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Reddit Deploys Arbitrum Layer 2 Solution to Scale Ethereum Community Points

By
Adam Barry
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0

During the recent cryptocurrency hype, popular community-based social media Reddit was searching for a way to be a part of this trend by leveraging crypto somehow without losing their primary service, discussion, and community boards.

Reddit awards its users by community points earned by users by sharing quality posts, and it can be spent on exclusive badges, GIFs, and custom emojis.

Reddit social media is using Arbitrum layer 2 to upgrade its community points. For example, Reddit launched two ethereum based cryptocurrencies, “Moons” and “Bricks,” on two popular subreddits, r/cryptocurrency and r/FortniteBR, respectively.

The Beginning of Scaling

 Reddit admins are planning to scale the community points with arbitrum as deploying the Lyer 2 rollup with Arbitrum technology. First, it will be tested in Rinkeby before going to the Ethreum mainnet.

– They started testing the transaction of the cryptos on a testnet version of Ethereum to make high volume fast transactions with fewer fees. Later they migrate to Ethereum through Arbitrum

 Reddit developers tried 21 different types of scaling platforms, but Arbitrum outperforms every single one of them because:

Developer-friendly will be versatile for developers to launch damps (decentralized apps) with community points.

– Immense support ecosystem can be used by anyone with guaranteed development and growth.

– Decentralized means there isn’t any central server to process data; the users can control their points.

– Off-chain ability, this ability of Arbitrum makes it unique and competitive. It can off-chain the tractions, which enable faster transactions with high volume.

It is a milestone achieved by Reddit developers. More than 430 million people use Reddit monthly, which means approximately 100,000 subreddits become proto-DAOs.

What is Arbitrum?

Arbitron is a decentralized layer-two function first developed by Off-chain, a New York-based company. It can make intelligent contracts fast, secure, private, and scalable. 

Arbitron is one of the finest technologies developed for Ethereum because it can roll up multiple transactions without putting any pressure on the main blockchain.

Arbitron is ahead of any other smart contract scalability solution. This technology is the best scalability solution for all sorts of apps due to its ability to move all activities off-chain and make your app scalability cost-effective.

El Salvadorians are Protesting Against Bitcoin Law

By
Adam Barry
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0

Despite being a touch Central American country, Salvador has rushed to make bitcoin legal cash and clean Bitcoin mining. Worldwide Google searches for El Salvador reached an all-time high due to the bitcoin announcement. The president of El Salvador gave a speech at a bitcoin conference in Miami, and he basically answers people questions saying;

In the short term, this might generate new jobs and help provide financial inclusion to thousands outside the formal economy. Hoping that this small decision can help the country push humanity a minimum of a little bit into the right direction within the medium and future.

Maybe it’d be excellent for the economy, but they are the first to undertake to try to do it, which can make it slightly unpredictable.

What will El Salvador Making Bitcoin Legal Tender Mean for Cryptocurrency?

El Salvador becomes the world’s first nation to form a Bitcoin tender, which can become in September.

The benefits of creating Bitcoin tender means a payee will need to accept them, and each economic agent must accept Bitcoin as payment permanently or service.

But the chances are thereon is further evidence of the cryptocurrency not fit for use as a valid currency confirmation that Bitcoin is nothing quite a speculative gamble. But on a day-to-day basis, whether or not a given “thing” is tender makes little or no difference.

What does the Law Say?

Making bitcoin “legal tender” means shops and businesses must accept it for goods and services and prefer to express prices within the currency. Taxes also can be paid using bitcoin, though its use is going to be optional.

What Effects should Investors Watch for as El Salvador Makes Bitcoin Legal Tender?

The real benefit here will be the citizens’ education, rapid innovation of fintech, and a no devaluing store of wealth (there will be volatility). And actually, the power to realize fundamental rights (think bank account) that many people deem granted.

By making Bitcoin the tender, El Salvador effectively places their economy within the hands of anonymous investors around the planet. It’s too early to inform whether that’s an honorable or bad thing, but it’s a risky move.

Will El Salvador Gain or Lose Economically for Accepting Bitcoin as a Legal Tender?

It all depends on how Bitcoin will be performing and how adoption occurs.

