https://www.cryptopolitan.com/illinois-senate-bill-mocked-crypto-community-for-unworkable-plans/

The crypto community has ridiculed the recent Illinois Senate Bill for its ‘unworkable plans,’ including asking blockchain miners and validators to reverse transactions if ordered by a state court.

On February 9, Illinois Senator Robert Peters quietly passed the Senate Bill into the state legislature. However, it wasn’t until Florida-based lawyer Drew Hinkes tweeted about the bill on February 19 that awareness of this legislation among the community began to spread quickly.

The Digital Property Protection and Law Enforcement Act permits courts to order blockchain transactions completed through a smart contract to be amended or revoked if the attorney general or state attorney requests.

The act would apply to any blockchain network that processes an Illinois-based blockchain transaction. This includes, but is not limited to, Bitcoin and Ethereum networks.

According to Hinkes, this bill is the most impractical state legislation dealing with blockchain and cryptocurrency he has ever encountered. Furthermore, under the terms of this legislation, those who mine or validate on a blockchain but do not adhere to court orders could be subject to penalties ranging from $5,000-$10,000 per day.

“This is a stunning reverse course for a state previously pro-innovation. Instead, we now get possibly the most unworkable state law related to #crypto and #blockchain I’ve ever seen.”

Drew Hinkes

Charles Hoskinson, the founder of Cardano, recently tweeted his assumption that FTX’s collapse initiated such a regulatory response to all cryptocurrencies.

Bill requires miners and validators to comply with regulations

Hinkes acknowledged the need for stronger consumer protection through legislation. Still, he was dismayed that miners and validators would not be exempt from repercussions if their blockchain networks failed to implement reasonable compliance measures.

This bill mandates that anyone who utilizes smart contracts to deliver goods and services must embed code within the agreement, which can be used to comply with court orders.

The proposed bill in Illinois aims to protect users from fraud and unintentional errors by allowing courts to order a blockchain transaction to be returned to the victim or original sender. Additionally, it seeks to help users recover their assets if they misplace their private keys, thus safeguarding them against the potential loss of funds.

https://www.cryptopolitan.com/inventor-world-wide-web-warns-crypto-is-dangerous/

Last Friday, on CNBC’s “Beyond The Valley” podcast series, Tim Berners-Lee—the inventor of the World Wide Web—warned against cryptocurrency due to its unpredictable nature, comparing it closely to gambling.

As he contemplated the future of the web, Berners-Lee compared digital currencies to the dot-com bubble when internet stocks were inflated despite not having a solid business foundation. He noted that cryptocurrencies are “only speculative.”

“Speculative trading is incredibly hazardous. It’s just like betting if that’s your thing. I’d prefer to stay away from investing in anything speculative as it isn’t something I want to spend my time on.”

Tim Berners-Lee

According to Berners-Lee, digital currencies can benefit remittances if they are automatically transformed into standard currency when obtained.

Berners-Lee, the British computer scientist credited with inventing the World Wide Web in 1989, is not happy about how his original vision for the web has turned out. Together with John Bruce, Berners-Lee is hoping to reclaim people’s control of their data and reshape the future of the internet through his startup Inrupt.

Tim Berners-Lee on Web3

Proponents have spoken extensively of the upcoming future of the internet, which they refer to as Web3—a phrase that lacks any concrete interpretation. Yet proponents insist it is based on blockchain technology, first introduced when the cryptocurrency bitcoin was created. It is believed that with this new version of the internet, power will be taken away from big corporations such as Facebook and Google, transforming it into a decentralized platform for all users.

However, Berners-Lee believes the future of the internet is “Web 3.0,” something he separates from Web3. He has proposed this new version of the web to transform it entirely and make it even better than before.

“It’s not blockchain,” stated Berners-Lee, noting that Web3 doesn’t possess enough speed or security for his vision of a perfect web experience.

https://www.cryptopolitan.com/curve-dao-benefits-risks-and-challenges/

The decentralized finance (DeFi) space has been exploding with innovation over the past few years, and Curve DAO is one of the most exciting projects to emerge from this rapidly-evolving landscape. Curve DAO is a decentralized autonomous organization that is revolutionizing the way stablecoins are traded on blockchain networks. While other DeFi protocols offer liquidity pools that enable trading between different assets, Curve DAO is specifically designed to optimize the trading of stablecoins. This has several advantages, including lower fees, lower slippage, and reduced risk of impermanent loss.

Curve DAO is built on the Ethereum blockchain and is managed by a decentralized community of stakeholders who hold the Curve DAO token (CRV). The community plays a vital role in governing the protocol and making important decisions about its future direction. Curve DAO’s primary goal is to improve the financial infrastructure around stablecoins; in doing so, it will pave the way for a more distributed, efficient, and widely available monetary system.

Background

Curve DAO was launched in August 2020 by a team of developers led by Michael Egorov. The project was created in response to the growing demand for stablecoins and the need for a more efficient and secure way to trade them on blockchain networks.

One of the key innovations of Curve DAO is its use of an automated market maker (AMM) algorithm that is specifically designed for stablecoins. This algorithm, called the “StableSwap” algorithm, enables users to trade stablecoins with low slippage and low fees.

In addition to the StableSwap algorithm, Curve DAO has several other features that make it unique in the DeFi ecosystem. For example, it uses a “gauge” system to incentivize liquidity providers to supply specific stablecoins to the protocol. This helps to ensure that there is always sufficient liquidity for trading, which in turn reduces slippage and improves the overall trading experience.

Curve DAO is also unique in its governance structure. As a decentralized autonomous organization, the protocol is managed by a community of stakeholders who hold the Curve DAO token (CRV). These stakeholders have the power to vote on important decisions about the future of the protocol, such as changes to the algorithm, the addition of new stablecoins, and changes to the protocol’s fee structure.

How Curve DAO Works

When a user wants to trade stablecoins on Curve DAO, they simply need to connect their wallet to the protocol and choose the stablecoins they want to trade. The protocol then uses the StableSwap algorithm to determine the best possible price for the trade, based on the amount of liquidity available for each stablecoin.

One of the advantages of the StableSwap algorithm is that it is specifically designed for stablecoins, which tend to have a low level of volatility. This allows for more accurate pricing and lower slippage than other DeFi protocols that use AMM algorithms designed for more volatile assets.

To provide additional incentives to liquidity providers, Curve DAO has developed a “gauge” system in addition to the reliable StableSwap algorithm. Every gauge corresponds to a different stablecoin and those who offer the specified coin are rewarded with CRV, or Curve DAO tokens. This is an excellent way of ensuring that any money earned on the platform is reinvested back into it – increasing its efficiency and sustainability for all users involved! Curve DAO tokens (CRV) are an essential part of the protocol’s ecosystem. They can be used for staking, which allows users to earn rewards in the form of trading fees generated by the protocol. They can also be used for governance, allowing CRV holders to vote on important decisions about the future direction of the protocol.

Benefits of Using Curve DAO

There are several benefits to using Curve DAO for stablecoin trading and investing. Some of the key benefits include:

1. Low Fees: Curve DAO’s trading fees are among the lowest in the DeFi ecosystem, with fees typically ranging from 0.04% to 0.08% per trade. This makes it a more affordable option for users who want to trade stablecoins without paying high fees.
2. Low Slippage: Curve DAO’s StableSwap algorithm is specifically designed to minimize slippage when trading stablecoins. This means that users can trade stablecoins with greater accuracy and at a lower cost.
3. Reduced Risk of Impermanent Loss: Impermanent loss is a risk that is associated with providing liquidity to DeFi protocols. Curve DAO’s gauge system helps to reduce the risk of impermanent loss by incentivizing liquidity providers to supply specific stablecoins to the protocol.
4. Access to a Wide Range of Stablecoins: Curve DAO supports a wide range of stablecoins, including USDT, USDC, DAI, TUSD, BUSD, and more. This provides users with greater flexibility and choice when it comes to trading stablecoins.
5. Staking Rewards: Curve DAO’s staking system allows users to earn rewards in the form of trading fees generated by the protocol. This provides an additional incentive for users to provide liquidity to the protocol.
6. Governance: As a decentralized autonomous organization, Curve DAO is governed by a community of stakeholders who hold the Curve DAO token (CRV). This means that users have a say in the future direction of the protocol and can vote on important decisions about its governance and development.

Risks and Challenges of Using Curve DAO

While there are many benefits to using Curve DAO for stablecoin trading and investing, there are also some risks and challenges that users should be aware of. Some of the key risks and challenges include:

1. Smart Contract Risk: Like all DeFi protocols, Curve DAO is built on smart contracts that are subject to potential bugs and vulnerabilities. While the protocol has been audited and is constantly being updated and improved, there is still a risk of smart contract failure.
2. Liquidity Risk: Curve DAO’s liquidity is dependent on user activity, which can be influenced by a range of factors, such as market conditions and user demand. In the event of a sudden drop in liquidity, users may experience slippage and difficulty in executing trades.
3. Regulatory Risk: As a decentralized protocol, Curve DAO operates outside of traditional financial systems and regulations. While this provides users with greater freedom and autonomy, it also exposes them to potential regulatory risks and uncertainty.
4. Volatility Risk: While stablecoins are designed to be less volatile than other crypto assets, they are not completely immune to market fluctuations. Sudden price changes in stablecoins can impact the performance of the protocol and the value of users’ investments.
5. Governance Risk: While the governance structure of Curve DAO provides users with a voice in the direction of the protocol, it also requires active participation and decision-making from the community. If users do not participate in governance, the protocol may be vulnerable to centralization or stagnation.

Bottomline

Curve DAO has become a leader in the decentralized finance space, paving the way for new and exciting possibilities in the future. As the ecosystem continues to grow and evolve, Curve DAO will undoubtedly remain at the forefront of this exciting frontier. Curve DAO provides a great starting point for anybody interested in learning more about or becoming involved in the emerging field of decentralized finance, whether they are seasoned traders or complete newcomers to the industry.

https://www.cryptopolitan.com/helium-announces-migration-solana-blockchain-deployment-oracles/

The Helium Network protocol has announced that it will migrate onto the Solana blockchain and deploy Oracles on March 27 to streamline scalability and reliability.

On February 17, Helium’s blog post announced that there would be a 24-hour transition period on March 27. During the migration, Proof-of-Coverage, and data transfer activities will remain unaffected. Additionally, a team of community volunteers has been assembled to oversee this migration process effectively. According to Helium’s team:

“This upgrade will encompass all wallets, Hotspots, and Helium Network state and will take place over a 24-hour transition period commencing at approximately 1500 UTC / 10:00 AM ET.” 

Helium Network team

After the chain halts, validators will cease to generate blocks, and transactions won’t be synced. To conclude this process, a final blockchain record will be created after all accounts and tokens have been transferred to Solana’s blockchain. Afterward, Hotspots shall be minted as non-fungible tokens (NFTs), according to the development team.

“Note that any rewards generated by Proof-of-Coverage activity in the prior 24 hours will be available to claim in your Helium Wallet after the transition period. Oracles will update claimable balances, and Hotspot Owners can use the new claim function.”

Helium Network team

Holders of the HNT and MOBILE tokens won’t have to do anything special to participate in the upgrade. The same goes for most Hotspot owners, though those who manage larger fleets may be able to test specific functionalities and create their own wallet solutions.

On September 22, the Solana community overwhelmingly approved HIP-70. However, developers celebrated this move as it will offer several benefits, such as increased native tokens for subDAO reward pools, improved mining efficiency, and reliable data transfer within the ecosystem. In the same month, Helium developers made another groundbreaking announcement: The network partnered with T-Mobile to develop a mobile service powered by crypto. Also, the partnership enabled users to earn rewards in cryptocurrency for sharing data about coverage quality and helping pinpoint areas where there is a poor signal from Helium.

https://www.cryptopolitan.com/polkadot-key-milestones-and-achievements/

In the world of blockchain technology, Polkadot has emerged as a groundbreaking platform that offers a new paradigm for interoperability between disparate networks. By exploring the key milestones and achievements that have contributed to its success, we hope you gain a better understanding of the platform’s significance and potential impact on the future of blockchain technology.

The Beginning of Polkadot (2016 – 2019)

The founding team and their vision for the platform

Polkadot was founded in 2016 by Dr. Gavin Wood, a co-founder of Ethereum and one of the leading figures in the blockchain space. Dr. Wood’s vision for the platform was to create a scalable and secure blockchain network that could facilitate interoperability between different blockchains.

Dr. Wood assembled a team of experienced developers and blockchain experts who shared his vision for the platform. Together, they set out to build a new kind of blockchain network that could offer unique features and capabilities not found in other blockchain networks.

One of the key features that the Polkadot team aimed to achieve was the ability to enable secure and seamless communication between different blockchain networks. The team recognized that one of the biggest limitations of existing blockchain networks was their inability to communicate with one another. Polkadot sought to solve this problem by developing a unique sharding technology that allowed for the parallel processing of transactions across multiple chains.

Polkadot’s initial coin offering (ICO) and fundraising

In 2017, Polkadot conducted its initial coin offering (ICO), which raised $145 million in funding. This was a significant milestone for the project, as it provided the resources needed to accelerate development and bring the platform to market.

The ICO was conducted through a Dutch auction mechanism, which enabled all participants to purchase DOT tokens at the same price. This ensured that everyone had a fair chance to participate in the fundraising process and that the price of the tokens was determined by the market.

The ICO was highly successful, and it quickly became one of the largest fundraisings in the history of blockchain technology. The funds raised during the ICO provided the Polkadot team with the resources they needed to accelerate development and bring the platform to market.

Development of the platform’s core technology

The Polkadot team worked tirelessly to develop the core technology that would power the platform. This involved creating a new consensus mechanism, known as the GRANDPA finality gadget, which would enable fast and secure transaction processing. They also developed a unique sharding approach, which allowed for the parallel processing of transactions across multiple chains simultaneously.

The development of the core technology was a significant challenge, as the team had to create new solutions for some of the most significant problems in blockchain technology. However, their hard work paid off, and by 2020, the team had completed the core development work, and Polkadot was ready for launch.

