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Cardano (ADA) Founder Charles Hoskinson Addresses Congress, Argues for Real-World Uses of Crypto and Blockchain

Cardano (ADA) founder Charles Hoskinson is addressing Congress in an attempt to detail the real-world use cases of crypto assets. In a prepared testimony to Congress on the topic of digital asset regulation, Hoskinson says blockchain technology helps marketplaces thrive due to its decentralized and permissionless nature. “Distributed ledgers (i.e., blockchains) store information that needs […]

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ECB’s Christine Lagarde Proposes A MiCA 2.0 To Cover Bitcoin, Staking, And Lending

$2.2 Trillion Asset Manager Buys Stake In MicroStrategy, Gains Indirect Exposure To Bitcoin

President of the European Central Bank, Christine Lagarde, speaking with the European Parliament on Monday, has called on Lawmakers to start working on fresh crypto regulations to cover DeFi and Bitcoin as she fears that crypto will eventually grow to the point where it becomes a financial stability risk. While congratulating the parliament on its […]

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CoinLoan integrates crypto analytics platform Elliptic to guard users from threats

CoinLoin, an EU-licensed crypto lending platform, announced it has integrated security protocols from Elliptic, a blockchain analytics provider. This integration benefits all CoinLoan users as it protects them from a spectrum of cyber threats. Currently, 66% of the crypto volume runs through exchanges using Elliptic. It covers over 98% of global trading volume, providing actionable […]

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Tether To Work With UK Regulators for Launch of New Stablecoin Pegged to British Pound

The creators of a popular crypto asset designed to keep a US dollar peg now plan to expand their roster into the United Kingdom. In a new announcement, Tether says it will work with UK authorities to create a new digital asset called GBPT that will seek 1-to-1 parity with the Pound Sterling. GBPT will […]

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From Autonomous Cities to US Presidency: The Future Is Now Film Shows What Blockchain Leaders Think About Governance

