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Polkadot And Chainlink Created An Alliance To Develop The Defi industry

Mark Brennan
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Polkadot And Chainlink Created An Alliance To Develop The Defi industry

The Polkadot Project, with the participation of Chainlink, created an Alliance to attract developers of Defi applications that are ready to use the Polkadot blockchain and the modular Substrate architecture.

The Alliance’s founders include Oracle provider Chainlink, technology solutions provider Plasma Network, tidal Finance, a decentralized insurance company, and non-custodial automated market maker Polkaswap.

The Alliance began accepting developers’ applications using the Polkadot network or the Substrate infrastructure, which allows them to create their blockchain for various applications. 

Polkadot also announced it would launch the “Thousand validators” program to increase the number of network validators provided with the necessary support. 

Chainlink is ready to contribute to the development Of Polkadot’s decentralized financial applications. By helping developers using the Polkadot blockchain to create Defi protocols, this ecosystem will only gain strength, ” said Dan Kochis, head of business development at Chainlink. 

The initiative resembles a program that was launched at the beginning of the year for the Kusama blockchain. In February, Kusama had 180 nodes, and today it has about 700 active validators, with 393 nodes. The Polkadot network operates with a total of 249 validators. This suggests that many market participants prefer to interact with third-party service providers.

According to a recent study by the Block, Polkadot has become the most popular network for staking. The head of the Spartan Black cryptocurrency Fund suggested that Polkadot will enter the top three most popular blockchains in a year. The Polkadot blockchain will not directly compete with Ethereum due to differences in structure, but it will solve the problem of high transaction fees.

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Tether (USDT) Ban In The US?-New Law Could Ban All Stable Coins

Mark Brennan
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Tether (USDT) Ban In The US?-New Law Could Ban All Stable Coins

Stable coins are a necessary component of the crypto world. Above all is Tether (USDT), with a market capitalization of nearly $ 20 billion. Stable coins are a digital image of fiat currencies and make it possible to store capital while preserving purchasing power. A newly introduced bill in the USA could now lead to a ban on stable coins.

Tether ban in the US? – The Stable coin Act

Our article is based on a December 2nd press release posted on the US Congressman Rashida Tlaib’s website. It shows that MP Tlaib, in collaboration with Congressman Jesús Chuy García and the Task Force for Financial Technology board, drafted a bill to regulate stable coins.

The draft is called The Stable coin Tethering and Bank Licensing Enforcement (STABLE) Act. All information on the draft can be found under the following link: Stable Act.

What are the proposed draft regulations?

If the draft turns into actual law, the effect can be described in one sentence: All stable coins, such as Tether, are then illegal and therefore not allowed in the USA as long as they do not have explicit approval by a competent authority.

The exact wording is:

It is illegal for any person to begin a stable coin or a stable coin-related product, provide a stable coin-related service, or otherwise engage in any stable coin-related commercial activity carried out by any person may be issued without prior and ongoing written approval from the relevant Bundesbank agency, and the Board of Governors of the Federal Reserve System.

In short: such a law would lead directly to the Tether ban and, of course, also affect other stable coins.

Congresswoman Tlaib, who is also the author of the draft, commented on the Stable coin Act on Twitter.

 

She is proud to present the draft and, above all, wants to protect that part of the population who has no access to regulated financial services and therefore has to use stable coins.

The reaction of the crypto community is strongly adverse.

Meltem Demirors from CoinShares commented on the draft law and affirmed that cryptocurrencies were designed specifically for those who are excluded from the traditional banking sector. And it is precisely these people that cryptocurrencies help because of their easy access and low transaction costs.

Other congressmen, such as Tyler Lindholm, also reject the draft conceived by Tlaib. Lindholm said on Twitter:

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Defi Project Compounder Finance Stole $10.8 million Users Funds

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Defi Project Compounder Finance Stole $10.8 million Users Funds

Anonymous developers withdraw user funds a month after the start of the project.

The developers hid a smart contract feature that allowed them to withdraw funds from liquidity pools to third-party wallets. Thus, $750,000 in Wrapped Bitcoin, $4.8 million in Ethereum, and $5 million in DAI were stolen, as well as small amounts of other tokens.

The Creator of the Compound Finance landing Protocol, Robert Leshner, called this one of the largest incidents in terms of stolen funds in the field of decentralized finance. The smart contract was launched on November 10, and users accumulated cryptocurrency for about a month.

One of the investors said that he invested $1 million in the project, now he is offering $50 thousand for information that would help return the stolen funds. 

The price of Compounder CP3R’s token has fallen by 99%.

