Crypto Guides, Knowledge & Insights

After blistering January, NFT sales decline by 30%

January was undoubtedly a great month for the non-fungible token (NFT) industry as the space recorded a new all-time high in its sales volume.　　However, that can not be said for its volume so far this month. According to data from cryptoslam.io, NFT sales volume has plummeted by around 30% within the last seven days.　　The drastic drop in sales is surprising considering the fact that the space just witnessed the best month of its short history and also recorded one of its most expensive sales during this week — we earlier reported that CryptoPunk #5822 was sold for over $23.7 million.　　A cursory look at the data would show that NFT sales declined on Ethereum by as much as 32% while Solana-based NFTs saw their sales drop by 28%. Other blockchains with huge losses include Flow and Polygon which lost 38% and 37% respectively.　　Interestingly, the sales volume on Ronin rose by over 30% within the same period and is now the third-largest chain with NFT sales.How NFT collections fared　　Karafun NFT collection was the highest-selling NFTs during this week as the collection sold close to $50 million. Other top performing collections include CryptoPunk with $38.6 million thanks to its record sale and Azuki

2022-02-20Deep Dive

Cryptography in Blockchain?

Cryptography (noun):　　Known as the art form which encrypts important messages so that no one between the sender and the receiver can read the message.　　It was used in the past between militaries and their generals to pass critical information without enemy forces deciphering what was being communicated. Little did they know that we would science it all up to make a complicated version of ourselves.What‘s its use in Blockchain？　　Since the network is distributed and used by almost everyone around the globe, your information is bound to be at the risk of being stolen or manipulated, especially sensitive ones such as bank account details or where you have stashed that extra cash in your house (hint: it’s always under the mattress).　　Enter Public Key Cryptography. It is one of the techniques of Cryptography and forms the foundation upon which the decentralised system of Blockchain relies. We can create and store verifiable records of transactions on the network with the use of Public Key Cryptography.　　Now onto the best part. Learning how it works.How to use it in Blockchain？　　You will have two keys. A Public key and a Private key. They function as a lock and key. The public key encrypts any message sent on

2022-02-19Deep Dive

HOPEFULLY, BITCOIN WILL INCREASE INCENTIVE FOR COOPERATION

The Common Man is currently attempting to make his voice heard in more ways than one as the morass of an ever expanding amorphous supranational Totalitarian order attempts to put him in the grave. Whether it be using his ability to take up space to force those in power to recognize his legitimate grievances or simply trying to have a conversation in an attempt to get an understanding of the landscape; the state, materializing in many different forms is there to put him in his place.　　In Canada, those participating in the peaceful Freedom Convoy are being labeled as domestic terrorists who dont deserve the ability to bank.　　Here in the US (and beyond), anyone who attempts to seek out perspectives of those who dont find themselves within the halls of the mainstream corporate press and medical establishment is getting labeled an unstable quack unworthy of having their thoughts broadcast to the rest of the world.　　In Australia, those who are fed up of being unreasonably locked in their homes are hitting the streets only to be met by high powered military equipment that could potentially mess with the structure of their DNA.　　Despite the fact that seemingly no American or any other citizen

2022-02-19Deep Dive

Ukraine legalizes Bitcoin as tensions with Russia persist

Ukraine has now legalized Bitcoin and cryptocurrencies after the countrys parliament approved a final reading of the “Law on Virtual Assets” bill.　　The law will provide a legal framework, overseen by the National Securities Commission (NSC), covering all aspects to do with investing in this asset class.　　Deputy Prime Minister and Minister of Digital Transformation Mikhail Fedorov said the new law would open up business opportunities in Ukraine, which infers an intentional move to diversify from its traditional mining and agriculture industries.　　“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally…”　　Global authorities have largely dragged their feet on implementing legal crypto frameworks. The matter becomes further confused with talk of central bank digital currencies and how they might operate alongside private offerings.　　Nonetheless, Ukraines passing of the Law on Virtual Assets represents a massive coup for the cryptocurrency sector. Representing a step in the right direction as far as digital asset acceptance is concerned.Ukraine moves to legalize Bitcoin　　Following on from the crypto draft bill proposal, first mentioned in the summer of 2021, Bitcoin and cryptocurrencies are now legal in Ukraine.　　Under the Law on Virtual Assets, crypto companies can operate

2022-02-19Deep Dive

Despite Bitcoin’s price falling, its mining difficulty rises to new ATH

Bitcoin price performance might currently be leaving a bitter taste in the mouth of many crypto enthusiasts, but available data has shown that that has not reduced the level of competition amongst miners.Bitcoin mining difficulty keeps rising　　According to data from CoinWarz, Bitcoins mining difficulty reached a new ATH of 27.97 trillion earlier today. Interestingly, this is the second time this year that the network has seen its mining difficulty rise to new highs.　　In simple terms, mining difficulty suggests the level of competition among miners on the network. An increased difficulty means that miners are competing highly amongst themselves to confirm or validate block transactions for rewards.　　Earlier this week, we reported that Bitcoin mining hash rate also soared to a new ATH. The mining hash rate is used to measure the total computing power required to mine or process transactions on the network.　　Bitcoin mining difficulty level rising in tandem with BTC mining hash rate shows the level of confidence and progress the space has seen within one year.　　During this period, there were heightened environmental concerns about crypto mining activities, which led to a drastic drop in Bitcoin mining hash rate and Bitcoin mining difficulty.　　However, both have since recovered as the miners

