Decentralized Storage Provider StorX Network has joined hands with NFT Marketplace XDSea on a partnership set to eliminate IPFS based centralized storage. Under the terms of the collaboration, it follows that XDSea will leverage StorX decentralized storage network as a store for their art, images, and documents.
We are thrilled to announce the Partnership between @StorXNetwork and @XDSeaNFT. XDSea will use Storx decentralized storage network to store art, images, and documents. This will remove file storage centralized using ipfs.#StorX#SRX#partnership https://t.co/zfM7asYJaz
Standing as the first-ever, and largest P2P decentralized marketplace in the world to provide an avenue for selling and buying NFTs, XDSea is built atop the XDC Network and runs on the XRC blockchain. The collaboration and expected offerings are a testament to the numerous promises made by DIMO and XinFin who hosted the official debut of the XDSea network. From being the first NFT marketplace to join the XRC blockchain, and now offering safer and more reliable storage for digital collectibles, the possibilities remain endless for XDSea.
Already XDSea is reputed for its game-changing role offering very affordable gas fees in the market today thanks to its association with XinFin. Beyond that, it also offers the lowest transaction fees in the market today. By meeting users at the junction linking gas fees, transaction fees and now security, XDC is a game-changer in an extremely agile and dynamic industry.
Competitive features of StorX Network’s Decentralized Cloud
StorX Network has revolutionized data storage, providing a blockchain-based decentralized cloud storage solution. This solution evades tracking, censorship, blocking, or the presence of any downtime whatsoever. With these offerings, StorX leads netizens to a safer and more secure internet version where decentralization is the theme. XDSea is the first among many who are poised to leverage this future.
With this partnership, XDSea intends to leverage StorX decentralized storage for the safe storage of NFTs in the range of art, images and documents; an action that will eliminate the centralization element of storing files characteristic of IPFS.
IPFS is basically the hard drive of blockchain with a specific approach for data storage. IPFS stores data in such a way that when data is added to the IPFS network, the network splits it into groups of 256Kb capacities. Each group is identifiable using a specific hash and is thereafter spread across multiple nodes on the hash-linked networks.
StorX is safer than IPFS
While both use transport encryption, StorX offers more security thanks to its content-encryption property. While user data is safer when being sent between individual IPFS nodes, that data is accessible to anyone who wishes to download and view it provided they have the CID. StorX enhances security by providing the content-encryption property.
Moreover, the XDSea will benefit from, among other privileges offered by StorX, the assurance of offering users a safer and more reliable storage network for their digital collectibles on the cloud. With this collaboration, XDSea, therefore, expects to deliver a safer and more unregulated storage experience for its esteemed user community so that they can design and develop their valuable NFTs on the open-source NFT Marketplace, XDSea.
Notably, the partnership makes for a notable milestone for StorX, positioning them as the first storage provider to collaborate with XDC NFT marketplace for purposes of solving their storage needs. The mechanics hold that every file that a user uploads on StorX is split into multiple parts before encryption into several fragments and finally stored within independent storage nodes. The nodes are run by different operators located in various parts of the world.
The hallmark of StorX network’s offering centers on the fact that the system is designed as a group of autonomous storage networks. This means that there is no one operator who holds total access to the data belonging to a single user. With different parts held by different operators, the amount of power or influence held by a single holder is therefore significantly reduced to an almost invaluable minimum, hence enhanced user security.
#XDCNFT are coming to the #XDCNetwork. It is still early days but new artists, fans and innovators are rapidly joining the #XDC community. Buckle up, this space is about to explode! pic.twitter.com/YjvilI4Nox
Republican Congressman Pete Sessions from Texas has come out with a bold statement about the impact Bitcoin mining will have not just on his state but on the United States as a whole.
The Texan representative, a proponent of Bitcoin (BTC) mining, tweeted on March 22 that “Bitcoin Mining will play a critical role in rebuilding energy independence in the USA.” His statement drew a mixed bag of reactions from both supporters and critics. Wyoming’s Republican Senator Cynthia Lummis was among the supporters who responded to his tweet with a succinct “Indeed.”
#Bitcoin Mining will play a critical role in rebuilding energy independence in the USA
Both lawmakers have been vocal advocates for policies that support innovation in the crypto industry, not just for miners. As U.S. consumers suffer from a spike in gas prices due to global tensions, the debate has ramped up about how the country can reduce its dependence on external energy sources.
