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Cardano IOG Introduces New Protocol to Reduce Energy Waste of Bitcoin and Other Proof-of-Work (PoW) Networks 

Mark Brennan
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Cardano IOG Introduces New Protocol to Reduce Energy Waste of Bitcoin and Other Proof-of-Work (PoW) Networks 

 

The IOG has introduced a new protocol to reduce PoW’s energy waste.



Cardano’s research and development company, Input Output Global (IOG), has introduced a new consensus protocol to reduce the energy waste of Proof-of-Work (PoW) blockchains. 

The protocol, dubbed Ofelimos, was introduced at the Cryptology conference by members of the IOG research team. According to the IOG, the research was jointly carried out by some of its members, including Matthias Fitzi, Aggelos Kiayas, Giorgios Panagiotakos, and Alexander Russel. 

“Today, at the leading international cryptology conference, Crypto, Input Output Global, Inc (IOG) introduces Ofelimos, a novel PoUW-based blockchain protocol whose consensus mechanism simultaneously realizes a decentralized optimization-problem solver,” IOG said. 

Ofelimos Features and Offerings

Ofelimos aims to transform PoW into a proof of useful work (PoUW) algorithm. This is mainly because the PoUW algorithm intends to solve the problem of energy efficiency. 

Notably, the new protocol introduced by the IOG will redirect the computational effort used to maintain blockchain security, as required in the PoW model, to solve other real-world problems. 

Some of the sectors Ofelimos aim to repurpose PoW computational efforts, including optimizing company logistics and event schedules. 

The IOG added that Ofelimos would tackle fraudulent miners’ behavior to direct the system to pose easily solvable problems or problems that have already been solved. 

Per IOG, Ofelimos will deploy provable security for high levels of corruption. 

“Ofelimos is only a first step towards provably secure and useful PoUW. Whereas the current work readily gives provable security for levels of high corruption, more research is still needed on the algorithmic side to provide suitable classes of optimization problems for which high usefulness can be provably demonstrated,” the IOG concluded. 

 

Rising Concerns Over High Energy Consumption of PoW Networks

The massive energy consumption of PoW blockchains, especially Bitcoin, has been a major topic of discussion worldwide. 

Both regulators and various advocacy groups have expressed concerns about the carbon footprints caused by these PoW networks. 

Based on these concerns, a lot of research and funds have been channeled toward reducing PoW’s energy consumption. 

As reported by TheCryptoBasic, Ripple’s Chairman Chris Larsen set aside $5 million to sponsor a campaign that will force Bitcoin to change its code from PoW to a Proof-of-Stake algorithm due to energy concerns.

Ethereum Largest Mining Pool Says PoW Is More Censorship Resistant, While ETHW Urges Users To Take ETH Off LPs

Mark Brennan
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Ethereum Largest Mining Pool Says PoW Is More Censorship Resistant, While ETHW Urges Users To Take ETH Off LPs

 

f2pool co-founder says it is easier to process anonymous transactions on Proof of Work (PoW).



In a tweet on Wednesday, the co-founder of f2pool, in light of recent censorship debates, noted that it is easier for block producers to process anonymous transactions on PoW than on Proof-of-Stake (PoS).

“In the discussion about PoS and PoW under regulatory pressure in the past few days, there is one key point to pay attention to: Whether the block producer can remain anonymous and package some transactions that conform to the consensus on the chain (may contain some sensitive transactions). PoW can currently do it; PoS currently has certain difficulties because of the need to mortgage the assets on the chain,” the translated Chinese text read.

In the past week, there have been several debates about the lack of censorship resistance in certain parts of the crypto space. The debates come as Circle, the issuers of the USDC stablecoin, moved to block all wallets associated with US-sanctioned Ethereum mixer Tornado Cash.

Notably, debates on how the Ethereum protocol could be censored following the Merge came up as a result. elyonverse X revealed on Sunday that 66% of Ethereum validators are susceptible to US regulatory pressure due to the platforms where they stake their coins.

However, several community members, including Ethereum founder Vitalik Buterin agree that coins of validators that agree to censor the Ethereum network should be burnt by social consensus. It is worth noting that the long-awaited migration of Ethereum from PoW to PoS is now less than a month away, with developers giving a tentative date of September 15.

