roadrunner

Anatoly Yakovenko, one of the co-founders of Solana, the proof-of-stake based, smart contracts enabled blockchain, issued a series of statements criticizing bitcoin’s consensus algorithm. In an interview on CNBC, Yakovenko stated that bitcoin might lose adoption if it doesn’t change to a proof-of-stake (PoS) consensus algorithm. Other organizations have also attacked bitcoin, hinting at this same change as a possible solution for what are considered drawbacks by some. Solana Creator Believes Bitcoin’s Proof-of-Work Consensus Algorithm Will Affect Its Usage Anatoly Yakovenko, one of the co-founders of Solana, the PoS consensus-based blockchain, issued his take when it comes to bitcoin’s proof-of-work (PoW) and how it might affect the leading cryptocurrency in the future. In an interview on CNBC, Yakovenko stated that one of the main differences when comparing Solana to Bitcoin is the energy efficiency of the former. On this, Yakovenko explained: If you look at Solana’s energy report, a single Solana transaction is about two Google searches worth of energy. I think that even among proof-of-stake networks is one of the most efficient ones. Yakovenko further mentioned that, according to his views, most of the networks that people will use in the future will be based on PoS consensus. When asked about the future of Bitcoin in this context, Yakovenko stated: If [Bitcoin] eventually doesn’t switch to proof-of-stake nobody is going to use it. Others Look to Change Bitcoin’s Code Yakovenko is not the first that has made direct criticism on the energy usage and the future of Bitcoin as a proof-of-stake network. Since proof-of-stake consensus was used to develop several rival networks to the two main blockchains (Bitcoin and Ethereum), proof-of-work consensus algorithms have been deemed as being too energy inefficient. Since last year this thought has gained more traction, when Elon Musk, CEO of Tesla and Spacex, commented about the “insane” energy consumption of the Bitcoin network while suspending bitcoin as a payment method for acquiring Tesla vehicles at the same time. More recently, other parties have also criticized Bitcoin, suggesting that a change in its consensus algorithm might be key to its sustainability. This is the case of the World Economic Forum, which on April 26, published a video where it states that a “change in the way Bitcoin is coded could virtually eliminate its environmental impact.” What do you think about the opinion of one of the creators of Solana about Bitcoin and its proof of work consensus algorithm? Tell us in the comments section below. View the full article

The Indian government is exploring “several commercial use purposes and not just financial inclusion” for its central bank digital currency. India’s finance minister clarified that the aim is for the digital rupee, which will be backed by the Reserve Bank of India (RBI), to be issued by 2023. India’s Finance Minister on RBI-Backed Digital Currency Indian Finance Minister Nirmala Sitharaman talked about the country’s central bank digital currency (CBDC), the digital rupee, this week at a business roundtable on “Investing in India’s Digital Revolution” in San Francisco. The event was organized by the Federation of Indian Chambers of Commerce & Industry (FICCI), a non-governmental trade association and advocacy group based in India. It was hosted by the U.S.-India Strategic Partnership Forum (USISPF). Reiterating that the government and the Reserve Bank of India (RBI) aim to introduce India’s central bank digital currency in 2023, the finance minister described: The government and RBI are looking into its several commercial use purposes and not just financial inclusion. She noted that financial inclusion “is largely achieved through the JAM trinity (Jan Dhan-Aadhaar-Mobile).” The minister of finance previously claimed: “The JAM trinity concept of the Narendra Modi government helped to reach the farthest person in the country.” Sitharaman emphasized that the Indian government maintains a consistent digital push across all industries. She stressed: “Central bank digital currency, digital banks, and digital university were announced in the Union Budget. There is a continuous digital nudge by the government across sectors.” The finance minister explained during her Budget speech that the introduction of a central bank digital currency will give a big boost to the country’s digital economy, stating: Digital currency will also lead to a more efficient and cheaper currency management system. Meanwhile, the Indian government is working on the country’s crypto policy. The finance minister said this week that the decision will not be rushed through. RBI Deputy Governor T. Rabi Sankar said the central bank would go about launching a digital rupee “in a very calibrated, graduated manner, assessing impact all along the line.” Finance ministry officials are also discussing crypto regulation with the International Monetary Fund (IMF) and the World Bank. What do you think about the comments by India’s finance minister? Let us know in the comments section below. View the full article

Investors will be focused on the U.S. central bank this Wednesday as Federal Reserve policymakers are expected to raise the benchmark interest rate aggressively. The top U.S. stock indexes saw significant losses at the end of the week, and the Nasdaq composite saw its worst four-month starting performance since 1971. Crypto markets have had a rough week as well, as the crypto economy has shed 8.99% against the U.S. dollar since April 25, dropping from $1.967 trillion to $1.79 trillion. Fed Expected to Raise Benchmark Interest Rate Aggressively, Dutch Bank ING Predicts a 50bp Hike and a QE Tightening Announcement A number of financial institutions, analysts, and economists expect the Federal Open Market Committee (FOMC) will raise interest rates next week in an aggressive manner. Reuters’ authors Lindsay Dunsmuir and Ann Saphir reported on Friday that there may be “big Fed rate hikes ahead” and the authors also cite two reports that claim “hot inflation is peaking.” “U.S. Federal Reserve policymakers look set to deliver a series of aggressive interest rate hikes at least until the summer to deal with hot inflation and surging labor costs, even as two reports Friday showed tentative signs both may be cresting,” the report explains. In addition to the Reuters report, the Dutch multinational banking and financial services corporation ING Group believes a big hike will come this Wednesday. In the report, ING expects the FOMC and Fed Chair Jerome Powell to announce a 50 basis point rise. ING’s report says that “inflation worries outweigh temporary GDP dip.” “The Federal Reserve is widely expected to raise its policy rate by 50 basis points next Wednesday as 8%+ inflation and a tight labour market trump the surprise 1Q GDP contraction attributed to temporary trade and inventory challenges,” ING Group’s report published on April 28 notes. While 50bp is a large raise, ING also believes the Fed will reveal a tightening plan when it comes to the central bank’s monthly bond purchases. “We will also be looking for the Fed to formally announce quantitative tightening on Wednesday,” ING’s report details. Wall Street Takes a Beating, Gold Reaps Macroeconomic Benefits Meanwhile, when Wall Street closed the day on Friday, all the major U.S. stock indexes had suffered from a blood bath during the intraday trading sessions. Nasdaq, the Dow Jones Industrial Average, S&P 500, and NYSE all dropped significantly before the start of the weekend. Reports show that the Nasdaq composite saw its worst four-month start in over 50 years and S&P 500 dropped like a rock on Friday as well. “By the end of trading on Friday, the selloff had gotten worse and we were staring at the worst start to a year since the Great Depression,” Barron’s author Ben Levisohn wrote. Gold reaped the benefits from the storm at the end of the week and the precious metal saw a steady increase against the U.S. dollar heading into the weekend as well. On Saturday, an ounce of fine gold is up 0.08% and 6.47% over the last six months. Presently, an ounce of fine gold is exchanging hands for $1,896 per unit. Trends forecaster Gerald Celente believes as long as inflation rises, precious metals will follow. “The higher inflation rises, the higher safe-haven assets gold and silver rise. And, when the Banksters raise interest rates, it will bring down Wall Street and Main Street very hard… and the harder they fall, the higher precious metal prices will rise,” Celente tweeted on Saturday. Fear Gives ‘Bear Market Vibes of 2018,’ Bitfinex Market Analysts Say Crypto Buyers Remain on the Sidelines The crypto economy suffered as well this week and markets were correlated with equities markets. The CEO and founder of eightglobal.com Michaël van de Poppe tweeted about the fear in crypto markets on Saturday. “The amount of fear in the markets currently due to the upcoming FED meeting is comparable to the bear market vibes in 2018,” the Eightglobal founder said. “That tells a lot for the markets and Bitcoin.” On Saturday evening (ET) around 7:25 p.m., bitcoin (BTC) dropped below the $38K mark to $37,597 per unit. Since April 25, 2022, the entire crypto economy’s net value slipped from $1.967 trillion to today’s $1.79 trillion. While the crypto economy lost 8.99% since then it has lost 1.2% during the last 24 hours. Bitcoin (BTC) has shed 4.9% this week and ethereum (ETH) has lost 7.6% against the U.S. dollar during the past seven days. In a note sent to Bitcoin.com News on Friday, Bitfinex market analysts explained that “bitcoin is in range-bound trading as buyers remain on the sidelines.” “The day trading fervour symptomatic of lockdown – which saw so-called meme stocks pump to unearthly valuations – already seems like a thing of the past,” the analysts added. “Robinhood has cut staff amid a drop in revenues as a bearish sentiment takes hold in the stock market. Still, it is interesting to note that the percentage of the bitcoin supply dormant for a year or more made new all-time highs this month, according to data from on-chain analytics firm Glassnode.” What do you think about the outlook concerning global markets like gold, crypto, and stocks? Do you think the Federal Reserve will raise the benchmark rate by 50bp? Let us know what you think about this subject in the comments section below. View the full article

