Investment in Bitcoin Made easier by Bitcoin, 650 US banks ready for competition with Coinbase

The investing of Bitcoin has just become easier. 650 banks are ready to compete with Coinbase in the United States (US). Bitcoin (BTC) and other cryptocurrencies may be purchased directly through millions of users via their own accounts.




So far, the "pain" of watching their client's cash flee to Coinbase's gigantic crypto exchange have been felt by hundreds of institutions throughout the USA.

It is like stating that money is merely moving in and out of the bank, even if it still gets income in the form of administrative fees.

So 650 banks are ready to purchase and sell Bitcoin, so that clients may simply invest in Bitcoin to maintain trading safe.

The cooperation between the New York Digital Investment Group (NYIG), the Stone Ridge investment company, and National Cash Register was a result of (NCR).

In 1884, NCR was established. Its offerings include point of sale (POS), digital banking, mobile banking and mobile banking.

In more than 160 countries, NCR services consumers. They're mostly banks.

NYIG is centered in crypto-related services, which was established in 2016. Crypto Future Investment Products NYIG has a tight partnership with Morgan Stanley.

NYIG also supported MassMutual insurance firm to acquire thousands of coinbase Bitcoins.

"We firmly trust the advantages and strategic use of crypto. And that is true of our tight connection with the financial sector," said NCR President Douglas Brown.

NCR collaborated with the Flexa business situated in New York in May 2021.

It allows Altoona customers to pay by using Bitcoin, Ether (ETH), Litecoin (LTC), Dogecoin (DOGE) and more for the goods and services provided by Altoona companies.

"Many of these institutions observe that money is being transferred from the bank towards trading like Coinbase by one of the largest outflows for consumers," said Yan Zhao, Ston Ridge co-founder.

NYDIG has numerous crypto-assets worth 4 billion USD in February 2021, including at least 1 billion US$ of BTC 30,000 held by Stone Ridge Holdings Group, its parents.

Just a month later, managed assets grew to over 6 billion dollars.

And the firm has silently partnered banking, which is supposed to allow Bitcoin services in the United States to be delivered to around 70 percent of the US banks.

Because of the green light of the US Dollar Supervisor Office last year, banks were able to accomplish this. The U.S. Department of Treasury is responsible for this office.

They ensure that US banks may supply their clients with crypto-services.

 

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CoinMarketCap starts Uniswap-powered Ethereum Token Swaps

CoinMarketCap has released a token swap functionality with Uniswap integration, which suggests other DEXs and networks are supported in the future.




CoinMarketCap (CMC), through integrating with Uniswap, is starting a token swap functionality on its platform.



CMC has been owned by Binance since April 2020 and is one of the most popular cryptomarket aggregators in the business.

A swap icon now features on the Ethereum tokens page to allow users to link a carry and switch between tokens ERC-20.
This platform supports MetaMask, Coinbase, Fortmatic, Portis and WalletConnect wallets.


In its June 29 release that only Ethereum "at this moment" is supported and the Uniswap App will become the 'first supported DEX to swaps." CMC suggests that more integrations may occur with other DEXs and networks in the future.

Since beginning of the year, CMC has experienced a notable increase in website traffic, from 101 million overall visits in January to 272.32 million in May.
According to data from Web analysis company SimilarWeb, Binance is the top traffic website for the platform, equal to 52,68 percent of referrals last month.

 

 

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From Aave to Yearn: These Are DeFi's Blue-Chip Tokens by cryptops.org

The rocket pulls and scams as the DeFi space expands. The DeFi projects with top repute and investor confidence have been selected by Decrypt for the present time. "Blue Chip's" stocks are household brands in the conventional stock markets, with solid financial and continuous revenues, even during downturns, proved over the long run. The designation is far from technical and works more as a subjective seal of approval from the financial community: these businesses are here to be kept and investing in them cannot be incorrect. Think about Berkshire Hathaway's Amazon, Apple, Nike, and Warren Buffett.

 

Decrypt has selected eight projects that are currently near to the community's bluechip status in the emerging and fast developing DeFi (Decentralized Finance) sector. Our criteria include reputations, hacking deficiencies, pricing performance and upgrades and new features.

DeFi is still so young that any DeFi projects still have "blue chips" to crown. However, according to DappRadar, investors have invested more than $65 billion into DeFi protocols. Not all DeFi projects are made equal, though. The growth of the industry has been punctured by hacks, vulnerabilities and "robberies" which have separated money from blue chips. As with any new, volatile assets, investors should continue with caution and only put in what they might lose. It won't take at least some hacks, crashes, and fear to build the future of financial affairs.

None of these initiatives are so established as a brand like Microsoft or Apple, but the DeFi investment community have each gained a certain degree of confidence. In cryptography, digital gold is worth its weight.


Decrypt updates our list of DeFi coins with the development of space over time.

 

  1. Aave: The Finnish ghost

    Founded: 2017, rebrand to Aave in 2018
    Founder(s): Stani Kulechov
    Ticker: AAVE (was LEND until 2020)
    Price performance in 2021: +104.78%

    Aave used to let users gain interest in their idle tokens by lending to borrowers. In fact, it was ETHLend. In contrast to alternatives to Big Bank, on the Ethereum blockchain this behavior is likewise completely visible. Over the years, Aave has developed its concept, added additional services and even earned a payment license in the UK.

    You may earn a varied rate from common to exotic for over 20 different investments. Depending on the market demand for the loans, this interest rate varies. For example, the protocol encourages lenders to lend DAI through competitive pricing if masses of investors wish to borrow DAI.

    But borrowing is a bit different, because rates are changeable and steady. Today, it charges consumers a fixed DAI interest of 11.8% and variable interest of 3.61%, and for a much longer period the stable rate remained unchanged. Borrowing assets is a crucial DeFi market, whether or not you love it. You may be bullish at Ethereum, for example, and you won't want that Ethereum to sell. Simultaneously, you may also invest in another project, or just desire to pay crypto dollars or euros for your accounts.

    However, it might be dangerous to take out a loan like this. If the value of the asset you have borrowed (called your collateral) falls, you can sell the protocol for your deficit. For every asset on Aave, this barrier is different.

  2. Uniswap: The decentralized unicorn 

    Founded: 2018
    Creator(s): Hayden Adams
    Ticker: UNI
    Price performance in 2021: +195.44%

    Uniswap has been established in 2018 and is the leading decentralized exchange or DEX with about 64.7% of the market share. (Sushiswap, the near-identical fork, is his closeest competition in this area). Uniswap retained for a while its supremacy, despite the increasing number of decentralized exchanges. This has won the project its blue-chip designation as well as the exceptional performance of its management token UNI.

    A retroactive airdrop issued the UNI token in September 2020. Anyone who utilized Uniswap before the airdrop received 400 UNI tokens worth around $1,400, at that time. Hayden Adams, the developer of the protocol, used it to thank the community early on for its support of the exchange.

