Crypto is gaining momentum among U.S. lawmakers. Senator Cynthia Lummis stated: “We are building a pro-crypto army in Congress.” This declaration came shortly after the House of Representatives passed the landmark Financial Innovation and Technology for the 21st Century Act (FIT21) crypto bill, despite opposition from the White House and SEC Chairman Gary Gensler. ‘We […]
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Polkadot Price Sets Sights on New Highs: DOT Bullish Momentum Building
Polkadot (DOT) is consolidating gains above the .40 zone against the US Dollar. The price could start another increase if it clears the .70 resistance.
- DOT gained pace and tested the .70 resistance level against the US Dollar.
- The price is trading above the .20 zone and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at .40 on the hourly chart of the DOT/USD pair (data source from Kraken).
- The pair could continue to rise if it fails to stay above the .20 support.
Polkadot Price Holds Support
After forming a base above the .80 level, DOT price started a decent increase. It broke many hurdles near .20 and even spiked above .65. A high was formed at .69 and the price is now consolidating gains, like Ethereum and Bitcoin.
There was a move below the .50 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the .91 swing low to the .69 high.
DOT is now trading above the .20 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at .40 on the hourly chart of the DOT/USD pair. Immediate resistance is near the .70 level.
The next major resistance is near .80. A successful break above .80 could start another strong rally. In the stated case, the price could easily rally toward .20 in the near term. The next major resistance is seen near the .50 zone.
More Downsides in DOT?
If DOT price fails to start a fresh increase above .70, it could continue to move down. The first key support is near the .40 level and the trend line.
The next major support is near the .30 and the 100 simple moving average (4 hours) or the 50% Fib retracement level of the upward move from the .91 swing low to the .69 high, below which the price might decline to .00. Any more losses may perhaps open the doors for a move toward the .90 support zone or .80.
Technical Indicators
Hourly MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.
Major Support Levels – .40, .30 and .10.
Major Resistance Levels – .70, .80, and .20.
STYLE Protocol Building to Empower Gamers Closes $2.5M Seed and Lists Token on Major Exchanges
PRESS RELEASE. MAY 6, 2024 — Switzerland. STYLE Protocol, which transforms NFTs into 3D assets that can be used in any game or metaverse, has listed its native utility token on major exchanges. The cutting-edge digital asset — $STYLE — made its debut on Bitget and MEXC, and is also available on the decentralized exchange […]
Bitcoin News
Building a Super App for Chain-Agnostic Execution – Omar Zaki, Founder of Composable and Picasso
Composable and Picasso are the team leading the extension of IBC to all ecosystems in order to bring to life secure and chain-agnostic interoperability for users and builders. Picasso currently powers cross-ecosystem IBC across Polkadot, Kusama, Cosmos with 20+ connected chains and soon Ethereum, Solana, and NEAR will also be connected. Composable will leverage the various IBC connections with the addition of Composable’s CVM & MANTIS to bring to life seamless, secure, and cost-efficient intent execution across all connected chains.
Omar ‘brainjar’ Zaki is the founder of Composable and Picasso. He recently joined the Bitcoin.com News Podcast to talk about the technology:
Omar is a seasoned researcher and innovator in the blockchain industry. His deep understanding of the space complemented by an encompassing perspective on the vision of cross-chain DeFi has established him as a thought leader and valuable pioneer. His current focus entails the investigation and research of blockchain infrastructure and trends, providing valuable insights that guide Composable’s development.
Additionally, Omar is actively involved in the design of products that optimally utilize the technological capabilities offered by the Composable tech stack. Brainjar shares and communicates the research and development (R&D) activities at Composable through his posts on Twitter and Medium and the Composable Research forum.
The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.
This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below.
SquidGrow: Building During the Bear
PRESS RELEASE. 15th December 2023. SquidGrow, the meme-utility token co-founded by the elusive crypto whale Shibtoshi, continues to innovate with new ways to energize the community. These include developing a custom bridge and privacy cross chain aggregator, liquidity locker, NFT marketplace, decentralized perpetual exchange, as well as offering an opportunity for anyone to win a whole full Bitcoin as part of “SquidGrow: The Challenge”. The team is also planning to join an upcoming X Space on the BTCTN channel to share more about these developments with the community.
