Showing posts with label Alibaba. Show all posts
Showing posts with label Alibaba. Show all posts

The Sale of Crypto Miners Has Been Prohibited on Alibaba.

Along with cryptocurrencies, the selling of associated accessories has been prohibited. Alibaba, a Chinese e-commerce giant, has prohibited the selling of bitcoin miners on its platform. Alibaba is discontinuing two product categories.


According to Alibaba, two categories will be discontinued: blockchain miners and blockchain miner accessories.

Sellers will be banned from selling technology and software, as well as lessons and tactics, as a result of the restriction.

Alibaba would also prohibit the selling of cryptocurrencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum, despite the fact that no cryptocurrency seems to be offered on the site at the moment.

The business cited a number of laws as the basis for its restrictions, including the Notice Concerning the Prevention of Risks Associated with Bitcoin issued in 2015 and the Announcement on Preventing Financial Risks from Initial Coin Offerings issued in 2017.


The incident is the latest in a slew of Chinese crackdowns, which include the country's decision to prohibit most bitcoin transactions and access to cryptocurrency exchanges.

The Enforcement Process Will Begin In the month of October,

The new regulation, according to Alibaba, will go into effect on October 8. Several mining goods are still featured on the site right now.

Delistings, point deductions, website limitations, and account cancellations will all be used to implement the policy.

Despite Alibaba's decision to stop selling bitcoin miners, the company may invest in cryptocurrencies. It was reported in May that it will invest $20 million in Bitcoin, although this was never verified.

In June, its subsidiary, Alipay, started coordinating the sale of non-fungible tokens (NFTs).

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More investors will be looking for ways to leverage their NFTs as a result of Alibaba's NFT push.



Alibaba, the world's largest e-commerce company, has startled the crypto community by unveiling a non-fungible token marketplace. Alibaba's NFT marketplace, according to the South China Morning Post, allows customers to not only purchase and trade NFTs, but also license intellectual property (IP) copyrighted by blockchain technology. Musicians, writers, artists, and game developers are among the creators targeted by the marketplace.

The “New Copyright Blockchain,” administered by the Sichuan Blockchain Association Copyright Committee, will mint multi-billion dollar market NFTs sold on Alibaba's Auction platform.

The Chinese government has taken steps to regulate cryptocurrencies, but it is optimistic about blockchain technology. Chinese authorities are enabling the integration of blockchain into important industries by allowing Alibaba to sell NFTs as part of their long-term aim to become the world's leading blockchain power by 2025.

Alibaba has entered a crowded yet quickly expanding market. Players such as OpenSea, Rarible, Makersplace, and others would pose a threat. The Chinese behemoth will make every effort to dominate the market by bringing NFTs to the general public.

NFT sales volume soared from $13.7 million in the first half of 2020 to a startling $2.5 billion in the first half of 2021, according to statistics provided by DappRadar. As the market for NFTs grows in terms of volume and adoption, the crypto community needs a long-term strategy for making the most of these assets.


Using NFTs in the Workplace

As more people obtain non-fungible tokens (NFTs), there is an increasing demand to put these assets to use in order to lower the opportunity cost of keeping them. The problem with NFTs is that you may never be able to get them back once you've sold them. As a result, you might decide to preserve them for a long period.

Many people purchase collecting NFTs with the goal of subsequently reselling them for a profit. What if you don't want to part with your cherished possession? What if you don't want to sell your NFTs in order to get funding? Perhaps to buy the dip, profit from arbitrage chances, dodge margin calls on collateralized debt holdings, or do something different.

There are marketplaces that offer trustless loans against NFT assets, which is fortunate for such users. To have access to liquidity, you can use your NFT as collateral. Lenders can make loans with confidence since they will receive the NFT that was deposited as collateral in the worst-case scenario, such as foreclosure. People looking for a high rate of return can invest in NFT lending pools and back the assets they believe in.

Drops is a non-custodial peer-to-peer lending platform where you may borrow against your NFTs and earn interest on your idle NFTs. It enables high-liquidity NFT loans to be made instantly. Drops determines the value of NFTs using Chainlink Price Feeds, and then mints ERC20 tokens to represent the NFT. Users' loan-to-value (LTV) ratios are monitored using the same Chainlink Price Feeds to ensure that it is maintained during the loan term.