    You may exchange any Ethereum token on the market and if it is not included with the DEX, just copy and paste your smart contract address to add that token. After trade, your assets can be placed idle in your wallet into the protocol, which can also make money.

    Uniswap v2 has a flat charge of 3% for all businesses. This implies that anyone adding their coins, called liquidity providers, receive 3% per rat for each trade done for a certain token pair. This also increases the pair's largest trading volume the most fees. The more you provide money, the more money you may make from these fees.

    Uniswap's current edition, v3, makes the arrangement significantly more granular. Instead, cash suppliers can pick a charge tier between 0.05%, 0.3% and 1%. You can also indicate a certain price range for which you are interested in providing liquidity, indicating that only trades made within this price range are to be paid.

  3. SushiSwap: Cooking up dapps

    Founded: 2020
    Founder(s): “Chef Nomi”
    Ticker: SUSHI
    Price performance in 2021: +118.39%

    As the Uniswap-meets-yield farming DeFi-app, SushiSwap came released in August 2020. Nowadays, you can do much of what other great applications like Aave and Compound have to accomplish: there's a decentralized exchange; a loan market; and a small dapp network (named 'BentoBox' dapps). You may use its token governance, SUSHI, and vote on platform updates, and Onsen is a dapple for agricultural yields.

    SushiSwap has linked with the trend of DeFi summer, which is to named the most successful and less scammed Financial Protocols after food. It was built by "chef nomi" and managed by a community manager named 0xMaxi, an anonymous team of engineers. Little is known, save that 0xMaxi is an extremely intelligent, French-speaking young guy.

    Chef Nomi launched the initiative, but last summer he took a runner and withdrew a couple million dollars from the treasury of the Protocol. After a lot of trouble, he returned to the platform, returned everything and was excommunicated quickly from development. 0xMaki became de facto protocol leader and has been working since then on this protocol.

    With 2.44 billion dollars in the value of its smart contracts and 108 percent more of its SUSHI management token in 2021 as more people occupy a table with sushi, SushiSwap is the ninth most significant decentralized financial protocol.

  4. Maker: DeFi’s central bank 

    Founded: 2015
    Founder(s): Rune Christensen
    Ticker: MKR, DAI (stablecoin), BRK (unit bias token)
    Price performance in 2021: +200.93%

     


    Maker's renown is that it is one of the few successful stablecoin DAI on the market. Data is supported through overcollateral loans, as opposed to centralized stablecoins like Circle's USDC or Tether (USDT). Overcollateralized credits are credits that exceed the value of the loan in the underlying asset.

    Maker is playing with a similar idea. Users have $1.5 in ETH to mint $1 on DAI. Because of the fact that Maker's collateral ratio is 150%. If the collateral value falls below 150% (i.es. $1.5 in ETH is $1.4), then the protocol begins to sell the collateral to repay the borrowed DAI and to impose a penalty to slap an extra cost. The use of Maker and leveraging time on their offerings was one of the early techniques for speculators. They would buy even more ETH using that DAI, and so on after borrowing DAI against their ETH.

    The quantity of collateral assets now employed is significantly greater and the collateralization percentage varies from asset to asset. In April, Maker and Centrifuge extended beyond cryptography to enable users to mint DAI as collateral on tangible property. The move gives an insight into a world that smoothly integrates traditional finance with cryptography.

    Maker's most important element is DAI. But one worry is that Circle's USD Coin has an increased amount of collateral (USDC). This is because the token activity of Circle is ultimately under control. In 2020, the company even published a $100,000 USDC Ethereum address. Many DeFi purists worried that the protocol may deviate from its initial purpose, because it is endorsed by more than 55.5% of total DAI.

  5. Compound: High-tech, high-interest savings 

    Founded: 2017
    Founder(s): Robert Leshner
    Ticker: COMP
    Price performance in 2021: +60.88% 

    You may earn interest in different Compound tokens like a high-interest savings account. The variety of tokens is rather less than Aave's, and a number of the distinctive features Aave has developed in recent years are absent.

    Inventive yield agriculture (then referred to as 'liquidity mining') is credited by Compound in June 2020. IDEX was, in fact, the first initiative to try something similar in 2017 as a decentralized exchange, but was a considerably smaller experiment. Compound stated on 27 May 2020 that the COMP coin would be launched. After Compound's proposal 007 was adopted, the distribution started on 15 June 2020.

    You began receiving the COMP token as a bonus when you lent or bought on the platform at the time. You might have earned 2% on your DAI holdings for example; however you earned this 2% plus a COMP token, which is proportionate to your participation inside a certain market, during the return farming event.

    The assumption was that the event would encourage new users to take part and acquire the management token and effectively decentralize protocol control. Because users with the token COMP may also vote on matters like as the logo modification of Compound or the addition of new assets.

    The protocol retains an overall value locked top five defi protocols (TVL). TVL is a generic measure for how much money has been 'locked' in its smart contracts by a specific project. Compound Labs is presently constructing a multi-chain compound Gateway for future advancements.

  6. Curve: Decentralized stablecoin trading 

    Founded: 2020
    Founder(s): Michael Ergorov
    Ticker: CRV
    Price performance in 2021: +118.39% 

    For a layman, Curve may be seen as a decentralized exchange designed for assets with the same relative worth. A stablecoin like USDC or Tether might be an example of this type of asset. The many "wrapped" Bitcoin variants, like WBTC and renBTC might provide another example.

    It should also be remembered that although these assets are intended to keep the same value, this is not always the case.

    The difference, however, is often small. Nevertheless, money is money, and many investors want to ensure that they receive the most bang. This particularly applies to significant holders of such assets.

    Naturally, the number climbs as the deal grows, Curve often being the winner. Moreover, Curve trading fees are considerably lower than Uniswap. Uniswap costs trader 0.3%, as indicated above, whereas 0.04% is charged by Curve.

    This improved efficiency is crucial for individuals who want to lend their idle assets and to borrow them. As previously noted, the rates for credit and debt on assets vary according to supply and demand. The DAI can earn 3% on Compound, whereas the USDC can earn 7% on Aave. The former is therefore more useful to swap for the latter if you want the biggest profits. Curve indicates that as much value as feasible is retained.

    Like Uniswap, Curve likewise enables customers to get interest in cash supply. The Curve Governance Token is also available, known as CRV. With this token, holders can propose and vote on different protocol improvements or amendments.

  7. Synthetix: Tokenized stocks 

    Founded: 2017
    Founder(s): Kain Warwick
    Ticker: SNX
    Price performance in 2021: -37.68% 

    Synthetix allows users to construct synthetic copies of the Ethereum Blockchain's conventional assets (such as shares and commodities). They're called "synth" by the platform.

    These synthetic assets follow the price of the mirrored asset by using Chainlink data oracles. When, for example, the price of gold (XAU), the price of synthetic gold (sXAU) increases in the lock-up process. The synthetic Tesla inventory is also falling as the price of Tesla inventory (TSLA) drops (sTSLA).