Polkadot’s launch and early adoption (2020)

In May 2020, Polkadot was officially launched, and the platform’s native token, DOT, was made available for trading. The launch was met with significant anticipation and enthusiasm from the blockchain community, with many seeing Polkadot as a potential game-changer for the industry.

As one of the most promising projects in the blockchain space, Polkadot was quickly adopted by early adopters and enthusiasts. The launch generated a lot of excitement, as Polkadot’s unique value proposition and potential for interoperability were highly anticipated.

Key features of the platform, including sharding and interoperability

Polkadot is designed to be a scalable, interoperable, and secure platform for decentralized applications (dApps). One of the key features of Polkadot is its ability to connect different blockchains together, making it possible for them to communicate and transact with one another seamlessly. This is achieved through its innovative sharding technology, which allows for the parallel processing of transactions across multiple chains simultaneously.

Additionally, Polkadot’s interoperability is made possible through its unique Relay Chain and Parachain architecture. Parachains are individual blockchains that connect to the Relay Chain, enabling them to communicate and transact with other Parachains and the Relay Chain. This approach to interoperability is highly scalable and flexible, enabling developers to create new chains and applications quickly and easily.

Early partnerships and integrations with other blockchain projects

In the early days of its launch, Polkadot formed several key partnerships and integrations with other blockchain projects. These collaborations were essential to driving adoption and expanding the reach of the platform.

One of the most significant partnerships was with Chainlink, a leading decentralized oracle network. The partnership integrated Chainlink’s secure and reliable oracle solutions into the Polkadot network, enabling developers to create new dApps and smart contracts that could leverage external data sources.

Another significant partnership was with Ocean Protocol, a blockchain-based platform for data sharing and analytics. The partnership enabled Polkadot to leverage Ocean Protocol’s data-sharing capabilities, which are critical to the development of many blockchain-based applications.

In addition to these partnerships, Polkadot also integrated with several leading blockchain networks, including Ethereum, Binance Smart Chain, and Kusama. These integrations enabled Polkadot to extend its reach and connect with a broader community of blockchain enthusiasts and developers.

Milestones and Achievements (2020 – 2022)

Development and release of Polkadot’s Parachain slot auctions (2020)

One of the most significant achievements of Polkadot since its launch has been the development and release of the Parachain slot auctions. These auctions enable projects to secure a Parachain slot on the Polkadot network, which provides them with access to the platform’s shared security and interoperability features.

The Parachain slot auctions were a significant milestone in the development of Polkadot, as they enable projects to launch their own independent blockchains on the platform. This is a critical step towards achieving Polkadot’s vision of facilitating interoperability between different blockchain networks.

Launch of the Polkadot Governance System (2020)

The launch of the Polkadot Governance system was another significant milestone for the platform. The Governance system enables stakeholders to participate in the decision-making process for the platform. This democratic approach to governance has been welcomed by the community, as it provides a way for users to have a say in the direction of the project.

The Governance system is designed to be inclusive and open, enabling stakeholders to vote on key decisions related to the platform’s development and direction. This approach to governance is a key differentiator for Polkadot, and it has been instrumental in driving adoption and growth.

Implementation of Polkadot’s Ecosystem Fund

Polkadot’s Ecosystem Fund was implemented to support the development of projects and applications on the platform. The fund is designed to provide financial support and resources to developers and projects that are building on the Polkadot network.

The Ecosystem Fund is an essential component of Polkadot’s strategy to encourage innovation and growth within the ecosystem. The fund has already made several significant investments in key projects and initiatives, and it is seen as a crucial way to drive adoption and expansion.

Launch of Kusama Parachain (2021)

Polkadot launched its first Parachain, Kusama, which was a significant milestone for the platform. The launch demonstrated the feasibility and potential of Polkadot’s innovative sharding technology and the ability to host multiple, interoperable blockchains. Kusama, as a canary network for Polkadot, has already attracted several innovative projects that leverage its advanced features and functionalities, providing a testing ground for new ideas and innovations before implementing them on the main Polkadot network.

Implementation of Nominated Proof of Stake (NPoS) (2021)

Polkadot’s implementation of Nominated Proof of Stake (NPoS) was a significant development for the platform. NPoS is designed to be more energy-efficient and secure than the previous consensus mechanism, providing additional benefits to the platform’s security and scalability. The upgrade to NPoS is expected to enhance the platform’s performance, and it has been well-received by the community.

Launch of Polkadot Treasury (2021)

The launch of the Polkadot Treasury was a critical step in the platform’s development. The Treasury enables stakeholders to propose and vote on funding for projects and initiatives within the Polkadot ecosystem, providing a democratic approach to funding. This approach to funding has been welcomed by the community and has already made several significant investments in key projects and initiatives, driving growth and adoption within the ecosystem.

Polkadot’s Achievements as of February 2023

Polkadot has achieved remarkable success in 2022, becoming the largest and most diverse ecosystem of purpose-built layer-1 blockchains and apps in just over a year since the launch of parachains in late 2021. The network now boasts 74 parachains, supporting over 300 unstoppable applications, with around 550 projects launched or under development. With more than 200 teams building on Polkadot’s technology stack, the network provides a shorter time to market and lower costs, upgradeability, and interoperability, making it the perfect home for rapidly evolving Web3 opportunities.

Polkadot’s diverse ecosystem spans beyond DeFi and NFT use cases, with teams leading the industry forward with bleeding-edge DeFi and NFT primitives, as well as parachains and dapps spanning the full spectrum of blockchain technology use cases, from social media to supply chain, identity, gaming, tokenized real-world assets, carbon credits, privacy, robotics, IoT, and more. The network’s identity parachain KILT Protocol has been adopted by dena, the German ministry of energy, and Energy Web, creating an identity registry for Germany’s energy market. The music industry also saw innovation on Polkadot with Public Pressure, which offers a music NFT marketplace and saw $2m in revenues in a matter of days after launching.

Polkadot’s industry-leading upgradeability features allowed it to complete a total of 15 seamless, forkless upgrades in 2022, and XCM’s launch delivered the magic of secure cross-consensus bridging to the world, ending the weakest link problem of previous-generation bridging technology. In addition, Polkadot’s launch of Collectives, giving people the ability to organize and act as a group, made a crucial function for Web3 possible.

Looking ahead, Polkadot is set to launch OpenGov on Polkadot, remove the weakest link problem with XCMv3, and launch parathreads and additional scheduling methods, making it easier to deploy the network’s next generation of blockchains. With a packed pipeline of projects set to launch their custom parachains in the coming months across a wide range of use cases, the broader Polkadot ecosystem in 2023 is incredibly strong, and 2023 is sure to be an exciting year for the community.

Bottomline

Polkadot is currently one of the most important and promising projects in the blockchain industry. Since its launch, it has attracted significant attention and adoption from developers, enterprises, and investors. The potential impact of Polkadot on the broader technology landscape is significant, with the platform’s unique approach to scalability, security, and interoperability providing a model for the development of more inclusive and community-driven blockchain projects. Moreover, the platform offers a unique governance system that enables stakeholders to have a say in the direction of the project. This democratic approach to decision-making has been welcomed by the community and has contributed to the rapid growth and adoption of the platform.

https://www.cryptopolitan.com/sbf-served-subpoena-appear-in-court-remotely/

Voyager’s Unsecured Creditors have asked Sam Bankman-Fried (SBF) and other high executives from FTX and Alameda Research to submit documents and virtually appear in court next week for a deposition.

On February 18, a filing in the US Bankruptcy Court for the Southern District of New York revealed that SBF was served with a subpoena to testify at an upcoming deposition regarding bankruptcy.

The Official Committee for the Unsecured Creditors of Voyager Digital Holdings, a bankrupt crypto lending exchange, issued the subpoena demanding that he appear for the”remote deposition” on February 23.

The agreement also stated that SBF has to provide all requested documents and communications by February 20. Also, in a February 6 court filing, it was disclosed that Voyager’s attorneys had previously served subpoenas to SBF, Alameda CEO Caroline Ellison, FTX co-founder Gary Wang and the company’s Head of Product Ramnic Arora. The subpoena was for SBF’s team to provide vital documents by February 17.

Judge John Dorsey also allowed FTX debtors to serve subpoenas for records and documents from SBF’s former associates and relatives in compliance with bankruptcy court protocols. On February 16, Judge Lewis Kaplan revealed that there was likely cause to revoke SBF’s bail due to his suspected attempt to influence witnesses. A February 3 court filing submitted to the court revealed that Emergent Fidelity Technologies, SBF’s holding company, had filed for bankruptcy protection.

https://www.cryptopolitan.com/sony-group-launches-web3-incubation-program-with-astar-network/

Sony Group’s internet services division has released a revolutionary Web3 incubation program in collaboration with Astar Network, a multi-chain decentralized app hub.

The program, led by Astar’s CEO Sota Watanabe and hosted by Singapore-based Startale Labs, will take place from mid-March to mid-June this year. Startale Labs is a company that develops Dapps and provides other infrastructures such as wallets.

Last April, Sony Network Communications established a Singapore-based business to investigate and provide services for developing the NFT space.

The 3-month incubation program will start accepting applications on February 17, and applications will close promptly on March 6. Everything from mentoring to Web3 sessions will take place online via Slack; however, the demo day culminates with an in-person event at Sony Group’s headquarters in Tokyo during Japan Blockchain Week this June.

Watanabe announced they would choose 10 to 15 ambitious Web3 initiatives from across the globe for the program, collaborating with Toyota to recruit more developers. VC firms and Web3 companies can expect regular business and technology strategy meetings when they join the program and opportunities to build relationships and receive insight directly from respected organizations such as Web3 Foundation and Alchemy.

Sony’s patent for in-game digital assets

In November, the Japanese conglomerate’s subsidiary Sony Interactive Entertainment released a patent that proposed integrating NFTs into their PlayStation video game console.

Sony has recently unveiled a patent for a system designed to monitor digital assets tied to video games, known as “Tracking Unique In-Game Digital Assets Using Tokens on a Distributed Ledger.”

According to the patent, digital assets may include in-game objects, such as characters and items, and recordings of moments taken during gameplay, like videos and pictures.

The patent background note explains that people often feel a sense of significance when they own or use exclusive physical items connected to celebrated figures or activities, citing baseball memorabilia as an example. Furthermore, renowned gaming companies such as Square Enix, Ubisoft, Konami, and Sega have all launched their NFT projects.

https://www.cryptopolitan.com/blockchain-com-denies-selling-assets-or-subsidiaries/

A spokesperson from the cryptocurrency exchange and financial services firm Blockchain.com has denied any attempts to sell assets or subsidiaries and dismissed reports of negotiations with other crypto firms regarding potential deals. The company also declared that there are no ongoing talks concerning such matters.

Anonymous sources recently alleged that Blockchain.com executives discussed selling portions of the business to other crypto companies, including Coinbase, between December and January; however, Blockchain.com has denied these claims.

Although Blockchain.com is not in the market to sell its businesses, they have been exploring potential capital-raising opportunities since October 2022 at a discounted valuation from previous prices. According to reports, this round could result in a $3 billion-$4 billion evaluation for the company and give them much-needed resilience during these crypto bear markets.

Although Blockchain.com has been working hard to raise capital, the company has refuted claims relating to the sale of assets. Recently their venture arm liquidated an 80% stake in PolySign, a startup dedicated to creating infrastructure for banks and other financial institutions.

In January, Blockchain.com laid off 110 employees(about 28% of its staff); this was after it downsized 150 employees in July 2022 due to a $270 million loss from loans extended to 3 Arrows Capital which is now bankrupt.

Blockchain.com boasts 37 million verified users with 86 million wallets in 200 countries worldwide. In March 2022, the company received another round of funding from Lightspeed Ventures and Baillie Gifford & Co., skyrocketing its estimated worth to $14 billion —double what it was just one year ago.

Previously, Blockchain.com earned $300 million in a  Series C round in March 2021, led by DST Global Partners, Lightspeed Venture Partners, and VY Capital. In addition, the company secured about $120 million from various venture capital firms.

https://www.cryptopolitan.com/crypto-trader-makes-huge-profits-binance-gns-listing-front-running-or-smart-money/

On February 17, a wallet previously accused of front-running Binance’s token listings engaged in another transaction involving Gains (GNS) tokens just before their listing on Binance.

Lookonchain’s study revealed that the anonymous crypto trader earned over $100,000 in minutes after they purchased a token just before it was listed on Binance.

After a thorough investigation, the on-chain sleuth uncovered that only thirty minutes before being listed on Binance, the trader purchased Gains Network (GNS) tokens worth $208,335. Following its listing, GNS experienced a remarkable surge of 51%, jumping from $7.92 to $12.01—allowing the trader to turn their investment into profits of over one hundred thousand dollars in less than an hour.

Lookonchain jokingly referred to the trade as “smart money” in their Twitter post. Yet, not many find it amusing —since insider trading is a legitimate practice in numerous countries like the United States and Canada, Europe Union, and other jurisdictions around the world. Generally, trading with undisclosed info, such as news regarding an impending listing, can be considered unethical and may risk jeopardizing the fairness of markets.

Understanding front running in crypto exchanges

Regarding cryptocurrencies, front running occurs when a trader or exchange employee takes advantage of the confidential information they possess regarding an investor’s trade to place their transaction ahead of the customer. This results in undeserved profits being made at someone else’s expense.

Front running gives insiders an unjust upper hand over the market, as it also violates any trust or duty of confidentiality that could be present between them and other parties involved. It is a form of dishonesty that enables certain people to benefit from the information that should remain confidential.

In the past 12 months, numerous high-profile crypto exchanges have come under fire for claiming or confirming cases of front-running. That is when traders with insider information take sizeable positions in digital tokens that are likely to increase in value due to being listed on a major centralized crypto exchange like Binance.

Recently, former Coinbase product manager Ishan Wahi pleaded guilty to his part in an insider trading scheme that earned a staggering $1.1 million. This case is remarkable as it is the first time federal prosecutors have encountered criminal activity involving digital currencies.

An extensive academic research report conducted in August 2022 revealed that about 10-20% of new crypto listings on CoinBase were potentially exposed to front running.

Binance’s response to front running in crypto exchanges

In July, after charges were submitted against Wahi, the CEO of Binance, Changpeng Zhao (CZ), strongly criticized the conduct and emphasized that insider trading and front running are illegal whether it involves cryptocurrency or not.