The project was audited by Solidity Finance, which was supposed to guarantee users’ funds security. The company said that they pointed out the possibility of withdrawing cryptocurrencies in early November and showed their concern to the project developers. Later it turned out that they deliberately created this problem and took advantage of it.

S&P Dow Jones To Launch Index For Cryptocurrency In 2021

Mark Brennan
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S&P Dow Jones To Launch Index For Cryptocurrency In 2021

S&P Dow Jones Indices, the financial data provider of S&P Global Inc, announced that they would launch cryptocurrency indexes in 2021. This makes them an influential finance company to enter the cryptocurrency world.

New York-based crypto company Lukka provides the exact price data for S&P DJI. As the cryptocurrency asset market has continued to grow in recent years, investor interest in index-based cryptocurrency solutions has increased. Showing an increasing interest in reliable price data for institutions.

S&P customers will be able to work with the index provider to create custom indices and other cryptocurrency benchmarking tools, S&P and Lukka said. It also states that S&P and Lukka hope that more reliable price data will make it easier for investors to access cryptocurrency and reduce some of the highly volatile and speculative market risks.

“Digital assets like cryptocurrency are becoming rapidly emerging asset class, the time is right for independent, reliable, and easy-to-use benchmarks,” said Peter Roffman, a global head of innovation and strategy S&P Dow Jones Indices.

This does not mean that the Dow Jones or the S & P500 includes crypto indexes, but they can offer cryptocurrency-based indices to other exchanges. This means that if crypto is provided with the world’s best-known index providers, investors could have easier exposure and more trust in crypto.

This partnership with S&P DJI is a milestone that can bridge the gap between cryptocurrencies and traditional financial services.

Cryptocurrency has been around for more than a decade and has attracted more interest from major financial companies in recent years. Major companies, including Fidelity Investments and Japan’s Nomura Holdings Inc, have begun to store bitcoins and other cryptocurrencies for institutional investors, while major exchanges have started to offer bitcoin derivatives.

The emergence of a more mainstream market infrastructure makes bitcoin more accessible to institutional investors. Hedge fund managers such as Paul Tudor Jones and Stanley Druckenmiller say they have incorporated bitcoin into their broad investment strategies.

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LTO Network Works With The United Nations on Land Registry In Afghanistan

Mark Brennan
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LTO Network Works With The United Nations on Land Registry In Afghanistan

LTO Networks writes on their blog that they are opening a blockchain land registry together with two United Nations Working Groups this month.

Starting in Afghanistan

The United Nations Office of Communication and Information Technologies (UNICT) and the United Nations Habitat (UN-Habitat) agreed in September 2019 to create a blockchain framework. This would support a digital land registry known as the goLandRegistry. The first country to deploy this project is Afghanistan. 

Under the terms of the agreement, the two UN entities cooperated with LTO Network, a hybrid blockchain for securing, verifying, and exchanging information. In this case of land rights, LTO Network’s blockchain technology is used for the Application, Registration, and documentation of property in Afghan municipalities.

The goLandRegistry blockchain solution aims to maintain accurate ownership data for the 2.8 million land parcels in Afghanistan, each recorded separately using LTO Network technology. Landowners can then demonstrate the authenticity of the document through the open-source blockchain verification tool. 

Although the initiative is good for Afghans facing land ownership problems and land robbery, Forbes Magazine says the impact is questionable. They write that the land ownership of Afghanistan should be seen as a geopolitical struggle. Some municipalities are controlled by the government, the Taliban, or disputes between both parties. 

This is why Forbes has low expectations of the goLandRegistry initiative. Without enough stability in a country, it will be challenging to enforce a blockchain standard for land registration in developing countries.

Forbes concludes that the problem certainly does not lie with the technology developed, but with such an initiative’s timing. Significantly when large land areas are disputed and not controlled by the Afghan government, goLandRegistry can’t much help with strategic urban planning, municipal finances and improve citizens’ representation.

Rick Schmitz, the CEO of LTO Network, is far more positive than Forbes.

We believe that the future for cadastres lies in hybrid blockchain solutions that allow an optimized and decentralized exchange of data between stakeholders in the cadastral process, without the need for expensive IT revisions, simply by linking APIs. LTO Network will enter the Defi realm with the introduction of microfinance as our next step in this important project. Land purchase made possible by microfinance, based on the LTO Network. With this project, we propose a more accessible and transparent way of land ownership.

LTO Networks expects other developing countries to join the pilot by 2021.

The dollar exchange rate of the LTO network responds positively to this news. The currency has gone up 18% on Binance in the last 24 hours.

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PayPal CEO Said Cooperation With Regulators Is Mandatory For World Wide Crypto Adoption

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PayPal CEO Said Cooperation With Regulators Is Mandatory For World Wide Crypto Adoption

PayPal CEO Dan Schulman believes that the cryptocurrency industry will not grow without the regulator’s approval.

