Značka: Algorand

Spanish LGBT token responds to critics, says it expects listings soon

Spanish LGBT-related token MariCoin (MCOIN) has responded to the community following skepticism around the project’s concept and goals.Some had even criticized the project for its name, which played on a homophobic slur in Spanish. But according to key people in the project, they have simply misunderstood. MariCoin CEO Francisco Alvarez told Cointelegraph that the project’s name is about “turning an insult into a fortress,” referring to peculiarities of tackling homophobic language as the very word word “gay” is still being used as an insult in some communities.“In Spain it is very common for members of the gay community to call themselves ‘Maricón,’ so Juan, an active member of the community, thought MariCoin was a fantastic name for a cryptocurrency that would unite the whole community,” Alvarez said.The CEO noted that the MariCoin project has “found a generalized acceptance” of over 90% in other Spanish-speaking countries like Argentina, Venezuela, Cuba, Mexico, Uruguay, Ecuador, and others. “Although we must work on that other 10% that does not share our vision,” he noted.According to MariCoin co-founder and president Juan Belmonte, the project expects to list its Algorand-based token on crypto exchanges supporting the Algorand blockchain on Jan. 31.“We have been in talks since September 2021, as we have announced, to list on Binance. Our CTO is working on the white paper and we will have the first version ready next week,” Belmonte told Cointelegraph.He also noted that MariCoin has closed their waiting list at 10,000 “Maricoiners,” as committed in their roadmap. “Due to the avalanche of mails, we have had to open a second list to reserve the coin at the starting price of $0.025, starting next January 31,” the executive added. Some people in the community previously were skeptical about MariCoin’s waiting list for investing via Google Forms.Related: New LGBTQ token aims for equity but raises red flags with communityBelmonte also mentioned that MariCoin was selected for the Algorand Foundation accelerator program in Miami last year, with support from blockchain investment firm Borderless Capital. Apart from MariCoin, the accelerator also selected 9 other startups including Latin American digital bank NeoMoon, blockchain game Alchemon, nonfungible token platform Dartroom, and others.The Algorand Foundation and Borderless Capital did not immediately respond to Cointelegraph’s request for comment.

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New LGBT token aims for equity but raises red flags with community

The cryptocurrency community has raised concerns about Maricoin, a new token supposedly related to the LGBT+ community, with some people even suspecting the project to be a scam.Launched in December 2021, Maricoin promises to enable a “social, ethical, transparent and transversal means of payment” targeting the global “pink economy,” which is estimated to amount to trillions of dollars.One might question Maricoin’s ethics though, as its name is a portmanteau that plays on a Spanish slur for homosexuals.According to the project’s website, Maricoin runs on the Algorand blockchain, with creators planning to list the token on several crypto exchanges in 2022.The project was reportedly founded in Madrid by local hairdresser and entrepreneur Juan Belmonte, who said that the new token is designed to help the community profit by providing a new payment method for LGBT-friendly businesses worldwide.According to CEO Francisco Alvarez, as many as 8,000 people were already on a waiting list to buy Maricoin as of early January.Despite the token being widely promoted as the “first coin created by and for the LGBT+ community” on many mainstream media channels, Maricoin is not quite the first cryptocurrency project related to the LGBT+ community. As previously reported by Cointelegraph, there are a number of LGBT-related tokens and initiatives, including the LGBT token, which was launched back in 2018.Several industry observers have expressed skepticism over Maricoin, with some even alleging that the initiative could be a scam.“It’s not a coin, it’s a token, clearly a scam to catch fools who want to make easy money with crypto. Their website is poorly made, ugly and doesn’t have a single tech line about how this crypto will work. Not a single whitepaper and their waiting-list form is a damn Google Doc,” one Redditor argued.Related: Beware of sophisticated scams and rug pulls, as thugs target crypto usersJustin Ehrenhofer, vice president of operations at crypto wallet service Cake Wallet, said, “This 100% feels like a scam.”  He noted that the Reuters article on Maricoin didn’t include much skepticism on the project: This 100% feels like a scam. You need to FILL OUT A GOOGLE FORM to indicate how much you want to “invest” in “MariCoin”? Yet @enriqueanarte @TRF publishes this likely scam, without much skepticism. *Maybe* everyone involved is oblivious, but this appears to be a textbook scam 🙁 https://t.co/3TY4NfyDgQ pic.twitter.com/j1ZQaZea8G— Justin Ehrenhofer ️‍ (@JEhrenhofer) January 4, 2022Maricoin did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending any new information.

