Home Blog Page 2152

Updates on FTX Saga and SEC Case Major Determinants of XRP $0.40 Reclamation

Mark Brennan
-
0
Updates on FTX Saga and SEC Case Major Determinants of XRP $0.40 Reclamation

XRP seeks to reclaim the $0.40 price level, but its success on this journey looks hinged on updates from the FTX saga and Ripple’s case with the SEC.

XRP has struggled to break free from the bears since its drop from the $0.40 zone on November 8. Notwithstanding, it appears the asset’s journey to reclaim the $0.40 price point depends on the developments surrounding the FTX saga and Ripple’s legal tussle with the United States Securities and Exchange Commission (SEC).

Following the escalation of the FTX situation, the community witnessed a market-wide bloodbath which saw XRP relegated to lows last noticed in August. However, despite a series of comebacks staged, the asset has failed to recapture the $0.40 level, as it faces rejection at each attempt amid worrying revelations surrounding the FTX saga.

Positive Developments Surrounding FTX and the SEC Case Could Be XRP’s Launchpad

However, the asset appears to have shown some newly-found strength of late, as the FUD dumped into the market from the FTX implosion fades gradually, with the recent bankruptcy hearing for the firm revealing some appealing developments. Moreover, Ripple’s legal battle with the SEC is near its end, with the most recent updates favouring the blockchain entity.

Recall that disclosures on FTX’s reorganization and selloff plans surfaced during its recent bankruptcy hearing held Tuesday at the United States Bankruptcy Court in Delaware. Per reports, FTX has revealed plans to sell or reorganize its operational business units. The firm has received multiple offers to the tune of billions from interested investors.

Despite a revelation of how deeply-rooted the alleged corruption within the firm was, the recent developments have introduced a glimmer of hope to affected parties. With the contagion concerns waning, crypto markets have been recovering. XRP has also gained over 1% in the past week.

Meanwhile, with the next hearing slated for November 30, the court case between Ripple Labs and the SEC has developed quite nicely for the former. The Crypto Basic recently reported several amicus briefs filed to demonstrate XRP’s numerous utilities and support Ripple against the SEC. Out of the 11 recently-approved amicus briefs, nine supported Ripple.

Notwithstanding, Ripple and SEC are yet to file reply briefs for each party’s summary judgment motion. These reply briefs will be filed under temporary seal, as they will be made public on December 5, following proper redaction. Recently, attorney Bill Morgan asserted that the SEC could go for a settlement in an attempt to keep docs of the Hinman speech confidential. According to him, Ripple’s possession of the documents gives them real leverage.

XRP’s Price Movements

The developments with the SEC case and the declining panic from the FTX contagion have contributed to XRP’s newfound strength. Despite starting the day on a slightly bearish note, XRP has managed to retain its position above $0.38 for hours today, avoiding a drop below the zone.

The asset is changing hands at $0.3822 as of press time and will likely hit the first significant resistance zone at $0.3865. However, should the broader crypto market enjoy an extended period of sustained peace, XRP could reclaim the $0.3865 price point and rally to the second resistance level at $0.3914. This could be the asset’s launchpad to the $0.40 territory.

Notwithstanding, XRP and the rest of the markets are not out of the woods yet, as emerging reports of withdrawal suspension from several crypto entities are likely to exacerbate the current abysmal situation. Should more reports surface and the panic picks up again, XRP could plummet to the first significant support at $0.3722.

A break below $0.3722 due to sustained panic could lead the asset to support at $0.3628. In that instance, it will risk a drop below $0.35 to find support at $0.3485.

Shiba Inu and Travala Launch an Exclusive Offer for SHIB Users 

Lele Jima
-
0
Shiba Inu and Travala Launch an Exclusive Offer for SHIB Users 

Shiba Inu has partnered with cryptocurrency-friendly travel website Travala.com on an exclusive special deal. 

According to an announcement, the partners have launched an offer for Shiba Inu enthusiasts to get a free $25 travel credit when they create an account on the cryptocurrency-friendly travel website. The free $25 travel credit can be used to book more than 3 million hotels, flights, and other Travala.com services. 

