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Cardano Founder Fires Back At Vasil Hard Fork Naysayers Who Believe Upgrade Will Be Delayed Again

Mark Brennan
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Cardano Founder Fires Back At Vasil Hard Fork Naysayers Who Believe Upgrade Will Be Delayed Again

 

Hoskinson responds to skeptics.



In a tweet today, Cardano founder Charles Hoskinson has fired back at a Vasil hard fork skeptic who believes the upgrade will not go live on the scheduled date.

“You got to love how extreme the criticism gets. Better buy some good mouthwash,” Hoskinson tweeted in response to lewd comments by the Vasil upgrade detractor.

 

New Date For The Vasil Hard Fork

As reported by The Crypto Basic on Friday, Input Output Global (IOG), the development team behind the Cardano network, together with the founder Charles Hoskinson, revealed September 22 as the new date for the Vasil hard fork to go live on the main network (mainnet).

It bears mentioning that this is the third date that IOG has given for the launch of the long-anticipated upgrade. Notably, the upgrade failed to go live on projected dates in June and July due to bugs found in testing. 

In recent weeks, IOG and Hoskinson have refrained from giving a specific date for the hard fork, with IOG noting that the focus is to get things right in response to queries about the date weeks ago. However, it appears the team is now confident of the date, as it asserts that extensive testing on all core components has been carried out. In addition, all parties required to upgrade their nodes assure that they will be ready by September 22.

As reported on Thursday, IOG, in its midweek update, had revealed that it is close to reaching all set metrics to trigger the hard fork. Pooltool data shows that the final node version, node 1.35.3, accounts for 93% of blocks produced on the network, well above the 75% benchmark set by the team. In addition, several crypto exchanges are in the process of upgrading with Binance, now believed to be nearly there. Meanwhile, only one decentralized application (dApp) out of the top 10 on the network by Total Value Locked (TVL) is yet to carry out testing of node 1.35.3.

The Vasil hard fork is touted as the most significant in Cardano’s history. The upgrade is expected to improve the network’s scalability, throughput, and smart contract functionality. According to tweets from IOG on Friday, there will be no network downtime due to the upgrade, thanks to its proprietary hard fork combinator.

 

Increased Cardano Demand

Historically, Cardano upgrades increased demand for its native token ADA across exchanges. The Vasil hard fork is no different. On Thursday, the popular commission-free crypto trading platform Robinhood disclosed that it had expanded its crypto offering by listing Cardano on its platform in response to customer demand. Additionally, as reported by The Crypto Basic on Thursday, Binance.US has launched a staking program for Cardano.

 

Cardano is leading the pack in terms of gains among the top 10 cryptocurrencies by market cap. It is trading at the $0.4762 price point, up 4% in the last 24 hours and 9.94% in the previous week.

 

Shiba Inu Reveals First Concept of SHIB: The Metaverse WAGMI Temple

Albert Brown
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Shiba Inu Reveals First Concept of SHIB: The Metaverse WAGMI Temple

 

Shiba Inu unveils yet another concept for its metaverse project.


The development arm of Shiba Inu has shared details of the concept of the upcoming SHIB: The Metaverse WAGMI (We’re All Gonna Make It) Temple. 

According to a blog post today by Shiba Inu, WAGMI Temple will introduce a zen-like realm with calm meditation, natural beauty, sensation, and spiritual connections to the world. 

Shiba Inu also shared black and white pictures of the upcoming WAGMI Temple. The idea is to communicate the necessary feedback to the community, suggesting what roles the WAGMI Temple would play in Shiba Inu’s metaverse project. 

“Black and white sketches and concept artwork include a strong, physical, powerful potential, especially in abstract artwork,” Shiba Inu noted in the announcement. 

shiba inu temple in metaverse
Image source: https://blog.shibaswap.com/shib-the-metaverse-wagmi-temple-first-concept-art-reveal/

Notably, the architectural design of the WAGMI Temple was derived from different inspirations, including Beijing’s Temple of Heaven, New Delhi’s Swaminarayan Akshardham, etc.  

Shiba Inu Introduces Fireside Chats to Encourage Community Participation 

Meanwhile, Shiba Inu also disclosed that its metaverse team would introduce Fireside Chats throughout its metaverse creative process. The motive is to address all questions, ideas, and concerns from members of the SHIBArmy. 