2022-02-19Deep Dive

Binance bets big on cross-chain liquidity with a strategic investment in Symbiosis Finance

Binance Labs, the venture capital arm of Binance, announced today that it has made a strategic investment in Symbiosis Finance, a cross-chain liquidity protocol.　　The investment will be used to strengthen Symbiosis Finance and its product ahead of its main net launch and enable the team to add support for more EVM and non-EVM networks.Better cross-chain liquidity is coming to Binance　　Symbiosis Finance is a decentralized cross-chain liquidity protocol that enables users to swap tokens across multiple blockchains. The protocol currently supports the BNB Chain (formerly BSC), Ethereum, Polygon, and Avalanche.　　Binances funding will enable the protocol to expand its list of supported networks, as well as add integration with different wallets, services, and dApps. The Symbiosis V2 protocol will be launched in the coming weeks and will feature an implemented sidechain, cross-chain farming, smart order routing, and unified AMM pools.　　Nick Avramov, the co-founder and chief marketing officer of Symbiosis Finance, said that the company was excited to come into a strategic partnership with Binance Labs and that it will benefit from becoming a part of the Binance ecosystem.　　“The idea is simple—we strive to learn from the market leaders [and] adopt their best practices.”　　Avramov explained that partnering with Binance will enable the company

2022-02-19Deep Dive

Colorado State to Permit Payment of Taxes in Crypto this Summer

Colorado State Governor Jared Polis has revealed that it plans to let its residents pay their taxes in digital currencies as early as this summer.　　Speaking in an interview with CNBC, the governor said the state does not intend to keep or HODL any of the digital currencies it receives. The funds will immediately be converted to fiat as they are received, making the adventure a risk-free one for the state.　　The tax collection or payments through crypto will not be limited to just Bitcoin (BTC), as it is meant to support a wide range of cryptocurrencies. Additionally, Governor Jared Polis said the supported provisions would expand to other license payments beyond taxes in due time.　　“We expect by this summer — pretty soon — to accept crypto for all of our state tax-related purposes,” said Polis. “Then we plan to roll that out across all of state government for things like, could be as simple as driver’s license or hunting license within a few months after that.”　　Governor Polis has always had a soft spot for digital currencies, notably one of the first politicians to accept crypto as donations for his campaigns. Not long after taking office back in 2019, Governor Polis signed

2022-02-18Deep Dive

JPMorgan, Toshiba, Ciena find new way to protect blockchain with quantum network

A team of quantum computing engineers from JPMorgan Chase s Future Lab for Applied Research and Engineering group and one of the leaders of the research.　　“This work comes ... as we continue to prepare for the introduction of production-quality quantum computers, which will change the security landscape of technologies like blockchain and cryptocurrency in the foreseeable future.”　　JPMorgan has been a proponent of blockchain technology for use in the financial system, and the bank launched its own digital currency called JPM Coin in 2019.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-02-18Deep Dive

Microsoft warns of emerging 'ice phishing' threat on blockchain, DeFi networks

The blockchain, decentralized technologies, DeFi, smart contracts, the concept of a metaverse and Web3 -- the decentralized foundation built on top of cryptographic systems that underlay blockchain projects -- all have the potential to produce radical changes in how we understand and experience connectivity today.　　However, with every technological innovation, there may also be new avenues created for cyberattackers and Web3 is no exception.　　Todays most common threats include mass spam and phishing conducted over email and social media platforms, social engineering, and vulnerability exploitation.　　On February 16, the Microsoft 365 Defender Research Team said that phishing, in particular, has made its way over to the blockchain, custodial wallets, and smart contracts – “reaffirming the durability of these threats as well as the need for security fundamentals to be built into related future systems and frameworks.”　　Microsofts cybersecurity researchers say that phishing attacks focused on Web3 and the blockchain can take various forms.　　One of the threats to watch out for is an attacker trying to obtain the private, cryptographic keys to access a wallet containing digital assets.　　While emailed phishing attempts do occur, social media scams are rife. For example, scam artists may send direct messages to users publicly asking for help from a cryptocurrency

2022-02-18Deep Dive

DOJ Creates Virtual Asset Exploitation Unit for FBI

Key Takeaways　　The U.S. Department of Justice (DOJ) has announced that it is forming a Virtual Asset Exploitation Unit.　　The unit is part of the National Cryptocurrency Enforcement Team (NCET) and will serve the Federal Bureau of Investigation (FBI).　　The NCET has also appointed Eun Young Choi, an experienced computer crimes prosecutor, as its first Director.　　The U.S. Department of Justice (DOJ) has announced that it is establishing a unit for blockchain analysis and virtual asset seizure called the Virtual Asset Exploitation Unit.　　New Unit Will Be Part of NCET　　The Virtual Asset Exploitation Unit will be made up of a team of crypto experts providing services to the FBI. It will also work on developing cryptocurrency enforcement tools against future threats.　　The unit is part of the National Cryptocurrency Enforcement Team (NCET), a division created in 2021 to investigate criminal uses of cryptocurrency carried out by cryptocurrency exchanges, coin mixers, and other entities engaged in money laundering.　　With the creation of the new unit, the NCET will also begin to act outside U.S. borders. The Virtual Asset Exploitation Unit plans to strengthen earlier efforts from the DOJ and support law enforcement at domestic and international levels of government.　　Assistant Attorney General Kenneth A. Polite Jr., who supervises the

2022-02-18Deep Dive

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