crypto blog
Ethereum Merge prompts miners and mining pools to make a choice
The Ethereum blockchain is all set to make its highly anticipated transition from its current proof-of-work (PoW) mining consensus to proof-of-stake (PoS). The Merge date is officially scheduled for Sept. 15–16 after the successful final Goerli testnet integration to the Beacon Chain on Aug. 11. At present, miners can create new Ether (ETH) by pledging a huge amount of computing power. After the Merge, however, network participants, known as validators, will be required to instead pledge large amounts of pre-existing ETH to validate blocks, creating more ETH and earning staking rewards. The three-phase transition process began on Dec. 1, 2020, with the launch of the Beacon Chain. Phase 0 of the process marked the beginning of the PoS transition, where validators started staking their ETH f...
What is an NFT and why are they so popular?
Nonfungible tokens (NFTs) have been part and parcel of the cryptocurrency space for the last couple of years. Still, their value and utility across several industries have driven their proliferation into mainstream consciousness. Cointelegraph’s director of video production Jackson DuMont delves into the intricacies of NFTs, highlighting the importance of the underlying blockchain technology in proving ownership of digitally scarce assets: “NFTs provide unique, verifiable and immutable proof of ownership of digital goods. True digital ownership of assets through NFTs is a revolutionary idea that will transform how we interact with the internet.” Another important aspect of NFT technology highlighted by DuMont is handing the ownership of digital assets to users as Web3 functionality begins ...
BlockFi tops revenue grower list with 250,000% increase, BitGo aims to sue Galaxy Digital, and Bitcoin’s price drops: Hodler’s Digest, Aug. 14-20
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Fed to issue long-awaited guidelines for granting master accounts to crypto banks Crypto’s continued journey into the mainstream has come with various levels of regulatory action across the globe. This week brought clarity in terms of expectations for crypto-focused banks seeking accounts with the United States Federal Reserve. A framework released by the Federal Reserve Board details expectations for such applicant banks, including the level of due diligence to be provided based on each applicant’s risk level...
DeFi needs to start creating real-world value if it wants to survive
The total value locked in decentralized finance (DeFi) projects is hovering around $62 billion as of mid-August, down from a peak of over $250 billion in December 2021. Capital is fleeing the crypto space amid war, soaring inflation and whatever other surprises 2022 may still have in store for us. However, unlike previous crypto bull runs, it was not just retail interest that drew in this capital in the first place. Rather, major institutional players, which have recently opened up to crypto, quickly developed an appetite for the yields DeFi is known for. But now that winter is upon us, the pitfalls of high-yield platforms have become more apparent. Value can’t come out of thin air In some sense, value is always somewhat subjective, defined by one’s personal considerations and goals. A pho...
Are non-KYC crypto exchanges as safe as their KYC-compliant peers?
Many see implementing Know Your Customer (KYC) tools in crypto as a deterrent to the Bitcoin (BTC) Standard, which has predominantly promoted anonymized peer-to-peer transactions. However, regulators stay put on promoting KYC and anti-money laundering (AML) implementations as a means to ensure investors’ safety and protection against financial fraud. While most crypto exchanges have begun implementing regulatory recommendations to remain at the forefront of crypto’s mainstream adoption, investors still have the choice to opt for crypto exchanges that promote greater anonymity by not imposing KYC processes. But does opting for the latter as an investor mean compromising on safety? A matter of trust Anonymity goes both ways in most cases. Owners of crypto exchanges running non-KYC (or ...
Who accepts Ethereum as payment?
Taking payment in Ethereum brings in a gamut of advantages for both users and entrepreneurs. Transitioning to a blockchain-based ecosystem brings in a string of advantages for users as well as entrepreneurs. Here is a drop-down detailing why accepting payment in Ethereum works well for the customers of an enterprise: Additional payment option In a world that is fast adopting cryptocurrencies, providing customers with an additional payment option gives businesses an advantage over their competitors. Cryptocurrency gateways enable merchants to accept digital payments and receive the amount in fiat. Transparency A decentralized ecosystem is inherently transparent, giving customers more confidence while making the purchase. Crypto transactions get executed on a blockchain where they are writte...
