Tag Archives: crypto

Could Visa’s Planned ‘Digital Fiat Currency’ Spark the Emergence of Crypto-Fiat Hybrids?

Could Visa’s Planned ‘Digital Fiat Currency’ Spark the Emergence of Crypto-Fiat Hybrids?

As the benefits of blockchain become increasingly apparent to central banks and institutions around the globe,

mainstream financial actors are looking at ways to merge their traditional practices with crypto technologies. Such was the case earlier this month when the payments giant Visa announced it had filed a patent for a new ‘digital fiat currency’ that would exploit the benefits of blockchain whilst still be backed by traditional fiat currencies, namely American dollars. According to Visa’s CEO, the hoped-for currency would benefit from faster transaction times, greater transparency, and volume control. At the same time, the currency would avoid cryptocurrency hazards such as volatility and lack of regulatory oversight by being backed by traditional fiat currencies.

Should Visa’s plan take off, it could very well represent a turning point in the future of money, offering a bridge between fiat and crypto that could benefit millions of users around the world. Such plans are likely to gather an increased sense of urgency in light of the ongoing COVID-19 financial crisis, which has sent currencies around the world into historic levels of volatility. One of the most notable financial developments in the recent crisis, has been the haemorrhaging value of emerging market fiat currencies, with the Mexican Peso, Brazilian Real, and South African Rand all losing more than 20% of their value against the dollar since February. As this comprehensive guide to Forex trading explains, the value of currency pairs on global trading markets is intensely vulnerable to global news events. As mounting fears of a protracted recession grew earlier in the year, emerging market currencies took a huge hit as investors piled into the ‘safe haven’ currency of the US dollar.

This, in turn, makes borrowing, commodity trading, and debt servicing more expensive for emerging economies, as all of these activities are typically done in dollars. The result, as we have seen, is a vicious cycle which depreciates the value of these currencies further. Compare and contrast this with the performance of cryptocurrencies since the onset of the current crisis. Heavy hitters such as bitcoin took an initial, albeit more modest hit to their value at first, before rebounding to the point where their price has stabilized to pre-crisis levels. This development highlights how the structure and nature of cryptocurrencies can prove beneficial and preferable to fiat in times of crisis, something that Visa will likely attempt to capitalize on with their planned hybrid currency.

For one, the use of currency attached to a digital blockchain ledger has been proven to increase financial participation in emerging markets, ensuring easier access to the cash and credit that people need in times of turmoil. In addition, the instant transfer capabilities of digital currencies could help developing economies overcome the hurdles associated with limited access to much-needed, stable American dollars. With a hybrid e-currency that is pegged to the USD, emerging economies could avoid the ‘vicious cycle’ that compounds economic woes during global crises.Of course, whether such options will materialize depends on how successful initiatives like Visa’s turn out to be. Watch this space to find out. 

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Coinpedia Staff

This is an official account of Coinpedia.org, used to publish guest posts including Press releases and other related news. It is also used to update information on wallet, tools and DEX.

https://coinpedia.org/news/visas-planned-digital-fiat-currency/

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Crypto Startup Financing Feeling Well in 2020, Here Are Few Examples

Crypto Startup Financing Feeling Well in 2020, Here Are Few Examples

It’s just five months into the new year, but crypto fundraising is in rude health as several projects continue

to raise funds for their platforms with ease. This is welcome news at a time when the global economy has taken a hit from the ongoing coronavirus pandemic. Last year IEOs managed to raise around $1.7 billion as they took over crypto fundraising amid the death of ICOs. However, most of the projects have had negative ROI, and this has seen the mode of fundraising slowdown in 2020. But, for the better as now, new projects are expected to be of high quality and preferably have at least a first round of backing from venture capital.

