x
Detroit to Accept Crypto for Tax Payments in Bid to Spur Tech Innovation, Fuel Economic Growth
Starting in mid-2025, Detroit residents will be able to pay with popular cryptos like Bitcoin and Ethereum through a PayPal-managed platform.
Detroit is set to become the largest U.S. city to accept crypto for tax and fee payments, an initiative aimed at positioning the city as a tech-friendly hub and fostering economic growth.
Starting mid-2025, residents will be able to pay with popular cryptos like Bitcoin and Ethereum through a PayPal-managed platform, the city announced Thursday.
The payment option forms part of Detroit’s broader strategy to modernize municipal services and encourage financial inclusivity, particularly for residents with limited access to traditional banking.
“Detroit is building a technology-friendly environment that empowers residents and entrepreneurs,” Mayor Mike Duggan said in a statement. “We’re excited to be one of the first major U.S. cities to explore blockchain’s civic applications.”
To minimize the risks of crypto price volatility, payments will be converted to U.S. dollars on PayPal before reaching city accounts. Read More
What is proof-of-history, and how does it work?
In a distributed network like a blockchain, synchronizing a common timeline of transactions is a significant challenge. Most blockchains achieve this by coordinating blocks through network-wide communication; however, this approach can create delays and slow down transaction finality, especially as more nodes join the network.
Solana’s founder, Anatoly Yakovenko, saw a way to address this “clock problem” by introducing a cryptographic solution that provides a historical record of transactions. By giving every transaction a verifiable timestamp, Solana can create a cryptographic order of events without requiring constant network consensus on the time or order. This solution, known as proof-of-history, became a central feature that sets Solana apart, allowing it to achieve high speeds without compromising on decentralization.
Solana has become one of the most talked-about layer-1 blockchains, primarily due to its unprecedented transaction speeds and low fees. At the core of this high-performance platform lies an innovative concept: proof-of-history (PoH).
Unlike blockchains like Bitcoin and Ethereum that rely solely on consensus mechanisms like proof-of-work (PoW) or proof-of-stake (PoS), respectively, Solana combines PoH with PoS to achieve a high-throughput, low-latency system.
This unique combination allows Solana to handle thousands of transactions per second, solving significant bottlenecks faced by other chains. Read More
Is Helium mining still profitable?
Helium mining is the mechanism that powers the Helium network to provide global wireless technology for Internet-of-Things devices.
Helium involves running a hotspot to provide coverage for Internet-of-Things (IoT) devices via the Helium Network. Miners are required to run specialist hardware devices to create wireless connectivity.
The hotspots build a decentralized infrastructure of low-powered, long-range wireless networks known as “The People’s Network.” It is an innovative use of blockchain technology that incentivizes the creation and maintenance of a global wireless network through Helium token rewards from mining.
The decentralization of wireless infrastructure reduces the reliance on traditional telecom providers and lowers the cost of IoT connectivity. The Helium project showcases the true versatility of blockchain tech, expanding its application beyond financial transactions into real-world infrastructure. It’s a potential revolution in wireless technology, representing a paradigm shift in the future of decentralized infrastructure.
For users of the world’s largest contiguous wireless network, it gives wider coverage, allowing devices to communicate 200x further than WiFi. Read More
Bitcoin Strategic Reserve Is Now on the Table—Here's How It Could Work
Will the U.S. adopt a strategic Bitcoin reserve with Donald Trump headed back to the White House? Senator Lummis explains her plan.
Now that Donald Trump is set to become the next president of the United States, a strategic Bitcoin reserve is in the cards. The idea was teased by Trump and several other U.S. politicians in July and early August, but lost steam following a Bitcoin price crash.
One of those prominent voices is that of Senator Cynthia Lummis, a Republican from Wyoming who has been called the “Bitcoin Senator” for her vocal support of the crypto industry. She shared strategic reserve plans at the Bitcoin conference in Nashville in July, and told Decrypt this week that it can happen with Trump earning a second term.
“President Trump has proven he will be the most pro-Bitcoin and pro-crypto president in our nation’s history,” she said, “and under his leadership, we are better positioned than ever before to build a brighter economic future by creating a strategic Bitcoin reserve.”
Lummis has “led the charge” to create the reserve, which she claims will “supercharge the U.S. dollar’s position as the world reserve currency for decades to come.” Read More
The Top Five Cryptocurrency Exchanges by Trading Volume And Its Significance
The world's financial landscape is undergoing a profound transformation, driven by innovative approaches to economic exchange. This shift is influenced by technological progress worldwide and impacts various aspects of society. The traditional boundaries of finance have been erased, as transactions are no longer limited by physical presence or geographical constraints. The nature of commerce has also undergone a significant shift, with the rise of digital assets and the increasing popularity of buying and selling liquid assets that exist solely in the digital realm.
Cryptocurrency is a popular digital asset that is increasingly used for transactions and debt settlement on a global scale. Given the rapid advancements in the crypto industry and the growing government interest, cryptocurrency is anticipated to replace traditional fiat currencies eventually. In addition to serving as a form of payment, crypto tokens can also be exchanged with one another.
The emergence of cryptocurrency trading has given rise to a specialized market that operates through online exchanges. These exchanges facilitate the buying and selling to engage in transactions within the cryptocurrency space. Without these platforms, it would be highly challenging for individuals to participate in the market, highlighting their crucial role in modern finance.
