7. March 2023 / admin / 0 Comments
- Babel Finance Proposes New Stablecoin to Repay Debtors: Babel Finance, a crypto lending platform located in Hong Kong, wants to develop a decentralized stablecoin that will be used to repay the firm’s debtors. A completely reserved stablecoin dubbed HOPE and another token dubbed Light Token are proposed as part of a dual-token ecosystem.
- Crisis After Series of Collapses: Babel Finance received $80 million at a $2 billion value in May 2022 but froze redemptions and withdrawals the following month due to liquidity challenges. 8,000 Bitcoin and 56,000 Ether valued at around $225 million were allegedly lost by Babel exchange.
- Restructuring Efforts Led By Yang Zhou: Yang Zhou is now the company’s sole director and is at the heart of restructuring efforts which center on a decentralized finance (DeFi) initiative named “Babel Recovery Coins”.
Background Information on Babel Finance
Babel Finance is a crypto lending platform located in Hong Kong which aims to develop a decentralized stablecoin that will be used to repay the firm’s debtors. The company received $80 million at a $2 billion value in May 2022 but then froze redemptions and withdrawals the following month due to liquidity challenges. 8,000 Bitcoin and 56,000 Ether valued at around $225 million was allegedly lost by Babel exchange. To address these issues, Yang Zhou has been appointed as the company’s sole director and is now leading restructuring efforts.
Proposed Dual-Token Ecosystem “Babel Recovery Coins”
As part of the restructuring plan, Babel proposes launching a dual-token ecosystem called “Babel Recovery Coins”. This includes two tokens – HOPE (a completely reserved stablecoin) and Light Token – that aim to generate revenue for repaying creditors over time. Initially HOPE will be backed by Bitcoin (BTC) and Ethereum (ETH), with other currencies added later on.
Moratorium of Protection with Singapore High Court
To prevent its creditors from taking further action against it for up to six months, Babel decided to seek moratorium protection from Singapore High Court asking for their help.
Conclusion
Babel Finance faces major liquidity challenges due to its high-risk trading strategies used by co-founder Wang Li who has been removed from his position as head of the company in December last year. The proposed dual-token ecosystem “Babel Recovery Coins” aims to generate revenue for repaying creditors over time through its two tokens – HOPE (a completely reserved stablecoin) and Light Token – initially backed by Bitcoin (BTC) and Ethereum (ETH). Additionally, they have asked for moratorium protection from Singapore High Court asking their help in preventing its creditors from taking further action against it for up to six months.
26. February 2023 / admin / 0 Comments
- BlueWallet is closing its lightning node connection to Lndhub, and customers must withdraw their sats by April 30th.
- The Lightning Network is a Bitcoin-based second-layer payment system that allows people to send small sums of Bitcoin (called satoshis or sats).
- BlueWallet is encouraging self-custody and decentralized approaches by only allowing self-custody solutions.
BlueWallet Closing Lightning Network Node on Bitcoin Network
BlueWallet has announced that it will be closing its lightning node connection to Lndhub on April 30th. Customers must withdraw their sats before this date in order to avoid losing them. The Lightning Network is a Bitcoin-based second-layer payment system used for sending small sums of Bitcoin (called satoshis or sats) from one person to another using a lightning wallet. BlueWallet is encouraging users to use self-custody and decentralized approaches by only supporting self-custody solutions after the closure of the service.
About The Lightning Network
The Lightning Network is an open protocol layer built on top of the bitcoin blockchain, designed for cheap, instant payments between two parties. It allows users to send and receive micropayments without needing to wait for long confirmation times associated with normal bitcoin transactions. Additionally, it improves scalability by reducing blockchain load and transaction fees.
Withdrawal Deadline
Customers must withdraw their sats by April 30th when BlueWallet will be shutting down its custodial lightning operations. According to data from Amboss, there are about 42 BTC ($1 million) available in the popular Lightning Network wallet known as “Blue Wallet” with the biggest channel handling transactions for a total 4 BTC ($95,000). Standard Bitcoin wallets however will not be impacted by this move.
Self Custody Solutions
In order for customers to continue utilizing BlueWallet’s lighting services on the Bitcoin Lightning Network, they will need to connect nodes when the company ends its custodial lightning operations. To encourage self-custody and decentralized approaches, BlueWallet now states that it will only support self-custody solutions going forward from April 30th onwards.
