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Ukrainian Esports Company, Natus Vincere Unveils Blockchain-Based Fans Tokens

By
Adam Barry
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Cryptocurrency integration into eSports is currently on the rise, and in the past, a lot of eSports firms have tried to adopt blockchain technology fully in their platforms. Among the common ways, the firms are integrating blockchain through fan tokens to offer eSports enthusiasts perks to participate in eSports through a convenient asset to place bets.

Natus Vincere introduces digital fans tokens to attract more fans

In early November, Ukrainian eSports firm Natus Vincere joined other eSports companies that have launched fan tokens with its fan token. Natus Vincere launched a token on socios, which is a blockchain-based platform. The company seeks to enhance fan engagement and attract more players by offering fans and players a chance to vote in the polls and earn exclusive tokens. Although the Ukrainian company plans to have a maximum supply proof of 5 million coins, the number of tokens available at $1 will be minimal. The company expects to release the plan in the coming months, and the new token price will be pegged on market demand.

It is interesting to see greater adoption of digital currencies in the eSports sector. Notably, eSports enthusiasts acknowledge the benefits associated with crypto, and this will not be the first time cryptocurrencies are trying to penetrate the industry. There have been several other platforms in recent times for virtual sports betting with cryptocurrency via CS: Go in Russia.

eSports betting with crypto on the rise

For instance, the Valve-developed game Counter-Strike: Global Offensive became even more popular following the introduction of betting on the game with crypto. It is important to note that blockchain technology has become a vital component of the eSports sector, and the community is using crypto to gain benefits through bets.

Fan tokens are increasingly becoming popular in the industry, and they are digital assets similar to cryptocurrencies. However, unlike crypto, they are characteristic to the eSports industry representing ownership of voting rights giving players a chance to win rewards. The tokens are exchangeable for other benefits such as tickets and VIP experiences.

Graph Blockchain Inc. (CNSX:GBLC) Sets Sights On e-Commerce Opportunities

By
Adam Barry
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0

Graph Blockchain Inc. (CNSX:GBLC) is increasingly making a name for itself in the development of leading-edge business intelligence and data management solutions. The company has already launched a proprietary and wholly-owned Wellness Marketplace BluStem Ltd, using Shopify multichannel e-commerce platform.

E-Commerce Prospects

The BluStem e-commerce marketplace focuses on personal protective equipment and other related services in the fight against the COVID-19 pandemic. Likewise, the platform is being configured to support other wellness products and wellness brands in other jurisdictions.

The unveiling of the blockchain e-commerce platform marks an important milestone to the company and its shareholders. According to Chief Executive officer, Andrew Ryu the focus shifts towards pursuing growth opportunities around the e-commerce marketplace.

Plans are underway to pursue the creation of a revenue model that facilitates both scale and organic growth. Graph Blockchain has already received its first order of Personal Protective Equipment and other ancillary product in the BluStem multi-channel ecommerce market place. The value of the sales is approximately $63,000. With the sale the company should continue to expand its online footprint and strengthen focus on value driving plans.

The company also continues to experience an influx in demand due to COVID-19 for protective equipment. The sale of the first PPE on the Omni-channel platform represents the further streamlining of operations and a considerable step towards optimizing BluStem.

Debt Settlement

Focus also shifts towards expanding the online footprint and strengthening focus on sustainable value-driving plans. Graph Blockchain has already confirmed the termination of the previously announced letter of intent to acquire Third Eye Corp. The termination underscores the company’s growing focus on growing the e-commerce business.

Separately, Graph Blockchain has closed its shares for debt settlement offering with four creditors. As part of the deal, the company is to settle an aggregate of $386,004 in debt for service provided by the company’s creditors.

Ethereum Deposit Contract To Trigger Ethereum 2.0 Upgrade Receives $488 Million

By
Adam Barry
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0

The smart contract that will trigger the upgrade into Ethereum 2.0 has accrued around 862,288 ETH into the deposit contract. The second-largest crypto’s upgrade in terms of the market cap will improve its governance, economic model, and resource usage.

Ethereum 2.0 deposit contract surpasses 524,288 ETH

Data from the Ethereum blockchain indicates that so far, ETH totaling to $488 million has been deposited into the smart contract at a rate of $573 per ETH token. The data shows that more than $400,000 worth of ERC-20 tokens has accrued into the address. Despite the Ethereum 2.0 deposit contract release being early this month, it is already above the 524,288 ETH threshold required for the launch of Ethereum 2.0 on December 1, 2020. Interestingly the Etehreum 2.0 network is not yet ready for launch just yet.

However, a parallel proof-of-stake blockchain called “beacon chain” will launch, and it will run in parallel with the current Ethereum network. The initial development will not affect the Ethereum network or its applications and smart contracts but will instead contribute to Ethereum 2.0’s launch.  It is important to note that the beacon chain activation is the first of the four steps in the migration to the upgraded Ethereum network.

