Home Blog Page 2279

Blockchain Wallet App Nufinetes Rolls Out New Features to View NFTs on Ethereum and VeChain

Mark Brennan
-
0
Blockchain Wallet App Nufinetes Rolls Out New Features to View NFTs on Ethereum and VeChain

 

Crypto Wallet App Nufinetes Launches New Features Offering Users Access to Multiple Protocols.



American-based multi-blockchain wallet app Nufinetes has launched a new feature that allows users to interact with non-fungible tokens (NFTs) built on the Ethereum network. 

Nufinetes Rolls Out New NFT Features

According to a recent press release, the new upgrade offers its customers access to view and send Ethereum-based digital artworks from selected projects. 

The Nufinetes wallet app is already configured to support and view VIMworld’s SmartNFTs on the VeChain; however, the recent update expands its compatibility across the ERC-721 NFTs, all with an easy-to-use interface.

For clarity, Nufinetes is a multi-chain decentralized wallet designed to support the Ethereum blockchain, VeChain, and the BNB Smart Network allowing users to sign transactions across multiple chains using the designated Ethereum/BSC’s Wallet Connect or VeChainThor’s signing function. 

With this function, users can also interact with several decentralized exchanges (DEXs), including the popular UniSwap and PancakeSwap, and buy NFTs from different marketplaces. According to PR:

“Users now have the ability to sign transactions across multiple blockchains. Using Ethereum/BSC’s Wallet Connect or VeChainThor’s signing function, users can interact with dApps across all networks, freely sending transactions to a blockchain of choice.”

In addition to supporting Ethereum digital artworks, the new features have upgraded security to protect users from malicious actors. 

Through the upgrade, Nufinetes allows users to export their private keys directly to external storage for backup. 

The platform also rolled out a new FaceID for iOS users, offering an additional layer of security to mobile users. An “Always Ask” feature has been added to the wallet requiring the owners to use a pin code or biometrics to unlock their devices. 

The new feature also includes a Software Development Kit (SDK) for project teams and owners to integrate their projects into the Nufinetes application. 

The SDK is already available for VeChain users and will soon be deployed to the Ethereum blockchain. 

Floki Inu Completes School in Las Marias Guatemala

Mark Brennan
-
0
Floki Inu Completes School in Las Marias Guatemala

 

Floki Inu has finished constructing the School in Las Marias, Guatemala.



The well-known meme coin Floki Inu just recently finished construction on a school in Guatemala as part of its larger initiative to construct a school in each of the world’s least developed countries.

Floki has made an official announcement that it has finished building its school in Las Marias, Guatemala.

 

The schools are built in collaboration with the international organization known as Pencils of Promise.

The Pencils of Promise is responsible for the construction of more than 580 schools, which have benefited more than 211,000 children from various regions across the globe.

Floki helped build two new classroom structures, four toilets, and one hand-washing station. They also repaired four existing classrooms that were in dilapidated condition. The school is going to serve over 600 students.

The fact that 59% of Guatemalans live below the national poverty level makes it very challenging for them to get an education of sufficient caliber. As a direct consequence, 19% of the population in Guatemala is illiterate.

The newly finished Floki school will guarantee that more children have access to excellent education in a nation where the average number of years a kid spends in school is just four.

Floki has previously stated that it is dedicated to philanthropy, education, and making a real-world effect to better future generations’ lives. The Floki Team has intentions to construct additional schools in the countries of Nigeria, Ghana, Laos, and Guatemala.

Options Traders Speculate Ethereum Price Could Significantly Dip After Merge

Mark Brennan
-
0
Options Traders Speculate Ethereum Price Could Significantly Dip After Merge

 

Futures and options are suggesting they’re expecting the price to drop after the Merge upgrade.


With Ethereum mainnet Merge around the corner, large ETH traders are taking early positions for an imminent rally in the asset class’s price after the upgrade. 

