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Synapse Network is developing the first cross-chain investment ecosystem based on blockchain technology. It will offer five cross-chain products for the cryptocurrency sector, including a DEX and DeFi marketplace, saving a lot of time and effort to everyone frustrated with the current fractured landscape. Trade ETH to MATIC or BNB in Just One Swap Technology specialist Synapse Network will provide investors with a simple one-stop-shop solution to consolidate their transactions. Compared to a multichain solution, where you need to invest into one of multiple pools – a costly and time-consuming process – it allows investors to allocate their funds in different blockchains, including Ethereum, Binance SmartChain, Solana, Polygon and many other popular blockchains. So investors can trade ETH to MATIC or to BNB in just one swap. “The cross-chain revolution is the next big step of blockchain evolution, so we are thrilled to be the only player in the market to offer this technology. Cross-chain means you can choose any chain you want, or even several at a time, for any investment that you desire, – Synapse Network Co-Founder Paweł Łaskarzewski” The ecosystem also includes a chain agnostic launchpad bringing together projects and private investors to enable investment opportunities in early-stage startups, and an accelerator and incubator for startups and entrepreneurs, where ideas are converted into working projects. There will also be an Investment Syndicate of trusted and reliable VC funds, business angels, tech partners, private investors and blockchain projects, providing fast-track access to capital, technology and partnerships. Why Venture Capital Funds Back the Synapse Network Team Synapse Network already has a live, working cross-chain launchpad product. It held an early community presale using it, is now listing startups/projects based on multiple blockchains and is enabling investors utilizing the product to invest in cross-chain investments. In addition, it has raised nearly $2,000,000 from venture capital and community funding rounds; current partners include Black Dragon, Dutch Crypto Investors, Moonwhale, Chainlink, OIG, ICO HUB, Crypto Weekly, Minted Lab and CSP DAO. Synapse Network Co-Founder Paweł Łaskarzewski is a Technology executive and Enterprise Solution Architect with a demonstrated history of over 20 years of experience in the IT industry. He is skilled in large scale projects with strong problem solving and business development skills, bridging the gap between technology innovation, business, and operations. Paweł has worked for several international companies, including Citibank, EuroSport and B/E Aerospace. His Co-Founder, serial entrepreneur and investor Michał Domarecki, has founded and run several successful companies internationally in the areas of IT, transport and logistics. He has been involved in cryptocurrencies for over six years, actively investing in and advising blockchain startups and working with brands such as Crypto.com and founding Gems Reviews. To learn more about the team and the amazing solution they developed visit Synapse.Network and follow them on Twitter and Telegram. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

A bill has been introduced in Argentina to allow workers to receive their salaries in cryptocurrency. He explained the idea is that workers “can strengthen their autonomy and conserve the purchasing power of their remuneration.” Argentina’s national deputy for the Mendoza province, José Luis Ramón, tweeted that he has introduced a bill allowing workers to get paid in bitcoin. He wrote, as translated by Google: I presented a bill so that independent workers … have the option of receiving their full or partial salary in cryptocurrencies. He added: “The idea is that they can strengthen their autonomy and conserve the purchasing power of their remuneration.” The Argentine lawmaker said that cryptocurrencies “have been used for a long time, because of the advantages they offer.” The deputy noted that “This project was born from our participation in the Knowledge Economy forum some years ago, where we saw the need to solve some problems.” Following El Salvador making bitcoin legal tender, Argentina deputy Francisco Sánchez temporarily put laser eyes on his profile picture, tweeting, “I can’t believe it, but this is how it is.” Cryptocurrency adoption has been growing in Argentina. In May, a report found that Argentines were increasingly interested in bitcoin, ether, and stablecoins. Ripio Director Juan José Méndez commented at the time that “The pandemic accelerated the adoption of crypto platforms. Today we have 1 million users in Argentina when at the beginning of 2020 we had 400 thousand, and it is a figure that grows month by month.” A survey conducted in Argentina last year showed that 73.4% of participants considered that in the current economic scenario, cryptocurrencies are the most effective way to save and protect their funds. The full bill can be found here. What do you think about the Argentine bill to allow workers to get paid in bitcoin? Let us know in the comments section below. View the full article

A South African regulator, the Financial Sector Conduct Authority (FSCA), has informed key figures behind Mirror Trading International (MTI) that it intends to impose a fine of $7 million against the now-defunct crypto investment company. Contravention of Financial Sector Law According to a July 6 letter, which has also been sent to the CEO and other members of the managerial team, the regulator says its proposal to fine the company stems from MTI’s involvement in activities that it says “contravened a financial sector law.” The confidential letter’s emergence as well as its leak to the South African media comes just a few days after a court issued a final liquidation order against MTI. Also, as previously reported by Bitcoin.com News, the letter is coming a few months before the court hears submissions from liquidators who plan to argue in favour of having MTI declared a Ponzi scheme. Meanwhile, the FSCA letter also explains how MTI executives — Johann Steynberg, the CEO, and Cheri Marks in particular — used misrepresentations to perpetuate the Ponzi scheme before it finally unravelled in December 2020. It reveals the various provisions of South Africa financial sector law which were allegedly violated by MTI starting in April 2019. For instance, the letter suggests that MTI’s first infraction occurred when “trading was conducted in derivative instruments based on forex pairs, through a platform broker named FX Choice.” Concerning this trading, the FSCA asserts that MTI was “not in possession of a financial services provider licence as contemplated in section 8 of the Financial Advisory & Intermediary Services Act 37 of 2002 (FAIS Act).” The regulator also added: As this was done without a license, MTI was also in contravention of section 111 of the Financial Sector Regulation Act 9 of 2017 (FSR Act). MTI Misrepresentations Similarly, the regulator alleges that during the period between August 2019 and October 2020, MTI contravened the same section of the FSR Act after Steynberg claimed that the company had “employed a bot together with a head trader and trading team to make all its trading decisions.” Meanwhile, in what the FSCA calls the third period — October 2020 to December 2020 — MTI claimed it had “changed its trading activities to trade in derivative instruments based on bitcoin.” This according to MTI meant “it no longer required an FSP licence.” However, the FSCA insists this was not the case as Steynberg’s own submissions to the regulator suggest otherwise. The FSCA said: It is not correct as the submissions received from Steynberg revealed that the crypto assets were alleged to be traded in the form of a derivative product, which means MTI still required a licence from the Authority. It also means that MTI and its senior management was still contravening section 7(1) of the FAIS Act. In the meantime, the letter reveals that members of MTI’s managerial team will be afforded the opportunity to make submissions on the investigation report as well as on the proposed administrative penalty. However, if no such submissions are received by close of business on August 6, 2021, the FSCA “may proceed with the proposed enforcement and regulatory action” the letter said. What are your thoughts on the FSCA’s proposal to hit the now-defunct MTI with a $7 million fine? Tell us what you think in the comments section below. View the full article