Binance has established a policy of self-regulation to prevent employees from participating in short-term trading. However, Coinbase’s Wahi was found guilty of sharing insider information about upcoming tokens with his relatives.

During a recent AMA session, Changpeng Zhao declared that most leaks and front runs don’t originate from within Binance but originate on the project/token side. To discourage anyone from attempting such behavior, Binance has enacted a strict blacklisting system on all those engaged in this activity before being listed.

“At Binance, we strive not to disclose any information about listings on our exchange until necessary. However, sometimes project teams are aware that they are likely to be close to being listed once the wallet integration is complete. To prevent a listing news from leaking out prematurely, we do our best to keep team members informed while remaining discrete and discreet with other exchanges.”

Changpeng Zhao

https://www.cryptopolitan.com/privacy-tokens-how-they-work/

Privacy coins are cryptocurrencies that shield the identity and activities of users. While the “blockchain” records all transactions, privacy coins have an extra layer of protection not available on other blockchains as they keep certain information out of public view.

For example, businesses that use blockchain-based platforms for financial transactions with vendors may find real value in privacy coins. Privacy coins enable them to shield private information like account balances from prying eyes, preventing vulnerabilities in the blockchain. All in all, privacy coins offer an essential layer of anonymity and are becoming more sought-after daily.

How privacy tokens work

Some privacy tokens are private by default, but for others, the user has to enable the privacy setting for the privacy mechanism to set in. Some of these mechanisms include:

Zero-knowledge proofs

Zero-knowledge proofs, or ZKPs, are powerful cryptographic techniques that allow parties to verify something exists without disclosing its real nature. For example, privacy coins like Zcash use this technique to secure users’ data and protect their privacy.

Jeff Feng, the co-founder of Sei Network, explains how this works: “Privacy coins like Zcash functionally operate like normal cryptocurrencies except transaction history is obscured [using ZKP]. This allows transactions to be verified without sharing information on the specifics of the transaction like recipient address.”

A well-known example of a ZKP is zk-SNARKs which stands for “zero-knowledge succinct non-interactive argument of knowledge” and is said to provide super strong privacy protection.

Ring signatures

Ring signatures offer a revolutionary layer of anonymity on the blockchain. They consist of signing off a transaction using multiple actual signatures, one belonging to the person executing the transaction and the rest belonging to decoys. The decoys help to hide the user’s identity.

Monero was one of the first popularized applications of ring signatures to great effect. It continued innovating by introducing Ring Confidential Transactions (RingCT) in 2017, further obfuscating details related to originators and recipients, as well as origins and amounts of a transaction. In addition, RingCT requires no trusted party setup, thus achieving true privacy in transactions conducted over it.

Stealth Addresses

Stealth addresses allow for considerable discretion when making financial transactions. They achieve privacy by concealing the public key linked to one’s wallet and hiding the transfer amount. As a result, users can maintain a certain level of privacy that may otherwise not be possible.

Donors employ stealth addresses to stay anonymous. But unfortunately, bad actors also utilize them to dodge taxation laws.

However, while they provide some protection, stealth addresses do not disguise the goods or services ordered.

Masking Transactions

Masking is a process that obscures the true source of a transaction by making it appear to come from somewhere other than its original address. The ability to mask transactions makes privacy coins attractive, providing an additional layer of security and anonymity. As a result, masked transactions are common with users who wish to remain anonymous, such as buying or selling illicit goods.

Is Bitcoin a privacy coin?

Here are reasons why Bitcoin is not a privacy coin:

1. Bitcoin operates on a peer-to-peer network, with nodes connected, allowing anyone to perform sound deductions and gain access to transaction records.
2. Bitcoin can be traced to users trading on exchanges since they are often required to identify themselves through KYC.
3. Bitcoin offers transparency because all transactions are recorded on a public ledger, making it possible to trace addresses to a user. In addition, users can also relate an address to other addresses in the associated transaction group.

Examples of privacy coins

Cloakcoin (CLOAK)

CloakCoin (CLOAK) offers unprecedented levels of privacy to all users. CloakCoin’s goal is to protect individuals from the abusive practices of corporations, government, and political pollsters who seek to compromise user data and privacy.

Utilizing their revolutionary Enigma technology, CloakCoin enables anonymous and untraceable transfers. CLOAK seeks to supersede the mundane methods of traditional transactions and usher in a new era where user privacy is paramount and freedom of expression anonymous.

Dash (DASH)

Dash is one of the most well-known privacy coins and focuses on providing users with a secure, fast, and private way to transact. Dash uses a technology called PrivateSend which enables users to mask their transactions by mixing inputs from multiple users so that nobody can identify the true originator. This process ensures true anonymity across the Dash network.

Monero (XMR)

Monero (XMR) is a privacy coin that offers users complete anonymity and untraceable transactions. It implements cutting-edge cryptographic technology, such as Ring Signatures and Confidential Transactions (RingCT), to ensure that user data remains secure and private. As a result, Monero is the gold standard of privacy coins, and many other projects have adopted its technology.

Zcash (ZEC)

Zcash is a unique privacy coin that utilizes zero-knowledge cryptography to ensure complete anonymity and transaction privacy. Using zk-SNARKs, users can obscure the source and destination of their transactions and the amount transacted. Zcash also offers users a choice between “shielded” (private) and “transparent” (public) transactions, enabling them to choose which one best suits their needs.

Verge (XVG)

Verge is another privacy coin that allows users to enjoy complete privacy when making transactions. It uses an advanced obfuscation technology called Tor and I2P to hide user IP addresses, locations, and transaction histories. Verge also allows users to transact in various cryptocurrencies, making it one of the most versatile privacy coins on the market.

Grin (GRIN)

Grin is a relatively new privacy coin that offers users complete anonymity and untraceable transactions. It utilizes MimbleWimble technology to obscure transaction data, allowing for private payments between two parties without any middlemen involved. Grin also has low transaction fees and fast confirmation times, making it especially attractive for those looking for anonymous payments.

Beam (BEAM)

Beam is a privacy coin that utilizes an innovative protocol called MimbleWimble to provide its users with complete anonymity. In addition, it implements various advanced cryptographic techniques, such as Confidential Transactions and Bulletproofs, to ensure its users’ privacy. Beam also offers fast transaction times and low fees, making it one of the best options for private payments.

PIVX (PIVX)

PIVX is a privacy-focused cryptocurrency that allows users to remain completely anonymous when transacting. It uses a combination of zk-SNARKS and Zerocoin technology to mask user IP addresses and transaction data, providing them with complete privacy when using PIVX.

NavCoin (NAV)

NavCoin (NAV) is a privacy coin that provides users with an anonymous and secure way to transact. It implements an advanced encryption technology called zk-SNARKs to hide user data, allowing them to remain completely anonymous when transacting or sending funds. NavCoin also has a low transaction fee, making it attractive for secure and private payments.

Komodo (KMD)

Komodo (KMD) is a privacy coin that utilizes an innovative technology called zero-knowledge proofs to keep user data secure and private. It also allows for complete anonymity when transacting, obscuring both the sender’s and receiver’s addresses when sending funds. Komodo also has low transaction fees and fast confirmation times, making it one of the best options for secure and private payments.

Are privacy coins legal?

The legal status of privacy coins largely depends on the laws and regulations in your local jurisdiction. In general, though, most countries have no restrictions against using privacy coins. However, some countries may have stricter rules regarding the usage of these coins, so it’s essential to be aware of the specific laws and regulations that apply to you.

In South Korea and Japan, privacy coins are illegal. Some exchanges have also deregistered privacy coins since they risk being fined or shut down.

Conclusion

Privacy coins offer users a secure and anonymous way to transact. They utilize advanced encryption technologies, such as zk-SNARKs and MimbleWimble, to mask the sender’s and receiver’s addresses when sending funds.

Although privacy coins are generally considered legal in most parts of the world, checking your local laws and regulations before using them is essential. Additionally, some exchanges have deregistered certain privacy coins due to their risky nature. However, privacy coins offer users an attractive option for safe and secure payments without sacrificing anonymity.

https://www.cryptopolitan.com/irony-ftx-cautions-investors-from-falling-victim-token-scams/

The restructuring team that oversees FTX’s bankruptcy has cautioned investors to be aware of any fraudulent tokens that want to capitalize on the exchange’s predicaments. “The FTX Debtors urge stakeholders to stay wary for any scams claiming ties with them,” they tweeted. “The FTX Debtors have issued no debt token, and all offers in connection are unauthorized.”

It is essential to know that “debtors” means the company itself, while “creditors” are entities to which the company owes money.

Even though FTX never mentioned a particular token, the warning is believed to be concerning a new cryptocurrency called “FTX Users’ Debt” (or FUD)  that has been listed on Justin Sun’s Huobi exchange since February 7.

On the day it was released, the FUD token achieved a peak of $80.13, and its 24-hour trading volume only generated about $1.8 million. However, its price has since been plummeting. Also, the FUD token is currently trading at $15.73, as reported by CoinMarketCap.

This token can only be exchanged solely on Huobi and against two stablecoins: USDT (US Dollar Tether) and USDD (USD Digital). Notably, within the past 24 hours, the FUD token has generated less than $250,000 in trading volume.

Recall that on November 11, FTX was declared bankrupt, with its creator and CEO, Sam Bankman-Fried stepping down from his role. The platform could not stabilize following a bank run that depleted the company’s liquidity and caused them to admit they did not have one-to-one reserves for customer funds. Subsequently, Bankman-Fried has been charged with eight financial infractions associated with the crumbling of FTX due to these events.

It is alleged that the FTX exchange was handled recklessly, leaving billions of dollars unaccounted for and customers without a clue as to if they will ever be able to access the funds held on the exchange. To make matters worse, dubious tokens like FUD could take away more money from these customers.

https://www.cryptopolitan.com/how-to-participate-in-uniswap-dao-governance/

If you’re interested in decentralized finance (DeFi), then you’ve likely heard of Uniswap. But have you heard of Uniswap DAO? Uniswap DAO is a decentralized autonomous organization that governs the Uniswap protocol, the leading decentralized exchange in the DeFi ecosystem. Uniswap DAO is a community-driven organization that allows anyone to have a voice in the development and direction of the protocol.

History of Uniswap Protocol

Launch of Uniswap v1 (2018)

Uniswap was first introduced in November 2018 with the launch of its initial version, Uniswap v1. This version of the protocol introduced the concept of automated market makers (AMMs), which allow for decentralized trading of cryptocurrencies without the need for traditional order books.

Introduction of UNI governance token and launch of Uniswap v2 (2020)

In May 2020, Uniswap launched its second version, Uniswap v2, which introduced several new features, including support for ERC-20/ERC-20 pairs, flash swaps, and improved price oracles. Uniswap v2 also introduced the concept of “liquidity provider tokens,” which allow users to earn a share of trading fees by providing liquidity to the protocol. In September 2020, Uniswap introduced the UNI governance token, which gave users the ability to vote on proposals and changes to the protocol. The introduction of the UNI token was accompanied by a famous airdrop, where anyone who had used Uniswap before September 1, 2020, was eligible to receive 400 UNI tokens. The airdrop was seen as a significant step in the decentralization of the Uniswap protocol and helped to boost the value of the UNI token.

Uniswap v3 announcement: 

In March 2021, Uniswap announced the upcoming launch of Uniswap v3, which will introduce several new features, including concentrated liquidity, multiple fee tiers, and support for custom oracles. Uniswap v3 launched in May 2021. As of February 2023, the protocol is getting ready to unveil its next iteration, Uniswap v4, in April 2023.

Understanding Uniswap DAO

With Uniswap DAO, anyone can become a part of the decision-making process, regardless of their financial status or geographic location. In the world of traditional finance, organizations are typically controlled by a small group of people or a single entity, but Uniswap DAO is different. 

It’s a revolutionary concept that utilizes blockchain technology to create a truly democratic and decentralized governance system. The Uniswap protocol was founded on the principles of openness, transparency, and inclusivity, and these principles extend to Uniswap DAO as well.

Uniswap DAO has quickly become a driving force in the DeFi ecosystem, and its influence is only continuing to grow. The protocol has processed over $1 trillion in trading volume since its launch, and UNI, the native token of the Uniswap protocol, has become one of the most valuable and widely-held tokens in the cryptocurrency world.

The organization allows UNI holders to have a say in the governance of the protocol, including decisions related to protocol upgrades, fee adjustments, and other important decisions. By participating in Uniswap DAO, UNI holders are essentially becoming active members of the Uniswap community, with a voice in the development and direction of the protocol.

One of the key features of Uniswap DAO is its decentralized governance model. Decisions related to the Uniswap protocol are made through a community-driven voting system. Each UNI token holder has the right to vote on proposals that are submitted to the community. Proposals can be submitted by any member of the community, including individuals, organizations, or even other DAOs.

How does Uniswap DAO work?

1. Governance Model and Voting System: Uniswap DAO operates as a decentralized autonomous organization, which means that it is entirely run by its members, with no central authority. The governance model is based on a voting system that allows all holders of UNI tokens to propose and vote on changes to the protocol. Each UNI token represents one vote, and the more UNI tokens one holds, the greater their voting power.
2. Tokenomics and Incentives for UNI Holders: UNI is the governance token of the Uniswap protocol, and it serves as the primary means of participation in the DAO. Holders of UNI tokens are incentivized to participate in governance through the distribution of UNI tokens as rewards for their contributions to the protocol. These rewards are distributed through liquidity mining programs, which allow users to earn UNI tokens by providing liquidity to the protocol.
3. Role of Community Members in Decision-making and Governance: Uniswap DAO is entirely community-driven, which means that its members play a crucial role in decision-making and governance. Members can propose changes to the protocol, vote on proposals, and participate in discussions about the future of the project. This approach ensures that the Uniswap protocol evolves in a way that aligns with the interests of its users.

Getting Started with Uniswap DAO Governance

Setting up a wallet and acquiring UNI tokens

The first step to participating in Uniswap DAO governance is to set up an Ethereum wallet that supports ERC-20 tokens, such as MyEtherWallet or Metamask. Once you have set up your wallet, you can acquire UNI tokens by purchasing them on a cryptocurrency exchange or by earning them through liquidity provision on Uniswap. You will need a minimum of 1 UNI token to participate in the governance process.

