Crypto Guides, Knowledge & Insights

CryptoPunks are taking over Miami

Nearly 100 characters from the popular crypto-collectibles project CryptoPunks will be displayed across bus shelters and billboards in Miami for one month from April 12.　　The showcase will be hosted by nonprofit art organization SaveArtSpace as part of its exhibition “Pixelated” — a month-long city-wide public art exhibition that will take over the streets of Miami for the first time this year.　　In addition to the 96 characters that will be on display across the city, the popular nonfungible tokens will also be displayed during the event as part of a pop-up exhibition of CryptoPunks in partnership with art equipment retailer Blackdove at 69 East 41st St., Miami on April 15.　　CryptoPunks was one of the first nonfungible token projects created on Ethereum, having launched in 2017.　　The project mints tokens featuring unique cartoon characters that have varying value depending on the rarity of the features they possess. All 10,000 CryptoPunks were minted when the project launched and were made available to be claimed for free.　　The tokens have since exploded in popularity, fetching exorbitant prices, with CryptoPunk 6965, which depicts an ape in a brown hat, selling for 800 Ether (ETH) worth more than $1.5 million in February, and Punk 2890, which depicts a

2021-04-06Deep Dive

Bitcoin’s Lightning Network Now Has 10K Active Nodes and $69M in Locked Value

The number of nodes on Bitcoins Lightning network has nearly doubled year over year, according to public data.　　The Lightning Network – a layer atop the Bitcoin blockchain that uses its own special rules to facilitate cheaper, faster transactions – had about 5,335 public nodes in April 2020. Now that number sits at 10,348, a roughly 94% increase. This figure only includes nodes with public connections, however, and the real number is likely higher when factoring nodes with private connections.　　As Bitcoin‘s on-chain fees grow alongside bitcoin’s price, scaling technologies like Lightning offer users a cheaper and faster way to transact. If bitcoin will ever be used as a day-to-day currency, a scaling solution like Lightning is paramount, and avid bitcoiners even use the network today to purchase goods and services.　　With Bitcoin‘s Lightning network seeing more activity than ever, the total number of payment channels on the network (the two-way payment avenues that power Lightning’s plumbing) is now over 45,000. The Lightning Network currently holds 1,185 BTC, worth some $69 million.　　Lightning Network adoption　　Though introduced in 2017, the past two years have been critical for Lightnings growth.　　At the end of 2020, crypto exchange Kraken announced it would support the feature. Before Kraken, the

2021-04-06Deep Dive

To NFT Or Not To NFT: Naval Ravikant And Whaleshark Have Advice For Takers

Naval Ravikant (@naval), co-founder and former CEO of AngelList, tweeted a detailed thread elucidating Non-Fungible Tokens or NFTs.　　An NFT is a unique, on-chain token representing the ownership of an off-chain asset where the token is backed by a social contract from its creator and a surrounding community.　　When an off-chain asset is assigned a unique token, its ownership becomes programmable, verifiable, divisible, durable, universally addressable, composable, digitally secured, and easy to transfer.　　Do NFTs Really Have A Scarcity？　　Blockchain technology helps create scarcity for an asset, an aspect that is like the holy grail in the digital world. Its effortless to make exact digital copies of real-world assets, but blockchain technology helps establish copyright and prevent infringements.　　On-chain assets are created to maintain a scarcity enforced by code and distributed consensus. Naval says that off-chain assets represented by NFTs are not provably scarce. The scarcity of the asset is only as strong as the social contract with the creator and the communitys backing.　　Naval further adds,　　“For NFTs representing digital art and collectibles, the creator cannot enforce scarcity - its up to a surrounding community to imbue the authorized NFT with scarcity and prestige within the context of that community.”　　NFTs Value Interwoven With Community　　An NFTs value

