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While the Central American Nation of El Salvador is Taking Advantage of the Local Volcanoes, Cost of Bitcoin Spiked Over $47,000

By
Adam Barry
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0

President of the Central American nation of El Salvador Nayib Bukele is back in the news. A few days ago, he made an announcement that left a section of people in awe.

President Bukele announced that his country had created the debut volcano-backed bitcoin unit

It was not so many days back that the President of the Central American nation declared that his country had invented the first bitcoin unit, volcano-powered. The posting of a video followed the announcement to prove his claim. The video went viral. The footage, it is believed, is shot in the middle of a dense forest, which is geographically located close to a volcano. According to the video, the crypto mining operation, which is stationed, is geothermal. One can also glimpse bitcoin rigs which are reportedly a part of the crypto mining operation.

President Bukele declares the respective initiative as a long-term project for El Salvador

With much enthusiasm, President Bukele declared the initiative as one of the long-term projects of the Central American nation. The news resulted in causing an immediate spike in the value of bitcoin. According to reports, the cost of bitcoin spiked to over $47,000. This news caused a ripple impact. Concurrently, the value of assets, namely Ethereum, Cardano, and Ripple’s XRP, also went up anywhere between 5% and 10%.

Against the backdrop of this, reports have it that the nation has not lived up to the expectations and hype surrounding the bitcoin unit. If numbers are to be believed, El Salvador, through its bitcoin unit, which is volcano-powered, has extracted around $280 BTC by taking advantage of the volcanic power. When the numbers were made official, experts were quick to comment that this is merely a part of the overall value of bitcoin.

The U.S dollar is no more the primary currency of El Salvador

A few months ago, the Central American country announced that bitcoin is the currency of its nation. It was made official that bitcoin would become equal (in terms of value) to the U.S. dollar back in June. The announcement made in June sent a clear signal that the U.S. dollar is no longer the paramount currency of the country. The situation was such that bitcoin began to share the space with the U.S. dollar. As a result, it became mandatory for business establishments to embrace bitcoin for trade.

Acala Joins Hands with Blockdaemon and Launches First Liquid Staking Product for Polkadot and Kusama

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admin
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Acala partners with Blockdaemon to launch the first liquid staking product for Polkadot and Kusama. While Acala is the decentralized finance network and liquidity hub of Polkadot, Blockdaemon is regarded as a top-performing blockchain infrastructure provider that will render support to the recently introduced staking derivatives for Polkadot (DOT) and Kusama (KSM).

The debut liquid staking products in the Polkadot and Kusama ecosystem represents a new class of financial products

Acala’s DOT and KSM Liquid Staking are the debut liquid staking products in the Polkadot and Kusama ecosystem. The new products represent a new class of financial products that are targeted at compound staking liquidity. In addition, the liquid staking products can help create new cases for both developers and DeFi users. It has come to light that the products are already launched on Karura, Acala’s Kusama-based blockchain. Furthermore, it is learned that the products will next be found on Acala, the soon-to-launch Polkadot-based blockchain platform.

Presently $21 billion in liquidity is staked on Polkadot and $2 billion on Kusama

It has come to light that more than $21 billion in liquidity is staked on Polkadot while another $2 billion on Kusama. It is learned that the status of the respective assets is locked and dormant. Furthermore, the assets are not able to take advantage of other DeFi applications to multiply returns. From the users’ point of view, they are put through lengthy unbinding periods. The wait time for users to have their assets redeemed for Polkadot (DOT) is 28 days, and for Kusama (KSM), it is seven days. In the form of a solution to the problems, the team of professionals at the Acala team has developed and launched Liquid Staking. The team is optimistic that the newly built protocol will solve the many-a-challenges besides helping the user unlock billions in liquidity for the Polkadot and Kusama ecosystems.

Founder and CEO of Blockdaemon Konstantin Richter comments on the developments

The founder and CEO of Blockdaemon, Konstantin Richter, introduced Blockdaemon as one of the leading blockchain infrastructure providers. Richter stated that the group is focused on striving for innovation in the staking and security space is a top priority for Blockdaemon. He added that Acala’s Liquid Staking product would work as a solution to unlock billions in liquidity across Polkadot and Kusama. He said that the group is excited to be the pioneer node operator to participate in this program to help users compound their DOT and KSM staking yield.