    Synthetix also allows you to develop unique assets that are not available in regular finance. For example, a user might build a synthetic asset in line with, or rising with, a country's GDP. You might also develop an instrument that monitors the popularity of major influencers, as each influencer collects more followers.

    Although none of these are available in the media, Synthetix provides a platform for the creation of such assets. In order to establish them, SNX, the holder of the indigenous token, should produce a SIP and allow the community to vote for the execution of the plan.

    The synthesis token is a governance token, as are all the blue DeFi chips listed. However, the SNX token also has a key function in stabilizing the Protocol and in ensuring the viability of these synthetic assets, beyond from just voting on SIPs.

    This is because to the difficulty of trading the Apple inventories, oil and world currencies outside the Synthetix ecosystem. For example, the sOIL asset is not included in the Coinbase, which follows the price of oil. And even if Uniswap and DEX aggregator 1 inch are able to manually enter the contract address, there is insufficient liquidity to complete the deal efficiently. Users need a native stablecoin, sUSD, to buy them. And to do so, consumers have to put their SNX first. This is comparable to the DAI process of Maker.

    Staking SNX offers a variety of encouragement. Upon exchange of synthetic assets on the whole platform users who hold their tokens are also eligible to pay fees. At press time this charge is 0.3%. Stakers also get monthly donations as part of the inflationary incentives of the Protocol.

    You will see that this year the SNX token has been quite ineffective for its peers. The complexity of the protocol and the increasing competition are perhaps some causes (Solana, for example, is now listing tokenized stocks on its blockchain). Nevertheless, Synthetix is one of the original DeFi protocols in space, with a large number of projects appropriating ideas for themselves.

  8. Yearn: Yield farming for dummies

    Founded: 2020, Formerly iEarn Finance
    Founder(s): Andre Cronje
    Ticker: YFI, WOOFY (unit bias token)
    Price performance in 2021: +19.87% 

    Year Finance began in 2020 as an aggregator of DeFi interest-earning services that identified the greatest rates for consumers without frequent movement of cash and the expense of petrol. The equivalent is to find out which bank gives a savings account the greatest interest. You merely deposit the cash at Bankrate and the firm chooses the highest rates automatically, even when those prices fluctuate.

    Naturally, the main distinction is that Year (like other DeFi), consists of code lines available to everyone with a connection to the Internet rather than a central bank or similar. This particular Yearn service is named "Earn" and is one of the few services the project provides.

    Year's Vaults offer greater flexibility in how they create returns rather than aggregating interest rates. For example, if you deposit part of your Wrapped Bitcoin (WBTC), an ERC-20 token, which follows Bitcoin price, a number of transactions will be carried out to provide the customers 0.57 percent of their current return.

    Your deposited WBTC will be taken over by the "MakerWBTCDAIDelegate" approach, put into the Maker to mint the DAI and transferred into a freshly minted DAI and reposited in another "DAI valve." The DAI Vault then does a number of further procedures to obtain returns. The DAI is then returned as interest earned to the initial deposited asset, WBTC in this example.

    The Yearn's Vaults is not unlike the way a hedge fund functions for financial addicts. Users place money, pay a charge (really a performance fee of 20 per cent plus a management fee of 2 per cent) and make profit. However, hedge funds are known as dark boxes. Year Vaults may be completely seen at sites such as Ethercan.

    The Year token, YFI, is also after Earn and Vaults. This coin was issued using a method for yield farming with just 30 000 tokens. It is a governance token, like every other DeFi blue-chip token, allowing users to vote on different protocol problems. None has been made available to Andre Cronje, the inventor of the initiative. Unlike other blue chips, however, YFI is also one of the most expensive tokens, worth just less than one Bitcoin at press time.

 

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From Aave to Yearn: These Are DeFi's Blue-Chip Tokens. As the DeFi space grows, so do rug pulls and scams. Decrypt has identified the DeFi ...

From Aave to Yearn: These Are DeFi's Blue-Chip Tokens ... all the DeFi blue chips on this list, Synthetix's token is also a governance token.

In the traditional equities market, “blue-chip” stocks are household names that have proven strong financials and steady returns over the long-term,​ ... 


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Dogecoin will get a proposal for a fee change after Elon Musk Tweet

Dogecoin got a new dose of optimism from Elon Musk but there is still a significant level of sales pressure.Key Acknowledgements


  • Leading Dogecoin and Elon Musk support Dogecoin's suggestion for improvement.
  • The proposed amendment will lower from 1 DOGE to 0.01 DOGE the minimum transaction charge.
  • The price of Doges increased 8% following the Twitter proposal's support from Musk.


Thanks to Elon Musk's tweet, Dogecoin won 8 percent Yesterday for a major fee reform proposal.
Elon Musk is showing Dogecoin support, Elon Musk, founder of Tesla and SpaceX, backed a proposal for Dogecoin to cut transaction rates by 100x.

Ross Nicoll, a core contributor to Dogecoin, posted Sunday a tweet relating to the idea to reduce fees. Musk said it was "essential to support," he said.

For transmitting a DOGE transaction the lower suggested limit is 1 DOGE. This will be lowered to 0.01 DOGE by Patrick Lodder, developer who proposed the idea.

Lodder suggested that changes "to reduce average 100x rates for the Dogecoin chain standard transactions, to divide full control over all fee aspects between miners and node operators, to rely less on core development and to return a (small) free transaction area that promotes the maintainance of a network."

The 1 DOGE restriction raises worries regarding the network's viability because this year's value of DOGE reached $0.74. As networks like Litecoin and Bitcoin Cash offered cheaper transactions, the increased transaction fees served as a bad feedback loop on their pricing.

Compared to this, Litecoin's maximum transaction cost was around $0.10. A modification to the relay costs, lower dust limit and default inclusion of 1 dOGE/kb is required in the proposal for a protocol upgrade of the package.

Once 30% of the nodes accept transactions with a minimum charge of 0.01 DOGE, the proposal indicates that a new default fee may be imposed.

Lodder advocated altering the design of the network by reducing the constraints of the relay network and returning control to nodes and miners. The proposal contains other ways of implementing the principles.

The price of Dogecoin retraced almost 50 percent of yesterday's income. It was at $0.25 on the last hand change. At now, the same currency is subject to resistance of $0.34 and horizontal resistance of $0.30 for the 50-day moving average. The support level is 0.19 dollars and the EMA is 0.16 dollars for a 200-day move.

The price of Dogecoin just decreased below $0.20, representing a devastation from the levels it achieved earlier this year. The price hike demonstrates that Musk is continuing to actively promote the crypt, but sales pressure is also substantial.

 

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Elon Musk said it was "important to support" a Dogecoin improvement proposal to reduce the minimum transaction fee.
Key Takeaways. Leading Dogecoin developers and Elon Musk are backing an improvement proposal for Dogecoin. The proposed change will ...
The proposed change will reduce the minimum transaction fee from 1 DOGE to 0.01 DOGE. Dogecoin's price jumped 8% after Musk backed the ...