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Altcoin Roundup: Three smart contract platforms that could see deeper adoption in 2022

Decentralized finance (DeFi) dominated media headlines throughout 2021 and the sector, along with nonfungible tokens (NFTs), helped to initiate the mass adoption of cryptocurrencies. While high yields on staking and instant profits from flipping jpegs have proven to be very lucrative for investors, it’s important to remember that none of it would have been possible without the underlying capabilities of smart contract technology. The Ethereum network remains, hands-down, the most widely used layer-one smart contract platform in the crypto ecosystem, but everyone knows about the high fee and clogged network issues of the past few years.In 2021, competing networks like Avalanche and Binance Smart Chain enabled compatibility with the Ethereum Virtual Machine (EVM) and this produced positive outcomes for investors in both ecosystems. Let’s take a look at a few of the top-performing layer-one protocols in Q4 2021 and investigate how partnerships, investment from traditional finance and protocol developments might benefit each project in 2022.AlgorandAlgorand (ALGO) is a pure proof-of-stake (PoS) layer-one blockchain network designed to be self-sustaining and highly scalable, thus making it capable of handling heavy transaction loads for minimal costs. In Q4, the protocol launched the Algorand Virtual Machine which enabled decentralized applications (DApps), meaning DeFi and NFT projects could now operate on the network. Tether (USDT) and USD Coin (USDC) had previously launched on the network, so their integration into new DeFi platforms was relatively effortless, allowing for the quick build up of liquidity. The launch of the 150 million ALGO Viridis Fund by the Algorand Foundation was also designed to accelerate the development of the DeFi ecosystem on the network.The project also attracted the attention of institutional investors, and a sizable cash infusion came from Borderless Capital who launched a $500 million fund to help develop DApps on Algorand. Hivemind Capital Partners also selected the protocol as its first technology partner. We are excited to announce the launch of our $500M Borderless ALGO Fund II!https://t.co/EP0U6Ib8HV pic.twitter.com/okXf6GBFo8— Borderless Capital (@borderless_cap) November 30, 2021In October, Algorand launched governance features that enabled ALGO holders to have a say in the future development of the protocol. ALGO/USDT 1-day chart. Source: TradingViewOn Nov. 18, 21Shares announced the launch of a physically-backed Algorand exchange-traded product which helped spark a rally in the price of ALGO to a yearly high at $2.99. TezosTezos (XTZ) is a flexible proof-of-stake blockchain designed to evolve over time without the need to undergo hard forks. In Q4, traditional finance entities like the Arab Bank Switzerland partnered with the protocol to launch staking, trading and custody services for the project’s native XTZ token.On Dec. 7, the project made headlines after it expanded its NFT ecosystem by partnering with Ubisoft, a major gaming company. The Ubisoft Quartz platform uses Tezos blockchain, and the players of Ghost Recon: Breakpoint will be able to buy and trade game-specific NFTs in the marketplace.On Dec. 15, Rarible, a popular NFT marketplace, also announced the integration of the Tezos blockchain into its ecosystem. This means Rarible users can buy, sell and trade Tezos NFTs in an environment that is much cheaper than Rarible’s Ether-based market. Tezos blockchain is now live on https://t.co/BplWYgszwb Here’s everything you need to know:https://t.co/opRwEeF1HB— Rarible (@rarible) December 15, 2021