Joining the Uniswap Discord community

The Uniswap Discord community is where most of the discussion around Uniswap DAO governance takes place. To join the Uniswap Discord community, visit the Uniswap website and click on the Discord icon in the top right corner of the page. Once you have joined the Discord community, you can stay up to date on the latest proposals and discussions related to Uniswap governance.

Participating in the Uniswap governance process

1. First, visit the official Uniswap DAO proposal forum at https://gov.uniswap.org/c/proposal/.

2. Click on the “New Topic” button on the right side of the screen.

3. Enter a title for your proposal in the “Title” field. This should be a clear and concise description of your proposal.

4. In the “Category” field, select the category that best describes your proposal. Options include “Core Protocol Development,” “Governance Process,” “Marketing and Community,” and “Partnerships and Integrations.”

5. In the “Description” field, provide a detailed explanation of your proposal. This should include the problem your proposal aims to solve, the proposed solution, and any relevant details, such as costs, implementation timelines, or potential risks.

6. Use the formatting tools at the top of the Description field to add formatting to your proposal, such as headings, bullet points, or hyperlinks.

7. You can also upload any relevant files or images to support your proposal by clicking on the “Upload” button.

8. When you are finished writing your proposal, click on the “Create Topic” button at the bottom of the page.

9. Your proposal will now be visible on the Uniswap DAO proposal forum, and other UNI token holders will be able to read and comment on it.

10. Once your proposal has been posted, it will be subject to a voting period, during which other UNI token holders can vote in favor of or against your proposal. The timeframe is two days for waiting, seven days for voting, and another two days for timelock. You can promote your proposal on social media or other channels to encourage other UNI token holders to vote in support of it.

And if you’re on the other side, trying to vote on proposals, all you need to do is go to the page and select the proposal you want to vote on. You will be prompted to connect your wallet, and you can then select your vote preference. The voting period for each proposal typically lasts for 3 days.

Staking UNI Tokens

Staking UNI tokens is another way to participate in Uniswap governance. By staking your UNI tokens, you can earn rewards and have a say in the direction of the platform. To stake your UNI tokens, go to the Uniswap Governance page and click on the “Stake” button. You will need to select the amount of UNI tokens you want to stake and confirm your transaction.

Risks and Challenges of Participating in Uniswap DAO

1. Potential Risks and Challenges: As with any investment, there are risks associated with holding UNI tokens and participating in Uniswap DAO. These risks include price volatility, the potential for smart contract bugs, and regulatory and legal issues.
2. Regulatory and Legal Issues: There are potential regulatory and legal issues that may affect UNI holders, such as changes in regulations that may impact the use or value of UNI tokens. It’s important for users to stay up to date with the latest news and developments in the industry to make informed decisions about their participation in Uniswap DAO.

Bottomline

Despite the risks and challenges, participating in Uniswap DAO can be a highly rewarding experience. Overall, Uniswap DAO offers a unique and innovative approach to governance and decision-making, which allows users to take control of the future of the protocol. By participating in Uniswap DAO, users can have a say in the development of the platform, earn rewards, and access a range of exclusive features and perks. Nonetheless, it is essential for users to be aware of the possible dangers and difficulties connected with participation, and to make well-informed choices about their participation in the project as a result of this awareness.

https://www.cryptopolitan.com/binance-ceo-crypto-community-ignore-fake-news-reports-us-crypto-delisting/

CZ, the CEO of Binance, adamantly refuted claims that his exchange is contemplating delisting US-based digital assets in a collection of tweets. This speculation arose after regulators began to pressure Binance due to its lack of permission to work with crypto users in America.

The Securities and Exchange Commission, Commodity Futures Trading Commission, Justice Department, and Internal Revenue Service have all launched investigations into Binance. According to reports, Binance exchange will terminate dealings with US-based businesses like banks and services firms and reassess venture capital investments within America.

CZ has firmly denied the assertion of this report by referring to it as “FUD”—an acronym for fear, uncertainty, and doubt. He also argued that blockchain’s decentralized nature could be challenging to decide what constitutes a token-based in the United States.

In the wake of greater regulatory attention, Binance has experienced a dramatic capital outflow estimated at $1.9 billion by Nansen’s data analysis.

BUSD, the stablecoin issued by Paxos and utilized by Binance, recently endured a clampdown from the New York State Department of Financial Services which caused over $2.3 billion in redemptions of these tokens within a few days. Besides Binance, several other prominent crypto companies have also been forced to leave the market.

https://www.cryptopolitan.com/crypto-101-how-cryptocurrencies-work-for-college-students/

Cryptocurrencies are a new asset class that can bring great wealth and financial independence to college students. With the proper knowledge, understanding, and strategy, students can make educated investments in the world of cryptocurrencies. This Crypto 101 guide will help you get started with cryptocurrency trading and career guidance to gain an edge over your peers.

What is cryptocurrency?

Cryptocurrency is a digital or virtual currency that uses cryptography for security, making it virtually impossible to counterfeit or double-spend. It works on decentralized networks called blockchain technology which users manage instead of third-party institutions like banks. A computer network verifies crypto transactions and records publicly on a distributed ledger known as the “blockchain.”

Types of cryptocurrencies

There are hundreds of cryptocurrencies. The most popular is Bitcoin, first developed in 2009 and ranks at the top with the largest market cap. Other popular types include Ethereum, Litecoin, Ripple, Cardano, Monero, and Dogecoin. Each cryptocurrency has unique features and benefits that make it attractive as an investment.

Investing in crypto

Cryptocurrencies are a highly volatile asset class and can be hazardous investments. So before you start investing, it’s essential to do your research and create a well-thought-out strategy. Here are some key tips for investing in crypto:

• Understand the technology: Take the time to learn about the technology behind cryptocurrencies and blockchain.

• Set financial goals: Decide your investment goals and create a plan to achieve them.

• Monitor the market: Keep an eye on cryptocurrency prices so that you can make informed decisions on when to buy or sell.

• Diversify your portfolio: Don’t put all your eggs in one basket. Instead, invest in various crypto assets to spread risk and maximize potential gains.

• Protect yourself: Ensure you secure your wallet and take appropriate measures to protect yourself from cybercrime.

Here are ten reasons why you should consider investing in crypto

1. Crypto is borderless – You can buy and sell crypto from anywhere in the world with an internet connection.

2. Low fees – Transaction costs on crypto networks are much lower than on traditional financial institutions

3. High liquidity – Cryptocurrency markets are highly liquid, making it easier to enter and exit trades quickly

4. Decentralized networks – Crypto transactions are secured by decentralized networks rather than a central authority, making them more secure and reliable

5. Accessible to everyone– It’s easy for anyone to get started with cryptocurrency investing, regardless of their background or income level

6. Volatility creates potential profits – While the price of cryptocurrencies can be volatile, this offers potential opportunities for investors to capitalize on

7. Potential for long-term gains – In the right market conditions, crypto investments can provide impressive returns over time

8. Diversification – Crypto investments offer an opportunity to diversify your portfolio and reduce risk by investing in different asset classes

9. Fast transactions – Crypto payments are much faster than traditional payment methods like wire transfers or credit cards

10. Autonomy – You have complete control over managing your crypto investments, giving you more freedom and flexibility than other investment vehicles.

Careers in crypto

After years of researching and predicting its success, students and graduates have flocked to cryptocurrency as a career. Indeed, in 2022 alone, crypto and blockchain job postings increased by 118% compared to 2021. With this surge came all sorts of exciting opportunities, from media campaigns needing graphic design degree holders to AI, software, and blockchain engineers keeping the underlying infrastructure running. Moreover, cryptocurrency also requires managers to keep everything operational with business, product, and operations positions available. So it’s no wonder many college grads are investing in cryptocurrency; its potential is undeniable.

Here are reasons why crypto careers are growing famous:

High salaries

The crypto and blockchain market has become desirable for those looking to boost their earnings. As a result, salaries in this sector are well above average, with cryptocurrency-related jobs ranging from customer service to technical development paying significantly higher than the industry norm.

Take blockchain and backend developers, for example; these specialists can reportedly earn anywhere between seventy thousand dollars to a whopping two hundred thousand dollars annually. The industry also caters to creative types; graphic designers often bank upwards of seventy thousand dollars yearly. Other staff, like customer support specialists and community managers, typically take home sums around the fifty-five to one hundred and twenty thousand dollar mark. Indeed, if you consider yourself tech and cryptocurrency-savvy, now could be the perfect time to get involved in the rapidly growing industry and make some serious cash!

Remote work

Unlike traditional investments and finance, crypto is open to working remotely. In fact, with digital assets now becoming a global phenomenon, it’s not uncommon to find professionals from all corners of the globe collaborating online to push projects forward. Likewise, remote work means that those considering a career in cryptocurrency can work virtually anywhere!

The potential to leverage blockchain technology

Cryptocurrency is based upon revolutionary blockchain technology, allowing it to store and transmit data over a distributed network securely. Crypto careers offer you the chance to work with digital assets and explore the groundbreaking possibilities provided by this new technology.

As blockchain becomes more widely adopted and utilized, those with the relevant skillset can expect to find their services in high demand. Whether a software developer or marketer, you could use your expertise to help further crypto projects on a global scale.

Things crypto firms look for when hiring for crypto roles

If you’re looking for a career in the crypto industry, don’t be discouraged if your background doesn’t revolve heavily around science and technology. While technical knowledge can be helpful, there are plenty of other vital roles in crypto firms.

People managers, creatives, communications experts, or PR specialists all help make crypto firms thrive, and each role requires valuable contributions that only sometimes need specific crypto expertise.

Even if you need to be better-versed in blockchain or cryptocurrencies, you can still find a job in the industry if you have specialized skills to help businesses succeed. So take advantage of an incredible career opportunity just because your background isn’t rooted in tech research. There are other aspects of running a successful business that needs your expertise!

Common requirements

1. Understanding of the cryptocurrency industry and its regulations

2. Excellent communication skills – both written and verbal

3. Ability to think logically and solve problems quickly

4. A passion for innovation and staying up-to-date with the latest trends in technology

Crypto courses

If you’re looking to break into the crypto world, plenty of courses are available to help quickly get you up to speed. Whether it’s a crash course in understanding blockchain technology or learning how to trade digital assets, there are many options for those eager to join the industry.

A great starting point is to enroll in a crypto trading course. These courses will teach you the basics of buying and selling digital assets and help you develop an understanding of the different types of tokens available on the market. It’s also essential to keep up with industry news and trends, so read up on all the latest developments wherever possible!

Plenty of free resources are available online for technical courses like programming and software development. However, it’s important to remember that blockchain technology is changing how the world works, so staying ahead of the curve is critical in getting a job in a crypto firm.

Crypto hackathons

Crypto hackathons are another fantastic way to learn about the industry and make valuable career connections. Generally speaking, these events involve developers coming together to create innovative solutions using blockchain technology or other forms of digital asset exchange. 

By participating in a crypto hackathon, you’ll be able to demonstrate your coding skills and show employers your capabilities. Plus, they’re an excellent opportunity to network with other professionals in the industry and make valuable contacts that could help you secure a job in the future. 

Overall, the crypto world offers limitless career possibilities for those who are willing to put in the effort to learn about the technology and understand how it works. With the right skills and a drive to succeed, you’ll be able to find a job in the industry and help bring about innovative solutions using blockchain technology.

Conclusion

The opportunities provided by the cryptocurrency industry are endless. Anyone can make it big in crypto with the proper skill set and hard work. So whether you’re looking to build decentralized applications, trade digital assets, or understand how blockchain technology works – there is no shortage of fantastic career paths that await those willing to join the revolution! 

So what are you waiting for? Start exploring your options today and see where your journey takes you!

https://www.cryptopolitan.com/how-to-use-technical-indicators-in-crypto/

As the crypto market is always volatile, there is too much to gain or lose, resulting in severe risks for newbie traders. Technical analysis is a well-known technique to evaluate the future performance of a stock or a cryptocurrency based on multiple indicators and on-chain data. Technical indicators play a crucial role to execute the analysis as they help determine the market’s trend. They are mathematical calculations based on a crypto’s historical price and volume data that help traders identify market trends and potential buy or sell signals.

Some popular technical indicators used in crypto trading include the Relative Strength Index (RSI), Exponential Moving Average (EMA), and Elliot Waves. As opening a successful trade without the help of indicators is rarely impossible, the use of it can help you gain a deeper understanding of market trends and make more informed trading decisions. They can also help you identify entry and exit points, confirm trading signals, and manage risk. Let’s take a look at how to use these indicators.

Understanding Technical Indicators

To effectively use technical indicators in your crypto trading strategy, it’s important to first understand what they are and how they work. Technical indicators are graphical representations that contain specific functions related to a cryptocurrency’s history. They help traders identify market trends and potential buy or sell signals by analyzing patterns in the data.