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Central Bank of Singapore, IMF Launch CBDC Solutions Global Challenge by cryptops.org

Amazon Web Services, Mastercard, Hyperledger and others will be helping the Singapore Monetary Authority "Global CBDC Challenge." 

 


The Singapore Monetary Authority (MAS) worked in partnership with the IMF, World Bank (WB) and others in order to establish a competition to address 12 unsolved problems provided by digital currencies of central banks (CBDCs).

  • The first challenge: "Can a retail CBDC system be incorporated in addition to a basic value transference without needing consumers to utilize smartphones?"
  • Amazon Web Services, Mastercard, Partior Payment Platform, R3 blockchain software developer and Hyperledger Blockchain project will be the support to the competition.
  • MAS stated Monday that the endeavor has also been sponsored by the Asian Development Bank (Asian Development Bank) and the United Nations Capital Development Fund (UNDF) (OECD).
  • It is believed that 80% of central banks are actively examining examples of usage surrounding CBDCs and many face legislative, privacy and technical problems.
  • During a day during the Singapore FinTech Festival in November, the finalist will get an opportunity to present their ideas.
  • The award will be awarded up to three award winners, each of which is awarded S$50,000 (S$37,193) in prize money and up to 15 finaliters will be given the APIX Digital Currency Sandbox mentorship and access.

 

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Singapore's Central Bank, IMF Launch Global Challenge for CBDC Solutions. The Monetary Authority of Singapore (MAS) has teamed up with the International Monetary Fund (IMF), World Bank and others to launch a competition where entrants must tackle 12 unresolved challenges posed by central bank digital currencies (CBDCs) ...
The Monetary Authority of Singapore's “Global CBDC Challenge” will be supported by Amazon Web Services, Mastercard, Hyperledger and ...
 

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Polygon to launch the Dubbed Avail All-Purpose

Polygon plans to deploy its stand alone chain, side chain and other Layer-2 solutions Avail, a broad networking blockchain system. Polygon, formerly known as MATIC Network, a fully stacked scaling solution for Ethereum, is planning to deploy a scalable data disponibility layer called Avail.


Polygon to launch Blockchain General Objective

Polygon highlighted in a press release with CryptoPotato that Avail will supply unassailable data while avoiding the use of erasure coding and polynome undertakings to develop a two-dimensional data availability system.

Avail is a blockchain network that offers scalable information for self-contained chains, side chains and other Layer-2 solutions.

The purpose of Polygon onboarding Avail is to supply the data required to simplify the activities for single chains, which are not easy to carry out transactions.

A Future Blockchain

Anurag Arjun, co-founder of Polygon, talked about the development:

"Avail is a fundamental component of a new paradigm in the future for blockchains. We think that off-chain scaling solutions and independent chains will demand a strong, scalable data-availability solution.

Polygon stated that Avail is a safe, execution-layer hosting and ordering layer, adding that it is a "essential component to fully transform how the future blockchains function."

The project anticipates the execution layer to be formed by the various off-chain scale solutions or traditional execution layers. Polygon has already developed the tools necessary to do this with Avail, according to the announcement.
Polygon is still growing

Through diverse collaborations the project continues to build its ecosystem. Polygon joined Google in May to include its blockchain datasets in the BigQuery of Google in order to give correct information for the protocol in chains.

In the meantime, the DeFi industry was not left behind for the blockchain network. Polygon teamed with 0x at the beginning of this month and announced a $10 million investment to Polygon and Ethereum with at least 1 million users. Polygon intends to use the funds to support projects and developers on its network to bring about a secure and robust DeFi infrastructure.
Additionally, by utilizing Avail as an off-chain data availability layer, other L2 solutions can increase scalability rates substantially.

 

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Polygon is planning to launch Avail, a general-purpose blockchain network for standalone chains, sidechains, and other Layer-2 solutions.
Polygon, a full-stack scaling solution for Ethereum formerly, known as MATIC network, plans to launch an all-purpose scalable data availability
Polygon is planning to launch Avail, a general-purpose blockchain network for standalone chains, sidechains, and other Layer-2 solutions

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cryptops.org : Internet Computer (ICP) logs revenge recovery after crashing 95% since launch

The long-awaited resurgence took place when the community charged the ICP team with dumping ICP toks for 6 billion dollars. The Internet Computer (ICP) increased to 41.69 percent on Sunday among day traders.

After a reduction from the intra-day level of $45,01, the ICP/USD exchange rate concluded the meeting at $42,98. The pair traded at $28.31 in its low quarter-to-date. In the meanwhile the new intraday was 47.63 dollars on Monday. His last bounce was therefore restored to paper profits of 68,27 percent.


The main price decrease in the Internet Computer market also followed a severe 95% drop since the introduction of ICP over key cryptocurrency exchanges, including Binances and Coinbase, for than a month ago. Therefore, the vengeance comeback in the last 24 hours of the crypto-currency did nothing to compensate for its persisting bizarre partiality.
Which ICP collapsed?

Some members of the local community said Dfinity, Zurich's non-profit support to the Internet Computer project, had dumped almost 6 billion dollars in ICP since the token became traded. Redditor @trapsandwich, who claims to be an early investment, has written a study on r/Dfinity over a month ago, stating that the internet computer team has been constantly sending wallets to exchanging their tokens.

Reddit Dfinity Moderators deleted the post.

In another post, @trapsandwich further alleged that Dfinity froze the ICP Tokens for an extra month after its early investors had listed the TOKs in crypto market. At the same time, though, the company had no ICP holdings of its own of 111 million.


The number of ICP tokens Determination dropped since inception is as high as 90 million was stated by another Redditor @Beneficial-Source147. However, some editors have defended themselves and stated that most ICP transfers were developer subsidies, not sales.



The allegations overall indicated that Internet Computer has deliberately prevented its investors from accessing ICP marketplaces. In the meanwhile, the token also went down in an overall downturn of the cryptocurrency market.

But it proved more severe than its major rivals, including Ether (ETH), Cardano. However, the Internet Computer was not. Overvaluation risks therefore seem to have been included.

In particular, traders valued ICP differently at the beginning of its introduction across many cryptocurrency platforms. For example, on the first day, the ICP/USD exchange rate was $3,161. In the meanwhile, the intraday high of the pair in Coinbase went up to €630.

 


 


The current supply from the ICP on 11 May amounted to about 134,8 million compared to the overall ceiling of 469,2 million. The Internet Cap was therefore valued almost $426 billion on Binance. The Blockchain Dfinity Project would be the third most valued project after Bitcoin and Ethereum at that time. At $482,881 billion on May 11, Ethereum's market value peaked.
What about ICP now?

Another contenders in the current blockchain scalability struggle is the Internet computer. As a project. However, Dfinity offers to create big data centers and high-end node computers that may give greater bandwidth for its project rather than rely on miners or small-scale valider to run a public leader.

