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Crypto Exchange Regulation Check

Analysis: How Polkadot (DOT) could become Blockchain 3.0

Well, not always, but one of the biggest problems is the lack of interoperability, where it is impossible or inefficient for users on one blockchain to make transactions or transfer data with another. 　　Just as the ARPANET became the internet we know today with the development of a TCP/IP, a handful of projects aim to be the connectivity technology that makes the whole blockchain ecosystem a seamless experience. 　　Polkadot is one example.　　Gavin Wood, its most well-known co-founder, was also the co-founder of Ethereum and authored the yellow paper (a more technical version of a whitepaper). 　　As the project officially launched its much-anticipated first parachains slot auction (also called a parachain auction) on Nov. 12, now is a great time to understand what it aims to accomplish and how. About Polkadot　　Polkadot, founded in 2015, is positioned as a next-generation blockchain protocol capable of connecting multiple dedicated blockchain networks into a common network, allowing them to operate seamlessly at scale.　　It is a blockchain that can be composed of multiple chains and uses a scalable heterogeneous multi-chain system. 　　Polkadot attempts to address the issues of scalability, speed, and cost by allowing for more personalized blockchains, interoperability and upgrades between chains, and self-governance of

2021-12-03Deep Dive

Bank of America now says the crypto metaverse is a ‘massive opportunity’

A strategist at the Bank of America, Haim Israel, in a recent interview has declared that the new buzzword in the crypto space, Metaverse, holds a lot of potential for the crypto industry and it could be the niche that would drive the global adoption of the space.Bank of America sees massive opportunities in metaverse　　According to Israel, the metaverse would create a massive opportunity for blockchain technology, and it could potentially lead to the use of crypto assets in mainstream financial transactions. Though he added that stablecoins like Tether and USDC would enjoy more patronage than private tokens which are very volatile.　　In his words:　　“I definitely believe this is a massive, massive opportunity. You need the right platforms… that are definitely going to be a big opportunity for this entire ecosystem…were going to start using cryptocurrencies as currencies.”　　The strategist continued that he expects the large traditional financial companies to begin entering the space the moment crypto assets gain wider adoption and usage in the metaverse. He stated that there would be “a lot of collaboration between the two.”What is the hype surrounding “Metaverse？”　　In recent times, the word “Metaverse” has piqued the interest of crypto enthusiasts and the world generally after Facebook

2021-12-03Deep Dive

Facebook to allow crypto ads after Meta rebrand

Meta has finally ended its ban on cryptocurrency ads and has introduced a statement that acknowledges that the company will now accept 27 regulatory licenses. With this announcement, Meta is reversing its previous policy that prohibited companies from running crypto ads on the social networking website Facebook. 　　Meta It was later revealed it had earlier banned that the ban on running crypto ads on Facebook was imposed to prevent the spread of false information among its users. It further added that people.　　Moreover, it was reported that Facebook wanted to prevent people from getting scammed by enticing offers of Initial Coin Offerings (IconsICOs) and deceitful cryptocurrency exchanges/deals. Facebook to run crypto ads 　　In a note titled “Expanding Eligibility to Run Ads About Cryptocurrency,” the organization discussed how the cryptocurrency ecosystem has matured and stabilized over the years.　　“We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry,” the note read　　“These changes will help to make our policy in this space more equitable and transparent and help more advertisers, including small businesses, grow their audiences and reach more potential customers,” the note added.　　Meta

2021-12-03Deep Dive

Adidas makes Bored Ape Yacht Club NFT its Twitter display, what’s with the endorsements?

After weeks of flirting with projects in the non-fungible token (NFT) space, one of the leading clothing brands in the world, Adidas, has now stepped into the space in style as it purchased a Bored Ape Yacht Club NFT while also scoring a number of partnerships within the space.Adidas names it Bored Ape NFT Indigo Herz　　Adidas has revealed its new NFT, which was discovered to be Bored Ape Yacht Club NFT #8774 that it has named Indigo Herz and could be seen wearing an apparel with the brands logo. The revelation was completed with a video teaser of the collaboration between Yuga Labs, the creator of Bored Apes NFT, and the leading clothing firm.　　Apart from its partnership with Yuga Labs, the firm is also partnering with other NFT-related projects like Gmoney, who is a renowned NFT collector, and Punk Comics, an NFT derivative project that was inspired by CryptoPunks.　　The video trailer shows the alliance with its numerous partners as 3D avatars related to Gmoney alongside an original Punks Comic character plus its newly purchased Bored Ape NFT entering into a virtual world adorned with the Adidas logo.　　While speaking on the partnership, a representative of Adidas disclosed in a Twitter Spaces

2021-12-03Deep Dive

Coinbase tops Cryptocurrency Exchange Platform charts in WIKIBIT ranking.

