An informative article covering the various types of decentralized exchanges (DEXes) on the blockchain.
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MATIC has been knocking headline after headline and the latest one I've read about was project Nightfall which is the one I'm interested about the most since I'm a privacy advocate in this market. After MATIC teamed up with Ernst & Young they initiated project Polygon Nighfall which is a Rollup that has a main…
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Dataset from Foundry shows that four states in the U.S. have the highest Bitcoin hash rate distribution. The dataset shows that many Bitcoin miners are headed to New York, Kentucky, Georgia, and Texas. Foundry U.S. is the largest mining pool in North America and the fifth-largest globally. The hash rate is a measure of collective mining power. A mining pool enables miners to combine their hashing power with other miners all over the world. Bitcoin Mining In The U.S. According to the data, within the U.S., New York accounts for 19.9% of bitcoin’s hash rate, 18.7% in Kentucky, 17.3% is in Georgia, and 14% in Texas. Source: Foundry U.S. At the Texas Blockchain Summit in Austin on October 8, 2021, Nic Carter, co-founder of Castle Island Ventures, presented Foundry’s data. “This is the first time we’ve actually had state-level insight on where miners are unless you wanted to go cobble through all the public filings and try to figure it out that way,” He added that “This is a much more efficient way of figuring out where mining occurs in America.” However, Carter pointed out that the Foundry dataset does not consider all the U.S. mining hash rates as not all U.S.-based mining farms use its services. One of the largest publicly traded mining companies in America, Riot Blockchain, with a huge presence in Texas, does not use Foundry. Therefore, the dataset does not account for its hash rate. Texas’ mining presence is understated and could possibly be higher than the 14% quoted. BTC trading at over $55K | Source: BTCUSD on TradingView.com Many of the states with the highest Bitcoin hash rates also have high proportions of renewable energy. This fact may have started changing the narrative that bitcoin is bad for the environment. Related Reading | $425bn Wiped Off Crypto Market As Musk Says Bitcoin Is Bad For The Environment According to CNBC, a lot of the miners are moving to these states because they have cheap and renewable sources of power. Data from the U.S. Energy Information Administration (EIA) shows that a third of New York’s in-state generation comes from renewables sources. Kentucky, which has the second-highest hash rate, is also known for its hydroelectric and wind power. The state’s government recently passed a law that grants certain tax exemptions to crypto mining operations. Carter also said that the migration of miners to the U.S. is positive because it means much lower carbon intensity. Texas Leads Bitcoin Mining Although Texas ranks fourth according to the data, experts believe it is the top mining destination in the U.S. The state houses mining giants like Riot Blockchain, and the Chinese mining service platform Bitdeer. A report from earlier this year shows that large orders for mining ASICs are also being delivered to Texas. Related Reading | Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility Crypto-friendly lawmakers, a deregulated power grid with real-time spot pricing, and access to significant renewable energy, as well as stranded or flared natural gas, are what make Texas attractive to miners, according to CNBC. Featured image by Finance Magnates, Chart from TradingView.com
Sri Lanka’s leading online retailer, Kapruka, has unveiled plans to introduce support for cryptocurrency payments. The news comes as the South Asian country intensifies efforts to adopt legislation tailored to regulate its blockchain space and attract investments from the crypto industry. Kapruka to Launch Cryptocurrency Payments Within Weeks Kapruka (Kapruka.com), a major e-commerce platform in […]
Bitcoin could pick up momentum above $56,100 and that could attract buying in DOT, UNI, LINK, and XMR.
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The decentralized finance (DeFi) ecosystem has grown exponentially during the past few years. Beginning with the launch of Ethereum (ETH) in mid-2015, application developers across the globe began to write smart contracts to support a wide range of decentralized applications (dApps). A few years later, other platforms such as EOS and TRON launched their mainnets during mid-2018. Before their launch, the historic bull market of 2017 brought a lot of attention to the space, which was mostly a niche market. At that time, the market saw Bitcoin surge from around $1,000 in January to nearly $20,000 by December 2017 and the Ethereum (ETH) price skyrocketed from just $10 to briefly over $1,400. Although there was a very strong correction afterwards, many more individuals and organizations became aware of the potential of crypto. As more users attempted to transact across blockchain networks, it became clear that distributed ledger technology (DLT) networks were just not able to settle transactions as quickly as high-performing networks like Visa (NYSE: V) or Mastercard (NYSE: MA). Although blockchain platforms are fundamentally different from more traditional payment processing networks, both need to offer a seamless user experience. Visa Executive Identifies Requirement for Digital Currency Interoperability That’s why the crypto and blockchain space is witnessing many new projects emerge that can address scalability requirements. In addition to being able to handle a large number of transactions, blockchain networks also need to be interoperable with each other. This means that if a user is transacting with a set of tokens on one DLT network, then they should also be able to engage in asset transfers with other DLT platforms in a seamless manner. Catherine Gu, Global CBDC (Central Bank Digital Currency) Product Lead, Visa, recently noted that as the number of virtual currency networks continues to rise — each with “unique design characteristics” — the likelihood that individual consumers, businesses, and merchants are performing transactions on a single network and utilizing the same type of money (or digital tokens) decreases. Gu added that the team at payments giant Visa believes that for digital currencies and token economies to be successful, they must provide an excellent consumer experience as well as “widespread merchant acceptance.” This means that we need to have the ability to make and receive payments, “regardless of currency, channel, or form factor.” That’s why Visa decided to develop their own universal payment channel. While Visa may be focused mainly on payments, this clearly shows that interoperability between different networks, including blockchains, will be essential. Creating Decentralized Standard for Cross-Chain Interoperability, Liquidity Transfers That’s why projects such as deBridge have secured millions of dollars in funding, so that they can work towards establishing a decentralized standard for cross-chain interoperability. The developers of deBrige aim to enhance cross-chain functionality by allowing different DLT networks to seamlessly exchange assets and information between each other. The deBridge development team aims to provide the critical digital infrastructure that would allow large blockchains such as Binance Smart Chain (BSC) and Ethereum (ETH) to interact with each other. While DeFi may be a key part of the digital economy of the future, it will require the support of cross-chain interoperability protocols to achieve its goal of mainstream adoption. deBridge’s $5.5 million investment round, which was finalized in early September 2021, included participation from ParaFi, Animoca Brands, Huobi Ventures, Lemniscap, Crypto.com Capital, Fundamental Labs, bitScale, and many other investors. Notably, deBridge started during the Chainlink Spring 2021 Hackathon event, where the team received the grand prize while competing against 140 high-potential projects. The modern consumer demands more accessible and diverse financial services. These requirements have made it critical to establish the appropriate infrastructure to enable interoperability between different blockchains and financial ecosystems.
Banks are currently allowed to loan $10 for every dollar they actually possess, which means that 90% of all the money in our bank accounts is not covered by actual coins or notes. Yes, you read that right. If this seems surprising to you or if it seems like a giant house of cards waiting…
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