Crypto Guides, Knowledge & Insights

OCEEF and Polygon Collaborate on Ocean Conservation Efforts

As one of the worlds most cutting-edge ocean research vessels, the RV Odyssey, our partnership seeks to provide users with participatory experiences through a governance system where they may impact major decisions.　　Tweeted by Polygon:　　“A new wave in ocean conservation @oceef_, a world-class ocean conservation NGO, is working with #Polygon towards a next-gen ocean conservation initiative...Participants will be able to explore all of the ships facilities and real-time data via immersive, interactive experiences in the Metaverse.” 　　Additionally, Polygon claimed that this product wouldve been funded by the sale of NFTs and that OCEEF would gain from increased engagement thanks to Polygons distributed governance platform.　　It is argued that Polygon assists in democratizing entry to RV Odyssey by utilizing Metaverse and other Web3 features. With this, participants can plan the future course of the ship, conduct research, and even take part in mission-related activities.　　“Using our Polygon partnership and its carbon-neutral tech as a launchpad, we will be using technology to democratize access to the vessel through multiple Web3 platforms as well as provide participants with the ability to help decide the vessels future itinerary and research,” during the Polygon-hosted Green Blockchain Summit 2.0, OCEEFs Alex Moukas, the founder, remarked.　　Participants will also be able

2022-10-11Deep Dive

Coinbase Secures Crypto Payments License in Singapore

Bitcoin exchange In order to be fully regulated in Singapore, Coinbase has received preliminary permission for a digital asset license from the central bank of the city-state.　　Although Coinbase has been operating in Singapore since 2015, it has recently received conditional authorisation under the Payment Services Act from the Monetary Authority of Singapore (MAS) (PSA).　　The PSA, which reinforced regulatory standards for various payment services offered in the city-state, including electronic payments and crypto-related exchange services, went into effect in January 2020.　　Hassan Ahmed, Coinbases regional director for Southeast Asia, said the exchange is looking to grow further across Singapore, which it regards as a “strategic market and global hub” for Web3 innovation, according to Reuters. The business views this as a significant milestone.　　A list of 54 other organizations had received exemption from licensing for the provision of digital payment token services, including Coinbase Singapore, which has about 100 employees. This allowed the company to continue operations until gaining its temporary approval.　　The in-principle permission resembles having a full license in that it permits the exchange to lawfully provide its services to clients, including institutional types, subject to continuous discussion and ratification by MAS.　　The exchanges subsidiary in Singapore has now joined a list of

2022-10-11Deep Dive

The SEC fined Kim Kardashian $1.2 million for her promotion of EthereumMax.

According to a news release released by the commission, Kim omitted saying that she received $250,000 in payment for the advertisement she shared on Instagram. According to the SEC, the posted offer included a link that took visitors to a home page where they could find information on how to purchase the token.　　Kim has not recognized or denied that she breached the federal securities laws anti-touting clause. She has, nonetheless, committed to pay a total of $1.26 million, which consisted of a $260,000 disgorgement (which will replace the compensation she received for the advertisements), pre-judgment fees, and a $1 million fine.　　“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesnt mean that those investment products are right for all investors,” SEC Chair Gary Gensler stated.　　The regulator declared that superstars must report any compensation they get and that the general public has a right to know. As part of the celebritys punishment, she also consented to refrain from endorsing any cryptocurrency products for the following three years. She also consented to work with the detectives because the case is still quite active.　　Celebrities who advocate fake crypto tokens are notorious to face severe