Switzerland’s central bank, the Swiss National Bank, says buying and holding bitcoin as a reserve currency is not a problem for the bank. “We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet,” the chairman of the Swiss central bank reportedly explained. Switzerland’s Central Bank on Buying and Holding Bitcoin as a Reserve Currency The Swiss National Bank could buy and hold bitcoin as a reserve currency if the cryptocurrency meets the bank’s currency reserves requirements, Chairman Thomas Jordan reportedly said at the central bank’s annual general meeting Friday. The Swiss central bank chief was quoted by Reuters as saying: Buying bitcoin is not a problem for us. We can do that either directly or can buy investment products which are based on bitcoin. However, he noted: “But from the current perspective we do not believe bitcoin meets the requirements of currency reserves. That’s why we have until now decided not to have bitcoin on our balance sheet.” Nonetheless, he stressed: We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet. A growing number of corporations are holding bitcoin on their balance sheets while more countries are establishing a framework to make BTC a legal currency. El Salvador adopted bitcoin as legal tender alongside the U.S. dollar in September last year, and recently the Central African Republic made the crypto an official currency. Meanwhile, an increasing number of people are expecting the U.S. dollar to lose its dominance, fuelled by the Russia-Ukraine war. Rich Dad Poor Dad author Robert Kiyosaki, for example, has repeatedly warned about the end of the U.S. dollar. Renowned investor Jim Rogers also warned in March about the end of the U.S. dollar. What do you think about the comments by the Swiss central bank’s chief? Let us know in the comments section below. View the full article

Jamie Dimon, the CEO of JPMorgan Chase, says that he does not particularly like crypto but will defend your right to invest in it. However, he sees benefits in some aspects of digital currency. JPMorgan’s Jamie Dimon on Crypto, Digital Currency JPMorgan Chase CEO Jamie Dimon talked about cryptocurrency in an interview with KMTV 3 News Now in Omaha Friday ahead of the Berkshire Hathaway annual shareholders meeting this weekend. Commenting on cryptocurrency, including bitcoin, the JPMorgan boss said: I always say I don’t particularly like it. I defend your right to do it. I’d say be very, very careful how much money you put into it. However, Dimon sees benefits in some aspects of crypto, such as its technology, admitting that the banking industry has its inefficiencies. The executive opined: Not all of it is bad. If you said to me ‘I want to send $200 to a friend in a foreign country,’ that could take you two weeks and cost you $40. You could do it through a digital currency and it’ll take you seconds. “So, it’ll work out. I think it will be adopted over time by lots of players out there, including banks,” he concluded. However, he did not specify whether he is referring to cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), or his own JPM Coin. JPMorgan Chase has its own digital currency called JPM Coin. Dimon previously described: “We use a blockchain network called Liink to enable banks to share complex information, and we also use a blockchain to move tokenized U.S. dollar deposits with JPM Coin.” The JPM Coin website states that the coin “facilitates real-time value movement, helping to solve common hurdles of traditional cross-border payments.” Dimon has long been a bitcoin and crypto skeptic. In November last year, he warned people to be careful when investing in crypto citing that it has no intrinsic value. In October, he said bitcoin was worthless and questioned its limited supply. Meanwhile, he said in his April letter to shareholders that decentralized finance (defi) and blockchain are real. In addition, JPMorgan is now offering a number of crypto investment products. What do you think about Jamie Dimon’s comments? Let us know in the comments section below. View the full article

The finance department of the U.S. state of Idaho has warned investors of a series of cryptocurrency scams promising returns as high as 80% every 24 hours with no risks to investors. Crypto Scams Promising High Returns The Idaho Department of Finance announced Wednesday “a series of fraudulent cryptocurrency schemes seen recently targeting Idaho investors.” The regulator detailed: The companies purport to provide high returns with no risks to the investor. These fraudulent schemes are operating under the names and websites of Crypto FX Direct, Shield Investors Ltd., Quartz FX Trade, and Finvest Trading. At the time of writing, some of the schemes’ websites are already offline. The regulator added: These websites make outrageous, demonstrably false statements and claims such as guaranteed returns on investment as high as 65% – 80% every 24 hours. To begin investing with these companies, investors have to purchase an investment plan using cryptocurrency, the finance department described. One of the companies, Finvest Trading, charges between $500 and $100,000 to begin trading. “They offer profitable investments with any plan, and purport the more invested, the greater the return,” the regulator detailed, adding that the companies’ investment advisors provide investors with “phony credentials.” At the end of the agreed trading period, investment advisors contacted the investors and notified them that they made substantial returns on their investments. However, they had to pay a fee to receive their investment returns. Investors were then advised of additional fees and penalties before they could receive payouts. The regulator noted that these entities are neither registered to sell securities in Idaho nor have they filed with the Idaho Secretary of State to conduct business in the state. What do you think about these crypto investment scams? Let us know in the comments section below. View the full article

Decentralized autonomous organizations (DAOs) have been acquiring high ticket items over the last 12 months and on April 28, the Degods DAO revealed it acquired a Big3 professional basketball team called the “Killer 3s.” The Big3 professional basketball league was founded by the American rapper Ice Cube and Big3 decided to sell the rights tied to the team by leveraging non-fungible token (NFT) assets. Big3 Team the Killer 3s Sold for 25 NFTs According to reports, a decentralized autonomous organization built on the Solana network called Degods DAO has purchased a Big3 professional basketball team. Big3 is a basketball league crafted by the hip-hop mogul and actor Ice Cube and the league’s games are based on a 3-on-3 basketball tournament style. Recently, the Big3 decided to sell the rights to a team called the “Killer 3s” by using NFT technology. The DeDAO has acquired a professional basketball team. pic.twitter.com/TgcwKy9tLU — DeGods (33.3%) (@DeGodsNFT) April 28, 2022 Essentially, the Big3 league decided to sell 25 Fire-tier NFTs for $25K per unit. The NFTs give the owners rights to Killer 3s’ licensing, intellectual property (IP), and league-approved merchandise. Degods DAO acquired the Killer 3s team for approximately $625,000 by purchasing all 25 NFTs tied to the Killer 3s. Degods DAO tweeted about the acquisition on April 28 and shared a video that said: “Now let’s win a f***ing championship.” Decentralized Autonomous Organizations Continue to Bid on High Ticket Items Degods DAO follows a number of DAOs buying high ticket items like properties, franchises, NFT collections, and IP rights. For instance, a DAO purchased an unreleased Wu-Tang Clan record called “Once Upon a Time in Shaolin.” Another DAO recently revealed it wanted to purchase fast-food restaurants and a DAO called “Buy the Broncos DAO” tried to raise $4 billion to buy the Denver Broncos. Many attempted purchases have failed, like the Constitution DAO, which tried to buy an old copy of the U.S. Constitution but lost the auction. Degods is a popular Solana NFT project that has seen 397,300 SOL or $37,234,956 worth of NFT sales volume. The collection has 4.5K owners and the current floor price is $28,162 or 300.5 SOL. “A deflationary collection of degenerates, punks, and misfits. Gods of the metaverse [and] masters of our own universe. Powered by the Solana Blockchain,” Degods’ description on Opensea explains. What do you think about a DAO buying a Big3 professional basketball team by acquiring 25 NFTs? Let us know what you think about this subject in the comments section below. View the full article

