As concerns for environmental impact rose, the market started to require a framework that allows projects to showcase their ecological implications accurately. Because of this, climate-focused data tracking project Hyphen has found a market gap that it’s very eager to fill.
With the support of a Chainlink grant back in 2021, the project is now launching a decentralized oracle network (DON) that allows smart contracts to have access to a verified resource, providing greenhouse gas data starting with nitrous oxide (N2O). This sparks the creation of a reporting ecosystem that holds corporations accountable for their emissions and allows climate disclosures for compliance with regulations.
Miles Austin, the CEO of Hyphen, told Cointelegraph that the project provides “timely data flows of climate emissions information from global sources to both the private sector and public sector.” With this, capital markets are able to use “real-world climate data” as they strategically plan for sustainability.
“Corporations need the ability to accurately track and report their scope 1, 2 and 3 emissions in order to establish baselines to work from in order to reach climate commitments.”
Hyphen CTO Thierry Gilgen says the platform gives out “validated and trustworthy data streams” to emerging financial ecosystems built on blockchain or distributed ledger technology. With the Chainlink DON, data reported by companies will also go through a decentralized and independent verification process. It eliminates fraudulent and inaccurate reporting.
“We use Chainlink nodes to validate and make available data from scientific organizations for smart contract use, in order to build comprehensive climate tracking and regulatory services for governmental organizations, financial institutions and enterprises that are bound to the new green finance/climate regulations emerging worldwide.”
Related: Are we misguided about Bitcoin mining’s environmental impacts? Slush Pool’s CMO Kristian Csepcsar explains
The initial launch features N2O data from the Integrated Carbon Observation System using the Montreal Protocol framework, a global treaty protecting the ozone layer.
While the debate on the environmental impact of crypto continues to live on, recent reports show that Bitcoin (BTC) mining uses only 0.08% of the world’s carbon dioxide emissions. The network emitted 42 megatons (Mts) of CO2 while the total emissions amounted to 49,360 Mts.
At Coinbase we have an ambitious mission to increase economic freedom in the world. If we’re going to execute against the opportunity in front of us, we’re going to need more help to scale our existing products, and build new ones. In 2022, we plan to add up to 2,000 employees across our Product, Engineering, and Design teams.
We see enormous product opportunities ahead for the future of Web3. We believe our industry is in its infancy and that building onramps for individuals to participate is critical to driving the next generation use case of crypto. We’re also expanding to include products that host user generated content like NFTs, and we’re excited about our ambitious plans for the future of Coinbase Wallet, enhancing security, ease of use, and accessibility.
We are unwavering in our focus to build for the long-term, through every crypto cycle. It’s been one of the greatest drivers of our success to date. Through the highs, we get to focus on scaling and many new people get introduced to crypto. During the lows, we get to focus on product innovation. Whether the market is up or down, we see a clear opportunity, making Coinbase one of the most exciting places to work right now.
Who we’re looking for
There are a few things we look for across all hires we make at Coinbase, regardless of role or team. First, we look for signals that a candidate will thrive in a culture like ours, where we prioritize clear communication, efficient execution, and continuous learning, among other qualities. We look for people that choose to take a mission-focused approach to their work. And we seek people with the desire and capacity to #LiveCrypto, actively building and sharing their expertise in crypto with those around them.
In return, we offer a once-in-a-career opportunity, with competitive, transparent compensation; unique benefits like multiple company-wide recharge weeks; and a remote-first environment where you’ll work on a championship team with some of the most talented people in our industry.
Crypto is at a critical juncture — public adoption is at an all-time high, crypto companies are more visible than ever before, and the explosion of Web3 applications is uncovering new possibilities every day. So if you’re excited by this opportunity and want to join us on our mission to increase economic freedom in the world, check out our Careers Page. We’re hiring.
This communication contains “forward-looking statements” including, among other things, statements relating to our anticipated hiring in 2022. Statements containing words such as “could,” “believe,” “expect,” “intend,” “will,” “anticipate,” “plan,” or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks and uncertainties related to our ability to successfully execute our business and growth strategy and maintain future profitability, market acceptance of our products and services, our ability to further penetrate our existing customer base and expand our customer base, our ability to develop new products and services, our ability to expand internationally, the effects of increased competition in our markets, and market conditions across the cryptoeconomy. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. Further information on risks that could cause actual results to differ materially from forecasted results are, or will be included in our filings with the Securities and Exchange Commission including our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021. Except as may be required by law, we undertake no obligation, and do not intend, to update these forward-looking statements after the date of this communication.
