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Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework

Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework

Lawmakers in the U.S. have introduced the Digital Commodity Exchange Act of 2020 to create a single, national regulatory framework for cryptocurrency trading platforms, including those that trade bitcoin, ether, their forks, and other cryptocurrencies. On the same day, the Securities Clarity Act was also introduced.

Digital Commodity Exchange Act of 2020

The bill entitled “Digital Commodity Exchange Act of 2020 (DCEA)” was introduced by U.S. House Agriculture Committee Ranking Member Michael Conaway on Thursday. He explained that the proposed legislation “creates a single, opt-in national regulatory framework for digital commodity trading platforms under the jurisdiction of the Commodity Futures Trading Commission (CFTC).” The bill is supported by lawmakers Austin Scott, Dusty Johnson, Tom Emmer, David Schweikert, and Darren Soto.

According to the bill summary provided by Conaway, the legislation aims to “fill in the regulatory gaps” that exist between the CFTC and the U.S. Securities and Exchange Commission (SEC) in digital asset markets, adding:

It creates a framework to regulate trading venues which list emerging digital commodities, such as bitcoin, ether, their forks, and other similar digital assets, for public trading.

It also provides “a regulated process for presold digital commodities to become publicly available for trading,” the summary document details.

Under the proposal, a registered Digital Commodity Exchange (DCE) would be subject to CFTC oversight and regulations, including the “monitoring of trading activity, prohibition of abusive trading practices, minimum capital requirements, public reporting of trading information, conflicts of interest, governance standards, cybersecurity, and more. Exchanges would also be subject to limitations on which digital commodities they would be permitted to offer for trading.”

Conaway added that “Digital commodity trading platforms are currently required to comply with a complicated labyrinth of 53 state and territory regulatory frameworks, hindering the ability for newcomers to enter the market.”

“Registration with the CFTC would preempt the existing state-based money transmitter licensing regime trading venues are currently subjected to,” the summary continues, adding that the current system is “not fit-for-purpose when applied to a spot trading market.” In addition, the document states that “The current regime is cumbersome, requiring separate licensing in each individual state of operation, and insufficient, failing to provide oversight of the trading and market activities that occur on the platform,” emphasizing:

The registration regime is voluntary, but with strong incentives for properly placed trading venues to seek registration. Trading venues would be able to opt into the CFTC Digital Commodity Exchange regime or remain regulated under individual state money transmitter licenses.

Furthermore, a registered DCE would be required to hold customers’ cryptocurrencies in a Qualified Digital Commodity Custodian that is regulated by a state, federal, or international banking regulator. The regulator must impose at least the minimum standards set by the CFTC for the entity to be “qualified.” The full Digital Commodity Exchange Act of 2020 bill can be found here.

A second cryptocurrency-related bill was also introduced on Thursday. Congressman Tom Emmer introduced the Securities Clarity Act “to provide a path to regulatory certainty for digital assets and other emerging technologies under securities law,” he announced. In March, U.S. lawmakers introduced the Cryptocurrency Act of 2020.

What do you think about the Digital Commodity Exchange Act of 2020? Let us know in the comments section below.

The post Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework appeared first on Bitcoin News.

Source: Bitcoinnews.com

Indian Police Probe Crypto Exchange and Founders Allegedly Running a Scam

Indian Police Probe Crypto Exchange and Founders Allegedly Running a Scam

Delhi police are reportedly investigating a cryptocurrency exchange and its executives allegedly duping Indian investors after receiving multiple complaints. The complainants further say the company has moved office overseas without returning their investments.

Police Investigate Crypto Scam After Multiple Complaints

Delhi-based news outlet Millennium Post reported this week that 43 people have filed complaints with local police regarding a cryptocurrency investment scheme based out of Connaught Place, a financial hub in New Delhi.

The Economic Offences Wing of the Delhi Police subsequently launched an investigation into Pluto Exchange and seven of its executives, whom investors have identified as being behind the scheme.

According to the police, one of the suspects told a complainant, Joginder Kumar, about his crypto trading and mining business operating under the name “f2poolminin,” and a cryptocurrency he and another suspect had launched. He urged Kumar to invest in the cryptocurrency, assuring him that it had a fixed return of about 20% to 30% per month. “[He] told me that if he brought more clients to his company he will give me a commission,” the publication also quoted Kumar as saying.