SquidGrow: The Challenge is LIVE
On November 22, SquidGrow CEO Shibtoshi has announced on X he will be giving away 1 BTC (worth over k right now) to the overall winner of “SquidGrow: The Challenge”. There is also a chance to win a bonus prize of 1 ETH, given to the person who refers the winner of the Bitcoin to the challenge.
A snapshot has been taken at the start of the event of all SquidGrow holders and wallets. Every one billion tokens bought on the DEX’s counts as a ticket into a draw to win the Bitcoin when the draw is made after “SquidGrow: The Challenge” closes. At the end of the competition, a final snapshot of all the wallets and new holder wallets will be taken. The new tokens of each wallet balance are the number of tickets a player enters with. The winner of the competition will be selected randomly from all the tickets at the conclusion of the event.
The “SquidGrow: The Challenge” is still ongoing and will end only on December 25, 2023. Follow the progression of the challenge on Telegram and get the full details on how to join on Medium.
Upcoming Utility
In addition to such exciting events, SquidGrow continues to innovate on the technology development side as well. This is the reason the project already has 11 code audits from the highly respected blockchain code analyzing agency Certik. For example, the ninth audit was given for a new Custom Bridge. This important piece of technological infrastructure will bridge seamlessly between SquidGrow-ETH and SquidGrow-BSC, for the great convenience of users.
The SquidGrow team will also launch their own Privacy Cross Chain Aggregator soon. This is critical infrastructure for enhancing the efficiency of cross-chain transactions as it integrates various cross-chain bridge services into a single interface, allowing users to find the best rates and lowest slippage. As more people will want to join the crypto bull market this tool can attract them to SquidGrow as it will empower them to do so while greatly protecting their privacy.
Another exciting development from SquidGrow is the unveiling of the ‘Inkubate’ ecosystem – a fully functional NFT marketplace and launchpad. With this platform the project is planning a significant push into the NFT space. The SquidGrow team now also includes the acclaimed comic artist Mike S. Miller, most known outside the NFT space for his work at Marvel, DC, and Game of Thrones. The team aims to collaborate with top influencers, partners, and creators in this sector to deepen its impact when NFTs make a resurgence. This could provide new utility for SquidGrow holders through NFT staking and the chance to mint blue-chip NFTs by Mike S. Miller.
SquidGrow also announced it developed its very own liquidity locker, called Knox Locker (knoxlocker.com). This feature is a standalone locker that projects will be able to use and will offer a competitive advantage over other lockers with cheaper rates. Knox Locker is an elite secure and competitive LP locker that is designed for blue-chip and defi projects alike.
Finally, one of the most exciting developments is SquidGrow’s flagship utility tool – SGX – a Decentralized Perpetual Exchange. This is a platform that aims to make trading Futures at the DeFi level both feature rich and highly secure, by providing abundant liquidity for future investors. Many more details about these developments are expected to be announced, so make sure to stay tuned and follow SquidGrow on social media to learn more when the news breaks.
Join SquidGrow CEO Shibtoshi for an AMA on X Spaces here to learn all about the exciting developments with the meme-utility token!
About SquidGrow
SquidGrow is a meme-utility token launched in June of 2022 that is the brainchild of the mysterious whale, Shibtoshi. It has several utilities and areas of focus which it will engage in tactfully and securely. Shibtoshi has been a cryptocurrency supporter since the early days of Bitcoin around 2011 and he is most famous for his holdings in SHIB reaching an estimated USD 5.7 billion during the all-time high of Shiba Inu (Oct 2021). Despite already making this fortune, Shibtoshi plays an active role in the SquidGrow project by leading and financing it, as he is passionate about leaving his imprint on the space and creating something that will stand the test of time.
Website | X | Telegram | Discord
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.
