Category: Cryptocurrency News

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Cardano, a blockchain platform known for its research-oriented strategy and eco-friendly Proof-of-Stake consensus, is experiencing substantial growth. Increased transaction volumes, a variety of project launches, and active development within its ecosystem underline this expansion. Related Reading: Avalanche To Unleash 9.5 Million Tokens, Traders Brace For Impact Cardano Transaction Boom December and January saw Cardano process over 4 million transactions, showcasing a significant increase in on-chain activity. This growth aligns with the platform’s ambition to become a scalable and sustainable blockchain for real-world applications. The blockchain platform isn’t just processing transactions; it’s attracting developers and projects. Eight new projects launched on Cardano in the past two months, and an additional 17 are currently under development. This brings the total to 157 already launched and 1,320 in progress, indicating a thriving and diverse ecosystem. #Cardano fam. It’s the weekly update!! Check out the amazing thread from @IOHKMedia. What jumped out to me: 4 MILLION transactions done on @Cardano in the last 2 months 🔥🤯 $ADA https://t.co/6S20nATGJS pic.twitter.com/TFOI8DNKrE — Chris O (@TheOCcryptobro) February 2, 2024 Technology On The Move Cardano’s technological advancements are fueling its growth. The number of token policies on the platform surged, leading to the minting of 480,000 new native tokens. Additionally, Plutus scripts, enabling smart contracts on Cardano, saw substantial growth, with both V1 and V2 scripts experiencing significant increases. Project Catalyst, Cardano’s community-driven funding initiative, is fostering engagement and innovation. In its second week of voting for Fund11, nearly 5,000 wallets cast over 150,000 votes across 920 proposals seeking community funding. This active participation highlights the strong community backing for Cardano’s development. Cardano currently trading at $0.50 on the daily chart: TradingView.com ADA Price On The Rise Reflecting the overall positive sentiment, Cardano’s native token, ADA, experienced a price increase of 1.3% in the last 24 hours and 7.4% in the past week. While the report paints a positive picture, it’s crucial to acknowledge the broader context. Cardano faces competition from established players like Ethereum and emerging blockchains. Regulatory uncertainty surrounding cryptocurrencies remains a factor, and while touted as energy-efficient, Cardano’s environmental impact compared to other blockchains is still under debate. Cardano’s Eco-Friendly Footprint Charles Hoskinson created Cardano as a peer-reviewed blockchain, but what sets it apart is the Ouroboros proof-of-stake system. Compared to Bitcoin, Cardano can perform transactions with a far smaller environmental impact thanks to its energy-efficient methodology. Related Reading: Dogecoin Orbit Expands: Over 890,000 New Addresses Join DOGE Community According to CExplorer, Cardano’s annual energy consumption is a meager 2.602 GWh. It is therefore around 214,672 times more energy-efficient than Bitcoin. Cardano’s PoS system is scalable, flexible, and adaptable, making it a viable option for investors who are worried about how their cryptocurrency holdings may affect the environment. Overall, Cardano’s recent growth momentum suggests a promising future for the platform. However, navigating the competitive landscape, evolving regulations, and sustainability concerns will be key to securing its long-term success. Featured image from VistaCreate, chart from TradingView

Bitcoin SV (BSV),  a hardfork of the Bitcoin token, has drawn much attention in the last day after top American exchange Coinbase announced its termination of support for the asset. Following this news, BSV’s price has taken a hit, falling by over 5% in the last 24 hours. Related Reading: Bitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts Coinbase Ends Support For Bitcoin SV In an X post on February 3, Coinbase shared that it had officially withdrawn support for BSV on its platform. This announcement follows a previous post in December when the exchange first communicated its intentions to delist BSV. According to Coinbase, all BSV remaining in customers’ wallets have been liquidated and replaced with the equivalent market value of another asset. However, the exchange states that certain wallets may not receive any compensation assets due to the transaction costs associated with the liquidation and replacement process.  As a reminder, any BSV funds in your Coinbase account have been liquidated and converted to the equivalent market value of another supported digital asset and credited back to your account, minus any transaction costs. — Coinbase Assets 🛡️📞 (@CoinbaseAssets) February 3, 2024  As of now, Coinbase has provided no official reason behind its decision to remove BSV from its coin offerings. However, it is worth noting that Bitcoin SV has been a rather controversial asset since its creation in 2018.  Notably, the BSV blockchain network has been subject to multiple 51% attacks in the past due to its rather “centralized” structure, which serves as a source of concern to many exchanges. Aside from Coinbase, other top exchanges that have delisted Bitcoin SV include Binance, Kraken, Bittrex, Robinhood, etc.  Furthermore, the token’s founder Craig Wright has continuously drawn criticism to himself for claiming to be the anonymous inventor of Bitcoin – Satoshi Nakamoto. In 2022, Wright filed to obtain the Bitcoin copyright and block the operations of the Bitcoin network and Bitcoin Cash claiming a violation of intellectual property. However, the court rejected this petition in the face of surmountable evidence against the plaintiff. Related Reading: Bitcoin SV (BSV) Erects A Solid 64% Growth In Just A Week – What’s The Story? Bitcoin SV Price Overview  At the time of writing, BSV trades at $72.65 with a 5.61% price loss on the last day but a 0.10% gain on the weekly chart. Despite an impressive end to 2023 in which it gained by almost 110% in the last week of the year, the Bitcoin hardfork is now down by 15.20% in the last 30 days.  Meanwhile, the token’s daily trading volume is barely positive, having gained by 7.54% to attain a value of $90.39 million. With a total market cap of $1.43 billion, Bitcoin SV ranks as the 52nd largest cryptocurrency in the world. BSV trading at $72.03 on the daily chart| Source: BSVUSDT chart on Tradingview.com Featured image from iStockphoto, chart from TradingView

