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Waves founder announces new stablecoin as USDN depegs
Days after USDN lost its peg with USD, Waves CEO and founder Sasha Ivanov promised that his new stablecoin will be “undepeggable."
Sasha Ivanov, founder and CEO of the Waves blockchain platform, is planning to launch a new stablecoin amid the ongoing crisis of the Waves-backed stablecoin, Neutrino USD (USDN).
Ivanov took to Twitter on Dec. 20 to announce the USDN situation resolution plan alongside a new stablecoin project.
“I will launch a new stablecoin,” Waves founder wrote, adding that there is going to be a “USDN situation resolution plan set in motion before.” He stressed that nothing new will be launched or announced until the USDN plan resolution is set in motion. Ivanov also promised that the stablecoin will be “undepeggable.”
Ivanov told Cointelegraph that the new stablecoin will be a "hybrid between an algorithmic stablecoin" and will be based on the decentralized autonomous organization model. "It will be implemented using an approach which is native to Waves and cannot be implemented on other chains," he noted.
One of the biggest reasons for the USDN crash is that the current USDN model is not attuned to the current market conditions, Ivanov said, adding that more robust models should be developed. Referring to USDN as to an "incentives-based stablecoin," he stated:
"Unfortunately incentive based models do not account for black swan events, they work in 99.9% of market conditions but are not able to withstand very heavy market volatility." Read More
Hardware Wallet Startup Cypherock Raises $1M to Skip Seed Phrases
The firm’s new hardware wallet uses encrypted NFC-based cards to reduce risks related to seed phrases.
When creating a self-custody crypto wallet, users are asked to write down and store a seed phrase that can be used to recover the wallet. But if this phrase is misplaced, users risk losing all of their crypto assets. Worse, your written seed phrase could be captured on camera for the world to see.
Hardware wallet startup Cypherock believes it has the solution to this potentially fraught scenario and has raised seed funding to build it.
Cypherock exclusively told Decrypt this week that it has raised $1 million in a seed round with investments from ConsenSys Mesh, Infinite Capital, Gnosis and its co-founder Stefan George, Polygon co-founder Sandeep Nailwal, Mahin Gupta, OrangeDAO, and others.
Rohan Agarwal, co-founder and CEO of Cypherock, told Decrypt that the current approach to securing crypto wallets creates multiple opportunities for potential mishaps.
"You have to keep your wallet secure because they have been hacked before," he said. "And you have to keep your seed phrase secure, as well. So you now have two single points of failure that you have to keep secure." Read More
Can blockchain solve the ownership debacle over AI-generated art?
As Web3 and emerging technologies such as AI continue to expand creative possibilities, questions over how to protect creative rights and arts arise.
Web3 and emerging technologies have been pushing the boundaries of art distribution, ownership and engagement with fans. However, not all of the recent developments are welcomed by the art community, especially when it comes to artificial intelligence (AI).
Recently, AI-generated art has sparked a major debate around ownership after a smartphone app went viral, which created AI-generated portraits.
The debate around ownership of intellectual property (IP) rights is similar to those seen in the film and music industries. However, developers in the emerging tech space say blockchain technology can provide a middle for artists and AI-generated content.
Cointelegraph spoke with Dan Neely, CEO of Vermillio, to better understand how these problems can be troubleshot in the future. Vermillio is an authenticated AI platform that connects the lineage of ownership.
Neely says authenticated AI introduces a system of automation and verification available to the public. In this instance, anyone could verify ownership and lineage rather than relying on multiple third-party sources:
“This matters not only because creators need to prove that a piece of content is their own, but because they need to authenticate the use of their digital creations.” Read More
Swarm Launches New Incentive Program To Distribute Rewards To Storage Providers, And Web3PC Inception
Swarm, a decentralized storage and communication system built on Ethereum, has launched its mainnet storage incentives program, which rewards storage providers with Swarm's utility token (BZZ).
The program is open to anyone who can share storage space and an internet connection. The rewards are based on the amount of storage shared. Thus, users who have plenty of free space on their hard drives and a fast internet connection can reap the most benefits from the new incentives program.
Rewards are paid out in the form of BZZ tokens. The amount of tokens received is determined by the price of renting storage, which is fixed now, but will be calculated in a few weeks by a decentralised oracle according to supply and demand forces. Read More
Phase Two of the Markethive internal wallet is complete, a considerable milestone for the company and the Markethive community. The impending release of the wallet is a pivot point for Markethive to secure its future as a completely decentralized social media broadcasting and marketing platform the world so desperately needs for these significant times.
The Markethive wallet is not just an ordinary wallet: It’s a transactional interface that services and keeps track of all your accounting and transactions, including your loans to Markethive and interest paid by Markethive to you via the ILP.
