Crypto Guides, Knowledge & Insights

Enjin joins Crypto Climate Accord, goes carbon negative

Enjin, a blockchain gaming and nonfungible token platform, has stepped up to decarbonize its footprint by joining the Crypto Climate Accord, a move that adds further credibility to the industrys growing environmental mandate.　　The Crypto Climate Accord is backed by 20 firms from the blockchain, fin-tech and greentech industries. Inspired by the 195-signatory Paris Climate Agreement, the Accord was established in April to address the “large and growing energy consumption of cryptocurrency and blockchain, and the climate impact of their energy use.”　　Enjin claims that its JumpNet blockchain has already achieved carbon-negative status nine years ahead of schedule. In March, the company said it planned to enable carbon-neutral NFTs by 2030.　　“The creation of new forms of technology should never come at the cost of destroying our environment,” said Enjin CEO Maxim Blagov. “Carbon neutrality for JumpNet is an important step toward our vision of a sustainable NFT ecosystem for Enjin and our partners.”　　In addition to decarbonizing newly created tokens, Enjins environmental sustainability plan includes supporting the tokenization of the physical economy and decarbonizing existing digital assets. Other measures include upgrading to carbon-neutral nodes and incentivizing carbon reduction technologies.　　Environmental concerns have virtually hijacked Bitcoins narrative this year, with the likes of Elon Musk

2021-06-25Deep Dive

What to expect from Ethereum, Cardano and Dogecoin’s recovery phase?

Recovery from the most recent crash is what most traders are looking forward to. Billions of dollars were wiped out of the crypto market capitalization. Among altcoins that are recovering from the price drop, ETH, ADA, and DOGEs recovery are the most notable. At the time of writing 86% ETH addresses, 39% ADA addresses, and 68% DOGE addresses were profitable based on on-chain data from intotheblock.　　On exchanges like Kraken, ETH was back above $2000. The price continued to remain over 20% away from last week‘s level, however, recovery and the bullish on-chain metrics signal a rally to the $2800 level before the end of July 2021. In the past 24 hours, the overall gain in ETH’s price was nearly 20%. ETHs recovery was driven by its correlation with the recovering asset Bitcoin and its drop in average transaction fees, based on Glassnode data (Which was covered in this article).　　Flows by provider and asset || Source: Twitter　　Increasing buying volume across exchanges, which can be read as transaction volume, that is updated every 24 hours on coinmarketcap.com is an effective indicator. ADAs gain in the past 24 hours was nearly 25%. This can be attributed to the fact that institutions have decreased

2021-06-25Deep Dive

Canada Could Become The Next “El Salvador” For Bitcoin, But How Soon?

Canada, the third most populous nation in the North American continent, is on course to becoming home to the biggest cryptocurrency firms.　　Canadas regulatory atmosphere has been more favorable to cryptocurrencies than their North American counterpart: the United States of America.　　The country made history recently when it approved the first cryptocurrency ETF. The ETF offered by Purpose Investments became available to investors in February this year and is traded on the Toronto Stock Exchange under the ticket BTCC.　　Exchange-Traded Funds (ETFs) are a type of security that tracks an index, sector, commodity, or other assets, and can be purchased or sold on a stock exchange the same as a regular stock. A Bitcoin ETF allows investors to invest in Bitcoin without actually holding any Bitcoin, as the ETF does the holding, while they only reap the benefits.　　Similarly, other ETFs have quickly followed the first. They include the CI Galaxy Ethereum ETF, Evolve Bitcoin ETF (EBIT), and Purpose Ether ETF, which have been hugely successful. A Bloomberg report recently revealed that one-third of the 25 most actively traded ETFs on the Toronto Stock Exchange were cryptocurrency funds.　　Still, in the Spirit of Bitcoin adoption, the Canadian Elite Basketball League (CEBL), announced it was offering

