Crypto Guides, Knowledge & Insights

Brazil's Securities Exchange Commission Forbids Bybit from Offering Cryptocurrency Trading

In a statement released on Monday, the CVM ordered the suspension of ByBits “public offering of any securities intermediary services, directly or indirectly, to Brazilian users, including through the use of websites, applications or social networks.” According to CVM, ByBit is seeking to raise funds for securities investments from investors residing in Brazil, and the company is not authorized to act as a securities intermediary.　　　　One of the most reliable cryptocurrency trading venues in Europe and Asia is now Bybit. According to the exchange, it has created the required liquidity for the Brazilian crypto market including an estimated 6 million daily active users (dau) and $10 billion in transaction volume. However, the Brazilian authorities claimed that ByBit is unqualified and that solely the Brazilian stock exchange B3 is authorized to provide trading of securities. According to the Brazilian government, breaching the restriction could lead to a penalty of 1,000 Brazilian reals ($189) daily　　The cryptocurrency trading platform Binance was ordered to immediately stop providing derivatives trading services in Brazil on July 6 by the Brazilian Securities and Exchange Commission. All derivatives are considered securities under Brazilian law.　　Recently, the Brazilian esports club MIBR signed a three-year cooperation and sponsorship agreement with the cryptocurrency

2022-09-07Deep Dive

The Vasil Hard Fork Upgrade for Cardano is Confirmed on September 22

Cardanos Vasil hard fork will take place on September 22nd, according to Charles Hoskinson, the inventor of the Cardano blockchain and a co-founder of the blockchain engineering company Input Output Global, Inc., which is accountable for creating the Cardano blockchain platform. Hoskinson made the announcement on Friday on his YouTube vlog.　　The Vasil hard fork, according to Cardano developers, is expected to increase scalability (to increase network capacity), cut transaction fees, diversify the Ethereum rival, and boost the application performance for building smart contracts on Cardano. 　　The Plutus script, the programming language used to create smart contracts on the Cardano blockchain, would additionally be upgraded as part of the hard fork, according to the developers, who also characterized it as the first significant update, or the Alonzo update. 　　Hoskinson pondered on the substantial workload needed for the Vasil update and claimed that the team members were “overloaded” with work:　　“It really demonstrated that we need to build better processes, and better foundations to launch things at this scale and magnitude. We kind of pushed the limit a bit on Vasil. Probably the hardest update weve ever had to do as an ecosystem.” the founder mentioned. 　　The Vasil hard fork bears Vasil Dabovs

2022-09-06Deep Dive

Sudoswap, a decentralized NFT marketplace, will start an airdrop of Ethereum tokens

A highly autonomous organization is often a system in which a group of consumers who have engaged with one another to make collective business decisions. Typically, such an organization lacks a central leadership.　　The Sudoswap team claims that the SUDO token, a new Ethereum airdrop token, will be utilized to reward the marketplaces unique visitors, promote its native tokens, and decentralized control of the marketplace. According to the team, decentralizing a method to a community often involves distributing a governance token to provide user communities influence over a blockchain project.　　The NFT marketplace projects initial investors as well as owners of XMON tokens will receive a percentage of the 60 million SUDO tokens that will be in total supply, according to the Sudoswap team. A governance token called XMON exists on Sudoswap.　　A 1.5% supply, or 900,000 SUDO tokens, will be provided to holders of the utility token 0xmons, which is included of Sudoswap NFT collections, the business stated. Further, Sudoswap said that its liquidity providers (LPs), or users who have contributed ether and NFTs to its pools, will split a 1.5% supply of SUDO tokens among themselves. Additionally, the business allotted 9 million SUDO tokens, or 15% of the total supply, for

