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PRESS RELEASE. Algoracle has recently announced the close of its seed round for $1.5 million (USD) to help accelerate the development and launch of Algorand’s native decentralized oracle network.
Algoracle’s seed round was led by Borderless Capital, with major contributions from the Algorand Foundation, Valhalla Capital, and Big Brain Holdings, and rounded out by strategic investors Xpand Capital, Parea Capital, OrcaDAO, GMI Capital, and EXA Finance. Thanks to the support provided by all of these organizations, the seed round was a resounding success and generated the aforementioned amount of $1.5 million, much to the delight of the community.
“We are excited to back Algoracle and their vision of bringing data on-chain in a decentralized fashion. This will help developers to build more powerful and sophisticated applications and smart contracts, enabling innovative and disruptive new use cases on top of the Algorand blockchain” said David Garcia, CEO and Managing Partner of Borderless. 
About Algoracle
Algoracle is a decentralized oracle network that links the Algorand blockchain to the physical world. To obtain data, smart contracts building on Algorand can call the feed contract for values. Algoracle will also debut sports, cryptocurrencies, stock, and weather feeds over the coming months.
Moreover, Algoracle employs a network of feed providers and node runners to deliver feeds to smart contracts to ensure decentralization. Currently, institutional-grade providers such as AmberData, Brave New Coin, CryptoCompare, and dxFeed are providing Cryptocurrency price data to power the testnet app. Regarding future goals, the focus will be on adding a variety of feeds such as Sports, Weather, NFT prices as well as off-chain computation capabilities before launching to mainnet.
For more information about Algoracle, check out the official website along with the Twitter and Discord channels.
About Algorand
Algorand is a PPoS (Pure Proof of Stake) blockchain that accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next-generation financial products, protocols, and exchange of value. Founded by Silvio Michali, the recipient of the Turing Award (in computer science), the Gödel Prize (in theoretical computer science), and the RSA prize (in cryptography), the blockchain has managed to find an approach that solves the blockchain trilemma without any compromise. Since its launch in 2019, Algorand has had no downtime and has never forked.
For more information on Algorand, visit the official website and Twitter, and Medium.
 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.


PRESS RELEASE. Algoracle has recently announced the close of its seed round for $1.5 million (USD) to help accelerate the development and launch of Algorand’s native decentralized oracle network. Algoracle’s seed round was led by Borderless Capital, with major contributions from the Algorand Foun...

news.bitcoin.com

Algoracle Announces $1․5 Million Seed Round

The whole UST debacle has seen traders emboldened in the market against stablecoins. The result of this had been more investors going after the pegs of other stablecoins such as USDT and trying to see if they can destabilize the coin. Most prominent of this had been Tether USD, whose peg saw the most opposition as its peg to the U.S. dollar was heavily challenged. This challenge suggests that there could be more volatility coming.
Tether Challenge Ramps Up
One thing to note is that periods of challenges like these are mostly arising from periods of extreme market stress and liquidations. Such were the market conditions for the last week after the UST de-pegging. This ultimately leads to large deviations in the price of stablecoins such as USDT and USDC when it comes to the $1 peg. Although in this case, the majority of the deviations were recorded in USDT alone as USDC held up better in the market.
Related Reading | Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market
Tether (USDT) which has always operated under high scrutiny from some in the market had begun trading below its $1 peg after the UST news broke. This gap would grow a bit wider with time although the stablecoin would regain its peg once more. However, the scrutiny that accompanies the stablecoin explains why it was the obvious target of the market. 