The ERC20 tokens are used as a form of collateral against which loans can be obtained. Borrowers receive the same NFT that they had put as security when they pay off the loan with interest, not another NFT of equivalent value.

Some NFT owners charge a fee to rent out their assets. If you have collector NFTs that you don't want to sell, you can rent them out to make some money in the interim. People who wish to borrow your NFTs can do so for a fraction of the price of purchasing them outright.

On their markets, platforms like Yiedl Finance and Flow feature the "rent" capability. You get to choose the rental pricing, length, and NFT price as an NFT owner. Borrowers will be required to put the NFT price up as collateral before renting it, eliminating the danger of theft.


Bringing things to a close

Non-fungible tokens will go well beyond digital art and collectibles as they gain more importance and attention. The rising popularity of NFTs has prompted investors to look into the possibility of gaining liquidity and earning a return while retaining their NFT assets for the long term. And this is only the start!

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Microsoft and Alibaba's Plans to Use Ethereum to Fight Piracy

Project Argus, built on top of the Ethereum public blockchain by Microsoft, Alibaba, and Carnegie Mellon University, aims to combat internet piracy. A report on the project, its goals, and prospective applications was recently provided by the partners.


Companies like Microsoft, Apple, and others, as described in the report, spend a lot of time and money trying to combat piracy and intellectual property theft. People are asked to contribute information on businesses or individuals who are involved in unlawful activity through these programs.

The success of these "anti-privacy" operations is usually restricted due to a number of factors, the most significant of which is a lack of public confidence.

As a result, the partners suggested Argus, a "completely transparent incentive system" that allows people to use the Ethereum blockchain to run anti-piracy operations. As a result, boosting the campaign's effectiveness by addressing its basic issues: fairness, transparency, and credibility criteria.

According to the study, there are three main players involved in piracy concerns and anti-piracy campaigns: the owner of a copyright-protected goods, profit-seeking informants, and the perpetrators of the activity. These parties' interests may be divergent.

As a result, because it is supported by Ethereum, Argus would fulfil the role of operating as a "unbiased contract" solution with higher neutrality than other entities, which is already performed by various organizations. It was dubbed the "first public anti-piracy system" by Microsoft, Alibaba, and Carnegie investigators.

As a result, people can be “treated fairly,” without relying on authority or placing their trust in a third party, “resilient against greed and abuse,” and capable of “resolving conclusively every” imaginable issue. Argus was built to take advantage of the efficiency and cost savings that come with running on Ethereum. Microsoft and its partners asserted the following:

It has an off-chain throughput of 82.6 data-trades per second per machine, and an on-chain cost of only 14 ETH-transfer transactions each report on the public Ethereum blockchain.

The Ethereum Blockchain Will Be Harnessed By Microsoft And Partners Argus will also be backed by “four pillars” in its design: full transparency, reward, information, and optimization. They work together to alleviate problems with anti-piracy operations by ensuring that informers are rewarded more for reporting a copyright violation than for fabricating repeated complaints.

In other words, our methodology disincentivizes Sybil attacks, ensuring that the informers' and owners' interests are matched.

Because all information would be published on Ethereum, it will be difficult to “re-submit” a report. For improved privacy and security for the informer, the report submission process will be built on a multi-period commitment scheme with zero know proof features.

Argus will allow an owner to issue a license using a process called oblivious transfer, as shown in the graphic below (OT). The licenses that are issued with it will have a unique watermark that is not visible to third parties. This contract will retrieve the information (called OTRecord) stored on the watermark connected to the product when an informer wants to report a determined copyright infraction.



With the information from the report, Argus will change the status of the license from NORMAL to ACCUSED. This safeguards the system from malicious Sybil assaults and gives the accused entity a way to appeal the decision.

Microsoft and its partners saw Argus and future applications as having the potential to solve piracy and other use cases that rely on centralized systems and trust. The Ethereum blockchain offers a "paradigm change" in this industry, according to the researchers:

Without establishing a trusted role, it is possible to construct a totally transparent solution. This could lead to a shift in the way anti-piracy incentive systems are designed. Furthermore, it provides a compelling use case for public blockchains.

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