Qanplatform Introduces 80% Faster Cloud Deployment Feature That Allows Developers To Deploy The QAN Private Blockchain In Less Than 5 Minutes

By
Adam Barry
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0

The technology space is one sector where innovation and up-gradation take place regularly. The latest entrant in this direction is from QANplatform.

QANplatform announces rapid cloud deployment feature

One of the leading Quantum-resistant blockchain platforms, QANplatform, is back in the news. The group recently announced that it has successfully developed the rapid cloud feature. The new development gives developers the ability to deploy the QAN private blockchain in less than 5 minutes to major cloud platforms, including Amazon AWS, Microsoft Azure, Google Cloud Platform, DigitalOcean, or Linode. Furthermore, it is learned that competent contract developers can bring down the development time to a good 80% in comparison with the installation and usage of other blockchains like Ethereum, Polkadot, or Algorand.

Cloud computing and blockchain technology have gained momentum post the pandemic

In the last five years, the popularity of both cloud computing and blockchain technology has soared. Thanks to the distributed and privacy-enhanced characteristics, both the technologies have gained momentum, and their demand has soared especially post the covid pandemic crisis.

QANplatform is the debut blockchain platform to automate the deployment function to major cloud platforms

QANplatform takes the credit of being the debut blockchain platform to automate the deployment function to major cloud platforms. The innovation gives DevOps engineers and intelligent contract developers the freedom and ability to construct quantum-resistant smart contracts, DApps, DeFi solutions, tokens/cryptocurrencies, and NFTs by taking advantage of a process that reduces the overall development cycle time to as much as 80%.

Quantum-resistant security is the main USP

The main unique selling proposition (USP) is quantum-resistant security. Elaborating on this, Johann Polecsak, Co-Founder and CTO of QANplatform, shared that the group addresses today’s problems. To reach mass adoption, QAN focuses on bringing down the entry barrier for the community of developers. The same gives startups and enterprises the advantage of building their Proofs-of-Concept (PoC) and Minimum Viable Products (MVP) as quickly as possible. The Co-Founder and CTO of QANplatform added that the QAN blockchain platform solves the respective trouble by constructing integrations to the already existing and popularly used programming languages.

Decentralized Mortgage Platform Launched Courtesy Bacon Protocol

By
Adam Barry
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0

In an official announcement, Bacon Protocol stated that it has launched its decentralized mortgage platform. The decentralized mortgage lender made this official announcement recently.

Here’s what this platform is capable of 

The mortgage investment market is at present under the control of banks and the government. To begin with, by taking advantage of the decentralized mortgage platform, users can gain direct and uninterrupted access to the mortgage investment market, which is thriving. The platform was recently officially launched. As part of the launch, a new stablecoin was introduced. The stablecoin, it is understood, is powered by USD Coin (USDC) and home loans.

A public sale of bHome tokens will be hosted

Besides launching its protocol, Bacon Protocol made an official announcement that the group is all set to host a public sale of bHome token. Also known as a Stable+ Coin, the bHome token backed “dollar for dollar” by USDC, liens, and loans on properties in the United States. Early birds participating in the sale are automatically eligible and will qualify to receive bonus rewards through the BACON governance token.

Lien on the property can be exchanged for a nonfungible token, or NFT

A source explains the advantages Bacon Protocol offers. One of them is that it gives homeowners a choice to have exchanged a lien on their respective property for a nonfungible token, or NFT, representing a percentage of the property they purchased. Furthermore, it is understood that NFT allows buyers collateral to access other crypto markets, including decentralized finance (DeFi). The process will be by initiated Virgin-backed LoanSnap. The company is a financial services company that comes to the rescue of American homebuyers by helping them save on interest rates and other associated costs.