USDT loses dollar peg following UST crash | Source: USDT/USD on TradingView.com
This had inadvertently created an opportunity for funds that had access to Tether redemptions. These funds had been able to take advantage of this slight de-pegging and presumably profited off it until the digital asset could return to its 1:1 peg.
More Volatility Coming?
On Thursday, the market saw one of the highest yearly volatility trends in a one-day period. This volatility had been brought on by the massive sell-offs that rocked the market, although this volatility has since declined since then.
Related Reading | Ethereum Hashrate Breaks All-Time High, Will Price Follow?
However, with the USDT peg being continuously challenged in the market, there may be more volatility yet to come. If a stablecoin such as USDT, which is currently the largest stablecoin in the market, were to lose its peg, it would no doubt have an even worse impact on the market than UST did. Basically, a de-pegging such as this could see the market dive deeper given that more than 50% of all open interest in the derivatives market are USDT collateral-based.
The asset also shares the most trading pairs of any other stablecoin. So a de-pegging could lead to historical level short squeezes which would essentially cripple the market. Also, an event like this would set mainstream acceptance back years as more people would become fearful of the market. 

Loss of USDT peg could lead to extreme volatility | Source: Arcane Research
Featured image from CoinGeek, charts from Arcane Research and TradingView.com


The whole UST debacle has seen traders emboldened in the market against stablecoins. The result of this had been more investors going after the pegs of other stablecoins such as USDT and trying to see if they can destabilize the coin. Most prominent of this had been Tether USD, whose peg saw the ...

newsbtc.com

How The Tether Peg Could Predict Raging Bitcoin Volatility

Taki, a blockchain-based social media platform that rewards users for their engagement with quality content, has announced a milestone of reaching approximately 600K users on the product waitlist.
With the IEO launch of the $TAKI token, TAKI DAO raised $360K USD from individuals around the world. This, along with the fact that trading started at 10x the IEO-price of $0.04, is a strong indicator of community excitement. Trading volume peaked at $58M before settling down with three exchanges adding the token by the IEO day’s end.
Earlier this month, Taki raised $3.45MM USD through 11 marquee global web3 investors, including Solana Ventures, CoinDCX, OKX Blockdream Ventures, Alameda Research, Formless Capital, Gemini Frontier Fund, and Coinbase Ventures.
While expressing excitement over the achieved milestones, Taki’s co-founder Sakina Arsiwala said, “Taki wants to empower creators and give them a platform to bring forward their content and earn an income. With this IEO launch, users can better  understand our vision and gain more confidence in Taki’s future growth.”
The success of Taki’s IEO is a testament to the growing interest in cryptocurrency and blockchain in India.
What is Taki?
Taki’s rapid growth and adoption can be attributed to its unique value proposition, which is to establish a first-of-its-kind engage-to-earn crypto economy.
Users can engage with their favorite content creators, create their own content, and earn TAKI tokens along the way.
Taki was founded to be easily accessible and serve as a gateway into Web3 while addressing the fast-growing demand for alternative social media engagement channels, especially given the rise of censorship across centralized social media platforms.
With Taki, users not only have the freedom to engage with the content they love, but they also get cryptocurrency rewards for producing their own content.
Powered by the RLY protocol and built on Solana’s blockchain, Taki can get accessed through a mobile app that is capable of some of the fastest transaction throughputs in Web3.
Taking into account the interest shown by the over 600,000 users on its waitlist, Taki is already proving to be more than just an alternative, but a next-generation social media platform for all.
According to the platform’s co-founder Arsiwala, “The platform is designed in a way that anyone can use it, even those who are not well versed with crypto. This is where the $TAKI token will play its charm.”
Arsiwala added that, “With $TAKI token, creators, users, and crypto-enthusiasts will be able to monetize their engagement and content on the platform.”
Moving towards web3 Social Media
Over the years, there has been a growing shift towards decentralization as users become more aware of the benefits of web3 applications. At its core, web3 products such as Taki enable users to both have more control over the content they produce and also get rewarded for engagement.
This is in stark contrast to the current web2 social media landscape, which is dominated by a handful of centralized platforms that have been known to censor content and throttle user growth.
The Taki team believes that now is the time for a shift in how social media platforms operate.
Taki is governed by a DAO (Decentralized Autonomous Organization), which ensures that decisions are made swiftly and in a decentralized manner. This decreases the chances of centralized censorship taking place.
According to the team, creators will see their content distributed across multiple platforms instantly, with rewards going directly into their wallets within minutes.
As noted by Arsiwala, “Taki wants to empower creators and give them a platform to bring forward their content and earn an income.”
Conclusion
Despite regulatory uncertainty concerning crypto by the Indian government, the Indian population remains one of the most crypto-savvy demographics in crypto and blockchain worldwide.
After the ICO boom of 2017, India’s government has refrained from terming crypto as legal. Even so, the country has moved forward to introduce a 30% tax on cryptocurrency transactions, which could be a sign of good things to come for the overall crypto community in India.
Given the growing demand for web3 applications in the country, Taki is progressing on its mission to be a gateway for crypto-enthusiasts in India and around the world.