There are many different types of technical indicators, and each one serves a different purpose. Here are some of the most popular technical indicators used in crypto trading:

• Relative Strength Index (RSI): This indicator measures the strength of a cryptocurrency’s price action by comparing its average gains and losses over a set period. The RSI ranges from 0 to 100, with values above 70 indicating an overbought market and values below 30 indicating an oversold market.
• Exponential Moving Average (EMA): Exponential Moving Average (EMA) is a technical analysis tool used by traders to analyze trends and potential price movements in financial markets, including the cryptocurrency market. The EMA is calculated by taking the average price of an asset over a specified period of time, with more recent prices weighted more heavily than older prices. For example, a 50-day EMA will place more weight on the most recent 50 days of price data, and less weight on the price data from 51 days ago and earlier.
• Elliot Waves: Elliot Waves is a technical analysis tool used to identify potential price movements in financial markets, including the cryptocurrency market. The theory behind Elliot Waves is that price movements in financial markets are not random but instead follow a cyclical pattern of five upward price waves, followed by three downward price waves. According to the Elliot Wave Theory, each of the five upward price waves, known as impulse waves, are followed by three downward price waves, known as corrective waves. The impulse waves are driven by market optimism and positive sentiment, while the corrective waves are driven by market pessimism and negative sentiment.
• Bollinger Bands: This is a popular indicator that helps traders identify price volatility and potential entry and exit points. Bollinger Bands consist of three lines: a simple moving average (SMA) in the middle, and an upper and lower band that represent two standard deviations from the SMA. When the price moves towards the upper or lower band, it’s considered overbought or oversold, respectively.
• Moving Average Convergence Divergence (MACD): This indicator helps traders identify trend changes and potential buy or sell signals. It consists of two lines: the MACD line and the signal line. When the MACD line crosses above the signal line, it’s considered a buy signal, and when it crosses below the signal line, it’s considered a sell signal. It is a trend-following indicator that establishes the relationship between two EMA trend lines.
• Stochastic Oscillator: The Stochastic Oscillator is a popular technical analysis tool that is used to identify overbought and oversold conditions in cryptocurrency trading. The oscillator measures the relationship between the current closing price and the price range over a set period of time, typically 14 days.
• Ichimoku Cloud: The Ichimoku Cloud was created by a Japanese journalist named Goichi Hosoda in the late 1930s. Hosoda spent 30 years developing and refining the Ichimoku Cloud, which he named after himself (Ichimoku Sanjin) as a pen name. The tool was designed to be a comprehensive technical analysis system that could provide traders with a complete picture of an asset’s price action and potential price movements. It consists of several lines that form a cloud-like shape on the price chart, including the conversion line, baseline, leading span A, and leading span B. The area between the leading span A and leading span B is known as the Ichimoku cloud.
• Stochastic Relative Strength Index (Stochastic RSI): The Stochastic Relative Strength Index (Stochastic RSI) is a popular technical analysis tool that is used to generate overbought and oversold signals in cryptocurrency trading. It is a combination of two other popular indicators, the Relative Strength Index (RSI) and the Stochastic Oscillator.

Each technical indicator has its own strengths and weaknesses, and no single indicator can provide a complete picture of the market. That’s why it’s important to use a combination of indicators to get a more accurate analysis.

When choosing which indicators to use, it’s important to consider your trading style and goals. For example, if you’re a long-term investor, you might focus on indicators that help identify long-term trends. On the other hand, if you’re a day trader, you might focus on indicators that help identify short-term price movements.

Using Technical Indicators for Trading

Technical indicators can be used to analyze cryptocurrency markets in the same way they are used for traditional financial markets. Here are some steps to follow when using technical indicators for crypto analysis:

1. Choose your trading platform and charting software: To use technical indicators, you will need to have access to a trading platform that offers charting software. There are many trading platforms to choose from, such as Binance, Coinbase, or Kraken, which offer chart software. You can also use free charting platforms such as TradingView.
2. Select your technical indicators: There are many technical indicators to choose from, such as moving averages, Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), Bollinger Bands, and Fibonacci retracements. You can select one or multiple indicators based on your trading strategy.
3. Identify market trends: Using technical indicators such as moving averages can help you identify market trends. A moving average can help you identify the direction of the trend, whether it is an uptrend or a downtrend.
4. Look for signals: Technical indicators can generate signals that indicate potential buy or sell opportunities. For example, an RSI reading above 70 may indicate that an asset is overbought, and a reading below 30 may indicate that it is oversold.
5. Confirm signals with other indicators: To reduce the risk of false signals, it’s important to confirm signals generated by one indicator with other indicators. For example, if a moving average crossover indicates a buy signal, you may want to confirm this signal with the RSI or MACD.
6. Set stop-loss and take-profit orders: Technical indicators can help you set stop-loss and take-profit orders. For instance, you can set a stop-loss order below a support level or use a trailing stop to lock in profits.
7. Adjust indicators based on market conditions: Different indicators work better in different market conditions. For example, in a volatile market, Bollinger Bands can help you identify potential breakouts or reversals, while in a trending market, moving averages can help you identify the trend direction.

Advanced Technical Analysis Techniques

Technical analysis is a vital part of trading, and traders are always looking for new techniques to improve their trading strategies. Advanced technical analysis techniques help traders to make more accurate predictions about future market trends and movements. This article will explore four advanced technical analysis techniques: Fibonacci retracements and extensions, candlestick patterns and chart formations, volume analysis and order flow, and how to combine these techniques with technical indicators for more accurate trading signals.

1. Fibonacci retracements and extensions

Fibonacci retracements and extensions are popular technical analysis tools that help traders identify potential levels of support and resistance. These tools are based on the Fibonacci sequence, a sequence of numbers in which each number is the sum of the previous two numbers. Fibonacci retracements and extensions use horizontal lines to indicate areas of potential support or resistance at the key Fibonacci levels.

Traders use Fibonacci retracements to identify potential levels of support or resistance after a significant price move. They can also be used to identify potential entry and exit points. Fibonacci extensions are used to identify potential levels of support or resistance beyond the current price level. They are often used to identify potential profit targets.

2. Candlestick patterns and chart formations

Candlestick patterns and chart formations are another set of advanced technical analysis techniques. Candlestick patterns are used to identify potential trend reversals or continuations based on the shape and color of the candlesticks. Chart formations are used to identify potential levels of support or resistance based on the shape of the price chart.

Traders use candlestick patterns to identify potential trend reversals or continuations. For example, a bullish engulfing pattern can indicate a potential trend reversal from bearish to bullish. A bearish engulfing pattern can indicate a potential trend reversal from bullish to bearish.

Chart formations are used to identify potential levels of support or resistance. For example, a double-top formation can indicate a potential level of resistance. A double bottom formation can indicate a potential level of support. A falling wedge indicates a trend reversal/continuation. Cup-handle indicates a potential price increase. Ascending patterns can indicate trend continuation/reversal of the previous downtrend.

3. Volume analysis and order flow

Volume analysis and order flow are advanced technical analysis techniques that help traders to understand the supply and demand dynamics of the market. These techniques are based on the principle that price movements are driven by the interaction between buyers and sellers.

Traders use volume analysis to identify potential trend reversals or continuations based on the volume of trading activity. High volume during an uptrend can indicate strong buying pressure, while high volume during a downtrend can indicate strong selling pressure.

Order flow analysis is used to understand the behavior of buyers and sellers in the market. Traders use order flow analysis to identify potential levels of support or resistance based on the behavior of buyers and sellers. For example, if there is a large buy order at a certain price level, it can indicate a potential level of support.

Bottomline

Traders often combine advanced technical analysis techniques with technical indicators to generate more accurate trading signals. Technical indicators are mathematical calculations based on the price and/or volume of an asset. Analysts use technical indicators to identify potential levels of support or resistance, as well as potential entry and exit points. RSI measures the strength of a trend based on the price of an asset. You can use it to identify potential levels of support or resistance.

You can also use these indicators to confirm or refute signals generated by other advanced technical analysis techniques. For example, if a candlestick pattern indicates a potential trend reversal, traders can use a technical indicator such as the Moving Average Convergence Divergence (MACD) to confirm the signal.

https://www.cryptopolitan.com/battle-over-600m-assets-intestifies-blockfi-strike-out-bankruptcy-case/

On Thursday, BlockFi, an established crypto lender, took legal action to terminate the bankruptcy case of Emergent Fidelity Technologies. However, this is due to a rivalry concerning approximately $600 million in assets primarily owned by FTX founder Sam Bankman-Fried becoming increasingly complex. Emergent—an Antiguan shell company with 90% proprietorship belonging to Bankman-Fried—possesses 56 million shares of online broker Robinhood (HOOD) plus some money.

Currently, FTX, BlockFi, and the U.S. Department of Justice are at a legal impasse over these assets; to make matters worse, the Antiguan liquidators associated with Emergent have filed for Chapter 11 bankruptcy. In its filing, BlockFi noted: “The law nor equity don’t dictate an action if it is futile—yet this particular case asks us to ‘reorganize’ something that has no tangible values.”

On February 3, BlockFi declared that the bankruptcy filing had not been made in good faith since the company lacked employees and income and was not eligible. In addition, they argued that this case only existed to serve Antiguan liquidators who have already pocketed over $1.7 million in fees.

BlockFi has taken legal steps to safeguard stocks used as collateral for a loan they provided on November 9th. The Department of Justice confiscated these assets in January during their inquiry into fraud accusations against Sam Bankman-Fried and Gary Wang, who owns 10% of Emergent. While Bankman-Fried maintained his innocence, Wang eventually entered a plea deal with the court.

https://www.cryptopolitan.com/ygg-raises-13-8-million-in-token-sale-a16z-dwf-labs/

Yield Guild Games (YGG), a platform for renting NFTs in blockchain games, has announced the successful sale of US$13.8 million worth of tokens to an investment group spearheaded by DWF Labs and Andreessen Horowitz’s Web3-focused fund—A16Z Crypto. YGG co-founder Gabby Dizon revealed that they would invest these funds to develop their soulbound reputation token technology further.

Last year, YGG successfully test-launched its reputation tokens to reward players for in-guild activities such as content creation. Additionally, the company collaborates with developers to integrate the token into their games and offers rewards for completing certain quests or tasks. With plans to unveil a revamped web app at San Francisco’s Game Developers Conference in late March this year, these tokens are set to become an integral part of YGG’s platform ecosystem.

The co-founder of YGG emphasized that people recognize the platform as a source for high-quality players. He also revealed that they had revamped their web app, adding new technology to better support and reward accomplishments with reputation tokens. This token purchase by a16z and DWF Labs marks the second time both companies have invested in gaming on this platform – joining YGG’s US$4.6 million round back in 2021.

Andrei Grachev, the managing partner at DWF Labs, stated that they have committed to support YGG as part of their mission towards a blockchain-based economy through Web3. Dizon noted that the token sale ended late last year; however, the announcement was postponed due to an abundance of negative news in the crypto industry during this time frame. Fortunately, despite sinking lows in 2022, where YGG’s token reached US$0.16 per unit – it has skyrocketed 200% at the start of 2023.

Although the exact number of tokens sold was not made public, it is estimated that YGG’s sale constituted over 35% of their treasury, worth an estimated US$25 million as of November 2022. When queried about how they arrived at such a figure for their token sale, Dizon replied that the organization strategically balanced development costs with the mind of remaining financially stable.

With a 45% reserve of the firm’s token maximum supply under its control, YGG has US$21.7 million worth of tokens in their treasury wallet per Nansen.ai figures from February 15th, including US$5.1 million in Tether (USDT) and US$4 million in USDC.

https://www.cryptopolitan.com/napster-takes-a-leap-into-web3-digital-music-ecosystem/

Music streaming service Napster is betting big on the potential of web3 technology and digital music to be a fundamental part of its future.

In September last year, the company re-launched under the leadership of former Roblox music executive Jon Vlassopulos as CEO. As part of their new direction, they have acquired Mint Songs—an NFT marketplace that helps musicians establish web3 communities and issue exclusive art for avid fans to possess and trade.

Though financial details of the agreement were not made available, Mint Songs co-founder and CTO Garrett Hughes will remain to aid Napster with integrating Mint Song’s technology onto their platform. In addition, he will extend his knowledge to Napster as they continue developing products that were once part of the original Mint Songs plans. The former head of product, Nate Pham, joins Napster to lead web3 projects forward.

Mint Songs has already raised a substantial sum of $4.3 million from investors, including Freestyle Capital and Castle Island Ventures, and collaborated with renowned artists such as Gramatik, Mark de Clive-Lowe, and Black Dave to launch exclusive NFT products.

Vlassopulos said that the digital music space is in an unprecedented era of innovation, and “it feels like there have been more music startups formed in the last two to three years than in the previous 20.

“It’s inspiring to see many talented teams pushing to create a better music ecosystem for artists and fans. Garrett and team have done groundbreaking work helping thousands of artists get their start in web3, reach their fans in new creative ways through collectibles, and unlock significant new revenue streams.”

Jon Vlassopulos

Vlassopulos went on to say that in the coming months, artist collectibles will be available on Napster

According to Vlassopulos, Napster is committed to providing its fans with the ultimate experience. It will now offer collectibles as rewards or purchases for those who engage deeply with their favorite artists. With hundreds of thousands of artist storefronts already being visited by Napster users across the globe daily, Vlassopulos said that adding these unique collectible items only enhances an existing fan experience. We are thrilled about this new development.

With his appointment as CEO, Vlassopulos wasted no time demonstrating the potential of Napster Ventures by executing its first deal, which is the acquisition of Mint Songs.

Napster is delighted to be a primary player in the world of music web3, and acquiring Mint Songs is an amazing preliminary action. According to Matt Zhang, Founder and Managing Partner of Hivemind—which was responsible for buying Napster last year— integrating Napster’s continuous progress with Minst Song’s technology IPs and specialized knowledge will help cultivate advancement in web3 within the music industry.

https://www.cryptopolitan.com/blockchain-in-identity-management-potential/

Blockchain technology has the potential to revolutionize identity management, allowing individuals and organizations to store and manage personal data without a centralized authority securely. As a result, it can give people greater control over their information and more transparency in how it is shared and used. Furthermore, blockchain-based identity solutions eliminate points of failure, such as those associated with traditional systems that rely on a single entity for authentication and verification.

Reasons why we need Blockchain for Identity Management

The tools to construct reliable identity management systems are made possible by the ever-increasing sophistication of smartphones, advances in cryptography, and the introduction of blockchain technology. 

Digital identities are being revolutionized by these developments, allowing a whole new scope of authentication. Of particular interest is decentralized identifiers (DIDs) which would enable self-sovereign identity (SSI), a powerful means of control. With this knowledge, users are sure that their identities are maintained securely and no longer need to use traditional methods.

Banking the unbanked

It is a sad but actual fact that 1.1 billion people worldwide currently have no proof of identity, and of these individuals, 45% are among the planet’s poorest 20%.

The main barriers preventing these people from gaining access to identity are expense, cumbersome bureaucratic paperwork processes, lack of knowledge, and, most simply, a lack of access. However, many everyday activities are within reach with an identity in place. 

With over 60% of the world’s 2.7 billion unbanked population possessing mobile phones, it presents a range of potential possibilities for blockchain-based mobile identity solutions.

Blockchain solutions can better accommodate their needs as compared to traditional identification methods.