Benk On Building A Global Financial ‘Super App’
PRESS RELEASE. Today, it’s exciting to announce the birth of Benk, a pivotal development within the decentralized economy. Benk introduces a secure and user-friendly monetary management system, along with investment prospects in various domains, including startups, stocks, cryptocurrencies, and more. This financial solution is made accessible to a global audience, irrespective of their location. The primary objective lies in onboarding in excess of 500 million users into the decentralized economy, thereby expediting the world’s transition towards a decentralized future. In line with this overarching vision, Benk will serve as a platform for both centralized and decentralized products, fostering an inclusive ecosystem that welcomes all individuals interested in participating in the open financial system.
The coined slogan, “Move Beyond Banking,” encapsulates the ambition to transcend the confines of traditional banking and establish a comprehensive financial ecosystem. Benk transcends the realm of basic financial transactions, seeking to facilitate all financial operations, be they associated with fiat currency, cryptocurrencies, securities, or other assets. The essence of Benk extends beyond the need for a traditional bank account, as it strives to redefine the very concept of banking.
Benk is poised for integration within Unidef, an entity dedicated to investment and the advancement of the decentralized future. Leveraging Unidef’s extensive expertise in crafting cryptocurrency products and executing investment strategies, Benk stands to benefit from a robust foundation.
The visionary behind Benk, Azim Ghader, envisions the platform as an all-encompassing financial solution equipped with innovative tools. In his words, “Benk’s scope extends beyond rudimentary transactions. It facilitates any financial transaction, whether involving fiat, cryptocurrencies, securities, or any other financial assets. It transcends the mundane act of transferring to a friend; it signifies the move beyond traditional banking.”
In the forthcoming months, Benk will engage in the recruitment of additional teams to enhance the diversification and support of its ecosystem. Additionally, incentive programs will be designed to reward early adopters and provide grants with a social impact. Concurrently, efforts will be made to raise capital through private placement to propel the ecosystem’s growth and foster widespread adoption.
A commitment to continuous engagement with regulatory bodies and subject matter experts is outlined to solicit feedback and ensure that Benk’s governance aligns with the needs of its user base. This endeavor is recognized as a significant responsibility, and an open and collaborative approach will be maintained as the initiative advances towards the goal of launching this novel ecosystem.
It is imperative to note that Benk is still in its initial stages of development. As progress unfolds, extensive consultations with a diverse array of experts will be undertaken to guarantee the delivery of a secure, private, and user-friendly product. For more information and ongoing updates, please visit www.benk.com.
About Benk
Benk is building a global financial ‘super app’ that empowers everyone to move beyond banking. Benk will offer a secure, easy money management system and investment opportunities for investing in startups, stocks, cryptos, and beyond for anyone, anywhere. Our vision is to “Onboard Over 500 Million Users into the Decentralized Economy,” thereby accelerating the world’s transition to a decentralized future.
For more information and updates, visit www.benk.com and follow @BenkGlobal on Twitter, Telegram, Instagram, TikTok, Youtube, Threads, LinkedIn and Facebook.
About Azim Ghader:
Azim Ghader is an entrepreneur, investor, philanthropist, and the Global CEO of Unidef. He leads a global network of member organizations working together to accelerate the world’s transition to a decentralized future, empowering all individuals to take control of their finances, data, and identity.
He can be followed on LinkedIn and Twitter (@AzimGhader).
Media Contact
Global Communications
Benk
Disclaimer
This information is provided solely for informational purposes and does not constitute an offer or advice to buy or sell securities, investments, or any assets, including but not limited to tokens, coins, and cryptocurrencies. Benk does not endorse, recommend, or make any representations regarding any exchanges or the purchase or sale of digital assets. It is highly recommended that you conduct your own due diligence before relying on any third-party technology or provider, as compliance, data security, and privacy practices may vary significantly.
Purchasing and selling digital assets is inherently risky, and holders must bear the risk of loss. Neither the owner(s) nor publisher(s) of this material nor any participants in the Benk ecosystem accept any liability for losses or taxes incurred by holders, purchasers, or sellers of digital assets. The value of digital assets may decrease and may be highly volatile.