While several community members are excited that it would provide a foundation for improved scalability and make the asset more deflationary, miners face possible obsoletion. Consequently, some miners have banded together to push for an Ethereum PoW hard fork.

Notably, today the team behind the hard fork urged users to take their ETHW tokens off Liquidity Providers before the hard fork. In addition, according to the ETHW Core, the team would be forced to freeze specific LP contracts to protect users from hackers.

ETHPOW currently has the support of 6 exchanges. The initiative has reached significant milestones revealing on Friday that it has removed the difficulty bomb.

Whales Activity Picking Up As Dogecoin Records $100k+ Valued Transactions Happening Daily

Mark Brennan
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Whales Activity Picking Up As Dogecoin Records $100k+ Valued Transactions Happening Daily

Whale Activity On The Dogecoin Network Is Recording High-Value Transactions Of Over $100k.


Recent analytical reports indicate a sharp increase in whale activity on the DOGE network.

The crypto market has been doing well of late, and Dogecoin is one of the few Altcoins that have gotten a boost in the process. According to a recent report by Santiment, the DOGE network seems to be attracting a lot of attention from crypto whales.

“Whale activity on altcoin networks is quickly picking up steam this week. By counting the amount of $100k+ valued transactions happening daily, we can see that DOGE, has increased their large transaction frequencies.”

Transaction Frequencies Have Switched Up

The report indicates that whales have been moving around huge amounts of Dogecoins on the network, with a good number of the transactions posting more than $100,000 worth of DOGE. This is a good indication that the network is coming of age and possibly preparing to challenge some of the bigger chains in the market.

As recently reported by The Crypto Basic, the number of Dogecoin addresses active daily has also increased by a huge margin of around 265%. That number is expected to continue increasing both in the short and long term.

Based on various reports and how the DOGE network has been performing of late as compared to other coins, the meme coin may very well be set for a bright future. For instance, the coin has received lots of support from people like Elon Musk, who has been making efforts to set up a team to advance the network. A short while back, Elon opined that Dogecoin is now capable of handling more transactions than the Bitcoin network. That could be a huge plus on the part of the meme coin going up against the pioneer and biggest crypto in the market (Bitcoin).

In another instance, billionaire investor Mark Cuban intimated that Doge is more useful than Cardano’s ADA. However, he noted that the Dogecoin network has some work to do before it can develop and transform into a platform supporting numerous huge applications.

At this time, DOGE is trading at around $0.086 and recording a 10% increase in 24 hours.

 

User Caution Required:

As reported by The Crypto Basic, the recently launched “Dogechain” On Ethereum Network has nothing to do with Dogecoin.

 

SEC Not Willing To Heed Court Orders, Files Yet Another Brief to Avoid Surrendering Hinman Documents to Ripple 

Mark Brennan
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SEC Not Willing To Heed Court Orders, Files Yet Another Brief to Avoid Surrendering Hinman Documents to Ripple 

The SEC is still not willing to surrender the draft of William Hinman’s 2018 speech. 


In a brief response filed by the SEC yesterday, the commission is still objecting to Judge Sarah Netburn’s ruling, ordering the securities regulators to surrender the documents to Ripple. 

The SEC maintained that Judge Netburn “did not get the law right.” According to the commission, the argument that because the speech reflected Hinman’s personal opinion, it cannot be privileged is built on the premise of two factual and legal mistakes. 

“That holding is based on two false dichotomies that Defendants continue to champion: (1) agency communications can only reflect either personal views or agency views; and (2) the DPP and attorney-client privilege protect only deliberations about specific agency decisions and not deliberations that reflect personal views of agency staff,” the SEC noted in its recent brief, adding: 

“Because the Orders contain clear factual errors and are contrary to law, the Court should sustain the SEC’s Objections for the reasons set forth therein.”  

 

SEC Not Prepared to Surrender Hinman’s Documents

Despite Judge Netburn denying the SEC’s motions to keep Hinman’s documents from Ripple on two occasions, the agency is still not willing to heed these orders. 

It has continuously filed objections to every order to surrender the documents to Ripple. 

Based on the SEC’s resilience to keep Hinman’s documents, attorney John Deaton, Amici’s legal representative, has speculated that the agency would rather settle with Ripple than surrender the documents. 

