Bitcoin embodies decentralization, security, and self-sovereignty. But today, financial transactions with Bitcoin require the use of custodians or bridges – a reliance on intermediaries that has led to disastrous losses numbering in the billions of dollars. Discreet Log Contracts (DLCs) are poised to change that by allowing users in the space, for the first time, […]
Bitcoin News
‘Garbled Circuits’ Enable Transactional Confidentiality, Encourage Enterprise Web3 Adoption — COTI Co-Founder
According to Shahaf Bar-Geffen, CEO of the privacy-centric Layer 2 network COTI, enterprises and mainstream organizations are not yet fully convinced of the benefits of complete privacy or true anonymity in any system. Bar-Geffen said the primary reason for this is that such systems often get exploited by individuals with dishonest intentions. Regulators’ Perceptions of […]
Bitcoin News
Lumerin and Quai Announce Strategic Collaboration to Enable On-Chain Compute Power Trading
PRESS RELEASE. Chicago, IL — April 4, 2024 — Lumerin, a pioneer in the decentralized Bitcoin mining marketplace, and Quai, a groundbreaking Layer-1 crypto network for the global and compute economies, proudly announce a strategic alliance aimed at expanding access to Bitcoin mining. This collaboration seeks to combine Lumerin’s expertise in decentralized data stream routing […]
Bitcoin News
ZK Proofs Enable Defi Platforms to Meet Regulatory Requirements Without Compromising User Data, Says Ex-FCA Regulator
Diana Tlupova, Head of Compliance at Nexera ID, has argued players in the decentralized finance (defi) space can stay ahead of regulators who might want to impose stringent Know-Your-Customer (KYC) rules by using zero-knowledge (zk) proofs to authenticate user credentials. Tlupova contends that, in addition to allowing users to maintain control over their KYC data, […]
Bitcoin News
Ripple CTO Explains How AMM Feature Will Enable XRP Holders To Earn Passive Income
The decentralized open-source blockchain, XRP Ledger, is set to introduce more innovative solutions to XRP holders through its new Automated Market Maker (AMM) feature. The XRP community is currently buzzing with excitement as the Chief Technology Officer (CTO) of Ripple, David Schwartz, unveils how the AMM offers a unique avenue for earning passive income.
XRPL AMM To Empower XRP Holders
In a recent X (formerly Twitter) post, Schwartz discussed the ways an XRPL AMM could provide opportunities for XRP holders to make regular income through the AMM’s distinct trading mechanism.
When asked by an XRP enthusiast about the potential risks of losing XRP investments if they participated in the AMM, Schwartz responded by stating that “it is not supposed to be possible to lose.” He clarified that the occurrence of losses would mean there was a flaw or unexpected bug in the implementation of the AMM.
The Ripple CTO provided details of how investors can make passive income through the AMM’s liquidity pools. He stated that when a user provides liquidity to an AMM by making a deposit to its pools, they will receive “liquidity tokens” specific to the AMM liquidity pool they deposited to.
Illustrating the strategy and mechanics behind the XRPL AMM, Schwartz revealed that the AMM works by permitting an increase in the value of a user’s liquidity token. He explained that this unique strategy was employed because it effectively converts volatility into a higher value for a token over a period of time.
While the prospect of generating passive income through the AMM exists, Schwartz emphasized that an AMM does not prevent or safeguard against a decline in the actual value of your position.
Expatiating his words with an example, Schwartz pointed out that if a user exchanged 1 XRP for and after applying the AMM strategy the user received 1.05 XRP worth .05, then the strategy successfully increased the value of the XRP. However, if the price of XRP in dollars decreases, the overall value of your position may be lower.
Advantages And Disadvantages Of An AMM
In a recent X post, co-founder of Anodos Finance, Panos Mekras, provided a comprehensive definition of an AMM and its impact on the XRPL ecosystem. Using an analogy, Mekras described an AMM as a self-operating store where the price of items is not fixed by a single entity but determined by the availability of the item.
Mekras revealed that when there is high demand for an item, active trades increase, and the AMM adjusts the price of items to reflect an inflated value. Conversely, if there is low demand, the AMM lowers the price of items to encourage trade. In essence, the AMM works by balancing the supply and demand system of an item.
Schwartz also emphasized the mechanics behind the XRPL AMM by listing out several advantages and disadvantages of the feature. According to the Ripple CTO, the benefits of the AMM include turning volatility into yield, increasing yield by providing people willing to pay a spread to trade and minimizing the risk of losing the value of your assets.
