Crypto news
There is room for the Metaverse in 2022, but the virtual space is far from perfect
It is hard to resist the vision spun to us by Meta (formerly Facebook) and other virtual world platforms. A digital utopia that can transform lives in multiple ways — whether how we socialize, work or even stay healthy — is a hard one to refuse. This is especially true when considering that these platforms are being described as the biggest technological disruption to human life and a multi-trillion dollar opportunity for businesses. However, there is skepticism from some that this is all too good to be true — at least for now. The technological architecture that would allow this promised immersive experience to spring to life is lacking. Take the example of live performances used in Facebook’s metaverse video back in October. The idea of experiencing those authentic real-world sensations ...
DAO regulation in Australia: Issues and solutions, Part 2
Lawmakers in Australia want to regulate decentralized autonomous organizations (DAO). In this three-part series, Oleksii Konashevych discusses the risks of stifling the emerging phenomenon of DAOs and possible solutions. Regulating a decentralized autonomous organization (DAO) as a company, first of all, means registration as a company. But who remembers why we need that registry in the first place? Will anyone question whether a blockchain-based DAO needs registration at all? Historically, the government took the role of that trusted third party that, through its public agency — i.e., a registry office — keeps records about a company: who is in charge, its address, its constitution, shares and shareholders, and so on. In any legal issue or dispute, the registrar will take the registry as ...
ECB executive board member talks about current state of digital euro CBDC research
European Central Bank executive board member Fabio Panetta provided an overview of the central bank’s current research on a retail central bank digital currency Friday when he spoke at the IESE Business School Banking Initiative Conference on Technology and Finance. Panetta said the issuance of central bank digital currencies, or CBDCs, is “likely to become a necessity,” but warned that “they should not become a source of financial disruption that could impair the transmission of monetary policy in the euro area.” A key to maintaining financial stability during the introduction of digital currency, Panetta said, would be to give commercial banks a role in the process. This would allow the banks to continue providing front-end services as the central bank benefitted from their experience in...
Finance Redefined: Axie Infinity creator raises $150M, DApp daily users surge to 2.4M and more
The decentralized finance (DeFi) world saw another week of increased on-chain and developer activity even when the overall market cap took a slight dip amid overall market retrace. The creators of the popular play-to-earn nonfungible token (NFT) game Axie Infinity raised $150 million to reimburse hack victims of the Ronin bridge exploit. The decantralized application, o daily user count surged to 2.4 million in the first quarter of 2022, while SushiSwap (SUSHI) and Synthetix (SNX) were booted out of Grayscale’s popular Decentralized Finance Fund. The widely-popular DeFi protocol Yearn.finance announced its support for the newly-passed ERC-4626 tokenized vault standard. The price momentum of the majority of DeFi tokens remained in red over the past week, as the overall crypto market registe...
60 Minutes feature on El Salvador’s Bitcoin Beach will air Sunday
60 Minutes, the CBS news show that has been running since 1968, will feature El Salvador’s Bitcoin Beach in a new episode airing April 10. According to a Friday post from 60 Minutes’ Twitter account, the investigative news show will air a segment on the crypto-friendly area of El Zonte, a village located in El Salvador, where residents and visitors have been able to use Bitcoin (BTC) to pay for anything from utility bills to tacos. Sharyn Alfonsi, a journalist and correspondent for the show, interviewed Mike Peterson, one of the people who funded the project and encouraged crypto adoption among residents. How did a town in El Salvador become known as Bitcoin Beach? Sunday, Sharyn Alfonsi meets with Mike Peterson who helped make it happen. pic.twitter.com/tHaHsTKFx1 — 60 Minutes (@60Minutes...
Applied Blockchain Inc files for $60M IPO
UK-based blockchain infrastructure firm Applied Blockchain has filed an initial public offering (IPO) application on Apr. 8 to the United States Securities and Exchange Commission to issue 3,236,245 shares of common stock onto the Nasdaq Global Select Market with the ticker symbol APLD. The firm currently operates a stock on OTC Pink — the lowest of three tiers within the over-the-counter market as per financial volume and the disclosure of company information required — under the same tag with share price of $18.84. The document of application was keen to emphasize that the public offering price would not be determined, or entirely indicative, of the current market value of OTC Pink, but rather by through diligent assessments conducted by themselves and the underwriters. Saying this,...