Per data compiled by cryptocurrency analytics company Glassnode, short traders are speculating that the price of ETH could rally up to $2,200 from its current $1,800 level in September, the period when the Merge upgrade is expected to be deployed. 

Similarly, traders expect Ethereum’s open interest to surge as high as $5,000. 

However, some derivative traders are expecting the ETH price to decline massively after the launch of the Ethereum mainnet Merge upgrade. 

Glassnode noted that the price drop might be similar to a “sell-the-news” type of situation. 

“Post Merge, the left tail, is pricing in significantly higher implied volatility, indicating traders are paying a premium for ‘sell-the-news’ put-option protection post-Merge,” Glassnode analysts said in a note shared by Bloomberg. 

With Ethereum Merge expected to occur soon, many miners seem unhappy about the development and have suggested that Ethereum may undergo another fork.

New ETH PoW tokens will be created once the fork is implemented. According to Marc Zeller, Aave’s Head of Developers Relations, many Ethereum investors may borrow ETH coins before the merge in order to earn more ETHPoW tokens.

This move may prompt investors to develop software bots to venture into various decentralized finance apps on the forked ETHPoW chain.

He told Bloomberg: “The second the Merge happens there will be front-running bots that will instantly find every block of POW to empty liquidity pools of Uniswap and others on EthereumPOW, The goal is to sell as many tokens as they can — to get as many EthPOW — the only asset on EthereumPOW chain that may have some kind of value.”

 

Ethereum Merge Upgrade

ETH Merge is an important process toward Ethereum’s transition from a Proof-of-Work (PoW) algorithm to a Proof-of-Stake (PoS) consensus. 

The long-awaited Ethereum Merge was initially scheduled to launch on September 19, 2022. Interestingly, Terence Tsao, an ETH core developer, said yesterday that the upgrade might occur by September 15 or September 16, 2022. 

Tsao noted that the date he shared is not certain, as there is a tendency that there could be an adjustment at the last minute. 

“Note: nothing is final until it’s in client release, so do expect changes at the last minute due to unforeseen circumstances,” he said. 

Vitalik Buterin Says ‘Fixed Number Of Ethereum Hashes Left To Mine,’ As He Confirms Possibility Of Earlier Merge

Mark Brennan
-
0
Vitalik Buterin Says ‘Fixed Number Of Ethereum Hashes Left To Mine,’ As He Confirms Possibility Of Earlier Merge

 

Vitalik Buterin Says The Merge date depends on the hash rate.


Vitalik Buterin, one of Ethereum’s co-founders, today announced that the terminal total difficulty (TDD) had been set to the value of 587500000000000000000000000 (23 zeroes). This indicates that about a fixed amount of hashes are left to be mined throughout the Ethereum PoW network.

Vitalik also said that the precise date of the merging is dependent on the hashrate, so it is quite possible that the merge may take place before the suggested date of September 15th as soon as the remaining number of hashes are mined.

“The terminal total difficulty has been set to 58750000000000000000000. This means the ethereum PoW network now has a (roughly) fixed number of hashes left to mine. bordel.wtf predicts the merge will happen around Sep 15, though the exact date depends on hashrate.”

 

As reported by The Crypto Basic, Terence Tsao, the Ethereum protocol developer, disclosed that the mainnet merging of Ethereum may take place sooner than was previously anticipated (Sep 19th). He said that the integration of Ethereum’s Proof-of-Work (PoW) to Proof-of-Stake (PoS) would most likely take place on September 15 or 16, 2022.

After Wazir X India Freezes Vauld Exchange Assets Worth $46.5M

Mark Brennan
-
0
After Wazir X India Freezes Vauld Exchange Assets Worth $46.5M

 

India’s government has frozen $46.5 million in Vauld exchange assets.



Local media in India cited anonymous sources to report that on Thursday, the country’s Enforcement Directorate (ED), the country’s economic crime section, froze assets valued at $46.5 million from the faltering crypto exchanger Vauld.