Conclusion
In conclusion, BlueWallet has made it public knowledge that users who have sats linked should immediately remove them as soon as possible before April 30th in order avoid losing them due to loss of connection with LndHub’s node once the service shuts down at this date .
17. February 2023 / admin / 0 Comments
- Sustainable Bitcoin Protocol Pioneers New Method for Institutions to Hold Climate-Positive Bitcoin – Sustainable Bitcoin Protocol (SBP) has developed a process that captures the value of bitcoin mined using clean energy by creating a new tokenized environmental asset called the Sustainable Bitcoin Certificate (SBC). SBC can be sold to institutional investors and held alongside bitcoin to ensure an investor’s holdings are verifiably climate-positive and exceed their environmental goals.
- The Process to Earn SBCs – To earn SBC, bitcoin miners must pass a third-party audit of their clean energy use. This includes the adoption of renewable energy forms such as solar, hydro and wind; investment in and financial support of renewable energy via purchase and retirement of Energy Attribute Certificates such as RECs; and adoption of CO2e reduction mitigation technologies (i.e. waste methane gas mitigation).
- The Impact on Climate Change – By incentivizing the use of renewable and clean energy for bitcoin mining, Bitcoin’s energy-intensive processes can be leveraged to create a climate positive asset that finances renewable and clean energy development on a scale far greater than the total amount of energy that the Bitcoin network could ever consume.
Sustainable Bitcoin Protocol Pioneers New Method for Institutions to Hold Climate-Positive Bitcoin
Sustainable Bitcoin Protocol (SBP) has developed a process that captures the value of bitcoin mined using clean energy by creating a new tokenized environmental asset called the Sustainable Bitcoin Certificate (SBC). SBC can be sold to institutional investors and held alongside bitcoin to ensure an investor’s holdings are verifiably climate-positive and exceed their environmental goals. The goal is to use 100% renewable energy to mine bitcoin.
The Process to Earn SBCs
To earn SBC, bitcoin miners must pass a third-party audit of their clean energy use. This includes the adoption of renewable energy forms such as solar, hydro and wind; investment in and financial support of renewable energy via purchase and retirement of Energy Attribute Certificates such as RECs; and adoption of CO2e reduction mitigation technologies (i.e. waste methane gas mitigation).
The Impact on Climate Change
By incentivizing the use of renewable and clean energy for bitcoin mining, Bitcoin’s energy-intensive processes can be leveraged to create a climate positive asset that finances renewable and clean energy development on a scale far greater than the total amount of energy that the Bitcoin network could ever consume.
Melanion Digital Buying Clean Energy Bitcoins with Sustainable BItcoin Certificates
In order to work toward its goal, Melanion Digital has purchased bitcoins mined with clean energies while also obtaining sustainable certificates associated with each transaction — thus becoming one step closer towards achieving carbon neutrality in its activities related with cryptocurrencies.
Brad Van Voorhees’ Statement Regarding this Transaction
Brad Van Voorhees, Co-founder, CEO & Chairman at SBP stated: “Bitcoin has long been criticized for its energy consumption but we’re turning that perception on its head… Our team has worked tirelessly to develop this protocol & we’re excited about seeing its impact on crypto industry & fight against climate change”
9. February 2023 / admin / 0 Comments
- VRRB Labs has raised $1.4 million in pre-seed funding to support its development of an innovative blockchain.
- VRRB’s technology leverages a unique Proof of Claim consensus algorithm to achieve speed and scalability.
- The seed funding will enable the company to further scale its development and marketing teams and build out an educational program for developers interested in building on VRRB’s platform.
VRRB Labs Raises Pre-Seed Funding
VRRB Labs (“VRRB”), a decentralized protocol that combines speed, scalability, and decentralization without sacrificing security, today announced that it has raised $1.4 million in pre-seed funding to support its development of an innovative blockchain. Investors in VRRB include Jump Crypto, Taureon, and Big Brain Holdings (“Big Brain”).
Proof of Claim Algorithm
Despite the incredible advancements of blockchain technology, even the most sophisticated blockchain networks still fall victim to the blockchain trilemma, unable to achieve scalability, security, and decentralization simultaneously. To overcome this challenge, VRRB leverages a unique “Proof of Claim” consensus algorithm which achieves unmatched speed and scale both vertically and horizontally. Additionally, VRRB implements a novel approach to smart contract DevOps and execution. The VRRB smart contract platform isolates each smart contract in its own containerized runtime with its own micro virtual machine built for specific programs deployed on the network. This provides developers with flexibility when building composable smart contracts on a language agnostic platform.