Coinbase, an American cryptocurrency exchange platform has been ranked the best crypto exchange platform according to data from WIKIBIT. With a rating of 9.59/10, Coinbase leads Huobi Global, Bitstamp, and Binance in cryptocurrency exchange.　　Huobi Global came second according to the ranking by WIKIBIT with a score of 9.41/10. Bitstamp followed with a rating of 9.19/10, while Binance fell behind Bitstamp with a score of 9.18/10.　　This ranking was done based on data collected on the exchanges White Paper, Related Software, Volume Stats, Github, Related Documents, and Previous stats.　　The research was also carried out on the Delivery index, Market Analysis, Material Delivery, Search Source, Time Machine, Language, and Social source.　　All exchanges are regulated with their respective Licenses based on their location and the region they operate in.　　GEMINI, UPbit, and Coincheck all came behind Binance in the ranking, while 78EX was ranked lowest with a ranking of 6.35/10, just shy above average.　　Although there are complaints about these exchange platforms, they are lower than the other, hence why the ranking score.　　It is advisable to check out the ranking of any exchange platform before you decide to deposit your money and trade with them. WIKIBIT is your inquiry platform when it comes to cryptocurrencies and

2021-12-03Deep Dive

Star Trek creator’s signature goes where no NFT has gone before: DNA

The living “El Primero” or “The FIrst” NFT immortalizes an economic moment in sci-fi history by fusing future tech with Star Trek history.　　The signature of Star Trek producer Gene Roddenberry has gone boldly where no NFT has gone before — into the code for life itself.　　Back in 1965, Roddenberry signed a contract with Lucille Ball‘s Desilu Productions to finance Star Trek. On Nov. 30, that signature was turned into a nonfungible token (NFT) and implanted into the DNA code of a living bacteria cell — 30 years after the sci-fi legend’s death.　　Roddenberry Entertainment describes it as the first-ever “Living Eco-NFT” and a “true intersection of science and science fiction.” The piece will replicate and grow with the division of the organisms cells.　　“As long as the bacteria remains living, the cell can double at a rate that will create over a billion copies of the Eco-NFT overnight.”　　Its being exhibited as an art piece titled “El Primero” – Spanish for “The First” – in Miami during Art Basel 2021.　　The CEO of Rational Vaccines and Emmy-winning director Agustin Fernandez collaborated on the piece. “Storing information in DNA represents a whole new category of possibility when it comes to data archiving,” he said.　　“It provides

2021-12-03Deep Dive

Will Twitter Prioritize Ethereum Over Bitcoin Following Jack Dorsey’s Exit? Proponents Weigh In

Jack Dorsey leaving his role as CEO of Twitter has sparked speculation on the future.　　One observer, Adam Cochran, thinks Twitter could become more focused on Web 3 and Ethereum.　　Twitter has so far contributed greatly towards crypto adoption.　　Jack Dorsey, founder, and Ex-CEO of Twitter, on Monday, took the internet by surprise when he announced that he was stepping down from being CEO of the social media giant. He announced via a tweet that was confirmed by the company that he would be handing over the position to Parag Agrawal, the then chief technology officer (CTO) of Twitter.　　The announcement was huge for the cryptocurrency community which Dorsey has been a large part of. Dorsey is a known Bitcoin proponent and has led Twitter in the direction of building to accelerate Bitcoin adoption.　　Where could Twitter and Dorsey be headed towards？　　There have been several reactions from the crypto-community which has taken to speculating on what could be next for Dorsey. The obvious suggestion is that he will be focused on Bitcoin through working on his other company, Square, and its subsidiary, Cash App.　　However, another subject of speculation has been what the new leadership of Twitter would bring to the table for the crypto space.

