SEC - Page 184

Zap Protocol stands as a notable endeavor within the blockchain and cryptocurrency landscape, aiming to foster innovation and accessibility in decentralized finance (DeFi) and beyond. Its ambition is to streamline the integration and utilization of smart contracts and decentralized applications (dApps) across various industries by providing an open platform for the creation and deployment of oracle services.

These services are vital for dApps to interact seamlessly with real-world data and external systems, bridging the gap between blockchain technology and practical, real-world applications.

Overview of Zap Protocol

Zap Protocol offers a multifaceted infrastructure designed to enhance the functionality and interoperability of smart contracts by enabling them to securely and efficiently access a wide range of external data sources and APIs. This is achieved through the use of oracles, which are entities that fetch and verify external data for smart contracts. In the context of Zap Protocol, these oracles are decentralized, thus ensuring that the data they provide is reliable, tamper-proof, and transparent.

The protocol leverages the power of blockchain technology to create a decentralized marketplace for data feeds and other services that can be used by smart contracts. This marketplace allows data providers to list their services, which can range from financial data, weather information, to various other types of external data. Smart contract developers can then easily access and integrate these services into their applications, enabling them to create more complex, responsive, and useful dApps.

Key Features and Benefits

1. Decentralization: By operating on a decentralized network, Zap Protocol ensures that the data provided by oracles is not controlled by any single entity, which significantly reduces the risk of manipulation and increases trust in the data used by smart contracts.
2. Flexibility: The protocol supports a wide range of data types and sources, making it a versatile tool for developers looking to create dApps for various industries and purposes.
3. Security: The use of blockchain technology ensures that all transactions and data exchanges on the Zap Protocol are secure and immutable, providing a reliable foundation for the development of dApps.
4. Tokenization: Zap Protocol introduces its native token, ZAP, which is used within the ecosystem for transactions, staking, and governance. This tokenization aspect facilitates a self-sustaining economy where users are incentivized to participate and contribute to the network.

Use Cases

The applications of Zap Protocol are vast and diverse, reflecting its potential to revolutionize how dApps interact with the real world. Some notable use cases include:

• Finance: Integration of real-time financial data into DeFi platforms for accurate and decentralized financial services.
• Insurance: Automated, blockchain-based insurance policies that trigger payments based on verifiable, real-world data.
• Supply Chain Management: Transparent tracking of goods as they move through the supply chain, with data integrity ensured by decentralized oracles.
• Gaming: Creation of dynamic, data-driven gaming experiences that can respond to real-world events and data.

The ZAP Token

The ZAP token is central to the functioning of the Zap Protocol ecosystem. It serves multiple purposes, including paying for data feeds, staking to participate in the governance of the protocol, and incentivizing data providers and users to maintain and enhance the network’s value and security.

Where to Buy ZAP Tokens

ZAP tokens can be purchased on several cryptocurrency exchanges, both centralized and decentralized. Availability can vary based on the region and the regulatory environment, so it’s essential to check the most current listings. Some of the platforms where ZAP tokens might be available include:

1. Centralized Exchanges (CEXs): ZAP is listed for live trading on numerous CEXs, including Poloniex and Bitrue.
2. Decentralized Exchanges (DEXs): For those preferring a more decentralized approach, platforms such as Uniswap, SushiSwap, and 1inch offer the ability to trade ZAP tokens directly from a cryptocurrency wallet without the need for an intermediary.
3. Crypto Wallets: Some crypto wallets offer integrated services that allow users to buy tokens like ZAP directly within the wallet interface. This option combines convenience with the security of not having to transfer tokens between a wallet and an exchange.
4. P2P Platforms: Peer-to-peer platforms might also offer ZAP tokens for trade, allowing for direct transactions between individuals without the need for a centralized platform.

A Virginia senate committee has proposed an annual combined fund allocation of £39,240 for two newly established commissions on artificial intelligence (AI) and cryptocurrency.