Funding Goals
The $1.4 million seed funding will enable the company to further scale its development and marketing teams as well as build out an educational program targeted towards developers looking to build user-friendly applications on VRRB’s platform. This is intended to address two core headwinds: lack of developer incentives for creating Web3 applications as well as low Web3 developer numbers documented by Electric Capital 2022 Web3 Developer Report (10,000 full-time web3 developers & 30,000 monthly active web3 developers).
Founder Statement
Andrew Smith – Founder of VRRB said: “The crypto industry keeps asking where the next billion users will come from but they’re putting the cart before the horse. Before mass adoption we need more developers who can help design & deliver next generation apps.”
Conclusion
In conclusion, VRRR is aiming at making it easy & financially sustainable for developers to build user-friendly applications while solving issues related to scalability ,security & decentralization simultaneously through their innovative PoC consensus algorithm & containerized micro virtual machines while also providing them with valuable educational resources towards developing these apps .
4. February 2023 / admin / 0 Comments
- Coinbase Stock Surges 24%: Coinbase (COIN) shares surged by more than 24% following the Federal Reserve’s interest rate hike and the dismissal of a class-action lawsuit against the crypto exchange.
- Bullish on Crypto: The majority of Coinbase income comes from trading volume, and its stock value is closely connected to Bitcoin (BTC). BTC has been rising so far this year and has climbed since the Fed announced an interest rate hike.
- Altcoin King Ethereum (ETH): Ethereum (ETH), the altcoin king, rose from $1,500 to $1,700 price level according to CoinGecko data.
Coinbase Stock Surges 24% Following Fed Interest Rate Hike
U.S based cryptocurrency exchange Coinbase (COIN) shares soared by more than 24%, despite the Federal Reserve’s most recent hike in interest rates and statements from Fed Chair Jerome Powell about the Fed’s efforts in battling the high rate of inflation. Further, on Wednesday, a U.S. judge dismissed the lawsuit filed by its clients that alleged the cryptocurrency exchange was selling unregistered securities and had not registered as a broker-dealer. This could have been another factor for Coinbase’s price boost.
Bullish on Crypto
At the start of 2023, global cryptocurrency market began to recover from collapse of crypto exchange FTX. Also, Coinbase stock surged by more than 123% this year and 46% within a week with stock prices reaching up to $81 according to Tradingview. The majority of Coinbase income comes from trading volumes which are closely connected to Bitcoin (BTC). On one hand BTC has been rising steadily this year while on other it has climbed even further after Federal Reserve announced interest rate hike by 25 basis points taking it from around $23000 to approximately $24000 price range as per CoinGecko data.
Altcoin King Ethereum (ETH)
Ethereum (ETH), often referred as altcoin king, also rose significantly this past month climbing from around $1500 mark up till approximately $1700 level according to CoinGecko data with 36% increase over past month and 7% within last two weeks alone providing further support for optimistic sentiments about cryptocurrencies in general despite higher volatility levels associated with them due to uncertainty surrounding regulations imposed on them thus making them riskier investments compared with traditional ones like stocks or bonds.
Class Action Lawsuit Dismissed
The U.S judge dismissed class action lawsuit filed against Coinbase alleging that crypto exchange was selling unregistered securities without proper registration as broker dealer which could have contributed towards bullish sentiment among investors that saw potential in cryptocurrencies despite their risks associated with them due to lack of regulatory framework governing their operations in most countries including U.S itself where they are mostly unregulated at present time adding further uncertainty regarding their future prospects especially if SEC decides to intervene with some form of regulatory framework limiting activities related with cryptocurrencies both for consumers and businesses involved in industry itself .
Conclusion
Despite higher volatility levels associated with cryptocurrencies due lack of regulations governing them there is still bullish sentiment among investors who see long term potential behind these digital assets that could potentially revolutionize financial industry replacing traditional banking system as we know it today making payments faster cheaper easier while offering more security features unavailable before such innovative technology come into play giving rise new era blockchain technology where anything is possible provided right incentives given out properly incentivizing users joining network thus increasing overall adoption rates worldwide leading towards mainstream acceptance eventually seeing whole world being powered through decentralized applications running atop blockchain protocol making lives better for people all over planet without need for middleman thus creating fairer society where everyone can benefit regardless geographical location income status or any other factors usually taken into consideration when dealing traditional banking system .
31. January 2023 / admin / 0 Comments
• A seasoned crypto trader recently identified an emerging trend in the altcoin market.