Mira Christanto, a researcher on the crystal analytics platform Messari, also observed, "if the IC is successful to replace traditional IT, there will be no need for centralized DNS services, anti-virus services, firewalls, bases of information, cloud services, and vpns."

After its high visibility listings in various cryptocurrency platforms ICP had a fantastic launch. This coin also received backing from a flourishing number of well-known investors, including the Andreessen Horowitz 16z cryptographic startup fund and Polychain Capital, a cryptographic New York hedge fund led by Olaf Carlson-Wee who formerly served at Coinbase as the head of risks.

At the very peak of its debut it may have had unrealistic valuations and excess liquidity. The token, however, has been overpowered by the readings of its relative strength index, which might be a purchase signal to some merchants since its introduction.

 

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Internet Computer (ICP) logs revenge recovery after crashing 95% since launch. The long-awaited rebound came as the community accused 

Internet Computer (ICP) logs revenge recovery after crashing 95% since launch. Cryptocurrency6 hours ago (Jun 28, 2021 02:20PM ET). Saved. See Saved ...

Internet Computer (ICP) logs revenge recovery after crashing 95% since launch ... Web Pc (ICP) rose to highlight amongst day-traders after rising ..  


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cryptops.org : Huobi Reveals Countries Where It Has Halted Derivatives Trading

In reaction to China's crypto crackdown, the exchange is escalating trading services. Crypto exchange Huobi prohibits the trading, under an amended User Agreement, of derivatives by clients in 10 countries or areas including mainland China and retail investors in the UK.

The list came more than a week after the exchange, and warned that "a few specific nations and areas" will prohibit future contracts and leveraged investment products, as CoinDesk first reported.

According to the new agreement, the exchange in other 11 countries has already prohibited users from crypto transactions and services. The U.S., Canada, Japan, Iran, North Korea and Crimea are all countries or regions.


The whole list contains:

The use of derivative trade services offered by the Huobi site is forbidden from anyone from mainland China, Taiwan, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol or the United Kingdom (Retail Investors only, UK).

It is banned for people based in the US, Canada, Hong Kong, Japan, Cuba, Iran, North Korea, Sudan, Syria, Venezuela and Crimea to use digital asset transactions and provide associated services.

Comments on the user agreement were refused by the firm. Increase in the crackdown on cryptocommerce at exchange or over-the-counter (OTC) desks in China, Huobi is the last retail exchange.

Money laundering and over-speculation on the crypto market were mentioned by the government's reports as two reasons for this round of attacks.

The People's Bank of China, the central bank of China, reiterated on June 21 a long term prohibition on the transactions with crypto-trading platforms and identified OTC trading as one of the services to be monitored and controlled most.

On 18 May, three banking industry groups issued the first public warning against crypto-commerce from China this year. Another notification from the Chinese State Council, one of the most senior central government bodies, intensified the crisis and prompted Huobi to restrict trading and mining activities.

According to Chinese police, more telecoms fraudsters use cryptography to launder their gains, while leveraged trade is one of the riskiest in digital assets. In the last interview, Jason Wu, CEO of the crypto-lending site DeFiner, stated that small price dips might lead to large-sized liquidations that lead to more price reductions.

 

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Anyone from mainland China, Taiwan, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol and the UK (in the UK, retail investors only) is prohibited from using the derivatives trading services provided by Huobi's website.
Crypto exchange Huobi is prohibiting customers in 10 countries or regions from trading derivatives, including mainland China and retail ...
The exchange is scaling back trading services in response to China's crackdown on crypto.Crypto exchange Huobi is banning clients from trading derivatives.

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cryptops.org : «Polygon-Based Defi Stablecoin Safedollar Plunges to Zero — Team Is Investigating Exploit

According to comments on its Telegram channel the algorithmic Decentralized Finance (SDO) stablecoin safedollar (SDO) was hacked. The safedollar token remained not stable after the attack, because the price of the defiable stablecoin fell to zero.


 

Price Collisions of Safedollar Stablecoin

According to crypto market aggregation sites and even the official website safedollar.fi, A blockchain-based Polygon called an SDO has lost all of its worth. This website reveals that the price is zero per SDO and members of the stablecoin algorithm community have been attacked by the official telegram channel of the project.

"Attack on the Safedollar," posted message on Telegram channel notes from the Safedollar administrator. "We have stopped safedollar activity and [are] looking into the situation. Worth mentioning: Please halt any $SDO trading. After the study is conducted with [a] compensation plan for liquidity providers, we will reveal the aftermath. SAFU is every seed pool. [Your] money are requested to be withdrawn. We will keep you in this channel [on] the current situation."


Details of the assault remain but the contract showed on Polygonscan shows that the SDO smart contract has stifled more than 200,000 USDC and 46,000 USDT. This draining led to a total drop in the value of SDO and Telegram is not very satisfied by community members. Many wait for the administrator's official news and ask whether compensation takes place.

Safedollar Six days before to SDO's collapse

Fairly so, six days ago, a post-mortem study of another assault preceding the collapse was released by the Safedollar stablecoin defi project. The Project Team members announced on June 20: "Recently, Safedollar was the target of an exploit resulting in a loss of SDS 9,959." Post-mortem team found that the "Safedollar Protocol operates normally, without affecting functionality."

Safedollar is among an increasing number of stable coins which have dropped below the dollar forecast. In November 2020, a major flash loan assault took place against the origin of the defi protocol, and the OUSD protocol sunk by 85 percent. The stablecoin fei protocol, sponsored by VC, fell under the USD pad in April 2021. However, these two stablecoins have recovered their USD parity, as OUSD swaps for 0.99 dollars and as written, FEI trades for about 1 dollars.

 

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Polygon-Based Defi Stablecoin Safedollar Plunges to Zero — Team Is Investigating Exploit. The algorithmic decentralized finance (defi) ...
Polygon-Based Defi Stablecoin Safedollar Plunges to Zero — Team Is Investigating Exploit. The safedollar token did not remain stable ...
The safedollar token did not remain stable following the attack, as the defi stablecoin's price collapsed to zero.» ... Polygon-Based Defi Stablecoin Safedollar Plunges to Zero — Team Is Investigating Exploit. The safedollar ...

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Prominent Crypto Analyst Says XRP Price could Soon Outperform Bitcoin

A leading cryptocurrency expert, Credible Crypto, has projected that XRP pricing would probably be approaching a bottom when trading with the flagship cryptocurrency bitcoin.



Credible Crypto supplied a graphic with us to illustrate his thinking. He said that XRP has "a big historic support" when dealing with the US dollar. It is worth examining this. Since April of this year, the crypto-currency has dropped by about two dollars.

 



As Daily Hodl reports, the cryptocurrency analyst has in the past revealed a massive XRP price prediction, seeing the cryptocurrency surge to $20 in the future. In a shorter period, he sees the market capitalization seventh largest crypto return to the $1 level.