Award-winning movie star Anthony Hopkins’ new film called Zero Contact is set to launch on a new non-fungible token (NFT) platform this summer. The feature-length movie was produced entirely virtually during the 2020 global pandemic. Anthony Hopkins Stars in Movie Launching as NFT A new feature-length movie starring Anthony Hopkins will premiere on a new non-fungible token (NFT) platform, Vuele, according to an announcement Wednesday by several companies involved. The movie, called “Zero Contact,” stars Hopkins, Veronica Ferres, Aleks Paunovic, Lilly Krug, TJ Kayama, and Martin Sternmark. Hopkins has won six Oscars, with the most recent win being this year for best actor in his role in the film “The Father.” Zero Contact follows “five characters around the world connected only by their devotion to tech titan Finley Hart (Hopkins),” the announcement details. “They are forced to work together to shut down Hart’s secret invention, a machine that is either the solution to mankind’s problems or the end of life on earth.” The film was produced entirely virtually during the 2020 global pandemic. “Everything about this film is unconventional, from the way we shot it using Zoom and remote production, to its distribution,” Rick Dugdale, the producer and director, commented, elaborating: This project was truly a one-of-a-kind experience. We had to innovate at every step of the way, shooting in 17 countries around the world. It only makes sense for a film like this to continue to break new ground by releasing via the blockchain. It’s a unique opportunity to be a part of history. The NFT platform Vuele, formed last month, is a joint venture between fintech firm Currencyworks and producer Enderby Entertainment. It will be operated through a new subsidiary, Enderbyworks LLC. Vuele describes itself as “the premier direct-to-consumer, feature-length film viewing and distribution platform delivering feature-length films and digital collectible entertainment content as NFTs.” The platform “will let users buy exclusive, limited edition films and collector content to watch, collect, sell and trade on the platform.” Customers can pay with cryptocurrency or regular credit cards. Dugdale explained: Vuele will have four or five ‘drops’ of Zero Contact with the first likely in late July – early August. They’ll include the film, plus extras still to be determined that would vary from token to token to create different price points. “The idea is to develop a marketplace for the NFTs,” he noted, adding that this method of distribution “creates scarcity in copies of the film, and protects against piracy.” What do you think about Anthony Hopkins’ movie launching as an NFT? Let us know in the comments section below. View the full article

Russian Prosecutor General Igor Krasnov has revealed that legislative amendments are being prepared on the confiscation of crypto assets. “A serious challenge is the criminal use of cryptocurrencies in our country,” he said. Russia is preparing amendments to the current legislation to allow for the confiscation of crypto assets found to be proceeds from crime, Tass reported Wednesday. The announcement came from the prosecutor general of the Russian Federation, Igor Krasnov. He was speaking at a conference of heads of prosecutor’s offices of European states in St. Petersburg Wednesday. The event is co-organized by the Council of Europe and the International Association of Prosecutors. Krasnov said that virtual assets have become a source of income for criminals, emphasizing that cryptocurrencies are being used for corruption, including bribery. “The latency of these criminal acts has recently been aggravated by the use of crypto assets as bribes,” he asserted, adding that cryptocurrency exchanges have been used as “a way of laundering stolen funds.” The prosecutor general noted that the adoption of the law on digital assets in July last year was “a significant step in overcoming this problem.” He was quoted as saying: A serious challenge is the criminal use of cryptocurrencies in our country … Currently, work is underway to amend the criminal procedural legislation. What do you think about Russian drafting law to allow the confiscation of crypto assets in criminal cases? Let us know in the comments section below. View the full article

Whenever the prices of digital assets skyrocket, social media gets flooded with stories of people that could be millionaires now but forgot the keys to wallets they opened a few years before. But if this happened to you, don’t lose hope, cryptocurrency wallet recovery service KeychainX can save your money. Your Wallet With a Forgotten Password Is Not Lost Yet KeychainX is a bitcoin wallet recovery service operating since 2017. In the last 6 months alone, the company recovered wallet keys for about 100 clients from all over the world and you can see some of their raving reviews on Trustpilot where KeychainX has an almost perfect 4.9 ‘Excellent’ score. The service covers all kinds of situations such as recovering lost Bitcoin wallets from wallet.dat files, Dogecoin wallet passwords, blockchain second or first passwords, Android wallet or spending PIN, Ethereum from JSON files, and Ethereum presale wallets. KeychainX can even decrypt your blockchain.info 15,17,19 or 21 word mnemonic seed that is no longer supported by blockchain.com itself. This means that as long as you have more than just the public key for a wallet, there is a chance to unlock it. So if you have a cryptocurrency wallet which you can’t access the funds in for any reason, make sure to give KeychainX a try right now and avoid being just another anecdote about someone that lost their fortune due to misfortune. You don’t want to tell your children one day after bitcoin reaches one million dollars that you lost the keys and didn’t do anything about it. Brute Force and Smart Algorithms The company shares some of the stories of its successes on Medium that show the varied capabilities needed for this line of business. For example, KeychainX recently shared how it recovered a Dogecoin wallet worth over $3 million for a retired truck driver that purchased the coins back in 2015 for about $1500. The client forgot his PIN number and only had a few hints to share with the team such as his birthday and so on. Trying to check all possible 12 digits combinations that the client thought was the length of the PIN using brute force alone would have taken more than a lifetime, but KeychainX developed a custom smart algorithm based on his hints that unlocked the wallet in no time. Another interesting KeychainX success story shows how it recovered an old blockchain.info wallet with more than a 12 words story mnemonic seed – something many people mistakenly think is impossible. The client only remembered 17 words out of his mnemonic seed which was used to backup the wallet, and the team had to use a combination of brute force and a lot of “source code archeology” to recover the funds from the no longer supported wallet. The story also shows the lengths that KeychainX is willing to go to for its clients and the sheer spark of genius that is sometimes needed in the search for these lost fortunes. To learn more about the company visit KeychainX.io or just send an email to KeychainX@protonmail.com if you need to talk about password recovery. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

A U.S. congressman, Barry Moore, has declared his recent cryptocurrency purchases. He bought dogecoin, cardano, and ether. U.S. Representative Barry Moore from Alabama filed a Periodic Transaction Report (PTR) last week declaring his recent cryptocurrency purchases. According to the filing, the congressman bought cryptocurrency cardano (ADA), dogecoin (DOGE), and ether (ETH) during May and June. Each purchase was worth between $1,001 and $15,000. His crypto investments have decreased in value since his purchases. He bought cardano on May 10, May 11, and May 13. The price of ADA was $1.7652, $1.5559. and $2.009 on those days respectively based on data from Bitcoin.com Markets. The price of the cryptocurrency is $1.4229 at the time of writing. The congressman also declared that he bought dogecoin on June 13. The price was around $0.3275. At the time of writing, DOGE sits at $0.2317. He also bought ether on May 5. The price that day was $4,081. At the time of writing, the ETH price had fallen to $2,370. What do you think about the congressman buying the three cryptocurrencies? Let us know in the comments section below. View the full article