Animoca Brands announced today that the company has formed a collaboration with Brinc, a Hong Kong-based leader in global venture acceleration, to launch a $30 million program.
Dubbed ‘Guild Accelerator Program’, the newly introduced program will facilitate the expansion of the global play-to-earn guild ecosystem. Moreover, it will provide funding of up to $500,000 per guild. According to Animoca Brands, the application for the program, led by Richard Robinson, is now open.
Through the program, early-stage companies will be able to receive support from different mentors and experts, including Brendan Wong (the Founder of Avocado Guild), Saruboti Sasuke (the Head of Partnerships for YGG), and Howard Xu (Co-Founder of the Vietnam-based guild, Ancient8).
Yat Siu, the Co-Founder and Executive Chairman of Animoca Brands, commented: “As the world enters a new era of work and play, the play-to-earn guilds space has enormous potential for growth. The management of digital assets in games and in the open metaverse represents a significant source of income for hundreds of millions of people. The future of work in the metaverse is being written today, and we are proud to foster the guilds that are driving the evolution of these new opportunities.”
In December last year, the digital exchange, Binance established a partnership with Animoca Brands to set up a $200 million fund. Through the fund, the companies are facilitating blockchain gaming projects on BSC.
Blockchain & Gaming
Blockchain-based gaming platforms have gained immense traction in the past few months, thanks to the growing interest in Web3, Metaverse and crypto. Manav Gupta, the Founder, and CEO of Brinc, believes that the latest partnership will support promising communities.
“Web3-enabled guilds provide an onramp for the future of earning in a way that Web2 and traditional industries never could. The technologies, principles and business models developed in gaming that have enabled true digital asset ownership and utilization (with aligned stakeholders) can be leveraged across all future areas of jobs and work,” Gupta said.
Animoca Brands announced today that the company has formed a collaboration with Brinc, a Hong Kong-based leader in global venture acceleration, to launch a $30 million program.
Dubbed ‘Guild Accelerator Program’, the newly introduced program will facilitate the expansion of the global play-to-earn guild ecosystem. Moreover, it will provide funding of up to $500,000 per guild. According to Animoca Brands, the application for the program, led by Richard Robinson, is now open.
Through the program, early-stage companies will be able to receive support from different mentors and experts, including Brendan Wong (the Founder of Avocado Guild), Saruboti Sasuke (the Head of Partnerships for YGG), and Howard Xu (Co-Founder of the Vietnam-based guild, Ancient8).
Yat Siu, the Co-Founder and Executive Chairman of Animoca Brands, commented: “As the world enters a new era of work and play, the play-to-earn guilds space has enormous potential for growth. The management of digital assets in games and in the open metaverse represents a significant source of income for hundreds of millions of people. The future of work in the metaverse is being written today, and we are proud to foster the guilds that are driving the evolution of these new opportunities.”
In December last year, the digital exchange, Binance established a partnership with Animoca Brands to set up a $200 million fund. Through the fund, the companies are facilitating blockchain gaming projects on BSC.
Blockchain & Gaming
Blockchain-based gaming platforms have gained immense traction in the past few months, thanks to the growing interest in Web3, Metaverse and crypto. Manav Gupta, the Founder, and CEO of Brinc, believes that the latest partnership will support promising communities.
“Web3-enabled guilds provide an onramp for the future of earning in a way that Web2 and traditional industries never could. The technologies, principles and business models developed in gaming that have enabled true digital asset ownership and utilization (with aligned stakeholders) can be leveraged across all future areas of jobs and work,” Gupta said.
Ethereum (ETH) is trading at USD2,932.45, with a trading volume of USD9,666,018,686 in the last 24 hours. Ethereum price posted a gain of 1.23%, a 24-hour low of $2,870.18, and a high of $2,980.08.