That said, it’s a great time to raise funds for new quality crypto projects with financing easily accessible thanks to exchange backed launchpads that guarantee a swift sale of tokens to millions of users. Additionally, there is more money coming in from venture capital as recently Andreessen Horowitz managed to raise $515 million for a new crypto fund that will focus on supporting projects that focus on creating next-generation payments, new methods of monetization, modern stores of value and decentralized finance. During the IEO boom last year, Binance led the way with 8 of the top 15 IEOs conducted there and the launchpad has picked where it left with its latest project being the Cartesi token sale which was held exclusively for the owners of Binance Coin (BNB). This is a shift in funding, from the previous boom in funding when BTC and ETH were the preferred vehicle for investments. In 2020, there are more signs that crypto funding is doing well, with a handful of notable token sales active in May.

Independent Token Sale by AlphaPlay

Independent token sales are still using the Ethereum infrastructure and offering an ERC-20 token. AlphaPlay, a betting and cryptocurrency trading platform, has already completed one round of token sale, and is on its second round right now with a $0.05 price per ALPHA token that gives token holders 6% of platform’s turnaround as bonuses. At the same time, users are winning 90% of the turnaround as prizes, and 4% they are getting for playing with friends and for referrals. AlphaPlay is already have an ecosystem of referrals to promote both its platform, as well as the ALPHA token. A total of five rounds of token sales will distribute 50 million ALPHA. The token sale has a maximum cap of $4 million, and already surpassed its minimum target of $300,000. Owning the ALPHA token will pay out commissions on all activities of AlphaPlay and share the earnings through a smart contract.

OKEx Birthday Token Special Sale

Issuing tokens is not only related to new projects. An established exchange like OKEx is constantly innovating, and recently performed a sale for the OKB token. The new asset was placed at 80% of market prices toward the end of April, at $3.52 equivalent. OKEx uses Tether (USDT) for its token sales, posting an intuitive dollar-denominated price. For now, OKEx has slowed down its IEO offerings, but allows the occasional token sale.

LAToken: Where Token Sales Find a Platform

LAToken started off as a cryptocurrency exchange. But the project is now offering one of the most active token sale platforms, with dozens of projects in their active fundraising stage. The funding relies on longer token sale periods. One of the latest active projects for LAToken is YouEngine, a tokenized online ad ecosystem. The platform aims to gain the attention of 200 million advertisers, and potentially reach billions of users. But there are many more highly active token sales through the LAToken platform, showing that crypto crowd-fundingis still alive, and there is an appetite for new tokens and new business models. LAToken already expanded its trading selection to more than 133 market pairs, bringing liquidity to the newly listed pairs. 

Celo ICO to Rival Libra

Where Facebook’s Libra failed, Celo ICO is trying to take over. Celo is an upcoming token sale that has decided to proceed with the fundraising, while some of the upcoming projects postponed their launch deadlines. Celo is ahead of the game, with already one round of funding completed. The crypto startup is considering a payment system based on stablecoins, with the aim of driving mainstream crypto adoption. The Celo payment system expects to incorporate personal finance tools, including small-scale lending, money transfers, even peer-to-peer insurance.

TRON-Based Token Sales Boost Funding Spree

Poloniex, through its LaunchBase token sale platform, is aiming to restore its former trading activity. The exchange is a close partner of TRON, hence LaunchBase is using TRX for its crowd funding, and generated TRON-based tokens. The latest sale, Just (JST) token, took only a few minutes to be sold out completely. JST will also become the newest asset to be listed on Poloniex, opening for trading on May 7. JUST is a decentralized lending ecosystem, built entirely on TRON, and featuring its own dollar-pegged coin, USDJ, in addition to the JST native token.Projects also continue to invite developer talent, and show that the blockchain infrastructure of Ethereum is still a leader. Other blockchains such as TRON, Binance Chain, and others also make crypto-based startups a possibility, and token sales have adapted to the changing climate of regulation and market activity.