After investing Rs 5 lakh ($6,780) but never received any payouts he was promised, Kumar took the matter to an official of Pluto Exchange. However, he was told that due to the falling price of bitcoin and the size of his account, the company was unable to pay him through its bank. Kumar was told to wait a few more months. However, after waiting a long time, he was still not paid anything.

Kumar then went to the exchange’s office near Connaught Place and discovered that it has moved from India to Dubai. “I found that [there are] lots of people like me who invested their money in the company. The director collected approximately Rs 50 crore [$6.78 million] in the name of the cryptocurrency business,” Kumar described.

According to the police, 43 people have filed complaints with the Economic Offences Wing police station so far. Preliminary inquiries and evidence submitted by the complainants show that they have invested more than Rs 2 crore in the cryptocurrency scheme operated by Pluto Exchange’s proprietors.

In December 2017, the Dubai-based Pluto Exchange announced that it was launching a crypto trading app in India. While there is a listing for Pluto Exchange on the Google Play Store, several users complained that the app was not working back in 2018 and there has not been a newer review since then. At the time of this writing, the exchange’s website is no longer live.

Pluto Exchange CEO and founder Bharat Verma told The Hindu Businessline in February 2018 that his exchange offered crypto-to-crypto trading for major cryptocurrencies, such as BTC, BCH, LTC, ETH, and DASH, with a plan to provide rupee support linked to bank accounts in the future.

However, India’s central bank, the Reserve Bank of India (RBI), issued a circular that banned banks from providing services to crypto businesses in April 2018. It caused all crypto exchanges in India to suspend INR support and began offering peer-to-peer (P2P) trading services. The RBI banking ban on crypto businesses was quashed by the supreme court in March. Meanwhile, cryptocurrencies, including bitcoin, were never banned in India.

What do you think about this crypto scam? Let us know in the comments section below.

The post Indian Police Probe Crypto Exchange and Founders Allegedly Running a Scam appeared first on Bitcoin News.

Source: Bitcoinnews.com

Dapper Labs and Blockparty Join Forces to Bring A New Breadth of Digital Collectibles onto Flow

VANCOUVER / SEPTEMBER 25, 2020 — Blockparty—the New York-based rare digital collectibles marketplace that launched last month to foster more meaningful fan engagement for artists, musicians, and sports teams—today announced a partnership with Dapper Labs, the company behind CryptoKitties and NBA Top Shot, who will bring Blockparty onto Flow, their user-centric blockchain built for mainstream adoption.

Digital collectibles offer an alternative form of engagement to the in-person experience of art shows, concerts and games, and help artists and athletes incentivize long-term relationships with their fans. By showcasing their work in Blockparty’s digital collectibles marketplace, content creators can access new initial and recurring revenue streams and gain access to new markets of fans. They can also expand their creative mediums and branded assets into digital and mixed reality, and create more integrated fan experiences. Using this curated digital collectibles marketplace, fans can own, sell, and trade valuable digital art, music and sports assets. The collectibles also provide users with insider benefits including access to unique rewards and giveaways such as VIP concert access or free swag. To date, Blockparty has featured works from 3LAU x Slime Sunday, Tommy Wilson, Matt Szczur, Mark Paul Deren (MADSTEEZ), Ryan Keeley and Harif Guzman (Haculla), which have all been sold out in a matter of hours.

“With the Blockparty marketplace on Flow, we have an incredible opportunity to showcase a new league of digital assets by creators with an established fanbase, and to broaden the appeal of this new form of engagement. Our partnership with Blockparty will be an important step towards creating a vibrant ecosystem of crypto-enabled value creation and exchange on the internet,” says Mickey Maher, Head of Partnerships at Flow

Known for building accessible gaming and entertainment consumer experiences on blockchain technology, Dapper Labs is driving the mainstream adoption of blockchain technology through the power of play and Flow. Flow is the only layer one blockchain built by a team that both understands the importance of reducing complexity for ecosystem developers and possesses proven expertise in eliminating on-boarding friction for mainstream users. Flow not only provides the stability and scalability necessary for blockchain products to support mass market adoption, but also provides payment rails for credit cards and cryptocurrency ensuring ease of use for consumers on all fronts. By lowering barriers of entry, Flow ensures that anyone can join this new digital economy.