“Those emails, those comments are never going to see the light of day outside of the SEC office. If the SEC is forced to turn over those documents, that’s when s settlement can happen,” attorney Deaton said. 

 

Floki Inu Introduces Treasury Bills To Allow Users To Purchase FLOKI At A Discount

Mark Brennan
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Floki Inu Introduces Treasury Bills To Allow Users To Purchase FLOKI At A Discount

 

Floki Inu lovers can now purchase the token at a discount in the latest initiative.


Floki Inu reveals in a Twitter thread on Tuesday that it has partnered with ApeSwap once again to allow users to purchase the Floki Inu native token FLOKI at a discount through their new sustainable liquidity mining (SLM) program.

“We’re excited to partner with @ape_swap to allow users to purchase FLOKI at a discount using their new sustainable liquidity mining (SLM) program,” Floki Inu wrote in its tweet.

The Floki Inu team reveals that the SLM program uses yield-bearing NFTs called Treasury Bills. Users can purchase these Treasury Bills using Liquidity Provider (LP) tokens to receive tokens at a discount. Then, to create liquidity, users sell these Treasury Bills. 

Notably, the SLM program will allow users to purchase FLOKI at a discount while providing a means for Floki Inu to create protocol-owned liquidity cost-effectively and sustainably.

To participate in the program, users must visit the ApeSwap Treasury Bill website and choose the Floki-BNB Bill. Users without Floki-BNB LPs can select Get LP and create them without leaving the page.

 

Notably, several users expressed excitement at the opportunity to add to their bags at a discounted price.

At the same time, one user noted that it could carry some risks but encouraged the team to keep building.

Meanwhile, it is the second time the popular meme coin is partnering with the leading Binance Smart Chain (BSC) decentralized exchange (DEX). Last Wednesday, ApeSwap confirmed that it had partnered with Floki Inu to use its FlokiFi locker protocol. Notably, the FlokiFi locker protocol is a new security protocol built by Floki Inu to allow users to protect their assets from hacks.

In just a few days, the FlokiFi locker has received support from several DEXs, including RadioShack. Notably, the protocol features a burn and buy-back mechanism for FLOKI that will make the meme coin deflationary.

FLOKI is currently trading at the $0.00001578 price point, up 2.66% in the last 24 hours.

Top U.S.-Based Exchange to List Terra Ecosystem Tokens LUNA and LUNC 

Mark Brennan
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Top U.S.-Based Exchange to List Terra Ecosystem Tokens LUNA and LUNC 

Poloniex will start trading the tokens from tomorrow. 

Leading U.S.-based cryptocurrency Poloniex has announced that it will be listing selected Terra ecosystem tokens despite the controversies that have befallen the project in recent times. 

Poloniex noted that it would be listing Terra (LUNA) and Luna Classic (LUNC) tokens on its trading platform this week. 

According to the announcement, users can start depositing both LUNC and LUNA tokens to their Poloniex accounts from tomorrow August 17, 2022, at 4:00 AM (UTC). 

Once the exchange has gotten sufficient liquidity, it will commence trading on August 17, 2022, at 06:00 AM (UTC). The exchange added that both LUNA and LUNC tokens will be paired with Tether stablecoin (USDT) and Tron’s stablecoin (USDD). 

“We’re excited to welcome Terra (LUNA) and Terra Luna Classic (LUNC) to Poloniex,” the exchange noted in a statement. 

Terra’s Crash, Rebirth, and Controversies

The Terra project has been filled with lots of controversies since the value of UST and LUNA plunged massively in early May. 

The incident prompted many cryptocurrency exchanges, including Poloniex, to halt support for LUNA tokens in a bid to keep their users safe from the massive plunge. 

After the massive collapse of Terra tokens, TerraForm Labs (TFL), the company behind the project, created new LUNA tokens and blockchain in a bid to make investors whole again. 

The old LUNA tokens were renamed to Luna Classic, while the new ones retained the name LUNA. The new LUNA tokens were airdropped to Terra investors based on a special calculation adopted by TFL.

However, not all investors got what was supposed to be allocated to them. Notably, Terra is planning to address the issue in a new proposal created today. 