This new development comes only a few days after the ED restricted over $8 million worth of bank assets belonging to Sameer Mhatre, the director of the cryptocurrency exchange WazirX, in connection with an investigation into money laundering.

Vauld exchange is already experiencing financial difficulties since temporarily freezing all deposits and withdrawals on the platform in July.

The Enforcement Directorate (ED) is launching an investigation into money laundering against several Indian Non-Banking Financial Company (NBFC) firms and its fintech partners for engaging in predatory lending practices in contravention of the standards established by the RBI, as well as for using tele-callers who abuse personal data and use abusive language to extort excessive interest rates from loan takers.

The RBI and crypto

In related developments, a recent Bloomberg article reported that the crypto winter caused by the collapse of the Terra may have persuaded the Reserve Bank of India (RBI) that its dismissive approach against crypto is warranted.

The Reserve Bank of India has always had an issue with cryptocurrencies, as is abundantly evident.

In 2018, the Reserve Bank of India issued instructions to banks that they were not to serve clients who traded in digital currencies. The Supreme Court’s decision in 2020 that the RBI’s restriction violated the constitution was against the business community.

According to the article from Bloomberg, if the ED gets involved in a few more crypto projects, it may be able to bring about the crypto shutdown that the RBI has been hoping for for a long time.

ASIC Chairman “Very Concerned” As Crypto Becomes Australia Second Best Investment Choice

Mark Brennan
-
0

 

ASIC Chairman “Very Concerned” About Australia’s Crypto Investment Choices.


 

The chairman of the Australian Securities and Investment Commission (ASIC), Joseph Longo, has recently voiced concern about the growing number of crypto investors in the country. 

According to a survey conducted by ASIC in November 2021 to determine the attitudes of retail investors during the COVID-19 pandemic, nearly half of the 1,053 people investigated are holding cryptocurrencies. 

The research revealed that 44% of the total investors surveyed are involved with virtual assets, making it the second largest investment of choice for investors after the Australian Shares. 

In addition, a recent study revealed that a quarter of the Australian investors who own cryptocurrencies noted that it’s their only investment. 

Based on the poll, just 20% of crypto owners considered themselves “risk takers,” raising the question of whether the investors are aware of the volatile nature of cryptocurrencies coupled with the risks associated with crypto investments. 

The ASIC report noted that some of these investors surveyed (41%) got their information regarding the asset class on social media platforms like YouTube and Facebook, and only 13%  consulted financial experts. 

Looking at the number of crypto investors in the country, the financial regulators are concerned about the inherent nature of cryptocurrencies because digital assets are not fully regulated in the region. 

The financial watchdogs are yet to establish a comprehensive regulatory framework to guide the use of cryptocurrencies in Australia.

“We are concerned about the number of people surveyed who reported investing in unregulated, volatile crypto-asset products,” said Longo. 

The ASIC chair noted that the surveyed data calls for stronger digital asset regulation to protect investors and consumer interests from the risks involved with virtual currencies. 

ETHPOW Removes Ethereum Difficulty Bomb, Reject The Idea Of Migrating To ETC

Mark Brennan
-
0
ETHPOW Removes Ethereum Difficulty Bomb, Reject The Idea Of Migrating To ETC

 

Ethereum Proof-of-Work (PoW) Faction Rejects The Idea Of Migrating To ETC, Reveal Key Milestones.



EthereumPoW group calls the Ethereum Classic network a big baby.

In a scathing open letter addressed to the Ethereum Classic (ETC) cooperative by the EthereumPoW faction today, the miner-led EthereumPoW group said it has no plans to migrate to the ETC network. As it says, the chain has failed to mature in over five years since the hard fork in 2016, likening it to a big baby.

“ETC has not grown since its birth. In the past four or five years, it has stood still, stagnant, and failed to establish any ecology. It is conceivable that ETC will continue to be a giant baby in the future. ETC has not been able to attract the computing power pool in the past, and naturally, it will not be able to undertake the computing power pool that was abandoned by ETHPoS in the future,” the group writes.