These exchanges, which play a vital role in the cryptocurrency market, can be centralized, decentralized, regulated, or deregulated. A key metric for evaluating their importance is the total trading volume of transactions executed on these platforms over a specific timeframe. Essentially, trading volume gauges the level of market activity, revealing the number of participants engaged in buying and selling and their willingness to take risks on price fluctuations. Read More
Tether expands into oil trading with $45M transaction
Completed in October 2024, the deal facilitated the transport of 670,000 barrels of crude oil and marked Tether’s entry into the commodity trading market.
Stablecoin issuer Tether has debuted on the commodities market by financing a $45-million crude oil transaction.
According to a Nov. 8 announcement, the deal involved a publicly traded oil company and a commodity trader. The transaction in Tether’s USDt was completed in October and facilitated the transport of 670,000 barrels of Middle Eastern crude oil.
The deal was led by Tether’s Trade Finance business, an arm of the company focused on integrating blockchain technology into traditional trade finance operations. Tether first hinted at lending billions of dollars to commodities trading companies in early October, seeking to provide financing alternatives for an industry largely dependent on traditional banks. According to Tether, the trade finance industry has a market value of $10 trillion.
“With USDT, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures,” said Tether CEO Paolo Ardoino in a statement.
“This transaction marks the beginning, as we look to support a broader range of commodities and industries, fostering greater inclusivity and innovation in global finance.” Read More
Bitget Wallet launches $20M grant for Telegram Mini Apps
Despite TON’s TVL dropping more than 50% since July, Bitget Wallet and Foresight Ventures have given another boost to Telegram’s Mini App ecosystem.
Bitget Wallet, a non-custodial cryptocurrency wallet by Bitget exchange, continues promoting crypto adoption on Telegram by launching a new funding initiative for Telegram Mini Apps.
Crypto investment firm Foresight Ventures and Bitget Wallet on Nov. 11 jointly launched a new $20 million support program for Telegram Mini Apps, according to an announcement shared with Cointelegraph.
The new funding program aims to support the development of new projects in Telegram’s Mini App ecosystem and create new opportunities for developers and projects.
With a dedicated $20 million fund, Bitget Wallet and Foresight aim to give a boost to Telegram’s Mini App ecosystem, including investment and educational support.
As part of the program, Bitget Wallet will provide technical support, including access and guidance to its OmniConnect developer kit, as well as operational and marketing support, including access to its vast Telegram wallet user base for community building. Read More
WalletConnect Foundation and Reown establish UX standards framework
“We are always looking for feedback and ways to improve WalletConnect,” Foundation director Pedro Gomes told Cointelegraph.
The WalletConnect Foundation, in collaboration with Reown, has introduced WalletGuide, a comprehensive resource for navigating crypto wallets, and WalletConnect Certified, a set of user experience (UX) standards designed to promote improved design, quality, and user interfaces within the blockchain wallet ecosystem.
Currently, 19 wallets have been awarded the WalletConnect certification, including Binance Web3 Wallet, SafePal Wallet, TokenPocket, Timeless X, Safe Wallet, Zerion Wallet, Crypto.com, DeFi Wallet, Ronin Wallet, Trust Wallet, OKX Wallet, Bitget Wallet, UniswapWallet, Rainbow, Bybit, Kraken Wallet, 1inch Wallet, imToken, Ledger, and MetaMask.
In a statement to Cointelegraph, Pedro Gomes, director of the WalletConnect Foundation, explained the methodology behind the WalletConnect certification criteria:
"Excellence in onchain UX standards includes several factors decided upon after user feedback and community collaboration. The areas we focused on included, minimizing clicks, reducing transaction friction, interoperability, and providing clear and accessible information. CAIP-25 standard played an important role in this initiative."
Gomes also remarked that the criteria would continue to evolve in response to changing user needs and market demand. Read More
Near’s crosschain AI Assistant will soon book flights and order takeout for you
The NEAR.AI Assistant was launched at the Redacted conference in Bangkok over the weekend, along with a plan to build the world’s largest open-source AI model.
Near Protocol has unveiled a crosschain AI agent in alpha that can launch memecoins in seconds and search the web to buy products for fiat.
Additional functionality is coming soon that is expected to enable users to book flights or order takeaway food on Web2 sites.
The NEAR.AI Assistant was launched by co-founder Illia Polusukhin at the Redacted conference in Bangkok on Oct. 10, where the protocol also announced an ambitious plan to build the world’s largest open-source AI model.
Polusukhin demonstrated the capabilities of the AI Assistant by using it to spin up a backstory, website and logo for a new Frog memecoin and then instantly launching it on Near’s version of Pump.fun.
The assistant was also able to search the web for a custom T-shirt printer and create a mock website interface on the fly.
Polusukhin, who was one of the authors of the groundbreaking Transformer research that led to ChatGPT, told Cointelegraph that while using the assistant to book flights was not yet available in the alpha, “we have a prototype of that, but it’s not live yet.”
He said, “But this is an open platform. Anybody can go right now and add more agents, for example, booking flights, and it will effectively start working in everybody’s assistant.”
“So part of our launch is to showcase what’s possible, and then let people go build lots of different integrations.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image Source: Pixabay