2022-09-06Deep Dive

LG Unveils Hedera Blockchain-Powered NFT Platform

The Hedera blockchain, a project that the corporation supports by serving as a participant of its governing council, has assisted LG Electronics, the giant electronics manufacturer with headquarters in Seoul, create a new non-fungible token (NFT) platform. The platform used by the business is known as LG Art Lab. According to a report, it will provide clients with a way to buy, market, and showcase visual art in the version of NFTs on their televisions. After Samsung released an NFT marketplace on three of its TVs, all of which were supported by Nifty Gateway, LG made their entry into the NFT market.　　According to a statement, LG Art Lab is reachable in the US on televisions operating webOS 5.0 or later. The platforms marketplace gives users a location to trade items, and it has a function that provides artist profiles and samples of their future projects.　　The new platform is powered by the Hedera network, and payments are managed by Wallypto, a mobile cryptocurrency wallet for devices that LG has trademarked and is now in beta testing. 　　NFTs will now move “beyond being computer-based collectibles and toward becoming a piece of art displayed like any other artwork would be within the house

2022-09-06Deep Dive

Nigerian govt moves to partner with Binance to create virtual free trade zones in the Country

By: Damian Okonkwo 　　The Federal government of Nigeria has disclosed its plans to partner with Binance and Talent City the two most popular digital assets exchanges operating in the country as to enable them to create Virtual Free Trade (VFT) zones in the country.　　This will offer the Nigerian government more opportunities to utilize the wealth in blockchain technology and ease its dependence on oil. Similarly, the partnership also will help to create more avenues for the integration of the eNaira across the globe as an official Central Bank Digital Currency (CBDC) for the country.　　According to the reports by Prof. Adesoji Adesugba - the Managing director of the Nigeria Export Processing Zones Authority (NEPZA), the goal of this partnership is to establish a flourishing Virtual free trading zone in the country to take advantage of the near trillion dollars Virtual economy found in blockchains and the digital economy at large. This will further enhance the citizens participation in the digital economy and encourage the use of eNaira across the country.　　Furthermore, according to NEPZA, the current partnership is geared towards creating more economic opportunities for the citizens in line with the goals of the President and minister for economic development within the

2022-09-06Deep Dive

Prior to the Merge, Ethereum Mining Addresses Reach 4-year High

“The balance of Ethereum miner addresses exceeded 260,000, with a total of 261,848, which has increased to the level of the same period in April 2018, a record high in four years, and is approximately 415 million US dollars at current prices”, as noted by independent crypto journo Colin Wu quoting information from OKLink. 　　Despite the fact that the price of Ethereum is now falling, the number of addresses is increasing. The growing percentage of Ethereum addresses has highlighted the final attempts made by Proof-of-Work (PoW) miners to gather as much Ether as they can prior to the actual impending The Merge.　　A “Difficulty Bomb” will be introduced with the Merge, which is scheduled for September 15, making mining more challenging and generally unworkable. Since miners will be required to shift their roles in order towards becoming validators in the relatively new Proof-of-Stake (PoS) consensus mechanism, mining will become mostly unprofitable as a result of the difficulty bomb. To participate in Ethereum mining at this time, miners have absolutely nothing to lose. Some people might even view mining as a way to amass Ethereum at a time when the chances are in their advantage. As the Merge date gets closer, there

2022-09-05Deep Dive

WikiBit Reviews: The Difference of Bitcoin and Bitcoin Cash

Blockchain technology in the Bitcoin network has a delayed response time problem, especially when compared to institutions that process credit card transactions. Two main solutions to this issue have been proposed by developers and cryptocurrency miners: reducing the quantity of data that needs to be validated in each block and increasing the size of data blocks so that more data may be processed simultaneously. 　　Out of these answers, Bitcoin Cash (BCH) was created—it offers a quicker and less expensive method of processing payments. Since then, Bitcoin Cash has risen to become one of the top 30 coins on the market. Well examine how Bitcoin and BCH are different from one another in more detail below.　　Bitcoin (BTC)　　A distributed digital ledger dubbed a blockchain serves as the foundation for Bitcoin. The term “blockchain” refers to a system of connected data made up of units called “blocks” that each contain information about a single transaction, such as the day and time, the total amount, the buyer and seller, and a special code that serves as an identification for each trade. An electronic network of blocks is created by connecting entries chronologically. Transaction processing times are a constraint on Bitcoin, which has fueled divisions