The first cinematographic NFT project “The Future Is Now Film” shows what blockchain leaders think of future governance systems: will there be even tighter centralization, a symbiosis of traditional and new methods of control or do we need a totally new governance system to replace the old one? Answers to these questions can be found in the two latest episodes, “Transforming The Future” and “Aligning The Future”, which were filmed at the AIBC Summit UAE 2021 in Dubai and Blockchance EU conference in Hamburg. Let’s dive deeper and see what futurists think. Blockchain Is Getting Closer to Traditional Institutions Several years ago, it would have been a bombshell to see government officials at a blockchain conference. Now, in both the AIBC Summit in Dubai and Blockchance EU conference in Hamburg, government officials are among honorable guests for two reasons. First of all, the scale of the change made them notice the inevitable. Secondly, some of the “decentralized futurists” have joined the ranks of centralized organizations in hopes of making a difference. For example, H.E. Justin Sun, the founder of TRON, recently became an ambassador to the World Trade Organization on behalf of Grenada, a country in the Caribbean. In his view, cryptocurrency projects today are “way more efficient than the financial infrastructure that we have today” and now he plans to pave the way for mass adoption. According to Fabian Friedrich, the founder of Blockchance Group, one of the reasons for the Blockchance EU conference to exist is the need to bring together different market players especially the decision-makers who currently govern traditional systems “to take the fear away and show them how positive this movement is, how many chances are in the movement for a better future”. Some have already achieved tangible progress in establishing the dialogue. Fabian Vogelsteller, co-founder of ERC20 Protocol, shared that negotiations with regulators despite the “back and forth” nature of the process, have already brought positive results because “everybody sees the benefits of this technology” while of course the “old has always had the interest to survive”. Will Governments Have a Saying? According to His Excellency Justin Sun, decentralized currencies are more advanced not only on the technological side but also on the philosophical side as they drive the inclusion of smaller countries. That is why it will be only natural for countries to “start to diversify the countries’ reserves” also by building the central bank digital currencies but “the philosophy behind CBDC’s will determine their results”: they could either join a competitive system or “undermine the reputation and the influence in the market in the first place” if they are made to be an appealing asset to use next to cryptocurrencies, for example by simply functioning as a financial tracking tool. Justin Sun believes that when the barriers of the traditional financial system go down, everyone benefits. But according to Brock Pierce, the 2020 US Presidential candidate from the Bitcoin Foundation, there will be beneficiaries and losers. In his view, Dubai, for example, will be the beneficiary of change because it “is doing a good job recognizing the change and adapting to it” but those who resist the change will suffer: “Look at Florida and Miami, they are doing a good job… They are the beneficiary of the change. That is what happens when you embrace the future. You get to be part of it. Resist it and it runs you over. The future is coming” Prominent venture capitalist Tim Draper whose Dad fought in the Korean War has shared a vision of what resistance to change could look like by giving a historical example of North and South Korea as a full government control system versus a “free and open society with democracy” 70 years later: “Average South Korean now makes 430 times what the average North Korean makes in a year, and that is when you adjust for purchasing power. And the average South Korean is 4 inches taller than an average North Korean. It is pretty clear to me which system works better” Dubai: Safe Harbor for Innovations One of the biggest gatherings in the blockchain community held by Eman Pulis & SIGMA Group AIBC Summit UAE 2021 has been held in Dubai a few months prior to Blockchance EU. Dubai is among the first cities that are “taking a tangible stand into abundance and allowing decentralization to flourish” as it is stated by Miguel Francis-Santiago, the Founder of The Future is Now DAO and the mastermind behind #TheFutureisNowFilm, with initiatives like the UAE Crypto Map. Dubai is “on its way to becoming self-sustainable” by leveraging the power of innovative-based ecosystems. Under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, with a plethora of initiatives headed by Dubai Blockchain Center and the work of its CEO Dr. Marwan Alzarouni, creating a safe harbor of innovation. And the safe harbor has already brought some fresh fruits. Matthias Mende has launched an innovative celebrity marketplace Bonuz Market just after a couple of years of residency in Dubai and now the project allows celebrities around the world to engage with fans within an NFT and Metaverse platform. Sergej Kunz with 1inch Network bridges the crypto world with traditional banking by working with such regulated institutions like Sygnum Bank. The 1inch Network solution became the deepest liquidity aggregator in the DeFi space: the platform reached over $120 billion in transaction volume since its inception by solving the problem of high entry point and barrier to use cryptocurrencies. Salim Ismail of OpenExO, former CEO of Singularity University, by creating pilots with such traditional businesses like Procter & Gamble, Gucci and KPMG, created a space where new transformational methods of running a company between exponential organization structure and traditional businesses can now pave the way for preserving synapses of the human brain. The US Presidency: to the “Belly of the Beast” According to Ilya Churakov of the decentralized ecosystem Global Digital Club, such bridges need to be built in the “right way” so big opportunities could scale fast and reach mass adoption. But to learn the “right way” we need to study the old one, believes Brock Pierce, the 2020 US Presidential candidate from the Bitcoin Foundation. He dedicated his utmost energy to running the US presidential campaign during the 2020 Year of COVID, in order to understand the mechanics of the political system better and get ready for the next stage in making actionable change: “Why would I subject myself to such a thing [as a Presidential Campaign] if I was not committed