Sessions’ view highlights a growing compilation of research that suggests the innovations from the BTC mining industry could have global applications in industrial energy consumption and production.
As Texas has come to contribute over 14% of the country’s total Bitcoin hash rate, the stability of the state’s electrical grid and the environmental impact of miners have come to the forefront of growing criticism, as it has in other mining hubs around the world.
Despite those concerns, various researchers have suggested that the growing mining market in Texas could reduce its net environmental impact and energy demands on the public energy grid.
A March 2021 research paper detailed how flexible data centers could promote renewable energy resources. A flexible data center generates its own energy either from a small dedicated renewable power plant or draws power from the grid depending on the grid’s current state.
According to the U.S. Energy Information Administration (EIA), Texas is already the country’s leading wind power generator. Therefore, miners may already have access to renewable energy when needed. Promoting miners to utilize a flexible data center model could stimulate greater growth in renewable energy accessibility and reliability. The paper stated:
“Hence, the (integrated energy system) may contribute to grid stability by locally using generated electricity instead of feeding it into the grid.”
Software solutions firm Lancium published similar research last October. It concluded that as the mining industry grows and more operations implement a flexible data center model, it will likely prevent energy grid shortages while promoting the growth of renewable energy resources. Researcher Joshua D. Rhodes, Ph.D. said in the paper.
“As grids move towards incorporating higher levels of intermittent resources, such as wind and solar, flexible demand will play an ever more important role in keeping the electrical grid system stable.”
Related: New York Bitcoin mining moratorium bill garners more support
Texas is a significant hub of Bitcoin mining in the United States as Hive Blockchain, Riot Blockchain, Argo Blockchain, and others have operations in the Lone Star State.
According to the unconfirmed sources, Honduras may officially adopt Bitcoin by giving it a legal tender status. Honduras President, Xiomara Castro may make the announcement within several hours.
Honduras may follow the steps of El Salvador in adopting 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 impact of such news may have on BTCUSD is unclear at this stage. The focus of the crypto markets is on the upcoming regulations, which includes NFTs and possibly the metaverse.
India 30% tax on cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term profits will commence in April. This is on top of the 1% tax deduction at source (TDS). India will tax 1% TDS on all transactions in cryptocurrencies.
Bitcoin is still looking for a direction, BTCUSD weekly chart will be shortly presented.
How will Honduras Affect Bitcoin?
In August 2021 Honduras opened the first Bitcoin ATM in the the capital of Tegucigalpa by Honduran firm TGU Consulting Group. The ATM, nicknamed by the locals as ‘la bitcoinera’ allowed to purchase ETH and BTC using the local currency.
When El Salvador only considered adopting Bitcoin a positive reaction was seen in the markets. By paying attention to BTCUSD a tight price range is noted.
source: btcusd weekly chart, tradingview
The war between Russia and Ukraine is also weighing on BTC. Based on current market conditions, Honduras intentions to provide Bitcoin a legal tender status may not have a significant impact on market price.
However, in an event other countries announce this week they are may follow suit, a more substantial reaction may take place. A break above $45,535 may be required based on the weekly chart.
source: btcusd 60min chart, tradingview
BTCUSD hourly chart shows the price is ‘compressed’ between the support and resistance levels. As an intraday breakout materializes, BTC may choose its hourly trend.
A bearish breakout (below the blue line) may drive significantly lower than a bullish breakout (above the purple line).
According to the unconfirmed sources, Honduras may officially adopt Bitcoin by giving it a legal tender status. Honduras President, Xiomara Castro may make the announcement within several hours.
Honduras may follow the steps of El Salvador in adopting 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 impact of such news may have on BTCUSD is unclear at this stage. The focus of the crypto markets is on the upcoming regulations, which includes NFTs and possibly the metaverse.
India 30% tax on cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term profits will commence in April. This is on top of the 1% tax deduction at source (TDS). India will tax 1% TDS on all transactions in cryptocurrencies.
Bitcoin is still looking for a direction, BTCUSD weekly chart will be shortly presented.
How will Honduras Affect Bitcoin?
In August 2021 Honduras opened the first Bitcoin ATM in the the capital of Tegucigalpa by Honduran firm TGU Consulting Group. The ATM, nicknamed by the locals as ‘la bitcoinera’ allowed to purchase ETH and BTC using the local currency.
