Geneva, Switzerland, 19th September, 2022, Chainwire
H.E. Justin Sun, Founder of TRON, spoke about the Seamless Web3 Future at Binance Blockchain Week in Paris. Sun was the key speaker at one of the most anticipated panel discussions with Eowyn Chen, CEO of Trust Wallet, and Jorn Lambert, Chief Digital Officer of Mastercard. The panel discussed important topics such as Web3 and its universal definition, key tools, critical issues, safety concerns, and other pressing matters concerning the industry’s future.
The discussion on Web3 and its technical definition kicked off the conversation. All panelists agreed that Web3 was already here, but mainstream adoption of Web3 is what will lead to the creation of more use cases. While Chen and Lambert expressed interests similar to Sun, Chen expanded upon Sun’s future vision of what Web3 is and what it could become.
Sun expanded on key tools to help create a more seamless Web3 experience, such as digital wallets, revenue and reward tools, and more efficient logistics and supply chain operations. Sun proceeded to discuss the unique utility and tools that stablecoins can provide and how Trust Wallet, MasterCard, and TRON can work together on improving the user experience of payment protocols.
Chen elaborated on the glaring difference between Web2 and Web3 by using Apple Music as an example of how many barriers to transferability and ownership exist in the current marketplace. Lambert followed up by discussing how tooling in Web3 can help current Web2 businesses to scale more efficiently by conducting the right amount of UX research. User optimization is essential and must be done correctly for mass adoption to allow companies to scale.
Mass adoption was a consistent talking point, and the panelists had varying opinions. Sun’s main topics focused on education and creating digestible content for users. Your Web3 experience is similar to your “gaming experience,” this is critical when addressing “ways to help mainstream crypto adoption.”
Chen led her response with this statement and concluded that the best way to educate users is by utilizing social media and a proper UX needs to be established by product designers to make them frictionless. Lambert focused on how security is vital for mass adoption to occur so that users aren’t “looking over their shoulder” as they navigate the Web3 space. Sun later responded with how important it is to be wary of scammers that will come about and addressed the concept of protocols and major institutions to help fight against this by filtering out scammers and verifying real users by implementing Know-Your-Customer policies.
The panel also discussed the aspect of security and safety as an essential part of Web3, maybe even the most significant. Helping create a chain agnostic ecosystem can help bring vibrant projects with fewer barriers of entry for them to succeed, which offers more users that these projects can attract. Another key theme echoed was the importance of regulations.
Making sure governments regulate the crypto space properly can help speed up the growth of blockchain technology. To assure protection in an anonymous digital environment, users can utilize frictionless and easy-to-use payment protocols that won’t allow them to connect their crypto wallets on non-verifiable NFTs or marketplaces. Lambert continued the discussion on security by inspiring developers to find pragmatic solutions.
Sun alluded to UI/UX being important for protocols to adopt to continue with efforts toward creating a more secure ecosystem. Sun also conveyed the importance of adopting other infrastructure platforms like Etherscan to help validate transactions properly. Chen focuses on working with large layer-1 blockchains like Binance to help with creating proper compliance and by using Artificial Intelligence to audit smart contracts properly. She suggested a civil society political theory and believes blockchain ecosystems will similarly become more educated and “civilized” organically, allowing fewer scammers to be successful and much more infrastructure to be feasible.
Lastly, the panel members talked about the current situation with Web3 and what projects are leading the space. Sun brought up the diverse qualities that different types of projects can bring and led with finance-based protocols followed by DAOs, GameFi, NFTs, and educational platforms which have paved the way for the current landscape of Web3. Lambert mentioned that “commerce makes the world go round,” It is imperative to create verification protocols that allow safe and verifiable physical transfers from user to user.
Chen agreed with this concept and added that the industry must establish a specific level of trust for these transactions to occur. Sun agreed with the other panelists and added that institutions must hire the right people who understand the heart of this issue, establish this level of trust for users, and communicate educational content properly.
He finished on how the crypto community is becoming much more mature, and you can see that happening with how crypto users and fans are starting to dress a bit more professionally.
The panelists agree with pushing toward privacy, security, and more robust verification methods that will allow users to feel safe with their money and identity. Sun concluded his panel discussion on the exponential adoption of crypto due to its decentralization and utilization and how Web3 must continue to stay decentralized to reach its full potential.
