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Blockchain News Cryptocurrency News

South Korean Dvision Network Integrates With Chainlink

South Korean-based VR Content Ecosystem Dvision Network has announced an integration of its technology with market-leading blockchain oracle solution Chainlink. Chainlink’s Decentralized Price Feeds, will enable Dvision Network users to accurately estimate the cost of NFT item creation in its VR marketplace. Additionally, Chainlink’s Verifiable Random Function (VRF) will enable the secure, provably-fair random generation and distribution of on-chain rewards to its users.

What is Dvision Network?

Dvision Network is a pioneering new VR metaverse on the blockchain, which aspires to set the new standard of what is possible for the VR user experience. By utilizing the exponential potential of Blockchain and VR technologies, Dvision network will create an unprecedented and inclusive virtual ecosystem for businesses, designers, and regular users.

The South-Korean powerhouse aims to establish an efficient VR ecosystem with a new concept, addressing the arising issues in the VR industry. Dvision offers high-quality pieces of content in the VR-City, and a customization of the virtual space in the VR-Space and essentially expands the VR ecosystem via its VR-Market, introducing its unprecedented NFT ecosystem.

Blockchain Oracles and Smart Contracts: A Perfect Match?

Blockchain oracles are devices or programs that enable (on-chain) smart contacts to interact with off-chain data and systems outside their native blockchain. This relationship allows the smart contracts to execute on-chain functions based on real-world data and events such as web APIs, IoT networks, and blockchain data-centric networks.

This new ability to use external data in smart contract applications has been a massive breakthrough, greatly expanding the amount of use cases possible on blockchains. The only caveat with this optimal relationship is that the oracle is responsible for executing the smart contract and must have a level of security and reliability equal to the underlying blockchain.

Chainlink Decentralized Oracle

Chainlink’s decentralized blockchain oracle uses a unique flexible framework preventing any one point of failure whilst allowing users to receive data from external sources. The initial intergration with Division Network will leverage Chainlink’s hugely successful decentralized price feeds as the primary oracle solution in the NFT marketplace.

Chainlink Price Feeds will be used to calculate the exact gas fees incurred when creating NFTs, ensuring users have access to accurate, up-to-date data on the true costs of using the network. Chainlinks Price Feeds were selected exclusively for their best-in-class features, including:

  • High-Quality Data: Price data is sourced from premium off-chain data aggregators, leading to a volume-adjusted market-wide price aggregated from hundreds of exchanges as opposed to any one exchange.
  • Decentralized: Price Feeds are decentralized at both the data source and oracle level, providing highly available and manipulation resistant oracle services.
  • Secure Nodes: All oracle nodes are run by known and experienced blockchain DevOps, bringing users reliable services to users.

Dvision Networks Provably Fair Random Gaming Rewards

Dvision Network will integrate Chainlink VRF to power the distribution of chance-based rewards to users who accomplish certain tasks. Chainlink VRF is an on-chain random number generation (RNG) solution that the oracle nodes, external entities, or even Dvision developers can tamper with.

This shift represents a huge advancement in the space, enabling a provably fair and on-chain verifiable source of secure randomness that any user can independently audit. In-game items or NFT attributes can now be proven as both randomly determined and distributed, ensuring each user has a fair chance of receiving cryptocurrency rewards.

Dvision Network CEO Jung Hyun Eom stated:

“By using Chainlink to access reliable price feeds and determine the distribution of random NFT rewards, Dvision users have assurances that the digital goods created by their gameplay will be based on provably fair systems, as well as be exchangeable on the open market for fair-market values and governed by economic models that are permanent and stable.”