When El Salvador only considered adopting Bitcoin a positive reaction was seen in the markets. By paying attention to BTCUSD a tight price range is noted.
source: btcusd weekly chart, tradingview
The war between Russia and Ukraine is also weighing on BTC. Based on current market conditions, Honduras intentions to provide Bitcoin a legal tender status may not have a significant impact on market price.
However, in an event other countries announce this week they are may follow suit, a more substantial reaction may take place. A break above $45,535 may be required based on the weekly chart.
source: btcusd 60min chart, tradingview
BTCUSD hourly chart shows the price is ‘compressed’ between the support and resistance levels. As an intraday breakout materializes, BTC may choose its hourly trend.
A bearish breakout (below the blue line) may drive significantly lower than a bullish breakout (above the purple line).
Bitcoin (BTC) reached an all-time high of $68,788 per coin on November 10, 2021.
Since then, the world’s most sought-after cryptocurrency has experienced extraordinary volatility, and the market has appeared reactive and fragile, with the Fear & Greed Index indicating a high level of doubt and uncertainty.
Since January 5, the price of BTC has fluctuated between $35,000 and $45,000, a relatively narrow range considering the currency’s track record of fluctuation.
As a result, this could be the start of a long-awaited period of stabilization for the market’s top digital asset.
Bitcoin Yet To Regain Previous High
The flagship cryptocurrency has yet to reclaim its 2022 high of $47,800, which it achieved on January 1 and 2 — approximately three weeks before plunging to $33,183.
While Bitcoin has flirted with the $40,000 mark on several occasions this year, those growth spurts have yet to prove viable.
However, it has rallied once more this week. According to CoinMarketCap, Bitcoin gained approximately 6.65% in the last seven days and was trading at $41,770 at the time of this writing, surpassing the $40,000 mark on Friday. Other coins have also increased in value during the last few days.
Pullback To Support Levels Seen
Bitcoin’s price is edging closer to its upward limit following an almost week-long slow strut-up. As a result of the presence of many obstacles, a pullback to stable support levels for BTC is anticipated.
Bitcoin’s price is encountering numerous resistance points as it approaches the $45,000 local high. A retest of the bearish breaker zone between $42,866 and $43,754 is expected to result in a downturn to $38,887 and below.
BTC total market cap at $792.68 billion on the daily chart | Source: TradingView.com
Related Article | Shiba Inu Exodus: 32,000 Holders Lose Interest In The ‘Dogecoin Killer’
Since January 22, the BTC price has reached three identical highs and four higher lows. These swing points can be combined to construct an ascending triangle using trend lines.
This technical structure forecasts a 20% increase, calculated by adding the distance between the initial swing high and low to the $44,417 breakout point.
Bitcoin Poised For Further Rally
Given the current geopolitical landscape, rising inflation, interest rate increases, and rising oil prices, many industry specialists are already speculating on the Bitcoin price by the end of the year, as many people want a buffer against inflation and a safe haven asset.
Bloomberg recently reported that despite a huge fall to usher in the year, Bitcoin is poised for additional price gain.
Ethereum Nears $3K
Meanwhile, Ethereum (ETH) gained ground on Friday following a wild week.
Ethereum has rallied up to 5% in the last 24 hours, closing in on $3,000 for the first time in two weeks.
Ether’s growth is partly a result of efforts toward the mainnet integration of the Ethereum blockchain and the Beacon Chain.
Related Article | Ethereum Sees Biggest Exchange Withdrawals This Year – A Bump In ETH Price In The Offing?
Featured image from Coingape, chart from TradingView.com
Content constitutes the essence of the internet and comes in many different forms that the current Web2 internet iteration supports — text, audio, video or a mix of all three. However, content is scarcely a free resource. It is content creators who are now becoming opinion leaders, influencers and the cornerstones of so many of the critical services businesses rely on, such as advertising, marketing and public relations management.
The need for content and its strive for independence — embodied by thousands of bloggers and indie performers — has spawned an immense online economy that trades talent and often rakes in sales volumes many a top-level artist would salivate to earn. This economy has been dubbed the creator economy: a financial framework that allows independent individuals to earn on their self-expression by feeding audiences the type of content they are willing to pay to consume.