In March this year, Credible Crypto rightly forecasted that following a healthy pullback XRP's price will rise massively. At the time, the crypto-currency traded at $0.5 and began to increase to about $2 by April later that month.

It should be noted that the cost of cryptocurrency was down at the time when Ripple Labs and two of the executive directors who are also significant XRP holders were indicted "by an unregistered, ongoing digital asset securities offering," by the US Securities and Exchange Commission (secc) as having raise over $1.3 billion.

However, other analysts aren't particularly optimistic. A experienced trader who successfully anticipated the 80 percent collapse in Bitcoin in 2018, Peter Brandt showed that he will see XRP decrease against BTC in future as a head and shoulders pattern has been established.


 

 According to Investopedia, the pattern formation of the head and the shoulders forecasts a reversal of the bullish-to-bearish trend, which is "believed as one of the trend-return patterns most trustworthy," which would mean that DOGE is coming to an end with an exponential decline in crisis currency.

Crypto utilizes Elliott Wave Theory analysts regularly to evaluate market movements. Elliott Wave Theory is a way of describing financial markets price fluctuations using fractal wave patterns. In order to achieve its conclusions, the theory employs repeated long-term price patterns connected to changes in investor sense and mood.


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Prominent cryptocurrency analyst Credible Crypto has predicted that the price of XRP is likely near a bottom when trading against the flagship ...

Outstanding cryptocurrency analyst Credible Crypto has predicted that the value of XRP is probably going close to a backside when buying and ...

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Mexican Billionaire Planning to Use Bitcoin, My Bank 'Works' to Receive BTC

Ricardo Salinas Pliego from Mexico declared on Sunday (27 June), Banco Azteca is planning to embrace Bitcoin, the bank it created in October 2002.

The founder and chairman of the Mexican Congregation Grupo Salinas is Ricardo Benjamín Salinas Pliego. He's the third richest individual in Mexico today.


On 17 November 2020 Salinas promoted Saifedean Ammous' book "The Bitcoin Standard" to his more than 800K Twitter followers and claimed that it was the most essential and the finest book for Bitcoin comprehension. More interestingly, it indicated that Bitcoin is investing 10 per cent of its liquid assets.


In December 2020, he talked about Bitcoin during an interview with Giovanni Pigni from Cointelegraph. In the interview, Salinas told him how he heard of Bitcoin for the first time:

"I have been invited to a New York City conference... And several sessions took place and this Grayscale guy was [at] one of the sessions. And he gave us the entire lecture and the way it will take over from Bitcoin.... It caught my attention immediately. I replied 'OK, let's test it out and see what's going on. I placed a few in a quantity. It was $200 a bitcoin trading. It had been 2013, but then...

"They simplified what I loved about Greyscale — basically you placed your money in the trust, then that trust would make the investment, take care of the entire, they would take responsibility for the custody, they provided a monthly statement and it was an excellent arrangement.

While Bitcoin first caught the eye of Salinas as a "payment channel," he subsequently discovered that "it is storing value which makes it truly valuable."

Later in same interview, Salinas claimed in January 2017 (when BTC traded over 17,000 dollars) he liquidated all of his BTC holdings:

"I threw a great celebration and [was] really pleased about my best ever investment, but you know that we're constantly back to the crime site, right? I thought 'okay, now, it's better' and bought anything at that time, when it fell down to $10,000. And then the amount dropped down to 6,000 $, purchased some more, where's our average of approximately 9,000 dollars today, and I'm not finished, and that's where I am. I am not selling it. I am not selling it. For another five or 10 years, I suppose I will sit around."


Mexico City-based Banco Azteca is a bank operating in Mexico, Panama, Guatemala, Honduras, Peru, and El Salvador according to Grupo Salinas. Grupo Elektr, a subsidiary of the Salinas Group, is its parent company. It is "one of Mexico's major banks with over 16 million savings accounts and over 18 million loan accounts."

Earlier today, Salinas reveals that its bank aims to become the first bank to agree to Mexico's Bitcoin in the context of a tweet given by Microstrategy CEO Michael Saylor;

He also said that Bitcoin is "a fantastic method to diversify your investment portfolio" and that, in order to fight inflation, "every investor should begin to research about cryptocurrencies and its future."

 

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MEXICO CITY (Reuters) - Mexican billionaire Ricardo Salinas Pliego said on Sunday his banking business may begin using bitcoin, becoming the country's first bank to start accepting the cryptocurrency.

Mexican Billionaire: I Recommend Use of Bitcoin, My Bank 'Working' to Accept BTC ... the bank which he founded in October 2002, plans to accept Bitcoin. ... Later in the interview, Salinas said that he sold all of his BTC ..

"My bank [and I] are working to be the first bank in Mexico to accept ... led the company through its purchases of more than 100,000 bitcoins. 

 

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UK financial supervisor asks Binance to stop 'regulated activities'

A fresh notice of the Financial Conduct Authority will remain in effect on the cryptocurrency exchange until Wednesday. After reviewing its operations by the National Financial Conduct Authority, Binance, one of the largest cryptocurrency exchanging companies in the world, was told to discontinue any regulated activity within the United Kingdom.

"Binance Markets Limited must not carry on any regulated activity in the United Kingdom," the FCA announced, adding that there are no other entities in the Binance Group that have the essential licenses for the operation of that nation.

The FCA also warned against investing in illegal exchanges in order to reproach:

"The FCA does not authorize most companies to advertise and offer investment in cryptoassets. That means you won't have access to the Financial Ombudsman or the financial services compensation scheme if things go wrong if you invest in any cryptoassets."


While the FCA does not oversee the trading of derivatives, including future contracts and options, of cryptocurrencies like Bitcoin (BTC) or Ether (ETH). The FCA's scope also applies to digital assets considered to be securities.

In a statement to the FCA on Sunday, Binance explained its organizational structure. The exchange is tweeted, adding: 'Binance Markets Ltd.' is a distinct legal business which does not sell any products and services through the Binance.com website;'


"The UK FCA notification does not have a direct impact on the http://Binance.com services."



Only one day after Binance stated that it will leave another important market, the decision by the FCA came. Users of the 15 million Canadian province of Ontario have to cancel all current positions by the end of the year.

On Friday, Binance notified its users, but did not explain any reason why Ontario was "limited jurisdiction." The Ontario Securities Commission probably had an important part in the decision, however, in a broad crypto-exchange attack.

Cryptops has reported that, for allegedly breaking the laws of securities, the OSC has initiated measures against parent firms Kucoin and Poloniex. The agency stated earlier this month that they will hold hearings for similar breaches against Bybit.

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 Britain's Financial Conduct Authority (FCA) ordered cryptocurrency exchange Binance to stop undertaking any regulated activity in the country, ...

Britain's move comes at a time when Binance is under scrutiny by regulators in other countries. ... Frequently asked questions ... largest cryptocurrency exchanges from undertaking any regulated activity in the country. ... it has removed all advertising and financial promotions, according to the FCA's register.

