ValteFri, Aug 27, 2021 5:15 PM
Weekly Digest: VeChain fights carbon footprint & Visa buys NFT
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!
VeChain is launching a new initiative designed to help businesses openly track, calculate and report their carbon emission data. The new service combines decentralized ledger technology with a Software-as-a-service business model and it allows users to input their data and integrate them with the third-party assurance providers within VeChain partners network. Later one the data can be transformed into a new kind of value and improve sustainability in the organization or an entity. In the announcement, VeChain points out the issues with trust and transparency in the existing systems that can be solved by using a public blockchain. According to Alexandre Gellert Paris, associate program officer at United Nations Framework Convention on Climate Change blockchain and such initiatives can accelerate the innovations to the fight about climate change.
“As the globe’s largest producer of carbon emissions, China has an instrumental role to play in advancing technologies of tomorrow to support international climate treaties such as the Paris Climate Agreement.” — Cointelegraph
CdSpark startup’s sidechain project “Milkomeda” will allow the execution of the EVM-compatible smart contracts from the Cardano mainnet. The project also plans to connect Cardano and another layer one blockchains, in particular, Solana. cdSpark was founded in April by Nicolas Arqueros, ex-CTO of EMURGO, Sebastien Guillemot, the former VP of Engineering & Cardano Product Manager at EMURGO and Robert Kornacki, former Head of Research at EMURGO, works on Cardano network and aims to extend blockchain protocol layers, implement first-class protocol tooling, develop and release user-facing apps. At the moment the startup work on two products for Cardano – a decentralized application browser for Cardano named “Flint” and “Milkomeda'' project that simplifies the use of smart contracts. The project is working on a new piece of tech for the Milcomeda protocol called wrapped smart contracts
“The basic idea is that Milkomeda will help L1 blockchains — such as Cardano, Solana, and Polkadot — that do not yet have the same kind of “robust” developer community and the same level of mass adoption as Ethereum by providing them with “both EVM-based sidechains and novel tech that provide seamless UX for both developers and general users.” — Cryptoglobe
Powered by Elon Musk's support the most famous meme token has grown over 900 times since the last year. Talking about its future three Arrows Capital CEO Su Zhu mentioned that Doge is now experiencing interest from the blue-collar investors which means that the asset’s price is most likely to experience more growth. According to the Robinhood Q2 report, Doge made more than 60% of its crypto revenue (while crypto revenue is 40% of its total revenue) and the project represents the most blue-color style investing. Not so long ago the volatility of the crypto asset distracted serious investors from putting their money into the mem crypto, but recently Doge appeared to have 4 times the brand recognition of Ethereum in non-crypto circles, as it’s easy for people to understand and to owe it. The other point to the Doge’s score is the support by the influencers who do it not because they are paid to do so, but because they like the coin.
“Dogecoin’s upcoming upgrade has only piqued the interest surrounding the meme coin as it is expected to not only resolve scalability issues but also maximize its base layer transaction rate leading to faster and cheaper transactions.” — Coinjournal
The major Swiss-based fintech companies Crypto Finance Group, InCore Bank, and Inacta have chosen Thesoz blockchain network for the initiatives, compliant on-chain digital financial products due to its scalability, low latency, and negligible cost. The smart contracts are designed based on DAR-1, a new tokenization standard that will back all the financial products and make the easy KYC and Anti-money laundering procedures easier. It’s considered that the use of Tezos blockchain for bringing tokenized products to the Swiss market will improve the brand reach and capability of the underlying tech. And that’s not the first time top institutions to provide blockchain tools based on financial products offerings. A recent example is the crypto market tools for the tracking of crypto events launched by the intelligence firm Chainalysis.
“The revolutionary tendencies of smart contracts are being extended to staking services on the Tezos blockchain by Incore Bank. These product offerings will help draw in more institutional investors who will participate in the protocol governance and earn returns generated by the network.” — Blockchain.News
A global leading crypto exchange with 6 years of experience in the mining industry is launching its KuCoin Proof-of-Work mining pool that will support global miners by providing them with the mining revenue after connecting their mining rigs and also making it possible for them to share hashrate and rewards. KuCoin Pool will offer much lower mining fees and more efficient mining rewards as well as improved mining efficiency and a user-friendly interface for miners from all over the world.
