U.S. spot bitcoin exchange-traded funds (ETFs) saw another day of inflows on Tuesday, marking the 11th consecutive day of gains. Despite reports suggesting Blackrock’s IBIT holds more bitcoin than Grayscale’s GBTC, IBIT’s official website shows the fund still needs 322.28 BTC to surpass GBTC. While the web portal was updated on May 28, there may […]
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US Bitcoin ETFs Achieve 3-Day Inflow Streak, Netting $303M on Wednesday
U.S. spot bitcoin exchange-traded funds (ETFs) performed well on Wednesday, completing a three-day streak of inflows and accumulating 3 million in gains on May 15. Data indicates Blackrock’s IBIT inflows have been minimal, recording zero inflows over the past few trading sessions. In contrast, Grayscale’s Bitcoin Trust (GBTC) saw inflows of approximately million during […]
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XDC Token Continues To Record Higher Gains Daily, Can It Achieve $0.1 Mark?
XDC Network is now on its way to the .1 target price after encouraging price movements over the past weeks. The token is now among the most searched cryptos ranking fourth on CoinMarketCap’s list of trending cryptocurrencies.
However, the question remains: How long can XDC sustain these rallies? Are the bulls energetic enough to exceed the anticipated .1 price mark? Let’s see
XDC Soars Amid Market Downturn, What’s Fueling Its Price Movements?
XDC Network is soaring today, August 4, as the broader market slightly improved. With a bullish momentum, the token rose by 16.7% on Friday morning. Also, it emerged as the biggest gainer with over 45% seven-day gain and 162% 30-day value growth.
Related Reading: Bitcoin And Crypto Alert: The Implications Of Bill Ackman’s 30-Year T-Bills Short
As of July 6, XDC traded at .03238 but later climbed to a monthly peak of .09092 on August 3, over 180% in the last 30 days. XDC reached a week high of .09134 on August 4, a nearly 50% increase from .05896 recorded on July 29.
These impressive moves have positioned the token as the best-performing cryptocurrency in the 30-day and seven-day timeframe. Although the momentum is still bullish, it has stalled slightly since the asset has shed a few gains and shifted from the day peak of .09146 to .081.
These gains could result from other ecosystem developments, including the partnership between XDC Network and Infocomm Media Development Authority (IMDA) Singapore.
According to July 28 Bloomberg report, the crypto project integrated with IMDA’s TradeTrust – a Singaporean framework enables trusted interoperability of electronic trade documents across digital platforms.
This collaborative effort will allow IMDA’s TradeTrust to verify and transfer documents. Such capability can enhance trade visibility, proof of authenticity, and origins of documents. The collaboration is expected to enable a seamless and efficient flow of goods between digital trading partners.
According to the report, the partnership marks a milestone for the XDC Network, as it could expand its reach and user base. Such growth will likely lead to a significant spike in active transactions and trading activities and it could be among the primary factors fueling XDC’s rallies in the past few days.
XDC Market Outlook, More Rallies Possible?
The XDC/USD chart shows the token trades below the Moving Average Convergence/Divergence signal line. This indicates a bearish momentum as XDC sheds previous gains.
Also, the RSI at 46.75 suggests the asset is approaching the oversold region. Moreover, the bears have formed stiff resistance at the .0851 level. They’re ready to push XDC down to lower lows if the bulls fail to regain momentum.
However, if the bulls rally enough to push the price above .851, the next target zone will be the .09166 level, from where XDC will likely shoot to .1 if momentum is sustained.
Use Multi-Signature And Social Recovery Wallets To Achieve Self-Custody, Ethereum Creator Says
Ethereum co-founder Vitalik Buterin advised crypto investors to use social recovery and self-custody wallets. Buterin’s suggestion comes amid heightened expectations for the new Arbitrum token airdrop scheduled on March 23 and the upcoming Shanghai upgrade.
The recommendation makes sense given the increased cyber-related crimes in crypto, with hackers targeting a vulnerability in user wallets. The Ethereum co-founder suggested multi-signature and social recovery wallets so that users can hold self-custody of their funds.
Self-Custody Is Crucial In Crypto: Ethereum Creator
Social recovery wallets are smart-contract-powered wallets that allow users to recover access to their stolen funds even if they lose their private key. On the other hand, a multi-sig wallet requires two or more private keys to authorize a transaction or access funds.