In contrast, the drawbacks of the XRPL AMM include the absence of a guaranteed yield, potential financial losses if the price of the token drops, exposure to counterparty risks, and susceptibility to potential bugs in the AMM’s implementation.
Bitcoin ETFs Enable the ‘Mass Marketing’ of a Worthless Asset to Main Street Americans, Says Better Markets
An independent nonprofit organization said the U.S. Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds has enabled the “mass marketing of a known worthless, volatile, and fraud-filled financial product to Main Street Americans.” The organization claimed that bitcoin proponents will likely portray the approval as some kind of government endorsement of cryptocurrencies.
Large Portion Bitcoin Trading Allegedly Tied to Wash Trades
Better Markets, an American nonprofit organization committed to promoting public interest in financial markets and the economy, has expressed dismay at the U.S. Securities and Exchange Commission (SEC)’s approval of the spot bitcoin exchange-traded fund (ETF). The organization charged that instead of protecting crypto investors, the SEC has now enabled the “mass marketing of a known worthless, volatile, and fraud-filled financial product to Main Street Americans.”
In its Jan. 11, 2024, press statement, Better Markets insisted that the law does not support the U.S. regulator’s approval of ETF applications. It also attacked claims that a U.S. court ruling in favor of the crypto asset manager Grayscale had forced the SEC’s hand. As previously reported by Bitcoin.com News in August 2023, the U.S. court ruled that the SEC’s rejection of Grayscale’s spot Bitcoin ETF was “arbitrary and capricious.”
However, in its fiery statement, Better Markets assailed suggestions that the SEC’s defeat meant it had to approve the ETFs.
“The court in Grayscale merely said that the SEC failed to sufficiently explain its prior rejection. The SEC could — and should have — rejected the ETF applications and better detailed why it did so, importantly including a showing that ‘as much as 77.5% of the total trading volume on unregulated exchanges was due to wash trading’ and as much as 95% of Bitcoin trading ‘could be due to wash trading,’” the nonprofit organization said.
The nonprofit organization also claimed that BTC proponents will likely portray the approval as some kind of government endorsement of cryptocurrencies. Turning its focus on BTC and cryptocurrencies in general, the organization said the top crypto asset remains a “worthless financial product” that is only favored by speculators, gamblers, and criminals.
According to a statement by Better Markets, no regulatory body has been able to effectively police the crypto industry. The statement also slammed Rostin Behnam, the chairman of the Commodities Futures Trading Commission (CFTC), who it said had turned out to be “little more than a biased crypto cheerleader.”
What is your reaction to Better Markets’ take on the SEC’s approval of ETFs? Let us know what you think in the comments section below.
Ripple Partners With Onafriq to Enable Faster Cross Border Payments to Africa
Ripple and the Africa-focused payment fintech startup Onafriq recently said they are collaborating to enable crypto-based cross-border payments between Africa and the Gulf Cooperation Council (GCC), the U.K., and Australia. Using Ripple’s platform helps Onafriq achieve its goal of making borders “matter less when it comes to payment within, to, and from Africa.”
Accelerating Financial Inclusion
Ripple, a provider of crypto solutions for businesses, and the Africa-focused payment fintech firm Onafriq recently said they are collaborating to enable crypto-based cross-border payments between Africa and the Gulf Cooperation Council (GCC), the U.K. and Australia. Their collaboration not only brings faster and more efficient international money transfers to Africa but it also accelerates financial inclusion across the continent.
According to a press release, this partnership arrangement makes it possible for Payangel customers in the UK, Pyypl clients in the GCC, and Zazi Transfer users in Australia to send remittances to recipients across 27 countries. Commenting on his firm’s partnership with Onafriq (formerly MFS Africa), Aaron Sears, the Global Customer Success at Ripple, said:
For a number of years, Ripple has supported crypto-enabled, cross-border payments to individuals and businesses, and we are particularly excited to expand the reach of our solution into Africa thanks to our Onfriq partnership.
Dare Okoudjou, the founder & CEO at Onafriq, said using Ripple’s platform helps his firm achieve its goal of making borders that separate countries “matter less when it comes to payment within, to, and from Africa.” He also characterized the partnership, which has already enabled new connections, as the “bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on people and businesses on the continent.”
As per the press release, Onafriq has one of the largest mobile money movement footprints across Africa and this is evidenced by the fintech startup’s connection to some 500 million mobile wallets across 40 African countries. In addition, it boasts over 1,300 payment corridors on the continent.
