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Binance, one of the largest crypto exchanges in the world, has just revealed its latest partnership. This time the exchange is teaming up with famous internet star Khaby Lame. Khaby is extremely popular for his comical life hack videos. And is known for his signature “palm” move. Moreover, he is the most followed personality on the social media platform, Tik-Tok.
The deal is in an attempt to clear misconceptions about Web3 initiatives. The influencer would represent Binance as a worldwide brand ambassador, and he would also dispel misunderstandings about the blockchain and cryptocurrency industries.
An official at Binance named James Rothwell claims that Khaby will provide relatability as Web3 use grows.
While speaking to CoinTelegraph, Rothwell stated,
“With so much nuance around Web3 and misinformation in the world, it was a perfect match to have Khaby on board to help debunk some of the myths around this space.”
The Tiktoker claimed that he has always been interested in Web3. Khaby claims that his collaboration with Binance “aligns perfectly” with his typical activities.
“I consider my followers as my family, and I am always looking for new challenges and interesting content to share with them,”
Additionally, the TikTok celebrity will work with the exchange to create non-fungible token (NFT) collections and produce content on Web3. The aim is also to enhance engagement with his fans.
Binance on a partnership roll?
The latest partnership comes days after the exchange announced its deal with Cristiano Ronaldo. Like Khaby, who has the highest number of followers on Tik-Tok, Ronaldo has the highest number of followers on Instagram.
The pattern seems pretty straightforward. Binance is bagging the most prominent names on social media to drive its initiatives forward.
This comes as a surprise as CEO CZ had recently said that it was difficult to say “no” to big sponsorship deals. However, as the markets have worsened, CZ’s tactics seem to have changed.
Either way, this seems to be Binance’s new marketing strategy. Ronaldo and Khaby together have hundreds of millions of followers between them. And that’s hundreds of millions of potential customers for Binance.
OpenSea warned of potential phishing attacks in an announcement of the data breach. OpenSea Email Database Leaked Someone has leaked OpenSeas email database. The top NFT marketplace published a blog...
U.S-based crypto exchange Coinbase users will now be able to stake their Solana token on the platform and earn rewards from doing so.
Coinbase made this known in a June 29 blog post stating that it was expanding its staking services to include Solana.
Staking services allow token holders to assign their tokens to a validator, which benefits in increased voting weight. While doing so, token holders earn a passive income which varies per blockchain.
Through exchanges like Coinbase, which provide staking services, users can bypass the difficulty associated with staking Solana individually. Therefore, this latest introduction will allow users to stake their Solana tokens bought on Coinbase or deposited from another wallet.
In return, users will earn an estimated annual return of 3.87% APY, which accumulates every 3–4 days. Additionally, holders can earn rewards on stakes as little as $1.
Also, users who stake through Coinbase can unstake and transact with their tokens as they wish.
As included in the post, the rewards rate is based on the estimated protocol rate, which is subject to change. On every reward, Coinbase will charge a 25% commission.
The crypto exchange assured that the staking feature would be progressively rolled out to all eligible customers.
Crypto winter woes
The crypto winter has affected Coinbase and Solana, with both experiencing a wide range of issues.
Goldman Sachs, on June 27, downgraded Coinbase’s stock rating to sell due to the bearish state of the market. Even though Coinbase recently laid off 18% of its workforce, the investment bank suggested it would have to let more staff go.
As expected, the crypto exchange stocks plummeted by 5.9% to trade at $59.40 in the premarket.
The crypto exchange’s stock has declined and is currently trading at $49.75, a 2.79% drop in the last 24 hours.
Likewise, Solana has recently struggled to stay afloat despite launching a web3 mobile phone. The proof-of-stake blockchain has seen its token drop 8.79% in the last 24 hours, according to data from CoinMarketCap.
Projects hosted on the Solana blockchain have also experienced turbulence in this prolonged crypto winter.
The post Solana token holders can now earn staking rewards on Coinbase appeared first on CryptoSlate.
A finance officer believes it is necessary to sell the mined assets abroad to avoid the adoption of crypto in internal payments.