It is currently at the No. 2 spot on the Coin Market Cap chart, with a current market cap of USD350,616,744,281. Tokens in circulation now total 119,564,241 ETH.
Three months ago, ETH – the second-biggest cryptocurrency – was trading at $4,809; on Jan. 11, 2022, it dropped to $3,251, and on Feb. 4, it was at $3,026.
Other currencies, including Tether, BNB, USD Coin, XRP, Cardano, Solana, and Terra, are also seeing significant drops, hurting the market.
These recent significant dips in Ethereum and Bitcoin are also driven by sustained increasing inflation, a dismal December employment report, and persistent hints by the Federal Reserve that the central bank may begin slowing down steps to prop up the economy as it improves.
Ethereum Price Forecast
Based on current data, Ethereum’s price will average $2,822.07 and reach a high of USD3,174.82.
After reaching a high of $4,100 on Dec. 27, Ethereum has fluctuated between $2,100 and $4,000 in the days afterward.
Despite the poor start to 2022, many analysts remain optimistic, forecasting that Ethereum would reach and exceed $12,000 this year.
ETH/USD at $2886.5 in the daily chart | Source: TradingView.com
Related Reading | Ethereum Faces Rejection, Why ETH Could Nosedive Below $3K
Meanwhile, after a robust November, Bitcoin has also paused over the previous month. Bitcoin achieved a new all-time high when it crossed $68,000.
There is little doubt that Bitcoin and Ethereum will continue to fluctuate in the future, and experts advise investors to remain cautious.
Experts say to overlook the ups and downs while making a long-term investment. That doesn’t imply that the recent slide in price has extinguished Ethereum’s volatility.
Crypto Expert Advises On ETH
The real issue is whether or not these currencies will continue to increase after they are owned, Jeremy Schneider, the Personal Finance Club’s investment guru, said.
“No more than 5% of your whole portfolio should be held as Ethereum due to the lack of assurance that its value will rise,” Schneider said.
The investment expert added that people should not invest at the risk of not accomplishing their other financial objectives, such as paying off high-interest debt or preparing for future retirement.
Like Bitcoin, Ethereum has its blockchain, maintained by a global network of over 2.4 million computers known as “nodes.” Anyone with the required hardware, skills, and time may run an Ethereum node and contribute to network validation.
Miners are in charge of finding new blocks on the Ethereum network. These are analogous to digital boxes that store transaction and other data.
Miners compete by utilizing specialized computer equipment to be the next person to add a block to the chain and collect transaction fees (from the transactions they add to the block) as well as “block rewards.”
Related Reading | Ethereum Prints Bearish Technical Pattern, Why It Could Revisit $2.5K
Featured image from CoinSpeaker, chart from TradingView.com
Bitcoin (BTC) has given back some of its recent gains, but on-chain data resource Ecoinometrics said that whales are accumulating because they believe the price is attractive from a long-term perspective.
On the downside, analyst Willy Woo believes that $33,000 is a strong bottom for Bitcoin. Popular Twitter trader Credible Crypto citing data from PlanC said that the odds of Bitcoin declining below $30,000 are poor.
Crypto market data daily view. Source:Coin360
Fidelity Digital Assets Head of Research Chris Kuiper believes that Bitcoin’s downside risk could be minimal when compared to other digital assets, but it could rally substantially if it manages to replace gold as a store of value.
Could Bitcoin and altcoins stage a recovery after the recent pullback? Let’s study the charts of the top-5 cryptocurrencies that may attract investor attention in the short term.
BTC/USDT
Bitcoin turned down from the overhead resistance at $45,456 but a minor positive is that the bulls have not allowed the price to break below the 20-day exponential moving average ($41,383).
BTC/USDT daily chart. Source: TradingView
If the price rebounds off the current level, the bulls will try to propel the BTC/USDT pair above $45,456. A close above this level will complete a bullish inverse head and shoulders pattern.
The pair could then rally to $52,088 where the bears are likely to mount a strong challenge. If bulls thrust the price above this level, the pair could start its northward march toward the pattern target at $56,904.
This positive view will be negated if the price breaks and sustains below $39,600. Such a move could open the doors for a possible drop to $36,250.