This material is not intended for any person located in a jurisdiction where purchasing, selling, or holding digital assets is prohibited or regulated. It is your responsibility to comply with all applicable laws and regulations in your jurisdiction before transacting any digital assets.
This announcement contains forward-looking statements regarding our future product and business plans and expectations. These forward-looking statements may differ materially from actual results due to a variety of factors and uncertainties, many of which are beyond our control. Please note that the date of this announcement is October 31, 2023 and any forward-looking statements contained herein are based on assumptions that Benk believes to be reasonable as of this date. Benk undertakes no obligation to update these statements as a result of new information or future events. The data and non-Benk names are for informational and identification purposes only. All non-English versions of resources are translations of the original in English and are for informational purposes only.
As of October 2023, no Benk Coins/Tokens have been issued, and Benk is not currently involved in any offerings.
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.
Tonk Is Building a Provability-Focused Onchain Nintendo Emulator
Tonk, a programming collective focusing on onchain gaming, has announced a blockchain-based Nintendo Entertainment System (NES) emulator called Dappicom. The app, being coded using Noir, a smart contract-enabled privacy-focused language, will allow players to prove they have achieved in-game milestones without showing how.
Tonk Announces Dappicom, a Provability-Focused NES Emulator
Tonk, a gaming-oriented programming team, has announced it is working on Dappicom, a Nintendo Entertainment System (NES) emulator that will allow users to play and enjoy old gaming classics onchain. Furthermore, Tonk focuses on the probability part of the gaming equation, using mathematical proofs to power this part of its functionality.
Dappicom is being coded using Noir, a language that uses zero-knowledge (ZK) technology for its objective. The emulator is designed to appeal to the retro gaming community, which will be able to prove they completed various challenges and quests without having to screencap the whole ordeal, as it is currently done.
For this, the app leverages an NES state machine that sends information to a server, which uses the info to construct a proof of the gameplay executed by the players, certifying the validity of their claims without giving away the techniques used for their accomplishments. Tonk explained this would be a world first, helping players to prove they completed tasks in a certain amount of time without a doubt.
Tonk stated:
Proving speedruns with hidden strategies has never been done before. Speedruns are often contested … You can’t argue with maths, though.
Such gameplay can be rewarded by companies or third parties with badges or other awards.
Origin and Motivation
Tonk stated that the idea of building an on-chain-powered NES emulator came after the creation of “Snarky Monsters,” a Pokemon-inspired game where non-playable characters have “secret psychology,” meaning that there is no way of knowing the stats of any character beforehand.
A battle server utility coded for this game was used to create a virtual machine for holding gaming secrets. This prototype morphed into what Dappicom is today.
Tonk stresses that Dappicom is being built to widen the audience of blockchain games and move away from crypto-focused gamers who only care about earning tokens, explaining that the app doesn’t “require a token and nor does it fit the play-to-earn model, which has a controversial reputation in gaming.” Dappicom’s target is the retro gaming scene, which is outside of the crypto realm.
Dappicom is still in its pre-alpha stages, and Tonk is establishing a community to shape the project and deliver a live demo.
What do you think about Tonk and Dappicom? Tell us in the comments section below.
Cashtokens Upgrade 3 Months Out: BCH Developers Building NFT Creator Studio, Marketplaces, Wallets, and More
With the Bitcoin Cash network’s May 15 Cashtokens upgrade now three months behind us, bustling development in non-custodial wallets, marketplaces, non-fungible tokens (NFTs), games, and other applications continues unabated. Paytaca wallet CEO Joemar Taganna notes that “improvements in consensus building” and “new and powerful upgrades to the protocol” showcase several parties “working together to make the peer-to-peer cash revolution happen.”