A draft law tailored to regulate cryptocurrency mining has been filed with the lower house of Russian parliament, the State Duma. The legislation provides a legal definition for the extraction of digital currencies and envisages the establishment of a register for miners. Russian Lawmakers to Review Legislation Enforcing Rules for Crypto Mining Sector The draft of the new federal law “On Mining in Russian Federation” has been submitted to the Duma on Friday, April 29, according to the website of the house. The bill aims to bring the crypto-related industry out of the “grey” economy in Russia, a country rich in energy resources and favorable climatic conditions for mining. The authors of the bill describe the minting of digital coins as an activity using information infrastructure and equipment located in the Russian Federation, which results in the creation of digital currency. They also introduce legal definitions for the circulation of digital currencies, mining pools and operators mining facilities. The law provides for the creation of a special register for cryptocurrency miners that will be maintained by an authorized federal body. Private individuals involved in bitcoin mining will be able to register as individual entrepreneurs or self-employed persons if their electricity consumption exceeds certain limits set by the government. Only registered entities and persons will be allowed to mine, RBC Crypto reported, quoting the document. The operators of mining facilities in Russia will be required to keep records of the minted cryptocurrencies, their types, any contracts with other entities and buyers of the coins, exchange operators, payment systems, and banks. If deputies in the Duma adopt the law, a one-year “amnesty” will be announced for registered miners, within which they will be able to sort out any outstanding issues with customs clearance for imported hardware, pay relevant taxes and comply with applicable regulations. That includes the recently adopted rules for money transfers outside the Russian Federation. Russian authorities have been working to develop a comprehensive regulatory framework for cryptocurrencies. A bill “On Digital Currency” has been prepared by the Finance Ministry to fill the legal gaps remaining after the enforcement of the law “On Digital Financial Assets” last year. The department recently revised the draft to clarify certain aspects pertaining to crypto mining. The Russian parliament is expected to approve this law, along with tax amendments, during its spring session. Do you think the Russian parliament will adopt the mining law together with the other crypto legislation? Tell us in the comments section below. View the full article

Global investment bank Goldman Sachs has reportedly offered its first-ever loan backed by cryptocurrency. The cash loan was collateralized by bitcoin owned by the borrower. A spokesperson for Goldman Sachs explained that the deal is interesting to the investment bank due to its structure and 24-hour risk management. Goldman Sachs and Bitcoin-Backed Loans Global investment bank Goldman Sachs has offered its first-ever cash loan backed by bitcoin (BTC), Bloomberg reported Thursday. A spokeswoman for the bank explained to the publication that the secured lending facility lent cash collateralized by bitcoin that is owned by the borrower. She further noted that the deal was interesting to Goldman Sachs because of its structure and 24-hour risk management. Goldman Sachs has been increasingly friendly to cryptocurrency. In March, the investment bank featured cryptocurrencies, the metaverse, and digitalization on its homepage. The firm sees the metaverse as an $8 trillion opportunity. The global investment bank brought back its bitcoin trading desk in March last year. In May, it formally established a cryptocurrency trading team and launched bitcoin derivatives trading. In June, Goldman Sachs expanded its cryptocurrency trading desk to include ether (ETH) futures and options. In March this year, the bank executed its first OTC crypto transaction. Goldman Sachs said in January that the price of bitcoin could reach $100K. “Bitcoin may have applications beyond simply a ‘store of value,'” the bank’s analyst explained, adding that “digital asset markets are much bigger than bitcoin.” Bitcoin-backed loans are becoming more popular. The Nasdaq-listed software company Microstrategy recently obtained a $205 million loan from Silvergate Bank backed by the company’s bitcoin holdings. Microstrategy used the loan to purchase additional bitcoin for its corporate treasury. What do you think about Goldman Sachs offering bitcoin-backed loans? Let us know in the comments section below. View the full article

The Argentinian government has taken the first steps in the launch of its own central bank digital currency (CBDC). A new decree identified the number 207/2022 gives new faculties to the Argentinian mint to involve in the investigation, development, and issuance of digital currencies. This puts Argentina on the trail of countries like Brazil and Mexico, that are already involved in the development of their e-currencies. Argentina Prepares the Field for a CBDC The government of Argentina is preparing the legal field for future issuance of its own central bank digital currency, the digital peso. In a decree approved and published on April 26 with the number 207/2022, the Argentinian government modified the functions and faculties of the national mint, giving it new responsibilities and possibilities. In these new faculties, the decree includes capture and digital processing of data, images, codes, sounds, and microchips, software design and development, implementation of digital security, teleprocessing of information, printing, and/or recording of databases. While the national mint just had the faculties to print national currency, the new decree justifies this change by stating that: Currently, the advancement of digital environments in terms of transactions and payments… artificial intelligence and digital governance systems, as well as the emergence and proliferation of “blockchain” technology, cryptographic technologies and assets justify the update of the reach of the national mint. To Rosendo Gravanago, legal counselor in the crypto asset area, this is a clear move in the direction of issuing a CBDC. He stated: This gives us the pattern that Argentina is trying to get into the CBDC trend, a trend that has been adopting centralized electronic fiduciary money. Argentinian National Exchange and Payment Platform Also, there are other modifications to the original purpose of the organization which hints at the future establishment of a national exchange with payment processing possibilities. In this sense, the decree allows the national mint to manage and execute payments and/or collections on behalf of third parties through the use of electronic devices, transactional platforms, or any other means. Gravanago declared to local media that: With this regulation, the national mint is empowered to create a kind of central exchange. These changes put Argentina in the CBDC panorama in Latam, trailing behind countries like Brazil and Mexico that are already engaged in research and development tasks related to the future issuance of their digital currencies. What do you think about the sets that the Argentinian government is taking towards the possible issuance of a digital peso? View the full article

On April 29, photography-focused tech start-up Picture This is finally launching the ‘Polar Bear’ NFT, which raises awareness and money towards climate change and the impact humans have on our planet. Digital artworks have seen a booming rise in sales and popularity since the start of the decade. Minting art as an NFT has enabled artists to reach audiences in ways earlier not fathomable. Now, the photography community is finally entering the NFT space. One devotee is Christian Houge. For decades, the artist’s dramatic photography has provoked a strong emotional response from international museums and art institutions like the California Museum of Photography, Auction Paris, and Three Shadows Photography Art Center in Beijing, among others. This week, Houge is officially expanding his internationally renowned art from gallery walls to the blockchain. — At first, I was naturally sceptical of NFT art, being an analogue ‘old school’ photographer working for years to finalise my climate-related projects. I am interested in new technology, even if this also represents a double-edged sword in Humankind’s so-called progress. I see that as a Faustian bargain. ‘It giveth and taketh away, so even more important to be conscious as to not lose ourselves and the nature both within us. Personally, I find NFTs fascinating, as this technology is here to stay. It will change how we work and relate. Conscious NFTs with storytelling and provoking feelings are important in the web3 environment, says Christian Houge. Environmentally responsible art For Houge’s official NFT debut, the artist is releasing the unseen ’Polar Bear’ artwork from the ‘Residence of Impermanence’ series, along with photography-tech startup Picture This. For the past ten years, Houge has spent his life earnings collecting different rare trophy animals, to subsequently set the large taxidermy collection on fire in front of traditional British wallpapers, which for Houge, represents imperialism. The series, ‘Residence of Impermanence’, highlights how man is violently exploiting nature, for which we consider ourselves superior above all living things. With This NFT drop, Houge is contributing to wildlife conservation and forest conservation in Paca, Brazil under the project Pacajai REDD+ with partner Offsetra. This is a part of the Picture This impact program to offset the carbon footprint of NFTs. Proceeds of sales will be donated to Earth.Org in support of support Earth.Org’s Global Ecosystem development of photographers, NGOs partners, and global ambassadors, and its operations. The purpose of the Houge NFTs is to raise awareness of climate change and the impact humans have on the planet and to advocate for hope and solutions to build a better future. The Polar Bear NFT, priced at 0.5 ETH, will be the first to drop from the seven-piece ‘Residence of Impermanence’ collection. The collectors of this unrivalled work of art will gain prioritized access to the rest of the collection, which will subsequently be released. The collection also consists of exclusive behind the scenes video footage of the burning of seven rare animals, with every animal coming as completely unique NFTs. The photographs, regarded as the masterpieces of the project, will be available in editions of five. All collectors of ‘Residence of Impermanence’ will have the privilege of meeting the artist in person as well as permanent prioritized access to all upcoming drops by Houge. Picture This Picture This is a digital marketplace and cultural hub for photographic art with one grand mission: making groundbreaking photography available to everyone on the planet. The team behind Picture This have dedicated their lives to making photography an accepted genre, by celebrating and communicating the realm. The next step? Maintaining this energy within the digital universe — bridging fine art and the blockchain with the help of photographers, and making sure that their art will keep a long-lasting cultural relevance. — At Picture This, we’re passionate about the opportunities that the blockchain creates for photographers. The current NFT space is mainly celebrity and speculation driven. There’s a risk that we’re losing something essential: artistic value and trust. As more collectors are getting into the NFT space, we’re bringing trust and quality assurance, says Ilgi Evecan, Chief Digital Officer at Picture This, adding: — Art has been a great catalyst to grow NFTs as a new asset class. This makes NFTs not just a technological breakthrough, but a cultural one. I’m excited about how photography NFTs can advance that breakthrough. Photography has always stood for inclusivity in the art space and will do so also in the NFT space. For more information, be sure to check out the official website, Twitter or Discord channels. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