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The allure of creating your own NFTs and BRC-20 tokens is undeniable. For artists, owning and monetizing their digital creations through NFTs offers a new level of control and potential financial reward. Beyond the realm of art, NFTs can foster passionate communities, grant exclusive access to events, and even act as fundraising tools.  However, stepping into the world of token creation isn’t without its challenges. It demands both a technical understanding of blockchain technology and smart contracts, along with a careful consideration of financial risks and potential regulatory implications. Before diving in, it’s crucial to assess your goals, resources, and risk tolerance. While the possibilities are vast and exciting, responsible and informed action is key to navigating this rapidly evolving landscape. NFTs, or Non-Fungible Tokens, are digital assets that represent ownership or proof of authenticity for specific items or content. Unlike fungible cryptocurrencies like Bitcoin or Ethereum, NFTs cannot be exchanged on a one-to-one basis due to their unique nature. NFTs are typically created and traded on blockchain platforms such as Ethereum, Binance Smart Chain, and decentralized marketplaces like OpenSea. These platforms utilize smart contracts to establish ownership and enable transparent and immutable transactions for NFTs. Related Reading: What Are The Top 8 DeFi And Web3 Wallets To Use In Crypto? NFTs can represent a wide range of digital items, including artwork, music, videos, virtual real estate, and collectibles. Each NFT has metadata describing the item it represents and a unique identifier that sets it apart from other NFTs Creating NFTs On The Ethereum Network The primary stage in the creation of NFTs involves identifying the content you wish to associate with your NFT. Consider the specific representation you desire for your NFT, whether it be digital artwork, collectibles, virtual real estate, or any other distinct digital item. In this article, we will use illustrations from OpenSea to guide you on the steps you need to create your own NFTs. OpenSea stands as a leading decentralized marketplace built on the Ethereum blockchain, dedicated to NFTs. It creates a space where users can engage in buying, selling, and discovering an extensive array of digital assets, encompassing artwork, virtual real estate, collectibles, and more. OpenSea delivers a user-friendly interface, showcasing a vast selection of NFT listings curated from diverse creators and projects. Through OpenSea, users gain the ability to explore the NFT community, partake in auctions, and securely manage their digital assets. With a commitment to fostering the expansion and accessibility of the NFT market, OpenSea ensures a seamless experience for enthusiasts and collectors alike. This step-by-step guide covers how to create an NFT collection and mint directly to your wallet.  First, visit the original OpenSea website, and click on the “Login” button at the top to connect your preffered wallet. To figure out the best wallet to use on the Ethereum network, check here. Next,  click on your “Profile Icon” at the top right of your OpenSea interface in order to deploy a smart contract and select “Studio” through the pop-up options. Related Reading: Why Are NFTs Bad? The Problem And Legal Issues To initiate the creation of a fresh NFT, simply click the “Create” button located at the top right corner. When you explore the options, you will find the choice to either Drop a collection or Create/Mint an NFT. Selecting “Create an NFT”. This will enable you to mint an NFT directly into your wallet. Once you proceed, a fresh “Create an NFT” screen will be presented. If you are using OpenSea Studio tools for the first time to create an NFT, select “Create a new collection.” You will be able to add one NFT to this collection initially, with the option to include more NFTs at a later stage. After selecting “Create a new collection,” you will be guided through the steps on your screen to deploy a smart contract. This process will enable you to create NFTs for your newly created collection. To customize your contract, you need to add a logo image, choose a contract name, and designate a token symbol. Additionally, you will need to choose an EVM blockchain. It’s important to note that deploying a smart contract incurs gas fees, and the estimated fees for each blockchain will be displayed. If the fees are higher than anticipated, you can revisit the process at a later time, as they are subject to change based on network activity.   When you are prepared, proceed by clicking on “Continue”. This action will prompt a transaction signature request in your wallet, which will necessitate gas. Once the process is finalized, you will receive a confirmation message. Proceed to the next step by selecting “Create an NFT” as shown below.                                  : Having successfully created a smart contract, you are now prepared to generate an NFT. It is important to note that once your item is minted, further editing becomes impossible as it permanently resides on the blockchain. In this case, you will be creating an ERC-1155 NFT, which allows for the creation of multiple copies of the same item. Related Reading: How To Buy And Trade BRC-20 Tokens On The Bitcoin Network To begin this phase, upload the media for your NFT, which represents the artwork associated with it. Next, choose the collection in which you wish to mint your NFT. Subsequently, provide a name for your item and set the desired item supply. The item supply determines the number of copies you wish to mint for the NFT. If you choose 1, then the item will be a one-of-one.  Next, click on the “Create” button at the bottom right, as shown in the above image.  A loading message will appear as the item is being minted. To proceed with the minting process, you will need to approve the transaction using your wallet.    Congratulations! You have successfully minted your very first NFT! Related Reading: How to Buy, Sell, and Trade ERC-20 Tokens on the Ethereum Network Conclusion Although NFTs and BRC-20 tokens have distinct functions and operate on separate blockchains, they both contribute to the growing realm of blockchain-based digital assets. NFTs have captured widespread interest for their exceptional nature and capacity to represent ownership of digital assets. 

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