2021-06-25Deep Dive

Japan, Portugal Approve New Cryptocurrency Exchanges

Japan and Portugal announce approval of new cryptocurrency exchanges in the nations.　　Portugal has approved two exchanges so far, while Japan has allowed Coinbase to function within the country.　　Japan Approves Coinbase　　Coinbase can finally start operations in Japan as the countrys top financial regulator has approved the organization within the nation.　　As of this approval, Coinbase hosts five cryptocurrencies for trading. These include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Steller Luman (XLM).　　Financial Services Agency (FSA) is the organization that approved Coinbases new Japanese subsidiary under the new Fund Settlement Act.　　Coinbase has been trying to get Japanese approval since 2018. So that they can ensure compliance with all laws, the process involved the company working hand-in-hand with the FSA.　　Back in 2018, Coinbase joined the Japan Virtual and Crypto Exchange Association (JVCEA) as a second-class member. Now that they have got approval from the FSA, their membership has upgraded to first-class.　　Portugal Approves Two Cryptocurrency Exchanges　　Banco de Portugal, the countrys central bank, allows Mind the Coin and Criptoloja to function as cryptocurrency exchanges.　　Criptoloja is the first 100% Portuguese company that allows users to buy or sell Bitcoin and other cryptocurrencies. The organization is situated in Lisbon, the countrys capital.　　Mind the Coin will

2021-06-25Deep Dive

Decentralized stablecoin’s sharding solution brings scalability to Bitcoin

Jax.Network is a sharded proof-of-work blockchain anchored to the Bitcoin network on which two coins are mined: JAX and JAXNET (JXN). JXN is mined on the Jax.Network beacon chain, whereas JAX is mined on its shard chains.　　JXN coin mining produces a fixed number of reward coins (20 coins per block), making it a speculative asset that reflects the value of the Jax.Network payments ecosystem. It is used to incentivize Bitcoin miners to merge mine Jax.Network and defend the beacon chain, to pay for gas fees for decentralized exchange agent listings and other transactions, and more broadly to serve as a secondary savings account for Bitcoin miners. In the long term, the company says it will incentivize BTC miners to continue defending the network even if the BTC mining rewards move closer to zero.　　JAX is the stablecoin, intended to be used for day-to-day transactions. Its shard chains are created as the miners determine they are needed, enabling the Jax.Network blockchain to scale in a virtually limitless fashion.　　JAX relies on merge mining, piggybacking on Bitcoin, to create a highly scalable, market-driven cryptocurrency that incentivizes miners while gaining the security of the largest PoW blockchain. It also avoids the excessive gas fees of

2021-06-25Deep Dive

Bipartisan bill to study blockchain and crypto passes US House of Representatives

A bipartisan bill that requires the study of blockchain technology and digital tokens passed the House of Representatives on June 22.　　The Consumer Safety Technology Act is centered on consumer protection and includes digital token and blockchain research. The bill passed the 117th Congress within a week of its introduction, with a resounding 325 votes in favor of, and 103 votes against.　　This is not the first time this bill has reached this point however, and under the Trump administration, the bill passed the House in September 2020. It was then referred to the Committee on Commerce, Science, and Transportation before being shot down in the Senate.　　Among other things, the bill calls for the Consumer Product Safety Commission to deploy a pilot AI program to aid consumer safety inspections, such as identifying consumer product hazards and tracking trends related to injuries involving consumer products.　　Additionally, it calls for the Secretary of Commerce and the Federal Trade Commission (FTC) to “study and report on the use of blockchain technology and digital tokens.”　　Democrat representative for Californias 9th district, Jerry McNerney sponsored the bill, which was co-sponsored by Democrat Darren Soto, along with Republicans Warren Davidson, Van Taylor, Michael Burgess, and Brett Guthrie.　　The Consumer Safety Technology

2021-06-25Deep Dive

Winklevoss-Led Exchange Launches Gemini Green to Help Decarbonize Bitcoin

The cryptocurrency trading venue run by the Winklevoss twins – Gemini – intends to offset its own carbon emissions.　　The US cryptocurrency exchange – Gemini – announced a long-term initiative called Gemini Green, aiming to add environmentally conscious practices into its business. The trading venue partnered up with Climate Vault and plans to purchase 350,000 metric tons of carbon – a move striving to decarbonize bitcoin.　　The Crypto Platform That Will Offset Its Own Emissions　　Gemini – the crypto trading venue founded by the Winklevoss twins Cameron and Tylor – announced in a press release that it had launched Gemini Green. Its mission would be to solve Bitcoins environmental issues by decarbonizing it.　　“As bitcoin emerges as a dominant store of value, its imperative that we incorporate sustainability for future generations. We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonizing of bitcoin.” – commented Tylor Winklevoss.　　The partner of the exchange in the initiative is the non-profit Climate Vault. This collaboration would allow the crypto platform to acquire carbon permits directly from government-regulated cap-and-trade markets and remove them from circulation. Michael Greenstone – co-founder of Climate Vault – noted:　　“Slowing and ultimately reversing the

