ValteSat, Feb 27, 2021 10:43 PM
Weekly Digest: Primitive, Billionaire & Cryptopia
Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.
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Projects And Updates
According to the latest MoneyGram earnings report, the company stops using Ripple’s XPR remittance solutions due to the legal SEC issues. In December 2020 the regulator filled the charges, claiming that Ripples was selling unregistered securities. Despite the millions of the net benefits received by MoneyGram, the company drops Ripples services until it will sort out the legacy issues. Ripple had publish a statement, saying that the suspension is just temporary and the contract between two companies includes points beyond the use of xRapid.
“We look forward to finding a path forward with MoneyGram and have confidence that there will be more regulatory clarity in the U.S. for the use of digital assets and blockchain technology at the end of this lawsuit – both of which MoneyGram has commented on publicly in the past about the benefits they have witnessed firsthand for their business,” — Ripple Team
Parachain, the building blocks of Polkadot, which are going to be launched in a nearest future will be tested and optimized on the Kusama network, as stated in a recently published Polkador roadmap. Currently the entire network is being tried in Rococo testsnet. Once the parachains show the stable results on a testnet a vote to start running parachains on Kusama will be activated through on-chain governace. Comparing to the traditional network, Kusama will make it possible for the developers to see how parachains will behave in a live environment. If that goes smoothly, the slow auctions will be enabled by the DOT-holders voting, making developers able to bid for a possibility to set and run a parachain.
“Every subsequent new auction will take place roughly every two weeks. The winning parachain will be deployed to the network shortly after completing the auction. Parachain slots can be leased for anywhere between six months and two years, after which they’ll go back up for auction,” — CryptoSlate
During the last one week CAKE the native token of Pancake Swap experienced 200% development, with the trading price $18,55. Even having less visitors Dex reached up to $1,5 billion traded and outpaced Uniswamp that had been steadily taking the first spot for a while. The growing of the Dex explained by the enormous increase of the Ethereum networks rates, which made users consider other options. Same week Binance native token reached the third place by the market cap in the top of the most traded cryptocurrencies, overcoming Stablecoin.
“BNB is being utilized to pay gas expenses on the Binance Smart Chain. As the ascent in exchanges becomes almost an everyday thing, there will be more noteworthy interest for the token,” — Coindictate
Crypto-oriented venture company Future Fund bought the Sushi.com domain name for SushiSwamp the second largest Ethereum based DEX. The news shared via Future Fund Twitter set a notice that a strong domain will increase the traffic and the recognizability of the brand. According to the DomainGang.com the price for the domain reached up to $1,9 million.
“Data from CoinGecko shows SushiSwap with roughly $382 million in 24-hour volume. SushiSwap reported more than $13 billion in monthly volume for January, according to data collected by The Block Research,” — The Block
The Coinbase might become the first in history cryptocurrency exchange to go public with the SEC. A regulatory feeling revealed Thursday created an outburst in the crypto world. During 2020 the firm increased the net income almost threshold comparing to 2019. Rapidly growing Coinbase plans to list its Class A common stock, lately estimated $373 per share, on the Nasdaq Global Select Market using the ticker “COIN.” Coinbase Initial Public Offering estimated $28 billion. But the registration is not valid until the filling follows up all the procedural stages.
“They have continuously expanded their reach, gobbling up additional users and extending their market share,” — BeInCrypto
According to the World Street Journal Report from Wednesday, Visa and MasterCard are planning to raise the cut of the payments that applied on merchants, which make them pay up to 2% of the credit-card purchases of the customers to the banks that issued the cards. This might cause the seeking for the alternative more profitable for the sellers payment options and those include crypto. While it also includes the commission, it might be much cheaper than the existing credit card fees, especially if the rates are going to increase.
“Bitcoin has faced a great deal of criticism over transaction fees that seem to prohibit it from ever becoming a reasonable means to pay for everyday purchases. Many, however, completely disregard the costs that merchants incur by accepting payment via debit or credit cards,” — Coinworld360
Despite losing the position in the Top-5 cryptocurrencies according to the market capitalization, Ripple is moving towards the innovative adoption in the market with the regard to XRP ledger. In particular Ripple was discussing with several central banks around the world the usage of XRP-ledger for the creation of National digital currencies or CBDCs. If the company manages to come to an agreement on launching the CBDCs on XRP ledger that will boost the Ripple technology mass adoption. While it will mean the Ripple market growth, using XRP as a neutral bridge asset will also cause cheaper and faster bank transactions.
“We have a clear view that a private instance of an existing decentralized ledger is a good way to go. What I mean by that is, you take all the really robust experience of an open-source project, that has built a ledger that has been running for most of the years, like the XRP ledger, for example. Then you create a version that’s a bit more centrally controlled, a central bank can be comfortable with running,” — James Wallis, VP at RippleX
EOSIO developer Block.one intends to promote implement blockchain solutions in the Public Sector in Latin America. Recently the company joined LACChain to provide the technical expertise along with the local contractors EOS Costa Rica and EOS Argentina. LACChain alliance working on the faster implementing of the blockchain ecosystem in Latin America Carribean supported by the Inter-American Development Bank Group (IDB Lab) and already build a partnership with 40 companies in 12 countries.