BTC/USDT 4-hour chart. Source: TradingView
The pair turned down from $45,456 and broke below the moving averages. The bulls are currently attempting to defend the minor support at $41,688.88 but are facing stiff resistance at the moving averages.
If the price turns down from the current level and breaks below $41,688.88, the pair could slide to $39,600. If the price rebounds off this level, then the pair could remain range-bound between $39,600 and $45,456 for a few days.
On the upside, a break and close above the moving averages will be the first indication that bulls have a slight edge. The pair could then rise to $43,920 and later to $45,456.
XRP/USDT
Ripple (XRP) broke and closed above the moving averages on Feb. 7, indicating that the downtrend could be coming to an end. The bears tried to pull the price back below the breakout level at $0.75 but the bulls thwarted their attempt.
XRP/USDT daily chart. Source: TradingView
The price rebounded off $0.75 and the bulls are trying to push the XRP/USDT pair toward the overhead resistance at $1. A break and close above this resistance could open the doors for a possible rally to $1.41.
The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in the positive zone, indicating that buyers have the upper hand. This positive view will invalidate on a break and close below $0.75. Such a move will indicate that bears continue to sell on rallies.
XRP/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bulls and the bears are battling it out near the $0.82 mark. The bulls pushed the price above this level but the bears stalled the rally at $0.85 and have pulled the pair back below $0.82.
A minor positive is that bulls are buying the dips to the 50-SMA. If the price rebounds off this support, the bulls will try to drive the pair above $0.85 and challenge the resistance at $0.91. Conversely, a break and close below the 50-SMA could pull the pair to $0.75. A break and close below this support could indicate the start of a deeper correction.
CRO/USDT
Crypto.com’s native coin (CRO) broke above the 50-day SMA ($0.47) on Feb. 7, suggesting that the corrective phase could be over. The price rallied to $0.54 on Feb. 10 where the bears are mounting a strong defense.
CRO/USDT daily chart. Source: TradingView
The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that the buyers have a slight edge. If the current rebound off the moving averages sustains, it will suggest that bulls are buying on dips. The bulls will then attempt to push the price above $0.54 and resume the uptrend.
If they can pull it off, the CRO/USDT pair could rise to $0.60 and then to $0.68. Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the pair could drop to $0.39.
CRO/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the pair is rising inside an ascending channel pattern. The bulls tried to push the price above the channel but the bears had other plans. They pulled the price back into the channel, trapping the aggressive bulls.
The buyers are attempting to defend the 50-SMA. If the price sustains above the 20-EMA, the bulls will again try to push the pair above the resistance line of the channel. This positive view will invalidate if the price turns down and plummets below the support line of the channel.
Related: Can XRP price reach $1 after 25% gains in one week? Watch this key support level
FTT/USDT
FTX Token (FTT) has been volatile inside a broadening formation. The failure of the buyers to propel the price above the resistance line indicates that bears are selling the rallies to this level.
FTT/USDT daily chart. Source: TradingView
However, a minor positive is that bulls are buying the dips in the zone between the 20-day EMA ($43.85) and the 50-day SMA ($41.50). If the price rebounds off the current level, the buyers will make one more attempt to clear the overhead hurdle.
If they manage to do that, the FTT/USDT pair could start a new uptrend. The pair could then rally to $53.50 where the bears may again pose a strong challenge but if this resistance is crossed, the rally could extend to $65.
This bullish view will invalidate if the price turns down and plummets below the 50-day SMA. That will indicate that the pair could extend its stay inside the broadening pattern for a few more days.
FTT/USDT 4-hour chart. Source: TradingView
The failure of the bulls to push the price above the $48 to $50 overhead resistance zone may have attracted profit-booking from short-term traders. The pair has broken below both moving averages and could drop to the 38.2% Fibonacci retracement levels at $41.99.
If the price rises from the current level or $41.99, it will suggest that buyers are accumulating on dips. The bulls will then again try to push the price above the 50-SMA. If they succeed, the pair could challenge the overhead resistance.
On the downside, a break and close below $41.99 could signal the start of a deeper correction to the 50% retracement level at $39.95.