A rising force
The creator economy is a tremendous force: a unique, online phenomenon that overstepped the $104-billion market size threshold at the end of 2021. Given the snowballing demand for new content on popular platforms, such as TikTok, that empower independent artists and performers, experts are hesitant to make forecasts about the potential market size of the creator economy in the near future.
The reason for the lack of tangible predictions is that the creator economy is an extremely young phenomenon that started with the COVID-19 pandemic. The lockdowns evoked a wave of talent among people confined indoors, resulting in a release of creativity that others sharing confinement were eager to consume as much-needed entertainment.
Related: The best is yet to come: What’s next for blockchain and the creator economy
Considering that micro-entrepreneur creators are closely related to influencer marketing, which spots around $13.8 billion in market size, it is possible to understand the prospects that further expansion of the phenomenon can yield. More importantly, experts believe the transition to a new technological medium will allow content creators to overwhelm markets and industries with new opportunities for product and service promotion.
Decentralizing talent
More than 50 million creators are driving their own economy of talent, attracting in excess of $800 million in venture capital. Such figures are but a shadow of what they can become later, as new venues are rapidly becoming available.
The development of blockchain technologies has resulted in a sweeping revolution across financial markets, empowering individuals instead of institutions and channeling ownership of data and funds to their holders. The qualities of the blockchain — immutability, full transparency and the trustless nature of operations — have permeated many industries, swooning the balance of business orientation from centralized corporate reliance to decentralization. This shift in the basic concepts that govern relations between participants to transactions, facilitated by smart contracts, has not gone unnoticed in the creator economy.
With the decentralized finance and GameFi sectors marshaling across their respective industries and detracting droves of users from conventional approaches to banking and gaming, it was only a matter of time before influencers and content creators decided to shift the paradigm in their operating environments. The content creation model has been altered forever with the incorporation of blockchain technologies that allow users to incentivize content creators, while creators can actually monetize their talent without having to share the proceeds with centralized, often-unfair hosting platforms.
Related: DAOs are the foundation of Web3, the creator economy and the future of work
Going metaverse
The development of metaverses — fully digital environments powered by the blockchain on Web3 and virtual reality — will herald a new era in content creation. Never before has talent had access to such an advanced set of tools to embellish even the bravest of ideas on the threshold of the real and digital worlds.
Metaverses allow creators to visualize in stunning graphical detail anything from an opera concert in the void of space against a backdrop of nebulae to a blog stream on a deserted island. Anything creativity can fathom can be implemented in the metaverse for the benefit of all parties involved. By relying on the unlimited opportunities of the metaverse in its incorporation of virtual reality, content creators will be able to unleash their creativity and allow it to roam wild. Such promises of unseen quality of content can only be described as honeysuckle for an eager audience of viewers longing for more variety in types of content consumed — and, more importantly, new experiences.
The blockchain basis of the metaverse offers even more benefits for content creators, as it allows them to employ various mechanisms for monetizing their content through the versatile nature of internal cryptocurrencies. Users can stake their digital assets on specific creators, encouraging them to release more content of a certain type. Others can pay to access special content, while others can simply reward their favorite creators with donations. The monetization avenues are numerous, and content creators can always be sure that their talent will be paid for and no hosting platform can strip them of their earnings.
Even more lucrative are the prospects for businesses in terms of content-creator economy permeation in the metaverse. Marketing, advertising and promotion in general gain a new lease on evolution with content that can be tailored in an endless variety of ways and seamlessly integrated into the channels of select creators. The metaverse provides businesses with an entirely new frontier for deployment and audience reach, and the creators are the takeoff ramps that can showcase products and services before their followers — for a price.
In digital hindsight
The metaverse is the next iteration of the internet we know today: a fully user-centric environment serving the purpose of elevating creativity to a new level. However, audiences will not be the only sources of revenue for content creators, as businesses are eager to tap into this lucrative niche and leverage the possibilities offered by native, organic and highly versatile ad integrations in virtual reality content.
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.
Johnny Lyu is the CEO of KuCoin, one of the largest cryptocurrency exchanges, which was launched in 2017. Before joining KuCoin, he had accumulated abundant experience in the e-commerce, auto and luxury industries.
The world’s second most dominant digital asset, Ethereum witnessed significant buying pressure on Friday as the cryptocurrency spiked by almost 5% in 24 hours. With rising prices, short ETH trading positions liquidations also increased substantially during the mentioned period.