About TRON DAO
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of August 2022, it has over 111 million total user accounts on the blockchain, more than 3.8 billion total transactions, and over $13.2 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.
TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum
Contacts
- Feroz Lakhani
- press@tron.network
The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with more warnings about the U.S. economy and advice on where investors should put their money.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
On Friday, Kiyosaki tweeted that “savers are losers,” elaborating:
“Today, U.S. debt in 100s of trillions. REAL INFLATION is 16% not 7%. Fed raising interest rates will destroy U.S. economy. Savers will be biggest losers. Invest in REAL MONEY. Gold, silver & bitcoin.”
A number of economists, such as those at brokerage firm Nomura Securities, are predicting a 100 bps increase in the Fed’s benchmark short-term rate next week. Investment strategist Ed Yardeni told CNBC Friday that he believes the Fed is “going to come around and conclude that maybe just get it over with, maybe 100 basis points instead of 75 basis points. And then maybe one more hike after that.”
Some people, such as Tesla CEO Elon Musk and Ark Invest CEO Cathie Wood, have warned that a major Fed rate hike risks deflation in the U.S. economy.
Kiyosaki has repeatedly warned that the biggest crash in world history is coming. In April, he said all markets are crashing. He has recommended gold, silver, and bitcoin before. However, recently he said gold is expensive, calling silver the best investment value today.
Last week, he urged his mailing list subscribers to get into cryptocurrency now, ahead of the biggest crash in world history.
The famous author has been advising investors to buy bitcoin for quite some time, stating for several months that he is waiting for the price of the crypto to bottom out before getting in.
After revealing that he was waiting for BTC to test $1,100, he said in July that he was in a cash position ready to buy the cryptocurrency. At the time of writing, bitcoin is trading at $20,103, down 6% over the past seven days and 14% over the last 30 days.
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Throughout seven years of operating on the market, Changelly has been well-known as an aggregator of centralized exchanges (CEX). The list of our CEX partners includes OKX, Kucoin, FTX, Huobi and many others. Such a variety of liquidity sources makes it possible for us to find the best offers among centralized exchanges and provide better rates to our users.
As so-called decentralized finance (DeFi) applications boomed in the summer of 2020, the market has pivoted toward a new direction. DeFi makes financial products and services available to everyone who has access to the internet.
Moreover, it helps eliminate third-party involvement in people’s businesses and private lives by creating fully secure and anonymous financial services. Next, DeFi empowers users to truly own their funds and utilize various tools to lend, borrow, stake, earn interest and more.
We are thrilled to announce that we are taking the first step toward introducing DeFi possibilities to our users with Changelly DeFi Swap powered by Yet Another DeFi.
Yet Another DeFi is a decentralized exchange (DEX) aggregator that encompasses all the advantages of DeFi and optimizes transaction costs. The Smart Router by YAD finds the best way for a swap among different liquidity providers and suggests the most beneficial split to proceed with the transaction.
What does this integration mean to our users?
- 1,000+ available tokens
- Best rates via DeFi
- Lower transaction costs compared to industry leaders.
At present, any user can swap various Ethereum-based assets with just a few clicks. However, many more chains will become available in the near future, including BNB Chain, Solana, Fantom, Polygon, Arbitrum, Optimism, Tron and others.
The Changelly team is committed to the goal of becoming the leading CEX and DEX aggregator on the market. We believe our seven-year experience of working with CEXs combined with limitless opportunities of DEXs will make it possible to provide even better rates and lower fees to our users. With the integration of DEXs, we get one step closer to enabling seamless anything-to-anything swaps, regardless of blockchain, wallet connector, etc.
Learn more about Changelly:
Changelly website: https://changelly.com/
Changelly DeFi Swap: https://changelly.com/decentralized-exchange
Changelly Twitter: https://twitter.com/Changelly_team
While NFTs, or non-fungible tokens, have largely disappeared from mainstream media coverage in recent months amid the crypto market crash, many NFT projects are pressing ahead and fighting for their rightful place in the Web 3.0 ecosystem.
NFT trading volumes are a fraction of what they were – for example, trading on OpenSea plummeted 99% from May to August – but Music NFTs in particular nevertheless still have a promising future, as they are true collectibles and therefore have real value.
This contrasts to other NFT projects, such as the Bored Apes Yacht Club (BAYC), which are solely purchased as speculative investments and have little-to-no underlying value.
