Crypto Guides, Knowledge & Insights

Ronin Sidechain Processed 560% More Total Transactions Than Ethereum Last November

Researcher Takes a Deep Dive Into Axie Infinitys Ronin Network　　Axie Infinity, the Ethereum-based blockchain game developed by Sky Mavis has seen a significant amount of NFT sales surpassing every NFT compilation released to date. Out of 1.44 million buyers across 12.6 million transactions, Axie Infinity has seen $3.85 billion in all-time sales. However, even though Axie Infinity is an Ethereum-based game, the protocol leverages the sidechain Ronin to help alleviate scaling issues. In the introduction to Axie Infinity‘s Ronin, Nansen researcher Martin Lee explains that Ethereum’s Layer one (L1) “was not built for gaming.”　　Photo credit: Nansen Research and researcher Martin Lee.　　To handle the issue with high fees and scaling problems, Axie Infinity‘s development team created the Ronin sidechain to help facilitate transactions in a faster and inexpensive fashion. Lee’s research report compares Ronin to the sidechain protocol Polygon and the Layer two (L2) blockchain Arbitrum One. The study also explains how the Ronin sidechain has its own native wallet in order to handle sidechain transactions. Interestingly, when it comes to scaling Lees report shows that last November, “Ronin processed over 560% of the total number of transactions on Ethereum.” 　　“While there is no official documentation on the max TPS (transactions

2022-01-12Deep Dive

Elrond acquires payments provider Utrust in a bid to bring crypto to millions of merchants

Elrond, a high-throughput blockchain platform, announced today that it has acquired Utrust, a global cryptocurrency payment solution.　　In a press release shared with CryptoSlate, the company said that acquiring Utrust will enable it to revolutionize e-commerce and payments.　　Elrond bets big on Web3 payments　　Despite the increasing digitalization of the world of commerce, payment processors still offer slow settlement times and extremely high fees ranging from 3% to 11% of each transaction. And while these numbers are negligible in the world of crypto, they often mean the difference between profitability and bankruptcy for many businesses around the globe.　　Elrond, a high-throughput PoS blockchain platform, is on a mission to solve this.　　The first order of business was acquiring Utrust, a Portugal-based cryptocurrency payment solution offering instant settlement for merchants.　　Announced earlier today, the acquisition is set to accomplish two distinct goals—make payments faster and more reliable by using blockchain technology and introduce a new product called Merchant Yield.　　In a press release shared with CryptoSlate, the company said its blockchain technology will serve as the backbone for the new, high bandwidth, low latency, inexpensive financial system that will be accessible to anyone, anywhere.　　The new financial system will use blockchain technology to make payments “fully natively digital,” the

2022-01-12Deep Dive

Unlocking the $12.6-Trillion machine economy on Web3

Web3 is poised to disrupt the internet. It already has in many ways. Its paving the way to a multi-trillion-dollar decentralized machine economy at the forefront of which IoTeX stands. This, according to highly-regarded engineers and technologists leaders from Amazon, Samsung, Microsoft, Consumer Technology Association (CTA), and the International Internet Consortium (IIC).　　“IoTeX is, interestingly, kind of in a sweet spot right now,” said Amazon Global Blockchain Leader Anoop Nannra in a recent Web3 panel. “If I look at the way you […] are approaching what you do, and how you do it, I think IoTeX is very unique. I think there are a lot of opportunities there, and I think the ecosystem will reward itself and the broader community that is around that ecosystem.”　　The highly-regarded blockchain expert also said he sees a significant “upside” to IoTeXs goal to decentralize the machine economy via Web3. That is where users will own their data, smart devices, and the value they generate instead of being dominated and monetized only by Big Tech.　　“I think the (IoTeX) ecosystem will reward itself and the broader community because ecosystems are not in isolation,” Nannra added. “Theres a lot of upside not just from a monetary perspective but