“The genesis of Flow is rooted in the need for an exceptional user interface, and that is what the musicians, producers, artists and clients working with Blockparty are seeking,” says Franklin Fitch, Director of Marketing & Curation at Blockparty. “One of our goals is to expand digital art and sell art that is powered by crypto—not ‘crypto art.’ Flow is the best solution to achieve this goal.”

About Blockparty

Blockparty has created a new class of digital collectibles across art, music, and sports to enable users to share and earn value together. Leveraging the NFT Token (NFT), Blockparty will enable fans to fully own, sell, and trade digital assets while allowing creators to build more valuable relationships with their fans by offering incentives, rewards, and giveaways through digital collectibles. Blockparty is headquartered in New York City, NY, and available to users across the globe. For more information, visit https://www.blockparty.co/ and https://www.nft.org/

About Dapper Labs

Dapper Labs is the company behind CryptoKitties and the Flow blockchain as well as upcoming titles like NBA Top Shot. Founded in 2018, Dapper Labs uses blockchain technology to bring new forms of digital engagement to fans around the world. Blockchain-enabled applications can bring fans closer with the brands they love, give people a real stake in the communities they contribute to, and create new ways for consumers to become creators themselves. Publicly-announced Dapper Labs partners include the NBA and NBPA, Warner Music Group, Ubisoft, and UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures, Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: Bitcoinnews.com

Bitcoin Is Undervalued, Fair Value Price Should Be $15,000, Says Analyst

Bitcoin Is Undervalued, Fair Value Price Should Be at $15,000, Says Analyst

Bloomberg cryptocurrency analyst Mike McGlone says bitcoin is greatly undervalued, suggesting that its fair value price should currently be somewhere around $15,000.

The price of bitcoin (BTC) has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one pundit described as “fake” breakouts.

The latest rout saw BTC crash more than 8% within days from over $11,000 to $10,100. At Press time, each bitcoin is trading for $10,695, up nearly 2% in the last 24 hours.

McGlone, a senior commodity strategist at Bloomberg, based his arguments on various factors, including bitcoin’s rising hashrate, which continues to hit new records, industry media report.

The Bitcoin hashrate continues to increase and recently reached new highs. Also advancing are addresses used. A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.

According to the latest data from charts.Bitcoin.com, BTC’s seven-day average hashrate rose past 140 exahash per second (EH/s) this week, an all time high. On July 28, the figure averaged 127 EH/s, a record at the time.

Hashrate is a measure of the power of the computers linked to the Bitcoin blockchain, which determines their ability to produce new coins. Increasing hash power suggests miners are optimistic about making profits.

This tends to influence the price of BTC higher, given the strong correlation between the two. But the relationship is not exactly as linear, because it is difficult to gauge future price changes based on hashrate alone.

Meanwhile, the number of active bitcoin addresses has soared to 991,000, Glassnode data shows, up from 684,000 at the beginning of this year, when the asset’s price averaged around $7,700. When active addresses hit nearly 1.1 million on December 23, 2018, bitcoin traded for $14,800, on the average.

McGlone has remained upbeat about bitcoin throughout its volatile swings, at a point suggesting this is to be the year that the top crypto will become a digital version of gold, a prime store of value.

In his new analysis, he admits there might be pitfalls curtailing BTC’s price growth going forward – and that would have to be a reversal of the on-chain metrics related to “the hashrate and active addresses.”

What do you think about Mike McGlone’s predictions? Let us know in the comments section below.

The post Bitcoin Is Undervalued, Fair Value Price Should Be $15,000, Says Analyst appeared first on Bitcoin News.

Source: Bitcoinnews.com

The Genesis of BCH Tokenization: Over 10,000 SLP Tokens Built on Bitcoin Cash

The Genesis of BCH Tokenization: Over 10,000 SLP Tokens Built on Bitcoin Cash

This week Bitcoin Cash fans have been discussing the milestone of over 10,000 Simple Ledger Protocol (SLP) tokens created since the infrastructure was first introduced. Moreover, tokens built on Bitcoin Cash are nearing 1 million transactions to-date.

Bitcoin Cash (BCH) community members have noticed there are now 10,679 SLP tokens created since the Simple Ledger Protocol’s inception. The discussion concerning the SLP milestone took place this week on the popular Reddit forum r/btc.