“We are excited to announce an exclusive special from our friends at Travala. Use Shib Token to book Travel on Travala! Click this link https://bit.ly/3EaIFxu to get FREE $25 Travel Credit to use on 3M+ hotels, flights & activities!” the announcement read. 

Meanwhile, the announcement did not have much significance on SHIB’s price. At the time of writing, the cryptocurrency is up 1% in the past 24 hours, trading around $0.00000910.  

Travala.com Adds Shiba Inu Support

The announcement comes less than a year after Travala.com added Shiba Inu to its list of cryptos people can use to book more than 3 million travel products. Before Travala listed Shiba Inu, the cryptocurrency showcased its popularity by winning a Token Battle created by Travala. 

Travala’s official Twitter account took to the social media platform to congratulate Shiba Inu holders for winning the contest ahead of Floki Inu. The poll, which was launched on December 2, required a total of 4 million votes to determine which cryptocurrency is popular between the tokens. Interestingly, the voting exercise got nearly 4.9 million votes from members of the Shiba Inu and Floki Inu communities.  

Out of the total votes, Shiba Inu recorded 3,408,700 votes, while Floki Inu scored 1,484,900.

floki vs shib
floki vs shib

 

“Congratulations to @Shibtoken for winning the token battle on #Travala. $SHIB is now listed as a payment method on http://Travala.com to book over 3M travel products worldwide,” Travala tweeted. 

Following the listing of Shiba Inu on Travala, the cryptocurrency-friendly travel website has bolstered Shiba Inu’s utility. Travala users can conveniently use the cryptocurrency to book hotels and flights from top brands across London (U.K), Barcelona (Spain), and Amsterdam (Netherlands). Earlier this month, a Dubai-based 5-star hotel, W Hotels, partnered with Travala to allow customers to pay for its services using Shiba Inu.  

Voting Is Live For Terra Classic Proposal To Re-open IBC Channels By December 5

Mark Brennan
-
0
Voting Is Live For Terra Classic Proposal To Re-open IBC Channels By December 5

Edward Kim has initiated voting for the proposal to re-open IBC channels before the v23 upgrade.

Terra Classic core developer Edward Kim has initiated voting for the proposal to re-open Inter Blockchain Communication channels before the v23 network upgrade per a tweet from the developer today.

If the proposal passes, the Terra Classic chain will once again be able to transfer value and communicate with the Osmosis, Juno, and Crescent blockchains within the Cosmos ecosystem by December 5, as opposed to with the v23 upgrade, per the previous report.

“Another proposal… Re-enable IBCs to Osmosis, Juno, and Crescent. Happy Thanksgiving!” Kim wrote, sharing the link for community members to vote.

The developer first shared the proposal on Twitter on Monday. Per the proposal, developers found it necessary to speed up the timeline for IBC re-opening in light of continuous changes in the Cosmos ecosystem and extensive testing required to attain technological parity.

While the IBC re-opening will allow users to access trapped liquidity within the ecosystem, the Terra Classic chain will not attain full Cosmos interoperability till the v23 upgrade rolls out. It is because the network upgrade contains the CosWasm update, as highlighted by Terra Classic developer Raider07 in a previous report.

Developers have also scheduled the v23 upgrade for December. However, they are yet to disclose a specific date.

Community members are hopeful that with IBC re-opening and Cosmos interoperability, more projects will build for the chain, boosting Terra Luna Classic (LUNC) utility. Unsurprisingly, the proposal by Kim has received tremendous support. Community influencer and network validator Classy has already indicated that he has voted in favor of the proposal. 

It bears mentioning that the current achievement is thanks to the efforts of independent Terra Classic development groups and the help of Cosmos developers like Jacob Gadikian.

7-Year-Old 10,000 Mt. Gox Bitcoin (BTC) On The Move 

Lele Jima
-
0
7-Year-Old 10,000 Mt. Gox Bitcoin (BTC) On The Move 

The wallet sent 10,000 BTC to two different addresses.

A Bitcoin wallet linked to the 2014 Mt. Gox hack was recently seen moving a substantial amount of seven-year-old BTC. In a tweet today, CryptoQuant founder Ki Young Ju, who observed the Bitcoin transfer, said about 10,000 BTC worth approximately $167 million at the current exchange rate, were moved in two different transactions. 