Little Green Monsters, Gurus, Cats, and Prediction Markets
After the May 15, 2023 Bitcoin Cash upgrade, which effectively enables smart contracts onchain for BCH by utilizing unspent transaction outputs (UTXOs), much development has been ongoing on the network surrounding Cashtokens, a feature that has inspired the creation of numerous non-fungible tokens (NFTs) and marketplaces like tapswap.cash.
NFT sales and trading activity are still modest compared to other networks, with marketplaces in their nascent stages, and decentralized exchanges (dexs) in test phases. That notwithstanding, development has been occurring at an industrious pace in the background, as advocates of Cashtokens point to the power of the upgraded chain to enable even more types of permissionless peer-to-peer exchange directly onchain, for lower fees than other leading protocols. Some NFT collections of note include Emerald DAO, Bitcats Heroes Club, and BCH Gurus.
As developer Jason Dreyzehner mentioned to Bitcoin.com News back in May: “Suddenly it was possible to build very efficient, UTXO-based decentralized applications while preserving important features of Bitcoin Cash: stateless transaction validation (low fees) and zero-delay re-spending (fast transactions).”
Paytaca, creator of the Cashtokens-friendly Paytaca wallet, is now working on a tool to enable anyone to create their own NFTs via a project called Cashtokens Studio. CEO of Paytaca Joemar Taganna is also involved with the Bitcats Heroes Club NFTs. Taganna told Bitcoin.com news:
There is a need now for a tool for the general public that will allow anyone to create tokens using the Cashtokens protocol. Currently, the process is largely manual, so it is tedious and error-prone. That’s why we are building Cashtokens Studio.
One popular NFT project springing up after the May upgrade has been the BCH Gurus. This project is a multi-dimensional NFT endeavor which is currently building price prediction games fueled by NFTs and other tokens on the new protocol.
“The Cashtokens upgrade has allowed for an entirely new ecosystem to develop directly on Bitcoin Cash mainchain,” the BCH Guru Team told Bitcoin.com News via Telegram, elaborating: “The BCH Guru combines the fun and addictive element of a uniquely designed NFT collection, along with a fungible token (Furu), allowing users to play price prediction games onchain through a Cashtokens smart contract.”
Community and Tech Developments, Crypto Custody Ethos
Noting that Cashtokens’ simple token primitives “that can allow you to create most (if not all) of defi applications you see in other chains” will require some tooling developed from scratch, Taganna says his group is “happy to take on part of that huge challenge.” Speaking of Bitcoin Cash development over the last few years, the Paytaca CEO notes:
“The BCH community is becoming more vibrant and productive, a breath of fresh air from the prior years of political conflict leading to splits. We now have individuals, dev teams, and entrepreneurs, supported by well-aligned donors / investors, all working together to make the peer-to-peer cash revolution happen.”
Part and parcel of refusing to compromise on Satoshi Nakamoto’s vision for a money which can’t be censored and can be traded with no need for a financial institution — an ethos enthusiastically championed by many in Bitcoin Cash communities — is keeping complete control over one’s crypto. Non-custodial bitcoin cash wallets supporting the Cashtokens upgrade include Paytaca, Electron Cash, Cashonize, and Zapit.
What are your thoughts on this story? Be sure to let us know in the comments section below.
Lightspark CEO Outlines The Challenges Of Building On The Bitcoin Lightning Network
The CEO of Lightspark, David Marcus, has come forward to share his experiences on building atop the Bitcoin Lightning Network. Marcus noted the challenges the Lightning Network held for builders, stating that it was incredibly difficult and complex to develop software around the protocol.
The Bitcoin Lightning Network And The Challenges It Holds for Builders
According to the Lightspark CEO, a firm involved in developing payment solutions on the Lightning Network, a layer-2 scaling platform for Bitcoin, the firm decided to build on the network because of the “unique qualities” Bitcoin provides as the underlying network.
He explained that Lightspark’s objective is to build a cheap, very open, and interoperable protocol for virtual money/payments, and the Lightning Network is designed to be similar to layer 2 ZK-rollup for Bitcoin.