THETA/USDT
Theta Network (THETA) broke and closed above the downtrend line on Feb.10, indicating that the downtrend could be coming to an end. Generally, a rally above a stiff resistance tends to turn back and retest the breakout level.
THETA/USDT daily chart. Source: TradingView
If bulls succeed in flipping the breakout level into support, it suggests a change in sentiment from sell on rallies to buy on dips. The 20-day EMA ($3.49) has started to turn up and the RSI is in the positive territory, suggesting advantage to buyers.
If the price rebounds off the downtrend line, the bulls will attempt to start a new uptrend. A break and close above $4.39 could attract further buying and the THETA/USDT pair could rise toward $6.
This bullish view will invalidate if the price turns down from the current level and plummets below the downtrend line. Such a move will suggest that the break above the downtrend line could have been a bull trap.
THETA/USDT 4-hour chart. Source: TradingView
The pair has been rising inside an ascending channel pattern. The bulls tried to push the price above the resistance line of the channel but the bears did not relent. This may have led to profit-booking by the short-term bears, pulling the price toward the support line.
The price has bounced off the support line on three previous occasions hence, the bulls will again try to defend it. If the price rebounds off the level and rises above the downtrend line, it will signal the resumption of the uptrend.
Alternatively, a break and close below the support line of the channel could signal a deeper correction to $3.20.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Central Bank Digital Currencies (CBDCs), a phenomenon that took over the global financial system in 2021, is now getting popular among African economies. Recently, the Central Bank of Kenya (CBK) published a discussion paper on CBDCs to highlight different opportunities and risks associated with the central bank digital currencies.
CBK noted that AML, technology risks, and infrastructure costs are some of the major risks associated with CBDCs. However, the bank also outlined a few prominent features of the digital currencies including the expansion of cross-border payments, financial stability, innovation, and financial inclusion.
The Kenyan central bank highlighted the rising popularity of digital tools in the global payments industry. “Following the outbreak of the coronavirus (COVID-19) pandemic, digital platforms have emerged as important financial inclusion tools across the world. To reap the full benefits and manage risks, policymakers are looking to step up. Central banks are exploring the possibility of rolling out CBDC solutions to meet their future payments needs in a digital economy,” CBK mentioned.
According to a recent survey conducted by the Bank for International Settlements, nearly 86% of central banks around the world are exploring the possibilities of CBDCs.
Risks
The Central Bank of Kenya said that it is monitoring the ongoing developments in the global CBDC ecosystem. While the bank outlined the potential advantages of CBDCs, it added that the disadvantages of digital assets must be considered before further developments.
“There are significant potential risks with CBDC issuance. These include financial exclusion, technology risks, competing with bank deposits and undermining bank intermediation, hampering monetary policy transmission, Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), and data privacy balance and infrastructure costs,” the Central Bank of Kenya added.
Recently, the Bank of Korea announced the completion of the first phase of its central bank digital currency testing.
Central Bank Digital Currencies (CBDCs), a phenomenon that took over the global financial system in 2021, is now getting popular among African economies. Recently, the Central Bank of Kenya (CBK) published a discussion paper on CBDCs to highlight different opportunities and risks associated with the central bank digital currencies.
CBK noted that AML, technology risks, and infrastructure costs are some of the major risks associated with CBDCs. However, the bank also outlined a few prominent features of the digital currencies including the expansion of cross-border payments, financial stability, innovation, and financial inclusion.
The Kenyan central bank highlighted the rising popularity of digital tools in the global payments industry. “Following the outbreak of the coronavirus (COVID-19) pandemic, digital platforms have emerged as important financial inclusion tools across the world. To reap the full benefits and manage risks, policymakers are looking to step up. Central banks are exploring the possibility of rolling out CBDC solutions to meet their future payments needs in a digital economy,” CBK mentioned.
According to a recent survey conducted by the Bank for International Settlements, nearly 86% of central banks around the world are exploring the possibilities of CBDCs.
Risks
The Central Bank of Kenya said that it is monitoring the ongoing developments in the global CBDC ecosystem. While the bank outlined the potential advantages of CBDCs, it added that the disadvantages of digital assets must be considered before further developments.