Article Produced By
Andrey Sergeenkov

Andrey is a digital entrepreneur with more than 10 years of experience, IEO Adviser, Hackernoon and BitTorrent investor. Assisted in raising more than 40 mln USD investments for more than 20 start-ups. He believes that actual usefulness is the best PR for any project.

https://bitcoingarden.org/crypto-startup-financing-feeling-well-in-2020-here-are-few-examples/

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CoinMarketCap Unveils New Metric to Rank Crypto Exchanges Based on Web Traffic

CoinMarketCap Unveils New Metric to Rank Crypto Exchanges Based on Web Traffic

CoinMarketCap has tweaked its crypto ranking metric seen as a move to empower users

with the necessary tools for making informed decisions while selecting their trading platforms.Crypto markets data aggregation has remained a tricky task and continues to remain so even for the world’s largest crypto data aggregator CoinMarketCap. As per the latest announcement, CoinMarketCap has introduced a new metric that ranks exchanges based on their web traffic.Previously, crypto exchange rankings have been majorly derived based on trading volume and other activities.

However, CMC’s new methodology comes just six months after it introduced its “liquidity metric” in November 2019. In its announcement, CMC said that this development comes amidst its continued resolve to improves its measures. Besides, it stated that this new metric would help them address volume inflation in a much better way. CoinMarketCap has been one of the most widely-used platforms by investors and traders. The Web Traffic Factor gives weightage to several factors like “pageviews, unique visitor count, bounce rate, time-on-site, relative ranking and keyword searches on major search engines”.This will help users on the platform to make informed decisions on which exchanges to trade on. In its announcement,

CMC wrote:

“Rather than wait for the perfect solution, our team has decided to take an iterative approach. We will be rolling out new metrics and improvements across multiple phases. This way, we can monitor how well each iteration addresses our users’ concerns, and adapt more optimally for the next iteration”.

Binance Takes Over CMC for Undisclosed Million Dollars

The latest decision from CMC comes just six weeks after it was acquired by crypto exchange Binance in early April. While the acquisition amount remains undisclosed, Binance has reportedly millions of dollars for this. Interestingly, CoinMarketCap has flipped its position on the “web traffic” metric. Last year in a podcast interview, CMC’s Chief Strategy Officer and acting

CEO Carylyne Chan called the web traffic metric as “not a good indicator”.

“We’ve seen other people do things like you’ve said, web traffic as a way [to verify exchanges are legitimate] but people trade using API keys so that’s why web traffic is not a good indicator,” she said.

However, in its latest blog post, CMC wrote:

“With crypto being a retail-driven market, for an exchange to have high volumes, it needs to have a large number of retail traders (i.e. buyers and sellers). Instead of asking exchanges to submit their user numbers, a good intermediate proxy will be web traffic. As such, we have designed the Web Traffic Factor in this iteration.”

Well, this move has helped Binance rank top on the list of CMC’s crypto exchanges. Based on the earlier liquidity metric, Binance’s rank for fourth in the list.

Article Produced By
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

https://www.coinspeaker.com/coinmarketcap-metric-exchanges-traffic/

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PwC Report: Crypto Hedge Funds Witnessed 100% Growth in AUM in 2019

PwC Report: Crypto Hedge Funds Witnessed 100% Growth in AUM in 2019

PwC has released a report indicating a 100 percent growth in crypto hedge funds’ assets under management (AUM) in 2019.

Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, continues to hold the lion’s share of the over $2 billion AUM for crypto hedge funds.

Crypto Hedge Fund AUM Grew 100% in 2019

According to the report published on Monday (May 11, 2020) by PwC and Elwood Asset Management, global AUM of crypto hedge funds crossed $2 billion in 2019 indicating an estimated 100 percent increase compared to 2018. At the end of 2018, the total AUM of cryptocurrency hedge funds stood at $1 billion. After BTC’s bullish run over 2019, crypto prices surged significantly making the industry more appealing for investors. Although cryptos, in general, remained highly volatile regardless of the steady climb in BTC prices, hedge funds with AUM in excess of $20 million almost doubled from 19 percent to 35 percent in 2019. The average crypto hedge fund AUM also surged more than 100 percent, growing from $21.9 million in 2018 to $44 million in 2019.