Taki, a blockchain-based social media platform that rewards users for their engagement with quality content, has announced a milestone of reaching approximately 600K users on the product waitlist. With the IEO launch of the $TAKI token, TAKI DAO raised $360K USD from individuals around the world....

Taki Enters The Indian Market with First of its Kind Engage-to-Earn Crypto Economy

In late March, Ronin bridge, an Ethereum sidechain built for the widely popular play-to-earn (P2E) NFT game Axie Infinity to handle surging demand from gamers, was hacked for over 173,600 Ether (ETH) and 25.5 million USD — a combined value of over $600 million.
The company’s official report regarding the hack noted that the hackers managed to get access to validator nodes, which resulted in the compromise of five validator nodes, a threshold also required to approve a transaction.
Currently, the Ronin chain consists of nine validator nodes, and the hacker managed to get access to four of them and a third-party validator run by Axie DAO. This Axie DAO node was the root cause of the exploit last year. The DAO gave its access to Sky Mavis, the developers behind the game to sign off on transactions on its behalf. Because the access was never revoked, hackers leveraged it to their benefit by turning it into backdoor access, leading to a multi-million dollar hack.
In the aftermath of the exploit, the Ronin bridge was closed, and all the deposits and withdrawals were halted for investigation purposes.
In response to the hack, Axie Infinity co-founder and COO Aleksander Leonard Larsen said at the time that they would be adding several new validators to the Ronin Network to decentralize the network further. The game developers also promised to increase the number of validator nodes from nine to 21 in the future.
The Inevitable Future
In the end, Sky Mavis managed to raise $150 million from crypto exchange Binance and other investors to reimburse the affected users.
But not every project can afford to bail out its users, and according to data from Dune Analytics, funds worth more than $21 billion are locked on Ethereum bridges.
Moreover, bridge hacks are becoming quite common in the cryptocurrency industry. Data from Chain Analysis suggests weakness in bridges has led to more than $1 billion stolen in cryptocurrency over a year across seven different incidents.
While many believe bridges are the single most significant potential point of failure in crypto, others say that’s not true. “Bridges are an incredibly critical piece of infrastructure at this point,” Kanav Kariya, president of Jump Crypto, said in an interview after the $300 million hack of Wormhole bridge. “We are strongly moving toward a multi-chain world.”
Ethereum co-founder Vitalik Buterin has warned that bridges have “fundamental security limits,” although he is optimistic about a “multi-chain blockchain future.” Meanwhile, popular commentator “ChainLinkGod” has asserted that “the implementation and adoption of cross-chain smart contracts and token bridges are inevitable,” and “given that it’s going to happen regardless, the goal shouldn’t be to avoid cross-chain, but have protections in place.”
A Decentralized, Non-custodial Bridge
This is why DotOracle, the first decentralized, non-custodial liquidity bridge on the Casper Network is more secure. After all,  the more decentralized a blockchain bridge, the more secure it is.
To ensure the decentralization and security of the bridge, the DotOracle bridge will have about 15 validator nodes which will be further increased in phase 2 after the mainnet version becomes stable.
DotOracle is a decentralized network of independent nodes designed to be censorship-resistant. It can continue providing its service as long as two-thirds of the network nodes are online.
The project is primarily building a decentralized oracle and cross-chain liquidity network (bridge) on the Casper Network, the future-proof, proof-of-stake blockchain built off the Casper CBC specification.
Casper is designed to fast-track enterprise and developer adoption of blockchain technology today and to meet user needs in the future.
Transferring Assets Securely
DotOracle offers fast asset transfer confirmation with a highly secure distributed consensus protocol PBFT. Meanwhile, the non-custodial service is provided through the Elliptic Curve (EC) Multisignature scheme, which means users have complete control over their assets during the transfer.
Another feature of DotOracle is bonded network with slashing, meaning any nodes must deposit an amount of DTO token to the DotOracle smart contracts. A violation of the mechanism leads to the burning of the token deposit, which discourages validator misbehavior.
This robust penalty slashing mechanism is implemented to incentivize every node to follow the protocol to be rewarded in DTOs by providing proper service to users.
DTO is a governance token with a total supply of 100 million. Validators are rewarded in DTO for providing the service to DotOracle. Anyone can operate a node, but to become a validator node, one must deposit a minimum of 500,000 DTO to DotOracle smart contracts.
Recently, DotOracle launched the testnet of its multi-chain bridge that aims to transfer digital assets back and forth between different blockchains in a fast, decentralized, secure way.
This coming quarter, the team will launch its mainnet that will allow you to transfer assets between all the chains supported by DotOracle Network, including Casper Network, MoonBeam Polkadot, Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, Tomochain.