“There are significant potential risks with CBDC issuance. These include financial exclusion, technology risks, competing with bank deposits and undermining bank intermediation, hampering monetary policy transmission, Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), and data privacy balance and infrastructure costs,” the Central Bank of Kenya added.
Recently, the Bank of Korea announced the completion of the first phase of its central bank digital currency testing.
In 2021, crypto has been one of the biggest trends shaping tech and finance, and according to mainstream news headlines, decentralized autonomous organizations (DAOs) are set to be a force to be reckoned with in crypto in 2022. Mark Cuban called them the “ultimate combination of capitalism and progressivism.” Yet, while DAOs are relatively easy to understand conceptually, they’re a segment of the crypto market in a state of rapid flux, with many innovative use cases emerging. However, setting up and running a DAO also comes with its own set of unique challenges, which are also changing and developing over time.
What is a DAO?
The purest definition of a DAO is inherent in the name. An organization is a group of people and entities with a common goal or idea. It’s decentralized, so there is no CEO or board of executives responsible for decision-making, and it’s autonomous, meaning it’s self-governing. Self-governing means that there are governance rules programmed into blockchain-based smart contracts, and members of the DAO vote on matters affecting the DAO according to those rules.
One of the earliest DAOs, a project called The DAO, illustrates one of the most straightforward use cases of a DAO and also happens to be pivotal in the history of DAOs. The Genesis DAO, as it was also known, was an investment contract allowing Ether (ETH) holders to deposit their funds. Projects could apply to The DAO for funding, and if DAO token holders agreed to the investment terms, the smart contract would disburse funds. However, in June 2016, within weeks of launch, a hacker found a bug in the underlying smart contract code and managed to drain The DAO of around $70 million worth of ETH.
At the time, the incident wreaked havoc in the Ethereum community, and as a result, DAOs made little progress over the subsequent two or three years. However, once the touch paper of the DeFi movement was lit, the idea of DAOs took off once again.
Related: DAOs are meant to be completely autonomous and decentralized, but are they?
DeFi and the return of DAOs
DeFi emerged from the desire among the blockchain community to create an open, permissionless, decentralized financial system. As such, DAOs offered an attractive way for projects to demonstrate their commitment to decentralization through community governance.
As a result, during 2020, when DeFi began to gain rapid ground, governance tokens became vastly popular. Flagship DeFi apps including Compound (COMP), Uniswap (UNI) and Aave (AAVE) launched tokens allowing users to participate in decentralized governance, while newcomer DeFi projects have taken to launching their governance tokens from the start.
Current and emerging trends
So why are DAOs now making such a splash even among mainstream news outlets? Part of the reason is the surge in popularity of nonfungible tokens (NFTs), which are set to play a more significant role in DAO governance and who gets to participate.
In September, Andreessen Horowitz invested $5 million into “Friends with Benefits,” a Discord chat comprised of various crypto enthusiasts, artists and NFT collectors. The group raised a total of $10 million when it decided to operate as a DAO, demonstrating the value to be generated from the vast online communities that have formed — even without economic incentives — on platforms like Facebook and Telegram.
In November, things took an even more intriguing turn when “ConstitutionDAO” raised more than $40 million to bid on the rights to acquire an official copy of the U.S. constitution document in a Sotheby’s auction. It was the first time Sotheby’s had worked with a DAO, which had managed to gather support from over 17,000 donors in advance of the auction. Although ConstitutionDAO was ultimately outbid by Citadel CEO, Ken Griffin, the experiment itself was arguably a success in that it demonstrated its intended concept.
Another emerging trend is investment DAOs, as some believe that DAOs are set to disrupt the traditional VC model of funding entirely. These DAOs are allowing groups of Web3 natives to pool and deploy capital in such a way that now allows individuals to compete with traditional finance entities.
So it’s understandable that with such a wide range of applications out there, DAOs are causing considerable excitement and could prove to be as big as NFTs have been in 2021. However, there will be challenges along the way.
The path to DAO adoption isn’t smooth
Firstly, education is still a considerable gap. Even within the cryptocurrency community, the DAO concept is still gaining traction, and implementation is far from advanced. There are still relatively few “user interfaces” for DAO governance, although more and more tools are coming online to help organize and overcome the challenges that traditional organization structures have wrestled with for years.