It is worth noting that while people like Ethereum founder Vitalik Buterin have urged PoW lovers to move to ETC, the move is easier said than done for miners. Ethereum currently has a computing power of 996 TH/S, as pointed out by the miners, while ETC’s stands at only 27 TH/s. This implies that at current levels, ETC can not practically absorb all of the mining power of Ethereum.

Additionally, the group goes on to outline that it has achieved several milestones and is undeterred by the naysayers. According to the letter, EthereumPoW has gotten rid of the difficulty bomb, updated the chain ID, and added replay protection at its current testing node. The group also notes that it has successfully garnered the support of 6 exchanges, expressing confidence that it would achieve its aims in time for the Merge in September.

It is worth noting that The Crypto Basic has previously reported that BitMex and Poloniex are amongst the exchanges that have shown support for the EthereumPoW hard fork as miners band together in the face of the upcoming Merge. Furthermore, Poloniex has already launched trading for ETHW, the token for the PoW fork, as Poloniex’s chief Justin Sun continues to support the PoW push.

Meanwhile, Buterin has asserted that he is not bothered by a PoW hard fork but warns about the interest driving the push for it as he claims that most of these people are trying to make a quick buck. Notably, the PoW push has failed to garner support from stablecoin issuers Circle and Tether.

However, the Ethereum Merge continues to edge closer, as just yesterday, developers successfully finalized the Merge on the final testnet. Moreover, developers are optimistic that the Merge could happen sooner than expected. Ethereum continues to trade just below the $1,900 price point.

Huobi Japan To Distribute Flare Tokens to Ripple (XRP) Holders

Mark Brennan
-
0
Huobi Japan To Distribute Flare Tokens to Ripple (XRP) Holders

 

The cryptocurrency exchange has given conditions for the tokens’ distribution. 


Huobi Japan said in a press release that it has “decided” to distribute Flare Network tokens (FLR) and Songbird tokens (SGB) to XRP holders. 

According to the announcement today, the exchange said it would soon communicate the date and time of the tokens’ distribution to its users. 

Beneficiaries of the Flare Airdrop

The FLR and SGB giveaway will be distributed to XRP holders who held XRP in their Huobi Japan account at the date of the snapshot, December 12, 2020, at precisely 9:00 (Japan Time). 

The tokens will be distributed to XRP holders who meet the requirements using a 1:1 ratio. 

For instance, a Huobi user with 500 XRP at the time of the snapshot will receive 500 units of Flare and Songbird tokens when the airdrop commences. 

Not All XRP Holders will Receive the Airdrop.

Huobi Japan noted that an XRP holder could be excluded from the FLR distribution even if their accounts were included in the snapshot. Some circumstances that may exclude some Huobi XRP traders from receiving the FLR rewards include customers whose accounts have been canceled or frozen, customers who executed a trade during the time of the snapshot, and customers whose deposits did not reflect at the time of the snapshot. 

Furthermore, Huobi Japan said it would not distribute the FLR tokens to users believed to be involved in the fraudulent practice. 

Flare Network Tokens Airdrop

The distribution of FLR and SGB tokens has been a major topic of discussion for over a year. It is worth noting that the airdrop is a method the Flare Network team wants to use to distribute its ecosystem tokens. 

Flare Network does not intend to carry out an Initial Coin Offering (ICO) for its digital currency; instead, it chose to airdrop the tokens to XRP holders. 

Out of the 100 billion FLR total supply, Flare Network said it would distribute 45 billion to XRP holders. As reported by TheCryptoBasic, Flare Network noted that it will commence the distribution of FLR after completing the upgrade of Songbird. 

“With the final two protocols [of Songbird] required before Flare launch, [it] will allow us to proceed to Flare launch. A full roadmap to Flare launch will be released in the coming weeks,” Hugo Pilion, Flare Network CEO, said. 