The data posted by Coinglass shows that more than $50 million worth of positions related to Ethereum were liquidated in the last 24 hours. The number includes the liquidation of approximately $40 million worth of short positions.
Ethereum’s price remained under pressure since November 2021. In January 2022, the crypto asset reached a low of almost $2,100, down by more than 50% from its all-time high in November 2021. Since the start of 2022, Ethereum faced several challenges including the rise in short trading positions around the digital asset.
However, a sudden spike in the crypto market has caused a sharp jump in the liquidation of short trading positions. While ETH topped the list, bearish traders of digital currencies like BTC, LUNA, and SOL also faced the heat with massive liquidations.
Large Ethereum Transactions
With growing demand and a jump in its price, the Ethereum network saw a spike in $100,000+ transactions. According to Santiment, an on-chain analysis platform, ETH whale transfers have reached the highest level in nearly 1 month.
“ETH has surged back above $2,900 for the first time since March 2nd, and whale transactions are on the rise big time. Yesterday was the first day with over 7,000 $100k+ transactions on the ETH network since the war news broke,” Santiment mentioned in a recent update.
ETH outflows from leading digital exchanges have increased as well. Recently, large Ethereum holders shifted the crypto asset in enormous amounts from exchanges to cold storage. Earlier this week, ETH 2.0 deposit contract crossed 10.4 million staked Ethereum.
The world’s second most dominant digital asset, Ethereum witnessed significant buying pressure on Friday as the cryptocurrency spiked by almost 5% in 24 hours. With rising prices, short ETH trading positions liquidations also increased substantially during the mentioned period.
The data posted by Coinglass shows that more than $50 million worth of positions related to Ethereum were liquidated in the last 24 hours. The number includes the liquidation of approximately $40 million worth of short positions.
Ethereum’s price remained under pressure since November 2021. In January 2022, the crypto asset reached a low of almost $2,100, down by more than 50% from its all-time high in November 2021. Since the start of 2022, Ethereum faced several challenges including the rise in short trading positions around the digital asset.
However, a sudden spike in the crypto market has caused a sharp jump in the liquidation of short trading positions. While ETH topped the list, bearish traders of digital currencies like BTC, LUNA, and SOL also faced the heat with massive liquidations.
Large Ethereum Transactions
With growing demand and a jump in its price, the Ethereum network saw a spike in $100,000+ transactions. According to Santiment, an on-chain analysis platform, ETH whale transfers have reached the highest level in nearly 1 month.
“ETH has surged back above $2,900 for the first time since March 2nd, and whale transactions are on the rise big time. Yesterday was the first day with over 7,000 $100k+ transactions on the ETH network since the war news broke,” Santiment mentioned in a recent update.
ETH outflows from leading digital exchanges have increased as well. Recently, large Ethereum holders shifted the crypto asset in enormous amounts from exchanges to cold storage. Earlier this week, ETH 2.0 deposit contract crossed 10.4 million staked Ethereum.
After a booming week of new Nightly Mint specials, we’re closing off the week on a relatively quiet note in NFTs. Nonetheless, there’s always some action for us to cover.
The University of Arizona will allow athletes to profit off of NFTs, Solana is making some moves, and we’ve got a friendly reminder to keep looking forward – we’re talking about jpegs, after all. Stay positive.
It’s all in a day’s recap here at The Nightly Mint. Let’s dive in.
The Nightly Mint
Latest Mint: University Of Arizona Athletes
NFT opportunities started sprouting up at universities last year – including University of Arizona. But this week, a new deal between University of Arizona and Athlete Assets will allow university-owned logos and other assets to be utilized in NFTs. It is seemingly the first commercial copyright licensing agreement around NIL (name, image and likeness) for athletes in the crypto space. Athletes will earn a large majority of NFT revenues. Expect other collegiate institutions to follow suit.
Related Reading | Cardano (ADA) Retrieves 8th Position In Market Valuation During Ecosystem Inflows
Solana (SOL) continues to make an aggressive push in maintaining it's #2 position in the NFT landscape. | Source: SOL-USD on TradingView.com
Solana Makes A Splash
Coinbase Wallet has added support for NFTs and will now allow users to send, receive, and store SOL and SPL tokens through its browser extension, according to our latest report. Solana has solidified itself as a secondary power-player behind Ethereum when it comes to the NFT landscape. Solana, like many Ethereum competitors, looks to offer scalability solutions that have proven to be a challenge for the Ethereum blockchain to date.