Web3 games incorporate features to drive female participation
Although there is still an apparent lack of women in the Web3 sector, blockchain-based games geared toward women may help drive inclusivity. A recent report from the Entertainment Software Association found that 48% of gamers in the United States identify as female. It has also been noted that nearly half of all gamers in the world are women. The interest that women have taken in the billion-dollar gaming sector is notable. This, combined with the massive growth being projected by the GameFi industry, is a key reason why a number of Web3 games are being built specifically for female users. Beryl Chavez Li, co-founder of Yield Guild Games — a global play-to-earn gaming community — told Cointelegraph that she believes blockchain-based games like Axie Infinity have started to see an upt...
3 reasons why the Bitcoin price bottom is not in
Bitcoin (BTC) recovered modestly on Aug. 20 but remained on course to log its worst weekly performance in the last two months. Bitcoin hash ribbons flash bottom signal On the daily chart, BTC’s price climbed 2.58% to $21,372 per token but was still down by nearly 14.5% week-to-date, its worst weekly returns since mid August. Nonetheless, some on-chain indicators suggest that Bitcoin’s correction phase could be coming to an end. That includes Hash Ribbons, a metric that tracks Bitcoin’s hash rate to determine whether miners are in accumulation or capitulation mode. As of Aug. 20, the metric is showing that the miners’ capitulation is over for the first time since August 2021, which could result in the price momentum switching from negative to positive. Bitcoin Hash R...
Crypto Biz: Crypto VC is back with a vengeance
You’ve no doubt heard the expression, follow the money. Well, if you do that in the venture capital world, you’ll be led directly to crypto, blockchain and digital assets. After a modest summertime lull in venture financing, this week saw the announcement of two massive raises worth a combined $500 million. That’s $500 million VCs are allocating to crypto-focused startups at the intersection of Web3, blockchain infrastructure and decentralized communities. If you think funding deals have stopped amid the bear market, think again. I mentioned “summertime lull” at the outset, but that doesn’t mean funding has stopped. There are so many deals, in fact, that I’ve had to start a separate series called VC Roundup just to keep track. Data from Cointelegraph Research also shows that Q2 fundi...
Binance vs. FTX: CZ calls out ‘bad players’ for crypto exchange jitters
The CEO of crypto exchange Binance, Changpeng ‘CZ’ Zhao, raised concern for traders after learning about the infamous phenomenon of trade jitters on other crypto exchanges. Jitters in crypto trading relate to a trade event wherein an investor’s buy or sell order gets stuck and moves down in the list, allowing newer trade orders to go through. Just learned a new word, jitters. On 1 particular exchange, sometimes your orders will be stuck for a bit, and a few other orders will get in front of you. Apparently, this happens often enough on this exchange that the traders coined a term for it, jitters. (Front running) — CZ Binance (@cz_binance) August 19, 2022 While CZ’s concerns against jitters did not explicitly target any particular exchange, the crypto community on Twitter assumed it w...
The Real Deal? Peter McCormack’s Bedford Bitcoin Bet scores more than goals
The Bitcoin Standard has many formations. For some, selling all possessions and living off magic internet money is key; for others, it’s about sweeping every spare penny into Satoshis. For popular podcaster Peter McCormack–an avid football fan–it meant buying his local club and signing Bitcoin (BTC) onto the team sheet. Bitcoin advocate McCormack acquired his hometown football club in December 2021. He renamed and rebranded the club to Real Bedford, and at the ground, Bitcoin qualifies as payment for shirts, drinks and tickets. But with the price of Bitcoin wallowing in the $20,000s, can the ethos behind a falling currency transform a football club’s future? And more importantly, why has this lower league club caught the attention of Bitcoin advocates around the world? Pitchside, Coi...
Fei Protocol founder proposes ghosting Tribe DAO following hack repayment
An attack in April 2022, which drained off nearly $80 million from various Rari Fuse pools, required the decentralized finance (DeFi) platform Fei Protocol to come up with a solution that minimizes damage to the ecosystem. Fei Labs’ latest proposal, which partly recommends revoking participation from Tribe DAO, received mixed sentiments from the community. Fei Protocol founder Joey Santoro announced the latest proposal, TIP-121: Proposal for the future of the Tribe DAO, revealing the company’s intent to reimburse Fuze victims. It also details plans for asset redemption and the distribution of protocol-controlled value (PCV) assets that manage the liquidity and yield. I hope this proposal resonates with the community and thank you for your support.https://t.co/RjpS9j4x2H — Joey ’s ERC-4626 ...
