ValteFri, Jul 9, 2021 11:00 PM
Weekly Digest: InstaNFTs & A Smell Of Doge No. 5
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.
Please enjoy and don’t forget to add your favourites to your CoinJoy Feed!
Major crypto exchange Coinbase is working on a crypto app store that will make it easier for third-party developers to access the “decentralized crypto-economy” and to increase the amount of tools within DeFi, NFT, smart contracts, DAOs, etc. According to the official blogspot, the company got inspiration from Apple Storefront and sees it as an opportunity to grow and expand globally. There is no deadline for the launch yet, and the firm is planning to add more assets and to make the process of adding new coins faster. Another key idea is to become not only USA, EU focused but to work more globally. The new app is supposed to help to embrace third-party interfaces and self-custody.
“In the future you will have the option to do self-custody of your crypto, right in the main Coinbase app.” — Brian Armstrong, CEO of Coinbase
Thailand Securities and Exchange Commission (SEC) accuses Binance of operating as a digital asset business without a license. The regulation body filed the complaint with the Economic Crime Suppression Division of the Royal Thai Police, because the exchange didn’t provide requested documents after the earlier warning from April 5. The SEC declared that Binance was promoting its services at the "Binance Thai Community" page on Facebook and also their website which means that the company has been operating as a digital asset business and this is not allowed without relevant licenses. This comes along with all the bad news for Binance that has already received similar accusations from the regulators in Japan and has been banned from the activities in the UK and Ontario. As for now the company abstains from any comments on the subject.
KuCoin supported the first airdrop of APENFT related to the holders of JST (JUST), BTT (BitTorrent), and TRX (TRON) and it will support future airdrops until June 2023. To participate in the airdrop, the holders need to hold a minimum of 100, 2000, and 100 tokens for JST, BTT, and TRX respectively. Those tokens will not be counted in the holders’ balance and the margin account will not be considered, moreover the master account and sub-accounts will be considered as different categories of accounts. The tokens borrowed from the margin account are also not eligible for the airdrop.
“The Kucoin review reveals that investors have a high degree of confidence in the exchange that speaks volumes of its reliability, safety, and investor-friendly policies, among others.” — Cryptonewsz
Twitter and Instagram are working on creating NFT-feature on its apps, according to the mobile developer Alexandro Paluzzi who posted his findings on Twitter, saying in particular that Twitter is going to support two new services – ChipperCash and WealthSimple. A month before Paluzzi reported that Instagram is working to implement an NFT-bidding option so the users can sell their NFTs through the social network. But Instagram hadn’t announced any NFT-connected launch. As mentioned by BeinCrypto, Instagram can easily provide a paid service for the fans of the creators in Instagram, for example Patreon or OnlyFans. As soon as payment methods and monetizing tools are set NFT can be also integrated to the social network.
Yearn Finance, the project providing financial products on the Ethereum network through the set of DeFi apps, has launched a lending bug bounty platform with Immunefi for smart contracts and DeFi projects. The bounty payout will depend on the assessment of the severity of the exploit and every bug will be studied to see if it can affect availability, integrity, and loss of funds and then the payout is to be complete in USD only. Thus this will empower the developers to look for the bugs and vulnerabilities and to be rewarded for that and then the companies can use these data to secure their projects based on the researches made by the largest community of the security talents.
“Vulnerabilities in smart contracts represent a possibility of a direct loss of funds; meaning companies need to come up with the most cost-effective way to ensure their safety. One of those ways is launching a bug bounty, and we’re excited to see more companies turning to this option. We’re proud Yearn Finance chose us among other platforms, and look forward to our collaboration.” – Mitchell Amador, Founder & CEO of Immunefi
Ernst & Young auditing company has created a zero-knowledge proof Layer 2 protocol Nightfall 3 to maintain the high transaction fees on Ethereum network. The new protocol was designed to enable private ERC-20 tokens and to improve the efficiency even more. Instead of verifying every transaction, the network proceeds as if all of them are correct but leaves the opportunity for the users to submit “fraud proof” if they suspect a wrong transaction. It combines zero-knowledge proofs with a new model that handles transaction verification. The combined protocol is called ZK-optimistic Rollup and it aggregates ZKP transactions into groups. Using them the protocol can reach around 8200 gas per transaction which is almost 8 times less than conventional transfer cost.
“Based on EY experience, ZK-Optimistic roll-ups are currently among the most effective in balancing security incentives and mathematical efficiency for running private transactions on the public Ethereum network.”
