Crypto Guides, Knowledge & Insights

Plasm Network Bringing In ZK Rollups Integration For Polkadot

Plasm Network, multi-virtual machines scalable smart contract platform on Polkadot, tweeted that ZK Rollups are officially on their way to Polkadot:　　“Update! Excited to inform you that milestone 1 of our ZK Rollups grant has been accepted by Web3 Foundation. Plasm is a ZKRollups compatible platform. We have successfully deployed one of the most complicated Solidity contracts on the Plasms EVM.”　　Details Of The ZK Rollups Integration　　Headed by Shinsaku Ashizawa, a Rollups engineer at Plasm Network, they successfully deployed Matter Labs‘ Solidity ZK Rollup contracts on Substrate and Plasm Network. Plasm Network formerly provided support to both Ethereum Virtual Machine and WebAssembly. Now with this integration, it is compatible with ZK Rollups as well. Plus, they have managed to deploy a highly complicated solidity contract on Plasm Network’s Ethereum Virtual Machine.　　Why Are Rollups Necessary For Polkadot？　　ZK Rollups is one of the main properties that the Ethereum blockchain will be bringing into its ecosystem following its ETH 2.0 upgrade. Due to this, it will be necessary for Polkadot to integrate rollups as well to enable seamless compatibility. Along with these, Rollups are critical in the current ecosystem because of the following reasons:　　A multi-chain architecture is the future of the blockchain ecosystem.　　Ethereum is currently

2021-03-22Deep Dive

Coincheck Readies Beta Launch of NFT Marketplace, Will Accept BTC, ETH & Alts

The Japanese crypto exchange Coincheck is to roll out the beta version of a new non-fungible token (NFT) marketplace next week, and has announced that it will provide support for bitcoin (BTC) and 12 major altcoins including ethereum (ETH).　　Per TechCrunch Japan and and Jiji, the beta will not involve trading on a blockchain network, but will allow would-be traders to buy and sell NFTs for crypto, with NFTs initially available from six Japanese and overseas providers, mostly in the gaming field.　　Coincheck will become the first Japanese crypto exchange to launch a dedicated NFT marketplace, and has become increasingly keen on NFT-related business – earlier this year acquiring Metaps Alpha, the operator of the miime NFT trading platform, in an M&A deal.　　It is also working on a project that is set to become Japans first-ever initial exchange offering (IEO) – another NFT trading project.　　Coincheck has already announced this year that it has bought LAND, digital pieces of real estate used in the mobile game The Sandbox, with a view to transferring these to its new beta marketplace.　　In the future, the firm said, the new Coincheck-branded platform will shift its focus from the gaming sector to also seek out partners in the

2021-03-22Deep Dive

Exeedme Launches the First Esports Integrity Commission Approved Play2Earn Platform

Exeedme was founded by Nuno Fernandes and Francisco Varela with the intention of creating a platform that would enable gamers to monetize their playing time, regardless of skill level. The company‘s strategy is geared towards shifting focus from the industry’s current standard business model, Free2Play (which consists of purportedly offering games for free and then generating revenue through in-game purchases), to a Play2Earn philosophy, powered by blockchain technology.　　The Play2Earn model seeks to provide gamers with a means to generate revenue through their gaming, instead of merely participating as paying customers. Exeedmes goal is to allow gamers to create an open market, reliant on decentralized finance and non-fungible tokens. There will be no traditional intermediaries, and gamers will be able to challenge each other and bet on themselves outside the scope of an overarching authority.　　Applications were opened for the first 100 users of the platform on Wednesday the 17th March at the end of the worlds first Counter-Strike: Global Offensive Blockchain Tournament. The tournament gathered eight elite blockchain projects that played against each other. Companies featured included Aleph.im, ChainGuardians, ChainLink, Ocean, Ferrum Network, Ultra and Umbrella. Utrust, the leading digital currency payments provider and Exeedme partner, would come out victorious.　　The first

2021-03-22Deep Dive

NFTs Are Selling for Millions, But How Do You Tell a Diamond From a Dud?