An excerpt from the report highlighting the increasing value of crypto hedge fund portfolios reads:

“This is not surprising: funds with a larger AuM tend to attract not only new investors but larger ticket sizes, as many investors are restricted from representing more than 10% of AuM due to concentration risk. “

Crypto Hedge Funds Keen on Bitcoin Exposure

Bitcoin remains the most popular crypto for hedge funds with the PwC report showing BTC commanding half of the daily trading volume of 49 percent of the funds captured in the study. Also, 5 percent of the crypto hedge funds deal exclusively in the top five ranked cryptocurrencies by market capitalization. For altcoins, the PwC report showed Ethereum (ETH) as the most popular with 67 percent of crypto hedge fund AUM not captured by Bitcoin. Other popular tokens like XRP and Litecoin (LTC) came in at 38 percent each with Bitcoin Cash (BCH) and EOS accounting for 31 percent and 25 percent respectively.

The growth reported in 2019 is a reversal of the decline experienced by crypto hedge funds in 2018. As previously reported by BTCManager, funds suffered losses in 2018 due to the year-long bear market that saw prices decline by more than 70 percent across the cryptocurrency market. In 2020, institutional appetite for crypto appears to also be on the rise with Grayscale Ethereum Trust accounting for nearly half of the Ethereum mined in 2020.

Article Produced By
Osato Avan-Nomayo

Osato is a Bitcoin enthusiast with a flair for writing. When he isn't providing unique perspectives on the current happenings in the industry, he can be found pouring over old books on history and philosophy or trying to beat his Scrabble high score.

https://btcmanager.com/pwc-report-crypto-hedge-funds-100-aum-2019/?q=/pwc-report-crypto-hedge-funds-100-aum-2019/&

 

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Crypto Market Sentiment Drops in 7 Days, Even Bloodier in 24 Hours

Crypto Market Sentiment Drops in 7 Days, Even Bloodier in 24 Hours

The crypto market sentiment is not having a good day, or a good week for that matter.

Not only has the combined moving average 7-day market sentiment measure, sentscore, for the top 10 coins dropped from last week's 5.88 to 5.67/10 this week, as crypto market sentiment analysis service Omenics shows – but each coin also saw a significant drop in the last 24-hours, with a combined sentscore of 5.14 compared to 5.95 last Monday.The recent market dive is being reflected in both the 7-day sentscores and the 24-hour ones. In the last week, only three coins have seen a rise in their respective scores, including Bitcoin (BTC), whose score now is 7.1. The only other coin in the positive zone is Ethereum (ETH), which fell back to 6.2. Still, the majority of the top 10 coins have scores above 5, while only EOS, which dropped the most this time around, stands at the verge with 4.9.

The 24-hour situation is even worse. All coins are in the red, and four are below the score of 5, though none are in the negative zone. Additionally, while five coins were in the positive zone last Monday, Bitcoin remains there with a score of 6.4, accompanied by Stellar (XLM) with 6/10. Most have double-digit drops, with Binance Coin (BNB) leading the pack with -16.6%, while Tezos (XTZ) is the last in line with -5.3%.Our winners for this week are the only three coins whose scores went up, even if the rise is minimal for all three. Bitcoin has high scores of 8.7, 7.5, and 6.9 in fundamentals, technicals, and news, respectively. It also has 5.2 in social and 4.3 in buzz. Tether (USDT) has 8 in news, as well as 5.4 in buzz, 4.4 in social and 4.3 in technicals, as well as 3.5 in fundamentals. Furthermore, Tezos's highest scores are 7.8 in news and 6.8 in technicals, followed by 5.1 in buzz and 5 in social, while it's lowest score is 2.8 in fundamentals.

Daily Bitcoin Sentscore change in the past month:

Two coins whose scores dropped the most are EOS and Bitcoin Cash (BCH). EOS has a positive score of 7.3 in news, neutral scores of 4.8 in technicals and 4.3 in social, as well as negative scores of 3.6 in buzz and 2.8 in fundamentals. Lastly, BCH got 6.7 in news as its strongest aspect, as well as 5.3 in technicals and 4.7 in social. It also got 3.6 in buzz and 2.7 in fundamentals as its weakest aspects this week. The situation is equally mixed for the rest of the list tracked by Omenics, outside the top 10 coins. Among the 29, the scores of 14 dropped, compared to only 3 last week. Nano (NANO) remains as the only coin in the positive zone, and Komodo (KMD) as the only one in the negative zone.