2021-04-06Deep Dive

British Authorities Take Down Dark Web Ecstasy Gang, Seize $5.8M in Drugs

The string of dark web gangs being cracked down by law enforcement is still alive across the world. Recently, the British authorities dismantled an unnamed dark web band known for selling ecstasy and gathering millions of dollars worth of crypto.　　Gang Sold Ecstasy, Amphetamine, and Diazepam in Several Darknet Forums　　According to The Independent, the National Crime Agency (NCA) deployed an operation that targeted several houses in North East England, specifically in the metropolitan borough of South Tyneside.　　Authorities were concerned and raised red flags last year after intercepting large shipments of ecstasy. All parcels had as final destinations like the United States, Israel, Norway, Thailand, Hong Kong, Malaysia, and even the UK, said the NCA.　　Also, law enforcement traced encrypted messages exchanged between suspects, who allegedly talked about illegal transactions with drugs and money laundering via cryptocurrency trading.　　The NCA seized 90 kg of ecstasy, 134 kg of amphetamine, and over 6,000 Diazepam tablets. Per the authorities, all the products have a value in the dark market of around 4.3 million pounds ($5.9 million).　　Findings suggest that the gang didnt have a website for selling the drugs. Instead, they relied on undisclosed dark web forums and used usernames such as HundredsUK, Hundredsandthousands, Sundaefundae, and 100and1000s.　　US

2021-04-06Deep Dive

CryptoSignals.org – Free Crypto Signals for BTC, ETH, and More

CryptoSignals.org is making cryptocurrency day trading accessible to anyone. This new online cryptocurrency trading group offers paid and free crypto signals on Telegram and covers top digital currencies like BTC, ETH, LTC, and XRP.　　Anyone can sign up for CryptoSignals.org and all signals are released instantly via Telegram. Free crypto trading signals are issued 3 times per week, while paid premium users can expect 2-3 signals per day. CryptoSignals.orgs premium signals have a win rate of 82%.　　CryptoSignals.org: The Best New Crypto Signals Provider for 2021　　CryptoSignals.org was founded by a group of traders that have been developing signals for cryptocurrency trading since 2014. The group ultimately decided to formalize their knowledge and create CryptoSignals.org, which has quickly become one of the best new crypto signals providers in 2021. Since launching, CryptoSignals.org has been featured on Blockchain, CoinTelegraph, Finance Magnates, and MarketWatch.　　CryptoSignals.org focuses primarily on BTC and ETH crypto signals, but the group also provides trading signals for LTC and XRP. The platform targets a gain of 1,500 pips per month from BTC crypto signals alone and CryptoSignals.org premium signals have a success rate of 82%.　　The secret to CryptoSignals.orgs success is that it uses a combination of technical analysis, fundamental analysis, and artificial

2021-04-06Deep Dive

A Big Breakout Awaits ENJIN (ENJ) Following Its Scaling Update This Week

Ethereum rival Enjin is facing the prospect of posting a massive breakout rally ahead, according to a classic technical indicator and a crucial network update.　　The mid-cap blockchain project, active since 2009, provides services for building gaming communities and products for game developers. It offers a suite of tools based on a web interface that enables Ethereum digital assets in the form of ERC-1155 tokens. ENJ serves as the de-facto settlement token for the Enjin network, similar to how ether backs the Ethereum blockchain.　　JUMP ON JUMPNET　　The cost to purchase one ENJ rose more than 1,500 percent as Enjin posed an alternative to Ethereum‘s rising gas and trade transaction costs issues. Its massive upswing also came after a press release published in March revealed Enjin’s plans to launch two updates on its network to improve its scalability and interoperability.　　At the same time, these updates proposed to remove Ethereums expensive gas fees altogether while increasing support for the booming non-fungible token (NFT) industry (NFTs are novel, non-replicable cryptographic tokens that exist on a blockchain).　　The first of these upgrades, dubbed as JumpNet, will be released on Tuesday. It is “a private version of the Ethereum blockchain with a Proof of Authority (PoA) method of