In recent times, cryptocurrencies that burn tokens have been very popular and a number of well known blockchain projects have destroyed large sums of digital assets. While a number of crypto projects have different burn schemes, the overall effect is usually the same, as destroying tokens reduces the circulating supply. Blockchain Projects Burn Tokens for Specific Benefits and Objectives Burning tokens has been a popular trend and articles often highlight specific projects like Ethereum, Terra, Shiba Inu, and many more that have destroyed large sums of native tokens. $SHIB burn portal is a huge success!👺🔥 — Shiba Inu to $1 (@ShibInform) April 28, 2022 Six days ago, Bitcoin.com News reported on the Shiba Inu (SHIB) developers launching a burn portal, which allows shiba inu holders to burn their stash of SHIB. In that particular case, SHIB burners are rewarded for destroying their tokens. SHIB currently has a burn rate of around 180.18% during the past 24 hours. 1/ The on-chain votes for proposals 133 and 134 to burn the 88.675 million Pre-Col-5 $LUNA in the Community Pool (~$4.5 billion), swapping for $UST using the on-chain swap, and reducing the oracle_rewards_pool distribution window from 3 to 2 years have now passed! — Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) November 10, 2021 During the first week of November 2021, the Terra (LUNA) team of developers burned 88.7 million LUNA and projects like Ethereum (ETH) burn native tokens every minute of the day. For instance, after the implementation of the Ethereum Improvement Proposal (EIP) 1559, more than 2.17 million ether has been destroyed forever. 76,100 #BNB ($35,060,900) has been burned since the BEP-95 real-time burning upgrade 🔥 — BurnBNB (@BurnBNB) April 27, 2022 Just like SHIB, Ethereum has a burn rate as well, as metrics show over the last 60 minutes, 135 ether was burned, and during the last 24 hours, 4,477 ETH has been destroyed. The Binance digital asset BNB has a scheduled burn process and the project has destroyed coins to reduce the overall supply. Burning Crypto Simply Means Sending Tokens to a Null Address The process has been leveraged by a number of cryptocurrency network developers and the community has grown fond of the process. Burning tokens, however, does not mean the tokens get engulfed in flames in the literal sense. Most projects burn tokens by simply sending the digital currencies to a dead address. The address is simply a black hole of funds as no one has the private keys to the addresses used in the destruction process, which is simply sending coins to the null address. Once the tokens are sent to the null address, the coins are unretrievable and will never be used again. Digital currency burn schemes have been around for years and the project Counterparty is one of the oldest to deploy the burn mechanism idea. Counterparty’s Proof-of-Burn In fact, Counterparty burned bitcoin (BTC) to bootstrap the project. “All XCP that will ever exist were given out proportionally to those who recognized Counterparty’s value and were ready to “burn” their bitcoins to participate in Counterparty,” the project explains in a blog post about the proof-of-burn process. Burning tokens includes a number of benefits, and some algorithmic stablecoin protocols leverage the burn process to distribute stablecoin assets in an autonomous fashion. While Counterparty used a proof-of-burn to bootstrap XCP, most blockchain projects burn coins to reduce the token’s overall supply. In a way, burning tokens is similar to a share buyback in traditional equity markets. Removing coins from the circulating supply makes the crypto asset scarce and the scarcity aims to make the rest of the coins in circulation more valuable. What do you think about crypto asset projects that employ the proof-of-burn process or burn tokens to reduce the coin’s overall circulating supply? Let us know what you think about this subject in the comments section below. View the full article

The non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC) has seen its floor value jump to 152 ether ($430K) for the cheapest Bored Ape NFT. Since September 1, 2021, the floor value of the BAYC NFT collection jumped from 25 ether ($70K) to today’s 152 ether, climbing more than 500% in value over the last seven months. Bored Ape Yacht Club Floor Price Jumps to 152 Ether On Friday, April 29, 2022, the Bored Ape Yacht Club non-fungible token (NFT) collection has seen its floor value touch an all-time high. According to statistics stemming from the NFT marketplace Opensea, the current floor value on Friday is 152 ether or $430K, using today’s ether exchange rates. Metrics show that seven months ago, on September 1, 2021, BAYC’s floor value was only 25 ETH or $70K. By November 19, 2021, BAYC’s floor value was over the 50 ether mark. BAYC’s floor value jumped over 100 ether after January 30, 2022, and the floor has increased in value ever since. However, there was a brief fall in BAYC NFT floor values in March. On March 8, 2022, the Bored Ape Yacht Club floor dropped to a low of 68 ether. Between September 1, 2021, and now, the floor has increased approximately 507.99% since that day 240 days ago. While BAYC is the most expensive NFT floor value, the NFTs stemming from the Proof Collective collection are over 100 ether as well. Proof Collective’s current floor value is 120 ether or $340K. The NFT collections Proof Collective and Bored Ape Yacht Club are the only two NFT projects with floors above 100 ETH. Proof Collective and Bored Ape Yacht Club are followed by NFT floors from Cryptopunks (59.99 ETH), Bored Ape Chemistry Club (56 ETH), Mutant Ape Yacht Club (40.86 ETH), and Moonbirds (31.4 ETH). With a 152 ether floor value, BAYC’s overall market capitalization is worth roughly 1,519,848 ether or $4.31 billion using today’s ETH exchange rates. Statistics show that approximately 6,354 unique owners hold at least 1 BAYC NFT on April 29, 2022. During the last 24 hours, BAYC NFTs have seen $19.4 million in global trade volume or 6843.66 ether. To date, Bored Ape NFTs have seen $1.9 billion in all-time sales between 10,860 buyers, across 28,295 onchain transactions. The floor NFT that currently costs 152 ether is Bored Ape #7950 and the owner’s sale ends in 14 hours. The next higher-priced Bored Ape NFT is 152.8 ether and the one after that is approximately 153 ether. The most expensive Bored Ape ever sold was BAYC #3749 for 740 ETH or $2.9 million at the time of settlement. The Captain’s hat-wearing Bored Ape that sold for 740 ether also features laser eyes. What do you think about the floor values of Bored Ape Yacht Club NFTs skyrocketing in recent times? Let us know what you think about this subject in the comments section below. View the full article

Elon Musk is the first inductee into the Ukrainian NFT Museum MetaHistory’s Hall of Fame, but he will not be the last. Some other famous inductees include: Mila Kunis, Elton John, Jared Leto, Jim Carrey, and Benedict Cumberbatch. The Hall – MetaHistory’s Hall of Fame Since the start of the war in Ukraine many businesspeople, artists, and politicians have shown their support for the country, but some of them stood out especially. MetaHistory, Ukraine’s NFT museum, now wants to commemorate those individuals on the blockchain. The team of MetaHistory released the 1st part of its collection of artworks on March 30 to great success, collecting $800k from the sales – 100% of which goes as a donation to the Ministry of Digital Transformation of Ukraine, the project’s official supporter. This week, they’re launching The Hall of Fame, a special selection of NFT portraits of people that have helped Ukraine in its time of need. These people provided goods and services, supported Ukraine behind closed doors, and used the power of their art to draw attention to the cause and collect donations. These artworks aren’t for sale, they are an expression of gratitude – similar to how paintings were presented to royal families and famous scientists in the past. A difference is that NFT-based artworks will stay on the blockchain forever. Ukraine’s supporters are quite literally writing history through their deeds. Who are those people? MetaHistory’s team picked them based on how vocal they were in supporting Ukraine, and what real action they have taken. You all know their names – have a look at the Hall of Fame itself https://metahistory.gallery/hall. A little hint: actions like this can earn you a place in MetaHistory’s Hall of Fame: This exchange was born when Ukraine’s Digital Minister Mr. Fedorov posted one of the tweets that later made him famous at home. Tweets that spark action, show decisiveness and courage. This particular tweet that built a robust Internet connection via Starlink. Musk is the first inductee into the Hall, but not the last. Some other inductees include: Mila Kunis, Elton John, Jared Leto, Jim Carrey, and Benedict Cumberbatch – their portraits are ready to be presented in the Hall of Fame. The community joined MetaHistory’s team in expressing gratitude: “MetaHistory is a project put superbly together under conditions where most can’t think about more than immediate survival and concern for loved ones. How do you focus on quality when you hear the sound of bombs outside? MetaHistory launched a use case for blockchain utility simultaneously while preserving the heritage and future of Ukraine. I am humbled and happy to be its ambassador,” commented Vesa, cryptoartist. “It was a huge privilege for me to represent Ukraine DAO at the panel discussion organised by MetaHistory last week alongside Alex Bornyakov, Dima Buterin, and Brittany Kaiser. I’m excited about the Hall of Fame and so proud to see all this support for Ukraine from the world’s businesspeople and artists,” commented Alona Shevchenko, co-foudner of Ukraine DAO. The Hall is going to be released in conjunction with the 2nd part of the museum’s collection, the so-called 2nd drop. Famous artists like Waone Manzhos, Sestry Feldman, Danya Shulipa, Irene Neyman, and more have created true masterpieces to commemorate the events of the war between March 2nd and March 14th. This part of the collection, unlike the Hall, is available for purchase – you can mint an NFT for 0.15 ETH. If you want to participate in the community & donate to Ukraine – while getting a beautiful artwork in return, have a look at their website https://metahistory.gallery/ this Sunday, May 1st, at 23:59 GMT+3. View the full article