2022-10-10Deep Dive

Following the US Jobs Report, the price of bitcoin drops below $20,000

According to a report on employment numbers provided by the Labor Department on Friday, the US added 263,000 jobs in December. The Federal Reserve is striving to regulate the economy enough to moderate the worst inflation in four decades without provoking a recession, and it appears to be working. This month saw the weakest hiring pace in 18 months.　　According to the jobs report, hiring has greatly reduced since August, when the U.S. gained 315,000 positions. As employers continued to fill vacancies from a pool of workers that was getting smaller, the unemployment rate decreased to a 50-year low of 3.5% in September. The small drop in the workforce participation rate implies that fewer individuals are working or actively looking for work.　　According to the figures, the labor market still seems to be tight, and the jobless rate has reached a five-decade low. The labor market has been declining in recent months, with average monthly job additions falling from approximately 530,000 a month at the start of the year to 370,000 in June. Following the release of the fresh job statistics by the Bureau of Labor Statistics, cryptocurrency markets plunged. Following the news, Bitcoin dropped below $20,000, dropping roughly 2% in the

2022-10-10Deep Dive

The deadline for creditors to register for reimbursement is January 10 according to Mt.Gox.

A deadline has been scheduled for creditors to register and adopt a repayment plan in order to recoup their lost funds, which emerges to be good news for Mt.Gox consumers.　　Users must register payee information on the MTGOX Online Rehabilitation Claim Filing System, as per news from a Rehabilitation Trustee, Nobuaki Kobayashi. Hence, January 10, 2023 has been set as the date for creditors who wish to be paid to finalize their selection and registration.　　Additionally, instructions on how to register were supplied to creditors; in order to ensure prompt and secure payment, rehabilitation creditors must sign in to the system themselves.　　In order to receive Repayment, it is also expected that the Rehabilitation Trustee will utilize the address given by rehabilitation creditors to authenticate the identification or give it to other parties partaking in the repayment process.　　The address modification procedures should indeed be completed straight quickly by any rehabilitative creditors who need to amend or otherwise update the address details that has already been notified.　　The no longer active Mt. Gox　　Mt.Gox, a bitcoin exchange, is located in Shibuya, Tokyo, Japan. Jed McCaleb initially built Mt.Gox in July 2010, then in March 2011, he transferred it to Mark Karpeles Tibanne Co. After it was

2022-10-10Deep Dive

eNaira application download hits a record high

By: Damian Okonkwo　　　　The adoption of the eNaira in Nigeria has recorded more progress since its creation. According to the data released by the Central Bank of Nigeria (CBN), more citizens appear to have adopted the eNaira. This is evidenced from the total download of the eNaira application which rose to a new high record slightly below a million count at 905,588 downloads.　　However, out of these total downloads of the eNaira application made so far, only 282,600 were recorded as active users.　　Others probably seem to be familiarising themselves with the usage of the app and will most likely proceed with its usage in no distant time.　　Speaking on the progress made so far in the adoption of the eNaira in Nigeria, the CBN governor Mr. Godwin Emefiele further revealed that over 13,136 wallets have been created using the Unstructured Supplementary Service Data (USSD) which was introduced in August 2022. This he believes marks a remarkable progress so far in the adoption of the eNaira across the country today.　　Further, the CBN governor revealed that the total transactions carried out with the eNaira have exceeded 1.49 million worth over N3.484 billion. Thus, we have over 78,115 consumers to bank transactions worth over N1 billion

2022-10-10Deep Dive

Visa, FTX team up to offer debit cards in 40 countries

In order to provide its debit card service to consumers in more than 40 countries, global payment processor Visa has teamed with cryptocurrency exchange FTX.　　By simply connecting their Visa card to their custodial account, FTX customers will be able to convert their cryptocurrency into fiat thanks to the cooperation. The conversion process will be finished by Visa and FTX in the backend.　　The corporations stated that they are trying to concentrate on emerging markets throughout Latin America, Asia, and Europe given the high rates of inflation in countries like Turkey and Argentina (83% and 78%, respectively).　　The cooperation, according to FTX CEO Sam Bankman-Fried, will make it simpler for businesses to accept cryptocurrencies and expand the use of cryptocurrencies beyond their status as speculative assets.　　While Bankman-Fried claimed to CNBC that cryptocurrencies were created to challenge established payment methods, it is intriguing to observe how banks and payment providers are embracing the technology.　　It is a technology that, according to Bankman-Fried, “definitely sees challenging established payment networks.” I honor the fact that so many of them are embracing it.　　Despite a more than 50% decline in the cryptocurrency market in 2022, according to Visa CFO Vasant Prabhu, users are still interested in cryptocurrencies, with more

2022-10-09Deep Dive

What does The Merge mean for NFTs?