Global investment bank Goldman Sachs says ether is the cryptocurrency with the highest real use potential and it could overtake bitcoin as the dominant digital store of value. Ether Could Overtake Bitcoin as Dominant Store of Value, Says Goldman Sachs Goldman Sachs shared its view on the future outlook for bitcoin and ether in a note published Tuesday. The investment bank’s analysts reportedly argued that ether’s real use cases could make the cryptocurrency the dominant digital store of value, overtaking bitcoin as the top cryptocurrency. They wrote: [Ether] currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications. However, Goldman Sachs prefers gold, stating that neither cryptocurrency will be able to overtake gold anytime soon. The analysts explained that cryptocurrencies are not a direct competitor to gold as a safe haven asset due to their high volatility. Goldman described: “Gold is competing with crypto to the same extent it is competing with other risky assets such as equities and cyclical commodities. We view gold as a defensive inflation hedge and crypto as a risk-on inflation hedge.” Furthermore, the investment bank pointed out that the competition between different cryptocurrencies is hurting crypto’s ability to become a safe asset class for investors. Goldman concluded: This competition among cryptocurrencies is another risk factor that prevents them from becoming safe haven assets at this stage. Goldman Sachs is not the only one seeing more potential in ether than bitcoin. Jim Cramer, the host of CNBC’s Mad Money Show said he moved all of his money out of bitcoin and invested in ethereum for a similar reason cited by Goldman Sachs. In April, rival investment bank JPMorgan explained why ether was outperforming bitcoin. Do you agree with Goldman Sachs on bitcoin, ether, and gold? Let us know in the comments section below. View the full article

A survey by Nickel Digital Asset Management shows that 82% of institutional investors and wealth managers are planning to increase their cryptocurrency exposure between now and 2023. The survey reportedly asked institutional investors and wealth managers from the U.S., U.K., France, Germany, and the UAE who currently have exposure to cryptocurrencies and digital assets about their crypto investment strategies. It was conducted between May and June. According to the results, 82% of respondents expect to increase their crypto exposure between now and 2023. 40% said they will dramatically increase their crypto holdings, 7% said they would reduce their exposure, and 1% said they would sell their entire holdings of crypto assets. Responding to the question about their future crypto investment plans, 58% of respondents said that the main reason for investing is long-term capital growth prospects. Meanwhile, 38% said confidence in the asset class, and 37% said more leading corporates and fund managers investing in crypto assets. Moreover, 34% said an improved regulatory environment will be a key factor in increasing their crypto allocations. Anatoly Crachilov, co-founder and CEO of asset management firm Nickel Digital, was quoted by Institutional Asset Manager as saying: “The number of institutional investors and corporates holding bitcoin and other cryptoassets is growing and their confidence in the asset class is also increasing.” He elaborated: Many of those professional investors with holdings in crypto assets are looking to increase their exposure … These trends will continue to expand. The CEO noted that the trend is “being driven by several factors including strong market performance during the Covid-19 crisis, more established investors and corporations endorsing the market, and the sector’s infrastructure and regulatory framework improving.” What do you think about 82% of surveyed institutional investors planning to increase their crypto exposure? Let us know in the comments section below. View the full article

The crypto industry keeps entering into mainstream venues via professional sports leagues, athletes, and teams this year. On Wednesday, the Boston Celtics revealed a partnership with the blockchain provider Socios.com. Socios.com to Serve as the Presenting Partner of the NBA’s Boston Celtics On July 7, Socios.com, the blockchain firm that offers fans a chance to be “superfans” allowing them to influence club-specific decisions, trade digital items, and access “ VIP experiences,” has partnered with the Boston Celtics. The professional team is well known and has won the annual championship series of the National Basketball Association (NBA) 17 times. The announcement reveals that Socios.com will be featured on the web portal celtics.com, according to nba.com’s official announcement. “[Socios.com will] serve as the presenting partner of the team’s website, placing it at the forefront of the Celtics’ primary hub for relevant news, updates, video highlights, and information pertaining to the franchise,” the Boston Celtics announcement states. “They will also have the ability to leverage the Celtics marks and logos in connection with various Socios.com international marketing activities.” Boston Celtics’ senior vice president of corporate partnerships, Ted Dalton said the deal is always about the fans. “A large part of the Celtics brand is made up of the great fans that support the organization across local, national, and global levels, and we’re excited to find a partner that values fan engagement as much as we do,” Dalton remarked in a statement. Socios.com claims to have a roster of over 40 major sporting industries like cricket, MMA, esports, soccer, and F1. The blockchain company explained that the partnership with the Boston Celtics is part of the firm’s expansion into U.S. territory. Socios.com’s deal with the Celtics follows the Portland Trail Blazers revealing the professional basketball team partnered with the cashback blockchain firm Stormx on July 1. Last March, a number of NBA team owners formed an NBA blockchain advisory committee for the American professional basketball league. What do you think about the deal between Socios.com and the Boston Celtics? Let us know what you think about this subject in the comments section below. View the full article

The cryptocurrency exchange Crypto.com has revealed the company has entered a partnership with Ultimate Fighting Championship (UFC) as the firm’s global fight kit partner. Reports stemming from people familiar with the matter say the partnership is a ten-year deal worth $175 million and the UFC’s largest sponsorship deal to date. UFC Names Crypto.com First-Ever Global Fight Kit Partner The digital currency firm Crypto.com has partnered with the UFC and will be the mixed martial arts (MMA) organization’s global fight kit partner. This means the Crypto.com brand will be featured on UFC fighter uniforms and the brand will be shown this Saturday, July 10, during the fight between Dustin Poirier and Conor McGregor. The UFC has been operated by Dana White since 2001 and since he became president of the MMA organization, the UFC has become a multi-billion-dollar enterprise. The picture above is UFC 261: Usman vs. Masvidal held on April 24, 2021, in Jacksonville, Florida. The parent company of Ultimate Fighting Championship (UFC), Endeavor Group Holdings, Inc., had an initial public offering five days later on April 29, 2021, and is now a publicly traded firm listed on New York Stock Exchange (NYSE). The American holding company Endeavor also owns Miss Universe and represents the professional sports leagues the NFL and NHL. According to unnamed sources speaking with publications like sportico.com and CNBC, the sponsorship deal is the largest in UFC history. Back in March, the UFC partnered with Draftkings in a deal that was reported to be worth $100 million. The people familiar with the matter have said the Crypto.com deal with the UFC was estimated to be around $175 million and for a ten-year period. MMA Organization Has Cryptocurrencies On Its Radar UFC COO Lawrence Epstein mentioned during the announcement that cryptocurrencies are now on the firm’s radar. “If we had talked a couple of years ago, crypto might not have been on the radar, but it’s sort of a sign of the times,” Epstein said to sportico.com. “It’s new, but it’s moving quickly, and it’s very dynamic.” He also detailed that the company was attracted to Crypto.com’s young consumer base and demo. “In general, that consumer is younger, and based upon the data that we’ve seen, that consumer also has a fair amount of discretionary income. It’s an attractive group to try to get interested in your product.” The deal between the UFC and Crypto.com follows the variety of partnerships between crypto firms and sports companies. FTX Trading Limited has led the pack when it comes to sports partnerships with recent deals with MLB, TSM, and even the Super Bowl champion Tom Brady. The NBA’s Portland Trail Blazers recently partnered with the crypto cashback company Stormx. Crypto.com following this trend and the $175 million deal with UFC is quite a sizable investment if the unnamed sources are factual. Sources said during the first week of June, FTX paid roughly $200 million to rebrand the U.S. professional esports organization TSM. What do you think about the UFC partnering with the cryptocurrency exchange Crypto.com? Let us know what you think about this subject in the comments section below. View the full article