In addition to the 10k+ SLP tokens created, the number of transactions is nearing 1 million. Bitcoin.com token data page indicates there’s been 960,346 SLP-based transactions. Statistics show 2,250 SLP transactions were recorded in the last 24 hours.

The Genesis of BCH Tokenization: Over 10,000 SLP Tokens Built on Bitcoin Cash

Currently, the top five most popular tokens in the last 24 hours have been Refund Token, Mistcoin, MAZE, Spice, and Zapit. However, 30-day stats show the top five SLP tokens by use was Mistcoin, MAZE, Refund Token, TBS, and Zapit. In addition to the 10k SLP tokens minted so far, there’s been 13,353 token burns to-date as well. Burning is the act of taking the SLP tokens out of circulation.

Since the project was introduced, the SLP team is working with a number of projects and infrastructure providers. This includes exchanges, stablecoin issuers like Honestcoin and Tether, Bitcoin.com, an SLP hardware wallet, games like Realmx, the digital advertising marketplace Tribeos, the Spice Token ecosystem, SLP payments for Woocommerce, and many more.

The Genesis of BCH Tokenization: Over 10,000 SLP Tokens Built on Bitcoin Cash

SLP development is bringing decentralized finance (defi) to Bitcoin Cash (BCH) as well with the upcoming introduction of the derivatives product Anyhedge, a project developed by the General Protocols team. Additionally, the SLP exchange Cryptophyl is restructuring into a decentralized exchange (dex) for BCH and is working with General Protocols as well.

Moreover, a while back the SLP development team published a number of bounties to further the SLP ecosystem.

For instance, the bounty is for building one or more smart-contracts that provide additional security to token issuers and paid out 500+ honestcoin (USDH). Additionally, during the last six months the SLP project formed the SLP Foundation and described how people can leverage multi-signature management with SLP tokens.

The Genesis of BCH Tokenization: Over 10,000 SLP Tokens Built on Bitcoin Cash

Furthermore, since the Simple Ledger Protocol was invoked a number of tokens have gathered real-world value.

Bitcoin.com’s SLP token index shows a total of eight market caps including tether (USDT). There are 6 million SLP-based USDT in existence but tether’s are also minted on a number of other chains.

Other top SLP tokens featured in the market cap index include flexcoin (FLEX) with $29 million, gocrypto (GOC) with a $4 million market cap, Brave Sound Token (BRST) has an overall valuation of $3.3 million. This is followed by honestcoin (USDH – $2.7M), ACD Coin (ACD – $2.3M), sai (SAI – $882k), and spice coin (SPICE – $332k).

The SLP Foundation also announced a partnership with the Blockhack Global 2020 event scheduled for October. “[Six] weeks. BIG education [and] investment partners,” the SLP Foundation tweeted on September 18. The Blockhack event is hosted by Bitbay and it’s a six week virtual hackathon that starts on October 5 through November 14.

What do you think about the growth of the SLP token universe built on Bitcoin Cash so far? Let us know what you think about this subject in the comments section below.

The post The Genesis of BCH Tokenization: Over 10,000 SLP Tokens Built on Bitcoin Cash appeared first on Bitcoin News.

Source: Bitcoinnews.com

Makerdao Vote to Not Compensate Black Thursday Victims Receives Harsh Criticism

Large Makerdao holders decided not to compensate the victims that were liquidated during the unexpected flash crash that took place on March 12, otherwise known as ‘Black Thursday.’ An aggregate total of 38 votes was cast and more than 65% of the governance portal participants voted for zero compensation.

The day after March 12, otherwise known as ‘Black Thursday,’ the Makerdao project made headlines after between $4 to $6 million worth of the stablecoin DAI was left underwater due to an auction failure.

A vote held this Tuesday indicates that the Makerdao project doesn’t plan to compensate any of the victims from the black swan event on March 12. The vote had a few options that would pay victims a percentage of the losses, and one option that called for zero compensation.

Out of the 38 votes, over 65% voted for the zero compensation option, which means victims will get nothing for the losses. The news follows the recent class-action lawsuit against the Makerdao project for $28 million that was filed in mid-April.

The plaintiffs claim that the Makerdao team did not explain the extreme risk of loss to investors. After the Tuesday vote, on Thursday morning, Makerdao cofounder Rune Christensen was asked about the poll decision.

