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Sri Lanka appoints committee to implement crypto mining and blockchain
Sri Lanka joins the global crypto adoption drive after setting up a committee for exploring and implementing blockchain and crypto mining technologies.
A letter shared on Oct. 8 by Sri Lanka’s director-general of government information, Mohan Samaranayake, shows that the authorities have approved a recent proposal that aims to attract investments in the country’s blockchain and cryptocurrency initiatives.
According to Samaranayake, the Sri Lankan authorities have identified the need to develop “an integrated system of digital banking, blockchain and cryptocurrency mining technology” as a means to stay on par with global partners and international markets. He added:
“This committee will be mandated to study the regulations and initiatives of other countries such as Dubai, Malaysia, Philippines, EU and Singapore, etc., and propose a suitable framework for Sri Lanka.” Read More
Bitcoin Mining In The U.S.: 4 States Attract The Most Miners
Dataset from Foundry shows that four states in the U.S. have the highest Bitcoin hash rate distribution. The dataset shows that many Bitcoin miners are headed to New York, Kentucky, Georgia, and Texas.
Foundry U.S. is the largest mining pool in North America and the fifth-largest globally. The hash rate is a measure of collective mining power. A mining pool enables miners to combine their hashing power with other miners all over the world. Read More
The Metaverse, play-to-earn, and the new economic model of gaming
The gaming industry is rapidly growing, and the emerging play-to-earn model coupled with blockchain and the Metaverse is the future.
The gaming industry, which has always been synonymous with fun, has grown massively in recent times, and a lot of money is now being mentioned when gaming comes up. Since the introduction of Web 3.0, there has been immense growth in the industry. At the end of 2019, the global gaming market was reportedly worth $152 billion. This growth has meant that, since the introduction of Web 3.0, there has been a consistent rate at which Web 3.0 games are growing and garnering increased adoption. A lot of money is being made, and this has, in turn, attracted a lot of new developers to the space. Read More
How Henry Ford Envisaged Bitcoin 100 Years Ago — A Unique 'Energy Currency' That Could 'Stop Wars'
55 days from now will be the hundred-year anniversary of when the American industrialist and business magnate Henry Ford talked about a unique “energy currency” that could “stop wars.” The well-known founder of the Ford Motor Company suggested that a currency could be backed by energy in kilowatt-hours (kWh) in a similar fashion to the way energy is leveraged to mine bitcoin.
New York Tribune, December 4, 1921: ‘Ford Would Replace Gold With Energy Currency and Stop Wars’ Read More
DeFi (Decentralized Finance) is a term used to cover various components and activities, including Decentralized crypto Exchanges or DEXs which are at the cutting edge of DEFI. The rapidly evolving market of the DEX allows peer-to-peer cryptocurrency transactions without the need for an intermediary.
DeFi is a system by which financial products become available on a public decentralized blockchain network. That makes them open to anyone to use, rather than going through middlemen like banks, brokerages, and even centralized crypto exchanges.
Unlike the legacy financial institutions and centralized crypto exchanges (CEXs), the KYC/AML (Know Your Customer and Anti-Money Laundering) protocol. These are usually government-issued ID, Social Security number, or proof of address. They are not necessary with the DeFi protocol and are welcomed by those concerned about their privacy and who cannot access valid documents.
More specifically, DeFi operates in a decentralized environment on public and permissionless blockchains, making it possible for buyers, sellers, lenders, and borrowers to interact peer to peer and use services encoded into open-source software protocols and smart contracts rather than a company or institution facilitating a transaction. Read More
Huobi develops its asset storage offering with new ‘cloud wallet’
Huobi, the once Chinese crypto exchange that now operates globally, has launched a ‘cloud wallet’ designed to improve ease of access to digital asset management.
The new wallet feature removes the need for users to maintain their own private key through a third-party management system.
This not only simplifies wallet interaction but also removes the risk of owners forgetting or losing their private key, making their assets unretrievable. Read More
Ways Companies Can Benefit From Blockchain Technology
When looking for a simple explanation, the best way to describe blockchain is by saying it’s a database technology with attributes that on their own have no value and are not unique to it. But, when collected together, it is a clear demonstration of a technological breakthrough in terms of storing, verifying, and exchanging sensitive digital information.
The first wide-known example of blockchain technology was the Bitcoin cryptocurrency, which in its start seemed too risky and uncertain of ways it can be used for business purposes. All of this changed a few years ago when the open source community started working on complete enterprise platforms, which also includes the programmable blockchain, Ethereum. Read More
Ripple and Nelnet launch $44M fund for carbon-negative crypto industry
Ripple has contributed the majority of a $44-million fund to support solar energy projects across the United States.
Blockchain payments firm Ripple has announced a $44-million environmental, social, and governance (ESG) joint venture partnership with fintech provider Nelnet Renewable Energy to fund the adoption of environmentally conscious solar energy initiatives across the United States.
According to the announcement, the new fund is expected to offset over 1.5 million tons of carbon dioxide over 35 years, equivalent to the energy usage of 180,635 homes for one annum.
Ken Weber, head of social impact at Ripple, spoke of the environmental precedent that the partnership with Nelnet could instigate across the broader market:
“We’re excited to work with Nelnet as we pursue our commitment to reduce the carbon footprint of financial services globally and to deliver on the promise of a carbon-negative cryptocurrency industry.” Read More
Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina
Bitfarms, a bitcoin mining company, announced last week that construction is underway for a mega bitcoin mining farm in Argentina. The facility, which is designed to accommodate 55,000 miners, will be finished by next year. This is yet another signal that mining companies are looking for new areas with favorable conditions and cheap energy to migrate to, including places like Texas and El Salvador. 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 other advice.