In mid-May, a report stemming from residents in Shenzhen, China explained that the digital yuan wasn’t seeing widespread participation, which the Chinese government has alluded to in many press releases. Now a handful of China’s state-owned banks have asked staff to recruit 200 to 300 digital yuan users. The banks are also giving away small presents in order to tempt the customers into leveraging the central bank digital currency (CBDC) wallet. Chinese Banks Are Now Luring Customers Toward the Digital Yuan Similar to how banks try to sell services to customers like loans, savings accounts, and investment vehicles, Chinese state-owned banks are telling employees to sell the benefits of the digital yuan. The Industrial and Commercial Bank of China, alongside five other top financial institutions in the country, are tasking their employees with pushing the CBDC wallet on hundreds of branch customers. According to a rough translation of the announcement published by shenliancaijing.com, bank employees from each branch have been asked to produce 200-300 CBDC wallet users. “On average, each person needs to promote 200 to 300 people,” the statement says, and employees from each branch can get year-end bonuses. Furthermore, employees can entice people with small presents like tissues, umbrellas, electronics cables, cardholders, and laundry detergent. Chinese Banks Have Been Told to Recommend Digital Yuan Over Competitors The push to lure customers to the People’s Bank of China’s (PBOC) digital yuan follows a handful of state-owned banks in Shanghai being told to promote the CBDC over payment processors like Wechat and Alipay. The “political mandate” Reuters reported back in May, was enforced by six big state banks that were “quietly promoting digital yuan ahead of a May 5 shopping festival.” At that time, a few Chinese banking officials who were not authorized to speak with the press but still spoke in anonymity, said the six banks followed the mandate to push the digital yuan in Shanghai under the guidance of the PBOC. “People will realise that digital yuan payment is so convenient that I don’t have to rely on Alipay or Wechat Pay anymore,” the Chinese banking official said. While the digital yuan wallet is still being tested in various forms, it’s also integrated with apps owned by Didi, Bilibili, Meituan, and JD.com. However, there are no third-party connections between the digital yuan and payment processors like Alipay and Wechat Pay. During the May promotional mandate, a banker told the press the PBOC felt the need to add “information segregation.” “[The] PBOC doesn’t want to see the money being routed through third-party payment systems,” the banker added. What do you think about the Shenlian Caijing article that says six Chinese banks are asking employees to recruit digital yuan users? Let us know what you think about this subject in the comments section below. View the full article

Charles Hoskinson, the founder of Cardano, has recently found himself the target of Twitter critics as year-old tweets that highlighted projections for the network’s adoption are failing to match community expectations. Slower Rollouts and Sluggish Adoption Spotlighted by Critics Cardano, the fifth-largest cryptocurrency by market capitalization and self-titled third-generation blockchain initiative, has no shortage of followers and evangelists that believe in its very scientific approach to developing blockchain technology. Yet, the network faces no shortage of detractors either, and the internet never forgets. It’s been nearly one year since Cardano creator Charles Hoskinson unveiled his predictions for the network on Twitter, envisioning more widespread dapp (decentralized app) deployments and hundreds of assets running atop the blockchain. This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate — Charles Hoskinson (@IOHK_Charles) July 26, 2020 Most of these predictions haven’t come to fruition. The Twitter community has been quick to pounce on this reality, with one handle highlighting that no assets or dapps are running atop the network. Ok, so @IOHK_Charles predicted this a year back. Update: No asset on $ADA, forget 1000's of DApps not a single dapp on $ADA, only 1-2 projects announced working on $ADA@IOHK_Charles what happened to your predictions? What's the prediction for next 1 year now? https://t.co/qreMVlOX1i — Undervalued Cryptos (@altcoin_bets) July 4, 2021 Instead, multiple projects have announced plans to launch eventually. Indeed, since the network’s smart contract functionality is still being tested and supposedly set to launch when the Alonzo upgrade is completed in August, the dapps criticism is valid to an extent. Another poster was quick to highlight Cardano’s smaller transaction turnover relative to other networks like Bitcoin and Ethereum despite its sky-high valuation in the tens of billions of dollars. In another dig at Hoskinson, he compared Cardano community members responding to his tweets as reminiscent of community responses defending IOTA in 2017, labeling these respondents ADA bots. Interacting with ADAbots in 2021 is like interacting with the IOTA "community" in 2017 🤦‍♂️🤦‍♂️🤦‍♂️ https://t.co/pH9jjbmiEB — Evan Van Ness (@evan_van_ness) June 30, 2021 John Rice, Cointelegraph’s editor-in-chief, sarcastically hinted at busy weeks ahead if the blockchain is actually going to realize the network creator’s ambitious predictions. Gonna be a busy 3 weeks. https://t.co/pEzBAEIfZ8 — Jon Rice (@JonRiceCrypto) July 6, 2021 ADA Critics and Community Battle Although some of the Twitterati jumped on Hoskinson’s predictions as proof the network wasn’t achieving its stated goals, others were quick to point out the obvious: the original tweet from the Cardano founder himself was labeled a “prediction.” I mean, you said it in your tweet, it's a prediction, not a promise. Nothing 'happened' to his prediction , Cardano delivers or it doesn't. — Javier Wang (@JavierWang_Defi) July 4, 2021 Community members and Hoskinson have responded to the blitz of critics, highlighting the network’s success in certain areas. But more important than the tit-for-tat Twitter battle is the actual reality of the blockchain itself. There are thousands of assets on Cardano. I guess you haven't been paying attention. Tons of devs learning, training, writing. Lots of launch apps. — Charles Hoskinson (@IOHK_Charles) July 4, 2021 Yes, most dApps are hosted on Ethereum, and yes, it is responsible for immense amounts of token creation. However, the network’s speed to market didn’t necessarily result in a bulletproof platform. Moreover, there aren’t serious plans in the pipeline to handle the governance component, whereas Cardano has embedded this element in its approach. Additionally, every stage of Cardano’s development undergoes a peer-review process akin to similar methods embraced in academia. This academic-like approach means that all new features are rigorously tested and validated before formal launch, helping Cardano address the drawbacks of early blockchains from the outset. Another important point of reference is that Cardano has embraced proof-of-stake since its launch, helping minimize its power consumption relative to Ethereum. Although Cardano barely scratches 20,000 transactions per day, one of the reasons behind this reality is that over 70% of the network’s native ADA tokens in circulation are staked. By comparison, just over 5% of all Ether in circulation is staked. Opposing viewpoints are a great source of debate and eventual innovation. This conversation is proving no different, especially as Cardano may be inching ever closer to achieving the potential reality Hoskinson laid out. While his timing may be off, his prediction may still be prescient given more time. Only time — and the market — will tell. Do you think the criticism of Charles Hoskinson and Cardano is justified? Let us know in the comments section below. View the full article