2022-01-12Deep Dive

The role of traditional finance in cryptocurrency for 2022

In a short period, cryptocurrency has developed more drastically than the traditional finance world. This niche is governed by its own set of rules and models, with no ties to the rest of the conventional financial models which makes it exceptional in the first place.　　Basically, cryptocurrency investors have had limited tools and knowledge in the area of traditional finance. However, these two worlds have begun to merge – a collision of individual concepts and strategies. Thus, more economic concepts found in traditional finance will become applicable in cryptocurrency as well.　　That said, cryptocurrency investors must understand these traditional concepts and how they can be applied to crypto. This article explores the role of traditional finance in cryptocurrency, the difference between the CeFi and DeFi, and what it may mean for the world of cryptocurrency.　　What is traditional finance？　　Traditional finance simply refers to the methods used over the years. It includes financial methods such as getting loans, overdrafts, and creating accounts in brick and mortar banking institutions. An example of traditional finance is walking into a bank to get a loan or using a cheque to withdraw cash from a bank.　　Traditional finance often has investors who take rational, deliberate decisions which operate under

2022-01-12Deep Dive

Is Bitcoin permissible or prohibited?

Many Muslims would like to invest in Bitcoin and other cryptocurrencies, which are transforming the financial world, or investigate the possibility of utilizing them as a new means of trading value. Since the inception of Bitcoin in 2009, various issues about cryptocurrencies and Islam have arisen: Is cryptocurrency considered halal？ Is cryptocurrency considered haram？ In a Shariah examination, is Bitcoin halal or haram？ Is it haram to mine or trade Bitcoin？ Is investing in Bitcoin halal？ Is Bitcoin mining permissible？　　Is Bitcoin permissible or prohibited？ A Shariah Examination　　Whether bitcoin is haram or halal is a point of contention for many Muslims. For obvious reasons, the Quran has no particular writings on cryptocurrency, making it a divisive issue. The major source of Islamic worry about Bitcoin is its periods of extraordinary growth and the extremely high volatility that has been experienced in cryptocurrencies in recent years.　　Is Bitcoin considered halal？　　The majority of Bitcoin usage have been declared to be halal by academic analyses. Islamic law lays specific criteria for making halal investments. Money obtained by haram means, such as extortion, bribery, or profiteering, is haram. There is no official statement on whether or not Muslims should invest in Bitcoin. Several Islamic experts, on

2022-01-12Deep Dive

Zipmex to launch crypto Visa card and seeks NFT licence

Zipmex Thailand is preparing to launch a crypto Visa debit card service and plans to apply for a licence for a non-fungible token (NFT) trading platform this year with the goal of expanding its business in the digital asset industry.　　Proud Limpongpan, chief marketing officer of Zipmex Thailand, said the company is asking the Bank of Thailand for permission to launch the crypto Visa card service in Thailand.　　The service has been approved by the market regulator in Singapore and is available through Zipmex Singapore.　　According to Ms Proud, the crypto debit card is equivalent to a typical debit card, but instead of a normal bank account with fiat money, the card will be linked to the customers cryptocurrency account.　　The card aims to facilitate cryptocurrency holders in using their digital coins as a payment method.　　She said the company is also preparing to apply for an NFT business licence with the Securities and Exchange Commission to launch its own NFT trading platform this year.　　NFT is a growing trend and many issuers are planning to list their NFTs on a platform, said Ms Proud. The company plans to cater to that growing demand, she said.　　Ms Proud said Zipmex Thailand is also planning to offer activities

2022-01-12Deep Dive

Iran to Permit Use of Cryptocurrencies in International Settlements, Reports Reveal

Authorities in Iran are preparing to allow the employment of cryptocurrencies for international settlements. According to local media, central bank and government officials have given the green light to adopt a mechanism using digital coins in the field of foreign trade.　　Businesses in Iran to Be Able to Pay Foreign Partners With Crypto　　Iranian companies will be allowed to use cryptocurrencies in settlements with partners in other countries, local media reported. An agreement to that end has been reached by the Central Bank of Iran (CBI) and the Ministry of Industries, Mining and Trade. Quoted by the Financial Tribune, the head of the Trade Promotion Organization of Iran, Alireza Peyman Pak, announced:　　“We are finalizing a mechanism for operations of the system. This should provide new opportunities for importers and exporters to use cryptos in their international deals.”　　According to the Iranian news agency IBENA, Pak, who is also deputy minister of trade, took to social media to provide details about the first meeting of a joint foreign exchange working group between his department and the CBI. The participants approved a number of measures to facilitate Irans foreign trade, including the adoption of the crypto mechanism.　　A follow-up report quotes the same official as saying