The Fireside Chats will be hosted on Shiba Inu’s official Discord channel, with more plans made to roll out the initiative on other platforms. 

“We aim to also host some Fireside Chats on other platforms as well in the future,” the announcement reads. 

The first segment of the WAGMI Temple Fireside Chats is slated to be hosted on September 8, 2022, at 8PM EST. 

It is noteworthy that WAGMI Temple is another effort made by Shiba Inu to prove that it is no longer a meme coin but a utility crypto project. 

Breaking: Cardano (ADA) Founder Reveals Date For Vasil Mainnet Launch 

Lele Jima
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0
Breaking: Cardano (ADA) Founder Reveals Date For Vasil Mainnet Launch 

A new date for Vasil mainnet launch has been chosen by the Cardano founder and development team. 


 

Input Output Global (IOG), the research and development team of Cardano, has revealed an official date for the long-anticipated Vasil hard fork. 

In a long Twitter thread, the IOG noted that Vasil will launch on the Cardano mainnet on September 22, 2022. The development comes following the successful completion of extensive testing of all core components and community readiness, IOG said. 

“Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we, along can today announce September 22nd for the #Vasil upgrade on the #Cardano mainnet,” an excerpt of the announcement reads. 

 Notably, Cardano has fulfilled the necessary conditions for the Vasil mainnet launch, including producing 75% of Cardano’s mainnet blocks using the Vasil node candidate 1.35.3. 

Meanwhile, the announcement was also shared by Charles Hoskinson, the founder of Cardano. 

Vasil Features

Vasil is considered the most significant upgrade of Cardano since the inception of the blockchain, and it is tipped to enhance the network’s performance and roll out new features. 

The upcoming upgrade will lower Cardano’s transaction cost, boost the network’s capacity, and enhance Plutius, enabling developers to build more useful decentralized applications (dApps). 

Meanwhile, Vasil’s launch on Cardano mainnet was originally scheduled to launch in June 2022. However, the upgrade was postponed. The Vasil hard fork was pushed to a later date the following month after testers discovered a few bugs with the upgrade. 

Interestingly, the IOG is confident that all issues have been resolved and has chosen yet another date for Vasil deployment on the Cardano mainnet. 

Terra Luna Classic (LUNC) Adds Over $1 Billion to Market Cap Amid Growing Interest After Burn Proposal

Lele Jima
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0
Terra Luna Classic (LUNC) Adds Over $1 Billion to Market Cap Amid Growing Interest After Burn Proposal

Terra Luna Classic (LUNC) has had quite an impressive rally in the past week. 


The cryptocurrency has seen its price skyrocket by 81% in the past seven days and 146% in the past two weeks. 

Over the past 14 days, LUNC price surged from a low of $0.00008919 to above $0.00028268. Interestingly, this remarkable growth of LUNC’s price also saw over $1 billion added to the token’s market capitalization. 

According to data from CoinMarketCap, a total of $1.02 billion was added to LUNC’s market capitalization in the past week. At press time, LUNC boasts a market cap worth $1.61 billion, while the asset class is changing hands at around $0.00024983. 

Community Project Fuels LUNC Value

LUNC’s impressive growth comes following exciting community initiatives. Recall that after the original chain of Terra collapsed, the project’s creators sought ways to make investors whole. Terra team opted to launch new tokens despite community preference for burns. 

In what seemed like Terra’s original chain had been abandoned, investors took it upon themselves to reduce the total supply of LUNC total supply. An incineration address was created where the community can transfer their excess tokens to. The effort has so far seen over 3 billion LUNC destroyed. However, victims of the Terra collapse wanted more as they urged the Terra team to implement a 1.2% tax burn on all on-chain LUNC transactions. 

New Tax Burn Proposal for Exchange

Recently, Edward Kim made a proposal for a change in the tax parameter. Since the previous proposal could not apply the 1.2% tax on centralized exchange trading, Kim opined that the movement of LUNC between an exchange’s hot and cold wallet would be taxed. 

“[…] Depending on the mechanisms that these trading exchanges use, such as moving from hot to cold wallets, that activity can and will be taxed and burned,” Kim noted. 

Currently, the proposal is still up for discussion, with Kim planning to submit it after the necessary talks are concluded. 