“Our goal at Block.one is to change how the world works so that it is more transparent, trustworthy, and efficient, which is why we’re excited to join the LACChain alliance. In this technical advisory role, we look forward to helping LACChain drive adoption and awareness of the EOSIO platform through educational programs, deeper technical collaboration and community engagement initiatives,” — Bart Wyatt, VP of Blockchain Engineering at Block.one
The developers of Primitive, Ethereum-based DeFi had to “whitehack” their own platform as the critical vulnerability was discovered, otherwise, the absence of action could have caused the loss of the users funds. Some of the smart contracts were requesting “infinite approvals” and the users who granted this permission appeared at risk of losing the tokens. Not being able to pause or edit the contracts, developers had to hack the platform to rescue the funds. Though, to be sure to keep the funds the affected users got to reset the approvals. By the last update, there were no loses or abuse of exploit detected.
“Although we have recused (sic) 98% of the funds, TOKENS IN WALLET which have approved the vulnerable contract are STILL AT RISK, [the reset link] will safeguard funds by setting each of your token approvals to 0. A post-mortem and next steps to reclaim funds are coming soon,” — Primitive Team
Filled for the liquidation, New Zealand based crypto Cryptopia exchange suffered the massive hacker attack for the second time. It caused the lick of $45,000, while the first series of hacks took away $15,5 million. The attack was noticed by the US-based firm Stakenet the which had a close eye on its inactive from 2019s hacks cold wallet of XSN coins. The company reported the malicious activity to the Grant Thornton (GT), Cryptopia’s liquidator, which was already receiving multiple claims from the Cryptopia former users. It is still unknown if the latest attack will affect GT’s position.
“Have users long suspected that the first hack was an inside job. With the recent hack, crypto fans are once again speculating if this is another inside job,” — CoinQuora
Most of the major Indian banks started to send notices to the customers performed crypto transactions. Those people need to visit the nearest bank branch and explain the crypto transactions made through their accounts. Unwillingness to cooperate might cause the suspension of the account. Cryptocurrency has never been at the mercy of the Indian government, furthermore, now it’s preparing the bill which will ban all the digital assets in the country, meaning Indian citizens won’t be allowed to use any crypto exchange, no local neither foreign. Along with that, there are rumors spread that Indian government plans to establish its own coin.
“Banks are advised to exercise due diligence by closely examining the transactions carried out in the accounts and required to caution users, holders, and traders of virtual currencies including Bitcoins regarding risks,” — one of the Indian banks
Recent increase of the frauds and scums connected with cryptocurrency is pushing Austrian Lawmakers to tighten up the reaction on this kind of incidents. Latest Austria’s Financial Market Authority report revealed that about 60% of financial frauds were related to crypto. Scammers were publishing the fake crypto offering ads using social media like Telegram and Tik-Tok. Despite the explosion of the malicious activity, Eurocomission rejected the idea of creating crypto-victim superfund, appealing to the lack of competence to set up and regulate such an institute. Therefore it still unclear what measures to be taken.
“After Tesla invested $1.5 billion in the digital asset, the social media platform Twitter attracted many fake profiles impersonating the CEO of Tesla, with each one of them announcing Bitcoin giveaways and airdrops,” — AMBCrypto
Rakesh Jhunjhunwala, an Indian billionaire and investor, well-known in Indian business-circles in his recent interview claimed that would never buy Bitcoin. He also supports the idea of Indian Government to implement the bill banning any digital assets in the country and to create their own crypto Rupee.
“I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse,” — Rakesh Jhunjhunwala, business magnate
This Thursday the image of Dogecoin iconic dog in the cosmic suit landing on the moon appeared on Ilon Mask’s Twitter with a brief comment. This only caused the increase of the DOGE price and reached $0,05. Despite the Mask’s saying that he only posted the picture because he loves dog and memes, it seems like he really supports the Dogecoin, with the previous publishing of the video of the coin to the moon, then admitting to buy the assets for his new-born child and later appealing to the Dogecoin Whales asking them no tot hold on too many coins in the hand of a few.
“For Dogecoin, this means good times ahead, especially if Elon Musk continues to mention it on Twitter,” — Cryptonomist
In the latest interview with Digital Asset News, Dominik Schiener pointed the steady growth of IOTA, which lead to increase of the trust from the big enterprisers. The next steps in his opinion will be smart contracts, immediate transactions and adoption by the major enterprises. The last become a reality thanks to the possibility to use Tangle in permission used cases without the permissions. Talking about TPS numbers Schiener said that IOTA Foundation doesn’t give too much attention to those metrics, but instead of it aims to meet the enterprises requirements and scale for their purposes. Right now the Network can handle 1000 TPS, but sharding can make this parameter grow dramatically. The main idea of IOTA is being implemented in the recent Project Alvarium, which goal is to achieve complete data reliability and make fully decentralized system.
“The vision for the future is to help large companies “feel comfortable” building on permissionless networks like IOTA,” — Dominik Schiener, Co-Founder of IOTA
The CO-Founder of Ethereum Vitalik Buterin isn’t worried about Chinese miners regards EIP that will cut miners revenue by decreased fees. He said it will not affect the system much as they going to move to PoS [proof-of-stake] in the nearest future. So, even if some miners will leave, downing the tools, Ethereum not going to suffer as the new ones will come fast. With the latest growth of the gas prices, the miners were achieving very high revenues, with the transaction commission reaching $40. If the implementation of EIP-1559 will put it stuck miners can stop working or fork the chain.
“The EIP will change the way the current bidding system works for transactions and allow them to be dynamically generated. This should theoretically reduce the overall fees for the average user. It will also burn these fees which have to be paid in ETH, having a positive effect on long-term issuance and supply,” — BeInCrypto