Solana has seen a mixed bag of successes in the NFT space, but has still carved it’s own lane. This recent announcement is undoubtedly a win for the ecosystem; expect Solana to continue to be a force to be reckoned with in the NFT space.
The ‘Minty Fresh’ Take
NFTs have proven that early adopters of big time projects can secure life-changing bags. Never look behind you, continue to look forward.
Gm! Do I regret selling my #MAYC 48 hours before $APE. Yes. But the ape profits helped us feel comfortable enough to pay cash for expensive adaptive equipment our daughter needs that insurance is taking forever to approve. @BoredApeYC changed our lives. We are grateful. #NFTs
Related Reading | Ethereum Staking Queue Nears All-Time High Ahead Of Mainnet Merge
Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
Ethereum co-founder Vitalik Buterin graced the front page of Time Magazine this month after he was interviewed by the publication about the potential perils of the industry he helped tocreate.
During the 80-minute interview, Buterin explained the “dystopian potential” of digital assets if implemented incorrectly. Among his biggest worries are overzealous investors, high transaction fees and public displays of wealth by those claiming to have made a fortune trading crypto and nonfungible tokens (NFTs).
The interview also delved into other Ethereum-focused pain points for Buterin, such as how much power to exercise in the community during highly contentious periods in its evolution, including the infamous 2016 hack of a Decentralized Autonomous Organization, or DAO. The interview painted Buterin as a pragmatic leader taking a “middle ground” approach to solving issues that impact the community.
Over the years, Buterin has used his personal blog to advocate for technical solutions related to Ethereum’s development. In December 2021, he published “Endgame,” a thought experiment that explores the evolution of Ethereum 2.0, which is now referred to as the “consensus layer.” In the post, Buterin suggested improvements to network scalability with notable trade-offs — chief among them being the centralization of block production.
Related: Andreessen Horowitz invests $70M in Ethereum staking protocol Lido
The ETH cinematic universe is getting bigger: ETH 2.0 scaling, zk-Rollups, L2s & more. Meanwhile, @VitalikButerin just released his ‘endgame’ plan that solidifies his mission for a deflationary age. https://t.co/CbIo3WZXNH
While Ethereum’s evolution to a proof-of-stake chain remains mired in delays, the investing community has high hopes for the future. Ethereum’s Beacon Chain now has over 316,000 validators and roughly 10.1. billion ETH staked.
Coinbase, a US-listed cryptocurrency exchange
Cryptocurrency Exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a Crypto Exchange?Cryptocurrency trading occurs over a centralized exchange, although these crypto exchanges should be used with caution given the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds cryptocurrencies of users they accrue interest and are no longer classified as client money.These provide an accessible platform for not only companies, hedge funds, and retail traders for exchanging digital currencies.Additionally, crypto exchanges serve a critical role in producing stability within the cryptocurrency sector given how the sourcing and pricing of these assets are innately volatile. One could think of a crypto exchange as an intermediary who provides a service by connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects a fee of an outgoing transaction that averages between 0.20% to 0.25% or will request a deposit fee that has been known to be as high as 11% for credit card deposits. Crypto exchanges may also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a Crypto Exchange?Cryptocurrency trading occurs over a centralized exchange, although these crypto exchanges should be used with caution given the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds cryptocurrencies of users they accrue interest and are no longer classified as client money.These provide an accessible platform for not only companies, hedge funds, and retail traders for exchanging digital currencies.Additionally, crypto exchanges serve a critical role in producing stability within the cryptocurrency sector given how the sourcing and pricing of these assets are innately volatile. One could think of a crypto exchange as an intermediary who provides a service by connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects a fee of an outgoing transaction that averages between 0.20% to 0.25% or will request a deposit fee that has been known to be as high as 11% for credit card deposits. Crypto exchanges may also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world. Read this Term, has announced on Thursday that it added support for Solana on an initial phase. That said, users can now handle their Solana (SOL), and Solana tokens (SPL) alongside their tokens held on all of Wallet extension’s supported networks.