Methodology:

Omenics measures the market sentiment by calculating the sentscore, which aggregates the sentiment from news, social media, technical analysis, viral trends, and coin fundamentals-based upon their proprietary algorithms. As their website explains, “Omenics aggregates trending news articles and viral social media posts into an all-in-one data platform, where you can also analyze content sentiment,” later adding, “Omenics combines the 2 sentiment indicators from news and social media with 3 additional verticals for technical analysis, coin fundamentals, and buzz, resulting in the sentscore which reports a general outlook for each coin.” For now, they are rating 39 cryptocurrencies.

Article Produced By
Sead Fadilpašić

Sead is a staff journalist at Cryptonews.com who covers cryptocurrency and blockchain news daily, writes analysis pieces, tests blockchain and cryptocurrency products. He's based in Sarajevo, Bosnia and Herzegovina. Prior to joining Cryptonews.com he was a freelance, also was a journalist for Al Jazeera web. He spends his free time in music studios, recording songs for movies and cinema. Loves to break gadgets so he could fix them, enjoys exploring new music and loves tasty and equally unhealthy food.

https://cryptonews.com/news/crypto-market-sentiment-drops-in-7-days-even-bloodier-in-24-6520.htm

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Why crypto: Inflation “ravages” Iran’s rial, forcing creation of new currency

Why crypto: Inflation “ravages” Iran’s rial, forcing creation of new currency

In a move helping to prove the intrinsic value of Bitcoin and other crypto assets,

Iran’s government is finally marking an end to the national currency, the rial, after years upon years of hyperinflation in response to poor economic conditions.

Iran is dropping the rial for the toman

According to the New York Times, the Iranian Parliament has just signaled its support for a movement to replace the rial with the toman, which will be worth 10,000 rials under the new fiat system. This move is Iran acknowledging that hyperinflation is truly taking place in their country. Last year, CNBC reported that according to a first-hand account from a chef in Tehran, his weekly shopping trip doubled in rial cost in three months to 14 million rials, about half the salary of the average Iranian. The chart below from Forbes contributor Steve Hanke depicts this trend well, which shows that the actual inflation rate of the rial reached as high as 400 percent annualized in 2018, meaning saving in the country is nearly impossible.

Enter Bitcoin

Enter Bitcoin, a currency that is strictly scarce with a maximum supply of 21 million coins, a far cry from the infinite amount of, say, rial the Central Bank of Iran could create, or what have you. It should come as no surprise, then, that some have asserted BTC has the potential to replace fiat. Former hedge fund analyst and current industry executive Parker Lewis, for instance, wrote that Bitcoin makes all forms of money “obsolete.”

As reported by CryptoSlate, the writer identified the following factors to back this sentiment:

  • Bitcoin is the most transferrable of all currencies, for it can ”be irrevocably transferred over a communication channel without the need for any trusted third-party as an intermediary.”
  • BTC, unlike many other forms of money and digital payment systems, is “global and it is accessible on a permissionless basis”
  • Bitcoin’s halvings ensure that the cryptocurrency has a strict level of scarcity, unlike fiat currencies that can be printed by the whims of central banks.

The idea goes is that if there is proper infrastructure and infrastructure, Iranians could turn to BTC and other crypto-assets as they continue to grapple with inflation and distrust of government.

Adoption of crypto is starting

Although the mass adoption of cryptocurrency has yet to take place in Iran, reports show that the government and the public are warming up to Bitcoin — a far cry from the ban on cryptocurrency mining that was once in place but has since been removed. According to an Apr. 28 report from Tabnak News, a local Iranian source, a Turkish company named iMiner has been approved by the Iran government’s Industry, Mine and Trade Ministry to begin the operation of 6,000 Bitcoin mining machines. Tabnak also indicated that along with the government approving the launch of a farm, iMiner has also been granted the ability to offer the custody and trading of Bitcoin to Iranians, which is important as the country has long had scant access to crypto exchanges and other service providers.