“For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away. Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly,” — Johnny Lyu,CEO of KuCoin
Okcoin cryptocurrency exchange known for being the first exchange to carry MiamiCoin at launch has opened a new Miami office and will sponsor the state’s largest hackathon ShellHacks, becoming the first-ever crypto sponsor for this event. The expansion will create 100 new jobs in the area and will as well provide a chance for internships for the local and remote candidates. There also will be an exchange in the new office that will be geographically closer to the customers in Central and South America. Okcoin also provides a hackathon challenge focused on the Lightning Network along with the workshop hosted by Lightning Labs. The winner of the competition will get $1000 worth in Bitcoin, mentorship, and the chance to become an intern in the Okcoin Miami office.
“The Miami location is Okcoin’s sixth global office along with Hong Kong, Singapore, Malta, Japan, and San Francisco” — Beincrypto
Six crypto entities from Ethereum Foundation including Kraken, Uniswap, and The Graph will donate $250k each ($1.5 million in total) to support the executive team working on technical upgrades to achieve "Ethereum 2.0". Among other advantages, it will decrease the risk associated with the network over-reliance on a single entity. The funding will be received by the five Ethereum clients: Besu, Ergon, Geth, Nethermind, and Nimbus.
DeFi exchange SushiSwap recently joined Avalanche's $180 million incentive program, which has already attracted lending protocol Aave and automated market maker Curve. The incorporation of Sushi Swap to Avalanche's Rush Program will allow both companies to allocate up to $7.5 million worth of AVAX and SUSHI tokens to the liquidity mining incentives over the next three months. Proof-of-Stake blockchain Avalanche built by Ava-labs states to process 4500 transactions per second without the security issues that always come to the surface if we talk about fast transactions.
The project strengthens the investors' belief in the layer 1 blockchain that launched its mainnet last September and that caused AVAX (Avalanche's native token) price to increase more than 300% in the last week as per the information from Messari. But there are other blockchain networks entering the booming DeFi market, for instance, Solana and Terra are also making their attempts to capitalize on DeFi. At the same time, a lot of venture capital firms invested money in the alternatives to Ethereum with the better expanding chances, even though Ethereum remains the king of layer 1 with over 200 protocols.
“Blockchains seem to be very sticky, as it is both unintuitive and cumbersome to switch between ecosystems and in its current state interoperability between chains is quite weak” — Nate George, crypto-asset analyst at Cumberland
Payment giant Visa joined the NFT boom and has bought one of the female CryptoPunk NFT worth 49.5 ETH valued for $150k fiat. That step starts the bullish sentiment towards cryptocurrencies and NFTs.
Though Visa doesn't handle crypto transactions itself and it's handled by Anchorage custody bank. Moreover, Visa has published a post in the official Twitter about their opinion of the booming industry, saying that NFTs will play an important role in the future of retail, social media, entertainment, and commerce and Visa wants to allow its clients to participate in the NFT movement, but for this, they need to get a deeper understanding of the infrastructure requirements to deal with NFTs, that's why the company has worked with Anchorage Digital and as a result, it's now better prepared to navigate its partners.
“NFTs have the potential to become a powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce. NFTs are starting to usher in a new form of social commerce that empowers both creators and collectors.” — crypto and NFT expert, Cuy Sheffield
New Solana-based Oracle protocol Pyth Network capable of delivering real-time, institutional-grade market data together with providing the most robust coverage of high-fidelity streaming data from cryptocurrency, US equities, foreign exchange, and commodities markets, will supply DeFi feeds across Ethereum, Terra, and others that will allow developers to integrate Pyth's real-time price-feeds across new DeFi platforms and apps. It's expected that soon the Pyth will also be able to broadcast market data through the Wormhole Network to communicate with dApps on Ethereum, BSC, and Terra ecosystems. It is worth mentioning that many professional traders and exchanges such as Jump Trading, GTS, LMAX, Virtu Financial, MIAX/BSX, Genesis Global Trading, FTX, etc. are contributing to the Pyth Network. As Pyth made out of the measure of the primary and derived data from the trading firm and exchanges is covers a big share of the activities and reduces the dependency on the single data source so the single group of data providers can not manipulate or attack the price.
“This is an exciting development for global market infrastructure” — Dave Olsen, President and Chief Investment Officer of Jump Trading Group
After popular DeFi protocols, Aave and Curve Finance joined the $180 million liquidity mining incentive Avalanche Rush program last week the price of AVAX Avalanches Native token surged 113% from $22 to $50. Liquidity mining programs let the users earn extra tokens on whatever yield they receive from putting it into the liquidity pool. So the money can either be lent from there and the contributors receive the rewards from there.
“Avalanche Rush will be a showcase for users to see the power of Avalanche, and dive into a vibrant community at the cutting edge of decentralized finance,” — Emin Gün Sirer, director of the Avalanche Foundation