A lump sum of 6,500 BTC were sent in one transaction to an unidentified recipient, while the remaining 3,500 BTC were moved to another unknown wallet. The recipient of the 3,500 BTC later distributed the funds to different wallets in smaller amounts, including a transfer of 65 BTC to an address on the HitBTC cryptocurrency exchange. 

Following the 65 BTC transfer to HitBTC, the CryptoQuant founder concluded that the transaction was not a government auction. 

“They sent 65 BTC to @hitbtc a few hours ago, so it’s not a gov auction or something,” he said. 

Ju later called on the team behind the HitBTC cryptocurrency exchange to suspend the account for suspicious activity. 

Hackers Up 55x in Profit

A Twitter user asked the CryptoQuant founder why the criminals chose to cash out now when Bitcoin price has fallen from $69,000 to 16,000. Responding to the question, Ju said the fraudulent Bitcoins were acquired in January 2015, when the price of the top crypto asset was worth around $297. Ju added that the criminals made a massive profit of 55x from the recent Bitcoin sale on HitBTC. 

The CryptoQuant founder asserted that in most cases, the movement of old Bitcoin is bearish for the world’s largest cryptocurrency. According to Ju, these old Bitcoins were minted in a lawless era, when most of the owners cannot use KYC. 

Mt. Gox Hack 

Launched in 2010, Mt.Gox is a Tokyo-based cryptocurrency exchange that suffered a devastating hack, which led to its collapse. According to reports, the attackers stole between 650K BTC and 850K BTC. The exchange was able to recover about 200K of the stolen BTC. However, the development wreaked havoc on the entire cryptocurrency market. 

As reported, Mt. Gox trustee Nobuaki Kobayashi has commenced plans to repay creditors of the cryptocurrency exchange. Nobuaki Kobayashi noted that the exchange’s creditors have until January 10, 2023, to register their claims in an online filing system. 

 

Crypto Advocacy Group Opposes New York’s 2-Year Ban on Bitcoin Mining

Lele Jima
-
0
Crypto Advocacy Group Opposes New York’s 2-Year Ban on Bitcoin Mining

The Chamber of Digital Commerce is unhappy with New York’s recently signed Bitcoin mining law. 

Kathy Hochul, New York’s governor recently signed a law prohibiting certain Bitcoin mining operations that use carbon-based power sources. The move is part of efforts New York intends to address the environmental concerns of crypto mining by cracking down on mines that use electricity generated from power plants. 

CNBC reported that New York-based Bitcoin mining companies would no longer be allowed to renew or expand their permits for the next two years unless they use 100% renewable energy. Hochul described the legislation as the first in the United States, adding that the decision would help New York mitigate its carbon footprint. 

New York’s Bitcoin Mining Law

It is noteworthy that the New York cryptocurrency mining law passed the state’s assembly and senate in April and June, respectively. The legislation calls for a two-year ban on certain cryptocurrencies like Bitcoin that use the Proof-of-Work algorithm to validate transactions on the blockchain. 

However, New York Mayor Eric Adams kicked against the decision to impose a temporary ban on Bitcoin mining in the state. Adams noted in June that banning Bitcoin mining could affect New York’s economy and its residents.  

Chamber of Digital Commerce Opposes the Law

Commenting on the newly-signed Bitcoin mining law, industry insiders told CNBC that the legislation could set a bad precedent across the United States, a nation considered a major hub for the global crypto mining space. 

According to data released in May by the Cambridge Center for Alternative Finance (CCAF), the United States accounts for 38% of cryptocurrency miners in the world. 

The Chamber of Digital Commerce, an advocacy group that promotes cryptocurrency and blockchain, said in a statement: 

“The approval will set a dangerous precedent in determining who may or may not use power in New York State.”  

Perianne Boring, the founder of the Chamber of Digital Commerce, said the net effect of the legislation could weaken New York’s economy, as businesses could be forced to move to other states with friendly Bitcoin mining laws. 

“[…] This decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State,” Boring added. 

Litecoin Social Engagement Hits 99M+, Marking the Highest Point in Over A Year

Mark Brennan
-
0
Litecoin Social Engagement Hits 99M+, Marking the Highest Point in Over A Year

Litecoin’s social engagements recently hit a peak of 99M+, as measured daily, marking the highest value in over a year.

