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FTX Contagion is Spreading. Here’s How to Keep Your Crypto Safe
As centralized services fail in droves, self-custody solutions once again demonstrate their indispensable value.
FTX collapsed last week, shaking the crypto community’s faith in centralized custodians.
Holding crypto in self-custody helps users reduce exposure to risky third parties and mitigate the risk of losing funds in a collapse.
Cold storage wallets are widely regarded as the safest way to store crypto assets.
Crypto investors have been reiterating the importance of storing coins in self-custodial wallets since the collapse of FTX. But self-custody can be intimidating, which is why we’ve put together a guide of best practices for keeping coins secure and on-chain. Read More
Uniswap’s new privacy policy sees backlash from decentralization buffs
Uniswap newly released privacy policy comes in light of the FTX crisis, an event that has shined a spotlight on the need for transparency.
Decentralized exchange (DEX) Uniswap recently updated privacy policy appears to have attracted the ire of some members of the community, with concerns that collecting and storing user data works against crypto’s core values.
In recent responses to a November blog post regarding its updated privacy policy, some vocal members of the community suggested it is uncharacteristic for a decentralized entity to collect and store information about its users.
In the Nov. 11 post from Uniswap Labs, released around the time of FTX’s collapse, the decentralized exchange released its privacy policy to explain how it collected and stored user data:
“With innovations around blockchain, web3 aims to reclaim users’ privacy and choice after decades of internet businesses that have eroded it.”
“That’s why we’re releasing a new Privacy Policy today – we want to be crystal clear about what data we’re protecting and how we use any data we collect. Transparency is key. We never want our users to be surprised,” it said. Read More
Increased Polkadot Activity Shows Appetite For Decentralization
An uptick in new user accounts on Polkadot has lent weight to the suggestion that the era of centralization in crypto is finally coming to an end.
New analysis from Dot Insights shows there has been a big jump in on-chain activity on Polkadot. At the same time, account activity on the network has risen substantially over the past couple of weeks.
More specifically, the two increased metrics refer to the number of new and active accounts on Polkadot, which have soared despite the turmoil afflicting the wider cryptocurrency market.
Polkadot’s increased activity comes against the backdrop of the spectacular collapse of FTX, a highly centralized cryptocurrency exchange that, according to some, was the second-largest in the world based on its trading volume. Its collapse saw thousands of investors lose whatever funds they held on the exchange, and as bankruptcy proceedings begin it’s not clear if those users will be able to recoup their losses.
Centralized exchanges like FTX grew rapidly in recent years because they provided consumers with a simple onramp to crypto. However, as recent history has shown, many of those centralized exchanges disregarded consumer protections in pursuit of profitability, resulting in numerous meltdowns that have dragged on the industry.
Consumers are learning of the risks of centralization the hard way. FTX wasn’t the first, as anyone who held funds on Mt. Gox can testify. And it won’t be the last either - already, several other exchanges have come under pressure following FTX’s collapse, including BlockFi and Gemini. Read More
Cardano to launch new algorithmic stablecoin in 2023
'Djed' is set to go live in Jan. 2023, after a successful audit and a series of rigorous stress tests
Proof-of-stake blockchain platform, Cardano, has partnered with COTI, a DAG-based Layer 1 protocol, to launch what it refers to as an over-collateralized algorithmic stablecoin. The project said in an announcement provided to Cointelegraph that the stablecoin will be backed by excess collateral in the form of cryptocurrency stored in a reserve.
According to the release, Djed is set to go live on the mainnet in Jan. 2023, pending a successful audit and a series of rigorous stress testing. According to the developers, Djed will be pegged to the US Dollar, backed by Cardano ($ADA), and will use $SHEN as its reserve coin.
The algorithmic stablecoin will be integrated with selected partners and Decentralized Exchanges (DEXs), who will reward users for providing liquidity using Djed. In a bid to grow at a sustainably healthy pace, the developers plan to adopt a gradual and slow approach to providing $ADA liquidity to the Djed smart contract.
Shahaf Bar-Geffen, the CEO of COTI shared at the official announcement at the Cardano Summit:
“Recent market events have proven again that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network. Not only do we need a stablecoin, but we need one that is decentralized, and has on chain proof of reserves.” 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
Ripple Announces ‘Record Growth’ of Successful ODL Technology Amid XRP Lawsuit
Money transfer network Ripple says that its crypto-based settlement solution, On-Demand Liquidity (ODL), is seeing rapid growth in 2022.
