Crypto Guides, Knowledge & Insights

A Japanese game with 8 million users is launching a crypto metaverse

Gensokishi Online Project has announced the launch of METAWORLD, the newest iteration of the popular game. Metaworld is a blockchain-based version of “Gensokishi Online,” a game whose 8 million users in Japan, Taiwan, and the U.S. won it the “Game of the Year Gold Award” in 2012.　　The newest version of the game will incorporate elements of GameFi and NFTs in a metaverse environment.What can we expect from Gensokishi in 2022　　Gensokishis meta world is based on 3DMMO (3D Mass Multiplayer Online) technology and it aims to create a new fantasy world economy. The game will encompass all three types of blockchain-based gaming—“Free to Play,” “Play to Earn,” and “UGC to Earn.”　　In addition to providing a free gaming platform and profit-generating rewards in the form of NFTs, Gensokishis Metaworld will also introduce the concept of User Generated Content (UGC).　　The game will feature infrastructure that will enable individuals and companies to purchase land in the Metaworld and freely edit the metaverse surroundings. Aside from being able to create buildings, natural environments, and characters, users will also be able to mint and sell their own NFTs within the game.　　“Metaverse enables us to create a new age society,” Gensokishi said in a press release shared

2021-12-03Deep Dive

Here’s why the demand for Moonriver (MOVR) could rise as Chainlink integration begins

Polkadot smart contract parachain Moonbeam recently announced the native integration of Chainlink Price Feeds on Moonriver, marking a pivotal moment for projects building in the Kusama ecosystem.　　Moonriver is a layer 1 Ethereum-compatible parachain connected to Kusama, and a permanently incentivized canary network of Moonbeam.　　Following the news that Chainlink Price Feeds officially went live on mainnet, market watchers are speculating Moonriver price could pump, with the integration unlocking major functionality like lending, borrowing and sophisticated trading applications.What does this integration mean？　　Chainlink is a decentralized oracle network that brings real-world data to smart contracts at the speed of their native blockchain, including retrieving the latest pricing data of assets.　　“The combined benefits of Chainlink and Moonriver allow for highly-scalable, low-cost, EVM-compatible DeFi applications on Kusama that are consistently in sync with global financial markets,” read the announcement, adding that as the Polkadot parachain ecosystem matures, these applications can be deployed on Moonbeam.　　“We are excited to work with Chainlink to enable these teams to launch lending, borrowing, and other protocols that are a core part of the Moonriver DeFi ecosystem,” added the announcement.　　Since launch, the decentralized oracle network has logged over 800 total integrations of more than 700 Chainlink Data Feeds, and continues counting.MOVR

2021-12-03Deep Dive

Elon Musk Criticizes Web3 Technology, Diminishing "2010s-Like Returns"

Elon Musk swings on the Web3 technology that was being praised by former Y-Combinator president Sam Altman in his most recent Twitter thread.　　In the initial thread, the OpenAI CEO said that he is expecting a decrease in average return for investments made in the 2020s much worse than in the 2010s. But at the same time, Altman noted that Web3 technology could potentially give investors the returns that markets faced back in 2010.　　Elon Musk rushed to criticize Altmans position by calling out Web3 technology, implying that it will not be as revolutionary as investors and the general public anticipate.　　“Web3 technology” is usually considered the creation and development of decentralized online ecosystems that function on a decentralized blockchain. The technology allows for building applications on top of it that are not owned by anyone specifically.　　Applications built by Web3 principles allow users to receive profits from either developing or maintaining those applications, services or solutions. The technology received its major share of popularity after the decentralized finance industry started to grow exponentially.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-12-03Deep Dive