“I wish I could speak freely about it, but unfortunately I can’t comment on it because of the on-going lawsuit,” Christensen tweeted.

A number of crypto enthusiasts didn’t take too kindly to the vote’s ultimate decision to not compensate the victims and conversed about it on social media. The popular Twitter account @chainlinkgod tweeted some harsh criticism toward Makerdao and DAI to his 26,000 followers:

56% of the collateral backing DAI is centralized nonbearer assets. So not only is DAI not decentralized, governed by MKR whales, and unable to maintain its $1 peg, but they also refused to compensate users who got their liquidated for $0 on Black Thursday. Future of finance?

One person said that the vote was delayed purposely for months, so people forgot about the liquidations. A Makerdao team member called ‘Monetsupply’ described how the decision came to happen, and stressed that the “Maker protocol was designed to recapitalize system debt, but had no such guarantee for vault collateral.”

In response to the Monetsupply’s thread concerning the vault compensation poll, one person asked if the class-action lawsuit was “factored in the decision.” No one responded to the question asked.

Financial columnist William Foxley discussed the class-action against Makerdao with the Harris Berne Christensen LLP attorney Adam S. Heder via email. Despite the recent zero compensation decision, Heder explained to Foxley the lawsuit against Maker for $28 million would continue.

What do you think about the Makerdao’s recent vault compensation poll decision? Let us know what you think in the comments section below.

The post Makerdao Vote to Not Compensate Black Thursday Victims Receives Harsh Criticism appeared first on Bitcoin News.

Source: Bitcoinnews.com

Leading Auction House Christie’s Listing Bitcoin Art for the First Time

Leading Auction House Christie's Listing Bitcoin Art for the First Time

The world’s largest auction house, Christie’s, will be presenting Bitcoin artwork for the first time. Block 21 of “Portraits of a Mind,” an art project showcasing the original Bitcoin code by Satoshi Nakamoto, will include a painting and a unique digital non-fungible token.

Bitcoin Artwork Arrives at Christie’s

Blockchain art project called Robert Alice announced Wednesday the sale of a key artwork in the series entitled “Portraits of a Mind” at Christie’s, the world’s largest auction house. Portraits of a Mind is “a global art project to decentralise the founding code behind Bitcoin into 40 fragments,” its website describes.

“With 40 paintings stretching more than 50 meters long,” this work of art forms “a complete hand painted transcription of the 12.3 million digits of code (v0.1.0) that launched Bitcoin,” the announcement details, adding that this artwork is the largest in the history of blockchain technology. “A symbolic expression of decentralisation, once globally distributed, the project will draw up a global network of 40 collectors where no one individual will hold all the code.”

On Oct. 7, Block 21 of Portraits of a Mind, which includes a physical painting and a unique digital non-fungible token (NFT) representing the work, will be auctioned at Christie’s New York. It will be offered at an estimated $12,000 to $18,000. Prior to the auction, the piece will be exhibited from Oct. 1 to Oct. 6 in New York. alongside works by Monet, Picasso, Warhol, and Jackson Pollock.

Leading Auction House Christie's Listing Bitcoin Art for the First Time
Block 21 of Portraits of a Mind to be auctioned by Christie’s New York on Oct. 7. The piece will be exhibited in New York from Oct. 1-6. Source: The Robert Alice blockchain art project.

The Robert Alice art project was founded in 2018 by London-based artist Benjamin Gentilli with the aim to “promote blockchain culture within the visual arts.” He solely created Portraits of a Mind over three years. It is the first work of art from the project.

Christie’s Post-War and Contemporary Art Specialist Vivian Brodie commented, “Christie’s and I are thrilled to be supporting this landmark blockchain art project with the sale of Block 21 from Portraits of a Mind in our October Day Sale in New York,” adding:

This is Christie’s first time presenting a work that explores crypto culture at auction and, as ever, we are very excited to welcome new audiences and collecting communities across the globe to Christie’s.

Blocks 0 through 20 of the series were offered privately early this year to select collectors, including Binance CEO Changpeng Zhao, Bloq chairman Matthew Roszak, Kinetic founder Jehan Chu, Digix founder Shaun Djie, and Coinscrum founder Paul Gordon. Block 21 is the first work from the project to be exhibited and offered for sale publicly. “The work is also linked to the Bitcoin blockchain, via a unique Opendime key in the reverse of each painting,” the announcement notes.