The value of all U.S. residential mortgages was estimated to be worth $11 trillion in 2019

Banks, corporations, governments, and borrowers are a part of the U.S. mortgage market, a complex ecosystem. According to sources, the value of all U.S. residential mortgages was estimated to be worth $11 trillion in 2019. If numbers are believed, banks, companies, and governments purchase over $2 trillion worth of mortgages every passing year. Furthermore, according to the latest numbers, it has come to light that the Federal Reserve holds a $2.5 trillion value of mortgage-backed securities on its balance sheet.

Social Token Provider Roll Raises $10 Million In Series A Funding To Help Creators Tokenize Interactions With Communities

By
Adam Barry
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0

Social token provider Roll has raised total funds of $12.7, of which a sum of $10 million is raised under the Series A funding. In addition, it is learned that the social token infrastructure provider has raised funds to rescue creators by helping them tokenize their interactions with communities.

The funding round has many participants

With IOSG Ventures taking the lead, the funding round saw the participation of Animoca Brands, Alchemy, Huobi Ventures, Weekend Fund, Mischief Fund, Audacity, and existing investors like Galaxy Interactive Hustle Fund, Gary Vaynerchuk, Trevor McFederies, Ryan Selkis, and Balaji Srinivasan.

The digital currencies can be used as the basis of a decentralized creator economy

According to reports, Social tokens are blockchain-based digital currencies. Furthermore, it is learned that digital currencies are armed with the capacity to be used as a foundation that can be used as a decentralized creator of the economy.

Organizations and communities can tokenize content for those that are part of the community

Explaining the potential of blockchain-based digital currencies, IOSG Ventures founding partner Jocy Lin stated that decentralized autonomous organizations (DAOs) and communities could tokenize, trade, and gate-keep content by using Roll as a medium are part of the community. Lin further explained that by taking advantage of a social token, its users and the respective holders could become a part of and contribute to a community.

Nonfungible tokens (NFTs) are popular, and their growth is spiking 

It is beyond doubt that nonfungible tokens (NFTs) are more than just popular, and their growth is spiking at a relatively fast pace. The co-founder and CEO of Roll Bradley Miles went on record to confirm this piece of information. An optimistic Miles added that the bull market had become a revolution for creatively inclined individuals like artists, musicians, and creators in many parts of the world. The co-founder and CEO retreated that NFTs are the face of content on blockchains, and they can be introduced as represent the future of content on blockchains. He added that this form would become the new normal for content creators in art who wish to make their work ownable.

Explaining the launch of a social token is no rocket science, Miles, in an interview with Cointelegraph, shared that launching a social token is as good as launching a YouTube channel.

China Declares Crypto Illegal, Following Which Three More Crypto Platforms Call It Quits From The Country

By
Adam Barry
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0

China has issued a blanket ban on cryptocurrency, so much so that the nation has declared it illegal. With no other choice, many crypto platforms are exiting from the country. The latest three companies to join the list are BitMart, Feixiaohao, and Biki. Furthermore, it is learned that Alibaba International took to social media Twitter to announce an official ban on selling all cryptocurrency mining machines.

BitMart will clear all accounts in its crypto exchange in Mainland China

Several crypto exchanges have initiated the process of clearing all accounts that are registered with it in Mainland China. Parallelly, the exchange is also working on winding up the seamless liquidation process. The group informs that the process will be completed before November 30 2021. The crypto exchange platform made it official that it will not provide services of any kind to Mainland China.

Feixiaohao and Biki comment on the development

Reacting to the situation, Feixiaohao mentioned that it has already terminated the service to users in Mainland China from September 28, 2021. Therefore, as of this writing, no user will access the Feixiaohao crypto exchange in the region.

Following suit is the Biki crypto exchange, which announced that it would stop operations in Mainland China from November 30 2021. The business had already registered new users on its platform and carried out the know your customer (KYC) process for registered users in the region on September 26 2021. The Biki crypto exchange went on record and stated that post-September 26 2021 no users will be able access the group’s official website.

A blanket crypto ban imposed in China has an impact on the industry

When people in China were comfortable using cryptocurrency, China announced a ban on it. The latest development not only has an impact in China, but also it has a ripple effect across the world. Sources who are keeping a close watch on the development unfolding in Mainland China share the opinion that the crypto ban in one way or the other impacts the crypto industry. However, the public in the region is clueless. They have to but adhere to the prohibition and accept that cryptocurrency is illegal in their region. Meanwhile, it is a wait and watch game for the people, crypto exchange groups, and industry analysis’s to learn how things will unfold in the days to come.

