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    670 127 15 July, 2019
    Stablecoin issuer Tether accidentally created $5 billion-worth of its USDT stablecoin at the weekend, before promptly destroying them again.

The mess-up occurred when the company was helping cryptocurrency exchange Poloniex conduct a chain swap, moving tethers from the Omni to the Tron blockchains, according to Tether CTO Paolo Ardoino.

Ardoino explained in a tweet on Saturday: “Tether is issued on multiple chains (Omni, ETH, ..) When @bitfinex receives too many deposits for Tether-Omni and then users want to withdraw Tether-ETH, @bitfinex sends back to @Tether_to the Omni ones and gets back the same amount in ETH.” In another post, he explained that the error had occurred because there had “been an issue with the token decimals” when when preparing the issuance for the swap.

Poloniex, which is owned by crypto finance firm Circle, confirmed the error in its own tweet, adding, “An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.” The mistakenly issued coins have now been destroyed, or “burned,” with Ardoino providing links to the burn transactions here (4.5 billion USDT) and here (500 million USDT). Ardoino (kind of) apologized for the error in yet another tweet, saying: “Unfortunately we have to play with different toolchains across multiple [blockchains] and sometimes issues happen. We’re working anyway to prevent this from happening in the future.” What do you think of Tether's mistake?

Follow @sharecrypto

#investing #cryptoworld #litecoin #bitcoinsallday #coinmarketcap #ripple #business #cryptocurrencies #cryptocurrencynews #cryptotrading #altcoins #entrepreneur #btc #cryptomeme #hodl #ethereum #cryptoexplorer #blockchain #cryptocurrency

    Stablecoin issuer Tether accidentally created $5 billion-worth of its USDT stablecoin at the weekend, before promptly destroying them again.

    The mess-up occurred when the company was helping cryptocurrency exchange Poloniex conduct a chain swap, moving tethers from the Omni to the Tron blockchains, according to Tether CTO Paolo Ardoino.

    Ardoino explained in a tweet on Saturday: “Tether is issued on multiple chains (Omni, ETH, ..) When @bitfinex receives too many deposits for Tether-Omni and then users want to withdraw Tether-ETH, @bitfinex sends back to @Tether_to the Omni ones and gets back the same amount in ETH.” In another post, he explained that the error had occurred because there had “been an issue with the token decimals” when when preparing the issuance for the swap.

    Poloniex, which is owned by crypto finance firm Circle, confirmed the error in its own tweet, adding, “An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.” The mistakenly issued coins have now been destroyed, or “burned,” with Ardoino providing links to the burn transactions here (4.5 billion USDT) and here (500 million USDT). Ardoino (kind of) apologized for the error in yet another tweet, saying: “Unfortunately we have to play with different toolchains across multiple [blockchains] and sometimes issues happen. We’re working anyway to prevent this from happening in the future.” What do you think of Tether's mistake?

    Follow @sharecrypto

    #investing #cryptoworld #litecoin #bitcoinsallday #coinmarketcap #ripple #business #cryptocurrencies #cryptocurrencynews #cryptotrading #altcoins #entrepreneur #btc #cryptomeme #hodl #ethereum #cryptoexplorer #blockchain #cryptocurrency

    364 33 11 hours ago
    The global blockchain supply chain market is expected to reach over $9 billion by 2025, according to a study published by market research and consulting firm Allied Market Research (AMR) on July 8.

AMR estimates that the global blockchain supply chain market will amount to $9.85 billion by 2025, showing an 80.2% surge of the compound annual growth rate (CAGR) from 2018 to 2025. Among the key driving factors, AMR named the sector’s demand for transparency, and improved security of supply chain transactions blockchain could purportedly ensure.

By industry vertical, the retail sector is forecasted to lead in terms of contribution to the total market revenue from 2018 to 2025, although the healthcare industry will purportedly see the highest CAGR over the projected period. Those industries are accompanied by  manufacturing, food and beverages, and oil and gas as the major contributors to the blockchain supply chain market.

Based on geography, AMR considers North America to be the most advanced region in terms of infrastructure and technology adoption, while the Asia Pacific region is expected to register the CAGR highest growth of 90.4% for the blockchain supply chain market during the forecast period.

Another recent study by market research project Reportlinker predicts that the blockchain market in the automotive and aerospace fields will reach over $20 billion by 2029. The study also sees blockchain features such as transparency, fast transaction settlements, and removal of risk of fraud as major growth drivers.

As reported in May, global blockchain spending will purportedly account for almost $2.9 billion in 2019, which is an 88.7% increase from 2018. Per market research firm International Data Corporation, manufacturing and distribution services are predicted to see spending on blockchain amount to $653 million and $642 million respectively in 2019.

Which companies could benefit from blockchain technlogy?

Follow @blocklantis

    The global blockchain supply chain market is expected to reach over $9 billion by 2025, according to a study published by market research and consulting firm Allied Market Research (AMR) on July 8.

    AMR estimates that the global blockchain supply chain market will amount to $9.85 billion by 2025, showing an 80.2% surge of the compound annual growth rate (CAGR) from 2018 to 2025. Among the key driving factors, AMR named the sector’s demand for transparency, and improved security of supply chain transactions blockchain could purportedly ensure.

    By industry vertical, the retail sector is forecasted to lead in terms of contribution to the total market revenue from 2018 to 2025, although the healthcare industry will purportedly see the highest CAGR over the projected period. Those industries are accompanied by manufacturing, food and beverages, and oil and gas as the major contributors to the blockchain supply chain market.

    Based on geography, AMR considers North America to be the most advanced region in terms of infrastructure and technology adoption, while the Asia Pacific region is expected to register the CAGR highest growth of 90.4% for the blockchain supply chain market during the forecast period.

    Another recent study by market research project Reportlinker predicts that the blockchain market in the automotive and aerospace fields will reach over $20 billion by 2029. The study also sees blockchain features such as transparency, fast transaction settlements, and removal of risk of fraud as major growth drivers.

    As reported in May, global blockchain spending will purportedly account for almost $2.9 billion in 2019, which is an 88.7% increase from 2018. Per market research firm International Data Corporation, manufacturing and distribution services are predicted to see spending on blockchain amount to $653 million and $642 million respectively in 2019.

    Which companies could benefit from blockchain technlogy?

    Follow @blocklantis

    194 7 11 hours ago