to following all the way through… Let’s say it was an exploratory mission. To understand the mechanics of the system, you need to go inside the belly of the beast, to learn how to run a national campaign without any of the existing infrastructure… without any of the funding mechanisms that allow politicians to run for office, without a political platform… and to do it in the midst of COVID. My basic training is complete” According to Crystal Rose Pierce of Sense.Chat, only by “creating the bridge” between traditional systems and the decentralized world can we explore how the interests of different people can be put together for mutually beneficial growth. For the Pierce couple, there is no goal to simply replace the old with the new, there has to be a dialogue. El Salvador: Dreamland for All Nations El Salvador has been creating this bridge perhaps like no one else in the current political system, while becoming the first country to make this brave step towards economic freedom. As a country, they seek to voice their opinion, and make their opinion visible despite the pandemic crisis that was happening in the world at the time and a very clear recommendation from the International Monetary Fund in November of 2021 – not to adopt Bitcoin as a legal tender. Nevertheless, they are going forward with the Bitcoin infrastructure in the country as they are seeking economic freedom, the dream of all nations. William Soriano, a congressman from El Salvador and a prominent Bitcoin advocate, explained how Bitcoin can help other countries by sharing how his homeland plans to “achieve the next level of prosperity”. The first benefit is cutting the unnecessary costs: “Civil war led to 3 million people leaving the country to the US. Those people send 7000 million dollars yearly of remittances. That makes them pay 400 million dollars in fees to companies such as… Moneygram… Ria etc. And this is just El Salvador, a small country…” The second step is financial inclusion. In just 3 months, financial inclusion reached 80% in El Salvador, rising from 1.2 million to 3.8 million people having access to a financial system. Finally, the country set up a plan to use natural resources like volcanoes and geothermal energy with the use of “volcano bonds”, a decentralized financial UBI-type instrument. According to an SDG advocate at the United Nations and the World Economic Forum, Marc Buckley, all countries should follow the example to “stop recreating” a cycle of insanity that leads to financial bubbles following a downturn, on constant repeat – a model Marc believes the world has been viciously revolving around. His Excellency Justin Sun is confident that countries in the Caribbean region will certainly follow the El Salvador example. But we can hardly expect all governments to act and follow this example, so what are the alternatives? Dying Animal vs. Autonomous Private Cities Dr Wolfgang Pinegger, founder of GLBRAIN and CEO of GAMB, believes that “centralization is everywhere”: from social media to banking and governments, the only light at the end of the tunnel being cryptocurrencies which might be “the only way to escape the centralization step by step” with a proper use-case. That is why GAMB Power To The Merchants has developed a solution that solves a major issue in the crypto space – high transaction fees for day-to-day operations. The company has presented a coin with zero transaction fees that will work also in countries where 1$ is a substantial sum for a crypto transaction. This will consequently bring cryptocurrencies closer to mass adoption, and therefore reduce the centralization. In Wolfgang’s view the change might happen quite naturally with a mindshift that is already happening in the younger generation: “But the young generation has already realized that they do not want to be part of this game… (ed. centralization) and the young generation in itself will just change it. Many people from the centralized world will not even realize until it has happened” Veronika Kuett, who works on autonomous systems with Tripolis Corp., thinks that centralized money is “the most powerful tool” that the government would not wish to lose, since it allows them to “inflate” and “debase the money of everyone else”. Governments might react with tightening centralization and they might even succeed in the short term. Of course, printing money helps governments pull resources together which means attracting people “to set up control structures”. But in the end, “this animal has cancer and therefore it will die”. That is why there is no need to waste energy on reforming central banking when “we need to rethink governance” to set up new systems instead: “The strategy is to spend the least amount of energy focusing on old systems but rather build the future, educate people and make them join the new system” One of the solutions according to Veronika is “to have many thousands of smaller entities where we have bonded communities, where we know each other, we trust each other” to “get rid of this anonymity that we have as residents in a very large nation”. The demand for autonomous private cities is already there with many innovative libertarian thinkers facing the limitations of “government’s ever-changing rules”. Irina Litchfield of the Global Autonomous Network also shares an opinion that we need to “create new models of living through autonomous lands, agrotech and regenerative farming, blockchain, new space and beyond”. If Mars colonization would make us rethink governance, why should we not start now? What’s Next? What does the future hold? What sort of future can help humanity reach sustainable goals and how? Follow new episodes of #TheFutureisNowFilm and don’t miss the future through the thoughts and accomplishments of the most innovative minds in the industry. TFIN DAO team and the show’s creator Miguel Francis-Santiago are already working on new episodes filmed in Dubai surrounding the WoW Summit and a 2nd edition of AIBC Summit Dubai 2022 with the support of the NFT-vehicle that will allow for this roving crypto documentary to be featured on such platforms as Netflix, Amazon Prime, and Hulu. To see the retrospective of the blockchain world’s progress, watch the film series 5 year trailer that sums up the last 5 years with over 20 gatherings around the world that Miguel Francis-Santiago and the team have attended, over 19 episodes have been filmed so far and over 15 countries explored through the lens of The Future is Now Film. Join the conversation and become a part of the community by supporting TFIN DAO. Be part of the #TheFutureisNowFilm movement – Website | Telegram | Twitter

