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Deflationary Ethereum EIP-1559 Upgrade Slated for Aug 4 Deployment

The highly anticipated London upgrade for the Ethereum network will launch on Aug. 4 according to the lead developer.　　Ethereum lead developer Tim Beiko posted a block activation proposal on Github on July 6 revealing that the mainnet upgrade is set to deploy at block 12,965,000.　　This works out as an estimated date of Aug. 4 for the London hard fork, not mid-to-late July as previously expected. The target will become official if the various Ethereum client teams agree to the proposal.　　Developers are monitoring the testnets to see how the upgrades perform before deciding on a mainnet launch time frame. Beiko tweeted confirmation:　　“Yep, unless someone objects in the next 24h, London should land on August 4th. A few client teams have okd it already, but we want to be sure no one has a serious objection.”　　The first block was produced on the Ropsten testnet on June 24 as reported by BeInCrypto. The Goerli testnet deployed the hard fork on June 30 and the final Rinkeby testnet launch is due today.　　Burning the Ether　　The London upgrade has been named after the second-annual Ethereum developers conference in 2015. It is designed to take the network into a deflationary state, but will not necessarily reduce gas

2021-07-07Deep Dive

Why the DeFi Ecosystem Needs Insurance? InsurAce Launches on ETH and Binance Chain

InsurAce, a leading decentralized insurance protocol, seeks to provide insurance services to DeFi users, allowing them to secure their investment funds against various risks. DeFi insurance or Decentralized Insurance is the process in which the platform prevents its users from potential losses due to hacking, smart contract bugs, or other such digital fraudulent activities. DeFi insurance also provides immediate redemption of tokenized crypto and risk assessments.　　It is reputed to be the first in the industry to offer cross-chain portfolio-based covers while enabling users to get low premiums. InsurAces product went live on Ethereum in April 2021 and currently has built a full-spectrum cross-chain insurance product line, covering protocols, CEX, and IDO platform running on Ethereum, Solana, BSC, Heco, Polygon, and Fantom.　　On June 17, InsurAce announced its deployment on Binance Chain, making it the first insurance protocol to launch on both Ethereum Network and Binance Smart Chain. By deploying on both BSC and ETH, InsurAce aims to provide insurance with more flexibility and lower fees.　　Through this, users will be able to earn BEP-20 INSUR tokens for mining, insure their assets with BSC tokens through the InsurAce app, and their ERC-20 INSUR tokens for BEP-20 INSUR tokens. This also offers the opportunity

2021-07-07Deep Dive

Binance May Be Fined in South Korea: Another Setback After Being Warned by Many Countries

The Financial Services Commission (FSC) in South Korea planned to require Binance to complete its registry operation within the time limit, aiming to follow suit based on other regulators worldwide, on the morning of July 6th, according to Finance Magnates.　　Noted by FSC, Binance must finish the registration of its businesses before September 24th, the deadline stipulated by the South Korean government on cryptocurrency-related enterprises getting licensed.　　FSC has announced that firms in the cryptocurrency industry should report their transactions to government bodies, and those failing to submit their reports before September 24th will face fines capped at KRW 50 million.　　In addition, Binance has received warnings issued by regulators in many countries, including Japan, Britain, and Thailand, last week.　　The reason for its current situation is that Binance sees tremendous trading volumes per day, which may trigger huge risks even if something tiny goes wrong.　　What‘s more, trading in digital currencies can fuel the difficulty of crackdowns on money laundering from regulators’ perspective. The investigation of unlicensed companies can be more difficult once they run away or face abnormal situations.　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers

2021-07-07Deep Dive

Can Polkadot Become a Top 5 Coin ahead of Cardano?