2021-12-03Deep Dive

Academic research claims ETH is a 'superior' store of value to Bitcoin

The report highlights the merits of EIP-1559 as a tool for making ETH a deflationary cryptocurrency and potentially better store of value than Bitcoin.　　Australian university researchers have questioned Bitcoin‘s reputation as the best store of value network in cryptocurrency, with Ethereum on track “to becoming the world’s first deflationary currency.”　　A Nov. 18 paper by four Australian researchers discusses how the EIP-1559 upgrade makes ETH a potentially better store of value. The research comes was coauthored by Ester Félez-Viñas from the University of Technology Sydney, Sean Foley from Macquarie University, Jonathan Karlsen from the University of Western Australia, and Jiri Svec from the University of Sydney.　　Ethereums EIP-1559 upgrade in August saw the network burn a portion of transaction fees and more than one million ETH has been burned from the 118,583,580 circulating supply.　　At times, the report says, transaction fees amounting to more than 50% of the 12,000 newly minted ETH per day are burned thanks to EIP-1559. They believe that as demand for Ethereum increases due to its robust ecosystem of decentralized finance dApps, more ETH will be burned.　　The researchers write that Ethereum is already less inflationary than Bitcoin.　　“Annualizing the rate of Ethereum creation since EIP-1559, the expected increase in the

2021-12-03Deep Dive

Why Vitalik’s EIP-4488 Proposal Could Be The Next Big Thing For The Ethereum Network

Ethereum may see the biggest network change if new proposal goes live.　　Ether developers detail the significance of EIP-4488.　　Recently, the founder of Ethereum, Vitalik BUterin, alongside Ansgar Dietrichs, a developer on the network, revealed a new Ethereum Improvement Proposal. EIP-4488 is expected to bring a short-term solution to the network by fixing the increased gas fees that Ethereum layer 2 scaling solutions are faced with. Although the proposal is designed to fix the gas issues at hand, the plan is to work on a long-term solution while the former is being integrated.　　Ethereum developers have reacted to the proposal with excitement as they expect a positive outcome from its inception. Taking to Twitter to explain the significance of the new proposal, an Ethereum researcher broke down the benefits of EIP-4488.　　“Technical TLDR: EIP-4488 reduces the calldata cost from 16 to 3 gas per byte, with a cap on calldata per block to mitigate security risks.”　　“End-user TLDR: rollup cost overhead decreases, thus lowering L2 fees.”　　While the above may seem too good to be true, the researcher notes that there is a catch. The proposal does not directly reduce layer 1 data capacity. Instead, it favors rollups by balancing the cost of execution and data

2021-12-03Deep Dive

Ex-Chancellor: Crypto Could Give London an Advantage Over European Competitors

According to the British politician who served as Chancellor of the Exchequer from 2016 to 2019 – Philip Hammond – digital assets could ease the post-Brexit financial disruption, which the UK is passing through. If London does not take the cryptocurrency industry seriously, it risks being surpassed by its European competitors, he added.　　‘We Need to Move Quickly And Effectively’　　In a recent interview with City A.M., the former member of the Conservative Party – Philip Hammond – opined that the UK should move its focus from Brexit to digital currencies. By doing so, the kingdom could secure its financial status since bitcoin, and the altcoins will become more and more employed on a macroeconomic level:　　“I personally think the momentum is now unstoppable. We need to move quickly and effectively to secure Londons position.”　　Hammond warned that ignoring the asset class is not wise as many European nations have begun embracing them. He added that some of those competitors view cryptocurrencies as an opportunity to overtake the UK as a world financial services hub:　　“If we dont watch carefully we will find some surprising people are ahead of us.”　　Speaking of “surprising” countries with a friendly stance on the cryptocurrency industry, the small British Overseas

2021-12-03Deep Dive
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Crypto Exchange Regulation Check

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※ You are visiting the WikiBit website. WikiBit and its mobile app are a tool for users worldwide to check exchange compliance information. Users are advised to comply with the relevant laws and regulations of their country or region when using WikiBit products.