With a non-fungible token (NFT)-based digital artwork selling for USD 69.35m, youd be forgiven for assuming that most NFTs are worth a small — or large — fortune. However, for every multi-million-dollar NFT, there are hundreds, if not thousands, of obscure tokens sold for modest sums.　　This raises an important question: with so many NFTs flooding the market, how can a potential buyer appraise the ‘inherent’ value of a non-fungible token and evaluate which types of NFT are most likely to appreciate in value？　　Analysts speaking with Cryptonews.com said that, while there‘s as much justification to sell NFTs for high (or low) prices as physical artworks or collectibles, modelling their ’fundamental value as if they were stocks is incredibly fraught. At the same time, most experts would expect an NFT market crash to happen sooner or later, even if they also acknowledge that NFTs are here to stay.　　NFT is in the eye of the beholder　　According to Messaris Mason Nystrom, the potential value of a non-fungible token is likely to vary according to its category, and according to what it represents.　　“If the NFT is a piece of art or collectible, the value is whatever the market demands. NFTs that can be utilized in

2021-03-22Deep Dive

How Ethereum low supply on exchanges could drive up ETH price

Research firm Santiment has determined that Ethereums supply radius on exchange platforms is at a 28-month low. With 20.1% of ETH in its reserves, the last time the metric was at similar levels was in November 2018.　　Source: Santiment　　Above is a look at the relationship between the increase in Ethereum supply on the exchanges and fluctuations in its price. ETHs rally in recent months corresponds to a sustained decline in this metric.　　Ethereum is trading at $1,808 with bearish performance in the 24-hour chart. However, in the last hour ETH is showing an uptrend with 0.3% gains, after a week of negative performance. If the cryptocurrency manages to stay above the current level it could gain more momentum and go after resistance at $1,850.　　Ethereum breaking above $1,800. Source: ETHUSD Tradingview　　Where is Ethereums demand coming from？　　Two sectors are currently taking a big part of ETHs supply. Data from DeFi Pulse register 9,4 million ETH locked in DeFi protocols. After registering a drop at the end of February, ETH inflows into decentralized finance protocols have absorbed 1.5 million ETH since March 8.　　This trend is continuing and shows no signs of weakening, as more and more users join the sector for profits or to participate

2021-03-22Deep Dive

On Covering the NFT Hype

The Lindsay Lohan NFT is the kind of story we at CoinDesk approach with a bit of trepidation.　　On its face, it seemed tawdry and inconsequential: A tabloid celebrity cashing in on this bull markets version of the 2017 initial coin offering bonanza, in partnership with a blockchain project known mainly for its marketing stunts. Plus, by simply writing about it, we risked abetting an endeavor that was, at best, silly. In a field where attention is almost as valuable as money, merely pointing out to our readers that something exists is often misperceived as “pumping” it.　　But cover the story we did. Reporter Danny Nelson held his nose and did a yeoman‘s job of spelling out how the auction of a non-fungible token by a former Disney moppet was a sign of the zeitgeist and market froth. He asked the right questions (was Tron paying Lohan？ What exactly did the NFT entitle its holder to？) even if he couldn’t answer them with the limited information provided by Justin Suns PR team. When the pandemic is over, I will be buying Danny many drinks.　　Why cover it at all, though？ Its a fair question. Not for clicks. Well, not just for clicks.　　Marc Hochstein

2021-03-22Deep Dive

Another Binance Smart Chain Project Turtledex Rug Pulls With Tokens Worth $2.5M Confirmed Stolen