With Phase Two now in operation, you can access and set up your personal requirements and view your status in The Vault, Hive Rank, Staking, KYC Application, ILP Report, payments, and Markethive Credit threshold and balance. Plus, you can now transfer Markethive Credits to other members within Markethive.
Note that full access to all of the Markethive systems requires complete KYC documentation and an Entrepreneur One membership. The Markethive platform, with its general newsfeed, is free to use; however, the marketing systems and aspects thereof within Markethive will be limited, including Hivecoin transactional activity and micropayments of MHV.
Once the Markethive wallet is fully operational and launched, the Premium Upgrade will be introduced, which offers additional features and benefits to achieve a significant presence online for your marketing efforts and business growth, especially with the upcoming unique dashboard interface. It will be beyond anything else out there today. Read More
DEX aggregator OpenOcean enables cross-chain swaps across major networks
Users will be able to swap and bridge assets across multiple networks, including Ethereum, BNB Chain, Polygon, Arbitrum, Avalanche and Fantom.
Decentralized exchange (DEX) aggregator OpenOcean has announced the rollout of its new interoperable “all-in-one” cross-chain swap platform, which allows users to swap and bridge assets across Ethereum, BNB Chain, Polygon, Arbitrum, Avalanche and Fantom.
OpenOcean said it has integrated Celer Bridge and the Multichain bridge within its platform to provide users with competitive rates across the supported chains.
The DEX aggregator, which supports over 1,100 cryptocurrencies across multiple chains, seeks to offer competitive cross-chain swap returns based on various calculations including pricing structure, gas fees, slippage and different optimized trade routes.
DEX aggregators are vital to the cryptocurrency ecosystem because they allow users to swap and bridge assets across multiple blockchain networks, which allows for more flexibility and interoperability within the space. Read More
Ethereum Delisted from Crypto Marketplace Paxful, CEO Says ETH Is Another Form of Fiat Money
Peer-to-peer crypto market platform Paxful says it’s delisting Ethereum (ETH), saying that it’s just another form of fiat currency.
Ray Youssef, co-founder of the New York-based crypto exchange, says the company is delisting Ethereum due to what he thinks is a lack of decentralization stemming from the leading smart contract platform’s switch to proof-of-stake.
According to Youssef, investors are safer without the second-largest crypto asset by market cap.
“We finally kicked Ethereum off our marketplace. 11.6 million humans [are] safer. Integrity over revenue. Who is next?”
In a recent company announcement, Youssef fleshes out the reasons why he’s kicking ETH off of Paxful. He says that Ethereum and the thousands of projects that have launched on top of it are holding back Bitcoin (BTC) from fulfilling its potential.
“Here are the reason why I am removing ETH from Paxful:" Read More
To unwrap Web3’s promises, we must break the barriers to blockchain adoption
Blockchain has game-changing potential and will revolutionize many areas of technology and finance. This year’s Ethereum Merge, where the underlying consensus model from proof of work shifted to proof of stake, improving energy efficiency and security, is one example of such a breakthrough. But there are still barriers to overcome.
In order to fully realize this potential and drive widespread adoption of Web3, there is a need for robust, enterprise-grade architecture.
This must include sound security and risk mitigation to ensure a firm foundation that will further accelerate institutional adoption, which in turn will fuel the adoption of Web 3.0 by the masses. Read More
The driving forces behind crypto adoption in Latin America in 2022
Inflation has fueled crypto growth in the region, stimulating asset tokenization and remittance infrastructure development.
Inflation, cross-border payments, assets tokenization and nonfungible tokens (NFTs) were among the major drivers for crypto adoption across Latin America in 2022, sources in the region told Cointelegraph, with exciting examples of progress across many countries.
Latin America made up 9.1% of the global crypto value received in 2022, reaching $562 billion between July 2021 and June 2022 — representing a growth of 40% in the period. Four Latin American countries ranked among the top crypto adopters in the latest Chainalysis Global Adoption Index.
Major developments have contributed to these results over the past 12 months. Authorities have been working on central bank digital currencies (CBDCs), implementing standards for business operations and clarifying regulations. Meanwhile, many companies in Latin America have been exploring ways to utilize blockchain technology and digital assets to solve the various challenges that countries in the region face.
“The region is ripe with opportunities for cryptocurrency adoption,” noted a spokesperson for cryptocurrency exchange Bitso, which operates in Brazil and Argentina, among other countries in Central America, adding that:
“For both Argentina and Colombia, the impacts of inflation have driven many to use cryptocurrency. [...] For Colombia, remittances are another significant driver of adoption, even surpassing coal as a driver of dollar revenue in 2022 according to a Banco de Bogotá report.” 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.