If you have been keeping tabs on Bitcoin [BTC] and the crypto market at large for the last few months, chances are you are feeling a bit bitter. Unless you happen to be one of the Bitcoin critics and doom-mongers, in which case, you may be gleaming with joy. It is difficult, especially for those […]
Veteran crypto trader Tone Vays warns that the recent price action of Bitcoin (BTC) is not encouraging.
In a new video, Vays tells his 121,000 YouTube subscribers that technical indicators suggest Bitcoin could be in trouble.
Beginning with the weekly candles, Vays says,
“This is an ugly-looking candle. Everything is starting to look nasty with a new low close. A new low close on a weekly level is very bad. Weekly swing low, lower than last week’s low, is also very bad.”
Vays continues by pointing out the Moving Average Convergence Divergence (MACD), which follows the momentum of two moving averages.
“As you can see, the MACD is very ugly.”
Vays then highlights the Relative Strength Index (RSI), measuring the speed and change of price movements. The RSI is considered overbought when above 70 and oversold when below 30.
“The RSI on a weekly chart is lower than it might have ever been. That might just be an all-time low on the RSI, that’s not good. I mean, there’s not much else for it to go but up, but technically it’s still a 25 or something so it’s not that terrible. It could go a little lower. It could get worse. There’s not going to be good news today. It’s actually all going to be bad.
Finally, Vays uses the Chalkin Money Flow (CMF) to look for trend direction by analyzing the weight-average of accumulation and distribution, usually over a 21-day period.
“The CMF might be at a historic low, that’s a historic low. I’m going to do my best to stay positive and find some good news. I really am going to try, but I’m probably going to fail.”
At time of writing, Bitcoin is trading for $20,052, down by 0.94% over the last 24 hours.
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The post Veteran Trader Tone Vays Updates Bitcoin Forecast As BTC Clings to $20,000 appeared first on The Daily Hodl.
Leading NFT marketplace OpenSea has warned customers of possible phishing attacks after reporting a data breach through its email vendor.
The TerraClassicUSD (USTC), formerly the TerraUSD (UST), was the origin of the current crypto plunge after it de-pegged leading to the crash of the Terra LUNA coin that once traded above $80.
After the events that unfolded, investors seemed to lose taste in the once-popular stablecoin. But following a 523.5% price surge over the past week, investors have once again started accumulating the stablecoin with the hope that it shall get back to its dollar parity of $1.
To help investors and traders who want to buy TerraClassicUSD (USTC), Coinjournal has created a brief article to help with identifying the best places to buy stablecoin.
To find out more, please continue reading.
Best places to buy TerraClassicUSD (USTC)
What is TerraClassicUSD (USTC)?
TerraClassicUSD (USTC) is formerly the TerraUSD (UST) stablecoin. It was renamed after the Terra fork resulting in the Terra Classic chain and the Terra 2.0 chain.
The Terra fork resulted from the de-pegging of the UST stablecoin from its dollar peg and the USTC seems to be now trying to get back to the dollar parity.
The USTC stablecoin operates on the Terra Classic chain.
Should I buy the USTC today?
If you want to invest in a stablecoin that de-pegged from its dollar parity but has shown signs of regaining the parity, then the USTC could be a good choice.
Nevertheless, you should be aware of the fact that buying the cryptocurrency market is extremely volatile, especially now when the crypto market prices have been dropping considerably.
USTC price prediction
Going by the current bullish trend, USTC is expected to make considerable price movements as it tries to regain its $1 parity. Investors are optimistic that it will eventually get back to $1.
$USTC social media coverage
Someone on reddit post wrote that #USTC will be re-pegged to $1 and #LUNACLASSIC , #LUNC will touch 1 $ in the next few months and this person is helping it to reverse investors losses. pic.twitter.com/By2Mjn2AAr
— Abhishek Patil (@abhishek_hubli) June 29, 2022
— CTRL2XY 🌗 ™ (@Control2XY) June 29, 2022
The post TerraClassicUSD (USTC) gains 523% in a week: here’s where to buy USTC coin appeared first on CoinJournal.
While spacechains have limited functionality for Bitcoin users, they do provide some interesting use cases worth exploring.