South Korean banks are taking steps to bring cybersecurity to a new level as they try to keep up with fintechs and address new threats arising from their interaction with the crypto space. A number of institutions are adopting unprecedented measures including the integration of blockchain technologies, Korean media reported. South Korean Banks Boost Cybersecurity to Facilitate Digitalization Faced with challenges stemming from the digitalization of the financial sector, commercial banks in South Korea are stepping up their efforts to improve security in the cyberspace. According to a report by the Korea Herald, the move is a bid to better compete with Korean fintech companies which have been developing rapidly. The new requirement for lenders and crypto exchanges to work together on the issuance of real-name accounts for traders is another motive. Woori Bank is one of the institutions that have been taking extraordinary measures. On Monday, Woori announced the adoption of SOAR (security orchestration, automation and response), an advanced set of technologies enabling automatic collection and filing of security data. The lender said the integration would allow it to upgrade its cybersecurity platform and move beyond its previous monitoring-focused approach. KB Kookmin Bank, another leading banking group in South Korea, has been working on its own automatic cybersecurity system which is based on artificial intelligence. The project is part of its 551.9 billion won ($488.5 million) investment in IT services in 2021. The lender also uses technology from the Korean startup Everspin designed to prevent phishing and fraud attempts through fake apps imitating its mobile services. Two other banks, Shinhan and Hana, have opted to implement blockchain technologies which they hope will provide protection against hacking and reduce security gaps. Shinhan Bank has launched three blockchain-related services, including an identity verification service for its mobile app, Sol. And Hana Bank has adopted blockchain technology in its Hana 1Q app which helps customers manage their highway toll payments. Regulators Reject Banks’ Requests to Be Relieved of Responsibility for Crypto Crime Continuous efforts to upgrade cybersecurity in the banking sector have led to a 35.9% annual drop in cyberattacks to 6.2 million cases as of the end of 2020, Korea’s Financial Security Institute revealed last month. The Korea Herald quotes industry observers saying that banks and other businesses now need to constantly update their cybersecurity platforms in light of the new requirement for domestic crypto exchanges to partner with banks on the introduction of real-name accounts for their users. Banking institutions have been reluctant to engage with the Korean coin trading platforms fearing exposure to money laundering, hacking, fraud and other risks related to cryptocurrencies. A report in June suggested that Korean banks have asked regulators to be relieved of liability for this kind of offense committed through digital asset exchanges they have to screen. However, according to sources from the country’s banking sector quoted by Arirang, financial authorities have rejected the banks’ requests to exempt themselves from blame for such issues. Speaking with reporters recently, the Chairman of Korea’s Financial Services Commission (FSC) Eun Sung-soo emphasized that lenders hold the primary responsibility in case money laundering occurs on a crypto trading platform they are working with. South Korean exchanges have increased in number to around 200. The rejection may lead to many closures as most of these platforms have so far failed to secure a partnership deal with a local bank. It has been reported that only four major Korean platforms — Upbit, Bithumb, Coinone, and Korbit — are currently working with commercial banks to implement the real-name account system. The provisions of the revised Special Funds Act, which introduced the requirement, will be enforced in September. Do you think Korean banks will eventually agree to provide services to more cryptocurrency exchanges? Share your thoughts on the subject in the comments section below. View the full article

The Spanish Congress has approved the antifraud law that was amended last month by the senate. Spanish citizens must now inform about their crypto holdings even outside the country. The new law further establishes severe fines for citizens who fail to share this information with authorities. A limit on how much money citizens can pay in cash for services has also been also established. Antifraud Law Toughens Crypto Oversight Spain finally approved its long-discussed antifraud law that establishes a series of controls on cryptocurrency and cash. The recently passed law includes two important resolutions and amendments proposed by the Senate. First, Spanish citizens now must inform about the cryptocurrencies they hold both inside and outside the country. Second, the law establishes limits on cash expenditures to better control capital movement. The law, introduced in 2018 and filed until recent times, establishes harsh fines for citizens who fail to present their crypto holdings in time. The controversial ‘720 model’ will apply for the establishment of fine amounts, even though Spain faced criticism in the EU for implementing it back in 2015. Based on this model, citizens could pay fines of up to 150% if they fail to present reports within a designated period. However, the EU is expected to present its resolution on the issue on July 15th, which could jeopardize the implementation of the new Spanish law. Cash Transactions Also Regulated These new limits for transactions with cash could change how citizens conduct business in Spain. Now, a limit of 1,000 euros will apply for services professionals provide. The law reduces this limit from 15,000 to 10,000 euros for individuals outside of Spain. However, the resolution has also been contested by the European Central Bank. In 2018, then president of the ECB, Mario Draghi, raised concerns about the potential negative effects of this measure and asked to stop it. The ECB stated: This limitation makes it difficult to liquidate legitimate operations using cash as a means of payment, thus endangering the concept of legal tender. The European Directive establishes the limit at 10,000 euros, ten times the number Spain has now approved. All of these measures were established to follow a clear objective: to toughen controls on tax and capital movements in the country. But this could force citizens to use digital payments to settle more transactions. Consequently, the law may also drive them to more alternative payment methods such as cryptocurrencies in the long run. What do you think about the new antitrust law approved by the Spanish Congress? Tell us in the comments section below. View the full article

Financial technology companies (fintechs) are now among the biggest threats to the overall profitability of Nigerian banks, analysts from the country’s Coronation Merchant Bank (CMB) have warned. The Efficiency of Fintech As a report carried by local media explains, this threat from fintech services stems from their growing popularity with “tech-literate” customers. According to CMB analysts, such customers prefer using the more efficient services offered by fintechs to visiting physical branches of conventional banks. Although Nigerian conventional banks are “apparently not concerned” about this threat, the media report, however, quotes Guy Czartoryski, head of research at CMB, explaining why the findings of his bank’s study must be taken seriously. Using internet banks such as Kuda, Carbon and Rubies as examples of fintech services that pose a threat to banks, Czartoryski explained: These banking platforms are attractive to millennials and other tech-literate customers and require little or no physical banking presence. The obvious advantage they have over conventional commercial banks is low cost. Banks Already Competing With Fintechs Meanwhile, the same report also quotes Czartoryski explaining why banks are seemingly indifferent to this threat. According to Czartoryski, banks are not overly concerned because they “see themselves as partners with internet banks, offering customers cash withdrawals and supplying them with clearing service.” In addition, conventional banks “also offer their own USSD-based offerings.” This, therefore, suggests that conventional banks are competing with internet banks in some areas. Still, Czartoryski concludes that only “time will tell whether the conventional banks are justified in their confidence, or merely complacent.” Do you agree that fintechs are a threat to the long-term profitability of Nigerian banks? Tell us what you think in the comments section below. View the full article