The Music NFT space is still in its infancy, but competition is already fierce, with a number of platforms and dedicated marketplaces being launched in the last two or so years.
With there being so many rival platforms for artists to release their NFT drops on, and collectors to scour in the hopes of finding a gem, it can be difficult to determine which is best.
So, we’ve ranked the three best and most exciting music NFT platforms, in no particular order…
Serenade
With offices in the UK and Australia, Serenade is at the forefront of the Music NFT space.
Serenade was founded by Australian tech entrepreneur Max Shand in mid-2020, and the project has collaborated with an impressive array of artists, including The Kooks and Super Furry Animals.
Earlier this year, they raised $4.2 million in a fundraise which Hugh Jackman and executives from the Warner Music Group participated in.
Their platform runs on Polygon – a Layer-2 Ethereum blockchain – which allows them to mint NFT collectibles using as little energy as possible. In fact, 197,000 Serenade NFTs would need to be minted to equal the carbon footprint of a single 12” vinyl, according to the company.
Shand, a music writer and venture capitalist, outlined how anyone can use their platform to buy “digital pressings” from their favourite singer or band.
“The sale of that digital pressing gives you a direct new revenue stream from fans and a relationship to your superfans that you can develop over time. It also allows artists to do things that have been either too expensive – such as a box set – or just not feasible,” he said.
At the moment, Serenade’s USP is they are the first chart-accredited NFT platform in the UK and Australia.
This means that NFT sales generated from their platform will count towards artists’ ranking on the charts – something that’s understandably very important to all artists, irrespective of what stage of their career they’re in.
TokenTraxx
Although a relative newcomer, TokenTraxx is coming in hot, moving from an MVP blockchain development in May this year, to a market-leading platform in just four months. This home of music-related digital collectibles has already surprised with innovative drops, which makes it a prime destination for discovery, buying and trading.
Headquartered in London and founded in 2021 by musicians, the all-star team of music and blockchain industry experts, including Miles Leonard, the renowned ex-Chairman of Parlophone Records and Warner Music and TommyD, the award-winning DJ and producer who’s worked with everyone from Kylie Minogue to Kanye West, is set to turn TokenTraxx into one of the loudest terminals in web3.
A look under the platform’s hood reveals a bigger agenda, one to financially benefit the entire music community by empowering it to choose and own the sound of a decentralised future.
Look out for the launch of Traxx Protocol, which will unveil web3 technology intentionally built for the music industry, creating a demand and supply asymmetry for third-party web2 and web3 properties.
By developing an entire ecosystem, TokenTraxx is emerging as the main stage for music in web3 – powered by TRAXX, already listed on both CEX and DEX platforms.
“I created TokenTraxx to unlock the true value of music for artists,” said TommyD.
“In a world where a streaming dominated music market has reduced the value of music to nothing, we are dedicated to shepherding the artist community into this new economy. We do this by applying a hands-on, white glove approach to artist campaigns and businesses. Our dedicated team of music industry professionals offer both insights, marketing & PR to create digital collectibles with real life value across the entire music ecosystem – from live gigs to merchandise to metaverse.”
TokenTraxx’s curator and collector-centric approach into the decentralised world of unleashed music is ready to uncover an infinite array of experiences for music consumers.
Async Art
Last but not least, we have Async Art. Founded in 2020 and based out of California, Async Art is another music NFT marketplace that is seeking to introduce the world to “21st Century Art”.
Like the other platforms mentioned in this article, Async Art allows artists to unlock another revenue stream by selling digital collectibles to their fans. On the other end, music-lovers can support their favourite artists – or up-and-coming singers or bands – by purchasing their NFTs.
While Async Art primarily caters to artists, it does also allow other, non-music NFTs to be minted. Furthermore, some NFTs minted on Async Art have even been sold at Christie’s, a leading British auction house founded in 1766.
At the moment, their platform doesn’t support fiat, so all NFTs must be purchased and traded using Ethereum, which may not be ideal for crypto novices. However, their support section has a step-by-step guide on how to buy some Ether and connect your wallet to their platform, so even fans who aren’t crypto-savvy won’t struggle to use this platform.
Overall, Async Art is a great music NFTs marketplace, with a great selection of collectibles and frequent new drops and collaborations, even during the recent bear market.