However, the former president of Paypal and co-creator of Diem noted that building on Lightning and Bitcoin is about five times more difficult than developing on other protocols. This is because the process to create software around the protocol is incredibly difficult and complex to do.
Nevertheless, with these objectives in mind, the platform committed to building on the Bitcoin Lightning Network and to do “Whatever it takes to reach their full potential.” But despite having high hopes about the prospects of the network, Marcus’s recent disclosures on Twitter have shown that building on the network was no easy feat.
Moving Forward Despite Difficulties
According to Marcus, part of the challenges is attributed to the rigidity of Bitcoin and the difficulties involved in altering its structure to contain new code in its base layers to meet the needs of specific solutions. He pointed out that Bitcoin’s layer 1 is particularly rigid and building a new opcode to mainlet was practically not possible.
However, despite these challenges, Lightspark remains upbeat, and instead of completely abandoning the Lightning Network protocol for other less complex chains, the platform intends to develop a payment solution that would still be applicable “100 years from now.”
The firm also intends to reorganize the process enabling crypto market users to connect to the Lightning Network. Although this will depend on their ability to put in place the necessary peer-to-peer payment channels.
Apart from Lightspark’s CEO, other players in the sector have also recognized the intricacies and general challenges of building software around the Lightning Network. Popular CEO of Binance Changpeng Zhao has previously pointed out that integrating Lightning Network services on Binance was more complex because of the usage of on-demand invoices, which are different from pre-generated addresses.
Additionally, Fitatjaf, a prominent Bitcoin developer and founder of the decentralized social protocol Nostr, has also offered criticism of the Lightning Network, terming it a pile of complex and ugly hacks.
Lightspark CEO David Marcus States Building on Bitcoin’s Lightning Network Is ‘Incredibly Complex and Hard’
David Marcus, CEO of Lightspark, a company that builds business-grade solutions to facilitate payments on top of the Lightning Network, shared his experience in developing on top of the Bitcoin scaling layer. Marcus stated that it is “incredibly complex and hard to build software around this protocol,” acknowledging the constraints the Lightning Network presents for builders.
Lightspark CEO David Marcus Acknowledges Lightning Network Constraints for Builders
David Marcus, CEO of Lightspark, a company that builds payments solutions on top of the Lightning Network, a second-layer scaling platform for Bitcoin, has given his opinion about the challenges that building on top of this protocol presents for companies.
Marcus, a veteran in the payments arena who was president of Paypal, head of Novi at Meta, and part of the Diem Board of Members, says Lightspark decided to build around the layer-2 protocol due to the “unique qualities” Bitcoin presents as an underlying network. However, he declared:
Building on Lightning and Bitcoin is likely at least 5x harder than building with other protocols. It’s so incredibly complex and hard to build software around this protocol.
Rigidity and Difficulty
Marcus attributes part of this difficulty to the rigidity of Bitcoin and the problems of changing its structure to include new code in its base layer, to accommodate the needs of specific solutions. On this issue, he stated:
Bitcoin layer 1 is incredibly rigid. Getting a new opcode to mainnet is almost mission impossible. Constraints are what they are.
However, instead of considering this difficulty a problem and abandoning the protocol to use other, less complicated chains, Lightspark took it as a challenge to build a payment solution that would be relevant “100 years from now.” Marcus concluded:
We recommitted ourselves to building on Bitcoin Lightning, and to doing whatever it took to realize its fullest potential. Because it’s time for the world to have a universal open protocol for payments.
Marcus is not the first to recognize the intricacies and overall difficulties of producing software around the Lightning Network. Changpeng “CZ” Zhao, CEO of Binance, also stated that including Lightning Network services on Binance’s platform was “more complicated” than it might appear, due to the utilization of on-demand invoices, different from pre-generated addresses.
Fiatjaf, a Bitcoin developer and the creator of the decentralized social protocol Nostr, also recently criticized the Lightning Network, calling it an “inelegant pile of ugly and complicated hacks.”
What do you think about David Marcus’ vision of building on top of the Lightning Network? Tell us in the comments section below.