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SWISS Central Bank Economist Argues Blockchain Technology Not Ideal for CBDCs

According to the Swiss National Bank Chief Economist Carlos Lenz, central bank digital currencies (CBDCs) have little structural advantages to derive from decentralized aspects of technology.

Lenz claimed that it is highly inefficient to blockchain, which nullifies the ideal solution of CBDC decentralization. Besides the technology for blockchain, Switzerland has also claimed that because of its 'inefficiency' there are technical possibilities for its CBDC.

"A direct account with the National Bank might be imagined, not that we wish to, but the simplest form. Or on a blockchain where there's no central government you may rely on totally decentralized solutions. But blockchain is highly ineffective. A decentralized solution is not optimal, I do not think."

The Swiss Central Bank also trusts that if Switzerland does not choose to create a CBDC, the Swiss franc is not in any risk of being supplanted by other euro currencies.


'While the euro was adopted, we had such conversations. It was also worried that payments will be made in euros unexpectedly. This hasn't happened, though."

Swiss National Bank: No Digital Franc Planning

Although the Swiss National Bank (SNB) is investigating a digital franc at the moment, Lenz claimed that no preparations are being made for one in the nation shortly since present payment methods operate effectively and so no digital franc is required.

"No preparations to introduce money from digital central banks are presently being made. This is also the case in the mainland."


On 10 June 2021 the SNB and the Banque de France joined up to establish a transfrontier wholesale CBDC system known as the Jura Project, known as a Bank for International Settlements Innovation Hub.

"Two large CBDCs and a French digital financial instrument will be included in this trial on the DLT platform.

The statement states that the initiative is purely a curiosity experiment and an inquiry which neither central banks should misunderstand as a guarantor of CBDC development.

"It is exploratory and should now be regarded as indicating that the Swiss National Bank's Banque de France wants to provide CBDC wholesale."


The SNB also participates in another study, the Helvetia Project, which examines the disposal of tokenized assets with the wholesale CBDC and considers the Jura Project as an increase of its growing interest in new technologies.

"Technological advances are necessary for central banks to remain up to date."
CBDC interest continues to increase

ConsenSys describes a central bank digital currency as a digital asset based on a digital bookmark supported and managed by a central bank. Ethereum's Blockchain engineering firm ConsenSys More than 70 per cent of corporate and government organizations are actively investigating and developing CBDC concepts, according to ConsenSys.

CBDC is the most sophisticated and practical CBDC in China to date. To date. Built using DLT, the concept of decentralization has little or nothing to do with it, the fundamental technology of blockchain.

Analysts claimed that Chinese DCEP's success in electronic digital currency payment may be a basis for other central banks seeking to build their own CBDS without losing complete control over their national currencies.

 

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Blockchain Technology Not Ideal For CBDCs, SWISS Central Bank Economist Argues. By. Bernice Nyambura. -. June 27, 2021.
Blockchain Technology Not Ideal For CBDCs, SWISS Central Bank Economist Argues. U.S. Struggles To Keep Up As China Further Develops ...
Blockchain Technology Not Ideal For CBDCs, SWISS Central Bank Economist Argues. Republished by Plato. Published. 2 hours ago. on. June 27, 2021.
Central bank digital currencies (CBDCs) have little structural benefits to draw from decentralized features of blockchain technology.

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Special News : China Bets on the Blockchain, First in a series produced by Forkast News

 

There is no stage bigger than the Olympics, for the athletes and the host country. Modern China announced its arrival 13 years ago when 2,008 synchronized drummers performed at the Beijing Summer Olympics opening ceremonies. In February, China is expected to use the Beijing Winter Olympics to unveil a creation of intense international interest: the digital yuan, the first major central bank digital currency, or CBDC.

Consumers are unlikely to notice much difference shopping with e-CNY, as the currency is officially known. It will be worth the same as cash and will activate with a tap, swipe or QR code. But the questions this form of money raises are profound. As governments around the world move to phase out physical cash, what will become of financial privacy? How will state-sponsored digital money affect China’s economy, its trading relationships and — most weighty of all — the future of the global financial system now dominated by the United States and the dollar?

“The question is not whether China’s CBDC will upend the current rules of global trade and commerce,” said Pauline Loong, director of Hong Kong-based research consultancy Asia-Analytica. “The only question is how far-reaching the ramifications will be across issues related to who controls access to capital and its movements.” 

But for all of the digital yuan’s consequence, it is a toe peeking out from a giant red curtain. Behind is an ambitious and largely invisible infrastructure program to rewire the country and its economy with a distributed ledger technology known as blockchain. China has moved deliberately to secure first-mover advantage in what it believes is the future of the internet.

If the digital yuan is Beijing’s tender for the digital frontier, its blockchain initiative is its bid to build the railroads.


A new money

The story of how China came to settle the technological frontier begins with the 2008 financial crisis. Just one month after the Summer Olympics, an underregulated U.S. financial sector tripped the world into recession. It was a vulnerability that China decided it was no longer willing to accept. As the crisis was unfolding, then-President Hu Jintao called upon like-minded nations at the G20 summit to “steadily promote the diversification of the international monetary system.” 

Receiving a muted response, China forged ahead in creating parallel institutions to those dominated by the U.S. In 2010, when Washington’s sanctions effectively locked Iran out of the international financial system, China’s focus on cross-border currency flows intensified.

By then, domestic concerns were spurring creative thinking around monetary policy. One was how to get 400 million “underbanked” Chinese out of poverty. E-commerce giant Alibaba introduced a mobile payment system in 2008, taking advantage of the country’s high rates of smartphone adoption: by 2015, 800 million Chinese would be using smartphones, according to the Pew Research Center. But such private payment systems left the Bank of China on the sidelines and did little for rising Communist Party leader Xi Jinping’s anti-corruption strategy, which required closer state monitoring of money. 

Then, around 2012, regulators began to observe strange patterns in power grids across the country. From Xinjiang to Inner Mongolia, huge amounts of electricity were surging into warehouses packed with powerful computers and colossal servers. The processors were crunching numbers to produce — or “mine” — a new kind of money called Bi te bi in Mandarin.  At their peak in the late-2010s, Chinese miners are thought to have produced 95% of the world’s Bi te bi, or Bitcoin.

This money had no connection to a bank, or any centralized authority at all. It was entirely digital and uniquely secure. Every transaction was broadcast to every computer within a network for confirmation and recorded permanently in a long series of distributed ledger entries, or blocks. 

Chinese officials grasped the implications of this unregulated activity immediately. In 2014, its Peoples’ Bank of China (PBOC) began studying the possibility of a government version of Bitcoin. With each passing year, the disappearance of paper yuan from the economy made the idea more plausible. By 2019, PwC reported, 96% of Chinese regularly shopped online. 