Part of the reason for the increased attention on the Tezos blockchain is the energy efficiency of the network in a world that is becoming increasingly focused on environmental sustainability. According to a recent carbon footprint report from PricewaterhouseCoopers Advisory SAS, the Tezos network saw a 70% increase in energy efficiency in 2021, with its annual energy consumption now estimated to be roughly the same as the carbon footprint of just 17 people.XTZ/USDT 1-day chart. Source: TradingViewAt the time of writing, XTZ is trading at a price of $4.34 after hitting a yearly high of $9.17 on Oct. 3. This was just prior to the wider market downturn that has put pressure on prices across the crypto ecosystem as the market heads into the final weeks of 2021.Related: ‘I’m a huge believer in crypto technology,’ says former US SEC chairElrondElrond (EGLD) is a blockchain platform for distributed apps and enterprise-level businesses that has the goal of becoming the technology ecosystem for the “new internet.”According to the project’s website, the network utilizes sharding technology to enable the processing of 15,000 transactions per second (TPS) with an average transaction cost of $0.001.The late-year price rally seen in the protocol’s native EGLD token came after the launch of a $1.29 billion liquidity incentive program by the Elrond-based Maiar decentralized exchange (DEX). EGLD/USDT 1-day chart. Source: TradingViewPrior to the launch of the liquidity program, the price of EGLD was on the rise thanks to its increased use as a form of digital payment, including a partnership with the Romanian music festival Untold, which announced that tickets for its 2021 festival could be purchased using EGLD.Want more information about trading and investing in crypto markets?The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Top 5 cryptocurrencies to watch this week: BTC, ETH, MATIC, ALGO, EGLD