The Merge switched Ethereums Proof-of-Work consensus algorithm to Proof-of-Stake. Therefore, there will be no more mining, which is the process of solving an algorithm to create new blocks containing transactions. Instead, network validators—participants who lock a certain amount of the networks token (in this example, ETH) to be eligible to be chosen—propose the new blocks.　　When a collection is being minted, NFTs are renowned for requiring a significant amount of block space and transaction speed, which caused issues for Ethereum under PoW. In this post, well examine if PoS has improved the networks metrics to assist it cope with spikes in demand.　　Block Time　　Under PoW, the block time (the amount of time it takes to create a block with transactions) depended on the networks hashrate and the level of difficulty determined by the algorithm used to validate the transactions. As a result, this figure fluctuated between 12 and 15 seconds, not being a consistent value. Thus, there would be substantial variation in the number of daily blocks (and consequently the number of transactions that the network could handle.)　　These situations altered after PoS was introduced. The block time has changed and is now fixed at 12 seconds (time slots). Additionally, these intervals of

2022-10-09Deep Dive

Vitalik Buterin of Ethereum Offers Thoughts on Potential ETH Price Drop Following Merge

This excitement was short-lived because Ethereums price hasnt been particularly impressive after the merger.　　Ethereum has largely traded below the $1,400 barrier level since the merge event and is currently selling at $1,323.52, on top of a growth of 2.53% over the previous 24 hours, according to data from CoinMarketCap.　　In a recent interview with Ezra Klein of the New York Times, Ethereum co-founder Vitalik Buterin sought to provide an explanation for this price decline.　　“I think the post-merge price drops, I mean, really surprised me. They really surprised everyone. There is an expression, by the rumor, to sell the news. And Ive never really known how seriously that expression should be taken or how often that kind of pattern actually plays out in real life,” When asked what he thought of the price reductions, he responded.　　“I guess, the reason why something like that would happen psychologically is that everyone gets very excited and confident running up to an event. But then when the event actually happens, it just feels, in retrospect, almost less significant than what everyone had been expecting going in. And then theres this wave of disappointment, and the price of it ends up dropping a bit.”　　According to Vitalik, this

2022-10-07Deep Dive

$100M BNB Stolen in Another Massive Cryptocurrency Hack

Approximately $100 million worth of Binance Coin (BNB) was seized after a bridge connecting blockchains was exploited. Changpeng “CZ” Zhao, the affluent co-founder of Binance, posted on Twitter that the situation has been “contained now.”　　The incident affected between $100 million and $110 million in digital tokens, according to assessments from the best cryptocurrency marketplace in the world, BNB Chain, which is sponsored by Binance.　　Binance actually published the following on Twitter:　　“@BNBchain is currently under maintenance. We will suspend all deposits and withdrawals via the BNB chain temporarily until there are further updates. We apologise for the inconvenience. Thank you for your patience!”　　The BSC Validators are urged to contact Binance within the next few hours so that they can schedule a node update, BNB added on Twitter.　　According to a spokeswoman, the bridge, BSC Token Hub, has been terminated and at least $7 million in stolen money has already been frozen.　　Another significant attack took place recently. Transit Swap, a multi-chain DEX aggregator platform, tweeted that it had lost $21 million as a result of a hacker using a bug in its swap contract. After the event, Transit Swap appealed to its users and stated that steps were being taken to retrieve the funds

2022-10-07Deep Dive

...

195197

...

743