2022-09-05Deep Dive

Sustainable Cryptocurrencies of 2022

The alarming ecological cost of Bitcoin has garnered a lot of attention recently, and while steps are indeed being taken to mitigate the cryptocurrencys carbon emissions, some investors are ditching it in favor of greener alternatives. Which cryptocurrencies, if any, are the most resilient considering the availability of more than 4,500 mineable coins and tokens？ Power ledger (POWR)Power ledger is a dispersed, decentralized network that enables energy producers to monitor, track, and sell energy in real-time, resulting in much more efficient, resilient energy networks. For the Powerledger network to function, POWR is a must. It also aids in securing the networks many products, such as those for energy trading, monitoring green power use, and validation. The trading of Renewable Energy Certificates (RECs) across North America is made possible thanks to a partnership between Powerledger and the Midwest Renewable Energy Tracking System (M-RETS).Nano (NANO)　　Block lattice technology is used by nano, which requires less energy. Although the block lattice extends beyond blockchain to construct an account-chain for each user on the network, it is still dependent on a Proof of Work process.　　Compared to Bitcoin and many other cryptocurrencies, Nano is free, quick, and consumes a considerable amount of energy. It was created

2022-09-05Deep Dive

Can GameFi Still Unlock the Metaverse?

Has GameFis ambition to build an united metaverse been derailed by collapsing in-game economics and gaming NFT pushback？ Ornella Hernandez believes the answer is no. Blockchain gaming is still a driving force behind the interoperability of virtual worlds. And, regardless of economic situations, the need for gaming will continue. In my talk with Ornella, we bring everyone up to speed on market circumstances, opposing groups, and the metaverses future consequences.　　Ornella is not alone in her optimistic outlook. Absolute released an analysis that predicted over 2.8 billion in GameFi revenue over the next six years.　　However, before developing a new paradigm, the GameFi industry must address an identity problem. The industry is attempting to change from a play-to-earn paradigm to a play-and-earn model. Ornella feels the industry should go a step further and alter the phrase “blockchain gaming” to “fun games made on-chain.” It has to focus its innovative energies on gaming innovations rather than in-game economics.　　She also claims that the gaming industry is changing. As the popularity of hyper-casual gaming grows, more women are showing interest. If GameFi is to create a gaming-first society, it must include these types of games as well as a diverse range of representation.　　What are play-to-earn

2022-09-05Deep Dive

What Is Yield Farming? What You Need To Know

Yield farming is the technique of maximizing returns through the use of decentralized finance (DeFi). On a DeFi network, users lend or borrow cryptocurrency and receive cryptocurrency in exchange for their services.　　Farmers that desire to boost their crop production can use more complex strategies. Yield farmers, for example, might continually shift their cryptos between several lending platforms to maximize their profits.　　How does yield farming work？　　Yield farming allows investors to earn a return by investing in a decentralized application, or dApp. Crypto wallets, DEXs, decentralized social media, and other dApps are examples.　　Decentralized exchanges (DEXs) are commonly used by yield farmers to lend, borrow, or stake coins in order to earn interest and speculate on price volatility. Smart contracts, which automate financial agreements between two or more parties, promote yield farming via DeFi.　　Types of yield farming:　　Liquidity provider: Users deposit two coins to a DEX to provide trading liquidity. Exchanges charge a small fee to swap the two tokens which is paid to liquidity providers. This fee can sometimes be paid in new liquidity pool (LP) tokens.　　Lending: Coin or token holders can lend crypto to borrowers through a smart contract and earn yield from interest paid on the loan.　　Borrowing: Farmers can use one

2022-09-05Deep Dive

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