• This new pattern observed by Pentoshi is different from what was seen before, with the market moving quickly without significant pullbacks.
• Unfortunately, this fast-moving market meant that traders could miss out on opportunities if they don’t act quickly enough.
Altcoin Market Change Identified by Crypto Traders
A savvy crypto trader has identified a new trend in the altcoin market which could provide investors willing to take a calculated risk with an opportunity for growth and profit. The seasoned trader, Pentoshi, noticed that the market has been moving more quickly than it had been previously and without significant pullbacks as observed in previous months.
Opportunities Missed Due to Quickly Moving Market
Pentoshi lamented about trading opportunities he missed due to this change in the altcoin market as he had identified entries but it was too late when he finally prepared his trades. He stated that a few months ago these opportunities would have been filled within 24-48 hours whereas now they were gone before he got his chance to act on them.
Disadvantages of Stop and Limit Orders
Many traders use preset stop and limit orders to take advantage of trading opportunities even when they are not physically active but there are some disadvantages associated with using such orders. These orders can take away a trader’s ability to react quickly and spontaneously to sudden changes in the market as well as potentially leading to slippage if not managed properly.
Implications of Altcoin Market Change
The emergence of this new trend in the altcoin markets could have significant implications for those looking to capitalize on volatile markets. It is essential for traders to be able monitor their investments closely and adjust their strategies accordingly given this rapidly changing landscape.
Conclusion
Crypto trader Pentoshi has identified a shift in the altcoin markets that could open up new opportunities for investors willing to take risks while also presenting some challenges for those who rely heavily on pre-set stop and limit orders when trading cryptos. As such, it is important for traders to stay vigilant so they can make informed decisions about how best to navigate this evolving marketplace
31. January 2023 / admin / 0 Comments
• NTT Research announced that a team from NTT Global in Belgium won first place in its hackathon on attribute-based encryption (ABE).
• The winning demonstration was an application for ABE that could protect images containing private or sensitive information.
• A panel of judges from NTT DATA, NTT Research and the NTT Service Innovation Laboratory evaluated the competing teams’ demos.
NTT Research Hackathon
NTT Research, Inc., a division of NTT (TYO:9432), recently held a hackathon on attribute-based encryption (ABE) at the NTT Research offices in Sunnyvale, Calif. Five teams from around the world participated and submitted their demonstrations for evaluation by a panel of judges from NTT DATA, NTT Research and the NTT Service Innovation Laboratory.
Winning Demonstration
The winning demonstration was created by Senior Software Engineer Pascal Mathis and Data Scientist Jean-Philippe Cabay, both of NTT in Belgium. Titled “Confidentiality in Images,” this groundbreaking application for ABE allows for sharing data based on policies and attributes of users while protecting images containing private or sensitive information such as building logos, faces and license plates. Honorable mention went to demos created by teams from Italy and Romania.
Functionality
The demo involves three parts: 1) detecting and labeling objects; 2) encrypting images with mapped labels to ABE policies; 3) storing objects, metadata and blurred images in a database. This creates an extract, transfer load (ETL) pipeline which can ensure fine-grained control over who has access to specific information contained within images.
NTT R&D Forum Presentation Video
The Belgian team delivered a presentation video on their application during the virtual business conference – the NTT R&D Forum – which took place Nov 16-18th. The other competing teams also presented videos showcasing their work during this event.
Conclusion
Overall, this hackathon showcased impressive applications of ABE that can help balance privacy and security when it comes to shared data contained within images online.
28. January 2023 / admin / 0 Comments
• dYdX (DYDX) is a decentralized exchange platform for cryptocurrency margin trading for assets like BTC, ETH, SOL, DOT, and some more crypto assets.
• The current market status of dYdX (DYDX) is a 24-hour trading volume of $183,616,964 and a 24-hour price change of 6.7%.
• In dYdX (DYDX) price prediction 2023, the bullish prediction is $1.633 to $5.430, and the bearish market price prediction for 2023 is $1.015.
dYdX (DYDX) is a decentralized exchange platform for cryptocurrency margin trading for assets like BTC, ETH, SOL, DOT, and some more crypto assets. The platform has been gaining a lot of interest due to its ability to provide a clear alternative to perpetual exchange BitMex, FTX, and Bitfinex. dYdX is a brilliantly executed decentralized crypto derivatives exchange with a plethora of margin trading and perpetual options for investors.
dYdX (DYDX) holds the 120th position on CoinGecko right now. Its current market status is a 24-hour trading volume of $183,616,964 and a 24-hour price change of 6.7%. The all-time high of the dYdX asset was on September 30th, 2021 when it hit $27.86.