The British Virgin Islands-based Bybit Fintech Limited has announced the cryptocurrency derivatives exchange is introducing an updated know-your-customer (KYC) policy on July 12. Bybit notes that it already had certain KYC requirements implemented, but the new system reform is meant to “improve security compliance for all traders.” Bybit Says Companies and Individual Clients Mandated to Complete Systematic KYC Policy by July 12 The cryptocurrency derivatives exchange Bybit plans to introduce a systematic KYC element to the platform by July 12. The exchange is letting customers know in various terms of service (ToS) updates. The firm will be applying the update next week and it applies to individual traders and companies as well. “If your company wants to withdraw more than 2 BTC a day, you’ll need to complete KYC verification,” Bybit’s ToS update published on July 5 details. Bybit finally adding kyc — ∞ CO฿IE (@CryptoCobain) July 3, 2021 Documents show that Bybit Fintech Limited is headquartered in Road Town, Tortola, British Virgin Islands. The company is regulated by the British Virgin Islands’ finance and insurance sector. According to Bybit’s company profile on Dun & Bradstreet, the crypto derivatives exchange has over 100 employees and generates $3.42 million in sales. Bybit’s recently added KYC updates for companies and individuals, follow the warning that the Financial Conduct Authority (FCA) issued against Binance Markets Limited last week. Regulators have been cracking down on virtual currency service providers (VASPs) worldwide in order to comply with the crypto recommendations drafted by the Financial Action Task Force (FATF). Real Name, Proof of Residency, Photo ID, and Facial Recognition Screening Required The crypto derivatives exchange Bybit also notes that “all token withdrawal limits shall follow BTC index price equivalent value,” which means 2 BTC equivalent withdrawals need to pass KYC. Bybit’s website further notes that after July 12, KYC requirements will mandate the need for a document issued by the country of origin (passport/ID), full name, date of birth, a front and back official document photo, and the user will need to pass “facial recognition screening” as well. Bybit volume will dry up. Why would you kyc there? It’s actually not enough of a good exchange to even want to do that. I’d kyc mex or FTX before bybit tbh https://t.co/mm9nJBmwZ3 — Tradeboi Carti (@tradeboicarti16) July 3, 2021 Similar to the FCA’s recent warning to Binance, Bybit got a warning from Japan’s top financial watchdog on May 28, 2021. The Japanese government’s Financial Services Agency (FSA) had claimed at the time, the crypto exchange Bybit allowed residents of Japan access to the exchange. A report published in August 2020, indicates Bybit “added support for the Japanese yen and South Korean won.” Bybit also faced a hearing on June 21, with Canada’s Ontario Securities Commission when the regulator alleged that Bybit was “accountable for disregarding Ontario securities law and to signal that crypto asset trading platforms flouting Ontario securities law will face regulatory action.” Bybit’s recent regulatory compliance update notes that once KYC documents are verified customers can then “withdraw up to 100 BTC a day.” The KYC process can take up to fifteen minutes or in more complex situations “KYC verification may take up to 48 hours,” Bybit details. What do you think about the cryptocurrency derivatives exchange Bybit introducing a systematic KYC element to the trading platform? Let us know what you think about this subject in the comments section below. View the full article

Monobank, a mobile bank operating in Ukraine, has announced new products and services that will allow users to trade cryptocurrencies and stocks. One of the offerings includes a bitcoin card which the online banking platform is going to launch as early as this month. Monobank to Offer Users Bitcoin Card and Crypto Exchange By the end of July, Monobank’s clients will be able to buy and sell cryptocurrency using a new banking card that will support crypto transactions. The news was announced by the company’s cofounder Oleg Gorokhovskyi on Telegram. The Ukrainian mobile bank also plans to introduce an integration with a cryptocurrency exchange which has not been disclosed yet. According to sources quoted by Forklog, Monobank will accomplish the task in partnership with the crypto trading platform Whitebit. Gorokhovskyi further emphasized that the development phase of the project is already completed. At this stage, Monobank is only awaiting approval from the National Bank of Ukraine (NBU), the country’s central bank. This fall, the mobile bank will offer investors an option to trade company shares through a U.S.-based platform that is yet to be announced. Monobank’s team is currently working to introduce eSIM support with a mobile operator and improve its acquiring services. Both initiatives will be presented in August, the report details. In February, Oleg Gorokhovskyi revealed he had “a fairly large portfolio of bitcoins” and advised his friends and followers on Facebook to buy cryptocurrency. At the time, the entrepreneur stated he was convinced by Tesla’s $1.5 billion crypto purchase that “bitcoin isn’t going anywhere.” Later the same month, Monobank discontinued support for SEPA transfers from Binance citing restrictions imposed by foreign correspondent banks. The leading cryptocurrency exchange has been expanding its presence in Ukraine and in June launched an advertising campaign in major Ukrainian cities. Last year, the East European country was ranked among the world’s top crypto adopters but the government in Kyiv is yet to introduce comprehensive regulations for cryptocurrencies and the related industry. A revised bill on “On Virtual Assets” should be voted this summer. What do you think about Monobank’s offering of crypto products and services? Let us know in the comments section below. View the full article

The Switzerland-based bank Sygnum revealed on Tuesday that the firm now allows Ethereum 2.0 staking. The FINMA-approved company’s customers can access the Ethereum-based staking services via Sygnum’s banking platform. Sygnum’s Banking Platform Offers Ethereum 2.0 Staking Last November, Sygnum Bank AG revealed that it is partnered with the company Taurus Group, a firm that also works with SEBA bank and other Swiss fintech services. The financial services company also detailed at the time that Sygnum would offer customers crypto staking accounts. The partnership with Taurus also revealed the staking accounts available would leverage the Tezos network, a proof-of-stake (PoS) blockchain. Now Sygnum is allowing customers to stake ethereum (ETH) via the fintech firm’s banking platform. Sygnum considers itself the first FINMA-approved bank to enter into the ETH 2.0 staking space. “Ethereum is the second-largest blockchain protocol, and ethereum staking is a core element for digital asset portfolios which can now be accessed in a convenient, secure and regulated setting”, the head of business units at Sygnum Bank, Thomas Eichenberger said in a statement. “This further expands Sygnum’s offering of attractive, regulated yield generating products to meet the needs of clients to accumulate other forms of return in addition to capital appreciation,” Eichenberger added. JPMorgan Estimates Crypto Staking Could Be a $40 Billion Industry by 2025 Sygnum Bank’s ETH 2.0 staking offering follows the investor’s note written by the banking giant JPMorgan last week. JPMorgan discussed the Ethereum 2.0 staking shift and estimated that cryptocurrency staking could be a $40 billion industry by 2025. Sygnum’s head of accounts and custody details in the bank’s latest announcement that “staking is a compelling choice for long-term investors in Ethereum.” Thomas Brunner, the bank’s head of accounts and custody said Sygnum clients can “benefit from potentially higher staking rewards now.” Statistics show that the Ethereum 2.0 deposit contract has recently exceeded 6 million ether and ETH is one of the most leveraged staking networks today. The Ethereum 2.0 deposit contract allows users to stake ETH in the ETH 2.0 phase 0 beacon chain. What do you think about Sygnum Bank AG offering ethereum staking? Let us know what you think about this subject in the comments section below. View the full article