In a tweet, Buterin noted that self-custody is crucial in the crypto ecosystem, especially with the last year’s event. The many hack exploitations in 2021 and 2022 with the FTX fiasco magnified the need for self-custody wallets.
Buterin suggests multi-sig wallets for long-term holdings and social recovery wallets for short-term day-to-day trading activities.
Following his recommendation, Buterin made a Reddit post that detailed his opinion on how users should choose guardians for social recovery and multi-sig wallets. In his Reddit post, the founder recommended multi-sig wallets like Gnosis Safe, an easy and reliable wallet to store funds.
Buterin explained that centralized organizations are trustworthy but pose risks of regulatory pressure, including system and human errors. Therefore he advised users not to trust centralized entities.
Further, he stated that social recovery wallets are easier to use than multi-sig wallets. The ERC-4337 account abstraction and newly built smart contract wallets like Soul Wallet bolsters wallet security.
Choice Of Wallets, Key Guardians Can Minimize Risks Of Assets Loss
In addition, Buterin suggested using social recovery for hot wallets that store smaller portions of funds and multi-sigs for cold wallets that store more funds. Also, he noted that selecting good guardians is crucial.
Good guardians improve the security of crypto funds by reducing the chances of losing keys, funds theft, and risks of sharing private keys with others. In the post, Buterin detailed how to choose a secure guardian.
One of the comments to Buterin’s post talked about the importance of having guardians that can use hardware wallets. It also noted that using guardians for hardware wallets is better than storing keys in Metamask or Google Drive.
While responding, Buterin said that hardware wallets are unnecessary due to issues that might arise with the issuing company. However, he agreed with the commenter that using Google Drive or Metamask to store keys are risky.
Buterin’s posts followed several wallet attacks that led to a loss of thousands of dollars. These include MyAlgo Wallet exploit, which saw massive amounts of money stolen from users’ accounts.
That is not Buterin’s first time recommending social recovery wallets. On January 11, 2021, Buterin posted a blog detailing the need for crypto investors to adopt recovery wallets. In the article, Buterin said multi-sig is his favorite of all wallet categories. He introduced recovery wallets as easy to use with high-level security.
Featured image from Pixabay and chart from Tradingview.com
Gold Coins Help Zimbabwe Achieve ‘Price and Exchange Rate Stability’ — Central Bank
The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.”
Gold Coins as Alternative Value Preservation Tool
According to the Zimbabwean central bank, about 25,188 “Mosi-oa-Tunya” gold coins valued at over million (ZWD billion) were sold between July 2022 — when the coins were initially introduced — and Jan. 13. From this total, acquisitions by the so-called corporates accounted for 84% “while purchases by individuals accounted for 16%.”
Initially launched to act as “an alternative retail investment product for value preservation,” for the wealthy, the bank said lower denomination gold coins introduced in Nov. 2022 “accounted for 38% of all sales.”
Commenting on the gold coins’ impact since their introduction, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said:
The coins have proved to be an effective open market instrument for mopping up excess liquidity in the economy and a retail investment product for preserving value for investable funds.
The RBZ governor added that the coins, which have a 180-day vesting period, along with the bank’s high-interest rate policy, played a part in stabilizing inflation and the local currency’s exchange rate versus the greenback.
Zimbabwe’s Receding Inflation
According to the local statistical office, Zimstats, the southern African country’s month-on-month inflation fell from a high of 30.74% in June 2022 to 1.1% in Jan. 2023. Despite this slowdown, Zimbabwe’s latest annual inflation rate of 230% remains one of the highest globally.
Concerning the Zimbabwean dollar’s exchange rate versus the U.S. dollar, the latest RBZ data suggests that the parallel market premium dropped from a high of nearly 100% on July 1, 2022, to well under 50% by Dec. 19, 2022. As shown by the data, the local currency’s auction market exchange rate, which stood at just over ZWL100:USD1 on Jan. 11, 2022, closed the year at approximately ZWL700:USD1. According to the RBZ data, the local currency’s parallel market exchange rate on Dec. 19 stood at approximately 900:1.
Meanwhile, in his 2023 monetary policy statement, RBZ governor Mangudya said the bank “will continue to avail gold coins on a demand-driven basis as it seeks to promote a savings culture.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Celebrity NFTs – What Do They Actually Achieve?
More and more celebrities are joining in on buying and creating NFTs. But where can you actually buy a celebrity NFT? And what does it achieve?
During your morning social media scroll, you may have noticed, among all the selfies and vacation photos, the messages from celebrities endorsing NFTs.