On April 28, 2022, the crypto asset apecoin tapped an all-time high (ATH) tapping $26.70 per unit and the digital currency has taken the 25th largest market capitalization among 13,371 cryptocurrencies. The same day, the product comparison platform Finder published its prediction report that covers apecoin’s market performance and Finder’s surveyed panelists predict apecoin will end the year at $27 per unit. Finder’s Experts Predict Apecoin’s Future Value This week finder.com published a new prediction report that polled 36 financial technology (fintech) specialists in order to forecast the future price of apecoin (APE). The digital currency has made waves in recent times and has propelled itself to the 25th largest market capitalization position as of April 28. Furthermore, APE reached an ATH on Thursday, skyrocketing to $26.70 per APE. However, APE has shed roughly 15% since the price high. Finder’s poll predicts APE will reach $27.70 per coin by the end of 2022, and by the end of 2025, APE will be $25. 50% of the panel says it’s time to sell APE, 33% of the 36 fintech specialists insist people should hold apecoin, and 17% say people should buy. Three-quarters of all the panelists believe apecoin (APE) is simply another meme coin asset like DOGE or SHIB. The fintech lecturer at Swinburne University of Technology, Dimitrios Salampasis, is very bullish about APE and thinks it could reach $45 by the year’s end. Although, Salampasis believes APE will only be worth $10 by 2030. “The current hype of NFTs is impacting the price of apecoin,” Salampasis said. “I am of the opinion that all these overhyped crypto assets will gradually disappear and lose their value because their utility potentialities are trivial.” Digitalx Executive Believes Apecoin Will Be Worth Zero by 2030 Another person who is bullish about APE’s price is Thomson Reuters’ technologist and futurist Joseph Raczynski as he believes APE could reach $100 by 2030. Finder.com’s co-founder Fred Schebesta also believes APE could reach $100 by 2030, but his 2022 forecast was below the panel average. Schebesta said he expects apecoin to end the year at $20 per unit. One bearish point of view came from Matthew Harry, the head of funds at Digitalx Asset Management. The Digitalx executive thinks APE’s current value is based on hype and he thinks by the year 2030, apecoin will be worth zero. “It looks to be an obvious play on the currently hyped themes of DAOs, Web3, and BAYC/Degen,” Harry explained in the report. “Have seen a thousand iterations of hypecoins designed to bring fresh retail capital into the space and not deliver.” While 75% of the panel believes APE is just “another memecoin,” 20% think APE has a future and 5% of the panelists said they were “unsure” about apecoin. What do you think about Finder’s prediction report that covers apecoin’s future value? Do you think apecoin is just another memecoin? Let us know what you think about this subject in the comments section below. View the full article

YellowHeart Protocol, an NFT platform poised to disrupt the ticketing and music industries, is launching its utility token, HRTS (pronounced “Hearts”), on Bittrex Global’s IEO Platform Starting Block as the platform’s debut project. The Premier Marketplace for Musicians to Join the NFT Revolution YellowHeart Protocol, an NFT platform fabulously poised to disrupt the ticketing and music industries, is the first project launched on the Bittrex Global’s IEO Platform and is here to redefine the future of music. The platform is launching its utility token, HRTS (pronounced “Hearts”), on Bittrex Global Starting Block as its debut project. The token sale starts on May 10 at 13:00 UTC for non-US residents. NFT sales have skyrocketed since 2021. NFT trading volumes have surged and continue to shatter records and reach new heights. Despite the speculation and skepticism surrounding NFTs, one thing is sure they are here to stay. NFTs have gained traction with fans and have emerged to connect with their favorite brands, organizations, and celebrities. Music is a universal experience, and the music industry itself is booming. However, it is plagued with tremendously challenging issues like counterfeiting, bad actors, rampant fraud, and lack of traceability, which need solutions. YellowHeart Protocol aims to transform what tickets can do and how they are created, sold, and resold. The team also wants to change the fan experience – how people listen to music and how they engage with their favorite celebrities. The platform is positioning itself as the premier place for musicians to join and participate in the NFT revolution. On the YellowHeart Protocol platform, tickets are now offered as non-fungible tokens (NFTs) and enhanced with new capabilities enabled by the HRTS utility token. In contrast to traditional tickets, NFT tickets provide music, video, and engaging experiences. They allow artists to communicate directly with their fans. And they offer artists and venues a share of the proceeds any time a ticket is resold. In addition to ticket NFTs, the YellowHeart Protocol marketplace also offers music NFTs, collectable NFTs and community NFTs. The platform’s long-term mission is to bring together a larger ecosystem of fans, artists, sports teams, brands, venues, event promoters, and more to participate in the disruptive leap forward. Top Artists and Brands Have Already Partnered With One of YellowHeart Protocol’s Founding Member Top artists and brands have already partnered with YellowHeart LLC – a founding member of YellowHeart Protocol’s ecosystem. YellowHeart LLC, an NFT marketplace for ticketing, music and community tokens, has partnered with artists like Maroon 5, Julian Lennon and Jerry Garcia. In addition, premier venues like MGM Resorts use their NFTs to be at the forefront of the ticketing revolution. YellowHeart LLC already has some high-profile wins in its bag; it handled the 2021 release of When You See Yourself by Kings of Leon, who became the first rock band to release a new album as an NFT. YellowHeart Protocol promises to be a strong contender in the new world of Web3 ticketing and music. People would be lucky to get into the IEO since it is prepared to deliver and add significant value to all users in the live events and ticketing space. The YellowHeart Protocol token sale will launch on May 10 on Bittrex Global Starting Block at 13:00 UTC, so be sure to not miss out on being a part of such an excellent opportunity to disrupt the traditional ways of doing things and take a leap into the future. To keep up with the latest developments follow YellowHeart Protocol on Twitter and check out the launch at https://global.bittrex.com/Market/Index?MarketName=USDT-HRTS This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

