Crypto Guides, Knowledge & Insights

What Web 3 Can Learn From Steve Jobs

Legendary technologist and Apple (AAPL) CEO Steve Jobs may have been better with words than he was with design. He recognized that “every once in a while, a revolutionary product comes along that changes everything.” From the printing press to the telegram to the iPhone – these products not only changed entire industries, they changed the world and the way we interact with it.　　When Steve Jobs introduced the iPhone in 2007, he emphasized its innovative user interface that replaced the typical smartphone keyboard with a wide, multi-touch screen. As he predicted, this breakthrough product decision created a new standard for consumer hardware and led to competitive innovations. There likely would be no Snapchat or WhatsApp without the iPhone.　　Today, enthusiasts hope that Web 3 changes everything. Its differentiating technology, smart contracts made up of immutable code and data on the blockchain, aims to cut out the need for middlemen in finance to help creators retain ownership and more. Similar to the iPhones trajectory, enthusiasts posit that smart contracts innovation will create new and improved industries and behaviors.　　However, products built using smart contracts are more analogous to early smartphones than the iPhone. They are miles away from decentralization, aggressively technical and composed

2022-03-11Deep Dive

OnlyFans Donated 500 ETH to DAO Supporting Ukraine

The popular video subscription platform OnlyFans says it donated 500 ETH (roughly $1.3 million) to UkraineDAO, a decentralized autonomous organization raising funds to support Ukraine during its war against Russia.　　A representative of OnlyFans told CoinDesk the donation is a part of the company‘s larger charitable effort to support Ukraine, led by OnlyFans’ Ukrainian-American owner Leonid Radvinsky.　　The company says it has now sent over $5 million to various humanitarian efforts supporting the country, with an additional $1 million donation planned to be sent March 15.　　“These tragic events have had a terrible impact on individuals including members of our creator community,” Ami Gan, CEO of OnlyFans, said in a statement. “Given our strong personal ties to Ukraine, we wanted to support in a way which felt true to who we are at OnlyFans and which focused on getting aid and support to the Ukrainian people.”　　UkraineDAO has been a leading crypto contributor to Ukraines government in recent weeks, which has now received over $50 million in crypto donations since tweeting out its ether (ETH) and bitcoin (BTC) addresses in February.　　The DAO was formed by Russian art collective Pussy Riot and non-fungible token (NFT) studio Trippy Labs, with its largest single donation coming from

2022-03-11Deep Dive

Could Crypto Industry Benefit From Biden's Executive Order?

A Cornell University economics professor says that President Joe Bidens executive order on the regulation of cryptocurrency could benefit the industry. “Ultimately what these sorts of regulations provide to the industry is legitimacy,” said the professor.　　Cornell Professor on Crypto Industry Benefiting From Bidens Executive Order　　Eswar Prasad, professor of economics at Cornell University, shared his thoughts on U.S. President Joe Bidens crypto executive order and what it means for the industry in an interview with CNBC, published Thursday.　　Prasad is the Nandlal P. Tolani senior professor of trade policy and professor of economics at the Charles H. Dyson School of Applied Economics and Management at Cornell University. He previously served as chief of the financial studies division in the International Monetary Fund (IMF)‘s research department and head of the IMF’s China division.　　The Cornell professor has repeatedly warned about the risks cryptocurrency poses to monetary and financial stability. In December last year, he said Bitcoin may not last much longer.　　President Biden issued an executive order on the regulation of cryptocurrencies Wednesday. The professor explained that the executive order basically “tasks various U.S. agencies and institutions” to come up with a comprehensive plan for the regulation of a broad set of digital assets, including

2022-03-11Deep Dive

What Are Liquidity Pools?

The Role of Crypto Liquidity Pools in DeFi　　Crypto liquidity pools play an essential role in the decentralized finance (DeFi) ecosystem — in particular when it comes to decentralized exchanges (DEXs). Liquidity pools are a mechanism by which users can pool their assets in a DEXs smart contracts to provide asset liquidity for traders to swap between currencies. Liquidity pools provide much-needed liquidity, speed, and convenience to the DeFi ecosystem.　　Before automated market makers (AMMs) came into play, crypto market liquidity was a challenge for DEXs on Ethereum. At that time, DEXs were a new technology with a complicated interface and the number of buyers and sellers was small, so it was difficult to find enough people willing to trade on a regular basis. AMMs fix this problem of limited liquidity by creating liquidity pools and offering liquidity providers the incentive to supply these pools with assets, all without the need for third-party middlemen. The more assets in a pool and the more liquidity the pool has, the easier trading becomes on decentralized exchanges.Why Are Crypto Liquidity Pools Important？　　Any seasoned trader in traditional or crypto markets can tell you about the potential downsides of entering a market with little liquidity. Whether its

2022-03-10Deep Dive

Does the future of DeFi still belong to the Ethereum blockchain?