Litecoin has captured the attention of the broader cryptocurrency community of late, as its daily social engagements reached a peak of 99.91M. The token last clinched this lever of social engagement over a year ago. Moreover, the asset’s surge in social engagements comes amidst a surprising rally, as it outperforms the majority of mainstream assets.

Social intelligence platform Lunar Crush recently highlighted the promising metric amid the asset’s relief rally. 

The social intelligence platform further noted that the recent upsurge in Litecoin’s social engagements, especially when the asset appears to be staging a rally, is not something investors should overlook. According to Lunar Crush, it is time for the community to start paying attention to Litecoin in the coming weeks, regardless of the price direction.

A few hours ago, Lunar Crush updated the crypto community on the top crypto assets with its AltRank assessment tool. It revealed that LTC was topping the list, towering above other assets like Solana (SOL), Terra Classic (LUNC), and Dogecoin (DOGE), among others.

Notwithstanding, current AltRank top list data indicates that Verasity (VRA) has dethroned Litecoin. The asset remains second on the list at press time, with an equally surging value in social engagements. 

Litecoin’s social engagements have increased by 132% in the past week to 246.8M. Social mentions in the past seven days have also surged by 73% to 72.85K, with a social contributor count of 298. 

Litecoin’s Recent Price Surge and Possible Contributing Factors

This sudden increase in social activity followed reports of Litecoin’s bullish price moves. As previously reported, the asset recently overtook SHIB on the list of top crypto assets by market capitalization due to a surge in its market cap. With a market cap of $5.66B, LTC is now the 13th largest mainstream crypto asset, with SHIB relegated to 14th position, having a valuation of $4.89B. LTC also recently conquered Solana and Wrapped BTC.

Litecoin surged from a value of $61.6 on Tuesday to $81.55 overnight, marking a 31% increase in a matter of hours. Though the asset faced a quick rejection, its rally remains sustained, as it positions itself as the biggest gainer in the past week, with a 37% increase.

Crypto analytics platform Santiment recently highlighted a trend in LTC shark accumulation that could have contributed to the asset’s upsurge. According to Santiment, addresses holding 1K to 100K LTC have amassed LTC tokens worth $43.4M in the past two weeks. 

Additionally, the third halving event for LTC is slated to occur in 8 months, and reports of the event have gradually crept into the crypto space of late. The halving event promises to cut down the rate of the asset’s supply by up to 50%, contributing to a deflationary trend. Currently, the network mints 12.5 LTC every two and a half minutes. Following the third halving event, this figure will reduce to 6.25 LTC.

Market watchers have cited these promising reports as possible factors behind the asset’s rally. LTC is currently changing hands at $78.14, up 11.84% in the past 24 hours against all odds. 

What Are The Legal Implications Of Investing In Cryptocurrency?

Andrew MacGill
-
0
What Are The Legal Implications Of Investing In Cryptocurrency?

Many countries and institutions have started accepting cryptocurrency into their financial systems as legal tender. This move follows an influx of investors buying into the digital currency market and recording significant profits from the venture. Furthermore, these results have opened up more government and regulatory considerations to invest in digital currency and the technology supporting it.

Since there are unclear laws governing cryptocurrency, investors leverage the market as an alternative investment strategy to diversify their portfolios. However, exposure to the risk of losing a considerable investment in cryptocurrency exists from the beginning of your investment journey. First, you must learn the cryptocurrency industry and know what it entails when investing in them.

To learn about the legal implications of investing in cryptocurrency, consulting a legal firm, such as Montague Law, should be your first step. They can help you with compliance matters regarding cryptocurrency in your country.

Are you wondering what legal issues surround cryptocurrency? Here are a few things you must know:

  1. Taxation

Government tax authorities have started deliberating on regulatory laws for the cryptocurrency market. So far, these legal considerations target cryptocurrency transactions and holdings in these two facets of revenue collection:

  • Capital Gains: Crypto-friendly countries, such as the USA and India, consider digital currency a property in the financial markets. You can expect to remit capital gains tax when filing an annual return to the government. The tax will depend on whether you buy and sell cryptocurrency in that financial year.
  • Income Tax: Employees in companies that have integrated cryptocurrency into their payroll systems will attract income tax. The amount will depend on the percentage in the government pronouncement and the dollar value when salaries are transparent in your account.