In late March, Ronin bridge, an Ethereum sidechain built for the widely popular play-to-earn (P2E) NFT game Axie Infinity to handle surging demand from gamers, was hacked for over 173,600 Ether (ETH) and 25.5 million USD — a combined value of over $600 million. The company&#8217;s official report...

Amidst the Mounting Risks to Bridge Security, A New Non-custodial Liquidity Bridge Focuses on Decentralization

Do Kwon has urged holders of LUNA to “stay strong,” as the price moves ever closer to zero. Following the UST stablecoin losing parity with USD, prices have plunged, falling to a new low this morning.
LUNA, UST Tumble Toward Zero
As of writing, LUNA/USD is trading at $5.45, which is marginally higher than its earlier low of $4.21.
To put things in perspective, prices are down nearly 90% from yesterday’s peak of $34.28, and only seven days removed from it trading at a high of $88.40.

Following a brief rally in the aftermath of it losing dollar parity, UST also moved towards zero, hitting a bottom of $0.2998 earlier today.

This came less than 24 hours after it was trading at $0.9486, however markets panicked at a lack of communication from LUNA founder Do Kwon, who was said to be working on a “recovery plan.”

Although some are still confident in the premise of algorithmic stablecoins, it is yet to be seen if UST will survive long enough to be a part of any future developments.


Kwon finally provided a more substantial update to the Terra community just recently, noting:
I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.
The LUNA founder said of UST that “Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before UST can start to repeg.” Kwon then provided some technical prospects for decreasing “the supply overhang of UST.”
Do you think LUNA and UST can come back after confidence has been shaken by this massive crash? Let us know in the comments section below.



























Do Kwon has urged holders of LUNA to &#x201C;stay strong,&#x201D; as the price moves ever closer to zero. Following the UST stablecoin losing parity with USD, prices have plunged, falling to a new low this morning. LUNA, UST Tumble Toward Zero As of writing, LUNA/USD is trading at $5.45, which is...

Neutrino USD price	$0.974793
Low - High 24H	$0.973553 - $0.985619
Market cap	$835.84M
Volume 24H	$8.28M
All time high	$2.52 -61.31% March 17th 2021
All time low	$0.728841 33.81% April 4th 2022
Genesis date	N/A

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