In the last article, I broke down what a spacechain is and how they work, but didn't go into any of the things you can do with them. Ultimately, the lack of a two-way peg mechanism severely limits the functionality it can provide to Bitcoin users.
A One-Way Trip
The original idea of a sidechain was to have a two-way mechanism where bitcoin can be transported to entirely new blockchains, that can have any arbitrary functionality or features that users want to take advantage of, and then move them back. The idea was to allow for experimentation in features that is currently done by altcoins to occur with Bitcoin itself without having to alter or present risks to the main Bitcoin blockchain, but still allow users to utilize the Bitcoin token and not have to speculate on completely independent tokens to gain access to new functionality.
Economically, the thinking was that bitcoin on any sidechain would never significantly deviate from the price of bitcoin on the main chain, the reason being due to arbitrage trading. If a sidechain bitcoin ever became worth more than bitcoin on the main chain, you could simply transfer your coins to the sidechain, sell them for a profit, and repurchase bitcoin on the main chain. The same is true in the opposite direction. It's essentially free money for anyone to capture, and so if such deviations occurred traders would quickly bring the price back in line.
The logic of a one-way peg is not so dissimilar, but only functions in one direction. In a spacechain, with a peg moving in one direction, you can burn your bitcoin on the main chain to claim a token on the sidechain, but you can never transport that back to the main chain. It's a one-way trip, and irreversible. This still creates a kind of arbitrage opportunity. The spacechain token can drop below the value of bitcoin if the demand for whatever utility is provided on the sidechain drops, but the token can never exceed the value of bitcoin in the long run.
If you have a need for whatever features the spacechain provides, and the value is less for the spacechain token than bitcoin, the rational thing to do is simply buy the token on the market and use it. Why would you take bitcoin and send it through the one-way peg to receive less value on the other end? Conversely, if the token is worth more than a bitcoin, the rational thing to do is simply send bitcoin through the peg. Why would you spend more money buying the token on the market when you could effectively "buy it" for less than market rate by pegging in your bitcoin?
This creates an arbitrage dynamic where whenever the price of a spacechain token exceeds that of bitcoin, someone can peg bitcoin into the sidechain, sell it for more, and buy back bitcoin on the main chain. Eventually this will drive the token price back down in line with bitcoin.
A Features Sandbox?
This makes spacechains a perfect place to implement features that, for one reason or another, will not make it into the main Bitcoin protocol. I would, however, not call it a suitable place for experimentation, given that the peg mechanism is one way. If some feature that was being considered for main chain deployment was done with a spacechain and you burned bitcoin to peg into it, that feature being deployed to the main chain would effectively render your spacechain tokens worthless. There would be no way to return them to the mainchain, and likely no market buyers for them, given the feature was now available for use on the main chain.
However, something not likely to ever be deployed on the main chain, like Confidential Transactions (due to the risk of inflation bugs being undetectable) would be a logical feature set to deploy in a spacechain. Likewise, more complicated or Turing-complete smart contract languages that would never be accepted in the main Bitcoin protocol due to complexity or security risks would also be something that would make sense on a spacechain.
One of my favorite ideas of something that could be done with a spacechain is facilitation of a Domain Name System (DNS) token, like Namecoin. Almost all of the internet you regularly interact with requires using the Domain Name System. Any website address you type into a browser pings a DNS server, checks the entry, finds the appropriate IP address and then connects to that server to retrieve the webpage. The entire system is centralized, domains can be seized and taken away, and you cannot even register one directly without intermediaries without providing your full legal identity. Putting such a system on a blockchain where anyone can register and own a domain name, deciding where to point it, without any centralized entity in control or able to stop you from doing so, would be a very valuable utility. Spacechains could accomplish this without the need for a new token, simply burning bitcoin to run the system.
But one-way pegged bitcoin tokens taking advantage of special features are not the only thing that can be done with spacechains.
There are many types of assets that can be issued on a blockchain that are ultimately centralized assets regardless of how decentralized any blockchain they are issued on is. Stablecoins, equities, bonds, anything with an issuer that is either controlling backing collateral or a legal claim to centralized rights or dividends owed to the holder of the asset.