According to a proposal dated February 18 from the Subcommittee on General Government of the Senate Finance and Appropriations Committee, more than £23.6 million has been earmarked for various legislative departments.

Of this amount, the Blockchain and Cryptocurrency Commission, formed in January 2024, is set to receive a suggested general fund of £17,192 for the years 2025 and 2026.

Similarly, the Artificial Intelligence Commission, presently known as the Committee on Communications, Technology and Innovation, has been granted £22,048 for the same timeframe.

The Blockchain and Cryptocurrency Commission’s mandate involves researching and providing recommendations on blockchain technology and cryptocurrencies, as well as promoting growth within the state.

It will consist of 15 members, including seven legislative and eight non-legislative members, who must be appointed “no later than 45 days after the effective date of this act.”

Likewise, the Artificial Intelligence Commission aims to formulate and uphold policies that will eventually restrict the use of AI to prevent unlawful activities.

The bill to modify the Code of Virginia and establish the blockchain and cryptocurrency commission was introduced on January 9 and unanimously passed by the Senate on February 1.

READ MORE: OpenAI’s Valuation Soars to £80 Billion as Company Explores New Ventures and Partnerships

Alongside the creation of new legislative commissions related to the crypto and AI sectors, Virginia has recently introduced legislation concerning crypto mining that favours individuals and businesses.

Senator Saddam Azlan Salim presented Senate Bill No. 339 on January 9, which seeks to exempt miners from acquiring money transmitter licenses.

The bill also prohibits industrial zones from enacting mining-specific ordinances:

“No license under this chapter shall be required of any person engaging in-home digital asset mining, digital asset mining, or digital asset mining business activities, as those terms are defined in § 15.2-2288.9.”

While entities offering mining or staking services cannot be categorised as a “financial investment” under the bill, they must submit a notice to qualify for the exemption.

The legislation proposes that individuals can exclude up to £200 per transaction from their net capital gains for tax purposes.

This exclusion applies to gains derived from using digital assets to purchase goods or services, thus encouraging the use of cryptocurrencies for everyday transactions through tax benefits.

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European Central Bank (ECB) executive board member Piero Cipollone addressed the European Parliament Committee on Economic and Monetary Affairs regarding the preparations for the issuance of a digital euro.

He outlined four key issues confronting the central bank and outlined how the ECB would ensure the public’s access to a freely available common means of payment.

Cipollone stated that the ECB had initiated the search for infrastructure providers for the European Central Bank digital currency (CBDC).

He stressed the importance of this proactive approach, stating, “Our readiness would be compromised if we started searching for possible suppliers only after that decision [to launch the digital euro] is made.”

Additionally, he highlighted that agreements would remain adaptable to legislative and technological advancements.

Moreover, Cipollone clarified that only legal entities with registered offices in the EU and controlled by EU nationals would be eligible for participation in the procurement process, potentially impacting Amazon’s involvement in the project.

Regarding the digital euro rulebook, Cipollone advocated for a unified framework encompassing rules, standards, and procedures to ensure harmonious implementation.

He emphasised that the digital euro should function similarly to cash, liberating users from reliance on international payment processors and ensuring uniform service across the eurozone.

Cipollone likened the digital euro infrastructure to railway tracks, accessible to various private entities while remaining state-owned.

However, concerns were raised by the European Money and Financial Forum regarding the legal implications of designating the digital euro as legal tender, citing issues surrounding the status of integrated private payment providers.

READ MORE: Solana-Based Exchange Surpasses £300 Million Milestone in 24 Hours on Solana Blockchain

To maintain financial stability, safeguards are being integrated into the digital euro design, ensuring it remains interest-free to avoid competing with savings institutions.

Restrictions will be placed on public digital euro holdings, with businesses and financial institutions barred from holding it directly. Instead, a mechanism will be established to link CBDC wallets with bank accounts, facilitating transactions without pre-funding the wallets.

Finally, addressing privacy concerns, Cipollone assured that the digital euro would offer high standards of privacy for online payments, surpassing current commercial solutions.

