Welcome to the CCN Weekly altcoin news update, where we profile altcoin news stories that have flown under-the-radar. This week's issue profiles the incredible rise of the BitSharesX price, XCurrency's new plan to decentralize the internet, and the end of the initial phase of the…
The BitSharesX price has gone on an absolute tear over the past week. After hovering between 1,500 and 2,000 satoshis (~$.01 USD) since its release on July 21, the BitSharesX price has increased by 151.6% over the past week. The BitSharesX price is currently more than 4,900 satoshis ($.025), according to CoinGecko. However, as the chart below demonstrates, the BitSharesX price has fallen about 8% over the past 24 hours.
The dramatic rise of the BitSharesX price has vaulted the currency up the market cap charts, moving it past established coins such as Ripple and Nxt. Currently, BitShareX is third in total market cap, with a total valuation of nearly $50 million.
XCurrency, a privacy-centric altcoin, has announced the development of Web 3.0, which XCurrency believes will decentralize the internet. Using the XCurrency blockchain, users will be able to pay to store website data inside the coin’s network.
Xnodes will soon serve web content. Customers will submit everything from advertising and static webpage elements to personal files via XC’s website or an API. The content will be indexed in XC’s blockchain, encrypted, stored and served by innumerable Xnodes, and paid for via a decentralised exchange.
XCurrency is partnering with QiBuck to develop a system to pull the content out of the blockchain. According to XCurrency developer Dan Metcalf:
XC is designing a content delivery network over Xnodes which get paid; Qibuck will be a client with integrated API access to pull content.
XCurrency and QiBuck have not yet announced a release date for Web 3.0, just that it will come after “the finishing touches to Rev 2, its industry-leading privacy technology, are completed.”
Storj’s crowdsale raised 910 BTC for the developers of the decentralized cloud-storage service. At current rates, that equals out to about $460,000 USD. The goal of the Storj project is to create decentralized cloud storage that rewards users who make portions of their computer hard drives available for the project.As CCN journalist Taylor Tyler describes it:
Storj provides a secure way to sell your unused hard drive space to someone who wants to store their files in a decentralized manner. The project claims it will lower the cost of cloud storage by 10-100x by “paying incentives to storage providers in the form of a ‘blockchain-based dual purpose token’ that would also store information about file integrity and storage locations.”
The money Storj raised will help developers continue to lay the architecture for the project. During the crowdsale, participants exchanged bitcoins for a future share of the Storj currency, known as Storjcoin X (SJCX), at a rate of 38,500 Storjcoin X per 1 bitcoin. Due to the success of the crowdsale, Storjcoin X is now ranked eleventh among cryptocurrencies with a market cap of ~$6.4 million.
That is all the altcoin news updates for this week. Have a story you think we should feature? Email Josiah at JosiahWilmoth@Gmail.com
The Author has no holdings in any of the coins discussed in this article.
Last modified: January 10, 2020 2:14 PM UTC