These are some taxes you must pay for your investments. Expect more financial regulations as cryptocurrencies gain acceptance in different industries and countries in the coming years.

  1. Foreign Banking Regulations

Cryptocurrency investors need a foreign account to buy and sell in the digital currency market. These accounts come with exemptions from banking regulations in crypto-friendly countries. Essentially, you don’t have reporting obligations for owning a foreign cryptocurrency account before banking regulators, such as the Financial Crime Enforcement Network (FinCEN), a US Treasury department representative.

These considerations vary according to the state and the underlying banking regulators. A digital asset investment advisor can help you to decipher this approach to investing in cryptocurrency.

So far, digital wallets seem to float in the cryptocurrency legalization front as it is not captured in foreign bank account holdings declaration. But proposals and debates to include digital wallets in digital asset declarations exist and hope for a breakthrough in the legal systems.

  1. Registration And Licensing

Businesses incorporating cryptocurrency in their payment systems can enjoy the new market. However, jurisdictions and some activities might bring future limitations, such as a declaration of business income, that require the acquisition of licenses and registration.

It’s also unclear if companies already accepting cryptocurrency in their financial systems require additional permits or licenses. Owners and managers must consult legal practitioners to understand the underlying connection between cryptocurrency and compliance with government regulations on digital currencies and assets.

  1. Fraud And Money Laundering

The decentralized nature of the cryptocurrency market raises fraud and money laundering concerns in the financial and business sectors. Government and financial regulators believe that cryptocurrency opens doors to financial crime. Hence, some countries like China have banned all cryptocurrency-related activities.

Aside from financial crime, investors have no legal avenue to track and recover their portfolio once they lose it in the digital currency markets. Cybercriminals can steal your cryptocurrency holdings from your digital wallet through phishing and other cybercrime tactics. Because of these threats, companies and developers have created measures to combat cybercriminals and keep investors’ assets safe.

  1. Portfolio Protection

Developing investor protection policies is challenging for governments and regulatory boards in an ever-evolving cryptocurrency market. Developers constantly create new wallets and strategies to combat hackers’ attempts to compromise the cryptocurrency ecosystem. Still, some hackers can still breach these security measures, exposing investors to risks.

Eliminating legal risks surrounding cryptocurrency holdings is still a ways away, and investors must beware when adding it to their portfolios. But as more countries and financial institutions accept and adopt cryptocurrencies, government agencies will pass more legislation to protect investors and regulate trading.

  1. Environmental Concerns

Cryptocurrency mining is a capital-intensive venture that has its drawbacks. You must be ready to handle substantial energy bills, infrastructure, and many computers. Therefore, governments have identified cryptocurrency mining and investment as an environmental risk.

Such considerations forced miners to shut down operations in countries like China. However, crypto-friendly countries welcome the digital currency ideology and consider formulating laws to accommodate crypto mining in their financial systems.

Final Thoughts

Cryptocurrency has years of innovation ahead as more people warm up to the digitization revolution. Formulating and passing laws to regulate it for investors has become challenging for many governments. Investors can only consult legal practitioners about what the law mandates on cryptocurrency. Financial experts and legislators are instead looking at amending existing laws to incorporate cryptocurrency into the economic systems.

Midas Investments Drops Fantom, Migrates To Ethereum To Expand Services

Andrew MacGill
-
0
Midas Investments Drops Fantom, Migrates To Ethereum To Expand Services

As per a recent official announcement, Midas Investments, a leading crypto custodial investment platform, migrated its token from the Fantom blockchain to Ethereum in November. The decision is strategic, as this swap to Ethereum blockchain will increase the usage and user base of MIDAS tokens and introduce new utility features, which will affect its value.

Ethereum ecosystem is the leading in the crypto landscape: with over  $50 billion TVL, more than 3,000 dapps, and 500+ DeFi protocols. Moreover, Ethereum is the dominant public blockchain in the crypto landscape: 1 million transactions are processed daily by about 400,000 active addresses. Its market capitalization of $185 billion is significantly below last year’s highs but still decent and a testament to Ethereum’s reliability. The network’s popularity and pioneer status with smart contract developers and DeFi investors places make it a valuable ecosystem for all crypto projects. 