According to a World Economic Forum (WEF) tweet, a “change in the way bitcoin is coded could almost eliminate its environmental impact.” That statement stems from a tweet the WEF published on April 26, with an accompanying video that claims “miners could stake their own bitcoins to verify transactions.” WEF on Bitcoin’s Proof-of-Work: A ‘Basic Change in Coding” Could Eliminate ‘Most of the Network’s Energy Demands’ In recent times, there have been a lot of arguments about the energy consumption used by cryptocurrency miners and how it impacts the global environment. In recent times, politicians and regulators have been targeting the mining industry. Additionally, the environmental global campaigning network Greenpeace, with the help of Ripple Labs co-founder Chris Larsen, started a campaign to get Bitcoin’s code changed so it will be friendlier to the environment. The web portal cleanupbitcoin.com states: You’ve heard Bitcoin fuels the climate crisis, but did you know a software code change could clean it up. The World Economic Forum (WEF) has shown it agrees with the Greenpeace campaign “Change the Code, Not the Climate.” On April 26, the WEF tweeted about the possibility of Bitcoin changing to a proof-of-stake (PoS) network. The same WEF that has been promoting the ‘Great Reset’ agenda, shared an accompanying video clip that claims “miners could stake their own bitcoins to verify transactions.” A simple “basic change in coding” could eliminate “most of the network’s energy demands at a stroke,” the video says. WEF’s video mentions the Greenpeace-led ‘Change the Code’ effort and the campaigners who believe the controversial idea is possible. The WEF video and blog post got a lot of criticism from cryptocurrency supporters after it was published. A number of individuals said the Switzerland-based WEF’s talking points had faults in the assumptions underpinning the group’s entire theory. “The authors of this are really confused about basic fundamentals,” the co-founder and CEO of Blockstream, Adam Back said replying to the WEF tweet. Responding to Back’s comments one individual stressed: Adam, I don’t think they are confused. I think they know exactly what the f*** they are doing. It’s a calculated, well-orchestrated attack on bitcoin. Back noted that either way the WEF’s arguments are “economically confused” and the statements “should be scientifically debunked for that reason.” “They should be ashamed to say such nonsense so they at least can have a discussion while being coherent,” the Blockstream co-founder insisted. In addition to Back’s comments, Microstrategy’s CEO Michael Saylor had also responded to the WEF’s tweet and video about Bitcoin changing to PoS. “If you remove the energy from anything useful you can almost eliminate its environmental impact,” Saylor said. “This is most common in fantasy novels and computer games. Real planes, trains, automobiles, homes, food, medicine, machines, and money all benefit from energy. So do real people.” Plan B Says Misinformation on Bitcoin Is Consistent With the WEF Mission The creator of the bitcoin stock-to-flow (S2F) price model, Plan B, also rubbed the WEF’s ‘Great Reset’ agenda into the conversation. Plan B said: “At least this WEF attack… [or] misinformation on bitcoin is consistent with the WEF mission.” Accompanying Plan B’s text was a photo of the controversial WEF tweet about the Great Reset which says: “You’ll own nothing, and you’ll be happy. This is how our world could change by 2030.” However, the WEF tweet has been deleted by the owner of the Twitter account and only exists on archive.org’s Wayback Machine. What do you think about the World Economic Forum’s latest tweet about changing Bitcoin’s codebase and miners staking bitcoins to verify transactions? Let us know what you think about this subject in the comments section below. View the full article

NEXO was up by nearly 50% on Friday, as markets reacted to the news that Binance was listing the token on its platform. Today’s surge sent NEXO to a multi-week high, while TRON also moved higher, hitting a one week peak. NEXO Two weeks after announcing a partnership with Mastercard to launch the world’s first “crypto-backed” payment card, NEXO today achieved another milestone. Binance confirmed that it will be adding the token to its platform, and this news was well received by markets. NEXO/USD rose by nearly 50% during today’s session, hitting an intraday high of $3.66 in the process. Friday’s surge comes less than 24-hours after prices were trading at $2.14, and as of writing are tracking at a record high. This recent peak comes following a three day rally which began at support of $2.10, with two long-term resistance levels broken as a result of the bullish ascent. The price of NEXO, which launched in December last year is now overbought, with the RSI tracking at 71.94, which is a record. Many will anticipate a reversal in upcoming sessions as a result. TRON TRON was also higher during today’s session, rising to a one week high, following three consecutive days of rallies. As of writing this, TRX/USD hit a peak of $0.06967 on Friday, which is its highest level since April 22. This one week high sees TRX break past its long-term resistance level of $0.06800, with some now targeting a higher ceiling of $0.07600. Looking at the chart, a upwards crossover of the 10-day and 25-day moving averages has occurred, which typically signals a bullish trend. However, for this trend to remain on course we will likely need to see a breakout of the current ceiling on the 14-day RSI. This resistance is at 54, with relative strength currently tracking at 53.05, however should this hurdle be overcome, we will likely see an influx of TRX bulls. Is this current ceiling a trap set by bears to catch unsuspecting bulls anticipating a breakout? Let us know your thoughts in the comments. View the full article

Crypto prices continued to seesaw on Friday, as both bitcoin and ethereum fell into the red, after a short lived rally on Thursday. Bitcoin was once again below $40,000 during the session, while ethereum extended its recent spell of trading below $3,000. Bitcoin Bitcoin (BTC) once again fell below the $40,000 level on Friday, following a short stint in the green during yesterday’s session. Following a peak of $40,269.47 on Thursday, BTC/USD fell to an intraday low of $38,698.16 earlier today. This comes as BTC was unable to climb above resistance of $40,500, as bullish momentum eased, which was likely a result of traders closing positions. Now that we are back in the red, the first thought would be for how long, with some likely to be targeting the $37,570 floor as a potential exit point. Looking at the chart, the 14-day RSI has also changed course, and is now tracking at a floor of its own marginally below 43. If price strength were to continue to fall beyond this point, we could see this shift in momentum entice even more bears to re-enter the market. Ethereum Bears, however, were already back in ethereum (ETH), as the world’s second largest cryptocurrency fell on Friday, following two days of gains. ETH/USD found a bottom of $2,841.23 earlier today, as prices continued to trade below $3,000 for a third consecutive session. Thursday saw ETH climb to a peak of $2,973.13, however, these gains were unable to continue following a breakout of the $2,950.00 ceiling. As of writing this, ethereum is currently down by 1.08%, and is trading at $2,872.80, with bears likely targeting a floor of $2,780. Should this floor be hit in the next few sessions, we would see ETH ending the week, at the same level it started, for the second week in a row. Overall, crypto markets continue to be volatile, with some putting the current uncertainty down to the outcome of the upcoming Fed rate hike decision. Could we see ethereum rally beyond $3,000 at some point this weekend? Leave your thoughts in the comments below. View the full article

The Cuban government has issued new regulations concerning the operation of virtual asset service providers (VASPs) in the country. In an official resolution, the Bank of Cuba establishes specific procedures that these individuals or companies must follow to operate legally in the country, after establishing a general framework in August. Bank of Cuba Clarifies Rules for VASPs The Cuban government has advanced a new law framework that brings clarity to how virtual asset service providers must proceed to operate legally in Cuba. A new decree, identified with the number 89/2022, specifies and defines the requirements that individuals and companies must comply with to operate cryptocurrency exchanges and custody services in the country. First and foremost, the resolution established the Central Bank of Cuba as the only institution with faculties related to the revision and approval of virtual asset service provider licenses. In this sense, the resolution explains that: To carry out activities as virtual asset service providers, natural or legal persons request a license from the Central Bank of Cuba. The Central Bank of Cuba, when considering the license request, evaluates the legality, opportunity, and socioeconomic interest of the initiative, the characteristics of the project, the responsibility of the applicants, and their experience in the activity. The VASPs must also comply with the directives that the Central bank of Cuba issues as part of preventing, detecting, and combating money laundering, terrorism financing, and the proliferation of weapons or other related conduct of similar severity. The institution will also have the say on which cryptocurrencies or digital assets will be able to be listed on these exchanges, as it states that “virtual asset service providers operate only with virtual assets approved by the Central Bank of Cuba, through a license.” The law gives interested parties 20 days to apply for a license before having to face penalties. Cuban Cryptocurrency Law Evolution Cuba has been a very active country when it comes to the use and adoption of cryptocurrencies. In fact, the Communist Party on the island proposed to make use of this technology to face the economic crisis the country was experiencing back in April 2021. This resolution follows a first resolution issued back in August 2021, when the Cuban government established the first definitions to recognize cryptocurrencies and establish the requirements for private individuals to manage these. On the posture of the bank, Pavel Vidal, a former Cuban central bank economist, told Reuters that: If the central bank is creating a cryptocurrency-friendly legal framework, it is because they have already decided that it can bring benefits to the country. What do you think about the requirements that the new resolution issued by the Central Bank of Cuba establishes for VASPs? Tell us in the comments section below. View the full article