NFTs are assets on the blockchain that are unique thanks to their identifying information recorded in smart contracts. Creators may tokenize anything from music and photographs to videos or illustrations using NFTs.
Most of the discord surrounding NFTs goes down on Twitter since the platform supports NFTs being used as profile pictures in hexagonal frames instead of the typical circle frames everyone else has to use. As the hype grows, celebrities like Paris Hilton, Justin Bieber, and Gwyneth Paltrow have joined the bandwagon. If you have the rare privilege of owning a Bored Ape Yacht Club NFT, you know you get exclusive access to communities and digital rooms where your favorite celebrity hangs out and talks to fans.
But it’s not just about buying the latest ape from the Bored Ape Yacht Club or nabbing the latest XCOPY artwork. Celebrities are now creating their very own NFT pieces; Snoop Dogg, for example, has his collection up on OpenSea, and Paris Hilton has teamed up with Superplastic to curate the “Past Lives, New Beginnings” collection.
Canadian musician, Grimes, has sold million worth of digital artworks owing to the fact that she was among the first to cash in on the NFT game. Her WarNymph collection of 10 artworks made Grimes among the best-selling NFT creators in the world, successfully creating enough hype and demand for her work.
Even Eminem jumped on the bandwagon when he released his “SHADYCON” collection on Nifty Gateway, raising .8 million selling digital action figures and instrumental tracks.
The problem here, of course, is that not everybody can get their hands on a piece of art created by their favorite star. When they miss out on upcoming celebrity NFT drops, they miss out on the chance to connect with these celebrities. This creates an untapped potential in the space, and one company has figured out how to capitalize on it while giving fans a chance to get closer to their idols.
With so many celebrities emerging as voices for cryptocurrencies and NFTs today, there is a need to create a space for singers, actors, and sports stars where they may produce and host their collections for a wider audience. Making it easier for them to join in the blockchain revolution may even encourage long-time fans of these artists to take the plunge into cryptocurrency and NFTs themselves.
This platform for celebrities will be hosted by nOFTEN, a brand-new NFT marketplace bringing the luxury gallery experience to the digital world. This digital gallery, however, will only feature collections curated by celebrities for fans to trade, share, buy, sell, and experience special moments never seen before.
The platform serves as a medium to connect artists with their fans, creating a simple way for them to engage with dedicated fans and reveal exclusive content in the form of NFTs. These contents would include a personalized video, a new song, a chance to dine with a celebrity, and a video call, among other prizes.
All of the above would be supported by the blockchain network, Etherlite, and incorporating these along with the website will tie the whole project together and encourage both communities – artists and fans – to participate and engage with each other.
The digital gap is closing as people move to the metaverse for everything from work and school to grocery shopping and sports. nOFTEN closes the gap further by connecting artists with their adoring fanbase, providing both with an opportunity to learn, marvel at the art, and grow.
Achieve Data Sovereignty through Omnisphere
Web 3.0 is one of the biggest buzzwords flying around the world of social media this year. And for good reasons, Web 3.0 innovations are on the verge of disrupting the digital world.
In a world where centralized systems are making billions of dollars selling our personal information, it is no wonder decentralized systems are gaining steam. But there is one big problem. Despite hundreds of decentralized applications and thousands of developers studying Web 3.0, to date these applications have not guaranteed users data sovereignty. What is that and why is it important?
Before we answer that, we need to clear up what Web 3.0 is and why it is important. Breaking down the phases of web growth:
- First there was Web 1.0 – broadly used first in the 1990s, the worldwide web was composed mainly of static web pages uploaded by web developers.
- Then there was Web 2.0, which launched in the early 2000s. This refers to the change from mainly static web pages to interactive, user-generated content. For example, social media sites such as Facebook, Twitter, TikTok and Twitch, as well as apps like Uber and Airbnb. Web 2.0 has created massive social media networks and massive volumes of data built on centralized networks on the Internet.
- Web 3.0 refers to the next generation of the web – with decentralized data networks that are open, trustless and permissionless. Made possible by the invention of the blockchain, Web 3.0 enables a future where users and machines interact on a decentralized network exchanging data and value with other counterparties via a peer-to-peer network layer.
Data Sovereignty
What is data sovereignty? Sovereignty means complete and total control over something. Data sovereignty would refer to the control of data, in this case, your data. This includes the concepts of privacy and security, as well as monetization. Over the past few years, it has come to the attention of the public that Web 2.0 companies have become vastly powerful and rich by selling their users’ data. They and they have obtained ownership of that data.