Meanwhile, despite all efforts to make investors whole, LUNA tokens have continued to plunge massively since going live. Per data on Coingecko, LUNA is down almost 90% from its all-time high (ATH), while LUNC has dipped 100%. 

Interestingly, Poloniex listing the Terra tokens may be part of an effort to make the coins available to many traders, which could bolster their value again. 

 

Ethereum’s Vitalik Buterin Hails Ukrainian Tech Society For The Bravery To Host A Web3 Hackathon

Mark Brennan
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Ethereum’s Vitalik Buterin Hails Ukrainian Tech Society For The Bravery To Host A Web3 Hackathon

 

Next month, there will be a Web3 hackathon in the Ukrainian capital, Kyiv, and Vitalik Buterin is happy about it.


Many people would expect the ongoing war in Ukraine to be a bad omen for the country’s tech society. That doesn’t seem to be the case, according to Ethereum founder Vitalik Buterin.

In a recent Twitter post, Vitalik noted that the Ukrainian tech industry would be hosting a hackathon focused on Web3 development in Kyiv next month. Vitalik was reacting to an earlier post by Ukraine’s Kyiv Tech Summit that seems to be the entity behind the hackathon.

“Looks like there’s going to be a web3 hackathon in Kyiv early next month. These people are brave.”

 

Remote Option Available For Those Abroad

Vitalik went on to note that while the event will be held in the Ukrainian capital, there will be a remote option for those who can’t make it to be there at the time. Either way, the Web3 hackathon will be happening in Kyiv this coming month.

There’s A Website

The summit organizer has set up a website for the said purpose. Anyone who wishes to join the competition or sponsor the event is free to do so via the directives on the website.

Blockchain Payment Provider Ripple Joins the List of 5000 Growing Companies in the USA

Mark Brennan
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Blockchain Payment Provider Ripple Joins the List of 5000 Growing Companies in the USA

 

Ripple Joins the 5000 List of Growing Companies in the USA.



Leading blockchain company Ripple announced Tuesday that it had joined a growing list of privately owned companies in the United States. 

In a Twitter post earlier today, the crypto payment firm said it had been listed among the 5000 winning companies in the industry on the 2022 Inc America annual list. 

“We’re honored to be recognized for our continued exponential growth on the @Inc—5000 list of the fastest-growing private companies in America,” the tweet reads. 

 

The Inc annual list of the most successful companies within America’s economically dynamic sectors represents thriving businesses despite the recent economic meltdown. It also features the most respected and fastest-growing firms within the U.S. territory. 

Scott Omelianuk, editor-in-chief of Inc, acknowledged the company’s success despite the challenges emanating from the global financial market. 

“The accomplishment of building one of the fastest-growing companies in the U.S., in light of recent economic roadblocks, cannot be overstated. “Inc. is thrilled to honor the companies that have established themselves through innovation, hard work, and rising to the challenges of today,” he said. 

Terra Launches New Proposal To Airdrop LUNA Coins to Users Who Received Incorrect Allocation in May 

Mark Brennan
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Terra Launches New Proposal To Airdrop LUNA Coins to Users Who Received Incorrect Allocation in May 

The Terra team wants to airdrop more tokens to investors who received incorrect amounts of LUNA during the project’s rebirth.



TerraForm Labs (TFL), the company behind the popular blockchain project Terra, has revealed that it has created a new proposal to airdrop LUNA from the community pool to selected users. 

The proposal dubbed Terra Phoenix Airdrop was created to airdrop 18,709,455 (18.7 million) LUNA tokens worth $36.86 million to users who did not receive the correct allocation of their tokens during the initial airdrop exercise. 

TFL to Fix Incorrect Terra Allocation

Notably, not all users affected by the collapse of Terra ecosystem tokens received the correct allocation during the initial airdrop. The issue stems from technical constraints as well as indexing issues, TFL noted. 

However, the Terra team is willing to fix the issue via the new proposal that went live on Agora today. 

“A new proposal to airdrop LUNA from the Community Pool to users who either did not receive the correct allocation of LUNA at Genesis due to technical constraints or issues associated with indexing is live on Agora,” TFL said in a tweet. 

The proposal highlighted a list of crypto wallets and their respective blockchains that will be eligible for the airdrop. Some of the blockchains include Avalanche, Binance Smart Chain (BSC), Polygon, ThorChain, etc. 