The People’s Bank of China (PBOC), the country’s central bank, has shut down a software firm over suspected involvement in cryptocurrency transactions. The central bank also warned organizations not to “provide premises, commercial display, advertising … and other services for cryptocurrency-related business activities.” China’s central bank warned companies on Tuesday against assisting cryptocurrency-related businesses as it shut down a software firm over suspected involvement in crypto transactions, AFP reported. The Beijing office of China’s central bank ordered the closure of a software firm called Beijing Qudao Cultural Development. The central bank alleged that the company had been involved in providing software services for cryptocurrency transactions. The central bank claims that the shutdown was necessary “to prevent and control the risk of speculation in virtual currency transactions, and protect the safety of the public’s assets.” The bank also warned organizations not to “provide premises, commercial display, advertising … and other services for cryptocurrency-related business activities.” The PBOC recently instructed financial and payment institutions not to provide cryptocurrency-related services to customers. The announcement came shortly after provinces in China, including Sichuan, Inner Mongolia, and Qinghai, shut down cryptocurrency mining farms, causing miners to move their operations abroad. What do you think about China shutting down a software firm over suspected involvement in crypto transactions? Let us know in the comments section below. View the full article

Troubles at cryptocurrency exchange Binance continue as the platform is now suspending euro deposits via SEPA bank transfers. Binance says the suspension is temporary and it is due to events beyond its control. Binance’s Troubles Extend to SEPA Transfers Binance users reported Tuesday that they have received a notice from the exchange about the suspension of euro deposits via Single Euro Payments Area (SEPA) transfers. According to the notice shared on social media by several people, Binance explained: Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA bank transfers from 8am UTC on July 7, 2021. You are still able to deposit EUR and/or buy cryptocurrencies via credit or debit cards on Binance. The notice continues: “We are working hard to find a solution with our partners and thank you for your patience … Any deposits attempted via SEPA in the meantime will be returned within 7 working days.” The Financial Times also reported the news of Binance suspending euro bank deposits Tuesday, citing the exchange’s email to users. SEPA allows customers to make cashless euro payments, via credit transfer and direct debit, to anywhere in the European Union as well as a number of non-EU countries. Binance’s troubles have been growing recently. Several regulators worldwide have issued a warning to the exchange for illegally operating in their countries without proper registration. Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against Binance this week. Cayman Island, the U.K., and Japan also issued a similar notice. Following the notice by the U.K. Financial Conduct Authority (FCA) banning the exchange from operating in the U.K. without a license, deposits from the U.K.’s Faster Payments network to Binance were suspended. Several banks in the U.K. have reportedly stopped fund transfers to Binance, including Barclays and Natwest. A number of other banks in the country are evaluating the situation. What do you think about Binance suspending euro deposits via SEPA transfers? Let us know in the comments section below. View the full article

Payment service provider Allied Payment Network has partnered with New York Digital Investment Group, the bitcoin subsidiary of $10 billion asset manager Stone Ridge. Financial institutions using Allied’s platform will be able to offer their customers the option to buy, sell, and hold bitcoin. Furthermore, Allied will keep bitcoin on its balance sheet. Allied Payment Network (Allied), a digital payment service provider for financial institutions, announced Tuesday it has partnered with New York Digital Investment Group (NYDIG), a bitcoin technology and financial services firm. NYDIG is a subsidiary of Stone Ridge, a $10 billion alternative asset manager. “The partnership enables financial institutions to offer their customers the ability to buy, sell and hold bitcoin,” the announcement explains, claiming that “Allied is the first bill pay provider in the industry to embed this service in its platform and offer it to financial institutions.” The announcement adds: Along with this partnership, Allied announced it will make an allocation to bitcoin for its corporate treasury, facilitated by NYDIG. Financial institutions’ bill pay platforms will be integrated with NYDIG’s bitcoin platform, allowing customers to access the bitcoin service via their online banking or mobile apps. Allied and NYDIG will also be collaborating to offer additional capabilities such as enabling consumers to make BTC-funded payments. NYDIG has recently made several other partnership announcements, including a partnership with Finserv, NCR, and Q2. What do you think about Allied Payment Network offering a bitcoin service and keeping BTC in its corporate treasury? Let us know in the comments section below. View the full article

Following the Financial Crimes Enforcement Network (FinCEN) explaining the misuse of cryptocurrencies is a national priority last week, the bureau announced on Tuesday it hired its first-ever chief digital currency advisor. FinCEN’s acting director Michael Mosier detailed that Michele Korver will be the bureau’s new crypto expert and she brings “a wealth of digital currency expertise.” FinCEN Enlists Former DOJ Digital Currency Counsel as New Chief Digital Currency Advisor FinCEN, the U.S. regulator that combats domestic and international financial crimes, has announced the organization has hired the first chief digital currency advisor (DCA). Michele Korver will be FinCEN’s first DCA after she worked for the Department of Justice (DOJ) and as a former federal prosecutor for 20 years. Korver will serve as the DCA to the director of FinCEN and she aims to “advance FinCEN’s leadership role in the digital currency space by working across internal and external partners.” FinCEN is ready to double down on the illicit use of cryptocurrencies, as the financial watchdog talked about “the misuse of virtual assets that exploit” in last week’s priorities report. “Michele brings a wealth of digital currency expertise, and will be a tremendous leader in coordinated efforts to maximize FinCEN’s contribution to the innovative potential for financial expansion of opportunity while minimizing illicit finance risk,” Mosier said on Tuesday. While working with the DOJ, Korver served as Digital Currency Counsel for the department’s criminal division. She has advised federal employees on matters involving crypto assets in cases that involved “charging decisions and other prosecutorial strategies.” As far as digital currency policy is concerned, Korver has also worked with the Treasury’s Financial Stability Oversight Council and the Financial Action Task Force (FATF). Michael Mosier was recently named acting director and new deputy director on April 2, 2021, and he too has a background with cryptocurrencies. When FinCEN named Mosier as the current director the regulator’s Office of Strategic Communications noted Mosier worked with Chainalysis. As far as hiring Korver and a new FinCEN director of strategic communications, Mosier remarked: “These are incredible people for an incredible moment for FinCEN and the financial integrity space writ large.” What do you think about FinCEN hiring a digital currency advisor? Let us know what you think about this subject in the comments section below. View the full article