Terra Team Launches New Feature for Old Chain

Meanwhile, the Terra team remembered its old chain over the week after it released a new upgrade, version V22. The latest upgrade featured a staking option and a Governance Alert Bot. Governance Alert Bot is a feature designed to inform Terra investors of all ecosystem activities. 

Own a Piece of History: FIFA Launching Blockchain Powered FIFA+ Collect Platform

Mark Brennan
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Own a Piece of History: FIFA Launching Blockchain Powered FIFA+ Collect Platform

 

Fifa+ Collect Is Coming Soon!


FIFA, the world’s largest international governing body for football, has announced the launch of FIFA+ Collect later this month. The new digital collectibles platform will allow football fans worldwide to own unique digital collectibles affordably. Fans can purchase FIFA World Cup™ and FIFA Women’s World Cup™ art, imagery, and game moments from some of the greatest historical matches.

FIFA Chief Business Officer Romy Gai said: “Fandom is changing, and football fans worldwide engage with the game in new and exciting ways. This exciting announcement makes FIFA collectibles available to any football fan, democratizing the ability to own a part of the FIFA World Cup. Just like sports memorabilia and stickers, this is an accessible opportunity for fans worldwide to engage with their favorite players, moments, and more on new platforms.”

FIFA+ Collect will release a range of initial collections and details on upcoming exclusive and limited-edition collections. With the new development, FIFA believes fans connect with the game in new and exciting ways, bringing people together from all corners of the globe.

Owning a part of the FIFA World Cup will become a reality for many with this launch. The first collection on FIFA+ Collect will be the World Cup Art Collection, which includes beautiful and exclusive digital art from some of the most iconic moments in World Cup history.

The digital collectibles will be stored on the Algorand blockchain, which was selected as the official blockchain platform of FIFA back earlier this year. Algorand was chosen for its ability to process transactions faster than many popular networks for a fraction of the cost. Further details on the FIFA+ Collect platform and the exact launch date will be announced in the coming weeks.

CryptoQuant: Bitcoin Could Still Plummet By 28% To Find A Bottom

Mark Brennan
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CryptoQuant: Bitcoin Could Still Plummet By 28% To Find A Bottom

 

How Low Will The Bitcoin Bottom Be?


CryptoQuant gives investors key price metrics to help guide their prediction of the price bottom.

In its Bitcoin weekly highlight Quicktake, released today, crypto analysis firm CryptoQuant, provides key metrics to help investors guide their prediction of a BTC price bottom.

 

The key price metrics include the realized price, the delta price, and the thermo price. The realized price is the average price at which all Bitcoin in existence last moved, which currently sits at around $21,592. As highlighted by CryptoQuant, historically, Bitcoin tends to create a bottom below the realized price, in which case, price models like delta price and thermo price are used to estimate the price bottom.

Notably, the crypto analysis company reveals that Bitcoin formed a price bottom when it touched the delta price in 2015 and 2018. It estimates that the delta price currently sits around $14,478, meaning that Bitcoin could still plummet by an extra 28%. 

“Historically, the market had reached a bottom when the price touched the delta price as in the 2015 and 2018 bear markets. The delta price indicates price could still fall by 28%,” CryptoQuant writes.

CryptoQuant notes that the last price metric, the thermo price indicated the price of the bottom in 2011. However, the firm notes this is unlikely to be the case now due to the wide gap between the thermo price and the current market price. Notably, the thermo price sits at $2,365 and, according to CryptoQuant, represents the historical price at which all Bitcoins were mined.

BlockTrends analyst Cauê Oliveira in a CryptoQuant Quicktake on Wednesday, noted that the on-chain metrics indicate that Bitcoin is forming a price bottom. However, the analyst cautioned that it might take months for sellers to get exhausted before we can see a change in the market cycle. Nonetheless, Oliveira argues that the accumulation of Bitcoin at and below the realized price using the dollar cost averaging (DCA) strategy could prove profitable in the next six months to 1 year.

While several pundits, including Rekt Capital, Glassnode, and CryptoQuant, believe that the bear cycle is only months away from ending, there remains little certainty about where this bottom will be formed. Notably, seasoned traders like Peter Brandt, Justin Bennett, and, most recently, Mac have opened up to the possibility of Bitcoin dropping below $12k.