What are your thoughts on this story? Let us know what you think in the comments section below.
TBD and Yellow Card to Enable Fiat On and Off-Ramp Payments in 16 African Countries via BTC
TBD and the Africa-focused cryptocurrency exchange platform Yellow Card recently partnered to launch a fiat on and off-ramp that enables payments in some 16 African countries through Bitcoin rails. The objective of this arrangement is to make cross-border payments not only more affordable and accessible, but compliant as well.
Hedging Against Inflation With BTC
TBD, a bitcoin developer-focused entity owned by Jack Dorsey’s Block, has joined hands with the crypto exchange platform Yellow Card to launch a platform that enables fiat on and off-ramps and payments in 16 African countries. According to a press release, the objective of this new development is to make cross-border payments more affordable and accessible, as well as to create compliant channels for remittances.
As per the April 12 press release, the Africa-focused crypto platform Yellow Card will be one of TBD’s first partners to make it possible for users to send U.S. dollars or BTC and for recipients to get the local currency equivalent. For recipients living in countries with hyperinflation, the platform can be used as a place to store BTC or stablecoins.
Commenting on his company’s partnership with TBD, Chris Maurice, the co-founder and CEO of Yellow Card, said:
We’re thrilled to work with TBD and the Block team on tbDEX and their global payments initiatives. The international payments space, especially in Africa, is in dire need of the innovative solutions we are building together, and this is the culmination of the vision behind Block’s initial investment in Yellow Card in 2021.
Emily Chiu, the co-founder and COO of TBD, spoke of her organization’s mission of advancing Block’s empowerment via “breaking down the barriers to financial access across the Global South.” Chiu added that Yellow Card’s focus on Africa makes it the ideal partner to help TBD achieve its objectives.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Ethereum’s Shapella Upgrade to Enable Staking Withdrawals Set to Go Live on April 12
The Ethereum blockchain is set to undergo its next major update since the network switched from proof-of-work to proof-of-stake through The Merge. The upcoming upgrade, dubbed “Shapella,” which combines the Shanghai and Capella validator changes, is expected to take place on April 12, 2023. While most users will not be affected by the change, the hard fork aims to enable staking validators to withdraw their staked ethereum.
Shapella Network Upgrade to Activate on the Ethereum Network at Epoch 194048
Members of the crypto community have eagerly awaited and discussed the upcoming Shapella upgrade, scheduled for April 12, 2023. According to statistics, the upgrade is just over 24 hours away. The Shanghai and Capella upgrades will occur simultaneously, with Shanghai upgrading the network’s execution clients and Capella focused on the consensus layer or consensus clients.
According to Ethereum Improvement Proposal (EIP) #4895, the purpose of Shapella is to enable staking validators to withdraw their funds for the first time. Currently, billion or 18.14 million ether is locked into the Beacon chain contract. After Shapella takes place, these validators will be able to withdraw their funds, subject to specific thresholds built into the rules, such as 1,800 validator cap per day. Additionally, specific validators must designate a valid withdrawal address for full withdrawals, and there are two types of withdrawals.
Those with a valid withdrawal address and excess funds earned from validating or staking will undergo partial withdrawals. Full withdrawals will enable validators to remove the entire 32 ETH required to stake and exit the validator system entirely. Average ethereum users will not be required to take any action for the hard fork, but all validators must upgrade their clients. The Ethereum Foundation has provided all the essential information about the upgrade in a blog post.
“After a smooth Goerli transition, client teams have scheduled the Shapella upgrade for mainnet activation,” the Ethereum Foundation detailed on March 28, 2023. “Consensus was quickly reached on an April 12th date during the 157th All Core Devs Execution Layer meeting. This upgrade follows The Merge and enables validators to withdraw their stake from the Beacon chain back to the execution layer. It also introduces new functionality to both the execution and consensus layer.”
On Tuesday, the day before the Shapella upgrade, the price of ethereum (ETH) has risen 2.9% over the last day. In the past 30 days, the second-largest crypto asset by market capitalization has also increased 29.9% against the U.S. dollar. Presently, the crypto asset’s overall valuation of 0.7 billion represents 17.9% of the crypto economy’s value, which is currently at .28 trillion. According to research from analysts at Kaiko, detailed in a newsletter, ethereum markets have underperformed compared to bitcoin ahead of the Shapella upgrade.