Regulation can be another challenge that DAOs will have to grapple with as they transition into the mainstream. Laws around incorporation and tax structuring are ambiguous and often outdated, leaving DAOs to make their interpretation to fill in the gaps.
It’s also worth noting that decentralization is a spectrum and not binary. Although DAO governance tokens allow users to participate in decentralized governance, most projects still operate with a degree of centralization.
Related: Decentralization vs. centralization: Where does the future lie? Experts answer
Finally, decentralized governance is hard, particularly at scale. It’s a large challenge with multiple obstacles that have plagued blockchain developers since the early days. How do you keep voters engaged once the community becomes large enough, and votes need to be conducted with increasing frequency?
How do you stop wealthy whales from buying their way to power by scooping up a majority of tokens? To what extent should code be law, and shouldn’t there be fail-safes in place in case a malicious entity manages to wrest majority control? If so, who controls the fail-safes?
There are no easy answers to these questions, but now that crypto, NFTs and DeFi have found a foothold to reach the mainstream consciousness, it seems natural that DAOs will follow. Furthermore, as they become more mainstream, it should become easier to identify smother means by which communities can decentralize governance.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Hannes Graah is the former vice president of growth at Revolut, and founder of stablecoin yielding protocol Gro. He also spent eight years at Spotify scaling company operations and assorted growth projects until mid-stage, then launching new regions until the initial public offering. A four-time startup founder, he is also an investor and advisor in more than 10 companies as well as a growth strategist for more than 30 brands and companies.
Altcoins have been bigger winners than bitcoin in the recent recovery. Even though the latter led the recovery, the smaller cap coins have been making all of the waves in the space, outperforming other indexes and bitcoin included. All of this has pointed to an altcoin season after a purported ‘crypto winter’ and the gains recorded so far in February are additional proof of this.
Small Cap Index Takes The Lead
The whole of the crypto market had suffered from the downtrend that began in December. However, the second week of February had come to some reprieve with double-digit gains across bitcoin and all of the indexes. The small, mid, and large cap indexes have all returned gains so far, but the small cap has taken the leading, showing increased bullish momentum in the smaller cap altcoins.
Related Reading | Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year
Just two weeks into February, the small cap index has seen gains as high as 19%. This is a huge step-up for the index after it closed out January as the worst-performing index, seeing accelerated losses compared to its counterparts. The tables have now turned as the gains for the small cap index have been 4% higher than all of the others.
Small cap index returns highest gains | Source: Arcane Research
Bitcoin, the mid cap, and the large cap index all returned doubled-digit gains for January. Most of the gains recorded were from a single week that saw prices surge across the crypto market.
What About Bitcoin?
Bitcoin has no doubt also returned impressive gains for its investors in the same time period. It may not be as high as the small cap index but still remains one of the top gainers n the space. It follows the move of the market sentiment from extreme negativity back into the positive. Momentum picking up has also helped in this case.
Related Reading | JPMorgan Puts Bitcoin At $150,000 In The Long-Term, But What About Its ‘Fair Value’?
The Digital asset is now trading above its 20-day moving average but remains low on the 50-day average. At its current point, the next resistance for the asset to break lies at $45,240. However, a break above a second resistance point at $46,712 is what will really solidify its entrance into another bear rally. Until then, it will likely continue to hover between $43,000 and $44,000.
BTC starts another recovery trend | Source: BTCUSD on TradingView.com
On the support side, bitcoin’s break below $43,000 will see its next support at $42,790. Not a far-off point, but if it does not hold then another decline to $40,000 may be imminent.
Nevertheless, the digital asset has shown strong sell signals around the 50 and 100-day moving averages. Unless buyers make significant headway in holding up the price of bitcoin, bears are more likely to take over, pulling bitcoin into another stretched-out downtrend.
Featured image from Forbes, charts from Arcane Research and TradingView.com
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Coinbase Global, a major cryptocurrency exchange in the US, announced on Wednesday that it has removed ‘how to buy’ instructions for at least three crypto tokens which have been identified as ‘rug pulls’ that could make investors lose their money.