Financial freedom for a wider audience

The DeFi era has introduced unprecedented opportunities through peer-to-peer lending and borrowing facilitated by yield farming. By bridging the simplicity and accessibility of CeFi with the transparency and innovation of DeFi, Midas Investments leverages these opportunities through its custodial CeDeFi crypto investments platform, allowing its users to generate passive crypto income and work toward financial freedom. 

On Midas, investors get access to various investment products, including fixed yield strategies, automated portfolios, and CeDeFi strategies, all of which were purposefully structured, built on-chain, and managed by a team of DeFi experts. 

‘Since the launch of the Midas token (“MIDAS”) in September 2018, our team has worked incessantly to improve its utility and integration into Midas’ suite of products and the DeFi ecosystem. 

Given the active development of the Ethereum ecosystem — including the increasing number of decentralized applications and drawing in users and developers — our team has decided to migrate MIDAS from Fantom to Ethereum. This migration will open up new opportunities for the continued development of the $MIDAS token in the DeFi ecosystem, further expanding on its utility, commented Iakov Levin, the platform’s CEO, and founder.

Improving $MIDAS utility and integration

According to Iakov, Midas aims to use the migration to Ethereum as the catalyst into the next phase of evolution as a CeDeFi ecosystem. By expanding resources, the platform will create more opportunities for its users to build wealth and access passive income. There are several utility features of $MIDAS token: staking, Midas Boost Tiers, Payout Split, liquidity, and governance. 

New $MIDAS will serve both as the utility token for Midas’ platform, intertwined with every product, and a governance token for upcoming DeFi protocols. The token boosts returns on fixed yield strategies, while an amount equal to up to 10% of all payments made to users is spent on buybacks of MIDAS to create a balance between token utilization and user activity.

Besides partnering up with protocols to create structured products for Midas’ users, Midas plans to establish a DeFi protocol where token holders may present their structured proposals for tokenized CeDeFi strategies and partnerships for community voting. And finally, the performance fees collected on CeDeFi strategies will be used to buy tokens from the open market to gradually fulfill the platform’s 10-year vision of making $MIDAS a deflationary token.

The supply of $MIDAS circulating at the time of this writing is 3 million. Upon the migration, new tokens will be issued only via staking, which users may participate in through centralized and decentralized manners (with maximum supply of 5 million tokens). By this, Midas ensures a steady distribution of the token in a healthy manner without significant increases in its supply. 

More information on the token and its utility can be found in the new updated whitepaper. 

The migration process to the Ethereum blockchain was successfully finished. The first steps on the Ethereum ecosystem were to mint all the tokens on the new blockchain, launch liquidity pools on Uniswap, and launch the staking process. Currently, Midas.Investments have two liquidity pools (on Uniswap v2, and Uniswap v3) with total liquidity about $6 mln. 

To keep up with the latest news, visit the official website or follow Midas Investments on Twitter or Discord.

About Midas Investments

Midas.Investments is a custodial CeDeFi crypto-investment platform offering market-leading yields on an array of cryptocurrencies, including BTC, ETH, and USDC. Its key mission is to provide a hybrid custodial solution for investors seeking to optimize their crypto investments, generate passive income and build a strong portfolio. To achieve this, Midas.Investments combines a level of central management with decentralized finance (DeFi) solutions, resulting in the utility called centralized DeFi (CeDeFi).

Through the platform, users get access to a vast range of crypto-assets, swap features, and yield-automated portfolios, which makes Midas the go-to place for those wishing to build a robust yield-generating portfolio.

In under four years since its launch, Midas Investments has attracted more than 10,000 investors worldwide and more than 250 million dollars in Assets Under Management (AUM).

Unity Integrates Tezos Blockchain into Its Game Development Kit

Mark Brennan
-
0
Unity Integrates Tezos Blockchain into Its Game Development Kit

Unity will be integrating the Tezos blockchain into its game development engine.

Unity, a widely-used engine for game developers, has announced a partnership with open-source blockchain platform Tezos that allows the engine to integrate the Tezos blockchain in its recently-released Web3 software development kit (SDK) for developers. The SDK currently supports several platforms, including Android, Desktop, Web and iOS.