On June 12, the crypto community celebrated the fact that the Bitcoin network locked in Taproot support in order to activate the largest upgrade the protocol has seen in four years. 24 days later, Taproot support via Bitcoin nodes has only reached 27.55% and upgrade supporters are pleading with the community to update their nodes. It’s Your Duty to Upgrade Nodes, Say Numerous Bitcoin Taproot Threads Data stemming from the Twitter account called Taproot Signal shows that Taproot-supporting nodes only represent a touch over 27% of the known public node count. 72.45% have not updated their Bitcoin nodes to support the upcoming activation period in November. The upgrade, however, is a soft fork which means nodes don’t necessarily have to upgrade to remain within Bitcoin’s ruleset. Similarly, the soft fork Segregated Witness (Segwit) suffered from a lack of node adoption as well, when it was activated in 2017. Bitcoin Node Taproot Support: 27.55% 🟧🟧🟧🟧🟧🟧🟧🟧🟧🟧 🟧🟧🟧🟧🟧🟧🟧🟧🟧🟧 🟧🟧🟧🟧🟧🟧🟧 Node count: Taproot: 16876 Non-enforcing: 43802 Light: 47 Unknown: 536 pic.twitter.com/bEWJVUoQBQ — Taproot Signal (@taproot_signal) July 6, 2021 Segwit’s adoption rates didn’t kick in with much higher levels until March 2018. Segwit adoption levels tapped a high of 53% on February 23, 2021 and today levels have risen higher, reaching 71% according to Segwit usage data recorded on July 6. After Segwit was implemented many bitcoiners pleaded with node operators and major crypto businesses to adopt the soft fork. The same can be said about Taproot today, as crypto supporters are posting on forums telling node operators to update to a Taproot supporting node as soon as possible. Over two weeks ago, one Redditor wrote: “Less than 25% of nodes enforce Taproot, UPDATE your nodes.” In the forum post, people argued over what would happen to a node that hasn’t upgraded to 0.21.1. One person said that if a node hadn’t upgraded to 0.21.1 after block 709,632, and “a miner were to produce a block that violates the Taproot rules” they may “see that block as valid while anyone who has upgraded sees it as invalid.” Another Redditor responding to the comment disagreed with the person’s assessment. “As far as I understand there’s no way to produce a block that ‘violates the tap root rules though,’” the individual wrote. “It’s a soft fork. Old nodes and updated nodes both see pre-taproot and post-taproot blocks as valid. Old nodes will see taproot UXTOs as ‘anyone can spend’ outputs… but in reality, they aren’t. It works on all versions.” ‘Upgrade Your Nodes to Taproot and Get Your Friends to Do It Too’ On July 5, 2021, another Reddit post on r/bitcoin appeared pleading with bitcoiners to update their nodes. “If you run a node, remember to update it to support Taproot, only 27% do so far,” the Redditor’s thread said. Again this thread was met with debate after a few Redditors told the post’s author that Taproot is a soft fork and these upgrade posts are useless. “Taproot is a soft fork, so opt-in,” the most up-voted comment on the thread says. “You don’t have to upgrade. That being said, I run two full nodes both of which contain the latest bitcoin core version. Why not [support] freedom of speech? Even though I might not have to say anything that important, at least at the moment.” The popular Twitter account @mikeinspace also discussed the Taproot upgrade subject on Tuesday. Referring to the 27% support thread on Reddit, he told his 11,000 Twitter followers he’s been seeing a number of these types of Taproot upgrade posts on social media. “I’m seeing a lot of this ‘it’s your duty to upgrade’ lately,” he tweeted. “I thought soft forks were meant to be optional and you can happily go about enforcing consensus while ignoring vendor extensions.” The Twitter handle Mike in Space also mentioned the notorious Chris DeRose, former host of the broadcast “Bitcoin Uncensored.” Mike in Space added: There was a great DeRose rant about the immaculate Bitcoin that is now lost down the memory hole. It involved Mircea Popescu, Bitcoin vendor extensions and the bitcoin dot foundation, the one true Bitcoin. On Twitter, there is a great number of people asking or telling node operators to support Taproot as soon as possible. “Upgrade your nodes to Taproot and get your friends to do it too,” Francis Pouliot told his 68,000 Twitter followers. “The financial incentive for nodes to upgrade to Taproot is that it increases the value proposition for Bitcoin, and hence helps your stash appreciate,” another individual said on June 13. In fact, on June 13, a great swarm of posts on Twitter shows a number of tweets pleading with bitcoin node operators to update. What do you think about the lack of adoption Taproot is seeing today and the posts pleading with node operators to update as soon as possible? Let us know what you think about this subject in the comments section below. View the full article

Free TON, a decentralized proof of stake blockchain powered by its community and STASIS, a EU compliant EURS stablecoin project, partnered to make DeFi more functional and affordable for everyone. The STASIS team will be deploying their protocol to the Free TON ecosystem, so that their stablecoin EURS can be minted natively on Free TON. This partnership will be implemented in two stages: Farming: Addition of EURS-WTON pair to native Free TON DEX – TonSwap.io, developed by Broxus, a multi-level turnkey platform for crypto exchanges, e-commerce, trading platforms. Sound TON rewards will be applied to users, providing liquidity to that pool. EURS deployment on Free TON: porting EURS smart-contract to Free TON, so that users can natively receive EURS on Free TON in exchange of their EUR. The partnership will allow users both from Free TON and STASIS EURS ecosystems to access highly scalable, stable, and on-chain money with low transaction costs and high TPS. “I am thrilled to see such astonishing projects as STASIS joining the FreeTON community. Together, we will bring the Free TON DeFi ecosystem to a new height! – says Vladislav Ponomarev, CEO of Broxus. “We are excited to partner with Free TON, the fastest blockchain, which allows everyone to easily enter the DeFI ecosystem”, – says Gregory Klumov, founder of STASIS. About Free TON Free TON is a fast, secure and scalable blockchain, which is capable of handling millions of transactions per second and is on a mission to drive wide adoption of decentralized solutions by millions of users. Unique features of Free TON include infinite sharding paradigm, instant hypercube routing, proof-of-stake mechanics to validate new blocks, ability to configure network parameters by voting, and more. About STASIS STASIS is a revolutionary step towards combining the vast potential of the cryptocurrency market with the stability and reliability of traditional currencies. STASIS is backed up by a team of cryptocurrency pioneers, quantitative experts, serial entrepreneurs and financial professionals that provide the synergetic background to stable coin platforms. About TON Swap TON Swap operates liquidity pools represented by separate smart contracts. Unlike Ethereum contracts, Free TON contracts are distributed and benefit from the infinite sharding mechanism. As a result, transaction gas fees are several orders lower than average and do not depend on the network workload. Anyone who contributes to those pools with their liquidity are eligible to participate in the yield farming program by the Free TON DeFi Alliance. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article