The three said tokens include ‘DeFi100’, ‘Mercenary’, and the ‘SQUID token’. Last week, Reuters media outlets brought attention to the tokens on Coinbase sales pages that were suspected to be rug pulls.
Jaclyn Sales, a spokesperson at Coinbase, stated yesterday that the links associated with such tokens were removed from the crypto exchange’s website after they were brought into the limelight by Reuters.
CoinMarketCap was identified to have automatically created the sales pages. Since its establishment, CoinMarketCap has had the goal of collecting all of the data about the crypto space and putting them in one, online location, so that anyone, anywhere can find out more about any particular crypto coin they are interested in.
However, Shaun Heng, the Vice-President of Growth and Operations at CoinMarketCap, talked about the ‘crypto tokens’ in question, and stated that CoinMarket did not create the pages as there was no partnership with Coinbase.
So, Coinbase pulled down the pages that featured ‘DeFi100’ ‘Mercenary’, and ‘Squid Game’ crypto tokens on its website.
In addition, the Coinbase spokesperson said that the
exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term plans to conduct an upgrade to safeguard its auto-created webpages.
Crypto Funds Go Missing
Coinbase is the most popular consumer-facing cryptocurrency exchange in the US. Formed in 2012, the firm allows users to hold, purchase and sell crypto coins like
Bitcoin
Bitcoin
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities. Read this Term. The online platform has gained much popularity and turned itself into a reliable exchange for mainstream crypto investors. However, Coinbase said, as a disclaimer, that its online pages offering tips on investing in tokens are informational rather than investment advice and that the exchange is not liable for ‘errors and delays’.
While the popularity of crypto adoption has significantly grown, scams in the industry have continued to make headlines. Chainalysis research company revealed that scams scooped over $7.7 billion from investors last year. The most common form of scam was the ‘rug pull’, where developers launch a scam project, attract investors and then abandon the project, escaping with the investors’ funds. Last year, Squid Game crypto token crashed to zero after the developers did a rug pull that robbed over $3.38 million from investors.
Coinbase Global, a major cryptocurrency exchange in the US, announced on Wednesday that it has removed ‘how to buy’ instructions for at least three crypto tokens which have been identified as ‘rug pulls’ that could make investors lose their money.
The three said tokens include ‘DeFi100’, ‘Mercenary’, and the ‘SQUID token’. Last week, Reuters media outlets brought attention to the tokens on Coinbase sales pages that were suspected to be rug pulls.
Jaclyn Sales, a spokesperson at Coinbase, stated yesterday that the links associated with such tokens were removed from the crypto exchange’s website after they were brought into the limelight by Reuters.
CoinMarketCap was identified to have automatically created the sales pages. Since its establishment, CoinMarketCap has had the goal of collecting all of the data about the crypto space and putting them in one, online location, so that anyone, anywhere can find out more about any particular crypto coin they are interested in.
However, Shaun Heng, the Vice-President of Growth and Operations at CoinMarketCap, talked about the ‘crypto tokens’ in question, and stated that CoinMarket did not create the pages as there was no partnership with Coinbase.
So, Coinbase pulled down the pages that featured ‘DeFi100’ ‘Mercenary’, and ‘Squid Game’ crypto tokens on its website.
In addition, the Coinbase spokesperson said that the
exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term plans to conduct an upgrade to safeguard its auto-created webpages.
Crypto Funds Go Missing
Coinbase is the most popular consumer-facing cryptocurrency exchange in the US. Formed in 2012, the firm allows users to hold, purchase and sell crypto coins like
Bitcoin
Bitcoin
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities. Read this Term. The online platform has gained much popularity and turned itself into a reliable exchange for mainstream crypto investors. However, Coinbase said, as a disclaimer, that its online pages offering tips on investing in tokens are informational rather than investment advice and that the exchange is not liable for ‘errors and delays’.
While the popularity of crypto adoption has significantly grown, scams in the industry have continued to make headlines. Chainalysis research company revealed that scams scooped over $7.7 billion from investors last year. The most common form of scam was the ‘rug pull’, where developers launch a scam project, attract investors and then abandon the project, escaping with the investors’ funds. Last year, Squid Game crypto token crashed to zero after the developers did a rug pull that robbed over $3.38 million from investors.