Based on the details of the proposal, the new airdrop calculation and vesting schedule will follow that of the LUNA airdrop at Genesis. However, there will be a slight adjustment to the Terra Phoenix airdrop. 

“To avoid market liquidity instability upon distribution, all LUNA airdropped to holders of less than 10k Pre-attack LUNC, any Pre-attack aUST, or any Post-attack LUNC and/or USTC will vest over two years with a 6-month cliff,” the proposal reads. 

 

LUNA Underperforms Despite Efforts to Make Investors Whole

TFL is still working round the clock to ensure investors are fully compensated for their losses after LUNA and UST suffered the biggest plunge in crypto history. 

As reported by TheCryptoBasic, TFL created a new chain and new tokens to make investors whole. However, things have not gone as the company has planned. Per data on cryptocurrency aggregator platform Coingecko, LUNA is down nearly 90% from its all-time high of $18.87. At press time, the asset class is changing hands at around $1.97. 

The Terra project has continued to face widespread scrutiny, with aggrieved investors slamming a series of class actions against the team behind the project. 

How Can a Student Start Earning Money by Cryptocurrency?

Andrew MacGill
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How Can a Student Start Earning Money by Cryptocurrency?

Over the past few years, the number of people who have made their first fortune in digital coins practically from scratch has increased several times greater. Not surprisingly, newcomers are also thinking about how to get rich off of it. But they don’t know where to start. Whether mining, investing, trading, creating or selling NFTs.

Students also want to earn money to be able to pay for all their whims and needs. You don’t want to ask your parents for money for a concert ticket or to pay a paper writer for a well-written essay. Sometimes you have to ask for professional help, even in your studies. And this is the right decision because the experts will fulfill your request responsibly

What is cryptocurrency?

Cryptocurrency is digital money based on software code. Virtual payment systems with their currencies are also called coins. All transactions in this system are protected by a cipher – a cryptographic method.

The cipher relies on the blockchain. It is a massive database of identifiers and checksums. A new approach, the essence of which is decentralization and universal control. We can explain this with the help of an example.

The database divides into blocks. In the diary example, this could be a page. And each page is linked to the previous one. A chain is being formed. The blocks have their numbers (identifiers) and a checksum, which does not allow others to see the changes. Going back to the example with the transfers, let’s say that Citizen A made a transfer for $500 and then decided to correct it for $400. The recipient, citizen B, and everyone else will notice it.

Step-by-step instructions on how to make money on cryptocurrency for beginner students

1. Mining

Produce existing cryptocurrency by computing new blocks with your computer’s power. In the past – in the early stages of crypto – the power of a home PC was enough to mine. Over time, it became increasingly difficult to get new blocks.

After all, each block is related to the previous one. You need a large amount of equipment to make calculations. So now miners create farms – complexes with lots of video cards (they are faster than processors to make calculations).

How to get started? Build a mining farm or buy a ready-made one, choose a cryptocurrency to mine, and launch a mining application.

Pros and cons:

  • Low risk: you mine coins that already have value.
  • High entry threshold – mining equipment is expensive.

2. Сloud mining

Passive cryptocurrency mining. As we said before, the equipment is expensive, and there are not enough powerful video cards for everyone. But someone buys them and needs money to develop them. They accept investments. In return, they share the mined coins with you.

How to start: choose a cloud service, sign a contract with it and wait for its fulfillment.

3. Crypto-trading

“Buy low, sell high” – a simple rule. What distinguishes the cryptocurrency market from classical trading is even greater volatility – price volatility. Is this good or bad? For the average person, bad. But for investors, it is the way to get 100% and even 1000% in just a few hours on price differences. All managers, students of prestigious universities, and even beginners are interested in it.

How to start: you need to register on one of the major crypto exchanges.

4. Holding

This investment is called a HOLD. The gist of the strategy is simple: you buy a cryptocurrency and forget about it for months or years. Then you open your holdings and sell the ones that have gone up.

How to get started: buy crypto on an exchange, digital exchanger, or another user, put it in your wallet, and wait.

You do not need to monitor exchange rates all the time. The balance of the cryptocurrency wallet remains your, conditionally speaking, passive asset, an investment.