Ripple’s ODL solution uses the XRP to enable faster and cheaper cross-border payments without the need for pre-funded destination accounts
In a new statement, the San Francisco-based firm says that the ODL technology is now supported in a growing number of payout markets, including Africa, Israel, Australia, Brazil, Argentina, Belgium, Singapore, the UAE and the UK.
Ripple says that some of its earliest customers that were onboarded for the RippleNet cross-border payment system have also upgraded to ODL for their remittances.
“Our enterprise-grade crypto solutions have excelled in reducing the pain points most common in cross-border payments, and our focus on customer experience has propelled novel customers into the world of crypto-enabled payments solutions.”
The firm says it also added advanced machine learning capabilities to ODL in a bid to improve customer experience. Read More
Tuition Coin Incentives Global Educational Content With Cardano Technology
Tuition Coin aims to enhance the appeal of the Cardano ecosystem through its Teach to Earn nature. The venture will streamline participation in educational technology, benefiting students and teachers alike.
Tuition Coin is created by the Crystal Chain team and brings Teach to Earn to the Cardano blockchain. Teachers can tap into a new ecosystem free from being underpaid and overworked. Instead, they can explore cryptocurrency rewards by contributing to the global educational space.
Any teacher globally can become part of the Tuition Coin initiative. All they need to do is register on the Coins for College platform and verify their identity through a Know-Your-Customer (KYC) process.
Following the approval, they can begin creating educational content and earn cryptocurrency rewards by sharing knowledge. In addition, existing online content and lessons can be incorporated to build Tuition Coin's open information sphere. Read More
Industry expresses confidence in the NFT space amid the FTX collapse
NFT artist Johnathan Schultz believes that the era of NFTs without utility is dwindling, and to survive, it must outgrow the “memeification” of things.
Even before the FTX collapse, nonfungible token (NFT) collections have already felt the impact of the crypto winter, with trading volumes going down by 98%. With the FTX debacle, the once burgeoning space seems to have been hit with the final nail to its coffin. However, executives within the industry are optimistic about the space’s recovery.
With the enormous amount of user funds stuck in the FTX exchange amid its liquidity crisis, users have tried roundabout ways to withdraw their money. One of the alleged methods for withdrawing balances is buying NFTs based in the Bahamas. Many community members criticized the method as it bypasses bankruptcy laws, even mocking NFT utility in the process, painting a negative picture of NFTs.
However, Oscar Franklin Tan, an executive at NFT platform Enjin, believes that this is not a fair summary. Speaking to Cointelegraph, Tan said that while NFTs were used, other items could have also been used. “It had nothing to do with NFT technology and more to do with that loophole for Bahamas users,” he noted.
The executive is also positive about the survival of the NFT space despite the FTX effects and the bear market. Tan highlighted that the space should refocus on how NFTs demonstrate the acceptance of digital ownership, new models for content creators and funding content creation. He explained that:
“Admittedly, there was a lot of hype and excessive exuberance for some models, but this is true with all new technology. The NFT space is sure to stabilize and consolidate around the strongest communities, then we will see a second generation of smarter, more sustainable NFT models.” Read More
Kraken Founder Jesse Powell Says US Crypto Regulation Forcing Investors Out of the Country
Former Kraken chief executive Jesse Powell says existing crypto regulations in the US have hurt American customers and companies.
In a new interview on the Unchained Podcast, the Kraken co-founder says that offshore crypto exchanges can offer products unavailable to US-based companies, which lures domestic customers away to foreign businesses.
“It basically forces people to go offshore for things that they otherwise would be able to get in the United States. Just take futures trading, for example. It’s not available in the United States. Trading certain tokens which the SEC would probably call securities is not allowed in the United States, and there’s actually no license to be able to do that whatsoever. It’s not just a matter of getting the right license. There’s no license, and so the SEC would say, ‘Yeah, there’s just no way to do this activity, period, in the US.'”
Powell argues that US regulators are driven by “laziness and convenience.” He says Kraken, which is based in San Francisco, consistently asks US regulators why they’re preventing them from offering various products but refusing to go after offshore exchanges offering those same products. 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.