Spacechains would be a very fitting system to build such assets on. It provides a mechanism for transferring them with a much more open access model to facilitating transactions. Federated systems like Liquid ultimately have trusted parties in control of minting blocks for the sidechain, and although Liquid utilizies Confidential Transactions to obscure the amounts and assets being transferred, a critical mass of the federation can stop producing blocks and bring the system to a halt to prevent transactions.
A spacechain, however, cannot be subject to such conditions, given that the mining of blocks is open access to anyone willing to pay a high enough Bitcoin transaction fee for miners to mine their sidechain block, there is no ability for a federated group to halt the progression of the spacechain altogether like a federated sidechain. In combination with technologies like Confidential Transactions, it could improve even more the Liquid model of "the operators can censor but can't see what to censor." The "operators" are literally anyone who wants to pay a Bitcoin transaction fee, so no one can stop the blockchain if someone else is willing to pay.
One other benefit is atomicity. It's not possible without altering the main Bitcoin protocol in a way that is effectively a block size increase to make the Bitcoin chain "aware" of what is happening on a spacechain, but a spacechain can implement as a consensus rule the requirement to also validate main chain Bitcoin blocks. This allows atomic swaps to occur cross chain with the guarantee that something cannot be valid on the spacechain without a transaction also occurring on the mainchain. I.e., the transfer of a stablecoin is only valid if a pre-defined Bitcoin transaction is also mined at the same time, to facilitate a bitcoin sale. This would provide much stronger atomicity guarantees than a conventional cross chain atomic swap.
Two-Way Federated Peg
Everything up until now has been discussing one-way pegs. Spacechains are at the core built around this mechanism because a truly trustless two-way peg cannot be done without altering the core Bitcoin protocol itself to specifically facilitate it. This would require new consensus changes beyond what is needed to implement the spacechain itself. You can, however, still implement a two-way peg using a trusted federation just like Liquid or Rootstock does.
This comes with two major advantages over Liquid as a federated system. Firstly, as mentioned above, the federation is no longer in control of the process of mining blocks for the sidechain. They can participate, and in doing so earn transaction fees on the sidechain, but they do not have exclusive monopoly over this role anymore. Any entity or individual who chooses to pay the required main chain transaction fee to get their block mined by miners can participate in moving the chain forward in exchange for the transaction fees in the sidechain block. Secondly, the awareness of the mainchain that is possible with a spacechain offers the potential to drastically improve the process of pegging out of the sidechain.
Currently, it is possible in theory, although physical hardware security modules act as a layer of defense against this, for a person pegging out of a federated sidechain to have their funds seized. There is a delay between initiating the exit on the sidechain, and funds actually being sent to the user on the mainchain. Nothing except secure hardware prevents the federation from simply refusing to actually process the withdrawal on the mainchain.
With a federated peg on a spacechain however, every peg out could actually be conducted as an atomic swap. The system could be designed in a way where if a user conducts a transaction on the sidechain to peg their coins out, that transaction is actually invalid by consensus unless a specific transaction sending coins on the mainchain to that user is mined at the same time. If it is not, the coins can be returned to the user on the sidechain, and because the federation that denied their peg out has no monopoly over the production of sidechain blocks, they cannot prevent the user from moving their funds on the sidechain and finding another way to dispose of or remove them from that sidechain.
This would be a strict improvement of the security model of federated pegs for sidechains, and provide a mechanism to actually have a two-way peg function on a spacechain.
Spacechains can provide a large range of utility to users of Bitcoin, or even potentially people who do not use Bitcoin at all. They are possible to deploy in a somewhat trusted manner now, and if either CHECKTEMPLATEVERIFY or ANYPREVOUT are deployed on Bitcoin in the future, can be deployed in a trustless manner. One way or another, they are something that is possible to build on Bitcoin without requiring a specific change made to Bitcoin for the sole purpose of enabling spacechains.
So, whether you think there is valuable utility to be had here, or don't, if people want to deploy them, it is likely going to happen eventually.
This is a guest post by Shinobi. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Khaby Lame will use his signature content style to debunk myths surrounding the Web3 space.