The government of Finland is discussing supporting Ukraine with part of the money from the liquidation of millions of dollars worth of cryptocurrency seized in crime investigations. Finnish authorities want to sell the bitcoins soon and say they couldn’t come up with a better idea for the proceeds. Finland Selects Brokers to Sell $75 Million of Confiscated Crypto Authorities in Helsinki have recently chosen two brokers to organize the sale of over €71 million ($75 million) worth of bitcoin (BTC) in the coming weeks. The country owns the coins that have been sized by Finnish Customs in the course of investigations into drug trafficking and other crimes. The agency has signed two-year contracts with Coinmotion Oy and Tesseract Group Oy and plans to sell the crypto during the spring and early summer, Bloomberg reported, quoting an emailed statement. Out of 1,981 bitcoins held by the customs office, 1,890 will be released. Most of them have been confiscated in raids carried out before 2018. That year, the State Treasury adopted guidelines for their storage, banning the customs authority from keeping the digital money on a crypto exchange, insisting it should be stored offline. Last July, а tender was launched for brokers that can help the Finnish government turn the digital assets into fiat currency. Finnish Customs Director of Financial Management Pekka Pylkkanen said at the time that the agency wants a permanent solution for selling cryptocurrencies forfeited to the state coffers. Finish Government to Donate Over Half of Proceeds From Crypto Sale to Ukraine Finland mow intends to use a large portion of the fiat it will receive from the sale to expand its financial support for Ukraine, which was invaded by Russia in late February. The decision has already been made, the Helsingin Sanomat newspaper unveiled on Wednesday, quoting knowledgeable sources. The government is yet to determine how much of the total will be sent to Kyiv, but in any case, the donation will represent a serious increase in Helsinki’s assistance for the Ukrainians. Since 2014, the Nordic country has granted the Eastern European nation €85 million. In February, the Finland government approved €14 million in humanitarian and development aid to Ukraine. The Finnish government began considering using the bitcoins to fund Ukraine in early March. Sending the crypto directly was also discussed as both the United Nations Children’s Fund (Unicef) and the U.N. High Commissioner for Refugees accept crypto donations, but it was eventually decided to convert the coins. On Wednesday, Finland’s Minister of Finance Annika Saarikko confirmed the country will provide Ukraine with more than half of the money raised in the crypto sale which is expected to bring €70–80 million. “I am open to whether these tens of millions of euros would now be quickly allocated as humanitarian aid in the middle of the war or also in part for reconstruction work in due course. That day is coming too,” Saarikko stated, while also noting she couldn’t think of a better use for the bitcoin. What do you think of Finland’s initiative to share some of the seized cryptocurrency with Ukraine? Tell us in the comments section below. View the full article

In readiness for the imminent listing of our crypto currency, GMRX, we want to explain our philosophy and strategy and answer a number of questions and address some misconceptions about GAIMIN. Why has GAIMIN established a successful esports company – GAIMIN Gladiators? GAIMIN.IO Ltd (GAIMIN) is a UK and Swiss based gaming company focused on helping the gaming community monetise the computational power of their gaming PC. GAIMIN has created a decentralised data processing network harnessing under utilised processing power typically found in gaming PC’s to create a world-wide decentralised data processing network, delivering “supercomputer” performance. GAIMIN targets the PC gamer as this market segment has the high performance devices and from our research, we found a typical gamer only uses their computer for gaming 20% of the day, leaving the computer switched on for 80% of the day. When a gamer downloads the GAIMIN app and connects their device to the GAIMIN decentralised data processing network, GAIMIN utilises this gaming downtime to enable a gamer to passively monetise their device. Participation in the GAIMIN distributed data processing network rewards the user in the form of GMRX, GAIMIN’s native cryptocurrency. Monetisation of devices participating in the network results in GAIMIN being remunerated in a number of different crypto and fiat currencies. GAIMIN consolidates these rewards into GMRX and returns upto 90% of the generated revenue back to the user, retaining 10% for its own operational activities. GAIMIN’s business model is based on increasing the number of users who actively participate in the GAIMIN network. The number of users who can participate in the GAIMIN network is unlimited. GAIMIN’s approach to identify potential users within the PC gaming industry is to generate brand awareness through the gaming and esports community. GAIMIN has created GAIMIN Gladiators, an esports community which currently manages 5 esports gaming teams, focussing on DOTA2, Rocket League, Pokemon Unit, Rainbow 6 Siege and CounterStrike: GO. These 5 esports teams have a global following of over 1 million gamers and their participation in esports tournaments and events provides a global brand reach of over 5 million followers. Through this marketing and the success of the esports teams, GAIMIN is generating significant global brand awareness of the GAIMIN brand and associated products and services. In its first three months, GAIMIN Gladiators has achieved success never seen before from newly established esports teams. GAIMIN Gladiators has already won over $100k and the DOTA 2 team have recently qualified as 1 of just 18 participants in the ESL One tournament in Stockholm. This tournament has a $500k prize pool and has a viewer reach of over 5 million followers both during and after the tournament. GAIMIN has established an esports company to increase brand awareness and to facilitate many more users of the GAIMIN application and allow followers of the esports team to build a community and generate passive rewards from following their favourite teams and players. Is GAIMIN a crypto mining company? GAIMIN’s approach to monetisation through its distributed data processing network is often associated with “crypto mining”, however this is not a true comparison. GAIMIN deploys a number of different monetization options within its platform, each with its own inherent profitability. The choice of monetisation functionality is determined by the GAIMIN AI engine, which identifies the most profitable functionality at any given time, assesses available resources (devices) and deploys these devices to process data, generating a return. GAIMIN’s network does “mine” (power blockchain computations) however GAIMIN also deploys its data processing network into other monetisation functionality, such as video rendering, which is a more profitable service, but has less continuous business requirements than the powering of blockchain computations. As such, the rewards returned to the user vary depending on services required by clients and so direct comparison to a typical service dedicated to mining is not appropriate for GAIMIN. So GAIMIN is not a “mining” company, it is a monetisation engine, capable of delivering rewards back to the user which are in excess of the rewards generated through mining applications. Creating a deflationary token Users earn GMRX through participation in the distributed data processing network. The earned GMRX can be held to increase the rewards earned for greater spending power in the GAIMIN marketplace and within in game economies supporting the GMRX token. Alternatively, when listed GMRX can be converted to other crypto or fiat currencies. GAIMIN’s approach is to incentivise users to utilise their earned GMRX within the GAIMIN ecosystem. GAIMIN has established a marketplace for the purchase of accessories, merchandise, in game assets and NFTs. When using earned GMRX for purchases, GAIMIN will reward the user in a number of ways – bonus GMRX, discounts on prices, enhanced NFT attributes for example. Creating a deflationary token allows token holders to retain a token with a real-world value through listing on exchanges whilst also creating value within digital ecosystems. Why is GAIMIN implementing a novel approach to NFT acquisition? NFTs are typically sold at a premium cost with a view to them being retained as a collectors asset, with potential increasing value. GAIMIN’s approach is the opposite. However the problem with this approach is that these NFTs must continue to have utility and use or be associated with unique and collectable assets that people want to trade. If utility and use is not maintained, interest in the NFT declines along with the value. As a gaming company, with blockchain and NFTs technology integrated into the most popular games, GAIMIN will be creating NFTs that are not only cheap but also usable within games. In order to incentivise users to generate their own GMRX and increase the number of GMRX, GAIMIN will create NFTs with purchase prices associated with typical passive earning rewards and also incentivise users to purchase NFTs with their passively earned GMRX. GAIMIN’s initial research indicates a typical user can earn around $1 per day when monetising their devices with GAIMIN. The actual earnings are dependent on the duration of monetisation activities and the performance of their device. Based on this $1 per day typical earning capability, GAIMIN will make available NFTs that can be purchased for less than 1 day’s monetization, or NFTs that can be purchased for say, 1 day’s, 1 week’s, 1 month’s typical monetization, for example – less than $1, $1, $7, $30. This will enable a gamer to quickly build their in-game assets based on their participation in the GAIMIN network and their retention of GMRX (as opposed to converting to fiat or other crypto). In addition, GAIMIN also allows users to acquire NFTs through duration of participation in the data processing network, rather than hashrate contribution. The more hours a user is connected to GAIMIN’s network, the better the NFT – this is irrespective of hashrate contribution. GAIMIN will also incentivise users to hold GMRX. A GMRX holder using their retained GMRX in the marketplace will receive discounts when purchasing with GMRX, will receive bonuses for holding GMRX and when using GMRX to purchase NFTs, the NFTs attributes will be enhanced. GAIMIN;s approach is to allow as many gamers as possible to obtain useable and functional NFTs for their gaming activities and move these assets into other games, retaining their investment in gaming. GAIMIN is creating the world’s first interoperable NFT WIth blockchain and NFT technology embedded into games, GAIMIN is at the forefront of gaming technology development. Previously a gamer purchases an in game asset, such as a sword and that asset could only be used in that game and for the purpose for which it was designed. So, moving to a different game was always a problem – building up an asset repository in one game meant the gamer had to restart building up their asset repository in the new game. NFTs are one solution to this problem – building an NFT based asset repository in a game allows the gamer to remove their NFT from one game and use it in another game, however a sword was always a sword and if the new game did not utilise swords, then this asset would be useless.Interoperable NFTs solve this problem. A sword in one game can become a flower in another game! GAIMIN is developing the world’s first interoperable NFTs through its GAIMCRAFT technology components. GAIMCRAFT integrates blockchain and NFT technology into existing games, such as Minecraft and GTA5. An interoperable NFT used in Minecraft will become a different asset in GTA5, making the NFT much more usable across games and allowing gamers to build a completely interoperable asset base based on their passive GMRX earnings. This will incentivise users to hold onto their GMRX and use it solely for GAIMIN-related purchases. No Gamer will be Left Behind GAIMIN will soon be listing its GMRX token on global exchanges. When the token lists, the GAIMIN platform will be released globally. At the moment, the platform is only available for limited download. GAIMIN are asking interested users to register their interest on the whiteline and we are releasing 100 download links a week to users. This is our final phase of testing with the app and platform and we are poised for worldwide growth. Very soon, we will be enabling anyone with a suitable device to passively earn GMRX rewards and either utilise them for in game purchases or convert to other crypto or fiat currencies. When used within the GAIMIN ecosystem, reward value will be enhanced through additional GMRX, discounted products and merchandise or enhanced NFT attributes. Any user can participate in the GAIMIN network – GAIMIN does not just reward users based on hashpower contribution, GAIMIN has also released a range of in game NFTs based on hours connected to the data processing network. This is hashpower agnostic and enables any gamer to obtain usable and functional NFTs. Over the next few years, GAIMIN’s strategy is to ensure we can support as many gamers as possible, irrespective of the performance of their device, irrespective of their location whilst improving the gaming experience for gamers and allowing them to retain and grow their investment in their gaming activities. So, Is GAIMIN an esports company? Yes and No! Is GAIMIN a “mining” company? Yes and No! Is GAIMIN a competitor to mining companies? No! Is GAIMIN creating a community of gamers who can retain their investment in their gaming? Definitely Is GAIMIN allowing a gamer to increase their investment in their gaming activities? Definitely Are gamers benefiting from their participation in the GAIMIN distributed data processing network? Yes Is GAIMIN enjoying this experience? Most definitely No gamer left behind! For more information on GAIMIN Gladiators click on this link: https://linktr.ee/GaiminGladiators For more information on GAIMIN click on this link: www.gaimin.io For up to date information, please follow the following GAIMIN social media accounts: Facebook: https://www.facebook.com/Gaimin.io Instagram: https://www.instagram.com/gaimin_io/ Twitter: https://twitter.com/GaiminIo LinkedIn: https://www.linkedin.com/company/gaimin/ YouTube: https://www.youtube.com/c/Gaimin Telegram: https://t.me/officialgaimin Discord: https://discord.gg/7XUnd2kjJK This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Collections of South Africa’s fine wines were recently sold as non-fungible tokens (NFTs) with one lot being sold for $79,000. Immediately following the auction, two lots were reportedly paid for using bitcoin. Lots Exceed Estimates Collections of fine wines made by some of South Africa’s leading producers have been sold as non-fungible tokens (NFTs) in what has been described as a first for the country’s wine industry. The auction, which was conducted by fine art auctioneer Strauss & Co, saw some lots, like Klein Constantia’s Vin de Constance vertical collection from 1986-2027, being sold for $79,000 (R1,251,800). Other lots that exceeded estimated prices include winemaker Meerlust’s “50-year vertical of their famous Rubicon,” which reached $68,000. Vilafonté Series C 2003-2027 topped $36,000, while Mullineux Olerasay 1-20 is reported to have garnered $20,000. The collection from Kanonkop Paul Sauer, 2000-2025, fetched $16,000. Securing South Africa’s Fine Wine Heritage Speaking after the sale, Roland Peens, a fine wine specialist at Strauss & Co, said: This is a big step in securing South Africa’s fine wine heritage! These pristine vintage bottles are now securely on the blockchain for future trading and enjoyment. We believe this new technology is the most powerful way of packaging and trading vintage wines, especially when provenance is so vital. A statement released after the sale said while each collection is an NFT, individual bottles will also be ‘minted’ as NFTs and these “can be drawn or traded at any time on any NFT platform around the world.” Immediately following the sale, two lots were paid for with bitcoin, the statement added. Meanwhile, the statement revealed that a total of $6,000 was simultaneously raised for charities that are critical to South Africa’s wine industry. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