While accepting Bitcoin as a legal tender is a strong move that might help the country economically, it all depends on how well it performs and how actively it is being used.

Currently, have El Salvador 2 official currencies:

  • The US Dollar
  • Bitcoin

Most people will probably keep on using the dollar for day-to-day use. However, technical knowledge and infrastructure are essential for Bitcoin usage. In addition, older generations will have difficulties adjusting to this “new technology” and default to the US Dollar. Some businesses will also default back for the same reasons.

So activity might be lower

It is perceived value is also an issue as the currency is quite volatile. Therefore, it might lead to most people holding it but not using it as its intended purpose.

Overall sentiment would be “positive,” though this is viewed in the long term.

Rangers Protocol Launches Ethereum Virtual Machine Compatible Testnet for Users

By
Adam Barry
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0

Rangers protocol introduced their testnet to users to furnish an Ethereum Virtual Machine Compatible solution that supports cross-chain contract interoperability. 

In an announcement on July 23, Rangers Protocol said that it successfully departed its first DApp on July 19, live to the testnet. Additionally, the undertaking departed an Ethereum based lending protocol, BlueStone, to the testnet, a move that Rangers defined as ‘smooth and developer-friendly given its Ethereum Virtual Machine compatibility. 

However, alternative solutions are utilizing Solidity-friendly blockchain technology, Rangers Protocol hammering its testnet as beneficial to new developers without blockchain background proficiency. Moreover, anyone interested in using the protocol will have an accessible time creating NFTs, and gaming applications, without a permission environment. 

Rangers Protocol co-founder’s Statement

In June, Mary Ma Rangers Protocol co-founder announced that the firm would be launching its testnet in July following $3.7 million seed and particular equity funding rounds. Mary Ma also alleged that the protocol would have decentralized applications on its network as a cross-chain protocol, EVM compatible system, and NFT protocol.

 Moreover, reportedly the project is the work of three years of development.

Recently, Crypto.com also launched its chain testnet, letting projects built on EVM-compatible chains transfer over to its ecosystem. The open-source testnet, Cronos, operates a proof of authority consensus algorithm powered by proof of stake chain Ethermint. 

About Rangers Protocol

Rangers, branded initially as the Rocket Protocol, is a China-based crypto firm with a general valuation of $63 million. Venture funds backing the project comprise Pantera Capital, Blockchain Fund, Huobi Ventures, Alameda Research, Framework Ventures, AU21 Capital, SevenX Ventures, Hash key Capital, SNZ, Spark Digital capital, and others.

About Ethereum

Ethereum is an open-source blockchain, decentralized and innovative contract functionality. After Bitcoin, Ethereum is the biggest cryptocurrency by market capitalization. Moreover, Ethereum is the most actively used blockchain. In 2014, crowdfunded the development and the system went live on July 30, 2015. Furthermore, The outlet allows developers to deploy immutable and permanent decentralized apps onto it, with which users can interact.

PaySafe Ltd (NYSE: PSFE) Announced that Skrill’s Digital Wallet now has 20 New Cryptocurrencies

By
admin
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0

PaySafe Ltd (NYSE: PSFE), a high-performance specialized payments firm, announced that the digital wallet in the Skrill platform now has 20 new cryptocurrencies.

This company that concentrates on digital payments has integrated 20 new cryptos for its clientele to trade, buy and sell. Some of the cryptos in the wallet include; Polygon (MATIC), Uniswap (UNI), Dogecoin (DOGE), Ankr (ANKR), Aave (AAVE), and many more. Skrill says the addition of these 20 new cryptocurrencies will bring the total number up to 35. The digital wallet initially already had 15 cryptos. However, Skrill’s team also discovered that their customers could find such cryptocurrencies on NETELLER, another proprietary digital wallet of PaySafes and an e-money transfer platform.

In March 2021, Skrill expanded its services in the United States. Afterward, it launched its cryptocurrency service in eleven additional US regions and states, including Pennsylvania, North Carolina, Massachusetts, Florida, and California. This made it available in a total of forty-eight US states and regions. Skrill was established in 2018; it has continued to improve and expand its crypto offerings. In fact, one can access their crypto services from nearly 100 countries worldwide, allowing their clientele to make direct cryptocurrency-to-cryptocurrency transfers and conversions. Also, both conditional and recurring orders will be determined by price fluctuations.

