Ripio Credit Network RCN

$0.0121
Market Cap $ 6.046 MM (#321)
24h Volume $ 106.399 K
Chg. 24h: 1.32%
Algo. score 3.4/5  (#279)
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Ripio Credit Network News

Decentralizing a billion-dollar virtual industry

In-game virtual transactions were one of Satoshi Nakamoto’s original visions when creating Bitcoin, but it is the Ethereum blockchain that is really taking that idea to the next level with Decentraland, an open-world VR platform that will allow users to create their own reality. Though Decentraland has still not officially launched, crypto-enthusiasts and real estate speculators alike can already bid for virtual plots of land within the game’s limited space. And these auctions are going exceedingly well. So far, over $28 million in LAND, non-fungible parcels by which the world is divided, has been auctioned off in the game’s ERC20 based token, $MANA. And now, in a partnership with Ripio, an Argentina-based peer-to-peer crypto lending network, users will be able to purchase LAND using credit. In these crypto-mortgages, users can put a 10-percent down payment on the market value of the ‘property’ and wait for a lender to claim the request. Once that happens, a smart contract is generated and if a borrower doesn’t pay up, the virtual land reverts to the lender. But be weary of the interest, as RCN rates go from some 28 percent to as high as 78 percent! Big Shoes to fill Video games have come a long way since cracking open boxes in Mario Bros or chasing rings in Sonic the Hedgehog. With the introduction of MMORPGs, in-game economies have become robust and exceedingly complicated, with players trading their virtual fortunes for items or resources to gain an edge on the competition. In the early days, it was fairly rare to trade real money for in-game currencies, as most of these transactions were against the games’ terms of service. But, naturally, capitalism took over, and ambitious digital capitalists created both a new kind of workforce and profitable enterprises centered around the sale of in-game currencies. From gold farming in games like World of Warcraft or Dark Ages of Camelot to complex third-party currencies which could be bought to make peer-to-peer purchases, players made a fortune selling gold, unique items, and what essentially translated to their own time to gather these resources. The Birth of an Industry Online stores like Internet Gaming Entertainment (IGE), which was founded by Brock Pierce in 2001, and boasted $500 million in annual volume at its peak, paved the way for a bustling currency-services industry. IGE, for its part, even gained the attention of Goldman Sachs, which bought a stake of the company for $60 million before Pierce was pushed out and replaced with Trump’s ex-right-hand-man, Steve Bannon. Besides online-stores, however, savvy entrepreneurs also made a killing on different exchange platforms where users could come together to buy an intermediary currency to trade for in-game items. The most notable of these were The Virtual World Exchange (VirWox), an exchange allowing users to buy and sell Linden Dollars, a currency used in the game Second Life, and D2Jsp, a forum that provided users with the opportunity to buy its own currency “forum gold” to trade with other users for in-game items, mostly within Diablo 2. Billions Hanging on a Thread With the influx of real cash into virtual markets, a series of perplexing questions arose. In-game cyber-brothels, gambling dens, mafia-like ‘griefers’ and even virtual stock market fraud has made both the companies that created the games and even some of the players rethink their relationships with these virtual worlds. There’s a lot on the line, after all. On VirWox alone, over $1 billion has been traded for Second Life’s Linden Dollar currency, but that’s only a small fraction of the world’s virtual markets. In the virtual universe of Entropia, property sales have surged, with one company even buying “Planet Calypso” for over $6 million. Justifying the purchase, Corey Redmond, the president of SEE Virtual Worlds, noted, “The Entropia Universe and virtual worlds in general are extremely lucrative. Calypso alone has had over $428 million processed in player-to-player transactions in 2010.” Other notable sales in the Entropia Universe include a $625,000 nightclub and a $335,000 crystal palace. What’s In Store For Decentraland? Though Decentraland is certainly not the first virtual platform to gain the attention of speculators and would-be digital capitalists, it is the first completely decentralized platform, meaning no specific company could pull the plug. While Entropia and Second-Life both boast bustling economies and some notably high-priced properties, they’re both run by a single entity, meaning that the $6 million in-game planet purchase could vanish if MindArk, the company behind the game, decided to call it quits. Decentraland is also cooperating with other blockchain-based gaming platforms, such as Axie Infinity, a collectables game featuring player-vs.-player battles. With a string of positive news surrounding Decentraland, the game’s cryptocurrency, $MANA, has surged by over 38 percent over the past month, jumping to a market

a month ago

For the Love of All That Is Holy, Do Not Take Out a Crypto-Mortgage on Virtual Land