Many blockchain projects have boasted that they are Web 3.0 and exist to solve these problems. However, while there are popular decentralized applications and Web 3.0 projects, they have not solved the problem of data sovereignty. Let’s look into why that is, why it hasn’t been solved yet, and why Omisphere gives users true data sovereignty.
Three Big Problems
Blockchains find themselves caught between three problems, which could be viewed as a triangle:
- Scalability
- Decentralization
- Security
The difficulty with blockchains is that it has been a situation of give-and-take. Generally, a full solution to one of these three makes the other two worse.
Blockchain networks generally still run their infrastructure on centralized capacity, and most Web 3.0 applications rely on centralized providers. Running blockchains carries a high cost and Web 3.0 development can be complicated and expensive. Scalability issues of blockchain networks have been a thorn in their side since the early days of Bitcoin.
A Three-Layer Solution
Since the problem is triple in nature, the Omnisphere blockchain brings a unique solution that is triple in nature; a three-layer ecosystem. Here is the anatomy of the solution:
Layer Zero, which is called the OMNIGRID. This is a distributed peer-to-peer layer of computers that provide decentralized computing power, storage, as well as network capacity.
Layer One, which is called the OMNICHAIN, is a blockchain solution that runs on the OMNIGRID’s decentralized capacity. It hosts OMNISPHERE’s smart contract and validates the transactions in OMNIVERSE.
Layer Two, which is called the OMNIVERSE. This is the application layer containing unlimited full-solution decentralized applications or UNISPHERES. Each application on the OMNIVERSE is deployed in its own UNISPHERE. These applications enjoy total user privacy, top-level security and immunity to censorship or data espionage.
Digital Identity
A crucial and unique aspect of the Omnisphere blockchain is that of digital identity. WHen participating in common Web 2.0 programs such as Google, Facebook, or Uber, you exist once on every platform.
In the Omnisphere, users exist only once, which is a vital part of ensuring full data sovereignty. Users must exist only once and exert full control over their data.
Omnisphere has charted a bold course to build the first blockchain or Web 3.0 platform that gives data sovereignty to every individual user.
Will Humanity Achieve Immortality in the Near Future?
For millennia Immortality has been the greatest dream of humanity. The brightest minds have tried to solve its mysteries, but despite the support of the richest people on Earth, to no avail. Well, at least in the “becoming immortal” part. In terms of longevity, humanity went a long way in recent decades. And today, when longevity research is backed by big tech companies from Silicon Valley, the progress in studies of longevity and immortality is accelerating.
How can we achieve immortality?
There are two basic approaches to the mortality problem. The first one is to ensure longevity. Of course, living up to 120-150 years is not true immortality, but it is a lot better than the current situation, isn’t it? And, by the way, 120-150 years is not an arbitrary figure: according to a paper, published in May 2021 by a joint research team from the US, the United Kingdom, Singapore and Russia, that’s the natural human lifespan. We don’t live this long only because of diseases and stress.
The second approach is so-called “mind upload” or “digital immortality”. Basically, it is exactly what it sounds – a person uploads their memory into a computer with a sophisticated AI that simulates their personality and thus “lives” forever. It may seem like stuff from sci-fi, but it may be closer than we think.
Data exchange has become a vital part of longevity research, and blockchain technologies can greatly facilitate it. Blockchain can make secure data transfer faster and cheaper. Therefore, research centers will be able to dedicate more time and resources to the research itself, instead of dealing with data exchange. Moreover, blockchain will even remove the issue of plagiarism which haunts data exchange between research teams at the moment. The “2045 Strategic Social Initiative” project claims that in 17 years it will release digital “avatars”, Microsoft claims that all the conversations an average person takes part during the entire live take less than a terabyte to store. And, by the way, William Shatner (Captain Kirk from Star Trek), is having a hologram of himself created. This hologram will be able to interact with other people after Shathner dies.
Blockchain can aid longevity research
Blockchain technologies can become an invaluable aid to longevity research in multiple ways at once. The Moon Rabbit project is a great example of it.
Moon Rabbit is a digital infrastructure platform, created specifically for supporting longevity research projects. It provides an unlimited number of subchains (jurisdictions) that can be used for supporting certain projects. Jurisdictions can provide incentives for research teams, facilitate data exchange, provide additional sources of finances and so on. Moreover, as all jurisdictions operate on a single platform it is much easier to set up data exchange between different teams, institutions and projects without any interference from borders and politicians and with reliable copyright protection.
