ALLBI’s price surged by 65.1%, while LUNA is in the red
ALL BEST ICO has shown relatively more volatility recently. On Tuesday, the token rallied by 65.1% to $0.0001585384044. ALLBI is the first consumer-oriented crypto launched in Britain by LEX PARTNERS LTD. It works like Bitcoin, but the company removed mining for profit. In fact, it aims to virtually eliminate such mining as this aspect is responsible for harming the environment through the wastage of an enormous amount of electricity. Instead, the team stores the coins on computers and transfers them over the internet between digital wallets-profile.
Users can pay a certain amount of ETH or ALLBI Tokens to create their own CRYPTOCURRENCY. ALL BEST token is a digital asset, though. The company noted that its customers would be able to create their own crypto projects, sell their ALLBI Tokens to other peers directly from their profile, use their ALLBI Tokens to make payments to other projects created on this system, and do all of that without using intermediaries or having commissions. In addition, users will be able to sell their ALLBI tokens on different cryptocurrency exchanges.
How does ALLBI differ from your typical cryptos, and what are its benefits?
Cryptocurrencies like Bitcoin, Ethereum, and others are based on a technology called mining for the distribution of tokens. On the other hand, ALLBI is a new type of cryptocurrency – its token, built on the basis of Binance Smart Chain (BEP-20) and Ethereum (ERC20) technologies. As such, ALLBI offers maximum convenience, and maximum security, while involving zero bureaucracy.
ALL BEST ICO’s benefits go much further, though. On traditional server architectures, every application has to create its servers. The latter run their own code in isolated silos, thus, making sharing of data hard. That means that if a single app goes offline or becomes compromised, many users and apps will get affected. On the other hand, on a blockchain, anyone can set up a node that replicates the necessary data for all nodes to reach an agreement. That allows user data to remain private and apps to become decentralized like the Internet was supposed to work.
The total supply of ALLBI Tokens is 868,000,000 (868 Million). The company will distribute them over time. The ALLBI wallet uses state-of-the-art wallet technology powered by Binance Smart Chain and Ethereum smart contracts. The team implemented security features inside Ethereum smart contracts. It also uses independent security oracle services to authorize transactions inside the network. As a result, this platform is very secure and trustworthy.
The team members are exceptional programmers and visionaries who want to try out each idea to change the world. They created a great roadmap and now are actively working on cutting out their niche in the enormous Defi market. Considering ALLBI token’s popularity, this platform may go far indeed.
Terra’s LUNA plunges below $10. Is it time for a buy or a sell?
Terra’s LUNA tumbled below the $10 mark on the Binance exchange today, dropping to an intraday low of $9.61. The embattled token has declined by a staggering 87% within a week. After the recent collapse, it is now trading below Litecoin and Bitcoin Cash on CoinMarketCap. Meanwhile, Terra’s UST is exchanging hands at $0.78. It failed to restore its peg even though the Luna Foundation Guard deployed all of its Bitcoin reserves to boost the algorithmic stablecoin.
Do Kwon, the project’s controversial founder, wrote on Twitter that he was close to announcing a recovery plan for the token. However, the price action shows that traders and investors no longer have faith in Terra.
Moreover, U.S. Treasury Secretary Janet Yellen choose the implosion of Terra as an example to make a case for stablecoin regulations during a recent congressional hearing. However, before the crash, UST was the third most popular stablecoin (the first ones being Tether and USD Coin). Topically, such cryptos are designed to provide calm during turbulent times. But Terra recently decoupled from its dollar peg, and some analysts believe that was one of the key reasons behind the recent sell-off that has already spilled over into the broader cryptocurrency market.
What is Terra (LUNA)?
Terra is a blockchain protocol that was quite popular until recent weeks. It uses fiat-pegged stablecoins to power price-stable payments systems worldwide. According to its white paper, the project combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin. It also offers fast and affordable settlements.
The team began Terra’s development in January 2018, officially launching its mainnet in April 2019. The company now offers stablecoins pegged to the U.S. dollar, Mongolian tugrik, and South Korean won, along with the Special Drawing Rights basket of currencies of the International Monetary Fund. It also intends to roll out additional options.
Terra also uses its native utility token LUNA to stabilize the price of the protocol’s stablecoins. The token holders can submit and vote on governance proposals, thus, giving it the functionality of a governance token.
Daniel Shin and Do Kwon are Terra’s founders. The two conceived this project as a way to drive the rapid adoption of blockchain technology and cryptos through a focus on usability and price stability. Kwon is also CEO of Terraform Labs, the company behind Terra.
How does this platform work?
The team wanted to set its project apart through its use of fiat-pegged stablecoins. It claimed that Terra combines the borderless benefits of cryptos with the day-to-day price stability of fiat currencies. The company also keeps its one-to-one peg through an algorithm that automatically adjusts stablecoin supply based on the demand. It manages to do that by incentivizing LUNA holders to swap their tokens and stablecoins at profitable exchange rates. Thus, it can either expand or contract the stablecoin supply to match demand.
The company has also established several partnerships with payments platforms, especially in the Asia-Pacific region. In July 2019, the team announced a partnership with Chai, a South Korea-based mobile payments application. Furthermore, the Terra Alliance, a group of businesses and platforms advocating for the adoption of Terra, is supporting the platform and its token. In February 2019, the company announced that e-commerce platforms from ten different countries were members of the alliance. They represented a user base of 45 million and a gross merchandise value of $25 billion.