The battle to become the next big coin is still underway as Bitcoin and Ethereum have secured the top two spots by market capitalization. 　　Polkadot, a technology from the Web3 Foundation, is an advanced decentralized multi-chain protocol that looks set to cement its place at the top of cryptocurrencies. 　　Cardano is a major hurdle for Polkadot to overcome due to its Goguen phase and the development of Alonzo.　　Polkadot to TOP 5？ Its a very real possibility for the coming months as it registers more dApps.　　Bitcoin has been the largest cryptocurrency by market capitalization, and many other metrics, since its launch in 2009, while the growth and success of Ethereum led to the proliferation of other Altcoins.　　Ethereum set the ball rolling for dApps by creating a smart contract blockchain. Cardano is another blockchain that is scalable and has a clear roadmap for reaching the top.　　Cardano is currently sitting at #5 among cryptos, according to CoinMarketCap rankings, and its Alonzo mainnet has been described as an “ETH killer.” Polkadot‘s fairly new technology is on course to take Cardano’s #5 spot due to its Substrate framework and its Canary network, Kusama.　　What is Polkadot？　　Developed by the Web3 Foundation, Polkadot is a scalable secure network

2021-07-07Deep Dive

Blockchain platform offers immersive games with zero transaction fees

This project says blockchain games have been disappointing so far. Now, it‘s aiming to level up the experience by giving players the brilliant experience that they’re used to.　　A blockchain-based platform says that it is the pioneer of DeFi gaming — and is vowing to offer an experience thats comparable to the mainstream world of consoles.　　Night Life Crypto says the blockchain gaming sector is lacking in what it provides to players, and claims many of the NFT-based trading card games that have popped up fail to deliver what consumers are used to: Platform and arcade games.　　To solve this, the project is creating an on-chain only, AAA-type game where users can unlock achievements and get rewarded with nonfungible tokens. These NFTs can be collected and exchanged for prizes, or sold in a soon-to-be-released marketplace. Blockchain will be at the beating heart of every game thats produced, and leaderboards will enable players to see how they stack up against their rivals.　　In time, Night Life Crypto wants to become a self-sustaining platform where users have full control over their wallets — with integrated two-factor authentication ensuring their assets are kept safe. This wont be at the expense of being able to play anonymously.　　Another sizeable

2021-07-07Deep Dive

Breaking: Top Executives of Bithumb Indicted in Hong Kong

IN BRIEF　　Top executives of Bithumb were indicted on fraud charges in Hong Kong.　　The lawsuit will be filed by its former Thai partner for defrauding and breach of contract.　　The Hong Kong subsidiaries of South Koreas largest exchange Bithumb are facing a lawsuit for breach of contract and top executives including the owner of the exchange have been indicted for committing fraud. The top executives face criminal charges for fraud worth 100 billion won.　　The lawsuit will be filed by the exchanges former Thai partner who had filed a separate lawsuit in South Korea last year. The former partner would file a civil lawsuit against two subsidiaries ― Bithumb Global Holdings (BGH) and GBEX after discovering Bithumb is planning to open an exchange in Thailand again.　　Bithumb first announced its plans of opening subsidiaries in Japan and Thailand back in 2017 but by 2018 Thai partners realized that the executives were only making empty promises to sell the token called BXA issued by BK Group Chairman Kim Byung-gun who promised the token will be listed on Bithumb soon. He also tried overtaking Bithumb in 2018 but failed and so did his plans to list the groups token.　　The Thai partner said,　　“After Bithumb stopped its BXA