Indian Government Confirms Crypto Regulation Amid Ban Speculations

IndianDespite numerous claims from various sources that India might outrightly ban crypto, the Indian Government has just confirmed otherwise. In fact, before now, there has been an air of anxiety in the Crypto industry as everyone had been eagerly waiting on a positive regulation, only to find out, that the wordings of the crypto bill was still the same as that of last year, repeating the plans of the government to ban private crypto. However, according to new reports by NDTV, there will be a new crypto bill which is expected to be approved by the Cabinet by the end of next week.　　Indian Government Passes Crypto Note, Issues Regulatory Framework　　According to the Cabinet note that was circulated by the government, there will be a few changes to be made to the new crypto bill. They are highlighted below:　　1. Legislation will now refer as ‘crypto assets’ and not cryptocurrency.　　2. Crypto will not be recognized as a legal tender in India. At least not yet.　　3. Therell be no banning of private cryptocurrency, they will only be regulated.　　4. Crypto in India will be regulated by Securities Exchange Board of India (SEBI).　　5. The proposed virtual currency of the Reserve Bank of India (RBI) has

2021-12-03Deep Dive

Revolutionizing AdTech with Blockchain – How Smart Contracts are Transforming the Programmatic Adver

The use of blockchain technology is revolutionizing the programmatic advertising industry. Not surprisingly even IAB has a Distributed Ledger Working Group that continuously investigates applications of emerging technologies in distributed ledger and cryptography and how to apply them to solving advertising challenges in connecting consumers with brands and managing consumer privacy and transparency in the supply chain.　　Blockchain technology is the future of programmatic advertising and can be used to bring transparency into the AdTech industry. Lets dive deep into the details.Mistrust in a programmatic world　　The main issue of programmatic advertising is that it requires a lot of technologies to do it correctly. Digital advertising is a rather fragmented ecosystem which incorporates brands, agencies, data companies and so on. With the introduction of programmatic systems, the fragmentation has only grown larger. 7-15 vendors are normally required to execute a simple ad campaign.　　Vendors have different ways of tracking and measuring campaign performance introducing inconsistency and making it difficult to understand for marketers. As they decide on pricing, this also has a big influence on the market today.　　Marketers often lack accurate data on how well or poorly their campaigns are likely to perform. As a result, buyers are unsure who should be getting

2021-12-02Deep Dive

How Abracadabra became one of the fastest-growing decentralized protocols

There is still no consensus about the best method of creating a stable currency on the blockchain. 　　While USDT is the most popular stablecoin, many believe it is a giant house of cards capable of crashing the whole system. 　　On the other hand, the major decentralized stablecoin, DAI, has its own set of problems, such as the high percentage of USDC as the collateralized asset which is incompatible with hardcore decentralization advocates.　　Many new products have entered the market trying to incorporate the best elements of the big players. 　　Enter Abracadabra, a polarizing project that has risen unstoppably from a TVL of less than $300 million at the beginning of September to $4.4 billion. 　　With Ethereum occupying 78% of its market share of TVL, Abracadabra is also gaining momentum on other blockchains, currently supporting Arbitrum, Avalanche and Fantom, and BSC.　　Heres how Abracadabra has grown so quickly. Creating a multi-functional, one-stop experience　　Abracadabra has slightly different functions for different chains. In the case of Ethereum, which has the highest TVL, it currently has farm, borrow, stake, and tools (including bridge, swap, and analytics) functions.Borrow　　Abracadabras main business is based on lending, and the outstanding difference from other over-collateralized lending protocols is the support of

2021-12-02Deep Dive

Bitcoin DeFi tool BadgerDAO hit by estimated $120 million hack

Decentralized autonomous organization BadgerDAO recently suffered a major exploit, and according to the current speculation the attack was executed via the DeFi protocols front-end.　　Without revealing any details related to the attack, the team confirmed receiving reports of unauthorized withdrawals of user funds on Twitter, announcing it paused all smart contracts in order to halt further damage.　　BadgerDAO leverages infrastructure that allows users to bridge their Bitcoin to other blockchains, thus enabling them to use it as collateral for earning yield in DeFi applications (Dapps).Counting victims　　While confirming that they have “received reports of unauthorized withdrawals of user funds,” the Badger team assured they are investigating the issue.　　Meanwhile, PackShield listed the funds that were transferred out during the attack on Twitter, revealing brutal losses, crossing $120 million.　　According to the blockchain security and data analytics company, one of the most affected users lost roughly 900 Bitcoin.Front-end hack　　Judging by the early user reports, the attack started on late Wednesday/early Thursday, and according to current speculation on the protocol‘s official Discord channel, an API key for Cloudflare was compromised, which allowed the attacker to tamper with Badger’s front-end interface.　　“It looks like a bunch of users had approvals set for the exploit address allowing it to operate