Data insecurity

The modern digital landscape is rife with the potential for harm to our personal information, and current methods of storing that information on centralized government databases have single points of failure that malicious actors can devastatingly impact.

Legislation and enterprise security measures to shore up these centralized databases remain viable approaches for protecting against breaches, but much more remains to be done if our most valuable personally identifiable information is going to stay secure.

Fake identities

It’s no surprise that our digital identity landscape is fragmented – with the overwhelming number of websites requiring a unique username or email, users constantly have to juggle identities to remain active on the various platforms.

Without any kind of standardized data used across these platforms, it can become difficult for users to gain access back to their accounts if needed. Worst of all, this vulnerability allows for the possibility of fake identities; if someone can easily create a false account and distort facts over different platforms, that could have severe consequences on society.

Online security becomes even more critical with potential threats like “fake news,” which, in the worst of cases, could sway public opinion and interfere with democratic systems.

How decentralized data identities (DID) work

In today’s digital world, a person’s online identity is becoming just as valuable as their real-world identity. Our online activity, combined with the information we leave behind, creates a personal digital identity that businesses, organizations, and other individuals pick up.

Data points like usernames and passwords, driver’s license numbers, online purchasing history, and date of birth help form this identity. 

Biometric, behavioral, and biographic models create a more detailed identification for sophisticated personal analysis. These models track our every move – from medical history to browsing habits – creating an eerily accurate picture of every user across the web.

Decentralized identifiers (DID) are a powerful way to protect online privacy, allowing individuals to keep control of their identities without providing personal information that could be collected and potentially exposed.

DIDs securely store individual IDs’ private keys, making it difficult for hackers and other malicious actors to tamper. 

Even better, each person can have multiple DIDs, from which they can manage their online presence without worrying that changes in one area will affect others.

For instance, someone could have different DIDs associated with activities such as gaming, banking, and even shopping – ensuring that their data remains secure no matter what platform they are accessing.

Each DID associate with a series of attestations, like verifiable credentials, from other DIDs that affirm a specific characteristic. The issuer digitally signs these credentials, allowing DID owners to store them on their own devices instead of relying on one single profile provider.

Furthermore, additional data such as web usage history and social media posts can be relevant to a DID based on context and its use. By using these attestations and data, DIDs allow individuals to take control of their digital identities in the most secure way possible.

How DIDs are secured and utility

Cryptography is an essential tool in establishing secure decentralized identities, as it allows for the authentication of the sender and encryption of messages. The system pairs two associated keys – a public key that is shared publicly and a private key that is known only to the owner.

The public key verifies that the sender is holding the paired private key and encrypts the message so that only someone with access can read it. By understanding how these associated keys work together, we can ensure proper authentication and encryption measures are in place for secure decentralized identities.

Service providers can verify identities safely and securely by pairing users with decentralized identities. 

The process works by having the user present a QR code with an attestation associated with their specific DID, which the service provider can verify for proof of ownership or control. The service provider can access the requested services without additional risk if these match. This new system of verifying identities ensures simplicity and security and establishes trust using more reliable means than ever before.

Blockchain use cases in identity management

Shyft network

The Shyft Network, a startup exploring blockchain-based identity solutions, offers an innovative way to give users more visibility, control, and reassurance when managing their data.

With the Shyft Network’s user-driven platform for digital identities, users can access information about organizations that require their data and trust that organizations are securely handling their personal information through the anonymization and KYC anchoring process.

Additionally, Shyft provides users with “creditability scores,” enabling organizations to validate each user’s reputation to effectively and accurately assess their trustworthiness. 

The system ensures a positive exchange of shared data, as individuals can receive compensation for sharing it. 

Daemon wallets

Daemon wallets provide an excellent service in the blockchain world, streamlining the process of verifying cryptocurrency transactions. As a result, these automated authorization systems are becoming increasingly common.

For example, games based on blockchain transactions, like Enjin, use daemon wallets to send and receive transaction requests. However, without a daemon wallet, users must manually sign every transaction using a crypto wallet, making for an infinitely more cumbersome experience.

It’s also worth noting that privacy-focused cryptocurrency Monero uses daemons to look out for new transactions and constantly notify wallet-holders. The increased usability provided by daemon wallets offers an array of services for users of blockchain technology both now and in the future.

Idemia

Mastercard and Idemia have partnered to develop a groundbreaking Converged Card, a clever combination of a government-issued ID and payment credentials.

The primary use case is disbursing funds such as unemployment benefits, enabling governments to quickly and reliably reach those who need it most. This implementation of digital identity and payments technology is a fantastic display of creative engineering and stands to revolutionize how governments deliver financial aid in times of hardship. 

The Converged Card will be an invaluable asset for governments that employ it, effectively streamlining the relief process for those who need it.

Risks associated with using blockchain identities

Though blockchain identities present a slew of advantages, there are also some potential risks.

1. Blockchain-enabled identity solutions have access to an unprecedented amount of data about each user, which could potentially be abused by those who control it.
2. Blockchains are immutable and cannot be modified or deleted; any records stored on the blockchain will remain accessible and open to scrutiny forever.
3. Since they rely heavily on cryptography, there is always a risk of hackers exploiting any vulnerabilities in the systems and gaining access to private information.
4. Many governments still lack proper regulation regarding digital identities and blockchain-driven services, leaving users vulnerable to exploitation until laws catch up with technology.

Conclusion

The Shyft Network, daemon wallets, and Idemia’s Converged Card are just some of the many projects pushing blockchain-based identity solutions forward.

These solutions offer users much greater control over their data while providing organizations with increased trust and reliability when dealing with customer information.

Despite the risks associated with these technologies, it is clear that digital identities present a massive potential for innovation in finance and security.

As long as individuals remain vigilant and governments continue to regulate these services, we expect to see more widespread adoption of blockchain-enabled identity solutions soon.

Only time will tell what new possibilities will emerge from this technology.

https://www.cryptopolitan.com/understanding-types-of-cryptocurrency/

Cryptocurrency is a revolutionary form of digital currency that has revolutionized the way we think about money and finance. It utilizes cryptography and blockchain technology to secure its transactions, making it an incredibly safe and reliable form of payment. Unlike fiat currencies, cryptocurrency is decentralized, meaning there is no central authority controlling it. It is also transparent and immutable.

Crypto has opened up numerous possibilities in terms of new social and economic opportunities by enabling the creation of unique digital assets such as virtual currencies or digital collectibles that can be stored or traded on the internet. Let’s take a look at the types of crypto assets available today along with their features so you can better understand how they work.

Coins

Coins are digital assets that are native to a specific blockchain and serve as the primary currency for transactions within that network. Coins are the original form of cryptocurrency and were created to serve as a decentralized, secure, and transparent alternative to traditional fiat currency.

Here are a few features of coins:

• Consensus Algorithm – Cryptocurrencies use various consensus algorithms to secure the network and validate transactions. Some popular algorithms include Proof-of-Work (PoW), Proof-of-Stake (PoS), and Delegated Proof-of-Stake (DPoS).
• Smart Contract Capabilities – Some coins, like Ethereum, offer the ability to create and execute self-executing contracts, called smart contracts, on the blockchain network. This opens up new possibilities for decentralized applications and automated processes.
• Tokenization – Many cryptocurrencies allow for the creation and trade of tokens, which are digital assets that represent a specific asset or utility.

How coins work

Coins operate through a process called mining. Miners, who are individuals or groups of individuals, use their computing power to validate transactions by solving complex mathematical problems. Once a transaction is validated, it is added to the blockchain, and the miner is rewarded with a certain number of coins as compensation for their efforts. This creates an incentive for individuals to participate in the network and secure the currency.

Transactions are made between individuals and are broadcast to the network of nodes for verification. The network of nodes uses its computing power to validate the transaction, and once it is validated, it is added to the blockchain. The blockchain serves as a public ledger that records all transactions and makes it possible to verify the authenticity of a transaction.

Some examples

1. Bitcoin (BTC) – The first and most well-known cryptocurrency, Bitcoin was created to provide a decentralized alternative to traditional fiat currencies. It uses a Proof-of-Work consensus algorithm to validate transactions and maintain network security.
2. Ethereum (ETH) – Ethereum is a decentralized platform that enables the creation of decentralized applications and smart contracts. It also serves as a cryptocurrency, with Ether (ETH) used to pay for transactions and computational services on the network.
3. Ripple (XRP) – Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., a US-based technology company. The cryptocurrency XRP is used to facilitate cross-border payments and currency exchanges on the Ripple network.

Tokens

Tokens are digital assets that are created on top of a blockchain network and represent a specific asset or utility. They can be traded and transferred on a decentralized network and can represent a wide variety of assets, including commodities, real estate, stocks, and even other cryptocurrencies. Tokens can be created and managed using smart contracts on a blockchain platform.

Features include

• Utility – Tokens can be used to provide access to specific products or services within a blockchain network, such as access to decentralized applications, voting rights, or premium features.
• Security – Tokens can also represent an investment in a specific asset or company, and can be classified as a security. This type of token gives its holders a stake in the underlying asset and provides them with a financial return in the form of dividends or price appreciation.
• Representation – Tokens can also represent ownership of physical assets, such as real estate, commodities, or art. This allows for the tokenization of traditional assets, making it possible to trade and transfer ownership of these assets on a decentralized network.

How they work

Tokens function inside a blockchain ecosystem by standing in for a designated asset or blockchain. Tokens come in different forms and serve different purposes. For example, there are fundraising tokens, such as those used in Initial Coin Offerings (ICOs) or Security Token Offerings (STOs), where a company raises capital by issuing and selling tokens to early investors.

Then there are utility tokens, which serve as a ticket to access specific products, services, or functionalities within a blockchain ecosystem. These tokens grant holders the right to vote on important matters, participate in decentralized applications, or access premium features.

Another type of token is the security token, which represents ownership of a real-world asset, such as real estate, stocks, or commodities. By tokenizing these assets, they can be traded and transferred on a decentralized network, making it easier and more efficient to transfer ownership and manage the assets.

Examples of tokens

1. ERC20 – ERC20 is a token standard used on the Ethereum blockchain network. It is the most widely used token standard and provides a common set of rules for the creation and management of custom tokens on the Ethereum network.
2. TRC20 – TRC20 is a token standard used on the TRON blockchain network. It allows for the creation and management of custom tokens and is designed to be compatible with Ethereum’s ERC20 token standard.
3. BEP20 – BEP20 is a token standard used on the Binance Smart Chain (BSC) blockchain network. It is similar to the ERC20 token standard and enables the creation and management of custom tokens on the BSC network.

Digital assets

Digital assets are the digital representations of ownership, value, or rights within a blockchain network. They bring a new level of decentralization, security, and transparency to the way we think about assets, allowing for the creation and transfer of unique, immutable, and verifiable digital representations of real-world assets.

Features are

• Unique
• Stable
• Decentralized
• Immutable
• Transparent

Some Examples

• Non-Fungible Tokens (NFTs): NFTs are unique digital assets that represent ownership of a specific item, such as a piece of artwork, music, or even virtual real estate. Unlike cryptocurrencies, each NFT is unique and cannot be exchanged for another NFT at a 1:1 ratio. NFTs are stored on a blockchain network, providing a permanent and immutable record of ownership and transfer
• Central Bank Digital Currencies (CBDCs): CBDCs are digital versions of a country’s fiat currency, issued and regulated by its central bank. They aim to provide a more efficient, secure, and accessible way of conducting financial transactions, while maintaining the central bank’s control over the monetary supply and financial stability. CBDCs can exist either as a replacement or in parallel with physical cash and bank deposits
• Stablecoins: Stablecoins are digital assets designed to maintain a stable value, often pegged to a fiat currency such as the US dollar or a basket of currencies. This stability makes stablecoins useful for transactions, savings, and investment, as they are less prone to the volatility that is often associated with cryptocurrencies. Stablecoins can be backed by a variety of assets, including fiat currencies, commodities, or other cryptocurrencies
• Security Tokens: Security tokens are digital assets that represent ownership in a traditional investment asset, such as a stock, bond, real estate, or private equity. They aim to provide a more efficient, secure, and accessible way of investing in these assets, as well as providing a new level of liquidity and transparency. Security tokens are subject to securities regulations, and their issuance, trading, and management must comply with these regulations.

Conclusion

Cryptocurrency has rapidly emerged as a powerful and transformative technology that is changing the way we think about money and finance. While the cryptocurrency market can be volatile and the regulatory environment is still evolving, the potential for growth and innovation is significant. Investors and users must be cautious, but they should also be excited about the potential opportunities that cryptocurrency presents.

https://www.cryptopolitan.com/crypto-trading-for-working-women-risks/

The world of cryptocurrency has exploded in recent years, with the market currently valued at over $1 trillion. Bitcoin, the first and most well-known cryptocurrency, has paved the way for the emergence of thousands of other digital assets, including Ethereum, Dogecoin, and Binance Coin, among others. As the popularity of cryptocurrency continues to soar, more and more people are looking to invest and crypto trading is a buzzword among working women.

However, despite the potential for substantial financial gain, the world of cryptocurrency remains male-dominated. According to a 2022 survey by Gemini, only 31% of American cryptocurrency investors are women. This gender gap is even more pronounced when it comes to trading, with women accounting for just 19% of active traders in the market.

This lack of female participation in the cryptocurrency market is a problem that needs to be addressed. Women, like men, should have the opportunity to benefit from the financial opportunities that cryptocurrency trading can provide. However, many working women face unique challenges when it comes to entering the crypto market.

Working women often have to juggle multiple responsibilities, including work, family, and household duties. Finding the time and resources to research and invest in cryptocurrency can be a daunting task, especially for those who are new to the market. Additionally, there is often a lack of understanding and support for women who are interested in cryptocurrency trading, leading to a sense of isolation and discouragement.

Despite these challenges, there are many reasons why working women should consider trading cryptocurrencies. The potential for financial gain is substantial, with many investors earning significant profits through careful market analysis and strategic trading. Additionally, cryptocurrency provides an opportunity for women to diversify their investment portfolios and take greater control of their financial futures.

Understanding Crypto Trading

Cryptocurrency trading can be a lucrative but complex endeavor. Before jumping into the market, it’s essential to have a basic understanding of how cryptocurrencies work and the risks and rewards involved.

