Ukraine and Stellar collaborate to develop digital currency

The Ukrainian government has selected the Stellar blockchain as the foundation for the creation of a central bank digital currency (CBDC). Joint work for the creation of a digital Ukraine hryvnia will start during the month.

Ukraine chooses Stellar for its digital hryvnia

An official statement tells us that the Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation (SDF) have just signed a cooperation agreement. As part of this agreement, the two entities will work on the development of a strategy for the development of digital assets in Ukraine.

In addition, the Bitcoin Lifestyle scam network should be used to host a digital version of the hryvnia , the national currency of Ukraine:

“The National Bank of Ukraine has been studying the possibility of setting up a central bank digital currency since 2017. We aspire to ensure the adaptation of our country to technological innovations and competitiveness in the European financial market of the Is, ”underlined Ukrainian MP Oleksandr Bornyakov.

Denelle Dixon , CEO of the Stellar Foundation, says she is thrilled that Stellar is playing a role in building Ukraine’s dedicated digital asset infrastructure:

“Ukraine has demonstrated its commitment to fostering an environment of innovation for the digital economy. We look forward to working on the digitization of the hryvnia, to bring Stellar-based tools and services to the people and businesses of Ukraine, and to introduce new partnership opportunities in Ukraine for businesses in the Stellar ecosystem. . „

Stellar should therefore not only provide its infrastructure, but also open the door to projects in its ecosystem towards a whole new market. In addition, the Stellar Foundation will officially launch its activity with Ukraine in January 2021.

Banks like Stellar blockchain

Recently, in early December 2020, one of the oldest banks in Europe, Bankhaus von der Heydt (BVDH), launched a euro-backed stablecoin on the Stellar blockchain .

Issued in the form of a token on the Stellar blockchain, the operation of this stablecoin could certainly be taken over for the creation of the digital hryvnia. The Stellar Foundation therefore already has sufficient technical resources to host a central bank digital currency.

These concrete applications of the network make it more visible, and propel Stellar towards “ a new wave of financial innovation „, Denelle Dixon supports.

Little by little, the infrastructure of Stellar is strengthened and the project manages to renew itself . Last October, Coinbase and Circle’s USDC stablecoin was deployed on the Stellar blockchain. An addition that greatly enhances Stellar’s capabilities as a cross-border payments network.

What were the best and worst performing cryptocurrencies in 2020?

Taking into account, for example, the top ten by market capitalization, excluding of course Tether (USDT) because it has stable value and Polkadot because in 2019 it did not exist, the one with the best performance was Chainlink (LINK), which in twelve months appreciated by more than 500%.

Chainlink: the best crypto performance of 2020

LINK debuted on the crypto markets in November 2017, so it has been tradable for over three years. However, until May 2019, it had not shown strong movements.

In the course of last year it had already increased a lot in value, however, ending the year below $2. Since then, the price has literally soared to close to $20 in August.

ADA is also still a long way from the all-time highs of early 2018, and during 2020 has recovered much of what it had lost in past years. In some ways, ADA’s 2020 parabola was similar to ETH’s, albeit with slightly different timelines and Bitcoin Supreme review not in first place

Now the price has settled between $11 and $12, i.e. more than five times the value at the beginning of the year.

Ethereum and Cardano in 2020

In second position there are, very close, Ethereum (ETH) and Cardano (ADA), with an increase in value of more than 460%.

For ETH, it was a real return to the glories of the past, as it closes the year with a value similar to what it had in May 2018, i.e. just after the bursting of the great speculative bubble at the end of 2017.

Although it is still far from its all-time highs, it has recovered much of what it had lost in recent years in 2020.

Bitcoin (BTC) is only in fourth place, however with a more than honorable +265%, followed by Litecoin (LTC) with +195% and Binance Coin (BNB) with +177%. In the penultimate position is Bitcoin Cash (BCH) with +67%.

None of the top ten cryptocurrencies by market capitalization seem to be closing the year in a negative way, although XRP, last in this ranking, comes close, with +2% that however could even get worse before the end of the year.

In fact until mid-December XRP’s annual performance was more than positive, but the news of the SEC lawsuit wiped out all of its 2020 gains.

If instead we extend the analysis to the other cryptocurrencies, and in particular to the smaller ones, the best and worst performances belong to almost unknown coins.

The best annual performance ever is by Bitswift (BITS), which closes 2020 with a phantasmagorical +367,138%. It is followed by TerraCredit (CREDIT) with +26.007% and AXiaL (AXL) with +23.620%.

However, these are cryptocurrencies with decidedly low market capitalization: BITS and AXL capitalize less than two million dollars, while CREDIT even falls short of $200,000. Also having very low trading volumes, they can have exaggerated volatility.

As for the worst performance, there are as many as five cryptocurrencies that have lost practically 100%, and ten others that have lost more than 99%. These are tokens whose value has practically dropped to zero, or close to it, often due to various problems.

Most of these are technical tokens from the exchange, but there are two that have a story of their own.

They are Foin (FOIN), which has lost practically 100% of its value, and Tobigca (TOC), which has lost 99.9%. In both cases, during 2020, their value almost went down to zero, although that of FOIN went down to zero suddenly, moreover while it was growing, on the contrary that of TOC was already in a sharp decline since August last year.

Worth mentioning, however, is the yearly performance of Kusama (KSM), i.e. the token of Polkadot’s experimental „canary network“, which registered an incredible +4.668%, and on the negative side that of Omnitude’s token, launched in 2018 via an ICO, which lost 97% of its value in one year.