2021-12-02Deep Dive

South Korea pushes ambitious crypto tax to 2023

South Korea‘s crypto tax plans appear to have hit a snag as the country’s National Assembly has passed a bill pushing the implementation of the tax bill into 2023.　　 South Koreas crypto tax bill get 2023 date　　In one of CryptoSlates previous reports, it was stated that the country had proposed to impose a 20% tax on crypto gains starting from January 1, 2022.　　However, this would longer be playing out as planned as members from both the government and the opposition within the Tax Subcommittee in the National Assembly collectively agreed to amend the said bill to shift its implementation by a year more.　　Judging by the body language of the Asian countrys authority, there would be no going back on the taxation of crypto gains. But this new delay is being caused by political power play in the country.　　Some lawmakers belonging to the ruling party, Democratic Party, had lobbied for the delay of the crypto tax bill citing flaws in the information gathering procedures of the National Tax Service (NTS).　　Members of the opposition party had also registered their displeasure about a quick implementation of the bill “when the legal definition of virtual currency is ambiguous.”　　The two parties, however, share a concern

2021-12-02Deep Dive

Deloitte Predicts That Sports NFT Sales Will Double In 2022

We have seen non-fungible tokens (NFTs) make big moves in the sports industry this year. And multinational professional services network Deloitte has said that sports NFTs are not going anywhere. According to predictions that the consulting giant released on Wednesday, sports-related NFTs will account for more than $2 billion in transactions next year. This amount roughly doubles the 2021 figure.　　The NBA Top Shot, the NFT-enabled digital makeover of NBA sports collectibles, has inspired other sports to launch their own marketplaces. With its most recent innovative partnership with Infinite Objects, it continues to engage sports fans all over the world. This partnership enables Top Shot owners to immortalize their favorite clips in the real world with officially licensed looping video frames from Infinite Objects.　　Dapper Labs, the company behind popular fantasy basketball NFT game NBA Top Shot, is now building a similar platform for the NFL. The football league refuses to be left out of the NFT craze. This season, it is giving fans NFTs with their ticket stubs.　　With more and more leagues engaging fans with NFTs, Deloittes prediction is not far-fetched.　　Sports NFTs To Explode　　Deloitte U.S. sports practice lead Pete Giorgio talked about the future of NFTs in sports in the coming

2021-12-02Deep Dive

Former CFTC Chairman: Let Markets Decide Bitcoin’s Value

It is not up to regulators to determine which asset classes or securities are legitimate, according to Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC) and senior counsel at Willkie Farr & Gallagher.　　Giancarlo was joined by Brian Brooks, CEO of Bitfury Group and Former US Acting Comptroller Of The Currency for a keynote discussion at the Digital Asset Compliance & Market Integrity Summit in New York Wednesday. Both former regulators believe there are issues with the current approach to digital asset industry oversight.　　Giancarlo was leading the CFTC, the regulatory body that oversees derivatives markets in the US, during the bitcoin rally of 2017. The Commission was approached by two main operators, the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) about launching bitcoin futures that year.　　“It was remarkable how much pressure the commission faced to stall or stop those self-certifications of bitcoin futures, and it wasn‘t just regulators, although there was a healthy dose of regulators in the US and abroad that were calling us saying ’do not let this go forward because you are legitimizing bitcoin,” Giancarlo said. “But it was the industry itself, a lot of legacy providers in the industry.”　　Various banks

2021-12-02Deep Dive

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