The publicly listed bitcoin miner Riot Blockchain has announced the company has started development on a 1 gigawatt (GW) bitcoin mining facility in Navarro County, Texas. The development of 400 megawatts (MW) of capacity has been initiated on the 265-acre site and the team hopes to have bitcoin mining and hosting capabilities online by next year. Riot Is Developing a 1 GW Bitcoin Mining Data Center — Company Plans for 400 MW of Capacity to Be Online by July 2023 Riot Blockchain (NASDAQ: RIOT) is expanding operations in Texas as it is currently developing a 1 GW mining facility in Navarro County. According to Riot, the first phase has begun, which includes “land acquisition, site preparation, substation development, and transmission construction.” Furthermore, Riot is constructing a few buildings that will house the firm’s immersion-cooling infrastructure and technology. The company expects the cost of the first phase of expansion to be approximately $333 million. Bitcoin mining in Texas has grown a great deal over the last few years and in 2021, the mining firm Blockcap set up the company’s headquarters in Austin and Former Texas governor Rick Perry welcomed the mining team. A number of other bitcoin mining companies have been migrating to the Lone Star state in recent times. While Blockcap made its announcement in the first week of April 2021, at the same time, Riot announced the acquisition of a mining site in Rockdale, Texas for $650 million. Riot’s latest move in Navarro County will start with 400 MW and the firm hopes to offer bitcoin mining and hosting capabilities by July 2023. “After completing the first 400 MW phase of the Expansion, future capacity at the site will be expandable by an additional 600 MW to 1,000 MW, or 1 GW, via the 345 kV Navarro switch that is located approximately 1,250 feet away from the site,” Riot’s announcement notes. Riot CEO: ‘Upon Completion of Expansion, Riot’s Developed Capacity Will Total 1.7 GW’ After the expansion completes, Jason Les, the CEO of Riot, believes the firm will be one of the largest bitcoin mining operations in the world. “Upon completion of the expansion, Riot’s developed capacity will total 1.7 GW, establishing the company among the largest bitcoin mining operations globally,” the Riot executive said in a statement. Furthermore, the company will be leveraging a “strategic partnership with Priority Power Inc.” in order to bolster the expansion. The company will help with “site development, utility interconnection, power purchase agreements, and power load flexibility.” According to Riot, the firm already has a strong relationship with Priority Power as the firm was a “key partner” in the development of Riot’s Whinstone US data center in Rockdale, Texas. What do you think about Riot Blockchain expanding operations in Navarro County, Texas, in order to deploy a 1 GW mining center? Let us know what you think about this subject in the comments section below. View the full article

The Chinese government is giving away 15 million yuan in central bank digital currency (CBDC) to 130,000 residents of Shenzhen this Friday. The digital yuan can be used at nearly 5,000 stores with no minimum purchase required. Digital Yuan Pilot Continues China’s central bank, the People’s Bank of China (PBOC), continues to test its central bank digital currency (CBDC) with another digital yuan giveaway. The government of Shenzhen’s Futian district has announced that 15 million yuan ($2.27 million) in digital RMB (e-CNY) will be given to local residents Friday, Global Times reported. It will be divided into 130,000 red packets and given away by raffle via Wechat payment. Consumers can spend the red packets at nearly 5,000 stores in the district with no minimum purchase required, the publication conveyed, adding that this is the first time that the issuance of digital yuan includes all eight pilot banks and a range of sectors including restaurants and supermarkets. This is not the first time that the Chinese government is giving away digital yuan in Shenzhen, which is one of the first pilot cities for the e-CNY. In October 2020, the government gave away 10 million digital yuan to Shenzhen residents. At that time, the red packets could only be used at 3,389 designated stores in the Luohu district. Earlier this month, China’s central bank added more cities to test its digital currency. Besides Shenzhen, the digital yuan is also being tested in Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Changsha, Xi’an, Qingdao, Dalian, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six cities in the Zhejiang province that will host the 2022 Asian Games in September. The six cities are Hangzhou, Ningbo, Wenzhou, Shaoxing, Jinhua, and Huzhou. According to the latest data from the Chinese central bank, the digital yuan had 261 million unique users at the end of 2021. In addition, transactions worth more than 87.5 billion yuan ($13.8 billion) have been made using e-CNY. What do you think about China giving away digital yuan? Let us know in the comments section below. View the full article