2021-07-07Deep Dive

Cardano leapfrogs Bitcoin as eToro clients' most-held cryptocurrency

Investors are showing signs of becoming increasingly confident in the potential of smaller cryptocurrencies, despite this quarters market correction, with new eToro data revealing increases in the numbers of cryptoassets being held during the last quarter (Q2).　　Perhaps surprisingly, Cardanos ADA has leapfrogged Bitcoin to become the most held in the second quarter of 2021, seeing a 51 per cent increase on the previous quarter. Bitcoin, which led the cryptoasset bull run at the start of the year, remained popular with a 42 per cent increase in demand.　　However, it was eclipsed by ADA and slipped from first to second place.　　Simon Peters, crypto market analyst at eToro said the growth and use case potential for Cardanos native ADA token had clearly provided plenty of attraction for investors.　　“During Q2, Cardano provided a clearer roadmap for its upcoming Alonzo hardfork – currently in a testing phase,” he said.　　If successful, it will bring smart contract functionality by allowing the writing and deployment of smart contracts for the first time on the Cardano blockchain.　　This upgrade will be significant as it will enable developers to build projects on the network, helping Cardano to position itself as a real ‘competitor’ to the likes of Ethereum.　　“The price of ADA

2021-07-07Deep Dive

Goldman Sachs: Ethereum's popularity could see ETH become dominant store of value

Goldman Sachs said in a note to clients on Tuesday that the blockchain with the highest “real use potential” is Ethereum, suggesting its ETH could become the dominant digital store of value.　　As such, Goldman predicts the total market capitalization of ether (ETH) could overtake the total market cap for Bitcoin (BTC) in the coming years, according to a report in Business Insider.　　 “[Ether] currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.”　　Smart contracts comprise software enabling the automated execution of digital contracts, with the technology having facilitated the boom in decentralized finance (DeFi) protocols and crypto-powered decentralized applications (DApps).　　The analysts noted that Bitcoins first mover advantage had given it the stronger brand, however the believe it lacks some of the use cases of Ether and lags in transaction speeds. As a result of its its focus on hard money and network security, Bitcoin does not yet offer the same level of functionality as Ethereum.　　As a younger network, Ethereum has also been able to grow at a faster rate than Bitcoin. While Bitcoin grew 261% in the

2021-07-07Deep Dive

Bitcoin Volatility Drops To Lowest Level Since Bull Run Began

Bitcoin volatility levels have now bitten a new low since November 2020. Volatility in the market has seen a downward drop as the price of bitcoin has stagnated in the last few months. As bitcoin saw record highs at the start of the bull market, volatility had risen greatly. Speculations rocked the market and there was a high chance of bitcoin swaying in the downward direction while it surged.　　This led to high volatility levels. And as the market hit its height in April, volatility seemed to have leveled out. Then continuously increased while prices fell in May. Worthy of note that vocality is highest when prices are on their way up.　　This is seen in the chart below when volatility skyrocketed during the rally in February.　　Bitcoin volatility down | Source: Bitcoin Volatility Index on TheBlockCrypto　　Bitcoin Losing Steam　　Volatility increases as more people buy and sell in the market. When buy and sell orders are full, there is a high probability for prices to move quite drastically. There are people who are taking out gains. And then there are people who are buying into the market. This makes the price of Bitcoin extremely volatile.　　But prices have currently started to even out. Some people

2021-07-07Deep Dive

Swiss bank UBS says Bitcoin is ‘unsuitable’ for institutional investors

Switzerland bank UBS said in its latest note to investors that the increased crackdown on the crypto market by China makes investing in Bitcoin and other crypto-assets “unsuitable.”　　UBS says stiffer regulations are coming　　According to the note, the latest crackdown on digital assets by the Asian country has affected the value of the coins and players in the market. It also highlighted the fact that other countries like the United States and United Kingdom could also be planning to implement a set of stiffer regulations against the industry, thereby making investing in the space a huge risk for investors.　　The Swiss banking giant went on to state that regulators across the world have shown that “they can and will crackdown on crypto,” while advising investors to “stay clear and build their portfolio around less risky assets.” The firm concluded that “regulatory crackdowns could pop bubble-like crypto markets.”　　Governments around the world renew crackdown on crypto　　It is worth noting that China has renewed its hostilities towards crypto mining in recent times. The government of the country has enforced the closure of numerous crypto mining sites citing environmental concerns.　　Similarly, in the United States, Boston Federal Reserves president Eric Rosengren highlighted the fact Stablecoins were being

2021-07-07Deep 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.