Offline transactions would mirror the privacy of cash, with only the payer and payee possessing transaction details.

Online transactions would provide minimal pseudonymised data to the ECB for settlement purposes, with users retaining greater control over their information compared to private payment systems.

Additionally, the digital euro would boast state-of-the-art cybersecurity measures.

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Cryptocurrency exchange Coinbase has bestowed a generous sum of £3.6 million upon Brink, a non-profit organisation that extends support to developers contributing to the Bitcoin blockchain.

In a post dated February 16th on X, Brink acknowledged Coinbase CEO Brian Armstrong and the exchange’s team for their contribution towards “Bitcoin developing funding efforts.”

The platform emphasised that the donation came with “no strings attached” and would bolster the endeavours of engineers involved in open-source development for the BTC blockchain.

Coinbase’s GiveCrypto initiative, spearheaded by Armstrong in 2018, facilitated the donation to Brink.

However, the exchange disclosed in December 2023 its intention to phase out the platform due to its inability to effect enduring change solely through unconditional cash transfers.

Established in 2020, Brink offers fellowship and grant programmes aimed at bolstering Bitcoin developers and engineers.

READ MORE: Uniswap Foundation Announces Launch Date for Protocol’s v4 Following Ethereum’s Dencun Upgrade

Noteworthy backers of the platform include Block CEO Jack Dorsey, who pledged £5 million in July 2023.

Prior to the approval of its spot BTC exchange-traded product by the United States Securities and Exchange Commission on January 10th, VanEck announced its commitment to allocate 5% of profits from the investment vehicle to Bitcoin core developers.

This asset management firm made a comparable pledge to Ethereum core developers in September 2023.

Coinbase disclosed a net revenue of £905 million in the fourth quarter of 2023, marking a 45% increase over Q3.

On February 15th, JPMorgan analysts revised their rating of the crypto exchange’s stock from underweight to neutral, having initially downgraded the shares in January.

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Ether’s price has been steadily climbing over the past ten days, marking a gain of 21.5% and edging close to the £2,800 mark.

This surge in the cryptocurrency’s value is attributed to the robust inflow into the recently introduced spot Bitcoin exchange-traded fund (ETF) in the United States.

However, Ether possesses additional catalysts that could potentially propel its price beyond the £3,000 threshold—a level that left its mark during its last trial in March 2022.

Will Ether’s anticipated ascent to £3,000 unfold differently this time?

From an optimistic standpoint, Ether may solidify its position as the second cryptocurrency with a spot ETF listed on US exchanges.

This would set it apart from rivals like Solana and BNB Chain in terms of accessibility and regulation. US exchanges, including Binance and Coinbase, are still entangled in legal battles with the US Securities and Exchange Commission (SEC) concerning security offerings.

Hence, approval of an Ethereum ETF in the US would notably reduce uncertainty for its investors.

Other factors bolstering Ether’s prospects include the forthcoming Dencun network upgrade slated for March 13.

This hard fork aims to, among other objectives, slash transaction costs on the Ethereum layer 2.

By providing more block space and lowering gas costs for rollups, these modifications could potentially stimulate the usage of its decentralized applications (DApps) and escalate deposits in its smart contracts, thereby driving up demand for ETH.

READ MORE: Bitcoin Holds Ground at $52,000 Amidst US Inflation Concerns

Ether bulls have ample grounds to believe that £3,000 is within grasp, but historical evidence underscores the challenge of sustaining such price levels.

For instance, in the three weeks leading up to April 3, 2022, ETH surged by 42%, soaring from £2,520 to £3,580.

However, the rally proved unsustainable as its price plummeted by 46% in the subsequent 40 days. Traders now question whether Ether could encounter a similar fate this time around.

The first indicator to scrutinise is Ether’s futures premium, which reflects the demand for leverage between longs (buyers) and shorts (sellers).

Professional traders favour monthly futures contracts due to the absence of a variable funding rate, but these instruments typically trade at a 5% to 10% premium to compensate for their extended settlement period.

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