“Today’s update makes it easier to keep track of all your crypto across an ever-growing range of supported networks, without the need to manage multiple wallet apps. However, this launch is just the beginning — Coinbase Wallet plans to further integrate with the Solana ecosystem, including the ability for users to connect to Solana dapps, and the ability to view and manage their Solana NFTs directly within their Coinbase Wallet extension,” Coinbase noted in a statement published via its website.
Coinbase Wallet’s extension has support for other networks like Ethereum, Avalanche, Polygon, BNB Chain, among others. With the new support of Solana, the US-listed firm aims to unlock more of Web3 ‘without needing to manage multiple wallets.’
Solana Blockchain in Figures
It has been reported that over the past year, the blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term Solana has been growing the fastest, with a total locked value of over $7.35B and over 1,400 projects launched covering DeFi, NFTs, and Web3.
Until now, those interested in exploring the Solana ecosystem or holding SOL and SPL tokens had to create yet another crypto wallet, manage an additional app or browser extension, and keep track of their assets across multiple platforms. From now on, users of the Coinbase Wallet extension can store, send, and receive SOL and all of its SPL tokens.
“We want to empower millions of people to seamlessly participate in the exciting world of dapps and the larger crypto ecosystem. With its low fees and fast transaction times, Solana makes the world of crypto accessible to even more people and is a great introduction to web3,” Adam Zadikoff, Senior Product Manager at Coinbase, pointed out.
Coinbase, a US-listed cryptocurrency exchange
Cryptocurrency Exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a Crypto Exchange?Cryptocurrency trading occurs over a centralized exchange, although these crypto exchanges should be used with caution given the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds cryptocurrencies of users they accrue interest and are no longer classified as client money.These provide an accessible platform for not only companies, hedge funds, and retail traders for exchanging digital currencies.Additionally, crypto exchanges serve a critical role in producing stability within the cryptocurrency sector given how the sourcing and pricing of these assets are innately volatile. One could think of a crypto exchange as an intermediary who provides a service by connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects a fee of an outgoing transaction that averages between 0.20% to 0.25% or will request a deposit fee that has been known to be as high as 11% for credit card deposits. Crypto exchanges may also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a Crypto Exchange?Cryptocurrency trading occurs over a centralized exchange, although these crypto exchanges should be used with caution given the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds cryptocurrencies of users they accrue interest and are no longer classified as client money.These provide an accessible platform for not only companies, hedge funds, and retail traders for exchanging digital currencies.Additionally, crypto exchanges serve a critical role in producing stability within the cryptocurrency sector given how the sourcing and pricing of these assets are innately volatile. One could think of a crypto exchange as an intermediary who provides a service by connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects a fee of an outgoing transaction that averages between 0.20% to 0.25% or will request a deposit fee that has been known to be as high as 11% for credit card deposits. Crypto exchanges may also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world. Read this Term, has announced on Thursday that it added support for Solana on an initial phase. That said, users can now handle their Solana (SOL), and Solana tokens (SPL) alongside their tokens held on all of Wallet extension’s supported networks.
“Today’s update makes it easier to keep track of all your crypto across an ever-growing range of supported networks, without the need to manage multiple wallet apps. However, this launch is just the beginning — Coinbase Wallet plans to further integrate with the Solana ecosystem, including the ability for users to connect to Solana dapps, and the ability to view and manage their Solana NFTs directly within their Coinbase Wallet extension,” Coinbase noted in a statement published via its website.
Coinbase Wallet’s extension has support for other networks like Ethereum, Avalanche, Polygon, BNB Chain, among others. With the new support of Solana, the US-listed firm aims to unlock more of Web3 ‘without needing to manage multiple wallets.’
Solana Blockchain in Figures
It has been reported that over the past year, the blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term Solana has been growing the fastest, with a total locked value of over $7.35B and over 1,400 projects launched covering DeFi, NFTs, and Web3.
Until now, those interested in exploring the Solana ecosystem or holding SOL and SPL tokens had to create yet another crypto wallet, manage an additional app or browser extension, and keep track of their assets across multiple platforms. From now on, users of the Coinbase Wallet extension can store, send, and receive SOL and all of its SPL tokens.
“We want to empower millions of people to seamlessly participate in the exciting world of dapps and the larger crypto ecosystem. With its low fees and fast transaction times, Solana makes the world of crypto accessible to even more people and is a great introduction to web3,” Adam Zadikoff, Senior Product Manager at Coinbase, pointed out.