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It’s been a strenuous year for the crypto business. After hitting a high of more than $68,000 in November 2021, bitcoin has plunged to hover around $20,000.
But for long-term ETF investors, some experts advise to take crypto’s comedown in stride.
“If you’re going to do this right, then what’s been happening in the past nine months is totally irrelevant,” Ric Edelman, founder of Edelman Financial Services, told Bob Pisani on CNBC’s “ETF Edge” on Monday.
“If you’re investing for the next five to 10 years, this is just an ordinary blip in the marketplace, and you ignore it,” he added.
But with bitcoin coming off a nearly two-year low, the short-term temperaments are being met with a mix of positive and negative factors that are guiding where the crypto community goes from here.
“It’s a really dynamic moment in the market,” Matt Hougan, CIO of Bitwise Asset Management, told Pisani on Monday.
A massive technical upgrade in ethereum is a constructive force for the future of the world’s second-largest blockchain, Hougan said. A wave of institutional investors coming into the market, and an influx of venture capital activity are also forward-looking indicators for crypto’s future.
On the flipside, regulatory pressures from the Federal Reserve and the Securities and Exchange Commission are working against it.
“That’s creating this volatile market where crypto is going up and down and can’t quite figure out which way to go,” Hougan said. “And I think we’re probably stuck there, at least through September.”
Edelman explained that for institutional investors to engage with Wall Street firms, endowments and pension funds, regulatory and legislative rules need to be in place.
“The adults in the room recognize that regulation is a good thing,” Edelman said. “Right now, we have 1% engaging in crypto. You’re not going to get the other 99% until they have clarity on what the rules of the road are.
“We’re seeing new rules coming out from the Treasury, IRS, FINRA and from the Fed,” he said. “And from the SEC and CFTC. We’ve got over 50 bills in Congress right now. And all of this is very healthy.”
SEC Chair Gary Gensler has said the agency should have a major enforcement role in crypto, particularly for tokens. In a speech this month, Gensler sounded a warning signal to organizations he believes are violating existing securities laws, asking staff to possibly “fine-tune compliance for crypto security tokens and intermediaries.”
“I think there was a pretty direct threat against crypto trading venues – large-scale entities like Coinbase,” Hougan said. “They’re clearly on his horizon.”
In July, shares of the crypto firm tumbled after it was announced that it was facing an SEC probe into whether the platform offered unregistered securities.
“I’m happy to say it again and again: we are confident that our rigorous diligence process — a process the SEC has already reviewed — keeps securities off our platform,” said Coinbase’s chief legal officer Paul Grewal on Twitter.
Proposals for more SEC oversight of the crypto community are likely to be met with hostility from the community itself, although the agency has already taken steps to enforce its regulatory agenda.
In February, the SEC charged BlockFi Lending with failing to register the offer and sale of its retail crypto lending product. The firm agreed to settle the charges, paying a $50 million penalty and ceasing unregistered offers and sales of the lending product.
“A year from now, the large trading venues will be in the process of registering with the SEC,” Hougan said. “I think individual tokens, it’s a much longer term.”
Although the speculative assets have a challenging path forward, Edelman said the number of people who own cryptocurrencies continues to be a steadily rising figure.
“What’s interesting is that, despite the fact that [Coinbase is] down 70% from its high, the number of people who own it is unchanged,” he said. “Which means that those who wanted are not fazed by this.”
Beyond the crypto community, rates of adoption from large investment firms demonstrate that digital currencies are being embraced by Wall Street, Hougan said.
“Blackrock and Schwab coming in reinforces to everyday investor that bitcoin is not going away,” Hougan said. “I think that’s now been settled. It’s now how big is that future.”
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Excitement for the world’s most global blockchain and crypto conference is at its peak as Blockchain Economy Dubai Summit’s date is approaching. Blockchain economy events are attended by famous TV and film stars, pop stars, ministries as well as industry leaders such as Blockchain.com, MicroStrategy, KuCoin, Crypto.com, Bitmain, Ledger, Kraken, Gate.io, BitMex, OKX and many more since its very first 2019 edition.
The summit’s upcoming fifth edition will be proudly hosted in Dubai, the largest crypto hub in the world. The event is set to be held on Oct. 4 and 5, 2022 in the prestigious Le Meridien Dubai Hotel and Conference Center. According to the announcement that was made on Blockchain Economy’s Twitter account, attendees from more than 63 countries are already headed to Dubai for the event.
