Category: Cryptocurrency News

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The importance of data cannot be overemphasized in today’s world, it is generally believed to be as important as an individual’s property, hence, the need for it to be respected as well as protected. In the past years, data has been collected and stored centrally through large enterprises, and although this has recorded its fair share of success, it is, however, impossible to overlook its lapses that have led to the compromise of so much user data, a case study being the recent data leak of over 533 million Facebook users. Decentralized storage through Blockchain technology is generally believed to rectify this error inherent in Centralized storage because of the autonomous and incorruptible nature of the technology that is known to disrupt and bring improvement to industries in areas where they are otherwise lacking. This undeniable need for decentralized storage gave rise to the idea of the project called XRoad. The XRoad Platform XRoad deploys the decentralized infrastructure that is needed to serve as the intersection between blockchain technology and the world’s data. This is possible with XRoad Oracle, Decentralized storage, and the XRoad Locker for user-powered interoperability between the off-chain world and smart contracts, as well as for individual data self-sovereignty. The XRoad Initiative (XRI) operates a concept that allows for every business model in the real space to be reproduced in the virtual space through the combination of Oracle, scoring, and DAO technologies. By creating a unique Metaverse (a virtual space that is beyond reality), XRoad aims to realize an unprecedented world of digital services and products in Digital NFTs (towns, e-sports stadiums, etc.), Autonomous and decentralized (DAO) business schemes, and Various revenue models through various business schemes linking the real world and the virtual world. This concept will see the entire digital town will be NFT, each parcel can be bought and sold as NFT land (same concept as land), and each NFTed parcel will be granted a license for XRI-related family patents and infrastructure applications. XRI Related Family Patent Using the XRI-related family patent, XRoad can provide optimal services through scoring (according to the characteristics of residents), provide advertising services based on scoring (DeAd), provide multi-value (Gold Debit, etc.) services, utilize E Game’s studio, hold events within the plot and enable the use of family patents such as Doreming and so on. XRI Related Infrastructure Applications By using the XRI-related infrastructure applications, on the other hand, XRoad can implement the use of data lockers – a feature that allows users to have total control over their data; who has access, which data to disclose, and the value of the disclosed data, scoring, and Fintech service groups to provide services to customers in the real world (VR/MR/AR support). XRI Token  The controlling currency for the XRoad ecosystem is the XRI token, without this token, it is impossible to have access to the XRoad platform no matter the capacity in which a user wants to access the platform, be it as a contribution to the platform’s operation or just as a means of benefitting from the platform’s services. It is very critical to the sustainability and success of the platform. XRI Listing  In major news, the XRI token became available for deposit and withdrawal on the Coineal exchange on the 21st of July, 2021, and trading on the same exchange began on the 23rd of July with the promise of starting a 30-day staking launch pool that will see users earn CNV by staking XRI, and this launch pool is expected to significantly increase the price of the XRI tokens. This is generally a piece of welcoming news for the XRoad project as Coineal is one of the biggest cryptocurrency exchanges in South Korea although launched in 2018. South Korea is regarded as one of the countries with crypto strongholds since its inception and there are already a lot of cryptocurrency exchanges emerging from the country. On March 21, 2020, Coineal amassed a trading volume that saw it placed in the 9th position among cryptocurrency exchanges in the world. Summary  With the XRoad platform and it’s native XRI token, users can finally be rest assured that their data is safe and secure while basking in the feeling of having absolute control over their data. The only way that a user can risk having their data breached is through a fault of their own. The following links below can be used to gain useful information on the XRoad project and its ecosystem: Coineal official announcement: https://support.coineal.com/hc/en-001/articles/4403562356249-Coineal-Will-List-XRI-XRoad-on-July-23-2021 SNS: mhttps://linktr.ee/XRoad_initia White-paper: https://eXRoad.io/wp-content/uploads/2021/07/XRoad_white_paper_v0.2.pdf      

Janet Yellen’s position on a “compromise” amendment proposed yesterday is unclear, but she reportedly raised objections to the language on crypto put forth by Senators Wyden, Lummis, and Toomey.