Shulman said this at the online Web summit, dedicated to digital payments and other global financial industry issues. 

Shulman urged cryptocurrency firms and virtual asset service providers to work closely with the government so that the authorities do not interfere with the development of cryptocurrency projects but, on the contrary, can assess the benefits of digital currencies.

According to Shulman, regulatory compliance, user funds security, risk management and financial controls are fundamental to providing services in the cryptocurrency industry.

“There is only one way to large-scale adoption of cryptocurrencies, to work hand in hand with FinCEN and other regulators. Without this, all attempts to enter the international arena and stay on it will fail,” Shulman said.

PayPal has already received Bitlicense from the New York State Department of Financial Service, allowing it to provide cryptocurrency services to the state’s residents. Shulman added that PayPal is committed to meeting standards and building strong relationships with regulators. Shulman is convinced that special attention should be paid to combating money laundering while contributing to people’s financial well-being when working with digital assets.

PayPal added the ability to buy, sell and store cryptocurrencies for American users. However, a few weeks later, PayPal customers complained about their accounts being blocked due to frequent cryptocurrency transactions using Paypal.

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Visa Partners With Circle Owned Stable Coin USDC For Corporate Credit Cards

Mark Brennan
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Visa Partners With Circle Owned Stable Coin USDC For Corporate Credit Cards

Visa is partnering with Circle, the company behind the USDC stable coin. The announcement is another step by the payment giant into the crypto world and is good news for overall Crypto adoption.

Stablecoins are cryptocurrencies whose value is linked to fiat currencies. These can be all kinds of currencies, but by far, the largest stablecoins are related to the US dollar. Stablecoins make it fast and straightforward to buy cryptocurrency, which makes them extra interesting for traders. Stable Coins are also beneficial for international transactions.

USDC is the second-largest stable coin in the market with a market cap of nearly $ 3.1 billion. Circle’s stable coin is based on the Ethereum (ETH) blockchain. Tether’s USDT is by far the largest with a $ 19.3 billion market cap. The collaboration with Visa could provide a nice boost for USDC.

The plan is to issue a corporate credit card that will allow companies to use USDC tokens. Visa’s head of crypto, Cuy Sheffield, told Forbes, “This will be the first corporate card that allows companies to spend USDC balance.”

In the long term, this cooperation will ensure easy international payments with USDC stable coin. This partnership will extend the USDC approach to 60 million companies’ payment networks already using VISA.

The Circle is part of Visa’s Fast Track program, which aims to prepare crypto companies to join Visa’s network. For Visa, entering the crypto world makes sense, Sheffield said:

Visa is aiming to expand its network by cooperating with stable coin networks like USDC. Such cooperation values so much for cryptocurrencies. Crypto will get more exposure with the aid of such financial giants, as a result, cryptocurrencies will be more adopted worldwide.

 

Ripple Whale David Schwartz: CTO Reveals His Crypto Portfolio

Mark Brennan
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Ripple Whale David Schwartz: CTO Reveals His Crypto Portfolio

What does Binance CEO Changpeng Zhao’s portfolio look like, and which cryptocurrencies does Ripple CTO David Schwartz hold? Even if such questions have no impact on cryptocurrencies, it is still interesting to see the giant whales’ portfolio.

In a recent series of tweets, Ripple CTO David Schwartz spoke about his crypto portfolio. Schwartz exposes how many XRP he owns and what his relationship to Bitcoin and Ethereum looks like.

There is probably no doubt that David Schwartz, as Ripple CTO, owns a large amount of XRP.

In a tweet written last week, Schwartz revealed he owned more than 1 million XRP. He didn’t want to show the exact number. What is certain is that the amount he holds is between 1 million and 10 million XRP.

Schwartz has assets of $ 660,000 up to $ 6.6 million in XRP.

Bitcoin sold for $ 750 and ETH for $ 1

The majority of readers have probably made one or many investments in cryptocurrencies that they regret today.

Schwartz said he lost near as much as he was already making from cryptocurrencies. The total loss amounts to around 300,000 dollars.

Even experts make mistakes and lose money. It is essential to carry out detailed research before investing.

Schwartz also said he spoke to his wife about some consolidation plans. In other words, a strategy that should secure some assets and contain less risky investments.

Schwartz sold Bitcoin for $ 750, Ethereum for $ 1, and XRP for $ 0.10.

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Ethereum 2.0 Is Online, A New Milestone Achieved-But Why Ethereum Price Is Still Down By 11%?

Mark Brennan
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Ethereum 2.0 Is Online, A New Milestone Achieved-But Why Ethereum Price Is Still Down By 11%?

