You don’t have to get approval from anyone and it takes minutes to take out a loan,” Cuban said about earlier this year.Īave is described as a “decentralised non-custodial liquidity market protocol” which, in practical terms, means it allows users to either lend or borrow funds via a decentralised ‘pool’ of crypto tokens. “Everything is controlled by smart contracts.
Mark Cuban, famously one the investors in the Shark Tank television show, owns the Dallas Mavericks NBA team and has been a bullish proponent of cryptocurrency, decentralised finance and blockchain technology.Īs recently as Tuesday, in his own blog, he wrote that “banks should be scared” as decentralised finance (or DeFi) systems grow to challenge traditional finance operations and institutions.Ĭuban has previously been particularly vocal about a DeFi platform called Aave. At one point some US$2bn of value was ‘locked’ in smart-contracts (a type of contract on a blockchain) tied to IRON and TITAN. The IRON stablecoin was attached to the Polygon blockchains platform. What happened is just the worst thing that could possibly happen considering their tokenomics,” Schebesta. On social media, some internet users speculated that the TITAN collapse was a ‘rug pull’ which is a type of scam where crypto systems are shut-down, in a similar fashion to a more traditional ‘pump and dump’ share trading scheme.įred Schebesta, an IRON investor quoted by Coindesk, called it a “crypto vortex of money.” It got messier still, according to a Coindesk report, which explained that an arbitrage trade exploiting the difference between the relative prices of IRON and TITAN resulted in yet more TITAN coins being sold. Selling by speculators that had cashed in on the rise in TITAN’s price caused the ‘peg’ to become unstable, with panic selling sending a flood of tokens into the open market to further exacerbate the collapsing value. Unfortunately for anyone left holding TITAN coins the flywheel that sent it soaring also worked in reverse. The price of TITAN peaked at US$65 per coin as recently as Wednesday. IRON was 75% pegged to USDC – a US dollar pegged stablecoin created by crypto-exchange Coinbase – but the other 25% was pegged to TITAN, which was to be used as units of collateral.Įvidently, the catch was that as more IRON coins were ‘minted’ due to rising popularity the price of TITAN was driven up. They typically do this by through an external attachment, or ‘peg’, to some other representation of value (like a Dollar or perhaps a unit of gold). To keep it simple, a stablecoin is intended to be a non-volatile crypto asset. 'Tokenomics' was blamed for the imploding of TITAN which ironically was supposed to be tied to another crypto token, called IRON, which was designed to be what crypto-heads call a ‘stablecoin’. If you are looking to buy or sell IRON Titanium, Hotbit is currently the most active exchange. It has a circulating supply of 0 TITAN coins and a total supply of 35 Trillion. TITAN price is up 1.2 in the last 24 hours. The extreme volatility event came only days after Cuban revealed in a blog post that he was a liquidity provider to the system. TITAN Price Statistics TITAN Price Today IRON Titanium price today is 0.000000086693 with a 24-hour trading volume of 9,822.83. Mark Cuban, the American celebrity billionaire, was reportedly ‘hit’ by the crypto’s collapse but said on Twitter that he “got out”. To accomplish this we have designed a way to control hashrate in a decentralized fashion through the use of smart contract driven proxy routers.A crypto token known as TITAN both boomed and bust in the same 24 hours, with its value ultimately flat-lining to zero in what has been described as a “vortex of money”. We call this effort the decentralization of control of hashrate. One hash equals one vote used to be the mantra, but what happens when a handful of larger players dominate the vote? We need to provide means for greater access to hashrate and thereby distributing the votes to a greater user base and in effect keeping POW networks decentralized. Not just from the conglomerate of large pools but also the rise of enterprise mining. Unfortunately we see a common trend in the POW world, centralization of hashrate.
Peer-to-peer electronic cash is what the vision was, a currency by the people with no centralized authority or backers. Numbers literally in both the cryptography and the diverse user base. Bitcoin and other decentralized and trustless proof of work blockchains find their strength in numbers.
0 kommentar(er)
