Crypto Guides, Knowledge & Insights

Bank of England Taps MIT to Research CBDC Pros and Cons

After bashing the cryptocurrency industry for years, the Bank of England has decided to go down the central bank digital currency path by collaborating with MIT. Thus, Englands central bank has become the second such institution to partner with the prominent university on the matter.　　BoE Joins Forces With MIT　　The announcement shared earlier this week informed that the two entities began their collaboration on whether the banking institution should develop and launch a CBDC back in February this year.　　The Massachusetts Institute of Technologys Digital Currency Initiative (DCI) agreed on a twelve-month research project to determine the pros and cons of digitalizing the pound. More specifically, the team will look into “potential technical challenges, trade-offs, opportunities, and risks involved in designing a CBDC system.”　　It‘s worth noting, though, that this research doesn’t necessarily mean that the BoE will launch a CBDC.　　“This work is focused on exploratory technology research and is not intended to develop an operational CBDC. No decision has been made on whether to introduce a CBDC in the UK, which would be a major national infrastructure project.” – reads the statement.　　The Bank of England and its Governor – Andrew Bailey – have been among the most vocal critics of the crypto

2022-03-27Deep Dive

BNB Chain’s top lending protocol integrates with Coinbase Wallet

BNB Chain-based (former Binance Smart Chain) lending/borrowing platform Venus Protocol (XVS) has been integrated with Coinbase Wallet, a self-custody digital assets wallet provided by the eponymous U.S. crypto exchange.　　“We do love our DeFi. Our integration with Venus Protocol, the top borrowing/lending protocol on BNB Chain is now complete!,” Coinbase announced yesterday.　　Venus is one of BNB Chains flagship “killer dapps” that touts itself as “a fast, low-cost and decentralized lending system” that “allows borrowers to borrow funds using $XVS and 22 other currencies as collateral.”　　According to decentralized finance (DeFi) metrics platform DeFi Llama, Venus is currently the second-largest protocol in the Binance ecosystem by the total value locked (TVL) on it. At press time, Venuss TVL amounted to $1.71 billion—right behind decentralized exchange PancakeSwap ($4.85 billion TVL).　　Top five platforms on BNB Chain by their TVL. Image: DeFi Llama　　Unsurprisingly, the price of XVS, Venus Protocols native token, saw an uptick after the announcement was made. Per crypto metrics platform CoinGecko, XVS is now trading at roughly $10.45, up around 10% over the past 24 hours.New face, new features　　Just like Binance Smart Chain itself, Venus has also recently undergone some visual rebranding, changing the platforms logo and color palette.　　Apart from the visual fluff,

2022-03-26Deep Dive

Here’s how you can earn free crypto with Binance’s new EduFi

Binance has been one of the prominent actors who cared deeply about crypto education. It established its learning platform Binance Academy in 2018 during the crypto education hype.　　Since then, Binance Academy has been providing educational content in videos and articles in different proficiency levels.　　Today, Binance announced the launch of another feature of Binance Academy: the Learn & Earn program. This feature will grant users free crypto as they complete educational tasks. Talking about their unique approach to learn to earn, CEO of Binance Changpeng Zhao said:　　“Crypto is changing the world. Weve already seen GameFi, where people earn from playing games, and now we have created Binance EduFi, where people can earn while they learn.”　　He continued by stressing the importance of education in the crypto sphere:　　“We want to give our users the best tools to improve their understanding of blockchain technology and cryptocurrency projects, so they can make more informed investment decisions.”Program Details　　The program is accessible via the Learn & Earn page on Binance Academy. All users who completed the identity verification and agreed with the Binance terms of use are eligible to participate.　　The program will be hosted regularly, starting on March 25. Terra, Woo Network, Polkastarter, and ANKR will be

