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President Bukele Faces Off With Popular Bitcoin Critics As El Salvador’s Stash Suffers A Beat-Down

President Bukele Has Lost Over $11 Million Trading Bitcoin For El Salvador

El Salvador’s president Nayib Bukele was involved in a fierce war on Twitter early Saturday after long-time Bitcoin critic Mr. Whale suggested that Bukele had lost hope in Bitcoin, removing his laser eyes. In the ensuing exchange, Bukele hit back at Mr. Whale, accusing him of trying to mislead his followers and labeling the claims […]

Crypto News

Web 3 Data Union Swash Unveils Plans for Mammoth DAO Campaign

Web 3 Data Union Swash is aiming to kickstart its eponymous DAO and boost uptake of its native $SWASH token, commencing this month. The DAO Ignition campaign will get rolling on February 15, giving participants the opportunity to influence the direction of the game-changing data ownership platform moving forward. That’s not the only incentive, though: there will also be a grand prize up for grabs, with Swash adding $20 to the growing prize pool for every person that participates, until it reaches a maximum cap of $300K. Should that cap be reached, Swash has pledged to donate $100K to a charity as part of its Data for Good program. Whatever the amount in the final prize pot, a single winner will claim the lot at the conclusion of the campaign, though all participants will be classed as DAO early bird members. As such, they will have the ability to impact Swash’s future trajectory. Ready for Liftoff Swash confidently refers to DAO Ignition as “the biggest DAO campaign of 2022” – a bold claim given the number of both established and fledgling decentralized autonomous organizations in the space. Then again, it’s the sort of confidence that stems from having expanded the Data Union base from 5,000 to 220,000 over the course of 2021. With DAO Ignition, some 10% of the monthly average of the amount held by the community during the year-long campaign will be burned, until Swash has eventually removed a maximum of 5,000,000 $SWASH from circulation. Thus, by simply holding on to their tokens to keep the monthly average held by the community high, users press Swash to burn more tokens over the course of the campaign. The culmination of DAO Ignition will herald the long-awaited launch of the Swash DAO, giving stake-holders the ability to collectively reshape a data industry that has, for too long, vested power into the hands of the same well-known big data providers: Google, Facebook and Amazon. To participate in the campaign and enter the program, users must meet the eligibility criteria outlined by Swash here. After registering, to qualify for a chance to win the prize, a minimum of 5,000 $SWASH must be held for at least 60 days in total during the course of the campaign (February 15, 2022, until February 15, 2023). These do not have to be consecutive days, incidentally, but must amount to at least 60 days cumulatively while the campaign is ongoing. Reaching New Heights Swash’s native asset, which has been tokenized on Ethereum as well as xDai and Polygon, is the lifeblood of a platform that remunerates members for their participation in a fair, transparent data economy. Businesses, too, get to benefit from access to better-quality, zero-party data captured in a fully compliant way. Built using open-source technology, the startup has expanded from a simple browser plug-in to a comprehensive data ecosystem governed by the principles of Web 3. With its aggressive burn mechanics and six-figure prize pool, the project’s upcoming DAO campaign is certain to make headlines over the next 12 months. After all, when blockchain ventures burn tokens they tend to retain complete control over the amount removed from circulation. In this case, Swash is throwing it out to the community: the more tokens users hodl, the more will be eliminated from the supply. It’s a fascinating proposition and one that should set Swash up nicely for its full DAO launch early next year.