The Web3 SDK will give game developers the liberty to interact fully with the Tezos blockchain regarding data inspection and smart contract calls. Additionally, the kit also features the ability to pair blockchain wallets. This will enable game developers to authenticate blockchain credentials successfully, a report from Venture Beats suggests.

Due to its Tezos chain integration, the development kit will provide access to smart contracts on Tezos. As a result, users can access on-chain features such as virtual currency transactions, in-game asset generation, and trade involving assets in public marketplaces within the game. Users can also transfer in-game assets.

In addition, the SDK’s wallet-pairing capabilities will grant players the opportunity to authenticate their blockchain credentials in a game and carry out other actions such as authorizing on-chain transactions, having access to personal assets on the blockchain, and using these assets to procure in-game objects or services. 

The SDK has been released through the Unity Asset Store, making it the first web3 kit on the store. Developers who leverage the SDK also get the opportunity to check out the details of a developed game on the Tezos network, which could include actions such as surveilling the contents of a card or other information on the game.

Furthermore, games developed with the SDK will allow players to manage on-chain assets within the game. As a characteristic feature of blockchain technology, players are also promised actual ownership of assets procured in-game, with real-time verification through the Tezos blockchain. 

The increasing popularity of cryptocurrencies and blockchain technology has captured the interest of several industries. Notably, the gaming industry is not left behind, as several game developers and top studios have indicated an interest in blockchain.

Blockchain infrastructure platform ChainSafe Systems Inc. recently introduced its web3 development kit dubbed web3.unity. The kit seeks to provide game developers with a blockchain-based infrastructure for developing games with the Unity engine. 

Solana NFT marketplace Magic Eden disclosed plans to integrate with Polygon to power web3 gaming. The partnership with Polygon will allow Magic Eden to work alongside several game developers and IP owners in its web3 gaming initiative.

Do Kwon: TFL Is Willing To Include LUNC Community In Future LUNA Collaborations

Mark Brennan
-
0
Do Kwon: TFL Is Willing To Include LUNC Community In Future LUNA Collaborations

Do Kwon asserts support for the Terra Classic network in a recent AMA.

According to tweets from Terra Classic influencer Classy, embattled Terraform Labs founder Do Kwon has pledged support for the Terra Classic community in a recent Ask Me Anything session.

Kwon has asserted that TFL is willing to work with and include the Terra Classic community in future collaborations.

“We’re happy to include the LUNC community in many future LUNA collaborations,” Classy quotes Kwon.

In addition, the TFL founder asserted that it would continue to maintain Terra Station for the Terra Classic community putting to bed concerns to the contrary and confirming previous reports by The Crypto Basic.

“We’ll maintain Terra Station for the LUNC community as long as it takes. We’re comfortable doing it for the foreseeable future,” Kwon said per Classy’s tweets.

It is worth noting that Kwon’s statements about future LUNAv2 and Terra Luna Classic (LUNC) collaborations are potentially bullish for the Terra Classic community as it implies that more projects could build for the classic chain.

It bears mentioning that the classic network is already working to achieve technological parity with the LUNAv2 chain, with its v23 upgrade scheduled for December. Many believe the move will lead to increased on-chain activity as projects building on LUNAv2 can quickly deploy on the classic chain to attract its active community.

Per a previous report, influential Terra Classic validator LUNC DAO asserted that the future of the classic chain depends on the growth of LUNAv2.

The Elephant In The Room 

While Kwon has expressed the willingness to work with the Terra Classic community, it is not clear that the community would be willing to work with TFL.

Understandably, some community members still hold grudges against the TFL founder. While some believe he bears some culpability in the Terra ecosystem collapse or hoodwinked investors with false claims, others think the founder should have worked to rebuild the classic chain instead of launching a new blockchain.

Kwon has continued to insist on no wrongdoing while asserting that he sympathizes with investors. Kwon has expressed the belief that airdropping LUNA tokens to holders and working to establish the new chain is the best way to make investors whole.

The whereabouts of Kwon remain unknown as South Korean authorities have issued an arrest warrant for the crypto founder with unconfirmed claims of an Interpol red notice as well.

1...2,1512,1522,153...2,643Page 2,152 of 2,643