2022-03-26Deep Dive

North Korea using hackers to raise revenue via crypto heists

North Korea has been employing hackers to finance some state operations via “crypto heists”, according to a report by cybersecurity firm Mandiant.　　“The country‘s espionage operations are believed to be reflective of the regime’s immediate concerns and priorities, which is likely currently focused on acquiring financial resources through crypto heists, targeting of media, news, and political entities, information on foreign relations and nuclear information, and a slight decline in the once spiked stealing of COVID-19 vaccine research.”　　The report details the country‘s cyber operations and how they are structured within the Reconnaissance General Bureau, or RGB — North Korea’s intelligence agency akin to the CIA or MI-6. It also sheds light on the infamous hacker group “Lazarus” which has been operating out of North Korea since 2009.　　According to the report, Lazarus is not a single group of hackers, rather an umbrella term reporters use to refer to numerous different state-backed hacker groups operating out of The Democratic Republic of North Korea. However, these different groups operate in different “sectors” and have unique responsibilities. One of the responsibilities is raising funds through the theft of cryptocurrencies.Latest cyber espionage activity　　Hacker groups linked to Lazarus have recently been active and were exploiting a google Chrome

2022-03-26Deep Dive

GAIMCRAFT - GAIMIN Delivering Blockchain and NFT Technology to Games

GAIMIN has developed and successfully trialed an app to monetise the underutilised processing power found in high performance PCs, creating a supercomputer level, distributed data processing network by harnessing the worldwide availability of high performance GPUs.　　GAIMIN‘s target audience is the PC gamer. Gamers have the high performing devices in their gaming PCs, which are required by GAIMIN to create the distributed data processing network. Accessing these devices when they are not being used for gaming is key, with GAIMIN rewarding users for allowing their devices to be used. Rewards are in the form of GAIMIN’s own cryptocurrency, GMRX, which will imminently be listed on exchanges and therefore provide a gamer with either a fiat-based monetary value for their participation, or an accumulating reward that they can spend on accessories, merchandise or in-game assets, including NFTs.　　In research, GAIMIN found that gamers only use their computers for around 4 hours per day, leaving them switched on, but inactive. GAIMINs app identifies devices which are not being used for gaming and puts them to work, creating a distributed data processing network and providing passively earned rewards to the gamers allowing their devices to be used. During initial trials, GAIMIN users could generate over

2022-03-26Deep Dive

Malaysia Will Not Adopt Bitcoin as Legal Tender, Government Says

Bitcoin Will Not Be Legal Tender in Malaysia, Says Deputy Finance Minister　　Following reports that a high-ranking government official has proposed adopting cryptocurrency as legal tender in Malaysia, the government clarified in parliament Thursday that it has no intention of making cryptocurrency legal tender in the country, Bloomberg reported.　　Deputy Finance Minister Mohd Shahar Abdullah said in parliament:　　Cryptocurrencies like bitcoin are not suitable for use as a payment instrument due to various limitations.　　He named price swings and exposure to cyber threats as examples of the limitations of cryptocurrencies.　　His statement echoes another he made earlier this month about cryptocurrency. “Digital assets, such as bitcoin and ethereum, are not suitable to be used as a payment instrument,” the deputy minister stressed, adding that “In general, digital assets are not a store of value and a good medium of exchange.”　　The deputy finance minister further told parliament Thursday:　　The growing technology and payment landscape have prompted Bank Negara Malaysia to actively assess the potential of … the central banks digital currency.　　Earlier this week, Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin reportedly proposed adopting cryptocurrency as legal tender in Malaysia. However, there are conflicting reports about what he actually said. According to Malaysian national news agency

2022-03-26Deep Dive

Coinbase to Monitor Canadian Transactions Above 1,000 CAD

Coinbase users in Canada will soon be required to report the details of recipients who receive large transactions, according to a notice sent to users.　　Coinbase Complies　　“Starting on April 4, Coinbase will introduce some changes required by Canadian regulations,” the notice reads.　　The notice goes on to say that, for transactions above 1,000 CAD (roughly $800), Coinbase is “legally required to ask [users] for information about the recipient of that transaction.” Details that must be reported include the name and address of the recipient. This rule seems to affect transactions with companies rather than individuals, as it applies only when the receiving party is a financial entity, money service business, and or crypto exchange.　　A copy of the message sent to customers was obtained by Ryan Sean Adams of Bankless, who shared it on Twitter.　　Rules Reflect Regulatory Change　　According to Coinbase, these changes are being made in response to an anti-money laundering law called the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).　　Those regulations, which came into effect in June 2021, require money services businesses to keep records of virtual currency transactions that amount to $1,000 or more. Coinbases decision to announce the rule this week is likely due to the fact