The Ethereum 2.0 mainnet beacon chain, which is full of expectations, was finally launched yesterday night. Just as the crypto community was celebrating with joy, Bitcoin’s trend started to show downward momentum. And as always, the decline of Ethereum was even more significant than that of Bitcoin.

After Bitcoin hit an all-time high on Coinbase yesterday, Bitcoin’s price dropped sharply by more than 9% in just a few hours. 

With the Ethereum 2.0 network’s upgrade, which should be bullish for the ETH price, the Ethereum still fluctuates with the market, with a sharp correction of over 11%, which surprised many traders.

Ethereum 2.0 is the most significant upgrade in the history of the network. The ultimate goal is to solve network scalability issues through technologies such as sharding.

Before the upgrade, Ethereum processed about 15 transactions per second. According to Vitalik Buterin’s previous statement, if Ethereum 2.0 Phase 1 can be successfully launched in 2021, shard storage will be added by then, and DApps can use shared storage. Get the performance improvement of processing 100,000 transactions per second.

The shard chain will initially deploy 64 shards. The network at this stage is designed to be highly experimental. 

Phase 0 aims to test the proof-of-stake infrastructure without involving any other essential economic activities, and phase 1 intends to experiment the primary sharding model.

At this stage, there will essentially be 65 parallel blockchains, stage 0 beacon chains, and 64 new shard chains. There will be two-way communication and credit channels between Beacon Lian and all 64 shards.

At Implementation stage , major economic activities, not including pledges and smart contracts, will operate on the network. Sharding will no longer be just a basic data container but will have functions similar to Ethereum 1.0, such as virtual machines and smart contracts. 

Detailed specifications for this phase have not yet been finalized, and a lot of development work is required to make the network fully prepared for phase 2.

Since the market is more inclined to Buy on the rumor and sell on the news, Ether’s retracement may have long been traced. For example, at the end of last month, when there was news that Ethereum 2.0 is confirmed, Ethereum also dropped sharply from US$620.

Ether fell by 11% in just two hours last night, which surprised many traders. They believed that the importance and influence of this network upgrade should be given to Ethereum. 

After the release of the beacon chain, industry executives are also very optimistic about the medium and long-term growth trajectory of Ethereum and believe that this is expected to drive the overall market’s confidence in Ethereum. Joseph Lubin, the co-founder of Ethereum and founder of ConsenSys, believes that Ethereum 2.0 and Proof of Stake are milestone upgrades.

The Ethereum 2.0 beacon chain is a symbol of the spirit of open source. It first attracted many followers of Ethereum. Now, more than 27,000 validators from around the world are participating in the new Ethereum 2.0 consensus model. It proves that Stake’s implementation is a considerable upgrade to the encryption economic incentives and has made Ethereum an automated and objective trust foundation.

The analysis predicts that Ethereum will have a more substantial correction in the short term because when Bitcoin suddenly fell, the futures market suffers a huge impact, causing severe damage to the entire derivatives market. An anonymous trader named TraderKoz said it would become noticeable once Ether is consolidated above $620. If the correction continues, the short term’s fundamental support level will be at the $561 level.

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Pizza Hut Now Accepts Bitcoin As A Payment Method.

Mark Brennan
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Pizza Hut Now Accepts Bitcoin As A Payment Method.

Acceptance of Bitcoin as a payment method is growing in South America. After Burger King and Church’s Chicken, it is Pizza Hut’s that now accepts Bitcoin as a payment.

For a year now, the Venezuelan government is developing a real cryptocurrency economy. Due to the high inflation of the country, Bitcoin acts as a safe haven.

Bitcoin is increasingly becoming a means of payment. The acceptance of cryptocurrency in major international brands can attest to this. Burger King, Church’s Chicken, and now Pizza Hut are examples.

The move of Pizza Hut is a result of the partnership between CryptoBuyer, Mega Soft, and Pizza Hut. 

Richard ElKhouri, Senior Manager of Pizza Hut, said.

“Pizza Hut today cannot stay away from these technological advances and all those that incorporate new approaches to daily needs,” 

Pizza Hut does not directly collect Bitcoin or other cryptocurrencies from customers. Customers will make payment through, CryptoBuyer. Cryptobuyer will deal all crypto payments for Pizza Hut.

Crypto Buyer supports more than 20,000 stores and different cryptocurrencies. Bitcoin joins a list that also includes Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ethereum (ETH), Tether (USDT), Dai (DAI). CryptoBuyer additionally offers its token, XPT.

Cryptobuyer offers a cryptocurrency payment platform with its headquarters in Panama. The startup also manages Bitcoin distributions in South and Central America.

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