A Majority of 54% of Salvadorans are Unfamiliar with Bitcoin; Survey Brings to Light

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admin
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A couple of weeks ago, El Salvador hit the headlines and grabbed world media attention. The President of the nation declared Bitcoin (BTC) as legal tender. While this implementation has garnered mixed reactions from the people of El Salvador, the International Monetary Fund has been vocal in expressing skepticism. 

A majority of 54% of Salvadorans are unfamiliar with Bitcoin; survey brings to light

While the Central American nation is getting used to the new digital currency, research agencies are quick to study the pulse of the nation’s people. In the backdrop of the developments unfolding, research was conducted by the São Paulo-based agency Sherlock Communications. The results of the research study are both shocking and unbelievable. It has come to light that a majority of 54% of Salvadoran respondents who participated in the respective research selected the option which read ‘none.’ The subjects were asked to choose the cryptocurrency that they know about the best. As options, as many as five leading coins were listed. Financial experts echo the sentiments that the nation’s government could have done its research on the ground before implementing this move. 

A majority of Salvadorans do not want Bitcoin

Yet another study brings the harsh truth to the surface. A poll shows that most Salvadorans are against the digital currency of Bitcoin and do not want it to be implemented. A significant chunk of the population is against using this form of currency and is not happy with the decision of the government to make it a legal tender. Most Salvadorans admit that they are unaware of using this form of currency and do not trust the project. A research poll that was carried out by Central American University (UCA) was brought to light. 

Poll results bring to light people of the nation disagree with Bitcoin as a legal tender

A poll by UCA, a Jesuit university in El Salvador, brought to light that about 67.9% of 1,281 respondents who participated in the survey expressed that they either disagree or strongly disagree with the usage of Bitcoin as a legal tender. Furthermore, a minority of 32% of subjects stated that they agree on some level regarding its usage. This respective research study was carried out when the government was completing all the necessary formalities to give cryptocurrency the status of a legal tender in El Salvador. President of El Salvador Nayib Bukele announced this move in June. 

As Part of Project Expansion Activity, eToro Promises $1 Million Stake to GoodDollar Universal Basic Income Protocol

By
Adam Barry
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0

eToro announced that the company had increased its stake in Universal Basic Income Protocol from the current $58,000 to $1 million.

The additional capital will fuel the expansion activity of GoodDollar

GoodDollar works in the direction of spreading financial education. The group also minimizes the global wealth gap by taking advantage of initiatives like clever contract mechanics, decentralized finance (DeFi), and a reserve-backed crypto token like the G$.

Here’s how the traditional donation-driven philanthropy model works

GoodDollar has implemented what the group calls the traditional donation-driven philanthropy model. Under the initiative, a good Samaritan is invited to participate and take advantage of the double bottom line set of rewards offered in the financial and social sectors. As the initiative has the DeFi backing, geographical, economic, and regulatory restrictions do not apply to the enterprise. Thus, the world of the digital economy is open to the citizens of the world. The same is, by far, one of the most unique and user-friendly unbiased models. 

GoodDollar’s world’s most universal UBI program has over two hundred thousand users

Because of the flexibility it offers, those who like to stay connected with the developments taking place in the digital economy and cryptocurrency world can connect through the GoodDollar app. The application gives free access to cryptocurrency. In addition, there is a provision for anyone to don the hat of a philanthropist by shelling out money to support the project’s initiatives. GoodDollar holds the credit of being the world’s widely reached universal UBI program. It is learned that the program has more than two hundred thousand users. It has also come to light that the initiative has users from nearly all the countries in the world. 

Results of its Proof of Concept recently published 

Proof of Concept is a limited protocol launch designed to validate the economic model and market adoption. GoodDollar recently published the results of its Proof of Concept. The results bring to light that a sum of $16,000 worth of UBI in G$ was distributed. According to the results that were recently published, more than two hundred thousand individuals are beneficiaries. The value of the initial stake is $58,000.