Bitcoin’s breakout above $43,000 puts the price at a multi-month high and possibly reignites the bull market that traders have been anxiously awaiting.

Bitcoin trading has always seen high adoption in countries with currencies that are depreciating fast. The West African country of Nigeria has always been at the forefront of BTC adoption in the region. A combination of a large youth population, the growing popularity of tech, and a fast depreciating currency have seen citizens of the most populated African country turning to another option for value storage. Related Reading | On-Chain Data Shows Bitcoin Daily Transaction Volumes Are Up 94%, Rally Might Not Be Over Just Yet Earlier in the year, the government of Nigeria announced a country-wide ban on cryptocurrencies. Instructing banking and payment institutions to stop facilitating the buying and selling of digital assets. But despite the ban, bitcoin adoption continues to be on the rise in the country. In 2020, Paxful released numbers that showed that Nigerians made up the second-largest BTC market, only coming behind the United States. This growth of Bitcoin has continued in the country. With exchanges like Binance, Buycoins, LocalBitcoins, Paxful, and a whole host of others providing an avenue for the citizens to trade BTC through P2P. Nigeria continues to lead the continent in BTC adoption. Booming P2P Market The ban does not seem to have had much effect on the momentum of bitcoin adoption in the country. Data from UsefulTulips shows that Nigerians alone traded and moved almost $40 million in BTC P2P trading in the span of 30 days. Related Reading | Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst The data which was taken from July 4th to August 4th showed that the P2P value of BTC traded in Nigerian Naira (NGN) came out to $38,083,688 in 30 days. This number was taken from two prominent P2P services used in the country, Paxful, and LocalBitcoins. While the previous 30-day period had seen over $37 million traded and moved in the top P2P platforms. BTC price breaks $40,000 for the second time in a 7-day period | Source: BTCUSD on TradingView.com Kenyans came in second place to Nigeria on the volume of BTC traded on P2P, with $14,054,477. Less than half the volume was moved by Nigerians alone. But still slightly higher than the amount moved in the country in the previous 30-day period, which came out to a little over $13 million. Reasons For Growing Bitcoin Adoption Bitcoin adoption in Africa is on the rise. Using BTC as a way to send remittances back home is becoming increasingly popular in the continent. In countries like Nigeria, remittances to loved ones back home can be a tiring and grueling process. With regulations making the changing of dollars into Naira a hard process. Related Reading | Wells Fargo Now Offers Cryptocurrency Investment To Clients Bitcoin provides fast and efficient transactions for people who are sending money back home. With their loved ones getting the coins sent in minutes. And swapping the coins for local currency in a couple of steps using P2P BTC trading. With currency devaluations, citizens have now turned to digital assets as the new store of value. Nigeria’s inflation rate has now reached as high as 20%, hence the buying power of the local currency has gone down tremendously. Bitcoin provides a viable alternative to the falling currency. Featured image from Bitcoinist, chart from TradingView.com