The risk is not high. The coin may soar by hundreds of percent over the distance or not change price even at all.

5. NFT-auctions

NFT products exist in a single copy and are therefore unique. In addition, everyone can see who is the token owner, and this information is not changeable. NFT works have gained value. Example: a motion designer drew an animation and sold it. Or Twitter founder Jack Dorsey sold his first tweet at auction for $2.9 million. The new owner became the owner of the message. What did it get him? Apart from a sense of ownership, nothing. But collectors buy the original paintings by Dali and Malevich, and someone thinks that you can look at them for free on the Internet. The mechanics of NFT auctions can be more complicated than the bidding game in a classic auction. Each work can have its buying algorithm. For example, selling a painting piece by piece, and in the end, it goes to the person who collected the most mosaic pieces. Although there are also classic examples of auctions – the one who made the highest bid becomes the new owner.

How to start: register on one of the NFT platforms.

Pros and cons:

  • There is a rush in this area right now. You can make good money on it.
  • High risks: you can invest in something, expecting the next buyer to pay more, but a new bidder may never get in.

6. Crypto Lotteries

Pay $1 and win 1,000 BTC – such slogans lure lottery players. Some do pay out to winners, but this market is opaque.

How to get started: buy a ticket for one of the virtual lotteries.

Pros and cons:

  • The ticket is often cheap.
  • Can fall for cheaters, low probability of winning.

7. Creating your cryptocurrency

You have to choose whether to issue coins or tokens. The token uses the blockchain technology of another currency. It is faster to launch because the code is in the public domain. To release a coin, you have to know programming and code.

How to start: study cryptocurrency theory, think about the concept of your token or coin, and strategy to promote it and bring it to market.

Pros and cons:

  • There is always a chance of replicating the success of bitcoin or altcoins (all coins that are not bitcoin) from the top 10 by capitalization.
  • There is a low chance that the novelty will be successful. To start a worthwhile project, you need a large team of programmers, marketers, and lawyers.

8. Stacking

The idea is that speakers keep the cryptocurrency in a wallet – locking it into an account. As if placing a deposit in a bank. Not all coins are suitable for stacking, but only those with the PoS algorithm. These include EOS, BIT, ETH 2.0, Tezos, TRON, Cosmos, and others. When coins are locked in the owner’s wallet, it helps the owner mine new blocks, making transactions faster for other market participants. For this, the stacker gets his reward.

How to start? Buy coins, and lock them in the wallet with a deposit contract.

Pros and cons:

  • No need to invest in hardware as in mining – buy coins, put them in a well-protected wallet, and wait.
  • Exchange rate volatility can cause currencies to depreciate.

9. Lending

 Lend money to a cryptocurrency exchanger or individual. It is a kind of usury of our time.

How to start? Choose a reliable partner, and sign a contract with them.

Pros and cons:

  • Ability to receive passive income at an interest rate higher than of banks.
  • You can run into a “scam” and lose your investment. It is often the case with new exchanges or private lenders.

10. Crypto funds

Suitable for those who understand all the benefits of cryptocurrency, but do not want to or do not have enough time to deal with trading and other investments. You give money to the fund, it selects liquid assets, buys and sells them, and then shares the profits with you, earning its percentage. Crypto funds have different investment strategies: moderate risk or high risk.

How to get started: decide on one or more funds, and agree with them to manage your assets.

Pros and cons:

  • The opportunity to entrust your assets to competent management and make a profit.
  • Risk of fraud; some funds only practice high-risk investments.

Expert Tips

  1. Learn from mistakes, and get your kicks. The market is quick to point out where you went wrong.
  2. Find a mentor to guide you, explain, and tell you what to do.
  3. Draw up an earning strategy, stick to it and adjust it based on the market situation.
  4. Open a cryptocurrency wallet, put some free money on it and start.
  5. Don’t invest all your money in one project.
  6. The same rule applies in the cryptocurrency world as in other fields. You need to be able to understand a new topic, get into it, learn and not quit halfway through. You can ask for help from the best writing services if you don’t have enough time to focus on the field of cryptocurrency because of your study load.
  7. Choose the area of cryptocurrency that you like. It will be more interesting to dive into the topic and easier to succeed.
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