The main focus of the Moon Rabbit project is supporting biotech research, but jurisdictions are not limited in what approach to immortality and longevity they support, as long as it fits within the common platform’s theme. For example, a digital immortality project can use a Moon Rabbit jurisdiction to raise funds or ensure reliable data storage for “mind upload” experiments.
The Moon Rabbit project’s founder is Angel Versetti – one of the most successful and influential businessmen in crypto. Versetti was instrumental for Bitcoin’s initial success, and one of the key investors in Ethereum ICO, DOGEcoin, AAVE and dozens of other decentralized projects. Not only does he have the necessary expertise to make the project successful, but he is also extremely well connected in the financial and blockchain circles. So we can be sure that the Moon Rabbit project will enjoy support from the most influential people on the planet.
YUSRA Global Is a Young Cryptocurrency That Has Managed to Achieve High Results in Only 1 Year of Existence
Studying the phenomenal success of this cryptocurrency, many ask the question: “What is the secret of the success and such a rapid growth in popularity of YUSRA?”
Key success factors include:
- Unique technologies and blockchain innovations;
- A well-thought-out economic model;
- Exclusive marketing strategy;
- Personal leadership qualities of advisers;
- An atmosphere of trust and mutual understanding in the community.
Thus, the phenomenal success of YUSRA Global is a combination of many factors that interact with each other. Everything is connected: without the unique developments of the team of programmers, an effective economic model would not work, and without a competent marketing strategy, the community would not expand and grow. All technical and marketing achievements pale in comparison to the personal qualities of the team. It is people, and not just a collection of unique IT technologies, that make Yusra what it is today!
Unlike most of its competitors in the crypto industry, YUSRA is not a dummy with a multi-page White Paper and constant promises of releases of some mythical unique technologies. YUSRA Global is already a successfully functioning ecosystem today, consisting of several decentralized services:
YUSRA MARKETPLACE is a free decentralized trading platform, similar to an online marketplace, where sellers and buyers can place their goods (goods, equipment, services, real estate, etc.) on their own platform.
YUSRA P2P EXCHANGE is an online exchanger, which is an analogue of the Local Bitcoin platform and allows you to buy and sell YUSRA cryptocurrency directly between users on the basis of P2P transactions.
YUSRA PAY is a payment system that allows you to pay for mobile communications, television and Internet services directly for the YUSRA cryptocurrency. At the service of users is a huge selection of operators, providers operating throughout Russia, as well as other countries.
YUSRA WALLET is a specially designed wallet for storing YUSRA cryptocurrency. The wallet has a built-in special add-on that rewards users with tokens for trust from the system, and also provides users with access to the functionality of P2P Exchange and YUSRA PAY services.
In the near future, the team plans to launch several services, which will also be part of the YUSRA Global ecosystem. This is a new generation social network DOBRO 2.0, the release of which is scheduled for the very near future, as well as an online training platform SMART Academy and a travel portal Fresh.kavkaz.
The Yusra cryptocurrency website contains a Roadmap, which accurately indicates all the stages of Yusra development for several years ahead. I would like to note that since the launch of Yusra, the developers have never violated the deadlines for the development of any of the products.
The YUSRA Global cryptocurrency community is represented in many countries of the world and is actively continuing its expansion into new markets – in particular, active promotion in South America, Asia and China is in the immediate plans.
Analyzing the dynamics of the markets, it is safe to say that the IT industry rules the world today. That is why, when developing the concept of YUSRA GLOBAL, the tasks of developing and financing IT projects were initially set. Since, in the future, it is these services that will create natural liquidity for the YUSRA cryptocurrency, and also due to financial receipts from their own IT projects, coins will be redeemed from investors. The redeemed coins will be burned, which will help to reduce the total emission of the coin and, accordingly, stimulate the normalization or growth of the rate.
Thus, today YUSRA Global is a dynamically developing IT holding, investments in which may well exceed even the most daring expectations.
YUSRA Global – everything is just beginning!
How Bitcoin Adoption Will Help India Achieve Its $5 Trillion Economy
In the 1990s, India’s economic liberalization helped to boost its economy. In the 2020s, bitcoin adoption should be its next radical monetary innovation.nThe post How Bitcoin Adoption Will Help India Achieve Its Trillion Economy appeared first on Bitcoin Magazine.n
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