On November 5, the distributed lending app RCN announced that it would begin administering peer-to-peer smart contract loans for the purchase of real-estate plots in Decentraland, the blockchain-based virtual world. Decentraland is an extremely promising project, and RCN’s loans are conceptually fascinating. And yet, for anyone attuned to financial history, the idea of blockchain loans […]

a month ago

OKEx chops out illiquid trading pairs to improve trading environment

An exchange is considered to be robust if it actively keeps making changes to exchange that helps in keeping the trading environment healthy and improves the user experiences. OKEx has just done that by delisting trading pairs weak liquidity and trading volume according to the OKEx Token Delisting / Hiding Guideline. OKEx delisting pairs which are illiquid According to the latest notification issued by OKEx, the exchange will delist several TRADING PAIRS with weak liquidity and trading volume according to the OKEx Token Delisting / Hiding Guideline. The execution time for this actin would be at 06:00 Oct 31, 2018 (Central European Time). The exchange advises users to cancel their orders of the affected pairs from the platform. If the order is not cancelled in time, the order will be cancelled by the system and the asset will be credited to your trading account. The exchange also emphasised that only the TRADING PAIRS with weak liquidity and trading volume, but NOT THE TOKENS themselves, will be delisted. Other satisfactory trading pairs can still be traded normally. The exchange also put forward that it strictly monitor all listed projects and implement the delisting / hiding mechanism for substandard projects when necessary. Protecting the interest of the exchanges users is key for the exchange. There are total 50+ pairs that are being delisted. Details of the mis as follows Ticker Token Name Pair READ READ BTC NGC NAGA ETH, USDT PRA ProChain BTC IPC IPChain ETH, BTC MAG Maggie ETH , BTC TRA Travel BTC VEE BLOCKv USDT RCT RealChain BTC, USDT CBT CommerceBlock ETH, USDT DNA EncrypGen BTC, ETH VIU Viuly ETH, BTC RCN Ripio Credit Network ETH MTH Monetha BTC, USDT AVT Aventus ETH, USDT CAG Change BTC, ETH REF RefToken USDT UKG Unikoin Gold USDT BRD Bread USDT ATL ATLANT USDT CAN Content and AD Network BTC CHAT ChatCoin ETH AUTO CUBE USDT, BTC MTL Metal USDT SUB SubStratum USDT EVX Everex BTC ICN Iconomi BTC, ETH OAX OAX BTC 1ST FirstBlood BTC, ETH SDA SixDomainChain BTC XAS Asch ETH AST AirSwap BTC, ETH GSC Global Social Chain BTC MOT Olympus Labs BTC, ETH UCT UCOT BTC AIDOC AI Doctor BTC TOPC TopChain BTC SPF Sportyco ETH ACE ACE ETH AMM Micromoney BTC, ETH FAIR FairGame BTC STC Starchain ETH XUC Exchange Union BTC This step is really prominent for OKEx and leaves an example for other exchanges as well to follow the suit if then need to keep themselves robust and enrich user experience. This also eliminates redundant tokens Will other exchange also follow suit like OKEx? Do let us know your views on the same The post OKEx chops out illiquid trading pairs to improve trading environment appeared first on Coingape.