Bitcoin (BTC) and most altcoins sold off on Dec. 4 with massive deleveraging seen in the crypto derivatives markets. Data suggests more than $2.5 billion of crypto liquidations over a 24-hour period.During the recent fall, Ether (ETH) has continued to outperform Bitcoin. While Bitcoin’s market dominance has dropped below 41%, Ether has continued to gain ground and its market dominance has risen above 21%.Crypto market data daily view. Source: Coin360Some analysts believe that Bitcoin’s recent decline could result in a lengthy phase of consolidation. Decentrader co-founder filbfilb expects Bitcoin to consolidate well into the first quarter of the next year. Lex Moskovski, CIO of Moskovski Capital, also expects “a slow grind up.”Could Bitcoin hit a bottom within the next few days? Let’s analyze the charts of the top-5 cryptocurrencies that could lead the markets higher.BTC/USDTBitcoin had taken strong support at the 100-day simple moving average ($54,496) in end-September, making this an important support for the bulls to defend.BTC/USDT daily chart. Source: TradingViewHowever, the bears had other plans. They pulled the price below the 100-day SMA on Dec. 3 which may have triggered several stop losses. That resulted in panic selling and the BTC/USDT pair plunged to $42,000 on Dec. 4. The bulls bought this decline with vigor as seen from the long tail on the day’s candlestick.The downsloping 20-day exponential moving average ($56,219) and the relative strength index (RSI) near the oversold zone suggest that bears have the upper hand. If the pair continues lower from the current levels, the next stop could be the strong support at $40,000. Conversely, if the price turns up from the current level, the pair could rise to the 100-day SMA, which may act as a strong hurdle. A break and close above this level will be the first sign that a stronger recovery is possible.BTC/USDT 4-hour chart. Source: TradingViewThe pair has been trading inside a descending channel pattern. The bears pulled the price below the support line of the channel but bulls purchased this dip and pushed the pair back into the channel.If bulls successfully defend the support line, the pair could rise to the 20-EMA. This level is again expected to act as a strong resistance. If the price turns down from the 20-EMA, it will signal that sentiment remains negative. That may increase the likelihood of a break below the channel.If that happens, the pair could drop to the strong support zone at $42,000 to $40,000. Conversely, a break and close above the 20-EMA will be the first sign that sellers may be losing their grip. The pair could then rise to the resistance line of the channel.ETH/USDTEther (ETH) has been range-bound between $4,868 and $3,900 for the past few days. Although bears pulled the price below the range on Dec. 4, they could not sustain the lower levels. The bulls bought this dip aggressively as seen from the long tail on the day’s candlestick.ETH/USDT daily chart. Source: TradingViewIf bulls sustain the price above $3,900, the ETH/USDT pair could rise to the 20-day EMA ($4,326). A break and close above this level could clear the path for a possible rally to the all-time high at $4,868. The bulls will have to overcome this barrier to signal the resumption of the uptrend.Contrary to this assumption, if the price turns down from the current level, the bears will make one more attempt to sink and sustain the pair below $3,900. If they succeed, the pair could plummet to the strong support at $3,400.ETH/USDT 4-hour chart. Source: TradingViewThe pair’s rebound is facing stiff resistance near the 61.8% Fibonacci retracement level at $4,215.12. The 20-EMA is sloping down and the RSI is in the negative territory, indicating a minor advantage to the bears.If the price breaks the $4,000 support, the pair could drop to $3,823.98. A break and close below this level could result in a retest of $3,503.68.Conversely, if bulls drive the price above the moving averages, the pair could rise to $4,654.88 and then challenge the all-time high.MATIC/USDTPolygon (MATIC) has been trading inside an ascending channel pattern for the past several days. The bulls pushed the price above the resistance line of the channel on Dec. 3 but could not sustain the higher levels. This may have prompted profit-booking on Dec. 4.MATIC/USDT daily chart. Source: TradingViewThe MATIC/USDT pair plunged to the 100-day SMA ($1.54) but buyers stepped in and bought this dip. However, the long wick on today’s candlestick indicates that bears are selling near the resistance line.The 20-day EMA ($1.85) is sloping up and the RSI is in the positive zone, signaling advantage to buyers. If the current rebound sustains, the bulls will again attempt to thrust the price above the resistance line.Alternatively, a break and close below the 50-day SMA ($1.76) could pull the price to the 100-day SMA.MATIC/USDT 4-hour chart. Source: TradingViewThe pair’s recovery is facing selling at the 78.6% Fibonacci retracement level at $2.21. If bears sink the price below the 20-EMA, the pair could decline to the 50-SMA and then to the 100-SMA. A break below this support could open the doors for a decline to $1.54.Conversely, if the price rebounds off the 20-EMA, the bulls will again try to thrust the pair above $2.21. If they manage to do that, the pair could rally to $2.40. The bulls will have to clear this overhead hurdle to thrust the pair to the all-time high at $2.70.Related: Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploitALGO/USDTAlgorand (ALGO) plunged below the critical support at $1.50 on Dec. 4 but the bulls bought the dip aggressively as seen from the long tail on the candlestick. The bulls will now try to push the price above the moving averages.ALGO/USDT daily chart. Source: TradingViewIf they do that, the ALGO/USDT pair could rise to the resistance line. This is an important level for the bears to defend because a break above it could invalidate the descending triangle pattern. The pair could then rise to $2.36 and later to $2.55.Contrary to this assumption, if the price turns down from the moving averages, it will indicate that bears are selling on rallies. The pair could then retest the support at $1.50. A break and close below this level will complete the bearish setup. The pair could then drop to $0.80.ALGO/USDT 4-hour chart. Source: TradingViewThe pair has been trading between $1.60 and $2 for some time. The bears pulled the price below $1.60 but could not sustain the lower levels. This suggests aggressive buying on dips. The bulls have pushed the price back into the range.If buyers drive the price above the moving averages, the pair could rally to the overhead resistance at $2. On the other hand, if the price turns down from the moving averages, the bears will again try to sink and sustain the pair below $1.60. If they manage to do that, a retest of $1.32 is likely.EGLD/USDTThe sharp rally in Elrond (EGLD) from $287 on Nov. 17 to the all-time high at $544.25 on Nov. 31 pushed the RSI deep into the overbought zone. Vertical rallies are generally followed by waterfall declines and that is what happened in the past few days. EGLD/USDT daily chart. Source: TradingViewThe EGLD/USDT pair turned down from the all-time high and plunged to $224.62 on Dec. 4, completing a 100% retracement of the latest leg of the rally.A minor positive is that bulls purchased the lows on Dec. 4 as seen from the long tail on the day’s candlestick. The buyers are currently attempting to defend the uptrend line and push the price back above the 50-day SMA ($324).If they manage to do that, the pair could rise to the 20-day EMA ($364) where bears may again mount a stiff resistance. If bulls overcome this hurdle, the pair could rally to $425.Conversely, if the price dips and closes below the 100-day SMA ($271), the pair could extend its slide to $200.EGLD/USDT 4-hour chart. Source: TradingViewSharp selling pulled the price below the uptrend line but the bears could not sustain the lower levels. This indicates strong accumulation on dips. The pair quickly climbed back above the uptrend line but the bulls could not clear the barrier at the 20-EMA.This indicates that sentiment remains negative and traders are selling on rallies. If the price sustains below the uptrend line, the next stop could be $224.62.On the contrary, if the price turns up from the current level and breaks above the 20-EMA, it will indicate that the bears may be losing their grip. The pair could then start a recovery, which may reach the 50-SMA. A break and close above this resistance could clear the path for a possible rally to the $425 to $440 resistance zone.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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