Oil Giants Go Live on Blockchain and Payments See Progress, Waves, Pay, 0x

The Vakt trading platform brings the oil majors to the blockchain. WAVES, TenX and 0X show their progress in payment solutions.

Another recent example of a blockchain adopted in the global financial system was the news that the oil trading platform, Vakt, was now live. Developed by a consortium involving oil giants BP and Shell, the product's goal is to use blockchain for lower costs and secure transactions without intermediaries. The Vakt platform has been financially supported by ABN Amro, ING and Société Générale.

Initially, the platform will be used by the consortium and a handful of commodity trading houses before being opened to other participants in January 2019. Commodity trading is a core business for major energy companies and this product it should be seen as another milestone for blockchain technology.

Bringing oil trading to a ledger will provide greater efficiency, security and speed to one of the world's most important assets. If the platform is successful, we can expect to see it launched in other areas such as gas, energy and carbon credits.

In a launch announcement, Vakt stated that the company

Guide the migration of all forms of energy transaction data to the blockchain, improving data quality, further strengthening security and increasing the speed of settlements at the sector level, while reducing costs for industry participants.

WAVES

One of the best performing coins of the week was WAVES with a gain of 56%. It is always important to note the currencies that are outperforming in the bear market and WAVES would be one to keep an eye on as the platform prides itself as the fastest blockchain with real solutions for storing and exchanging tokens, decentralized trading and management of smart contracts.

The highest move in WAVES was driven by a long-awaited update for the mobile app, which increases security and also allows users to rent their tokens from their smartphone. Mobile app users "are 207 million in the United States and 1.02 billion in China", according to the WAVES blog and this is the market they are targeting.

The blog also states that the mobile app has been completely reworked to include a cryptographic portfolio, the decentralized Waves exchange and an important feature being a fiat gateway, with the project proudly stating that no other platform offers anything like that!

The security features of the app include encrypted traffic, face ID and fingerprint scanning.

The gain in WAVES sees the currency trading at number 21 in the list of coins by market capitalization with a value of $ 250 million and a circulation of 100 million. The rally has WAVES probing the previous lows since November '17 and June '18 and could set the stage for a transition to resistance at $ 3.50 and $ 6.00.

TO PAY

TenX is another coin that earned the week with a move of 67% higher than the number 67 on the list. The move brings TenX to $ 0.40 and looks like it can come out of support levels to test the next $ 1.00 level. TenX has a market capitalization of $ 49 million with 114 million coins on offer.

TENx is a digital wallet with a physical card that allows users to spend cryptocurrency in any store, even if they do not accept cryptography. Built on the COMIT network, the app is available for Android, iOS and Web. Currently, the multi-currency portfolio currently only supports Bitcoin, Ethereum and Litecoin but plans to expand to more coins in the future.

An interesting feature is that you can pay with a mix of coins, so, for example, you can divide a 50% Bitcoin payment, 30% Ethereum and 20% Litecoin. This would be a useful feature to exploit price movements between different currencies.

ZRX

0x is another project that brings cryptographic payments to the next level with its version of "Instant", which allows developers to add token exchange functionality to any website or application.

Instant could be a revolutionary product for 0x with the early adopters of the Coinbase wallet and CoinGecko technology. Instant allows you to purchase ERC 20 and ERC 721 resources in a secure and easy-to-use interface without having to order orders.

Will Warren, CEO and co-founder of 0x commented,

0x Instant provides a simple and intuitive interface that can be incorporated into any website or app, allowing visitors to "1-click buy" the Ethereum tokens with ease. Behind the scenes, every copy of 0x Instant attracts liquidity from a huge shared pool accessible globally.

The instant news did not help the price of 0x substantially, with the price still seeming to bear around $ 0.275. ZRX has a market capitalization of $ 148 million and a current offering of 551 million.

Key support – transformed resistance at the $ 0.500 level will be the key level for ZRX to violate if it wants to make a sustainable rally higher.

Despite continued downward activity in the encrypted market, the key point is that large companies continue to implement blockchain, while some niche projects are opening the door to making cryptocurrency payments easier for the general public.

Removal of the exchange trading level from the payment system is vital for the adoption of cryptocurrencies. As we already see in the current fiat currency exchange system, trading operates behind the scenes with sellers who exchange currency at the relevant rate. Providing a "one-click" exchange with the on-ramp ramp is a move in the right direction to see the cryptocurrencies used for real-world solutions.