Blockchain Economy provides unparalleled networking opportunities to its participants, as it gathers not only crypto companies, but also government officials, institutional investors and industry giants such as Microsoft, Meta, Deloitte, AWS (Amazon Web Services) and many more.
While part of the attendees will have a chance to listen to the mind-blowing panel discussions and keynote sessions about Bitcoin adoption, professional trading techniques, investment strategies, building on Web3, DeFi, the Metaverse, NFTs, usage and implementation of blockchain technology in various industries and many other key topics on the main conference stage, others can visit the participating companies’ booths, experience the various entertainment activities available, explore the NFT art gallery and build new partnerships in extensive networking areas.
The conference’s speakers include:
- Vas Modinos — solution lead at Microsoft
- Sumit Gosh — founder and CEO of Chingari
- Alena Afanaseva — co-founder and CEO of BeInCrypto
- Ivan Liljeqvist, a.k.a. Ivan on Tech — founder of Moralis, entrepreneur and software developer
- Adrian Zduńczyk, a.k.a. Crypto Birb — chartered market technician, founder of The Birb Nest
- Matthew Graham — CEO of Sino Global Capital
- Mohamed Issa — regional manager at Chainalysis
The conference will be hosted by Ramia Farrage, senior producer and presenter from Forbes.
As Uphold’s chief platform officer and award-winning compliance officer with over 18 years of experience, Oonagh Van den Berg said about the event: “Blockchain Economy Events bring crypto conferences to the next level.” This time, Blockchain Economy Dubai Summit participants will have a chance to meet Titan the Robot and experience performances by this combination of man, ingenious animatronics, engineering and advanced electronics. The giant, eight-foot titan robot is the semi-finalist on Britain’s Got Talent 2022, and will come alive to Blockchain Economy Dubai Summit for spectacular shows.
Blockchain Economy Summit’s doors are open to all major players in the fintech industry and new startups, all gathered under one roof to discover how the financial future can be reshaped in sanction-free paradises like Dubai.
“Dubai has great potential in terms of regulating crypto platforms, crypto assets and its usage. This is precisely why we want to attract global players and new startups to Dubai,” said the event’s project manager Servi Aman.
The expected attendance for this edition of Blockchain Economy Summit is 3,000. Further information is available on the summit website. For those interested in sponsoring the event and/or reserving a booth, more information can be found here.
Lawrence Summers, the renowned American economist who served as the 71st United States Secretary of Treasury from 1999 to 2001 under Bill Clinton, as well as the director of the National Economic Council from 2009 to 2010 under Barack Obama, will be offering his insights into the global economy and financial markets during the 13th edition of AIM Summit being held on Nov. 21 and 22, 2022 in Dubai.
AIM Summit is the region’s leading forum for providing insights on investment developments and global market conditions. This year, special emphasis is placed on the current global economy, inflation, stagflation and recession. Summers will provide his views on why the U.S. will likely be headed into a recession within the next two years, then he’ll discuss how globalization, trade and technology will play a pivotal role in the future of the global economy. Summers will also be sharing his views on crypto and blockchain.
As the leading voice in the national debate on inflation, Summers repeatedly called out the potential for inflation in the U.S. in 2001, while the U.S. Federal Reserve and many economists viewed rising prices as transitory.
Commenting on his participation at AIM Summit, Summers stated, “Investors in alternative assets must navigate a challenging macroeconomic environment today and anticipate how it will impact their portfolios tomorrow. At the AIM Summit in Dubai, I will address some of the most pressing questions investors should be asking: Will the Fed’s newfound hawkishness lead to a painful recession, or will they engineer a soft landing? Will we return to the post-2009 era of secular stagnation, or a new paradigm? Will prognostications of China’s economy overtaking America’s prove similar to those of Russia and Japan, which look ridiculous today?”
Raha Moradi, CEO of AIM Summit, stated:
“We are honored as organizers of AIM Summit to be welcoming a well-renowned economist and top U.S. official such as Lawrence Summers. His views on the U.S. and global inflation, recession, and world policies will offer our audience valuable information that will benefit their policies and strategies moving forward. Investors and policy makers alike across the GCC and MENA region are invited to join us as we hear Summers’ predictive insights.”
