Editor: CryptoPirate
Follow on twitter @Crypto_Pirate57
11/11/2022
Hello GZX community, Crypto Pirate here, and I am sure we are all more than ready for the weekend. This week was hands down the most turbulent ever, as we experienced the largest black swan event in crypto history. I am of course speaking of the debacle with Sam Bankman Fried(SBF) and his FTX exchange. Now I know it is concerning to see the second largest exchange in the space going insolvent with bankruptcy imminent, but I wanted to take a minute to remind everyone that while this was indeed a great upset, these types of things are unfortunately normal for markets.
When leveraging goes wrong!
Most markets will see the collapse of one, if not several large players before the worst is over. Just think back to the great recession of 2008 with the collapse of Lehman brothers. A large, over levered player took on more risk than they should have, and used their clients funds, and it back fired in a major way. What is important to remember is that while it is unfortunate, and causes large downturns and capitulations, these events aren’t widespread. It isn’t every exchange out there that is playing fast and loose with their clients funds and over leveraging themselves.
I bring this up because recently the GZX token was listed on the Globiance exchange/Dex, and I want to assure everyone that not all exchanges are created equally. Globiance is regulated, and has had two audits conducted on their exchange. This vetting and clarity speak volumes of their platform and definitely bode well for client confidence. Now I will never say any exchange is perfect, nor impervious, but the Globiance team has been solid and transparent, and I truly respect that in an age where so many try to pull the wool over our eyes.
Building trust and transparency
A large part of what makes Globiance secure and transparent is that they are built on the XinFin XDC Network blockchain, which uses the XDPoS consensus mechanism, where Double Validation is motivated by the need for an additional trust-less validation layer that enhances security via a provable uniform distribution. The trust-less validation layer is achieved through decentralized randomization. Not only is the XDC network secure, but it also boasts impressive latency times of 2 seconds payments finality, and a throughput of over 2,000 Transactions per second(TPS). The XDC network is also open sourced, adding to the factor of transparency.
Globiance also ahs its own Stablecoin, USDG, that they have used as one of the pairings for the GZX token for more options and convenience when trading. And while I know that many have been leery of Stablecoins due to the de-pegging of UST and concerns of USDT not having the proper collateral backing, Globiance has set out to bring trust and transparency back to this sector of the industry as well.
The Globiance CEO, Oliver Marco La Rosa, says “Globiance represents a significant opportunity to set a new standard of transparency and auditability in digital currencies and will help drive trust and mass adoption of stablecoins. Our combined focus will include specific stablecoins, facilitated fiat <> crypto exchanges and helping the unbanked and over-banked. Together we will drive wider adoption of blockchain technology like XDC Network.” In an industry that has seen many a scandal and exchange downfall over the last year, this level of transparency and benevolent intent is quite refreshing.
In short, the last week has been rough for the space and its investors, but we shall persevere over the FUD and manipulation, and continue to build and grow with this incredible merging market. GreenZone remains committed to making recycling a global endeavor, and are grateful for the continued support of the GZX community at large. Have a wonderful weekend mates, and remember to Think Globally, Act Locally. Cheers.