atmosphere conducive to sharing, learning, and networking about the technology viewed as the next internet,” Palacios added.
Beyond Southeast Asia, the Beach Blockchain Conference is also set to expand in key areas around the world, such as the U.S., to contribute to the continuously growing body of knowledge and innovation brought by blockchain technology.
To know more about the conference, log on to .
Footnotes
[1] “The bitcoin party is over. The blockchain party has only just begun” South China Morning Post.
[2] “Southeast Asia’s blockchain opportunity” Raddington Report.
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Reddit, one of the largest online forums in the world, is gearing up to resume accepting bitcoin payments.
The platform had earlier in March 2018 leaving subscribers with only PayPal and Credit Card payment options. Issues concerning high fees and problems with Coinbase API integration were responsible for the decision to stop accepting payments. The forum also wishes to expand its crypto payment acceptance spectrum by adding a couple more cryptocurrencies.
boasts many of the large popular cryptocurrency niche communities with most of the coins having their own subreddit which are moderated/frequently visited by the core team.
Source:
Bringing Back bitcoin Payments
According to Reddit CTO, Christopher Slowe, the platform is making efforts towards restoring the bitcoin payment option. He revealed this in an where he also explained the reason for the earlier decision to stop accepting bitcoin payments. Coinbase reportedly made changes to its API which required merchants looking to use its services for payment processing to upgrade their systems. These Coinbase API changes happened at a time when Reddit was busy with its platform redesign. Thus, the admins at Reddit elected to focus on the redesign efforts and drop bitcoin payment capability.
However, the decision to drop bitcoin payments happened unexpectedly with many subscribers left in limbo. Reddit had been accepting payments made via the popular cryptocurrency since February 2013. Commenting on the removal of bitcoin payment support, :
“Yup that’s right. The upcoming Coinbase change, combined with some bugs around the bitcoin payment option that were affecting purchases for certain users, led us to remove bitcoin as a payment option.”
At the time, Reddit wasn’t the only platform to stop accepting bitcoin payments.
In 2017 Steam also . The network congestion and high transaction fees became a significant problem for many of these platforms. The meteoric rise of bitcoin prices had caused increased traffic on the network. Since the adoption of and protocols, the issues seem to have considerably abated.
Not Just bitcoin but Ethereum and Litecoin as Well
Responding to a question about whether Reddit would add support for other cryptocurrencies apart from bitcoin, Slowe said that:
“We have been looking at other Cryptocurrencies. We are looking at and that are provided by Coinbase as well.”
Reddit co-founder, Alexis Ohanian, recently his bullish sentiment regarding Ethereum’s ether, saying that the cryptoasset will hit $15,000 by the end of 2018. His reasoning is that the Ethereum platform is where most activity is happening and what people are building on top of.
No definite timetable has been provided for when bitcoin payments would be restored on the platform. Reddit is one of the pioneers of bitcoin acceptance and was one of the first mainstream online platforms to embrace cryptocurrency.
The and subreddit have 816,000 and 663,000 subscribers respectively. The platform is a treasure trove of information about developer activity, latest forks, price movements, breaking news, etc. The conversation often gets heated with proponents of one coin trying to further the cause of that crypto, hoping it will “moon.”
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