The AIM Summit gathers and connects global industry leaders with investors in hedge funds, private equity firms, venture capital organizations, digital assets and fintech. This year, the summit will cover topics pertaining to portfolio construction, emerging markets, frontier markets, private credit, hedge funds, the future of digital assets, NFTs, the Metaverse, crypto mining, ESG, impact investing and Web 3.
Registration for the event is open now, while those interested in sponsorship and speaking opportunities can send an email.
About AIM Summit
AIM Summit began over seven years ago with a mission of connecting people, connecting ideas and connecting markets in alternative investments. AIM Summit is the leading alternative investment management summit covering hedge funds, private equity, venture capital, digital assets and private debt, gathering the best minds in the alternative investment industry with the largest allocators.
AIM Summit is a platform for discussions on investment developments, global market conditions and latest trends, and acts as a networking forum for future business opportunities. It is the only conference of its nature and magnitude, and is organized by the industry in an intimate setup to induce real discussions on best practices and know-how.
The Biden White House has just released its first-ever framework on what crypto regulation in the U.S. should look like — including ways in which the financial services industry should evolve to make borderless transactions easier, and how to crack down on fraud in the digital asset space.
The new directives tap the muscle of existing regulators such as the Securities and Exchange Commission and the Commodity Futures Trading Commission, but nobody’s mandating anything yet. The long-awaited direction from Washington has, however, captured the attention of both the crypto industry as a whole — and of investors in this nascent asset class.
The framework follows an executive order issued in March, in which President Joe Biden called on federal agencies to examine the risks and benefits of cryptocurrencies and issue official reports on their findings.
For six months, government agencies have been working to develop their own frameworks and policy recommendations to address half a dozen priorities listed in the executive order: consumer and investor protection; promoting financial stability; countering illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation. Together, these recommendations comprise the first, “whole-of-government approach” to regulating the industry.
Brian Deese, director of the National Economic Council, and national security advisor Jake Sullivan said in a statement that the new guidelines are meant to position the country as a leader in governance of the digital assets ecosystem at home and abroad.
Here are some of the key takeaways from the White House’s new crypto framework.
Fighting illicit finance
One section of the White House’s new framework on crypto regulation focuses on eliminating illegal activity in the industry — and the measures proposed appear to have real teeth.
“The President will evaluate whether to call upon Congress to amend the Bank Secrecy Act, anti-tip-off statutes, and laws against unlicensed money transmitting to apply explicitly to digital asset service providers — including digital asset exchanges and nonfungible token (NFT) platforms,” according to a White House fact sheet.
The president is also looking into whether to push Congress to raise the penalties for unlicensed money transmitting, as well as potentially amending certain federal statutes to allow the Department of Justice to prosecute digital asset crimes in any jurisdiction where a victim of those crimes is found.
In terms of next steps, “Treasury will complete an illicit finance risk assessment on decentralized finance by the end of February 2023 and an assessment on non-fungible tokens by July 2023,” reads the fact sheet.
Crime is rife in the digital asset sector. More than $1 billion in crypto has been lost to fraud since the start of 2021, according to research from the Federal Trade Commission.
Last month, the SEC said it charged 11 people for their roles in creating and promoting a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from millions of retail investors worldwide, including in the United States. Meanwhile, in February, U.S. officials seized $3.6 billion worth of bitcoin — their biggest seizure of cryptocurrencies ever — related to the 2016 hack of crypto exchange Bitfinex.
A new kind of digital dollar
The framework also points to the potential for “significant benefits” from a U.S. central bank digital currency, or CBDC, which you can think of as a digital form of the U.S. dollar.
Right now, there are several different types of digital U.S. dollars.
Sitting in commercial bank accounts across the country are electronic U.S. dollars, which are partially backed by reserves, under a system known as fractional-reserve banking. As the name implies, the bank holds in its reserves a fraction of the bank’s deposit liabilities. Transferring this form of money from one bank to another or from one country to another operates on legacy financial rails.
There are also a spate of USD-pegged stablecoins, including Tether and USD Coin. Although critics have questioned whether tether has enough dollar reserves to back its currency, it remains the largest stablecoin on the planet. USD Coin is backed by fully reserved assets, redeemable on a 1:1 basis for U.S. dollars, and governed by Centre, a consortium of regulated financial institutions. It is also relatively easy to use no matter where you are.