Dvision and Chainlink: A Decentralized Vision

The core values supporting the Chainlink blockchain oracle perfectly align with the vision of Dvision Network, which aims to build a truly decentralized blockchain platform. Dvisions new integration with Chainlinks Verifiable Random Function and Decentralized Price Feeds are a game-changer for the VR industry, with a new found level of trust and security for not only the ecosystem, but the entire VR industry

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Bitcoin News Cryptocurrency News Ethereum News Litecoin News

Cryptocurrency Market Cap Blows Through $1 Trillion

A wave of recent institutional buying has propelled the total market cap of all cryptocurrencies to exceed the $1 Trillion level for the first time ever.

The price of bitcoin hit another all-time high Wednesday. Bitcoin (BTC) was trading around $36,868 as of 7 p.m. ET, Gaining 6.5% over the previous 24 hours, and easily surpassing Jan. 2’s previous record high of $34,366.

According to the latest data, the $1 trillion cryptocurrency economy has gained significant value in the last 24 hours. The world’s largest cryptocurrency, Bitcoin, is topping the list with a market cap exceeding $680 billion.

Best Performing Cryptocurrency Assets

Ethereum is the best performing asset among major cryptocurrencies, the total market cap of Ethereum jumped nearly 60% in the last 7 days to reach a market cap of $137 billion. As of writing, the price of Ethereum is hovering around $1,211, within striking distance of its all time high.

The world’s top cryptocurrencies have gained the limelight in recent days due to a significant increase in market value, but other crypto-assets like Cardano and Stellar have actually performed better than Bitcoin and Ethereum in the last few weeks in terms of percentage gain. Stellar (XLM) has gained more than 60% in the last 24 hours, and 159% in the last 7 days as the total market cap of the cryptocurrency reached $7.4 billion. Further, XLM posted strong gains after an announcement by the Ukrainian Ministry of Digital Transformation to work with Stellar Development Foundation to introduce virtual assets in the country.

Furthermore, Litecoin, Polkadot, Chainlink and Bitcoin Cash posted strong gains in the last few days as all the mentioned cryptocurrency assets gained more than 30% in the last 7 days. Institutional adoption is pushing the cryptocurrency economy beyond the $1 trillion market cap much quicker than most observers had anticipated.

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Bitcoin News Cryptocurrency News

After Extremely Strong December Gains, Theta Price Explodes On New Year’s Day

The price of Theta was a mere 57 cents at the beginning of December. Looking back, Theta was one of the best performers on the cryptocurrency market in the month that just ended. From 57 cents on December 1, Theta climbed relentlessly to close out the month at a price of $1.71, for a 30 day gain of 300%.

On the first day of this new year Theta has continued to soar, reaching a high (so far) today of just slightly more than $2.30, up an eye-popping 34% in the past 24 hours.

Theta was one of the best performers on the crypto bull market in the last several weeks, and for now, there is no signal of the trend reversal.  

Theta is a decentralized peer-to-peer network that was launched in 2019, and according to analysts, this network could improve the video streaming industry as well as a broad segment of the internet itself. Theta offers better video delivery at lower costs, and it is also important to mention that Theta has partnered with Chainlink to fight against online video ad fraud.

All major cryptocurrencies are advancing this past trading week; Bitcoin has increased above the $29,000 level, and this situation also supports Theta’s price. “The bull cycle of bull cycles has started, as more and more players are starting to adopt towards Bitcoin and cryptocurrencies,” said Cointelegraph Markets analyst Michaël van de Poppe.

Theta has been moving in an uptrend last several months, and the price of this cryptocurrency has exploded in December. Theta reached a low point in 2020 on March 13 at a price of slightly more than 5.5 cents.

Theta Fuel (CURRENCY:TFUEL) traded 13.3% higher against the U.S. dollar during the one day period ending at 0:00 AM E.T. on December 30th. Theta Fuel has a total market capitalization of $152.81 million and approximately $15.51 million worth of Theta Fuel was traded on exchanges in the last day. One Theta Fuel coin can currently be purchased for about $0.0308 or 0.00000106 BTC on major cryptocurrency exchanges including Gate.io and Upbit. In the last seven days, Theta Fuel has traded 60.8% higher against the U.S. dollar.