“Ethereum’s spot volumes have struggled to maintain pace with bitcoin’s, with ethereum’s market share of USD volume recently hitting its lowest levels since March 2021,” Kaiko analysts wrote on Tuesday, April 11.
What are your thoughts on the Shapella upgrade and its potential impact on the Ethereum network and the wider crypto market? Share your opinions in the comments section below.
Volt Inu Partners With OKX to Enable OKX Wallet Web Extension Users to Access Voltichange
PRESS RELEASE. Volt Inu, the innovative crypto project and leading decentralized exchange (DEX) platform, announced a significant partnership with OKX, one of the top exchanges in the crypto industry, on March 27, 2023. Volt Inu’s Twitter announcement revealed that the two companies would be teaming up to leverage their respective Web3 capabilities.
As part of their collaboration, Volt Inu and OKX announced their first step – integrating Voltichange using the OKX Wallet Extension. This integration is a significant development for both platforms, allowing for cross-platform compatibility and seamless trading.
Connect to Voltichange Easily through the OKX Wallet Web Extension
Until recently, VOLT’s community has eagerly awaited Voltichange’s release. Today, this community is also witnessing more and more successes of this project, one of these successes being the new collaboration with OKX announced on the Volt Iau Twitter page. OKX is one of the most popular crypto exchanges, which has gained increasing traction in recent months.
OKX Wallet and Voltichange have collaborated to provide users with a simple and efficient way of accessing decentralized exchange services.
With this partnership, Volt Inu and OKX are working together to push the boundaries of what’s possible in the crypto space. By combining their expertise and resources, they’re creating new user opportunities and paving the way for a more connected and accessible decentralized finance (DeFi) ecosystem. This partnership is an exciting development for crypto enthusiasts and traders, as it opens up new avenues for investment and trading.
To access Voltichange utilizing OKX Wallet Web Extension, users need to follow these simple steps:
- Download the OKX Wallet Web Extension;
- Create a new OKX Wallet or add an existing wallet;
- Add funds to your wallet;
- Connect your OKX Wallet Web Extension securely to Voltichange’s official web app to access the platform.
This partnership inspires the Volt Inu community since their cryptocurrency, VOLT, has not yet been launched on the OKX Exchange. This partnership will help build confidence in the project as they see tangible results in a shorter period.
What’s Voltichange?
To understand why it has gained so much traction and Voltichange, let’s see what it is. Voltichange is a Decentralized Exchange (DEX) part of the Volt Inu ecosystem. The platform aims to provide crypto enthusiasts with a streamlined and user-friendly experience, allowing for automated, accessible, and permissionless listings for all existing and future crypto projects.
One of the primary features of Voltichange is its multichain support. The platform allows cross-chain trading, meaning users can swap tokens between blockchains without intermediaries. This feature increases the platform’s liquidity and allows users to trade more cryptocurrencies.
Another standout feature of Voltichange is its low trading fee. The platform charges a minimal 0.5% trading fee, which is significantly lower than the fees charged by many centralized exchanges. Moreover, this fee makes every cryptocurrency traded on the exchange deflationary. This deflationary mechanism helps to increase the value of the VOLT token, the native currency of the Volt Inu ecosystem.
To use Voltichange, users must connect their crypto wallets to the platform. The exchange currently supports a range of wallets, including WalletConnect, Coinbase Wallet, and, of course, OKX Wallet. Once connected, users can start trading immediately and use the platform’s automated and permissionless listings.
Discovering Volt Inu
Volt Inu is a crypto project that’s changing the game in the world of decentralized finance (DeFi). It’s a one-stop shop that offers a unique approach to supporting deflationary tokens, which has gained significant popularity since its launch in December 2021. With Volt Inu, crypto projects can list for free and without permission, and the platform helps make them deflationary by burning their supply.
The VOLT token is the primary currency used on the platform.
Volt Inu has also progressed in the NFT field by introducing a 3D NFT collection called VDSC. Additionally, there are two crypto-based games available: Volted Racer and VoltIsland. Volted Racer is a Play-to-Earn (P2E) game that integrates NFTs and offers both free and paid game modes. VoltIsland is a Battle Royale game that uses VDSC NFTs and is set to launch in Q3 2023.
Stay in Touch with Volt Inu Team
For more information on the Volt Inu ecosystem, head over to the official website. You can also stay informed about Volt Inu’s latest updates and growth by following them on various social media channels, including Telegram, Twitter, Facebook, Reddit, YouTube, Medium, TikTok, and Instagram.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.