Swiss bank Sygnym is the first Regulated bank ever to offer its clients ETH 2.0 staking. The clients who go for it will earn 7% of annual income. The new offer is integrated with the banking platform to make it easier to stake the funds directly from the bank account. The ETH will be held in fully secure isolated wallets. For the long term investors, staking in Ethereum is a great opportunity as Ethereum hosts numerous DeFi applications. At the moment the amount of funds locked in Ethereum exceeds $13 billion. Sygnym also reported about its plans to expand staking crypto options. The bank’s clients can already use the Digital Swiss Franc, stablecoin pegged to Swiss Franc and implemented in March, 2021 to earn extra income.
“This further expands Sygnum’s offering of attractive, regulated yield generating products to meet the needs of clients to accumulate other forms of return in addition to capital appreciation.” — Thomas Eichenberger, Head of Business Units at Sygnum Bank
The San Marino General Council has approved the usage of VeChain technology and non-fungible tokens for creation of COVID-19 vaccination certificates, which will make the movement across the country easier for the citizens and tourists. To verify the vaccination, it’s necessary just to scan a QR-code which will show the data stored as NFT on the VeChainThor public blockchain. For it there is no need to download a special app, the code can be scanned by any device with access to the web. According to DNV, an independent company in assessment services, such a solution allows the verification of the green-passes outside of Europe. Despite this event being a big achievement for the crypto projects it didn’t affect the native VeChain token that experienced slight price decline during the last week.
“Not long after we brought up the idea of enterprise NFT, Digital Covid Certificate presents a perfect case in this sector, which is also a new solution to help the government gain ground in the fight against COVID-19.” — Sunny Lu, CEO of VeChain
According to Hideki Murai from the Japanese ruling party, Japan will get a clearer picture of the digital yen by the end of the next year. The Bank of Japan concerns that implementation of Central Bank Digital Currency (CBDC) will not really affect existing financial institutions, though the reveal of too many details at this stage can cause debates on the topic. At the same time Murai thinks that CBDC can potentially bring significant changes to Japan's financial industry. The Bank of Japan revealed its plans to pursue the experiments with CBDC and to complete the Proof-of-Concept Phase in April, though it didn’t happen, the interest is still very evident. This interest possibly indicates that Japan keeps an eye on China’s CBDC ride which is going to bring digital yan as soon as the February next year.
“If a digital yuan becomes so convenient it’s frequently used by tourists or becomes a main settlement means for trade, the relationship between the yen and yuan could change, degrading the yen’s status as a safe-haven currency.” — Hideki Murai
Cardano has partnered with lending service Nexo to accelerate the integration of ADA into the crypto lending ecosystem and it brings the Alonzo update even closer. The collaboration will also improve the whole interaction process between blockchain platforms and companies and thus move it closer to the massive adoption. The IOHK revealed its work on the full blockchain integration that will enable Nexo users to buy and sell ADA token effortlessly. Users also will be able to get the profit from holding the tokens within Nexo exchange with the up to 8% interest. It’s just another big partnership in anticipation of the coming upgrade that will most likely herald the era of smart contracts making Cardano a serious competitor to Ethereum.
“Cardano (ADA) is one of the top 10 digital assets by market capitalization, and currently occupies the fifth position with a market capitalization of $45.4 billion. The ADA/USD pair currently trades around $1.42, having declined alongside other coins since reaching an all-time high of $2.46 on 16 May.” — Coinjournal
Despite the skepticism of many not believing in Cardano, its slow and steady strategy (4 years spent researching the ideal model of smart contracts!) brought it to the Grayscale Funds. And this step proves that Charles Hoskinson’s great ambitions related to the network are not so fantastic. To add cardano to the fund Greyscale had to sell some components and to realize the amount for ADA purchase. In particular Bitcoin share was reduced from 79% to 67%, while Ethereum share was increased from 17% to 25% and Cardano share is 4% at the moment. The Fund management was happy to welcome Cardano and to safely hold the asset. New announcement will definitely make many of the skepticisms to turn to Cardano and possibly change the opinion from seeing it as “vaporware” to actually valuing it for its achievements that keep coming out.
Dogecoin has never been taken seriously in the past, today became 5th most popular cryptocurrency with its value increasing 2400% since January mainly thanks to Elon Musk's attention and comments that attracted millions of new investors. Recently DOGE market capitalization surpassed $253 billion which only strengthens the minds of its investors who believe that meme tokens will outperform other crypto currencies. And according to the latest data Dogecoin shows massive increase in its capital despite the market downtrend.
“The token is traded almost at the same margin as Bitcoin and Ethereum, only that its price is much lower. But people hope that the token will increase its price, and can occupy a more relevant position.” — Cryptopolitan