 

It bears mentioning that Bitcoin and the crypto markets continue to underperform in the face of problematic macroeconomic conditions. The last two weekends have been especially bad for crypto as hawkish posturing from the Fed has caused the market to plunge.

However, in the face of these, adoption does not appear to be slowing down. As recently reported by The Crypto Basic, Russia is looking to approve using Bitcoin and other cryptocurrencies as payment.

Bitcoin remains below its realized price at $20,246.42, up 1.57% in the last 24 hours.

Ripple Holders Attorney Reveals How Much Hinman Was Paid By An Ethereum-Related Firm When He Was At SEC 

Mark Brennan
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0
Ripple Holders Attorney Reveals How Much Hinman Was Paid By An Ethereum-Related Firm When He Was At SEC 

More details about Hinman’s alleged conflict of interest surface.


John Deaton, the attorney representing over 72,000 XRP holders in a lawsuit against the SEC, has revealed more about Bill Hinman, a former high-ranking SEC official’s conflicts of interest regarding the oversight of cryptocurrency. 

According to attorney Deaton, despite being the head of SEC’s Corporate Finance, Hinman still received over $9 million in profit sharing from Simpson Thacher, a partner of Enterprise Ethereum Alliance (EEA). 

Attorney Deaton shared documents showing how much Hinman received in profit sharing between 2017 and 2018, the period when he made the controversial Ethereum free pass speech. 

Deaton: Hinman Flouted SEC’s Orders After Receiving Payment

In 2017, Hinman received $7.8 million in profit sharing and another $1.8 million the following year. Attorney Deaton, who has been at loggerheads with the SEC since the beginning of the lawsuit, added that the funds paid to Hinman in profit sharing prompted the agency’s Ethics Office to bar him from meeting with Simpson Thacher while he was at the SEC. 

The decision was to prevent the former high-ranking SEC official from having a conflict of interest while at the agency. This is because Simpson Thacher had ties to the EEA, an organization established to market Ethereum as an enterprise solution. Receiving any form of payment from the company could prompt Hinman to work in the law firm’s favor. 

Despite the warnings, Hinman still met with staff at Simpson Thatcher on multiple occasions, as revealed by Empower Oversight. 

“This is why there was a complete criminal bar against him having any contact with Simpson Thacher. Yet, he disobeyed the SEC Ethics Office again and again,” attorney Deaton said. 

Hinman’s Involvement in Ripple vs. SEC Lawsuit

Hinman is considered an integral part of the ongoing lawsuit between the Securities and Exchange Commission and Ripple. For months, Ripple has sought internal documents to Hinman’s 2018 speech, where he declared Ethereum a non-security. 

Ripple believes that during the drafting of Hinman’s 2018 speech, some SEC officials discussed the Silicon Valley tech company given its popularity at the time. 

However, all efforts to get the draft of Hinman’s speech have not yielded any positive results. The SEC has continuously objected to direct orders to surrender the documents to Ripple. Attorney Deaton stated that the agency would rather settle with Ripple than surrender the Hinman documents to the blockchain company.

Bitcoin Price Remains Stable As US Unemployment Rate Rises To 3.7%

Albert Brown
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Bitcoin Price Remains Stable As US Unemployment Rate Rises To 3.7%

 

Bitcoin absorbing the pressure; the price has not moved as US Unemployment Rate Rises to 3.7%.



Bitcoin remains in the consolidation phase despite several forecasts of an imminent major downtrend. This consolidation from the firstborn crypto persists, even as the recently released Nonfarm Payrolls (NFP) report suggests a rise in the U.S. unemployment rate.

The just-released U.S. NFP report indicates that 315,000 jobs were added to the American labor market in August. This value is 15k above the forecasted 300,000 jobs. Notwithstanding, the report also adds that the unemployment rate in the U.S. increased to 3.7%.

 

The unemployment rate appears to also be slightly above expected levels. There had been a forecast of a 3.5% unemployment rate, which is the same rate as in previous months. The rise to 3.5% marks the first time the American unemployment rate is seeing an increase in 5 months.

According to Colin Wu: The U.S. unemployment rate rose for the first time in five months. U.S. stock index futures rose in the short-term. Earlier, Federal Reserve Chairman Powell said that the September rate hike meeting will refer to August NFP and CPI data.”

