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Italy selects Algorand for national banking guarantees platform
Italy has chosen Layer-1 blockchain Algorand to support the development of an “innovative digital guarantees” platform for the country’s banking and insurance sectors.
With a launch date pegged for early 2023, this will be the first time a European Union member state has used blockchain technology for banking and insurance guarantees, according to an Algorand announcement.
Bank or insurance guarantees are when an institution that gives out loans promises to cover any losses if the borrower defaults on a loan. It functions similarly to providing a security bond or deposit to a supplier.
Algorand has said that blockchain technology is well-suited for a “digital sureties” platform because of its speed, efficiency, and scalability when dealing with data transactions. It also claims this can be done with low costs and protection against fraud. Read More
New Coinbase Tool to Let Users Reclaim Stranded Ethereum Tokens
Untold numbers of ERC-20 tokens have been lost due to Coinbase's incompatibility with the exchange—a new feature will finally retrieve them.
Tokens lost to the ether may soon be retrieved, says Coinbase.
A new tool developed by Coinbase will allow users to recover ERC-20 tokens previously thought forever stranded, having been sent to incompatible public addresses associated with the exchange.
ERC-20 tokens are the standard Ethereum token format and first grew to prominence during the Initial Coin Offering (ICO) boom of 2017. Many of these coins, however, aren’t supported by Coinbase.
That means that incompatible ERC-20 tokens sent to Coinbase addresses wind up in limbo, with the exchange’s administrators unable to rescue them.
The coming “asset recovery tool,” which will roll out over the next few weeks, will facilitate recovery for over 4,000 of these unsupported tokens. The cumulative amount of tokens lost in this way is unclear, but a Coinbase spokesperson told Decrypt that the amount of lost tokens is "a small fraction of the total transfers made." Read More
NFTs And Crypto Will Benefit From Apple Allowing Third-Party App Stores
Apple will be forced by forthcoming EU rules to allow alternative app stores and applications without the need that they go via Apple's App Store. This will be a positive development for crypto app creators.
At least in Europe, the tech giant Apple is getting ready to allow third-party app stores on its devices in order to comply with new anti-monopolistic requirements that have been imposed by the European Union. This could be seen as a huge victory for app developers working on cryptocurrencies and non-fungible tokens.
At the moment, Apple has stringent rules for NFT apps, which practically compel users to make in-app purchases subject to Apple's 30% commission, while apps are not permitted to support cryptocurrencies as a form of payment. Apple's rules also prohibit apps from supporting third-party payment systems. Read More
Trust Wallet integrates with THORChain to support cross-chain swaps
Trust Wallet was thrilled to announce its integration with THORChain, enabling in-app cross-chain swaps with zero service charges. Users can enjoy cross-chain swaps with ETH, BTC, BUSD Bep 2, and BNB Bep 2 right into the Trust Wallet mobile app. However, this feature is only available on Android devices, whereas information about iOS support awaits to come soon. One can perform different types of swaps in the Trust Wallet App: CrossSwaps, 1inch swaps, and THORChain swaps.
Furthermore, with this new THORChain integration, users would not need fiat onramps or go through complicated cross-chain swap procedures to complete a swap across various blockchains. The most important part is Trust Wallet doesn’t charge any service fee for cross-chain swaps. As per the current scenario, people require multiple tokens/coins to interact with the web3 world. As per the Trust Wallet review, this open-sourced, mobile crypto wallet is one of the best crypto wallets supporting over 160k digital assets and blockchains and allowing traders to stake their crypto coins.
This integration has solved the major problem of the user by allowing more flexibility and accessibility to swap cryptocurrencies without relying on fiat onramps which require KYC. Read More
REFER THREE TO MARKETHIVE TO RECEIVE BONUS AIRDROPS AND ACTIVATE MICROPAYMENTS
As Markethive continues to gain traction with new members joining daily, Markethive is steadfast and in preparation to take a large share of the new Market Network that is the next generation following the social media craze of Web 2.0. Markethive is a Social Market Broadcasting Network. It sounds like a mouthful, and it is!