Validators to earn staking rewards

Validators will be the main stakeholders on the Ethereum 2.0 chain. They are equivalent to miners on Ethereum’s current proof-of-stake network. Interestingly the validators will be earning rewards for finding new blocks and processing transactions. It is easy to become a validator, and all a user needs to do is stake around 32 ETH into the Ethereum 2.0 network’s deposit contracts. Once it launches, validators will earn rewards of 30% per year on staked funds, which is an attractive investment.

The increase in deposited amount is a sign of confidence from users about the launch of Ethereum 2.0. Weiss Crypto Ratings analysts indicated that the increase in the number of deposits is a sign that everybody wants to be on board. Crypto exchanges will help users in staking ETH even if their threshold will be below 32 ETH.

US Justice Department Seizes $1 Billion In Cryptocurrencies Linked To Black market Site, Silk Road

By
Adam Barry
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0

The US Justice Department has enhanced its crackdown on cryptocurrency, and recently it seized $1 billion in Bitcoins from an unnamed hacker. The DoJ nabbed the funds linked to the Silk Road website after watchers noticed that around 70,000 BTC was being transferred from an account associated with Silk Road.

DoJ seizes 70,000 bitcoins from Silk Road

The Silk Road website is an online black market that sells everything from stolen credit cards to drugs and even assassins for hire. The US government had closed the site in 2013. The amount of cryptocurrency seized is the largest so far to date by the DoJ. The DoJ asked the Northern District of California Court to lock almost 70,000 in BTC, Bitcoin SV (BSV), Bitcoin Cash (BCH), and Bitcoin Gold (BTG).

Interestingly court document didn’t mention the individual behind the fund, only referring to them as “Individual X.” The document alleges that the individual had hacked Silk Road and stolen the coins, much to the disappointment of Ross Ulbricht. The hacker had agreed to sign the cryptocurrency over, which is why the funds changed hands for the first time in almost five years.

In a statement, US Attorney David Anderson confirmed that authorities had seized the cryptocurrencies adding that Silk Road was a notorious criminal marketplace. In 2015, the prosecution of Silk Road founder left unanswered questions about where the money went. The Internal Revenue Service’s Criminal Investigation used a third-party firm in analyzing BTC transactions that Silk Road had executed.

Seized funds subject to forfeiture

Authorities took control of the funds on November 3, which the DoJ said are subject to forfeiture. Kelly Jackson, IRS special agent, said that criminal proceeds shouldn’t stay in thieves’ hands. Silk Road founder is currently serving two life sentences for computer hacking, conspiracy to traffic narcotics, and money laundering.

Over the past month, the DoJ has been active in the crypto crackdown. In October, the agency introduced a framework for cryptocurrency enforcement that some have said is an indication of a major crackdown.

ZebPay Planning To Launch A Non-Fungible Token Called Dazzle For Its Users In India

By
Adam Barry
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0

Cryptocurrency exchange ZebPay announced that it plans to launch a non-fungible token called Dazzle. NFT is a crypto token that is not mutually interchangeable, but they are tradable and can be used to represent real-world and virtual goods.

ZebPay introduces non-fungible token for its users

Following the launch, ZebPay is expanding into the NFT space to offer over 3 million users base in India market opportunities like virtual collectibles. Dazzle will confer rewards to users such as lower fees in the ZebPay platform and discounts from partners like streaming services, e-commerce retailers, food delivery, and others. Unlike cryptocurrencies, NFTs carry unique metadata, and they vary in their level of rarity. However, they are becoming increasingly popular for tokenized markets such as fantasy sports, digital art, and video games.

ZebPay CEO Rahul Pagidipati said that they had launched Project Dazzle, which will create a one-of-a-kind digital collectible, NFT. The NFTs will be given to users through different programs. Rahul said that NFTs differ from other cryptocurrency tokens because of their rarity. Interestingly their value can grow not just because of demand but because it can acquire properties and benefits with time. Rahul said that investors could choose to sell or hold their NFTS.

ZebPay seeking to leverage opportunities in the NFT market

A representative of the exchange said they seek to boost blockchain engagement beyond crypto among 5 million cryptocurrency investors in India. ZebPay believes NFTs will help grow the digital art market by offering artists new opportunities to monetize their work and protect digital copyrights. Currently, the NFT global market is valued at around $100 million, and it keeps growing.

The exchange will offer Dazzle tokens as rewards or trading fees to its loyal and active users and as random airdrops or through fun contests. A representative said that the exchange would not sell the tokens, and they want to seed the platform to let members grow it organically. Members can decide what to do with the token they get, which they can trade if they want.