Alleged Developer of Tornado Cash Arrested In Netherlands

Mark Brennan
-
0
Alleged Developer of Tornado Cash Arrested In Netherlands

 

Dutch police have detained a person accused of developing Tornado Cash.



The Netherlands’ Fiscal Information and Investigation Service (FIOD) has just recently made an arrest in Amsterdam of a man accused of participating in the concealment of illicit cash transactions and the facilitation of money laundering via the mixing of cryptocurrencies using the decentralized Ethereum-based mixing service Tornado Cash. Additionally, the individual is said to have created Tornado Cash.

FIOD launched a criminal investigation on Tornado Cash in June. The agency claims to have evidence that the platform has been used to hide massive illegal cash transactions, such as those resulting from the cyber theft of cryptocurrency. 

The majority of this money was obtained via hacking wallets and is thought to have originated in North Korea. Since its inception in 2019, Tornado Cash has generated at least $7 billion in revenue, FIOD says. According to the investigation, the mixer processed at least a billion dollars worth of stolen cryptocurrencies.

On Monday, 8th August, the US government added Tornado Cash to the OFAC sanctions list of America.

Ethereum Founder Kicks MakerDAO Proposal to Use Ethereum As Major DAI Collateral

Mark Brennan
-
0
Ethereum Founder Kicks MakerDAO Proposal to Use Ethereum As Major DAI Collateral

 

Ethereum founder Vitalik Buterin says using ETH as the main collateral for DAI is a terrible idea.


With MakerDAO’s founder, Rune Christensen proposing that its stablecoin – DAI – may be collateralized by ETH, Vitalik Buterin, the co-creator of Ethereum, is strongly against the move. 

According to Yearn Finance core developer @banteg, MakerDAO is considering converting $3.5 billion worth of USDC to Ethereum (ETH). 

“MakerDAO is considering a $3.5 billion ETH market buy, converting all USDC from the peg stability module into ETH,” @banteg tweeted. 

MakerDAO believes the move will help it move away from heavily using a centralized asset like Circle’s USDC as collateral for DAI stablecoin. 

Buterin and MakerDAO Community Against the Proposal

However, the proposal to depeg DAI stablecoin from the U.S. dollar has been heavily criticized by members of the MakerDAO community. 

They fear a repeat of the Terra incident, which could be disastrous not only to the MakerDAO ecosystem but to the entire crypto market. 

Interestingly, Buterin also thinks using ETH as collateral for DAI is a terrible idea. Per Buterin, DAI may lose its collateral value if the price of ETH coin drops massively. 

Ethereum Co-Creator Proposal to Rid MakerDAO’s USDC Dependence

Additionally, Buterin proposed that MakerDAO can proffer solutions to its USDC dependence issue by placing a max limit on non-ETH collateral. 

“Personally, I think no single type of non-ETH collateral should be allowed to exceed 20% of the total. Maybe even limit it to max 20% in any single jurisdiction,” he said. 

Buterin further added that MakerDAO might consider distributing DAI collateral into different assets. 

“19% usdc, 19% some euro thing, 19% something out of Singapore?”

Why MakerDAO Wants to Convert Its USDC Funds to ETH

Recent developments in the cryptocurrency market have prompted Christensen to consider moving away from USDC as DAI collateral and converting its existing USDC holdings to ETH. Thus, making Ethereum the major collateral of DAI stablecoin.

Following the OFAC sanction of crypto mixer Tornado Cash and the subsequent freezing of funds sanctioned by Circle, MakerDAO expressed concerns over its heavy dependence on Circle’s stablecoin USDC.  

It is noteworthy that over 50% of MakerDAO stablecoin is collateralized by USDC. Based on this, Christensen fears that if its USDC address is sanctioned and Circle is forced to freeze the funds, the DAI stablecoin may lose its peg to the dollars. 

1...2,2782,2792,280...2,636Page 2,279 of 2,636