The cryptocurrency industry might soon be flooded with different kinds of rules to checkmate its operations. The recent developments in the sector point towards a new SEC rule that will guide the security swaps occurring in many financial assets, including crypto. This information came from the SEC Chairman during a speech he gave to the American Bar Association Derivative & Future Law Committee. While speaking, Gary Gensler outlined the changes that will take place on security-based swaps in 2022. According to Gary, these changes will ensure that transparency exists in such transactions and reduce the risks associated with the market. Related Reading | Vitalik Buterin Urges Ethereum To Grow Beyond DApps The new requirements will take off in November and include internal risk management, new counterparty protections, new capital & margin requirements, trade acknowledgment & confirmation, record keeping & reporting procedures, and supervision & Chief compliance officers. In addition, from February 2022, the SEC will mandate swap data repositories to publicize data about individual transactions. Due to these rules, Gary mentioned that he had asked staff to embrace ways that can increase transparency & reduce risk using authorities, especially for security-based SEFs & Position reporting. Before closing the speech, the SEC Chairman mentioned that the cryptocurrency sector would be a part of the trade reporting rules for security-based swaps. He stated that operators must register every offer or sale under the “Securities Act of 1933.” The crypto market is trading sideways as the bulls and bears fight | Source: Crypto Total Market Cap on TradingView.com Moreover, Gary stated that the Commission is ready to utilize every tool at its disposal in protecting investors. Cryptocurrency Regulations Are Gaining Momentum There has been a lot of talks around crypto regulation. Many of the agencies in the United States has been pushing for the regulation of the sector. On one occasion, the Federal Reserve Chairman declared earnestly that there should be a stringent regulation for assets like stablecoins. Related Reading | American Banks Encouraged To Partner with Cryptocurrency Firms He also went to Congress last week to discuss the need for creating a digital US dollar. In addition, a new bill on Congress aimed to provide a legal definition for digital assets and reduce the unfounded fears of regulating blockchain-based tokens. There was also a meeting about a possible regulation for stablecoin. This meeting was held by the Working Group of Financial Markets, who revealed that they want to release recommendations in a few months to come on how Stablecoins will be regulated. So, the issue of cryptocurrency regulation continues to rise, and many government agencies seem to support the idea. Featured image from Pixabay, chart from TradingView.com

The developers of Monero (XMR) recently discovered a bug capable of exposing transactions of its users. Even though the team is working to fix it, they have announced that users’ privacy is at risk as long as the bug remains. The Monero team made this announcement through their official Twitter account. They called it a “significant bug,” which they claim to have discovered in the crypto’s “decoy selection algorithm” This algorithm is a system that the network uses to hide output transactions within 10 decoys. A Brief About The Bug History   The developer who discovered this bug was Justin Berman, a software developer. He noticed that the bug makes it easier for output transactions to become visible as real spend among the 10 decoys. Once the user spends money after a lock time in the first 2 blocks or spends money after receiving money, the transaction will be visible. Related Reading | American Banks Encouraged To Partner with Cryptocurrency Firms When Justin discovered the bug, he stated that there is no risk of exposure for addresses and transaction amounts. However, it will enable users to know when a transaction occurs on the crypto. According to the developers’ statements, the bug won’t facilitate the stealing of funds, but it has remained in the wallet code. Another Monero (XMR) contributor mentioned on Reddit that the Monero bug impacts past transactions. So, Monerao developers recommend that its users should wait for one hour or more after receiving XMR before spending it. Monero (XMR) follows an uptrend on the daily chart as crypto market floats in the green zone | Source: XMRUSD on TradingView.com That way, they can protect their privacy pending when there will be a wallet software update to reduce the privacy risks. Also, the developers assured the community that they don’t need to carry out a hard fork or full-scale network upgrade to tackle the bug. Monero (XMR) Network The Monero network joined the industry in 2014. It is a crypto that focuses more on the privacy of its users. Monero’s goal is to provide a system where crypto users can complete private transactions that no one can trace. The network uses unique cryptography to keep transactions 100% unlinkable and untrackable. The crypto maintains a significant rank in the crypto industry based on its Market Cap and has been the largest amongst privacy-centered digital currencies. At press time, the XRM price stands at $263.  This price represents a 4% gain in 24 hours of trading based on TradingView data. Related Reading | Vitalik Buterin Urges Ethereum To Grow Beyond DApps Before now, our sources have mentioned that many financial regulators’ eyes are on Monero. These agencies have done several things to break the privacy that characterizes their transactions. For instance, in 2020, the Internal Revenue Service of the United States announced a $625,000 award for any person who can crack the transactions occurring on Monero and also on Bitcoin’s Lightning Network, another privacy-centric network. Featured image from Business Insider, chart from TradingView.com

The U.S. central bank’s vice chairman Richard Clarida explained on Wednesday that the Federal Reserve could begin tapering large asset purchases this year. Also, that the first interest rate hike since the onset of Covid-19 could happen in 2023. Meanwhile, despite members of the Fed saying inflation will be transitory, corporate bosses from some of […]