2021-06-25Deep Dive

Beeple Launches NFT Site That Highlights Notable Moments in History

After breaking the internet at selling a piece of NFT art for $69 million, Beeple is back in the news announcing the launch of a new blockchain platform. The platform, called WeNew, allows artists to create NFTs to authenticate digital art as one-of-a-kind offers.　　Pitchfork founder, Ryan Schreiber, will serve as the editor-in-chief of WeNew and will be tasked with curating the moments to be sold. The iconic moments will highlight the worlds of art, fashion, politics, and sports.　　In the press release, Beeple stated his optimism on the NFT world. “NFTs represent a new paradigm, not just in how people can invest their money but in how we conceive of our shared experience and how we celebrate remarkable achievements.” Beeple goes on to talk about his belief that NFTs will give people a way to digitally engage with moments that matter to them.　　The WeNew platform uses the Ethereum blockchain to offer NFTs in both single and multiple edition releases. The software also supports both auction formats and direct sales at any price point. The NFT digital art is only part of the buyer experience as WeNew‘s website claims that buyers will experience a “comprehensive editorial experience” to complement each piece. The

2021-06-25Deep Dive

Bitcoin Miners to See Biggest-Ever Increase in Profitability

According to Slush Pool, the oldest cryptocurrency mining pool, Bitcoins difficulty may reach a maximum negative adjustment of 25 percent based on recent block times.　　The important metric determines how hard it is for miners to find new blocks and earn rewards.　　As of now, a 20 percent drop is on the cards. It would already be the cryptocurrencys biggest difficulty adjustment ever, which will in turn translate into the biggest increase in profits.　　Slush Pool estimates that the profitability of the remaining ASIC miners will skyrocket beyond the most optimistic projections for 2021:　　While hundreds of thousands of ASICs sit idle in trucks, cargo ships, planes, and warehouses, those that remain online become more valuable.　　For instance, the Antminer S19 Pro will be able to churn out 86,700 satoshis per day following the upcoming difficulty adjustment that will take place in about a week.　　Bitcoins hashrate revisits post-halvening levels　　Bitcoins hashrate has tanked to 83.4 EH/s, its lowest level since May 26, 2020, according to data provided by BitInfoCharts.　　This represents a 51 percent drop since the May 13 all-time high of 171 EH/s.　　Image by bitinfocharts.com　　Xinjiang and Sichuan, the two biggest mining hubs in China, both ordered local miners to shut up shop earlier this month.　　In a

2021-06-25Deep Dive

‘Tokenized’ Tesla, Google, and Apple shares are coming to Solana (SOL)

Digital Assets AG, a Swiss-based firm focusing on the design, structure, and issuance of tokenized financial instruments, today announced that it is bringing its tokenized stock infrastructure to the Solana blockchain.　　At launch, FTX will be the exclusive home for KYCd buyers and sellers in permitted jurisdictions to buy, sell and withdraw the 55 free-floating stocks in a year-round, uninterrupted trading cycle with near-instantaneous settlement and no counterparty risk. They will also be able to make transfers to secondary markets without restriction.　　Popular stocks that will be immediately available for trading include Facebook, Google, Netflix, Nvidia, PayPal, Square, and Tesla.　　“The move from operating on a private blockchain to operating on Solana will offer a much more efficient, and cost-effective environment for the trading and utilization of tokenized stocks,” said Brandon Williams, Corporate Development Lead at Digital Assets AG, in a statement.　　He added, “We envision the entirety of traditional finance and capital markets being able to operate on the blockchain and Solana was the obvious choice.”　　Trading stonks on Solana　　Tokenized stocks can currently be traded on a singular entity such as an exchange or private blockchain and only give users the option to open or close positions.　　These are, however, restricted by constraints such as

2021-06-25Deep Dive

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