“Before many governments even knew the basics of Bitcoin, Chinese authorities started to take leadership in the security of the network on the mining side,” said Ian Wittkopp, vice president at Beijing-based Sino Global Capital. “This led to the development of a strong blockchain and crypto ecosystem.” 

By October 2020, the digital yuan was ready for pilot testing among China’s masses. All told, 750,000 people chosen by lottery were given 150 million e-CNY (US$23 million) to spend at roughly 70,000 brick-and-mortar businesses plus a slew of online retailers. 

Six months later, new trials allowed open participation. This marked the first monitored release of the digital yuan into the wild. By June, nursing homes in Chengdu were teaching elderly residents how to use the new money.

Such care and expense are necessary to ensure the Olympics debut is as well-rehearsed as those 2,008 drummers, according to Peter Cai, who studies China’s economy and trade policy at the Lowy Institute in Sydney. “The cost of getting something wrong on this is tremendous,” he said. “Chinese officials are right to talk about the digital currency as if it’s a new frontier. What are the full implications for financial, banking and payment systems, or the conduct of a monetary policy? I don’t think anybody has a firm grip on that. And that includes China.” 


 

The next internet

During two decades of historic economic growth, China has had a mixed record on high technologies. It has struggled to attain self-sufficiency — never mind dominance — in the production of semiconductors and chips. It was ahead of the curve on 5G broadband, but lags behind the West in fields of arguably greater strategic value, such as artificial intelligence.  

When it comes to blockchain, China appears to have taken a lead in a technology of consequence. After President Xi in 2019 promised blockchain would “lead the next wave of the digital transformation of China,” thousands of companies reportedly initiated blockchain projects related to everything from retail banking to global shipping and supply chains. This profusion of activity continues apace. Said Wittkopp, “It’s a field of one. No other country is even close.”

These projects are transforming a digital ecosystem that was already among the world’s most sophisticated, according to a recent McKinsey study. China has 850 million internet users and more than a quarter of the world’s most successful startups. One of them is Hangzhou-based Ant Group. The financial services giant has over 50 blockchain-based decentralized apps, or dapps, in areas such as shipping, insurance claim processing and charitable donations. Internet search firm Baidu, the Google of China, has 20 dapps, including one that has handled 35 million pieces of electronic evidence for China’s “Internet Court.” 

It’s not just tech companies staking territory on the blockchain frontier. A division of the Industrial and Commercial Bank of China has developed dapps for retail and corporate use. Insurance giant Ping An uses them to finance public-works projects. A dapp used by the China Construction Bank has helped local banks facilitate $134 billion in loans. 

“Blockchain will make our tech and our society work better,” said Yifan He, blockchain evangelist and CEO of engineering firm Red Date Technology. “It can make all the IT systems in the world communicate like they are in one room.” He predicts in 10 years all transactions that require more than two parties will be blockchain-based.

The state of blockchain today is like the internet of 1993, He said. Back then, most companies could not afford the entry costs of the nascent internet (which began as a public infrastructure project overseen by the Pentagon). 

In April 2020, China formalized its bet on blockchain by creating the Blockchain-based Service Network, or BSN, managed by Red Date. It is an infrastructure platform that allows private entities, especially small and medium-sized businesses, to overcome the two biggest barriers to entry — interoperability and prohibitive costs. 

“We built everything for you already; you just connect to it and work on your smart contract,” said He, who claims the development cost of a simple dapp within the BSN could be as little as 1% of commercial blockchain. 

By its first anniversary in April 2021 the BSN had attracted 20,000 users and more than 2,500 projects across 120 “nodes” throughout China plus Johannesburg, Northern California, Paris, São Paulo, Singapore, Sydney and Tokyo. S-Labs, a Beijing startup, has used it to develop applications that have helped over 5,000 SMEs find more than 500 million yuan in loans during the pandemic. S-Labs chief technology officer Li Ming said the BSN is easy to use because it meets Chinese government standards and helps them find customers. “The biggest convenience of BSN is its brand effect.” 

And if He has his way, today’s youth will be the first blockchain-native generation. This fluency is already being developed in high schools where the BSN is exploring how to teach students, including by holding programming contests with cash prizes. “Blockchain should be a basic skill,” said He. “The idea is to help more people become comfortable using the technology.” 

In June, Red Date closed on US$30 million in Series A funding that was notable for its global reach. Major investors from Saudi Arabia, Switzerland and Thailand participated.

Part Two of this series will examine how China is deploying technology—in particular the digital yuan—to advance initiatives that intertwine economics and geopolitics, straddle concrete and virtual infrastructure, and span the hemispheres, from Cambodia to the Caribbean.  

 

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China Bets on the Blockchain: A Special Report. Read full article. Forkast News. Sun, June 27, 2021, 5:17 PM ·8 min read. By Alexander Zaitchik, Jeanhee Kim

Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi, digital finance and Web 3.0 news with ... China Bets on the Blockchain: A Special Report.

 Source : https://www.coindesk.com/china-blockchain-forkast-news

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Iranian government issues permits for 30 crypto mining

After the alleged approval of permits for numerous mining farms, the Iranian government appears to be relaxing its position on cryptocurrency mining.

In the Iranian business publication Financial Tribune reported, the Minister of Industry and Trade has permitted the activities of 30 mining cryptocurrency units throughout the nation.

These mines will be based in the province of Semnan, where six farms are located, while the province of Alborz contains four. The Mazandaran, East Azarbaijan, and Zanjan provinces will be also housed in other areas. The host province of Tehran, the country's capital, will also run a mining operation.

In addition, 2,579 permissions for establishing cryptomining organizations were issued by the State. 305 permits for the Province of Zanjan. Furthermore, there are 262 licenses in the province of Far and 247 licenses in West Azarbaijan.

Authorization comes only a week after officials in a facility in Tehran had seized around 7,000 bitcoin mining machines. This was followed by the May ban on Bitcoin mining on energy usage concerns.

When Iran struggled with power cuts and the authorities blameed miners, the energy issues arose. In addition, the repression in China had correlated.

Asian governments have referred to Bitcoin and crypto-currency mining as a danger to the stability of the financial system. When mining licences are issued in Iran, certain businesses who leave the Chinese market might be hosted in the nation.

The City, a crypto center in the U.S., is looking for potential renewable energy. As the Chinese market is testimony to hostility, the miners are warmed by other jurisdictions like the United States. In particular, Mayor Francis Suarez of Miami claimed that the town is trying to cut power costs, in order to encourage bitcoin miners to search for a new home.

 

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The Iranian government appears to be softening its stance on Bitcoin mining after approving licenses for several crypto-mining farms.
Tehran's province, which houses the country's capital and centre of political power, has received only one license.
The Iranian Ministry of Industries, Mining, and Trade has issued licenses to 30 cryptocurrency mining centers, the Financial Tribune revealed this ...

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NFT Monthly Sales Top $947M as Solana Advances Against Ethereum Solana

  NFT sales volume nearly doubled in January despite the market as a whole remaining essentially flat and falling over 82% from January high...

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