At its core, cryptocurrency is a decentralized digital asset that is based on cryptography. Unlike traditional currency, cryptocurrencies are not backed by any government or financial institution, making them highly volatile and subject to market fluctuations. This volatility can lead to significant gains or losses in a short amount of time, making cryptocurrency trading a high-risk, high-reward venture.

There are two primary ways to engage with cryptocurrency: buying and trading. Buying cryptocurrency involves purchasing digital assets and holding them over an extended period, with the hope of profiting from long-term market gains. In contrast, trading involves buying and selling cryptocurrencies within a short period, intending to profit from short-term price movements.

While both approaches can be profitable, trading is generally considered riskier and requires a higher level of skill and experience. To be successful at trading, you need to understand market trends and indicators, be able to analyze and interpret data and make quick decisions based on that data.

One of the essential aspects of cryptocurrency trading is risk management. As with any investment, there is always the risk of losing money. To minimize this risk, it’s essential to diversify your portfolio and invest only what you can afford to lose. It’s also critical to have a clear strategy in place, so you know when to buy and sell and can make informed decisions.

Cryptocurrency trading can be an exciting and rewarding endeavor for those who are willing to put in the time and effort. However, it’s crucial to approach the market with caution and to be prepared to face the risks and challenges involved.

Overcoming Barriers to Entry

Despite the potential benefits of cryptocurrency trading, many working women face significant challenges when it comes to entering the market. Below are some tips for overcoming these barriers and getting started with crypto trading:

1. Educate Yourself: One of the most significant barriers to entry for many women is a lack of knowledge and understanding of cryptocurrency. To overcome this, it’s essential to take the time to research and educate yourself about the basics of cryptocurrency trading. There are many resources available online, including blogs, podcasts, and online courses, that can help you gain a better understanding of the market.
2. Seek Out Support: Another challenge that working women often face when it comes to cryptocurrency trading is a lack of support and mentorship. To overcome this, consider joining online communities or forums where you can connect with other women who are interested in cryptocurrency trading. These groups can provide valuable advice and support, as well as help you stay up to date on the latest market trends.
3. Start Small: For many working women, the idea of investing significant amounts of money in cryptocurrency can be intimidating. To overcome this, consider starting with a small investment and gradually increasing your portfolio over time. This approach can help you get comfortable with the market and minimize your risk.
4. Set Realistic Goals: It’s essential to set realistic goals when it comes to cryptocurrency trading. Remember that the market is highly volatile and that significant gains and losses can occur quickly. Set achievable goals and be prepared to adjust your strategy as the market changes.
5. Make Time: Finally, one of the most significant challenges that working women face when it comes to cryptocurrency trading is finding the time to research and invest in the market. To overcome this, consider setting aside dedicated time each week to focus on your crypto trading. This approach can help you stay on track and ensure that you are making informed decisions about your investments.

By overcoming these barriers to entry, women can take advantage of the many benefits that cryptocurrency trading can provide.

Tips for Success

Once you have overcome the barriers to entry and have a basic understanding of cryptocurrency trading, it’s essential to develop a strategy for success. Below are some tips to help you achieve success in the cryptocurrency market:

1. Stay Up to Date: Cryptocurrency is a fast-paced market, and it’s essential to stay up to date on the latest news and trends. Follow reputable sources and keep an eye on social media and online communities to stay informed about changes in the market.
2. Manage Your Risk: As mentioned earlier, risk management is critical when it comes to cryptocurrency trading. Be sure to diversify your portfolio and invest only what you can afford to lose. Set stop-loss orders and have a clear exit strategy in place.
3. Use Technical Analysis: Technical analysis is a tool that can help you analyze market trends and make informed decisions about when to buy and sell. It involves using charts and indicators to identify patterns and make predictions about future price movements.
4. Keep Your Emotions in Check: Cryptocurrency trading can be an emotional rollercoaster, with significant gains and losses occurring quickly. To be successful, it’s essential to keep your emotions in check and make decisions based on data and analysis rather than fear or greed.
5. Learn from Your Mistakes: Finally, remember that everyone makes mistakes, and the key to success in cryptocurrency trading is to learn from those mistakes. Keep a journal of your trades and review them regularly to identify areas for improvement and adjust your strategy accordingly.

The Future of Crypto Trading for Women

As the world of cryptocurrency trading continues to grow and evolve, there is an increasing opportunity for women to become active participants in this market. The industry is already seeing more women taking an interest in crypto trading and seeking ways to overcome the challenges they face.

This increased interest in crypto trading by women has also led to the emergence of more women-focused initiatives and organizations that provide education, mentorship, and support. Some of these initiatives include women-focused cryptocurrency meetups, online forums, and mentorship programs designed to help women develop the skills and knowledge needed to succeed in the market.

As more women enter the crypto trading world, it’s essential to focus on creating a more diverse and inclusive market. Women bring unique perspectives and skills to the table and can help to create a more balanced and equitable trading community. It’s up to all of us to work towards breaking down the barriers to entry and creating a more accessible and welcoming market for all.

Bottomline

Women’s participation in the cryptocurrency market is crucial as the industry grows and changes. Doing so will pave the path for a fairer and more equal future for all members of the trade community and the world at large. So if you’re a working woman interested in crypto trading, don’t let the barriers to entry hold you back. With determination, hard work, and the right resources, you can become a successful and empowered participant in the exciting world of cryptocurrency trading.

https://www.cryptopolitan.com/here-is-a-summary-shiba-inu-shibarium-invite/

Shiba Inu’s (SHIB) head developer Shytoshi Kusama tweeted the “invitation” for the official launch of Shibarium, accompanied by a blog post that reveals all it will include.

According to the blog post, Shiba Inu aims to become a powerful layer-2 blockchain. Shibarium will also allow users to launch genuine Shiba-branded physical products, allowing them to display product loyalty by selecting equivalent quality goods that focus on Shiba. Furthermore, anyone will now be able to create great platforms supervised and managed solely by the community— unaffiliated from the Shib Development Team.

“The only centralized aspect of Shibarium is a core system and corresponding interface that allows us to foster actual trust as we embark on this journey together in a previously trustless society and a series of Validators (and Delegators) that keep the system decentralized and operational.”

Shytoshi Kusama

The Shiba Inu developer emphasized the core values of Shibarium: burn, protect, help, and grow. Furthermore, Kusama also mentioned that every project within Shibarium will engage in burns— something numerous admirers have been waiting for.

Development delays impede Shibarium launch

The launch of Shibarium, Shiba Inu’s Layer-2 protocol, has been pushed back several times. Initially planned to be available by the end of 2022, it was put off until early 2023 due to delays in its development process. However, if all goes according to plan, we could see SHIB’s layer-2 deployed within a few months.

Kusama’s blog “invites” everyone to Shibarium without a specified launch date. Also,  Kusama assures that the network will be available before May 2023. Nevertheless, since an invitation is here, the release must be imminent.

Following the announcement, SHIB saw a price increase on Thursday; the token rallied 8.1% in the last 24 hours. The current rally might be due to investors reacting to easing regulations and the massive inflows into the crypto market. The global market capitalization increased by 9% and is currently at $1.17 trillion. At the time of writing, the price of SHIB is $0.00001359.

https://www.cryptopolitan.com/explained-crypto-futures-trading-high-profit/

Traders can use a variety of strategies to gain exposure to the growing cryptocurrency market. One popular option is crypto futures trading – an innovative type of derivative instrument that utilizes leverage and allows for high-profit potential in relatively short timeframes. This article explores what crypto futures trading is, how it works, and why it could be a profitable addition to traders’ portfolio strategies.

Definition of Crypto Futures Trading

Crypto Futures trading is rapidly becoming one of the most popular methods of cryptocurrency trading. It involves taking a position in the future value of a cryptocurrency, such as Bitcoin or Ethereum, with the expectation that its price will move in one direction (up or down) before the contract expires. Traders can go long (buy) if they expect the price to rise or go short (sell) if they expect it to decrease. 

By holding a futures contract, the trader benefits from a leveraged position that magnifies the potential returns but also carries a greater risk profile than traditional spot trades. Crypto Futures gives traders unlimited capital exposure without requiring them to actually own any underlying digital asset.

The most popular type of crypto futures contracts are quarterly and perpetual futures contracts. Perpetual contracts trade very closely to the spot prices of the underlying cryptocurrency, allowing traders to predict and take advantage of changes in price daily, whereas quarterly futures provide traders with greater flexibility when it comes to making long-term plays

While quarterly futures contracts have expiry dates, perpetual contracts do not; they are ongoing.

Benefits of Crypto Futures Trading

• Crypto futures trading can be a great way for professional traders to capitalize on the volatility of the crypto markets.
• By leveraging long and short positions, traders can take advantage of both rising and falling markets to maximize their profits.
• With defined risk profiles, traders can use crypto futures trading strategies to tailor a risk profile that fits their particular goals and financial means.
• Crypto futures trading also provides traders with liquidity in the market beyond spot exchanges, as well as contributing capital flows that are crucial for market liquidity and stability.
• In crypto futures trading, traders have access to comprehensive order book information which can increase the transparency of their trades.

Risks Associated with Crypto Futures Trading 

Crypto futures trading carries significant risks, even for more experienced traders. It is important to note that crypto futures are one of the more highly leveraged instruments available, meaning any small movement in prices can result in large losses or gains.

The high degree of volatility inherent to cryptocurrency markets amplifies the risk further. Also, there may be counterparty and liquidity risks associated with crypto futures trading, especially if the contract is not held at a regulated exchange.

How to Get Started with Crypto Futures Trading

1. Understand the Basics of Crypto Futures Trading

Before jumping in, traders should familiarize themselves with the basics of crypto futures trading, including the different types of futures trading contracts available for certain cryptocurrencies.

2. Choose a Trusted Exchange and Set Up an Account

Choosing the right platform and exchange is essential to successful crypto futures trading. When selecting an exchange, traders should consider factors such as trade size limits, fees, trading tools and order types available, and customer support.

3. Research Market Trends and Analyze Data to Make Informed Decisions

Researching market trends and analyzing data are essential for making informed decisions when trading crypto futures. Before entering into a futures contract, traders should meticulously study the market conditions and consider any existing trends that could affect their positions. This includes researching the coin’s historical performance, assessing news reports relating to the coin or its underlying technology, and gauging any relevant sentiment in the market.

4. Use Risk Management Strategies to Limit Potential Losses

An important part of any successful futures trading strategy is understanding risk management principles. It is essential to have a plan in place that outlines how much money can be risked on each trade, as well as what the ideal exit points are for both winning and losing trades. Additionally, traders should have a plan in place to mitigate any losses if the markets move against them.

5. Monitor Your Positions Closely for Maximum Profitability 

Monitoring your positions closely is essential to maximizing your potential profits with crypto futures trading. It can also help traders cut losses early when trades go against them.

Best Practices for Managing Risk in Cryptocurrency Futures Trading

1. Diversify Your Portfolio

Diversifying your portfolio is essential for reducing risk when trading crypto futures. Traders should spread their capital across different assets and employ strategies that are suited to the volatility of the markets they are investing in.

2. Choose a Reliable Exchange and Trading Platform

Choosing a reliable exchange and trading platform is essential for successful crypto futures trading. It is important to thoroughly research an exchange’s features, fees, liquidity, order types available, customer support, and security measures before opening an account.

3. Use Stop-Loss and Limit Orders

Stop-loss and limit orders are essential tools for mitigating the risk of trading crypto futures. A stop-loss order closes a position if it drops below a specific price, while a limit order allows traders to set a target price for taking profits or closing out of a position.

4. Be Mindful of Leverage and Margin Requirements

Leverage and margin requirements should be taken into account when trading crypto futures. Carefully reviewing the conditions of each contract is essential, as higher levels of leverage can increase both profits and losses. Also, traders need to understand that they may need to add additional funds to their margin account if an open position moves against them.

Conclusion

Cryptocurrency futures trading can be a great way to make profits, but it also comes with risks that need to be managed. By following the best practices outlined in this article, traders will have the information they need to improve their crypto future trades. As always, before engaging in any type of cryptocurrency investing or trading activity, do your own research and consult an experienced financial advisor if needed.

https://www.cryptopolitan.com/sec-proposes-expansion-custody-rules-include-crypto/

The Securities and Exchange Commission (SEC) announced on Wednesday, Feb 15, that they want to amend their custody rule to include cryptocurrency. However, this proposed expansion would also bring related modifications concerning recordkeeping, reporting obligations, and also apply to registered investment advisers

Gary Gensler, SEC Chair, announced in a press release that Congress gave the commission authority to apply the custody rule to all assets—beyond funds or securities. The proposal would also strengthen protections for investors working with advisers, which was precisely what was intended by Congress.

Gensler also said that investors will benefit greatly from these changes and that the commission is providing them with the essential safeguards they deserve on their crypto assets.

To protect clients from financial losses, the SEC proposes changes that extend its custody rule beyond just client funds and securities. If approved, qualified custodians such as banks or broker-dealers must secure any assets an investment adviser holds—this will help guard against the custodian’s insolvency.

“With the passage of this proposal, the use of audit provisions would be greatly expanded and provide investors with a greater sense of assurance that their advisors are not exploiting or mishandling their assets. I fully support this plan as it was granted to us by Congress following the financial crisis so that we can continue to protect our clients’ investments.”

Gary Gensler

Gary Gensler took a firm stance against crypto companies that provide custody services to their customers, stating in an independent statement that “while some cryptocurrency trading and lending firms might declare they custody investors’ digital assets safely, this does not necessarily make them qualified custodians.” It is essential to also note that the SEC Chair did not mention any specific trading or lending organizations.

The SEC’s proposed rule could mean more asset movement to platforms of qualified custodians like Coinbase Custody Trust Co. According to Coinbase Chief Legal Officer Paul Grewal, the company will remain a Qualified Custodian regardless of what transpires with the proposal—though they commend the agency for its public rulemaking process. Following the SEC proposal, Coinbase shares increased by 14% on Wednesday.