Ethereum is a decentralized finance giant that has seen significant growth over the past few years, spurred on by events like “DeFi Summer” and the rise of nonfungible tokens (NFTs).　　Ethereums popularity, however, may be leading to its downfall, as other protocols look to eat away at or completely consume its market position.　　Bitcoin and the birth of Ethereum　　Bitcoin (BTC) is the mother of all blockchains and was the first modern iteration of what is widely known today as cryptocurrency. Since then, there have been numerous attempts to provide users greater functionality, but most have not had the staying power. One that has risen to the challenge is Ethereum, with its native Ether (ETH) coin now the second-largest cryptocurrency by market capitalization.　　Cointelegraph Research has released a 74-page report that does a deep dive into Ethereum‘s rise to this position, starting off by examining Bitcoin alongside Ethereum’s history and where it is today. Ethereum provided users with a way to create smart contracts in a way Bitcoin could not, which helped propel Ethereum to its current status as the leading blockchain for DeFi. Its clear that Bitcoin is here to stay, and there have been advancements in its DeFi capabilities — mostly utilizing

2022-03-10Deep Dive

Kraken will donate fees generated from Russian transactions to Ukraine

Kraken has announced it will donate an amount equivalent to total trading fees generated from Russia-based clients during the first half of 2022 to Ukraine.　　The donation is part of an “aid package” worth more than $10 million that is being prepared by the exchange to support Ukraine in its efforts against Russias invasion. The aid package is essentially a Bitcoin airdrop organized by Kraken and is being funded via its Ukrainian revenues as well as the aforementioned fees generated from Russia-based accounts.Three Tranches　　Kraken will airdrop BTC worth $1000 to all Ukraine-based accounts that were created before March 9th in the first tranche. The accounts must be at an “intermediate” or “pro” level of verification to qualify. It is unclear how many Ukrainians use the platform as that information is not public.　　“The BTC amount distributed in Tranche 1 is roughly equivalent to the total fees paid to Kraken by Ukraine residents since 2013.”　　The airdrop will take place on March 10th and users will be able to immediately withdraw the amount through the exchange itself. Kraken said it will waive currency conversion fees up to $1000 to facilitate users in availing the donation. Users must log in by May 1st to claim

2022-03-10Deep Dive

Global Crypto Exchanges Rargeted by South African Regulator

Crypto exchanges in the world are being targeted by South African regulator　　Derivative products are not allowed to be offered by exchanges in the country　　An upcoming regulator regime is about to ring in several changes　　Brandon Topham, the head of implementation at South Africas monetary area controller, has demanded that his association has not given admonitions to a few worldwide trades since they bargain in crypto. Rather, the alerts have been made on the grounds that the trades are not enlisted to offer subsidiaries in the country.　　An authority with the South African monetary area controller, the Financial Sector Conduct Authority (FSCA), has said his association has been focusing on worldwide digital currency trades working in the country since they offer a subsidiary item with crypto as the basic or reference resource.　　As recently detailed by Bitcoin.com News, the South African controller has in the previous given public alerts against worldwide crypto trade stages like FTX, Binance, and Bybit. At times, the controllers alerts have constrained some crypto trades working in the country to end specific administrations.　　Crypto in Africa　　While the FSCA demands that its alerts are intended to safeguard people in general, some have hypothesized that worldwide trade stages are being focused on the

2022-03-10Deep Dive

EU says crypto included in sanctions against Russia and Belarus

The European Union (EU) said on Wednesday that crypto assets fall under the scope of “transferable securities” in its sanctions imposed on Russia and Belarus.　　Fast facts　　The EU is extending its sanctions to Belarus for its involvement in Russias invasion of Ukraine, including prohibitions on the SWIFT banking system similar to those imposed on Russia.　　Cryptocurrency is being identified as a possible method of circumventing economic and financial sanctions, while many major crypto exchanges said they wont block ordinary Russian users from their platforms unless there is a legal obligation to do so.　　Further sanctions on Belarus include limiting financial inflows from the EU, prohibiting transactions with the countrys central bank, and limiting services of shares of Belarus state-owned entities in the EU.　　Additional restrictions were introduced against 160 individuals, including 14 Russian oligarchs and 146 members of the Russian Federation Council.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-03-10Deep Dive

"Responsible Development of Digital Assets": Biden's Executive Order Unpacked

Key Takeaways　　The Biden administration has issued and signed an executive order that will shape policies around cryptocurrency.　　The order means that various government agencies will file reports on crypto regulation over the coming months.　　The order extensively discusses the possibility of a central bank digital currency (CBDC), among other topics.　　The Biden administration has issued an executive order that will help determine the U.S. governments crypto policy in the months ahead.　　Order Will Create New Policies　　Early today, President Joe Biden signed a long-anticipated executive order on cryptocurrency regulatory strategy. Titled “Executive Order on Ensuring Responsible Development of Digital Assets,” the document primarily requests research and new policy proposals for cryptocurrencies, digital assets, and blockchain or digital ledger technology from various government agencies.　　It notes that crypto development largely exists “within the scope of existing domestic laws and regulations” but that “growing development and adoption as well inconsistent controls” require the creation of a coordinated government approach.　　Some plans discussed in the order could put restrictions on cryptocurrency. The order says that the government aims to protect consumers, investors, and businesses, maintain financial stability, restrict illegal financing, and reduce national security risks.　　Other policies appear to promote crypto development. The order says that the government intends to reinforce

2022-03-10Deep Dive

Key takeaways from Biden's executive order on cryptocurrencies

U.S. President Joe Biden signed an executive order on Wednesday requiring the government to assess the risks and benefits of creating a central bank digital currency - the electronic equivalent of cash in your pocket - as well as other cryptocurrency issues.　　Here are a few key takeaways:　　Central bank digital currency (CBDC)　　The Biden administration directed the Treasury Department, along with other key agencies including the Justice and State Departments, to submit a report by September to the White House analyzing the potential costs and benefits of a digital dollar.　　The executive order specifically requested that the report focus on how a digital dollar could improve financial inclusion, what implications it could have on economic growth and how foreign digital dollars could impact the greenbacks status as the worlds reserve currency.　　It also encouraged the Federal Reserve to continue its ongoing research into the possibility of a digital dollar and to “develop a strategic plan” for how a U.S. CBDC could be implemented.　　As part of the order, the attorney general will be required to assess whether legislation would be needed to execute a digital dollar, and to draft a legislative proposal taking into account ongoing research from both the Fed and Treasury on the

2022-03-10Deep Dive

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