RCRDSHP Interview – a unique musical NFT platform whose founder doesn’t want you pumping their cryptocurrency
RCRDSHP is a nascent digital collectables platform, based on the Flow blockchain, with a bit of a twist. Aiming to bring artist and fan closer together through the medium of blockchain, it’s a concept firmly rooted in the metaverse, and the new world. The platform is gamified and provides some interesting options for fans and artist alike, which I’ll dig into below. Like their fellow Flow users, NBA TopShot, the platform at the moment centres around pack drops rather than auctions, something which helps with accessibility. What’s cool is that this accessability is a repeated point of emphasis for the platform, who have made it clear they aren’t interested in the headline-grabbing NFT sales which have begun to occur in the music industry, such as the Weeknd recently selling an NFT for...
Bitcoin plumbs April lows as US dollar strength hits highest since May 2020
Bitcoin (BTC) neared new price lows for April on April 8’s Wall Street open amid a fresh surge in the U.S. dollar. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $43,000 hangs in the balance Data from Cointelegraph Markets Pro and TradingView captured another day of gloom for BTC bulls as the largest cryptocurrency slipped back under $43,000. In a classic move, BTC/USD reacted unfavorably to a resurgent dollar, with the U.S. dollar currency index (DXY) returning above 100 for the first time since May 2020. Coming on the back of tightening measures from the Federal Reserve, the greenback also spelled a headache for stocks, which opened down on the day. U.S. dollar currency index (DXY) 1-week candle chart. Source: TradingView While some considered the DXY event a temp...
Review: Gala Games blockchain platform combines gaming and commerce
Crypto games that combine play-to-earn (P2E) and nonfungible token (NFT) mechanics found a huge boost in 2021, thanks to the success of Axie Infinity and metaverse hype. However, playability still remains a major problem, as most crypto games focus on tokenomics rather than providing a fun and enjoyable gaming experience. Apart from the earning aspect, they often offer nothing special compared to traditional PC or console video games, where players can find interesting plots, nice visual effects and addictive gameplay. Axie Infinity has become known for its repetitive gameplay, known among gamers as “grinding,” while The Sandbox and Decentraland don’t really provide attractive graphics. There is one worth the attention out of the many games out there, which actually isn’t reall...
xASTRO staking and upcoming ‘Terra wars’ send Astroport price to new highs
Projects that launch on up-and-coming blockchain networks can often benefit from a low competition environment that allows them to attract new users and liquidity at a faster rate than crowded networks like Ethereum. A recent example of this is Astroport (ASTRO), an automated market maker (AMM) on the Terra (LUNA) network that has seen an influx of activity alongside the increased attention that is being focused on the Terra ecosystem and its Terra USD (UST) stablecoin. . Data from CoinGecko shows that since hitting a low of $1.28 on March 7, the price of ASTRO has exploded 194% to hit a new all-time high of $4.80 on April 5. ASTRO/USDT 4-hour chart. Source: TradingView Three reasons for the price appreciation seen in ASTRO include the increased attention the Terra ecosystem ha...
Blockstream and Block Inc to build solar Bitcoin mining facility powered by Tesla technology
On Friday, cryptocurrency storage company Blockstream and Block Inc. (formerly Square) announced the construction of a solar-powered Bitcoin (BTC) mining facility in Texas. As told by Blockstream, the mining site will be outfitted with 3.8 megawatts (MW) of electrical capacity using Tesla’s Solar photovoltaic cell array and 12 an MWh Megapack. Manufactured by Tesla Energy, Megapack is a powerful lithium-ion battery that provides energy storage and support. In context, one of the leading publicly listed Bitcoin mining companies, Hut 8 Mining, has about 209 MW in total contracted mining capacity. The purpose of the venture is to investigate the feasibility of operating a zero-emission energy Bitcoin mine. Blockstream and Block began collaborating on the project last June, with Blo...
67% of Cardano holders underwater and most bought less than 1 year ago
As Cardano (ADA) prices fall back towards the psychological one dollar level, more and more investors are finding themselves with unrealized losses by holding on to the digital asset. Cardano’s ADA token has had a bearish week. The price has fallen 11.4% since Monday resulting in more holders being in the red. More significantly, ADA is now 64.7% below its September 2 all-time high of $3.09 and is in danger of falling below a dollar over the next few days should the trend continue. According to IntoTheBlock’s “in/out of the money” indicator, more than two-thirds, or 67% of ADA holders, are underwater. A quarter of Cardano investors are in the green, and 9% of them are at a breakeven point. The indicator identifies the average cost at which the tokens were purchased and compares it to the c...