2022-03-26Deep Dive

US Treasury Secretary Janet Yellen says upcoming crypto regulations will nourish healthy innovation

The US Treasury Secretary Janet Yellen joined CNBCs Squawk Box this morning and talked to Andrew Sorkin about Bitcoin.　　Secretary Yellen talked about the overall US economy and mentioned she had her hopes high as the job market strengthened and unemployment numbers dropped.　　Later, Sorkin mentioned Russias recent announcement accepting Bitcoin payments fo energy purchases and asked where the US stands with the crypto conversation.　　Senator Yellen started her response by acknowledging Bitcoins exponential growth as an investment tool. She stated:　　“Crypto has grown by leaps and bounds, and is now playing a significant role in the investment decisions of lots of Americans.”　　President Biden orders for action　　It seems like President Biden is also aware of Bitcoins impact and is getting ready to take it under control. According to Yellen, the President issued an executive order a few weeks earlier and asked the treasury and other agencies to prepare for crypto regulations.　　Secretary Yellen had mentioned this order a few weeks earlier as well. On the 9th of March, she stated on Bidens cryptocurrency executive order and said:　　“President Bidens historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for

2022-03-26Deep Dive

White House Wants Public Comments on Crypto’s Energy Use and Environmental Impact

The White Houses science and technology team is seeking public commentary on cryptos impact on energy use and the climate.　　In his executive order on crypto issued earlier this month, President Joe Biden tasked the White Houses Office of Science and Technology Policy (OSTP) with preparing a report on the “potential for digital assets to impede or advance efforts to tackle climate change and the transition to a clean and reliable electricity grid,” according to a document published in the Federal Register on Friday.　　The energy impact of crypto – particularly, of energy-intensive proof-of-work crypto mining – has become a flashpoint in recent years as lawmakers around the globe have floated proposals to ban proof-of-work mining, citing environmental concerns.　　Industry proponents have pushed back against those concerns, claiming that the data used for crypto energy usage projections – some of which claim proof-of-work mining uses more energy than some industrialized nations each year – is unreliable or irrelevant.　　Crypto and blockchain technology has also been proffered as a potential solution to environmental challenges, including carbon accounting and reducing emissions from gas flaring.　　The OSTP‘s forthcoming report represents one attempt to get to the bottom of crypto’s environmental impact.　　Interested parties have until May 9 to share

2022-03-26Deep Dive

WILL TETHER MIGRATE TO THE BITCOIN BLOCKCHAIN WITH ADVANCES IN THE LIGHTNING NETWORK?

This is a video demonstration of the first ever Tether transaction over the Lightning Network executed by Corey Phillips from Synonym.　　For those of you who are unaware, Tether is a US Dollar stablecoin that lives outside of the incumbent financial system and is moved over cryptocurrency networks. Tether is centralized as it controlled by a company that keeps a reserve of USD and other assets (including bitcoin) that are reported to back each Tether one-to-one with a USD equivalent. The US government has been coming after Tether for years as they have successfully operated outside the traditional system while serving users around the world. All of this is to say that I would not recommend holding Tether unless its absolutely necessary to make a transaction.　　With that being said, there is no doubt that there is significant demand for Tether globally as individuals seek to avoid the short-term price volatility of bitcoin. Many people in emerging economies dont have the luxury of sitting back and stomaching the rollercoaster price movements in bitcoin and opt to store some of their holdings in stablecoins so they can hold without worry of not being able to purchase what they want when they go to

2022-03-25Deep Dive

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