The team behind Turtledex protocol, a Binance Smart Chain (BSC) project has reportedly rug pulled its investors shortly after raising 9,000 Binance tokens worth $2.5 million. Immediately following the confirmation of the theft, the value of the protocols native token TTDX, reportedly plunged to near zero. At the time of writing, the social media accounts associated with the protocol appear to have been deleted.　　The Rug Pull　　As one report explains, Turtledex, which touted itself as a decentralized storage platform for users, successfully duped users by claiming it could help them “keep data and preserve files without needing to keep them on their computer.” These claims initially helped the Turtledex team to raise funds via the pre-sale round “in just two hours on Monday 15th.”　　Next, the team would follow up this successful fundraising round by “opening their liquidity pools on two major BSC Decentralized exchanges (DEXs): Pancakeswap and Apeswap.” The native tokens, TTDX, “were unlocked and opened to circulation on March 18th at 15:00 UTC and the price quickly pumped above its pre-sale value.”　　However, just 24 hours later, a Twitter user named Defistalker warned TTDX holders of a possible exit scam after noticing the removal of liquidity on the two DEXs. In

2021-03-22Deep Dive

Ethereum network in a fee spin: Can the Berlin upgrade save the day?

Though Ether‘s (ETH) value has continued to showcase increasing signs of stability around the $1,800 range over the past fortnight or so, users of the premier altcoin’s network have been faced with rising gas fees as well as increasing network congestion issues. To put things into perspective, since summer last year, a time when the DeFi boom was starting to peak, Ethereums network fees have more than doubled.　　While this fee increase quite directly relates to ETHs increasing value, there is no denying that it also clearly shows growing demand for ERC-20 tokens, stablecoins, as well as various decentralized finance-based offerings in general.　　As is evident from the chart below, costs of facilitating transactions on the Ethereum network have increased significantly over the last few months, with the average transaction fee touching an all-time high of $39.49 on Feb. 23.　　Not only that, on March 20, the average transaction fee is at $16, a price point that is quite high, especially for developers and those looking to facilitate small value transactions.　　Also, as nonfungible tokens continue to gain mainstream traction, it stands to reason that transaction costs on the Ethereum network will continue to rise in the near future. Thus, until a viable scaling

2021-03-22Deep Dive

Millions of Africans to benefit from Cardano’s expanding ecosystem

Cardano is making more headlines as it scores points in getting allies in Africa. So far, Africa has been largely untouched by most blockchain-based tech companies, but Cardano seems to have identified quite an opportunity in the continent. The news was broken by IOHK CEO, Charles Hoskinson, in a short YouTube video.　　According to Hoskinson, Cardano is working with various African governments to develop digital entities that will open the gates for millions of people to benefit from the expanding Cardano ecosystem.　　Forming New Markets　　Going on, Charles opines that this move will greatly contribute to helping millions of Africans that have had no prior access to digital resources and services in setting up with these long-awaited growth opportunities. These benefits will include the creation of digital identities that can be linked to rich metadata, digital wallets, and payment systems.　　Granted, this is likely to result in the emergence of a new larger market based out of the digital age. Charles estimated the new market in Africa to total around $5 trillion, something that makes this a high priority for the Cardano ecosystem as a whole.　　Africa is Not Poor　　Charles Hoskinson doesn‘t believe that Africa is a poor continent as mostly portrayed on the global

2021-03-22Deep Dive

Bridgewater's Ray Dalio Warns Government Could Restrict Bitcoin Investments, Impose 'Shocking' Taxes

The founder and chief investment officer of Bridgewater Associates, the worlds largest hedge fund firm, has warned that the government could “impose prohibitions against capital movements” into assets such as bitcoin. He added that regulators may also impose changes in taxes that “could be more shocking than expected.”　　Ray Dalio Warns About Government Prohibitions and Taxes　　Ray Dalio, founder and chief investment officer of Bridgewater Associates, wrote a post on Linkedin last week entitled: “Why in the World Would You Own Bonds When…”　　He pointed out that the bond markets currently offer “ridiculously low yields,” which “do not meet these asset holders funding needs.” The executive wrote, “There is now over $75 trillion of US debt assets of varying maturities,” adding that their holders will at some point want to sell them to get cash to buy goods and services with.　　However, Bridgewaters chief investment officer estimates that “at current valuations, there is way too much money in these financial assets for it to be a realistic expectation that any significant percentage of that bond money can be turned into cash and exchanged for goods and services.” He elaborated: “It has to be accommodated … via printing a lot of money and devaluing it,

2021-03-22Deep Dive

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