Crypto News

Comments On Pantera Capital’s Predictions For The Crypto Market In 2022

One of Pantera Capital’s investors, Paul Veradittakit, was brave enough to make predictions for this year in the tumultuous world of crypto. Even though we applaud the courage, we’re going to poke holes in them. Because this is the Internet and that’s what we do here. To be clear, the author went through 2021 biggest trends and extrapolated them into the future. Which is a safe enough technique.   Related Reading | Sports NFT Marketplace Lympo Suffers An $18.7 Million Hack Considering Pantera defines itself as the “first U.S. institutional asset manager focused exclusively on blockchain,” you know Veradittakit barely mentioned Bitcoin. The following is a purely crypto affair. It’s also worth noticing that the biggest criticism that Web3 gets is that it’s funded by venture capital and they’re the ones who will ultimately benefit from it. And, well, that’s just what Pantera is and does. In any case, let’s explore Veradittakit’s ideas and predictions. Pantera On L2s and Rollups Surprisingly, the article starts by throwing Ethereum under the bus. According to Veradittakit, all the action will be on L2s. Those grew tremendously in 2021, and the Pantera investor considers them essential to Ethereum’s scalability.  “As mainstream adoption of crypto continues to grow, Ethereum’s network congestion will only become worse, exacerbating its problems with latency and fees. Rollups are critical to sustaining the growth of Ethereum by ensuring that compute infrastructure is highly scalable, allowing users to interact with dApps with similar or even better expectations around usability as with traditional web apps.” Reading between the lines, this prediction also says that Ethereum is not going to release any of its network upgrades this year. Which sounds about right. Pantera On Non-Ethereum/Bitcoin Chains This prediction refers to the battle of the L1s, or the supposed Ethereum killers. The Pantera investor is obviously partial to one in particular: “Recent activity in the Solana community, including the launches of massive funds for decentralized social media and gaming, suggests that the ecosystem will continue to grow immensely in the coming year.” First of all, you can’t have “decentralized social media and gaming” in a centralized platform like Solana. Second, Veradittakit forgets to mention Solana’s constant technical problems and outages. Make of that what you will.  Another tendency the author mentions are bridges, “which enable interoperability between vastly different networks.” He considers those will “accelerate the growth of non-Ethereum ecosystems.” Or, to put it more bluntly: “Overall, these advancements in cross-chain infrastructure will accelerate the speed at which alternative layer one chains gain traction, fostering the development of a truly robust, diverse multi-chain crypto ecosystem.” What the Pantera investor really means is that all other L1s will keep leaching on Ethereum. Which sounds about right. SOL price chart on FTX | Source: SOL/USD on Veradittakit On Composability and Web3 This theme ties with the previous one. The Pantera investor gets into a very interesting topic, though:   “Decentralized identity projects, which allow users to maintain full, more precise control over personal data and reputation, enabling use cases around un-collateralized loans, know your customer (KYC) rules, and more. In 2022, we’ll see more projects expand the scope of on-chain ownership, allowing users to have full, functional control over their identity and holdings in the digital world.” One thing’s for sure, the world needs “a single login across all services”. No one can handle the number of passwords we’re supposed to remember. This is a real problem. In the article, however, the author focuses on Ethereum-based solutions. We would like to mention that there’s an alternative that uses the Lightning Network. And, you know, that runs over a network that’s actually decentralized. Pantera On Expansion of NFTs  This is his least controversial take. Veradittakit thinks “NFTs will continue to grow immensely in popularity through the coming year”. He elaborates: “NFT projects in 2022 will show substantially more diversity in use cases and will reconfigure how we interact with and think about ownership of digital media more broadly.” However, paraphrasing Vitalik, NFTs have to live through a bear market before they can be considered a success. Is there going to be a bear market in 2022? Probably not. So, Pantera’s prediction stands. Veradittakit On Decentralized Autonomous Organizations This prediction  is also fairly uncontroversial:  “Given their heightened prominence, I expect to see DAOs become a mainstream vehicle for online organizing and collective action, helping individuals across the globe get actionably involved with causes they care about.” And the Pantera investor follows it up with this one: “As DAO operations grow in complexity, I expect to see even more projects building out DAO tooling and infrastructure in 2022.” More DAOs and tools to manage them? That sounds about right. Related Reading | Solana: A Quick Review And Look Ahead Pantera On DeFi Security This prediction starts with chilling stats: “More than $610 million were stolen through DeFi exploits in 2021 (a staggering eightfold increase from $77 million in 2020), and an additional $704 million in funds were stolen and then later returned by white hat hackers, like those behind the $600 million PolyNetwork exploit.” Considering 2021 was the year of DeFi, this should come as no surprise. Criminals follow success and attention. In any case, look at those numbers and extrapolate them to what they would be if DeFi achieves mainstream status. “In 2022, I expect to see security become a tremendous focus for DeFi projects, and anticipate several more projects launch around better smart contract auditing, precise runtime monitoring, and consumer protections.” The question here is, is that enough? Or are smart contracts a security risk by definition? Will anyone be able to build an unhackable DeFi protocol? Who will win this race? Featured Image by JohannaIris in Pixabay | Charts by TradingView