a month ago

OKEX To Delist Over 50 Trading Pairs By October 31st

The delisting of cryptocurrencies by prominent exchanges has been a common occurence in the crypto-verse in the past one month. The delistings started when Binance ceased all trading of the four digital assets of Bytecoin (BCN), Chatcoin (CHAT), Iconomi (ICN) and Triggers (TRIG). OKEX would later also delist Bytecoin (BCN) from its trading platform. OKEX To Delist Over 50 Trading Pairs but Not Individual Tokens In an announcement on the 25th of October, OKEX announced that it was delisting 58 trading pairs linked to 42 digital assets/tokens. The reasons outlined by the exchange were two. Firstly, the trading pairs had a weak liquidity. Secondly, the trading volume of these trading pairs was too low to continue supporting them on the platform. The affected tokens and trading pairs are listed below: Ticker Token Name Trading Pair to Be Delisted READ READ BTC NGC NAGA ETH, USDT PRA ProChain BTC IPC IPChain ETH, BTC MAG Maggie ETH , BTC TRA Travel BTC VEE BLOCKv USDT RCT RealChain BTC, USDT CBT CommerceBlock ETH, USDT DNA EncrypGen BTC, ETH VIU Viuly ETH, BTC RCN Ripio Credit Network ETH MTH Monetha BTC, USDT AVT Aventus ETH, USDT CAG Change BTC, ETH REF RefToken USDT UKG Unikoin Gold USDT BRD Bread USDT ATL ATLANT USDT CAN Content and AD Network BTC CHAT ChatCoin ETH AUTO CUBE USDT, BTC MTL Metal USDT SUB SubStratum USDT EVX Everex BTC ICN Iconomi BTC, ETH OAX OAX BTC 1ST FirstBlood BTC, ETH SDA SixDomainChain BTC XAS Asch ETH AST AirSwap BTC, ETH GSC Global Social Chain BTC MOT Olympus Labs BTC, ETH UCT UCOT BTC AIDOC AI Doctor BTC TOPC TopChain BTC SPF Sportyco ETH ACE ACE ETH AMM Micromoney BTC, ETH FAIR FairGame BTC STC Starchain ETH XUC Exchange Union BTC 31st October Deadline The announcement further gave the deadline of 6am, 31st October, Central European Time (GMT + 1). Users are advised to cancel their orders of the affected pairs before the deadline. If orders are not canceled in time, the system will cancel them and the digital assets will be credited to the users’ trading accounts. Only Trading Pairs, Not Tokens The exchange went on to clarify that the delisting only affected trading pairs and not the individual tokens: Please note that only the TRADING PAIRS with weak liquidity and trading volume, but NOT THE TOKENS themselves, will be delisted. Other satisfactory trading pairs can still be traded normally. What are your thoughts on OKEX delisting the over 50 trading pairs? Please let us know in the comment section below. The post OKEX To Delist Over 50 Trading Pairs By October 31st appeared first on Ethereum World News.

a month ago

RCN team was at @ETHSanFrancisco the world's largest Ethereu...

RCN team was at @ETHSanFrancisco the world's largest Ethereum hackathon 👨‍💻 Here some pics 📸 $rcn @ETHGlobal… https://t.co/7HzsnHE9aW

2 months ago

Trading has been enabled for RCN against ARS on Ripio Exchan...

Trading has been enabled for RCN against ARS on Ripio Exchange @RipioApp Buy $RCN token on https://t.co/UlvE6fsqim… https://t.co/RG5G5lzXf9

2 months ago

At RCN we’re excited to sponsor the @ETHSanFrancisco this we...

At RCN we’re excited to sponsor the @ETHSanFrancisco this weekend! Join us in the opening, @Agusx1211 workshop on F… https://t.co/XsVs90sc5y

2 months ago

.@Agusx1211 (CTO & lead dev at RCN) will speak this week...

.@Agusx1211 (CTO & lead dev at RCN) will speak this week at the @TokenFest in Boston, announcing several upcoming r… https://t.co/zPUb27Hdp2

3 months ago

RCN News: Ripio is making peer-to-peer microloans available ...

RCN News: Ripio is making peer-to-peer microloans available today to all its 200,000 bitcoin wallet users by… https://t.co/o6xF8weFOq

3 months ago

Ripio Launches Crypto-Backed Loans In South America

Argentinian Crypto startup Ripio has launched its working lending platform in Argentina, Mexico, and Brazil. The company initially raised $37 Million last year through an Initial Coin Offering. It connects lenders and borrowers from across the world through Ethereum smart contracts. Lenders send their funds in RCN, while borrowers receive their funds in Fiat. Before the launch, Ripio ran a beta test, where 800 loans were given out, and the average loan size was $146. Ripio Credit Network (RCN) is currently priced at $0.0208, losing 9.94% in the last 24 hours. (VS)

3 months ago

Meet the team behind RCN, a peer-to-peer global credit netwo...

Meet the team behind RCN, a peer-to-peer global credit network based on cosigned smart contracts and Blockchain tec… https://t.co/anfTjAyMSh

6 months ago


News courtesy of berminal.com
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