For those looking to invest in dYdX (DYDX), it is important to understand the price predictions for 2023. In dYdX (DYDX) price prediction 2023, the bullish prediction is $1.633 to $5.430. This is based on the analysis of the market trends, price patterns, RSI, RVOL, and other information about DYDX. The bearish market price prediction for 2023 is $1.015.
To understand the future movements of the dYdX asset, it is important to analyze the technical indicators. The dYdX/USDT horizontal channel pattern suggests that the price is constrained between the upper line of resistance and lower line of support. This shows that the price is unable to break out of the current range and is only able to move within it. Furthermore, the Relative Strength Index (RSI) is currently at 44.72, which is in the neutral zone. This indicates that the market is neither oversold nor overbought.
The dYdX (DYDX) price prediction 2023 is that the asset will reach $4 soon. This is based on the bullish predictions of the market and the current technical indicators. For those looking to invest in dYdX (DYDX), it is important to understand the market trends and technical indicators to make the most informed decision.
19. January 2023 / admin / 0 Comments
• Troubled crypto lending firm Genesis Global Capital is likely to file for bankruptcy this week.
• Negotiations between Genesis and creditors have not been successful and bankruptcy is now being considered.
• Genesis and its creditors are currently negotiating a Chapter 11 bankruptcy plan that could involve a forbearance period of one to two years.
Troubled crypto lending firm Genesis Global Capital, a subsidiary of the Digital Currency Group (DCG), is likely to file for bankruptcy this week. The news comes after long and unsuccessful negotiations between Genesis and its creditors. Sources familiar with the matter said that Genesis might file for Chapter 11 bankruptcy if it is unable to raise cash amid a severe liquidity crunch.
The negotiations between Genesis and creditors have not moved forward as expected, leading to the consideration of bankruptcy. Creditors are now in talks with Genesis and its parent company, DCG, over a bankruptcy plan. The proposed plan involves a forbearance period of one to two years, during which creditors could receive cash and equity from DCG as part of the deal. Furthermore, Genesis has also been looking into various debt restructuring options in an attempt to stave off bankruptcy.
Genesis was founded in 2018 as a crypto lending and borrowing platform. It quickly rose to prominence and was considered to be one of the leading crypto lenders in the industry. However, the company has been struggling due to the prolonged bear market, resulting in a liquidity crunch. This has put a strain on its operations and has made it difficult for the company to pay back its creditors.
The potential bankruptcy of Genesis is a major blow to the crypto lending industry. If the company is unable to pay back its creditors, it could set a dangerous precedent for the industry, further damaging investor confidence. It is uncertain how the situation will play out, but it is clear that Genesis is in a difficult position. The company is exploring all options, but it seems that bankruptcy is becoming increasingly likely.
10. January 2023 / admin / 0 Comments
• WeDoctor, a Chinese online healthcare services provider, is set to float its Initial Public Offering (IPO) by H2 2021.
• The firm is considering either a Hong Kong or US listing and that the plans from the firm could change over time.
• WeDoctor is transforming access to medicine in an innovative digital manner, and is backed by Tencent.
Chinese online healthcare services provider, WeDoctor, is looking to float its Initial Public Offering (IPO) by the second half (H2) of this year. WeDoctor has been in talks with investors and financial advisors about the IPO and is considering either a Hong Kong or US listing, with the plans from the firm possibly changing over time.
WeDoctor is looking to capitalize on the Chinese government’s easing of its crackdown on top tech companies, and launch its IPO at the perfect window. The company, founded in 2010 in Hangzhou China, is transforming access to medicine in an innovative digital manner. WeDoctor connects more than 3000 hospitals, 300,000 doctors, and 200 million patients together.
WeDoctor is backed by Tencent and has become a major player in the telemedicine sector in China. The company’s previous attempt to float its IPO was thwarted by the Chinese government’s crackdown on homegrown tech companies prevalent at the time. Now, WeDoctor is looking to take advantage of the new landscape and launch its IPO by H2 of 2021.
WeDoctor’s IPO would be a major milestone for the company and its investors, and would open up a new avenue of growth and potential for the company. WeDoctor’s unique digital platform has made it a leader in the healthcare sector in China, and a successful IPO could propel the company to the next level.