Then there’s the hypothetical digital dollar that would be the Federal Reserve’s take on a CBDC. This would essentially just be a digital twin of the U.S. dollar: Fully regulated, under a central authority, and with the full faith and backing of the country’s central bank.
“A dollar in CBDC form is a liability of the central bank. The Federal Reserve has to pay you back,” said Ronit Ghose, who heads fintech and digital assets at Citi Global Insights.
Federal Reserve Chair Jerome Powell previously said the main incentive for the U.S. to launch its own central bank digital currency would be to eliminate the use case for crypto coins in America.
“You wouldn’t need stablecoins; you wouldn’t need cryptocurrencies, if you had a digital U.S. currency,” Powell said. “I think that’s one of the stronger arguments in its favor.”
In the White House’s new framework, it points to the fact that a U.S. CBDC could enable a payment system that is “more efficient, provides a foundation for further technological innovation, facilitates faster cross-border transactions, and is environmentally sustainable.”
“It could promote financial inclusion and equity by enabling access for a broad set of consumers,” continues the report.
To that end, the administration urges the Fed to continue its ongoing research, experimentation and evaluation of a CBDC.
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CropBytes is a farming business game built in a real-world economy, with digital game assets and real markets. Building for over four years and improvising the game over multiple market cycles have resulted in over 650,000 signups with an average of 9,000–12,000 daily active users.
The game is available on iOS, Android and web application with an average rating of 4.3 in app stores. CropBytes hosts one of the oldest crypto gaming communities that’s spread over 16 regional groups, each of which is managed and moderated by players.
Focus on fungibility and sustainable economics
The decision to move away from nonfungible token (NFT)-only assets to fungible assets was made by the team in the last bear market of 2019 and has helped in maintaining liquidity in all game asset markets, thereby benefiting players over the long run. The focus has always been on the sustainability of the game economy. CropBytes is the first contributor to Tegronomics, which is an open-source framework that is being adopted by many crypto games.
CBX is the currency of the CropBytes metaverse, which is a cryptocurrency on the Ethereum blockchain. CBX follows a deflationary supply protocol similar to that of Bitcoin (BTC), and players can mine CBX by conducting daily farming activities.
Asset mining, the most awaited feature release
CropBytes’ assets are highly sought after, limited in supply and backed by the economics of fungibility. This has led to game asset value growing over 100x since they were first released. With the recent launch of asset mining, players are able to generate a new supply of these game assets. With the launch, other items like extracts and utilities in the game produced by farmers have found more use cases.
On average, 1 million assets are traded on the in-game exchange daily, and the numbers are growing with the release of asset mining, as there is now a new use case for related assets.
Fun gameplay and sustainable economics will always be at the heart of CropBytes. The team has lined up some exciting and much-awaited feature releases for 2022.
CBX Mining v2: A new method of CBX mining will be introduced with new logic. With the new method, users will also have a chance to receive a bonus for mining. The changes planned here will result in a higher burn rate for extracts and utilities. Farmers will be able to craft various items using their extracts, which will be used to mine CBX. Power will also have extra utilities for CBX mining.
Tokenization of assets: CropBytes’ assets will soon be launched on the Polygon blockchain. Users will be able to track live mining data in the game, which will also open up doors to the entire gaming community on Polygon.
Gaming jobs in the CropBytes metaverse: CropBytes is spearheading the next evolution in Web3 gaming. By developing a service economy model, CropBytes is making play-to-earn sustainable. The service economy will make CropBytes a free-to-play-and-earn game.
“The concept of a service economy can be applied to all aspects of life, not just video games. The general idea is that those with money will want to pay others to do things for them that they don’t have time for. In CropBytes’ context, this could be something as small as paying someone to grow crops or feed animals. In the world of video games, it’s not uncommon for players who are loaded with in-game cash to outsource some of their playtime to others who might have more time on their hands.”
“Before the end of this year, the first-ever service economy feature in Web3 games will go live in CropBytes.”
Read more about the service economy model here: https://coinmarketcap.com/community/articles/35157
Raising Series A and previous rounds
CropBytes is now raising capital as a part of its Series A round. The funds gathered will be utilized toward improving the game experience and adding more layers to the economy that will make it easier to play and earn sustainably in the game.