What do you think about this Bitcoin art auction? Let us know in the comments section below.

The post Leading Auction House Christie’s Listing Bitcoin Art for the First Time appeared first on Bitcoin News.

Source: Bitcoinnews.com

Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst?

After reaching an all-time high of $19.20 on August 14, the Chainlink token now trades lower after losing more than 50% in value in just over a month. The token, which briefly overtook Bitcoin Cash as the fifth-ranked crypto in market capitalisation terms, was ranked 9th on Markets.Bitcoin.com at the time of writing.

On the surface, the token’s fall appears to be in sync with the rest of the crypto market, which has been dropping since Monday, September 6. Yet opponents of Chainlink insist there is more to Link’s fall than just the current bearish market trends. They point to the magnitude of the token’s fall when compared to other Defi related projects in the past 30 days.

Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst?

In August, one prominent Chainlink opponent and Twitter user, Cryptowhale argued that the price of Link “had shot well beyond its intrinsic value through DeFi hype, and greed.” However, in a recent tweet, the Cryptowhale reminds his followers of the death threats he received from Link Marines after publicly advising token holders to sell. The Cryptowhale had predicted Link’s fall and since then, the token has been retreating. Opponents insist this is happening because there is nothing else left to artificially pump the price.

Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst?

Also reiterating the message that Link’s rise is a bubble is Chainlink’s nemesis-in-chief, Zeus Capital LLP. The controvesial asset management company has been engaged in a very public campaign to discredit the Chainlink project claiming it is a pump and dump scheme to enrich founders. On its Twitter handle, Zeus Capital LLP regularly posts evidence of what terms token dumps by some of Chainlink’s 9 leading whales. Link whales account for 70% of all tokens in circulation according to Cryptowhale.

With Link’s continued fall, Zeus Capital LLP, which got liquidated in August after shorting the token, appears to have seized the initiative from Chainlink Marines. Still, accusations that Zeus Capital LLP is spreading FUD for its own selfish ends is not going away.

Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst?

For instance, a Twitter user, Chainlinkgod.eth reminds Zeus Capital LLP followers that the asset management company “is a fake entity who pushed a fraudulent ‘research’ report to manipulate retail investors through a short and distort disinformation campaign with paid Twitter ads.”

Another Twitter user counters Zeus Capital LLP’s evidence of Link crashing with one that shows the token’s positive performance in the first, second and third quarter of 2020. According to this info, Link is up 84.4% in the third quarter.

Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst?

Meanwhile, after briefly dropping to $7.54 on Wednesday, September 23, the Link token had recovered to $8.33 at the time of writing. The 24 hour traded volumes stood at $582 million.

What do you think of Link’s current downward trend? Tell us what you think in the comments section below.

The post Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst? appeared first on Bitcoin News.

Source: Bitcoinnews.com

Why Top Global Brands Like the NBA and UFC Choose Dapper Labs’ Flow Blockchain

Flow

Developed by the team behind some of the most successful crypto applications in the world, Flow is a blockchain re-designed from the ground up to be user- and developer-friendly as well as modular and future-proof. The network is already being used to develop digital collectibles offerings for top global brands like the NBA and UFC who partnered with Dapper Labs to serve their billions of fans. You can now take part in the revolution of the digital assets space by joining the FLOW community token offering.

Top Global Brands Trust the Flow Blockchain

Dapper Labs, the company behind CryptoKitties and NBA Top Shot, a year ago revealed that it developed a new blockchain called Flow. Designed to bring digital assets and decentralized apps to the mainstream, Flow is built for scale, speed and security like no other blockchain available today. The network is expected to have a large built-in user base from day one as Dapper Labs already have impressive partners it is developing digital collectibles solutions for including the NBA, Warner Music Group, Dr. Seuss, Ubisoft, and UFC.

It is no surprise that top global brands choose to work with the developers of Flow as it is the only protocol layer team that has a proven track record of developing great consumer blockchain experiences. The Flow team is composed of leading researchers and experienced production engineers who have worked together for years defining a novel approach to blockchain architecture. And with over $40M in financing, notable investors in Dapper Labs include Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures and Samsung.