The SEC’s proposed plan will remain open to public feedback for two months following its publication in the Federal Register.

https://www.cryptopolitan.com/kansas-clamps-crypto-donations-political-campaign-new-amendments/

The Kansas state legislature is seeking to limit individual crypto donations to political campaigns at $100 with a revision of its campaign finance law. If passed, the amendments would also necessitate recipients of cryptocurrency contributions to obtain the donor’s full name and physical address and an affirmation that they are not a foreign national.

According to the proposed rules, cryptocurrency contributions can only be accepted if they are made and received through a US-based payment processor that can verify the donor’s identity.

In 2017, the U.S. state requested campaigns to refrain from taking crypto donations until the Kansas Governmental Ethics Commission studied its implications further. Consequently, amendments were made to the Kansas campaign finance act on Jan 25, and a hearing was arranged for Tuesday concerning this bill.

Kansas issued a clear warning that no individual will be allowed to donate or accept more than $100 worth of cryptocurrency for any given election from anyone. Despite this, some U.S. politicians have received crypto contributions; however, donations from those associated with the crypto industry remain under strict surveillance following the collapse of the FTX exchange, and Sam Bankman-Fried’s generous contributions to several prominent American politicians.

https://www.cryptopolitan.com/important-historical-events-bnb-after-launch/

Binance Coin, or BNB for short, is one of the most widely recognized cryptocurrencies in the world. As the native token of the Binance ecosystem, BNB has played an important role in the growth of Binance, which is currently one of the largest cryptocurrency exchanges in the world. Understanding the historical events of BNB is crucial for anyone looking to invest in or work with the Binance ecosystem.

BNB Launch and Early Development (2017-2018)

• Binance Coin’s (BNB) launch in 2017 marked an exciting new chapter in the cryptocurrency world. Binance, a new cryptocurrency exchange at the time, had been experiencing rapid growth and wanted to create a token to provide its users with added benefits. The BNB ICO was held from June 26 to July 3, 2017, and raised a total of $15 million from more than 20,000 participants.
• Following the ICO, Binance used the funds to develop its platform further, adding new features and expanding its range of services. The company’s focus on user experience and customer service helped it to stand out from other exchanges, and Binance quickly became one of the most popular exchanges in the world.
• BNB was originally created as an ERC-20 token on the Ethereum blockchain, but Binance later created its own blockchain, the Binance Chain. In April 2019, Binance launched the Binance DEX, a decentralized exchange that operates on the Binance Chain. This move was an important step for Binance, as it allowed the company to expand its reach and offer more decentralized services to its users.
• During this early period of development, Binance also formed partnerships with other companies in the cryptocurrency space, such as Trust Wallet and Simplex, and launched a number of community initiatives, including a bug bounty program and a community coin voting system. These efforts helped to strengthen Binance’s position in the market further and establish BNB as a valuable and widely used cryptocurrency.

BNB Adoption and Price Surge (2018-2019)

• The period between 2018 and 2019 saw a significant increase in Binance Coin (BNB) adoption and price surge. Binance launched its own blockchain, the Binance Chain, in April 2019, which allowed for faster transactions and lower fees for users. The launch of the Binance Chain also allowed for the creation of more decentralized applications and services that used BNB as their native token.
• In addition to the launch of the Binance Chain, Binance also introduced the Binance Launchpad in 2019. The Launchpad was a platform for hosting Initial Exchange Offerings (IEOs), which allowed new blockchain projects to raise funds by selling their tokens directly to users on Binance. These IEOs were highly popular among Binance users, and Binance saw significant revenue from them.
• As the Binance ecosystem continued to grow and expand, the demand for BNB increased. Binance’s commitment to user experience and customer service helped it to stand out from other exchanges, and BNB quickly became one of the most widely used cryptocurrencies in the world. During the 2018-2019 bull run, BNB saw a significant price increase, reaching an all-time high of $39.57 in June 2019.
• Binance’s expansion to new markets and fiat gateways also contributed to the increased adoption of BNB. In 2019, Binance launched its first fiat-to-crypto exchange in Uganda, and later that year, it also launched a fiat-to-crypto exchange in Singapore. These expansions allowed for more people to buy and sell BNB using their local currencies, further increasing the demand for BNB.

BNB Utility Expansion and DeFi (2020)

• In 2020, Binance Coin (BNB) saw a significant expansion of its utility and became increasingly integrated into the decentralized finance (DeFi) space. Binance launched many new services and products that expanded the use cases for BNB and solidified its position as a valuable and widely used cryptocurrency. One of the most significant developments in 2020 was the launch of Binance Smart Chain (BSC), a new blockchain that allows for faster and cheaper transactions. BSC is fully compatible with the Ethereum Virtual Machine (EVM), which means that it can support decentralized applications (dApps) built on the Ethereum blockchain. This compatibility made it easy for existing Ethereum dApps to migrate to BSC, and many did so to take advantage of the faster transaction speeds and lower fees.
• Binance also launched the Binance Launchpool in 2020, a platform for users to stake their BNB and earn rewards in other cryptocurrencies. The Launchpool featured several high-profile DeFi projects, such as the Bella Protocol and the Venus Protocol, which allowed Binance users to participate in DeFi without having to leave the Binance ecosystem.
• Binance launched the Binance Visa Card in 2020, which allowed users to spend their BNB at any merchant that accepts Visa. The card was initially launched in Europe and later expanded to other regions, allowing Binance users to use their BNB for everyday purchases.
• The continued expansion of Binance’s fiat gateways in 2020 also contributed to the increased adoption of BNB. Binance launched numerous new fiat-to-crypto gateways, including in South Korea and Australia, allowing more people to buy and sell BNB using their local currencies.

BNB Burning and ATH (2021)

• In 2021, Binance Coin (BNB) saw quite the developments that led to a surge in price and increased adoption. Binance continued to burn BNB tokens, which decreased the total supply of BNB and made the remaining tokens more valuable. Also, Binance’s continued expansion and launch of new products and services contributed to the increased demand for BNB.

One of the most significant events of 2021 was the launch of Binance NFT, a platform for buying, selling, and creating non-fungible tokens (NFTs) using BNB. This allowed Binance users to participate in the rapidly growing NFT market and use their BNB to purchase and trade NFTs.

Binance also continued to burn BNB tokens throughout the year, with a total of 16.8 million BNB burned in the first quarter alone. These token burns decreased the total supply of BNB and increased the value of the remaining tokens, as fewer tokens were available to buy and sell on the market.

As the demand for BNB continued to increase, its price surged to new all-time highs (ATHs). In February 2021, BNB hit an ATH of $342.88, an increase of over 4,900% from its price at the beginning of the year. This surge in price was largely due to the increased demand for BNB and its continued burning.

In addition to the launch of Binance NFT and the continued burning of BNB tokens, Binance also launched many new products and services in 2021. These included the Binance Pay wallet, which allowed users to send and receive payments using BNB and other cryptocurrencies, and the Binance Smart Chain integration with Chainlink, which allowed developers to build DeFi applications using Binance Smart Chain and Chainlink’s decentralized oracle network.

Growth Amidst Market Decline (2022)

In the first quarter of 2022, Binance Smart Chain (BNB) started positively with growth in several areas. BNB’s average daily active addresses increased by 30% in the last quarter, indicating its popularity in the crypto space. Furthermore, the network saw an influx of new users as the average daily new unique addresses increased from 889k to over 1 million.

Despite the bearish market condition of that quarter, BNB Chain’s average daily transactions saw a slight uptick, finishing the quarter slightly up by 0.2%. However, the quarterly revenue decreased from $66.8 million to $59.98 million in Q4 2022, along with a decline in the network’s Total Value Locked (TVL) by 12% and 24% denominated in BNB and USD, respectively. PancakeSwap led in TVL dominance, followed by Venus and Alpaca Finance.

Additionally, BNB’s NFT space was affected by the bearish market conditions, as secondary NFT sales dropped by more than 67%. However, the integration with OpenSea helped change the situation, and after BNB Chain’s NFTs were listed on OpenSea, the number of unique buyers skyrocketed. As of February 2023, the price of BNB was hovering around $300.

Bottomline

Binance Coin (BNB) has proven to be a force to be reckoned with in the world of cryptocurrency. With its innovative features, strong community support, and widespread adoption, BNB has established itself as a leading cryptocurrency that has truly changed the game. As the cryptocurrency industry continues to develop, it is abundantly evident that BNB will play an essential part in determining the trajectory of the digital financial system in the future.

https://www.cryptopolitan.com/abu-dhabi-launches-2b-crypto-program-for-web3-blockchain-startups/

Abu Dhabi’s tech ecosystem, Hub71, has launched a $2 billion project to support Web3 and blockchain technology startups. According to a press release today, this brand-new initiative called the Hub71+ Digital Assets Ecosystem would offer startups in the region different opportunities to interact with potential corporate, government, and investment entities.

The program aims to assist businesses relocating to Abu Dhabi and stimulate startup success in the Middle East and international markets.

Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, declared that with the commencement of Hub71+ Digital Assets, Abu Dhabi is showing its receptiveness to companies that bring about revolutionary change and transformation on an international scale. He also expressed his belief in decentralization being the future of blockchain-based internet and Web3 startups playing a primary role in hastening this progress.

As the epicenter of Abu Dhabi’s Global Market financial district, Hub71 will be home to this new initiative aimed at developing and researching crypto assets. Led by First Abu Dhabi Bank (FAB) with support from cryptocurrency exchanges and service providers, this ambitious project is an example of the UAE’s long-standing commitment to fostering innovation in the crypto industry.

https://www.cryptopolitan.com/circle-rejects-rumors-sec-notice-usdc-stablecoin/

Circle has dismissed any speculation that it was given a “Wells Notice” regarding its USD-pegged stablecoin. On February 14th, a tweet from Fox Business reporter Eleanor Terrett (which has since been deleted) alleged that the United States Securities and Exchange Commission had instructed Circle to discontinue the sale of USDC because it was considered unregistered security.

Just 15 minutes after Terrett’s tweet, Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle Pay, quickly denied the rumor on Twitter. He emphasized that his firm has not been issued a Wells Notice.

A Wells Notice is a notification sent by the SEC to an individual or organization indicating its intent to take enforcement action against them. Following Circle’s refutation, Terrett stated that she relied on the reports of various credible sources and expressed her regret for making an incorrect assumption.

Furthermore, Dante replied to Terrent’s tweet that her apology had been accepted.

 Terrett’s initial tweet has been removed, and her Twitter profile was temporarily disabled but is now reactivated.

Anxiety has been mounting among stablecoin issuers this week after Paxos Trust Company, the issuer of Binance USD, revealed that it had received a Wells Notice indicating that its offering may have failed to comply with federal securities laws.

When questioned earlier this week about whether Circle had obtained a similar notification from the SEC concerning USDC, Dante Disparte remarked that Circle believes USDC is controlled by the U.S. money transmission regulation as a stored value type of digital currency in dollars. He also added that each cryptocurrency has its own particular circumstances and structural criteria for any regulatory activity.

https://www.cryptopolitan.com/binance-ceo-crypto-industry-move-us-dollar-backed-stablecoins/

Binance CEO Changpeng Zhao, otherwise known as “CZ,” expressed in a statement on Twitter Spaces that the cryptocurrency industry may start turning to Euro, Yen, or Singapore dollar-based stablecoins over time and diminish its reliance on US dollar-based stablecoins.

When asked if the crypto industry should consider using gold as a basis of value rather than the US Dollar, CZ concurred that it was an intelligent choice. Nevertheless, he pointed out that most people still depend on fiat currencies for their daily expenditures and therefore prefer to gauge their investment gains in dollars, which is why stablecoins backed by the USD still remain indispensable for now.

Meanwhile, CZ believes that the US government’s latest actions against dollar-backed stablecoins will lead to a switch in global cryptocurrency reliance towards other currencies such as the Euro, Yen, and Singapore Dollar.

“Considering the heightened scrutiny of US dollar-based stablecoins, I believe that our industry will be driven to explore other non-dollar-based options like euro or yen-backed tokens. This has prompted us to look for alternatives from different regions and jurisdictions.”

Changpeng Zhao

CZ asserted that in the near future, algorithmic stablecoins might become a more prevalent part of the crypto ecosystem. However, he warned that they “inherently contain risks” which fiat-backed stablecoins do not possess and should be disclosed transparently to ensure users are aware so they can make an informed decision when deciding which type of coin to use or hold.

CZ’s remarks came just one day after the SEC charged US Dollar-based stablecoin Binance USD (BUSD) as an unregistered security violating U.S. laws. The algorithmic TerraUSD (UST) had already detached its peg to the dollar back in May, leading to about $20 billion loss for investors globally.

https://www.cryptopolitan.com/joe-biden-choice-sec-chair-politcally-risky-move/

Ripple’s chief legal officer, Stuart Alderoty, recently voiced his concerns in a tweet about SEC chairman Gary Gensler and Vice President Joe Biden. He also highlighted the diversified demographic of cryptocurrency users—more than 40 million Americans from all backgrounds, who are mostly young adults aged 18-34. Also, his tweet sparked a thought that this could be an issue for Biden in the upcoming elections.

Taking into account these data points, Alderoty highlighted that he considers Gensler to be a political risk with his appointment as SEC Chair in 2021 by President Joe Biden. He believes that the current Chair symbolizes an enormous hazard for the Administration because cryptocurrency supporters who are feeling mistreated due to the agency’s measures will never again support any candidate who is so hostile towards digital currencies.

As a reaction to the SEC’s enforcement on Kraken, Gensler has released an essential cautionary message for other platforms. He suggests that they should pay attention and learn from Kraken’s mistake of suspending its staking services in the U.S. and paying a hefty $30 million fine.

Hester Peirce, a member of the SEC, criticized their decision as “patronizing” and “sluggish.” She went even further by discussing how they were too quick to shut down a program that had been beneficial to many people instead of looking for alternative solutions.

Despite Gensler’s attempts to explain the reasoning behind their decision, which included communicating directly with market participants and a commitment to being technology-neutral, the crypto community reacted unfavorably.

Numerous crypto advocates have called for Gensler’s resignation, arguing that the SEC has not been able to protect investors adequately during his tenure. John Hickenlooper, a Democratic U.S. Senator, even wrote an open letter of complaint to Gensler in October 2022, expressing dissatisfaction with the Commission’s policy concerning cryptocurrency regulations.