Consumer surveys conducted by both Skrill and PaySafe

Earlier this year, both PaySafe and Skrill released consumer survey results. The surveys uncovered many trends associated with the rising adoption and popularity of crypto assets. The surveys found that around 40% of consumers have made investments in the cryptocurrency market. Following this, PaySafe’s Senior Vice-President of Consumer and Digital Wallets, Rupinder Singh, said that they’ve never seen consumers so interested in cryptocurrency as they do now, regardless of whether the customer is a current or new one. He further stated that the potential for such financial services grows day by day, and they want to expand their offerings at the same rate. They’re ensuring this happens by enabling new currencies and adding new functionalities.

A Senator in The US Invests in the ETH and BTC Trusts of Grayscale

By
Adam Barry
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0

Patrick Toomey, US Senator of Pennsylvania, announced that he was going to invest in Grayscale’s Ethereum and Bitcoin Trusts. Furthermore, the senator’s declaration was followed shortly by one from Barry Moore, a US representative, and fellow congressman, who said that he also invested in Ethereum (ETH) as well as Cardano (ADA) and Dogecoin (DOGE). 

The Senator’s investments in crypto are the first he’s ever made. The annual financial report he filed for 2019 didn’t reveal any cryptocurrency holdings. He met with crypto lobbyists the same year and spoke out against the crack down on the crypto plans Facebook had. 

Senator Pat Toomey’s Crypto Investments 

Many lawmakers in the United States are investing in the cryptocurrency market. The 7th July Periodic Transaction Report filing showed that Toomey personally had two cryptocurrency investments. One into Grayscale’s Ethereum Trust and the other into Grayscale’s Bitcoin Trust, each worth around $1,000 and $15,000.

Since his purchases, Toomey’s investments decreased in value. On 15th June, the senator invested in Grayscale’s BTC Trust when it costs about $33.23. The price then fell to %27.65. As far as his ETH Trust investment is concerned, the price fell to $20.41 from $24.45 when he bought in on 14th June.

The senator recently voices his concerns about cryptocurrency regulation. Before he invested in Grayscale’s ETH and BTC Trusts, Toomey wrote to Janet Yellen, the Treasury Secretary, requesting the significant revision of FinCen’s (Financial Crimes Enforcement Network) crypto proposal.

The Treasury Secretary believes the current proposals would detrimentally impact fintech (financial technology) as a whole, Americans’ fundamental privacies, as well as the efforts to battle illicit or unwanted activity.

Additionally, he also showed concern over FATF’s guidance. Even more, this Pennsylvania lawmaker wasn’t the only United States Senator that has invested in Bitcoin. Cynthia Lummis, the outspoken pro-BTC Wyoming senator, owns almost five Bitcoins. She both advises and encourages folks to buy and hold Bitcoin.

Barry Moore, a US Representative from Alabama, also said that he was investing in the cryptocurrency market. He bought ADA, ETH (Ethereum), and DOGE (Dogecoin). 

The Oldest 3-Phase Power Plant in the World Set to Start Mining Bitcoin

By
Adam Barry
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0

The oldest 3-phase power plant has now said it will start mining BTC. It’ll use some of the energy it produces to mine Bitcoin. Mechanicville Power Station made this announcement very recently.

According to Jim Besha, the CEO of Albany Engineering Corp, Mechanicville Power Station is mining BTC because it’s more profitable than selling the country’s extra energy. This report comes even though Bitcoin mining is currently under huge fire because of the impact of its carbon footprint. As a result, most of the BTC mining companies in China had to move to other locations or shut down. The cryptocurrency market crashed as a result of this. In addition, Bitcoin’s price drastically dropped by nearly 50% from the all-time high of over $64,000 that was seen in mid-April.

Regarding this, Mr. Besha said that the argument didn’t concern them because their company used renewable energy. He also added that this BTC mining would help them dispose of used servers as well. He said that it was the best kind of mining because renewable energy was what was being used. He further stated that they were still experimenting with it and doing the mining on the side. However, he confirmed that they were buying used servers.