Amidst this data, Bitcoin has remained fairly stable in its price movements. Since its crash from the $21.7k high on August 26th, BTC has maintained consolidation around the $20k support. The asset has slipped below the support on several occasions since August 26, but a quick bounce back above it has always been recorded.

Bitcoin is awaiting the next significant development to either surge above $20k or fall below the level. The asset’s direction will play a pivotal role in its next price actions in the coming weeks. 

As previously reported by TheCryptoBasic, Max Gokhman, CIO at hedge fund AlphaTrAI noted that BTC could crash below $15k if the NFP report shows higher jobs than expected. According to Gokhman, if this happens and the Fed announces further interest rate hikes, BTC could break below the $ 20k support and experience a free fall to $15k.

BTC currently trades at $20,333 at the time of reporting. The asset appears to be showing positive signs in intraday movements. It has gained by 1.58% in the past 24 hours. 

US-Based Luxury ‘Biel Watches’ Now Accepts Shiba Inu (SHIB) as Payment

Zabi
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US-Based Luxury ‘Biel Watches’ Now Accepts Shiba Inu (SHIB) as Payment

Shiba Inu adoption keeps on Growing.


Shiba Inu holders can now buy, sell and trade luxury Timepieces as US-based family-owned business Biel Watches now accepts Shiba Inu (SHIB) as a payment.

Biel Watches, a one-stop shop for all luxurious watch brands, recently announced that they have partnered with BitPay. BitPay will enable Biel Watch to accept 15 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB), from all across the globe.

Headquartered in New York, Biel Watches is a family-owned one-stop shop for all the major luxurious watch brands, including Rolex, Seiko, Omega, Tudor, Panerai, Breitling, and many more. The business also facilitates its user with consignments and trade-ins option to upgrade their timepiece.

Formerly on August 31st, the OKSE Crypto Visa Card, one of the easiest and quickest ways to spend crypto worldwide, added support for Shiba Inu (SHIB), enabling millions of visa merchants in 170 countries to accept SHIB as payment.

Shiba Inu Team Launches Shibarium Twitter Account; Silence Rumors Says “No Dates For Shibarium Released”

Zabi
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Shiba Inu Team Launches Shibarium Twitter Account; Silence Rumors Says “No Dates For Shibarium Released”

 

Shiba Inu Defense Team Comes Forward To Silence Rumors.



Shiba Inu’s Defense Breed Member, Shib Trophias, comes up with the official statement to silence the “FUD” related to Shibarium. The official Twitter account for Shibarium Network has been revealed for the first time.

Rumors about the potential launch of Shibarium Layer-2 Solution once again revived as xFUND telegram moderator named Lord Gaudy shared misinformation about the release date of Shibarium.

One of the official SHIB Defense Breed members, Shib Trophias, brings a clarification note for the Shiba Inu Community saying that no official dates for the launch of Shibarium Layer-2 Solution have been released yet, nor is anyone authorized to do this besides the Shiba Inu team itself.

“I feel that the SHIB Team needs to make a statement. No dates for Shibarium have been posted or authorized for release. xFund and their devs are the Oracle services that we have selected! We support them and know they’ll smash it out of the park!”

Further clarifying the situation, Trophias noted that the xFund is totally “separate” and has no information of any kind related to Shibarium, including “the release date, or any other information about the detailed documentation that is coming.”

Trophias assured the Community that once everything is ready, the devs of Shibarium and the SHIB team itself will post the updates on SHIB’s Official Twitter.

Shib Trophias also revealed the official Twitter account for the Shibarium network. (@ShibariumNet). He encouraged the Shiba Inu Community to follow the official account of Shibarium Network so that community can receive the official updates related to Shibarium Layer 2 Solution. At press time, over 3.3K people have already followed the account.

Last time, Unification XFUND came up with new updates about the much-anticipated blockchain project Shibarium on June 24th. In the medium article, the blockchain services provider, XFUND, announced the possible launch date for Shibarium and stated that: “the Shibarium Public Beta TestNet is planned for deployment in Q3 2022, to coincide with the FUND TestNet upgrade, which includes the much anticipated IBC/Gravity/wFUND updates.”

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