Lebanon Plans To Launch CBDC As The Lira Continues To Struggle Against the Dollar

By
Adam Barry
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0

The Lebanese lira has been on free fall in recent times, and now the central bank is planning to launch a digital currency next year to combat financial crisis engulfing the country. The Banque Du Liban Governor, Riad Salameh announced the plans for a CBDC as part of the “regulatory mechanism” to re-establish confidence in the country’s troubled banking sector.

Lebanon to launch its CBDC next year

Salameh said that the country should be ready for a Lebanese CBDC as a way of shoring up confidence in the banking sector. He said that considering the monetary supply in the Lebanese market. Lebanese private banks have deep connections with the government, which in March defaulted on its debts. As a result, none of the institutions evokes confidence from the public, with around $10 billion held inside homes. Salameh added that the launch of a digital currency project in 2021 would help in implementing a cashless financial system to boost the flow of cash locally and abroad.

The country depends significantly on remittances from its brad global diaspora. For instance, according to the World Bank, in 2019, personal remittances accounted for around 14% of Lebanon’s gross domestic product. Interestingly in 2004, the figure was even higher at 26.4%.

The central banker indicated that the company is planning to maintain its gold reserves as a hedge against an economic crisis. In the event of a market, a crisis occurs Banque Du Liban can liquidate the gold reserves in foreign markets for immediate relief.

The collapse of lira accelerated the need for CBDC

Since 2018, the central bank has been advocating a state-run digital currency. Its efforts seemed to have accelerated at the beginning of 2020 following violent protests and silent bank runs that crippled the country’s financial system. With banks facing a dollar crisis, they tightened restrictions on foreign currency transactions, and the plunging lira exacerbated things as people could not transact in domestic currency. In June, the lira plunged to over 5,000 per US dollar with the confusion over the lira resulting in bitcoin purchase wave among locals.

US Federal Reserve Publishes Research Exploring Value Of CBDC

By
Adam Barry
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0

With discussions on Central Bank Digital Currencies increasingly becoming popular, the US Federal Reserve is widening its research on CBDCs to identify the inherent value drivers of a digital dollar. The Fed posted a new review on its website regarding the expansion of its study on CBDCs.

Exploring the value of a possible digital dollar

The report was titled “Central Bank Digital Currency: A Literature Review.” According to the report, Federal Reserve Economists Jean Flemming and Francesca Carapella compiled a review of the potential impact a digital dollar will have on monetary policy and commercial banking. The review offers a theoretical foundation for understanding the influence CBDCs will have on financial stability and how they will influence consumer adoption.

The authors indicated that from a theoretical standpoint, the introduction of CBDCs raises long-standing questions regarding the provision of private and public money. It also evokes issued to do with the central bank’s ability to used CBDC as a way for transmitting monetary policy to households. The literature review is a preliminary scan on the topic of CBDCs to justify the need for more research. The report recognized “intrinsic features of CBDC” as the most critical question where research should focus on going forward.

Research focusing on intrinsic features of CBDCs

The focus is on CBDC as a payment means and store of value, which are important aspects for portfolio choices of households regarding the monies to use. The Fed released a research paper on August 13, comparing CBDCs and other methods of payments. The authors of the paper Jesse Leigh Maniff and Paul Wong stated that CBDCs cannot replicate all the features of real-time gross settlement services and cash but will instead enhance both payment modes.

For almost a decade now, CBDCs have been considered as the central bank “arms race”, but the Fed is not in a hurry to adopt the digital dollar. Last month Fed Chair, Jerome Powell stated that it is unlikely that CBDC will be launched soon because since the US already has a “safe and active dynamic payment system.” 

Bots Inc. Seeking Up To $18 Million In Royalties From BTC ATM Operators

By
Adam Barry
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0

Puerto Rican blockchain and robotic company, Bots Inc. has announced that its subsidiary, First Bitcoin Capital LLC is exploring options with a law firm to enforce a “Bitcoin ATM Patent.” The company wants to launch litigation to start collecting royalties from companies using crypto-enabled ATMs.

Bots owns the patent on underlying BTC ATM tech

The company receive patent protocols regarding the underlying operation of Bitcoin ATMs two weeks ago. It now believes that as the owner of IP for the technology, it is eligible to receive millions of royalties per month. Bots’ CEO Paul Rosenberg stated that they are targeting per-transaction royalty payment from BTC ATM manufacturers. The payments will cover several years with some agreements also covering past and several years coming.

Bots acquired First Bitcoin Capital in October this year, and it is seeking to leverage opportunities in the BTC markets that have recovered to levels witnessed in early 2018. With the acquisition, they also got rights of US Patent No 9,135,787 “Bitcoin Kiosk/ATM Device and System Integrating Enrolment Protocol and Method of Using Same.” The patent entails purchase and sale of cryptocurrencies and bitcoin using BTC ATMs/Kiosks through various forms of payment such as credit/debit cards and bank transfer. Parts of the IP on the patent are important for BTC ATMs to operate.