In November 2021, CropBytes raised $2.67 million in a pre-sale seed round for its CBX token. It is also backed by crypto industry entrepreneurs, including Sandeep Nailwal, co-founder of Polygon; Siddharth Menon, founder of Tegro; as well as VC firms Draper Dragon, Exnetwork Capital and Master Ventures.
Visit CropBytes’ official website along with the white paper and its Telegram and Twitter channels for more information and regular updates. There’s a lot coming in CropBytes, so make sure to add CBX to your watchlist on CoinMarketCap.
The last few days have been quite turbulent for the digital asset industry. Bitcoin, the largest cryptocurrency by market capitalisation, rose from $18,715 on September 7 to $22,645 last evening.
However, since then, BTC has retraced its steps, stumbling back to the $20,300 range at the time of writing. Most other cryptocurrencies in the top 10 list and beyond have followed suit, flashing red over the last 24 hours.
The drop comes after the US Bureau of Labor Statistics reported that inflation was higher than expected in August 2022. Economists in the country were expecting inflation to fall by 0.1 percent. This is in continuance with the downward trend observed in July when inflation fell to 8.5 percent from its multi-decade high of 9.1 percent in June.
However, according to the Bureau’s report, consumer price index (CPI) actually increased by 0.1 percent (month-on-month), with headline inflation coming in at 8.3 percent as opposed to the 8.1 percent that was expected.
In response to the soaring inflation, the crypto industry tumbled along with global financial markets. Bitcoin nosedived more than 11 percent in less than 12 hours. The second largest cryptocurrency by market cap, Ethereum, also slipped 10 percent, falling from $1,743 to $1,543 in roughly the same period.
The global market cap of the crypto industry also plummeted around 9 percent, falling from $1.07 trillion last night to around $977 billion this morning, according to data from CoinMarketCap.
Is it a good time to buy the dip?
While falling prices are bound to cause pain and disappointment for the cryptoverse, they also allow you to enter the market at lower prices. This is a practice known as buying the dip, a strategy that most experts swear by.
Falling prices also create an opportunity for existing investors to purchase more coins at lower prices, thereby decreasing their cost of acquisition. The premise here is simple: buy low and sell high.
Moreover, there is some evidence that the current bear market could end soon, and prices could shoot up again. If this happens, those who buy the dip will see massive profits when the bulls take over.
“It’s been 310 days since the #BTC Bull Market peak at $65,000. This means that this Bear Market is getting close to ending. Historically, $BTC Bear Markets tend to find their absolute bottom price approximately 365 days after the previous Bull Market peak,” tweeted Rekt Capital, a renowned crypto trader and analyst.
However, what is also evident from his tweet is that BTC prices could dip further before they begin to rally. This is a notion that several other experts also support. “Current pivot is 21k. A clean break below here, and 19k is next. Break 19k, and it goes to the main target of 14k-16k for the last low,” tweeted Crypto Capo, another prominent crypto analyst.
However, this hasn’t stopped seasoned investors from buying BTC at current prices. “Despite the recent turbulence, I believe that the trajectory of bitcoin and other major cryptos is upwards,” said Nigel Green, CEO of the Devere Group, a financial advisory and asset management firm. “Like many serious crypto investors, I’m buying the dip. I’m embracing this short-term volatility for longer-term gains,” he added.
When it comes to Ethereum, prices could see a significant rally in the coming days. This is because the Ethereum merge is just around the corner and is expected to go live between September 13 and 15. The Merge is touted as one of the most significant events in the cryptosphere, and it should cause ETH to rally if everything goes smoothly.
Several analysts and traders support this notion, including crypto news outlet, Coinpedia, which predicts ETH will touch $7,500 by the end of the year.
Therefore, buying ETH at current prices could bring massive gains if these predictions come true. It could be one of the reasons why Ethereum whales have been buying more and more ETH since the start of the year. “They are anticipating some positive price action around the Merge,” according to a report by Nansen. In short, these whales are buying the ETH dip in the hope of a rally after The Merge.
Conclusion
Falling prices may cause short-term pain. However, crypto markets are cyclical in nature. This means that a rally usually follows a crash, and a bear run usually gives way to a bull market. Therefore, buying tokens when prices are low and holding on to them until the market rallies is a promising strategy.
At the same time, it is essential to note that crypto markets are highly volatile and speculative; no one knows when the bull market will arrive, how long it will last and to what extent prices will rise. This is why it is crucial to do your own research and invest only as much as you are comfortable losing entirely.
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