History of Mechanicville 

In Mechanicville district, New York, there sits a slighty over 18.3 acre site that’s regarded as one of the world’s oldest renewable energy plants. Mechanicville Power Station was a product of the Hudson River Power Transmission Company and was built in the year 1897. However, the station was nearly shut down a few years ago. Albany Engineering Corporation now owns the station and a deal was signed to ensure that cheap renewable energy remains easily accessible. Mr Besha said they are currently making thrice what they’d have made selling electrical energy to National Grid. 

The New York bill

More so, this idea has come when there’s an existing New York bill that outlaws BTC mining because of its negative environmental impact. But, it’s not so clear how this existing bill drafted in New York will affect the company’s BTC’s mining operations as it employs renewable energy.

The Digital Finance Market in Australia is Looking to Recognize DAOs Legally

By
Adam Barry
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0

Lawyers and specialists that focus on decentralized finance systems want the creation of a new kind of separate legal entity to represent Australian DAOs (decentralized autonomous organizations).

The Digital Law Association of Australia and Herbert Smith Freehills, a global law firm, are lobbying the country’s Senate committee to recognize decentralized autonomous models for corporate governance legally. According to a recent Australian Financial Review report, these new decentralized autonomous models would use an internet community instead of the board of directors.

Purpose of initiative

This initiative explicitly seeks to allow legal entities to contract with DAO Limited project governors via a decentralized finance tool. It wants to replace traditional intermediaries like foreign exchanges and banks with blockchain technology. Limited liability tags will also prevent Australian DAO members from the liabilities for losses accrued because of a community member’s decision-making. According to the law professional involved, legalizing decentralized autonomous organizations in the country could help make Australia more appealing to worldwide digital asset companies. Many local DeFi professionals and entrepreneurs look to offshore solutions like Germany and Singapore.

These decentralized organizations have specific rules and regulations in the form of a computer program that is often blockchain-based technology. The first most significant attempt to develop a functioning DAO was a 2016 machine-operating venture organization dubbed “The DAO.”

Do decentralized finance systems work?

This promising news comes as some crypto exchanges shift to more decentralized systems. For example, ShapeShift cryptocurrency exchange recently announced its plans to have an open-source platform set up. In a move to show how committed it is to DeFi, it wants to dissolve the company’s whole corporate structure. The company’s CEO and founder, Erik Voorhees, said that the inspiration they’ve gotten from the wider DeFi community will now help them develop new economic coordination models for this century. No borders, no banks, no corporate entities. He further confirmed that all the tools are ready.

The CEO firmly believes that immutable, open finance needs immutable, open organizations. Therefore, as part of ShapeShift’s decentralized pledge, it intends to have a 340 million FOX token airdrop to more than one million active users who traded at least a dollar of ETH. 

Breaches in Blockchain Can Be Prevented With Privacy-Preserving Computations

By
Adam Barry
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0

American industry barons rose to prominence in the 19th century by leveraging their tangible resources such as steel and oil. Today, titans in business seek to acquire even greater wealth by collecting all the consumer data they can find. However, now, the advantages of accumulating such tangible resources come with significant risk, known as spillage.

Data leaks, just like oil spills, regardless of whether hacker interference caused it or whether it happened accidentally, can cause both consumers and companies significant political, legal, and financial harm. For example, consider Facebook’s fallout earlier this year. The locations, email addresses, full names, and phone numbers of about 533 million active users were acquired by a hacking forum in April. This prompted an outcry from governments and consumers alike.

But, Facebook isn’t alone when it comes to such security issues. In 202, there were more than 1000 data breaches, with over 150 million people being adversely affected by these exposures. In addition, data leaks are a time-consuming and expensive complication for companies and businesses. For example, an IBM report released in 2020 discovered that the average breach cost roughly $8.64 million. It also took almost a year to resolve; however, these metrics differ by industry.

Is Blockchain the savior? 

Not using data because you want to avoid security risks isn’t a viable option in this day and age. So, the best way to take advantage of data without risking PR, legal and financial disaster is through privacy-preserving computation. At first, this solution might seem a bit counterintuitive. After all, most blockchain transactions are specifically designed to be both publicly accessible and transparent, characteristics that aren’t in accordance with the data security goals. 