2021-04-06Deep Dive

CryptoPunks are taking over Miami

Nearly 100 characters from the popular crypto-collectibles project CryptoPunks will be displayed across bus shelters and billboards in Miami for one month from April 12.　　The showcase will be hosted by non-profit art organization SaveArtSpace as part of its exhibition “Pixelated” — a month-long city-wide public art exhibition that will take over the streets of Miami for the first time this year.　　In addition to the 96 characters that will be on display across the city, the popular NFTs will also be displayed during the event as part of a pop-up exhibition of CryptoPunks in partnership with art equipment retailer Blackdove at 69 East 41st St, Miami on April 15.　　CryptoPunks was one of the first non-fungible token projects created on Ethereum, having launched in 2017.　　The project mints tokens featuring unique cartoon characters that have varying value depending on the rarity of the features they possess. All 10,000 CryptoPunks were minted when the project launched and were made available to be claimed for free.　　The tokens have since exploded in popularity to fetch exorbitant prices, with CryptoPunk 6965 — which depicts an ape in a brown hat — selling for 800 ETH worth more than $1.5 million in February, and Punk 2890 — which

2021-04-06Deep Dive

Is Ethereum Poised to Cash in on the NFT Market?

The Non-Fungible Token (NFT) market is the hottest new cryptocurrency, but its unclear if a platform like Ethereum is poised to capture these gains. An NFT is the registration of ownership of a digital object on a blockchain. An NFT is a right to a stake in the ownership of a collectible such as art or wine. It can be any media, including but not limited to art, videos, music, games, or even tweets. Non-fungible means the object is unique, making it irreplaceable. For example, crude oil with the same gravity and sulfur content is fungible, and you can trade it anywhere in the world. The Monalisa is a unique piece of art that is non-fungible.　　Most of the main NFT projects on Ethereum are marketplaces for digital collectibles. Some of these market places have thousands of daily active users, with their weekly transaction volume climbing to millions of dollars. The movement toward NFTs has put Ethereum back into the limelight. The cryptocurrency has ran up 417% in 2020 and is poised to test higher levels. The technicals are also strong, which in conjunction with this new impetus, could help Ethereum move higher.　　Why are NFTs Important？　　NFTs can be a catalyst in

2021-04-06Deep Dive

Blockchain and Crypto Startups Raise $2.6 Billion in Q1 of 2021— Figure Surpasses 2020 Total by $300

According to data analysis firm, CB Insights, about $2.6 billion was raised by some 129 blockchain-focused start-ups during the first quarter of 2021. This figure easily surpasses the $2.3 billion raised from a total of 341 deals that were seen in the whole of 2020.　　Large Capital Raising Rounds Dominate　　As noted by one report, the capital raised in this period provides further evidence that “venture capitalists are pouring money into cryptocurrency-related companies at the fastest clip in years.” However, the data also shows that this increase has largely been “fueled by several large rounds for startups including crypto lender Blockfi Inc, Dapper Labs and Blockchain.com.”　　In March, Blockfi revealed it has closed on a massive $350 million Series D funding which valued the company at $3 billion. Before that, Blockfi raised $50 million in August of 2020. Meanwhile, following this latest financing round, Blockfi has now raised about $450 million since its inception.　　Similarly, game-maker Dapper Labs, announced in late March that it had “closed $305 million funding round” and this put the start-up‘s valuation at $2.6 billion. On the other hand, Blockchain.com revealed in late March 2021, that it had secured $300M in funding via its Series C funding round. Following this

2021-04-06Deep Dive

Are Cryptocurrencies An Asset Class?

Goldman Sachs has stated that Bitcoin and other cryptocurrencies cannot be referred to as an asset class.　　The CEO of Digital Currency Group, Barry Silbert, also holds the same opinion as Goldman Sachs.　　Meanwhile, the Securities and Exchange Commission (SEC), in the ongoing saga with Ripple, referred to XRP as a security, citing the centralized manner in which it was developed and distributed.　　Do cryptos qualify to be called an asset class？　　Cryptocurrencies and the underlying blockchain technology may be still in their infancy, with Bitcoin having the first-mover advantage by launching in 2009.　　Since then, flurries of ICOs and new cryptocurrencies have flooded the market, making it inevitable that regulatory agencies would examine the impact that these digital currencies could have in the financial space.　　In an attempt to properly regulate the nascent industry, regulators and key players have sought to properly understand which category to place these digital currencies in, with rising uncertainty as to whether they are an asset class or not.　　What Is An Asset Class？　　An asset class is defined as a collection of financial instruments that tend to share similar characteristics in terms of price and financial structure.　　In fact, these asset classes are even traded in the same market and are subject

2021-04-06Deep Dive

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