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Global Exchange Regulatory Verification Platform

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

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
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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.