2022-01-12Deep Dive

Fed Chair Promises CBDC Report "Within Weeks"

In Federal Reserve Chair Jerome Powells renomination hearing before the Senate Banking Committee Hearing today, Powell said that a Fed report on central bank digital currencies was expected in the “coming weeks.”　　A Long-Awaited Report　　Federal Reserve Chairman Jerome Powell testified at his renomination hearing before the Senate Banking committee today that the central banks highly-anticipated report on CBDCs and stablecoins was soon forthcoming.　　Powell, whom President Joe Biden recently renominated to head the U.S. central bank for another four-year term, assured Senator Mike Crapo (R-I) at the Senators pressing that the long-awaited report on central bank digital currencies would be published “within weeks.”　　Senator Crapo pushed Powell as to why the Fed had not released its report on central bank digital currencies as it said it would, citing delays in the Feds publication. Powell responded by saying that the “report really is ready to go, and I would expect we will drop it—I hate to say it again—in the coming weeks…”　　Moreover, the Fed Chair gave some details as to what Congress and the public might expect from the coming report, explaining that it was more an “exercise in asking questions and seeking input from the public rather than taking a lot of positions

2022-01-12Deep Dive

Fed Chair Says A US CBDC And Stablecoins Could Coexist

Jerome Powell – chairman of the Federal Reserve – appears to have reversed one of his previous positions on the relationship between CBDCs and stablecoins. Testifying in front of the US congress, he suggested that both could co-exist, without the former replacing the latter.　　Allowing Stablecoins and CBDCs　　Powell discussed the possibility of a Federal Reserve issued CBDC during his renomination hearing on Tuesday. Republican Senator Pat Toomey – a known crypto advocate – asked if a Fed issued CBDC would preclude the existence of “well-regulated, privately issued stablecoins”.　　“No, not at all,” responded Powell.　　This is a far less hawkish attitude towards stablecoins than we heard from Powell last year. In July, he suggested that a CBDC‘s primary benefit would be to replace crypto – including stablecoins. That said, Powell has no intention of banning other cryptocurrencies outright, setting the US regulatory approach apart from China’s.　　Nevertheless, stablecoins are a hot topic among regulators right now. Both industry leaders and congresspeople presented conflicting viewpoints on the subject during a hearing last month. Whereas the industry considers stablecoins a compliment to the financial system, Maxine Waters suggested that they could be a threat to the US dollar. Some even suspect that stablecoins could be classified

2022-01-12Deep Dive

JOE ROGAN: I HAVE A LOT OF HOPE FOR BITCOIN

Joe Rogan said in his podcast that he has a lot of hope for Bitcoin.　　The podcaster also said he doesnt understand cryptocurrencies very well.　　“It‘s either gonna fall apart completely or we’re gonna use this as an opportunity…to come up with a better way to live our lives,” Rogan said.　　Joe Rogan has “a lot of hope” for cryptocurrencies, but mostly Bitcoin, though he said he doesnt understand it very well. The podcaster interviewed internet entrepreneur and podcast pioneer Adam Curry on the 1760th episode of The Joe Rogan Experience show on January 8, talking about Bitcoin, cryptocurrencies, the metaverse, and beyond.　　“What we‘re seeing right now is, it’s either going to fall apart completely or were going to use this as an opportunity to right the ship and come up with a better way to live our lives,” Rogan said after mentioning that he sees Bitcoin and Ethereum as the two main projects.　　“The difference between Bitcoin and Ethereum is that in Bitcoin there will only be 21 million, it cannot be changed,” Curry explained. “It cannot be inflated, and you cannot say the same for Ethereum.”　　Curry highlighted how he is a sole believer in Bitcoin and dismisses most of the other cryptocurrencies,

2022-01-11Deep Dive

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