The Flow network is powered by a balanced native token design and novel distribution mechanics. The FLOW token enables participation on the platform, with the opportunity to earn rewards through network participation. Demand for FLOW token directly increases with activity on the platform as well as demand for secondary tokens minted on top such as stablecoins or governance tokens. To bolster decentralization Dapper Labs will hold a FLOW community token offering on CoinList.

A Solution Built for the Digital Metaverse

The amazing success of CryptoKitties proved that non-fungible tokens (NFTs) and crypto games are here to stay, but also that a new approach to blockchain is needed to make sure they can scale for mainstream adoption. In late 2017, when the collectibles game exploded in popularity, it congested the Ethereum network – causing gas prices to skyrocket and transaction times to become unbearably long. For blockchain solutions to reach billions of people as mobile apps and the internet does today, an underline infrastructure network will have to be able to scale seamlessly without such limitations.

In addition to Ethereum’s scaling limitations, most of the scaling solutions developed simply push complexity to developers or compromise on decentralization. Additionally, available blockchain platforms are unusable by most users because of onboarding barriers. These are some of the reasons why Dapper Labs decided to build the Flow blockchain for the past couple of years. Flow’s novel four-node architecture achieves massive improvements in speed and cost that scale with hardware capacity without compromising decentralization or breaking up the network into shards or “layer two” solutions.

Many in the community believe that the combination of NFTs and DeFi will be the key to unlock the next wave of mainstream crypto adoption. With a developer-first approach, Flow makes building new apps and protocols safe, fast, and efficient.
 Flow also includes many features that take care of the inherent complexity of decentralized systems. This will allow any interested decentralized app developers to easily adopt Flow for their needs and thus unlock a rich ecosystem (metaverse) that intertwines entertainment and true digital economy like never seen before.

To learn more about the Flow blockchain and what you can build on it visit the project’s site at onflow.org, and make sure to join the vibrant community on Discord. To take part in the opportunity to revolutionize the digital assets space check out the FLOW community token offering on CoinList.


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Source: Bitcoinnews.com

Venezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National Mining Pool

Venezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National Mining Pool

Reports say Venezuela has now legalized bitcoin mining following the decree recently issued by the National Superintendency of Crypto Assets and Related Activities (Sunacrip). As part of the new regulations, all entities and individuals interested in legally mining bitcoin and other cryptocurrencies must now apply for a license from the agency.

According to a report, the decree will result in the creation of a National Digital Mining Pool (NDMP), a body that “seeks to bring together all the miners operating on the Venezuelan territory.” Meanwhile, the decree document, which was signed by Joselit Ramirez the superintendent of Sunacrip, does not specify “how much it will cost to obtain these licenses.”

However, to ensure miners conform with these new regulations, the decree reportedly states that:

The authorities will supervise both the creation and importation of mining equipment. Similarly, mining farms for bitcoin and other cryptocurrencies will be able to operate with the support of the State, but only if they are inspected by Sunacrip.

As reported by News.bitcoin.com in July, Venezuela banned bitcoin mining operations in “any low-income neighborhoods with subsidized housing” due to what authorities termed “an excessive amount of power consumption.” Before that, the Venezuelan military had seized approximately 315 Bitmain Antminers.

However, according to regulations, which came into effect after September 21, Venezuela now wants “those who are operating ASIC equipment for mining bitcoin and other cryptocurrencies” to connect to NDMP. Authorities now appear less concerned about excessive power consumption.

Miners operating outside the pool will be subject “to the measures, infractions, and sanctions as set forth in the decree document.”

Meanwhile, the report explains that if Venezuelan authorities insist on controlling and managing the NDMP, this will leave the government in charge of distributing rewards to miners. This, however, creates risks for miners as the pool operator can arbitrarily freeze funds or delay payments.

The crisis-torn country tops peer-to-peer bitcoin trading volumes in the region alongside Brazil, while it remains a key bitcoin mining territory. With a share of the hashrate around 0.42%, Venezuela is the only Latin American state to feature in Cambridge University’s top ten list of countries with the highest bitcoin hash rate.

However, now that the government has formalized bitcoin mining, Venezuela’s share of the total hash rate is likely to increase.

What do you think of this latest move to regulate bitcoin mining in Venezuela? Tell us what you think in the comments section below.

The post Venezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National Mining Pool appeared first on Bitcoin News.

Source: Bitcoinnews.com