Markethive is an all-encompassing platform that has integrated;
As Markethive’s foundation is Blockchain-driven, it has its consumer coin, currently named Markethive Coin (MHV), but soon to be renamed Hivecoin (HVC - the Ticker Symbol). It is fully integrated into the system and has created an Ecosystem for all Markethive members, free and upgraded Entrepreneurs.
So Markethive has established its niche as the only Social Market Broadcasting Network with an infinity Airdrop and a system that rewards the users for engaging on the platform and learning how to use it with ongoing, real-time micropayments, otherwise known as a Faucet.
Markethive has the combined power of Facebook, LinkedIn, Marketo, and Amazon, with the real advantage of deriving income within the Markethive system while promoting your business and enjoying the social media interface. Read More
350 new 'scam tokens' were created every day this year: Solidus Labs
Nearly 118,000 scam tokens were deployed from the start of January through the end of November, according to blockchain risk monitoring firm Solidus.
More than 350 fraudulent cryptocurrency tokens were created per day this year, defrauding millions of investors, according to blockchain risk monitoring firm Solidus Labs.
From the start of the year to Dec. 1, 117,629 “scam tokens” were deployed, according to Solidus’ 2022 “Rug Pull Report.” That’s a 41% increase from the nearly 83,400 scam tokens that Solidus detected in 2021.
The report claims that BNB Chain harbors the greatest number of scam tokens, with 12% of all BEP-20 tokens being fraudulent.
The Ethereum network was second, with a purported 8% of ERC-20 tokens alleged to be scams.
A rug pull is a type of crypto exit scam where an individual or team creates a token and pumps up its price before extracting all the value from the project, abandoning it as the token price plummets to zero. Read More
Nigeria set to pass bill recognizing Bitcoin and cryptocurrencies
The slated law comes as Nigeria's eNaira has only managed to obtain a 0.5% adoption rate, a little more than a year after its launch in October 2021.
The Nigerian government will reportedly soon pass a law that will recognize the usage of Bitcoin and other cryptocurrencies as a means to keep up to date with “global practices.”
The news was reported by Nigerian-based masthead Punch Newspapers on Dec. 18 following an interview with House of Representatives Committee on Capital Markets Chairman Babangida Ibrahim.
The report stated that if the Investments and Securities Act 2007 (Amendment) Bill is signed into law it would allow the local Securities and Exchange Commission to “recognize cryptocurrency and other digital funds as capital for investment.”
Ibrahim stressed the need for Nigeria to keep up to date with trends and developments in capital markets:
“Like I said earlier during the second reading, we need an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up to date [with] global practices.” Read More
Algorithmic stabilization is the key to effective crypto-finance
Crypto needs to move on from the LUNA crash and start trusting algorithmic stablecoins again.
After the collapse of Terraform Labs’ cryptocurrency, Terra (LUNA), and its stablecoin, Terra (UST), the notion of “algorithmic stabilization” has fallen to a low point in popularity, both in the cryptocurrency world and among mainstream observers.
This emotional response, however, is strongly at odds with reality. In fact, algorithmic stabilization of digital assets is a highly valuable and important class of mechanism whose appropriate deployment will be critical if the crypto sphere is to meet its long-term goal of improving the mainstream financial system.
Blockchains, and other similar data structures for secure decentralized computing networks, are not only about money. Due to the historical roots of blockchain tech in Bitcoin, however, the theme of blockchain-based digital money is woven deep into the ecosystem. Since its inception, a core aspiration of the blockchain space has been the creation of cryptocurrencies that can serve as media of payment and stores of values, independently of the “fiat currencies” created, defended and manipulated by national governments.
So far, however, the crypto world has failed rather miserably at fulfilling its original aspiration of producing tokens that are superior to fiat currency for payment or for value storage. Read More
Stripe Touches Down on Solana With Orca DEX Integration
Solana users can now buy crypto directly with fiat through Orca.
Solana-based DEX Orca has integrated Stripe for its new fiat-to-crypto onramp.
Orca users can now buy Solana SPL tokens on the exchange directly with fiat currencies.
The Orca integration is yet another instance of Stripe venturing into the digital assets space.
The Orca onramp marks the first time Stripe has integrated with a decentralized exchange across any blockchain. 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.