Goldman Sachs (NYSE: GS) and Coinbase Global Inc (NASDAQ: COIN) Contribute a sum of $41 Million to Fund One River Digital Raises

By
Adam Barry
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0

Goldman Sachs (NYSE: GS) and Coinbase Global Inc (NASDAQ: COIN) have contributed towards the fund raising initiative of One River Digital Raises. The startup cryptocurrency-fund manager has raised funds to the tune of $41 Million. 

Information about the fund raising initiative

The cryptocurrency-fund manager is backed by Alan Howard and has Goldman Sachs and Coinbase Global Inc as its new investors. It has come to light that the two investor companies hold a minor stake which is a part of the a Series A round of funding. With the successful completion of the funding initiative, the cryptocurrency-fund manager is valued at $186 million. In the backdrop of the developments, no one from Goldman Sachs and Coinbase Global Inc were available for a comment. 

It is learned that Liberty Mutual Group Inc., served as infinity investment partners and the insurer, a London-based investment firm, also participated in this exercise. Seed funding for One River Digital was provided by Howard, the co-founder of Brevan Howard Asset Management, last year. 

One River Digital focuses on managing assets for institutional investors like pensions

Experts echo the sentiments that the recent funding initiative was rare in crypto market. A majority of start-ups are focused on identifying and introducing solutions for the technical problems and some of them are involved in trading or creating tokens. However, One River Digital works on the lines of managing assets for a wide range of institutional investors including pensions. 

Rapid digitization of global finance comes with its set of advantages and disadvantage

The finance sector is witnessing digitization which is taking place at a rapid pace. Liberty Mutual Chief Investment Officer Vlad Barbalat, in a statement conveyed that the scope for rapid digitization of global finance comes with both challenges and opportunities for investment organizations. Barbalat expressed happiness in joining hands with the One River team, which has to its credit enormous institutional expertise in this field. 

One River Digital, subsidiary of One River Asset Management works on market volatility. The group that was founded in 2020 has grown from strength to strength and currently it is regarded as the largest investors in Bitcoin and Ethereum. 

After El Salvador Declared Bitcoin as Legal Tender Netcoins.ca Achieves Crypto Milestone

By
Adam Barry
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0

A couple of weeks ago, El Salvador hit the headlines in the world of cryptocurrency for all the right reasons. The territory has to its credit no official currency. It is learned that the region has been using the U.S. dollar since 2001. However, all this changed, and the small Central American nation scripted history of sorts in September this year. On September 7 2021, El Salvador declared bitcoin as legal tender, thus, becoming the first country to make this move. The announcement of this news has received mixed reactions from people from different walks of life. 

Bitcoin is accepted as an official means of payment

With bitcoin given the legal tender status in the Central American country, commercial and business establishments in El Salvador can take it as an official form of payment. 

The President of the country, Nayib Bukele, went on record to justify giving the bitcoin status of a legal tender. According to Bukele, it is one of the ways to modernize the economy of the nation. The President also hopes that the move will help in solving problems that are related to economic accessibility. 

Paraguay and Panama nations are learning from El Salvador’s experiment with bitcoin

Since news of Bitcoin was declared as a legal tender, the first few days did not pass without any teething issues. In the initial days of implementation and usage, the government’s official crypto wallet had to face and overcome many-a-technical challenges. However, other nations are taking notes and are learning from El Salvador’s experiment with cryptocurrency. Paraguay and Panama, which have been considering implementing bitcoin in their legislation, are paying attention to the developments unfolding in the Central American nation. 

Making Bitcoin as legal tender in El Salvador has helped Netcoins.ca achieves the crypto milestone

Joining the many others who celebrate the announcement of bitcoin as legal tender in El Salvador is Netcoins.ca. This development has helped Netcoins.ca achieves a crypto milestone. Netcoins has a user base that is witnessing a spike. Moreover, the group believes that cryptocurrency has enormous potential to reshape the world economy on the whole. When more people from different walks of life embrace cryptocurrency, it will, beyond any doubt, change the way we transact and use technology. 

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