Bots want to leverage over 9,400 BTC ATMs in the US

Currently, there are over 9,400 BTC ATMs across the US, which process around 130 to 180 transactions every month. BOTS wants to leverage this opportunity to collect royalties of between $14 million and $18 million per month. However, it is unclear whether the figure Bots is quoting is an ambit claim for discussion or whether its tech is as important as it claims.

In 2019 when First Bitcoin Capital acquired the Patents, it launched an unsuccessful campaign seeking to secure royalties of up to $50 million by 2024. Bots started acquiring First Bitcoin’s assets from July and seem to have doubled down its patent royalties campaign. The Puerto Rican firm expects to reach an agreement without a lawsuit with ATM operators. 

Grin Network Suffers 51% Attack From Unknown Miners, But GRIN Token Is Strong

By
Adam Barry
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0

Privacy-focused crypto network, Grin (GRIN) has suffered a 51% attack on its network according to reports. An unknown entity allegedly gained control of more than 57% of the blockchain’s hash rate on November 7, 2002.

Unknown group controlling 57.4% of Grin network’s hash power

Grin network told the crypto community that it was under attack and a cryptocurrency mining group 2Miner tweeted that an unknown group had accumulated around 57.4% of the Grin network hash rate. 2Miners said that it was only controlling 19.1% of Grin network hash rate while sparkpool miners controlled 18.9%. Payouts stopped, and miners should mine at their own risk since new blocks can be rejected.

According to data from GrinScan, attackers managed to reorganize one forked block on November 7 at 23:17 UTC. The unknown group has been increasing its control, and at the time of publication, they were commanding around 58.1%. On the other hand 2Miners’ control increasing to 24.6% while that of sparkpool decreased to 11.3%.

Interestingly whine a group of miners control over 50% of a network’s mining power that can affect blocks reorganization. As a result, this could lead to token price volatility and disruption of the blockchain’s confidence. It is important to note that when a mining group ha control of over 51% of a network’s hash power that doesn’t always imply ill intentions. Sparkpool has previously held around 60% of the network’s hash rate and didn’t interrupt the production of new GRIN blocks.

Grin issues warning notice regarding the 51% attack

In the company’s website, there is a warning explaining that there has been a considerable increase in hash rate over a short time. The notice indicates that this coincides with the Nicehash rate doubling with more than 50% of the network’s hash power outside known pools. Because of the circumstance, miners are advised to wait for more transaction confirmation for payment finality.

Grin is, however, not the only network to suffer an attack. In August, Etherum Classic (ETC) blockchain was a victim of three 51% attacks. The attackers caused reorganization of several blocks.

Tokyo-Based Layer X Labs Develops Blockchain-Based E-Voting System For Tsukuba City

By
Adam Barry
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0

Japanese company Layer X Labs has developed a blockchain-based electronic voting system as part of the broad “smart city” initiative Tsukuba City is pursuing.

Tsukuba City transforming into a “smart city”

According to the Tokyo-based company, the system will meet the electronic voting needs, including proper storage of voting content, prevention of double voting, management of records, and voter confidentiality. Additionally, voters can check their results, but this will be possible if aggregation and recording processes are conducted correctly.

The system seeks to push the paradigm shift to electronic voting in local governments. The company explained that it is working to enhance efforts to solve technical issues related to the digital transformation of different administrative services. Usually, the traditional voting systems through the ballot box and e-voting can be vulnerable to malware attacks, voting manipulation, and DDoS attacks, among others. The process takes a lot of time and involves paperwork thing that the blockchain system seeks to solve.

Layer X will join Tsukuba City, Ibaraki Prefecture smart council that wants to transform the city into a “smart city” and shift to a digital era.

More countries adopting blockchain-based e-voting

With the COVID-19 pandemic, most countries and local states ate adopting blockchain-based e-voting alternatives. For instance, in Russia, the same voting system was in use in September and also published the source code for the GitHub platform for other users. Russia used Bitfurry in implementing the system, which helped raise the credibility of Russian elections that have been said to lack transparency.

France has also experimented with the blockchain voting system. The commune de Verneuil-sur-Seine took a vote on a road project connecting three towns using a blockchain-based voting system. The system verifies voter identity and offers certificates stored on the Tezos blockchain as voting proof. Results will be tallied according to towns where voters reside. Voters can check to verify if their vote is recorded in the digital account.

The Michigan Democratic Party State Nomination Conventional also voted online because of the COVID-19 pandemic. They used the blockchain-based Voatz playroom for e-voting.

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