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Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning?

The crypto market just saw some slight recovery, but the performances are upside down. Opposite to the way sellouts usually play out, the Bitcoin dominance dropped dramatically as the asset is underperforming the Small Cap index. From last November’s $3 trillion market cap, the crypto market is now down to around $800 billion: Smaller Altcoins Make A Strong Comeback Last week the crypto market saw its bottom, followed now by some slight recovery. As per Arcane Research’s latest weekly report, the smaller altcoins have also been seeing red numbers with the Small Cap index shedding 27%, but it has been the best performer overall. In contrast, Bitcoin had dropped 35%. Through this small window of relief during June, we have seen the blue-chip coin underperform all other indexes. As a result, BTC’s dominance in the market fell -1,51% this week to 43,5% while Ether fell -0,31. The latter has been declining since May from 19.5% to 15%. What’s Making This Crypto Winter Colder The report notes that the primary driver of this crypto crash has been the hedge fund Three Arrow Capital (3AC) collapse. Having invested over $200 million in Luna Foundation Guard’s token sale, 3AC’s liquidity ended up being wiped out and its margin call was the last straw for the already pressured market. Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers As per the Wall Street Journal, the crypto hedge fund hired legal and financial advisers to help work out a solution for its investors and lenders. The firm is looking for a way out, “including asset sales and a rescue by another firm”. The prognostic is not very positive at the moment, seeing the wave of liquidations and mitigations of losses by crypto exchanges that have followed the collapse. “We were not the first to get hit…This has been all part of the same contagion that has affected many other firms,” Kyle Davies, 3AC’s co-founder, said in an interview. Arcane Research explained that “In periods of insolvency, creditors unwind the most liquid assets first, which is likely the root cause of BTC and ETH’s relative underperformance in the last week.” The report adds that “illiquid altcoins are more challenging to sell at size, particularly during pressuring times, which explains why smaller coins have experienced less excessive selling pressure in the last week”. Meanwhile, Microstrategy CEO Michael Saylor described the events around this winter as a “parade of horribles” in which the consequences of lack of regulation in the crypto field have made it possible for wash trading and cross-collateralized altcoins to weigh down on Bitcoin. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin.” “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday,” Saylor added, slamming at the recent collapses and suggesting that future actions by regulators could prevent the level of volatility that BTC is now experiencing. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse

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Tether to launch British Pound Sterling (GBP)-pegged token in early July

Tether, the blockchain-enabled stablecoin platform, today has announced that it will be launching Tether tokens (GBP₮) pegged to the British Pound Sterling in early July. Initial blockchain support will include Ethereum. The newly launched GBP₮ will join four other fiat-currency pegged tokens Tether has in the market: the U.S. dollar-pegged USD₮, the Euro-pegged EUR₮, the […]

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Crypto Market Crash Pauses Commercial Deals With Sports Firms

The current downtrend of the crypto market has negatively affected financial institutions, particularly those dealing with digital currencies. Currently, some firms are beginning to feel the heat from a different angle. This involves sponsorship deals between these digital currency companies and sports teams. This is particular to the crypto firms that have already spent hundreds of millions on the matter. The Crypto Winter Takes Hold As of 2021, the news reported that many digital currency firms invested billions of dollars in sponsoring sports. These companies had believed that the same would occur in 2022, only to wake up to the dawning of the downturn in the crypto market. Suggested Reading | Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts As the crypto winter takes hold, there have been records of losses for certain digital currency firms. This led them to make some hard decisions, such as trimming costs and staff headcounts. Moreover, companies that ventured into heavy sports deals are seeking ways to sustain their operations. As such, there is a need to cut down costs. According to the reports, the digital currency exchange, FTX, drew back on the issue of offering a jersey patch for the Los Angeles Angel of MLB. This occurred some weeks back, seeing the tanking of the digital currency market. However, from the news, FTX had shelled out $135 million in March 2020 to rename the Miami Heat’s home. Sources cited another example of a nixed deal resulting from the crypto market crash. This involved the patch deal between a crypto firm and the NBA’s Washington Wizards. Many crypto companies consider the Washington Wizards patch desirable. This is because the regulators and politicians who supervise their games are more often in attendance. However, there was no response from the parties (Washington Wizards and FTX). Past Sponsorships Going further, Joe Favorito, a professor in charge of sports at the University of Columbia, made a statement about the situation. From his speech, there will be no announcement on sports partnerships or sponsorships until the bulls take over the market. Furthermore, it was disclosed that vast amounts of money were poured into sponsorships deals during the last bullish market trend. Some examples of crypto firms cited were Crypto.com, FTX, and Tezos. For example, sources noted that Crypto.com offered about $700 million to name the Los Angeles Lakers’ home for nearly 20 years. Furthermore, in March 2021, FTX offered $135 million, as stated earlier. This was intended to replace the name of the Miami Heat’s home arena with FTX Arena. Moving on to Tezos, the company offered 27 million dollars annually to maintain the Manchester United uniforms logo. However, the current market trend does not change the firm deals between NFT companies and real-world products. This means that there are certain benefits still available to the related parties. Suggested Reading | Shiba Inu Now The Largest ETH Whales’ Holding Despite Crypto Market Turmoil An example is Budweiser, a Golden beer manufacturer in partnership with Zed Run, a renowned horse racing platform. Another source example is Tom Brady’s Autograph NFT marketplace in partnership with ESPN. Again, the idea was to develop significant content for the sports television network. Featured image from Pexels, chart from TradingView.com