Article Produced By
Nick Chong

Analyst at CryptoSlate

A decentralist at heart, Nick has shown interest in Bitcoin and cryptocurrencies since 2013. He has since joined this industry as a full-time content creator, focusing on written content and visuals. Aside from working with other leading trade publications, Nick is a part-time creative at HTC's Bitcoin division, EXODUS. He is based in Canada, where there is an apparent lack of industry events.

https://cryptoslate.com/why-crypto-inflation-ravages-irans-rial-forcing-creation-of-new-currency/

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Binance Was the Only Platform to See Derivatives Grow in April, CryptoCompare Reveals

Binance Was the Only Platform to See Derivatives Grow in April, CryptoCompare Reveals

 Popular cryptocurrency exchange Binance was the only trading platform in the space to see its derivatives trading volumes grow last month, to a total of $108 billion.

Binance’s derivatives trading volumes, according to CryptoCompare’s April 2020 Exchange Review, increased a total of 11.6% compared to last month, while those of BitMEX and other popular trading platforms offering derivatives trading dropped. Notably, Binance’s volumes surpassed those of BitMEX, as the latter saw its volume drop nearly 40% since March to $69.3 billion.

Huobi was, nevertheless, the largest derivatives exchange last month, trading a total of $133 billion throughout it. Its volume dropped 10.5% since March. The runner-up was OKEx, which traded a total of $113 billion last month, enduring a 31.4% drop compared to the month of March. On April 30, as the price of bitcoin dropped below the $9,000 mark, Binance represented the majority of the BTC/USDT market’s trading volume, trading a total of $15 million at 11 am BST, CryptoCompare adds. At this moment, it represented around 50% of the trading volume among seven of the largest top-tier exchanges in the cryptocurrency space.

In terms of total trading volume, Binance and OKEx were the top players when compared to other top tier exchanges. On April 30, Binance and OKEx traded a total of $3.6 billion and $2.5 billion respectively, while the next largest trading platform, Coinbase, traded $800 million. Binance, as CryptoGlobe reported, raised eyebrows last month after confirming the acquisition of cryptoassets tracking platform CoinMarketCap. The exchange also saw the Brave browser roll out support for its widget on the desktop version of the browser, allowing users to trade directly from their new tab pages. Most Brave users, however, don’t use its cryptocurrency features, according to its CEO Brendan Eich.

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Francisco Memoria
News Reporter

Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies

https://www.cryptoglobe.com/latest/2020/05/binance-was-the-only-platform-to-see-derivatives-grow-in-april-cryptocompare-reveals/

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Pro Crypto SEC Commissioner Predicts Increased Demand For Crypto Investment

Pro Crypto SEC Commissioner Predicts Increased Demand For Crypto Investment

Hester Pierce, a pro-crypto SEC commissioner, who is often referred to as “crypto mom” in the crypto community, recently predicted that there would be increased demand for crypto by investors.

The SEC commissioner claims that investors will turn to crypto in a bid to diversify their investment portfolios. For a while now, Commissioner Pierce has been a staunch supporter of the industry. She is one of the few senior officials at the SEC that support the approval of Bitcoin ETFs by the SEC.

Her Sentiments on Crypto and the Digital Dollar

Commissioner Pierce made her sentiments about increased demand for crypto during a crypto discussion that was streamed live on April 28, 2020. The Crypto Finance Conference St. Moritz organized the discussion. According to her, the COVID-19 pandemic has had a huge impact on all sectors of the economy, including the crypto sector. She said that the SEC was seeing more interest from institutional investors than they had in the past. The commissioner predicted that this interest would continue growing as people seek for avenues to diversify their investment portfolios.

According to her, the pandemic had made people more comfortable working in the virtual world in all industries. As a result, more people were likely to invest in the crypto space. In previous interviews, Pierce has noted that a major benefit of the crypto sector is that it brings people from all over the world together and they can work together online. For people to work together in the crypto sector, they do not need to be in the same physical location. Pierce joined the SEC on January 11, 2018. Her term expires on June 5, 2020. During her time at the SEC, she has been a consistent proponent of the SEC approving Bitcoin ETFs. Thus far, the SEC has not approved any BTC ETF. In February this year, she made a proposal that would have provided crypto startups with a regulation-free grace period.