Coinbase Wallet browser extension now offers support for sending, receiving, and storing Solana and SPL tokens
By Adam Zadikoff, Senior Product Manager
Making web3 more user-friendly means more ways to interact and connect with dapps across a wide range of blockchains and networks. Today, we’re introducing our initial phase of support for Solana. Users can now manage their Solana (SOL) and Solana tokens (SPL) alongside their tokens held on all of Coinbase Wallet extension’s supported networks, including Ethereum, Avalanche, Polygon, BNB Chain, and many more. This allows users to unlock more of web3 without needing to manage multiple wallets.
Over the past year, there has been an explosion of interest in web3 and decentralized applications, including NFTs and decentralized finance (DeFi). One of the blockchain networks that has seen a surge in usage is Solana, which has built a vibrant community of both developers and users along the way.
Today’s update makes it easier to keep track of all your crypto across an ever-growing range of supported networks, without the need to manage multiple wallet apps. However, this launch is just the beginning — Coinbase Wallet plans to further integrate with the Solana ecosystem, including the ability for users to connect to Solana dapps, and the ability to view and manage their Solana NFTs directly within their Coinbase Wallet extension.
Over the past year, there has been a surge in interest and usage of blockchain networks. While this has resulted in exciting new projects, ecosystems, and communities, it has also revealed scaling issues that have the potential to leave users with high network fees (or “gas”) and long transaction processing times.
Many users have been looking for networks that are optimized for scale, offering low-cost transactions and fast transaction times. One of the fastest-growing blockchains over the past year has been Solana, which now has over $7.35B in total locked value (TLV) and more than 1,400 projects launched, spanning DeFi, NFTs, and web3. It is home to a number of well-known NFT projects including the Degenerate Apes collection, and DeFi protocols including the decentralized exchange, Serum.
Up until now, users who wanted to explore the Solana ecosystem or hold SOL and SPL tokens had to create yet another crypto wallet, manage an additional app or browser extension, and keep track of their assets across multiple surfaces. Starting today, Coinbase Wallet extension users can store, send, and receive Solana (SOL) and all of its SPL tokens alongside all of their EVM-compatible assets, including tokens held on Ethereum, Avalanche, Polygon, BNB Chain, and many more.
If you already have a Solana wallet, such as Phantom or Solflare, it’s quick and easy to import your existing Solana self-custody wallet into Coinbase Wallet. All you’ll need is the latest Coinbase Wallet desktop extension and your Solana wallet’s recovery phrase. You can read our step-by-step instructions on the Wallet extension guide for more information.
If you don’t already have a Solana wallet, the Coinbase Wallet extension will automatically create one for you. And with recently launched Coinbase Pay, it’s easier than ever to add SOL to your Coinbase Wallet extension — you can safely and securely transfer SOL you already hold in your Coinbase account to your Coinbase Wallet, or buy SOL using your stored payment methods.
Today’s release makes SOL and SPL tokens available on the browser extension. This means that if you use Coinbase Wallet on both mobile and desktop, you’ll only see the SOL and SPL tokens that are in your wallet when using Coinbase Wallet extension. You will not be able to see them in the Coinbase Wallet mobile app, however your tokens are safely stored in your wallet.
How to import an existing Solana-based wallet into Coinbase Wallet
We want to empower millions of people to seamlessly participate in the exciting world of dapps and the larger crypto ecosystem. With its low fees and fast transaction times, Solana makes the world of crypto accessible to even more people and is a great introduction to web3.
Today’s launch is just the beginning of Coinbase Wallet and the Solana ecosystem coming together. In the coming months, we’ll be adding support for Solana NFTs and the ability for you to connect your wallet to Solana dapps to interact with everything the Solana ecosystem has to offer.
You can experience the latest enhancements for yourself by downloading Coinbase Wallet’s browser extension for free from the Chrome Web Store. Make sure to follow us on Twitter @CoinbaseWallet for the latest Wallet-related news and product announcements.
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Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset. Coinbase Wallet is a self-custody wallet providing software services subject to Coinbase Wallet Terms of Service and Privacy Policy. Coinbase Wallet is distinct from Coinbase.com, and private keys for Coinbase Wallet are stored directly by the user and not by Coinbase. Fees may apply. You do not need a Coinbase.com account to use Coinbase Wallet.