But, with that said, it can still be used as a viable third option. Using verifiable computation, you can publicly audit your findings to show everything is okay outside’s the blockchain’s main network. This will help eliminate the risks of exposure that come with transparency. Furthermore, by integrating this kind of computation in the form of a second layer option, this security protocol can be added without undue cost or burden. 

The UN Commission Issues a New Warning Against the Adoption of Bitcoin in El Salvador

By
Adam Barry
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0

The ECLAC (Economic Commission for Latin America and the Caribbean), a regional commission of the United Nations designed to encourage economic cooperation, has raised concerns about El Salvador’s decision to accept BTC as legal tender.

Alicia Barcena, ECLAC executive secretary, has warned that the Bitcoin move El Salvador wants to make has many systemic risks as well as money laundering-based risks. This was reported by Diario El Mundo, a local news media house.

Barcena stressed that there’s still no research study yet that can help show the potential benefits of risks of the country adopting Bitcoin as a legal tender. However, she is confident that El Salvador will most likely face a lot of scrutiny from FATE (Financial Action Task Force) regarding the move into BTC. She added that BTC doesn’t fulfill some of the money’s basic functions, and it’s prone to immense volatility, which could potentially give rise to several systemic risks in a country’s dollarized economy.

Warnings issued by other global organizations and institutions

As the warning was issued, the ECLAC was just one of the many global organizations and authorities growing increasingly concerned about the decision El Salvador is making to implement Bitcoin as a legal tender after President Nayib Bukele made the historic announcement in early June. The IMF was among the first global organizations to call attention to this decision. They warned that if the country accepted Bitcoin, they could be financial and legal issues that could arise.

In June, the World Bank also refused to help the country transition to BTC. It cited issues relating to the crypto’s transparency and environmental impact. Alexey Zabotkin, deputy governor of the Bank of Russia, also showed concern over El Salvador’s BTC decision. He argued that big economies aren’t likely to follow suit. 

What do the people think?

A survey showed that over 50% of the Salvadorian population didn’t share the same enthusiasm about Bitcoin their president did. The survey which was conducted on 1,233 participants between the 1st and 4th of July revealed that only about 20% of the population approved this move. 

MicroStrategy sells $600M of their Stock to Capital International

By
Adam Barry
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0

Capital International, a financial services company, has invested around $600 million into MicroStrategy stock. The United States SEC filings received from MicroStrategy for this year’s second quarter stated how Capital International had bought 953,242 stock shares. Following these SEC filings, the stock price of MicroStrategy went up by over 1.5% and reached over $600. This made the shares purchased by Capital International worth nearly $600 million.

MicroStrategy’s cryptocurrency asset holdings 

Capital International’s quarter one SEC filings showed that the company didn’t own any MicroStrategy shares as of 31st March. MicroStrategy, a company that last year announced that it would be buying over $250 million in BTC (Bitcoin), has eventually acquired around 105,085 Bitcoin, valued at over $3.5 billion. Even though there’s been a massive investment into a firm that controls massive cryptocurrency assets, the BTC price was somewhat unaffected. However, in the last few days, BTC has gone up 2% t0 reach $33,428.

Last month, MicroStrategy announced that it wanted to raise about $400 million to buy more Bitcoin. Though the company later bought approximately $489 million in cryptocurrency assets and increased its debt offering to around $500 million, it had a brief stock price fall of over 2%. The business intelligence company bought 13,005 Bitcoin at a price of around $37,618. Their balance sheet has surpassed the 100,000 markers with the company now in control of 105,085 Bitcoin.

The company owns twice as much as what Tesla does. The announcement Microstrategy made on Monday came at a dark time for BTC particularly and the entire crypto industry in general. The price of Bitcoin dropped to around the $32,000 mark with its crypto counterpart ETH going under $2,000 since May. 

The cryptocurrency market capitalization is currently at around $1.27 trillion, which was a drop of over five percent since the previous trading period. Monday’s downturn in price coincided with news of how China was returning the previous ban on private and public financial institutions from taking part in cryptocurrency-related business. 

The current Bitcoin price dictates that the BTC holdings in their control are worth $2.74 billion. This amounts to roughly $26,000 per BTC. This is the most BTC holdings by a company with BTC treasuries that’s publicly listed.

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