Her Thoughts on the Digital Dollar

During the live-streamed discussion, Pierce also discussed the digital dollar. According to her, the idea of a digital dollar was very different from the current crypto and blockchain industry. However, she noted that it was helpful to have people thinking about the pros and cons of a government-issued digital currency versus a privately issued digital currency. Commissioner Pierce noted that a digital dollar would raise privacy concerns. The reason for this was that such a digital dollar would allow the government to collect an unprecedented amount of data on their financial activity. Pierce added that people were not comfortable with the government or any organization monitoring their financial activity. The Fed has been looking into the digital dollar for a while now. Its efforts to understand a digital dollar were intensified after the Facebook Libra coin and the Chinese Digital Yuan were revealed to be in the works. However, the Fed has publicly stated that it has no plans to issue a digital dollar.

Article Produced By
Visionary Financial

We are an independent media organization focusing on Cryptocurrency and Blockchain. Aside from bringing you the latest news from around the globe, we also focus on industry analysis. We bring our readers diverse content to appeal to all digital asset enthusiasts.

https://nulltx.com/pro-crypto-sec-commissioner-predicts-increased-demand-for-crypto-investment/

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Can NFC Chips Help Secure Proof-of-Work Systems?

Can NFC Chips Help Secure Proof-of-Work Systems?

The mining of cryptocurrencies is often considered to be a wasteful effort.

That being said, there is an option to maintain Proof-of-Work by utilizing NFC chips found in modern passports.
Securing a blockchain often requires some sort of “work” to be done.

Proof-of-Work With NFC Chips?

In the Bitcoin world, that is done through Proof-of-Work. Unfortunately, in Bitcoin’s case, it requires expensive hardware and uses a ton of electricity. Finding alternative solutions for the future will undoubtedly become of bigger interest. Jan Moritz has come up with an interesting concept, although it may not necessarily be applicable to cryptocurrencies right away. Even so, Proof-of-Work can be sustained through the NFC chip found in modern passports.

In Moritz’s opinion, biometric passports can suit this particular purpose fairly well. More specifically, the NFC chip in this passport already takes care of “active authentication” to ensure it has not been cloned. Under the hood, a challenge is sent to the chip, and a private key in the chip signs the challenge to return the signature. Moritz feels that this process is similar to hashing algorithms in terms of creating a unique output for any input. In terms of signing blocks, these NFC chips may certainly have an interesting future ahead of them.

Article Produced By
JP Buntinx

https://nulltx.com/can-nfc-chips-help-secure-proof-of-work-systems/

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Back to Work! China’s State Cryptocurrency is Coming!

Back to Work! China’s State Cryptocurrency is Coming!

After a bill to introduce a “digital dollar” circulated in the US this week,

the Chinese leadership apparently wants to demonstrate that it is ahead of the game in this race: at least, the ruling Communist Party-controlled newspaper published “Global Times” on Tuesday an article on the progress of the Chinese state cryptocurrency.

China’s state crypto: technically ready, not yet legally

The report, which relies on anonymous “industry insiders”, says the basic technical aspects of the project are ready. However, various legal framework conditions would have to be created before an introduction, which could take some time. An initiator is said to have said, “Judging by the patents, the first step in technological development is essentially complete.” The Chinese Central Bank is cooperating on this project with the country’s major tech groups, namely Alibaba, Tencent and Huawei.

Alibaba’s subsidiary Alipay is said to have registered five patents related to China’s state crypto between January and March this year alone. The Global Times article explicitly states that government digital currencies are the easiest way to enforce negative interest rates. So far, savers can still protect themselves from this silent expropriation by withdrawing cash, but if all money is digital, it will no longer be possible. Fortunately, there are also “real” cryptocurrencies such as Bitcoin (BTC), which even in this case can still serve as a lifeboat for the savings.

Article Produced By
Bitcoin News

https://thebitcoinnews.com/back-to-work-chinas-state-cryptocurrency-is-coming/

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